Starting a commodity trading business without prior experience can seem daunting, but it is possible. In a short video, Daniel, a former commodity trader, shares his insights on how to get started in this field. He emphasizes the importance of starting small and building up experience from the ground up.
Daniel advises against the common misconception that having a good supplier is enough to start a successful trading business. Instead, he suggests closing the smallest deal possible and learning everything about the job, including operational issues and the local players in the industry. By executing and building up experience, traders can gain the trust of bigger players in the industry and increase their chances of success.
Key Takeaways
- Starting small and building experience from the ground up is crucial in commodity trading.
- Having a good supplier is not enough to ensure success in the industry.
- Executing and gaining experience is key to gaining the trust of bigger players in the industry.
Common Misconceptions in Starting Commodity Trading
Starting a commodity trading business without prior experience can be a daunting task. Many people have misconceptions about the industry and often make unrealistic plans. Daniel, a former Community Trader, suggests that starting small is the key to success.
According to Daniel, one of the most common misconceptions in starting commodity trading is believing that having a good supplier is enough to make money. He asserts that this is not the case, as the refinery is not waiting for an inexperienced trader to sell their products.
Another misconception is that one needs to have a lot of money to start a commodity trading business. However, Daniel suggests starting with the smallest deal possible, as this is how many successful entrepreneurs started their careers. By starting small, traders can learn everything about the job, including local players, operational issues, and specifications.
Daniel also notes that many people believe that commodity trading is different in their country, but he insists that it is the same everywhere. By starting small and building up experience from the ground up, traders can gain the necessary knowledge and skills to succeed in the industry.
In summary, it is important to avoid common misconceptions when starting a commodity trading business. Starting small and building up experience is the key to success, regardless of the country or product. By executing deals and gaining experience, traders can gain the trust of bigger players in the industry and achieve success.
The Reality of Commodity Trading Without Experience
Starting a commodity trading business without prior experience can be a daunting task. Many people believe that having a good supplier of a commodity is enough to make a profit, but this is not the case. In a video by former Community Trader, Daniel, he explains how to start a commodity trading business without prior experience.
The key is to start small. Daniel advises to close the smallest deal possible and learn everything about the job, how to and invise how what the vat outwintered operational issue, and understand the local players and how they move. By starting small with few palettes, few bags, or few Jerry cans, one can learn about the commodity and build up experience from the ground up by executing it.
The benefits of starting small are numerous. It allows one to understand the details in different specifications, what makes a bad quality, and what makes up good quality. It also helps in building up experience and understanding the operational issues and the local players.
Moreover, executing and closing deals is extremely important in today’s world. The difference between a talker, a dreamer, and a doer is significant, and there are not many doers out there, especially in commodity trading. By building up experience from the ground up, one can show bigger players in the industry that they understand what they do, and they’ve been through the trenches, which makes them more likely to give a chance and offer better payment terms.
In conclusion, starting a commodity trading business without prior experience is possible, but one needs to start small and build up experience from the ground up. By executing and closing deals, one can learn about the commodity, understand the operational issues, and the local players. The key is to be a doer and not just a talker or a dreamer.
First Steps to Starting Your Trading Business
Starting a commodity trading business without prior experience can be challenging. However, by following a few simple steps, anyone can start their own trading business. According to Daniel, a former community trader and trade finance expert, the first step to starting a trading business is to start small.
By closing the smallest deal possible, entrepreneurs can gain valuable experience and learn everything about the job, including how to invoice, how to deal with operational issues, and how to work with local players. They will also gain a better understanding of their commodity, including what makes a bad quality and what makes a good quality.
Starting small also allows entrepreneurs to build their experience from the ground up, which is essential when speaking with bigger players in the industry. By demonstrating that they understand the industry and have been through the trenches, they are more likely to be given a chance with loose payment terms or other necessary resources.
Daniel emphasizes that executing deals is extremely important in today’s world, and the difference between talkers, dreamers, and doers is significant. By starting small and building up experience, entrepreneurs can become successful commodity traders.
Success Stories of Starting Small
Starting a commodity trading business without prior experience can be a daunting task for many aspiring entrepreneurs. However, starting small and closing the smallest deal possible is a proven strategy that has worked for many successful entrepreneurs around the world.
According to Daniel, a former community trader, six entrepreneurs from Canada, Switzerland, Nigeria, Vener, Romania, and Hong Kong started with no experience and succeeded by starting small. For instance, an entrepreneur in Nigeria started by buying a few bags of cocoa beans inside the country and reselling them at the port. The same story applies to the entrepreneur in Vener who bought cashew nuts at the farm and resold them at their house near the sea.
