Posts Tagged ‘ trader education ’

Trading bigger is much easier than trading with edge

Oct 20th, 2016 | By | Category: General Comments
Trading bigger is much easier than trading with edge. I am working with a developing trader, nearing 15 months of live trading.  He is starting to trade with edge. I am seeing 3/5 days of trading profitably. I am noticing in his reviews a specificity of setups that he is trading.  He is not trading for stocks to finish higher or lower for the day.  He is trading for a stock to trade lower or higher from a given point with specific variables.  This is the essence of short term trading.  He gets it. I am noticing a nice string of $600-700 days, with an occasional 1kplus day. I am noticing this trader trading Read more [...]

You cannot do this and be a successful trader

Sep 27th, 2016 | By | Category: General Comments
Last Friday as I was walking off our trading floor, a beaming SMBU student yelped at me, "Bella I could hug you after today."  He was very pleased with the progress he had made as a trader. Fast forward to today and that same trader caught me hitting the elevator for my walk home.  I asked him how trading went for him today. He said, "Bella as good as I did last Friday, I did as poorly today.  I just did not have the discipline to enter my trades at the price that I wanted." I am going to write something now, for which you must follow no matter what product or time frame you trade. You cannot become a successful 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 [...]

40 trading lessons from The PlayBook

Sep 14th, 2016 | By | Category: General Comments
An experienced and successful trader is starting with our desk, powered by Kershner Trading Group, next month. He is one of the more diligent traders you could meet. I have compared him to Tim Tebow in One Good Trade for work ethic. He just powered through One Good Trade and The PlayBook to improve his trading game and better prepare to trade on our desk. As is his way, he sent me 40 rules he highlighted from reading The PlayBook.  I thought I would share this experienced, successful trader's lessons from this trading book with you:   You are only as good as the stocks you trade Make one good trade then Read more [...]

Things heard on the prop desk this Monday

Sep 13th, 2016 | By | Category: General Comments
Monday's strength was surprising to some prop traders on the Street, after the huge down move Friday.  Let me share some things heard on our prop desk, and then make a trading point. Me: didnt expect today Trader: it's just so annoying Me: yes yes yes.  but good example of.....its our job to trade the market not expect the market to trade the way we want. Trader: true Me: I shorted this PII- so guilty as well ....................................................................... Trader B: After the sell off on Friday, and TICK below 1000 we expected a gap down Monday Me: It is what it is Trader B: Read more [...]

Man I stink!

Sep 10th, 2016 | By | Category: General Comments
There are four traders in our September trading class, chosen from thousands of applicants. 16 days into his trading career one our new traders wrote this review: At the start of your career you are supposed to stink.  The path of many traders is: 1) lose too much 2) lose less 3) flat 4) slightly positive 5) consistently positive 6) bigger in your edge 7) high performing trader All of this takes years.  High Performing Trader is a career path, not a fast track to bottles and models, and money to rain. Inside of those seven steps above is more, much more.  Judging yourself at the start Read more [...]

Working hard may be getting in the way of your trading success

Sep 6th, 2016 | By | Category: General Comments
You say: I want to be a professional trader.  I need to work as hard as I can to accomplish that goal.  I will outwork everyone at my firm or in my trading community. There is a problem here.  Catch it? To accomplish your goal working as hard as you can will not help you accomplish your goals.  That will lead to burn out. Instead you must work hard AND smart.  Consider this thoughtful and wise review from a developing trader, with just 16 days of trading experience, about working hard AND smart. Personal Goals Earlier this month, I helped myself in a big way by getting to bed earlier. I began leaving Read more [...]

There is another way to a higher PnL

Aug 30th, 2016 | By | Category: General Comments
In this blog post, I will challenge you to find another way to a higher PnL.  We will use a trade review from a conscientious trader to teach  this principle. This is a common mistake of stunted thinking made by developing traders. It is one where human nature leads us against our self-interest. If you can learn to think differently about your potential progress, you just might make some. At the end of each day, one of our promising traders loops me into his trade review.   I look forward to these reviews that hit my inbox right after the close.  Because that is what a consciencious trader does.  Today he wrote: SPU Read more [...]