{"id":16754,"date":"2012-01-28T08:34:53","date_gmt":"2012-01-28T13:34:53","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=16754"},"modified":"2023-04-26T09:46:37","modified_gmt":"2023-04-26T13:46:37","slug":"the-language-of-the-successful-trader","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-language-of-the-successful-trader","title":{"rendered":"The Language of the Successful Trader"},"content":{"rendered":"

Trader A has overperformed since his start at SMB relative to his experience and peers. Trader B has underperformed relative to his experience with us. Trader A went to a middle of the road school. Trader B has a very impressive educational background. Both love trading. Both are guys you build a firm around.<\/p>\n

So what separates the two? Their language. And this is found curiously in their daily trading reviews.<\/p>\n

Here is a daily review sent to me by Trader A. Notice the language emphasis on daily improvement and what he learned from the trading session. Take particular notice of the new play he built that made sense to him. Wow, is that awesome work!<\/p>\n

\n
\n
I am happy and disappointed at the same time:<\/div>\n
– I felt like there was so much money out there today\u2026 stocks moving so signicantly.. and<\/div>\n
the worst thing is I was involved in a bunch of them and didn\u2019t truly capitalize<\/div>\n
– Just in tsl, shld, rcl, and swn I hit out a few cents before over 1 point moves\u2026 I gotta be<\/div>\n
a little more lenient\u2026 were are my ideas truly busted?\u2026 that and have to be able to get<\/div>\n
back in things<\/div>\n
– This was a day to make (more)\u2026 and in the stocks I was in\u2026 so I leave really<\/div>\n
disappointed<\/div>\n
With that said there were some thigns I felt good about<\/div>\n
– I did hit so many lows and highs and still made respectable money\u2026<\/div>\n
– I finally put together a positive close together\u2026 and that was through a strategy I<\/strong><\/div>\n
thought off yesterday\u2026 I put together a 5 position basket\u2026<\/strong> and 1 position kind of<\/div>\n
worked and one really worked and I made 400 in it\u2026 so I am going to try to get back to<\/div>\n
that in the 2-2:30 hour.. to build my basket\u2026<\/div>\n
I really leave today thinking it was a total missed opportunity.. but really optimistic about the<\/div>\n
next few weeks.. while the market volatility has decreased\u2026 individual stocks are breaking out,<\/div>\n
following thorugh\u2026 things are cleaner\u2026 it just seems like trading is a bit easer the last few days<\/div>\n
I am trading larger share size and I am not jumpy\u2026 I can hold 1000 shares for the real move\u2026<\/div>\n
I am losing the desire to take 10 cents in every trade\u2026 because I know I can spread myself out<\/div>\n
now and only need a few ideas to really work\u2026<\/div>\n
The goal for me today was to not become overconfident and force anything.. I think I let things<\/div>\n
come to me\u2026 got into my setups\u2026 and I am chasing the easy money lately which I see a lot of<\/div>\n
people around me trying to stay with thigns that aren\u2019t as moving\u2026 or try to buy steep pull ins\u2026I<\/div>\n
am sticking to my guns\u2026 consolidations in stocks trending and I will continue to as we get into<\/div>\n
earnings season<\/div>\n<\/div>\n<\/blockquote>\n
And then the daily review language from Trader B who was underperforming. Notice how much attention is paid to his lack of P&L. Notice there is less learning from the day than from Trader A. Notice there is a lack of specificity to his reasons for undeperformance.<\/div>\n
\n
bella, i am absolutely disgusted with my executions today, i barely made any money, i churned and wrote more tickets than i have ever written, i did not pick my entries well at all and i didn’t lay on the risk at the right times, i am so upset at myself for not making more money on a day like today, this was the best day the market has had since xmas and i made ($XX) net, that is absolutely unacceptable, i can’t get over this ($XXX<\/span>)<\/span><\/span> mark, in november i had no problem hitting those kind of numbers on a regular basis but i have this mental block, i haven’t had my gross p&l over <\/span>($XXX)<\/span><\/span> since the first week in december, that is unacceptable, tomorrow i am not trading before 950, no excuses for not learning from the past two weeks, i make all my money during the middle of the day and lose money every open, i write in my review about being more thoughful in my trading and that is a huge part of improving my results that i need to correct, i am very excited for tomorrow but i really need to focus on not making the same mistakes that i made today, let me know if you have any thoughts on my review, thanks<\/span><\/div>\n<\/blockquote>\n
Trader B will go on to become a successful trader but he won’t if he continues to use the language above. \u00a0His language was pointed out to him with suggestions for more constructive language. In fact recently he has made nice progress. As expected, Trader A continues to outperform his peers.<\/div>\n
<\/div>\n
Bella<\/div>\n

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Trader A has overperformed since his start at SMB relative to his experience and peers. Trader B has underperformed relative to his experience with us. Trader A went to a middle of the road school. Trader B has a very impressive educational background. Both love trading. Both are guys you build a firm around. So what separates the two? 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