{"id":4291,"date":"2010-03-23T18:43:03","date_gmt":"2010-03-23T22:43:03","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=4291"},"modified":"2023-08-01T20:38:41","modified_gmt":"2023-08-02T00:38:41","slug":"the-state-of-trading","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading","title":{"rendered":"THE STATE OF TRADING"},"content":{"rendered":"

I received this email from Reader Eric:<\/p>\n

Hello Mike,<\/p>\n

I wanted to share with you an interesting paper I found on the T3 website.<\/p>\n

http:\/\/www.knight.com\/newsroom\/pdfs\/EquityTradinginthe21stCentury.pdf<\/a><\/p>\n

It addresses the state of trading in today’s environment.\u00a0 Over my year of trading I have seen successful groups on my floor completely wiped out by the changes in the trading environment.\u00a0 Yes, they were products of leaning on big bids\/offers and rebate trading.\u00a0 Yes, they haven’t adapted to the changing environment.\u00a0 You once wrote on the blog, if your trading environment is not doing well then be the one to change it.\u00a0 I have tried to mold myself into a winning player and yet the state of the market is making trading look impossible.\u00a0 I’m interested to hear your insight, maybe even blog about it.\u00a0 Looking forward to hearing from you.<\/p>\n

Eric<\/p>\n

Bella Responds:<\/p>\n

Great job by T3<\/a> sharing this paper with the trading community! \u00a0Eric thanks for the question. \u00a0I have said privately and now I will publicly that 09 might have been too difficult a year for most new traders to start, especially those in “an environment of no value”. \u00a0My best friend from law school, who finished 2nd in his class, started in 02 and never had a chance. \u00a0The shift from a downtrending momentum market to an uptrending market perhaps was just too difficult for most new traders in 09.<\/p>\n

1) Well done on finding a way to live to play another day!<\/p>\n

2) I feel like this question is five months two late. \u00a0The market has changed again. \u00a0There is so much opportunity again! This is not a difficult trading market. \u00a0With our Trades2Hold there is exciting trading opportunity everyday. \u00a0Just from recent trading check out: FDX<\/a>, NKE<\/a>, TIF<\/a>, LVS<\/a>, MGM<\/a>, TIVO<\/a>, FUQI<\/a>……. (you get my point). \u00a0After the close my thoughts are consumed with how I could have made more and not even remotely thinking 2010 is a tough market.<\/p>\n

3) I just don’t see the difficult market anymore! \u00a0It’s not there right now. \u00a0Good traders should be making plenty of money.<\/p>\n

4) Great line about making your trading environment better. \u00a0No firm will ever stop you from implementing an excellent idea or trading strategy to help the firm, forbid money making or disallow crushing the market. \u00a0It takes one person to carry a row, which can carry a desk, which can carry a firm. \u00a0Why can’t you be the one whose trading desk everyone huddles around after the close? \u00a0“How did you do that?” \u00a0“How did you make your money?” \u00a0Why can’t that be you?<\/p>\n

5) I will leave you with this quote from Lincoln, ” I am not bound to win, but I am bound to be true. \u00a0I am not bound to succeed, but I am bound to live by the light that I have.”<\/p>\n

Thanks for the question. \u00a0And best of luck with your trading!<\/p>\n","protected":false},"excerpt":{"rendered":"

