Posts Tagged ‘ trader training ’

Some questions from a European trader learning US markets

Sep 26th, 2016 | By | Category: General Comments
One of our SMBU students visited our desk in NYC from Sweden today. Merritt, from SMBU Trading Conversations on Friday 1:30PM EST, joined us for lunch, as did this trader's dad. This European trader is a graduate of SMB DNA and The Winning Trader and working on his game, after work hours from Europe. There were two issues that arose during lunch that merit discussion: 1) What trades do I take with a limited ability to watch markets? 2) How do I settle on the best stocks to trade during Earnings Season? What trades do I take with a limited ability to watch markets? For this trader I like: a) Changing Fundamentals 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 [...]

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 II!

Sep 12th, 2016 | By | Category: General Comments
The feedback I received was decidedly positive that Man I stink! was very helpful for traders.  It placed in context the challenge many face to become consistently profitable traders.  The new trader wants so badly to be a successful trader.  Most have succeeded at most things in their life prior.  They expect success quickly.  And it does not work like that.  It is very helpful for the newb to learn that it does not work like this even for those at a firm full of resources, education, mentoring, coaching, capital, technology and a deep bench of successful traders. So I present Man I stink II. During an email exchange 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 [...]

Reading the Tape is all you need

Sep 9th, 2016 | By | Category: General Comments
Reading the Tape is all you need! For some trades and some traders that is. One savvy trader in an email exchange with veteran traders, said it so well: When we teach our new traders to make trade decisions, we ask them to consider 5 variables: The Big Picture Technical Analysis Reading the Tape Intraday Fundamentals Intuition On most trades we want our traders considering ALL of these variables to make a trade decision, so that their trade decisions are best. But, but, but the savvy trader above said it so well.  You can make trade decisions JUST from the tape, or order flow.  That is enough Read more [...]