{"id":50210,"date":"2020-10-16T11:16:11","date_gmt":"2020-10-16T15:16:11","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50210"},"modified":"2021-05-11T18:42:21","modified_gmt":"2021-05-11T22:42:21","slug":"what-is-the-optimal-mindset-to-be-in-while-trading-trading-psychology","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/what-is-the-optimal-mindset-to-be-in-while-trading-trading-psychology","title":{"rendered":"What is the optimal mindset to be in while trading? (Trading Psychology)"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-50211\" src=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/10\/optimal-mindset.jpg\" alt=\"\" width=\"834\" height=\"230\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/10\/optimal-mindset.jpg 834w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/10\/optimal-mindset-300x83.jpg 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/10\/optimal-mindset-768x212.jpg 768w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/10\/optimal-mindset-610x168.jpg 610w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2020\/10\/optimal-mindset-100x28.jpg 100w\" sizes=\"auto, (max-width: 834px) 100vw, 834px\" \/><\/p>\n<p>What is the optimal mindset to be in while trading?<\/p>\n<p>I posed this question to the trading community and you can see many savvy responses to this essential question <a href=\"https:\/\/twitter.com\/MikeBellafiore\/status\/1315046634154229761\">here<\/a>.\u00a0 If you do not get this part right, then you will never reach your trading potential.\u00a0 This might keep you from moving from losing money to becoming a Consistently Profitable Trader.\u00a0 This might keep you from moving from Consistently Profitable Trader to 7-Figure-a-Year producer.\u00a0 Worse yet this might cause your trading failure.<\/p>\n<p>There is nothing more disappointing than your failure to reach your potential.\u00a0 You should not, no cannot, accept being less than you can be.<\/p>\n<p>From my seat, as the Co-Founder of SMB Capital- a proprietary trading desk in NYC, the optimal trading mindset is:<\/p>\n<ul>\n<li>Open-minded<\/li>\n<li>Excited for the trading opportunity<\/li>\n<li>Calm<\/li>\n<li>Focused<\/li>\n<\/ul>\n<p><strong>Open-minded<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-49432\" src=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2019\/12\/desk-pix-5.jpg\" alt=\"\" width=\"598\" height=\"442\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2019\/12\/desk-pix-5.jpg 598w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2019\/12\/desk-pix-5-300x222.jpg 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2019\/12\/desk-pix-5-100x74.jpg 100w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/p>\n<p>Open-minded means to intake the data the market is providing and process it without bias.\u00a0 For traders our data is the price action.\u00a0 For example, if we are long $AAPL and the price action consists of heavy selling, then there is heavy selling in the market.\u00a0 Contrast this with the trader who is long $AAPL, sees heavy sell action in the name, and concludes this selling has to end soon because the company is awesome.\u00a0 The price action is the price action.\u00a0 The open-minded trader observes the price action and decides whether to make a trade decision as a result.<\/p>\n<p>(See also: <a href=\"https:\/\/www.youtube.com\/watch?v=fLSRxJ_tNNw&amp;t=3s&amp;ab_channel=SMBCapital\">The Trap of Recency Bias<\/a>)<\/p>\n<p>Shark is the all-around best trader on our desk.\u00a0 Frankly, he is one of the best active traders on the Street.\u00a0 And he is still getting better. His kryptonite as a trader is trading his opinion.\u00a0 Here is this elite active trader with years of trading success, and myriads of trading wins in his trading career, who repeatedly loses, and loses too much, when he stubbornly sticks to his bias.\u00a0 When he shares his Daily Report Card with Dr. Steenbarger, his Team, and myself after he underperforms almost always it is because of the same issue- trading his opinion.\u00a0 And he regrets doing so and creates a clear plan to wait until the price action is confirming his opinion.<\/p>\n<p>This is not to say that he does not develop conviction in an idea that often helps him win.\u00a0 It is to say that after he develops a thesis, his worst trading comes when he fights the price action that differs from his thesis.\u00a0 It is to say this best trading comes after he develops a thesis, and that thesis is then confirmed by the price action.<\/p>\n<p>Observe the price action and let it tell you what the stock or market or sector is likely to do.<\/p>\n<p><strong>Excited for the trading opportunity<\/strong><\/p>\n<p style=\"text-align: center;\">&#8220;Nothing great was every achieved without enthusiasm,&#8221; &#8211; Ralph Waldo Emerson<\/p>\n<p>In March of 2020 many traders experienced their best trading results on our desk. Universally, many of the top performers spoke and emailed and g-chatted about their *excitement* for the up-coming trading session.\u00a0 They were *excited* for the market to open and for them to pounce on the opportunity present.<\/p>\n<p>(See also: <a href=\"https:\/\/www.youtube.com\/watch?v=fLSRxJ_tNNw&amp;t=3s&amp;ab_channel=SMBCapital\">How to crush it (trading) in 2020<\/a>)<\/p>\n<p>SWang is flat out the best trader on the desk.\u00a0 It is striking how much better he performs after he gchats in the AM to me about how excited he is for the day&#8217;s trading opportunity.\u00a0 It is almost like there is a printing press linked to the excitement of his AM comments.\u00a0 The greater the excitement the higher his PnL.\u00a0 Simply, when he super excited about the up-coming day of opportunity, he crushes it.<\/p>\n<p>When I think about the best trades made at our firm over the last 5 years this has often been preceded by trader talk of excitement about the opportunity.\u00a0 They couldn&#8217;t wait to catch the TLRY short.\u00a0 They couldn&#8217;t wait to hit volatility, when it turned.\u00a0 They couldn&#8217;t wait to hit NKLA.