{"id":11335,"date":"2011-05-05T10:40:33","date_gmt":"2011-05-05T14:40:33","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=11335"},"modified":"2021-05-07T11:25:50","modified_gmt":"2021-05-07T15:25:50","slug":"fighting-for-the-best-prices","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/fighting-for-the-best-prices","title":{"rendered":"Fighting for the best prices"},"content":{"rendered":"

I was standing behind a new trader, Battery Park, watching him buy a pullback in a Stock In Play. \u00a0Battery Park bought\u00a076c and hit out at 63c. \u00a0He should have hit out at 69c. \u00a0Then Battery Park reentered at 65c when he could have bought 58c on the bid.<\/p>\n

We talk about Reading the Tape often in this blog but not enough about how we use it to fight for prices or get the best entries and exits. \u00a0We do not talk enough about why this is so important to trading. \u00a0There are so many point-and-click retail traders out there underperforming. \u00a0Let’s take a set back and offer a reason why that might be. \u00a0In this one simple trade above, buying a pullback, Battery Park cost himself 13c. \u00a0If you trade in 1000 share lots that is $130 dollars. \u00a0Imagine if a brokerage company adopted this slogan: We charge $130 extra on all trades. \u00a0Come trade with us!<\/p>\n

The other day Amazing Andy ripped through his trades from the past few weeks. \u00a0He estimated he was costing himself $150 a day with bad entries and exits. \u00a0 “I have to stop just paying the offer and hitting the bids,” he continued. This is great analysis by him. \u00a0You know you are allowed to bid and offer.<\/p>\n

Likable Lev made a great point about why fighting for the best prices is important: doing so improves your win rate significantly. \u00a0Every entry price must be followed with a stop for if you are wrong. \u00a0Your risk\/reward ought to be 1×5 when you begin trading. \u00a0As you get more advanced you might trade risk\/reward set ups of 1×3. \u00a0Master traders might even crush 1×2 set ups.<\/p>\n

But that stop is set by the entry price. \u00a0You can set a much better exit price stop if your entries are superior. \u00a0For example, Battery Park buying 58c allows for a stop below 50c. \u00a0A purchase at 65c might dictate a stop below 58c. \u00a0Your chances buying into a pullback are significantly higher if your stop is 49c as opposed to 57c. \u00a0You are making the same trade, a pullback play. \u00a0It is just with one you are executing well and significantly improving your win rate.<\/p>\n

Fight for the best prices.<\/p>\n

Mike Bellafiore<\/p>\n

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

I was standing behind a new trader, Battery Park, watching him buy a pullback in a Stock In Play. \u00a0Battery Park bought\u00a076c and hit out at 63c. \u00a0He should have hit out at 69c. \u00a0Then Battery Park reentered at 65c when he could have bought 58c on the bid. We talk about Reading the Tape often in this blog but … 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],"tags":[1775,4674,81,1193,653,1354,1349],"class_list":["post-11335","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-best-prices","tag-one-good-trade","tag-smb-training","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"\nFighting for the best prices | 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\/fighting-for-the-best-prices\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fighting for the best prices | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I was standing behind a new trader, Battery Park, watching him buy a pullback in a Stock In Play. \u00a0Battery Park bought\u00a076c and hit out at 63c. \u00a0He should have hit out at 69c. \u00a0Then Battery Park reentered at 65c when he could have bought 58c on the bid. 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