One good trade: inside the highly competitive world of proprietary trading

In The Way of the Prop Trader, Mike Bellafiore describes the principles and techniques that have enabled him to day trade stock for over 10 years and explains how he has imparted those techniques to traders at the proprietary tradingfirm he co-founded. In so doing, he lifts the veil on the inner workings of his firm, shedding light on the challenges of prop trading; why traders succeedor fail; and telling the stories of traders he has mentored to success. Bellafiore believes that most traders over-emphasize technical analysis and under-emphasize the development of skills that are more critical to success, such as risk control, consistency, and emotional control. Moreover, he thinks too manytraders quit too early; like any other professional discipline, trading skills require time and exercise to develop. Bellafiore believes trading is craft and does not require the development of a special trading system or intuitive insight into markets. His trading strategies are simple and straightforward: breakouts from congestion; trading off support and resistance; and identifying consolidation set-ups. But while the strategies are important, other skills must be developed for a trader to be successful. He talks about those skills through the ups and downs of traders he has trained and the growth of his trading firm.

• ISBN: 978-0-470-52940-9
• Editorial: John Wiley & Sons
• Encuadernacion: Cartoné
• Páginas: 368
• Fecha Publicación: 11/08/2010
• Nº Volúmenes: 1
• Idioma: Inglés