Bad trader habits that you must fix
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- Опубликовано: 20 сен 2024
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I focused on my bad habits the last couple of days and this video really resonates with me. Heres a few of my notes that are helping me:
1) Focus on percentages NOT dollars.
2) Don't chase a loss with a larger position.
3) Take more smaller positions than fewer larger positions.
4) Find your risk factor and minimize emotion.
5) Have an entry and exit strategy.
6) Don't try to boil the ocean, go with the flow.
7) Admit when your plan isn't working, get out, and determine what went wrong.
8) Believe in yourself and your system.
9) Never stop learning.
10) Have fun!
excellent work here Dave! The key is building next that system to execute on this terrific list.
@@mbellafiore19 Thank you sir! I really appreciate the response as well as the effort you and everyone at SMB puts forth for the rest of us. I might not be at one of those coveted trading desks (yet), but I still feel very much a part of the team.
Awesome pointers : )
@@mbellafiore19 The real key is admitting "I have no effin idea what that means" :)
Thank you to summarise it here.
Man this channel is pure gold. Most course's out there will charge $500+ and leave out the most important part about trading. psychology
thx Zeem!
Indeed psychology is everything in trading
Dude grew a beard in a matter of seconds
trading ages you that much
You win for best comment 😂
Too much stress trading
"Trading isn't that stressful" - Timmy 19 years old
As a struggling day trader for a long long time (10 years) this is something I need to see. Thank you so much for putting this up.
10 years and still not profitable ??
re self-talk:
- a solution to shorten the time to internalization
1. record yourself saying the idea with the right intonation and energy
2. play that mp3 on repeat through your iphone
why:
- your brain will interpret this as a thought because it's your own voice and begin wiring a neural pathway for it
- as your hear it more and more that path will become stronger
- it much more likely to be a habitual thought that comes easily rather than struggling to
prescription:
- e.g. listen to this 10 minutes a day
good plan here Scott. look forward to hearing about your progress
Nice idea i'll give this a go if i catch myself doing the same errors
The worst bad habit I ever had in trading was using charts below a daily timeframe. That doesn't mean I don't admire the hell out of successful day traders. You guys are godlike to me.
Another Gift from SMB. Thanks Mike, you guys are a true friend to the community.
Real value your handing out for nothing.
Holy cow. This is what a professional is like. I'm going to have to listen to this over again. Thanks!
Glad you enjoyed it!
Really has me to focus more on my "Self talk". I just can't say I want to do better must have a solution to do better. I believe one of the most important things any trader can have is a mentor it's worth its weight in gold. As a trader it toughs sometime with no one to talk to about trading performance, management, new ideas. I have found trading has help me to fine myself that is my doubts, fears, confidence, and patience. Thank You
Gotta love the sirens in the background every so often, that’s NYC for ya!
Probably one of the most informative RUclips videos going around-and one of many I have seen from SMB. Smacks of truth, wisdom and experience. Time for me to critically assess my own performance, journal it and create solutions
Thanks Ian!
You know.. all these success principles translate across each and every industry. Trading is like playing professional sports.
Win every day. Win every segment of the day.
This so cool. It's all mental!
"You can tell me a story about the numbers, but the numbers tell me the whole story."
I don't know what to say, But SMB capital helped me a lot. I am not saying that I am profitable trader but I see consistency on my trades. I start to follow my rules and trade only in my zone. I understand that trading is all about precision of entry, risk management & emotion/Mental Toughness. As soon as i start master 1 play book at a time. It become subconscious habit for me to trade my A+ Set ups.
Thank you
so happy to hear that D V
07:41 "...I'll hedge a little bit.." hahah when trading lingo becomes part of your regular sentences :D :D
Look forward to reading the playbook and Tagging my setups in tradervue. Not to mention the psychology behind the way you approach the viewers. I’ve also gained a new set of confidence on building a better foundation for myself. Thank you!
great stuff. I have 3 daily goals. One good trade, and 400 bucks. Third is to stay consistent green. I can take a small loss on a good trade because I know if it’s a bad trade that small loss can turn into a large one quickly.
Originally watched this summer 2020, watching again there in 2021. Great advice, and through SMB I've been using Headspace nearly every day since. Mike is the man!
