All Entries in the "Day Trading" Category
Find a Way!
October 22, 2012 at 5:36 pm
Years ago as an aspiring professional golfer, I had a conversation with a veteran (PGA) Tour player. I asked him what he thought some of the differences were between a guy like him and the guys on the next level down. Both might go out and shoot 65 on a given day, but what was the missing ingredient for the guys below the top level? They had plenty of game, but just couldn’t get to the next level. What set him apart?
His response surprised me with how simple it was. He said that a Tour player would almost always find a way. He’d find a way to hit the fairway on the narrowest hole on the course. He’d find a way to grind out a par after a poor shot. He’d find a way. It was about will, about focus, and attitude – not merely gaining distance or accuracy or putting in more practice.
It translates into trading.
Great traders don’t necessarily find better trades than those who struggle. But they do find a way to limit the damage on their poor positions. They find a way to get involved in a move – on some timeframe. They keep learning even though they have plenty of past successes to reminisce about. They have a will about them, a focus, which prevents their mistakes from becoming catastrophes the way a struggling trader might. Their attitude promotes success, not rationalizations for a shrinking account.
Stop accepting excuses for your underperformance. HFT’s are prevalent in today’s markets, find a way to co-habitate with them (pun intended). Elections happen and cause some uncertainty. Terror threats emerge from time to time. Market volume dries up periodically. Find a way in spite of it. Those who are successful always find a way, no matter the conditions.
Trade Like a Bandit!
Jeff White
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5 Ways to Dodge Doubt in Your Trading
July 17, 2012 at 10:28 am
“Quite some time…I been sittin it out…didn’t take no chances…was a prisoner of doubt.” – Straight On (Heart)
In a previous post, I covered some of the steps necessary to recover from deep trading wounds and what it involves to start moving past the pain and toward progress again.
Taking a big hit in your trading often sidelines you, either literally or (even worse) mentally. I know from experience! And while there are times to take a break in order to avoid doing further damage, at some point, you still have to get back on the horse and overcome those doubts.
But how do you go about doing that?
When your account and confidence have taken a sizeable reduction, there’s a ton of doubt to get past, so let’s look at 5 ways to do that.
1.) Take it down a notch. And you know exactly what I mean. When you’re starting out or starting over, you have to start small. Small enough that it’s all about the process and not the result. By doing this, you’re setting the tone for growth again, you’re respecting the market, and each trade takes on minimal significance while you’re getting back into the right habits.
2.) Get specific. By narrowing your focus to that which you should be doing, by default you can eliminate much of the fear you may be facing, as well as a lot of the trouble which comes with a fly-by-the-seat-of-your-pants style of trading. Without a game plan, you’re playing the guessing game. Understand which conditions you’re facing, and go with the strategy best-suited for those conditions.
3.) Set realistic expectations. As much as you might like to, don’t expect to make it back right away. Big expectations may be what got you in trouble to begin with, so curb your enthusiasm a bit and aim to just get the bat on the ball first. The idea is to start a foundation which can support bigger and better results, but right now it’s first things first, so look to start small.
4.) Keep risk in check. As noted in the point above, you can’t just go swinging for the fences. To avoid that, have a risk per trade amount that’s appropriate for the fresh start you’re making. And be careful with how many positions you’ll carry at once, at least until you’re back in the flow.
5.) Hit singles. Early on, the aim is to get on base and establish a rhythm of success that can be built on. By selecting high-probability setups with defined risk, you’ll increase your odds of getting into that rhythm and start marking some results in the black – just what you need the most.
** What are some other ways to get beyond fear and doubts on the road to a trading recovery? What has worked for you recently or in the past?
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
Shifting from Smart to Equipped
June 28, 2012 at 10:33 am
One of the things I love about TheStockBandit University is the opportunity to interact with the traders who enroll in the courses. As they’re learning and asking questions, I have the chance to see the light bulb go on when things begin to click for them. It’s very rewarding.
