Table of Contents
This interview brings together SMB Capital’s leadership and top performers—co-founder Mike Bellafiore, trading psychologist Dr. Brett Steenbarger, Head of Trader Development Jeff Holden, and elite trader Lance Breitstein—on the Words of Wisdom podcast in New York City. They discuss how a prop-firm ecosystem turns hungry interns into seven- and eight-figure traders through mentorship, rigorous process, and team culture that treats trading like a professional sport.
You’ll learn the core pillars of SMB drills—high-quality idea generation, smart risk allocation, and elite execution—plus how traders accelerate with community mentorship (not just one coach), risk-manager guardrails, and a focused menu of 11–12 proven strategy “businesses.” Expect practical takeaways you can use tomorrow: how to pick the right game for your personality, structure daily habits for fast feedback, scale only when the setup is truly A+, and leverage collaboration to compress years of trial-and-error into months.
Lance Breitstein Playbook & Strategy: How He Actually Trades
Core Philosophy
- Treat trading as a portfolio of repeatable “businesses” (distinct setups with stats).
- Run a tight menu of only a few A+ setups at a time; pause anything with flat/negative EV.
- Process over prediction: prep, trigger, confirmation, and strict invalidation.
Idea Generation (Catalyst-First)
- Start with catalysts that force funds to reprice (earnings, guidance, product news, regulatory, macro prints).
- Prefer liquid names with tight spreads and clear participation.
- Write a one-sentence asymmetry: “If X happens, Y must adjust because Z.”
Setup Selection (Finite Playbook)
- Keep 10–12 named setups (e.g., Earnings Trend Day, Guidance Reprice, Failed Breakout, First Pullback After Range Expansion).
- Trade only when at least 3 confirmations align: catalyst, market regime, tape, volume, HTF level.
- Document for each: trigger, ideal tape, invalidation, add rules, hold time, expected range/ATR.
Risk Framework (Survive First)
- Daily Max Loss = ~0.5–1.0× your average green day; stop trading if hit.
- Per-idea initial risk ≤ 25–33% of Daily Max Loss; never >50% of the day’s risk at entry in one idea.
- Cap correlated theme exposure to ~1–1.5× a single-idea risk unit.
Entry & Confirmation
- Enter on the first clean pullback/retest after the catalyst move, at a pre-mapped level.
- Require tape/volume confirmation (e.g., absorption drying up, higher low holding).
- Use a hard stop at the invalidation level—no “mental” stops.
Sizing & Scaling
- Start Tier 1 at trigger; add Tier 2 only after ≥0.5R progress with volume confirming.
- Tier 3 “press” requires a fresh confirmation (break/reclaim of another key level) and immediate trail to lock part of the gain.
- Never add if the average cost would sit <0.3R from the stop.
Exits & Trade Management
- Trim 25–33% into first 1R, reload only on clean retests that re-accelerate.
- Time-stop: scalps 5–15 minutes without progress; swings 1–2 hours if no range expansion.
- Kill immediately on thesis failure (e.g., the catalyst meaning flips or guidance contradicts your reading).
Market Regime Adjustment
- Identify regime daily (trend, range, reversal-prone) via breadth/volatility/index structure.
- Press to 2–3R targets and allow Tier 3 only in trend regimes; scalp-only in chop.
- If regime shifts mid-day, freeze adds and tighten stops across positions.
Preparation (Before the Open)
- For top ideas, write: trigger, fail condition, add plan, targets (R-based), time-stop, “one thing” that proves it.
- Map HTF levels; ensure room for ≥1.5R after expected slippage.
- Maintain a do-not-trade list (illiquid, binary risk without edge).
Review & Iteration
- Save screenshots and tape notes for top trades; extract the earliest objective tells.
- Tag every trade by setup/catalyst; update rolling EV weekly and demote weak “businesses.”
- Add one behavioral fix per day and track compliance %.
Psychology & Team Edge
- Use checklists at entry; size halves the next day if you break a rule until 3 compliant trades.
- Short premarket huddle: each trader pitches one A idea with trigger and kill switch.
- Shared playbook: a setup becomes “live” after ≥30 positive-EV samples from multiple traders.
Options Overlay (When Useful)
- Use debit spreads for binary catalysts to cap downside; size ≤ 0.5× single-idea risk.
