Blog

5 Lessons from the Prop Desk

I was grateful to be asked by my friend, JC Parets (@allstarcharts), to present at Chart Summitt 2017.
My mandate? Share 5 lessons from the prop desk.

As always, I love to include anecdotes from traders succeeding on our desk to teach.

Get Your Exclusive Inside Look of “The Winning Trader” Program

The Winning Trader is a very intensive 10-week training experience.

Fail, win and then fail some more to become a winning trader

Part II of our training program on our prop desk in NYC is Trader Development.  There is a lot of necessary and wonderful failing that goes on during Trader Development.

During this process traders experiment with different setups that we highlight. There are trading strategies worth exploration that active traders use to win.

The trading setup that turned one trader into a 7-figure trader (On demand video)

Thursday we held an online class for our trading community: The trading setup that turned one trader into a 7-figure trader.

SMBU’s Options Tribe Webinar: Ron Bertino: The Space Trip Trade

http://www.smbtraining.com/blog/wp-content/uploads/2015/12/Screen-Shot-2... 45w" sizes="(max-width: 150px) 100vw, 150px" />This week , Ron Bertino makes his debut presentation of his signature Space Trip Trade whi

Misery–Nothing Worked Today $CREE $STX $EAT

(1/25/17) Things didn't work out so well today. Technically, EAT trade idea worked perfectly but I forgot to enter my "trading script" pre-market so I missed the short at 46, which worked perfectly trading down $2 to our first support area.

I like this trading pattern in Mattel ($MAT)

I like this trading pattern in $MAT:

a) stock gapping down

b) stock with a negative news catalyst

c) fight on the tape where the seller wins

d) holding below VWAP

e) no longer term technical support in sight

f) staircase stepping down visually on our charts

g) hold short for a real move

We have this pattern today in MAT.

MAT gapped down.

It had terrible earnings:

There was a huge f

A trading strategy newly stressed on the prop desk

A tight wedge pattern for Stocks In Play is favorite trading strategy newly stressed on our proprietary trading desk.

Two chart examples of this trading pattern were seen just yesterday with ATI:

and CSX:

I prefer when these wedge patterns appear in a Stock In Play- something with a news catalyst behind it.

Breakouts from these wedge patterns work best with these pat

Three Opening Trades–Review BABA MMM VZ

Yesterday, I made the below three trades on the Open based on our morning game plan and strategies we teach on the prop desk. It is important to spend time reviewing your trades each day to determine if you followed your trading plan and identify possible improvements on execution.

BABA (win)---good #s.

See the hypos!

I'm grinning from ear to ear today.

One of my mentees was tasked yesterday to begin preparing premarket "hypos" each morning.