Facebook Twitter
Now With Over 23,000 Reviews!
Sign up now

One Good Trade: Inside the Highly Competitive World of Proprietary Trading

www.amazon.com/One-G..
Category: Books

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.

Filter reviews by
Page:   2
Displaying 11-16 of 16 Total Reviews
basically a sales pitch for SMB training
I read this book front to back. The chart patterns he indicates are the most basic setups taught to n00bs. the book is basically a long sales pitch for SMB capital. There is no insight into real prop trading that people would like to read about. I.E. black boxes, ECN routing, rebating, fair commission structures, superfluous vs human entered order volume etc. The author's ego is enormous and he praises himself as if he is YAHWEH himself.

Yes, it is a nice accomplishment to be a partner of a trading firm but this is not a P&L firm. It's a commissions house that spends all their r&d on marketing and none on securing sound strategies for their traders.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
2 of 2 people have found this review helpful.
Embed Permalink Report
Was this review helpful?   Yes   No
Review Updated


This review is the subjective opinion of an Investimonials.com member and not of Investimonials LLC.

User’s Review Ratings
Overall
Education



Well rounded book on Proprietary Trading.
If you are looking for a get rich quick book, I'd recommend you look else where. If you're looking to improve trading and learn about how proprietary trading firms operate, this is a valuable asset to your trading arsenal. I was quite excited to read it since it is the first book ever written about prop trading and there are only limited resources out there about this industry. Some people might find part of the book irrelevant or not helpful to trading but it is not off topic. This book is the bible of "Proprietary Trading".

The writing style was real funny as well, it's cold funny. Like when he talks about his partner didn't even wear socks to the first media interview of their firm. Many other parts cracked me up. However, some people stress is too long but I thought the book was well structure. I hate books with never ending chapters with no subtopics whatsoever. This book was rather a smooth read since the chapters are divided up into many subtopics and stories. It really kept me entertained.

This book touched every necessary skill a trader need and the mindset they must possess. It shows various examples and charts of how they execute their strategy. Every trade they make have a process, from screening stocks that are in play, right fundamentals, finding key important levels, and trade it long and short with no bias. Their strategy really isn't that complicated, and if you have the capital one could use its strategy to its advantage. Most importantly it's understandable and it makes sense to regular traders like me and you. But the question is whether you have the mental toughness to follow through.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
1 of 1 people have found this review helpful.
Embed Permalink Report
Was this review helpful?   Yes   No
Review Updated


This review is the subjective opinion of an Investimonials.com member and not of Investimonials LLC.

User’s Review Ratings
Overall
Education
Entertainment
Value



Rubbish
Be prepared it is long, I would never write a review this long or one in general really, but I felt compelled to do this. Actually I think it was my duty to direct readers away from this book.

I have never read such dross in my life. Self-glorification, narcissism, fluff, delusional ideals, and unethical statements can describe this book. It is so unbelievably awful, the fact that this book is popular can only be explained in two ways, the readers are naïve or have no education about finance and markets (which is ok, everyone starts somewhere) and/or looking to get rich quick. Let’s dissect the book to some lines I picked out that I was flabbergasted about.

Check out page 18. The author and his partner rip apart a recent college grad and it’s now published in his book, not only that he mentions how they will make so much money off the kid. Wow are you kidding? You paint a nice façade Bella.

Page 41. The author says traders shouldn’t work hard. Hah that is great, your right why bother trying to develop yourself and further your learning? And your athlete metaphor doesn’t work because and athlete won’t play w/o a multi-million contract

Page 49. The author decided to spare the reader the specifics of what is relevant information when it comes to day trading stock. Explain to me again, why are you writing a book?

Page 143. The author says he can “sense by the PENNY where a stock should be trading 98% of the trading day.” No he cannot, this is just asinine, if you are rational and have a brain than you shouldn’t spend more than 6 seconds analyzing that quote.

Page 148. Finally 148 pages in the first intelligent character emerged, CDT. This woman apparently was very smart, hence why she left after one month or two. She said a job to good to pass up came by. This means for the very short time she was at the authors firm realized that buying in front of size in the depth of the book is ridiculous and was applying to different areas of employment. But of course the author spun it to suggest she didn’t believe, hah yea who could believe the moronic idea of buying thousands of shares on the premise that you think there is a buyer or seller.

Page 171. Bella say’s “We will figure it out.” Mind you, risk is being put into the market and they are just going to figure it out. This was said about trading a stock.

Page 172. The author admits to not even knowing what IRR (Internal Rate of Return) means. I almost threw the book into the trash at this point.

Page 185-186. The author writes that black boxes don’t have really any effect just makes trading a bit more difficult. Then says laughable things like more black boxes fail than traders (source?). And programmers don’t know how to trade, your right Bella I’m sure a person with a PhD in computer science couldn’t comprehend buying in front of size, actually I don’t think he could because its so idiotic. Trust me if Bella had the capital and the possibility to create a phenomenal Algo trading system, he would.

Page 194. The author laughs about how if you buy your traders food or beer you earn their loyalty. Also scattered through the book he nearly brags that pizza is bought every Friday. The funny this is there are thousands of firms that fully cater lunch and breakfast daily for their employees. Some even offer stipends for dinner if you need to stay late. Oh wait traders are not encouraged to work long hours. The prop world is a joke and the traders barely make a living that’s why they love anything free.

Page. 206. The author says you can identify HFT trades and maintains that he can do exactly that. He also suggests some strategies that will phase out and be eliminated. This is just his convoluted mind thinking he knows it all and is correct. You will never EVER know who is on the other side. You may see some weird stuff happen in the book but that maybe be thousands of different HFT algos playing around.

