YOU HAVE PURCHASE THE IN HOUSE DOCTRINE FROM FTN EXPORTING
Once you have purchase the doctrine, set up your home office in a quiet area of your home. If you are able to print the doctrine as a rough book, then do so as this is the easiest and best way to study the trading aspect. Read the in-house doctrine fully; mistakes in spelling and grammar found along the way are considered very trivial and will not detract from the overall lesson being served. It takes many years to fully edit such a large volume of work which we are constantly refining; allowing us to release important updates to masterworks. Do not concentrate on the last segment PDF, as it delves into crude oil and fuel sales. Read the first 5 editions PDF and start trading. Read and study the last edition thereafter, as you must not delve in crude oil /fuel deals for the first 12 months as these are very complex dealings much more so if you have not learned the trading basis and routine when sourcing ‘standard and wanted’ export ready products first. When studying the doctrine simply look at and bypass any document examples served. Also, do not study and added reference material that you will receive. Simply read the first 5 PDF’s intently, which should take you between 2 and 4 months to do so. You should have understood more than 50% of the doctrine within the first read. With all purchases made, we always provide a number of ‘Question and Answers’ (Q&A) support units that the applicant may use while studying. Serving these ‘Q&A’ units takes up a great deal of our valuable time and it the majority of cases, most ‘students’ have used less than the number of Q&A units offered, further denoting that most applicants have understood the basic premise on the first read. If all the Q&A units offered are not used while studying the doctrine, then asking us for advice when you start trading will usually receive a good reply if sought within the first year. Use your Q&A while studying if truly needed, otherwise reserve them for when you start trading .
Once you have completed readying and studying the doctrine, start the trading aspect ASAP as instructed in the doctrine in very straightforward and simple to apply manner, by following the advice in the doctrine and seeking reference from the doctrine as needed. Your first job is to source one single supplier of a wanted product other than crude oil or fuels, by spending a great deal of time sourcing such ‘suppliers’ personally. Don’t form a trading group yet, is also our ‘best practice’ advice. Before you to head your own team, you need to become informed first, otherwise string members later, if you chose to use them, will not respect you nor follow your directives. The lone trading position is the superior and easier trading position anyway. Heading a group of others to source and test suppliers and end buyers ‘in the correct manner’ is a more complex situation, and wastes a great deal of time to the PCT heading the group; time which could have better been spend trading. Only long term practitioners should consider forming a trading group and only when the required ‘trading experience’ has been gained. A PCT is a ‘Buyer’ to the supplier and a ‘Seller’ to the end buyers.The PCT masters the correct way to trade accordingly. An ad hoc ‘ trade intermediary’ cannot earn commission nor earn a profit from trading in an ill informed manner is based on legal principle of agency going back Centuries. An ill informed intermediary without a informed principal (PCT) on board, cannot close an import export deal legally all the way to contract.A PCT is a highly informed trader and principal in it own right who may choose to work alone or later form trading groups that must be headed by the PCT. Simply put, a PCT is not an ‘intermediary’ but a highly informed trade specialist.
Before the study aspect is over: or sometime thereafter within 12 months
- Open up a bank account with a well known bank, to reserve for use by your business, and pay the small monthly fee to maintain it.
- You need to establish this bank account early so when the time comes to lodge a financial instrument is such an account , the bank can see you have maintained the account for a long period.
- Consider registering a business name or if such a service is not available your country establish a basic sole proprietor company- later if the business is attractive to you.
- Ensure you have a generic email address to use all the time and a personal private ISP issued email address as well which is not placed on line.
- Ensure your online business name/email address sounds like a ‘business.’ No phone numbers online is highly recommended ( not for the first year anyway)
- If you open a website treat it as a business website noting your ‘informed status’ and what your skill set is about.
- Make sure the website has a strong sounding, easy to read business name that should be the same as your corporate business name.
- Keep you website as a ‘information service’ about your business and ‘about the service you are able to offer’ and not disclose matters of doctrine on it.
- Call yourself a ‘PCT’ once the study is over. Do not use the term Broker or Agent. You are a Certified ‘International Trade Specialist’ (ITS) by title.
- If you are attempting to secure lets say coal when you start to trade. Spend a week studying all about coal and the market place online first etc.etc.
- Don’t try and do ‘too much, too soon.’ Concentrate on sourcing one perhaps two different export ready products in any given period or year.
- Sourcing products is a part of the acquired skill set you will need to master, and is the first step that MUST be learned Keep away from all trade sites and online trading groups.
