{"id":14267,"date":"2011-09-15T15:57:58","date_gmt":"2011-09-15T19:57:58","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=14267"},"modified":"2023-04-18T09:20:52","modified_gmt":"2023-04-18T13:20:52","slug":"some-cool-things-about-working-at-a-prop-firm","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/some-cool-things-about-working-at-a-prop-firm","title":{"rendered":"Some cool things about working at a prop firm"},"content":{"rendered":"

Yesterday was a really interesting day. Since we launched the options training program, I’ve been driving\u00a0 up to SMB from my home in Philadelphia\u00a0 almost\u00a0 every Wednesday.<\/p>\n

I certainly have valid business reasons to be up there each week but honestly, my main motivation, is that I just love the environment. I really enjoy hanging out with other traders and exchanging information. I love CNBC going 24\/7. I love the call outs that go on all day as the traders share information that they are picking up from the tape and their charts.\u00a0\u00a0 I love Bella spontaneously calling a meeting of all traders to share something important that just happened in the market that he realized was a critical lesson for developing traders. I honestly have trouble, now that I’ve been exposed to it for a year, imagining a better environment in which to learn how to trade–but I’m a little biased.<\/p>\n

Early in the day, Rick–an experienced systems trader at SMB–and I spent an hour cooking up a plan to use his\u00a0 system, which generates buy\/sell signals to develop an approach to weekly options\u00a0 credit spreads in the various indices, ETFs and stocks that he follows. The basic concept was simple–when Rick’s secret sauce program generates a buy signal, we throw on a put credit spread. When it generates a sell signal we throw on a call credit spread. The early indications, which are hardly conclusive, were nonetheless\u00a0 pretty encouraging.\u00a0 We agreed to spend a\u00a0 lot\u00a0 more time back testing and refining the concept during the upcoming weeks.\u00a0 Who knows if this discussion will lead to something big or not, but I”m excited to find out.<\/p>\n

At lunch, I met with\u00a0 my good friend Dave,\u00a0 who is\u00a0 a former options\u00a0 mentoring student of mine and an occasional guest on the Options Tribe.\u00a0 Dave and I have been in a dialogue about\u00a0 his most effective\u00a0 monthly options spread trades and how SMB could partner with him in leveraging his knowledge of those approaches. He’s constantly experimenting and refining his techniques and the data he records as he back tests and trades these strategies live is impressive.<\/p>\n

Dave needed to trade in the afternoon, so we hooked him up to our internet connection and we sat together for a couple of hours trading and chatting.\u00a0 In the last hour leading up to the close,\u00a0 Bella was actively chatting to the rest of the traders calling out levels on the SPY and a particular stock that he and Shark were trading–ESRX.\u00a0 I told Dave to watch how this played out–he would learn something.<\/p>\n

Bella called out to Shark–“hey Shark, you thinking of getting short at 43.50”?\u00a0 That sentence was in the form of a question, and I truly think that\u00a0 Bella\u00a0 meant it to be a teaching moment,\u00a0\u00a0 but I think it’s meaning was\u00a0 a lot\u00a0 simpler :<\/strong> Shark,\u00a0 from my experience, it would be a \u00a0 good idea to get short at 43.50……<\/em><\/p>\n

Shortly thereafter, Bella called out\u00a0 to Steve–“Spencer, those SPYs are really selling off”.\u00a0 Steve wanted to know if there was a meaningful accompanying volume.\u00a0 I checked out the SPY chart\u00a0 and neither the volume at that moment, nor the minor red candle that was developing\u00a0 looked that meaningful at all to me. I suspected that Bella picked up something on the tape that caused him to call this out. I turned to Dave and said–“check this out. Draw a line on your SPY chart right now and let’s see what happens”. Sure enough, the next five or so candles were pronounced red candles with lots of volume. I told Dave–“I’ve been watching this happen for a year. It’s pretty amazing to be in this environment.” After the close Bella, Dave and I chatted.\u00a0 He confirmed that the tape was the “tell” on what was going to happen to the SPYs as they sold off late in the day. Dave and I chatted some more about the value of having such\u00a0 meaningful \u00a0 market information when trading\u00a0 directional options spreads.<\/p>\n

At the end of the day I sent Rick a list of the weekly options that are offered by the CBOE and he agreed that he’d work over the weekend to try to pick the weekly options offerings that offered the most potential for our credit spread concept.<\/p>\n

The point is not so much whether this particular idea pans out or is found to have a fatal flaw. What is important is that SMB\u00a0 has created an environment where an\u00a0 equity trader and an options spread trader can experiment together leveraging each other’s strengths. Every now and then, something great is going to emerge from that kind of cross-disciplinary collaboration.\u00a0 That’s what’s really important.<\/p>\n

Seth Freudberg<\/p>\n

Director, SMB Options Training Program<\/p>\n

The SMB Options Training Program<\/a> is a twelve month program designed for novice and intermediate level options traders who are seeking an intensive training process to learn how to trade options spreads for monthly income. For more information on this program contact Seth Freudberg: sfreudberg@smbcap.com<\/a>.<\/em><\/p>\n

 <\/p>\n

Risk Disclaimer<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Yesterday was a really interesting day. Since we launched the options training program, I’ve been driving\u00a0 up to SMB from my home in Philadelphia\u00a0 almost\u00a0 every Wednesday. I certainly have valid business reasons to be up there each week but honestly, my main motivation, is that I just love the environment. I really enjoy hanging out with other traders and … Read More<\/a><\/p>\n","protected":false},"author":741,"featured_media":14282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,1402,1584],"tags":[4688,1598,1902,1899,1900,1901,4693],"class_list":["post-14267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-options-education","category-seth-freudbergs-blogs","tag-options-education","tag-options-strategies","tag-options-trader-education","tag-options-trader-training","tag-options-trading-coach","tag-options-trading-mentor","tag-options-training"],"yoast_head":"\nSome cool things about working at a prop firm | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/some-cool-things-about-working-at-a-prop-firm\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Some cool things about working at a prop firm | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Yesterday was a really interesting day. Since we launched the options training program, I’ve been driving\u00a0 up to SMB from my home in Philadelphia\u00a0 almost\u00a0 every Wednesday. I certainly have valid business reasons to be up there each week but honestly, my main motivation, is that I just love the environment. I really enjoy hanging out with other traders and ... 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