Roger Scott is the head trader at WealthPress and has over 25 years of experience trading. He’s helped grow WealthPress into the organization it is today, and Roger Scott’s main goal in life is to increase the financial literacy of the everyday person.
I asked Roger Scott how he found his success in life, and he gave some fantastic advice. Let’s take a look.
Is schooling a necessity for becoming a head trader? Did you go to school for trading, or how did you build your knowledge?
I did go to school, actually, for law. I had a car insurance payout of about $5,000 and used that to begin my trading journey. I read a lot of books. When I say a lot, I mean a lot. This was over 25 years ago, so the internet wasn’t what it is today.
So I got my knowledge through books, magazines, and just discussions with my peers and other traders that I knew. If someone seemed like they had a clue, I’d pick their brain as long as they’d let me.
So self-study is the way to go? How long should someone study if they want to be the best trader they can be?
Never ever stop studying and learning. Even nowadays, I learn every opportunity I get. Even from my peers and those less experienced than me, I’ll pick their brains just like I did 25 years ago.
Even if my skills and experience top theirs, just hearing a different perspective and keeping an open mind works wonders for building up trading skills. Nowadays, it’s even better because we have the internet and forums to see what professionals and amateurs are thinking and doing.
What are the best ways to learn trading and investing?
Well, there are so many ways in order to improve financial literacy. Books, of course, many of which are free online. But beyond books, there are dedicated trading websites, websites like Reddit that have very good “how-to” sections for entry-level people, and podcasts.
There are just so many resources out there to learn. My advice is to dive into the community. Follow all of the social media of successful traders and keep up with the news. Make it your 2nd job.
Do you have any other advice for young people trying to break into the industry? How can they build their skills and get an edge over their peers?
Dedicate yourself to learning. Beyond just reading the books and the social media posts, find a mentor. Find someone that you know who knows what they’re doing, and ask them for advice as much as they will let you.
Learn everything you can, accept criticism, and emulate them. You’d be surprised how many successful people, not just traders, welcome young people trying to learn. We absolutely love seeing the future generation showing drive and determination.
At what point should traders start applying for jobs and doing interviews? Do you have any interview advice?
As soon as they feel ready, or even before. The best interview advice I’ve ever been given was to turn your failures into success. Failing an interview isn’t the end of the world. There’s so much you can learn from every single interview you do.
So think about what you did right and what you did wrong and use it to do better in your next one. Interviewing is a skill like anything else, and you can’t be afraid of failure.