Start Trading Floor – What You Need
You have watched the busy trading floors on television. Chances are that you have tried getting a job in one of the trading floors or brokerage firms with no avail. This article introduces a new way of creating your own trading floor. The trading floor to be explained in this article refers to a situation where you employ people, train them on how to make trades, and then pay them a certain fee. Having a floor is one of the best ways to make money at home.
#1 – An Interest in Trading
You first need to have a lot of interest in the financial market. As you are aware, trillions of dollars change hands every day. These funds are traded by the sharpest financial professionals in the world. This volatility means that you can make or lose a lot of money within minutes. Unless you have unparalleled interest in this field, chances are that you will give up after losing money. Therefore, it will help you a great deal if you have interest in this field. You should follow your passion and find an area where you have a lot of interest at.
#2 – Find a Floor Partner
The next step for starting a trading floor is to find a partner. This is a company that provides day trading solutions to traders. While it is possible to start a floor without a partner, having a reliable one will help you a great deal. The ideal partner should have years of proven experience in the business. They should also have a unique approach to trading. Day Trade The World is one of the most successful trading floor partners in the world.
#3 – Recruit and Train Team
You should now recruit a team to join your floor. The team should be made of young people with unique qualities. One, they should be interested in the trading business. Second, the team members should be committed in working as a team. The benefit of this is that it will help you collaborate and make sound trading decisions. Third, the team should be committed to your trading floor. They must be ready to undergo through the training process. They must be quick learners and have the ability to grasp complex trading terminologies. Finally, they must be committed to working under pressure.
After recruiting the team, you should take time to train them on the trading process. This training process is twofold. One, you should train them on office relations and the work ethic they should expect in the floor. This includes the time of arrival and the time to leave. Second, you should train them on the actual trading. This should take a longer period to ensure that they understand on what they are expected to do.
#4 – The Trading Floor
After recruiting the team, you should now set up the trading floor. This means that you should find an office space, set up the computers, and install all the required software. To save on the initial cost, you should avoid renting a very big office space. If you have a garage or an extra space in your house, you can use the space instead. Avoiding the cost will help you analyze the performance of the team and the business as a whole.
#5 – Start and Grow
After doing this, you should now start the floor. As the floor manager, your work should be to trade and also supervise the other floor partners. You should do your best to ensure that the team members are comfortable with the process. At the end of every day, you should look at what the traders did throughout the day. Remember that you should not be afraid of firing non-performing traders.
After a few months of successful trading, you can now grow your team. This involves hiring new traders and training them. Since trading happens on a 24-hour basis, you can even recruit traders to work at night. Doing this in a calculated manner will help you grow your trading floor to a large and successful floor.
Start Trading Floor – Useful Links
- Discover how to start your own trading floor on our website DTTW.com
- Read more about what a trading floor is on Investopedia