Invest in Your Trading Business

12/10/2015 6:00 am EST

Focus: STRATEGIES

Michael Bellafiore

Author, One Good Trade: Inside the Highly Competitive World of Proprietary Trading

There are great educational programs to help traders make more. In this article, veteran trader Mike Bellafiore, of SMB Capital, suggests every trader take a week off and learn a new strategy. For Mike, it's important for traders to—first and foremost—invest in themselves.

One constant theme on our trading desk is encouraging traders to invest in themselves.

One 500k-a-year trader on our desk didn’t want to spend $190 a month on an options platform that could make him an extra 50-100k a year.  When we laid out these numbers he quickly realized this folly.

Recently I encouraged eight traders to trial a trading service that might expose them to new edge. The traders might spend $400 a month to potentially make an extra 10k.  That is a good investment for a trading business.

There are great chat rooms to join to help you make more.  Many professional prop traders subscribe to a chat service outside of their desk.

There are great educational programs to help you make more, even for the profitable trader.  Take a week off and learn a new strategy.

There are great tools to help you make more. Trading signals to help you make better trading decisions add to the bottom line. There is a reason why Bloomberg terminals sit on the desktop of most seven-figure traders.

I make a handful of phone calls each week talking with service providers who might help our traders make more. Part of your improvement as a trader will come from finding and investing in these services that will help you make more. When you spot one, invest in your trading business.

*no relevant positions

By Mike Bellafiore of SMB Capital

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