Reading the Tape<\/a> or know how to select a Stock In Play. \u00a0I receive far too many emails from underperforming traders who believe trading is about bold predictions, loading up, and holding their trades for the entire move.<\/p>\nOn my desk we teach (preach?) One Good Trade. \u00a0These are our trading fundamentals. \u00a0We do not use our P&L to determine if we are trading well. \u00a0We make One Good Trade and then One Good Trade and then One Good Trade. \u00a0We cannot control the results. \u00a0We have complete command of our process.<\/p>\n
To make One Good Trade requires following these seven fundamentals:<\/p>\n
1) Proper Preparation<\/p>\n
2) Hard Work<\/p>\n
3) Patience<\/p>\n
4) A Detailed Trading Plan for Every Trade<\/p>\n
5) Discipline<\/p>\n
6) Communication<\/p>\n
7) Replaying your Important Trades<\/p>\n
If you have made a trade and followed every one of these fundamentals then you have made One Good Trade. \u00a0The result of the trade is irrelevant.<\/p>\n
My adherence to this philosophy has enabled me to survive many difficult markets. \u00a0It is the core of everything that I teach. \u00a0If you sit on my desk you will hear me utter this phrase every day.<\/p>\n
Also One Good Trade is a metaphor. \u00a0Many trade a job boring to them for trading. \u00a0I traded the law for trading. \u00a0And then I traded just trading for building a proprietary trading firm. \u00a0For me each was One Good Trade.<\/p>\n
So this is my title. \u00a0You will meet those who have succeeded and failed as proprietary traders and why. You will get an inside look at what it really takes to succeed at a proprietary trading firm. \u00a0When the time is right I will provide a more in depth summary of what you can expect from One Good Trade<\/em>.<\/p>\nBut I wanted to explain why I choose this title. \u00a0And thank all of you who contributed to this selection.<\/p>\n
And by the way I also loved the title: It’s Called Trading! (maybe a bit too snarky?)<\/p>\n
Enjoy your weekend!<\/p>\n","protected":false},"excerpt":{"rendered":"
Thank you all for your suggestions for my book title. \u00a0There is so much more that goes into writing a book than writing the book. \u00a0Choosing the best title is one such example. \u00a0BTW if anyone has not figured out my title yet see the blog title above. The working title had been The Way of the Prop Trader: Tools … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4674,30,50,364],"class_list":["post-2273","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-one-good-trade","tag-prop-trading","tag-proprietary-trading","tag-wiley","no-post-thumbnail"],"yoast_head":"\nOne Good Trade: Inside the Highly Competitive World of Proprietary Trading | 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\/one-good-trade-inside-the-highly-competitive-world-or-proprietary-trading\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One Good Trade: Inside the Highly Competitive World of Proprietary Trading | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Thank you all for your suggestions for my book title. \u00a0There is so much more that goes into writing a book than writing the book. \u00a0Choosing the best title is one such example. \u00a0BTW if anyone has not figured out my title yet see the blog title above. 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