The last week in August is the worst trading week of the year. Our desk is instructed to take off during this month. Many were away this past week. And many will be away this week. I will be trading. My vacation will start next week. Steve gets this week off and I get the next. But there are some things … Read More
Formula for Success
This is a tough week for us. We’re narrowing down our invitations for our September class for which, along with June, we essentially recruit all year. We have received thousands of résumés and have sifted through them, searching for those with the background necessary to be a good trader. We interview only some of the applicants—and only some of those get … Read More
SMB Training Program Recognized
Well today was a proud day for me and my partner. Dr. Steenbarger, one of the top three trading coaches in the country, wrote a very nice blog about our training program (http://traderfeed.blogspot.com/2008/07/training-successful-traders-new-breed.html). Steve, GMan and I worked very hard to develop our training program and it is a great honor to be mentioned by Dr. Steenbarger. On our desk I always describe … Read More
Blackboxes/Algorithms Nothing to Fear
I received a GChat message from a future trader, Carter, who was interested in the impact of blackboxes or algorithms on intraday trading. I have heard Carter’s concerns from other future traders. Some believe that blackboxes will rule trading and eliminate the intraday trader. A few thoughts: 1) I have heard this argument for the past 5 years and I … Read More
Hey, Just Relax and Trade
During the past few days we have seen noticeably increased volatility and movement in our markets. Days like this are what a day trader salivates for, because the money making opportunities are vast as money is pulled in and out of the market and stocks act somewhat erratically. During these times it is easy to get overly worked up because … Read More
One Good Day
Yesterday was a good day for our desk. It is days like yesterday that make me upset the market is not open seven days a week. Trading can be very frustrating but when you do the right things it is freaking sweet. It is nice to see that the hard work pays off. There are days when trading feels like … Read More
Allure of the Fast Mover
So while reviewing my day’s trading film with a senior trader and a group of young up-and-coming millionaires, I was caught taking a position in a “fast mover”. I characterize a fast mover as those times when you can buy a small amount of shares (or large, if you possess the dinero y cajones) and possibly catch a point or … Read More