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Tips for Successful Trading (Trading Psychology Every Trader Needs)



In this video, Dr. Steenbarger and Mike Bellafioshare tips for successful trading, focusing on the trading psychology every trader needs. Register for our free intensive trading webinar

#TradingPsychology #stockmarket #daytrading

*SMB Disclosures*

#Tips #Successful #Trading #Trading #Psychology #Trader

Some Toughts (27)

  1. Avatar
    added on 4 Sep, 2020
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    Learn 3 trades our traders use https://bit.ly/3lL8TwB

  2. Avatar
    added on 5 Sep, 2020
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    He says he would give you couple years to become successful. But I would like to know if you would get flat minimum salary or no income during those years.

  3. Avatar
    added on 5 Sep, 2020
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    Words cannot express how thankful I am for this info! Very encouraging! I am exactly that type of person that Dr. S described that is using simulated trading to build my system because me and my wife live paycheck to paycheck. We are flat broke. There is no way for me to come into the firm through internship etc because I do not have a degree, so my plan is to continue studying the SMBU training modules and finish developing my playbook, working on my review process and continue working on becoming more consistent before I ever even apply for a remote position. I am up against a lot of obstacles but I have faith that it CAN be done in a fair amount of time. My review process is still in development as well as my trading style. Scalping and swing trading both interest me. I am now working on intraday swing trading and trying to understand risk allocation a little better. I am primarily a micro or momentum scalper, so re-allocating risk by adding tiers into a trade as it developes is all new to me. Last month I made the mistake of not cutting back my risk lot sizes while I was in a losing streak and ended up drawling down a huge percent of my yearly gains. I scaled myself back down to $100 risk lots this week from $500 lots, where I was previously at. I went from a $2000 daily risk to a $400 limit. I plan to stay at micro sizes while I practice holding trades longer for bigger moves. I made a 4:1 r/r trade on a gap fade short side trade on a Third Day Play this week and it felt awesome! I am beginning to like trading Second Day Plays and Market Plays the most. IPOs are interesting too. I am looking to make an IPO trade soon. It is easy to find 2:1 r/r setups, but finding 4:1 can be a challenge sometimes. I had a change of heart about market plays. I like trading the QQQs now. Tuesday will be my first day using DAS Trader Pro. I am switching over from TOS to DAS next week. I want to be familiar with that particular platform incase I am ever fortunate enough to get approved for the Equities Tryout program in the future. I am no longer focusing on PnL as long as I am still in trader development. I will start reviewing PnL stats etc once I am done with this development faze of my training and will be doing monthly reports etc by that point. I will not apply to the firm until I have the whole process down. When I say process, I mean the way the reviews and other things are taught in the DNA program. I am in a very challenging spot without a degree, but I know I can do this job once I finish the training and can demonstrate that I can perform all expected task efficiently. I hope that SMB will fund me as a remote trader once I complete this training a prove consistency. I really need to be able to trade full time to reach my maximum potential. I miss a lot of good setups simply because I cant be infront of the computer all day right now. My results will skyrocket when I can finally quit my fulltime nightshift security job and put my full 100% concentration towards trading! I will be that guy who is at my desk by 7:45am every morning and be there until 7pm that night if thats what it takes! Someone will have to pry my ass out of my chair! Maybe oneday. Cant fault a guy for dreaming.

  4. Avatar
    added on 5 Sep, 2020
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    Someone might want to edit the description at Mike's name…or not Bellafioshare

  5. Avatar
    added on 5 Sep, 2020
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    Psychological Buying Power is something I consider.
    There were moments last week when I was short and didn't manage risk and went on tilt.
    Spent all my emotional/psychological buying power so when the market finally broke I didn't perform to my best ability.
    I let the insanity drive me crazy for a day or two
    Thursday & Friday could of been much more epic for me from a position of emotional/psychological strength rather than weakness from poor risk management

  6. Avatar
    added on 5 Sep, 2020
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    I love this co-work thing/issue with you: SMB Capitaliers.

  7. Avatar
    added on 5 Sep, 2020
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    Excellent clip. I'll learn your systems n be the best defined as being able to trade any set of market conditions, vol or policy enviro, and be able to get what I want from the market at any given pt in time ….Thanks!

