I was talking to a struggling developing trader, presently at a trading arcade, who was looking for a new home because of a lack of mentoring. He understood that at his trading arcade (trader places a risk deposit for first losses and firm provides leverage) it was not their business model to extend mentoring and coaching.
*There are other trading arcades where help is available.
I asked if he had approached some experienced traders at the firm for help. He had but the firm’s experienced traders did not want to “cough off their secrets.”
I found it disappointing to hear these experienced traders act against their self-interest and another firm trader. My experience, and that of many other experienced traders, is that teaching others helps your own trading. When you are responsible for explaining your trading to a developing trader it helps crystallize exactly what you are looking for in your best trades. And it helps you spot trades that just do not make sense as when explaining a lesser trade to a developing trader. The defects emerge. My experience is that these guys who worry so much about protecting their “secret sauce” are the guys most likely to be begging to learn someone else’s “secret sauce” when theirs spoils.
Also this struck me as a large contrast to what I read recently from a junior trader on our desk in his trade review. On our desk senior traders and junior traders stand as mentors to developing and new hires. Trader wrote,
Something I really care about is mentoring the young guys and just like the previous night a senior trader talked me out of putting myself on the demo for the day, I gave him the same advice. He took this trade with me and we basically traded it live together. He was seeing it better than I so it was a good rep for both of us.
What a wonderful experience here for junior trader and developing trader. They both benefited by one teaching and sharing and the newb providing value back.
Our desk held a workshop after the close this week to discuss improving market trading. I asked our top trader to share some indicators and setups most effective for him. He was quick to agree and provided enormous value during our firm-wide discussion.
I myself added a new important indicator to my screens when trading market trades, with a tip from a remote developing trader. Thanks Rob!
There are inefficiency strategies that I do not mention in my writing and that we accept cannot be shared. Those are special circumstances and sparse relative to the totality of market opportunity.
What struck me as even worse for that developing trader at this arcade seeking help was the environment. Do you want to be a trader at a place where everyone is in it for themselves? On a human level, that strikes me as just sad. Even when I traded my own account, around others who traded just their own account, we shared with each other because that made us more. You were considered a jacka$$ if you didn’t share.
Markets change. The best traders adapt. We all have to keep learning and improving or else one day we aren’t gonna have this privilege to trade. And that know-nothing newb might become the next 7-figure trader from whom you develop a vast expanded PlayBook to the benefit of you, him and firm.
*no relevant positions