We all know a lot of examples when traders managed to achieve great success or even become millionaires.
Just think of Richard Dennis, who turned an amount of $400 into a fortune, which according to some estimates, exceeding 200 million USD; or Alexander Elder, an author of several bestsellers translated into dozens of languages; or Nicholas Darvas, a trader who earned his first money through dancing and then invested his initial capital in the stock market. He became one of the most successful investors of his time. Over 18 months he managed to make $2 million using initial capital of $36 thousand. The list can be continued.
Nevertheless, we also know that the list of traders who have not achieved any success in business is much longer. However, it is worth noting that a trader who has not earn a lot of money, or even probably suffered some loses, but continues to actively study financial markets, applying great efforts to make improvements, cannot be called a loser. No doubt, such trader will reach success. As hard-working people cannot be compared with those, who joined the market in the hope to earn easy money, who are not prepared to work hard or apply any efforts. These traders blame others in all their failures not seeing their own faults. They can have perfect conditions for trading (large initial deposit, free time, good health), but nothing helps them.
I would also like to mention a class of special traders, who gained great success in trading despite big obstacles. These traders were blind!
Laura Sloate (in the center)
Lora Sloate manages a portfolio of shares of $405 million. She is an owner of investment company Sloate Weisman Murray & Co, founded in 1974 and also a manager of Strong Value Fund, which has earned a 13% profit even during the global financial crisis in 2008. At the same time, Laura Sloate cannot read quotes of securities, or analytical reviews, as she became almost completely blind at the age of six.
According to Laura Sloate, she became interested in shares and in mathematics when she studied at school. The girl's father was an investor and often asked Laura to estimate the value of his portfolio. The future financier carried out calculations in her mind faster than her father could do it writing columns of calculations on a sheet of paper.
In her childhood Laura dreamt of a career on Wall Street. Despite her blindness her dream helped her obtain master's degree in history and had an interview with an investment company that wanted an analyst of the stock market.
Years later Sloate confessed that the head of the analytical department refused to give her a job and advised her to forget about investments, saying that there were three reasons why she could not have any success. These reasons were: “you are a woman, you are blind and you have no experience”.
Bad experience did not stop Laura from having faith in herself and her own potential. Blindness is not an obstacle. This porblem only teaches you to look for non-standard solutions, believes Laura.
As it often happens, after going through a lot of failures, Sloite eventually received a job of an analyst. Soon after, she became one of the largest financial experts on Wall Street.
Later, Laura Sloate repeatedly helped her employer to earn annual profit of 20% and eventually became a millionaire herself.
Lauren Oplinger is from Summit, New Jersey. She joined JP Morgan in 2008 after graduating a College of Holy Cross in Massachusetts.
A year later, in February, Lauren's life had changed. She was at death door because of a serious illness. During a month Lauren was between a death and life and only in April she finally opened her eyes and discovered that she could not see. It turned out that due to lack of oxygen caused by a heart attack, her optic nerve has been damaged. Although Lauren was a brave girl, she was in despair.
"When I opened my eyes, I could not even see the light," recalls Lauren.
She spent the summer in New Jersey and her vision slightly recovered. She could distinguish light and dark and see shadows. Lauren returned to work in September 2009 and started to learn life and work once again. In her office in JP Morgan Lauren has three large 24-inch monitors, a keyboard with bright stickers and special software with audio programs, which pronounce texts and emails aloud. All this helps to work efficiently during a long trading day, which begins for Lauren at 6.30 in the morning. Lauren worked hard and in January 2009 she was promoted.
At present Lauren works in the department of municipal bonds of the bank JPMorgan Chase & Co in New York, her job requires a lot of attention, as a mistake can be very expensive.
“I think a lot of people look at it as a strength — it’s a true testament to how strong I am and determined,” — says Lauren/
29-year-old Vishal Agraval lost vision nine years ago, but his blindness did not prevent him from starting trading activity. With special audio programs Vishal can listen to changes in quotes in the trading terminal. Bank managers are happy about Vishal’s achievements and his trading opportunities are steadily growing since he joined the bank.
Vishal's tutor was Ashish Goyal, a blind trader who worked as a portfolio manager at JPMorgan and BlueCrest Capital Management.
Vishal continued to study despite his blindness. He read books on finance and technology with the help of audio program in Kindle, he also listened to business news. Despite his goal of making a career in trading and investment, local banks did not offer him a job.
Vishal completely lost his sight in 2008 after he graduated a University. Vishal desided to start his carrier as a trader.
22-year-old Vishal borrowed money from his friends and began to trade shares using a strategy of long/short. Three years later, he returned money to his friends because his income exceeded 400%.
Long/short investment strategy is used by hedge funds; it is a straightforward investment option when traders buy undervalued stocks and sell overvalued stocks.
Vashal decided that he needed another degree in a high quality university in order to receive a job in a large company. However, after graduation from Jamnalal Bajaj Institute of Management Studies, one of the best Indian management schools, he became only one of 120 graduates and still could not find a job.
Seven long months Vashal was looking for a job every day with no success. Finally, Standard Chartered offered him a job of a trader at Forex.
Like all beginners at Forex Vishal started trading on demo accounts, testing various strategies and learning to make trading decisions. After gaining some trading skills and confidence he was allowed to trade real assets. In addition, he continued to invest to his personal account with the approval of the department monitoring the rules of trade.
Vishal has been working in Standard Chartered for three years.
Now, if you look at me at the end of the day, you will not be able to guess whether I lost or earned money says Vishal with a smile.
"My boss has explained that this is exactly what a professional trader looks like.
We cannot imagine all the difficulties our heroes had face. They gained success in such a difficult business as trading only because of their strong willpower and hard work.
The life of these people is an example proving once again that a great desire and a hard work help you achieve any goal.
Diligence is a mother of success.
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The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.