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Webinar: Mike Bellafiore (SMB Capital) - The Future of Trading
I know he didn't get time to show all of his slides but to me the whole thing seemed like a really long introduction to something with nothing really substantial being said.
Although he said take questions as they come but in terms of personal preference I've enjoyed futures.io (formerly BMT)'s webinars more when questions are held at the end so the presentation isn't broken up.
Made a couple of good points, namely getting the most profits out of A+ set ups but common sense really. I think it was you BM that mentioned journalling which then prompted him to go into how they use trading stats at SMB.
I was hoping that with a book called 'The Playbook' I was hoping he would go into some of the methodology they use at SMB but I guess why would a prop firm give away their 'plays'. Admittedly I haven't read the book so wouldn't know if they are detailed in there. Maybe someone who has read it can give a review? Mixed reviews on Amazon.
Anyway thanks for organising it BM, your work is appreciated.
I always tell presenters they are not allowed to use futures.io (formerly BMT) webinars as a sales pitch. I give very specific instructions on what cannot be done, because I want to keep our webinars educational.
In this industry that is very different. All the webinars I am familiar with are sales pitches, so that is the norm and is common place, it is very hard to get an educator to come on futures.io (formerly BMT) and agree to not do this. And once they do, I still cannot control the actual live event.
The material was well presented and would be fine for someone looking at his/her options for training especially in a prop firm. The idea of using a template to help develop your own set-ups is obviously good advice. However, it was primarily promotional with virtually no educational value. I see no problem in referring to one's product or services for a few minutes but I recall the presenter spending almost the first 30 minutes or so talking about the historical development of his firm. I was about to leave but only stayed because I started doing other work on my other computer.
When I attend these webinars, which is getting increasingly less for good reason, the best I hope for is least one idea that I can run with.
But as others have said Big Mike, I appreciate your efforts to provide us with educational webinars
Given his audience (most read his book), there was way too much time story telling.
I had some family conflicts so I was in an out of the presentation.
Question I have and what I have with anyone promoting their services is?
1) How can you help me return to be a consistently profitable trader in this market environment. I had a successful run as a trader and I am in the process of reinventing myself. How can you help me get over the hump and what is the cost?
2) What % traders in your SMB training program are profitable traders. Especially, ones with a similar background as me. Can I reach out and speak with some of the traders you helped get over the hump.
3) Is your prop firm profitable. A lot of prop firms in Chicago have closed their doors in the last few years and from what I hear a lot of the remaining ones are struggling. Do you have to be in NY to be part of your prop shop.
I will listen to the presentation in the next day or two. I like these presentations because as someone else mentioned, there is always 1 thing in these presentations that can help you.
I have to give Mike B. credit, I had a lot of friends who were in a similar position as him after 2008/09 and were forced out of the business (some voluntary...). I would be careful though giving anyone my money to teach me how to trade.
Only way Mike Bellafiore could have kept his integrity intact by being in a situation where he has some vague idea of
his audience background, motivation, expectations is by being straight forward and honest.
On that front he gets A+ from my perspective.
He clearly mentioned that it takes 3 years for a trader to become successful. Traders planning to take SMB various
training courses should keep that in mind. They range from $7500 to $850. I took their foundation course for $5600
couple of years ago. I was not prepared for 3 years learning curve and was focused on my $5600 tuition fee and
after 2nd week started seeing every thing wrong with the program. 90% of the program is recorded audio/video
files with sub par quality. One could benefit from the program if one wants to day trade stocks and have long term
time horizon.
SMB training division is basically a filtering mechanism for the firm to get potentially good traders for the firm. I will
do the same if i was looking for talent from a pool of inspiring traders who are on their 2nd, 3rd etc career. Who
after working as stock broker ( my case), computer programmers, dance instructors, farmers, HVAC mechanics etc
you name it want to be traders. After all professional back ground does not matter ( i agree) to become a
successful trader. SMB training division is a clever and practical way to weed out. $5600 for recorded videos/audios
is far beyond what it should be. Had i paid close attention before signing up for the program i would not
have paid more than $500 for the course. After all it's my time i am spending. All SMB provided was recorded
audio/videos. Access to their LIVE chat room with Gman etc is worth in GOLD but ONLY if you know what the
heck you are doing. If i was trading stocks I will happily pay whatever the fee is to listen to him and others and trade along
with them because they BANG OUT some serious dough over there.
SMB majority of new traders come from different college campuses. The one who get selected do not have to pay
training fees etc. They are part of firm training program a.ka. GS, JPM etc hiring and training model.
As Mr. Bellafiore said each trading decision involves
1) Big picture 2) Intra day Fundamentals 3) technical Analysis 4) tape Reading 5) intuition
and you need 4 things to be successful at anything
1) domain Knowledge 2) purposeful practice 3) Ability to sustain energy/passion/focus
4) Critical feedback/coaching
Mike said 3 years of commitment and Marc Principato ( SMB Forex trainer)
" You want it to be easy though. You don’t want to hear that is can take 5 years of study to become experienced
enough to earn a consistent profit. No one in the industry who has something to sell will tell you this. You will
always get a much more vaguely optimistic response like, “well it depends on your personal experience and
commitment level, but you can learn in just a few weeks or months”. Sure you can learn some strategy, some
system or someone else’s techniques, which can be helpful, but there is little you can do to compensate for
experience"
Each trader has to decide how they will achieve above mentioned milestones. Both of Mike books are excellent. PLAY BOOK alone will tell you if you will make in this business since the book lays out detail structure and plan to
develop your own PLAY BOOK.
My PLAY BOOK is
a) DT, DB b) 2 straight lines showing OR c) H&S d) Taking positions at the edge of ADR combined with divergence at reversals.
After 3 years and more than 10,000 hours that's what it boiled down for me. In between there was lot of stuff like every trader i went through and there is little chance that you completely avoiding all that other stuff before
being at peace with your self as far as search for HOLY GRAIL goes.
