Top Senior Trader on what it takes to become a successful trader
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They KEY to becoming a PRO trader is mastering Risk Management. Period 🙌 and then you can rock any market
facts!
So true. Wish I would have learned that a month ago. Started trading with 10x leverage using my whole bank on each trade lol 😮💨
Yeah a proper stop buys stop sells let the price come to you and get where you want it is probably one of the hardest to master as it requires a lot of screen time and proper risk management
Genius!
@@Kid_Ikaris playing w ⛽
guys, let me save you some time. Here's the real answer. CONTROL YOUR EMOTIONS. PERIOD. Do not be fearful and do not be greedy.
@@andreasmelkersson3592 what are examples of strategies with good edge?
And wait for the damn setup!!!
If you know what you are waiting for. You have no emotion.
💯 🎯 💡👍
Nah just listen to the video, don't look for time saving shortcuts like a single comment on TH-cam, put the time in and get to work, listen to the whole video. Listen to this guy 5 times. Read steinbergs books. It's not as simple as one fucking comment. There a reason why NO ONE AT SMB MAKES A TON STRAIGHT AWAY as he said, coz there's a million lessons to learn and you gotta learn them all. Don't save time. Put in the fkn time!
Trade what you see, master price action and volume. To become a pro at anything you just need to master the fundamentals.
Thanks, I've come to the same conclusion. It's been a long time coming though
Just like sports!
💯 🎯 **eXacTLy the foundaTioN and buiLdinG bLocKs laY the bLuepRinT.!* 💰💡
I'm sure he's very successful, and he makes all the good points....but it's amazing how so many traders can't help themselves when it comes to picking tops in these markets...my advice ... if you tell the market when it needs to stop going up or down it will punish you...everyone wants to be the first one to the party, i'd rather be a little late and still have a good time...get on the train, don't step in front of it...
TLRY just hit $153 lol
@@mostresticator5 that's why you're doing the interview right. Because he couldn't of possible thought about that.....
I'm so upset I didnt get in.... In August.
really? that your advise? trust me, he already know that. because no matter how good you are in trading, you will lose at the some point. for example, you get nice setup, almost perfect and match all the criteria you need, but when you enter, it ended up being false signal, do you really that never happen? come on, how long have you been trading?
some people don't even trade with charts so take this advice with grain of salt
Cut off all negativity n focus on elevating ur trading skills.
This dudes composure is so chill, This is a huge tell for how your mind should perceive the play. Awesome video!
yes excellent observation about him
That posted make my day, thanks a whole lot 😎
My friend's lost 7mil before
That is why he is successful. Equanimity.
So true man. Mindset is everything. In this vast topic of trading, they’re are many things not only to cultivate, but to research and get familiar with. Trading is an opportunity for everyone to better themselves not only with the fundamentals, but also in terms of psychology
I found a good trick that works for me when trading to help with managing emotions and becoming more of a robot than a human. What I do is actually talk myself through what is going on and what I'm doing vs just sitting there thinking it all. A good example is sometimes I'll be going through my commentary and I'll say it's going for a retest. It's being rejected. But guess what when you actually say that 3 times you are way more likely to take action than just thinking it and not doing anything. As traders, we are always battling our monkey minds and emotions. Thinking in probabilities is key also. Mark Douglas's books are amazing. Don't just think of probabilities in trading though. Think about it your whole life so it becomes natural. I found that playing some card games really helps you understand and apply this in trading and probabilities in general.
Hey you the comment reader. I've been trading for ten years. This is the best talk you'll ever listen to. Period.
This is what you need to do more often, let your traders speak. Thanks for your vids.
agreed!
Look forward to hearing more from your traders. Thank you so much for all the videos. Firms like SMB and IEX (Brad Katsuyama) make one feel good about being in the financial markets!
Agree
Thanks so much for these videos. I am sure once you were a passionate young guy full of passion, and you know how grateful you can be when you find somebody eager to share his knowledge and experience.
I found this video very informative. I too have a lot of the same struggles he mentioned. I journal my trades after I am done with them as well. It has helped me see the things I need to improve on and correct them. I also place my stops tight at times and get stopped out of trades that I did not enter right. This is OK as my risk is small. I need to jump back in more when I see a trade is going as planned after.
