Lessons I have learned from Chief Dealers...

1. It is an uncertain and volatile world.
2. The market is too big a place for anyone dealer to influence;
3. Dealers are to follow trends .
4. As the majority think alike a trend is shaped up.
5. So if one sells ,  others sell too.
6. The trend   formed is to be followed.
7. The trend is the dealer’s best friend.
8. Few dealers are out of the herd ( these "contrarians" cannot beat the market. Remember Soros? The market exacts)  .
9. No dealer can hope to end up with a success ratio of 100 percent of  the deals he undertakes. Seasoned dealers may  agree that a fairer  estimate may be that  a good trader makes his profits in only 60-7o percent of the deals. 
10. But the profits that he makes in the deals that are profitable to the business must be of such volumes as to cover up for the losses of the 30 percent that he lost out on. 
11. The internal tension levels then are quite high. At young ages the capacity to take on the recurrent stress streams is high, but it does take its toll in the long run.
12. Then there are the risk control guidelines and internal control limits which  a trader must expect to memorize to his advantage and forget to his peril . Back office/ third office are crucial to control trades.
13. Many dealers watch volatility as exciting opportunities to make a quick buck and  add onto bonuses. Perhaps then the temptation to bust limits is strong. The inner strength of the dealer is then at play.
14. The essence of this psyche  : watchful in parts, daring in greater measure.
15. The dealer is  ever oscillating between hope and fear - hope for the best possible rates and gains and fear for the worst possible tumult  in the marketplace .