RIG was the best stock intraday. 56 has been a huge level. Thursday during the AM meeting Jersey Shore highlighted this level. During the AM meeting Friday he did as well. Intraday he called out, “RIG above 56.” GTL. Gym…..Trading……Laundry. And yet some on our desk did not catch most of the move. Why? 1) All levels are not created … Read More
Traders Ask: Must I Always Follow My Trading Rules?
Question: Mike, Hope you enjoyed an excellent holiday weekend! I spent a lot of time this weekend thinking about a trade from Friday and whether or not I should continue to make this trade – I am curious what your reaction would be if one of your guys did this. In the AM, I noticed the NYSE-TICK opened strong … Read More
Traders Ask: How Do I Read the Order Flow in an ETF?
Question: Hey SMB Prop Traders, Keep up the hard work I have a lot of respect for what you guys do. I’m currently heavily engulfed in learning the in and outs of trading before committing to any positions. Something that has been playing on my mind since reading an article in the Australian Financial Review regarding EFT transactions is … Read More
SMB Trading Lesson of the Week – Rehearsing the Open Before the Open
Watch Mike Bellafiore, author of One Good Trade: Inside the Highly Competitive World of Proprietary Trading (Wiley), in our new video series SMB Trading Lesson of the Week for StockTwits U. This week we discuss: Rehearsing the Open Before the Open. We hope you enjoy! Don’t forget to follow us on Twitter!
Traders Ask: What is the Proper Win Rate?
Dear Mike I am an avid follower of your blog and am completely sold on the idea of trading in-play stocks as a result of a greater likelihood of subsequent predictable intraday behaviour. I have a couple of quite specific questions on the consolidation play that is mentioned in several places on the blog. Context: Assume an in-play stock … Read More
Traders Ask- How Do You Choose What Trades to Focus On?
Thanks for a great job on the blog. Also love Mike’s book. I just left a prop firm where i could only scalp Eurostoxx 50 futures (like dax or S&P500 futures) to trade stocks in play for my own money, since there are almost no props here trading stocks. I live in Stockholm (Sweden) and the Nordic equity markets … Read More
And The Real Reason For That Losing Trade Was……..?
Look at the chart above. Say you shorted RIMM below 45 and got stopped out at 45.16, develop a reason for this loss and then continue reading. Ok great to have you back with us. Today during a teaching session Bad A$$ Mike shared a trade he made on the Open getting short RIMM below 45. Steve whispered in … Read More
What is Your Big Picture?
Every trader must see their big picture. At SMB we make trading decisions based upon three factors: Reading the Tape, Technical Analysis, and Intraday Fundamentals. We teach our traders to think of a big circle with each of these factors inside. How do you determine your big picture? Today during an informal discussion one of our new SMB Training traders, … Read More