Posts Tagged ‘ trading mentor ’

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 [...]


Traders telling me One Good Trade is helping their options trading

May 22nd, 2017 | By | Category: General Comments
One of the great rewards from writing One Good Trade are the positive unintended consequences.  One of those is how much the book has helped traders other than equities day traders.  Let me offer two examples. Today at lunch, I sat with an income options trader, who shared his trading breakthrough was reading One Good Trade.   This trader had never applied the principles of One Good Trade to his income options trading, started to, and then found trading success.  The largest reason was because the trader had protected trades not working in the past.  Trader added to a losing position because this was best for the original 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 [...]


The trading exit is not what you want but rather what it should be

May 9th, 2017 | By | Category: General Comments
A trader read yesterday's post Expectations poison good trading and remarked: I would like to focus on this savvy reader's observation: "I've sometimes used the standard of what I WANT the market to do. (how ridiculous is that!)" Well.... from my seat it is not too ridiculous at all.  I have been guilty of this.  I have seen profitable traders guilty of this.  I have seen many experienced traders particularly guilty of this.  It is a common trading mistake. So the good news is you are in good company making this trading error. But the proper exit is not what you want, but rather what the exit should be. For Read more [...]


Expectations poison good trading

May 8th, 2017 | By | Category: General Comments
What is the market doing?  And how can I participate, while controlling my risk/reward?  Those are constructive questions to ask, while hawking markets. Even profitable traders can forget to focus on these questions. I had a conversation with a top trader, with whom I work, who recognized he was projecting expectations into this trading.  His month was off to a slow start.  It could have been better.  But he was getting in the way.  This trader thrives by being aggressive, but he also needs to be patient. This trader had thoughts about how markets would trade before and after the French election. This Read more [...]


Build trades around the direction of the real trade

May 4th, 2017 | By | Category: General Comments
In a monthly review, a promising trader found an important area of improvement: build trades around the direction of the real trade.  The trader in his monthly review wrote: Before the Open yesterday, our top trader was fielding trade ideas from junior traders on his desk.  One junior trader offered an idea that was dismissed by the top trader.  He counseled, "The news is not good enough to be interested in that stock."  This top trader wanted something that could soar or dive intraday to make it worth his attention.  Looking at the big picture for this opportunity, it was not big enough. I was chatting with Merritt 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 [...]


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 [...]