The term ‘trading’ has been linked with men since the days of testosterone-filled trading floors. To this day, when online trading is accessible to anyone with an internet connection, the word remains synonymous with the male gender.
Today’s preconception of women who choose to trade – and we must clarify they are women because the word traders alone can be perceived as a reference to men – may have to do with the vision brokers set and the audience they’ve chosen to advertise to.
More often than not, mass opinions are affected by the media and its reference to a group of people, in this case, the people of the financial industry.
Could the general correlation between trading and gender be diluted?The number of women interested in trading has been noticeably increasing - @kenny_simon78 Click To Tweet
Trading education hub FXGEOMETRY is looking at things from a different angle; it just announced the launch of a boot camp directed specifically at women, despite the fact that the company reaches a broad audience predominated by men.
According to founder Kenny Simon, the number of women interested in trading has been noticeably increasing.
The birth of this boot camp derived from the observation that more female traders have been showing interest in educational packages and trading mentorships, in addition, Kenny has seen an increase of female followers through social channels.
Among approximately 10,000 followers worldwide the percentage of women among the followers has risen from 10% to 37% in the past 3 years. While the number of women who have signed up to personal one-on-one courses has moved up to 45%.
Beyond FXGEOMETRY it seems like the entire financial world is moving away from its relic thoughts and gender-based judgment.
In 2017, 23-year old Lauren Simmons became the youngest and only full-time female employee to hold the position of equity trader in the New York Stock Exchange (NYSE). In June of 2018, Stacey Cunningham became the first female president of the NYSE.
Some may view this as proof that women are still not fully welcome in the financial industry or it can be seen as the first steps of progression.
Considering Kenny’s background lies within peak performance coaching in trading, it comes as no surprise that part of his mission to expand the Geometric Patterns community includes a focus on the overlooked members of the trading world and whether they can be an equal match to men in the industry.
Kenny, however, is not the first to give attention to this issue; many have previously gone out of their way to find out how women could make better traders.
In Terrence Odean and Brad Barber’s 2001 study “Boys will be boys: Gender, Overconfidence and Common Stock Investments”, they went on to prove that men’s natural overconfidence tends to work against them.
They analyzed account data for more than 35,000 households at a large discount brokerage between February 1991 and January 1997. They discovered that on average, men traded 45pc more frequently than women and that this incentive trading reduced their net returns by 2.65pc a year, compared to 1.72pc for women.FXGEOMETRY's @kenny_simon78 is conducting an exclusive 3 days FX trading boot camp for women in Nigeria this September. Read more.. Click To Tweet
For those interested to attend whether just for the FREE preview or the 3 days Workshop, simply register here :
In simple terms, the study showed that men trade more than women due to overconfidence and that tends to reduce their overall returns.
Another interesting story in the history of women in the financial industry is the case of Bloomfield Hills investment club ran by Thomas O’Hara.
The male-driven firm had been posting annual losses after 20 years of existence. In 1982 the men let their wives join the group and act as co-decision makers, within four years the club’s stake tripled, jumping from $180,000 to $500,000.
Kenny’s latest event has prompted a lot of interest from women in the industry. A large number of women volunteered to join within the first few minutes following the announcement of the boot camp, accepting the challenge to learn a new trading method.
The boot camp itself will choose 25 women through personality tests designed by Kenny – based on his big 5 personality traits that make up a good trader. The women will undergo a free 3-day boot camp with Kenny himself where they will learn the rules of trading with Geometric Patterns.
The boot camp will be followed up by a trading competition in which all women will participate and compete for one of three prizes – $3,000, $2,000 and $1,000 consequently.
If you’re interested, send an email to firstname.lastname@example.org
FXGEOMETRY’S boot camp is another effort to shed a bright light on female traders and what they can achieve in the financial world, putting preconceptions aside and shedding general judgment.
The era of female traders may have not yet begun but a glimpse of light might be making its way in at the end of the tunnel.
This article was written by Deema Osman. Deema is a content writer at 120advertising.com