Trading Psychology: Growing Your Trading Business (Dr. Steenbarger and Mike Bellafiore)
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- Опубликовано: 28 май 2024
- Trading Psychology is vital aspect of trading you should be working on everyday. In this video, Dr. Steenbarger and Mike Bellafiore discuss the psychology of growing your trading business.
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After watching 20 + trading Channels over the years SMB is HANDS DOWN THE BEST at trading education. Amazing work and to top it off your first video was 11 years ago! Thank you for all great content.
Brent Goodale very nice of you to say so Brent. Grateful you appreciate our efforts for the trading community. That means a lot to SMB.
I agree 100%, I am recently switching away from low float small caps witch I cannot get consistency from to larger cap and more "expensive" stock and SMB is very helpful in that process. Steve and Mike are great!
Sorry, which
@@gsandwalker 😂 Good one! Sometimes trading is a „witch“ 🧙♀️😜 How is the transition going for you?
I attempted low floats for about 1.5 years recently. Way to many games, manipulation, wild squeezes and overall just stress. Large caps for me = constantly profitable intra day. And less stress.
Some traders are very slow learners. My brain does not take in the info that quickly or process it. That was me. I barely started getting winning streaks, while watching others online become successful much faster than me. I'm on a 7 day streak, only 1 trade a day, but yes, I'm a scalper. Most of my scalps would scare the crap out of most traders as they are scalps on OTM or ATM weekly options with some even scarier spreads. Watching your videos and even joining a chat room, I quickly discovered keeping losses small and risk in control will pretty much make or break me as a trader. I looked back on my trades for this last year in my brokerage statement. If I never let those losses get out of hand, even when they broke my precious streaks, I would be up huge. Thank you for these awesome videos. They help huge.
Insurance Casino terrific you are finding your success.
It is such a blessing to have such valuable content available for free. I can't thank you enough Mike, honestly. This is pure gold!
Thanks Marcus!
These are my pieces of advice on the trench warfare of trading; PSYCHOLOGY tips and tricks:
A. The way to overcome "woulda coulda shoulda" is to TAKE the pain in the moment {the same way that body builders ABSORB and even LOVE the pain of lifting a weight, it becomes an ally, it makes you more alert and stronger}
{alternative}: if you don’t want to take the pain, encourage yourself with positive thoughts that your account WILL grow large in time, despite this missed opportunity. Don’t take your eye off the larger goal. Don’t let this weaken your momentum.
B. ACCEPT that you WILL miss FUTURE opportunities on a CONSISTENT basis for the rest of your trading career! YOU WILL!! If that is already psychologically factored in, YOU WON’T CRY ABOUT IT WHEN IT INEVITABLY HAPPENS AGAIN. Fail to do this, and you will be in agony regularly for the rest of your trading career and that is not healthy. Also the universe creates an opposite reaction to what you project, so if you project, “I will miss opportunities naturally and regularly, I accept,” then the universe will be like, “Wait a sec bro! Deep inside you are harboring the desire to CAPTURE as many available opportunities as possible, so we will honor that!” If you think, “Damn! Fuck! Shit! Motherfucking miss! I HAVE TO GET THE NEXT OOOONE!!” then it is only a matter of time before you dissapoint yourself twice, which feels worse than having dissapointed yourself once.
C. Will good opportunities, which you missed, never arise ever again? “Of course they will, you foolish fuck!!” CHILL and BE HAPPY, PREPARE FOR THE NEXT UPCOMING WINNER. IT’S GONNA BE A GOOD ONE. TRUST THAT THEY WILL CERTAINLY COME.
FOMO is irrelevant if the set up does not properly arise anyways. JUST DON’T OVERTRADE. FOMO is for amateurs.
Losing trade pain:
“LOSING TRADES ARE PRODUCT INVENTORY PURCHASING ONLY!!!!” {Like a business, you have costs, don’t you?}
Pat yourself on the back when you reduced your losers, rather than cry over the loss {it could have been worse but you excercised good risk control}
If losers are inevitable, then THAT loser that just happened is simply one of those! Chill!
