Dr. Brett Steenbarger, the Coach K of trading coaches, generously visited our firm today and spoke with our traders. I asked him to tackle four issues during his discussion: I want to take my trading to the next level If I could just wait for my setups If I could just stop taking lesser trades Define the competitive trader I … Read More
Why join a prop desk?
On my blog for Yahoo Finance Contributor, The Trading Coach, there is an Ask Anything option. One reader asked: What are the advantages of trading prop? We are a proprietary trading desk in NYC, trading stocks, options, futures, and automated trading. The firm, powered by Kershner Trading Group, provides capital, training, coaching and mentoring, technology and assumes all risk. … 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 this special trader failed to hit his stride with us
One of our special developing traders failed to hit his stride with us. He worked as hard as anyone at the firm. Everyday he sent me his in-depth daily trading review to my inbox. His reviews set the standard for Junior traders. He worked on his trading game in college, before he arrived at SMB. I have strongly advocated for … Read More
Why I didn’t trade today
I didn’t trade this morning. I had ever intention to do so when I left the office last night. I like the opportunity in FB TWTR SRPT SPY IWM for today’s trading session. So this was not a decision of a lack of trading opportunity. I, personally, was not in an optimal state to trade. And therefor, I benched myself. … Read More
What this new trader learned on Day 1 (166 lessons)
Our new class started part I of their training this week, with the SMB Foundation. Some say, “The only way to learn how to trade is trade.” Here is some evidence contrary to that position. One trainee with past trading experience sent me his notes, without solicitation, as to what he learned on Day 1 of our training program. He … Read More
A Macro Trade That Is Working
Rarely if ever do I develop a trading thesis that involves macro analysis and a time horizon greater than a few months. But through conversations with pro traders with experience in the energy sector and reading a few excellent analyses on the oil sector I came to view oil as a great risk/reward long trade from the high $30s up … Read More