{"id":51467,"date":"2022-01-07T13:02:58","date_gmt":"2022-01-07T18:02:58","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=51467"},"modified":"2023-06-13T09:42:50","modified_gmt":"2023-06-13T13:42:50","slug":"the-optimal-mindset-for-elite-trading-trader-psychology","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-optimal-mindset-for-elite-trading-trader-psychology","title":{"rendered":"Developing the Optimal Mindset for Elite Trading: Trader Psychology"},"content":{"rendered":"<p>A former <a href=\"https:\/\/broadcast.smbtraining.com\/smbwebinar1\/?utm_source=Blog-Bella\">SMB DNA student<\/a> reached out to me for feedback on his trader psychology.\u00a0 He posed an important question.\u00a0 That question is: what is the optimal mindset for elite trading.<\/p>\n<p>This trader&#8217;s specific query was:<\/p>\n<blockquote><p><span style=\"font-weight: 400;\">Curious how my mindset during my best trading days compares to elite traders at your firm during their best trading days?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">My best trading days are when:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mindset = super level of consciousness and awareness combine with a high degree of confidence while valuing humbleness to avoid overconfidence. I am positive and believe today is going to be a good day in the market.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">My worst trading days are when<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mindset = Consciousness and awareness are limited due to heightened emotions. Likely had a poor night of sleep and morning routine was not up to par.\u00a0 Confidence is lower.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Solution = Build a mindset checklist into my big picture narrative. The market needs to be contextualized each day, but so does (MM). (end)<\/span><\/p><\/blockquote>\n<p><strong>SMB is thinking about trader psychology, just like you<\/strong><\/p>\n<p>When we reviewed our YouTube channel at the end of 21, we learned that videos on trader psychology were some of the most popular.\u00a0 Further, we recently remade our interview scorecard for firm hiring and much of our evaluation determines on how a candidate thinks.\u00a0 Also, at our firm, traders have access to the best trading psychology coach in the world- <a href=\"http:\/\/traderfeed.blogspot.com\/\">Dr. Brett Steenbarger<\/a>.\u00a0 Moreover, during recent chats with traders setting their yearly goals many were about trading bigger, which is related to trader psychology.\u00a0 Finally, one important best practice we utilize at the firm is to study, study, study, the heck out of what leads to your best days.\u00a0 Said better, what did you do prior and during your best PnL days that led to you trading at your best.<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=FwDM6opamuY&amp;t=49s\">Tips for Successful Trading (Trading Psychology Every Trader Needs)<\/a><\/p>\n<p><strong>The optimal mindset for elite trading<\/strong><\/p>\n<p>My take on the optimal mindset for elite trading?<\/p>\n<p><strong>1. Sustained focus<\/strong><\/p>\n<p>You should see the sustained focus of the best younger trader at our firm.\u00a0 He made north of 3.2m in his second year of trading.\u00a0 I shared yesterday with <a href=\"https:\/\/www.youtube.com\/user\/ginagingercats\">Dr. Steenbarger<\/a> how remarkable his focus was during the trading day.\u00a0 And that is stands out, even compared to other serious traders at the firm.\u00a0 He is locked into the information running up and down his trading screens.\u00a0 He takes a short break midday to lift.\u00a0 And then he is back locked into the markets.\u00a0 He is not willing himself to concentrate for extended periods.\u00a0 He just loves it.\u00a0 This is what he is meant to do.<\/p>\n<p><strong>2. Openminded<\/strong><\/p>\n<p>The best active trades let the price action speak to them.\u00a0 They may develop a trading thesis, but then they search for confirmation based on the price action.\u00a0 The best trades come to you, if you just observe what the price action is foreboding.<\/p>\n<p><strong>3. Align your trading with your strengths<\/strong><\/p>\n<p>If you think quickly, you probably want to scalp.\u00a0 If you are a deep thinker and diligent, you probably want to trade on a longer time frame.\u00a0 Trade a style fitted for your strengths is necessary for the optimal mindset.\u00a0 We are often happiest when we pursue what we are best at.<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=V0N19uzYeQ8&amp;t=645s\">Trading Psychology: Growing Your Trading Business (Dr. Steenbarger and Bella)<\/a><\/p>\n<p><strong>4. Collaborative<\/strong><\/p>\n<p>The traders making the most at our trading firm are collaborating.\u00a0 They are NOT trading in a silo.\u00a0 Effective collaboration is worth as much as 5x-10x in PnL.<\/p>\n<p>Seeking other points of view helps you to make better trade decisions.\u00a0 You may have missed something.\u00a0 You may underestimated how good your trade idea is.\u00a0 Two and three and four and more trading brains teamed correctly are much more powerful than one.<\/p>\n<p><strong>5. Controlled aggression<\/strong><\/p>\n<p>This might be the most important ingredient for active traders.<\/p>\n<p>If you see an A+ trade setup for you, then swing the bat hard.\u00a0 If the trade is not acting as you anticipate, then get the heck out.\u00a0 Yesterday, a savvy experienced trader shared during a firm monthly review, his plan to trade bigger.\u00a0 It included both putting on max risk when he saw his trade, but then also cutting the trades that were not working much better.<\/p>\n<p>This hangs on the walls of SMB Capital in NYC&#8230;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-51468\" src=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard-1024x698.png\" alt=\"\" width=\"846\" height=\"577\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard-1024x698.png 1024w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard-300x205.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard-768x524.png 768w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard-610x416.png 610w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard-100x68.png 100w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard-846x577.png 846w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard-1184x807.png 1184w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/01\/max-swing-the-bat-hard.png 1260w\" sizes=\"auto, (max-width: 846px) 100vw, 846px\" \/><\/p>\n<p><strong>6. Acceptance<\/strong><\/p>\n<p>If you make a good trade, no matter the result, you can accept it.\u00a0 Your job is to make one good trade.\u00a0 You cannot control the results.<\/p>\n<p><strong>7. Learn<\/strong><\/p>\n<p>Each trade is an opportunity to learn.\u00a0 Compound this principle trade upon trade towards becoming your best trader.\u00a0 Play the long game.\u00a0 How good can you be in ten years if you learn from every trade?<\/p>\n<p><strong>8. Equanimity<\/strong><\/p>\n<p>Hint we screen for this during our hiring process.\u00a0 How do you respond to a difficult trading situation?\u00a0 Each difficult trading opportunity is your opportunity to practice reacting at your best in a tough environment.<\/p>\n<p>Please contribute to this conversation for the trading community, with your thoughts on the optimal mindset for elite trading <a href=\"https:\/\/twitter.com\/MikeBellafiore\/status\/1479495199487369218\">here<\/a>.<\/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\u00a0<a href=\"https:\/\/broadcast.smbtraining.com\/smbwebinar1\/?utm_source=Blog-Bella\">trading education<\/a>\u00a0in 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","protected":false},"excerpt":{"rendered":"<p>A former SMB DNA student reached out to me for feedback on his trader psychology.\u00a0 He posed an important question.\u00a0 That question is: what is the optimal mindset for elite trading. This trader&#8217;s specific query was: Curious how my mindset during my best trading days compares to elite traders at your firm during their best trading days? My best trading &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/the-optimal-mindset-for-elite-trading-trader-psychology\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":51468,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463],"tags":[30,1193,5519,1989],"class_list":["post-51467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","tag-prop-trading","tag-trader-education","tag-trader-psychology","tag-trading-course"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Optimal Mindset for Elite Trading | SMB Training<\/title>\n<meta name=\"description\" content=\"Develop the optimal mindset for elite trading. 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