Excited to take my writing to the next level with the launch of a new members service for short-term traders!
Readers will get a deeper behind-the-scenes look at a full-time trader that includes:
->Daily report cards
->Detailed trade write-ups
->Performance reviews and video
Our baby girl Rumi was born over the weekend. Such an overwhelming and incredible experience. So very grateful you are here and can’t wait to be your Dad
1yr since I left Bluelake. I underestimated the transition. I underestimated the load a second baby can place on family and time/focus. However built a great new team and genuinely happy. View from Cronulla office helps ha. Would love to hear from local traders
Most trading drawdowns come from one thing: complacency.
Overconfidence leads to overlooking biases. There is increased risk of straying outside of your lane.
In August 2022, I lost $100k in just a few days. I made a series of errors where I failed to heed the price action and
Been head down all month enjoying these markets. No doubt it was frothy but I worked real hard and was super focused on best stocks for me. Amazingly, day trading $Z1P almost made 1/3 of all profits! Will post those DRCs. Now time for detailed reviews and next steps to get better
After 7+ years I have left Bluelake Partners. Very grateful for my experiences and the friendships formed. Now onto the next stage of my career. Hard work begins now! Full focus on creating that perfect environment for me 🙌
Keeping a chartbook/Evernote has been one of the most powerful tools to help me get better.
Simply every day, print out intraday charts of most in play names and one of own executions. Annotate away. Through time, patterns just jump out which increases awareness real time
Trading is such a mental game. Took a prolonged break as I was churning and spiralling. I lost clarity in a mkt that was filled with simple opps. Came back and the same opps have come about and I’m now executing better. Nothing changed other than the mind you bring to the game.
I have studied
@TheOneLanceB
for years because he is the best! Different markets, same processes.
The latest video with performance coach Dr Katz was a goldmine:
-Acknowledge mistakes
-Coachability
-Process vs outcome
-Double down on best habits
-Have the hard convo
Expand...
$APT one of the best intra trades I have put up in a long while. All in that morning drive once open finally dropped. Only real error was overtrading that arvo rally and could have been bigger through $85.50 at 12pm . Report card and details later
Thought I would share my 2021 goals and reflections. Last year was strong for me personally and my trading. No doubt I was dealt some good luck but I like to create systems and checks to focus on the process:
Performance is often about executing simple things consistently.
It is amazing how often we self-sabotage our process and fall victim to distractions. Intention or motivation may be well placed but these do not stand up if there is no structured environment.
A recent story to
Structured practice routines for better trading results: expanding on
@TheShortBear
tweet with examples.
I agree that too often we get caught up in shallow work instead of prioritizing the most meaningful.
This tweet got me thinking deeper about how to better structure time.
@ganondalf33
@TheOneLanceB
It’s hard to beat someone that has deep passion for the trading game and has the efficiency to work on long projects and data until almost perfection.
Both Lance and I showed up before other traders, left after, sacrificed social life and were obsessed with growth.
Very
$APT back to my write ups. Did a rather poor job following APT longs last week but it hit my sweet spot today for a fade. Report card attached and will get back into the rhythm post hols. Hit my report card goal
$Z1P the reason I spend so much time reviewing and goal setting is that each time you get a little bit better, planned and conscious. Today I put that into practice and hit my report card goal in $Z1P. Still room for improvement. Traders dream out there
I listened to the
@MoistMango12
interview with IU which had a profound impact on me.
The headline is his huge $1.6m chop in $NVDA.
But going deeper, here is one of the best traders on social detailing his experiences with drawdowns.
This resonated. Here is what I learned:
April overview and lots of good chops to start the month. I lost alot of focus towards end and missed all those great short opps $KGN $RBL $LYC. Overnight momo certainly come out of the market and biggest individual loss was $JRL overnight. Detailed review to come. Keep growing
Something I have observed from the very best traders is their ability to put it on when it matters. They have conviction, act decisively, and size exponentially.
I like to call this the "see it moment"
@MikeBellafiore
.
No doubt this skill comes from years of screen time and
Markets changed and adapted ok during the month. Took 2 decent ipo losses (DDH,GEN) and cut back a number of risk strategies through the month. As ever, a few opps popped up in $ART $FNP which had to be maximised. Took a nice hols into month end for the reset. Keep growing
A write-up of the epic $DRO trade: the $SMCI moment for the Australian day trader.
