All entries by this author

It’s never just patience

Dec 3rd, 2016 | By | Category: General Comments
Often I hear traders decry their lack of patience.  If they were only more patient, they would win. From my seat, there is more to add to these thoughts of trading frustration. You might hear commonly on a trading desk, "I JUST need to wait for my levels."  Again the idea is if trader just waits for his levels he will start winning.  This in itself is not sufficient.  Trader must also add trades that work for him off of levels.  Internally we encourage traders to judge every level on a scale of 1-10.  Trader must define the levels worth trading off of.  Trader must develop their system that works best with their talents Read more [...]


Come meet SMB and StockTwits at StockTwits Future Forum

Nov 8th, 2016 | By | Category: General Comments
This month come and join SMB and StockTwits for their newly launched event series, StockTwits Future Forum, sponsored by SMB. The topic of discussion is State of the Markets.  Mostly, SMB will introduce the main players in options, futures, stocks, automated trading from our desk, with whom you can chat trading one-on-one. Seth Freudberg, will be there from SMB Options to discuss income options trading, powered by KTG. Merritt Black, will be there to chat intraday oil futures trading and how our sister company, SMBU, might help you. Hopefully our head quant will be back from his vacation to join us for those interested Read more [...]


The first test for a new trader

Nov 4th, 2016 | By | Category: General Comments
You get hired for June on a trading desk. You take The Foundation, a 6 week course.  You learn everything you didn't learn in school, the internet, blogs, cable TV (just kidding), your uncle, and/or trading gurus about the markets necessary to place professional trades. Then it's on to Trader Development where for the next 6 months you experiment with different trades, build a PlayBook, find your niche, build habits of best practices, attend mentoring sessions, watch trading film, share notes with fellow traders, learn to leverage technology thru filters, scanners and autotrading.  You are expected to show an edge in Read more [...]


Boring old habits

Nov 3rd, 2016 | By | Category: General Comments
Ray Allen, former NBA basketball great and UConn alumn, penned a letter to his younger self with the advice: stick to your boring old habits.  He wrote movingly: You’ll win a championship in Boston. You’ll win another in Miami. The personalities on those two teams will be different, but both teams will have the same thing in common: habits. Boring old habits. I know you want me to let you in on some big secret to success in the NBA. The secret is there is no secret. It’s just boring old habits. What would boring old habits be for your trading? That list might include: Get to bed before 9:30PM Read more [...]


I trade well when…..

Nov 2nd, 2016 | By | Category: General Comments
In The PlayBook, my thesis was for traders to study their best trades and build from them, trading these setups more often and bigger.  The feedback I have received is that this has helped many traders.  If you are not actively studying your strengths, consider doing so. Yesterday, during our SMB Options Tribe webinar, special guest, trading author, and trading coach to some of the world's largest traders Dr. Brett Steenbarger shared,"The best traders study when they trade best." This is a more complete thought. A subset of studying when you trade best is the best setups for you.  But studying your best trading involves Read more [...]


Why this special trader failed to hit his stride with us

Nov 1st, 2016 | By | Category: General Comments
One of our special developing traders failed to hit his stride with us. He worked as hard as anyone at the firm.  Everyday he sent me his in-depth daily trading review to my inbox. His reviews set the standard for Junior traders. He worked on his trading game in college, before he arrived at SMB.  I have strongly advocated for aspiring traders to start working on their trading game in college in The PlayBook and here. He was coached by one of the top three NYC traders, during his training with Team Trading. He learned to us technology to assist his trading with custom filters and scanners. He even built some Read more [...]


Trading bigger is much easier than trading with edge

Oct 20th, 2016 | By | Category: General Comments
Trading bigger is much easier than trading with edge. I am working with a developing trader, nearing 15 months of live trading.  He is starting to trade with edge. I am seeing 3/5 days of trading profitably. I am noticing in his reviews a specificity of setups that he is trading.  He is not trading for stocks to finish higher or lower for the day.  He is trading for a stock to trade lower or higher from a given point with specific variables.  This is the essence of short term trading.  He gets it. I am noticing a nice string of $600-700 days, with an occasional 1kplus day. I am noticing this trader trading Read more [...]


16 trading lessons live from Traders4ACause

Oct 11th, 2016 | By | Category: General Comments
This weekend some trading colleagues and I attended Traders4ACause, a charity event in Las Vegas.  The conference is packed with live lessons for traders from traders and raises money for the charities, such as, GiveWell, BCRF, and three square. Here are 16 trading lessons learned live from Las Vegas: 1. BCRF: 50 percent of cancer can be reduced thru lifestyle- smoking and obesity. 2. @OzarkTrades: Phil made the most progress as a trader by reviewing his trades.  Slowly he stopped trading his mediocre trades.  And traded his more profitable trades with more size. 3. @offshorehunters: Improve 1 percent each day Read more [...]