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
Getting Back In
Today a new trader asked me a question about getting back in. This new trader got long MS in front of a support level identified by Steve during our AM Meeting. The support level didn’t hold, this new trader exited, and then MS spiked. Sound familiar? Anyway, I was pulled aside to offer some suggestions how to get back into … Read More
Dipping My Toes Back Into the Water
Last week I was in St. Martin working on my tan. I definitely have the best tan on the desk and by far. Of course the week I am away the market rebounds 1000 points. It was like they knew I was taking a vacation. So today was my first day back and I treaded lightly. So I missed all … Read More
Thanks Newbie
SMB’s newest trainees have now been trading “live” for four weeks. Before going live they went through an intensive five week program to establish the building blocks for a successful trading career. During the first five weeks of their training they sit near each other on the trading floor. This helps to build a sense of team and encourages them … Read More