The futures industry is an industry filled with stars, and the stars in the futures industry are "traders."

In the past, the reputation of a trader was basically proportional to the rate of return. The higher the rate of return, the greater the reputation, even if his retracement was large; a trader with a low rate of return would not be famous. , even if he has made profits for many consecutive years and the retracement is very small. Today's "fame" pattern is changing due to the advent of the asset management era.

In the past, in the era of personal speculation, the "first-rate" traders with high returns were famous, popular, and influential, and were looked up to by others on almost any occasion; while the "second-rate" traders with low returns were The light of the trader was greatly overshadowed.

Today, in the era of asset management, individual profitability is important, but asset management institutions compete more with teams. Excellent individuals can realize a skill-based profit model, while excellent teams can realize a commercial profit model. In comparison, the commercial profit model is more in line with the needs of the asset management era, because asset management is essentially A business behavior is a business contract and business service relationship between asset management institutions and investors.

High-yield "first-class" traders may suffer in the era of asset management.

First, because a "first-class" trader may not be able to let go of his body and cooperate with others on an "equal basis". Because in the past, others begged them, whether it was futures companies, customers or other members of the so-called trading team, they all begged to cooperate with them.

The second reason is that "first-class" traders may have too high a self-esteem and are unwilling to share profits with other team members. Because a "first-class" trader is more likely to believe that wealth value is created with him as the core, or even that it is created by his own efforts, he will instinctively "protect" the wealth he creates and is less willing to communicate with team members. Share the proceeds.

The third reason is that "first-class" traders may like to do everything themselves, or even lead or operate everything by themselves. A person's time and energy are limited. No matter how high the level of people is, even if they have the ability to do everything well, they still don't have the time to deal with all the affairs. If a trader is involved in various matters, it will inevitably affect the transaction process and results. Of course, the impact will be negative.

In the era of asset management, it is entirely possible for "second-rate" traders to defeat "first-rate" traders.

First, in the era of asset management, profitability sustainability is more important than high returns. That is to say, sustainable mid-range returns are far more marketable than unsustainable high returns. As a result, those "second-rate" traders whose returns are not high but more sustainable will become more and more popular.

The second reason is that in the era of asset management, the scale effect is more important than the profit effect. It’s better to triple your business in a year, but only manage a few million, than to earn 30% a year, but manage a few hundred million. As a result, those "second-rate" traders with low income but large capital capacity have higher commercial value.

The third reason is that in the era of asset management, groups of traders are more "combatant" than individual traders. Everyone knows that the combination of outstanding traders with different styles can fit a smoother capital curve. However, it is difficult for "first-rate" traders to put down their arrogance and give up part of their profits and voice to combine with other traders, while "second-rate" traders are integrated together. It is much more likely that countries will advance and retreat together and develop in complementary ways.

Fourth, and most importantly, in the era of asset management, the supply of asset management services requires a team, and R&D and trading are only part of the team's work. The team also requires many other departments and resource. For example, in terms of shareholder governance, strategy formulation and shareholder resource mobilization are required; in terms of risk control, a complete risk control process needs to be established and implemented; in terms of internal management, clear and enforceable administrative systems, personnel systems, and financial systems are required. system, reward and punishment system, internal competition system, etc.; in terms of marketing promotion, it requires the training and establishment of a marketing team, an increase in the number of customers, the organization and holding of activities, etc.; in terms of media promotion, it requires image dissemination, concept dissemination, performance dissemination, Product promotion, etc.; in terms of complementary resource expansion, the support of third-party fund sales platforms is needed; in terms of public relations handling, it is necessary to handle government relations, association relations, media relations, peer relations, etc.; in terms of customer and partner maintenance, it is necessary to Regular emotional maintenance; in terms of database resource construction, it is necessary to establish a system for sorting, identifying, classifying, managing, secondary applications and multiple applications of customer resources or related resources...

For a single trader It is said that in the era of asset management, one should live under a big tree and concentrate on research and development or trading, and other team members should do other things. "First-class" traders often cannot put down their arrogance and join other people's teams, or they do not have enough sharing spirit and strategic vision to form their own teams that truly meet market needs. The "second-rate" traders have a great future. Excellent "second-rate" traders must be good at seeing themselves clearly, find a good team, integrate into the team, and use the power of the team and even the power of society to achieve a leap in self-worth.

Judging from the futures investment institutions that have obtained private equity licenses, they are all companies with well-established team building, rather than companies dominated by star traders.

This also proves that an excellent team has broader prospects than excellent individuals.