{"id":569,"date":"2009-05-07T18:31:28","date_gmt":"2009-05-07T23:31:28","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=569"},"modified":"2009-05-07T18:31:28","modified_gmt":"2009-05-07T23:31:28","slug":"bella-responds","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/bella-responds","title":{"rendered":"Bella Responds"},"content":{"rendered":"

1 ) Thank you for your posts.\u00a0 I was very impressed with the advice given.\u00a0 I am not sure what you all need me for anymore.\u00a0 Great work!<\/p>\n

2 ) Mentoring a developing trader, even if you are also a developing trader, makes your own trading better.\u00a0 For those who shared their ideas I hope you recognize the value in doing so for your own trading.\u00a0 Mentoring another trader ensures that you crystallize your trading theories.\u00a0 It forces you to think thoughtfully about your own trading.\u00a0 You do not want to be that guy who gives advice that doesn’t make sense.\u00a0 And to give good advice you need to very carefully consider your own trading.\u00a0 So I hope the responders enjoyed this exercise.<\/p>\n

3 ) When I first began I was 8 months in and 36k in the hole.\u00a0 It is 11 years later.\u00a0 I am still here.<\/p>\n

4 ) I did wonder if I could make it.\u00a0 I do wonder if I can make it.\u00a0 I will wonder if I can make it.\u00a0 And this is true of all traders.\u00a0 But then these thoughts disappear.\u00a0 As I said on “Wall Street Warriors”, “You must believe that you will become the next great trader on the Street.”<\/p>\n

5 ) Tom made a great point about overconfidence.\u00a0 When I am hot, I tend to slip with my preparation, or take on a little more size than I had done before my hot streak.\u00a0 And then the market smacks me down like a rag doll as I take a huge rip.\u00a0 And I am reminded of the danger of overconfidence.<\/p>\n

6 ) If you look at the work of all good day traders they are littered with many small losses as Georgie suggested.<\/p>\n

7 ) When I am struggling I do what AJ suggested, which is to go back to the trades that work best for me.\u00a0 And I make only these trades until I rebuild my confidence.<\/p>\n

8 ) Rules, rules, rules as Andrew wrote.\u00a0 You must have an intraday max loss limit.\u00a0 You must adhere to this loss limit.<\/p>\n

9 ) Some days you will just be off as Emre shared. \u00a0 Learn to accept this.<\/p>\n

10 ) Visualize your stock hitting your exit price and then hitting the stock.\u00a0 Imagine in detail sitting at your trading station, your stock hitting your exit price, and then exiting.\u00a0 The more detail about the feel of your chair, your visual stimuli, what the room sounds like, the better.\u00a0 This is an excellent visualization exercise for you to incorporate.\u00a0 Josh and Lavonne do a terrific job of offering you a technique that you can use to overcome this flaw in your trading.\u00a0 For more on visualization techniques TraderFeed<\/a> is an excellent resource.\u00a0 Our desk reads Dr. Steenbarger religiously.<\/p>\n

11 ) As Dlee and Jean wrote the market has presented you with an opportunity.\u00a0 Thank the market for presenting this opportunity to learn.\u00a0 Do not view this experience as a negative.\u00a0 You did not blow up your account.\u00a0 This was not a loss you took with real money.\u00a0 Be grateful that this happened so early in your trading career and with an amount that you can afford to lose.<\/p>\n

12 ) Trading is about skill development and discipline.\u00a0 Until you develop the trading skills<\/a> to become a consistently profitable trader your results are meaningless.\u00a0 The data the market offers at this stage in your development tells you nothing about your potential.\u00a0 All the market has taught you is how much you can lose, when you are overconfident, still developing, and not adhering to your loss limits.\u00a0 Work on eliminating these flaws and this day will be profitable.<\/p>\n

Maybe we should do this more often.\u00a0 If you would like to have your trading dissected by SMB Blog readers you know where to find us.\u00a0 Now if I could just get tickets to see this developing trader\/accomplished musician play.<\/p>\n

Best of luck with your trading! Don’t forget to follow us on twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

1 ) Thank you for your posts.\u00a0 I was very impressed with the advice given.\u00a0 I am not sure what you all need me for anymore.\u00a0 Great work! 2 ) Mentoring a developing trader, even if you are also a developing trader, makes your own trading better.\u00a0 For those who shared their ideas I hope you recognize the value in … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4676,277,30,18],"class_list":["post-569","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-loss-limit","tag-prop-trading","tag-smb-capital","no-post-thumbnail"],"yoast_head":"\nBella Responds | 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\/bella-responds\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bella Responds | SMB Training\" \/>\n<meta property=\"og:description\" content=\"1 ) Thank you for your posts.\u00a0 I was very impressed with the advice given.\u00a0 I am not sure what you all need me for anymore.\u00a0 Great work! 2 ) Mentoring a developing trader, even if you are also a developing trader, makes your own trading better.\u00a0 For those who shared their ideas I hope you recognize the value in ... 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