I’ll never forget it:
I was a chief dealer in the Cross Currencies at XYZ(name held as I don’t want any problems) Bank NY, and I was sitting in a management meeting where we were discussing how to recover from a failed line of credit with Barings Bank, the Nick Leeson debacle. Out of the Blue (to me at least) one of the Senior Executive Vice Presidents was talking about bringing in a freelance FOREX trader by the name of Peter Ashworth to help us through this particularly troubling time P/L wise. He’d received a few referrals, got a few quotes, and thought Peter was the best suited to bring on board.
“And He is actually affordable, he just wants an increase in Global Limits of 50%, 37% of all profits generated with a slight 1% management fee,” he said.
As an aside Global limits are the maximum amount allowed by your bank to have in the market at any time. YOU CANNOT EXCEED YOUR GLOBAL LIMIT, or you would be terminated. Think about this as your account balance. Lets recap:
- A 50 % increase in Global limits (Greater than me!)
- A 1% management fee for money the bank was giving him!
- F&CKI$G ….37% of the Profits (if any I might add)
The Senior Executive Vice president had estimated we needed to make up more than $9,000,000, with Peters Fee included in the number.
$9,000,000 x 37% = $3.3 million dollars
In my opinion, this Senior Executive Vice President was out of his mind, and I did all I could to prevent my internal rage from erupting. Rather than Ruminating on my anger and perpetuating it, I started to think a bit, this guy Ashworth(who I gave the nickname A$$worth in my mind) had a good angle
I staggered out of the meeting, floored that a freelancer trader was about to come in and make $3.3 million dollars for potentially a year’s worth of work. At the time, I worked 49 weeks a year and did _not_ make anything near that number(neither did the Senior Executive Vice President.) Nope – Being on call 24 hours a day I barely made 6.2% of that!!
But the thing was…
Now I knew where the money was.
And knowing that was half the battle. I went from a blank map. To a map with an X marked on it. The money was in freelance trading or a form of it!
But the PATH to that X was f-i-l-l-e-d with rocks, stones, boulders, blockers:
I’d have to hunt down another Job as Chief Dealer from, like, the ether
And convince them to increase my Global Limits by 50% or More
Give me a % of the profits (I Knew 37% was impossible and asking for Management Fee would get me a ticket to the psych ward)
All Possibly without success
It seemed impossible. Too impossible
As fate would be kind to me for the first time that I can recall Aldo, my ex Treasurer from CRT bank, was looking to rehire me as Chief Dealer for Cassa Torino. It was in our conversation that I stated what I wanted my salary to be, also that I wanted an increase of 55% of Global limits and a certain percentage increase in my Bonus amount after the P/L target was reached.
To my amazement he agreed, however, as a quid pro quo, I would have to school all traders on the desk, develop trading systems, and run a Proprietary Trading desk.
What I needed was someone to give me advice on how to actually do this.
And then to tell me how I go about developing Trading Systems
And then to tell me what vision to set – what the view from the top might look like. How to get to and exceed those profit targets, like all those freelance traders are supposedly doing!
What I needed was my future self to tell me what exactly needed to be done and how to do it!
Lucky for you Brand new TODAY, the complete Forex Confidant and Tao Of Price Systems I wish I’d had when:
1. When I was trying to work out exactly what I needed to do to become consistent in the marketplace without customer orders as I was to run a Proprietary Trading Desk.
2. Develop the required skill set required to determine the short and medium-term trends of the marketplace. Learn where and when to buy weakness and sell strength with low-risk exits. Learn all the market tells (underlining rules of the market, the market paradox)
And:
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These are the techniques to answer those questions. Complete with:
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If you’re thinking of becoming a freelance trader…
You could procrastinate some more …
Or you could realize for once you are not living your dreams because you are living your fears. Join My Trading Floor now to get the skills and support you need to help fulfill that dream of trading from a sunny beach somewhere in the world!
Life is full of regrets, but you will never regret chasing your dreams.