SMB: The unprofessional summer trader

This is the time when all the tweets and blogs start about hitting the links, or grabbing drinks early, or heading for the beach.  If you have ever traded prop at a big firm you will see seats empty on Friday after 1pm.  There will be many who do not come back from lunch on a Thursday.  Missed Mondays and long weekends are a given.  I just do not get this.

When I first started trading we considered it a privilege to be connected to the inside market.   Well it is.   It was not that long ago when the banks had a monopoly on connectedness to the inside market.  Never forget that.  Trading is a privilege.

In this world of over-stimulation and immediate feedback do young traders expect too much action all-the-time from the market?  If you have to sit and just watch stocks trade from 11am to the close without a trade is that so horrible?  You are not laying concrete on an overheated highway.  You are sitting in a comfortable chair, A/C blasting, surrounded by friends, with access to the internet and music and TV.  Part of trading is waiting, just being on your desk, ready to pounce on an unexpected opportunity.

If you do not have a vacation planned then sit in your seat and focus.  Trading does not mean always having positions. A great deal of trading is gathering data so that you can gain an edge for a future trade.  That might be intraday, or the next session or next week.  But if you not at your seat because you deemed a session too uninteresting for your full focus then you are not preparing yourself for that next great trading opportunity.  This is not you at your best as a trader.

Once you accept that you can conclude a day not worth your full attention you become a lesser trader.  If you step onto a trading floor you are there to work.  All day.  With all your focus.  Anything less is unprofessional.

 

http://www.smbtraining.com/blog/the-unprofessional-summer-trader

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