{"id":42845,"date":"2015-12-14T15:04:36","date_gmt":"2015-12-14T20:04:36","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=42845"},"modified":"2023-04-06T09:49:06","modified_gmt":"2023-04-06T13:49:06","slug":"back-against-the-wall-trader","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/back-against-the-wall-trader","title":{"rendered":"Back against the wall trading"},"content":{"rendered":"

I get a lot of emails from prop, hedge fund, and retail traders confiding: I have to make money now!\u00a0 <\/i>Their back is against the wall.\u00a0 Your first reaction may be that they are in this position because they did not seek help earlier.\u00a0 But that would miss the point of this post and the lessons we can learn from those trading with their back against the wall.<\/p>\n

These traders are about to get fired or run out of money.<\/p>\n

One such trader sits on the floor of our proprietary trading firm.\u00a0 I love the guy.\u00a0 He is someone you would root for.\u00a0 We have communicated that he needs to start making money.<\/p>\n

He knocked on my office Friday, let out a deep exhale and bellowed, \u201cI did it! I had to have my best day and I did.\u201d<\/p>\n

Now comes the important part.<\/p>\n

Next he went into detail about all the things he did before this trading session for him to succeed.\u00a0 It was extensive, dare I say…impressive.\u00a0 And he caught a technical trade that made sense for him in BABA thru superior preparation and aforethought.<\/p>\n

I listened and watched him and waited for him to make the next logical connection about this trading day for his trading going forward.\u00a0 I really didn\u2019t want to get in the way of that huge grin of accomplishment wiped across his face.\u00a0 It didn\u2019t come.<\/p>\n

So I said, \u201cWhy not do exactly what you did before today everyday?\u201d<\/p>\n

Ever-likable he replied,\u00a0\u201cYeah that is a really good idea.\u201d<\/p>\n

If your back was against the wall and you had to make money for the day\/week\/month\/quarter\/year (depending on how you trade), what are all the things you would have to do to succeed?\u00a0 Doesn\u2019t that tell you exactly what you need to do as a trader daily?<\/p>\n

*no relevant positions<\/p>\n

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

I get a lot of emails from prop, hedge fund, and retail traders confiding: I have to make money now!\u00a0 Their back is against the wall.\u00a0 Your first reaction may be that they are in this position because they did not seek help earlier.\u00a0 But that would miss the point of this post and the lessons we can learn from … 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":[144,991],"class_list":["post-42845","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-trader","tag-wall","no-post-thumbnail"],"yoast_head":"\nBack against the wall 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\/back-against-the-wall-trader\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Back against the wall trading | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I get a lot of emails from prop, hedge fund, and retail traders confiding: I have to make money now!\u00a0 Their back is against the wall.\u00a0 Your first reaction may be that they are in this position because they did not seek help earlier.\u00a0 But that would miss the point of this post and the lessons we can learn from ... 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