{"id":4327,"date":"2010-03-26T09:34:14","date_gmt":"2010-03-26T13:34:14","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=4327"},"modified":"2023-08-01T20:45:41","modified_gmt":"2023-08-02T00:45:41","slug":"traders-ask-stubborness","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/traders-ask-stubborness","title":{"rendered":"Traders Ask: How Do I Work on My Stubbornness?"},"content":{"rendered":"

I received the following email from reader Brent:<\/p>\n

Dear Bella,<\/p>\n

I have followed SMB Capital since WSW on Mojo and have been following the blog for several months now. I am impressed by the quality of content that you guys release and it has helped my trading greatly. I am a remote trader for a prop firm and have been trading for 11 months now. My trading follows a very specific pattern. I have long periods of small to mid sized winners and then I have one large loss that wipes out almost all of the gains. Every time I feel like I have corrected this problem it seems to return. After this happens I always feel demoralized and like I am not cut out to be a trader.<\/p>\n

My question for you is how do you overcome being a stubborn person. A few weeks ago on the blog you mentioned that one of the traders realized what he needed to do to become a better trader was to be more patient and to be more patient as a trader he would have to become more patient as a person. I have clearly identified the issue for me as being stubborn.<\/p>\n

I sensed weakness today in the Casinos and started to put on a short position. I spread this out over PENN <\/a>WYNN <\/a>and LVS<\/a>. Penn was the largest position and the one I felt had the biggest potential. I put on a small position in the 27.50s with the intention of using 27.63 and 27.73 as my stops. What ended up happening is I capitulated at the top having held a trade well past where I knew made sense. The problem: I was stubborn<\/em>. I recognize the problem and I want to fix this. I feel this single personality flaw is what is keeping me from really developing as a trader.<\/p>\n

If you have any suggestions on how I can work on my stubbornness as a trader or as a person for that matter I would greatly appreciate it. Thank you for your time, enjoy your weekend, and keep up the amazing content on the blog!<\/p>\n

Bella Responds:<\/strong><\/p>\n

1) You can become a successful trader. You have found patterns that work for you and are positive on most days. This is excellent work! This is a terrific foundation from which to build! Well done!<\/p>\n

2) OK, so now that we have you off the ledge :). Let me me offer this comment. If you are stubborn in your personal life this will permeate your trading. You need to work on this. The talented trader who recognized his trading suffered because he himself was impatient, concluded correctly that he needed to do more things in his daily life that built personal patience.<\/p>\n

3) We teach our traders to develop an exit plan for if a stock trades in their favor or against them before<\/em> entering a trade. We call this having a detailed trading plan before every trade. This is one of our trading fundamentals for One Good Trade<\/a><\/em> and\u00a0must be followed. And then the next fundamental is discipline. If your stock hits your exit price for if it trades against you then\u00a0you must<\/em> hit the stock.<\/p>\n

4) You can build the skill to hit stocks that trade against you. If you have trouble hitting stocks that reach your exit price, then\u00a0start doing visualization exercises. Find\u00a0a quiet spot, breath deeply for two minutes, then rehearse a trade that hits your exit price and visualize yourself hitting out of this stock, then repeat. For more about using visualization to improve your trading see TraderFeed and the excellent work of Dr. Steenbarger. TraderFeed should\u00a0be daily reading for every trader.<\/p>\n

5) I will leave you with this quote from the great Jesse Livermore<\/a>:\u00a0 “Losing money is the least of my troubles. A loss never troubles me after I take it.\u00a0 I forget it overnight.\u00a0 But being wrong\u2013not taking the loss\u2013that is what does the damage to the pocket book and to the soul.”\u00a0<\/em><\/p>\n

\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

I received the following email from reader Brent: Dear Bella, I have followed SMB Capital since WSW on Mojo and have been following the blog for several months now. I am impressed by the quality of content that you guys release and it has helped my trading greatly. I am a remote trader for a prop firm and have been … 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":[826,75,4674,18,828,829,769,276,38],"class_list":["post-4327","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-ask","tag-dr-steenbarger","tag-one-good-trade","tag-smb-capital","tag-stubborn","tag-stubborness","tag-traderfeed","tag-traders","tag-trading","no-post-thumbnail"],"yoast_head":"\nTraders Ask: How Do I Work on My Stubbornness? | 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\/traders-ask-stubborness\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Traders Ask: How Do I Work on My Stubbornness? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I received the following email from reader Brent: Dear Bella, I have followed SMB Capital since WSW on Mojo and have been following the blog for several months now. 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