Dr. Steenbarger helped me recognize one of the improvements we could make at SMB awhile ago. The partners and Senior Traders must be responsible for a great deal of teaching and mentoring. But if traders are not leveraging the talent of all firm members then that firm is not offering the best learning environment. Traders learn from other traders and not just partners and senior traders.<\/p>\n
The SMB Blog should not just be everything that Steve or GMan or Adam or I have learned. It should advocate a learning community so much more than just us. We are just four guys with four sets of learning experiences, granted some of us have been trading for a long time. But our daily community is so much larger. In the past I have asked for input from our readers. Today for this new series to our blog where we ask for help from our trading community. We ask for your input and ideas.<\/p>\n
Reader Abu asked the following:<\/p>\n
I always come across traders on my desk including myself who will constantly make great trades and sometimes hit new personal best targets , only to give it all back to the market. When is your PNL enough and how much should you be giving back. No matter how good ones strategy is, improper money management can lead to ruin, can you comment about how you manage your risk\/money intraday, weekly and so forth to build great months<\/p><\/blockquote>\n
I was asked a similar question during my presentation at the LA Trader Expo in Pasadena. I have been asked this question often of late. Let me frame the questions.<\/p>\n
1) Should a trader have a rule for giving back profits intraday?
\n2) What should this rule be?<\/p>\nWe would love to hear your thoughts!<\/p>\n","protected":false},"excerpt":{"rendered":"