The Black Shirt

There is a Green Shirt that hangs on the wall of our trading floor.  You earn the Green Shirt for posting 1m net in trading profits. And then there is the Black Shirt.  For that a firm trader must earn north of 2m in net profits. The firm challenged the trader above, a Black Shirt recipient for 2017, approximately 4 … Read More

5 Pillars of Trading Success

These five pillars will help your trading consistency, which should be your ultimate goal. Interestingly enough, the 5 pillars of trading success have nothing to do with the actual act of trading or even analyzing markets. They involve the work that goes into developing into a trader, as well as developing as a trader. The trades you end up making … Read More

Trade your PlayBook for improved consistency

I received this email from a trader: Hi Mike, Terrific piece yesterday on trader development. You have a wonderful way of clarifying things. Step 1. Build your playbook of trading ideas   Step 2. Become consistent trading these plays. I have come across the word “consistent” more and more frequently but have never fully grasped just how important it is. Dr. … Read More

First comes…..next comes…..then comes……for the developing trader

Getting your priorities correct really helps shape the trading day for optimal progress. One trader with, with whom we are working, is coming along nicely.  Firm is happy with his progress.  Our sense is he has a real chance to become good. Our job is to help him set priorities.  Is that to make money?  Or is that something else? … Read More

[Recording] SMB Webinar: How our most recent hire went from Home Depot to desk trader

I wrote about the guest of this trading webinar here. He was the winner of The Winning Trader, a course we developed to give our trading community a chance to experiment with trading setups with edge from our desk.  His consistent effort, program-leading PlayBook trades, conscientiousness, perfect attendance at daily trading mentoring sessions, passion, active questions, the creation of a … Read More

Traders telling me One Good Trade is helping their options trading

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 … Read More

A trader struggles with added risk

Here is an anecdote from our proprietary trading desk in NYC. A consistently profitable trader (CPT) shot me an email this week to chat about struggling with a recent bump in share size and risk.  He felt he had taken a step back with his trading after being given the opportunity by the firm to take a few steps forward … Read More