Thanks - Please can you do a detailed video discussion on correct position sizing? Not all trades are equal set-ups, so what would be the minimum and what would generally be the maximum risk one should take for each scenario? Appreciated ! Great videos by the way.
As I progress in my trader career I come back often to this video and always get new insights.
If you can truly buy low & sell high & have a good reward/risk ratio...look no further, you have the holy grail.
This guy is a real deal... Money is not his primary goal. That's one reason why he will make it really great and last longer than most! Great interview! Thanks for posting this
Great video, appreciated it. FYI TLRY hasn't hit 60 as of 11/29 (this video is from Sept). Topped at $300 (23:40), shows you its not about predicting the future, but managing your trades well, journaling and rules. Thank you SMB for this video.
Don’t be hopeful when you should be fearful.
Don’t be fearful when you should be hopeful
I watched this video before but this time I took notes. Absolute gold!
too all who posted negatively about this vid..you all have 1 thing in common..you were hoping to hear "the answer". There isn't an answer in trading. Listen to the advice he is giving here...it is all spot on. It takes a tremendous commitment. Forget about the quick answer...commit to the process ..YOUR process.
19:20 I think that's one of the most importants things to understand. Trading is a long journey (technically and psycologically) through a bumpy road.
The only desire for money is not enough to reach the end. Good content. Is priceless listen that kind of talking by Top Senior Traders.
My favorite part was when he talked about his ultimate trading goal.
the first question got a low key FIRE response he was like you doubt me young padawan.. i simply hedge my short with call options and add to winners on late day breakdowns..i assume the difficult thing is deciding when to stop with the calls and go for the home run short! man i would love showing up to a job like this!!!
Great channel. The answer these guys give in interviews is so important. It's the reality not the hype. Please can you improve the audio so we can here the questions. Thanks Mike .
Trading is like being a good driver. Know your brakes, your speed limits, mirror, mirror, signal, man oeuvre.
This guy is in almost all your videos. Always wanted to hear from him. So humble, calm, educated and helpful. Truly inspiring. Cool cap btw.
you must develop your own strategy and style, cant copy him
Thank you for all the content and efforts you put out. You are appreciated.
I am ready to become a good trader and am willing to put in the work to succeed. Every single day.
Shark's mindset is super focused and dialed in. Really inspirational.
thanks for sharing! Would love to see more q&a by him
Im busting ass learning this. Not stopping til im there
This is GOLD - thank you @SMB Capital
Thank you Bella and Top Trader ( i dont know your name) very humble and generous, lots of wisdom.
His name is Shark.
It's been about 2 years now since the video, how accurate was Shark in predicting only about 2 out of 10 will stick around?
That is interesting that he mentions "IF THEN" in his plan, that was very helpful. I can think of a trading plan as a computer program with price action. For example, IF price is above support and there are lots of stop-orders under that support, THEN price sweeps under support. And that could be a good entry for price moving back above support going long. OR if price is under resistance and there are many stop-loss orders above that resistance THEN price sweeps up above that resistance before moving back under it. That could be a good shorting entry.
how do you know how many stop orders are being placed?
This is one of the reasons I started the DNA course last week.
My head hurts
I'm spending huge hours
I don't have a clue how to trade. NOT YET.
I'm loving it, it's exciting and I love challenges.
So glad I found your book. Really agree with what you said on "One Good Trade", definitely following your blogs and videos from now on :)
What's the book?
the last part is golden; priceless indeed. thank you for sharing. 27:10 will pay good money for such advice. #stayinglive
Discussion on tight stops and re entry would be great! Thanks
Thanks for sharing this, you guys are appreciated
I've just started learning trading and those info that was given today are very appreciated. Thanks a lot :D
Hello. Please post a video on traps? And can you talk about them on diffrent time frames? Thank you.
So many nuggets, loved it! Much appreciated for the content you guys provided!
you are welcome Matt
Awesome presentation. I've found that if your trade goes as planned, be Grateful for it and don't attribute it to yourself; in doing this you will start seeing really good setup more often. Thanks.