The biggest lesson was that special situations require deep planning, assessing EV, and exponential betting. Guilty of letting prior poor trading affect me rather than being fully present on the
As I reflect on my 2022 trading, the most important lesson was focusing on easy money trades in a new market regime. I learnt this the hard way with a August drawdown of -$100k. This just didnt need to happen. What I wrote in that moment to rectify:
2023 trading reflection with data.
I didn’t make seven figures…again. However, a strong year of growth and I am real happy.
Some general observations, what went well, what didn’t work, and areas to target going forth. These concepts may help your trading this year 👇
$BRN keeps throwing up epic opportunities and still no one knows what it does! Gap down playbook that I executed well. I admit that I actually had to leave desk on the spike so got lucky with some offers. Key was 45c lift. Report card to follow (algo fills early so looks messy)
Was very nervous but I think the talk went well and received some good feedback. V.honoured to share the stage with such legends. If you missed, see recent CWT event here:
$JRL Sometimes you see the variables, fight for price, then sit back and get lucky. Best thing I did was not trade it but instead let it play out. Market cap + free float vs US peers on that news I felt was A trade. Could have been bigger
If you are a trader struggling with mistakes, my latest post may be the catalyst for a positive change.
I have had enough of making mistakes. The best decisions are available in this present moment.
Here are the steps I am following to take action and change perspective:
What an inspiring individual! Certainly pushing me to be a better trader and individual. I have learnt a great deal from Nick on new plays, setups and process tweaks. So much more to come no doubt
$ART Yesterday I watched it like a champ all day without participating. Today made sure I was in it on the way down. Very happy with this one today. Limited borrow and hit all I could so grateful. Wanted to hold core all day. All about $1.80 and $1.75 drop to me
$Z1P review from today. Key setup to me was that holding pattern under 920/925 come 12pm. Something that holds up very well and isn't doing what is expected is in itself an indicator. The ability to be extended with no pullbacks is often precursor to blow off with shorts trapped
A massive thank you to all those who came along to the
#cwt
event last night. Really great to see the Australian trading community growing and coming together. Hopefully there was some good content for all
The best periods of my trading ALWAYS come after a period of being totally disgusted with my lack of progress and performance.
Losing money on dumb trades -> frustration -> write to reflect -> put in plan a new conscious goal.
The pain is the starting point. Being self-aware
James is the absolute GOAT. Had the privilege of sitting next to him for 5 years at Bluelake and sponged all the info I could. Incredible Trader and human.
The goal is to remain constructive and positive. As a friend said to me, when everything is going great, cherish it because there will be bumps ahead. When everything is going awful, just keep improving because there will be better times ahead.
Went a bit ham on these Lithium gap down plays today which was in the sweet spot for me. Big improvement remains managing them. More reviews tonight. $PLS $LYC $NVX
A very very bad habit as a trader is not hitting your stops when wrong. I was guilty of this on Friday in $PLS. Sitting there hoping it will snapback so I can get a better fill. Awful and a reminder how bad habits get punished in this game. Trade detail here:
$Z1P well that was fun! Still could do better at holding a core through the strength and vert move. Identifying abnormal strength was key. Was lucky no borrow in my primary account ha! Detailed notes to follow but core long trend trade and short attempt attached. Hit my goal
Disappointing month for me. Solution as ever is to put the work in NOW and review. I always do said reviews but I need to be brutally honest with myself here and learn from mistakes. Key is internalizing the identity of the trader I am and want to be. Own that sht
Reviewing the best trades in detail is key to building edge. For me, writing helps to solidify these ideas to better execute next time.
However, it is the marginal and the space in between opportunities that does so much damage!
Reflecting back on this powerful tweet: Where is
What if I told you some of the best prop traders experienced periods of awful trading? I might go so far as to say their results were awful during specific periods. They lost money. They made unforced errors. They lost confidence.
