{"id":443,"date":"2009-03-13T22:38:49","date_gmt":"2009-03-14T03:38:49","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=443"},"modified":"2009-03-16T06:07:09","modified_gmt":"2009-03-16T11:07:09","slug":"thanks-newbie","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/thanks-newbie","title":{"rendered":"Thanks Newbie"},"content":{"rendered":"

SMB’s newest trainees have now been trading “live” for four weeks.\u00a0 Before going live they went through an intensive five week program<\/a> to establish the building blocks for a successful trading career.\u00a0 During the first five weeks of their training they sit near each other on the trading floor.\u00a0 This helps to build a sense of team and encourages them to work together.<\/p>\n

At the conclusion of the first five weeks we will move their seats so that they may become better integrated onto the trading floor.\u00a0\u00a0 Occasionally I will pick a newbie to sit in my row.\u00a0 My motives aren’t totally altruistic.\u00a0 Of course I expect them to benefit hugely from the chatter in my row as it is laden with good trading information.\u00a0 But the main reason I want them in my row is that they have demonstrated certain traits which lend themselves to great trading success.\u00a0\u00a0 For instance, they have excellent pattern recognition skills.\u00a0 Also, I have made the judgment that they won’t be particularly annoying.\u00a0 Seriously.<\/p>\n

One of SMB’s core values is that of “win-win”.\u00a0 A newbie who joins my row will get extra insights into trading from myself on a regular basis.\u00a0 They will receive additional real time mentoring during the Open and the Close (other newbies can listen to me speak on a training call as well).\u00a0 This is valuable stuff.\u00a0 But what I get in return is equally as valuable.<\/p>\n

Let me explain.\u00a0 Sometimes we will trade the same stock.\u00a0 We are constantly talking about how the stock is trading.\u00a0 What patterns of buying or selling in the stock have emerged during the trading day.\u00a0 They will pick up on a bunch of stuff that helps them to identify great risk\/reward plays.\u00a0 After the Open I’m running around handling about 20 other things that relate to running the firm.\u00a0 But the newbie is still watching the stock and gathering information.\u00a0\u00a0 When I sit down at my station to trade again the newbie actually becomes a great source of information.\u00a0 They will tell me about some unusual buying or selling they observed.\u00a0 Or how the stock moved quickly off of a particular inflection point.\u00a0 This makes me a lot of extra money.<\/p>\n

It is common knowledge on most trading floors that an experienced trader will often make a chop when a newbie shares valuable trading information.\u00a0 A newbie who is well trained can identify many great risk\/reward setups but is still too inexperienced to take full<\/strong> advantage of these scenarios.\u00a0 The relationship is truly a “win-win” though.\u00a0 As the newbie observes the more experienced trader profit from the newbie’s information they will gain more confidence in their own analysis.\u00a0 This will lead to the newbie becoming more assertive in the future.<\/p>\n

So thanks newbie for the extra 1k this week.\u00a0 Lunch is on me.<\/p>\n","protected":false},"excerpt":{"rendered":"

SMB’s newest trainees have now been trading “live” for four weeks.\u00a0 Before going live they went through an intensive five week program to establish the building blocks for a successful trading career.\u00a0 During the first five weeks of their training they sit near each other on the trading floor.\u00a0 This helps to build a sense of team and encourages them … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[4676,180,18],"class_list":["post-443","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-day-trading","tag-easy-plays","tag-smb-capital","no-post-thumbnail"],"yoast_head":"\nThanks Newbie | 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\/thanks-newbie\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thanks Newbie | SMB Training\" \/>\n<meta property=\"og:description\" content=\"SMB’s newest trainees have now been trading “live” for four weeks.\u00a0 Before going live they went through an intensive five week program to establish the building blocks for a successful trading career.\u00a0 During the first five weeks of their training they sit near each other on the trading floor.\u00a0 This helps to build a sense of team and encourages them ... 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