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One Good Trade: Inside the Highly Competitive World of Proprietary Trading
An inside look at what it really takes to become a better trader 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. In One Good Inside the Highly Competitive World of Proprietary Trading, author Mike Bellafiore shares the principles and techniques that have enabled him to navigate the most challenging of markets over the past twelve years. He explains how he has imparted those techniques to an elite desk of traders at the proprietary trading firm he co-founded. In doing so, he lifts the veil on the inner workings of his firm, shedding light on the challenges of prop trading and insight on why traders succeed or fail. An important contribution to trading literature, the book will help all traders Becoming a better trader takes discipline, skill development, and statistically profitable trading strategies, and this book will show you how to develop all three.
368 pages, Hardcover
First published July 1, 2010
202 people are currently reading
1569 people want to read
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Displaying 1 - 30 of 69 reviews
April 12, 2013
The signal to noise ratio of this book is pretty weak. The reader can definitely glean some nuggets of insight, one financial acumen is to use a daily trade journal or simply stop investing. And the author also covers a bit of the Six Sigma type aspects of investing -- measure, analyze, control and improve. However, the book gives off a haughty overtones with teenybopper nicknames and BSD braggadocio. Many of the personal accounts were not relevant or mundane. Numerous times he begins listing tick by tick trades without bring out a main point to the ramblings.
May 18, 2013
First off, there are no "This is how you trade and if you do this, you will make money" books. They don't exist, even if they claim to exist. You can't learn trading from a book or books. You can, however, learn trading from many books, classes, teachers, a gazillion hours of screen time, and your own trading logs.
That said, for intraday traders who are not consistently profitable, this is a must read. Day trading is not what most people think it is, and Mike Bellafiore is very generous in dishing out the real deal. Because trading is so competitive, you have to be an elite performer in order to be consistently profitable, and "Bella" tells you what it takes to become elite. The good news is that, with a lot of hard work, you can do it! The bad news is that it's one hell of a lot of hard work in terms of both hours and emotional commitment.
I especially appreciated him sharing his benchmarks, such as a consistently profitable trader should be profitable 17 of 20 days per month.
SMB Capital trades stocks in play, which is obviously the best way to make the most money and the most consistent money. Personally, I started out trading stocks in play, but I now trade futures. However, the same principles of hard work and discipline still apply so everyone can benefit from this book.
Plus, it's simply fascinating to peek into the world of a real live, highly successful prop trading desk, which could be interesting even for non-traders to read (just skip the charts LOL)
Nitpick: The book has overtones of, "If you want to come work for us, this is the stuff you gotta be made of, and if you fit the bill, please apply." I often felt as if I were listening to a college recruiter.
That said, for intraday traders who are not consistently profitable, this is a must read. Day trading is not what most people think it is, and Mike Bellafiore is very generous in dishing out the real deal. Because trading is so competitive, you have to be an elite performer in order to be consistently profitable, and "Bella" tells you what it takes to become elite. The good news is that, with a lot of hard work, you can do it! The bad news is that it's one hell of a lot of hard work in terms of both hours and emotional commitment.
I especially appreciated him sharing his benchmarks, such as a consistently profitable trader should be profitable 17 of 20 days per month.
SMB Capital trades stocks in play, which is obviously the best way to make the most money and the most consistent money. Personally, I started out trading stocks in play, but I now trade futures. However, the same principles of hard work and discipline still apply so everyone can benefit from this book.
Plus, it's simply fascinating to peek into the world of a real live, highly successful prop trading desk, which could be interesting even for non-traders to read (just skip the charts LOL)
Nitpick: The book has overtones of, "If you want to come work for us, this is the stuff you gotta be made of, and if you fit the bill, please apply." I often felt as if I were listening to a college recruiter.
September 25, 2019
Probably the most overrated book in the world of trading. Nowhere near as integral a read as Bellafiore and his cronies at SMB Capital will have you believe. If you're looking for some insight into life in a prop firm, you'll get it. If you're looking for advice on how to become a better professional trader, I'm afraid this won't cut it. Some other points that were off-putting were Bellafiore's pompous jokes and his holier-than-thou sermons that are littered across the book.
