What Can Lead to Bad Trading and Destroy Trading Edge<\/strong><\/p>\nTraders can show up for a trading session not at their best and destroy their trading edge.<\/p>\n
They can be tired.<\/p>\n
They can be distracted.<\/p>\n
They can be overconfident.<\/p>\n
They can be convicted.<\/p>\n
They can be frustrated.<\/p>\n
They can be angry.<\/p>\n
They can be unhappy.<\/p>\n
They can be anxious.<\/p>\n
Does that ever sound like\u00a0 you?<\/p>\n
The optimal trading state is to be excited about trading opportunities while being calm, open-minded, alert, and focused.\u00a0 (Side bar: Is this how you approach each trading session?)<\/p>\n
Traders armed with strategies with edge, who are not at their best, can turn these opportunities into losing days.\u00a0 Or they can leave significant money on the table not being at their best.\u00a0 You need those strategies with edge, but for active traders you also need you at your best to trade at your best.<\/p>\n
The Trade Review Process<\/strong><\/p>\nOne junior trader has developed an innovative process to hold himself accountable for his best trading.<\/p>\n
\n- After three consecutive losing days, he sends a review to his mentors and coaches.<\/li>\n
- After three consecutive winning days, he sends a review to his mentors and coaches.<\/li>\n
- After one outsized losing day, he sends a trading review to his coaches and mentors.<\/li>\n<\/ul>\n
This trader is planning to be at his best each trading session.<\/p>\n
The Trade Review Noting Happiness<\/strong><\/p>\nLet me share an example from this junior trader below, and ask you to pay special attention to the nexus between his happiness and his performance.\u00a0 It is our routines that we plan that lead to our happiness and increased performance.\u00a0 We most actively plan, work at, and measure our adherence to our routines.<\/p>\n
![\"\"](\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/05\/tradervuew-1024x471.png\")
<\/p>\n
\n- \n
\n- Three winning days in row for a total of $4197 gross.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\n- As mentioned in April review:\u00a0 3 losing days in a row send a review, 3 winning days in a row send a review, 1 outsized losing day send a review.\u00a0<\/span><\/i><\/li>\n
- Great to see the win percentage > 50% these past 3 days.<\/span><\/li>\n
- Happy to see my winners more than double my losing trades which is exactly where they need to be to have a successful career.\u00a0<\/span><\/li>\n
- Largest gain 5x more than my largest loss. Fantastic.\u00a0<\/span><\/li>\n<\/ul>\n
I will say that I found myself on <\/span>many<\/span><\/i> occasions throughout these three trading days saying things such as \u201cJesus, they never make this easy.\u201d and multiple variations of that. So, even though I did well, I did find myself stressed. How did I combat the stress? Taking breaks during slow periods, going outside and reading (alerts set). Exercising <\/span>outside <\/span>each day after the close (biking,running,yoga) and spending time with my girlfriend.\u00a0<\/span><\/p>\nWhat made me so stressed if I was trading so well according to my stats? I should have made over $10k these 3 days. My P&L these three days came from the two big trades of the 12 trades I took that are circled below:\u00a0<\/span><\/p>\n![\"\"](\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/05\/justin-2.png\")
<\/p>\n
In $VTIQ I drew down -$1.3k (slightly over half of what I could lose in a single ticker) before getting the trade right. Because of this, I was not able to get into the size I wanted. I was in 750 shares rather than 1500. In my mind, I should have printed $6k for this trade. What could I do next time to ensure this does not happen? Simple. Less size before confirmation considering I traded this perfectly once I had confirmation.\u00a0<\/span><\/p>\n![\"\"](\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/05\/justin-3.png\")
<\/p>\n
Second trade, $CODX, I was long into negative news and lost. I was long because they held it over VWAP and I thought they would run it into earnings which were due after the close. I quickly realized how bad this news was and got ready to flip short. I thought this could be the backside in $CODX that a lot of traders have been waiting for. On the first bounce, I hit it short for \u00bd of my target size. It went against me slightly before I saw a perfect lower high\/ reversal pattern and then got into the rest of my size.\u00a0<\/span><\/p>\nThe trade began to work, but stalled out and slowed down drastically. I said out loud \u201cMaybe someone knows something and they\u2019re keeping this up here for a reason\u201d I began to feel skeptical and hit out of half of my short position. Almost immediately, the stock dropped out 4 points. In a fit of rage, I was ready to aggressively short the next pop and in doing so I gave back all of what I made on the next move. Thankfully, my persistence and pattern recognition enabled me to get something out of this and Instead of making 4-6k I made 1.5k.<\/span><\/p>\n![\"\"](\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/05\/justin4.png\")