**pReCiSeLy...ELiMinaTe the eGo as muCh as possibLe.!* 👍 💡 🎯💯
thanks for the book ideas in the begining.. peak performance , emotional intelligence and decision making
Thank you for this content!
Thanks for this, full of useful information for current and aspiring traders. Longer time frame trading for days or weeks is mentioned a little bit in this video, could it be possible to have more videos covering strategies for those time frames?
The most valuable was end of this video, where you can see/hear that ALWAYS use SL once you stopped, then you can come back to that trade. Don't wait till how much you can get drowdown.
This channel is amazing. I really appreciating every character in each of the videos i have watched so far. Great job Mike. Thank You
Much appreciated! thx Shaun
@@smbcapital Mike, I have a question. I’ve been trading for 10 months now and lost money for the first 7. My December was roughly break even, then Jan and Feb of this year have been beyond my expectations with 0 red days so far, 28 of 29 trade streak, 11.9:1 profit loss ratio, 8.88 reward to risk and pain to gain of 11.27 over 334 trades. I’m trading small size with a midsize account and things gave begun to come together as my fear in a trade has subsided and my executions improved. However in reviewing my trades my biggest winners have been coming from where I refused to lose in the trade and averaged in before the reversals where I then began adding even more size. I do a lot of feeler trades where I test my entries and often average in if I believe I missed the exact spot. I also like averaging down on strong flushes until the bottom slows up and gets the pop as the shorts cover. My question is this: If I’m getting statistical results of this type of consistency and strong profit/loss ratios do I continue on as is knowing I will get bitten every now and then with this strategy but profitable overall or do I look to cut more trades as losses rather than turning them into winners as this will be the more sustainable play as I begin to trade bigger/longer?
at least 26 solid points shared and to be understood...not sure if i understood the term correctly...
what is "stack crunching"?
Great video.....Funny I share the same scaling dilemma.
man I needed this .... THank you
Amazing video with Shark! It would be priceless if you could make a separete playlist in your library on youtube for videos with senior traders. Thanks again for the great content!
Thanks for the suggestion Eugene
I would pay to see some example of Shark trade... entries, exits, sizing...
This is top shelf content.
Awesome content! More interviews with real traders, way to go forward for sure!
I like how everyone has their two cents about the secret of successful trading lol. Here's my 2 cents--trading is just a money management exercise. Simple math really. Plus some fundamental and technical analysis but beyond that just simple math. Also minimizing human error which is the cause of the biggest losses. That bit at the very end of the video was gold. Also that dude has a big bag of tricks which is something everyone needs in order to make money.
absolutely! the most important thing. Shark continues to amaze us. Each year he gets better and better
watch all dvds take parts of what makes sense to you and create your own strategy.
Great material! Congrats SMB!!!!
Good advice. We like to have good resources to recommend to our community.
I have spent more than 10K hours in screen time, I think (first started in 2008) and its now paying me back. Screen time is must to creatively visualise the trend in for the short term traders and position sizing the risk is key for consistent growth of capital
Thank you for sharing this content.
I really enjoyed this video and found it very useful for a new trader like myself, please more of these types of videos. Thank you.
You're welcome! We should have more vids from Shark in the future
A lot of great info right here! Thank You!
Some great advice, thanks!!!
This guy has to be one of the coolest, calmest trader ever! Awesome video!
Golden advice, it is not easy, for me is taking years to get the swing and I am a beginner after years it seems
Could you guys do a video on favorite patterns for traders top trading styles?
- Work Hard,
- Challenge yourself,
- Journalling your trades,
- Enjoy the Process - Money is by product
- Deep understanding of your trades
People never stop criticizing a good transforming talk, Interview was inspiring and motivating with good knowledge bolts about Psychology. I noted some good Pro Points on my Diary.
If you can, show some entry , exits, and why's of them ( for some of the best trades of best Trader like him) ?? That will fill the knowledge pool. I love it.
Love this style of video!
Great advice!!
I particularly like the lady's question/situation i.e. currently with full-time job and other commitments throughout the day. A reflection of what many would-be traders are considering; pondering.