Thanks Mike, I am only a small retail trader, but I read your book "one good trade" so I started to record my trades and my self talk, and I replay it in the afternoon, so I become better every day.
keep up the work Thomas!
Self-discipline, self control, being content and trading with a goal must be the guidelines. I learned this the hard-way and it cost me almost the third of my equity just to fucking learn this. The biggest enemy we have as a trader is our fucking self and its discontent! So set a goal every day and when you reached it be content and plan ahead the following trading day! Follow schedules!
Every time I watch these videos , it hits me right where it needs to. I see my A+ set ups happen and trade it but get messed up when I size up even though many times it hits . I just have to internalize it and force myself to see that I am the trader that executes these moves and not be afraid to throw on risk . My gap trades on spy have hit 9 times out of ten but I still have a mental barrier where I only make around 1k a day .
lol @ "I have no fucking idea what that means". I love this channel so much, pure gold. Thanks guys!
Great channel! IMO the best on YT for trading advise. I've spent the last year a little every day reviewing your videos.
I'm a personal coach and this is one of the best videos I have ever watched. Works in any space. Spiritual, Physical or Mental. WOW. 21:50 to the end on goals is a must see for any human.
I am re watching all your videos again. Thanks for the best content!
Usually when I stay at the trading day longer, I start loosing money. Maybe it happens due to lack of experience. Thanks for a video. Time will tell.
Elite performers. Real traders talking about real trading. Thanks for these!
Wow that is invaluable no BS advice. Like a free training coach.
I still watch this and I work harder to get better everyday. Not where I want to be yet but I will be
This is so good! Any kind of trader should listen to those speeches once a month at least.......
Thank you
more like everyday
I should watch this over and over, as I struggled with all those points all year and continue to.
Ravi Singh same here bro
Hi,
There are 2 steps to change
1. Identify the problem....which you have ALREADY
2. Have the STRENGTH to change because you VALUE yourself more than staying the same
"VIX was even above 20 for a period of time". --- Oh, 2018...simpler times:)
Probably one of the best Trading Videos on RUclips !!
thanks Steve!!
Listened to this video twice over past 2 weeks. I need to fix about 5 things currently. Trying to use what Mr. Bellafiore said to make changes to these 5 stubborn bad habits....have gotten better over the years in each one of them...but they keep coming back....but will try again using this video. So, many thanks for putting this up
Thank you very much for teaching me through these videos. I can't believe how profitable and consistent I'm becoming . Thanks to all you at SMB
Greg Wisenburg Ohio farmboy
I thought this video was very helpful in reminding on my business/trading plan, Focus,Focus,Focus and Focus! Overall consistency means sticking with the plan no matter what, only to make adjustments when necessary.
Fabulous psychology it was the psychology and low self esteem that has cost me so much money. This video is gold need to listen again and again.
Great Pep talk to revisit here in this challenging 2022 market thank you
Just curious to know how much capital that trader used to net 4 million USD in a year ? After all, there is a slight difference between having to work with a 40K account and a 4 million account to start with ..
loads but that's because he trades with the firms money and has been there for years, increasing his account each year
Hi, Mike. I would add separation between steps. Like in sport, learn and practice the action execution. Repeat 1000 times. Analyse statistics. improve action. Next step.
Segment about adaptability through changing markets was almost a powerful as the segment on goal setting and mindfulness. Love SMBs vids and your books. Thank you for making these.
You are a real inspiration. Can’t thank you enough for your contribution in helping all of us not only become better traders, but better people.
Truly practical stuff! Would love to be a part of such supportive team working together for both personal and group development.
that's what makes SMB so great. Team Trading is so important here
Bella I basically use the setups from the winning trader, my daily money makers are opening drives, momentum trades, top and bottom reversals, gap and go, breakouts, breaking news plays, high beta stocks, fades, bounce trades and trend trend trades and by the way, how much I make is limited by my buying power, I train in the simulator with 140 millions and on average I make 200.000$ at the open, typically something around 4-5 hundred thousand each day, 100k shares as a default size instead of 100 shares, I work harder than most, I work the morning on fx markets and the evening on us equity markets, on the weekends I am studying all the meaningful books that can help me improve, reviewing my daily report cards, I film myself and review all my trading during week-ends. I have some sort of talent for it but I work twice as hard as everyone else ...
excellent work by you Carlo
Youve got half the battle won, i wish i started in a simulator instead of jumping in, been trading over the past year needless to say ended 2018 in the red with much paid tuition. My advice, transition over to real capital. 1/4 of the battle is learning the set ups and patterns, the majority comes with dealing with emotions when trading real money. Trust me there is a huge difference! Good work though, all the best!
thank you as always. i think i figured out where my weakness is.