Anyways that’s my wisdom so far from 6 years in the trenches. Good luck to those who deserve to win
I like this video because it keys into my current development. I am part of a team of traders with a very charismatic trader who impresses me everytime she opens her mouth. She backs this up with solid P&L growth and doesn't hide her losses from us. It has improved my trading and as Dr. Steenbarger said it makes trading "fun". Also, SMB's videos have helped me revamp my trading by concentrating on something I didn't realize I had a talent for: Scalping. In no way am I in Swang's league, but it's good to have someone to look up to! Thanks Mike & SMB for helping me follow my passion well!
I finally got the message. I had no idea what you were talking about until 3 years later.
A trader has the potential to learn in a meaningful way by employing natural strengths within one or more feedback loops. In other words using a system within a system to improve the big picture that is of learning, self awareness, emotional control, entering/maintaining a flow state and so forth. Thanks for this valuable podcast.
man i love this trading youtube channel. Quality Education.
Reo Chomane thxs Reo!
Dear SMB and Dr Steenbarger: thank you so much for this excellent content. 😎👍🏻
James Bradley you are welcome!
Mike Bellafiore Bella is cool 😎
We learn every day something new , education is extremly important. Keep going&learnning every day.
Thanks a lot for this interview. Dr. Steen is easily the GOAT trading coach. Mike, you're easily the most influential person in the trading community, so thank you!
Tony Cipriani love that....Dr. Steenbarger GOAT
I agree with the novice stage as I have an Economic background which helped immensely with understanding the markets holistically and the push and pull of the bulls and bears! Additionally I have read many books on psychology and personal growth which I feel is a great foundation as trading is a mental game!
Fresh! Love the way it sounded and the way it looked n rolled out. Easy listen and engaging
I've been trading for 2 years, with mixed results. Recently I've gone back to the simulator, dabbling with new setups. At the same time honing my edge. I trade with the same size as I plan to when I start trading with capital again. When I lose money on the simulator it still stings, but not enough to effect me the next days. I'm a truck driver by trade and my job grants me 2 hours in the morning to trade the open. The funny thing is I still enjoy simulated trading alot, trading is a passion of mine and always will be. Ironically I'm also attracted to the game of golf, very similar from a risk reward stand point. I shoot in the 80-90 currently, but I have the desire to get better at it because I enjoy it. I feel exactly the same way about trading. It is the intrinsic reward of it. I'm not just copying Mike when I say that. I'm genuinely jazzed to get up at 6am Pacific time and prepare for the trading day.
Keep it up Vitor, we did a video recently with someone who had a full time job on the west coast so he would wake up early and trade the open for a couple of hours before going to work. ruclips.net/video/1s13pziccEg/видео.html
Awesome! I am on the west coast as well!
@@smbcapital In one of your videos, a trader suggested swing trading for those with full time jobs as opposed to day trading. Is this not your contention?
Frfrr💯😤
Currently in the novice stage. This is easily the most important video I will watch. Many thanks Mike and Dr. Steenbarger.
This should be the very first video everyone should watch.
Thanks for the education and knowledge, looking forward to reading your books Dr. Steenbarger, this is definetly one of the best channels for real world trading education, so many traders underestimate the psychology of trading which I think is extremely important.
Anytime I see a title containing Dr. Steenbarger, I'm always eyes and ears ready. Now that I'm getting familiar with the wisdom Mr. Mike Bellafiore shares, I'm paying the same type of attention. I'll be sharing this with my team, thank you so much for producing the best after best in trading education!
Another great video! Thanks for sharing your experience and knowledge.
This is pure gold, thanks SMB.
