Are You a Professional Trader or Piker?
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[1] The document discusses the difference between professional traders ("Pros") and amateur traders ("Pikers") based on examples from Mike Bellafiore's experience as a trader and mentor. [2] It provides examples of behaviors that characterize Pikers, such as not continuing to learn after a trade, not listening to mentors, or believing they have mastered trading without proper experience. [3] In contrast, it describes the behaviors of professional traders, such as constantly striving to improve, seeking feedback from mentors, and focusing on developing skills over time rather than
Are You a Professional Trader or Piker?
- 1. Are you a Professional Trader or a Piker? Mike Bellafiore Co- Founder, SMB Capital Co-Founder, SMBU Author, One Good Trade and The PlayBook
- 3. Goals • To have fun • Illustrate important fundamentals of trading
- 4. One Good Trade • “trading classic” • “the bible of prop trading” • Piker Examples • Delta Jackass, Late Guy, Know It All
- 5. Pikers in The PlayBook
- 6. The Piker of the Day • Alabama – Really from another southern school – Gave him that nickname to piss him off • Shorted 25 shares of NFLX on the open – Dropped 5 points – Pikerbama as new nickname?
- 7. The Blog Post that Started it All
- 8. Pro or Piker? • Meet Price Checker • SMB In-House Student • Trade v Class • Cannot miss a trade
- 9. Piker • Learn how to trade • Develop a Foundation • “Where are you going?” • You are not gonna make real $ for 3 years
- 10. Pro or Piker • Air India • SMBU In-House Student • After a class he knocks on my door • ? • What is to “short?” • I am confused • Does he really not know that?
- 11. Pro • The first lesson of trading is you stink • Why would you know anything when you start? • Those who ask the best ?s become Pros • Why we answer so many ?s here
- 12. Pro or Piker? • Jersey Shore has a gr8 day • Heads out early for the shore on a Friday • “I wanted to lock it in.”
- 13. Piker • The day doesn’t end until 4PM • Pros sit in their seat • Maybe gr8 day to your best day
- 14. Pro or Piker • Chunky Monkey makes his best trader ever • Gets up and high-fives those around him • Chunky Monkey does a market victory dance
- 15. PIKER • One Good Trade and then One Good Trade • There is no cheering in trading • Act like you have made a good trade b4 • Do not awake the trading Gods
- 16. Pro or Piker? • Top Gun trades with complete focus • Bell rings • Top Gun gathers his stuff and heads home • Watches The Housewives of Denver
- 17. PIKER • Your goal is to get better everyday • Trading live is a small element of that • Practice after the bell – Review your day – PlayBook trade – Talk Trading – Talk to your Mentor – Rip through charts – Turn one day into ten
- 18. Pro or Piker? • Bushwacker has his best day • Mentor talks to Bushwacker about his trading • Bushwacker pretends to listen • Bushwacker thinking he has this game licked • Why is this old man bothering me?
- 19. PIKER • From The War of Art: “Tiger Woods is the consummate professional. It would never occur to him, as it would to an amateur, that he knows everything, or can figure everything out on his own.”
- 20. Pro or Piker? • Monkey graduated from a state school • Monkey’s dad is not anyone you know • Monkey has never played golf or lacrosse • Monkey works on his game w/ the mindset to improve everyday
- 21. Pro • The market doesn’t cares about your skill • Your goal should be to improve each day
- 22. Pro or Piker? • JIFF finds an A+ setup • Takes a big rip • Goes for a walk • JIFF sees another A+ setup • He passes • He doesn’t want to take another rip
- 23. Piker • Your cannot control the results • Your job is to do the right thing • Make the F****** trade
- 24. Pro or Piker? • NYU reads a gr8 book • Trader pings the author • Invites him to share a drink • Author never responds
- 25. PRO • She just might say yes • A strong social network • One of the keys to success
- 26. Pro or Piker • No Carbs says he has a passion for trading • Decides he wants to trade pro • Funds an account • Buys a fancy new computer • Places a flat screen with CNBC in the office • Subscribes to a charting service • Reads a few books • Starts trading
- 27. Piker • The worst kind • The path to ripping up 50k • And worse yet • Not learning anything • Never giving yourself a real chance • Unnecessary • The Coaches of Phil Mickelson
- 28. 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
- 29. Trader Coaches • Strategies • Psychology • Mentor • Head Trader
- 30. Pro or Piker • Trader is consistently profitable • Knows what he does well • Sticks to that • Not interested in other products or setups
- 31. To Be Determined • The PlayBook I say Piker • Brody • Multi-product • Multi-market • Discretionary • Quant Trader
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- 33. SMB Foundation Develop the Skills of a Professional Equities Trader You will learn: Fundamentals of Trading One Good Trade How to Find Stocks in Play Reading the Tape Risk Management How to Review Your Trading Enter the coupon code SMBATTENDEE to get 5% off and attend 10 SMB Webinars and enter into a raffle to win a free Foundation Program Email us at trading@smbcap.com for more info.