Posts Tagged ‘ CHK ’

The Day Doesn’t End Until 4

Jul 23rd, 2008 | By | Category: General Comments
One of my favorite phrases on our prop desk at SMB Capital is: the day doesn't end until 4. If you start negative then you have the rest of the day to make it back and then some. In this market there is so much opportunity it is a waste of energy and irresponsible to get down after a few losing trades on the Open. There is too much money to be made. Just think about yesterday. You could have been firmly negative and then caught the explosion in the financials and the XLF (chart attached below). These days offer you the opportunity to mess up the Open and then still have a great day. This AM I was promptly down $1500 trading WB. I got on the wrong side three straight times. Rip Read more [...]

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Are You Making Money?

Jul 9th, 2008 | By | Category: General Comments, Mike Bellafiore's (Bella's) Blogs
We teach our day trading desk, SMB Capital, in New York City to check to see which stocks they are making money in.  I supposed a new prop trader reading this might say, "How could I not know that? Or that seems like a complete waste of time."  You would be surprised.  The human mind is a funny thing.  It does not always process information accurately about one's experiences.  And often your perception is different than reality, especially with your trading results.  For example, you may remember the last rip you took in a VLO and overvalue that trade (re-balancing recently-ripper).  You may conclude that VLO is a bad trading stock for you because of the last rip.  But it is entirely Read more [...]

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