How I Started A $3K/Month Website Focused On Educating Traders
Hello! Who are you and what business did you start?
Hi, everyone! My name is Paul Asmar and I am the founder and President of Camelbacktrading 2724. I have been extremely passionate about the stock market and trading for 37 years. My main business is educating the minds of traders of all ages to become successful at this craft through both play-by-play trade ideas and webinars. I trade and educate on the ES, SPY ETF, and its options.
Using my experience and expertise in the Market Profile, as well as my proficiency in breaking down charts, I was able to give traders the best odds for winning trades. The Market Profile is a visual tool for breaking down the trading day. Since trading is an art and not a science, I find this tool to be the most valuable of all.
While my main source of income is my trading revenue, my overall goal is to have a minimum of 500 traders that I can mold and educate. In just three months, my voice channel trading room has grown to 130 traders, many who are dedicated to trading full time and range in age from 22 to 77. The difference between my business, and the many others out there, is its affordability. $20 per month. $200 per year. $75 per hour of consultation. That is less than half the industry average. Why? I enjoy the opportunity to mentor and provide traders with an affordable way to learn.
What's your backstory and how did you come up with the idea?
I started on the trading floor of the NYSE as a trading assistant in 1983. My career spanned 25 years with Speer, Leeds & Kellogg, as well as a Senior Vice President with Goldman Sachs. After learning my craft, I earned my Specialist badge and began making markets in some of the biggest companies in the world, including the Chicago Board of Trade, Bellsouth, Exxon, Sara Lee, IBM, Compaq Computer, Wells Fargo, Conoco, Toys R Us and many more.
Additionally, I was one of the lead traders responsible for interviewing for new stock allocations for companies going public and transferring to the NYSE from Nasdaq. I was fortunate to be awarded many of these companies, including Conoco, Bay Networks, Visx, Quantum Corp, and Hospira, to name a few.
I was responsible for overseeing my team of specialists and educating new members. I was also a Floor Official, which meant I had the responsibility of handling trading crowds and mitigating trade disputes.
The greatest feeling for me is seeing the people I educate continue to reach new levels as time goes by.
In late 2007, as the markets started going electronic with less human interaction, I knew the end was near. I decided to leave and reinvent myself. I started trading behind the “screen” full time in 2011. I was mentored on the Market Profile by a good friend and started trading by myself for many years.
Trading by myself was rewarding, yet lonely. I started an Instagram and Twitter account to get an idea of what other traders were thinking. I started filming two videos a day for Youtube and was shocked at how many people subscribed to my channel and expressed a hunger for learning. That was when it became quite apparent to me that I could fill a huge void. Educating people the right way was sorely lacking, and it became my calling. The texts, emails, and phone calls from my traders, told me I made the right decision.
The name Camelbacktrading 2724 originated from my Lebanese heritage and 2724 was my badge number as a Specialist on the NYSE.
Take us through the process of designing, prototyping, and manufacturing your first product.
First, I knew I had to find someone who could build a website that told my story. I was able to find someone locally and we have worked together to revamp the website several times before I was satisfied with the final product. I needed to have potential customers feel welcome and comfortable with who I was. This is a very personal business model and your clients need to trust in you to be successful. Traders who aren’t profitable become former clients. The best advertising I can have is a word of mouth and successful traders.
The next step was to set up my voice channel trading room on Discord. This allows my traders to listen to me throughout the entire trading day, while also having the ability to text to all of the other members in the room. Fortunately, it is an easy download and setup that anyone can do. It is also free!
The startup costs associated with my business were relatively low. New computers, website building and maintenance, business cards, and other minor costs all came to approximately $10,000.
Describe the process of launching the business.
Launching the business was a bit daunting at first. Being a one-man operation, I had to concentrate on trading, while attempting to attract customers. I spent many hours both before the market opened and after trading hours working on building a pipeline of potential customers. I used many platforms, such as Facebook, Instagram, LinkedIn, and Twitter, and sent countless emails to my contacts in the financial industry, to start building my business. I reached out to friends, family, and former coworkers, asking them to spread the word about Camelbacktrading and my goals for the company.
I financed the business on my own and was pleasantly surprised to attract and retain many quality clients in the three months that I have been in business. I have learned that being involved in a business of this nature reaps many rewards as you see your clients grow and succeed.
Since launch, what has worked to attract and retain customers?
In a business like mine, to attract and retain customers, the bottom line is quite literally the bottom line. I am selling myself and my ability to educate traders to be successful at what they do. The only way to do that is to increase their profits and minimize losses. If I am successful in this, I will not only retain my current clients, but I will be able to attract new traders who are interested in learning the proper way, the successful way, to trade.
