{"id":7132,"date":"2010-09-18T08:13:32","date_gmt":"2010-09-18T12:13:32","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=7132"},"modified":"2021-02-11T16:46:23","modified_gmt":"2021-02-11T21:46:23","slug":"traders-ask-what-is-my-one-good-budget","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/traders-ask-what-is-my-one-good-budget","title":{"rendered":"Traders Ask: What is My One Good Budget?"},"content":{"rendered":"

My name is (XXXXXXXXXXX) and I just finished “One Good Trade.” \u00a0I enjoyed
\nyour book very much and I wanted to send a few comments your way.
\nPersonally I am a full time day trader from home. \u00a0Currently I am
\nconcentrating on the SP emini but after reading your book I feel as though I
\nneed to start looking for futures-in-play. \u00a0I have two teenage boys and I
\nwant them to learn how to trade but not just yet. \u00a0I am going to have them
\nread “One Good Trade” and maybe in a couple of years I can send the oldest
\nto NY for the Summer so that he can take the Trading class and maybe do a
\nlittle interning for your firm. \u00a0We can discuss this later on.<\/p>\n

But more about your book, by the time I got to the end I had an empty
\nfeeling that you should have written 2 books. \u00a0One on the world and inter
\nworkings of Prop Trading Firms and one on mastering trading. \u00a0In these two
\nbooks you could have gotten more into the finer details.<\/p>\n

For instance, you never went over the pay structure in Prop Trading firms or
\neven the margin requirements, Why not? \u00a0When you were describing the
\ndifferent trade styles you could have had links to your website that showed
\n4 -5 charts per different style with more explanations.<\/p>\n

Also, toward the end of the book when you were talking about budgets and
\nsaving money you said that you try to keep your expenses to $3000 per month.
\nHow is that possible as I don’t make your kind of money and my expenses with
\na wife and two kids is over $6000 per month. \u00a0If you are making $4000 –
\n$5000 per day, $50,000 + per month, you should be driving a Ferrari and
\neating out at all the hot spots! \u00a0When I read that it still sticks with me.<\/p>\n

OK Bella, I want to thank you for the last 2 weeks of reading pleasure, you
\nare no Hemingway but a great first book!!!! \u00a0Hopefully if you are in the Los
\nAngeles area, I live near the beach in Santa Monica, or maybe even Las Vegas
\nI can meet you at one of your lectures.<\/p>\n

Bella Responds<\/strong><\/p>\n

1. I do not have a wife and kids. \u00a0In NYC preschool for your kid can hit 5k a month so my expenses will be very different very soon. The principle is the same: develop a lean budget FOR YOU for all markets.<\/p>\n

2. During 2002 I learned the importance of creating a realistic budget. \u00a0I went from 15k credit card bills that I paid as is like a cup of coffee to a street vendor to rethinking my spending habits. \u00a0There will be difficult markets. \u00a0You must create a realistic budget for all trading periods.<\/p>\n

3. A Newb proclaimed his expenses were 7k during a recent one-on-one chat. \u00a0He was single. \u00a0That is spending too much such that you are not placing yourself in the best position to succeed as a retail trader or even as a prop trader. \u00a0You give yourself the best chance to succeed the sparser your budget.<\/p>\n

4. I am not any happier today than when my VISA bill rang 15k. \u00a0I play less golf (actually I play almost not golf- that just got me a little depressed). \u00a0I travel less. \u00a0I don’t hit Nobu as often (my favorite NYC jaunt). \u00a0My dating expenses now consist of just a Friday date night as opposed to foolish things single NYC guys can spend on a female prospect.<\/p>\n

5. From Warren Buffet:<\/p>\n

Spending<\/span><\/strong>: If you buy things you don’t need, you’ll soon sell things you need.<\/span><\/p><\/blockquote>\n

Savings: Don’t save what is left after spending; spend what is left after saving.<\/p><\/blockquote>\n

7. Put yourself in the best position to succeed so that you can do pursue your passion- trading. Remember this awesome quote from Charles Schwab:<\/p>\n

“The man who does not work for the love of work but only for money is not likely to make money nor find much fun in life.”<\/p><\/blockquote>\n

8. When you have a great month buy yourself something nice (think 65in flat screen TV \ud83d\ude42<\/p>\n

Mike Bellafiore
\nAuthor, One Good Trade: Inside the Highly Completive World of Proprietary Trading<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

My name is (XXXXXXXXXXX) and I just finished “One Good Trade.” \u00a0I enjoyed your book very much and I wanted to send a few comments your way. Personally I am a full time day trader from home. \u00a0Currently I am concentrating on the SP emini but after reading your book I feel as though I need to start looking for … 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":[10,908],"tags":[162,30,50,1193,653,1354,1349],"class_list":["post-7132","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","category-traders-ask","tag-day-trading-blog","tag-prop-trading","tag-proprietary-trading","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"\nTraders Ask: What is My One Good Budget? | 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\/traders-ask-what-is-my-one-good-budget\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Traders Ask: What is My One Good Budget? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"My name is (XXXXXXXXXXX) and I just finished “One Good Trade.” \u00a0I enjoyed your book very much and I wanted to send a few comments your way. 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