How to improve your discipline as a trader

A new trader wrote this to me: Noob (trader here).  Two months in with maybe a total of 3 days where I consistently followed my rules.  Down about 2k thus far.  I am questioning my ability to do this.  Mainly because of my lack of discipline in following my rules. There is the old parable about the frog that asks … Read More

Close The Gap!

              I work with a lot of traders trying to “make the turn” – that is the turn to consistently profitable. Among the plethora of issues preventing the average trader from being consistent, one has come up rather often recently. The gap. The gap between what you see as great opportunity at the end of … Read More

30 Trading Habits in 30 days: AM Idea Sheet

Welcome back to our new series 30 trading habits in 30 days.  In this video, I share why we created this series for the trading community and how it can help your trading.  If you have missed the prior habits they are archived. Today we share habit #4- AM Idea Sheet. Developing traders often miss trades.  They miss easy trades.  … Read More

30 Trading Habits in 30 days: Trader Development

Trading habit #1 was The PlayBook. Trading habit #2 was to create a Road Map. Trading habit #3 is Trader Development. What do we mean by trader development? Each day we hold a series of mentoring meetings for our developing traders in our proprietary trading firm’s training room in NYC.  Trader Development is one of these sessions.  And we hold … Read More

Be Proud of What You Have Accomplished & Do Well

I was on the subway after work yesterday and a tweet from @gtotoy caught my attention. It was a friendly reminder that we all need from time to time to not simply use our review process to focus on our flaws and what did not go as planned. It is just as important, no actually more important to recognize that … Read More

Trade Review: $LINE

You can be better tomorrow than you are today! Mike Bellafiore The PlayBook One Good Trade       No relevant positions

What Effect Does Living Frugally Play in The Success of A Trader?

We had a recognized trading psychologist (name not mentioned for compliance reasons) visit SMB yesterday.  One of traders pro-actively sent this coach a question about his development progress. Dear Dr. (Well-known trading coach), I would like to thank you very much for your talk at SMB Capital. It was a real privilege to have met you in real live after reading your … Read More

IF I Develop a Trading Plan THEN My Results Will Improve: EXPE (10.26.12)

I tweeted this week that trading is about having a series of if/then statements and not about making predictions. In practical terms this means that traders are game planning for every stock on their watch list. They are making decisions on how to trade each name based on price action, market conditions and news catalysts. For every stock I look … Read More