Futures Masters – Interviews with Futex Academy’s elite traders
Welcome to November’s Futures Masters - Interviews with Futex Academy’s elite traders. This month, Futex Managing Director Mark Rossi discusses the industry and how to succeed in trading. Mark Rossi has been a futures trader since 1993. He has been Managing Director of Futex since 1995 and is a partner in Futex Investment and Trading Academy.
When and where did you start trading?
I began my trading career back in 1990 at S. G. Warburg as a market maker on their Japanese Equity Warrant Desk. From there I moved into Broking before becoming a local in the Bund pit on the LIFFE floor in 1993.
Tell me about your personal approach to the markets and what you trade today.
For me there is no substitute for enthusiasm and preparation. Unless you have a genuine, unwavering passion for the financial markets, you should not embark upon a trading career. You also have to embrace the fact that you will have losing trades every day. You don’t have to like that fact but you have to deal with it, get over it and trade. With regards to my personal trading I focus almost exclusively on the Euro Stoxx and CAC.
How has proprietary futures trading changed since you first became involved in the industry?
It is like comparing two different worlds! I never used a chart on the LIFFE floor, whereas they are absolutely essential to trading today. The volatility is much higher and rather than competing against a couple of hundred other guys you are now competing against thousands of highly competent participants. You used to be able to relax in the pit and discuss the markets, maybe even the football from the previous night! Nowadays, it is essential to be watching your screens at all times and to be the ultimate professional if you want to beat the rest.
What kind of misconceptions do people have about trading as a career?
Many people believe that trading is easy. They think that you can compete with the other participants around the globe by turning up 5 minutes before the markets open, buy or sell, and be home in time for lunch! ALL of our best traders over the years have been the ones that put in the hours, even on quiet days, and they are always the last to leave the office – with the best P&L...
Many people also believe that all traders make a fortune. Without doubt you can make a lot of money in this business but what is the definition of a fortune? The reality is very mixed. Some traders don’t make it, some generate an income and some make very good money.
Why did you become involved with Futex Academy?
A professional trading education can make the difference between success and failure. From a personal point of view I have seen many nice people fail, both here and at other Proprietary Trading Houses, because they haven’t known how to give themselves a chance; they simply didn't understand how to prepare and what they should be doing. I know of companies that allege to train you but I don’t think they do. This has really disappointed me about the industry and has given futures trading a bad name. We decided to change this and to do it right by offering a formalised, professional futures trading education that we are proud of. Futex Academy was set up so that people can be comfortable knowing that they are getting training from a professional company. There are no guarantees of success but with Futex Academy, you will be given a proper chance.
What, in your experience, makes a successful trader?
For me there are four essential traits that I have witnessed in the elite traders at Futex: enthusiasm, discipline, strength of character and intelligence. If you have these then you have a fantastic chance of making it as a professional trader.
Futex Investment & Trading Academy
“The Ultimate Futures Trading Education”
Tags: CAC, chart, discipline, enthusiasm, Euro Stoxx, intelligence, LIFFE, market maker, strength of character, trading education
