I hope everyone seeing this page can tell that most of the prop traders are highly educated and dedicated individuals. This is a no joke endeavor. These guys eat, sleep and 💩 trading. You’re going to lose no questions asked. How you rebound is the question. Best of luck and keep the faith.
@@mbellafiore19 as a beginner trader I struggle with over trading. I hope to one day reach a zen like state like Mike B. May your wisdom carry on beyond your years sir.
@@andyatmosphere just try and be better from where you are now. be specific about the best practices that will help you improve. execute on these best practices. change starts with one first step.
They're not necessarily formally highly educated. they're very well-educated in the process of trading by SMB and they follow the rules step-by-step everyday.
What a great video! I would point out an extremely valid point: Think each setup as a separate business. It is very possible to trade 1 setup only and build a business around that. Have data, statistics and so all the numbers for a business. Another setup is another business or a branch operation. Great analogy with conventional businesses. You only need 1 single setup you master to be CPT with it. Sure, can be and should be extended but it starts with 1 setup which works consistently. The challenge is: not to do anything else but the things which work consistently.
I love how you keep adding personal experiences from the traders. I am older (43) but just got my MBA thanks to the VA and I decided to pursue day trading along with my other current pursuits. I am ensuring I have the proper baseline knowledge before starting the SMB program and these videos are very insightful. I like how they aren't just filled with fluff and solely geared at promoting the school. It feels like the marketing aspect is always included, but as a secondary objective. I was a captain in the Army and I really appreciate the systematic approach with thorough AARs on all trades (after action review) so you can pinpoint what happened and why it happened. I also love the focus on finding your niche. After seeing your approach to trading it is easy to understand why the majority of day traders fail. Most don't have these tools. Most of those that do have these tools/KSAs are too lazy to properly execute them as consistently and thoroughly as needed. Thanks for all the great content! I hope this year is better than last year for you and I hope 2022 is a record year for SMB Capital.
G'day - a question if I can please-- how was your SMB training and how is your journey going? After 1 year in, are you profitable and what would you change.
I like the "think of each one as a new business" viewpoint on learning and scaling into new trades. As always, specific and insightful content. #bigfan :-)
I really enjoyed this video. I'm a new trader and working to become a consistently profitable trader in the future. Still loosing, and it can be depressing but I'm still gonna give it my all. A big lesson that I took from this video is figuring out what you're good at and double down on it. I've been soo hard on myself with my losses that I don't even know what trades I'm good at. I've spent the past 2 years learning about the markets, technical analysis, all that but I've failed to really put in that same effort to learn about myself. Going forward next year, I plan to journal more and definitely figure out what I'm good at. SN: I stumbled on this video and I've read a few chapters from Mike's book "one good trade." Very nice to see an actual trader from his firm talking about his experiences. I appreciate this video.
Wish i was more aware of this at my time in Stony, graduated Summer 2020 Economics currently learning to day trade on my own, great videos, love the content.
This was a great video. I like you provided a realistic snapshot of what a day in the life of an intern/trader will be if someone decides to pursue this life. Great stuff! One suggestion I have is if the speaker could repeat the questions from the audience. We can't hear what is asked and sometimes it isn't clear what was asked even after hearing the answer. This would help immensely. Thanks.
Very insightful presentation! It would be even better if you can compare with major indices in the P&L curves to indicate that the strategies are not overall market condition related.
Why did nobody come to my college and have this chat. Kids in class don’t realize how lucky they are but the irony is none will probably take anything away because none of what he’s saying makes sense unless you’ve been through it. SMB is an awesome resource
Super informative, thank you! Very curious about your comment that the biggest beginner mistake is not giving stocks enough room. I assume this is relative to the time frame and type of trade? Would love to hear more about how much room you give your entries.
The amount of room you give a stock is like you said, based on the trade and based on the stock. A stock that whips around and is super volatile will require more room and a stock that moves slow will need less. How much room you give on the stock you are trading is enough so that if it drops below your stop loss a little, it won't stop you out of the trade and then reverse. Hope this helps!
