Ten Takeaways From A Top Trading Coach on How To Be A Successful Trader

Jan 10th, 2013 | By | Category: General Comments, Mike Bellafiore's (Bella's) Blogs
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SMB had an elite trading coach (name cannot be shared for compliance reasons) visit yesterday for an informal presentation with tips on how to improve trader performance. This coach has worked with the top traders in the world, at prop firms, investment banks and hedge funds. SMB Trader, King of Men, put together a list of ten takeaways from this talk. We thought you might consider them for your trading.

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1. Successful traders have meaningful attachments or some other source of motivation and happiness outside of the financial markets.

2. Successful traders are proactive, they know what they need to learn and they know what they need to do in order to execute. Being active alone is not sufficient.

3. Successful traders tend to be process driven, they develop and refine routines that turn good trading behaviors into habits and execute these routines habitually.

4. Successful traders have a unique signature, they have an edge that they execute consistently and improve constantly.

5. Successful traders treat every trade as a learning opportunity, especially losing trades.

6. Successful traders identify their A+ setups, best products, and optimal timeframes that are most intuitive for them and work to maximize their production in those ideas

7. Successful traders avoid thinking in dollar terms, they standardize in terms of percentages to measure performance as well as put on risk.

8. Successful traders have a sniper mentality, they are prepared to wait for as long as it takes and ready to pull the trigger when a valuable targets appear in their scope.

9. Successful traders have a comprehensive set of measurable and challenging yet realistic goals, they regularly evaluate their progress and always ask what they need to do to make further progress towards their goals.

10. Successful traders use all their resources to improve, particularly other traders.
Mike Bellafiore

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Mike Bellafiore

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1. SMB TRAINING is NOT a Broker Dealer. SMB Training engages in trader education and training. SMB TRAINING offers a number of products and services, both electronical (over the internet through smbtraining.com) and in person. SMB TRAINING also offers web-based, interactive training courses on demand.

2. The seminars given by SMB TRAINING are for educational purposes only. This information neither is, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities. You shall be fully responsible for any investment decision you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

3. This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by SMB TRAINING or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs.

4. SMB Training and SMB Capital Management, LLC are separate but affiliated companies.

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6. Please note: Hypothetical computer simulated performance results are believed to be accurately presented. However, they are not guaranteed as to accuracy or completeness and are subject to change without any notice. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Since, also, the trades have not actually been executed; the results may have been under or over compensated for the impact, if any, of certain market factors such as liquidity, slippage and commissions. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any portfolio will, or is likely to achieve profits or losses similar to those shown. All investments and trades carry risks.

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