The Future of Trading is Team
New York Times today reviewed the software that we use in our trading room and while the write up was mostly positive I think the article really did not do it justice. Slack, which was created by Stewart Butterfield, the founder of Flickr, is now worth 1.2 Billion after only a year of existence and is already making a million a month in revs.
I can just see some of you rolling your eyes at my Silicon Valley fanboy praise of yet another web based start up -- but mark my words -- Slack will be bigger than Microsoft one day. Certainly it is already a million times more useful than the bloatware that comes out of Redmond.
Although on the surface Slack may seem like an amped up version of AOL messenger, it is actually the first truly integrated global collaboration platform that allows anyone, anywhere to plug in engage with the world on an instant basis.
When it comes to trading forex -- which is the most global capital market of all -- the distributed nature of Slack has not only radically transformed how I do business, but more importantly has improved my trading by a factor of ten.
Most Americans who are brought up on the myth of the individual, the lone “creator” of wealth and prosperity, are utterly unaware that almost all advances in civilization have been the result of teamwork. No one ever accomplished anything in a vacuum and in real life (not Hollywood) a team of average people will beat a genius anytime. What makes Slack so powerful is that it allows for individual initiative while at the same time providing the user with constant collaborative feedback and support.
For anyone who has ever traded electronically in the isolated glow of computer monitors this can be a revolutionary change for the better. Trading strategy problems that used to take weeks to solve could be fixed in a day. Major tactical mistakes that would not become obvious for months, pop up to the surface in a matter of days. If you trade as a team your skills grow not arithmetically but geometrically.
I’ve mentioned before that some of the best traders in my room are making 1% day (today some of them banked 3%+), but I thought it might be interesting to share the words of someone far less experienced who just joined us a few weeks ago. Here is what she what she wrote in the room (sic.)
“Hi Boris and Team, I find it hard to believe that despite being new, with not enough sleep, No EA, No Raw Spreads and all Manual trading…it’s still an 82% winning!…and that’s on VTs, NVTs during a PNPT day!…plus on a CADmania freaky Friday! Boy, I love trading. Boris and Team, thank you for your experties. Have a great week end.”
I could have never generated such results with any of my former students, using the standard “webinar/seminar” methods. In fact I hear it all the time in the room, that traders have learned more in a month there then they have in years, trading by themselves. More than ever I am becoming convinced that Team Trading is not just a fashionable millennial catch phrase -- but is actually the future of our business.