Archive for August 2008

Yes, You Can

Aug 29th, 2008 | By | Category: Mike Bellafiore's (Bella's) Blogs
Last night's speech by Sen. Obama inspired me as a trader. Now, this blog post isn't meant to be a political statement, but as traders we are perpetual learners. We are individuals with a thirst for knowledge, which means we are able to learn from so many non-traders that we observe. So let's talk about what we can learn from last night's speech as traders and why it was inspiring. What most separates America from the rest of the world is our belief that we can make things better. Obama reminded us that "It is that promise that's always set this country apart, that through hard work and sacrifice each of us can pursue our individual Read more [...]


Aug 28th, 2008 | By | Category: General Comments
We received an email from a very accomplished young man the other day with an obvious passion for trading.  He had traded different products and still had not finished his studies.  I am looking forward to meeting him.  When we are interested in a candidate we ask that they answer some questions.  This young man answered one of our questions (below) which I would like to discuss.  And it helps delineate the clear advantage of being an intraday trader.  Intraday traders make money whether our predictions are accurate or not. 8) Please share a life experience that demonstrates your ability to be patient. I would like Read more [...]


Aug 27th, 2008 | By | Category: Mike Bellafiore's (Bella's) Blogs, Trading Theory
One of our new traders got ripped by a Senior Trader on our desk in the email below. I thought all of this was awesome. I loved that the new trader sought some extra help. And the advice given was spot on. As a mentor it is our job to tell the new trader the truth. Further, there are a ton of new traders out there that are making the same mistakes as our new trader. In fact there are a ton on our desk. Also, when you begin your trading career you're supposed to struggle. Think of it as joining the Westchester Country Club. They don't let everyone in. And those that are selected have to wait. But your goal must be to improve everyday. Read more [...]


Aug 26th, 2008 | By | Category: Mike Bellafiore's (Bella's) Blogs

Just got out of our AM meeting. Good trading opportunities on the Open for LDK, BIG, ELN above 14.50, CRM, HK above 34.50, DRI support at 27.80. Choose carefully but there will be opportunities.

Good luck.


Aug 25th, 2008 | By | Category: Mike Bellafiore's (Bella's) Blogs
LDK traded well today. I have witnessed many intraday reversals and fake breakouts and breakdowns trading LDK in the past. My sense is that many big time swing traders take big positions in LDK and when the stock starts to reverse they hit the bids well thru to exit. It causes choppiness. I didn't see the choppiness today. LDK was pretty clean. It trended up for most of the trading day. It made a nice downmove from 50 to 49 during lunch but that worked out well for me. Tomorrow I will use the 50 level in LDK. Above I will look for strength. Below I will look for weakness. LEH had trouble picking a direction today. Read more [...]

Six Flags Theme Park and Trading

Aug 24th, 2008 | By | Category: Gilbert Mendez's (Gman's) Blogs
After many years of being away from a theme park I needed a little reminder of how much I like roller coasters and how little I enjoy waiting in long lines. Since I made some good money in the oil bounce and EUR strength this week as outlined in my blog from last weekend I decided to take Friday off and headed over to Six Flags Great Adventure. Upon arrival I discovered they now offer a premium package so that you don't wait in line. They give you this nifty little toy that allows you to reserve the time and ride you want to go on next. Once you reserve the time and the ride you pretty much wait until the gadget vibrates and Read more [...]

Last Week of August 08

Aug 24th, 2008 | By | Category: General Comments
The last week in August is the worst trading week of the year.  Our desk is instructed to take off during this month.  Many were away this past week.  And many will be away this week.  I will be trading.  My vacation will start next week.  Steve gets this week off and I get the next.  But there are some things that you can do to make this week profitable.  I have a pretty simple view of trading: if you are gonna show up to trade then prepare properly and be alert.  It is more important to be professional than make money.  If you are on a trading desk then be ready to make money.  Or else stay home.  It is disrespectful Read more [...]

Modeling Career

Aug 21st, 2008 | By | Category: General Comments, Mike Bellafiore's (Bella's) Blogs
I would like to take this opportunity to officially announce my retirement from modeling.  Well let me modify that statement.  I will not model another day unless I get paid 10k.  Ok now that makes more sense. So Steve and I were asked by Trader Monthly to do a shoot for an article they are writing about SMB Capital.  The whole thing was very interesting.  Let me share with you what I learned.  1) I am not photogenic.  2) Steve is and it pisses me off.  The photographer had the audacity to comment, "Steve is much more natural at this than you Mike."  Thanks Pete (actually really great guy who did an excellent job).  Read more [...]