{"id":5977,"date":"2010-07-20T22:34:35","date_gmt":"2010-07-21T02:34:35","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=5977"},"modified":"2010-07-21T09:10:41","modified_gmt":"2010-07-21T13:10:41","slug":"rewind-replay-retrace","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/rewind-replay-retrace","title":{"rendered":"Rewind, Replay, Retrace"},"content":{"rendered":"

Today I found the hardest-working new trader on our desk \u00a0in Steve’s office, my partner, discussing how to get more out of your best trades. Steve explained the topic and remarked, “I thought you might have some ideas Bella.”<\/p>\n

Yesterday we blogged<\/a> about knowing you are in an A trade. \u00a0When Dr. Steenbarger visited our firm last year he was asked the most important attribute of a great trader. \u00a0Dr. S reponded,”The best traders know when they are right and press their advantage.”<\/p>\n

I suggested that this new trader first determine which trades make the most sense to him, his A trades. \u00a0And then after being in such a trade he ought to rewind, replay and retrace this set up. \u00a0Go back and look at the chart for that set up. \u00a0Retrace exactly where you could have added size while controlling your risk. \u00a0Retrace where you could have taken some off. \u00a0Retrace where could you have reloaded. \u00a0Replay holding for enough of the move.<\/p>\n

So with IBM today there was:
\na) the starter position at 123.70 after a shallow pullback from 124
\nb) the buy into the pullback after it broke out above 124.25
\nc) and the aggressive add as it held above 124.50
\nWhere you buy is not as important as rewinding, replaying and retracing where to add that makes the most sense to you.<\/p>\n

\"\"<\/a><\/p>\n

Spend time mastering these set ups that make the most sense to you. \u00a0If Kobe knows in the next series he will be given three pointers off the pick-and-roll, then he will focus on preparing for these shots. \u00a0If you find a set up that you love and do not get enough out of it, go back and paper trade it again. \u00a0Of course the results won’t count but you will brand a better trading technique in your head.<\/p>\n","protected":false},"excerpt":{"rendered":"

Today I found the hardest-working new trader on our desk \u00a0in Steve’s office, my partner, discussing how to get more out of your best trades. Steve explained the topic and remarked, “I thought you might have some ideas Bella.” Yesterday we blogged about knowing you are in an A trade. \u00a0When Dr. Steenbarger visited our firm last year he was … 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":[162,225,30,1196,18,1193],"class_list":["post-5977","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading-blog","tag-ibm","tag-prop-trading","tag-retrace","tag-smb-capital","tag-trader-education","no-post-thumbnail"],"yoast_head":"\nRewind, Replay, Retrace | 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\/rewind-replay-retrace\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rewind, Replay, Retrace | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Today I found the hardest-working new trader on our desk \u00a0in Steve’s office, my partner, discussing how to get more out of your best trades. 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