{"id":6829,"date":"2010-08-31T19:23:45","date_gmt":"2010-08-31T23:23:45","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=6829"},"modified":"2019-12-04T14:45:33","modified_gmt":"2019-12-04T19:45:33","slug":"rebuilding-confidence","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/rebuilding-confidence","title":{"rendered":"Rebuilding Confidence"},"content":{"rendered":"

One of our young traders did a nice job today of rebuilding his confidence. He started off the month of August on fire seemingly unable to have a negative day. His confidence grew and he began to take on more risk. I noticed that when he had his first negative day of the month that he overtraded a bit in an attempt to get positive for the day. What trader hasn’t done that before \ud83d\ude42 . Over the course of the next couple of weeks he overtraded a few more times and gave back a good chunk of his monthly profits.<\/p>\n

Today, he drew a line in the sand with respect to his trading behavior. One, he decided that he would only focus on the most In Play<\/em> stock of the day. And two, he would only take trades with very favorable risk\/reward (greater than 1:5). I am happy to announce that he put together a very nice day with a ticket average of around 70.<\/p>\n

We were chatting after the close about the trades that he made and whether there were areas he could have improved upon. This type of post-game analysis is very important and should not be confused with second-guessing oneself or playing Monday-morning quarterback. The crux of your analysis should be related to sound trading rules that you have established for yourself and whether you executed on these rules correctly.<\/p>\n

And for those who are curious as to what he traded, check out this link<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of our young traders did a nice job today of rebuilding his confidence. He started off the month of August on fire seemingly unable to have a negative day. His confidence grew and he began to take on more risk. 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