Rules for high conviction trades

During a daily review a developing trader tackled his system for re-entry with high conviction trades. In his words on his high conviction IBB breakout trade, expressed with LABD: (LABD) Was one of my larger picture ideas for the day. Was using this 3X leverage ETF to play the IBB breakout. IBB looked positioned for a breakout on the daily … Read More

Solutions for improving your trading entries

Hope your doing well. I just wanted to let you know how much I appreciate your book, “One Good Trade”. I have the audible version and with my hour commute to and from work to (brokerage firm). I’ve listened to it countless times. Yesterday afternoon I decided to listen to it after a rather disappointing month of trading and caught … Read More

Trading lessons from Happy Hour

We held a traders Happy Hour last night for our proprietary trading firm. Some of the new hires having a blast asked how often we hold Happy Hours.  And I thought, “What we don’t cover this during recruiting?”  Note to HR. Rooming the room to check in on everyone a few trading lessons emerged: Traders were gathering and discussing new … Read More

[Recording] SMB Webinar: How our most recent hire went from Home Depot to desk trader

I wrote about the guest of this trading webinar here. He was the winner of The Winning Trader, a course we developed to give our trading community a chance to experiment with trading setups with edge from our desk.  His consistent effort, program-leading PlayBook trades, conscientiousness, perfect attendance at daily trading mentoring sessions, passion, active questions, the creation of a … Read More

This trader was tested with size and became stronger

Dr. Steenbarger wrote an illuminating post about improving your trading confidence and sizing through being tested. We saw this yesterday on our trading desk, powered by KTG, with a top trader.  He sure was tested and won. Trader wrote of this trading session in his daily review: Today, I had one of my largest swings going from down almost 45k … Read More

Sometimes the best trades just come to you

Sometimes the best trades just come to you. Today was a perfect example in SUPN.  During our 11AM mentoring session with our new class, we discussed this important trading lesson. Yes! we need to prepare before the open. Yes! we want to develop theses for trades. Yes! stock selection best for you is important before the market opens. But we … Read More

The real stop

A trader on the desk wrote this in his daily review: Took the train home with (redacted, Senior Trader at firm) today, we had a really good chat. Seeing how far he has come and how he views trades.  Does Not trade price action so much. He focuses more on his overall idea and trades it loosely.  Shorting rallies covering … Read More

How to improve your discipline as a trader

A new trader wrote this to me: Noob (trader here).  Two months in with maybe a total of 3 days where I consistently followed my rules.  Down about 2k thus far.  I am questioning my ability to do this.  Mainly because of my lack of discipline in following my rules. There is the old parable about the frog that asks … Read More