- Pair stock core with covered trims into targets if the direction is clear, but the mean-reversion risk is high.
- Skip if options imply ≥90% of your projected move—no edge.
Dr. Brett Steenbarger Playbook & Strategy: How He Actually Trades
Core Philosophy: Turn Every Trade Into a Learning Experiment
He treats trading as a craft you iterate, not a talent you’re born with. Build a feedback-rich environment where process quality, not P&L, is the daily score.
- Define a hypothesis before each trade: “Because X, I expect Y; I’m wrong if Z.”
- Track process metrics (setup quality, adherence to plan) alongside P&L; grade both after each session.
- Review outcomes as data, not drama—extract one improvement rule per day and deploy it tomorrow.
Morning Prep: Prime Your Brain, Not Just Your Levels
Preparation isn’t just charts—it’s a state. Start the day in a focused, calm, intentional mode so you can actually follow your plan.
- Five-minute premarket reset: diaphragmatic breathing (4-6 breaths/min) + one clear trading intention.
- Write a one-page plan: best ideas, triggers, invalidations, adds, and what would stop you from trading (fatigue, tilt).
- Visualize execution of one A+ setup end-to-end—entry, adds, exits, and the exact moment you’d bail.
Real-Time Execution: Use State Checks To Stay in the Zone
You can’t control the market, but you can control your state and behavior. Quick check-ins keep you from slipping into impulse.
- Set 30–60 minute “state alarms”: when it rings, rate 1–5 for focus, energy, emotional tone; adjust if ≤3.
- If you feel an urge/tilt, reduce the position to seed size or flat before any decision; re-enter only on the original trigger.
- During drawdowns, trade half-size until you record three compliant trades in a row.
Risk & Exposure: Protect Mindspace First
Psychological capital is finite. Keep losses small and predictable so you can think clearly when it matters.
- Daily Max Loss = 0.5–0.75× average green day; hard stop trading for the session if hit.
- Pre-commit to a “no revenge” rule: after any stop-out, wait one full bar on your execution timeframe before the next action.
- Cap correlated exposures; if three positions ride the same factor, treat them as one idea for risk.
Playbook Development: Double Down on Strengths
Edge compounds when you lean into what you naturally read well. Build, measure, and prune your setup library ruthlessly.
- Maintain 6–12 named setups with stats (win rate, avg R, time of day efficacy); trade the top 3–5 only.
- For each setup, specify: context, triggers, tape tells, invalidation, scaling plan, and time-stop.
- Retire any setup with EV ≤ 0 over the last 30 trades; re-validate off-screens before bringing it back.
Intraday Reviews: Micro-Loops for Fast Corrections
Short, structured pauses keep you adaptive without losing flow.
- Every 90–120 minutes, log: “What’s working? What’s changing? What’s my next A trade?”
- If conditions shift (breadth/volatility flip), freeze adds until a fresh confirmation aligns with your setup criteria.
- Record one chart/tape screenshot of the cleanest opportunity of the block with a 2-sentence lesson.
End-of-Day Debrief: Convert Experience to Rules
Learning sticks when you codify it. Each day should end with a portable upgrade to your process.
- Tag each trade by setup and catalyst; note rule adherence (Y/N) and the biggest behavioral slip.
- Write one “if–then” for tomorrow (e.g., “If I chase a breakout, then I must cut to seed size immediately”).
- Curate a weekly highlight reel: 5–10 images of best-executed trades with the earliest objective tells.
State Management Toolkit: Practical Psych Skills You’ll Actually Use
Keep tools at arm’s reach so you can regulate on demand—before emotions hijack decisions.
- Pre-trade downshift: 2–3 minutes paced breathing + 20–30 seconds gaze stabilization (soft focus at horizon).
- Mid-trade upshift (when lethargic): 10–20 seconds box breathing with brisk walk or desk pushups to re-energize.
- Post-loss reset: write a one-sentence cause, one corrective rule, then take a 3–5 minute break before any next order.
Building Confidence: Evidence, Not Affirmations
Confidence comes from executed reps with edge—not pep talks. Accumulate proof you can trust.
- Track “Clean Execution %” (entries at planned levels, stops honored, adds per rules); aim ≥80% before sizing up.
- Increase size only after 20–30 trade samples at current risk show positive EV and ≥70% rule adherence.
- Use “success stacking”: start the session with your highest-probability setup, smallest discretion.
