Lessons From The Recent Trading Craze

The untold story is less dramatic, but perhaps more important. I have record numbers of traders reaching out to me, interested in learning trading. They are not simply wanting advice on GME or AMC; they truly want to learn how to trade. The current market turmoil is bringing an entire new generation into markets, and that will shape market activity for years to come.

The opportunities are immense for trading firms dedicated to training new traders, such as the groups I work with at SMB Capital and Kershner Trading.  They are also profound for online trading communities that are truly dedicated to teaching trading and growing a new generation of market participants.  Take a look at Investors Underground, with its trading courses, video library, and real time chatroom for developing traders. Take a look at Traders4ACause, with its annual programs and networking events. Take a look at BearBullTraders, a community of mentors and training resources that is in the process of teaming up with TradingSim, developer of a platform where traders can actively practice trading skills.  

As responsible and successful trader development networks take hold, they will change the face of trading psychology. The emphasis will be less on one-to-one meetings and more on group programs that teach concrete skills specifically tied to trading practices. Each network will have its own curriculum and its own group of experts to provide that curriculum. Trading networks will look far less crazy and increasingly look like professional training platforms: next generation vehicles for the development of market participants.

I recently offered a simple three-item checklist that traders can use each day to ensure they are performing at their best  In a networked trading world, the goal is not for people like me to coach traders. It's for people like me to provide resources that enable traders to coach themselves.  Once you have your checklist and a robust process for utilizing it, you can take control of your own development. The goal is not to find the next bright shiny object to chase in the trading world.  The goal is to find within markets your strengths and your interests and learn how to guide your own development, your own heroic path.

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