{"id":47673,"date":"2018-11-06T14:31:03","date_gmt":"2018-11-06T19:31:03","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=47673"},"modified":"2023-06-13T09:41:55","modified_gmt":"2023-06-13T13:41:55","slug":"5-ideas-to-minimize-the-damage-on-your-worst-trading-days","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/5-ideas-to-minimize-the-damage-on-your-worst-trading-days","title":{"rendered":"Minimizing Damage on Your Worst Trading Days: 5 Ideas to Keep Your Trades on Track"},"content":{"rendered":"

\"\"<\/p>\n

Hi Mike,<\/p>\n

I’m a DNA member<\/a> and really enjoyed your book One Good Trade<\/em>. I have a problem’s with about 5-6 days a year that are big loses. Really hurting my annual results. Thoughts on best practices….Do you recommend a platform that will cut me off? Thoughts?<\/p>\n

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

Recently, I asked one our consistently profitable traders his plan to make seven-figures in 2019.\u00a0 He can.\u00a0 My work with him relates to your question.<\/p>\n

In response to my challenge, one area for significant improvement for him was minimizing losses.\u00a0 The trader wrote:<\/p>\n

Cut out more losing days<\/b><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Looking at this year so far I have had over 200k in losing days – eliminating some of that goes straight to the bottom line.\u00a0<\/span>Every losing day must be made back – not losing is the same as winning in the final account.<\/span><\/p><\/blockquote>\n

Another elite prop trader, with whom I work, was especially proud of his trading during a recent slow day.\u00a0 He made nothing.\u00a0 More importantly to him, he lost nothing.\u00a0 Normally, he would have lost too much.\u00a0 He saw this as significant progress for his trading through improved self-awareness.\u00a0 It was.<\/p>\n

Here are some ideas to help you minimize the damage on your worst trading days.<\/p>\n

1) Set an intraday stop<\/strong><\/p>\n

What is your max loss for a trading session?\u00a0 Set that limit.<\/p>\n

2) Set limits for max loss per trade<\/strong><\/p>\n

Not only should you set limits on how much you will lose overall intraday, but you should do this per trade.\u00a0 One trader, who I coach, has now done this with his trading and experienced solid consistency.\u00a0 You want to risk a percentage of your intraday max loss per trade.\u00a0 This gives you many chances to be wrong intraday and still be in the game to catch a big opportunity.<\/p>\n

3) Set your platform to reject further orders<\/strong><\/p>\n

On most platforms, when you hit your preset max loss it will reject orders to add to positions.\u00a0 All you can do is trade out of existing positions.\u00a0 Turning a bad trade into a huge loss can be avoided with technology.<\/p>\n

4) Empower someone to stop you out<\/strong><\/p>\n

On our desk the Risk Manager, will stop you out if you surpass your intraday stop loss.\u00a0 More specifically, the Risk Manager works with you to set the appropriate intraday max loss.\u00a0 And when you near this amount, he will tap you on the shoulder, and ask for your exit plan.\u00a0 The Risk Manager will calmly work with you, protect you, so your bad trade doesn’t cause excessive harm.<\/p>\n

Independent traders should find a Risk Manager for their trading.\u00a0 Often you can call your broker dealer, set limits, and empower them to turn you off when you reach them.\u00a0 Traders need to be protected at times from themselves.\u00a0 They need someone to take them out of a trade so they do not do more harm.<\/p>\n

5) Study your worst days<\/strong><\/p>\n

Often your worst days have commonalities.\u00a0 Solutions to disrupt poor trading can be implemented to thwart your worst days.\u00a0 For example, it is common for traders to experience their worst trades when they add to losing positions.\u00a0 You could eliminate this process.\u00a0 For example, it is common for traders to struggle midday and find themselves on tilt, leading to excessive losses.\u00a0 Scheduled breaks can be a solution for this.\u00a0 For example, some traders just do not have edge with certain trades that can be identified in their trading stats.\u00a0 Eliminating these trades can lead to significant progress.<\/p>\n

When you learn when you trade badly you can develop solutions to minimize their impact.<\/p>\n

*no relevant positions<\/p>\n

\"\"<\/a>
\n <\/p>\n

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

Hi Mike, I’m a DNA member and really enjoyed your book One Good Trade. I have a problem’s with about 5-6 days a year that are big loses. Really hurting my annual results. Thoughts on best practices….Do you recommend a platform that will cut me off? Thoughts? @MikeBellafiore Recently, I asked one our consistently profitable traders his plan to make … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":47604,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463,1],"tags":[1193,653,5502,1354,3852,5480],"class_list":["post-47673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","category-general-comments-2","tag-trader-education","tag-trader-training","tag-trading-advise","tag-trading-coach","tag-trading-losses","tag-trading-tips"],"yoast_head":"\n5 Ideas to Minimize Damage on Your Worst Trading Days | SMB Training<\/title>\n<meta name=\"description\" content=\"Learn tips to reduce losses on bad trading days. 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