{"id":10358,"date":"2011-03-12T13:43:38","date_gmt":"2011-03-12T18:43:38","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=10358"},"modified":"2023-04-13T09:12:40","modified_gmt":"2023-04-13T13:12:40","slug":"you-ask-i-answer","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/you-ask-i-answer","title":{"rendered":"You Ask I Answer"},"content":{"rendered":"

Hi Bella:<\/p>\n

Hey young fella. <\/strong><\/p>\n

Thanks very much for putting some much valuable material on your blog and website.<\/p>\n

Thxs for following us.<\/strong><\/p>\n

Although I didn’t receive the opportunity of a summer internship with SMB, your website certainly provides quite a learning experience for me.<\/p>\n

Freakin SMB HR!<\/strong><\/p>\n

I especially appreciate your classroom style of challenging your trainees to\u00a0prepare\u00a0for more trading\u00a0scenarios than I even thought possible although at times it could be intimidating.<\/p>\n

It’s called active learning. <\/strong><\/p>\n

Right now I am in training with a future prop shop focusing on emini Dow. While\u00a0fine-tuning and discovering my own trading style, I have a few questions as following. Maybe you could shine some light on it.<\/p>\n

Shoot.<\/strong><\/p>\n

My question comes from reading your book One Good Trade<\/a>.<\/p>\n

#1 trading book in the world!<\/strong><\/p>\n

1)You mentioned the importance of focusing on your skills instead of P&L. I wonder if I should still set a limit loss every day as part of your training even on simulator.<\/p>\n

Yes you should treat trading on the demo just like if you were to trade live. <\/strong><\/p>\n

2)You mentioned both the importance of setting a daily loss limit of half of your median gain and bouncing back from defeat. For instance, if your daily loss limit is $200, and you were down $200 at the open, should I continue trading and potentially lose more or should I stop?<\/p>\n

You should stop. \u00a0 For the intraday trader hitting your stop generally means you are not seeing the markets well. \u00a0We want to trade more when we are on our game and minimize our losses when we are not at our best. <\/strong><\/p>\n

3) From the same logic, in his book Mastering the Trade, John Carter says that after 2 losers in a row he would stop using certain setup. I wonder how you would go about quickly determining certain setups are not for the day or market?<\/p>\n

After three losses I ask is there an adjustment I can make to trade this stock better. \u00a0If there is I might stay with the stock. \u00a0Sometimes it is just getting the pattern right with the stock which might take a few trades. <\/strong><\/p>\n

4)Where could I find some of the top traders that I could follow online?<\/p>\n

http:\/\/www.businessinsider.com\/traders-ask-what-bloggers-should-i-follow-2010-9<\/strong><\/a><\/p>\n

5) What are some of the books you would recommend on Day Trading and Tape Reading<\/a>?<\/p>\n

As GMan would say, “Ok Bucko that is enough questions.” \u00a0I will save this answer for another day \ud83d\ude42 \u00a0I have to go get my game face on for the Big East Final (UConn). <\/strong><\/p>\n

Thanks very much for your time.<\/p>\n

Great questions. \u00a0Thanks for reaching out to us. \u00a0Keep working on your trading game!<\/strong><\/p>\n

Mike Bellafiore<\/p>\n

Author, One Good Trade<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Hi Bella: Hey young fella. Thanks very much for putting some much valuable material on your blog and website. Thxs for following us. Although I didn’t receive the opportunity of a summer internship with SMB, your website certainly provides quite a learning experience for me. Freakin SMB HR! I especially appreciate your classroom style of challenging your trainees to\u00a0prepare\u00a0for more … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,908],"tags":[4674,50,81,1193,653,1354,1349],"class_list":["post-10358","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","category-traders-ask","tag-one-good-trade","tag-proprietary-trading","tag-smb-training","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"\nYou Ask I Answer | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/you-ask-i-answer\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You Ask I Answer | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Hi Bella: Hey young fella. Thanks very much for putting some much valuable material on your blog and website. Thxs for following us. Although I didn’t receive the opportunity of a summer internship with SMB, your website certainly provides quite a learning experience for me. Freakin SMB HR! I especially appreciate your classroom style of challenging your trainees to\u00a0prepare\u00a0for more ... 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