One Good Trade, Social Media, and a Sellout!

Aug 29, 2010: 4:53 PM CST

I was getting ready to write a book review for Mike Bellafiore’s new book One Good Trade (Wiley Finance) and then came across this article from Mike that I thought was fun to share:

“My Book is Sold Out!  A Social Media Tale”

First, let me say congratulations to Mike Bellafiore for that accomplishment, and to everyone through StockTwits.com, Twitter, and other blog/websites.

As Mike wrote:

“My book One Good Trade is sold out. This took three weeks. A rush reprint will be underway soon. Save a few exceptions, it is now only available on the Kindle. I was told, “This has never happened before with a trading book.” This is a social media tale.”

I just checked on Amazon.com and a New book sells for $37.80 while the cheapest price currently listed for a used book – 5 copies listed as of right now – is $59.38.  That’s also a lesson in supply and demand!

Mike shares his thanks and explains how StockTwits, Twitter, and others – through reviews, contests, and other mentions (tweets, retweets) helped accomplish this feat.

To me, it’s a clear sign that social media is helping to change so much of our daily lives and expectations.  Social media – Twitter, Facebook, StockTwits (for us in the stock market world), etc is connecting people in ways that traditional media cannot.

It’s also good to see one of our own in the trading community succeed. Mike works so hard not just in his daily trading, but in his educational outreaches through his blog – SMB Training – and participation on StockTwits.tv, Twitter (@smbcapital), and all the other things he does to help the trading community.

One Good Trade really is a unique, great book that gives a one-of-a-kind glimpse into “the highly competitive world of proprietary trading.”

That’s one reason it’s sold out – with the exception of Jack Schwager’s Market Wizards books, few books give us personal insights into the world of actual trading firms.

Even Mr. Schwager’s popular books only stepped us inside the minds of leading traders – most of the time not their trading rooms (though there was the account of the FOREX trader who was so active in the markets, he had televisions installed in his bathroom… but that’s another story).

Dr. Alexander Elder’s appropriately titled book Come into My Trading Room was a similar endeavor, as it interviewed traders and invited the reader “into their room,” but it focused on specific traders and their diverse strategies – not proprietary firms.

Mike walks you into that secretive world, pulls back the curtain, and reveals personal lessons/stories he has experienced – both good and bad – that gives the reader insights not just into trading strategies they use, but personal accounts of traders at their firm who have succeeded big – or failed big.

He explains what characteristics top-traders at the firm share – and specific reasons/accounts why traders have failed and been fired from the desk.

I’ll write a more detailed review as soon as I get word that more copies are available – again, congratulations to Mike and everyone for this big accomplishment!

Corey Rosenbloom, CMT

2 Comments

2 Responses to “One Good Trade, Social Media, and a Sellout!”

  1. Keith Piccirillo Says:

    As a corollary, I thought of Paul Tudor Jones interview from awhile back. I guess this will take commoners inside a little further to see activity within the shops.
    I look forward to reading it.

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