6 Must-Have Rules for Trading Psychology & Discipline
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- Опубликовано: 19 июн 2024
- SMB's new scalping class (free) tinyurl.com/47z2z44v
#tradingtips #tradingpsychology #daytrading
00:00 - Losses are Opportunities
00:52 - Rule 1
02:43 - Rule 2
04:30 - Rule 3
05:53 - Rule 4
07:38 - Rule 5
09:11 - Rule 6
SMB Disclosures www.smbtraining.com/blog/smb-...
SMB's new scalping class (free) tinyurl.com/47z2z44v
Justin on X (twitter) twitter.com/SperoTrades
*1. Emotional Control:* never trade emotionally; take a 10m break, trigger relaxation response for better decisions.
*2. Simple Risk Mgmt Rule:* vary share size traded by volatility; # shares traded = $ amt bet size/$ amt of risk; Daily Stop Loss = Last 5 Winning Days Avg
*3. Consistent Strategy / Not Deviating / Not inventing on the fly*
*4. Patience and Discipline:* stick to your playbook setups; wait for right mkt condition; pull trigger on 1/5 trading setups
*5. Size Down (after Losing streaks):* your bet size after a predetermined # of losing days until a few green days to build up your confidence; preserve mental capital
*6. Dealing with Losses:* as opportunities to learn, grow, improve; analyze for root cause and actionable steps; be proactive, growth oriented, adaptable
My three favorite channels: SMB Capital, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
Justin: your videos almost always are exactly what I need to hear. Appreciate your approach, and look forward to your videos!!
best vid yet. Thanks for the christmas gift guys!
Just finished the scalping online class OHH I needed that! I’ve signed up again for Tomorrow! The video was extremely clear and concise. I want to get extremely familiar with what each strategy is. I had a little confusion with “Backside Scalp” but I’m sure tomorrow will clear any confusion up. I’m going to start little by little implementing these into my trading. This course gave me a bit more confidence mainly because it’s a system that brings me calmness and just shooting from the hip like I’ve been doing NEEDS TO STOP! Than CMB!
Love It! Thanks for sharing!
I'm a ZDTE options trader. Remove your emotions and your idea of what you think the direction the market will go. I watch the NYSE cumulative tick indicator and the MACD to control my emotions. Turn your TV to mute while watching CNBC as well.
Great content, thanks Justin.
So true - thank you Justin
Very good set of rules to live your trading life by. Thanks. Might I add that, atleast in the retail world, the ability to manage your emotions in the heat of the moment so you don’t make the emotional trading mistakes, is probably the hardest thing to do in trading (This is my current challenge ). This requires a totally different skill set - thinks like urge surfing and meditation.
Good clip gents and thanks. Perhaps one of the hardest or most frustrating part of starting trading is taking small losses. I see them as a "cost of doing business' no different than a boxer having to take some blows to land others....Both are inevitable and unavoidable .....
excellent info - Thanks!
Thanks awesome job love the videos
Thank you, worth watching until it's become second nature. Justin, wishing you continued much deserved success.
I don’t miss a video!!! Love the content
Much needed video lessons🙏
I really like the concept of reframing losses as opportunities to learn and refine your strategy. It turns a negative into a positive and is bound to improve your psychology when it comes to trading.
Need more videos like this
Awesome stuff
If you pay attention to the occasional background noise, you hear a trader pounding the table such as at 11:33
Thanks for the video. The commentary on rule #6 almost seems to gloss over the reality that 1 out of every 2, 3, or 4 trades will simply be a loser, probabilistically. We might use the loss as an opportunity to hone the strategy but that can also result in overfitting.
good very good..thanks dil se
I know you didn't cover this , but I actually had to temper my emotions after a WIN ! Yes , I made a great gain (small trader and not used to the huge gain) and got excited. I decided to just take a break and let the gain set in. It ended up being a wise move . These are great videos and I love to watch and listen and gain more trading knowledge !!
Great job
Great video
This video couldn't have come at a better time for me, thanks guys.
I had 3 weeks of making 2-500 a day, then this week I was losing a little each day until yesterday I blew up with a 1600 loss. It hurts mentally, especially since its a 3 day weekend, but I'm going to spend the weekend developing new rules to deal with emotional trading, and go over my trades. I hope to gain more of the discipline you talk about in the video.
Question to SMB; I have been having trouble accepting defeat, do you think everyone has to go through with weeks or days like this in order to make the changes necessary to avoid them?
Much respect 🙏
Look at Dr. Steenbarger. He is a psychologist. Has some videos at SMB and also in his own channel. He talks about it in some of his videos.
Image I made 17k profit in 3 months and lost 9k the last two days… my Christmas was ruined… I didn’t eat since yesterday. P&L is still 8k but I needed that extra 9k to pay my home bills 😢
Yeah savage is right. I wasn't asking how long it would take to get over them, reread, I'm wondering if everyone's journey to profitability involved days where you just lose all your discipline, in order to make the changes necessary to not let it happen again. But I know the answer is yes, just wanted to hear others thoughts.
Feel for you IK just make it motivation to figure out how to not let it happen again.. like Justin said, confront the loss head on, probably the only way to make you feel better and not let it destroy your family time and Christmas, I know!
Golden video for day traders. Hang on your. monitors.
there are nice NLP-techniques for quick stress relief....
Nice reading homie
Do you have trainings aside from that internship ?
Risk management for options trading especially 0-5dtes?
SMB Capital IT could use a lesson in cable management.
Is it Tuesday yet
Trading is 90% psychology 5% fundamental and 5% technical
Which lobby do I need to get kicked out of to sim trade on floor? Will work for therapy.
"Elites see losses not as setbacks, but as opportunities to refine their skills." Meh...gotta be careful, there. Many times, a loss doesn't provide an opportunity to learn from it, and refine your skills...because many times, no mistake was made. Trading is nothing but a probabilistic game. If you're following your rules, and your process, and a trade losses money, it is a good trade. Period. In poker, there is a danger that is talked about, and given a name..."resulting." Resulting is when you look at a losing hand, and try to infer some rule from it that would have kept you from losing...and will thus keep you from losing in the future. I see traders making that same mistake all the time, after a stock they bought turns out not to work out.
Probabilistic game is just a euphemism for gambling. We’re glorified gamblers and I have no issue with that.
I'm a sucker to sell a flash dip, only to watch it return and go higher..
Of course all these rules go out the window when you're on tilt!
Technicals will keep you in the game even when emotions knock you out. I actually think developing a good system is paramount to emotional control because if you have good technicals and an overall good system, then emotions become less of a problem.
☦🕯🧡🕯🙏🕯🧡🕯☦
MFG
He is Maffe from Billions.😂
He is Maffe from BILLIONS 😂
Day trading is negative sum game!
If you are not super intelligent or not super hard working, DON'T play. These guys are relying those kind of people to be in the game to be successful.
So don't be a victim if you would have be one.
He is Maffe from BILLIONS 😂
He is Maffe from BILLIONS 😂