Futures Radio Show with Anthony Crudele

EP: 111 Inside Look at Prop Culture

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EP: 111 Inside Look at Prop Culture
#FuturesRadio

 
 
00:00 / 38:07
 
1X
 

Guest:

Mike Bellafiore

Managing Partner, SMB Capital

Record Date: 1/10/17

Dear Traders,

Today I had the chance to speak with a man who originally went to law school, and while there, he got introduced to trading & never looked back.  After 10 years of trading he noticed that a lot of new traders were struggling to learn how to trade. He saw an opportunity in the space to develop traders in a more structured way. Seizing this opportunity, he & his partner created SMB Capital.  His name is Mike Bellafiore.

[bctt tweet=”#FuturesRadio Understand that you get better as a trader from the work you put in after the market closes and before it opens” username=”MikeBellafiore”]

Today I spoke with Mike for an inside look at a successful Prop Shop.  We discussed the intense training and mentoring their traders go through before they even begin to trade.  Building a good routine in and out of the office, choosing the trading style that fits their personality, and developing the correct mindset before they begin to trade live money are just a few things we discussed.

Mike is one of those people that when he speaks, you listen.  Hes a great guy who understands what it takes to help traders become successful.

Biggest Takeaways:

  1. What a trader must go through before they begin to trade at SMB, and the process of finding their niche.
  2. Why fitting into their culture is the most important trait they look for.
  3. How important it is to learn from successful traders, but still identify and build on your own talents.
  4. The successes and failures of a developing a long-term trader.
  5. How one big move in the market can be traded many different ways.

Rapid Fire: 

  1. How has your trading evolved over the years?
    • I used to be a momentum trader, and because of HFT’s, I have to wait for special opportunities to do that. Now I’m more of an intraday swing trader. Now I look at big picture, chart setups, and fundamentals.
  2. Can you tell me the moment that trading just clicked for you?
    • I found opportunity in the semi-conductors and took advantage of it. It took me about a year, I was down 30k in my account.
  3. What’s the number 1 source you spend your time on?
    • I look for stocks with unusually good news or bad news.
  4. Favorite Book About Trading:
    • The Art of the Deal. Donald Trump.
    • Trading in the Zone. Mark Douglas.
  5. Favorite Movie About Trading:
    • Wall Street
    • Billions
  6. Best Advice Ever Received About Trading:
    • Steenbarger, “think about how you were successful previously? What was helpful in your previous success? Take those answers and apply it to your trading.”
    • I started taking setups that mimicked other areas of success in my life.
  7. Advice to Give to Others About Trading:
    • Go in with the proper mindset. Think long-term. Don’t go in trying to make 6 figures.

Resources:

Quotes:

  • “During the trader development, you’re looking to identify a niche that will emphasize your talents.” 10:00
  • “You have to develop a daily routine and complete it each day…” 10:30
  • “Understand that you get better as a trader from the work you put in after the market closes and before it opens…” 15:55
  • “For trading, everyone can play in the professional league, that doesn’t mean you should, not everyone was made to play in the NFL…” 25:00

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