{"id":45075,"date":"2017-03-07T16:08:48","date_gmt":"2017-03-07T21:08:48","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=45075"},"modified":"2017-03-07T16:08:48","modified_gmt":"2017-03-07T21:08:48","slug":"how-do-i-start-as-a-trader","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-do-i-start-as-a-trader","title":{"rendered":"How do I start as a trader?"},"content":{"rendered":"

<\/p>\n

Recently I visited Pace University investment club to talk about the life of a proprietary trader. \u00a0We make an effort to reach out to college trading clubs and college investment clubs and meet their members. \u00a0Some of our best traders have come from these clubs. \u00a0Also, college students rarely get to interact with a professional trader so sharing our experience is helpful.<\/p>\n

At my presentation for Pace a sharp member asked, “How do you recommend we get started trading?”<\/p>\n

It is a great question. \u00a0I have written about this extensively in The PlayBook<\/em>, but let me offer an outline here:<\/p>\n

    \n
  1. Read, read, read about markets and trading.<\/strong> \u00a0New traders need to build their domain knowledge of markets and trading and a great start is to read. \u00a0Read books. See 20 books every trader should read). <\/a><\/em>Read blogs.\u00a0 See Traders Favorite Trading Blogs<\/a>. \u00a0 Read magazines. \u00a0Visit financial websites. \u00a0See Top Financial websites to prepare for your trading day<\/a><\/em>. \u00a0Build a foundation of knowledge.<\/li>\n
  2. Train to trade.<\/strong> \u00a0Take a trader training program to help you get started. \u00a0Theses course can help you skip some mistakes others have made. \u00a0They can help you save losing thousands of dollars in the markets when you first start. \u00a0They can help you build trading skills. \u00a0They can expose you to trades worth study.\u00a0 See Unconventional Training for the Unconventional Trader<\/em><\/a>.<\/li>\n
  3. Paper trade.<\/strong> \u00a0Start by paper trading.\u00a0 See The Best Paper Trading Tools to Succeed as a Trader.<\/a> Experiment with different trading systems with fake money. \u00a0When you find one that works for you, then and only then, take the next step.<\/li>\n
  4. Trade with real money.<\/strong> \u00a0Paper trading is very different than trading live. \u00a0I have seen some of the greatest paper traders ever start at our firm, never to make a dime trading. \u00a0In fact, the first person we ever hired at SMB, was a superstar on the demo. \u00a0When he traded live, he lost every day. \u00a0It got to the point where we thought he was purposely losing money, he was that bad. \u00a0Start small with small risk and bump your size after only periods of success. \u00a0Bump your risk only after you have demonstrated clear edge.<\/li>\n
  5. Work with a mentor\/coach.<\/strong> \u00a0We would not expect the next Olympic gymnast to be self-trained. \u00a0We would not expect the next great NBA star, sans coaches throughout his climb. \u00a0So is true for the trader. \u00a0The best coaches make you better. \u00a0They help you identify and build from your strengths, which makes you distinct.\u00a0 See Get a Trading Coach Already.<\/em><\/a><\/li>\n
  6. Find a like-minded trading community.<\/strong> \u00a0On our desk our best traders work in Teams.\u00a0 See Build your trading team<\/a><\/em>.\u00a0 Teams tap into the diverse and unique talents of Team members to make individual traders better.<\/li>\n
  7. Learn to code<\/strong>. \u00a0Customer filters built with code, help you make more as a trader. \u00a0Automated models, built in code, can supplement your discretionary trading. \u00a0Our Junior Traders all build their own filters and models through python.\u00a0 Try this coding class<\/a> on Python recommended by our Head Quant in NYC.<\/li>\n
  8. Learn to backtest.<\/strong> \u00a0Backtest trading ideas that you are learning. \u00a0See if they have edge.\u00a0 Watch Trade like you backtest.<\/em><\/a><\/li>\n
  9. Intern<\/strong>. \u00a0In our last two hiring trading classes, each were partially filled with former interns. \u00a0Find out if you really like trading. \u00a0Some think they do and find out they don’t. \u00a0Find out which firms would be a good fit for you, as that relates to culture, trading style, risk and training infrastructure.\u00a0 Apply here<\/a> for a trading internship.<\/li>\n<\/ol>\n

    If you want to get hired as a trader, do not be that candidate who shows up and says,”I really love trading and the markets!” \u00a0And when you are asked why you say,”I am glued to CNBC and read the Wall Street Journal<\/em>. ”<\/p>\n

    That shows an insufficient demonstrable interest in trading and markets. \u00a0This will not make you appealing to a hiring partner. \u00a0Speak our language. \u00a0I wrote about Penny in One Good Trade<\/em>. \u00a0 His answer? \u00a0He gave concrete examples of why he loved trading by recent live trades he had made and why. \u00a0If you can do that, then you will really stand out.<\/p>\n

    Firms want to make excellent decisions on how to use their resources. \u00a0Make it easy for them to hire you.<\/p>\n

    Related posts<\/strong><\/p>\n

    Ten Interview Tips for Proprietary Trading<\/a><\/p>\n

    SMB Visits Indiana University<\/a><\/p>\n

    *no relevant positions<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Recently I visited Pace University investment club to talk about the life of a proprietary trader. \u00a0We make an effort to reach out to college trading clubs and college investment clubs and meet their members. \u00a0Some of our best traders have come from these clubs. \u00a0Also, college students rarely get to interact with a professional trader so sharing our experience … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":45079,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[792,144,653,1354,1989,1911,1349],"class_list":["post-45075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","tag-start","tag-trader","tag-trader-training","tag-trading-coach","tag-trading-course","tag-trading-internship","tag-trading-mentor"],"yoast_head":"\nHow do I start as a trader? | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/how-do-i-start-as-a-trader\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How do I start as a trader? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Recently I visited Pace University investment club to talk about the life of a proprietary trader. \u00a0We make an effort to reach out to college trading clubs and college investment clubs and meet their members. \u00a0Some of our best traders have come from these clubs. \u00a0Also, college students rarely get to interact with a professional trader so sharing our experience ... 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