My Lucky Toilet Break In Trading
Fresh out of Uni onOvernight Session More the 10th of October 2001 I started my trainee program modeling itself onOvernight Session More the turtle Trader schemes run by Richard Dennis and William Eckhardt. The firm’s idea was that anyone could be plucked off the street and trained to be profitable. Traders would follow a tried and tested strategy and learn from the more experienced traders around them. Commissions, exchange rebates, facilitation fees, and profit splits would generate huge profits for the firm.
9 months in and I was still struggling, my account drawing down monthly after fees and costs. Waking up at 5.15 am and leaving for the office after the 6 pm LIFFE close only to get home no earlier than 7.30 pm was getting me down. I wanted to be a trader all my life and I still believed I could turn things around.
I thought I had a great grasp of all the concepts and my execution was as good as anyone else’s. The strategy was solid, but I never managed to sustain a good run, and fluctuated about zero like the spreads that I was trading.
I had turned down an internship at EY to be onOvernight Session More the trader scheme and my parents’ patience was wearing thin. I worked weekends at a pizzeria to cover my travel costs. The pressure was building to quit but my thick skin could handle that, but my account was only £159 away from a career stop. A few of my peers were already churning 10k a month or more, wtf was I doing wrong?
One fateful Wednesday I bumped into the company owner and head trader in the men’s toilet of all places. He noticed I was sullen, and he asked me if I wanted to talk about anything. I explained this may be the last time I bumped into him (not that I thought he really gave a shit there were hundreds of traders and all of them were making money for him except me). I guess I was just trying to say goodbye in case I got frog-marched out after hitting my stop onOvernight Session More the next trade, and if that didn’t do it my facilitation fees (£500) would surely wipe me out in a week or two.
Surprisingly he did give a shit, he even knew my p/l for the day. He then told me he believed in me and that I could do it. That I was as good as any of the guys out there. He then told me not to worry about my stop and go out and put onOvernight Session More the next best trade and I would only leave ”when I tell you to.” Just take the next trade and don’t think of your stop (sensibly). Finally, he said he would speak to the risk managers washed his hands and left me.
WOW- I left that toilet like a new man. I had a big smile onOvernight Session More my face, and it would not go away for the next year or so.
I finished that day with my best day of the month UP £300 ish. I did not have a losing day for the rest of the month and finished up 5k, clearing my negative balance. November p/l doubled to 10k profit after costs and then double again for December. 2 years later I was head of a desk running a pod and team.
I really don’t know what would have happened if that chat in the toilet never happened, obviously, I am glad that it did. Little did I know I was standing at the gates to success, all it took was some kindness.
