{"id":36993,"date":"2014-04-01T08:00:14","date_gmt":"2014-04-01T12:00:14","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=36993"},"modified":"2014-04-01T10:10:15","modified_gmt":"2014-04-01T14:10:15","slug":"your-head-is-fine-your-stratedgy-stinks","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/your-head-is-fine-your-stratedgy-stinks","title":{"rendered":"Your Head is Fine But Your Strategy Stinks"},"content":{"rendered":"

One of our very bright new traders asked to chat about trade psychology. He feared his needed help and wanted to seek my advice on a trading psychology coach.<\/p>\n

Many of our traders work with psychology coaches. The results are often very positive.<\/p>\n

I asked the trader to stop by my office for a chat to see if his issues were one of psychology or strategy. It turned out they were issues of strategy.<\/p>\n

Bella: Why do you think your issues are psychological?<\/p>\n

Trader: I have trouble holding my conviction trades. I tell myself to hold them no matter what and then I end up cutting them.<\/p>\n

Bella: You will not sell your positions no matter what you see in the market? That is not a very good trading system. For conviction trades you should always have Reasons2Sell, even if they are few. I wonder if your issue is that you have not developed your strategy of Reasons2Sell for your Conviction Trades.<\/p>\n

Trader: Yeah that makes sense.<\/p>\n

We talked some more. I sent him off with instructions to start developing Reasons2Sell for his Conviction Trades. I recommended he re-read The PlayBook<\/em> where Reasons2Sell are discussed in detail and check the blog for our posts on this technique.<\/p>\n

If you cut trades without a fully developed Reasons2Sell strategy you might very well be acting rationally mid-trade. There might very well be a good reason for you to exit that you are seeing in the market. And then at a later date that stock may trade higher. But this is not an issue of weak psychology. This is you not crafting a trade plan for Conviction Trades to guide your decision-making while in your best trades.<\/p>\n

Related Posts:<\/strong><\/p>\n

Reasons2Sell<\/a><\/p>\n

Webinar: Reasons2Sell<\/a><\/p>\n

Mike Bellafiore is the Co-Founder of SMB Capital and SMBU, which provides trading education in stocks, options, forex and futures. Bella is the author of <\/span>One Good Trade<\/a><\/em> and <\/span>The PlayBook<\/a><\/em>.<\/span><\/p>\n

Learn the skills necessary to identify and manage trades like these in our 10 week mentoring program. Click on banner below for details on next session in May 2014.<\/strong><\/p>\n[useful_banner_manager banners=2 count=1]\n

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

One of our very bright new traders asked to chat about trade psychology. He feared his needed help and wanted to seek my advice on a trading psychology coach. Many of our traders work with psychology coaches. The results are often very positive. 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