Collaboration & Coaching: Borrow Other People’s Reps
A team compresses learning cycles. Share specifics, not vague takes.
- 10-minute morning huddle: each trader pitches one A idea with trigger and kill switch.
- After the close, one trader presents a trade with a pre/post plan and tape; everyone writes a transferable rule.
- Maintain a shared playbook; a setup becomes “live” for the desk after two traders show ≥30 positive-EV samples.
Drawdown Protocol: Structured Recovery, Not Hope
Getting back to peak requires constraint and clarity. Make it mechanical.
- Step 1: Cut size to 50% and limit to your top two setups.
- Step 2: No adds; single entries only until three green, fully compliant sessions.
- Step 3: Rebuild to normal size gradually (25% increments) while monitoring Clean Execution %.
Habit Design: Make Good Trading Automatic
Your environment should make the right behavior the easy behavior.
- Prewrite hotkeys and templates (entry, add, exit) for each setup to reduce latency.
- Keep checklists visible: context, trigger, invalidation, size, reason-to-exit.
- Schedule two non-trading blocks weekly for skill building (tape review, playbook updates, simulator reps).
Optional Tools: Biofeedback, Journals, and Dashboards
Use simple tech to externalize signals and keep your brain honest.
- Wearable HRV or breathing pacer for 5 minutes pre-open and during mid-day lull.
- Structured journal with tags (setup, regime, emotion, rule broken/followed) and weekly stat exports.
- Dashboard showing rolling 20-trade EV by setup, time of day, and market regime; prune or press accordingly.
Mike Bellafiore Playbook & Strategy: How He Actually Trades
Core Philosophy: “One Good Trade” and A+ Only
Mike focuses on building a process that reliably produces “one good trade” after another—clarity of edge, disciplined risk, and clean execution. He treats setups like businesses with stats, prunes low-EV ideas, and scales what consistently pays.
- Define your A+ setup in one page: context, catalyst, trigger, invalidation, targets, add/trim plan, and hold time.
- Trade fewer, better: aim for 1–3 A-quality opportunities per session; skip everything else.
- Promote/demote setups weekly based on rolling EV; anything ≤0 gets benched.
Preparation: Win the Day Before the Open
He believes most P&L is decided in prep. A tight plan trims reaction time and keeps emotions out of decisions.
- Build a morning “top ideas” list (3–5 names) with exact triggers, stops, and tiering rules.
- Map HTF levels (weekly/daily) and intraday inflection zones; confirm room for ≥1.5R after slippage.
- Write a one-line thesis for each name: “If X, then Y flows, because Z must reprice.”
Idea Generation: Catalyst + Liquidity + Range
Order flow comes from news and events. Mike prioritizes names where institutions must act and where you can enter/exit efficiently.
- Screen for earnings, guidance changes, regulatory actions, product launches, and macro prints.
- Prefer liquid names with tight spreads and options depth; avoid thin drifters.
- Require projected range ≥ 1× daily ATR when you plan to press size.
Entry Triggers: Level + Tape + Confirmation
He teaches traders to combine preplanned levels with real-time tape tells so entries are both prepared and confirmed.
- Enter on the first clean pullback/retest to your level after a catalyst move; no chasing.
- Tape must confirm (e.g., absorption fades, higher low forms, volume upticks at your level).
- If confirmation fails within your time-stop (scalps 5–15 min; swings 1–2 hrs), exit and reassess.
Risk Framework: Survive First, Then Scale
Durable edge requires fixed loss limits, per-idea risk units, and correlation control across themes.
- Daily Max Loss = 0.5–1.0× your average green day; hard stop trading if hit.
- Initial risk per idea ≤ 25–33% of Daily Max Loss; never start a day with >50% risk in one idea.
- Treat correlated names as one position; cap theme risk at ~1–1.5× a single-idea unit.
Sizing & Adds: Earn the Right to Trade Bigger
Size expands only after the market proves you right. Adds are conditional and rule-based.
- Tier 1 at trigger with hard stop at invalidation; add to Tier 2 only after ≥0.5R progress with confirming volume.
- Tier 3 “press” requires a fresh level break/reclaim plus momentum; trail to lock ≥0.25–0.5R on the combined.
- Never add if the average cost would sit <0.3R from the stop.
