Posts Tagged ‘ trading course ’

I just need to eliminate my ehh trades

May 24th, 2017 | By | Category: General Comments
Last night, I was reading the review of one of our traders, Trader A, who wrote, "I just need to stick to my plays that make me money (ETRM, TWTO, GLYC) and just faze out those ehhh ehh trades, I will become very consistent and very profitable." To Trader A, I responded, " When u say get rid of ehh trades be more specific. My PlayBook is abc (specific variables that make up the trade) My antiPlayBook is 123 789 2334 trades (specific variable that define the trade) Specific, specific, specific." Said another way, I do not understand what I want to faze out my ehh trades means.  What are your ehh trades?  If you do Read more [...]


Trade to your strengths…..no really do this

May 23rd, 2017 | By | Category: General Comments
It is a bit of a trading cliche now to "trade your strengths".  As a trader, one gets tired of reading these trading maxims. Hugh Kimora, Trading Heroes, said this well for traders in his recent post here: But the vast majority of trading books out there are targeted at the beginning trader. They pretty much repeat the same old trading maxims, ad nauseam. “The trend is your friend” (not always true), blah, blah, blah. Seriously.  Blah, blah, blah.  Not to bore you, but "trade to your strengths".....no really do this. One difference, about our blog and my writing, is that I am sharing what pro traders are experiencing. Read more [...]


The power of Team Trading

May 12th, 2017 | By | Category: General Comments
  Last night Team SWang, a collection of traders with unique skill sets that trade for firm, met for drinks and food to discuss ways that they could improve.  They are one of the top teams at our firm, based on PnL and improvement. Their team leader, SWang, encapsulated how Team Trading can help traders: "I didn't know a team could help my trading so much."  Full stop. SWang credited many traders on his team for helping him make more: One trader on his team was a go-to for information on an inefficiency strategy One trader on his team captured shorts at the best price for him One trader built filters Read more [...]


5 trading lessons from monthly reviews

May 3rd, 2017 | By | Category: General Comments
At the end of each month, firm traders are encouraged to complete a monthly review of their trading.  While reading firm reviews for April, 5 lessons stood out.  Let's discuss them. 1.Don't turn bad days into worse One developing trader is working on limiting losses on his bad days.  The thought is every extra dollar not lost on his bad days is money he will earn at the end of month, as they take away from profits. 2. Focus on the real trade One newer trader takes a step back before each trade and understands the bigger picture of the stock.  Where has the stock come from?  Where can it trade to?  Where is Read more [...]


I want my business judged on MY trades!

May 2nd, 2017 | By | Category: General Comments
I have been mentoring a futures trader recently.  In a daily review (below), he provided feedback that mentoring encouraging him to focus on his best trades was powerful.   I am working with a developing equities trader, who is very profitable when he focuses on his trade.  He can tell you what it is.  He writes in his reviews that he wishes to wait for these trades.  Most recently, I suggested he place a post it on his trading screen: I want to be judged on MY trades! This is a simple exercise, yet powerful.  Try it. *no relevant positions   Read more [...]


7 ideas for improving your trading consistency

Apr 22nd, 2017 | By | Category: General Comments
I was recently a guest lecturer at Stony Brook University sharing my knowledge of trading and trader development with interested students.  At the end of my lecture, a student approached and asked, "How can I improve my trading consistency?" We have polled our trading community for the top trading issues they would like to solve, and trading consistency consistently makes the list. Many have some success in trading, trades where they really get it.  Trades where they really have edge.  And then they also have periods of frustration and losses.  If they could just keep the good trades and rid the bad ones. At the Read more [...]


How do I start as a trader?

Mar 7th, 2017 | By | Category: General Comments
Recently I visited Pace University investment club to talk about the life of a proprietary trader.  We make an effort to reach out to college trading clubs and college investment clubs and meet their members.  Some of our best traders have come from these clubs.  Also, college students rarely get to interact with a professional trader so sharing our experience is helpful. At my presentation for Pace a sharp member asked, "How do you recommend we get started trading?" It is a great question.  I have written about this extensively in The PlayBook, but let me offer an outline here: Read, read, read about markets Read more [...]


The danger of the overconfident trader

Feb 12th, 2017 | By | Category: General Comments
Yesterday I wrote about a trader struggling with added size and risk.  In seeking a solution for this trader one possible area of focus was overconfidence.  How does it happen?  Why is it dangerous?  What can we do to combat overconfidence? You trade well.  You are seeing screens well and the market is trading in a way that allows your strengths to produce outsized PnL.  Your firm gives you a bump in size and risk.  Everyone around you sees you slaying the market and comes over with the fist bumps and giggles.  On a prop desk, you get followed around more by traders engaging you in your trading.  You are the BMOD Read more [...]