So I work with a trader who started very well. I was very happy with his progress. He was consistent with his results. Steve frequently would remark at his over-performance given his experience. And then recently he has not traded well. So much so that yesterday I wrote him this email: Hey, what is going on w u? Something bothering … Read More
How do I regain my trading confidence?
Hi Mike, I think it’s crazy (in a great way) that a successful trader/prop firm manager/author still takes time to answer random question from traders… Thanks so much for considering responding to mine. First, a bit of background so you know where I’m coming from. I started trading at the beginning of 2004 at a prop firm in Chicago that … Read More
Is this a tape reading play that you make?
Mike/Bella/Mr. Bellafiore, First, I can’t thank you enough for all you’ve done for the trading community. I’ve learned orders of magnitude more from the fruits of your efforts than from any other single source since I’ve started trading. You’re doing great things. My question is about tape reading. How would you describe the difference between tape action that signals a … Read More
The easiest trade of this open (STT)
Scanning the market universe on the open STT, State Street Corporation, caught my eye. 1) I liked that it was down a lot 2) I liked that after the open it showed an ability to move away from prices 3) 40/39 were levels on my long term charts so it still had room to trade lower 4) There was a … Read More
The CCL Trade
After the open we meet in our training room to review the open with some of our newer traders. We talked CCL, Carnival Corporation, for the midday and into the close. Before that we went over what we liked about CCL and what we didn’t. What we didn’t like: 1) Future bookings to probably decrease because of the accident. 2) … Read More
One day in the life of a pro trader
I received this email from a new trader disappointed. I chuckled when I read it. Man have I felt like this trader like every year of my career 🙂 I really got my a$$ handed to me the last two days. I think they are my two worst trading days in terms of net PnL. I basically gave back all … Read More
Is it time to quit trading? Part II
Over the weekend we started a discussion on Twitter and the SMB Blog about whether it was time to quit trading for an experienced trader who had emailed me. He had had some past success. Then underperformed for a few years. Had recently started a family offering another important variable. We offered some thoughts via a blog: Is it time … Read More
Trading is not that important
I received this email from an old friend and SMB reader. It puts every losing trade, underperforming month, and “bad day” in perspective. Suddenly all my trading worries have vanished. It doesnt matter how much money I am up or down or how I’m going to find my next One Good Trade. Funny how having a doctor telling you that … Read More