{"id":33463,"date":"2013-11-06T13:12:23","date_gmt":"2013-11-06T18:12:23","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=33463"},"modified":"2023-04-27T07:14:33","modified_gmt":"2023-04-27T11:14:33","slug":"how-the-financial-media-entertainment-complex-is-harming-your-trading","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-the-financial-media-entertainment-complex-is-harming-your-trading","title":{"rendered":"How The Financial Media Entertainment Complex Is Harming Your Trading"},"content":{"rendered":"<p>One of our traders wrote this in his trade review last night. It helps us highlight an important teaching point about trading.<\/p>\n<div>\n<blockquote><p><em><strong>Daily Review:<\/strong><\/em><br \/>\n<em>Overall a decent day but I do get frustrated too much. I get most frustrated when I have the right ideas but fail to capitalize on them whether it is from getting a poor price or getting wicked out. I also get antsy midday looking for things to do and it leads to me giving back money in stupid ways. I feel like I am always a day late and a dollar short and chasing things. I feel like this is due to skepticism and lack of conviction in things. I am naturally a skeptic and can see both sides of every trade which leads to second guessing a lot.<\/em><\/p><\/blockquote>\n<p><strong>@mikebellafiore<\/strong><\/p>\n<p>A quick comment about you getting frustrated when you have the right ideas. I was talking with Shark about this very issue last night at the Garden during the Knicks game. Do not put so much pressure on yourself to have the right ideas. Just let the game come to you. Prepare. The opportunities will present themselves. You do not have to guess they will come. Trading is not like sports in that if you try harder to beat an opponent you will do better. It is about being patient and waiting for the good setups to come with no opponent, just the better processing of data. When those setups present themselves just manage your risk as best you can.<\/p>\n<p>The Financial Media Entertainment Complex brainwashes the new trader into believing they need things like Conviction, or must predict the next market moves. You don&#8217;t! Is $TSLA gonna trade higher? Will $FB trade up after earnings? Where will $TWTR trade? How the hell do you know? Try that answer at a cocktail party\/family gathering to a novice 401k trader and watch them look at you like an incompetent. The financial media&#8217;s job is to entertain and sell ads. It is not to present the reality of a majority of pro trading. This faux reality propagated by the Financial Media Entertainment Complex is harming the trading of many new and developing traders (as well as too many of my cocktail parties\/family gatherings).<\/p>\n<p>You have access to the inside market. You can just sit, observe and wait for excellent risk\/reward trades to develop. Do not put so much pressure on yourself to predict market and stock moves. This will make your trading life much easier, less stressful, and much more profitable.<\/p>\n<p>Related blog posts:<br \/>\n<a href=\"http:\/\/www.smbtraining.com\/blog\/getting-flustered\">Getting Flustered<\/a><br \/>\n<a href=\"http:\/\/www.smbtraining.com\/blog\/the-trading-of-past-trading\">The Trading of Past Trading<\/a><\/p>\n<p>You can be better tomorrow than you are today!<\/p>\n<p>Mike Bellafiore<\/p>\n<p><a href=\"http:\/\/www.amazon.com\/One-Good-Trade-Competitive-Proprietary\/dp\/0470529407\/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1382397128&amp;sr=1-1&amp;keywords=one+good+trade\"><em>One Good Trade<\/em><\/a><br \/>\n<a href=\"http:\/\/www.amazon.com\/The-PlayBook-Inside-Professional-Trader-ebook\/dp\/B00DW7PLLQ\/ref=pd_sim_b_1\"><em>The PlayBook<\/em><\/a><\/p>\n<p><a href=\"http:\/\/twitter.com\/mikebellafiore\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><\/p>\n<p>No relevant positions<br \/>\n<a href=\"https:\/\/tradingworkshop.com\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-42831\" src=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2023\/03\/smbwebinarsignup.jpg\" alt=\"tradingworkshop\" width=\"549\" height=\"261\" \/><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>One of our traders wrote this in his trade review last night. It helps us highlight an important teaching point about trading. Daily Review: Overall a decent day but I do get frustrated too much. I get most frustrated when I have the right ideas but fail to capitalize on them whether it is from getting a poor price or &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/how-the-financial-media-entertainment-complex-is-harming-your-trading\" 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":[1],"tags":[2444,2449,4703,2448,2451,4706,4707,1718,653,2445,1989,4712,4690,1888,207],"class_list":["post-33463","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":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How The Financial Media Entertainment Complex Is Harming Your Trading | 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\/how-the-financial-media-entertainment-complex-is-harming-your-trading\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How The Financial Media Entertainment Complex Is Harming Your Trading | SMB Training\" \/>\n<meta property=\"og:description\" content=\"One of our traders wrote this in his trade review last night. 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