At Day Trade the World (DTTW), we use a different model with other companies in the online trading space. Our model allows anyone in the world to create a trading office similar to those found in Wall Street or The City. In this, we provide real time data, software, capital, and hardware to traders who do their work as part of a team. In all this, the role of a team is very important. In this article, I will explain a few things that you need to know about team recruitment and management.
The team you recruit will mean how your trading office will perform. Therefore, you should do a lot of work to ensure that you get a good high-performing team. First, you should reach out to people you know who are passionate about the financial market. Reaching out to people who don’t have this passion will not be a good thing for you. This is because you want a team that will be able to cope with the complexities of the financial market where breaking news lead to price action every day.
Second, you should conduct a good interview that asks all the good questions. One of the most popular questions is on stress management and how the traders cope with it. This is because the financial market is often a very stressful market where losses can happen.
Third, after getting the team, you should offer them training on the workplace. Some of the soft things that will be addressed in this step will be: time management, respect for one another, the reporting mechanism, and internet etiquette in the office.
The way you manage the team will mean a lot to your company. Therefore, you need to do a few things to ensure that the traders do a good job and reduce the rate of turnover in the office. Research has shown that a workplace with high turnover leads to underperformance. Doing these things will help reduce this.
First, you should have the workplace guidelines posted in the office or in the office chat board. For example, if there are conflicts in the office, the guidelines will tell the staff how to deal with these conflicts. You should have guidelines on issues like cleanliness, the use of internet in the office, and the instruments that the traders should trade on.
Second, you should always be respectful to the traders. As you already know, mistakes happen all the time in workplaces. How you treat the traders will mean a lot for the future of your floor. For example, in case of a mistake, it is not always okay to fire the staff. You can have other forms of punishments like suspension without pay or intensive guidance and counselling.
Third, you should always have some time off to talk and interact with the staff. In this, you can set a monthly or weekly meeting where you sit down and talk about various issues. For example, you can discuss about family, friends and other social issues. Doing all this will help you bring the team together and create a good working environment.
Another important thing you can do is to ensure that your team is comfortable. You can do this by moving to a better office or by buying better computers as the firm continues to grow. Further, you should also ensure transparency in the way the traders are compensated.