Talking Yourself Out of the Market

So everyday when the trading session begins in New York I pride myself in being able to gauge what kind of day it might be and base my aggression and ultimate moneymaking potential on that judgement. Some of the factors that I use to base my judgement on are the volume and potential moves of stocks that are in play. … Read More

Film Time

One great tool that is used on our desk is a screen recorder that allows us to record our trading in real time for later review and critique. This is a lot like game-time (or practice) films that any athlete is familiar with. The quote was always “the films don’t lie” as your were captured in slow motion missing that … Read More

Statistics, chocolate chip cookies and trading

If homemade chocolate chip cookies are made and I eat one, there is a 100 percent chance that I will eat many, many more.  If I fade a strong stock, there is a 70 percent chance that this trade will result in a loss.  Last nite we were visiting friends and our host made some chocolate chip cookies.  I ate one … Read More

July 3rd Recap

Today’s holiday shortened trading day was another great day for SMB’s young traders. As I mentioned yesterday I was looking at JRCC and RIMM for potential bounces and was focused on the jobs number for a trading cue for the day.  The jobs number was benign and so the market initially reacted positively.  I sold my JRCC and RIMM positions … Read More

Sit In Your Seat

I am a process guy. It’s the stuff that goes into getting results that is much more important to me and as a result our prop trading desk at SMB Capital. I love to see our guys do the right things. And the past two days have been examples of our traders doing the little things necessary to trade successfully. … Read More

Market In Trouble–July 2nd

After yesterday’s strong bounce the market failed to have a second consecutive up day.   There was steady selling in multiple sectors all afternoon.  Tech and Energy in particular got hit hard into the close.  Energy stocks were selling off despite oil  setting new time highs.  If the tech selloff continues tomorrow we will breach the 2008 lows and may start … Read More

CHK- An important intraday level (71.35)

CHK was a great trading stock today.  Proudly I can announce that are young traders killed CHK today.  And CHK was particularly profitable trading the stock off of an important intraday level today at 71.35.  CHK was up a ton and then started to show weakness.  After the oil number was announced CHK failed at the 72 level, traded lower … Read More

Second Day (MYGN)

One of the plays that we teach our traders is called a Second Day Play.  Today we had such a play with MYGN.  MYGN had some bad news on one of their drugs that they were testing and the stock traded considerably lower yesterday.  But into the close MYGN showed strength.  It finished strong.  However MYGN had trouble trading above 45.75: So … Read More