{"id":51738,"date":"2023-02-12T10:48:48","date_gmt":"2023-02-12T15:48:48","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=51738"},"modified":"2023-02-12T10:48:48","modified_gmt":"2023-02-12T15:48:48","slug":"the-decisions-you-make-about-your-trading-business-matter","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-decisions-you-make-about-your-trading-business-matter","title":{"rendered":"The decisions you make about your trading business matter"},"content":{"rendered":"

\"\"<\/p>\n

The decisions you make about your trading business matter.<\/p>\n

To this point, I received the note below from a 7-figure trader on our desk.\u00a0 He was a 7-figure trader by his second year of trading.\u00a0 Not easy to do.\u00a0 Not often you see that.\u00a0 This is a very talented trader and person.\u00a0 Even for him his decisions about his trading business matter.<\/p>\n

(The Tempting Tesla Trade You Must Avoid (to be consistently profitable) @TheOneLanceB)<\/a><\/p>\n

That note sent to me by that 7-figure trader:<\/p>\n

Hey, Bella. Just wanted to share a pretty eye opening experience I had recently regarding the power of learning from people more experienced than you. In my 2023 goals chat, I placed a big emphasis on developing myself as a coder. Both to build tools to enhance my trading and to backtest potential areas of untapped edge in the markets. Hearing this, Lance strongly advised me to try to outsource some of this work, especially early on. Specifically, he recommended having a more experienced coder write a script for me and to then learn from their work.\u00a0<\/span><\/p>\n

Fortunately for me, my best friend in the city is a software engineer at Amazon. Taking Lance’s advice, I got together with him one afternoon and sat with him as he essentially created a backtest for me from scratch. I can’t properly emphasize how helpful this was for me. Between watching him work through the debugging process and studying his code later, I probably learned more in 4 hours with him than I would’ve learned in 20 hours on my own. It truly was that big of a difference in terms of learning efficiency. Outside of learning, it also might make sense for me financially to be outsourcing some of this work to someone with an aptitude well beyond mine.\u00a0<\/span><\/p>\n

\u00a0Of course, this concept extends far beyond the scope of just learning to code. Our growth under the guidance of someone more experienced is exponentially greater with time than our growth alone.<\/strong> I think sometimes my pride tells me it’s best to build and learn everything I do on my own. In this situation, Lance’s advice really showed me otherwise. Anyway, I thought you might appreciate the sentiment. It’s certainly something I’ll be conveying to anyone that is trying to pick up a new skill.<\/span><\/p><\/blockquote>\n

Think about the consequences of this talented trader making the wrong decision for his trading research.<\/p>\n

What would the results have been for his research if he kept trying to research alone?<\/p>\n

Where would he be with his research if he was not savvy enough to listen to the advice from Lance, a multiple 8-figure-a-year trader?<\/p>\n

Where would this trader be with his search for edges if he partnered with a coder who was not so talented?<\/p>\n

How much more limited would this trader’s upside be if he was not seeking to find new edges through technology and research?\u00a0 What if he was just working on his game as a discretionary trader?<\/p>\n

Where would this trader be if he did not join a prop firm, that organized monthly meetings to help traders improve their businesses?<\/p>\n

Where would this trader be in he joined a prop firm that did not offer resources like Lance, and proprietary tools to test edges?<\/p>\n

Young traders too often think they have unlimited time to become a consistently profitable trader.\u00a0 They believe they can make mistakes and time will heal past poor decisions. They feel their talent will prevail in the end.\u00a0 Or their passion will ensure success.\u00a0 They undervalue the power of surrounding themselves with trading wisdom and resources can have on their career.<\/p>\n

From my seat, getting things right matters.\u00a0 A good decision can make all the difference.\u00a0 Taking the right step can be the difference between underperforming and elite performance.\u00a0 Making the wrong decision on how to build your trading business can be the reason for failure.\u00a0 Choosing the wrong firm.\u00a0 Not ensuring you have the necessary resources to grow.\u00a0 Not surrounding yourself with pros who can exponentially help you grow.\u00a0 This can kill your trading business.<\/p>\n

This is a business.\u00a0 Your decisions on how to grow it matter.\u00a0 Amazon revolutionized its business by starting AWS.\u00a0 Apple brought back Steve Jobs after firing him a decade earlier, which changed their history.\u00a0 Bob Iger led Disney’s acquisition of Pixar, which revitalized their animation business.\u00a0 Business decisions matter for businesses.<\/p>\n

Choose wisely with your trading business decisions.\u00a0 Dip into the power of trading wisdom that surrounds you.\u00a0 Lean on pros who can help you make the best decision.\u00a0 Your decisions about your trading business matter.<\/p>\n

Important disclosures<\/a><\/strong><\/p>\n

Mike Bellafiore is the Co-Founder of SMB Capital, a proprietary trading desk, and SMB Training, which provides\u00a0trading education<\/a>\u00a0in stocks, options, and futures. Bella, @MikeBellafiore, is the author of\u00a0One Good Trade<\/em>\u00a0and\u00a0The PlayBook<\/em>. He welcomes your trading questions at\u00a0mbellafiore@smbcap.com.<\/p>\n

 <\/p>\n

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

The decisions you make about your trading business matter. To this point, I received the note below from a 7-figure trader on our desk.\u00a0 He was a 7-figure trader by his second year of trading.\u00a0 Not easy to do.\u00a0 Not often you see that.\u00a0 This is a very talented trader and person.\u00a0 Even for him his decisions about his trading … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":51600,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463,1],"tags":[30,2239,1349],"class_list":["post-51738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","category-general-comments-2","tag-prop-trading","tag-trading-business","tag-trading-mentor"],"yoast_head":"\nThe decisions you make about your trading business matter | 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\/the-decisions-you-make-about-your-trading-business-matter\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The decisions you make about your trading business matter | SMB Training\" \/>\n<meta property=\"og:description\" content=\"The decisions you make about your trading business matter. To this point, I received the note below from a 7-figure trader on our desk.\u00a0 He was a 7-figure trader by his second year of trading.\u00a0 Not easy to do.\u00a0 Not often you see that.\u00a0 This is a very talented trader and person.\u00a0 Even for him his decisions about his trading ... 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