The profession of trader is often portrayed in Hollywood with references that go from the Wolf of Wall Street to The Big Short or even Wall Street. But what is it really like to live as a professional trader in 2020? We’ve asked Multi-Asset Trader and Portfolio Manager Elliot Hewitt.
Elliot Hewitt is a full-time trader based in London, living between Monaco, London and Panama that gathered experience in the institutional side of Finance (Investment funds in London) and on the retail side. His career as a pro trader started from a passion for Finance at a very early age and he reached his first major success at the genesis of Brexit where he profited big from short selling the British Pound which crashed more than 12% in a single day. In this recent interview, we look into the life of this professional trader, the myths, the ups and the downs.
Do you enjoy being a trader and do you find it fulfilling?
“I could honestly not wish for a better job. This is what I wanted to do as a kid, and it is how my life turned out to be. I could talk about financial markets for hours if you let me. The way I see my job as trader is similar to that of a pirate but with more financial data and mathematics: You see I basically spend my days looking for clues and hints into where trading opportunities could be, like a treasure hunt. Once I have gathered all the information and have made my research I can go ahead and take that risk to earn that potential reward. Now, the downside that I recognise being a trader is you need to be comfortable with loneliness. Trading is a very solitary practice; you may feel disconnected from your entourage, but you need to stay strong because stability of mind is key to success in this field” explains Elliot. “Now in order to break the loneliness of my job I have actually created a community of profitable traders that have gone through my rigorous training and with whom I exchange on a daily basis on a virtual trading floor. This has made my career as a trader so much more fulfilling knowing that I have impacted many lives through my programs and through my social media @youngtraderwealth. Reading testimonials from student traders is something I am very proud of.”
Is being a trader stressful and could you lose everything you have?
“Emotions and psychology are a key part of trading that you need to master. In fact, the emotional side is more important than the technical knowledge of trading. The reason why so many traders lose usually comes down to psychology and an incapability of managing one’s emotions. This can of course lead to stress especially when you start mixing other emotions such as managing OPM (other people’s money) or getting into a losing streak that affects your mind. However, the image most people have of traders is that it is a very risky job where you could essentially lose everything you have in a single day and then jump off the highest building in New York. Well sorry to break the myth but that’s not how things work. A major part of being a trader is managing risk. My job is really about finding opportunities that offer positive risk to rewards. So, for me to lose everything I have I would need to ignore all my risk management knowledge and essentially break all my established rules to go all in on a single trade. Professional traders generally don’t do this. This is a mistake beginner make and at that stage you most likely don’t have much to lose. This is why starting to trade financial markets with no real training is so dangerous.”
Do you have a lot of free time and/or take many vacations?
“When it comes to free time, I must say there is a huge difference between working in a financial institution and trading for yourself. Trading for a financial institution such as a fund is very time consuming; you need to be at the office to prepare for the London session open so generally that means 7am at your desk and you end the day between 6pm-9pm depending on the day knowing that you will always have a colleague that stays longer than you do. You see when you work for an institution, there will always be something to do as you are literally getting paid for your time there so the company will try to squeeze as much juice out of you” explains Elliot. “However, working as an independent retail trader is another story. You get to be your own boss which has so many perks but in exchange you need to be self-motivated and self-disciplined to succeed. As of right now, I trade independently and thus can take some time off whenever I wish depending on my earnings of course. My career allows me a level of freedom that is hard to grasp and understand for the majority. I can essentially move residency whenever I want, I can go to Bali and continue working from my hotel, I can arrange my week to only work 2 days, I can make last minute plans in the middle of the week and I can spend my week ends however I want as financial markets aren’t even opened. This is the reason why I am able to live in between residencies in Monaco, London and Panama City and avoid any winter months haha.”
How much money do you make and in your opinion is Hollywood’s caricature of traders accurate?
“My earnings will vary depending on the month’s profit but is on average nicely positive every month. Consistency is key as a trader and I would usually only have one losing month in the year and maybe two mega months where the real cash is made. In terms of how much money I make every month, I prefer to stay discrete, but I can say that I don’t have to worry much about my finances and am able to satisfy my desires and impulses. Now caricatures made by Hollywood movies are exactly that, caricatures. So, the wild parties, the eccentric hobbies and the drug addiction issues are simply some vices and excess people with money can get into, but I don’t think it is specific to traders. Excess is a rich person’s weakness. Just turns out traders generally do make quite a bit of money.
Branden Condy Is Here to Leave a Legacy
Branden Condy is a true innovator. He has made a fortune from scratch, and his influence keeps growing. Apart from amassing hundreds of thousands of loyal supporters who he is happy to mentor, the entrepreneur wants to leave a legacy that will serve as a powerful inspiration for those who choose to follow in his footsteps.
Condy’s story is a classic rags-to-riches saga. He grew up with almost nothing. He did several odd jobs, such as cleaning cars, bartending, and working as a boat boy. “I did what I had to do to make ends meet. I didn’t particularly enjoy doing those jobs, but I had to eat,” he says. Soon enough, Branden realized that he needed to completely reject the status quo and pave his own way to financial freedom.
He began studying the online space and eventually founded his online store on Amazon. “Amazon Automation was huge for me. It works on a drop-shipping principle, and it allows you to sell thousands of products to billions of people around the globe. Once you gain traction and your store takes off, the sky’s the limit. You are literally making money while you sleep, and I can’t think of anything better than that,” Condy says.
He went from a bartender to an Instagram influencer and a business owner in just 45 days. While his story is surreal, it is definitely something that can realistically be accomplished with the right mindset. This is why Branden wants to leave a legacy of motivation and knowledge to aspiring entrepreneurs who can dramatically transform their lives, much like he did.
“I want to be remembered as someone worthy of respect. And the best way to be respected is to provide value. Life is a two-way street, and if you want people to follow you, you have to give them a good reason to,” he shares.
For Condy, everything starts with confidence. He firmly believes that every new entrepreneur, or every person for that matter, needs to believe in themselves first. Then, they need to formulate a strategy that would take them where they need to go. Finally, they have to assemble a skilled team around themselves. “I can’t stress this enough: having a team around you is key. I could never grow my business as fast as I am if I didn’t have a team of dedicated and motivated people around me,” says Branden.
“I’m focused on helping people reach their full potential. I see countless Millennials on Instagram, for example, who complain about the economy. Yes, the economy is unpredictable, but you need to learn the basic principles that will help you withstand any and all changes. I want to motivate people in different areas. Working out and taking care of their health, building a business, developing their own personal style, and helping them feel more confident, this is what I’m trying to leave behind as my legacy,” he says.
His tips have been received exceptionally well. He has over 250,000 followers on Instagram alone, and that number keeps growing. People identify with Branden’s authenticity. He is someone who has been through the struggle and overcame it. Each piece of content that he shares is focused on spreading this message. If he had to choose one simple message to share with the world, the entrepreneur would go for “bet on yourself,” as he wants people to step into their power and realize their potential.
For more news, updates, tips, and motivation from Branden Condy, follow him on Instagram.
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