We asked about 8-10 of our core traders to work on their skill development during the past two months. These are guys who had been trading live anywhere from 8 to 16 months. They had all previously demonstrated a high level of profitability. But the market environment changed and they had to adapt. They had developed some bad habits because … Read More
Percentage Returns for Day Traders?
A couple of days ago I received an email from a blog reader inquiring about my performance for this year. And often times we are asked during interviews what kind of returns we generate. Almost every day I see on Facebook and some blogs people posting their percentage returns for a particular stock. Individual investors among others judge their performance … Read More
Survive and Advance
I heard on the Street that many day traders struggled in December and January. I know there were some on our desk who were disappointed with their results. Over the years I have been offered data from the market that I was not going to succeed as a trader. I was offered this data when I first started (starting … Read More
Self Aware
Before the Open I was pissed. As a partner sometimes I miss the days when I could just roll into the office and trade. I look forward to the day when the guys we teach are running the desk. And I can just come in and trade. And I hope I get to sit all the way in a back … Read More
I Am Not Making the Same Mistake Today
As traders we search for repeating patterns. The last two trading days have offered the same pattern. Levels were violated into the Close and the market trended into the Close. Financials could be bought or sold in the direction of the trend and held into the Close. Let’s discuss. Yesterday into the Close SPY traded between 81.20 and 81.50. We … Read More
Sometimes It’s Just That Easy
Often intraday traders struggle understanding the difference between a Trade to Hold and a short term trade. Most trades that we make are short term trades. But every intraday trader needs Trades to Hold. And you ought to have a list of these trades that are best FOR YOU. Let me offer a suggestion of a Trade to Hold for … Read More
Don’t Fight the Tide
Part of my job as a partner at SMB is keeping an eye on what other traders on our desk are trading. I have a third monitor that is used primarily for this purpose. I find it kind of amusing when a new trader asks for a third monitor. Why would they need a third monitor? So they can spend … Read More
Planting Seeds
One of our traders had a great trading day. He finished negative. The market was up 500 points as the Obama administration unveiled its plan to remove toxic assets from the books of the nation’s banks. BTW we now have traded up 1300 points since the day I left for vacation. This trader did not make many trades … Read More