The one thing I disagree with him on is the idea that you “never double down on a losing trade”. I guess it depends on how you define “losing”, but for me, I do a lot of intraday swing reversal trades, and normally I get a ton of confluence around a reversal point and it still moves past my entry, so I wait for about 1-2 ATRs past that point if there is an obvious demand zone and trade make the same trade there. Usually this works out so nicely. I don’t use a lot of risk on each trade, so I can usually afford to do this like 10-20 times before it really hurts, but that basically never happens. Usually it’s just one or two more pivot points before it finally reverses, and I usually end up with a profit or close to breakeven.
Judging from the chart at 19:26, it looks like his equity curve started to level out in July 2019 and started making its move up around January of 2020. There's a noticeable dip around the time of the market crash, with a steady trend up from there. I'm sure the bullish conditions of 2020 made a difference, but I also doubt SMB would be putting this guy out to speak if he wasn't showing continued results.
i'm not in College but I'm 26 minutes through and as an individual trader have followed every tip this guy has to offer... Its mostly reiterated trading tips I found off the internet after a year of trading-- Not saying its not useful but it's just enticing others to join their firm and use their resources for the benefit of technical analysis.
How important are pre market levels? Since large institutions avoid deal with the lack of liquidity, how do we know these pre market levels have any legitimacy?
No it doesn’t matter who’s really behind the high volume. What’s important is there’s volume there. Because you’re able to catch some crazier moves off higher paced volume.it’s like surfing. More volume is bigger waves for you to surf on. You’re trading your plan and process. Doesn’t necessarily matter what side of the trade an Institution is on unless they’re clearly absorbing tremendous amount of thay volume in a specific area. However if the volume is high enough their position may give way. If volume is not sustaining the market could very well stop there. The market is less likely to get hung up with higher volume and a news catalyst thrown in the mix because now you’re fundamental traders are adding fuel to the volume fire. High volume is chum in the waters. All sorts of people show up to the party.
Our internship program that Justin went through is available for US college students. smbcap.com/careers is where college students can apply. There are two phases of the internship: Junior and Senior Intern. Top Junior Interns are invited to become Senior Interns. Senior Interns work on trading teams at the firm, trade live, and develop their edge. Top Senior Interns are invited to join the firm.
38:41 yeah because the successful traders who started young instead of waiting for an internship to learn about the market are not begging for funds from a prop firm.
We have found that hiring and then training them has resulted in a higher success rates vs traders who may have some experience already. The new ones are more open to learning whereas the older traders can be very stubborn and not open to critical feedback. The numbers speak for themselves.
they are also still people working for a company. Still sheep at the end of the day. I trade under my own company and I can travel as much as I need to. I can take time off trading or just swing trade for a while if I needed to. These guys don't get that freedom, and they also don't get certain tax benefits as most of them don't use any trader tax or write offs.
Join the Prop Desk: smbcap.com/careers
I hope everyone seeing this page can tell that most of the prop traders are highly educated and dedicated individuals. This is a no joke endeavor. These guys eat, sleep and 💩 trading. You’re going to lose no questions asked. How you rebound is the question. Best of luck and keep the faith.
+1
@@mbellafiore19 as a beginner trader I struggle with over trading. I hope to one day reach a zen like state like Mike B. May your wisdom carry on beyond your years sir.
@@andyatmosphere just try and be better from where you are now. be specific about the best practices that will help you improve. execute on these best practices. change starts with one first step.
They're not necessarily formally highly educated. they're very well-educated in the process of trading by SMB and they follow the rules step-by-step everyday.
I eat, sleep, work, shit, and swing trade. 😎
What a great video! I would point out an extremely valid point: Think each setup as a separate business. It is very possible to trade 1 setup only and build a business around that. Have data, statistics and so all the numbers for a business. Another setup is another business or a branch operation. Great analogy with conventional businesses. You only need 1 single setup you master to be CPT with it. Sure, can be and should be extended but it starts with 1 setup which works consistently. The challenge is: not to do anything else but the things which work consistently.
I love how you keep adding personal experiences from the traders. I am older (43) but just got my MBA thanks to the VA and I decided to pursue day trading along with my other current pursuits. I am ensuring I have the proper baseline knowledge before starting the SMB program and these videos are very insightful. I like how they aren't just filled with fluff and solely geared at promoting the school.
