{"id":47776,"date":"2018-11-26T13:10:14","date_gmt":"2018-11-26T18:10:14","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=47776"},"modified":"2018-11-26T13:10:14","modified_gmt":"2018-11-26T18:10:14","slug":"gain-exposure-to-multiple-setups-with-edge","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/gain-exposure-to-multiple-setups-with-edge","title":{"rendered":"Gain exposure to multiple setups with edge"},"content":{"rendered":"

\"\"<\/p>\n

So you are ready to take trading seriously. You’ve setup your trading station. You have read some books and watched some trading videos. You have saved the capital needed. You have the time to work on your trading game. You know it will take some time to become good. Trading is what you want to do.<\/p>\n

Awesome! I love it.<\/p>\n

But then like the trader in our community you get stuck:<\/p>\n

I\u2019m reading The PlayBook<\/em>. You were talking about creating my own playbook. As a beginning trader should you focus on looking for 1 A+ setup to get good at and expand as you get better at the plays or should you have multiple A+ setups when you start off?<\/p><\/blockquote>\n

This depends upon who you ask.\u00a0 Linda Raschke, trader and trading educator, stresses learning one setup well and then and only then moving to another.\u00a0 We employ a different approach.\u00a0 We expose new traders to the different trading strategies working for our top traders, let them experiment, and then choose the setups best for them.<\/p>\n

In fact, we have vacillated in what is best teaching our new hires.\u00a0 We have tried it both ways.\u00a0 Focusing on one trade until profitability is appealing in that is simplifies the action for the new hire and requires intensive study on a single setup.\u00a0 This can lead to real progress in a setup.<\/p>\n

Here is where we have landed.\u00a0 Experiment with setups with edge for one week.\u00a0 Then move to the next setup for another week.\u00a0 Again, all these are strategies being traded with edge on our desk.\u00a0 After being exposed to different setups with edge, then build your PlayBook.<\/p>\n

Why do we utilize this approach with our new hires?<\/p>\n

1) What if you are not good with a first setup and are forced to keep trying to master it?<\/p>\n

2) Traders come with unique cognitive, personality and psychological talents.\u00a0 Mastering one trade before moving on does not allow them to explore what they might be best at first.<\/p>\n

3) It is difficult to trade any strategy well when you first begin.\u00a0 Your skill level is just too low.\u00a0 \u00a0Experimenting with different strategies moves the focus to learning more about a best niche for you and away from profitability.<\/p>\n

I really like for the new trader to gain exposure to setups with edge, experimenting with them on a demo, finding your niche, and then building your PlayBook.\u00a0 Take that PlayBook and trade it live, next.\u00a0 Focus most of your energy trading, measuring and reviewing your PlayBook trades.\u00a0 Leave some time to expand your PlayBook, with new trades.<\/p>\n

I am not suggesting we have the right answer here.\u00a0 This what works for us, presently.<\/p>\n

And heck, maybe if\u00a0 you ask me this question again in a few years, I may have a different answer.<\/p>\n

*no relevant positions<\/p>\n

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

So you are ready to take trading seriously. You’ve setup your trading station. You have read some books and watched some trading videos. You have saved the capital needed. You have the time to work on your trading game. You know it will take some time to become good. Trading is what you want to do. Awesome! I love it. … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":47777,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463],"tags":[30,1193,653,1354,1349],"class_list":["post-47776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","tag-prop-trading","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor"],"yoast_head":"\nGain exposure to multiple setups with edge | 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\/gain-exposure-to-multiple-setups-with-edge\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gain exposure to multiple setups with edge | SMB Training\" \/>\n<meta property=\"og:description\" content=\"So you are ready to take trading seriously. You’ve setup your trading station. You have read some books and watched some trading videos. You have saved the capital needed. You have the time to work on your trading game. You know it will take some time to become good. Trading is what you want to do. Awesome! I love it. ... 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