{"id":50343,"date":"2021-05-06T15:56:54","date_gmt":"2021-05-06T19:56:54","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50343"},"modified":"2021-05-11T18:41:05","modified_gmt":"2021-05-11T22:41:05","slug":"8-reasons-why-we-had-our-second-best-trading-month-in-firm-history-2","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/8-reasons-why-we-had-our-second-best-trading-month-in-firm-history-2","title":{"rendered":"8 Reasons Why We Had Our Second Best Trading Month in Firm History"},"content":{"rendered":"

\"\"<\/p>\n

November 2020 was the second best month in our firm’s trading history.\u00a0 During a firm call with our partners, we were all searching for the right word(s) to describe our performance in November.\u00a0 Finally, I chimed in with “amazing”.\u00a0 Another partner quickly agreed and said “yes it was…. AMAZING.”\u00a0 As for traders, it is important for a firm to study what is working when we are trading well to sustain and improve our performance.\u00a0 As I review what drove our amazing performance, there are essential lessons and ideas for all traders to help you improve.\u00a0<\/span><\/p>\n

What drove our “amazing” performance:<\/span><\/p>\n

1. Collaboration \u00a0 <\/b>\u00a0<\/span><\/p>\n

It is one thing to encourage traders to work together and share ideas.\u00a0 It is another to offer a concrete way for traders to do so.\u00a0 And yet it is even another for those suggestions to add significant PnL to traders.\u00a0 Traders found a way to collaborate to add serious PnL to their trading.\u00a0 Simply, they opened up joint accounts with other firm traders and traded consensus ideas together.\u00a0<\/span><\/p>\n

Watch: 3 Prop Traders Present How They United to Make their Most Profitable Trade<\/a><\/p>\n

2. Stress Free Trading<\/b><\/p>\n

Traders actively sought to avoid trading that caused large drawdowns.\u00a0 Many may think that elite traders learn to take more heat than junior traders and this leads to larger profits.\u00a0 We are seeing our traders working actively to lower their stress while trading, drawing down less, and waiting for entries and setups that will not manifest stress.\u00a0 They are making more, by risking less, and feeling less stress. <\/span><\/p>\n

3. Networking is a trading skill<\/b><\/p>\n

2 junior traders had their best months ever and put up near 150k each by using their superior networking skills.\u00a0 They have developed relationships at the firm that has lead them into shared trades that has helped them break out as traders.\u00a0 Since joining the desk, they have repeatedly and consistently reached out to other traders.\u00a0 They saw the benefits of those efforts this month by working with\u00a0 the right traders for them, who were open to teaming.\u00a0 These were not the first traders they approached with whom to work.\u00a0 They were the right traders for them with whom to work. <\/span><\/p>\n

4. There is always someone bigger and better than you\u00a0<\/b><\/p>\n

 <\/p>\n

One trader on our desk made north of 4 million during the month of November.\u00a0 What is not widely known is that he has been reaching out to a trader at the firm who made much much more.\u00a0 And that is true of all of the biggest producers.\u00a0 Another trader who made just south of 2 million for the month, jumped on a call and traded the open with two other elite traders who trade with more size than him.\u00a0 One of those other traders on the call noticed a 1.5 million opportunity in a trade that blew the mind of this trader, who never would have seen this absent this call.<\/span><\/p>\n

5. Not every trading team is created equal\u00a0\u00a0<\/b><\/p>\n

The trader team on our desk that performed the best, from top to bottom, is the group that is most grateful for their other team members.\u00a0 Each team member is bringing value to the other team members.\u00a0 Each trader knows their PnL would be much less without their team members.\u00a0 I was on a call with a trader from this team, a former retail trader, and asked him to estimate how much more he made being on his team.\u00a0 I quickly recognized this would be hard to quantify so I jumped in with: “Is it worth 200 percent to your PnL?”\u00a0 This trader quickly scoffed at my estimate and corrected, “Oh no Bella, it is much more.”<\/span><\/p>\n