Your attitude, professionalism, and overall demeanor can make or break your business. The customer wants to feel comfortable and confident in your ability to help them reach their goal.
Utilizing social media such as YouTube, Instagram and Twitter is the lifeblood of my business. Through these venues, potential clients see first hand how I trade and educate at the same time. However, that is just scratching the surface of what I can do for them. Watching a 5-10 minute video or reading a tweet is one thing, being in my voice channel trading room on Discord is quite another.
“You are one of the few voices of reason out there. Don't stop. If just one listens and it saves their account, it’s worth it.”
It takes some time, but eventually, I believe people who subscribe to me on these sites will feel I am the right choice for them.
“Great stuff Paul. I make it a point to watch each morning and night. Always learning something new from the videos and commentary. Thanks.”
I also do webinars approximately once a month for members and non-members at a very reasonable price. The webinars are $10 for clients and $20 for potential clients. I go over the trading week, what worked and what did not, and answer any questions the participants may have.
How are you doing today and what does the future look like?
The business so far has been profitable. Although I charge half of the industry average, my costs are low. My time is my biggest expense, but I love what I do so I don’t consider it work. Also, my trading has never been better as I am more focused now than ever before. Feeling responsible for other traders' success has made me that much better at my own game.
As of now, I plan on keeping Camelbacktrading as a one-man operation to keep it personal. If I reach my goal of 500 customers, I would potentially consider hiring some people, but they would have to fit the same mold as me. That is honest, trustworthy, client-friendly, and dedicated to helping others succeed. This business has a very high failure rate. It is not an easy job to master and yes, trading is a job, not a hobby.
My short term goal is to grow my client base to help as many traders to be successful at this as I can.
Remember, this job security is all in your hands. If you master this, you will always have a means of making a living. In today’s environment, that is a nice thing to be able to have - a self-reliant career.
My long term goal is to grow this business large enough to trade less and educate more.
Through starting the business, have you learned anything particularly helpful or advantageous?
I have learned many things since starting this business. Having clients listen to you speak and educate all day while trading has its advantages and disadvantages. In this business, the best thing you can do is give your clients the best odds of being successful. When I am in a losing trade I have learned the ability to walk the trading room through it as I manage the trade. This is not something easy to do, but it has made me a better trader and a better person. I see how it helps them handle both the ups and downs.
I try and get my clients to understand three main things:
Know yourself inside and out, what type of trader do you want to be?
Know your competition just as well.
Know the product you are trading thoroughly.
This pandemic has cost many people their jobs. However, it has opened a new door for many of them. It has allowed them to try something new and become self-reliant. Even those with jobs working from home, and college students learning from home, are taking advantage of this. I know, because many of my clients are these types of people. Trying to help them become successful in this transition is a huge responsibility. It is also incredibly gratifying when you see things begin to click and watch them grow.
What platform/tools do you use for your business?
I utilize several different platforms to run a successful business. They include WindoTrader for my Market Profile software, Charles Schwab as my execution platform, OBS-Open Broadcast Software for my videos, GoToMeeting for my webinars, Anchor for my podcasts and Discord for the voice channel trading room.
I use all of the above for their reliability. Their user interface is easy to learn, and they all have excellent customer service and fair pricing.
What have been the most influential books, podcasts, or other resources?
Jim Dalton’s Mind Over Markets and Markets In Profile are must-reads for serious traders. These books both inspired and helped me in my transition from Specialist Trader to Daytrader.
I also find that Windotrader webinars are a great source of knowledge and Peter Reznicek’s blog Premarket Perspective hosts a wealth of information.
Taking something from all these traders and combining their knowledge with your talents makes for a winning combination.
Advice for other entrepreneurs who want to get started or are just starting out?
First and foremost is not to get discouraged. The little things seem to be the ones that take up a ton of your time. For example, issues with connectivity for your customers. You need to be approachable at all times. However, during your work hours and especially during trading hours, customers need to understand they may have to wait for answers to certain issues. How you go about telling them that is the key to keeping your clients happy and satisfied.
Your attitude, professionalism, and overall demeanor can make or break your business. The customer wants to feel comfortable and confident in your ability to help them reach their goal.
The greatest feeling for me is seeing the people I educate continue to reach new levels as time goes by. It is a sense of accomplishment which many times leads to new customers through referrals.
Are you looking to hire for certain positions right now?
At this time, with Camelbacktrading 2724 being so new, I am not looking to hire anyone. However, if I continue to grow, I would look for someone to possibly handle the business end so I would be able to focus on trading and educating full time.
Where can we go to learn more?
If you have any questions or comments, drop a comment below!
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