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.
Fitness Dating Brand, FITFCK, Expand Into Influencer Management
Fitness dating brand, FITFCK, recently announced the launch of their management company “FITFCK MGMT”. The company, which recently announced the launch of its £5m A Round investment raise is looking to expand on their brand growth by offering content creators of all niches and brands a full 360 lifestyle management service.
Rebranded in March 2022, the recently featured BBC News company has emerged as the leading brand for gym goers that are looking to make new connections – whether through IRL fitness dating events or online dating experiences. To accompany its strong digital product suite, FITFCK is now developing a series of consumer products to further enhance their brand power, with the most recent being a holistic management company for content creators and brands.
FITFCK Founder and UK Government Enterprise Advisor, Jamie says: “Having worked closely with content creators for the last eighteen months since our relaunch, this addition made nothing but complete sense to me. As a management service, you should be looking at improving all angles of your clients life – not just quick brand deals for a few quid. We are looking to offer a 360 lifestyle approach where we assist our clients with everything from their income, branding, business advisory, PR, legalities and more – all under the FITFCK brand umbrella.”
To continue its ruthless chase of becoming the largest omni-channel community for dating, relationships, casual meets and friendships, FITFCK will be looking to embed the management service into members of their ever growing community which already includes a number of high profile content creators.
The first creator to be signed under the label is Santino Valentino, a fitness content creator boasting over 70,000 followers across platforms. Valentino states; “I have known Jamie for a few months now and have felt nothing but constant support from himself and the rest of the FITFCK team. Having seen where they have taken the brand in such a short space of time, I am hoping they can do the same for me. I am really looking forward to seeing where we can take this whilst learning under Jamie and Callum simultaneously”
FITFCK MGMT athlete manager Callum Roberts added: “At the core of every FITFCK movement is the care we have for our community. This ethos is something that we will be looking to reflect in the management company. Hyper-focused care for our clients where they know they feel valued and at ease with us. We are not looking to just improve our client’s income, we are looking to improve their lifestyle”
If you are looking to work with FITFCK MGMT, you can contact the team at firstname.lastname@example.org for more information.
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