6. Stock selection<\/b><\/p>\n

\"\"<\/p>\n

As we teach in SMB DNA<\/a>, and I have written, “you are only as good as the stock you trade.”<\/p>\n

The EV sector was the standout sector for the month of November.\u00a0 During a monthly review at the start of November one junior trader shared that he was going to focus on trading the market, as this is what he did best.\u00a0 The senior trader on the team quickly challenged this trader for restricting his trading career to market trading.\u00a0 Dr. Steenbarger, the firm’s invaluable trading coach, advised the trader to take advantage of the opportunities the best traders were crushing.\u00a0 And not to limit his opportunities in a market bursting with opportunity.<\/span><\/p>\n

We were in the right stocks with the most opportunity.\u00a0 \u00a0\u00a0<\/span><\/p>\n

7. Not guts no glory<\/strong><\/p>\n

 <\/p>\n

Traders stalked special trading opportunities, and when they spotted their trade, they attacked with huge size.\u00a0 Traders recognized risk needed to be taken with these special trading opportunities and they were certain to take these trades with large size.\u00a0 Too little risk in your A+ trades is too risky.\u00a0 Again, they did this without taking heat on their trades and drawing down.\u00a0 But they were certain to place big bets when necessary.<\/p>\n

8. The Market Opportunity<\/strong><\/p>\n

We cannot explain these amazing results without acknowledging the extraordinary trading opportunity this month.\u00a0 And it is true that many new traders, upper middle class traders, and elite traders at the firm made monthly personal bests.\u00a0 Simply, there was across the firm success.\u00a0 However, traders have been working hard on their trading games daily, weekly, monthly, over in some cases years, to produce these results.\u00a0 A trading colleague shared a passage from Chop Wood, Carry Water<\/em> to contextualize these results:<\/p>\n

Akira-Sensei, I am getting better and better each week. How long will it take for me to become a samurai archer now?\u201d<\/span><\/p>\n

Akira smiled, and told him it would take 10 years.<\/span><\/p>\n

John was furious. \u201cTen years? Maybe if I didn\u2019t have to spend so much time chopping wood and carrying water then I would be able to reach my goal much faster!\u201d\u00a0<\/span><\/p>\n

Akira replied, \u201cif you don\u2019t chop wood and carry water, then it will take you twenty years to become a samurai archer\u201d.\u00a0 Then he turned and walked away.<\/span><\/p><\/blockquote>\n

And even given the enormous opportunity in this market, the performance of many traders was nothing short of “amazing”.<\/p>\n

Important disclosures<\/a><\/strong><\/p>\n

Mike Bellafiore is the Co-Founder of SMB Capital, a proprietary trading desk, and SMB Training, which provides trading education<\/a> in stocks, options, and futures. Bella is the author of\u00a0One Good Trade<\/em>\u00a0and\u00a0The PlayBook<\/em>. He welcomes your trading questions at\u00a0mbellafiore@smbcap.com.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

November 2020 was the second best month in our firm’s trading history.\u00a0 During a firm call with our partners, we were all searching for the right word(s) to describe our performance in November.\u00a0 Finally, I chimed in with “amazing”.\u00a0 Another partner quickly agreed and said “yes it was…. AMAZING.”\u00a0 As for traders, it is important for a firm to study … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":46575,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463,1],"tags":[],"class_list":["post-50343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","category-general-comments-2"],"yoast_head":"\n8 Reasons Why We Had Our Second Best Trading Month in Firm History | 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\/8-reasons-why-we-had-our-second-best-trading-month-in-firm-history-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"8 Reasons Why We Had Our Second Best Trading Month in Firm History | SMB Training\" \/>\n<meta property=\"og:description\" content=\"November 2020 was the second best month in our firm’s trading history.\u00a0 During a firm call with our partners, we were all searching for the right word(s) to describe our performance in November.\u00a0 Finally, I chimed in with “amazing”.\u00a0 Another partner quickly agreed and said “yes it was…. 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