The future of prop trading
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If you missed this Webinar with Mike Bellafiore, author of the “trading classic” One Good Trade, on “The Future of Prop Trading: Introducing the Multi-Product, Multi-Market Discretionary Quant Trader”, you can watch the recording now http://www.smbtraining.com/blog/free-webinar-the-playbook-the-future-of-prop-trading#
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The future of prop trading
- 1. The Future of Prop Trading Mike Bellafiore Co- Founder, SMB Capital Co-Founder, SMBU Author, One Good Trade and The PlayBook
- 3. One Good Trade • “trading classic” • “the bible of prop trading” • Built trader training programs globally • Hedge Funds, prop desks, foreign brokerage houses
- 4. Discretionary Traders are undervalued • Get them to understand their best setups • Bionic • Auto trading • Multi-product • Multi-market • Constant Coaching • Scalable Risk • Opportunity for us
- 5. Understanding their A+ setups • Recently consulted for a Hedge Fund • The traders knew a lot about trading • Momentum, relative strength, news catalysts • Over-reliance on their intuition • A lack of methodology to build from their strength
- 7. The PlayBook • Archive your favorite setup after each close • Template form • From these trades choose your A+ setups • A percentage risk of your stop loss • Swing: (2-5 percent) • Intraday: 30 percent of your intraday stop
- 8. The All-In Trade • Let your traders develop All-In Trades • Set risk rules for these trades • Risk their week/day in their favorite trade • If these are their best setups worth the risk
- 9. The PlayBook Template • Big Picture • Fundamentals • Technical Analysis • Reading the Tape • Intuition • Trade Management • Trade Strategy • Trade Review
- 10. Make the trades your own • Jim Rogers in Singapore • Told everyone to become a farmer • Give me a hot stock tip!!!!!! • Internalize your trades
- 11. Build from your Strengths • Understand what you do well • Trade them more often • Trade them with more size • Trade them with a system that is scalable • Trade them with more confidence
- 12. Bionic Discretionary Trader • Custom Filters that spot their A+ setups • Exit Management Tools • You cannot miss your A+ setups in this market!
- 13. Multi-product • Become a CPT in one product • Become a CPT and then trade bigger • Not the best career path anymore • Margin of error is getting smaller in all • Express your favorite patterns in other products • Intraday swing traders better with options
- 14. Multi-market (South Africa) • The largest prop firm in South Africa • 10 percent of their market • Teach them US equities • And help them with LSE and JSE
- 15. A suburban oasis • Mansion • Two maids preparing braii • Fully stocked bar • Lounging area • Pool • Gym and shower • 2nd Fl trading desk
- 16. First Rule of Coaching • Show you care • Credibility • Trader First
- 17. A core firm philosophy • Elite tennis players turned pro traders • Former high-level athletes will fight better every tick
- 18. Elite traders need coaching too • You do not get to make up your own trading fundamentals • Head traders must keep traders on track • Mindset of Brody
- 19. First Rand • The Made Up Fade Trade • Broke out on fresh news and volume • Shorting and shorting and shorting • Short the first pop • But after Time and Volume now you are making a fundamentally poor trade
- 20. Naspers (NPN) • Caught the break above 52 week high • Made 50k instead of down 15k • Held until Reason2Sell
- 21. Scalable Risk Management • Discretionary traders are wasting energy complaining about their risk rules • Rules based on percentages and not P&L • Percentages are scalable • Just give them a bigger book • Develop clear rules • Trader Buy-in • If not get rid of them
- 22. Great and Continual Coaching • Never a destination for a trader • Improve everyday • To become great at anything requires: Domain knowledge, sustained energy, critical feedback and purposeful practice • The Talent Code, by Dan Coyle
- 23. The Coaches of Phil Mickelson • Swing coach- Butch Harmon • Short game coach- Dave Pelz • Putting coach- Dave Stockton • Psychology coach- British Open improvement • Strength and conditioning coach • Caddie- Bones
- 24. Trader Coaches • Strategies • Psychology • Mentor • Head Trader
- 25. Auto Trading • Easy software • Quant support for discretionary traders • Another revenue line • Improves their discretionary trading • Discretionary traders best chance to figure out the next new market