The PlayBook: An Inside Look at How to Think Like a Professional Trader (Paperback) 1st Edition
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From the Back Cover
"Written by one of the world's best trading coaches, The PlayBook teaches traders who do not trade U.S. equities how a pro does. At the largest prop firm in South Africa, Mike coached our guys to add U.S. equities to their trading quiver. This memorable experience is archived in humorous, engaging, and educational detail to help you build your own playbook.”
—Garreth Montano and Kevin Thomas, Managing Partners, African Gateway and Storm Securities
"The PlayBook teaches traders how to build a personal methodology and how to be scalable. It demonstrates the necessity for traders to embrace technology and become more bionic, so they improve their P&L. The PlayBook offers a peek into the future of trading and who will be successful. This is an important book.”
—Andy Kershner, CEO of Kershner Trading Group
“Having worked with SMB traders, I love how this book shares the real psychological struggles pro traders face, even the best ones, and explains the importance of continually working on yourself to become a Consistently Profitable Trader.”
—Andrew Menaker, Ph.D, Trading Psychologist
“Fascinating! Bellafiore has put together his experience in trading and the importance of doing one’s homework in this book in a manner that is easy for anyone to understand. The real-life examples, particularly citing Singapore, prove that the methods and strategies shared aren’t theoretical but proven facts that even Asian traders can apply. This book is recommended for those who aim to improve their trading habits.”
—Lee Chang Wen, Head of Phillip CFD, Phillip Securities Pte Ltd. (A member of PhillipCapital).
“Mike is one of the most generous sharers to the StockTwits trading community in real-time with his trading thoughts and blogging. The PlayBook is another wonderful contribution from SMB Capital and its co-founder to the trading community.”
—Howard Lindzon, CEO of StockTwits
Want to become a truly great trader–either for yourself or for a prop-trading firm? The PlayBook will help you get there. Based on one of the world’s most successful trader training programs, it’s the closest thing to signing up for a “trader boot camp” yourself!
You’ll learn by watching traders walk through their actual trades, explain what they’ve tried to do, and try to survive tough expert critiques. Trade by trade, you’ll discover how professional traders must think to succeed “under fire,” how they assess their performance, and how they work to improve.
Using concrete setups drawn from his extensive trading and training experience, Mike Bellafiore walks through a wide array of trades, showing you how to maximize profits and avoid hidden pitfalls. As you learn crucial trading skills, you’ll also gain indispensable insights into market psychology and trader development. Packed with color, personality, and realism, this is today’s most exciting and profitable guide to real-world trading!
Mike Bellafiore and SMB Capital will help you…
- Build a trading PlayBook that builds from your strengths.
- Trade bigger, with their proprietary trading risk system.
- Develop a methodology to make trading decisions.
- Understand what it takes to be a pro trader by meeting many successful pros from SMB Capital.
- Avoid “intern-level” mistakes their pro traders have made in real-time.
- See the “Future of Trading” and what you need to do to succeed.
- Remember to be grateful for your opportunity to trade and invest!
About the Author
Mike Bellafiore is the co-founder of SMB Capital, a proprietary trading firm in New York City; SMBU, their education arm; and SMB Systems Trading, their algorithmic trading division. He is the author of “the trading classic” One Good Trade. His firm has regularly appeared on CNBC, Bloomberg TV, CNN Money, Fox Business, the BBC, and in the Wall Street Journal and the street.com. SMB’s trader training program was highlighted on the TV documentary Wall Street Warriors. An international lecturer, Mr. Bellafiore has built trader training programs globally for hedge funds, prop trading desks, and retail traders, working with some of the world’s largest traders. He lives on the Upper West Side, with his wife and newborn son.
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The process detailed throughout the book that is utilized by the traders at the author's firm is a solid one. It won't make you worse off to learn and understand. There are also useful ideas sprinkled throughout the example trading plans and anecdotes. In my experience, these areas are where the value exists in this particular book.
What I could not figure out for the life of me was why some of the lengthy anecdotes were included. Some of them gave color to relatively basic lessons and made them easy to remember - that I can appreciate. However, some of them were contrived to the point that you sit there asking yourself if you misunderstood. When you read it again, you realize that no, you did not misunderstand, the anecdote is just THAT inconsistent.
