It has been exactly one year since I have launched MookTrader.com. My original vision for the site was to create a close-knit community where I and any member can share trading ideas with one another. Sharing knowledge only increases one's chances at success in this business. Learn from one another. Even after twenty years as an equity trader (8 years on Wall Street as a prop trader, and the rest as a self-employed trader working from home), there are things I still do not know about the markets. That is why sharing ideas and discussing alternative trading styles that I do not employ only broadens my horizons.
For the first 5 years of my trading career which began in 1996, I only traded stocks listed on the NYSE. This was because I was learning about the NYSE specialist and how he controls the buying and selling of the stock. Trying to figure out whether the specialist was long or short was how I developed my unique ability to 'read the tape.' Then as the markets evolved to become more automated by the eventual adoption of electronic trading in the early 2000's and I became adept at trading NYSE-listed stocks, I slowly tried to trade stocks listed on the NASDAQ as well. With more than one market maker involved now in a stock, it was a complete different ball game than trading NYSE stocks. And just two years ago, I started to learn about microcap stocks, more specifically nanocaps - low-priced stocks issued by the smallest of companies with market capitalization of $50M or less. As you can see, I have slowly been trying to learn more and more about aspects of the stock market that I was unfamiliar with as well as adapting to the changes of the markets - from electronic trading to decimalization.
The learning process never ends and through the decades I have come across invaluable experience and knowledge. If you are new to trading, think of the MookTrader chatroom as a place of learning and observation. Learn how to make money getting long stocks first and once you are comfortable with that, try to trade on the short side. Watching me trade live is probably the best trading education you can get access to -- 100x more valuable than watching useless DVDs or reading 'Trading for Dummies' books. For veteran traders, think of the chatroom as a place to share ideas and a platform where you can push yourself to make even more money. Being with other successful traders drives me to want to trade bigger sized positions and attain an even higher win/loss trade ratio (if that is even possible since it's so high already). I want to teach others what I know, and possibly learn something new myself too from my subscribers. All MookTrader members should be able to learn and improve on any aspect of their stock trading abilities, whether it be daytrading, scalping, or swing trading by being in the community.
I am proud to confidently say one year later that my vision for the MookTrader.com is coming to fruition. I have helped changed the lives of many for the better as they realize that potential they now have as a professional daytrader (and the extra stacks of cash they have too! 🙂 ). The room is filled with fantastic dedicated people who have similar and different trading styles than me but the same common goal -- to make money in the stock market and to make it more consistently. I want to thank all my members, moderators, and especially those who have stuck with me from the launch. I hope to continue to help guide new and experienced traders to realize their full potential.
- Hubert Tsai (aka MookTrader on Twitter)