{"id":46782,"date":"2018-04-07T16:20:09","date_gmt":"2018-04-07T20:20:09","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=46782"},"modified":"2018-04-07T16:20:09","modified_gmt":"2018-04-07T20:20:09","slug":"one-trader-is-failing-because-of-this-says-him","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/one-trader-is-failing-because-of-this-says-him","title":{"rendered":"One trader is failing because of this says him"},"content":{"rendered":"

\"\"<\/p>\n

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.\u00a0 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.<\/p>\n

*There are other trading arcades where help is available.<\/p>\n

I asked if he had approached some experienced traders at the firm for help.\u00a0 He had but the firm’s experienced traders did not want to “cough off their secrets.”<\/p>\n

I found it disappointing to hear these experienced traders act against their self-interest and another firm trader.\u00a0 My experience, and that of many other experienced traders, is that teaching others helps your own trading.\u00a0 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.\u00a0 And it helps you spot trades that just do not make sense as when explaining a lesser trade to a developing trader.\u00a0 The defects emerge.\u00a0 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.<\/p>\n

Also this struck me as a large contrast to what I read recently from a junior trader on our desk in his trade review.\u00a0 On our desk senior traders and junior traders stand as mentors to developing and new hires.\u00a0 Trader wrote,<\/p>\n

Something I really care about is\u00a0mentoring<\/span>\u00a0the 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.\u00a0 \u00a0He took this trade with me and we basically traded it live together.\u00a0 He was seeing it better than I so it was a good rep for both of us.<\/p>\n

What a wonderful experience here for junior trader and developing trader.\u00a0 They both benefited by one teaching and sharing and the newb providing value back.<\/p>\n

Our desk held a workshop after the close this week to discuss improving market trading.\u00a0 I asked our top trader to share some indicators and setups most effective for him.\u00a0 He was quick to agree and provided enormous value during our firm-wide discussion.<\/p>\n

I myself added a new important indicator to my screens when trading market trades, with a tip from a remote developing trader.\u00a0 Thanks Rob!<\/p>\n

There are inefficiency strategies that I do not mention in my writing and that we accept cannot be shared.\u00a0 Those are special circumstances and sparse relative to the totality of market opportunity.<\/p>\n

What struck me as even worse for that developing trader at this arcade seeking help was the environment.\u00a0 Do you want to be a trader at a place where everyone is in it for themselves?\u00a0 On a human level, that strikes me as just sad.\u00a0 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.\u00a0 You were considered a jacka$$ if you didn’t share.<\/p>\n

Markets change.\u00a0 The best traders adapt.\u00a0 We all have to keep learning and improving or else one day we aren’t gonna have this privilege to trade.\u00a0 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.<\/p>\n

*no relevant positions<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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

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.\u00a0 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 … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":46783,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463],"tags":[30,50,18,1354,1349],"class_list":["post-46782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","tag-prop-trading","tag-proprietary-trading","tag-smb-capital","tag-trading-coach","tag-trading-mentor"],"yoast_head":"\nOne trader is failing because of this says him | 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\/one-trader-is-failing-because-of-this-says-him\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One trader is failing because of this says him | SMB Training\" \/>\n<meta property=\"og:description\" content=\"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.\u00a0 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 ... 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