Without a doubt, the best trading channel on youtube on an information content basis
This was amazing! Thank you Dr. Seenbarger and Mike for sharing this wisdom with us. I have already sent this video to the firm I trade for as a suggestion for our team to start doing. Remote learning groups are so important for traders like me who trade from home! I wish I was closer to the office because I totally would be in the office every day but since I can't this is the next best thing. 🙂👍
Thank you for posting this valuable information. 🇦🇴 🇦🇴 🇦🇴 🇦🇴
Everything in this video is really good, the best video on trading are published by SMB Capital, but what I living in India have learnt about a becoming a successful trader is actually your desire to be one, you'll find all the ways all the answers, even if you've lost everything twice or thrice, you can still become one, its just how badly do you want it. Make it as important as your life, and this applies for anything you want, just have the desire and you'll find the ways and never ever ever give up. Success is achievable.
i am learning so much from this channel. i've been tradingffor over a year and i wish i had this sooner . thank you so much for the content
I have been trading for 18 months, and I can relate.
Quality, Quality Content. Thank you very much. Blessings
Very helpful insides resource
Glad it was helpful!
Love this channel! Thanks for the valuable information
Great video as always thank you for sharing
New to trading and not sure when I'm going to make it to New York but for right now. Peace and blessing to SMB
Great stuff. Thanks.
hi mike amazing info i seem to be getting better at becoming patient i have switched to weekly set ups to stop me over trading and giving it all back
Amazing all the information you share. thank you so much!
Amazing video Mike and Dr. Brett. Thank you!
kahuna2 you are welcome!
Good Video. I think I have heard most of these stories before from ya'll, but there were some good nuggets and refreshers in there. Thanks all!
One of the best videos going through step by step how to be an elite trader. For the next videos, it could be interesting to see how did you review a trade with loss. For example It could be good how did you review the 200 K loss swing trade and the actions you have decided to improve after . Thank you for your big contribution to the community.
Ismail meşe We had one of our top traders take a 200k loss in a swing trade recently. Good idea for a video. I will say it wasn’t fun for trader nor firm, but part of the growth process.
Great approach and well said trader should not tarde everyday one day trading and one day preparing this will help traders reduce emotional and mistake and giving back profits to the market and this will help aggressive traders stop blowing their accounts up
Great content - Love the shared ideas - Thank you for sharing!
Ehud Krispil you are welcome!
Thanks a lot for this amazing video on trading. This helps a lot, really.
I enjoyed it, thanks much! Definitely a few clear items I will be looking at based on this. !!!!
rkatz0 gr8 to hear!
This is fantastic content. Thanks so much for sharing. Ability to track your progress and sharing with others is paramount to success.
Michal Szalinski thank you Michael.
thank u so much for this webinar
Tape Reading you are welcome!
Good information, I have been interested in trading for several years now. I recently have taken a different approach and am now educating myself with the fundamentals that are needed. I started studying the history of stocks looking back at the patterns they create. Instead of blowing my capital I am using play money and practicing the various theories and strategies. I am also documenting the various plays I take and evaluating what happened.
This is awesome, thanks guys.
La Frog love hearing you found value in it!
Phenomenal video, can sooo relate to this video, brilliant video!!
Andreas Bukontas Gr8 to hear Andreas!
Great lesson!
Can you please show us live video of yours trades? I mean when you entry to deal ? where you put your stop ? where you put your take ? live video with eplaining in real time will help more to all of us than just words..
Thank you!
Great video, thanks for sharing it. You should create a podcast on Spotify with this videos.
Thank you for this and bless your heart with all this free information you give to us. You don’t have to but you do! Thank you again.
lombardo141 Gr8 to hear you appreciate it
More videos with steen please
I like a lot of what I'm hearing in this video. The bit about successful traders spending more time practicing reassures my current efforts with thinkorswim on demand. For almost a month now, I've spent every evening after work practice trading a specific pattern with thinkorswim on demand. When I'm done with my current sample size of at least 200 trades, I'll go back and review the ones that worked well.
Am curious. How did it go for you?
This is awesome! I want to read that book, Range, too now!
ohnoitshimagain yes excellent book by David Epstein.
@@mbellafiore19 what's the name !???
thank you
you know this is legit when it gives you sense of "Damn...according to these guys I'm not ready....but it's not impossible for me to get to their level either"
This is a great video
greg frey thank you Greg!
