Posts Tagged ‘ prop desk ’

A West Coast Story on Journaling

Aug 8th, 2016 | By | Category: General Comments
Hi Mike--I listened to your video regarding the trader that was having issues journaling. I solved that same issue by typing onto the chart itself – – the reasons why I bought and sold at the exact point of entry and exit. As you know, Tradestation can pinpoint the exact point of entry and exit if you turn on that function.It's so much easier to learn from the visual texting notes on the chart, as opposed to going from the journal back to the chart and back to the journal again. And-- you don't lose "the flow" because your eyes are always on the chart! Let me know if that helps him. Best to you... Amy 🙂 @MikeBellafiore I Read more [...]

How this trader improved

Aug 4th, 2016 | By | Category: General Comments
I was chatting in the hallway at our firm in NYC, with a developing trader who was verbally proud of his improvement on that day.  He was really proud. I asked him what progress he had made and how.  In detail, he offered his improvement.  When he was done, I asked him to memorialize the improvement in an email to me to further cement a new best practice that added value to his trading. Below is how this trader improved. Background - Reviewing my trading, I realized I’m more consistent and can demonstrate edge on 2nd day plays (When I’m involved).  Where I was failing miserably was NOT consistently being involved. I Read more [...]

A trading journal that works for you

Aug 3rd, 2016 | By | Category: General Comments
I trade intraday futures by reading the tape and looking at historically significant price action levels. I start to really get a feel for the process, but I still trade only one future until the process is internalized. To be able to assess myself I keep a detailed journal where I fill in trade information (entry, exit etc.) and trading information (what did I do well and why; what could I do better and how). My problem is the journaling itself: When I journal "live" I lose focus on the price action and feel that I miss important information; when I journal after market hours it is really easy to forget the actual feelings as Read more [...]

From the prop desk- A woman’s perspective

Jan 31st, 2012 | By | Category: General Comments
Hi Bella, I finished your book and it was so wonderful and inspiring. As a female trader (back in the game after a year and a half away, used to trade on a prop desk), I loved that you addressed the issue of women in trading, you sound like a great guy to work for. I would like to share my experience as a female trader with you, since you expressed interest in the book. When I worked on a prop desk, I worked for the loveliest, most talented trader I've ever met.... and with his unruly employees. When I first started, traders would refer to the stock as a bitch, a whore, a slut, the list goes on. They would say they got Read more [...]

Making Decisions How to Enter on MOS

Oct 3rd, 2011 | By | Category: General Comments
A guest post from an SMB trainee, TO: Bella has the entire floor working on their Playbooks on a daily basis, in order to take internalize our best plays. Here is one of my plays on MOS last week. 1. Big Picture: The SPY’s were in an intraday downtrend in the 116’s and next support was 115. 2. Intraday Fundamentals: MOS was in-play off earnings. Q1 EPS was 1.17 vs. estimates of 1.29. There was a slight gap down. 3. Technical analysis: MOS was in a downtrend and consolidating at the lows near 55. The next support level was 54.50 (the 6-month low) and after that, it would be 53. A new 6-month low could have considerable Read more [...]

Don’t let C-B trades cloud your judgments in A trades (PCX)

Sep 22nd, 2011 | By | Category: General Comments
This is a guest post from one of our traders, SW, about his trading day from Tuesday: A senior trader CB came to me after the close in regards of my recent performance. I expressed my frustration and disgust in missing  an "A trade". At SMB, we are taught to grade our trading setups A, B, and C, for purposes of proper risk management -- betting the most on your best trades. After going over my recent trades, CB explained to me that being stopped out frequently in C-B trades has been clouding my judgments in A trades. I started to trade fearfully in A trades, and took profits pre-maturely when a trade was working for me. And Read more [...]

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 Read more [...]