You might have periods in your trading where
If in doubt, trade BNPL!! $APT and $Z1P in play today for a host of factors. Did a bad job of managing a core in Z1P but good entries in the early shorts
Will put pen to paper again. Lets see if writing my thoughts and being accountable once more brings out a better me. Report card from Friday which was a poor day vs recent trading:
$Z1P Did a good job of just following the price action lower and taking my signals. Never really went for it as wasnt really an A setup/catalyst for me. Better would have been to sell and walk away vs trading it ha
It is never comfortable confronting outsized losses and the big red trading days. Yesterday was my largest hit of the year (-$40k).
However, it is exactly in these moments we need to face up to reality, reflect, and learn.
Without this, there is no growth. The brain isn’t
When markets go quiet, it is such a great opportunity to work on projects for your trading biz. As Naval would say- learn to build.
What can I automate? What can I filter better through tech? Where is that low hanging fruit? Outsource
Use that army of robots while you sleep
Over time, the person who is simply focused on maximising what they can learn and how they can grow will become much greater than the person who sees life as one continual test to prove themselves. I slip into this trap at times. Twitter bravado masks the work behind the scenes
Couldn't post last night- Gap up fade playbook from yesterday with examples. Was a real day to take on risk and I have studied how I can better do that
$FNP could have done a much better job with my hold and exit management. Headline $ nice but guilty of trading that vs the opportunity set. This was one of the best capturable move I have seen in a long while and didnt maximise. Review to follow
In markets that are tougher/changing character, what are you doing to adapt?
An exercise I like to conduct is observing what I am seeing out there under the hood and the signals that would force a change of previous strategies.
Focus on what is happening in the now
As we hit 2019, rather than make worthless resolutions, my plan is to continue to build on all the work and processes I put in place last yr. Focus on the person I want to be and getting better. So grateful for all feedback and inspiration from others here. Happy NY
And then today it all follows through and there is alot of action! Just got to keep putting myself into right positions to capitalise. It all clicked today and best day of month. Report card:
$SZL was the best intra opp for me, especially given the broader Daily context. Finally worked and report card attached. $APT I covered overnight short way too early and sat on my hands in frustration doh
Certainly missed out in $APT today because of a bias and focus elsewhere. So clean and never fully committed or planned. However, adapted well to theme to put up report card goal in $OPY
To that end, here was my new DRC goal for the month of July. Specifically want to make more in my best ideas and trades. Inspired by the SMB monster trade review video (a must watch)
If something holds very well and isn't doing what is expected, that itself is an indicator. Extreme strength, consolidates with light pullbacks = precursor to blow off move. Saw in $SZL last week and $OPY/BNPL today. Alas, bottled it by scaling out vs the hold and size to close
Snippet from my report card yesterday. I always find key is to analyze what I did wrong and correct quickly. Move on, take the hit, remember what you did during good trading periods and what lead to that
$APT when you decide to hold a core and watch it go sideways all day....then dump into close with 15mins to go :( Report card attached. Traded am drive real well but then didn't sit out and let it setup again properly
$Z1P report card from yesterday. Traded this well and adapted to an early cover for no reason. However, fading $APT was tricky and perhaps stubborn.
Thoughts on how to get better and key inflection points:
The biggest resource to accelerate your trading is the team and mates you form around you.
Stop worrying about edge erosion and instead focus on the quality of your collaboration and learning.
A perfect example in $IEL today. I take zero credit for the trade but am entirely
$SPT Really pleased how I traded it today. Wasn't great size but in control and followed the strength. Will write up notes later. Only real overtrade was re buying at 200 for a scalp lift but failed. This is why I put up recent posts to try and learn to get better
$Z1P was the in play name for me today. Could have done better on that break through 720. Room for improvement but hit my DRC goal for the day and expanded my playbook into backside fades. 3rd fade the charm
$BSL biggest losing trade on Friday. Was a clear example of a bias and not heeding the price action versus the news. Always important to go over losing trades, especially to check complacency
Been head down with Earnings season and focusing on my own routine. However standout theme from
#CWT
event and Bella was importance of community. Thus must do a better job of sharing my report cards and ideas once more. Collaboration helps one improve
As an Australian short-term trader, the last two days are up there with the most frustrating I have witnessed.
We get caught up in an extended Monday sell off and experienced no capitulation event or rally on Tuesday.
It is what it is. Take the good with the bad.
