I first met Mike Bellafiore at the Nasdaq OMX in Times Square. He seemed like a nice guy-- firm handshake, clean cut. But I'm convinced that this book was the worst decision he's made in a long time.
What a way to start a review, right? Well, there's a very specific reason for making that claim. The problem Mike will have after this book catches on is that his firm, SMB Capital, will be completely overrun with traders looking to join his firm. Reading One Good Trade will make you want to sell off everything, move to NYC, and join any prop desk that will let you on. So for the next 6 months, odds are Mr. Bellafiore's inbox will be so inundated with people looking for opportunities that he won't have time to trade!
A huge plus for the book was that it was actually enjoyable to read. I think it's important to slog through other texts that will help your trading (think Mind Over Markets), but the anecdotes of running a firm and how he described trade setups kept me turning pages during my off time.
In One Good Trade, there is information that you will not find easily accessible online. SMB Capital prides itself on "Reading the Tape," a skill that is not easily acquired. There is a chapter in the book that describes how tape reading can enhance your skills. There are gems throughout the book that you can directly implement in your own trader development, regardless of your trading style.
The best part about the book is that it makes you want to be a better trader. For me, that is the main reason you should read it.
Now, for the contest. I have an extra copy of One Good Trade that I would like to give out to the trading community.
The rules: In the comment section below, leave your twitter handle at the top of the comment (like @stevenplace) and then tell me your most "WTF trade." Your most WTF trade does not have to be your biggest loser (although it can be). Rather, I want to hear about a trade that in hindsight left you saying "WTF was I thinking?" Also, the trade doesn't have to be a loser-- it could be a really stupid trade you put on that made your month-- but odds are, your WTF trade will be a loser.
At the end of the week, I will pick the best story using a completely arbitrary judging system, and yes you do get brownie points for retweeting this article.
On Saturday I will release the results as well as a story of my WTF trade-- I've had many but this one involves me turning from trader to macro strategist (WTF?).