February 11, 2020
… “an elite prop trader”.. “a superstar coach”.. lmao.. what a bunch of self-proclaimed hogwash. Yes a lot of highly egotistical statements like that and loads of wishy-washy standard advices in the book.
The good - The below-mentioned points are by no means secrets. They are simply some concepts that have reinforced by reading this book:
1. The market is always right. You have to follow the rules or risk being a loser.
2. Be discipline to cut your losses short. So called "live to play another day".
3. The market does not reward stubbornness; be fluid and agile.
4. The epitome of a professional intraday trader: be like cheetah, strike with accuracy.
The One Good Trade formula for trading the Open: focus on top three gappers preferably -/+3% or more, proper preparation by reading up on fundamental catalyst, analyse technicals key support/resistance intraday range volume and short interest, have a detailed plan before every trade - know your exit strategy, be patient and have the discipline to execute the order, review the Plays and evaluate good and bad.
The bad - The author tried very hard to convey and preach the following messages in this PR book:
1. They have Level 2 data because they have a superior platform, aka Reading the Tape is important. Because retail newbies unlikely to have such access to "cutting edge technologies".
2. Don't learn from the best trader. Learn from the best teacher. Because the author does not believe in "those who can't do, teach".
3. You need a mentor/teacher to succeed therefore you should attend his workshop.
If you are looking forward to working for somebody else and making them richer, in this case, by applying to the company, this is a no brainer must-read book before your application. However, sooner or later you need to realise that you will never become financially free by earning commissions through profit sharing. Once you have learnt the routes and mastered the tactics, get out there and trade your own account or start your own firm.
Look, you don’t need to be spoon-fed anymore. As a trader, thats the last thing you need. By reading this book you would have realised that the author have read most of the trading classics. You just need to follow the footsteps of other more successful traders by seeking expertise and read widely. You need to explore through trial-and-error and form your own judgement. Not attending some workshops to acquire some common knowledge. This book is not terribly written, just too long-winded and too much self-indulgence.
The good - The below-mentioned points are by no means secrets. They are simply some concepts that have reinforced by reading this book:
1. The market is always right. You have to follow the rules or risk being a loser.
2. Be discipline to cut your losses short. So called "live to play another day".
3. The market does not reward stubbornness; be fluid and agile.
4. The epitome of a professional intraday trader: be like cheetah, strike with accuracy.
The One Good Trade formula for trading the Open: focus on top three gappers preferably -/+3% or more, proper preparation by reading up on fundamental catalyst, analyse technicals key support/resistance intraday range volume and short interest, have a detailed plan before every trade - know your exit strategy, be patient and have the discipline to execute the order, review the Plays and evaluate good and bad.
The bad - The author tried very hard to convey and preach the following messages in this PR book:
1. They have Level 2 data because they have a superior platform, aka Reading the Tape is important. Because retail newbies unlikely to have such access to "cutting edge technologies".
2. Don't learn from the best trader. Learn from the best teacher. Because the author does not believe in "those who can't do, teach".
3. You need a mentor/teacher to succeed therefore you should attend his workshop.
If you are looking forward to working for somebody else and making them richer, in this case, by applying to the company, this is a no brainer must-read book before your application. However, sooner or later you need to realise that you will never become financially free by earning commissions through profit sharing. Once you have learnt the routes and mastered the tactics, get out there and trade your own account or start your own firm.
Look, you don’t need to be spoon-fed anymore. As a trader, thats the last thing you need. By reading this book you would have realised that the author have read most of the trading classics. You just need to follow the footsteps of other more successful traders by seeking expertise and read widely. You need to explore through trial-and-error and form your own judgement. Not attending some workshops to acquire some common knowledge. This book is not terribly written, just too long-winded and too much self-indulgence.
August 13, 2019
Great insight into the Life of a proprietary trader. It has been able to give me the motivation to build on my habits and daily regimen to be able to work effectively and concentrated.
