What you believe about online trading might not be true. Jacky Cheng, founder of Genius Minds International Sdn. Bhd. shared about his experience in this video:
From Jacky Cheng:
Over the last thirteen/fourteen years of my life as a trader, I have heard a lot of myths and beliefs about trading. It has come to a point that I find them really irritating. So, I decided to start a series that talks about trading because most people have no idea what it’s all about.
Most people only know what other people tell them, what they read on the newspapers, and what they read on the Internet. I am telling you most of them are not true – most of them are rubbish. If you want to be a rubbish collector, go and continue looking at all those stuff and listening to more of your friends on the subject. Today, I would like to address a few of those myths.
Firstly, most people think that trading today is still done on a trading floor where you have people calling out, “Buy! Buy! Buy!” “Sell! Sell! Sell!” like in the movies. Gone are those days. We are living in 2013 where everything is done electronically – you won’t see this kind of action in the Stock Exchange anymore. All trades are now done electronically.
Secondly, you probably think that you need to get a professional degree and dress in power suits before you can trade. So, every time you buy stocks and shares, you’ll be wearing your suit and tie to trade. Friends, that was thirty years ago. Today, you can trade in your pajamas, in your underwear, naked in bed, or in the toilet. Nobody cares. Trading can be done on your laptop, iPhone, iPad, Samsung Galaxy, or whatever. As long as it’s a smart phone or tab, and you have Internet connection, you can do it anywhere at any time.
You can even trade on airplanes. If you are travelling by airbus where they have Wi-Fi, you can even trade while you’re 30, or 40, or 50 thousand feet above the air. I don’t know about submarines. I have not gone on a submarine yet. One of these days if I go into a submarine and they have Wi-Fi, I’ll probably trade there and I’ll let you know. But, I was in the Navy, and I’m telling you, the ships there have Wi-Fi, and you can trade out in the sea.
Nothing will stop you.
I know some people would think, “Oh, I need to get a PhD in trading, or in Economics, or a Master of Science so I’d know what the world is talking about.” Rubbish. For your information, my highest economic qualification is only O-Levels. After that, I went to the Polytechnic in Singapore and graduated after four years – people normally graduate within three years. I never got to wear that square hat, or round hat, or whatever you call it. I think the only time I can remember wearing that was in Kindergarten.
You don’t need to be a professional. You don’t even have to know how to read and write. I know some traders who were illiterate when they first started. All they needed is to see certain numbers in red, or blue, or green, and they click the mouse. That’s it. So, forget about the idea of having to get a Master’s degree.
Having said that, you still need a good education to be able to trade well. By “good education” I don’t mean going in to a university. Universities do not teach how to make money. I don’t think there is any program right now in any university that has a “money-making” degree. If there is, let me know. I’d like to go and attend it. But, there isn’t. Universities teach you how to be academically successful, but that doesn’t mean that you can make lots of money.
People would then think, “Well, we need to have news.” “We need to read the latest news.” “We need to subscribe to Bloomberg or CNBC to get trading hours and news.” Rubbish. News is free. Just go to CNBC.com, Bloomberg.tv, Yahoo, or Google – news is there. You only need to understand a little bit. Spending five to ten minutes for news is good enough to help you understand what is going on.
For example: Recently we have the Cyprus Crisis. Over the last weekend, we have had the European Banks trying to figure out how to get the whole Eurozone out of this crisis. These are the fundamentals you need to understand whether there’s demand in oil, there’s demand in gold, and things like that. It’s simple. You don’t need to be attached to your screen and read all the news.
Another thing you see in the movies is having lots of terminals. You don’t need that. All you need is a laptop or a desktop, unless you are a professional and trade for a living which is a different issue. I trade full time and enjoy it. On my desk, you’ll see the laptop that I’m currently using for this webinar, my screen, and two monitoring charts. I work and trade at the same time. I manage funds for my investors, I trade for my family, I trade for my partners, and I trade for community organizations.
One of the things we do is partner some of our own money with a charitable organization and using their name to open an account. We then agree that they cannot touch the capital. We’ll trade and all the profit made can be withdrawn to fund their causes.
For Premium Webinar Members, you can watch the full session here: