It has been a while since my last post, as I wrote in the “Bringing Back our Roots” we are drawing our 2013 road map, because running a prop trading company is not different according to us in entering a single trade, it all comes down to planning.
During this year our aim was to build a company that was a reflection of our beliefs, a company based on its traders, a company where there is no place for politics i.e.: none is here for other reason than his/her P&L, a company where the team work is paramount, where each trader commit himself/herself to an objective.
I personally think that each of us got an objective in life, the question is which one is yours?
This is the first question we are asking to people we are interviewing for our Trader Development Programme, the problem is too many do not have an answer.
A trader is an entrepreneur first of all, have you ever seen a business without an objective? You need to know what’s the reason for you to be in business. And I can easily say that trading is the one of the hardest business to be in.
The fact that a trader is first of all an entrepreneur is highlighted by the Proprietary Trading definition, as per Wikipedia:
Proprietary trading (also “prop trading” or PPT) occurs when a firm trades stocks,bonds, currencies, commodities, their derivatives or other financial instruments, with the firm’s own money as opposed to its customers’ money, so as to make a profit for itself. They may use a variety of strategies such as index arbitrage, statistical arbitrage, merger arbitrage, fundamental analysis, volatility arbitrage, or global macro trading, much like a hedge fund.
If we lose money there will be no Central Bank to come and save us, if one of our trader lose money at the end of the month there is no pay slip waiting for him, BUT if we are making money it all depended on us, it was just due to our ability in reading the market, because as someone said we eat what we hunt, there is no client flow, and at the end of the month there is no limits to our paycheck, we are our only limit.
It’s scary if you are accustomed to your 9 to 6 job, if you do not trust in yourself, if you do not have that strength that makes you come back after a strip of losing trades. This is the reason why we are taking this time off to talk with each one of the experienced or junior traders that apply for a job with us.
Talking with them, putting their strengths and their weaknesses on the table, highlighting their qualities that are the product of their individual story, is paramount to us because this is the place where 77SigmaTrading’s roots are and this is our long term goal: building up our company on the quality that each of our traders has.
We want this goal to be fully reflected on our website reason why we are drawing a new editorial line.
The new line needs to reflect the qualities of our traders other than just reporting market events that each of us can find in any news provider, how we do it?…… still we don’t know but we will try our best to reach our goal and if we will fail in this objective, well “we truly accept the Risk”.
Have a great day-.