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Invest in Your Trading Business
12/10/2015 6:00 am EST
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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