{"id":8212,"date":"2010-11-06T11:22:23","date_gmt":"2010-11-06T15:22:23","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=8212"},"modified":"2023-04-12T16:27:50","modified_gmt":"2023-04-12T20:27:50","slug":"a-4-the-trading-community-part-ii","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/a-4-the-trading-community-part-ii","title":{"rendered":"A ?4 the Trading Community (Part II)"},"content":{"rendered":"

I received the email below from an SMB Blog Reader:<\/p>\n

I’m sure you are\u00a0really busy so I don’t necessarily expect a reply or anymore of your time..I do want to say Thanks again however.<\/p>\n

I have pinpointed my\u00a0issue..and it seems crazy. I don’t seem to have the balls to saty in winners long enough. Every thing I went long in this week, and covered yesterday is\u00a0up\u00a0substantially more today…and , the one trade I took this morning ( GGAL\u00a0 long 15.85) I did not put enough size on it..I seem to be chickenshit with profitable situations..and don’t know how to fix it.\u00a0The classic mistake..not letting my winners fully blossom.<\/p>\n

Don’t expect a reply or a fix..I will just keep working on it. I guess its a good problem to have but a problem none the less. LVS in play again today as well but not in it. Must\u00a0be trading scared money and playing like a wuss because of it.<\/p>\n

Thanks for letting me talk thru this…
\nA ?4 the Trading Community<\/strong><\/p>\n

1) What do you like most about his trading analysis?<\/p>\n

I love how you accept the mindset of growth. Your email is an exercise to improve. Professional traders embrace the challenge of improving each day. Think in 6 months how much you will improve if each day your goal is to get a little better. All of those days will add up and compound. And you will have made substantial progress. <\/strong><\/p>\n

2) How would you review this issue differently?<\/p>\n

I like the comments from Adam Grimes here where he asked you to think about your time frame. \u00a0Often new traders think they have not let winners run enough but they have. \u00a0Just because a stock trades higher does not mean you exited improperly. \u00a0 For our trading controlling our risk is most important. \u00a0Trading to our plan is vital. \u00a0Seeing each trade as if you were to make it a thousand times is how you ought to judge your execution. <\/strong><\/p>\n

So when you say you are not letting your winners run enough I am not clear what that means? \u00a0What is your time frame? \u00a0What did you expect from the trade? \u00a0What were your planned exits if the stock traded in your favor? \u00a0Do not tell me that you did not let your winners run. \u00a0Say I sold a stock that did not meet any of my Reasons2Exit. \u00a0Say I sold a stock because I just wanted to lock in my gains. \u00a0Say I exited a stock, it went up five points higher but my initial exit was fine since I had a Reason2Exit. <\/strong><\/p>\n

Our guys often use trendlines as a way to exit a trade in their favor. \u00a0If the stock breaks the trendline then they exit. \u00a0 If a stock meets a significant long term resistance level is another exit. \u00a0We create lists that give us a Reason2Exit. \u00a0If one of these elements on our list is present then we generally exit. \u00a0What happens afterwards is not in our control. <\/strong><\/p>\n

3) What solutions can he seek to improve?<\/p>\n

Go back and examine your trades. \u00a0Develop a list of Reasons2Exit for your longer time frame trades. \u00a0Make sure these reasons make sense to you. \u00a0And then start working on these exits. \u00a0Journal. \u00a0Talk to your trading friends. \u00a0Review the charts of these set ups. \u00a0Visualize trading these set ups as Michelle B suggested. \u00a0Think about these set ups. \u00a0Develop your skill to exit. <\/strong><\/p>\n

Thanks so much for all those who offered their thoughts. \u00a0I hope we can do more exercises like this together so we all learn more. \u00a0For example, crosshairstrader shared this old post from Dr. Steenbarger that I am sure many of us had not read.\u00a0\u00a0<\/strong><\/p>\n

I will be back later with my thoughts but would rather hear what you think.<\/p>\n

Mike Bellafiore<\/p>\n

Author, One Good Trade<\/a><\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

I received the email below from an SMB Blog Reader: I’m sure you are\u00a0really busy so I don’t necessarily expect a reply or anymore of your time..I do want to say Thanks again however. I have pinpointed my\u00a0issue..and it seems crazy. I don’t seem to have the balls to saty in winners long enough. Every thing I went long 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":[1,10],"tags":[4674,18,1193,653,1354,1052,1349],"class_list":["post-8212","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-mike-bellafiore-bellas-blogs","tag-one-good-trade","tag-smb-capital","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-community","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"\nA ?4 the Trading Community (Part II) | 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\/a-4-the-trading-community-part-ii\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A ?4 the Trading Community (Part II) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I received the email below from an SMB Blog Reader: I’m sure you are\u00a0really busy so I don’t necessarily expect a reply or anymore of your time..I do want to say Thanks again however. 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