{"id":6365,"date":"2010-08-07T08:00:48","date_gmt":"2010-08-07T12:00:48","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=6365"},"modified":"2010-08-07T08:00:48","modified_gmt":"2010-08-07T12:00:48","slug":"scenes-from-an-italian-restaurant","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/scenes-from-an-italian-restaurant","title":{"rendered":"Scenes from an Italian Restaurant"},"content":{"rendered":"

A bottle of red, a bottle of white,
\nWhatever kind of mood you’re in tonight
\nI’ll meet you anytime you want
\nIn our Italian Restaurant.
\nBilly Joel\n<\/p><\/blockquote>\n

A twenty something professional trader enters Zagat’s highest rated Italian restaurant in Soho for a free dinner with a founding partner of his firm. It’s Soho so all this was preceded by four blocks west in the wrong direction and three blocks south of misdirected walking. An eastern European wannabe model escorts them to their reserved table. Fifteen seconds of visual entertainment for two guys stuck staring at trading screens packed with uber fast moving numbers all day long. They are seated away from the commotion and the people who want to be seen. They can talk freely.<\/p>\n

The twenty something is a star trader, turned head trader. The conversation quickly turns to work. How to get their guys to trade with more size for A trades?<\/p>\n

The head trader, recently recognized as one of the top traders under 30, offers, “The problem is a new guy is right, makes $1500 and thinks he has had a good day. He hasn’t. He should be focused on why he didn’t make 5k!” says this recognized trader passionately.<\/p>\n

The A\/C is broken in their private area but after grinding it out all day long, and engrossed in the problem solving, the 90 degree indoor heat is given little thought. While devouring a mixed greens salad, presented as if gift wrapped from Tiffany’s, they make more progress.<\/p>\n

“We could enforce our rules that if you are in an A position YOU MUST risk 30 percent of your intraday loss on this trade,” says the experienced trader who will be paying the bill. This is an idea that receives further discussion.<\/p>\n

Over home-made al dente pasta a new idea challenges the firm’s teaching principles. “When a stock starts to work we should be adding more size. Too often new guys are lightening up. If the target is 40 then adding at 39 when the play is working statistically often is the better play rather than lightening up. They are fighting the math.” This is a brilliant observation one that every developing trader should give more thought. How many times do you lighten up when you really should be adding?<\/p>\n

After two glasses of wine, the best italian in Soho, now too long in a restaurant with broken A\/C, it is time to pay the damage and head home to rest for another day of warfare in the trading arena. The twenty something star trader does not fail to enjoy one last visual take on the way out, while the veteran trader tries very hard not to look. They start walking to the subway which will be as easy for them to find down here as it is for a new trader to hold for the real move. They bump fists good night (their trading gang shake), head their separate ways, and will think about this conversation obsessively during their free time for the next two weeks. <\/p>\n

Mike Bellafiore
\nAuthor, One Good Trade (Wiley Trading)<\/a>\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

A bottle of red, a bottle of white, Whatever kind of mood you’re in tonight I’ll meet you anytime you want In our Italian Restaurant. Billy Joel A twenty something professional trader enters Zagat’s highest rated Italian restaurant in Soho for a free dinner with a founding partner of his firm. It’s Soho so all this was preceded by four … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4674,30,50,18,1193,653],"class_list":["post-6365","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-one-good-trade","tag-prop-trading","tag-proprietary-trading","tag-smb-capital","tag-trader-education","tag-trader-training","no-post-thumbnail"],"yoast_head":"\nScenes from an Italian Restaurant | 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\/scenes-from-an-italian-restaurant\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scenes from an Italian Restaurant | SMB Training\" \/>\n<meta property=\"og:description\" content=\"A bottle of red, a bottle of white, Whatever kind of mood you’re in tonight I’ll meet you anytime you want In our Italian Restaurant. Billy Joel A twenty something professional trader enters Zagat’s highest rated Italian restaurant in Soho for a free dinner with a founding partner of his firm. It’s Soho so all this was preceded by four ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/scenes-from-an-italian-restaurant\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2010-08-07T12:00:48+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.assoc-amazon.com\/e\/ir?t=smtr-20&l=as2&o=1&a=0470529407\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" 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