Trade Management: Trim Strength, Reload Only on Quality Tests
Convert the paper edge into a realized P&L by rotating the size rather than hoping.
- Take 25–33% into first 1R move; reload that trim only on clean retest + reacceleration.
- Time-stop ideas that stall; if two reloads fail to make higher highs/lows, downshift to scalp-only or exit.
- Liquidity degrades → reduce to what you can unwind in 1–2 prints.
Market Regime: Press in Trend, Protect in Chop
He calibrates aggression to the tape so drawdowns don’t erase hard-won gains.
- Label regime premarket (trend, range, reversal-prone) via breadth/vol/structure.
- In trend, allow Tier 3 and shoot for 2–3R targets; in chop, scalp to 1R and skip third adds.
- Mid-day regime flip → freeze adds and tighten stops across the board.
Review & Journaling: Turn Reps Into Rules
Mike’s edge is institutionalized learning—daily film review, stats, and behavior tracking.
- Tag every trade by setup/catalyst; track win rate, avg R, EV, and capacity per setup over 30–50 trades.
- Save screenshots of best entries/exits with tape notes; extract the earliest objective cue.
- Write one “if–then” rule for tomorrow (e.g., “If I chase a breakout, then I must cut to seed size immediately”).
Team & Mentorship: Borrow the Desk’s Pattern Recognition
He scales skill via collaboration—shared prep, live callouts, and post-mortems.
- 10–15 minute premarket huddle: each trader pitches one A idea with trigger and kill switch.
- Share real-time level shifts and thesis changes (facts, not opinions).
- A setup becomes “live” for the desk after multiple traders show ≥30 positive-EV samples.
Drawdown Protocol: Mechanical Recovery
When off your game, structure—not hope—gets you back to peak.
- Cut size to 50% and limit to the top two setups until three fully compliant green sessions.
- No adds; single entries only during the reset phase.
- Restore size in 25% increments while monitoring “Clean Execution %” ≥80%.
Jeff Holden Playbook & Strategy: How He Actually Trades
Core Philosophy: Train Like an Athlete, Not a Tourist
- Write down your “position description” as a trader: instruments, timeframes, 3–5 core setups, risk limits, and review cadence.
- Run deliberate practice blocks daily (30–60 min) where you rehearse one setup with strict rules—no P&L, only execution quality.
- Set a weekly improvement theme (e.g., “earlier invalidations”); every drill and review point at that one skill.
Playbook First: A Finite Menu You Can Actually Execute
- Keep 6–10 named setups max; trade only your top 3–4 live until stats prove the rest.
- For each setup, store a one-pager: context, trigger, confirms (tape/volume), invalidation, add/trim rules, time-stop, common failure modes.
- A setup is “live” only after ≥30 samples in sim/replay show positive EV and ≥70% rule adherence.
Daily Prep: Specificity Beats Vibes
- Pre-market, shortlist 3–5 names with catalysts, ATR, and clean levels; write the one-line thesis: “If X, then Y reprices because Z.”
- Translate thesis to triggers: exact level/time/tape tells you need to act; everything else is a pass.
- Pre-commit a do-not-trade list (illiquid, binary events without edge, or fatigue days).
Entry & Confirmation: Level + Tape + Timing Windows
- Enter only on the first clean pullback/retest to your mapped level after the catalyst push.
- Require at least two confirms: (1) absorption/shift on the tape, (2) volume expansion or failed counter-rotation.
- If the trigger appears outside your setup’s time window (e.g., after the first hour), reduce the size or skip per playbook.
Risk Framework: Fixed Units, No Heroics
- Daily Max Loss = 0.5–0.75× your 20-day average green day; if hit, shut down.
- Initial risk per idea ≤ 25–33% of Daily Max Loss; never >50% at entry in any single idea.
- Treat correlated names as one position; cap theme risk at 1–1.5× a single-idea unit.
Sizing & Scaling: Earn the Right to Get Bigger
- Tier 1 at trigger with hard stop; add to Tier 2 only after ≥0.5R progress and confirms still present.
- Tier 3 “press” requires a fresh break/reclaim and momentum; immediately trail so combined risk locks ≥0.25–0.5R.
- Never add if your new average cost would sit <0.3R from invalidation.
Exits & Trade Management: Rotate Size, Bank Edge
- Trim 25–33% into first 1R; reload only on a clean retest that holds and re-accelerates.