For example, there is whole chapter toward the end of the book about Mike's trip to South Africa to work with a prop firm down there. He goes on and on about how these are some of the best traders he has ever worked with, and how they are such an expert group, etc. He then proceeds to describe an encounter with one of the traders where, through some basic questions about a trade the trader just made, he teaches them a "lesson" that is just frightfully, embarrassingly basic. It was a principle that any beginner trader would be comfortable with, but these are traders that he started off by describing as experts and at the top of their game. That is just ridiculous. I didn't mind biographical details about his traders, or lengthy exchanges meant to highlight character strengths and weaknesses, or stories about his traders picking up women, but telling me you taught expert traders something extremely basic is almost insulting. Either they aren't the experts they are described as by the author, the author overstated their abilities exponentially, or they are in fact experts and were humoring him and being polite by "accepting" the lesson graciously on account he was a guest. Regardless, this wasn't this only occasion where that sort of blatant inconsistency existed, and it was the only thing that really annoyed me about the book.
That being said, if you are developing as a discretionary trader, there is plenty to be gained by reading this book carefully, and pulling out the value where it exists. Caveat being you have to wade through a lot of stories to extract value, but if you aren't up for a so called treasure hunt, you probably are not that interested in trading.
Edit: Now I am coming to a part of the book where there are giant "SMB Training" logos on the pages that have nothing to do with the text. I can't read this trash anymore.
First off - this book is NOT designed to give you much of a strategy for specific setups. It is not designed to give a beginning trader knowledge on how the markets work, which setups to take, etc. There are countless books, many great, many not-so-great, that cover all of the various trading styles in extensive detail. So if you are looking for your niche, your strategy - this book is NOT for you... YET.
What this book "IS": It is for the trader who has a strategy, or who is questioning their strategy, and needs a better grasp on the systematic processes required to take their strategy to a profitable trading system. It is just what it says it is "AN INSIDE LOOK AT HOW TO THINK LIKE A PROFESSIONAL TRADER". The format of the book is different from many others as there are a lot of stories, narratives, 2-way conversations via email, etc. However, the absolute gold mine of information in this book is invaluable in my humble opinion. The mindset one needs to have each and every day, the preparation, focus during the day, review processes, etc. This is a textbook, and mine is full of highlights that helped me identify things I am not doing at all, things I am not doing well, and things I am doing well but need to be better at.
This book has helped me take my desire to trade and transform it into a very systematic, detailed plan by being able to copy or re-design checklists, review systems, etc. My mechanics will improve drastically, and I will continue to graze through this book and review, gain new insight, etc.
What I did not need was another book to explain what support & resistance is and how to trade it, or how an indicator works and how I should use it. Although I will say, there are some great insights in these areas as well, it's just not the purpose of the book. I needed a book to help me understand how to be a "Consistently Profitable Trader (CPT)" - and this is exactly what I needed.
Top international reviews
However, if you are starting out and are in need of setups/plays to use in the market then this book is not for you.
I should have read this book many many years ago. Has got all! Motivational, humor and tons (most of all) of practical help.
Would purchased again in future, if the right items are up for sale.
The day you understand (and able to write or SEE good about) this book, I can be sure you can SELF certify yourself that you had overcome all the hardships, obstacles etc. required to become a pro trader.
You all have milles to go before you....
This book shows how to make your own HOLY BOOK/HOLY GRAIL for your trading.
In terms of content, there is some useful trading information here but it is buried amongst reams of SMB Capital marketing and anecdotal prop. trading cultural fluff.
If you're interested in SMB Capital specifically then buy this book, but if you're looking for trading education there are far superior books available.
neuen Tradern im Daytrading.
Das Buch ist eine außergewöhnliche Hilfe bei der Erarbeitung und Verbesserung von Regeln/Richtlinien
für jeden Trader und auch langfristigen Anleger. Das dort beschrieben prozessorientierte Vorgehen hat
mir als langfristigem Anleger neue Wege aufgezeigt, meinen Entscheidungsprozess weiter zu verbessern.
Wie entwickle ich Einstiegs- und Ausstiegssysteme, mit denen ich am besten zurecht komme und wie
finde ich Aktien, die sich zum Traden/Anlegen eignen, sind nur einige der Themen die in dem Buch behandelt
werden. Grundlegende Fragen, wie z.B., ob ich mich überhaupt für das Trading eigne, werden ebenfalls
angesprochen. Die Themen werden allerdings nicht systematisch eins nach dem anderen, sondern anhand
von Erfahrungen des Autors beim Coachen einzelner Trader behandelt und daher öfter in einem anderen
Zusammenhang wiederholt. Das Buch kann von jedem Trader und Anleger empfohlen werden, der seinen
Entscheidungsprozess noch verbessern möchte.
Money will come and go but integrity is forever, this book gives you all.
One Good Trade was much better.