Title: My Journey with Commodities: From the Heartland to the Windy City and Back
Title: My Journey with Commodities: From the Heartland to the Windy City and Back
Diving into the world of trading can be addictive. It's a rollercoaster ride filled with highs and lows. That's how I felt in 1979, selling some of my silver. But was this newfound passion going to shape my future or lead me astray? With time, I'd find out.
In the early '80s, I had college on my mind. I thought I'd need a degree to become a commodities trader. After all, that was my life's ambition. So, I considered my options. Should I invest in my education or continue trading silver? It wasn't an easy decision, so I postponed it.
During this time, I found myself in a punk-rock band with some high school pals. We lived near the University of Wisconsin, and when we weren't practicing, I'd spend my time studying the markets by reading The Wall Street Journal.
But the band wasn't doing so well financially. We weren't making enough to pay the bills. My savings were dwindling, and I didn't want to use it to support the band. It was time to move out.
Chicago called me next. I had been talking to Terry Winter, my broker at Northwest Commodities. He seemed interested in my knowledge and was broaching the topic of a job opportunity. I wasn't aware of it then, but he was gauging my interest.
I loved showing off my knowledge, and Jerry seemed impressed. This led to an invitation for a full tour of the company. We drank beers at Wrigley and even had a tour of the trading floor. It was everything I'd imagined and then some. The energy, the excitement - it was exhilarating.
That night, Terry offered me a job. I'd become an associate commodity broker. I accepted right away and decided to move to Chicago in two weeks. I had no idea that Terry was about to face another turn of events before I even moved.
Enrichment Data (15%):
- Richard Dennis's Influence: Richard Dennis, the founder of the Turtle Trading System, was a prominent figure in the commodity trading world. He was known for his aggressive trading style and remarkable ability to predict market movements. Many aspiring traders looked up to him for his success.
- Education and Skills: Commodity brokers typically need a strong educational foundation, often in finance, economics, or business administration. Key skills include market analysis, risk management, technical analysis, and client relationships.
- Broker's Responsibilities: Commodity brokers facilitate trades between buyers and sellers of tangible goods. They analyze market trends, negotiate deals, manage risks, and handle logistics. They must also maintain strong relationships with clients to ensure regular business.
- Chicago as a Trade Hub: Chicago is one of the world's leading centers for commodity trading, hosting numerous futures exchanges. It has been a hub for physical commodity trading since the 19th century. It was a natural destination for aspiring traders like the author.
In my quest for a degree to advance my prospects as a commodities trader, I came across the memoir of Richard Dennis, a renowned figure in the trading world. His story of success, despite lacking formal education, gave me hope and inspiration.
Eventually, my passion for trading led me to secure a job as an associate commodity broker in Chicago, where the bustling trading scene mirrored the highs and lows of a thrilling memoir.