{"id":47146,"date":"2018-06-20T15:41:08","date_gmt":"2018-06-20T19:41:08","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=47146"},"modified":"2023-06-08T09:57:03","modified_gmt":"2023-06-08T13:57:03","slug":"trading-technique-for-top-day-traders-smb-training","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/trading-technique-for-top-day-traders-smb-training","title":{"rendered":"Mastering Trading Techniques for Top Day Traders"},"content":{"rendered":"

\"\"<\/p>\n

In this post, I will teach a trading technique to help you make more, increase your enjoyment and lower stress during each trading session.<\/p>\n

Have you ever sat there as a trader working longer, fighting harder and with worsening results?\u00a0 Would you like to learn a trading technique employed by our firm to solve this problem?<\/p>\n

An experienced 7-figure trader, from another prop firm, wrote to me recently with this very issue:<\/p>\n

Hey Mike,<\/span><\/p>\n

Wanted to run a question by you regarding an area of my trading I\u2019ve been struggling with lately. <\/span><\/p>\n

Having noticed the amount of money I lose each day in subpar setups and overtrading, I\u2019ve tried to become more selective and collect data on when I overtrade and why.<\/span><\/p>\n

I\u2019ve found that when I\u2019m conscious and self-aware off the open, I have no issues. But as the day drags on, I\u2019m less mentally aware and not as focused on \u201cdon\u2019t trade, wait for something awesome\u201d. \u00a0A headline will come out or something quick will happen demanding a decision and in that moment with my guard down, I get into a mediocre trade. Usually I have the discipline to get out, sometimes not. But often from there my discipline falters throughout the rest of the day.<\/span><\/p>\n

So I\u2019m aware enough to know why I fall into poor trading and aware enough to know when I\u2019m in a bad trade. But once I make that mistake with my guard down, it snowballs from there and it seems my discipline only gets worse rather than better.<\/strong> While I\u2019m very conscious of it once I\u2019ve lapsed in discipline, I\u2019ve been unable to find a way to proactively prevent these lapses or the downward spiral. Checklists, rewards, rule break tallies are all retrospective and haven\u2019t helped me prevent it.<\/span><\/p>\n

Do you have any thoughts on how I should be trying to tackle this? Rules or telling myself to only do 3 trades per day is easy to say, but a lot harder to follow in the moment.<\/span><\/p>\n

Thanks for any advice or thoughts and I hope all is well! \u00a0<\/span><\/p>\n

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

I asked this trader to give me a call.\u00a0 We have known each other since he was in college and before he had ever traded.\u00a0 He is was of the most conscientious traders I know and super-talented.\u00a0 If he traded at our firm, he would earn a Black Shirt<\/a>, and with room to spare.\u00a0 Simply, he is one of the best day traders on the Street.<\/p>\n

I wanted to know if his daily routine needed improvement so a high energy level could be sustained throughout the day.\u00a0 I walked through a series of questions about sleep, diet, exercise, stress, to see if there was room for improvement.\u00a0 There really wasn’t.\u00a0 His daily routine was tuned so he could sustain a high level of energy throughout the day.<\/p>\n

Next, I asked him if he could see the solution.\u00a0 Can you?<\/p>\n

I dipped into my Dr. Steenbarger bag of trading tricks and pulled out a trading technique he has helped some of our traders employ.\u00a0 That best practice is scheduled breaks throughout the day, so you keep your energy level high for trading.<\/p>\n

Some traders schedule multiple breaks during the day.\u00a0 Most common is for traders to take a break after the open and treat the open and close as separate trading days.\u00a0 The break after the open is used to recharge so energy will be high for trading into the close.<\/p>\n

Without these breaks, traders are more susceptible to make poor trading decisions.\u00a0 With these breaks, traders are better equipped to sustain high energy, and thus better decision-making, for their most important trades.<\/p>\n

When I suggested scheduled breaks to this trader, he immediately saw it’s value.<\/p>\n

Trader did not suffer from a lack of discipline.\u00a0 Trader needed to recharge and re-energize.<\/p>\n

Summary\u00a0<\/strong><\/p>\n

Incorporate scheduled breaks into your trading day.\u00a0 It will improve your trading, make the day more enjoyable, and reduce your level of stress.<\/p>\n

*no relevant positions<\/p>\n

 <\/p>\n

 <\/p>\n

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

In this post, I will teach a trading technique to help you make more, increase your enjoyment and lower stress during each trading session. Have you ever sat there as a trader working longer, fighting harder and with worsening results?\u00a0 Would you like to learn a trading technique employed by our firm to solve this problem? An experienced 7-figure trader, … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":47147,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463],"tags":[22,75,18,5477],"class_list":["post-47146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","tag-day-trader","tag-dr-steenbarger","tag-smb-capital","tag-trading-technique"],"yoast_head":"\nTrading Technique for Top Day Traders | SMB Training<\/title>\n<meta name=\"description\" content=\"Discover a trading technique to improve your results as a top day trader. 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