This content is a part of blog series from Steve O'Hare reflecting on lessons learned over a 30-year trading career and insights for the next generation of traders to heed.
If my son is going to keep his full, lush head of hair then he needs to take some advice from his old man.
Like many zoomers (Generation Z’ers), my offspring are true digital natives having grown up with access to the internet and portable digital technology from a young age. But this doesn’t mean they’re digitally literate and this can lead to problems when they’re exposed to fake or unregulated news, targeted by smart ads and exposed to content that requires a degree of life experience to truly understand. If they’re dabbling in trading then they need to be savvy to the marketing techniques that are springing up all around the trading world.
When I began my career, it was with people, real human interaction. I had the opportunity to watch, listen and pick up on behaviours and the nuances of non-verbal communication in the pit. It was hands-on, high pace and very active. For this generation of aspiring traders their senses are dumbed down by technological developments. All of their focus is on the data and signals that they receive through their monitoring devices. When they look for advice, it’s not over a coffee or in the loo it’s in a chat box. Although this obviously has its advantages of speed, collaboration and clarity they’re missing out on the depth of experience that peers provide. They’re also having to scrutinise the information that they receive and make fast judgments on its validity without having a real qualified sounding board present.
Why is this cause for concern? In recent years, and directly as a result of the global pandemic we have seen a significant uptick in the number of people dipping their toes in the trading world. Whereas in previous years trading was a dark art pursued by wolves who lived on Wall Street, now, rose-pruning Fred next door could easily be a bitcoin trader too. According to Charles Schwab 15% of current retail investors began playing the market in 2020, with JMP Securities citing 10 million new clients in 2020 and over 7.8 million new retail clients in Jan & Feb 2021. As a result, the industry is playing catch up in terms of regulation and due diligence. Our industry needs to move fast to ensure we’re looking after inexperienced traders who could be ploughing life savings or business assets into new exciting trading opportunities like green bitcoin or NFT’s.
As a company, Signal Centre decided early on to go down the route of securing FCA accreditation, similarly, I’ve invested time in securing a Technical Analysis Diploma from the Society of Technical Analysts (STA) and a certificate in Global Financial Compliance from the
Chartered Institute for Securities and Investment (CISI). This isn’t because I want a plethora of framed certificates on my wall, it’s because it’s the right thing to do. I want to be sure that the advice I’m sharing with clients is compliant, insightful and as accurate as it can be. We all have a moral responsibility to safeguard the financial industry against catastrophic crashes and economic uncertainty. This all seems very doom and gloom, especially if it’s falling on the ears of a twenty-something who is indestructible, ready to take on the world and make his fortune. But it’s an imperative lesson to share with the next generation and the people who are starting out on their trading careers. We need to keep pushing for industry regulation and continue to educate trading newcomers about what to look for in the signals and trading tips that they are accessing.
My son wants to trade, the apple really hasn’t fallen far from the tree, but I want him to embark on his trading journey as well-equipped as he can be and I want him to always be asking these questions:
- Who is telling me this information?
- Why are they telling me this information?
- Who are they regulated by? Is it a registered and well-respected body?
- Is there a disclaimer and risk warning?
- Is this information too good to be true?
- Where can I go for independent advice?
Trading carries a high level of risk to your capital. Losses can exceed deposits. Please read the full risk warning here.Trading spot foreign exchange and futures on margin carries a high level of risk and may not be suitable for all investors. You may lose all your capital. Loses can exceed deposits. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in spot foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. If you are in any doubt about investment or the mechanics of such products, you should seek independent financial advice
Editors’ Picks
EUR/USD moves sideways below 1.1800 on Christmas Eve
EUR/USD struggles to find direction and trades in a narrow channel below 1.1800 after posting gains for two consecutive days. Bond and stock markets in the US will open at the usual time and close early on Christmas Eve, allowing the trading action to remain subdued.
GBP/USD keeps range around 1.3500 amid quiet markets
GBP/USD keeps its range trade intact at around 1.3500 on Wednesday. The Pound Sterling holds the upper hand over the US Dollar amid pre-Christmas light trading as traders move to the sidelines heading into the holiday season.
USD/JPY corrects further to near 155.80, gives up entire BoJ policy-led gains
USD/JPY surrenders its entire gains made on the BoJ policy announcement day, and retraces to near 155.80. Investors are in vogue over the outlook of the BoJ’s monetary tightening campaign. The Fed is expected to cut interest rates by at least 50 bps next year.
Editors’ Picks
EUR/USD Price Annual Forecast: Growth to displace central banks from the limelight in 2026 Premium
What a year! Donald Trump’s return to the United States (US) Presidency was no doubt what led financial markets throughout 2025. His not-always-unexpected or surprising decisions shaped investors’ sentiment, or better said, unprecedented uncertainty.
Gold Price Annual Forecast: 2026 could see new record-highs but a 2025-like rally is unlikely Premium
Gold hit multiple new record highs throughout 2025. Trade-war fears, geopolitical instability and monetary easing in major economies were the main drivers behind Gold’s rally.
GBP/USD Price Annual Forecast: Will 2026 be another bullish year for Pound Sterling? Premium
Having wrapped up 2025 on a positive note, the Pound Sterling (GBP) eyes another meaningful and upbeat year against the US Dollar (USD) at the start of 2026.
US Dollar Price Annual Forecast: 2026 set to be a year of transition, not capitulation Premium
The US Dollar (USD) enters the new year at a crossroads. After several years of sustained strength driven by US growth outperformance, aggressive Federal Reserve (Fed) tightening, and recurrent episodes of global risk aversion, the conditions that underpinned broad-based USD appreciation are beginning to erode, but not collapse.
Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026
Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
I’m often mystified in my educational forex articles why so many traders struggle to make consistent money out of forex trading. The answer has more to do with what they don’t know than what they do know. After working in investment banks for 20 years many of which were as a Chief trader its second knowledge how to extract cash out of the market.
5 Forex News Events You Need To Know
In the fast moving world of currency markets where huge moves can seemingly come from nowhere, it is extremely important for new traders to learn about the various economic indicators and forex news events and releases that shape the markets. Indeed, quickly getting a handle on which data to look out for, what it means, and how to trade it can see new traders quickly become far more profitable and sets up the road to long term success.
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and selling pressure. Chart patterns have a proven track-record, and traders use them to identify continuation or reversal signals, to open positions and identify price targets.
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.
The challenge: Timing the market and trader psychology
Successful trading often comes down to timing – entering and exiting trades at the right moments. Yet timing the market is notoriously difficult, largely because human psychology can derail even the best plans. Two powerful emotions in particular – fear and greed – tend to drive trading decisions off course.