{"id":46563,"date":"2018-02-10T11:39:53","date_gmt":"2018-02-10T16:39:53","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=46563"},"modified":"2023-06-08T11:58:48","modified_gmt":"2023-06-08T15:58:48","slug":"meeting-traders-in-chicago-next-week-because-you-always-trade-with-stops","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/meeting-traders-in-chicago-next-week-because-you-always-trade-with-stops","title":{"rendered":"Meeting Traders in Chicago Next Week: Trading with Stops"},"content":{"rendered":"

\"\"<\/p>\n

This was a bittersweet week for traders on the Street.<\/p>\n

The sweet? We saw one of our top traders post three 200k days.\u00a0 In one week, he made nearly as much as his best month ever.\u00a0 His goal of making 8-figures in a year became more of a reality.<\/p>\n

Our options desk struggled.\u00a0 They shorted volatility and got stopped out.\u00a0 But, but, but… they got stopped out to live to play another day.\u00a0 They lost ONLY the amount of their max loss.\u00a0 Strong risk management brought losses, but losses that are manageable.<\/p>\n

One of my trading colleagues said bluntly, summing up this week perfectly, to a star trader,”You always trade with stops.\u00a0 Always!”<\/p>\n

The risk management at our desk in NYC has improved greatly since inception.\u00a0 (Think KBIO.)\u00a0 Dr. Steenbarger has taught me so much about the best way to think about risk management<\/a> from the firm’s and trader’s perspective.<\/p>\n

The bitter? Four friends and\/or friends of friends at trading firms lost more than, as described to me by one trader, “what they could make in a trading career”.\u00a0 All of these traders were consistent 5m plus per year traders.\u00a0 All of them.\u00a0 A failure of risk management in one after-hours moment with volatility products<\/a>\u00a0(read Howard Lindzon on this) challenged their very trading careers.<\/p>\n

When hearing unfortunate stories like these great traders losing so much, it reminds us to adhere to our stops as traders. And double down on our risk management as traders AND trading firms.\u00a0 Each firm is only as solvent as good risk management.\u00a0 If these truly talented, impressively large producers in a few bad moments could get hit so hard, then we all can.<\/p>\n

I will be in Chicago this week, Monday and Tuesday, meeting with traders.\u00a0 First, I would like to be there for some good friends and their friends.\u00a0 We say trading is really hard<\/em> but only veteran traders understand what his really means.\u00a0 It is really hard<\/em>.\u00a0 How many people can withstand one bad moment causing so much consequence?\u00a0 Second, there are many traders looking for new homes after this week.\u00a0 We are open to discussions with traders looking for a new home.\u00a0 Many are being displaced as a result of this week.<\/p>\n

SMB in our JV with KTG offers tremendous value for traders with:<\/p>\n

\"\"<\/p>\n

When you trade as long as I have, you will have seen and made every mistake you can make.\u00a0 I shake my head at some of the dumb things I have done as a trader and Managing Partner.\u00a0 For all us, we have to keep getting better and learning from our failures.<\/p>\n

I overheard one of our\u00a0Black Shirt<\/a>\u00a0earners saying so much to a new hire just this week outside my office.<\/p>\n

Ray Dalio wrote,<\/p>\n

“I saw that to do exceptionally well you have to push your limits and that, if you push your limits, you will crash and it will hurt a lot. You will think you have failed – that won\u2019t be true unless you give up. Believe it or not, your pain will fade and you will have many other opportunities ahead of you, though you might not see them at the time.”<\/p>\n

I finished my second book, The PlayBook<\/em> with “You can be better tomorrow than you are today!”\u00a0Stop losses, risk management, and learning from failure to become better is the large takeaway from this historic week on the Street.<\/p>\n

Any traders who want to chat or meetup, I am available- mbellafiore@smbcap.com.<\/p>\n

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

This was a bittersweet week for traders on the Street. The sweet? We saw one of our top traders post three 200k days.\u00a0 In one week, he made nearly as much as his best month ever.\u00a0 His goal of making 8-figures in a year became more of a reality. Our options desk struggled.\u00a0 They shorted volatility and got stopped out.\u00a0 … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":46565,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[30,1798,376,18],"class_list":["post-46563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","tag-prop-trading","tag-prop-trading-firm","tag-proprietary-trading-firm","tag-smb-capital"],"yoast_head":"\nMeeting Traders in Chicago | SMB Training<\/title>\n<meta name=\"description\" content=\"Join us in Chicago and learn about trading with stops from fellow traders. 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