Wednesday after the Close we brought our traders into our training room and started talking about a game plan above SPY 134. A profitable trader is first a prepared trader. The market was consolidating close to this level. Above and the market might run. Towards the conclusion of our meeting I asked all of our traders to send to each … Read More
The Thoughts of a Professional Trader (OVTI)
Here are my thoughts trading OVTI on the Open 7/6/2001. 1. Opening Drive Play. OVTI gaps down with fresh news. During our SMB AM Meeting Steve mentioned OVTI starting to move that he found from the SMB Scanner. This is a very cool new tool which we built for our desk that shows the stocks we want to consider before the … Read More
The Thoughts of a Professional Trader (BIDU)
Here was my thought process in BIDU today. 1. BIDU is below the important Premarket support so I am looking for an Opening Drive to the downside. I feel very smart after the 3 point downmove. 2. BIDU bounces after it fills the gap but I find an area of intraday R. I feel very smart after finding this level … Read More
The Trend Trend Trade
I am officially naming a new trade. SMB will call it the Trend Trend Trade. Below we explain through the trade of one of our traders, Shark, reviewing a recent trade in LPS, using the SMB Playbook template. The Trend Trend Trade is a set up where the long term trend and the short term trend align. We look for spots … Read More
Discovering Trading Joy: How It Impacts Your Results (and Where to Find It)
Golf offers us so many psychological lessons from which traders can learn. Are their two professions that universally accept the importance of the mental side of the game more than trading and golf? Are there any two professions where psychological coaching is in such demand? Are their Dr Steenbargers, Shulls, Kievs coaching litigators or surgeons? Before this week’s US Open … Read More
Trading Thought of the Day – June 15, 2011
You shouldn’t create rules at a trading firm unless you first get buy in from your traders.
You are trading patterns not opinions
I was hanging inside my office working on a new business idea for retail traders when the email below hit my inbox. I spent some time showing our new traders how you trade P in Real-Time, which was the catalyst for this ping. After P failed to hold 23 and then for the first time all AM held the offer … Read More
Should this trader quit?
I received this email recently: Hello. This is a retail level trader with almost 3 years of trading experience in s&p mini futures. During those grueling 3 years, I’ve suffered nearly 25k in losses, most during the 2008 crash where emotions got the best of me. Since then, I have learned the importance of risk management and now I am at a point where my … Read More