I attended a talk organized by SGX and Ong’s First today.
The title of the talk was “Insight to a Professional Trading Career”. What do you make out of it?
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To me, I thought it was a recruitment drive for Ong’s First to hire potential traders to do trading for clients or institutions.
I did not expect it to be sales pitch on their trading course. Quite disappointed that they did not provide an accurate description of the talk.
I see it as a win-win partnership among the parties involved in this talk.
- SGX – Offering attendees to sign up as a SGX derivatives trading member
- Ong First – Leasing their trading booths to trading members
- Trading Teachers – Earn course fees
The process goes like this – In order to prepare you to be a proprietary trading member, they proposed you undergo proper training from experienced traders – Tom Yuen and Leonard Kok. The course is broken up into 2 parts. The first focuses on applied technical analysis while the second focuses on imparting trading methodologies.
After the course, you should sign up with Ong First and rent a booth from them where they are willing to waive 4 months of rental if you have attended the course. Lastly, signing up as a proprietary trading member with SGX, you can trade futures at reduced clearing fees.
I would not advise individuals who do not have a large capital or do not intend to trade a significant amount of money in the market to take up this offer. The total investment of the entire package are stated below:
- $3.3k for the trading course
- $1.6k monthly for rental of trading booth and system
- $500 yearly for SGX derivative trading membership
It is indeed for truly devoted trading wannabe to sign up.
But I do take away an important lesson from the session with regards to trading: There are 3 steps to successful trading and the order of priority is paramount!
- Long term survival
- Steady growth of capital
- Make high profits
Tom Yuen mentioned that every business has to follow the steps as well in order to survive and do well, likewise for traders. Unsuccessful traders would often do the reverse, i.e. look for high profits first without thinking about surviving, and often could not recover from a wrong move.
Hence, a good trader must always think of surviving over the long run first. After he/she has taken care of the downside, he/she is ready to stake more and increase the monthly returns. It is also necessary to capitalize on huge trends for high profits when opportunities arise.