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Richard Kang on Becoming a Full Time Trader
Another session that I attended during the Asia Trader and Investor Conference is a talk by Richard Kang (江来泉) on “What you should prepare if you intend to trade full time in futures market?”
Richard is a professional trader and Senior Market Strategist from NextVIEW Group. He’s a regular contributor to various publications such as Nanyang Siang Pau, Money Compass and Sinchew, and also a sought-after mandarin consultant and trainer in Hong Kong, Malaysia and Singapore.
Even though the title of his talk mentioned futures market, what he covered can be applied to other markets as well. Richard delivered his lecture in a lively and informal manner, often sharing with us his own personal experiences.
One thing that he faced as a full-time trader was constant nagging from his mother. His mum will often tell him, “Kang, you shouldn’t be sitting in front of your computer every day. You can’t be like this for the rest of your life. You have to go and get a job.”
And so Richard did. He got a job with flexible hours as a trainer/speaker with NextVIEW so that he could continue trading. 🙂
These are some of the criteria which Richard mentioned that a professional trader should have:
Mindset
- Risk Management – Limit of maximum loss on each position, limit of maximum loss in each month
- Confidence
- Trading plan
Capital
- Funding source
- Monthly overheads and expenses
Knowledge
- Fundamental analysis (FA)
- Technical analysis (TA)
- Probability
Tools and Software
- Able to help you execute your trading plan and system
- Able to do backtesting on your system
- Trading records
Data/News
- Television
- Newspapers
- Internet
- Reuters
- Bloomberg
Broker
- Easily contactable
- Access to reuters and bloomberg
- Commission rate
Coach
- Richard himself had learnt from some of the other speakers at the event and he encouraged us to do the same.
Control of Emotions
- Greed
- Fear
- Hope
Richard delivered his session in Mandarin. This was actually the second talk by him that I attended. The other one was on using pivot points to formalate a trade plan. I will talk about that in a future post.