I was trading TYC after the huge volume spike and strong price action. @tarhini_smb chirped TYC after spotting in from The SMB Radar. 44.50 became my most important point of inflection. I started a core and traded around this. Well I tried to trade around my core. I tried taking off risk at prices where my risk/reward lessened. Well I … Read More
Chunking, trading and the fast track to improving
Some mentees require/deserve more attention from me on a daily basis. One exercise we do together is an end of the day review. They send me a review via email. I respond with an email or a closed-door one-on-one session. Take a look at the review below because it is very helpful for the developing trader to recognize how this … Read More
A Case of Bias Conflictus on SOA
This is a guest post from a young trader, CP Bias conflictus is a condition that can interfere with proper reads on stocks in a tape reading environment. This bias, for whatever reason, holds sway over the the obvious information on the tape. Seems a case of the ‘irresistible pull of irrational behavior’ (check out the book ‘Sway’ by Brafman). … Read More
When do YOU sell (SOA)
This Open I kept saying,”For some reason SOA is working.” Above 14.62 the top of the opening range was my first entry. And above the consolidation at 15.10 was my second. “SOA continues to work for some reason.” Steve quipped SOA was the best stock we mentioned in our AM meeting. Like many traders he then found a moment of … Read More
Bad Habits Within Good Habits
Special Guest Post from my mentee SW After reviewing today’s work, I found myself in a situation where I tend to initiate trades with “bad habits within good habits”, which defeats the purpose of having good habits. What does that mean? In terms of having good habits, I tend to set alerts at great prices and levels which provide … Read More
I guess I am your tour guide
My wife and I spent a week in Italy and something came up that so relates to what I do. We hired a tour guide. Well my wife hired a tour guide as a surprise for my birthday (I know 41 never looked so good). She did for The Vatican, St. Peter’s, The Colosseum, The Pantheon, and center Rome. Steve … Read More
Your head trader as a trading god (a better system)
Ever sat on the desk with a head trader insistent he was right about the direction of a stock/market? I have seen firms get crushed because their head trader was fading a weak market and insisting the market should trade higher. I have been guilty of over-confidently insisting on the direction of a stock/market. GMan has been as well. Certainly … Read More
Our interesting times of Risk
Prop traders are the truest of entrepreneurs. We eat what we kill. We do not have clients. We do not sell anything or organize to sell something to someone else. No one in 13 years of trading has ever called or emailed or IMd my desk with a trading tip. Our pay is based solely on our trading skill and … Read More