At our firm, traders can be discretionary traders, automated traders or hybrid traders. Discretionary traders push the buttons and make their own decisions. Automated traders develop and idea, backtest, forward test, and then let computers run the strategy. Hybrid traders do a little of both and use technology to inform better discretionary trading. Often we hear in the Financial News … Read More
What is working for YOU
When I receive emails from new and developing traders they often dwell on what is not working with their trading. They recite with precision exactly what they are doing poorly and with thoughtful reasons for this. Inevitably, they ask for help with these issues. My first response generally is to ask them what they do well. And we then build … Read More
When you are trading too big
When are you trading too big? Recently, while heading outside for a trading break, a developing trader stopped me near the elevator. He gave me a progress report on a new strategy that he was running. I love it. It is unique. He has backtested the strategy and it has edge. No one else on the desk is trading it. … Read More
I just need to eliminate my ehh trades
Last night, I was reading the review of one of our traders, Trader A, who wrote, “I just need to stick to my plays that make me money (ETRM, TWTO, GLYC) and just faze out those ehhh ehh trades, I will become very consistent and very profitable.” To Trader A, I responded, ” When u say get rid of ehh … Read More
The power of Team Trading
Last night Team SWang, a collection of traders with unique skill sets that trade for firm, met for drinks and food to discuss ways that they could improve. They are one of the top teams at our firm, based on PnL and improvement. Their team leader, SWang, encapsulated how Team Trading can help traders: “I didn’t know a team … Read More
The trading exit is not what you want but rather what it should be
A trader read yesterday’s post Expectations poison good trading and remarked: I would like to focus on this savvy reader’s observation: “I’ve sometimes used the standard of what I WANT the market to do. (how ridiculous is that!)” Well…. from my seat it is not too ridiculous at all. I have been guilty of this. I have seen profitable traders … Read More
Bring a consistent you to markets to improve your trading
Trader wants to improve his trading consistency. (Please assume Trader has some edge in markets.) Trader might double down on their efforts to perform better during market hours. If I just focus better. If I just take only A+ trades. If I just wait for my trades more patiently. If I just use this indicator. If I just size … Read More
Unveiling Trading Wisdom: 21 Key Takeaways from Dr. Steenbarger’s Master Class
This Sunday I had the privilege of taking Dr. Steenbarger’s Master Class, trading coach and author, at The TradersExpo NYC. It was four hours jam-packed with learning. The Master Class was truly exceptional! Many have reached out to my inbox and asked for me to share my notes with you. I will do so here. To become a distinct trader you must … Read More