Before the Open I was pissed. As a partner sometimes I miss the days when I could just roll into the office and trade. I look forward to the day when the guys we teach are running the desk. And I can just come in and trade. And I hope I get to sit all the way in a back … Read More
I Am Not Making the Same Mistake Today
As traders we search for repeating patterns. The last two trading days have offered the same pattern. Levels were violated into the Close and the market trended into the Close. Financials could be bought or sold in the direction of the trend and held into the Close. Let’s discuss. Yesterday into the Close SPY traded between 81.20 and 81.50. We … Read More
Sometimes It’s Just That Easy
Often intraday traders struggle understanding the difference between a Trade to Hold and a short term trade. Most trades that we make are short term trades. But every intraday trader needs Trades to Hold. And you ought to have a list of these trades that are best FOR YOU. Let me offer a suggestion of a Trade to Hold for … 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
Planting Seeds
One of our traders had a great trading day. He finished negative. The market was up 500 points as the Obama administration unveiled its plan to remove toxic assets from the books of the nation’s banks. BTW we now have traded up 1300 points since the day I left for vacation. This trader did not make many trades … Read More
The Daily Trading Coach- A Must Read
“The Daily Trading Coach- 101 Lessons for Becoming Your Own Trading Psychologist“, written by Dr. Steenbarger is now being shipped by Amazon. We have our orders in at SMB. I cannot wait for my copy to arrive. A few months ago I received an email from Dr. Steenbarger asking me if I would like to participate in his next … 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
Getting Back In
Today a new trader asked me a question about getting back in. This new trader got long MS in front of a support level identified by Steve during our AM Meeting. The support level didn’t hold, this new trader exited, and then MS spiked. Sound familiar? Anyway, I was pulled aside to offer some suggestions how to get back into … Read More