<\/p>\n
Outside of trading I could honestly say things are great.<\/strong> I\u2019m keeping with the routines. I\u2019m able to keep up with and creating new routines. I\u2019m exercising more than I have these past two years. And I\u2019m thankful for the people in my life and our health more than ever. It\u2019s very easy to get mad that both of these trades were not the $6k trades. They should have been.\u00a0 But I\u2019m also putting up numbers that are above the expectations I had for myself when I was writing my 2020 goals last December. I\u2019m in the right trades, with the right size, and that means I\u2019m one step closer to nailing these.<\/span><\/p>\nNotice his words carefully: Outside of trading I could honestly say things are great.\u00a0\u00a0<\/strong>Notice how he mentions this.\u00a0 Notice how it is important to him to make this point.\u00a0 Notice how he creates a routine that drives the statement “I could honestly say things are great”.\u00a0<\/span><\/p>\nHow Do You Bring A Better You To Each Trading Day?<\/strong><\/p>\n![\"\"](\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/05\/you-to-market.png\")
<\/p>\n
In a recent tweet, I teed up the thought experiment for traders of how to bring a better you to the market each trading session.\u00a0 This was inspired by a call I had just had with a group of interns at our firm.\u00a0 We scheduled a zoom call to dig into their daily review process, which they had developed jointly.\u00a0 It was super impressive.\u00a0 It was super detailed.\u00a0 It showed tremendous effort.\u00a0 I applauded their tremendous work.\u00a0 And I left them with an idea to consider.\u00a0 An idea to help their trading.<\/p>\n
I shared it could make sense for them to develop a daily routine and keep track of how much they completed of their routine daily.\u00a0 Give yourself a score each day.\u00a0 They were doing very well reviewing their trading to develop edge. But these interns were not planning and keeping score of how to bring their best trader to each trading session.\u00a0 You need both.<\/p>\n
SMB Challenge<\/strong><\/p>\nSo I leave you with this challenge for your trading.<\/p>\n
What will you daily to bring your best you to the markets each trading session?\u00a0 How will you hold yourself accountable to bring your best self each trading session?<\/p>\n
Without such planning, we will not find your best trading.<\/p>\n
Mike Bellafiore is the Co-Founder of SMB Capital, a proprietary trading firm located in midtown Manhattan, and SMB Training- its trader education division.\u00a0 SMB Training offers trading courses for stocks, options, and futures.\u00a0 He is also the author of the trading classic\u00a0One Good Trade<\/em>\u00a0and\u00a0The PlayBook<\/em>.<\/p>\n*no relevant positions<\/p>\n
<\/p>\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"
In this post, you will be challenged to bring a better you to each trading session to increase profits.\u00a0 I will share one innovative idea a junior trader at our proprietary trading firm in NYC is using to drive his performance. And the nexus between his happiness and good trading.\u00a0 Let’s dive in. SMB Virtual Happy Hour on Happiness Recently, … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":48268,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463],"tags":[4678,38,1989,5480],"class_list":["post-49888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","tag-stock-trading","tag-trading","tag-trading-course","tag-trading-tips"],"yoast_head":"\nHow you bring a better you to each trading session (to increase profits) | 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\/how-you-bring-a-better-you-to-each-trading-session-to-increase-profits\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How you bring a better you to each trading session (to increase profits) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"In this post, you will be challenged to bring a better you to each trading session to increase profits.\u00a0 I will share one innovative idea a junior trader at our proprietary trading firm in NYC is using to drive his performance. 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<\/p>\n