{"id":23531,"date":"2013-01-23T11:31:04","date_gmt":"2013-01-23T16:31:04","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=23531"},"modified":"2023-04-25T17:48:36","modified_gmt":"2023-04-25T21:48:36","slug":"is-it-better-to-trade-from-home","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/is-it-better-to-trade-from-home","title":{"rendered":"Is It Better To Trade From Home?"},"content":{"rendered":"

Bella,<\/p>\n

I first saw SMB on Wall Street Warriors as a Senior at Drexel University. Then, I found (unknowingly) your book on audible and decided to give the book a shot (its great by the way). Your book and philosophy on trading presents me and a ton of traders I know with a challenge, “stop believing that we are the warren buffets of the world and holding onto stocks” – as you say in your book (One Good Trade<\/em><\/a>).<\/p>\n

I like the intraday world you depict in your writings on prop trading, but making the transition from being a long term value investor, to an intraday trader is challenging, to say the least. I am working Full-Time, trading Part-Time and would eventually like to join a prop trading desk FT.<\/p>\n

I am interested to hear your thoughts on what you believe to be good transition steps into intraday from long term holding? I would also like to know your thoughts on how an intra-day trader is at a disadvantage or advantage if he\/she trades from home or work vs. in a prop trading firm. My belief has been that in my position (working FT), trading intra-day from work is not a viable strategy, because an impromptu conference call could destroy a trade setup any day of the week. That risk for me is one of the reasons I’m hesitant to transition.<\/p>\n

I look forward to hearing your take on these ideas.<\/p>\n

@mikebellafiore<\/strong><\/p>\n

Funny I just got a similar question and responded in a recent post Don’t Quit Your Day Job to Trade Pro YET<\/a>.<\/p>\n

Long-term investing and intraday trading are different animals.\u00a0 There are some takeaways from long-term investing that relate to intraday trading, like understanding what moves markets, fundamentals catalysts that move a stock, hopefully risk management.\u00a0 I look at the markets as a series of patterns.\u00a0 No matter what product, time frame, market you trade a trader works to become an expert at patterns that make the most sense to him.\u00a0 In my next book, The PlayBook<\/a>, I say build a PlayBook of your best trading patterns and trade more of them, and trade your best patterns bigger.<\/p>\n

So to trade well as an intraday trader you must develop your book of setups that make sense to you with an intraday time frame.\u00a0 Our game is faster.\u00a0 Reading the Tape is a skill we recommend you learn.\u00a0 How to select the Stocks In Play is more important.\u00a0 Technical Analysis helps us.\u00a0 There is trader psychology to embrace.\u00a0 And much more.\u00a0 You must develop the specific skills that the patterns of intraday trading reward.<\/p>\n

And this takes time.\u00a0 8 months for some and 18 months for others can be a measure before becoming consistently profitable.\u00a0 And training, review, work, mentorship, coaching, and patience are essential.<\/p>\n

On a prop desk you have the advantage of talking trading with like-minded traders every tick of the marketplace.\u00a0 60 pairs of eyes are better than one so ideally you will be exposed to more market opportunities from call-outs.\u00a0 However, technology mitigates this with tools such as SMB Real-time<\/a>.\u00a0 Also, you can knock on the office of a partner or tap them on the soldier to ask a trading question.\u00a0 Finally, in-house technology is much better at a prop firm than what most have at their home\/office.\u00a0 There is no substitute for immersing yourself in the culture of learning at a prop desk.\u00a0 But you can get very close to this experience with virtual learning, from training programs like The SMB Foundation, or The Options Foundation.<\/p>\n

It appears that your job is more demanding than most.\u00a0 A better start might be for you to trade Options, that do not require constant monitoring.\u00a0 There are some guys out there that make very good money trading one options strategy<\/a>.<\/p>\n

If you do decide to make the transition to intraday trading, trade on a demo until you are consistently making money.\u00a0 There is no point throwing away money in the marketplace until you are confident with your setups.\u00a0 Also, create a support system that allows you to be your best trader.\u00a0 That means, training, coaching, mentoring, idea generation, technology, etc. \u00a0 You are competing against the most competitive people in the world.\u00a0 Prepare yourself.<\/p>\n

I hope that helps.<\/p>\n

\n
\"\"<\/div>\n<\/div>\n

Mike Bellafiore<\/p>\n

One Good Trade<\/a><\/p>\n

\"\"<\/a><\/p>\n

no relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"

Bella, I first saw SMB on Wall Street Warriors as a Senior at Drexel University. Then, I found (unknowingly) your book on audible and decided to give the book a shot (its great by the way). Your book and philosophy on trading presents me and a ton of traders I know with a challenge, “stop believing that we are the … 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":[2033],"class_list":["post-23531","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-trading-career","no-post-thumbnail"],"yoast_head":"\nIs It Better To Trade From Home? | 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\/is-it-better-to-trade-from-home\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is It Better To Trade From Home? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Bella, I first saw SMB on Wall Street Warriors as a Senior at Drexel University. 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