In that case you'd probably be better of swing trading over longer time frames. I wouldn't just log on to day trade the close as it's normally really quiet as most the moves have been made for the day.
Is there a platform to find historical data on the open/high/low and close (on any given market)...it helps me formulate tic charts, clusters, as well as conformation for other indicators (particularly S&R)...currently counting which takes up to much time...old school, question may not be directly related to this informative subject.
I consider myself more of a swing trader, but I enjoyed this and took some good points from the presentation.
your personality is everything. if you require alot of social interaction and emotional connection with others to be happy trading will be difficult for you. if you are rational and prone to strategic and systematic thinking and you feel energized by analysis then you will thrive.
Thank you Mr. Bellafiore for the great job and being wiling to share your company's knowledge/experience. I have a question though. Yourself along with your traders always outlines importance of risk and money management. But if your guys trading with proper RM and MM how come your top trader lost $300K in 1 day (13:28)? Or it means 300K is a tiny amount of his trading account, like 1-2%? Or the trade was hedged and he lost in stocks while won in options ended up almost @ break even? Thank you for your answer.
In another channel, he mentioned that if the trader reaches the max loss per day, he can come to him and ask for permission, to increase it, but with a good plan behind. Thou also have to go for 1 hour brake, to calm down and rethink situation.
Very good information on this video, I would like to see more with interviews or group meetings like this one where we can see more of your traders they always have something to share even if they aren't aware of that.
ok thxs for the feedback
really great advice! makes perfect sense!
Great video! Does this trader do both day and swing trading? What are the advantages/disadvantages of working for a prop firm versus for yourself? Do you have any traders in your firm working remotely?
By far one of the best videos available
thank you!!
It would be great if Shark would speak more frequently as his practical comments on behavior through the trades together with educational stuff from Mike does make sense and I'm sure such video someday will be valuable part of training programs.
understood
Thank you for the awesome video
thanks for sharing
Thank you for sharing. Love these kinda talks!
noted!
GQtrades has
Monster W on a scalp today (Tesla) that was held for an intra day hold that countered and put me in my biggest Loss so far in my short career, so I came and rewatched this video to remind myself that Shark the Legend was negative $300,000 on a day in the past, and now Nets millions in a month like March 2020. The grit ,the grind , the challenge , gotta love it ! Recognize the patterns in your losses, most of your losses are due to similar mistakes!
The title should be, “What it takes to be successful DAY trader”. Very important information for beginners.
💯 💯🎯👏🎯 👏
Great video. Following lady's comment it would be helpful to post some useful pattern for longs that can be applied to the last hrs of trading.
Compares himself to a top athlete like Roger Federer lol! The number 1 rule is to believe in yourself and have self-confidence, as it is in everything.
**Yup seLF-esTeeM bRuH.!!* 💪
He is comparing skills. Federer as a trader is not 1 percent of this guy. Each person with its on talent. Tat is all.
He looks like he could be Ross Cameron's younger brother.
Hahahahaha
Great video. Can we get another with top SMB traders discussing their approaches?
Really enjoyed this video, thank you
damn man so much stuff to learn got to got to ny
Great vid, Thanks!
My first week I had a nice first trade followed my 10 bad trades that lead me to flip out and chase all my money away. Just keep your head clear and calm and remember everone will loss a trade from time to time. Just keep calm and keep ready and absolutly no gut feeling, never trad by a feeling ever. You trade by facts only.
this is very good. hear it from the source. we "need" to hear from these guys. i agree completely about mark Douglas. trading in the zone is the best book out there. can you share the other ones ? thanks !
We should have a list of books on our blog. Search for books and you should get a list. Also hoping to have more videos from shark in the future
If you previously planned to exit a trade at a certain time and come that time you find yourself tempted to hang in there, ask yourself did my reasons for exiting the trade change?
Thanks great value!
how did his TLRY position work out for him?
Very informative! What is the man with the cap name?
plz I'm new to trading, which broker can u recommend for both fx and stocks?
Great video !!!!! Thank you. I would love to see the other top guy version of this. Sorry forgot his name but I know he is a scalper.
will ask him
Do you close all trades by the end of the day or do you leave some on for a few days? How many trades do you have open at once?