Invest in your trading business!
One constant theme on our trading desk is encouraging traders to invest in themselves.
One 500k-a-year trader on our desk didn’t want to spend $190 a month on an options platform that could make him an extra 50-100k a year. When we laid out these numbers he quickly realized this folly.
Recently I encouraged 8 traders to trial a trading service that might expose them to new edge. The traders might spend $400 a month to potentially make an extra 10k. That is a good investment for a trading business.
There are great chat rooms to join to help you make more. Many professional prop traders subscribe to a chat service outside of their desk.
There are great educational programs to help you make more, even for the profitable trader. Take a week off and learn a new strategy.
There are great tools to help you make more. Trading signals to help you make better trading decisions add to the bottom line. There is a reason why Bloomberg terminals sit on the desktop of most seven-figure traders.
I make a handful of phone calls each week talking with service providers who might help our traders make more. Part of your improvement as a trader will come from finding and investing in these services that will help you make more. When you spot one, invest in your trading business.
And so we ask….what services have helped your trading career and were worth the investment?
*no relevant positions
5 Comments on “Invest in your trading business”
Services included in Trader90 program (SMB tools) helped a lot. Thanks.
Hi mike, im starting in the trading business and I am a beginner yet. Im using a semi professional plataform and I spend 11 months to start making money. Now im trying to starting trading bigger. What you said is true, i always see these bloomberg terminals with those keyboards and monitors in all desks but i never work in the finacial market. Im a trader working in my home, what kind of information we can find in these terminal that allow us to make a better decision? can you explain more? sorry for my english, im brazilian!
Hello Mike
I am a new trader even though I been a retail broker for years. I like SMB approach to the market and I have considered some of your training programs, but I have a couple of question:
1) are your programs on geared toward intraday or can a swing trader benefit?
2) which program is a good starting point 10 day program ( which I saw on a number of places was free, has that exp) trader development, or DNA ( which I hear is full)
Thank you for any guidance you can offer,
Jerry
By the way, enjoyed your book One Good Trade. That along with Trading in the zone has added valuable adjustments to my trading plan.
More our trading purposes….Bloomberg has breaking news. It has information to help determine arbitrage plays. And much more. I hope that helps.
Thank you Mike. Certainly helps a lot. I’m studiyng the US equities market to trying to start trading some stocks, or the e-mini. You have a lot of exchanges, a lot of ECN and something that is completely new for me “dark pools”. I’m trying to define what information place in my screen, here in Brazil its something simple. We have only one stock index, and only one future index. Its easy to read the flow, you can see clearly the arbitrage strategies, the hft strategies, the market maker strategies, the institucional flow, the retail flow… the market is very small then i can read the price discover process very easily, almost completely. But the american market, wow!! Very fragmented, money flowing to everywhere.. too much dificult to read, and recongnize the flow… now i understand what you mean when you said: THESE GUYS ARE GOOD!! You are very good!!