I received this email from Reader Eric: Hello Mike, I wanted to share with you an interesting paper I found on the T3 website. http:\/\/www.knight.com\/newsroom\/pdfs\/EquityTradinginthe21stCentury.pdf It addresses the state of trading in today’s environment.\u00a0 Over my year of trading I have seen successful groups on my floor completely wiped out by the changes in the trading environment.\u00a0 Yes, they were … 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":[813,18,814,815],"class_list":["post-4291","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-lincoln","tag-smb-capital","tag-state-of-trading","tag-t3-live","no-post-thumbnail"],"yoast_head":"\nTHE STATE OF 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\/the-state-of-trading\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THE STATE OF TRADING | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I received this email from Reader Eric: Hello Mike, I wanted to share with you an interesting paper I found on the T3 website. http:\/\/www.knight.com\/newsroom\/pdfs\/EquityTradinginthe21stCentury.pdf It addresses the state of trading in today’s environment.\u00a0 Over my year of trading I have seen successful groups on my floor completely wiped out by the changes in the trading environment.\u00a0 Yes, they were ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2010-03-23T22:43:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-02T00:38:41+00:00\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading\"},\"author\":{\"name\":\"Bella\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/80500a901d0e5ce0a27fa996bb1b9161\"},\"headline\":\"THE STATE OF TRADING\",\"datePublished\":\"2010-03-23T22:43:03+00:00\",\"dateModified\":\"2023-08-02T00:38:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading\"},\"wordCount\":492,\"commentCount\":11,\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"keywords\":[\"Lincoln\",\"smb capital\",\"state of trading\",\"t3 live\"],\"articleSection\":[\"Mike Bellafiore's (Bella's) Blogs\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading\",\"name\":\"THE STATE OF TRADING | SMB Training\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\"},\"datePublished\":\"2010-03-23T22:43:03+00:00\",\"dateModified\":\"2023-08-02T00:38:41+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.smbtraining.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"THE STATE OF TRADING\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"name\":\"SMB Training Blog\",\"description\":\"Lessons from the trading desk\",\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\",\"name\":\"SMB Training\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"contentUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"width\":230,\"height\":81,\"caption\":\"SMB Training\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/smbcap\/\",\"https:\/\/x.com\/smbcapital\",\"https:\/\/www.youtube.com\/user\/smbcapital\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/80500a901d0e5ce0a27fa996bb1b9161\",\"name\":\"Bella\",\"description\":\"Mike Bellafiore is a co-founder of SMB Capital, a day trading firm which takes great pride in its exceptional training program. SMB Capital is an equity prop trading desk that trades on 5th Avenue in New York City. Mr. Bellafiore is a graduate of the University of Connecticut School of Law. He has traded professionally for more than a decade.\",\"sameAs\":[\"https:\/\/www.smbtraining.com\/blog\/bellas-blog\"],\"url\":\"https:\/\/www.smbtraining.com\/blog\/author\/bella\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"THE STATE OF TRADING | SMB Training","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading","og_locale":"en_US","og_type":"article","og_title":"THE STATE OF TRADING | SMB Training","og_description":"I received this email from Reader Eric: Hello Mike, I wanted to share with you an interesting paper I found on the T3 website. http:\/\/www.knight.com\/newsroom\/pdfs\/EquityTradinginthe21stCentury.pdf It addresses the state of trading in today’s environment.\u00a0 Over my year of trading I have seen successful groups on my floor completely wiped out by the changes in the trading environment.\u00a0 Yes, they were ... Read More","og_url":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading","og_site_name":"SMB Training Blog","article_publisher":"https:\/\/www.facebook.com\/smbcap\/","article_published_time":"2010-03-23T22:43:03+00:00","article_modified_time":"2023-08-02T00:38:41+00:00","author":"Bella","twitter_card":"summary_large_image","twitter_creator":"@smbcapital","twitter_site":"@smbcapital","twitter_misc":{"Written by":"Bella","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading#article","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading"},"author":{"name":"Bella","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/80500a901d0e5ce0a27fa996bb1b9161"},"headline":"THE STATE OF TRADING","datePublished":"2010-03-23T22:43:03+00:00","dateModified":"2023-08-02T00:38:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading"},"wordCount":492,"commentCount":11,"publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"keywords":["Lincoln","smb capital","state of trading","t3 live"],"articleSection":["Mike Bellafiore's (Bella's) Blogs"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.smbtraining.com\/blog\/the-state-of-trading#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading","url":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading","name":"THE STATE OF TRADING | SMB Training","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/#website"},"datePublished":"2010-03-23T22:43:03+00:00","dateModified":"2023-08-02T00:38:41+00:00","breadcrumb":{"@id":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.smbtraining.com\/blog\/the-state-of-trading"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.smbtraining.com\/blog\/the-state-of-trading#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.smbtraining.com\/blog"},{"@type":"ListItem","position":2,"name":"THE STATE OF TRADING"}]},{"@type":"WebSite","@id":"https:\/\/www.smbtraining.com\/blog\/#website","url":"https:\/\/www.smbtraining.com\/blog\/","name":"SMB Training Blog","description":"Lessons from the trading desk","publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.smbtraining.com\/blog\/#organization","name":"SMB Training","url":"https:\/\/www.smbtraining.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","contentUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","width":230,"height":81,"caption":"SMB Training"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/smbcap\/","https:\/\/x.com\/smbcapital","https:\/\/www.youtube.com\/user\/smbcapital"]},{"@type":"Person","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/80500a901d0e5ce0a27fa996bb1b9161","name":"Bella","description":"Mike Bellafiore is a co-founder of SMB Capital, a day trading firm which takes great pride in its exceptional training program. SMB Capital is an equity prop trading desk that trades on 5th Avenue in New York City. Mr. Bellafiore is a graduate of the University of Connecticut School of Law. He has traded professionally for more than a decade.","sameAs":["https:\/\/www.smbtraining.com\/blog\/bellas-blog"],"url":"https:\/\/www.smbtraining.com\/blog\/author\/bella"}]}},"_links":{"self":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/4291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/users\/144"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/comments?post=4291"}],"version-history":[{"count":1,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/4291\/revisions"}],"predecessor-version":[{"id":56172,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/4291\/revisions\/56172"}],"wp:attachment":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/media?parent=4291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/categories?post=4291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/tags?post=4291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}