As I write, I am headed to Austin, Texas to train the newest class for our partners at The Kershner Trading Group. We train the new traders down there as a part of our JV (joint venture) with KTG. I will be training these new traders using The SMB Foundation, Part I of three parts of our training. Today in … Read More
3 ideas to improve waiting for your trades
Yesterday I wrote about the #1 trading frustration of top traders on our prop desk. (#1 issue top traders want to fix in 2017 on our prop desk.) Today let’s offer 3 ideas to solve this frustration: 1. Journal your progress on waiting for setups. When are you successful waiting for setups? When are you early to enter and why? … Read More
#1 issue top traders want to fix in 2017 on our prop desk
It’s the end of the year, and time for trading business plans for 2017 from the traders on our desk. When viewing the trading plans of our best traders the issue that repeats the most to fix in 2017 is…….. Waiting for the setup! These are highly profitable traders, and even some seven-figure traders. These are experienced traders who have … Read More
Why did I make this trade ($MGM)?
I made a trade in MGM today, and instantly self-talked: “Uhm, why I am in this trade?” It was not a trade that I trade well. It is not a trade that fits my personality. It is not a trade that extenuates my strengths. Why? Why? Why? We make progress as traders when we stop making trades that do not … Read More
Two ways to make more in OPHT
I gave a Junior Trader a hard time in our review after the close for not holding a winner longer. In all fairness, I should do the same for my trading. There are two areas where I could have traded OPHT better, consistent with trading that makes sense to me. I like trading stocks like OPHT. They had horrible news … Read More
A trick to trade bigger
“If you can’t sling around 80k shares than why bother?”- Trader Anonymous On the desk this past week one Senior Trader hit 80k shares for a scalp and a few junior guys giggled at seeing a trader take such size. It was a scalp. And it was a scalp in a stock under $2. So let’s put the size in … Read More
Trading lesson learned from a large loss
I am proud of a trader on our desk. He got stopped out in FNSR. In a trade that he should not have made. The trade is too fast for him. (Learn more about trading edge in this video.) He violated his stop loss. He got caught like a deer in headlights as the trade went against him. That is … Read More
It’s never just patience
Often I hear traders decry their lack of patience. If they were only more patient, they would win. From my seat, there is more to add to these thoughts of trading frustration. You might hear commonly on a trading desk, “I JUST need to wait for my levels.” Again the idea is if trader just waits for his levels he … Read More