Bellafiore - One good trade: inside the highly competitive world of proprietary trading
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- Book:One good trade: inside the highly competitive world of proprietary trading
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- Publisher:Wiley
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- Year:2013;2010
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One good trade: inside the highly competitive world of proprietary trading: summary, description and annotation
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Title Page; Dedication; Copyright Page; Preface; CAST OF CHARACTERS; Acknowledgments; PART I -- Inside a Prop Trading Firm; CHAPTER 1 -- These Guys Are Good; WELCOME TO THE WORLD OF PROPRIETARY TRADING; A FIRMS GREATEST ASSET: ITS TRADERS; BUILD FROM YOUR POSITIVE BASE; CHAPTER 2 -- One Good Trade; DEFINING A BAD SALE; YOU ARE A TRADER, NOT AN INVESTOR; THE FUNDAMENTALS; PROPER PREPARATION; HARD WORK; PATIENCE; A DETAILED PLAN BEFORE EVERY TRADE; DISCIPLINE; COMMUNICATION; REPLAYING IMPORTANT TRADES;An inside look at what it really takes to become a better trader A proprietary trading firm consists of a group of professionals who trade the capital of the firm. Their income and livelihood is generated solely from their ability to take profits consistently out of the markets. The world of prop trading is mentally and emotionally challenging, but offers substantial rewards to the select few who can master this craft called trading. In One Good Trade: Inside the Highly Competitive World of Proprietary Trading, author Mike Bellafiore shares the principles and techniques that have enabled him to navigate the most challenging of markets over the past twelve years. He explains how he has imparted those techniques to an elite desk of traders at the proprietary trading firm he co-founded. In doing so, he lifts the veil on the inner workings of his firm, shedding light on the challenges of prop trading and insight on why traders succeed or fail. An important contribution to trading literature, the book will help all traders by: -Emphasizing the development of skills that are critical to success, such as the fundamentals of One Good Trade, Reading the Tape, and finding Stocks In Play -Outlining the factors that really make the difference between a consistently profitable trader and one who underperforms -Sharing entertaining, hysterical, and page turning stories of traders who have excelled or failed and why, many trained by the author, with an essential trading principle wrapped inside Becoming a better trader takes discipline, skill development, and statistically profitable trading strategies, and this book will show you how to develop all three.
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Table of Contents
Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers professional and personal knowledge and understanding.
The Wiley Trading series features books by traders who have survived the markets ever changing temperament and have prosperedsome by reinventing systems, others by getting back to basics. Whether a novice trader, professional or somewhere in-between, these books will provide the advice and strategies needed to prosper today and well into the future.
For a list of available titles, visit our Web site at www.WileyFinance.com.
To my Mom and Dad for their unconditional love.
Preface
As the U.S. financial system neared the verge of collapse in the fall of 2008, a 23-year-old prop trader I know was about to pocket $30,000 for a days work. Rewind to 1998 when some twenty-something prop traders, discards from the big banks, were putting away more than $10-25,000 a day without charts, CNBC in the background, a newsfeed, or even air conditioning. So what happened between 1998 and today? The Internet Boom and technical advances caused an explosion in proprietary trading but there was never a book written about it. Now there is.
During the past four years I have been growing a prop trading firm with my childhood friend, Steve Spencer. We started with nothing (not even a phone) and today our firm, SMB Capital, employs more than 60 traders. One Good Trade offers all the important lessons the market has taught me over the past 12 years in and around prop trading. I share these market lessons while introducing a cast of characters, some of whom have succeeded, and too many who have failed.
We will start with a look at traders to be emulated like MoneyMaker in Chapter 1, whose previous career as a professional golfer left him with a superior ability to focus, which he now uses daily to chop up the market. You will go inside this previously closed world of prop trading to learn who gets hired (classic Joe Biden story enclosed), how we trade (depends on the market), how we find the stocks we trade (you are only as good as the stocks you trade), our game-changing market fundamentals (One Good Trade), and our superior trading skills (Its called trading!). You will garnish a savoring taste of what is really important to become a successful prop trader.
