I just handed in my manuscript for One Good Trade to Wiley. I am relieved to have this behind me. During my editing process I discarded some humorous anecdotes that just did not quite fit with my book. I thought you might enjoy this one interview I had with a prospective prop trader candidate. GOP: Be Respectful This next interview occurred … Read More
From the Mailbag – Part 4
I received this email from Reader Josh. This is a very interesting dilemma he finds himself in as a new trader. For SMB Readers do you have any advice to offer Reader Josh? Hello Bella, I believe my question is geared towards adjustments. I am 25 years old. I have been playing poker and making money in it since 2004 … Read More
The Cost of Fading Strong Stocks
Into the Close I sit, trade, and also must watch what our traders are doing on my Admin screen. It is my job to make sure they are not violating market fundamentals. And I saw this on a few trader’s screens: -1000 AIG -1600 AIG This is an example of breaking a market fundamental. We do not short strong stocks. … Read More
Trading AND…
IEL sits at his trading station staring at his screens ready to pounce. GMan sits at his much larger trading station (he is the Head Trader) watching every tick in the market, with his hands on his keyboard. Scuba sits patiently processing every bid and offer in ARNA (even though he is a Partner). And then some others trade AND … Read More
Premarket Volume a Tell- DNDN
Last night I went out long DNDN. At 8:30 AM I was down a cool $80 on my position. Not exactly something for which to put down my breakfast Cliff protein bar. DNDN had cleared an important resistance level on Thursday at 27.50. It closed still in an intraday uptrend and 80c from its intraday high at 28.75. Stocks like … Read More
Setting a Goal for the Day
Recently I received this question from Reader Stephen: I am 53 yo guy been trading for 30+ years. I love your videos and your traders that give intraday information, I have a simple question. What is an example of Goal for the day? I have enclosed an example of my monthly goals which I do daily to keep me focused. … Read More
Generating Trading Ideas for Tomorrow
Into the Close I recognized that one of the stocks I was long was stronger than all the others. That was DNDN, which will now be the first stock I consider to trade as I prepare before the Open tomorrow. Let’s discuss. Into the Close I was long LVS, DRYS, AIG, and DNDN. SPY broke from its tight range and started an upmove … Read More
Your Job is Not to Make Money
What do all of these things have in common? We took down our leaderboard at our firm a few months ago. Today one of our traders left early because he got stopped out. The other day I was interviewing a candidate for our desk who defined a good trading day by how much he made or lost. What is your … Read More