{"id":6531,"date":"2010-08-12T22:17:40","date_gmt":"2010-08-13T02:17:40","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=6531"},"modified":"2010-08-12T22:17:40","modified_gmt":"2010-08-13T02:17:40","slug":"open-your-mind","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/open-your-mind","title":{"rendered":"Open Your Mind"},"content":{"rendered":"<p>Truth be told I am somewhat amused each morning when our intern AGray pops by my station seeking our &#8220;Best AM Idea&#8221; for the Open.\u00a0 I am a trader and not a predictor.\u00a0 As a trader part of your job is to identify the MOST important prices in a stock and if a stock touches one such price you are obliged to figure out what trade to make, if any.<\/p>\n<p>This morning before the Open my mentee asked me about getting short EL below 55.\u00a0 I said to him that seemed like a reasonable idea.\u00a0 As Bella would say that was an incomplete answer.\u00a0\u00a0 What I should have said to him was that shorting a weak stock below support is a good trade BUT what happens if the support level drops and there are a ton of people prepared to buy right below the level?\u00a0 What happens if EL quickly takes out the pre-market resistance level and finds higher ground?\u00a0 I probably also should have asked him if EL had a history of bouncing after showing significant weakness.\u00a0 By asking such questions I would be in effect prompting him to open his mind to a bunch of different trading possibilities.<\/p>\n<p>It is great to come in with a bias and a plan before the market opens.\u00a0 But please allow your mind to remain open to other possibilities.\u00a0 If not, you will severely under perform as a trader.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/08\/EL-bounce.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-6537\" title=\"EL bounce\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/08\/EL-bounce-300x210.png\" alt=\"\" width=\"300\" height=\"210\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/08\/EL-bounce-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/08\/EL-bounce.png 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Truth be told I am somewhat amused each morning when our intern AGray pops by my station seeking our &#8220;Best AM Idea&#8221; for the Open.\u00a0 I am a trader and not a predictor.\u00a0 As a trader part of your job is to identify the MOST important prices in a stock and if a stock touches one such price you are &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/open-your-mind\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,456],"tags":[1287,432,578],"class_list":["post-6531","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-trader_development","tag-mind","tag-open","tag-your","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Open Your Mind | 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\/open-your-mind\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Open Your Mind | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Truth be told I am somewhat amused each morning when our intern AGray pops by my station seeking our &#8220;Best AM Idea&#8221; for the Open.\u00a0 I am a trader and not a predictor.\u00a0 As a trader part of your job is to identify the MOST important prices in a stock and if a stock touches one such price you are ... 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