{"id":13680,"date":"2011-08-04T10:36:10","date_gmt":"2011-08-04T14:36:10","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=13680"},"modified":"2011-08-04T10:36:42","modified_gmt":"2011-08-04T14:36:42","slug":"when-you-deserve-to-be-screamed-at-as-a-trader","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/when-you-deserve-to-be-screamed-at-as-a-trader","title":{"rendered":"When you deserve to be screamed at as a trader"},"content":{"rendered":"

A partner looks up at his scoreboard, which tracks the performance of traders, and sees one trader particularly in the Red. And it’s getting worse. He clicks on the trader’s ID and sees an open long position 1 point out of the money. The market is broken bad below SPY 125 on the Open. What’s worse is the firm has had conversations with this trader in the past about his failure to exit losers. The trader was even let go for this very reason and then talked his way back into a return. And now this.<\/p>\n

The partner has his Floor Manager flatten the trader and retrieve his phone number. The call is placed.<\/p>\n

“So what is going on?” asks the partner.
\n“I am just trying to clear my head from that last trade,” replies the remote trader.<\/p>\n

Now I will save the exact conversation for the two parties. But at no time during the rest of the conversation was the remote trader allowed to talk. There are certain times when even an attempt at reason is such a waste a time it must be clear there will be no explaining. Let’s just say that the 3 minute conversation was not PG rated. The volume of talk from the partner started and stayed at screaming. The partner made it clear if this ever happened again the trader would be terminated. The trader was placed on the demo and the partner slammed the phone down in disgust.<\/p>\n

Being long a market stock when the market is broken is how you blow up your trading account. I have faded stocks professionally. In fact for a period of time this was my trading strategy. The above was not fading. It was bad trading. Letting a stock run past your predetermined stop precedes your search for new employment. This is not something you work on. This is something you do not do. This is self-destructive. This is almost like you saying you do not want to trade. If you cannot hit stocks that trade against your stock you need to stop trading immediately.<\/p>\n

Some may read this post and wonder about the screaming. Getting in a trader’s grill is an action taken for the best interests of the trader. Creating further discomfort for the trader makes it more likely he will not do the above again. Who wants to receive a lashing like that again? And no one wants to disappoint their mentor.<\/p>\n

What next? Trade on the demo. Do specific visualizations exercises. Experiment with creating a mental stop loss for if the stock trades against you before a trade, then place the trade, then automatically place a stop. Take yourself out of the stop equation. Have a long, self-critical conversation with yourself and try and understand why this is an issue for your trading. Get rid of the idea of getting long a market stock when the market is broken. Do not return to trading with real money until you have eliminated this issue.<\/p>\n

Bella
\nOne Good Trade<\/a><\/strong>
\n\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A partner looks up at his scoreboard, which tracks the performance of traders, and sees one trader particularly in the Red. And it’s getting worse. He clicks on the trader’s ID and sees an open long position 1 point out of the money. The market is broken bad below SPY 125 on the Open. What’s worse is the firm has … 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":[1828,1193,653,1354,1349],"class_list":["post-13680","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-smbu","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"\nWhen you deserve to be screamed at as a 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\/when-you-deserve-to-be-screamed-at-as-a-trader\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When you deserve to be screamed at as a trader | SMB Training\" \/>\n<meta property=\"og:description\" content=\"A partner looks up at his scoreboard, which tracks the performance of traders, and sees one trader particularly in the Red. 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