This is an amazing video....
I am a low accuracy trader 30% right and it was taken me many many years to accept that and PLAN RISK around that....
Now I let my winners run and control risk alot better....it has also taken me many many years to HOLD on to my winners since I am a low accuracy trader .... I struggled with this due to anxiety...and FAITH and confidence in my trading methodology..
Now I am a break even trader... Looking to become profitable very very soon 😍🏋️♂️🚀
Keep it up! It's all about controlling your risk
200ma, 1min, entry n exit
Would like to see how SMB trader use
Very interesting
Oh time to come to New York
Trade like your trading with the firms money, not yours. They have no fear ,at all, of losing anything. That's how u trade. Accept the risk and enjoy laying down large sums of money. Without risk, there would be no reward. Uncertainty = opportunity.
Thanks…
Welcome
Honestly, I want to enroll. But the thing I'm most afraid of is for Mike Bellafiore to tell me I do not have what it takes.
Handy Rams we regret most the things we never try.
How do you read historical tape?
23:01
👍👍👍
Yes
Trader's are just like stocks. They consolidate then breakout.... Market's change and a newer trader may pullback, they continue to learn and build on ideas, then they breakout again until they experience another pullback into a consolidation of ideas and learning. Then they gap up to all time highs. It's the result of the.... "learning catalyst." Mike seems to get this, where's team Dan in 2021?
If I profited 200% the first 5 months of only day trading, what stage am I in??? Day trading seems easy if your not using , let say, more than 20% of your account with a daily 5-7% stop loss. Scale in n scale out . Hold onto your last 25-30% of the position with a stop or trail. Execute the trade carefree n with focus. Forget about the money n the P/L. Wait for it. Scale in slowly.1st buy point is the smallest amount. No stress. Then 3x, 2x, size up/ scale out.
Will volume profiling work on other stocks
yes it can
Can we get SWang and Shark on an interview with you guys or Chat with Traders!
🙏🏼🥇
👍🏻
God bless you guys! He loves you so much that He even seng His son to die on the cross for you and your sins! Jesus loves you so much that He even gave His life to set you free and give you a second chance! He even gave you the choice to follow Him or not! Please make the choice and follow Him before it’s too late! He can return right now! There are gonna be no excuses on judgement day! Start reading the Bible and getting into the word of God! The more you spend time in God’s word, the more His identity becomes your identity! God’s word over this world! God has a plan for every single one of you so trust Him and everything will work out! God didn’t say that we wouldn’t have any storms, but He did say that He would stay with us when they occur! Start spreading the word of God to reach more lost soles! Continue steadfastly in prayer, being watchful in prayer with thanksgiving! Jesus, we need you, we can’t do this alone! I have a big God that can do big miracles and you can too if you just make the choice and follow Him! God said come as you are not when you have it all together! Start where you are! Thank you, God bless you!
Honestly speaking, how intelligent does one need to be to build a successful trading career? I consider myself to be toward the bottom end of the intelligence spectrum, am i wasting my time?
Most people believe you need to be very intelligent to be a good trader or have gone to an ivy league school but that's not necessarily the case from what we have seen. The guys who are most dedicated and work on their game are the ones who stand the best chance
The level of intelligence required to become a successful trader ( from an IQ perspective is the ability to add , subtract , divide , multiply and calculate the percentage increase / decrease .. which is really third grade math ... However , you need tremendous self- discipline , intuition , focus , curious mind , self-awareness , ability to hold yourself accountable, simple life style , and a masterful skill to control and manage your emotions when the shit hits the fan and incredible drive ..
Smart .. extremely well educated people actually FAIL miserable because they have a major ego and believe they are right about their trades and makes it extremely hard for them to exit trades at respected losses and take huge losses....same for profits....
Trading has to do more with controlling emotions and anything else you will learn
@@Alexander-vu6fw Well educated does not necessarily mean smart ;-)