{"id":26839,"date":"2013-05-05T10:07:17","date_gmt":"2013-05-05T14:07:17","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=26839"},"modified":"2013-05-13T09:08:28","modified_gmt":"2013-05-13T13:08:28","slug":"hustle-plays-in-trading","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/hustle-plays-in-trading","title":{"rendered":"The Hustling Trader"},"content":{"rendered":"

The NBA playoffs are here and listening to elite coaches coach<\/a> can help us as traders. The best coaches gloss over who led the team in scoring (P&L?) and stress “hustle plays”<\/a>. These hustle plays<\/a> can make the difference between a win or a loss at this highest level of competition. That got me to thinking about our game. What are our hustle plays as a trader? What stats are most important to our game? It is not trader P&L.<\/p>\n

P&L is the byproduct of skill development. P&L is not the byproduct of your IQ, athletic prowess, family wealth, undergraduate diploma, or personal attractiveness. Skill development is the byproduct of good daily habits repeated over time, considerable time. In One Good Trade<\/em> I wrote that it is the thousand little things done well daily that determines your trading fate. In this\u00a0hyper-connected\u00a0technology age, where we hardly spend a second disconnected from our preferred content, it can be a challenge to practice and rehearse for delayed gratification. From Billy Joel’s Vienna<\/em>:<\/p>\n

Slow down, you’re doing fine
\nYou can’t be everything you want to be
\nBefore your time<\/p><\/blockquote>\n

In a perfect world, if I had a staff of eight assistant coaches like some NBA teams, I would discard praising trader P&L and keep these stats on a trader’s daily activity:<\/p>\n

1) Trader chats with other traders
\n2) Call outs for the rest of the desk
\n3) PlayBook trades archived
\n4) Time spent reviewing tape of their trading
\n5) Charts ripped thru before the next trading session
\n6) Charts ripped thru during the trading session
\n7) SMB AM Meeting attended
\n8) Trade review completed
\n9) Chats with trading mentor and\/or partners
\n10) Number of One Good Trades
\n11) Number of A+ trades with 30 percent risk
\n12) Time spent thinking about their trading
\n13) Time spent learning new technology tools
\n14) Times stopped out but found a way back into a good position
\n15) Percentage of day focused on his screens
\n16) Times where the trader found an edge on the tape by closely watching the prints<\/p>\n

These are the things that matter. If you want to win our game you must focus on your hustle plays.<\/p>\n

Mike Bellafiore
\n<\/em><\/p>\n

The PlayBook<\/a><\/em><\/p>\n

One Good Trade<\/a><\/em><\/p>\n

\"\"<\/a><\/p>\n

no relevant positions<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The NBA playoffs are here and listening to elite coaches coach can help us as traders. The best coaches gloss over who led the team in scoring (P&L?) and stress “hustle plays”. These hustle plays can make the difference between a win or a loss at this highest level of competition. That got me to thinking about our game. What … 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":[1],"tags":[2444,2449,4703,2448,2451,4706,4707,1718,653,2445,1989,4712,4690,1888,207],"class_list":["post-26839","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-daytrading","tag-how-to-be-a-day-trader","tag-learn-trading","tag-prop-trade","tag-stock-market-course","tag-stock-trading-education","tag-stock-training","tag-the-playbook","tag-trader-training","tag-trading-careers","tag-trading-course","tag-trading-courses","tag-trading-education","tag-trading-school","tag-trading-stocks","no-post-thumbnail"],"yoast_head":"\nThe Hustling 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\/hustle-plays-in-trading\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Hustling Trader | SMB Training\" \/>\n<meta property=\"og:description\" content=\"The NBA playoffs are here and listening to elite coaches coach can help us as traders. The best coaches gloss over who led the team in scoring (P&L?) and stress “hustle plays”. These hustle plays can make the difference between a win or a loss at this highest level of competition. That got me to thinking about our game. What ... 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