{"id":47000,"date":"2018-08-01T09:30:21","date_gmt":"2018-08-01T13:30:21","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=47000"},"modified":"2023-06-08T10:24:28","modified_gmt":"2023-06-08T14:24:28","slug":"if-you-cannot-solve-this-trading-issue-you-ought-to-find-new-work","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/if-you-cannot-solve-this-trading-issue-you-ought-to-find-new-work","title":{"rendered":"If You Cannot Solve This Trading Issue, You Ought to Find New Work: Overcoming Challenges in Trading"},"content":{"rendered":"

 <\/p>\n

Hello Mike, <\/span><\/strong><\/p>\n

the same pattern has been repeating lately again and again. I\u2019m not too sure how I can fix it, even though I have been trying to. I would be consistent for a few days and make like $100, $200, $500, $300 and then the next day I would just lose $1000-$2000 therefore wiping out all my profits over the few days.<\/strong> The big loss is usually a result of a multiple trades not just one big trade. After my initial bigger loss and my daily max loss, I don\u2019t stop I keep trading thinking I have been consistent and don\u2019t want to mess up my streak so I will make it back then end up digging a bigger hole plus commissions that really kill me. I know it\u2019s all discipline and I keep telling myself next time I will not make the same mistake but I ALWAYS end up making the same mistake, I\u2019m afraid that I won\u2019t learn and keep making this stupid, stubborn mistake, leaving me unprofitable\u2026 Have you had the same experience in your early days, if so how did you get fix it?<\/span><\/strong><\/p>\n

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

Let me offer some context from our desk on how we handle trading past an intraday stop loss.<\/p>\n

On our desk if you surpass your intraday max loss then the Floor Manager shuts you down for the day.\u00a0 If somehow you keep trading past your intraday max stop loss, then you are placed on the demo for a period of time.\u00a0 This is a violation of trust with the firm.\u00a0 We allow you to lose up to a certain amount, but not more.\u00a0 If you lose more, you are not handling firm capital with the agreed upon care.<\/p>\n

So how does this relate to you?\u00a0 You allow yourself an intraday stop loss for your capital.\u00a0 You should empower someone to stop you out when you hit this max loss.\u00a0 You should empower someone to place you on demo, if you surpass your max loss limit.\u00a0 When you do not follow your rules there must be consequences.<\/p>\n

Is this an issue of discipline?\u00a0 My take is this is an issue of you not setting up a system to prevent you from trading past your stop loss.\u00a0 You have failed to do the pre-work required to stop you from losing too much.<\/p>\n

What you are doing is not acceptable.\u00a0 Purposely bluntly, if you cannot fix this problem, you ought to look for a new profession.<\/p>\n

*no relevant positions<\/p>\n

 <\/p>\n

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

  Hello Mike, the same pattern has been repeating lately again and again. I\u2019m not too sure how I can fix it, even though I have been trying to. I would be consistent for a few days and make like $100, $200, $500, $300 and then the next day I would just lose $1000-$2000 therefore wiping out all my profits … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":47285,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[5463],"tags":[277,303,1638],"class_list":["post-47000","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-bella-daily-update","tag-loss-limit","tag-stop-loss","tag-trading-discipline","post_format-post-format-video"],"yoast_head":"\nCan't Solve This Trading Issue? It's Time for a Change | SMB Training<\/title>\n<meta name=\"description\" content=\"If you can't solve this trading issue, it's time to find new work. 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