Trading habit #1 was The PlayBook.
Trading habit #2 was to create a Road Map.
Trading habit #3 is Trader Development.
What do we mean by trader development?
Each day we hold a series of mentoring meetings for our developing traders in our proprietary trading firm’s training room in NYC. Trader Development is one of these sessions. And we hold this mentoring session right after the opening trading session at 11AM EST.
During this mentoring session we review stock selection and the best trades from the open. Sometimes I just give a 20 minute talk on a trading topic I feel would be helpful to these young traders based on my observation of their trading, trade reviews and chats with them. We had such a session yesterday with feedback at a lunch with three of our traders that these straight-talks can bring an epiphany. But the point is for 20 minutes right after the trading open, there is a period of learning and teaching so new traders progress.
We don’t skip days.
Traders are expected to be present and listen.
Questions are encouraged.
We raise our voices sometimes if they are underperforming in areas they can control like effort and preparation and focus.
Sometimes we never make it to talking about markets but start and finish with ideas on elite performance.
Of late we say things like:
- it’s okay to trade VXX UVXY SPY and AAPL with an elevated VIX.
- Tim what stock could you not afford to miss this open?
- What was the best trade from the open?
- Set alerts for great shorts and longs guys.
- Here’s why I was in that $GPRO short and the pattern that works.
- Deep breathing is a habit to develop.
It’s 20 minutes of learning.
It’s 20 minutes everyday so they improve.
It’s a habit to improve trader performance on our desk.
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