  8. Avatar
    added on 5 Sep, 2020
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    I can’t believe how good the free content is!!!

  9. Avatar
    added on 6 Sep, 2020
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    I find that doing just one option strategy trade over and over, executing carefully, works for a while and then doesn't. I know that there are probabilities associated with each strategy. So, I have tried to have an arsenal of trades that I can apply based on the market / volatility / economic events. This seems like too much complexity, which leads to frustration, which leads me to video's like this one. I really liked the video and suspect that reviews/statistics, and journaling may help simplify my trading and focus on "what's working" Thanks

  10. Avatar
    added on 6 Sep, 2020
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    I enjoyed this video sooo much…….. thanks for posting.

  11. Avatar
    added on 6 Sep, 2020
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    That guy (with a Russian accent, the poker guy) is definitely drunk 🙂 … Very very good content Bella! … Thanks again!

  12. Avatar
    added on 6 Sep, 2020
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    I enjoyed to know better these new traders, partners on our SMB capital trading desk in the COVID-19 ERA. And I support fully Steenbarger's theory. No successful trader can develop correctly if there is not enough statiscally data around one owns doing (in the entire day by day).

  13. Avatar
    added on 6 Sep, 2020
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    yes ,,,i been trading for many years them i step away from trading (10 years) ,,now i am trading again and been sitting back and understanding the market seeing what works for me …and you have said that is what you should do ,,,thank you for bring this up ,, now for 10 weeks i have not made a trade feel that my mindset was not were it should be .Now i feel that i am ready to trade after understanding the market and the way i should go about it ,Your show as giving me a good insite into trading and now knowing i was on the right track about what my thinking was and you saying this is the way you should do .thank for the video keep them coming ,,

  14. Avatar
    added on 6 Sep, 2020
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    How to become hedge fund trader

  15. Avatar
    added on 6 Sep, 2020
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    Great discussion on the trading tips to become an even better trader.Enjoyed it immensely!😊

  16. Avatar
    added on 6 Sep, 2020
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    Did he mean 2% per trade when he said 20% per trade?

  17. Avatar
    added on 7 Sep, 2020
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    I found out about you guys back in June. Since then my trading has improved tenfold. It’s honestly a blessing to have this type of coaching for free. I’m learning every day for these videos. And one day I’m going to have the capital to put all that I’m learning into practice.

  18. Avatar
    added on 7 Sep, 2020
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    Thank you so much Mike and Dr. Steenbarger for this insightful content. You guys truly offer more than just about any resource I have found on the internet.

  19. Avatar
    added on 7 Sep, 2020
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    This interview WAS GOLD😎 Thanks Guys👊

  20. Avatar
    added on 8 Sep, 2020
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    Why do stocks with lower float move more than similar stocks with similar market cap. but relatively higher float? After all, the position sizing limit for a particular market participant would be in %. Please do answer this.

  21. Avatar
    added on 8 Sep, 2020
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    Wonderful insight, trading psychology is so important to become a CPT. Will always be hungry to learn more! Keep them coming 🙂

  22. Avatar
    added on 9 Sep, 2020
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    Pleasure listening to this incredible chat. Really liked the part about, how multiple things should be fulfilling to you like trading, personal life etc. I find reading about psychology really fulfilling, eventhough I'm a dentist. But habit of reading is really helping me in my trading journey. Also part about daily limit, sizing properly eases the process so much. 🙏

  23. Avatar
    added on 9 Sep, 2020
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    Thank you for providing such great content! I just recently came across SMB Capital and so excited I did!

  24. Avatar
    added on 10 Sep, 2020
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    Great content as always. As far as the ‘I can’t afford to lose money’ aspect, I’d say it’s all relative. I’ve personally dialed the risk all the way down to $10 per trade in order to get in the groove of going through the motions. Shoot, you could scale it all the way down to $1 risk if you wanted to. Once you’ve gone through the motions, shaken out the jitters, and evaluated your trading on a risk to reward basis, it should be easier (mentally at least) to start to scale up.

  25. Avatar
    added on 11 Sep, 2020
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    It is Amazing how much I learn from your videos, Thank you Mike.

  26. Avatar
    added on 11 Sep, 2020
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  27. Avatar
    added on 13 Sep, 2020
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    Excellent content, thanks for your contribution to my education.

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