Starting small with few palettes, few bags, or few Jerry cans is an excellent way to learn everything about the job, including how to and invise how what the vat outwintered operational issue. This approach allows entrepreneurs to learn the local players, how they move and work, and to understand commodity specifications in detail. By executing small deals, entrepreneurs can build up their experience from the ground up, understand what makes a bad quality or good quality commodity, and learn the details in different specifications.
Building experience from the ground up by executing small deals is crucial in today’s world, where closing and executing deals is extremely important. Entrepreneurs who start small and build their experience from the ground up are more likely to be successful in the long run. By doing so, they demonstrate to bigger players in the industry that they understand what they do, have been through the trenches, and have had their fair share of problems. This approach can increase their chances of getting a chance with lose payment term or everything else that they will need.
To sum up, starting small and building up experience from the ground up is a proven strategy that has worked for many successful commodity traders worldwide. Entrepreneurs who start small and execute deals are more likely to be successful in the long run.
The Importance of Learning by Doing
Starting a commodity trading business without prior experience can be a daunting task. However, it is possible to succeed by following a simple strategy: start small and learn by doing. This approach has been employed by successful entrepreneurs in different parts of the world, including Canada, Switzerland, Nigeria, Venezuela, Romania, and Hong Kong.
By starting small, traders can learn everything about the job, including how to buy and sell commodities, how to handle operational issues, and how to work with local players. They can also learn about the quality of different commodities and understand the details in different specifications.
Traders who start small and build up their experience from the ground up are more likely to succeed in the long run. They are more likely to gain the trust of bigger players in the industry, who are more likely to give them a chance with loose payment terms or other benefits.
In today’s world, closing and executing deals is extremely important. Traders who talk and dream but do not execute are less likely to succeed in the competitive commodity trading industry. Therefore, it is important to be a doer and learn by doing.
Engaging with Industry Players
Starting a commodity trading business without prior experience can be a challenging task. However, according to Daniel, a former Community Trader, it is possible to achieve success by starting small and building up your experience from the ground up.
To close your first deal, Daniel suggests starting ridiculously small and closing the smallest deal possible. This approach has worked for six entrepreneurs from different parts of the world, including Canada, Switzerland, Nigeria, Venezuela, Romania, and Hong Kong.
By starting small with a few palettes, few bags, or few Jerry cans, you will learn everything about the job, including how to invoice, how to deal with operational issues, and how to understand local players. You will also gain knowledge about your commodity, including what makes a bad quality and what makes a good quality.
As you build up your experience, you will be better equipped to engage with bigger players in your industry. They will see that you understand what you do, that you have been through the trenches, and that you have had your fair share of problems. By doing so, they are more likely to give you a chance with loose payment terms or everything else that you will need.
In today’s world, closing and executing deals is extremely important. Therefore, it is essential to be a doer rather than a talker or a dreamer. By following Daniel’s advice and starting small, you can build up your experience and increase your chances of success in the commodity trading business.
The Value of Execution in Trading
Starting a commodity trading business without prior experience can be challenging. In a video by former Community Trader, Daniel, he explains how to start a commodity trading business without prior experience. One of the key takeaways from his video is the value of execution in trading.
According to Daniel, the best way to gain experience is to start small and execute. This means closing the smallest deal possible, such as buying a few bags of cocoa beans or cashew nuts, and reselling them at the port or near the sea. By starting small, traders can learn everything about their job, including local players, operational issues, commodity quality, and specification details. They can also understand what makes a bad quality commodity and what makes a good quality commodity.
By executing small deals, traders can build their experience from the ground up and learn step by step. As they gain more experience, they can speak with bigger players in the industry and show that they understand the job and have been through the trenches. This can increase their chances of getting a chance with loose payment terms or other necessary resources.
In today’s world, execution is extremely important. The difference between a talker, a dreamer, and a doer is significant. By executing small deals, traders can show that they are doers and gain the necessary experience to succeed in the commodity trading industry.
Conclusion
Starting a commodity trading business without prior experience can be a daunting task, but it is possible. The key is to start small and build up experience from the ground up. By closing the smallest deal possible, entrepreneurs can learn everything about the job, including how to invoice, how to handle operational issues, and how to deal with local players.
According to former community trader Daniel, starting small helps entrepreneurs understand their commodity better, including what makes a good quality product and what specifications are important. By executing small deals, entrepreneurs build up their experience and become more knowledgeable about the industry.
Daniel emphasizes that in today’s world, closing deals and executing transactions is extremely important. The difference between talkers, dreamers, and doers is significant, and there are not many doers in the commodity trading industry. Therefore, by starting small and building up experience, entrepreneurs can prove to bigger players in the industry that they understand what they are doing and are capable of handling larger transactions.
Overall, starting a commodity trading business without prior experience is possible, but it requires starting small and building up experience from the ground up. By doing so, entrepreneurs can become knowledgeable and confident in their abilities, making them more likely to succeed in the industry.