Mike Bellafiore gives insights into how he trains his new employees on the training floor and what makes a great trader.
He mentions the need for "One Good Trade" throughout the whole book, as it is his mantra for success in trading.
I'd highly recommend this book to someone who would like to understand the intellect and dedication it takes to become a highly successful proprietary trader.
Mike Bellafiore gives insights into how he trains his new employees on the training floor and what makes a great trader.
He mentions the need for "One Good Trade" throughout the whole book, as it is his mantra for success in trading.
I'd highly recommend this book to someone who would like to understand the intellect and dedication it takes to become a highly successful proprietary trader.
May 15, 2014
Technically still not done, I am quiting about 2/3 in to it. The stories are honorable. Maybe there are some good trading tips in the book but it is like reading through blog post looking for gold nuggets, just painful.
October 19, 2020
Didn't get much out of it
Great book if you want story time about how amazing him and SMB Capital is. (self proclaimed of course)
Not very good if you want to use it as learning material. As a novice - intermediate trader, I didn't get much from it at all.
Great book if you want story time about how amazing him and SMB Capital is. (self proclaimed of course)
Not very good if you want to use it as learning material. As a novice - intermediate trader, I didn't get much from it at all.
June 6, 2014
A lot of ego stroking on the authors behalf, but still some juicy tidbits here and there.
October 2, 2022
A good insights towards what's behind a proprietary trading office. Eye opener of a career that is not known to most of the people.
December 22, 2023
It can pass as leisure reading. The whole book can probably be summarized in a few sentences.
June 30, 2020
The anecdotes at the beginning provided interesting insights to trading in a prop firm. But after a few chapters, they were just too many and too painful to sieve through for the actual trading stuff. Too many bragging and irrelevant stories, there were even interview tips to get through to the second interview at his firm. As for the requisites for One Good Trade, there's nothing new that you wouldn't get from other trading books. Best to treat this as a recreational read.
April 15, 2021
Didn’t know I bought a 330 page biography about Mike Bellafiore. I don’t think I’ve ever read a book written in a more arrogant, condescending tone in all of my years. I didn’t learn how to be a better trader. Just learned a lot about “Bella” as he so adoringly calls himself.
Won’t recommend.
Won’t recommend.
April 19, 2023
Das Bild von Frauen was Bellafiore hier vertritt finde ich wirklich grenzwertig. Frauen sind hübsches Beiwerk, austauschbar und stören häufig das Trading. 🙄 Ansonsten kann man sich gute Dinge mitnehmen, aber es ist eher ein Ausschnitt aus dem Leben von Bella statt ein reines Fach/ Sachbuch.
March 31, 2018
Trash. Self indulgent platitudes from a dinosaur of finance.
December 1, 2023
1. **Inside Proprietary Trading:** The book offers a detailed look into the world of proprietary trading, providing insights into the strategies, challenges, and dynamics of this highly competitive industry.
2. **Trader Development:** "One Good Trade" emphasizes the importance of trader development. The author, Mike Bellafiore, shares his experiences in mentoring and training traders, highlighting the process of turning aspiring traders into consistently profitable professionals.
3. **The Importance of Discipline:** The book underscores the crucial role of discipline in successful trading. It explores how maintaining discipline, sticking to a trading plan, and managing emotions are essential components of achieving consistent profitability.
4. **Risk Management:** Bellafiore delves into the concept of risk management and its significance in proprietary trading. The book provides practical strategies for managing risk, preserving capital, and avoiding common pitfalls.
5. **Learning from Mistakes:** "One Good Trade" discusses the inevitability of mistakes in trading and the importance of learning from them. It advocates for a mindset that views mistakes as opportunities for growth and improvement.
6. **Psychological Aspects of Trading:** The book addresses the psychological challenges traders face and offers guidance on developing mental resilience. It explores the mindset required to navigate the ups and downs of the markets successfully.
7. **Trade Review Process:** Bellafiore introduces the concept of the "One Good Trade" and emphasizes the importance of a thorough trade review process. Traders are encouraged to analyze and learn from each trade, whether it's a winner or a loser.
