{"id":461,"date":"2009-03-23T21:57:44","date_gmt":"2009-03-24T02:57:44","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=461"},"modified":"2009-03-23T22:20:21","modified_gmt":"2009-03-24T03:20:21","slug":"dont-fight-the-tide","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/dont-fight-the-tide","title":{"rendered":"Don&#8217;t Fight the Tide"},"content":{"rendered":"<p>Part of my job as a partner at SMB is keeping an eye on what other traders on our desk are trading.\u00a0 I have a third monitor that is used primarily for this purpose.\u00a0 I find it kind of amusing when a new trader asks for a third monitor.\u00a0 Why would they need a third monitor?\u00a0 So they can spend more time watching videos on You Tube?\u00a0 I guess in that sense I&#8217;m old fashioned; like the parent who doesn&#8217;t know why their kid needs (fill in the blank).\u00a0 But I digress.<\/p>\n<p>For those who are professional traders you understand how distracting it can be to focus on anything but your trading during the Open.\u00a0 When I am trading my focus is pretty singular.\u00a0 I filter out information that isn&#8217;t relevant to the task at hand.\u00a0 But I still feel compelled at times to glance at my risk monitor to make sure no one on the desk is doing something way out of bounds.<\/p>\n<p>This morning I glanced at my risk monitor when I heard one of our traders had moved on from WAG, a stock he made a lot of money right on the Open, to GS.\u00a0 My hunch was he was about to ruin his Open.\u00a0 If you are up a lot of money at 10:00AM it is pretty tough to ruin your Open.\u00a0 You really have to do something fundamentally unsound.<\/p>\n<p>When I checked the risk monitor the trader was short GS.\u00a0 I told him to cover the position immediately.\u00a0 I was slightly annoyed as this trader wasn&#8217;t a newbie and was making a newbie mistake.\u00a0 Let me break it down for you: \u00a0 1) Market gaps up 2) Market has some profit taking 3) Market then rallies above high 4) Financials leading the Market higher\u00a0\u00a0\u00a0 5) LONG FINANCIALS.<\/p>\n<p>I don&#8217;t really have much to add to the above.\u00a0 It isn&#8217;t the job of the trader to find the top or the bottom.\u00a0 It is to recognize the strength of the wave and hop on board.\u00a0 Try to go against the wave and you will be going the way of the Andrea Gail&#8230;<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/gs-5min-03-23-09.bmp\" title=\"GS 5-min 03-23-09\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/gs-5min-03-23-09.bmp\" alt=\"GS 5-min 03-23-09\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/gs-15min-03-23-09.bmp\" title=\"GS 15min 03-23-09\"><img decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/03\/gs-15min-03-23-09.bmp\" alt=\"GS 15min 03-23-09\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Part of my job as a partner at SMB is keeping an eye on what other traders on our desk are trading.\u00a0 I have a third monitor that is used primarily for this purpose.\u00a0 I find it kind of amusing when a new trader asks for a third monitor.\u00a0 Why would they need a third monitor?\u00a0 So they can spend &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/dont-fight-the-tide\" class=\"more-link\">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":[4676,155,18],"class_list":["post-461","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-day-trading","tag-gs","tag-smb-capital","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Don&#039;t Fight the Tide | 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\/dont-fight-the-tide\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don&#039;t Fight the Tide | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Part of my job as a partner at SMB is keeping an eye on what other traders on our desk are trading.\u00a0 I have a third monitor that is used primarily for this purpose.\u00a0 I find it kind of amusing when a new trader asks for a third monitor.\u00a0 Why would they need a third monitor?\u00a0 So they can spend ... 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