So Many Ways to Learn

From one-on-one to massive virtual conferences

Some things happened to me over the last few days that caused me to pause and think about ways that traders can learn more about trading. What caused the thought is that Laurens Bensdorp and I had just announced our only seminar. Thirteen people signed up for the 15 seats available in days. No, this is not an ad for that, but if you want more info, head to https://enjoytherideworld.odoo.com/seminar.

What caused me to think about this is that in a few days, I had answered one-on-one questions to several people and had attended a Zoom call preparing for a TraderLion virtual conference to be held next month with all sorts of speakers on all sorts of topics and publicized the seminar I’m doing with Laurens for 15 people in person.

It struck me that along with free podcasts, interviews to listen to, thousands of books you could read on trading, and various social media platforms that concentrate on trading, there’s so much out there to absorb, that it is impossible to take in all the information and efficiently improve what you are doing in trading. It’s total information overload!

So what’s the best way to learn?

Back when I was starting out in trading, there wasn’t even personal computers on the market yet. I had no social media platforms to look at and ask questions of those already successful in the trading industry. So I had to trudge through a lot of data by hand with paper and pencil and figure it out myself. Having a background in chemical engineering had me focusing on data, algorithms, position sizing and other trading related topics that helped me navigate the crazy world of trading.

Nowadays, there are so many resources to think through. Let’s cover some of them and I’ll point out some good and bad with all of them:

Massive Virtual Conferences:

Like I mentioned earlier, I going to be one of the many speakers at the TraderLion virtual conference coming up next month. https://traderlion.com/annual-trading-conference/ There is going to be lots of speakers talking about lots of trading topics. Some of them might be useful to you as a trader, while other talks may be a waste of time for your particular trading challenges.

Usually large virtual conference will not cost very much or are held free for the attendee. Speakers may be talking about their management firm or their latest book and the cost to run the session is minimal, so attendees have access to a lot of people for little cost. The downside is you have to wade through all the information.

Small Group In-Person Seminars:

This is what I’m doing with Laurens on October 7th and 8th this year. First, since it is in person, Laurens and I have to get ourselves to Las Vegas. He’s coming from Portugal, which certainly is not anywhere near Las Vegas. My wife, Brenda, and I are driving up from the mountains of Arizona, about a 5.5 hour trip. So, between Laurens and my schedules, it takes about a week off of Laurens’ calendar and about 5 days off of mine.

Then there’s the cost of the meeting room, the cost of providing food and beverages for 15 attendees, two hotel rooms to sleep in, airline tickets for Laurens’, gas and parking for me and Brenda. Not surprising, one of the negatives becomes the cost of the seminar. The positive is that you’re somewhere in between the impersonal nature of the massive teleconference and one-on-one instruction. If the group is a comfortable size and everyone is okay with sharing, a lot of great things can happen.

One-on-One instruction:

As expensive as small group seminars may be, one-on-one instruction may be the most difficult to come by. Great instructors may be swamped with students and cannot take on any more. I can’t imaging what some of these PGA pro golfers have to pay to spend a day with some of their world re-known instructors, flying them into town for their lessons, etc.

However, when you want to cut short the advancement of what you are doing and you have very specific holes to fill in your skill/strategy package, one-on-one can cut through the morass of information and focus in on the subjects that you need to progress. Very expensive to obtain, hard to schedule, not guaranteed and just not available to many.

Social Media:

Here you have a blend of many of the above. I did not have any benefit of social media when finding my way in trading. On social media platforms, I noticed that I have been included in many smaller groups. I also have been a part of some posts and the subsequent responses that have been in the thousands. I also have had some Direct Messages where I’ve been able to get a trader through a puzzle or challenge they faced.

As much as I dislike social media for their limits on free speech, I do realize the value of sort of morphing large virtual conferences, small in-person groups and one-on-one forms of instruction into one place where the world can come and learn. Wish that I had a place to go like that back in the 70’s. For me it was eating lunch with some fellow engineers that liked to talk about the stock market and futures trading.

So what’s best for you?

I think the most important thing you can do in advancing what you’re doing in trading is to step back from it and away from the avalanche of information and assess where you are right at this moment. At the same time, figure out what pieces of the puzzle you are missing and seek a way to fill those gaps. The most efficient, fastest way to solve your financial puzzle may be in one of the paragraphs above or perhaps from a specific book, podcast, interview or video. The key is what one of the Hunt brother used to say, “Find out what you want/need, figure out how to get it, and be willing to pay the price.”

And while you’re doing that, enjoy the ride!