- Time-stop: scalps 5–15 minutes without progress; swings 1–2 hours if range expansion fails.
- Kill immediately on thesis violation (data contradicts the story), even if the stop isn’t hit.
Market Regime: Different Gears for Different Roads
- Label regime at the open (trend, range, reversal-prone) using breadth/volatility/structure.
- In trend: allow Tier 3 and aim for 2–3R targets; in chop: scalp to 1R and skip third adds.
- If regime flips mid-day, freeze adds and tighten all trails across the book.
Intraday Feedback Loops: Micro-Adjust Without Tilt
- Every 60–90 minutes, log: “What’s working? What changed? Next, A trade?”—then align actions to that note.
- After any stop-out, wait one full bar on your execution timeframe before the next decision.
- If two reloads fail to make higher highs/lows, downgrade the idea to scalp-only or exit.
Review & Stats: Turn Screenshots Into Edge
- Tag every trade by setup, catalyst, regime; track win rate, avg R, EV, hold time, and time-of-day efficacy over rolling 30–50 samples.
- Save a highlight reel daily (best entry/execution screenshot + two-line lesson) and a weekly top-10.
- Promote/demote setups strictly by EV and rule adherence; sunset any with two losing months or 20-trade EV drawdown.
Behavior Engineering: Make Discipline Automatic
- Use a visible entry checklist: context, trigger, tape confirm, invalidation, size, reason-to-exit; no checklist, no trade.
- Break a rule → next session at 50% size until 3 fully compliant trades.
- Keep “if–then” cards on desk (e.g., “If I chase, then I cut to seed size immediately”).
Drills That Compress Learning
- Replay drill: 20–30 minutes of fast-forward + pause at potential triggers; verbalize decision, then check.
- Tape drill: record one clean trigger daily and annotate the earliest objective tells.
- Scenario drill: before the open, write two adverse scenarios and your exact exit/flip rules for each.
Options Overlay (When It Helps the Plan)
- For binary catalysts, use small debit spreads sized ≤ 0.5× a single-idea risk unit to cap downside.
- Pair a stock core with options trims into targets if direction is clear, but fade risk is high.
- Skip if implied move ≥ 90% of your projected range—edge is priced in.
Drawdown Protocol: Structured Return to Form
- Step 1: Cut size to 50%, trade only the top two setups.
- Step 2: no adds—single entries only—until three green, fully compliant sessions.
- Step 3: restore size in 25% increments while “Clean Execution %” stays ≥80%.
Start With Risk: Set Daily Max Loss and Idea Caps
Lance Breitstein’s path starts with a hard Daily Max Loss that protects psychological capital before P&L, and Mike Bellafiore hammers the same point with his “survive first” mantra. Set that number around 0.5–1.0× your average green day and stop trading if you hit it—no overrides. Jeff Holden adds structure with per-idea caps, keeping any single thesis to 25–33% of the day’s risk at entry so one mistake can’t nuke the session. Dr. Brett Steenbarger pushes the behavioral edge: when the limit’s reached, stand down and review, because discipline today buys confidence tomorrow.
From there, treat correlated names as one risk bucket and cap the theme at roughly 1–1.5× a single-idea unit, just like Bellafiore teaches on the desk. Breitstein’s rule is to “earn the right to add,” only scaling once you’ve banked at least 0.5R progress and confirmation remains. Holden’s playbook requires time-stops to prevent slow bleeds—if it’s not moving within your window, exit and redeploy risk. Steenbarger closes the loop with process grading: track compliance to these limits daily so risk control becomes automatic, not aspirational.
Size By Volatility: Tier Positions To ATR, Event, And Liquidity
Lance Breitstein sizes into trades only when realized volatility and ATR expand, pressing when the tape proves range is opening and trimming when it compresses. Mike Bellafiore teaches traders to translate that into tiers—Tier 1 at trigger, Tier 2 only after ~0.5R progress with rising volume, Tier 3 reserved for fresh momentum through a key level. Jeff Holden adds a practical filter: if implied or realized volatility is below your setup’s historical median, run smaller and shorten targets; if it’s above, allow adds but widen stops to the higher noise floor.
