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A financial crisis drove CommonCents Trading Institute founder Tracy Hubbard on a search for a way to make money without owning a company or being an employee. He crisscrossed the country, attending numerous hotel seminars in search of the holy grail of trading. What he discovered was a need for trading mentors. So, after he mastered the skill he founded an online classroom that teaches people how to trade and provides a mentor along the path to becoming successful. We asked him a few questions about why we need to learn to trade.
A) My learning curve was long - 7 years because I didn’t understand how banks & institutions traded. I read all of the trading books, attended too many seminars to count and tried the latest guru’s strategies. Being mentored by Wall Street traders and market makers changed my trading and my life—I only wish I had a mentor when I started.
A) Yes, and people are quite surprised when I tell them that women make better traders. They usually have little to no ego and aren’t afraid to close a losing trade, whereas men typically think they are “right" and that the market will come back.
A) If you are like most people I talk to, their mutual funds aren’t performing as well as they expected them to. And even with the markets being near all-time highs, their returns are still not enough. Even if you decided not to trade now, at the very least you would know how to manage your financial planner and protect yourself if you needed to go to cash before a market crash.
A) This skill set isn’t just about retirement—it’s about generating the money you need to live in order to live the life you want to live, no matter how old you are. I taught my son to trade at the age of 15 and he has continued to trade all the way through college and still continues now. Once you learn this skill set, you have it for a lifetime! And parents, I can’t think of a better gift for your graduate than to set them on a lifelong path to financial success.
A) Not all of my students want to become full-time professional traders. I have many students who begin with the goal of supplementing their income and managing their financial planners.
A) I’ll tell you the good and the bad. I’ve made every mistake a trader can make because I didn’t have a mentor. Because of that, I am committed to mentoring my students so that they don’t repeat the same mistakes I made. I cut the learning curve. We do it together and I don’t hand that off to anyone else.
A) As I have said many times, I tried that route. Nothing you will find on the internet will teach you how real money is made in the markets by way of banks and institutional traders . All of that ‘free’ information has an agenda – to keep you in a specific mindset, trading like the general public so Wall Street can maximize their profits. "Sheeple" is their affectionate term for the naive public.
A) Day trading requires constant and diligent focus on market volatility. Most people don’t have the luxury of being able to spend all day in front of their computer. Swing trading is trend trading which is well suited to people who work or don’t want to spend their lives in front of the computer. It allows you to set your trades and walk away which is what I prefer.
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At the age of 42, Tracy Hubbard found himself battling a personal injury lawsuit in his last business which ultimately left him bankrupt. With a wife and four children to support, this entrepreneur busied himself searching for another opportunity. A friend suggested he trade the financial markets, so Tracy set out traveling to hotel seminars across the country and reading every trading book he could get. What he thought would be a reasonable timeline for developing the skills to becoming consistently profitable, instead turned into a lonely, frustrating 7-year journey marked by profits that were given back to the market. By the end of that passage, Tracy had honed his skills and was fortunate enough to meet and be mentored by some former Wall Street traders and market makers who taught him the real strategies used by institutional traders, thus elevating his trading to a new level. He went on to be very successful holding a Series 3 & 34 license, owning hedge fund firms and investment companies.
Because of his early trading experiences, Tracy became passionate about mentoring new traders so they could avoid the pitfalls he suffered. Now, his end goal is for his students to reach the point of no longer needing a mentor, but to take on the mantle themselves as they mentor the next generation toward financial freedom.