What would you tell your younger trader self?

BellaGeneral Comments

As I write, I am headed to Austin, Texas to train the newest class for our partners at The Kershner Trading Group.  We train the new traders down there as a part of our JV (joint venture) with KTG.

I will be training these new traders using The SMB Foundation, Part I of three parts of our training.

Today in our conference room, I surveyed some of the more experienced traders at our desk on what they would tell their younger trader self if they began Foundation again.  7 ideas blossomed.  Let’s share them here to give you thoughts on how to improve your trading, whether new, developing or even experienced.

7 tips to my younger trader self

1. Patience.  It takes time to become good.  As ambitious and hungry as you may be, the trading Gods demand time before competence.

2. Focus more on Reading the Tape.  One astute former Foundation trainee remarked he wished he had spent more time learning to Read the Tape.  This trader felt it is so important for what we do as short term traders.  It would have sped up his learning curve if he would have focused more on it.

On our desk we focus on Reading the Tape during Foundation, with videos created inside the program, a daily mentoring session where we watch film together, and individual traders including film review into their daily routine for improvement.

3. Be a spounge.  The best traders sound like me.  They use the same vocabulary to describe trading principles.  This is not because I have all the answers.  It is because these traders are excellent listeners.  This helped them grown faster and better as traders.

4. Learn from other trainees on the prop desk.  You will learn more from trainees training with you than partners and teachers.  Forge those relationships.  Make a habit of talking trading with the younger traders on the desk.

5. Embrace technology.  One developing trader made the point that he thought learning technology was a waste when he started because he was just learning how to trade.  But later he recognized he needed these skills when his discretionary skill level increased.

6. Trust the process.  You are not going to be good for two years.  Complete your daily routine of improvement daily.  Win each trading day!  Three and five years later that is what puts you in position to be a 7-figure trader.  Prior firm trader data supports this so just trust the process.

7. Trade execution is more important than you think.  Bid and offer on the demo.  Price entry matters when you trade live.  Fight for entries on the demo as this will be important when trading is real.

I will be in Austin the next few days, learning from our partners, meeting new friends, and training with our new traders.

And so I ask, what would you tell your younger trader self?

Trade well.

*no relevant positions