This was one of the best trading weeks we have had as a firm. The pot names offered outsized opportunity. We have been fighting the overextension in TLRY for several trading sessions, with hedges and with responsible max losses, and traders on the desk were finally paid.
I loved seeing the growth in trade structure by traders on the desk. Some were essentially wrong about TLRY for days but did not draw down excessively and then crushed the turn. Trades structured with options offered this. Last year at this time, some traders on the desk would not have been able to express their trades with such sophistication.
We had one trader have him first one million dollar trade.
We had another trader put up his first one million dollar week.
We saw junior traders put up personal bests in PnL.
What I love most about this trading opportunity in the pot names is that traders have been improving their game, and with an outsided opportunity similar to GBTC last year, made much more PnL. Our desk outperformed in 2017, but this year they are exceeding their best months- even from 2017.
Simply, it is fun to watch. It is fun to be a member of this desk.
Admittedly, I am sheepish to share PnL successes like this so as not to send the wrong message to the trading community. My hope is this trading success inspires you to see how much you can improve as a trader. And on that note, here are some links that can help you take another step closer to your ultimate goals as a trader.
How to turn one good trading idea in (Sonos) SONO into a professional trade
How to make money in a proven trade strategy in hot IPOs
Top senior trader on what it takes to become a successful trader
*no relevant positions
