After the Open we meet with our new class and ask them to share a good trade from the open. There was a lot of I bought at this important level and the stock only went up from there. Was it really the level? So the first Newb saunters up to our 65inch flat screen which displays our charts, announces … Read More
SMB Trade of the Week- Bearish Momentum Trade (VPRT)
Each week we share with you a trading pattern that we use consistently on our desk. Like most successful traders (all?) we have measured the win rate for this trade. In short we are giving you an intraday trading pattern that works. In this SMB Trade of the Week we will share a Bearish Momentum Trade that we made in … Read More
Traders Ask: One Good Trade?
From Reader Angel: When you refer to “One Good Trade, then another One Good Trade, then another” does this imply that new traders should never have multiple positions on at the same time, but should instead focus on one position (i.e. One Good Trade) at any given time? After the trade is over, then move on to the next “One … Read More
Aint Nothing But a Trading Thing
Yesterday one of our new traders stopped into my office frustrated, looking for a pick me up and wisdom. I provided neither….. purposely. And these moments are always a little awkward as the trader waits for the wisdom and I purposely withhold. I imagine them wondering I think I just stumped Bella. Often I will change the subject, in this … Read More
Could You Reenter?
I was aggressive buying GENZ into a pullback today and got stopped out of 2/3 of my position. GENZ closed $1.30 above where I got stopped out of most. When GENZ broke above the opening highs of 66.85 and spiked to 67.25 my interest in buying a pullback was initiated. I bought 66.81, 66.61, and then 66.46. I hit out … Read More
10x = X
Excellence is the gradual result of always striving to do better. Pat Riley Maybe I am starting to get a little old. Maybe the half a generation removed from most of our traders is the difference. Then there is my pending marriage and their out-till-4AM shenanigans. But I see a disturbing trend with a few developing traders and some potential … Read More
Burn the Boats
“Burn the boats.” I cannot stop thinking about this video introduced to us by crosshairstrader. If you are a serious market participant please watch it. There is a lot of this market is too hard out there. When I first started trading we had one CRT monitor. We had no charts. There was no newsfeed. Our trading system would … Read More
Book Review One Good Trade by Dr. Steenbarger @ Seeking Alpha
Dr. Steenbarger, author of the The Daily Trading Coach, reviews One Good Trade: Inside the Highly Competitive World of Proprietary Trading (Wiley Trading) in this article at Seeking Alpha. From Dr. Steenbarger: Prop trading firms have traditionally been quite secretive about what they do and how they do it. Mike has lifted that lid, offering a variety of lessons that … Read More