{"id":13368,"date":"2011-07-19T17:34:56","date_gmt":"2011-07-19T21:34:56","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=13368"},"modified":"2014-03-07T14:03:54","modified_gmt":"2014-03-07T19:03:54","slug":"closer-than-you-think-to-being-one-good-trader","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/closer-than-you-think-to-being-one-good-trader","title":{"rendered":"Closer Than You Think to Being One Good Trader"},"content":{"rendered":"<blockquote><p>I received an interesting trade review from a new trader:<\/p>\n<p>a.m. trading I was very hesitant. my main ideas played out and I missed them IBM and MOS<\/p>\n<div>very frustrating for the rest of the day. when I was on the right side I sold too early. ended the morning slightly positive. told myself I prob shouldnt trade the rest of the day due to frustration.<\/div>\n<div>obama talking had the market and gold in play in afternoon. ended up trading them a bit. was on the right side every time but was too tight. more frustration and ended up going over my ticket and stock limit that we agreed on.<\/div>\n<div>ended the day -61.00 gross<\/div>\n<div>GLD -83<\/div>\n<div>MOS -56<\/div>\n<div>SPY +24.50<\/div>\n<div>HOG +51<\/div>\n<div>\n<p>really unhappy with my results today. could have actually been a huge day if I took my trades on the open. drives \/ opening plays are my strong suit.\u00a0I hate that I missed that and even worse I took bullshit trades later in the day. I want to stick to the best plays and set ups like we&#8217;ve spoken about time and time again.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/choptracker1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-13370\" title=\"choptracker\" alt=\"\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/choptracker1.png\" width=\"426\" height=\"284\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/choptracker1.png 868w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/choptracker1-300x200.png 300w\" sizes=\"auto, (max-width: 426px) 100vw, 426px\" \/><\/a><\/p>\n<\/div>\n<\/blockquote>\n<p style=\"text-align: left;\">This is a day it is very difficult to accept underperforming.\u00a0 You can see the frustration in some of his email.\u00a0 What I find interesting here is the lack of knowledge from where the money will come from at the end of the month.\u00a0 HOG didn&#8217;t follow through so there is nothing to be frustrated about there.\u00a0 Ask him about the MOS trade that he missed and he talks 68 but deminimizes above 68.88.\u00a0 There is a claim that he screwed up the GLD trade.\u00a0 He cites frustration that he blew IBM.\u00a0 When you hammer down the day he really isn&#8217;t that far off.\u00a0 There are just a few tweaks and some knowledge gaps that will improve his performance.<\/p>\n<p style=\"text-align: left;\">1) GLD below 155.75 is a pattern we see everyday and one that can make your week\/month.\u00a0 This is not a momentum trade it is a Trade2Hold.\u00a0 A change of approach to this set up and he will improve his results dramatically.\u00a0 Place the trade, set your stop, put your hands over your head where you can do no damage and let the trade breathe.<\/p>\n<p style=\"text-align: left;\">2) IBM will get easier to trade with more screen time.\u00a0 The pullbacks were too shallow for this young trader.\u00a0 Soon after seeing end of the day chart patterns like IBM those shallow patterns will be opportunity for a Trade2Hold.<\/p>\n<p style=\"text-align: left;\">3) MOS is the same pattern as GLD.\u00a0 Trade2Hold above 68.88.\u00a0 Place the trade, place your stop, hands over your head so you can do no damage and let it run.\u00a0 If you view this as a momentum trade then this becomes a tougher play.\u00a0 Seen as\u00a0 a Trade2Hold and now there are less decisions, clearer thinking, and a higher probability of holding.<\/p>\n<p style=\"text-align: left;\">Overall I am exceeding less concerned with the future of this new trader than the new trader.\u00a0 He is closer than the frustration in his email intimates to becoming One Good Trader.<\/p>\n<p style=\"text-align: left;\">Bella<\/p>\n<p style=\"text-align: left;\"><a href=\"http:\/\/www.amazon.com\/One-Good-Trade-Competitive-Proprietary\/dp\/0470529407\/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1311109439&amp;sr=1-1\">One Good Trade<\/a><\/p>\n<p><a href=\"http:\/\/twitter.com\/smbcapital\"><img decoding=\"async\" alt=\"\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I received an interesting trade review from a new trader: a.m. trading I was very hesitant. my main ideas played out and I missed them IBM and MOS very frustrating for the rest of the day. when I was on the right side I sold too early. ended the morning slightly positive. told myself I prob shouldnt trade the rest &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/closer-than-you-think-to-being-one-good-trader\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":13370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4674,81,1193,653,1354,1349],"class_list":["post-13368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mike-bellafiore-bellas-blogs","tag-one-good-trade","tag-smb-training","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Closer Than You Think to Being One Good Trader | 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\/closer-than-you-think-to-being-one-good-trader\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Closer Than You Think to Being One Good Trader | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I received an interesting trade review from a new trader: a.m. trading I was very hesitant. my main ideas played out and I missed them IBM and MOS very frustrating for the rest of the day. when I was on the right side I sold too early. ended the morning slightly positive. told myself I prob shouldnt trade the rest ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/closer-than-you-think-to-being-one-good-trader\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2011-07-19T21:34:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-03-07T19:03:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/choptracker1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"868\" \/>\n\t<meta property=\"og:image:height\" content=\"579\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" 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