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But those first months of job by the clerk it was very difficult to me to wait for the chance to test as the trader. Fortunately, I had to wait for all some months. In September, 1981 I have received the place at a stock exchange and have started to trade in gold contracts. But this time was not the best for occurrence in the gold market. The volume was languid, and in completion of all on my trading bill was only $5 000 that worsened a situation even more strongly. To be the successful trader, it is necessary for you much more —TRADING - MY LIFE 27 Preferably time is more at 10-20. In this case you can trade in a significant amount of contracts, getting the big profit and simultaneously having the buffer softening blow in case of the bad transaction. I executed orders and traded, but it was possible to me to earn the little more than $3 000 in a month that I paid for place rent.
Capitalisation — one of the key moments in trading — irrespective of, whether is made it on a floor or through the personal computer. When I started to trade, it was not necessary for the young trader of anything, except the trading bill and the recommendation of the guarantor. Today exchange rules it is ready more religiously. Recently I invested $50 000 in exchequer bills to finance the young trader trained by me and to fill up its trading bill on which was only $10 000. Plus to that you should reckon with that the beginner cannot make any money within the first year. All payments, including a payment for rent of a place and expenses on a life, make approximately $250 000 in a year. Professional trading on a floor, I believe, the necessary minimum of the capital in $50 000 even if you trade in one kind of the contract, especially in such astable market, as futures S&P demands. It provides to you the adequate buffer allowing not only to cover possible it requirements on yesterday's positions, but also giving the insurance against losses.
Futures game with system of levers. One contract S&P is equivalent to cash cost of securities for the sum $250 000. Even at trade in one contract or a prize you can receive $3000 of the net profit a day. Starting with $50 000, on your trading bill it makes 6 percent have arrived only for one day. But the financial lever works in both parties. Losses under one contract also can easily pour out in some thousand dollars. That is why so skills of management of money, understanding of the market, common sense and possession it technicians are important. The eleventh precept of the trader: not it all it for once.
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