One Good Trade - A Must Read
This review is going to be short and to the point. Normally, I wait until the end of a review to provide my final thoughts on a product, service or whatever I'm reviewing. However, I'm just going to cut right to the chase. If you're a new or developing trader One Good Trade: Inside the Highly Competitive World of Proprietary Trading is a must read.
Written by Mike Bellafiore, co-founder of SMB Capital (smbcap.com), One Good Trade provides an inside look at what it takes to become a successful, consistently profitable trader. This is not a "learn how to trade" manual filled with technical analysis, trading strategies and techniques. Instead, the book takes an in-depth look at the basic fundamentals traders must master and the key characteristics one must possess to be an elite trader.
In the book, Bella reflects on his personal experiences as trader, mentor and co-founder of a highly successful, New York City-based, proprietary trading firm. The anecdotes he shares offer readers a unique perspective into the world of prop trading and provide colorful commentary about traders on the SMB trade desk, both past and present. The most beneficial takeaway, though, is Bellafiore dissects the common traits found in all consistently profitable traders, such as patience, discipline, the desire to work hard, perseverance and the ability to develop and follow a detailed plan. He also outlines the process they follow to become an elite performer and serves up a host of insightful nuggets of wisdom that, if observed, can lead to trader success. A summary of these can be found by clicking here.
The Bottom Line: If you want to trade for a living, you must read this book - especially, if you're a new or developing trader. However, even experienced traders will benefit from One Good Trade as it reinforces core concepts and serves as a reminder of the things we must do to achieve, and maintain, consistently profitable status in our trading careers.