Posts Tagged ‘ day trading ’

A Trader’s Definition of Hell

Jan 11th, 2017 | By | Category: Futures, General Comments, SMB Fundamentals, Trader Development, Trading Lesson, Trading Psychology
What would a trader's definition of hell be? I say it's the following: On your last day on earth, the trader you became will meet the trader you could have become. Scary to think about isn't it? I have two ways of avoiding "trader hell" that I'll share with you. Focus on process. I can guarantee you that if you spend your days toiling in the need to be right, make money, "win", or get revenge - you will end up in trader hell. What separates many elite performers, in nearly all elite-performance fields, is a strong commitment to process. It's not about the scoreboard, it's not about what happened on your last trade, it's Read more [...]

#1 issue top traders want to fix in 2017 on our prop desk

Dec 31st, 2016 | By | Category: General Comments
It's the end of the year, and time for trading business plans for 2017 from the traders on our desk. When viewing the trading plans of our best traders the issue that repeats the most to fix in 2017 is........ Waiting for the setup! These are highly profitable traders, and even some seven-figure traders. These are experienced traders who have shown a history of success and consistency of edge in different market environments. Repeatedly the issue most top traders on our desk struggle with is forcing trades. There can be a fine line in some cases from seeing the trade then putting on size and forcing the trade. Read more [...]

Solutions to get better at taking trading losses

Dec 18th, 2016 | By | Category: General Comments
This is part 4 of our trader survey that breaks down the results from our trading community. You will be amazed at what you learn about the challenges and successes that traders in our community are having. Read more [...]

Win the Trading Day!

Dec 17th, 2016 | By | Category: General Comments
This is part 3 of our trader survey that breaks down the results from our trading community. You will be amazed at what you learn about the challenges and successes that traders in our community are having. Read more [...]

Why did I make this trade ($MGM)?

Dec 13th, 2016 | By | Category: General Comments
I made a trade in MGM today, and instantly self-talked: "Uhm, why I am in this trade?" It was not a trade that I trade well. It is not a trade that fits my personality. It is not a trade that extenuates my strengths. Why? Why? Why? We make progress as traders when we stop making trades that do not work for us. In this case, it was so tempting to lay some risk into the gamers as they were reacting well and there was a substantial news catalyst behind the idea (see below). Here is the trade I made: The saving grace was that I did not trade the idea with size, and my stop was uber tight. But the whole Read more [...]

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 [...]

Today’s Top 2 Trade Setups–AMZN & TEVA

Jul 27th, 2015 | By | Category: Steven Spencer (Steve's) Blogs, Trading Lesson
This morning we were setting up for a very busy day. In addition to the market continuing its slide from last week -- there were a multitude of In Play names and Second Day Plays from Friday. Our #1 'In Play' idea was related to TEVA which had agreed to purchase, in a mostly cash deal, the generics business of AGN. The deal is projected to be highly accretive to TEVA's earnings the next few years. Due to the deal's structure, there is no risk/arbitrage pressure on TEVA's stock. For these two reasons our focus was long. Written notes from meeting: The following price action:   At market close, TEVA made Read more [...]

New Insights For Swing Traders

Jul 24th, 2015 | By | Category: Trading Ideas
SMB is often thought of as primarily a day trading firm. However, over the years we have expanded our playbook to include a diversified set of strategies and tactics. Some of these strategies include options, order imbalances, statistical arbitrage, automated trading, and position trading. The SMB Virtual Trader Floor is an exclusive and proprietary platform for traders to interact with us and see what we are doing live. This week we released a new feature which will be a benefit to many of the swing traders that follow SMB. Many of the top traders and SMB have the ability to place trades in accounts that are designated Read more [...]