How to be the TOP commodity trader (without on the wanted list of FBI) ?
A book on how one of the world most successful oil trader – Marc Rich , start from nothing to build the biggest oil trading company in the world and get wanted by FBI and finally pardon by Bill Clinton. Below are some of the lesson i learn from him
Always drive by ambition but not by money
Trade with anyone who will trade with him, dictators or democrats, Communist or Capitalist. trade is trader don’t let the social value of others people stop you the business.
The greatest strengthen he has is he doesn’t give up until he achieve the goal. ” You cant achieve what he do if you work 8hours/day and keep your weekend free.”
Hard-work + Collaborators + Luck
Whatever deal with defeat, cry a little and move on.
In political unstable country, establish contact with quiet, modest style.
A good deal with 2 people laughing together in the same table, that’s how a partnership formed.
Its possible to close the deal, but its means nothing if execution go wrong. Deal might fall and money is lost.
“Get stuck as principle” , is how make Marc rich leave his old company and start his own.
Remember every data in the contact : To be a master of keeping in touch with contact.
3 Things of why he is more successful
- Take higher level of risk
- Best people in the industry
- Develop a system
Although his trading style is aggressive, he also go for long terms co-operation.
Give Respect / trust to young trader, trust also lower the cost of the business.
Rich’s principle ” To perform what i say i sill do .”, and always have long term way of thinking.
As a trader you live on the blade, don’t fall off. Never give up, a “no” is never final.
The key to success for real wealth ” ALWAYS long term thinking. The longer the relationship, the lower the marginal cost, higher potential profit.
Went “the road less traveled”, less competition and higher potential margin.
One of the main trader principle ” Yo give value, you receive value.”
Accept small margin or even losses to break into the market or enlarge market share, prepare to operate against the cycle, hold out during dry spell and invest even hard times.
Future investment : Wind / Nuclear energy, global warming, carbon dioxide emission.
The local code : To know and accept them.
As a trader myself its hard to imagine when i am thinking how to do one company business he is doing the WHOLE country business, the risk he take and the contact he as probably one of the key reason he is the TOP trader
Until next time !