At Daniels Trading, we focus on building trusting relationships with our clients. We believe one of the best ways for you to establish trust with your broker is to learn more about him or her! In our “Get to Know Your Broker” series, we will provide you with insight into the lives of our brokers, from their backgrounds and career paths in trading to their personal favorites and hobbies.
Introducing Ben Kim
Why did you become a futures & options broker?
Growing up in the Chicago suburbs, people always spoke about their relatives or friends that worked on the floor at the CME or CBOT. This always intrigued me and I wanted to learn more about this business. This eventually led me to start my career in the futures industry here at Daniels Trading. I joined Daniels Trading right out of college in 2001. I obtained my series 3 license and learned the foundation of the futures markets from Daniels Trading. Through the years, I have worked directly with the some of the largest futures brokers in the industry. However, I found myself back at Daniels Trading, right where it all started.
What are your primary strengths as a broker?
Having been in this industry almost 15 years, I have had the ability to see the most common trading mistakes happen consistently among traders. Common trading mistakes are easy traps to fall into and seem to happen more-so to new traders. I believe one of my strengths as a broker is my experience working with clients to try and minimize problems before they arise.
What is your trading/investing philosophy?
Nobody knows where any markets are going, you may have a good idea, but at the end of the day it’s just speculating. Because it is speculating, be disciplined and get out when things start to go bad. It’s very easy to let losses get out of control. It’s much better to get out and move on rather than have losses pile up and be married to a trade.
What are your favorite markets?
I really enjoy following the major indices, such as the e-mini S&P, as well as the energy markets like crude oil. In order to follow these global markets, you need to have a pulse on other markets such as currencies, bonds and precious metals. They all intertwine together which make it important to keep an eye on all the different markets sectors and movements.
What is your view on Fundamental and Technical Analysis?
I believe both are important for any trader to follow. Fundamentals will move the markets in one way or the other in a macro sense. The technicals will allow a trader to have a better idea of when to get in and out of trade using chart patterns and indicators. I do believe that by the time you read any fundamental news in the paper or online, it has already been priced into the market. You need to have a sense of the trend in the market using fundamental analysis then use technical to help you to determine entry and exit points. Therefore, In order to have a good grasp in any market, I believe both fundamental and technical analysis are essential.
How do you help traders manage risk/reward?
Trading in the futures markets is a double edged sword because of the leverage given to speculators. Almost all traders have different risk tolerances; please make sure you know what your risk threshold is prior to entering any trade.
What advice do you tell new clients?
Risk management and capital preservation! I know it is preached over and over again, but it truly is the key to any trader’s success or failure.
What is the most under-utilized brokerage service?
I believe picking up the phone and talking with your personal broker is the most under-utilized service that is available today. In the modern era of online/smart-phone trading, it is almost too easy to click a few buttons to make a trade. Having somebody on the other end of the phone will help you to talk out some trade ideas and have a sounding board for your trades before entering or exiting positions.
What is the key to being a good broker?
Listening is crucial to being a good broker. You are not able to communicate effectively with anyone if you are not a good listener.
What are your hobbies or what do you do on your leisure time?
I attempt to play golf. I learned that golf as with trading is something that constantly needs to be polished in order to become the best that you can be. I also have a newborn son, which makes my other hobby changing diapers!
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.