8. **Building Consistency:** The author provides insights into the process of building consistency in trading performance. This includes developing a personalized trading playbook, refining strategies, and adapting to different market conditions.
9. **Team Dynamics:** "One Good Trade" explores the dynamics of trading teams within proprietary trading firms. It discusses how collaboration, sharing insights, and learning from colleagues can contribute to individual and collective success.
10. **Real-World Examples:** The book includes real-world examples and case studies that illustrate the principles and strategies discussed. These examples provide concrete applications of the concepts presented in the book.
"One Good Trade" serves as both an informative guide to proprietary trading and a source of practical advice for traders aiming to improve their skills and achieve consistent success in the financial markets.
2. **Trader Development:** "One Good Trade" emphasizes the importance of trader development. The author, Mike Bellafiore, shares his experiences in mentoring and training traders, highlighting the process of turning aspiring traders into consistently profitable professionals.
3. **The Importance of Discipline:** The book underscores the crucial role of discipline in successful trading. It explores how maintaining discipline, sticking to a trading plan, and managing emotions are essential components of achieving consistent profitability.
4. **Risk Management:** Bellafiore delves into the concept of risk management and its significance in proprietary trading. The book provides practical strategies for managing risk, preserving capital, and avoiding common pitfalls.
5. **Learning from Mistakes:** "One Good Trade" discusses the inevitability of mistakes in trading and the importance of learning from them. It advocates for a mindset that views mistakes as opportunities for growth and improvement.
6. **Psychological Aspects of Trading:** The book addresses the psychological challenges traders face and offers guidance on developing mental resilience. It explores the mindset required to navigate the ups and downs of the markets successfully.
7. **Trade Review Process:** Bellafiore introduces the concept of the "One Good Trade" and emphasizes the importance of a thorough trade review process. Traders are encouraged to analyze and learn from each trade, whether it's a winner or a loser.
8. **Building Consistency:** The author provides insights into the process of building consistency in trading performance. This includes developing a personalized trading playbook, refining strategies, and adapting to different market conditions.
9. **Team Dynamics:** "One Good Trade" explores the dynamics of trading teams within proprietary trading firms. It discusses how collaboration, sharing insights, and learning from colleagues can contribute to individual and collective success.
10. **Real-World Examples:** The book includes real-world examples and case studies that illustrate the principles and strategies discussed. These examples provide concrete applications of the concepts presented in the book.
"One Good Trade" serves as both an informative guide to proprietary trading and a source of practical advice for traders aiming to improve their skills and achieve consistent success in the financial markets.
May 22, 2025
There are some interesting example ideas that are definitely useful and definitely a motivational book for beginner traders but quite useless for practicing anything given. There’s so much time spent on anecdotes and self grandiose examples that you get bored to death if you’re looking for something actionable.
There are lot of examples of some good trader of their team decided that some stock is going to trade between certain prices they followed it and profited some bad trader didn’t listen so he lost. More useful information would be how did they arrive at that range but nope you won’t get that in this book.
Some ideas such as only trade with stocks in play, adapt yourself start slow and learn setup by setup are good. But some ideas are so superficially covered. One example is a chapter meant for reading the tape. Okay I get it reading the tape is important. I understood it after first 3 examples, but don’t follow them with 7 more examples of why it is a must. Teach how to read the tape. Show some examples orders and explain what you theorize from that. Instead that entire chapter is about traders winning big because they read the tape and traders loosing because they didn’t read the tape. One anecdote after another without talking numbers.
I feel good the book is over not negative it’s useful but because now I don’t have to listen to pompous author about how he made it big and his friends are still doing some lame job.
There are lot of examples of some good trader of their team decided that some stock is going to trade between certain prices they followed it and profited some bad trader didn’t listen so he lost. More useful information would be how did they arrive at that range but nope you won’t get that in this book.
