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 … Read More
Man I stink II!
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 … Read More
Man I stink!
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) … Read More
Reading the Tape is all you need
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 … Read More
Why do you guys run an education company?
At SMB, our primary business is our proprietary trading desk. 85 percent of my energy and attention goes into the trading desk, our traders, and growing that business. But everyday, I do spend time on our education arm- SMBU. Recently, I had drinks with two partners of a proprietary trading desk in NYC and one asked, “Why do you guys … Read More
Working hard may be getting in the way of your trading success
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 … Read More
There is another way to a higher PnL
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 … Read More
Here is how you trade bigger
Hi Mike, I am quite consistent stock traders for years. I have a trading matter that needs your professional advice. I have the tendency to go ‘big’ in size when I have the profits in my account or when a particular stock that I familiar with which I had been making consistent money from it. When under this situation sometimes … Read More