SMB caught a nice trade in RIMM on the Open. We used an intraday support level from Friday to start a core long in RIMM today. Let’s discuss. RIMM finished up over twenty percent on Friday. RIMM had trouble trading above 60 into the Close but still finished impressively. During the midday 58.50 was a huge level on Friday. This … Read More
On the Open
Often new traders state, “I can’t trade the Open.” And then they decide to just watch for the first 15 minutes of trading. But doing this eliminates some easy money for you. And understand it is not that you cannot trade the Open, it is that you trading the Open poorly. But there are certain set ups that offer an … Read More
Learning to Let Go
One of our talented young remote traders sent me the following email a few days ago and I thought this was an important topic to address. Below is his email: Gman, I had a hell of a time with ACN this morning. There were a lot of screw jobs, and fake outs. The price action was very choppy and it … Read More
Tuesday Morning Fun – Excessive Celebration
On our desk we frown upon excessive celebration after making one good trade. Many get in an excited mental state which causes them to make several bad trades in a row. One of our traders found this link this morning. This is clearly an example of excessive celebration. Wait for the score at the end of the clip. http://video.yahoo.com/network/100284668?v=4656506&l=4418225 Enjoy. … Read More
Hard Work Pays Off
We asked about 8-10 of our core traders to work on their skill development during the past two months. These are guys who had been trading live anywhere from 8 to 16 months. They had all previously demonstrated a high level of profitability. But the market environment changed and they had to adapt. They had developed some bad habits because … Read More
Percentage Returns for Day Traders?
A couple of days ago I received an email from a blog reader inquiring about my performance for this year. And often times we are asked during interviews what kind of returns we generate. Almost every day I see on Facebook and some blogs people posting their percentage returns for a particular stock. Individual investors among others judge their performance … Read More
Don’t Fight the Tide
Part of my job as a partner at SMB is keeping an eye on what other traders on our desk are trading. I have a third monitor that is used primarily for this purpose. I find it kind of amusing when a new trader asks for a third monitor. Why would they need a third monitor? So they can spend … Read More
A Traders’ Market
We spend a lot of time on our prop desk focusing on skill development. Trading intraday requires a certain set of skills that take some time to acquire. If you are given good training and work very hard you will develop a set of skills in 6 to 12 months that will allow you to make money in all market … Read More