23:16 he sends it in a PDF file. So no one can change his words , instead of in a WORD document!!! That is my thought. MIKE
Best video so far
Key factors I need to be the best I can be in trading or whatever it is I got my hands on. I'm not competing with other traders but I am in this self mastery to challenge myself to do and be my best at my present task. The self talk I started a week ago n the rest I will start today. Thank you for being concern for others welfare and freely share your proven tactics. I'm
grateful.
Great video!! Will be working redesigning goals in line with my strengths and plan out ow how to attack my weakness in daily goal sheets.
Great stuff, Mike. Even from a personal development perspective, that's some really sound advice.
Will power is completely over rated.. really nice video Mike!
this guy's input in general is gold. thank you sir
SMB Capital videos and One Good trade book has been giving me so many great ideas about how to perform like a prop trader acting as an autonomous trader. Thanks Bella!
Great clip n thanks. Kirby.
I am that 1 person reaching out to you as requested
Excellent video, Thanks Mike. I have to work on self-talk and getting out of trade which aren't working instead of insisting on being right.
Great video...I realized overtrading can come from taking trades where there is not a good enough or limited or no game plan. Thanks.
Yes good observation
I find that I am constantly struggling with stopping out just as the stock ends up going in the direction I wanted. I've noticed that what seems to be 70 to 80% of the time, the areas I identify as support and resistance are really accurate. I'm pretty good at this, however my execution/timing is off on buying into the position (it goes against me right when i enter, then hits my stop and then im out, only to skyrocket afterward). Do you have a video up already on how to set a stop loss properly if not, is this something you could address in a future video? I've been reading your book "One Good Trade" and it's been an excellent read, so with that said I am in the section on reading the tape, and this is something I've been working on a lot more lately, it's helped some in terms of spotting possible entries, but still with my stop loss issue, getting stopped out... it's frustrating, and I see more red days than green right now, and I want this to change. Thanks for any help you can give :)
Feels like you need to add some variables to those levels to improve your win rate. We do not buy just on a support level. We would want a news catalyst and elevated RVOL, and other variables to make for a better trade. Hope that helps.
I am also same. need psychological training. I think we want to avoid some loss as per charts not as our own fear of losing money.
wait for 3 mins after you take a trade entry decision. leave the trade if it rockets from your identified point
and enter the trade when your levels are touched or crossed again. this would help
Look up ATR and size down to give yourself more room
This is a video to watch many times
All the videos in this channel are so helpful, honest and valuable, learned lots. Thanks Mike and Keth
only steve jobs can grow a beard halfway through a video
Great video..THANK YOU for the professional insight!
THANKS SO MUCH FOR THE VIDEO!!!! needed to hear this, cheers from El Salvador.
This was necessary.
I really like your video and wish I could have gotten to you before I started please keep up the good work
Darren in TX
Thank you for taking to the time to share your thoughts.
This video is truly a gift for me, much appreciated for your time!
Resonating!
Thanks for sharing
Thank you soooo much, Mike. One of the most helpful videos of yours. Details behind what I want to improve!
Thank you so much this channel has helped me out so much thankk you guys.
Hey Mike, i'm currently listeningn to 'One good trade' audiobook. I'm really enjoying it. THANKYOU. I can't wait to get the playbook. :)
Awesome! Great to hear.
Very useful and practical ideas. Excellent. Thank you. I keep coming back to the idea of finding a strategy that one can do that's repeatable with a high win rate, and once you find it, work on it and make it as good as it can be. For me, that discovery in the last year was options trading using a strangle with strike prices determined by the support and resistance areas of the underlying asset, while exploiting the time decay for a 45 day option. But I put it on a bit differently than most. Don't do both sides at the same time. Do the side that's getting the pressure and so has high IV -- do that side first, and when mean reversion happens, then I put on the other side. It never made sense to me to put on both sides at the same time since the unpressured side doesn't have good pricing.
Hi there, wondering if you have a course or program specifically for self talk/mindset training? Thanks!! Love your videos and has helped me enormously.
