Alexander Gerchik believes that figures lie at the heart of trading. His students, in particular Viktor Makeeu, analyst at Gerchik & Co, portfolio manager, trader, and mentor share this opinion too.
And that is an absolute truth: trading is indeed about figures. Today, we are going to talk about this, as well as many other things with Alexander Gerchik himself.
Mr. Gerchik, when did you realize that starting a career in financial markets was the right decision?
This happened when I started making more money than I did when I was working as a cab driver. When I started making well-thought-out trades. Basically, I knew that I made the right choice when I began to trade seamlessly while weighing my every trading decision.
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You worked in top management at one of the biggest brokerage companies, is that so?
Yes, back in 2003, I was offered a share at Hold Brothers LLC which at the time was practically on the verge of bankruptcy. I had over 2,000 traders reporting to me with 10,000+ traders working remotely around the globe. We had offices in the Philippines, India, China, and Korea.
Wow, that’s indeed a huge team. Were you advising your traders? On what to do and how?
No, people should understand why they chose to trade in the first place, what they need and want to do, and how they intend to pursue it. Traders need to have a feel of the market. When you understand it, the profits will grow in no time. You need to master the art of trading. It won’t just fall from the sky, you know. So, those who really wish to earn don’t just press some buttons for no good reason. They know exactly what they’re doing and why.
Risks are one of the pain points for traders. How do you personally tackle it?
When I joined Hold Brothers, the CEO told me something that I will never forget even after 22 years in trading which I’m celebrating this November. He said, “I will never be able to control the amount of money you make. However, I can always control the money you can’t lose.” At Gerchik & Co, we offer traders Risk Manager, an excellent software solution that is going to help you get rid of emotions and their impact in the course of trading.
Breaking records seems to be one of the hottest topics this November. Markets are going through the roof. Can you recall the day you made your biggest profit?
Yeah, it was April 17, 2001. I made 680 thousand dollars that day. I have made many winning trades: $100k, $80k. My losses have always been minimal, though.
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What fears or doubts did you experience at the beginning of your trading career? And how did you overcome them?
Fears and doubts are all part of it. It seems to you that all of this will suddenly be over, that you will stop making money if something doesn’t go as planned.
I had fears and problems just like everybody else… Because of the technical issue, I had once lost 36 thousand dollars by simply being unable to close trades. I realized that it could happen again. I was afraid that if I opened big positions (and I have always been trading large positions), I just wouldn’t have enough time to close them at some point and something would go terribly wrong. But, thank God, everything has been alright so far. Plus, as a backup, I always have two internet providers at home. And always know what I’m doing.
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⇐ Interview with Alexander Gerchik. First trades, fears, and thrill Interview with Alexander Gerchik. Part 3 ⇒