{"id":22300,"date":"2012-12-03T11:37:29","date_gmt":"2012-12-03T16:37:29","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=22300"},"modified":"2013-02-20T12:35:04","modified_gmt":"2013-02-20T17:35:04","slug":"the-biggest-question-for-a-trader","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-biggest-question-for-a-trader","title":{"rendered":"The Biggest Question for a Trader"},"content":{"rendered":"<p><span>Hi Bella,<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span>When I started out to go day trading, I feel as though I have wasted allot of money and time on so-called \u201ceducation\u201d. I can tell you that I have spent over 10k in it. A friend recommended (********) to me and I took their course. They made it seem so easy with patterns and MAs. It is sad that there is no way of telling who the real deal is and who the fakes are. I feel now that being able to read the tape is a must. Right now it is one step forward and two steps back. Now I know the only way to tell if a supply or demand area will hold; is to be able to read the tape and see who is there. If I could do it all over again, I would go with SMB training. Too much BS out there\u2026.\u00a0 BTW how is the new book coming along? I am just a trader trying to figure my way into become a success. <\/span><\/p>\n<p><strong>@mikebellafiore<\/strong><\/p>\n<p>I have been thinking about this email all weekend.\u00a0 If I wasn&#8217;t so busy on a deal I would have written a blog post.<br \/>\nLet me take a hack here.<\/p>\n<p>Most students and teachers think that just showing trade set ups is all that is needed. So students take trader education and think they will soon if not immediately start making money. Heck most educators think this as well. Not true.<\/p>\n<p>First you have to determine if you really like trading.\u00a0 This is true of anything you wish to be good at.\u00a0 Seems to make sense you do if you are willing to pay for a course. But not necessarily and a good course should weed out those not most interested.\u00a0 You would be surprised at how many think they love trading, do it for 6 months, and then they do not want to do the work.\u00a0 Said another way, they do not love trading.<\/p>\n<p>Second you must learn what type of trading is best for you.\u00a0 And this is steep climb.\u00a0 What product?\u00a0 Equities, options, futures, FX, auto trading?\u00a0 Let&#8217;s say you settle on equities.\u00a0 Well what type of equities trading? Here are just some styles:<\/p>\n<p>Momentum<br \/>\nScalping<br \/>\nSwing trading<br \/>\nTechnical analysis high beta trading<br \/>\nSlow moving intraday set ups<br \/>\nFading<br \/>\nRelative Strength<br \/>\nArb<br \/>\nAuto trading or quant trading<\/p>\n<p>If you took a course on swing trading but are best suited for momentum trading then that course will not lead to outsized trading gains. You do best at what matches your talents with your interests.<\/p>\n<p>But let&#8217;s say you picked the right course.\u00a0 Let&#8217;s say you learned momentum trading and this is your best trading niche.\u00a0 Now comes the hardest part.\u00a0 This is something a good educator can only help with.\u00a0 They can show you the training you need to do to get better at.\u00a0 They can motivate you to do the work.\u00a0 Guess what that hardest part is?<\/p>\n<p>And there are a ton of underperforming traders out there that do not get this.\u00a0 They blame and complain and expend misguided negative energy.\u00a0 And most in the media totally don&#8217;t understand this.\u00a0 And in fact most firms never do.\u00a0 Guesses?<\/p>\n<p>The next very important step, which is mostly up to you, is&#8230;&#8230;&#8230;&#8230;..<br \/>\nCan you execute?<\/p>\n<p>So you need that trading course to provide the domain knowledge.\u00a0 At worst a good class will save you tens of thousands in unnecessary trading losses paying for an education in market fundamentals.\u00a0 You may notice that our slogan at SMBU is: How good can you be?\u00a0 It is not like some advertise: enter your email to become a millionaire.\u00a0 I get so irritated when I see nonsense like that.\u00a0 But after you take that right course for you and pick the right product for you there is so much more work to be done.<\/p>\n<p>Trading is such a weird professional sport. If you passion is to play for the New York Yankees you cannot just walk unto the field.\u00a0 Well you could but then you would be arrested.\u00a0 Trading is different however.\u00a0 If trading is your passion you can walk onto our professional field.\u00a0 In fact, we want you to walk onto our field like the desire for easy money at a poker game.\u00a0 Opening up a live pro trading account is as simple as a few bucks and filling out some forms.\u00a0 But just because you have access to play doesn&#8217;t mean you can play.<\/p>\n<p>So maybe you picked the wrong course.\u00a0 Maybe the classes were crap like most stuff out there.\u00a0 But maybe you picked the right one and now it&#8217;s up to you to focus on the one thing a coach can never shield you from: Can you execute?<\/p>\n<p>Good luck.\u00a0 Keep working on your trading game.<\/p>\n<p>Bella<\/p>\n<p><a href=\"http:\/\/www.amazon.com\/One-Good-Trade-Competitive-Proprietary\/dp\/0470529407\/ref=sr_1_1?ie=UTF8&amp;qid=1354551712&amp;sr=8-1&amp;keywords=one+good+trade\">One Good Trade<\/a><br \/>\n<a href=\"http:\/\/twitter.com\/mikebellafiore\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hi Bella, &nbsp; \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 When I started out to go day trading, I feel as though I have wasted allot of money and time on so-called \u201ceducation\u201d. I can tell you that I have spent over 10k in it. A friend recommended (********) to me and I took their course. They made it seem so easy with patterns and MAs. &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/the-biggest-question-for-a-trader\" class=\"more-link\">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":[1990,1961,1718,653,1354,1349],"class_list":["post-22300","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading-class","tag-day-trading-course","tag-the-playbook","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Biggest Question for 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\/the-biggest-question-for-a-trader\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Biggest Question for a Trader | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Hi Bella, &nbsp; \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 When I started out to go day trading, I feel as though I have wasted allot of money and time on so-called \u201ceducation\u201d. I can tell you that I have spent over 10k in it. A friend recommended (********) to me and I took their course. They made it seem so easy with patterns and MAs. ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/the-biggest-question-for-a-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=\"2012-12-03T16:37:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2013-02-20T17:35:04+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.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\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" 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A friend recommended (********) to me and I took their course. They made it seem so easy with patterns and MAs. ... 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