The question that gets asked by most traders! And the answer to this question is: yes, it is easy to run a successful trading floor, as long as you understand what it means to run a trading floor.
To run a successful trading floor, you really don't even need to have ever traded. You just need to understand a little bit about management and human psychology. If you have been a successful trader, you will probably have a higher chance of success.
But now let's go and see what you really need to have to be a winner in this business.
The keys to your success as a manager
To be successful, you just need to understand that day trading is very intense for the average person. A successful manager will keep heads cool on good trading days, and keep spirits up in bad days. In the trading business, you need to remember that stock markets are always changing and you need to make sure your traders are aware of the changes.
Making sure your traders have all of the tools and information they need is important. A very important tool is, of course, fast and reliable day trading software. Day Trade the World has you covered there, with software designed by traders for traders.
Another extremely important tool is a strong risk management system. You need a system that takes some of the high emotions out of trading. A trading system that uses simple mathematics to handle risk. Once again, Day Trade the World has you covered there.
To run a successful trading floor you also need to remember a few simple things. You should be constantly looking to hire new traders. With constantly changing stock markets, you need new people with fresh eyes to see new opportunities.
You need to be constantly training people. Getting them access to any information they need. And you need to actively manage the traders.
A trading floor is very high energy, there is a lot of excitement and with that comes highs and lows. This is where your people management skills need to come in.
The edge of having trading experience
If you were (or are) a successful trader, the advantage you have is knowing what it is to be a trader. You understand all the emotions a trader goes through.
Also, you may be able to teach any successful techniques or tricks you learned as a trader. If you understand these things you will be able to run a successful trading floor.