What I
What I love about this is the true improvement in expanding your playbook. Never going to nail breaking news trades first time. This time first print and held vs scalp. Love it
+$33.6k - was -$6k & 3/3 losers in ALQ APT IEL this morning. Stuck with it, got back to green in WEB, then monstered the $CQE breaking news trade this arvo (thx scomo). First breaking news trade ive really nailed, big sign of improvement! Record day, & biggest single trade win :)
$RSG the focus for me today. Traded it well BUT my sizing was very poor and thus failed my current report card goal. Too distracted elsewhere and wasn't conscious enough through 130 lift. Will adjust tomorrow
"What looks like a talent gap is often a focus gap.
The 'all star' is often an average to above average performer who spends more time working on what is important and less time on distractions.
The talent is staying focused."
–
@JamesClear
$MSB fills look like a Xmas tree but traded around a core. Held position well through the day but was always worried of halt. Hit my DRC goal and time to bump up as can do better. Also grateful for colour which shows the importance of teams
@longhorncapital
Trading in play $NST undone by overtrading $EVN. For me goes to show the importance of trading the very best catalysts and in play names with RVOL. $EVN just a GDX lead in vs $NST productions nos
The absolute GOAT. Lance is a true inspiration and has been a major influence on my career. One the best interviews packed with info. Thanks
@chatwithtraders
🙌
$PBH another good example of that unusual strength and holding the morning gap being the precursor to the blow off Intra move. Holding > 1300 in that flag from 1pm onwards was the setup. Did I capitalise? Nope but I’m good at hindsight commentating ha
$MSB well given it is now halted and nothing I can do, here is my report card from yesterday. Really happy with holding a core throughout given the magnitude of catalyst and price action. Could have been more patient in $4 area. See what this "corp update" serves up next
$Z1P review from yesterday. Actually the cleanest move to downside we have seen. Traded the signals well BUT didn't follow the sizing process to reverse engineer the trade. $SZL my losing trade. Chased poor fills as it held 3b day.
Complacency can be a killer in Trading.
Making money -> overconfident -> cut corners -> stray outside lane -> take an outsized hit.
I had this experience coming into today.
All you can do is write, learn, make new safeguards and move on. It never stops
$LYC
$Z1P I added too early into 780 and took some early pain back through 800. Stuck to the strategy and kept adding into that short despite decent drawdown. Worked out well in the end. Could do better with exits. Perhaps overtrading trying to buy capitulation. Write ups to come
An expression I love and try to live by: “always pay it forward”. Work hard, learn from others, network and this how you will truly grow and be successful. Or you could sit there behind a phone and be cynical 🤷♂️
$Z1P you can short stocks 😀 Im happy with 90% of this but I was too loose with my final re short on the test of lows. I decide to run a small core and give bigger picture Top/Climax a chance. Mistake and cut as we lifted 900s. Sizing again could be better but fast market
For the last few months, I have been more consistently writing and sharing my content about trading.
What resonates with readers? The initial data seems very clear:
-Losses and mistakes
-Struggles
-Problems
-How to overcome said problems
The big trades and flexes look nice on
The 1 tip I would give ANY short-term trader so that you are on the right side of the market: price action is the ultimate the truth.
(feedback reminder I got from
@Godfrey04Dusty
).
Despite being in the markets for years, this message still hasn’t sunk into my thick brain.
An
$CHN intraday trade and report card attached. A nice headline for me to play once that morning range built. Could have been bigger and was a bit gun shy in weaker market
I said I would spend time reflecting on last fin year and build solid goals and targets for the new year. I thought I would share some of this in a "reflections post". I have not uploaded data etc but this is a general outline. Would be interested to see other peoples plans:
Notes from my main trades today: $NUF and $FMG best drives of day. Key was seeing 470 seller who wouldnt lift and 650 seller respectively. Worst was $CLV which was total fomo
This is a simply brilliant episode! So many foundational concepts here to reverse engineer to get the best from oneself. I loved it and now have a book of notes ha
$APT very whippy, some overtrading, decent drawdown BUT felt it was in the sweet spot and good r/r on that Daily. Was a playbook trade and just tough for my system
You know you getting older when the only presents from your wife are 4 books, one of which is on optimising baby sleep!!! Very much looking forward to these