- The PCT must PERSONALLY obtain an offer or even good quote for goods being sourced as secured from a ‘disclosed export ready supplier in possession of such goods.’
- Never source the end buyer first. Never! This is the main premier rule amongst all others. It’s a huge mistake to do so, as explained in the doctrine
- In effect, the PCT is simply introducing himself/herself to the world when they first start to trade. This is what the ITB aspect is all about–at first.
The first document you will need to produce is an ‘Inquiry to Buy’ (ITB) or Quotation. You will need to make many of such documents to many suppliers before a reply will be secured is best assumed from the start. An ITB or ‘Quote’ once served or secured is not legally binding. In the unlikely event that you do get a reply quickly to inquiries you have made by email, follow the advice in the doctrine or ask us for our opinion, if you have not used your Q&A units prior. You need experience and you need to make documents like the quote, because by adding a little more information to a good quote format, will produce ‘an offer.’ This is how you learn the routine and trading aspect, ‘one step at a time.’ As one step is mastered it automatically leads to the next step. In effect you are studying while trading once you have read the doctrine therefore instead ion spending 4 or 5 year of studying and obtaining such experience, you’ll be spending 12 months or less before your skill set and experience ‘brings you a live deal’ is assumed. There is no point is pretending that you can close a deal once you have read the doctrine; you can’t. You need practise to which the ‘safe’ mistakes made will produce the required experience. The doctrine is complex because it protects PCT all the way to contract. The PCT cannot get into legal hot water, nor accept to handle fake deals by accident, on the condition the doctrine is observed and that no short cuts are taken. The PCT will become apprehensive, nervous and unsure as he or she reads and studies the doctrine before clarity sets in, especially past ill informed traders taking up the study, who will not see terms of trade used by ill informed traders online, being used or promoted ( ICPO, LOI, BCL, NCNDA, POP, ASWP, etc.etc.) The PCT will be only dealing with informed people like; informed traded lawyers, banks, end buyers and corporate suppliers, from every corner of the planet. While such entities know their own ‘patch of business basis’ intently, the PCT must learn the whole trading basis intently, hence the big difference. I.e: A banks knows about the ‘financial side of business’ they will not know about the whole trading basis and expectation or the PCT. Like wise lawyers and corporations. By becoming highly informed, other entities will come respect you knowledge because the doctrine is academically sound as well. We have head many compliments served to the PCT by other professional entities. Keep away for trade sites and social sites when doing business. You must keep certain matters confidential at all times. You must only secure goods from an export ready supplier and sell such goods to an import ready end buyer. There is nothing in-between. Later if you decide to take on string members to assist you with matters of sourcing, the doctrine will explain such an aspect as well; for use, once some experience trading as a PCT has been attained. Those who are looking for a get rich scheme; you’ve come to the wrong place, the publication on offer will greatly disappoint you.
Those who have long term vision, and want to learn international trade procedures and principles of business, and of agency and are prepared to trade for many years, and who also are prepared to put in the hours, will gain much from our doctrine quickly, the minority fo which will even close a large revolving and lucrative transaction. Working on deals under 12 hours in total over 7 day week is the minimum entry level.Those who are working should be able to find at leat 12 good hours per week /weekend to trade. FTN Exporting in there first nine or ten years was trading 60-90 hours per week. I soon discovered it’s not the hours that you put in, but the efforts applied in producing quality work that counts. Buying and selling commodities is a challenging business and is the principal entrepreneurial business application globally, ‘not suited’ for ‘light hearted’ applicants, because selling ad buying commodities is related directly to the biggest business application on the planet - Agency. In fact the majority of applicants had grasped the doctrine quickly which is ‘not that hard’ to do; the failings applicants face is trying to remain in the industry long enough in where after 11 months on average, after studying the doctrine, as many as one in three applicants ‘give up.’ By the second year ‘one in two’ applicants have given up trading altogether. If there is a secret in this business then ‘longevity’ becomes a key word. Set you aim low from the start, and remain trading for many years, serves the auspices of experience–which is the bedfellow of success. Obtaining proper knowledge, experience and efforts made to learn and practice, over a long period of time equals success. This is the ‘professionalism’ that the PCT brings to the deal. Take any one of these three elements away from the formula; greatly diminishes the possibility of ‘success.’
“I have been at it for over 32 years and I have thrown in the towel many times. The angst this business gives you is rewarded by the many great people you meet along the way from many countries, and the deals that you will be handling, and the profit generated therein–all achieved by being informed and by ensuring that ‘you last the distance.’ To ‘give it your best shot’ often supports a worthy endeavour.’
© FTNX Last Updated:13 July 2020