{"id":40338,"date":"2015-03-25T14:55:41","date_gmt":"2015-03-25T18:55:41","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=40338"},"modified":"2021-05-06T16:47:51","modified_gmt":"2021-05-06T20:47:51","slug":"10-ways-to-become-a-more-consistent-trader","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/10-ways-to-become-a-more-consistent-trader","title":{"rendered":"10 Ways to Become a More Consistent Trader"},"content":{"rendered":"<p>I was sitting across from an ambitious new trader in Troy, NY (yes you read that correctly Troy, NY) enjoying the Brown&#8217;s Pale Ale discussing ways to be more consistent as a trader. Now most of these conversations are started by traders who were never profitable. But not this one. This one was with a new trader who had mid-six figure success and yet had not quite become consistent.<\/p>\n<p>There were a few six figure days of losses.<br \/>\nThere was new doubt creeping into his trading of whether he would make it after these rips.<br \/>\nThere was trading capital left that was starting to get thinner an uncomfortable.<br \/>\nThere was a concern of trading in isolation.<br \/>\nThere was no formal mentoring just an entrepreneurial gent trying to figure trading out on his own. (And apparently more successfully than 99 percent of all who try.)<br \/>\nThere was the real determination.<br \/>\nThere was a twenty-something with superior focus across from me.<br \/>\nThere was a young man who had the processing power\/talent to trade actively.<\/p>\n<p>This trader had most of the answers and mostly I just listened.<\/p>\n<p>So how can we become more consistent as traders? After some research and digging into my own experience I made a list:<\/p>\n<p>1) Visualize yourself trading consistently. (<a href=\"http:\/\/traderfeed.blogspot.com\/2010\/01\/how-to-become-more-consistent-trader.html\">Dr. Steenbarger<\/a>)<br \/>\n2) Set realistic goals for your trading. (<a href=\"http:\/\/www.kirkreport.com\/2013\/05\/18\/improve-your-consistency\/#sthash.wtk9HfME.dpbs\">Charles Kirk of The Kirk Report<\/a>)<br \/>\n3) Do not spread yourself too thin. (<a href=\"http:\/\/itsawahmlife.com\/how-to-be-consistent-20-tips-to-get-you-started.html\">Jackie Lee<\/a>)<br \/>\n4) Prepare consistently. (<a href=\"http:\/\/www.smbtraining.com\/blog\/how-to-be-more-consistent-in-your-trading\">SMBU<\/a>)<br \/>\n5) Keep a live trading journal. (<a href=\"http:\/\/www.kirkreport.com\/2013\/05\/18\/improve-your-consistency\/#sthash.wtk9HfME.dpbs\">Kirk Report<\/a> again)<br \/>\n6) Develop clear exit rules for your trades. (<a href=\"http:\/\/www.moneyshow.com\/articles.asp?aid=TradingIdea-27113\">The Money Show<\/a>)<br \/>\n7) Always know how much you are willing to lose on a trade. (<a href=\"http:\/\/www.tradingsetupsreview.com\/10-trading-rules-consistent-trader\/\">Galen Woods<\/a>)<br \/>\n8) Develop a trading PlayBook of your best setups and trade those plays. (Bella, <em>The PlayBook<\/em>)<br \/>\n9) Keep trading statistics of what you trade well. Verify your best trade setups with statistics. (Evernote, SMBU Performance Center, Tradervue are excellent tools.)<br \/>\n10) Wait for a fat pitch (trade). (<a href=\"http:\/\/www.pragcap.com\/the-fat-pitch-myth\">Warren Buffet<\/a>)<\/p>\n<p>After leaving the local pub after our chat I couldn&#8217;t help but think&#8230;..<em>he&#8217;s going to make it<\/em>.\u00a0 He just needs to understand what he does well better.\u00a0 And after that I expect him to be picking up the beers <em>consistently<\/em>.<\/p>\n<p>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<em> One Good Trade<\/em> and <em>The PlayBook<\/em>. He welcomes your trading questions at mbellafiore@smbcap.com.<\/p>\n<p>*No relevant positions<\/p>\n<p><a href=\"https:\/\/tf130.infusionsoft.com\/app\/orderForms\/SMB-DNA-of-Successful-Trading\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-40234\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2015\/03\/enrolldna.png\" alt=\"smb dna\" width=\"600\" height=\"250\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2015\/03\/enrolldna.png 600w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2015\/03\/enrolldna-300x125.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I was sitting across from an ambitious new trader in Troy, NY (yes you read that correctly Troy, NY) enjoying the Brown&#8217;s Pale Ale discussing ways to be more consistent as a trader. Now most of these conversations are started by traders who were never profitable. But not this one. This one was with a new trader who had mid-six &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/10-ways-to-become-a-more-consistent-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":[1],"tags":[640,3094,144,535],"class_list":["post-40338","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-640","tag-consistent","tag-trader","tag-ways","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>10 Ways to Become a More Consistent 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\/10-ways-to-become-a-more-consistent-trader\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Ways to Become a More Consistent Trader | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I was sitting across from an ambitious new trader in Troy, NY (yes you read that correctly Troy, NY) enjoying the Brown&#8217;s Pale Ale discussing ways to be more consistent as a trader. Now most of these conversations are started by traders who were never profitable. But not this one. This one was with a new trader who had mid-six ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/10-ways-to-become-a-more-consistent-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=\"2015-03-25T18:55:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-06T20:47:51+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2015\/03\/enrolldna.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\" 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