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Mike Bellafiore
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One Good Trade: Inside the Highly Competitive World of Proprietary Trading Hardcover – August 2, 2010

by Mike Bellafiore (Author)
4.6 4.6 out of 5 stars 535 ratings
See all formats and editions
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An inside look at what it really takes to become a better trader

A proprietary trading firm consists of a group of professionals who trade the capital of the firm. Their income and livelihood is generated solely from their ability to take profits consistently out of the markets. The world of prop trading is mentally and emotionally challenging, but offers substantial rewards to the select few who can master this craft called trading.

In One Good Trade: Inside the Highly Competitive World of Proprietary Trading, author Mike Bellafiore shares the principles and techniques that have enabled him to navigate the most challenging of markets over the past twelve years. He explains how he has imparted those techniques to an elite desk of traders at the proprietary trading firm he co-founded. In doing so, he lifts the veil on the inner workings of his firm, shedding light on the challenges of prop trading and insight on why traders succeed or fail.

An important contribution to trading literature, the book will help all traders by:

  • Emphasizing the development of skills that are critical to success, such as the fundamentals of One Good Trade, Reading the Tape, and finding Stocks In Play
  • Outlining the factors that really make the difference between a consistently profitable trader and one who underperforms
  • Sharing entertaining, hysterical, and page turning stories of traders who have excelled or failed and why, many trained by the author, with an essential trading principle wrapped inside

Becoming a better trader takes discipline, skill development, and statistically profitable trading strategies, and this book will show you how to develop all three.

Previous page
  1. Print length
    355 pages
  2. Language
    English
  3. Publisher
    John Wiley & Sons Inc
  4. Publication date
    August 2, 2010
  5. Dimensions
    6.5 x 1.25 x 9.25 inches
  6. ISBN-10
    0470529407
  7. ISBN-13
    978-0470529409
  8. See all details
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Editorial Reviews

From the Inside Flap

Proprietary trading firms do somewhere between 50 and 70 percent ofall the equity volume in the U.S. markets on any given day. Butunlike most firms on the Street, proprietary firms have no clients.They do not take other people's money and speculate it on theirbehalf. Proprietary trading (or 'prop trading' for short) is donefor the benefit of the company's partners and employees only: thefirm is the client. Their profits are generated solely from thebets they make on their traders. If they are wrong, they lose theirown money. When they are right, they keep a percentage of theirwinnings. The world of prop trading is mentally and emotionallyexhausting, but the rewards can be substantial, if you understandhow to identify good trades, take profits at the right time, andlimit losses.

In One Good Trade, Mike Bellafiore reveals the innerworkings of the proprietary trading firm he cofounded, detailingthe challenges of prop trading and explaining why traders succeedor fail. In the process, he shows how you can use the skills andstrategies developed at his firm to improve your own tradingsuccess.

The author takes you inside the world of prop trading to showhow the professionals trade successfully, sharing all the importantmarket lessons he has learned over the course of his career whileintroducing a fascinating cast of characters, some of whom havesucceeded, and too many who have failed. He offers a range ofstraightforward trading strategies, such as breakouts fromcongestion, trading off support and resistance, and identifyingconsolidation setups. Perhaps more importantly, he explains theimportance of other, often overlooked skills critical to successfultrading: developing consistency in monitoring markets anduncovering trading opportunities, discipline in executing trades,making rational risk/reward bets, and managing trading capital. Hereveals those skills through illustrative stories of the growth ofhis trading firm and the ups and downs of traders he hastrained.

Becoming a better trader requires discipline, a thick playbookof trading setups , and well-rounded trading skills, and OneGood Trade will show you how to develop all three.

From the Back Cover

Proprietary trading firms do somewhere between 50 and 70 percent of all the equity volume in the U.S. markets on any given day. But unlike most firms on the Street, proprietary firms have no clients. They do not take other people’s money and speculate it on their behalf. Proprietary trading (or ‘prop trading’ for short) is done for the benefit of the company’s partners and employees only: the firm is the client. Their profits are generated solely from the bets they make on their traders. If they are wrong, they lose their own money. When they are right, they keep a percentage of their winnings. The world of prop trading is mentally and emotionally exhausting, but the rewards can be substantial, if you understand how to identify good trades, take profits at the right time, and limit losses.

In One Good Trade, Mike Bellafiore reveals the inner workings of the proprietary trading firm he cofounded, detailing the challenges of prop trading and explaining why traders succeed or fail. In the process, he shows how you can use the skills and strategies developed at his firm to improve your own trading success.