\u00a0 Now they are excited about the opportunity in the solars.<\/p>\n<p>Now this does not mean they jump into their ideas before the trade is ready.\u00a0 Just the opposite.\u00a0 They are excited to wait for the entry.\u00a0 And then after they see the trade, they see the price action confirming the trade, they enter with massive size.\u00a0 As an elite trader says, &#8220;they swing the bat hard.&#8221;<\/p>\n<p>From my seat, I rarely witness monster trading days until after traders are excited about the trading opportunity.<\/p>\n<p><strong>Focused<\/strong><\/p>\n<p>Focus is one of the most underrated ingredients that feeds elite trading.\u00a0 You rarely hear talk about the need to be focused for top trading.\u00a0 You rarely hear trading psychology advice about the need to be focused.\u00a0 The need to sustain your energy for extended periods of time to catch the real trade.<\/p>\n<p>You hear about not trading on tilt.\u00a0 You hear about being patient.\u00a0 You hear about avoiding FOMO.\u00a0 But again, you rarely hear about the necessity to just focus.<\/p>\n<p>Max is one of the more successful new traders we have trained since we started SMB in 2005.\u00a0 He starts trading in the premarket and early.\u00a0 And he is locked in almost all day, save for his pre-determined breaks.\u00a0 He is chatting and connected to his team discussing trade opportunities.\u00a0 And then reviewing them and replaying them with his team.\u00a0 He trades his own account, with these ideas.\u00a0 He trades a joint account contemporaneously, with his team with these ideas.\u00a0 He just sits and processes information, discusses this information with his team, and then pounces when a good idea appears.\u00a0 He is focused.<\/p>\n<p>Dr. Steenbarger introduced our firm to BrainHQ, which you might use as a tool to improve your focus.<\/p>\n<p><strong>Calm<\/strong><\/p>\n<p>There is a key to being calm.\u00a0 There one factor one which to focus so you are calm in real-time.<\/p>\n<p>I wrote about this in <em>One Good Trade<\/em>, you don&#8217;t want your traders high-fiving all over the place after good trades.\u00a0 This it not calm.<\/p>\n<p>And when things go against a trader, you don&#8217;t want them banging and screaming and cussing all over the floor.\u00a0 This is not calm.<\/p>\n<p>There is one trader on our desk who is the most improved trader in 2020.\u00a0 I have always observed his natural calm on the desk, while he is trading.\u00a0 Shark has always had this quality about him.\u00a0 Now maybe these guys are churning inside and never tell me about this, but it sure seems from the outside that they are more chill than many others.<\/p>\n<p>Now before we get to the key factor, let me say that emotion can be used to your advantage.\u00a0 When a stock or market or both agitate you this could be a signal that they are ready to reverse, for example. And you can learn to tap into this emotion as a trade signal and pounce after agitation.<\/p>\n<p>But we think better when we are calm.\u00a0 The key is&#8230;.\u00a0 we want our heart rate down.\u00a0 When our hear rate is down we are in the best state to perform.\u00a0 Good to check in before each trade and check whether your heart rate is down.<\/p>\n<p><strong>SMB Challenge<\/strong><\/p>\n<p>From my seat, this is what is required to be in the optimal mindset as a trader.\u00a0 Do not expect anything less from yourself as a trader in each trade.<\/p>\n<p>For the next week, keep track of your\u00a0 mindset during each trade.\u00a0 Compare how you do when these four elements are present and when not.\u00a0 If you do better when these four elements are present, then keep a checklist next to your trading station that reminds you of this optimal trading mindset before each trade.<\/p>\n<p>Prepare yourself to experience the best trading in you.<\/p>\n<p>*no relevant positions<\/p>\n<p><strong><a href=\"https:\/\/www.smbtraining.com\/blog\/smb-disclosures?inf_contact_key=86e68ad95cfd2835f919c6dd5a8f153af651f238aa2edbb9c8b7cff03e0b16a0\">Important disclosures<\/a><\/strong><\/p>\n<p>Mike Bellafiore is the Co-Founder of SMB Capital, a proprietary trading desk, and SMB Training, which provides trading education in stocks, options, and futures. Bella is the author of<em>\u00a0One Good Trade<\/em>\u00a0and\u00a0<em>The PlayBook<\/em>. He welcomes your trading questions at\u00a0mbellafiore@smbcap.com.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the optimal mindset to be in while trading? I posed this question to the trading community and you can see many savvy responses to this essential question here.\u00a0 If you do not get this part right, then you will never reach your trading potential.\u00a0 This might keep you from moving from losing money to becoming a Consistently Profitable &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/what-is-the-optimal-mindset-to-be-in-while-trading-trading-psychology\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":49433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463,1],"tags":[1193,4431,1499,682],"class_list":["post-50210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","category-general-comments-2","tag-trader-education","tag-trading-mindset","tag-trading-performance","tag-trading-psychology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the optimal mindset to be in while trading? (Trading Psychology) | 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\/what-is-the-optimal-mindset-to-be-in-while-trading-trading-psychology\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is the optimal mindset to be in while trading? (Trading Psychology) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"What is the optimal mindset to be in while trading? I posed this question to the trading community and you can see many savvy responses to this essential question here.\u00a0 If you do not get this part right, then you will never reach your trading potential.\u00a0 This might keep you from moving from losing money to becoming a Consistently Profitable ... 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