{"id":51569,"date":"2022-04-29T12:16:26","date_gmt":"2022-04-29T16:16:26","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=51569"},"modified":"2022-04-29T12:16:26","modified_gmt":"2022-04-29T16:16:26","slug":"10-trading-lessons-from-elite-prop-trader-shark","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/10-trading-lessons-from-elite-prop-trader-shark","title":{"rendered":"10 Trading Lessons from Elite Prop Trader Shark"},"content":{"rendered":"

\"\"<\/p>\n

Shark sat down for an in-depth interview<\/a> with Chat with Traders.\u00a0 Shark is one of the best traders in our trading space, let alone our prop trading firm.\u00a0 This is the first one-on-one interview he has ever given for the trading community.\u00a0 It has been so much fun watching him grow as a trader.\u00a0 We are so grateful to have been lucky enough to work with him.\u00a0 He is not just an amazing trader, but also a terrific person.<\/p>\n

Here are ten lessons you can learn in this interview from this multiple 8-figure-a-year trader.<\/p>\n

1. Don’t dig yourself into a hole when you start trading.<\/strong><\/p>\n

Shark highlights this as one of the keys to his success.\u00a0 He accepted he would suck at the start.\u00a0 He consciously ensured that he lost very little, while he was working to become consistently profitable.\u00a0 He had not lost very much money before he started to become consistently profitable.\u00a0 Thus, there was not a large hole for him to dig out of when he started making money.<\/p>\n

2. Develop good habits at the start.<\/strong><\/p>\n

Shark credits learning good habits to helping him become consistently profitable when he began.\u00a0 Shark focused on improving his process over his PnL.<\/p>\n

3. Learn from other traders.<\/strong><\/p>\n

Shark learned setups from other traders at the firm to become consistently profitable.\u00a0 He continues observing how others are making money and experiments with those trades.<\/p>\n

4. Build from profitability.\u00a0\u00a0<\/strong><\/p>\n

Shark starts experimenting with a new strategy with small size.\u00a0 Only after he is profitable with small size does he ramp up his risk.<\/p>\n

5. Get your psychology right.<\/strong><\/p>\n

Shark believes too many traders fail because they cannot keep taking good trades.\u00a0 Traders, according to Shark, need to work on their demons.\u00a0 They need to conquer what is holding them back from taking all of their good trades.\u00a0 If you take a good trade and lose money, you must take the next good trade.\u00a0 If you cannot, then this is what you need to overcome to become a consistently profitable trader, per Shark’s observation.<\/p>\n

6. A big loss can be the turning point in your trading career.<\/strong><\/p>\n

Shark took an outsized loss in KBIO.\u00a0 He lost 10xs what he would in another trade.\u00a0 He used this as an opportunity to build his resiliency.\u00a0 He made back this huge loss in a few months.\u00a0 This showed him that he could take a huge loss, risk much more than he was, and still be fine as a trader.\u00a0 This gave him the confidence to trade bigger going forward.\u00a0 Sometimes, disappointment is an opportunity for us to become better than we thought.<\/p>\n

7. Shark had the support of his family.\u00a0<\/strong><\/p>\n

His family gave him the support he needed to become a consistently profitable trader.\u00a0 Shark asked his family to give him one year of support and they did.<\/p>\n

8. Shark focused on lowering his stress to become a better trader.\u00a0\u00a0<\/strong><\/p>\n

Shark intentionally worked to lower his trading stress to reach a new level in his trading career.\u00a0 He was already elite at the time, but made even more progress with this focus: trading less, being more selective, and drawing down proportionally less.<\/p>\n

9. Shark is ultra-competitive AND humble. <\/strong><\/p>\n

Shark credits his competitiveness to his success as a trader.\u00a0 He also notes he is humble enough to admit when he is wrong.\u00a0 Shark shares being both ultra-competitive and humble is a rare combination in a trader.\u00a0 Shark concludes that this combination has driven much of Shark’s success.<\/p>\n

10. Shark is an exceptionally talented trader.\u00a0\u00a0<\/strong><\/p>\n

Shark notes his ability to trade many different positions contemporaneously.\u00a0 He has the rare ability to be able to track up to 30 different positions simultaneously.\u00a0 No one else comes close to this ability on the desk.\u00a0 No one else has his bandwidth.\u00a0 You don’t reach his level of success without having exceptional ability.\u00a0 He is a rare talent in the trading world.<\/p>\n

Please enjoy the full interview here<\/a>.<\/p>\n

From all of us at SMB, train and trade well.<\/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\u00a0trading education<\/a>\u00a0in 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":"

Shark sat down for an in-depth interview with Chat with Traders.\u00a0 Shark is one of the best traders in our trading space, let alone our prop trading firm.\u00a0 This is the first one-on-one interview he has ever given for the trading community.\u00a0 It has been so much fun watching him grow as a trader.\u00a0 We are so grateful to have … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":51570,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463],"tags":[5591,5590,5589,18],"class_list":["post-51569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","tag-elite-prop-trader","tag-kenny-sharkness","tag-shark","tag-smb-capital"],"yoast_head":"\n10 Trading Lessons from Elite Prop Trader Shark | 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\/10-trading-lessons-from-elite-prop-trader-shark\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Trading Lessons from Elite Prop Trader Shark | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Shark sat down for an in-depth interview with Chat with Traders.\u00a0 Shark is one of the best traders in our trading space, let alone our prop trading firm.\u00a0 This is the first one-on-one interview he has ever given for the trading community.\u00a0 It has been so much fun watching him grow as a trader.\u00a0 We are so grateful to have ... 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