Some ideas such as only trade with stocks in play, adapt yourself start slow and learn setup by setup are good. But some ideas are so superficially covered. One example is a chapter meant for reading the tape. Okay I get it reading the tape is important. I understood it after first 3 examples, but don’t follow them with 7 more examples of why it is a must. Teach how to read the tape. Show some examples orders and explain what you theorize from that. Instead that entire chapter is about traders winning big because they read the tape and traders loosing because they didn’t read the tape. One anecdote after another without talking numbers.
I feel good the book is over not negative it’s useful but because now I don’t have to listen to pompous author about how he made it big and his friends are still doing some lame job.
September 21, 2021
Хотя в этой книге очень редко упоминаются конкретные техники и инструменты для достижения прибыльных сделок, книга может очень хорошо помочь новичку обрести уверенность в себе и дать начало серии успешных трейдов. Автор в деталях рассказывает об особенностях работы частной трейдинговой фирмы (той, которая торгует на свои средства), описывает лучших представителей профессии, непосредственно прошедших через работу в компании SNB-Capital, Директором которой является автор. Много внимания уделяется психологии и настрою. В целом, книга написана очень лёгким языком и снабжена достаточным количеством шуток, чтобы её можно было читать не отрываясь и не натягивая в то же время на себя сморщенную серьёзность выражения лица :) Рекомендую как для новичков, так и для продолжающих. Лично для себя всё же вынес некоторые аспекты, которые начал применять на практике. Например, подход к ограничению убытков - ситуация, когда трейдер начинает совершать убыточные сделки и которую необходимо прекратить, если сумма убыточных сделок достигла 50% от среднедневного уровня доходов.
April 28, 2025
The author explains and gives examples of people who have succeeded and failed in trading.
You are as good as the stocks you trade
key features: fresh news, pre market price changes, trading volume exceeded 3 million shares, price movement ( moves 3 ponts per day). A bunch of useless advice: work hard, market doesn't care, manage risk, keep a journal etc.
detecting high volume price levels, when an usual large order causes price movement or when it exchange hands at a single price, that price becomes key level.
tape reading focuuses on real time order flow identifying price levels where large trades occur before they reflect on a chart, buy when a strong bid appears in an up trend as long as the price is near resistance, sell when a strong offer appears in a downtrend avoiding trades near support.
You are as good as the stocks you trade
key features: fresh news, pre market price changes, trading volume exceeded 3 million shares, price movement ( moves 3 ponts per day). A bunch of useless advice: work hard, market doesn't care, manage risk, keep a journal etc.
detecting high volume price levels, when an usual large order causes price movement or when it exchange hands at a single price, that price becomes key level.
tape reading focuuses on real time order flow identifying price levels where large trades occur before they reflect on a chart, buy when a strong bid appears in an up trend as long as the price is near resistance, sell when a strong offer appears in a downtrend avoiding trades near support.
January 21, 2021
This was a decent book, however, at some parts I felt like I was slogging through. This felt more like a tour of SMB capital than a book for learning to trade. However, the parts that did reference trading fundamentals contained some important nuggets of wisdom that any trader can apply. Perhaps the most important things I gleaned from this book were that strategies are never concrete but always changing, tape reading should be at the top of my list-whether I day trade or not, starting with small positions vs placing my full size immediately, and having if conditions for every trade I put on. Also, and perhaps most importantly, it taught me to stop thinking that trades are linked and to start again with a clean slate each time to make one good trade.
September 14, 2023
I really enjoyed this book and it really helped me sharpen my focus on what's really important when I'm trading.
Aim for one good trade.
Treat every trade on its own merits, not the potential profits or losses.
Regardless of the given result, hitting a stop loss or take profit on a trade that was placed using sound analysis according to your own trading plan is one good trade.
General fundamental rules include proper planning and preparation; a willingness to put the work in; always being patient; having a detailed trading plan; exercising self-discipline and reviewing all your trades.
Some other good ideas I gleaned were making videos of your trades and focusing on stocks/pairs in play (trending due to anticipated news etc.)
Aim for one good trade.
Treat every trade on its own merits, not the potential profits or losses.
Regardless of the given result, hitting a stop loss or take profit on a trade that was placed using sound analysis according to your own trading plan is one good trade.
