Trade your PlayBook for improved consistency

I received this email from a trader: Hi Mike, Terrific piece yesterday on trader development. You have a wonderful way of clarifying things. Step 1. Build your playbook of trading ideas   Step 2. Become consistent trading these plays. I have come across the word “consistent” more and more frequently but have never fully grasped just how important it is. Dr. … Read More

First comes…..next comes…..then comes……for the developing trader

Getting your priorities correct really helps shape the trading day for optimal progress. One trader with, with whom we are working, is coming along nicely.  Firm is happy with his progress.  Our sense is he has a real chance to become good. Our job is to help him set priorities.  Is that to make money?  Or is that something else? … Read More

Rules for high conviction trades

During a daily review a developing trader tackled his system for re-entry with high conviction trades. In his words on his high conviction IBB breakout trade, expressed with LABD: (LABD) Was one of my larger picture ideas for the day. Was using this 3X leverage ETF to play the IBB breakout. IBB looked positioned for a breakout on the daily … Read More

Trading lessons from Happy Hour

We held a traders Happy Hour last night for our proprietary trading firm. Some of the new hires having a blast asked how often we hold Happy Hours.  And I thought, “What we don’t cover this during recruiting?”  Note to HR. Rooming the room to check in on everyone a few trading lessons emerged: Traders were gathering and discussing new … Read More

[Recording] SMB Webinar: How our most recent hire went from Home Depot to desk trader

I wrote about the guest of this trading webinar here. He was the winner of The Winning Trader, a course we developed to give our trading community a chance to experiment with trading setups with edge from our desk.  His consistent effort, program-leading PlayBook trades, conscientiousness, perfect attendance at daily trading mentoring sessions, passion, active questions, the creation of a … Read More

This trader was tested with size and became stronger

Dr. Steenbarger wrote an illuminating post about improving your trading confidence and sizing through being tested. We saw this yesterday on our trading desk, powered by KTG, with a top trader.  He sure was tested and won. Trader wrote of this trading session in his daily review: Today, I had one of my largest swings going from down almost 45k … Read More

Sometimes the best trades just come to you

Sometimes the best trades just come to you. Today was a perfect example in SUPN.  During our 11AM mentoring session with our new class, we discussed this important trading lesson. Yes! we need to prepare before the open. Yes! we want to develop theses for trades. Yes! stock selection best for you is important before the market opens. But we … Read More