Hi all, I've been paper trading stocks for a while now with moderate success. After reading the Market Wizard books, I've been keen on becoming a money manager. Some traders make a lot of money through a management fee and performance fee.
If I want to become a wealthy money manager, should I focus 50% of my efforts on attracting capital from high net worth individuals? AKA should I know how to sell my services as a trader (namely, building wealth for other people)?
I've read books on selling, like Brian Tracy's Sales Success, The Art of Closing, etc. It seems there are certain things that a trader should be able to do in order to get the checks coming in. For instance, a trader should be able to establish himself as an expert on the markets (this is a sales principle that Brian Tracy talks about in his books). I want to be seen as an authority when it comes to trading. A trader should also be able to build rapport with the prospect. People don't write checks to people they don't like. A trader should also be able to ask for the sale (ie, be able to close the sale).
It seems trading is only half of being a successful money manager. Some of the market wizards make money management seem easy, when in reality it seems more difficult than just trading alone. For instance, you have to deal with accounting. Marty Schwartz talks about this in his book "Pit Bull." You'll have clients who want to withdraw funds from time to time and you must oblige.
What do you guys think?
If I want to become a wealthy money manager, should I focus 50% of my efforts on attracting capital from high net worth individuals? AKA should I know how to sell my services as a trader (namely, building wealth for other people)?
I've read books on selling, like Brian Tracy's Sales Success, The Art of Closing, etc. It seems there are certain things that a trader should be able to do in order to get the checks coming in. For instance, a trader should be able to establish himself as an expert on the markets (this is a sales principle that Brian Tracy talks about in his books). I want to be seen as an authority when it comes to trading. A trader should also be able to build rapport with the prospect. People don't write checks to people they don't like. A trader should also be able to ask for the sale (ie, be able to close the sale).
It seems trading is only half of being a successful money manager. Some of the market wizards make money management seem easy, when in reality it seems more difficult than just trading alone. For instance, you have to deal with accounting. Marty Schwartz talks about this in his book "Pit Bull." You'll have clients who want to withdraw funds from time to time and you must oblige.
What do you guys think?
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