The author takes you inside the world of prop trading to show how the professionals trade successfully, sharing all the important market lessons he has learned over the course of his career while introducing a fascinating cast of characters, some of whom have succeeded, and too many who have failed. He offers a range of straightforward trading strategies, such as breakouts from congestion, trading off support and resistance, and identifying consolidation setups. Perhaps more importantly, he explains the importance of other, often overlooked skills critical to successful trading: developing consistency in monitoring markets and uncovering trading opportunities, discipline in executing trades, making rational risk/ reward bets, and managing trading capital. He reveals those skills through illustrative stories of the growth of his trading firm and the ups and downs of traders he has trained.

Becoming a better trader requires discipline, a thick playbook of trading setups, and well-rounded trading skills, and One Good Trade will show you how to develop all three.

Product details

  • Publisher ‏ : ‎ John Wiley & Sons Inc; 1st edition (August 2, 2010)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 355 pages
  • ISBN-10 ‏ : ‎ 0470529407
  • ISBN-13 ‏ : ‎ 978-0470529409
  • Item Weight ‏ : ‎ 1.25 pounds
  • Dimensions ‏ : ‎ 6.5 x 1.25 x 9.25 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 535 ratings

About the author

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Mike Bellafiore

Mike Bellafiore

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Mike Bellafiore co-founded SMB Capital, a proprietary trading firm in New York City, and SMBU, its trader education company. He is the author of the “trading classic” One Good Trade and The PlayBook. He also co-authored a chapter for The StockTwits Edge, in which he discussed a favorite trading setup. Mr. Bellafiore also writes regularly for the globally popular SMBU blog, where he shares ideas on how to improve trading performance. Mike’s trading techniques were noted in The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist, written by Dr. Steenbarger and has been recognized in The Inner Voice of Trading by Michael Martin. As an international lecturer, Mr. Bellafiore has built trader trading programs globally for hedge funds, prop trading desks, and retail traders, working with some of the world's largest traders.

SMB Capital’s trader-training program was highlighted in the TV documentary Wall Street Warriors. His firm has appeared regularly on CNBC’s Fast Money, CNNMoney, Bloomberg, and Fox Business.

Mike is a former college athlete and member of the University of Connecticut Board of Trustees. He lives with his wife and new son on the Upper West Side in NYC. Mike welcomes your comments and/or questions at mbellafiore@smbcap.com.

Customer reviews

4.6 out of 5 stars
4.6 out of 5
535 global ratings

Top reviews from the United States

Brooke
5.0 out of 5 stars I read the reviews of One Good Trade prior to reading the book and then again ...
Reviewed in the United States on September 22, 2016
Verified Purchase
First of all this is Bryan and not Brooke! I had to ask my wife to borrow her Amazon account so that I could write a review. Apparently creating an Amazon account is not enough to write a review, they found a way to monetize even that part of their business (hence the nearly $800 stock price). Sarcasm aside, I read the reviews of One Good Trade prior to reading the book and then again upon completion. I have never been someone to take the time to write a review for a book I read, but given my affinity for the book I felt compelled to offer my perspective.

To give full disclosure, I worked on Wall Street on a prop desk during one of the greatest times in history ( Late 1990s- Early 2000s) and I enjoyed great success where I was able to quickly become a CPT ( Consistently Profitable Trader). Similar to the experience the author describes in the book, I never received the in-depth training that could have given me a better chance of success. I succeeded through hard work, asking a lot of questions, improving daily, and being surrounded by other talented individuals. I am sure there was some luck involved, but my point is that this book provides valuable insight into not only the job of a professional trader but the experiences, thought process and most importantly challenges that will surface if one chooses to embark on the challenging career of a prop trader.

I found the anecdotes to be poignant and at times amusing. I found One Good Trade to be enjoyable and more importantly educational. I was shocked how much I learned about trading that I either forgot or never knew. The author does a nice job of explaining things in layman's terms while still challenging experienced traders. I read the book in a few days and enjoyed it so much that I had my wife purchase The Playbook which I read the following week. Since I won't be writing a second review, I will tell you that as helpful as One Good Trade was, The Playbook was even better. The Playbook provided an updated and even more relevant insight into the discipline, patience and work ethic required to succeed in the highly competitive world of proprietary trading.

