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A few years ago when I was still trading on the trading floor in OUB Centre, I chanced upon a childhood acquaintance of mine. He told me that he had just started trading Simsci for a couple of days.
A few days later when I met him again on the trading floor, I noticed he was not looking very well. He told me that he was stopped out at the opening and the fill was very bad. I knew he was new to the derivatives market, although he had dappled in the stock market like many people, and he was not well capitalized. I was quite shocked to learn that he was carrying 7 lots of Simsci contracts overnight. That was the last I saw of him.
If he had someone experienced in trading Simsci guiding him during his first few days of trading, the outcome could be entirely different and he could have become a successful trader.
The mentor scheme is developed to help people like my childhood acquaintance. It will give new traders more time to learn the ropes, to develop the skills, and to build up experience to be a successful trader.
The mentor scheme is also relevant to experience traders who wish to learn different trading strategies.
~Foo Siew King~
This scheme is based on the personal experience of the mentor which varies from mentor to mentor.
Target
- new traders and traders who wish to learn new trading strategy.
Objective
- a look into successful trader.
- prepare new traders to trade with strategy and confidence, however not a guarantee for successful trading.
Mentor
- group by clearing members and trading strategy.
- can refuse to reveal confidential information.
- match new trader with mentor with same trading strategy.
Total duration: about two weeks.
Fees: $500 per mentee for members and $1000 for non-members.
| Getting to know you session | Action by mentor | Time allocation | |
| 1 | get to know background info about trainee |
ask questions | } |
| 2 | reasons for mentor to work as trader |
describe how mentor ended up as trader | } |
| 3 | strong and weak points of mentor in trading |
self analyze | } 1 hour |
| 4 | share experience in overcoming adversities |
tell some incidents of adversity | } |
| 5 | advice for trainee |
base on mentor’s experience and the background of trainee caution trainee on things to watch out for |
} |
| Pre-trading | Action by mentor | Time allocation | |
| 1 | guide trainee through becoming a member of SGX |
introduce person in charge | } |
| 2 | guide trainee through getting a clearing member |
introduce person in charge | } |
| 3 | use of computers |
introduce person in charge | } 1 hour |
| 4 | use of trading platform |
introduce person in charge | } |
| 5 | margin requirement, margin call, leverage, type of orders |
explain the meaning of the terms, especially the power of leverage |
} |
| A typical trading day at mentor’s place |
Action by mentor | Time allocation | |
| 1 | sources of information |
newspapers, magazines, TV channels, web-sites used by mentor |
} |
| 2 | trading technique |
explain technique, recommend literature | } 1 hour |
| 3 | a typical trading day |
outline daily schedule, how to prepare for trading, when to take a break, how to restart trading |
} |
| 4 | the indicators relevant to the trading technique used |
explain why those indicators are chosen and how they work |
} |
| 5 | which indicator is suitable for a particular scenario |
explain why that particular indicator is relevant at that moment |
} 1hour |
| 6 | how to use the indicators to enter and exit orders |
explain | } |
| 7 | trainee observe trading by mentor | work as normal | } |
| 8 | trainee starts trading on his own | keep an eye on trainee and assist if required |
} 2 hours |
| 9 | how and what mistakes are made | explain | } |
| 10 | Repeat 7,8 and 9 for two more sessions | 2 hours per session per day |
| Follow up by phone | Action by mentor | Time allocation | |
| 1 | what indicators to use at the moment |
repeat 5 above | ½ hour per session per day |
| 2 | how and what mistakes are made |
explain | |
| 3 | Repeat 1 and 2 for two more sessions |
½ hour per session per day |
Evaluation report by mentor and mentee.
The above programme can be tailored to suit individual requirement. Fee: $50 per hour for members and $100 per hour for non-members.
CLICK HERE TO SIGN UP.