How do you prepare for a trade mid-day? I notice many videos, and books, mention preparation pre-market. How do you plan trades for the whole day or in the middle of the day? How do you trade 'on the fly' but still be technically sound? Thank you!
this is a good question. i added to my list for potential videos...
From what i've learned over the past year morning trades should focus on stocks in play that have catalysts to get momentum for the open or potential gap fades if you are shorting. As far as for mid day look for set ups, that is key. Try to spot trades that are setting up for the final hour when momentum comes back into the market. Whats worked best for me is if going long look for reversal or potential short squeeze set ups, if shorting (which i never do) try to look for over extended charts that are pumped with no catalysts. Hope this helps, lunch hours are best to just watch for when volatility comes back... often trading during this hours will only lead to small scalps with much bigger moves that occur for the final hour or so.
Hi great video this does resonate with me in a way I suffer from sleep apnea which hasn't been treated properly over the years which not happy about because i believe it stops me from having any success in trading
Thank you Mike! Absolute gold
you are welcome
6:55 is the best ..
Perked my ears up a bit lols
awesome video!
Thanks!
I noticed the change in the market from 2020 to 2021 and now in 2022 that most of the runners are happening premarket with no follow-through then fade at open and move slow very quickly losing all volatility leaving you siting there for hours looking for that setup or quick move. Wtf happened.
But how we know that we do wrong this thing in our trade, How to made setups when every day market condition is different. Please answer
This is a good video! :)
Thank you for sharing your knowledge.
Glad it was helpful!
I really needed to hear this today. Big, Huge Thank you Mike.
Thank you I am a big fan! 👌👍🇨🇦
Great video Mike.
Really great.
One input from a fellow learner from Mr. Series of Constant Reconsiderations.
I was reluctant to watch this video because of the title, not because I was afraid of the fact that I'm still making mistakes.
Oh wait... Cognitive Dissonance inbound... HIT!
Yep, that's exactly what I was afraid of.
Once again, great Video!
So true, saving this video
A systematic approach trumps willpower.
Many many thanks🎉
Thanks bella
Loved the video man. Real talk on becoming a better trader. Just had a quick question. I have found edge and have journaled and kept stats of this strategy i take. Just obsessing on improving the strategy more to maybe see something beforehand of why sometimes it dont work. The backside is my trade. Finding the first lower high set in from high of day and i use high of day as my risk most of the time i get my entry i want which is 20 cents away. I have been disciplined on holding trades so most of the time i hold for almost a whole point before i even take a partial. Let it bounce roll over and hold but take it off if it puts a mini higher low. What im asking is there anyway i could get higher probablity out of this winning trade. I feel like waiting for confirmation of a big seller wick or a bearish engulfing candle is my sauce to taking the trade after it comes down and bounces back up. Just wanted to see what you thought. Keep rolling with this setup and look for indicators on when not to take the trade. Thanks again video would love your feedback
Josh it is important to find what works for us. You seem to have done that here. When we tag and measure our success with good trading stats then those stats show us our strengths.
This is real fuckin Trading. So thankful
Great video as always Mike and team. Thank you for sharing
Man i would live to work at smb capital you guys make the same effort in your trades that i make. Im good but i could be much better and some bad habits do some days handicap me iv been working on them everyday i love getting better and leveling up
Excellent video . Thanks
you are welcome Anand
amazing video. one of the best. love the self talk idea and the examples you provided. I'll make some examples to start using them. I would find out more about the daily report card. Many great ideas here and we can't thank you enough. I usually have a hard time when holding a trade when everything lined up and the price action just shoves me causing me to have a higher than expected loss instead of just doing more self talk and improving my objectivity to get out of the way on obvious things that I could've just avoided or minimized scaling out. good stuff
good solution from you
this is so good thanks for the positive reinforcement of my learning
i dream of a mentor like Coach Bella
Hi yet another educational and inspirational video. Possibly a sensitive question, but is it possible to share what kind of trading capital or especially percentage gains do the top guys hit. Just curious question to see a personal performance target.
Great video. As we say in Hawaii, mahalo (thank you) Bella!
I am a trader from the big island just woke up from another nap. 330 is rough but totally worth it. what island you on?
Excellent!,thank you 🙏😊
Welcome!
Thanks a lot..