Lastly, I will say that the author comes across as more of a coach than a critic. It seems that he really does want to help people and see them succeed. It is a shame that some people couldn't find something positive to enhance their trading or understanding of a prop desk from the book. I highly recommend it for anyone with a positive attitude that is looking to improve himself/herself. If you are a novice you will learn a ton. If you are an experienced and successful trader then hopefully you will take away one concept that will make you even better. Enjoy.
18 people found this helpful
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OrlTrader
5.0 out of 5 stars This book will give you the framework to think for yourself as a Trader
Reviewed in the United States on August 11, 2011
Verified Purchase
My first read through of One Good Trade helped give me the confidence to start intraday trading full time in April 2011. Today, August 11th 2011, I just finished my 11th profitable day in a row during one of the most volitile market periods ever. For about a six months before reading One Good Trade I had intensely searched for an investing style that I could pour myself into full-time having handled my own investments very much part time over the last 18 years using more medium timeframe William O'Neil style of investing mixed with some options trading as well when I had the spare time. Over my 18 years of investing I have reads dozens if not hundreds books on everything ranging from Graham and Dodd value investing to Trend Following, commodities, options, futures and about anything else you can think of.

For me One Good Trade is the book I wish I could have had 18 years ago and pretty much skip most of the rest. It is not because this book hands you a clean 10 point check list of what you need to do in a step by step fashion to execute profitable trades as an intraday trader. While there are many great strategies and some ground breaking concepts such as stocks-in-play covered within, cookie cutter strategies are not what this book is all about. For me One Good Trade is about learning how to think for yourself as a trader. If you read a book that does nothing but show you 10 different chart setups and then think you are going to go conquer the market, well, good luck because you will get crushed. Many of the reviews that feel this book falls short seem to think intraday trading should have a simple recipe, or that there is some universal magic key to the trading kingdom. Having a diverse playbook is important, and there are some universal concepts everyone should study, but if you do not learn to think for yourself and adapt to the ever changing markets you will be one of those who hands over your hard earned dollars to mother market.

I have now read One Good Trade cover to cover 3 times and key sections 10 times or more. As I have been developing my trading skills and gained more experience tangling with the market on an intraday basis new concepts come alive in re-reads that did not stand out before I took a few lumps from the markets. There is no substitute for having money at risk with every tick of the market to create focus on what is important to learn, and make reading key sections of a trading book 10 times anything but mundane.

Intraday trading is definitely not for everyone but for those looking to give it a shot I recommend first reading this book and then once you start trading, review every trade you make after the market close every day. The areas you need to work on will become glaringly obvious. Once you fix an issue, the next greatest weakness in your trading will be revealed and must be conquered and so on in a perpetual growth process. Each new trader will have a unique maze of issues to navigate on the path to consistantly profitable trading even though we all work in the same market. One Good Trade gave me the framework and tools to successfully tackle this journey on my own sitting at my work station in Florida. For those that are ready to give it a shot this book is priceless. One bad trade in the market can cost you more than the price of this book, and this book can shorten your learning curve enough to save you from hundreds of bad trades on your path to consistent profitability.
25 people found this helpful
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Top reviews from other countries

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JOHN
5.0 out of 5 stars its expensive
Reviewed in Canada on November 14, 2023
Verified Purchase
was a gift and have not the book
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Julio Cesar Perez
5.0 out of 5 stars Gran Libro para iniciar
Reviewed in Mexico on December 11, 2022
Verified Purchase
Habla de temas importantes para todos los traders. Es una gran guía sobretodo porque abarca temas desde ejemplos de traders hasta ejemplos de trades. Creo que es un libro que todos debemos leer para conocer del mundo de los prop trading
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Ahmed Mohamed Abdelbaqy
5.0 out of 5 stars A must read book for traders
Reviewed in Germany on December 10, 2023
Verified Purchase
It‘s excellent book for all traders who wants to succeed
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lejandre
5.0 out of 5 stars Deep in the trading world
Reviewed in Brazil on November 14, 2020
Verified Purchase
You really get deep the professional trading world, and with humor as well. The book is helping me with some clues to improve my technic, such as statistic performance and scaling risk.
One person found this helpful
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G Singh
5.0 out of 5 stars Whatever type of trader you are, must read this!
Reviewed in the United Kingdom on April 12, 2022
Verified Purchase
This is an excellent book and now sit in my top 10 alongside The Playbook. Never was a day trader, but I always aimed to find the best entries and timing to my longer plays, this book and The Playbook has changed my trading to another level as. If you are an investor or longer term trader, swing trader and not making money or killing it in the markets, then you have to read these books to understand what really goes in a trading day, which gives you clear signals whether you should be holding or selling, for whatever timeframe you are trading. This has been written by a master trader with a group of master traders, so only ignorance will stop you from becoming better, you don’t know what you don’t know, and it’s important to know what you don’t know.
6 people found this helpful
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