At Day Trade the World (DTTW), our focus for more than 20 years has been to help traders from around the world become successful.
Unlike other participants in the industry, we believe strongly in the role of teamwork and have developed our business using this model. With us, traders from around the world create and run their Trading Office, in a similar way to what big investment firms do. In this article, I will highlight the three most important pillars that all successful Trading Office owners use.
Using our model, the Trading Office manager is responsible for recruiting the traders who will be responsible for running the trades. This is the most important pillar and one that has led to the success of many traders. Essentially, Trading Office managers who recruit the best talent are always more successful than the others. There are a few things that a Office manager should do. First, they should be ‘blind’ during the recruitment. In this, they should be blind to things like friendship and family relations when creating the team. Instead, they should focus primarily on the competencies of the traders. The traders should be enthusiastic about the financial industry, be willing to learn, and be ready to work under minimal supervision.
After hiring a good team, the next stage is to train them. This is another key pillar that all Trading Office managers should have. Training should start at the very beginning and should have two dimensions. The first dimension of the training should be on the workplace. In this training, you should train them on the workplace and all that is expected of them. This should entail things like the time for reporting to work, the time for leaving, using the computers, their salaries, and their ranks in the Trading Office.
The next training should be on the financial markets. This is because you will likely start your Trading Office with people who don’t know how to trade. You should train them on how the market works, how to do analysis, how to initiate trades, and how to close profitable and unprofitable trades. You should take as much time as is needed in this stage because of the complex nature of the financial markets. At DTTW, our team of experts will also help you train the team members.
This is an important step that can determine the future of your Office. You can have the best recruited team who are well-trained but if you don’t manage it well, you will fail. This is because you want your team to be happy working for you. You want them to succeed because their success will always be your success. You also don’t want traders who keep on resigning, thus increasing the rate of turnover. Therefore, you should do a few things. First, have a good relationship with your traders. Second, create good channels for them to report to you. Third, always be understanding – but firm – with them. Remember that in the financial markets mistakes do happen and not all trades are profitable. Fourth, create a conducive work place where the traders build friendships. Finally, never be scared of firing an underperforming trader but before you do it, ensure that you do it in a humane manner.
By following these three pillars, you will be at a good place to run a profitable Trading Office with low staff turnover. The Trading Office will not only be profitable but also a good place where you will have joy going to.