General fundamental rules include proper planning and preparation; a willingness to put the work in; always being patient; having a detailed trading plan; exercising self-discipline and reviewing all your trades.
Some other good ideas I gleaned were making videos of your trades and focusing on stocks/pairs in play (trending due to anticipated news etc.)
January 29, 2025
The GOAT of trading books. Essential reading for anyone wanting to trade any markets.
October 19, 2022
Санхүүжилттэй арилжааны талаар анxны уншсан ном маань байлаа. Хэдий хэрхэн яаж арилжиx талаар тэр бүр яриагүй ч үйл явц хэрхэн өрнөдөг, өөрсдийгөө хэрхэн бэлддэг мөн түүнчлэн шилдэг арилжаач болоxод ямар шалгуурууд тавигддаг зэрэг заx зээлийн стандартыг харуулсан сонирxолтой ном санагдлаа. Жижиглэнгийн арилжаачдын хувьд энэ номноос ойлгож мэдэж аваx олон зүйл байж болоxоос миний хувьд арилжааны төлөвлөгөө тогтмол гаргаж алдаа оноогоо дэнсэлж байж ажилдаа сайжирдаг загварыг төгөлдөржүүлэx санаа иx таалагдлаа. Амьдралдаа хэрэгжүүлээд яваxыг зориx болно.
February 13, 2024
A must read for traders
A must read for traders. The author, who is a successful trader, shows what it takes to become successful. Adapting to market conditions, humble to what she is teaching you, managing your positions and yourself, just to name a few. This book is not going to teach you the latest Wizz Bang trading system, it teaches the mindset required to be successful and successful long term.
A must read for traders. The author, who is a successful trader, shows what it takes to become successful. Adapting to market conditions, humble to what she is teaching you, managing your positions and yourself, just to name a few. This book is not going to teach you the latest Wizz Bang trading system, it teaches the mindset required to be successful and successful long term.
February 9, 2019
I am not a single stock trader but I found this a well-organised and informative book taking on a high-level approach to a trader’s education, development and mindset/psychology summed up by Bellafiore’s “one good trade” mantra. I was slightly disappointed that he didn’t giveaway technicalities of his tape reading abilities, and something I find hard to grasp and a bit of a lost art
October 1, 2020
I guess I probably should have measured my expectations more, but this was more of a book of anecdotes and culture than one of trading techniques and knowledge, though there's a little bit of that in here as well.
Knocking off a point because the author spends a fair amount of time fellating himself, but overall was pretty good.
Knocking off a point because the author spends a fair amount of time fellating himself, but overall was pretty good.
March 20, 2022
Solid Trading Book
There are countless trading books out there claiming the one secret to riches. Bellafiore does not give you that kind of BS. He gives amazing insight into how professional traders think, adjust, prepare and persevere. There are no easy answers in trading…but following the framework from this book allows me a better probability of successful trading.
There are countless trading books out there claiming the one secret to riches. Bellafiore does not give you that kind of BS. He gives amazing insight into how professional traders think, adjust, prepare and persevere. There are no easy answers in trading…but following the framework from this book allows me a better probability of successful trading.
June 9, 2017
An inside look at what it takes to become a successful trader. The real stories of traders, who have excelled or failed and why. Get an idea of what is actually happening in the office of a proprietary trading firm. More info →
August 17, 2022
Very interesting and well-written book. It made me very interested and eager to start learning more about how to trade. It gives an inside look into a professional prop firm and it is a great book to start off the journey
This entire review has been hidden because of spoilers.
September 12, 2022
Absolutely fantastic for a beginner like me, very intuitive and interesting. Will be going back to take notes and update the review as I do!
PS - if you're into systems thinking to solve any problem, this book is for you.
PS - if you're into systems thinking to solve any problem, this book is for you.
July 8, 2023
Provides a great insight into the world of prop firms and trading psychology in general. It also provides beaucoup self indulgent anecdotes from the author and a great example of a title released whilst the editor was drunk/off on holidays/both.
Displaying 1 - 30 of 69 reviews