The China Post with Business Today
TAIPEI, Taiwan — He came to Taipei alone at 17. He later started with futures trading, and at his peak held about 5 percent of all yen futures on the global market.
His name is Huang Yi-hsiung.
“Don’t deify me, please. Don’t mislead the readers and make them think it’s easy to make money in the financial market. In my experience, only two in every 10,000 can really profit from futures trading. The other 9,998 are all losing money. These are the real statistics,” Huang says
“What most people don’t know is that I’ve had my bank account wiped out eight times in my life.”
It is after recalling these devastating lows that Huang gives his first pertinent advice of the interview: “There is no shortcut to wealth. This is why we should always seek correctness, not speed.”
Huang says regretfully that the reason he ended up broke several times was because he was looking to get rich quick.
“You will never succeed in manipulating financial operations for a desire to strike it rich overnight. This is because your research won’t be solid enough.”
But on the bright side, he says as he reflects on earning his fortune back every time after going bust: “This means there are many chances to succeed in one’s lifetime.” If one can “focus on correctness” and find the optimal way to make money when young, then “it’s OK to start slowly. As long as you grab several opportunities in your lifetime, you’ll still have a good chance of making it (rich).”
Huang also shared another contemplation about risk: “Don’t walk on the wire. Try to put on some steel plates at least.” In this metaphor, walking on the wire means operating without a safety net, and putting on steel plates refers to preparing sufficient funds to help you manage anything that goes wrong once you enter the market. “You can still squat on the steel plate when the fierce wind hits.”
But two in 10,000?