Posts Tagged ‘ prop trading ’

3 ideas to improve waiting for your trades

Jan 1st, 2017 | By | Category: General Comments
Yesterday I wrote about the #1 trading frustration of top traders on our prop desk. (#1 issue top traders want to fix in 2017 on our prop desk.) Today let's offer 3 ideas to solve this frustration: 1. Journal your progress on waiting for setups.  When are you successful waiting for setups? When are you early to enter and why? Patterns will emerge, when you are tracking this specific goal.  A better understanding from tracked data on this issue will help you improve. For example, many traders are too aggressive trading on Mondays.  They are so hyped up to show the market how they will improve on Monday that they 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 [...]


Why this special trader failed to hit his stride with us

Nov 1st, 2016 | By | Category: General Comments
One of our special developing traders failed to hit his stride with us. He worked as hard as anyone at the firm.  Everyday he sent me his in-depth daily trading review to my inbox. His reviews set the standard for Junior traders. He worked on his trading game in college, before he arrived at SMB.  I have strongly advocated for aspiring traders to start working on their trading game in college in The PlayBook and here. He was coached by one of the top three NYC traders, during his training with Team Trading. He learned to us technology to assist his trading with custom filters and scanners. He even built some Read more [...]


Why I didn’t trade today

Sep 23rd, 2016 | By | Category: General Comments
I didn't trade this morning.  I had ever intention to do so when I left the office last night.  I like the opportunity in FB TWTR SRPT SPY IWM for today's trading session.  So this was not a decision of a lack of trading opportunity.  I, personally, was not in an optimal state to trade.  And therefor, I benched myself. First, for those of you who have children, you might empathize with this next anecdote.  Three times last night, while in a dead sleep, my son approached my bed, leaned directly into my right ear and said, "DAD.........".  There were different iterations of what followed after DAD!, but each awoke me Read more [...]


What this new trader learned on Day 1 (166 lessons)

Sep 20th, 2016 | By | Category: General Comments
Our new class started part I of their training this week, with the SMB Foundation. Some say, "The only way to learn how to trade is trade." Here is some evidence contrary to that position. One trainee with past trading experience sent me his notes, without solicitation, as to what he learned on Day 1 of our training program.  He participated in live classroom instruction, demo trading, interaction with traders on the desk, the archived Foundation training course, and access to our trading tools.  Here is what he learned: Get better every day Respect the markets Ask questions Only Read more [...]


A Macro Trade That Is Working

Aug 18th, 2016 | By | Category: Steven Spencer (Steve's) Blogs
Rarely if ever do I develop a trading thesis that involves macro analysis and a time horizon greater than a few months. But through conversations with pro traders with experience in the energy sector and reading a few excellent analyses on the oil sector I came to view oil as a great risk/reward long trade from the high $30s up to $60/bl. This video updates my current thoughts. I will continue to tweet updates and create new videos as the trade progresses through the rest of 2016. Enjoy!   Steven Spencer is the co-founder of SMB Capital and SMB University which provides trading education in stocks, Read more [...]


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 [...]


Taking that next step forward in your trading with sizing

Aug 6th, 2016 | By | Category: General Comments
I sit in a unique seat in the trading community.  For the past decade, I have trained traders from new to consistently profitable or failed trader.  As the author of two trading books, gratefully many reach out to me sharing their trading challenges and triumphs with the why and how.  What I do in my writing is share my observations from working with and exchanges with these new and developing and high performing traders to our trading community. Another one of our firm traders had a break through last month! He walked across that line from doubting developing trader to professional trader.  He is going to make it. Read more [...]