{"id":15937,"date":"2011-12-11T20:07:36","date_gmt":"2011-12-12T01:07:36","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=15937"},"modified":"2021-05-07T11:13:28","modified_gmt":"2021-05-07T15:13:28","slug":"when-to-feel-pain-as-a-trader","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/when-to-feel-pain-as-a-trader","title":{"rendered":"When to Feel Pain as a Trader"},"content":{"rendered":"

Hi Bella,<\/p>\n

I have done a lot of thinking over the weekend about my trades, especially the ones that I don\u2019t catch short when they consolidate below a certain level for quite some time before the next massive down move. As you know, most of the traders on the desk did great with this type setup in PLL on Friday, except me. I don\u2019t recall where I got stopped out, but I do recall it wicked above to 13 cents above the $57 level multiple times, then finally making another consolidation below. I did reevaluate and yet there was another opportunity to take the trade, but why didn\u2019t I get back in this trade? First, I thought I am close to being stopped out for the day for taking on so many small rips and I didn\u2019t want to take on any more risks. Second, the market started to rally, squeezing the SPY over 126 and some. What I am asking is how much do you let go against you in this trade? Do you give this type of trade a bigger stop or try to ride this trade out with as much pain as you can if it starts to squeeze again? Do you consider this an easy setup to identify with still some whipsaw factors involved? Should I look to trade PLL the second day? I want to be a good trader and not get shaken out. I know this isn\u2019t easy.<\/p>\n

Am I thinking correctly?<\/p>\n

Bella<\/strong><\/p>\n

I am having a nice Sunday, having spent the day with my Dad and wife. This question admittedly pisses me off. And has caused my week of suffering back pain to reappear. Let me go grab an ice pack for my back and get back to this question. Imagine me now with my voice raised please.<\/p>\n

You do not let stocks trade against you! There is no such thing as being able to handle pain as an intraday. That is some ridiculous thought misunderstood by all unsuccessful intraday traders. You are not John Paulson. You are not swing trading. You make a trade on a short term frame, with a definable stop before you enter the trade. If your stock hits your exit price, then you exit. Hit the damn cover button and reevaluate. Where is the pain in that? There is no conviction tested. There is execution.<\/p>\n

Now that does not mean you do not look to reenter with a new and different trading pattern. I have blogged in the past about the wicks in trending stocks that must be covered and then reshorted. But I was clear that you need to cover and reevaluate.<\/p>\n

Feel the pain of getting uncomfortably bigger in a set up that makes the most sense to you and is working. Feel that pain. Feel pain getting bigger in a stock that trades against you or pain in letting a stock that trades against you a little more against you and you will soon find new work. That certainly can be painful.<\/p>\n

The wicks in a trending stock below support are worth considering reentry. The increase of program trading causes the intraday trader to make more decisions on reentry than in the past. Many new traders are challenged about when and how to reenter. I admit this can be a tough decision for a newb but one the market asks you to overcome.<\/p>\n

Keep asking the right questions.<\/p>\n

Bella
\nOne Good Trade<\/a>
\n\"\"<\/a><\/p>\n

no relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"

Hi Bella, I have done a lot of thinking over the weekend about my trades, especially the ones that I don\u2019t catch short when they consolidate below a certain level for quite some time before the next massive down move. As you know, most of the traders on the desk did great with this type setup in PLL on Friday, … 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":[30,1828,1193,653,1354],"class_list":["post-15937","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-prop-trading","tag-smbu","tag-trader-education","tag-trader-training","tag-trading-coach","no-post-thumbnail"],"yoast_head":"\nWhen to Feel Pain 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-to-feel-pain-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 to Feel Pain as a Trader | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Hi Bella, I have done a lot of thinking over the weekend about my trades, especially the ones that I don\u2019t catch short when they consolidate below a certain level for quite some time before the next massive down move. 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