Posts Tagged ‘ day trading ’

A trader struggles with added risk

Feb 11th, 2017 | By | Category: General Comments
Here is an anecdote from our proprietary trading desk in NYC. A consistently profitable trader (CPT) shot me an email this week to chat about struggling with a recent bump in share size and risk.  He felt he had taken a step back with his trading after being given the opportunity by the firm to take a few steps forward with his newfound share size and risk. His recent struggles: forcing trades forcing size with trades hitting bids to enter short trades because he could unease with the new numbers on his PnL anxiousness This CPT had experienced this before with recent bumps.  So we chatted about a Read more [...]

A loud coaching session on the desk

Feb 9th, 2017 | By | Category: General Comments
Yesterday we had a loud, unscheduled coaching session with the newest traders on our desk.  There were raised voices and language not suitable for network TV. By my count this was the third time these newest traders did not meet an acceptable level of AM preparation.  I am not suggesting they did not prepare.  I am not suggesting they did not compile many trading ideas on our AM Ideas sheet.  I am suggesting they missed a few trading opportunities that they should not have because it was not on their AM Ideas sheet. One trader carped about a missed 2nd Day play in KORS.  What are you complaining about in real-time Read more [...]

A solution to improve your patience as a trader

Feb 8th, 2017 | By | Category: General Comments
Dr. Brett Steenbarger, the Coach K of trading coaches, generously visited our firm today and spoke with our traders.  I asked him to tackle four issues during his discussion: I want to take my trading to the next level If I could just wait for my setups If I could just stop taking lesser trades Define the competitive trader I wrote about the first three issues in my blog post yesterday, We are all working on that on our trading desk as well. But when you have the Coach K of trading coaches grace your firm, you ask him to share his thoughts on these vexing trading issues. The discussion was fascinating, Read more [...]

We are all working on that on our trading desk as well

Feb 7th, 2017 | By | Category: General Comments
Yesterday a 30 year market veteran, who has been a part of our trading community for years, stopped by to visit.  He has been struggling with his trading and felt something was just missing.  He wasn't sure exactly what.  His visit and our discussion about his struggles became so interesting to me.  This retail, developing trader was struggling with the same issues on our desk, even among our successful traders. He said three things about his trading that I hear guys on our desk say.  In fact, I hear these from many guys on our desk, even our best traders.  What was most interesting to me, was the three things this Read more [...]

Taking your trading to the next level

Feb 6th, 2017 | By | Category: General Comments
In a daily trader review or monthly trader review, often I find the words: "to take my trading to the next level."  Traders wish to take their trading to the next level.   It's almost like we could start a cult: Next Level Trading. The desire is there for most traders.  The question is the how. Most traders focus on trading better in real-time to "take my trading to the next level."  If they just execute better on a trade here and there, then their trading will be better.  If they would have just sized up on a trade, then their week would have been different.  You can feel the stress and frustration in their emails Read more [...]

Why join a prop desk?

Feb 2nd, 2017 | By | Category: General Comments
  On my blog for Yahoo Finance Contributor, The Trading Coach, there is an Ask Anything option.  One reader asked: What are the advantages of trading prop? We are a proprietary trading desk in NYC, trading stocks, options, futures, and automated trading.  The firm, powered by Kershner Trading Group, provides capital, training, coaching and mentoring, technology and assumes all risk.  The reader was a retail trader, trading his own account. Here are some reasons to trade prop: 1. Capital It is common for our better 20-something traders to trade a 10-20m account.  Traders can make more when the best opportunities Read more [...]

5 Lessons from the Prop Desk

Jan 31st, 2017 | By | Category: General Comments
I was grateful to be asked by my friend, JC Parets (@allstarcharts), to present at Chart Summitt 2017. My mandate? Share 5 lessons from the prop desk. As always, I love to include anecdotes from traders succeeding on our desk to teach. And I did so again here in this online presentation. My 5 lessons from the prop desk were: 1) My favorite setup to trade is a Changing Fundamentals Trade. 2) My favorite new setup to teach is a wedge pattern with a Stock In Play. 3) Scalpers, who Read the Tape at an advanced level, can make real money. SWang's path to High Performing Trader is an example from our desk of how. But perhaps Read more [...]

Fail, win and then fail some more to become a winning trader

Jan 29th, 2017 | By | Category: General Comments
Part II of our training program on our prop desk in NYC is Trader Development.  There is a lot of necessary and wonderful failing that goes on during Trader Development. During this process traders experiment with different setups that we highlight. There are trading strategies worth exploration that active traders use to win. We continually point them out daily during mentoring sessions and real-time audio calls. This week, traders on and connected to our desk knew we were making large trades in PULM and more importantly, the setup. We share my new favorite trading pattern to teach. Traders could see and hear Read more [...]