Dr. Brett Steenbarger’s angle is behavioral—volatility changes your state, so pre-commit rules before the open: shrink size during lunchtime decay, expand only in confirmed expansion windows. On event days (earnings, data releases), Breitstein keeps core risk defined until the first post-event rotation, then scales as liquidity returns and spreads normalize. Bellafiore’s desk rule: don’t let position size outrun the order book—cap size to what you can exit in one to two prints. Holden closes the loop with a daily note: record ATR, spreads, and realized range versus plan so tomorrow’s sizing isn’t a guess but a calibrated adjustment.
Diversify The Edge: Mix Underlyings, Strategies, And Time Horizons
Lance Breitstein frames diversification as running multiple small “businesses” so one cold setup can’t sink your day. Mike Bellafiore pushes the same idea desk-wide: pair trend days in index leaders with catalyst singles in earnings names so your P&L isn’t chained to one market mood. Rotate across underlyings—equities for news-driven momentum, ETFs for regime reads, and options when you want defined risk into events. Stagger the duration mix too, holding a swing core from a daily level while harvesting intraday scalps around it.
Jeff Holden turns that into rules by capping per-theme exposure and forcing a variety check before the open: different symbols, different playbook setups, different hold times. Dr. Brett Steenbarger adds the behavioral glue—diversification lowers emotional volatility because no single trade carries your identity. Keep correlation honest: treat same-sector names as one idea and reduce if overlaps creep in. When two setups start sharing the same failure mode, bench one and re-validate so you’re truly diversified, not just holding many tickers.
Process Beats Prediction: Trade Prepared Levels, Tape Confirms, Time Stops
Lance Breitstein keeps the focus on mechanics over opinions: map levels before the bell, wait for the market to prove your idea, then act. Mike Bellafiore reinforces it with his “one good trade” mindset—your job is to execute the plan you wrote, not to guess tomorrow’s headline. Start with a clear trigger at a prepared level, define invalidation in advance, and let the tape tell you if real buyers or sellers are present. If confirmation doesn’t show, it’s a pass; if it shows and then vanishes, it’s an exit.
Jeff Holden turns that discipline into guardrails: require at least two confirm—level reaction plus volume or a tape shift—and pair every entry with a hard time stop so you don’t bleed in chop. Dr. Brett Steenbarger adds the behavioral anchor: score yourself on rule adherence, not P&L, and reduce the size the next day if you break a process rule. Keep the checklist visible—context, level, tape, stop, size—and treat any missing box as a veto. In practice, this makes your trading boring in the best way: fewer guesses, cleaner entries, and exits that happen before hope takes the wheel.
Choose Your Risk: When Defined Options Trump Undefined Directional Exposure
Lance Breitstein focuses on using defined-risk option structures when catalysts can gap against you, preferring debit spreads or calendars sized small until post-event clarity returns. Mike Bellafiore reinforces the principle with execution math: if your projected move is uncertain but volatility expansion is likely, cap downside with a spread and keep stock size light until the tape confirms direction.
Jeff Holden turns this into playbook rules: skip naked short premium into unknowns, model break-even versus expected move, and avoid structures where implied move already prices in most of your thesis. Dr. Brett Steenbarger closes the loop on psychology—defined risk protects focus, so you can trade the plan instead of babysitting an oversized position that can blow out on one headline.
In the end, the playbook from Lance Breitstein—reinforced by Mike Bellafiore, Dr. Brett Steenbarger, and Jeff Holden—boils down to professionalizing every decision. Start by protecting psychological capital with fixed daily loss limits and per-idea caps; treat correlated names as one risk bucket and “earn the right to add” only after the market pays you. Build a finite menu of validated setups and trade them like small businesses: each has a catalyst, trigger, invalidation, add/trim plan, and time window. When volatility expands, scale with tiers and wider stops; when it contracts, clip size and expectations. Let prepared levels, tape confirms, and time stops drive execution—predictions are just background noise until the order flow agrees.
What separates this approach is the tight feedback loop. Review every session for rule adherence, not just P&L; promote or bench setups on rolling EV, and keep a highlight reel of the earliest objective tells from your winners. Use defined-risk options when catalysts can gap against you, and never size beyond what the order book can reasonably exit. Keep the team habits even if you’re solo: short premarket plans, mid-day state checks, and a nightly one-rule upgrade. Do that consistently and your trading becomes sturdier, calmer, and more scalable—less about hero calls, more about repeating “one good trade” until the account tells the story.