It feels like the marketing aspect is always included, but as a secondary objective.
I was a captain in the Army and I really appreciate the systematic approach with thorough AARs on all trades (after action review) so you can pinpoint what happened and why it happened. I also love the focus on finding your niche. After seeing your approach to trading it is easy to understand why the majority of day traders fail. Most don't have these tools. Most of those that do have these tools/KSAs are too lazy to properly execute them as consistently and thoroughly as needed.
Thanks for all the great content! I hope this year is better than last year for you and I hope 2022 is a record year for SMB Capital.
G'day - a question if I can please-- how was your SMB training and how is your journey going? After 1 year in, are you profitable and what would you change.
I like the "think of each one as a new business" viewpoint on learning and scaling into new trades. As always, specific and insightful content. #bigfan :-)
Great chat! I appreciate you sharing this - needed to hear it
Nice presentation, this is not the way I feel comfortable trading but I appreciate his work ethic and he seems to be a successful trader, congrats!
This is probably the best journey video i have watched here. Love other guys too. But that one just hits straight into core. Thq Justin and SMB!!!
you're welcome! glad you enjoyed
Awesome video SMB! What a privilege it must be to learn with you guys...
appreciate that Garry
I wish I could of found something like this 30 years ago. Thank you SMB
I really enjoyed this video. I'm a new trader and working to become a consistently profitable trader in the future. Still loosing, and it can be depressing but I'm still gonna give it my all.
A big lesson that I took from this video is figuring out what you're good at and double down on it. I've been soo hard on myself with my losses that I don't even know what trades I'm good at. I've spent the past 2 years learning about the markets, technical analysis, all that but I've failed to really put in that same effort to learn about myself.
Going forward next year, I plan to journal more and definitely figure out what I'm good at.
SN: I stumbled on this video and I've read a few chapters from Mike's book "one good trade." Very nice to see an actual trader from his firm talking about his experiences. I appreciate this video.
Wish i was more aware of this at my time in Stony, graduated Summer 2020 Economics currently learning to day trade on my own, great videos, love the content.
Thanks for this video, very motivational.
Enjoyed what it takes to be an SMB trader.
Great presentation !
😊👍
This was a great video. I like you provided a realistic snapshot of what a day in the life of an intern/trader will be if someone decides to pursue this life. Great stuff!
One suggestion I have is if the speaker could repeat the questions from the audience. We can't hear what is asked and sometimes it isn't clear what was asked even after hearing the answer. This would help immensely. Thanks.
This video is totally invaluable - thank you for sharing!
Great Sharing, Thank you so much~
Never double down on a losing potions well said!
the most important thing in trading
Great video! thank you Mike!
Amazing. Thank you, Mike.
you're welcome TJ
you bet TJ
Great points, thanks Justin
I really enjoyed this video! Thanks!
love hearing this Richard
13:24 made me tear up. look at you now brotha
Very insightful presentation! It would be even better if you can compare with major indices in the P&L curves to indicate that the strategies are not overall market condition related.
Why did nobody come to my college and have this chat. Kids in class don’t realize how lucky they are but the irony is none will probably take anything away because none of what he’s saying makes sense unless you’ve been through it. SMB is an awesome resource
Interesting perspective, thanks for posting.
Glad you enjoyed it!
Really enjoyed this video, it gave a lot of insight
Glad it was helpful!
Thank you
Good job justin!!
All these videos, the longer I press on the more I see im subtley approaching profitability. Just dont give up.
Super informative, thank you! Very curious about your comment that the biggest beginner mistake is not giving stocks enough room. I assume this is relative to the time frame and type of trade? Would love to hear more about how much room you give your entries.
The amount of room you give a stock is like you said, based on the trade and based on the stock. A stock that whips around and is super volatile will require more room and a stock that moves slow will need less. How much room you give on the stock you are trading is enough so that if it drops below your stop loss a little, it won't stop you out of the trade and then reverse. Hope this helps!
The one thing I disagree with him on is the idea that you “never double down on a losing trade”.
