Traders often want to trade bigger. Today SNAP offered an example to me of when and how. I was short Shapchat ($SNAP) intraday and scrolling through the SNAP positions of our other traders on the desk. I felt like I was not big enough in my short. I started to think where I could add to my winning position. First, … Read More
Is it me or the market I am trading?
Hi Bella! How are you? Probably you don’t remember me. My name is Andre and I am a Brazilian futures trader. We talked a few times in the past via email. I have read all of your books and others which you quote, like Brett Steenbarger. I am trading since 2009. I had great results in the past, especially in … Read More
Forex: The Ideal Track Record for Funding a Proprietary Firm
Hi Mike, I am from Singapore, and I recently just finished reading “The Playbook”. I read “One Good Trade” a few years back and got me propelled into the right mindset a trader should have. I like how the book has included the part of how a professional trader thinks, I used to think that a trading plan only includes … Read More
Traders Rave About “One Good Trade”: How It Transformed Their Options Trading
One of the great rewards from writing One Good Trade are the positive unintended consequences. One of those is how much the book has helped traders other than equities day traders. Let me offer two examples. Today at lunch, I sat with an income options trader, who shared his trading breakthrough was reading One Good Trade. This trader had … Read More
The power of Team Trading
Last night Team SWang, a collection of traders with unique skill sets that trade for firm, met for drinks and food to discuss ways that they could improve. They are one of the top teams at our firm, based on PnL and improvement. Their team leader, SWang, encapsulated how Team Trading can help traders: “I didn’t know a team … Read More
The trading exit is not what you want but rather what it should be
A trader read yesterday’s post Expectations poison good trading and remarked: I would like to focus on this savvy reader’s observation: “I’ve sometimes used the standard of what I WANT the market to do. (how ridiculous is that!)” Well…. from my seat it is not too ridiculous at all. I have been guilty of this. I have seen profitable traders … Read More
Build trades around the direction of the real trade
In a monthly review, a promising trader found an important area of improvement: build trades around the direction of the real trade. The trader in his monthly review wrote: Before the Open yesterday, our top trader was fielding trade ideas from junior traders on his desk. One junior trader offered an idea that was dismissed by the top trader. He … Read More
5 trading lessons from monthly reviews
At the end of each month, firm traders are encouraged to complete a monthly review of their trading. While reading firm reviews for April, 5 lessons stood out. Let’s discuss them. 1.Don’t turn bad days into worse One developing trader is working on limiting losses on his bad days. The thought is every extra dollar not lost on his bad … Read More