{"id":37859,"date":"2014-06-02T16:03:07","date_gmt":"2014-06-02T20:03:07","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=37859"},"modified":"2023-04-13T16:28:36","modified_gmt":"2023-04-13T20:28:36","slug":"finding-the-setups-best-for-your-trading-personality","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/finding-the-setups-best-for-your-trading-personality","title":{"rendered":"How to Find the Setups Best for Your Trading Personality"},"content":{"rendered":"

Hey Mike,<\/p>\n

I was going through The Foundation today and came across your lecture at Indiana University. In it you talked about how traders tends to develop an inclination to particular types of set ups. I was wondering if you had any tips for discovering what kind of trading personality would best suit me. Or if it’s something that can only be discovered through experience and reflection?<\/p>\n

SG<\/p>\n

@MikeBellafiore<\/strong><\/p>\n

Terrific question.\u00a0 One for the trading ages particularly for new and developing traders.<\/p>\n

In The Foundation and SMB DNA we will expose traders to many different setups.\u00a0 We do this mainly through our mentoring sessions where we review trades.\u00a0 Setups like (not an exhaustive list):<\/p>\n

1) Fade Trades<\/p>\n

2) Trend Trend Trades<\/p>\n

3) Intraday Trend Trades<\/p>\n

4) IPO Trades<\/p>\n

5) High Beta Technical Trades<\/p>\n

6) Tape Reading Trades<\/p>\n

7) Reversal Trades<\/p>\n

8) Opening Drive Trades<\/p>\n

9) Scalp Trades<\/p>\n

10) Microscalp Trades<\/p>\n

11) VWAP Trades<\/p>\n

12) Breakout Trades<\/p>\n

13) Momentum Trades<\/p>\n

14) Range Trades<\/p>\n

15) Support and Resistance Trades<\/p>\n

16) 2nd Day Play<\/p>\n

17) Gap and Go<\/p>\n

18) Short Trades<\/p>\n

19) Market Play<\/p>\n

20) Pullback Trade<\/p>\n

SMBU students and traders on our desk are taught these trades and then asked to experiment with them in simulation mode and real-time.\u00a0 Traders are also asked to build PlayBook trades for the setups that make the most sense to them.\u00a0 In our training, we ask traders to master one trade at a time while trading live and be patient with their development.\u00a0 We encourage traders to build filters for their favorite setups that may come from the trades above.\u00a0 Traders have tools to measure how successful they are at each of these setups through the SMB Performance Center powered by Tradervue.<\/p>\n

If you find that Opening Drives plays make you nervous and uncomfortable but Trend Trend Trades don’t then this is very valuable information.\u00a0 The former are very fast trades and the later more calm and slow.\u00a0 If your stats scream that Pullback Trades are where you are making the most money then this is significant.\u00a0 It may be that you are trading Opening Drive plays incorrectly and that is breeding the discomfort and negative PnL.\u00a0 Mentoring is an important process to help you find the setups best for your personality.\u00a0 A process like archiving PlayBook trades is vital to internalization and better performance of your favorite setups.\u00a0 At the start, this is the worst you will ever be as a trader.\u00a0 So give each of these trades some time as you are just learning to trade and building skill.<\/p>\n

In short, we ask traders to build a PlayBook. \u00a0 They are exposed to all of these different trades and focus on the ones that feel right to them and our statistically profitable.\u00a0 Exposure, experience, mentorship, statistical measurement, review and process help traders find the setups where they have edge.
\nYou can be better tomorrow than you are today!<\/em><\/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 One Good Trade<\/a><\/em> and The PlayBook<\/a><\/em>.<\/p>\n

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

Hey Mike, I was going through The Foundation today and came across your lecture at Indiana University. In it you talked about how traders tends to develop an inclination to particular types of set ups. I was wondering if you had any tips for discovering what kind of trading personality would best suit me. 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