I guess it depends on how you define “losing”, but for me, I do a lot of intraday swing reversal trades, and normally I get a ton of confluence around a reversal point and it still moves past my entry, so I wait for about 1-2 ATRs past that point if there is an obvious demand zone and trade make the same trade there. Usually this works out so nicely. I don’t use a lot of risk on each trade, so I can usually afford to do this like 10-20 times before it really hurts, but that basically never happens. Usually it’s just one or two more pivot points before it finally reverses, and I usually end up with a profit or close to breakeven.
I enjoyed this
I find a lot of newish (
agree
Judging from the chart at 19:26, it looks like his equity curve started to level out in July 2019 and started making its move up around January of 2020. There's a noticeable dip around the time of the market crash, with a steady trend up from there. I'm sure the bullish conditions of 2020 made a difference, but I also doubt SMB would be putting this guy out to speak if he wasn't showing continued results.
Great video.
i'm not in College but I'm 26 minutes through and as an individual trader have followed every tip this guy has to offer... Its mostly reiterated trading tips I found off the internet after a year of trading-- Not saying its not useful but it's just enticing others to join their firm and use their resources for the benefit of technical analysis.
love it.
top content =)
thank you!
Do I have to be a college grad to be accepted into SMB ? Or is having a degree a preference, meaning no degree equates to less chance of acceptance?
How important are pre market levels? Since large institutions avoid deal with the lack of liquidity, how do we know these pre market levels have any legitimacy?
more important when a stock is In Play and PMKT volume is elevated.
@@mbellafiore19 "if pmkt volume is elevated", meaning it doesnt matter if its institutional or not, I'm assuming.
No it doesn’t matter who’s really behind the high volume. What’s important is there’s volume there. Because you’re able to catch some crazier moves off higher paced volume.it’s like surfing. More volume is bigger waves for you to surf on. You’re trading your plan and process. Doesn’t necessarily matter what side of the trade an Institution is on unless they’re clearly absorbing tremendous amount of thay volume in a specific area. However if the volume is high enough their position may give way. If volume is not sustaining the market could very well stop there. The market is less likely to get hung up with higher volume and a news catalyst thrown in the mix because now you’re fundamental traders are adding fuel to the volume fire. High volume is chum in the waters. All sorts of people show up to the party.
Great Video, thank you. Oh and Mike you need a shave :)
noted
damn i started off trading options. i feel like i could make it there.
many of our traders have started off by trading options
@@smbcapital that's awesome! I love the way you all do things. It's quite impressive.
Im curious about the "gold" idea that you had. SMB does not normally trade commodities, meaning gold futures? And what about gold etfs?
we do when it is In Play. you are correct to note we do not very often.
@@mbellafiore19 thank you 😊
Any opportunities for guys out of college?
Our internship program that Justin went through is available for US college students. smbcap.com/careers is where college students can apply. There are two phases of the internship: Junior and Senior Intern. Top Junior Interns are invited to become Senior Interns. Senior Interns work on trading teams at the firm, trade live, and develop their edge. Top Senior Interns are invited to join the firm.
38:41 yeah because the successful traders who started young instead of waiting for an internship to learn about the market are not begging for funds from a prop firm.
Is scalping scalable?
absolutely, we have guys on the desk scalping thousands of shares at a time. Just need to make sure you are in stocks with deep liquidity
@@smbcapital okayy liquidity is important. Thanks
My mans hairline receding faster than his equity curve in year one.
4 am to 8 pm>? what part of the world are doing this speech?
And here I am, a degenerate, _learning_ by trading futures.
Degen ;)
Why do they only pull from college age people?
We have found that hiring and then training them has resulted in a higher success rates vs traders who may have some experience already. The new ones are more open to learning whereas the older traders can be very stubborn and not open to critical feedback. The numbers speak for themselves.
lets gooo seawolves
What's his Twitter handle? Please.
@SperoTrades
🙏🙏🙏😊😊😊
they are also still people working for a company. Still sheep at the end of the day. I trade under my own company and I can travel as much as I need to. I can take time off trading or just swing trade for a while if I needed to. These guys don't get that freedom, and they also don't get certain tax benefits as most of them don't use any trader tax or write offs.