Trading is about skill development and discipline. Unfortunately, too many people think trading is just about making predictions, loading up, and being the man by holding stocks (you will meet Crabby, who predicted the whole run in oil and never made a dime as a trader). Being a consistently profitable trader is about doing the thousand little things every day - like proper preparation - that impact your P&L.
As the partner of a proprietary trading firm, I spend a great deal of my time teaching. While I still trade actively, I am mostly a trading coach. What I teach my students and have learned from my traders I will share with you. Lessons like the importance of adapting which one experienced trader, Point-and-Click, was unable to do; he now sells insurance in New Jersey.
The light I shine on the world of prop trading will include my mistakes and those of other prop traders. A great trader is an elite performer. Elite performers spend every day trying to improve. Every day we trade is an opportunity to learn from the market. My mistakes and those of other prop traders are just gifts from the market for us to improve, and they will be shared so you can learn.
My firm, SMB Capital, will be used throughout this book as an example of how prop firms operate. SMB and its traders have been featured in the TV documentary Wall Street Warriors, appear regularly on CNBC, and have four regular spots on StockTwits TV. Its an entertaining place! Many of the learning experiences and anecdotes in this book come from my tenure as partner.
Too many traders do not know the stocks to trade and we will discuss how we find the Stocks In Play. Too many new and developing traders cannot Read the Tape and we will argue how that hinders their results. Most importantly, I will walk you through this P&L-changing skill.
After a speaking engagement, I was approached by Dapper Don to explain the value a prop firm can offer and I spend a chapter answering his question. I will debunk the myth that a new trader should seek out a superstar trader to learn best. Many new and developing traders could improve their P&L if they just understood how to Score, and we will illuminate the importance of loss limits, ending a trading slump, and keeping excellent trading statistics.
A spot on a prop desk is a dream job for many people, yet they do not know how to succeed once they arrive. Bloomberg, CNBC, and Fox offer endless hours of professionals pontificating their opinions. Still, I know of many new and developing traders overwhelmed with information and empty with ideas to improve. We will use an old teaching technique of the head basketball coach at UCLA, John Wooden, to offer valuable suggestions in Chapter 4 (Pyramid of Success).
Along my trading and teaching journey, market fundamentals have been hammered into me by my boss, Mother Market. A trader with poor fundamentals is a ticking time bomb. That is why each trade for us is One Good Trade. At Duke University, Coach Krzyzewski yells, Next Play to his players. At SMB, we think One Good Trade, and then One Good Trade, and then One Good Trade. We judge each of our trades based upon whether we have followed seven fundamentals that compromise One Good Trade.
I have successfully navigated many different markets these past 12 years of trading. I will share my journey with the trading set-ups that worked best for each distinct trading period. Most importantly, I introduce the principle that has allowed me to profit in so many different markets: I adapt.
Welcome to a trading world where you can make your own trading decisions, each day is new, your upside is unlimited, and you likely sit around some funny people. In short, prop trading to me is the very best job in the world.
For the developing traders who are underperforming and for those interested in becoming new traders in the future, this book was written for you. The market has taught me the thousands of little things required to become successful. Many are undervalued by those who have not reached their trading potential. Welcome inside the highly competitive world of proprietary trading. A funny, exciting, enthralling place only for elite performers who master all the skills demanded by Mother Market.
CAST OF CHARACTERS
There are some traders youll get to know very well through reading this book. Traders are known for using nicknames around the office, and our office is no exception.
Mike Bellafiore, Bella
Steve Spencer
GMan
JToma
Roy Davis
Alexander James
The Enforcer
Franchise
Dr. Momentum
MoneyMaker
The Yipster
Z$ (ZMush, Mush, Mushy, and Z)
G
Steve Spencer
GMan
JToma
Roy Davis
Alexander James
The Enforcer
Franchise
Dr. Momentum
MoneyMaker
The Yipster
Z$ (ZMush, Mush, Mushy, and Z)
G
In addition to their stories, youll also hear from readers like yourself in the Traders Ask sections of the book. There are some questions about prop trading that I receive time and again via e-mail or the SMB Capital blog, and this will help answer some of them.
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