Page 271. The author says that loses by traders are offset by profits of others. If the losses are greater profits then the firm pays out expenses from reserves. Turn your attention to http://www.sec.gov/litigation/litreleases/2008/lr20480.htm . Now I am not insinuating that the authors firm uses the profits to pay for expensive and may run into shortfalls, but with the recent trend of prop firms closing down or converting to B/D I’d be weary.

Another thing I’d be weary of are the rampant probabilities used in this book. I would love a source to the empirical research done to show these strategies work in the way they claim.

Go to the website look how they sell products that reach prices of $6,000. You can’t even put those skills on your resume. Being a day trader you are useless with no transferable skill. Do you want to waste your life sitting looking at level 2? Seriously? Don’t fall for the hype in this book. Notice how the book always talks about the NASDAQ bubble and the other great days. All the glory is about how it used to be.

Bella was quoted saying “Discretionary traders are losing” when talking about HFT. Yet in the book he says they won’t affect day trading just make it slightly more difficult.

http://www.tradersmagazine.com/news/day-trading-momentum-106861-1.html

Jim Rogers said it best; he never met a rich technical analyst, then corrected himself and said, yes, he did, the ones selling their service.

Bella’s whole ideology of reading tape is dying as well. Big orders are being converted to hundreds of smaller ones because you cannot drop a block order now-a-days on the exchange, only a moron would, or broker that doesn’t care about his clients. That means these big orders blend with the million other 100-1000 share trades that fire off every second with the HFT. Those large orders are moved to different conduits such as dark pools and cross networks.

It’s really sickening this book, the author tries to paint a picture that the prop world is this place that you dream to get to because it’s so great, in reality it is breaking down. Sure there will be one or two but so you want to be in such a brain drain part of the industry? Discretionary trading is an embarrassing profession. Think I’m crazy? Go try it out and let me know if you are still doing it after a few months, even the author says that most fail, what he doesn’t tell you is he still profits handsomely whether you do or not. And mentioned in the book the traders pay-out was complicated, well it isn’t, its’ pure robbery. But that is a whole another discussion of it’s own.

So if you want a book about a bunch of day trader fluff and useless information, then spend the ridiculous price for this book, or message me because I’ll give you mine. There is truly just nothing here.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
4 of 5 people have found this review helpful.
Embed Permalink Report
Was this review helpful?   Yes   No
7 Comments on this Review
Review Updated


This review is the subjective opinion of an Investimonials.com member and not of Investimonials LLC.

User’s Review Ratings
Overall
Education
Entertainment
Value



One Good Trade - SMB Capital
SMB Capital's Mike Bellafiore puts it all out there for you in this one. He gives you great insight into the world of proprietary trading and how top firms like SMB capital recruit people and allow them to minimize losses by being on the simulator for 6 weeks instead of one week like other firms. It's a great read with some good lessons about trading psychology.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
4 of 4 people have found this review helpful.
Embed Permalink Report
Was this review helpful?   Yes   No
Review Updated


This review is the subjective opinion of an Investimonials.com member and not of Investimonials LLC.
JBLC New York, New York

User’s Review Ratings
Overall
Education
Entertainment
Value



Good if you skip the first 3 chapters.
As I'm not really interested in the internal culture of a prop firm nor what is needed to get a job on a desk at one, the first 3 chapters were a bit of a waste of time for me. However from chapter 4 onwards there is some really good actionable advice and Mike 'Bella' Bellafiore clearly knows his stuff and comes across as a great teacher.

Some of the book is padding and you can't help but feel that it could have been distilled down into a more compact book, but it's well worth the read and I'll be reading a number of the chapters again and again to make sure I extract all the lessons I can from it.

In all a very good book and a welcome addition to my library.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
4 of 4 people have found this review helpful.
Embed Permalink Report
Was this review helpful?   Yes   No
Review Updated


This review is the subjective opinion of an Investimonials.com member and not of Investimonials LLC.

User’s Review Ratings
Overall
Education
Entertainment
Value



"One Good Trade" the Bible for Prop Trading
I am a full-time day trader and have read many trading books. Mike Bellafiore's, "One Good Trade" is one of the best!!! "One Good Trade", takes you inside the World of Prop Trading.

Mike explores through a "cast of characters" and shares their individual stories of their sucesses and failures. The stories are real stories about real traders at SMB. The stories are interesting, entertaining and funny. Mike takes you on a journey that discusses in great detail what it takes to have a successful career in Trading.

If you are a recent college graduate this book is the bible for you. Mike discusses how they recruit, the type of individual they are looking for and a series of interview questions. You will learn what it takes just to get an interview, to get a job offer and then get an invitation to trade on their desk. There is no book out there that dives into this type of detail.

Mike then moves from Inside a Prop Trading firm and the cast of characters to the Tools of Success that includes SMB Capital's Technical Playbook and the Traders education of mentoring. SMB Capital winning playbook is based on three things: Technicals, Stocks in Play and Reading the Tape. Understanding their methodology of Stocks in Play alone was the "bright light" that I needed to personally change my trading style and is now helping me with the needed discipline, focus and patience that I very much needed.

This is a unique book that is a fun and educational and will make a difference in your Trading and your quest to become a consistent Trader!

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
3 of 3 people have found this review helpful.
Embed Permalink Report
Was this review helpful?   Yes   No
Review Updated


This review is the subjective opinion of an Investimonials.com member and not of Investimonials LLC.

User’s Review Ratings
Overall
Education
Entertainment
Value



Page:   2
Displaying 11-16 of 16 Total Reviews
Investimonials Sponsors
 
Featured Investing Products
  
  
  
  
  
  
  
  
 
Users of One Good Trade: Inside the Highly Competitive World of Proprietary Trading