Recently a trader reached out to share his thoughts with me mid-way through the courses, and I just couldn’t help but share it with you here. This is what he wrote:
“I have just finished the “basic†course. I thought I would have a lot of questions, and I would be pestering you with emails along the way, but I have no questions. You answered them all and many besides. Perhaps, you gave me the skills and confidence to answer my own questions. Something happened anyway.
The “basic course†is very comprehensive. I’m excited now. I have gleaned lots of ideas from your presentation to improve my trading plan.
I’ve been to university, I have a degree in medicine. I can’t remember though, ever coming across such an excellent teacher. I suspect your teaching is spawning leaders in the field rather than followers.
On with the Advanced Course now. Can’t wait!
M.P.
That is so cool. This already smart trader is now equipped – and there’s a huge difference. That’s exciting to me, that the work I put into the courses is paying off for this trader. More importantly, his own efforts in the learning process are rewarding him with the ability to be self-directed in the markets. He’s no longer a slave to a single trading style. He no longer needs the market to do something specific in order to find success.
I rarely share testimonials here with you, but this was one I had to pass along for those of you who are on the fence when it comes to taking the next step toward becoming a self-directed, complete trader. Our stock trading courses are risk free – there is zero barrier to kicking the tires. Enroll today and find out for yourself what it’s like to be prepared for whatever the market throws at you.
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
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Week 18 Trades Review (Video)
May 6, 2012 at 3:41 pm
Week 18 is in the books, and overall it was a solid week of trading. Despite not taking a lot of trades, it was a profitable week thanks to caution on the long side and some shorts which fared well in the decline.
I wanted to offer a video recap of the trades just as I have so far each week this year. This should give you a feel for not only how I managed my trades, but also the kinds of setups which have been working well of late.
For those curious about our trading style in the member area, this should give you a good indication of what a typical week looks like. Check out the free trial to our stock pick service if you’re interested in adding our ideas to your own.
Be sure to view in HD (720P) and full-screen mode for best quality in the video.
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
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Follow @TheStockBandit
Play Like A Pro – WTBR Episode 5
May 3, 2012 at 8:32 am
Today, I bring you Episode 5 of When The Bell Rings.
In this episode, we’ll talk about some distinct differences among traders regarding their approaches to trading. It should either give you some added motivation, or a boost in confidence.
I hope you get a lot out of this installment. Keep coming back for more in the days ahead, and of course if you find these helpful, then let me know!
Run time is 3:08.
(Direct video link is here for those interested in embedding it elsewhere to share).
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
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Follow @TheStockBandit
Have a Unique Trading Routine
May 2, 2012 at 8:50 am
I heard from a trader this week with whom I’ve worked for 1 year this month. He’s a class act and quite likeable, making him even easier to correspond with. 🙂
During that time, he’s completed both the Basic Trading Course and the Advanced Trading Course, and he’s been a subscriber of the nightly stock pick service. He has truly put in the work, and he’s utilized me and my experience along the way as well (as he should).
One of the things which has made him successful is that he has truly modified everything I’ve given him to fit his own unique needs. I’ve mentioned this to many in the courses and nightly newsletter, but some do it better than others. This guy has done it exceptionally well, so I wanted to share with you what it looks like.
It’s different than mine, and it should be different than yours. But by seeing it, you’ll notice things which spark ideas for your own routine. You’ll identify ways where he has adjusted and you have not, and it may expose a weakness you haven’t previously considered. I’ll tell you the same thing I have told him, which is to take what’s useful to you and then make it your own.
Here’s his routine:
If the indexes have a big gap, I know most of the movement has been sucked out before things have started (unless it is a panic dive out of stocks). I won’t start trading until after 9:30 to avoid the amateurs and HFC causing strange movements and pullbacks, though I sometimes make exceptions, but want to plan them. For instance a sustained pullback on a troubled stock will sometimes be an exception. (Though more often than not I end up regretting it.)
I have personal things I have to watch. My (physical condition) affects how sharp I feel and how confidently I respond to situations, so I take that in consideration on how much or even if I should be trading.
I look at which way I think the market will continue to go (coming back later to see if I was right) opening, and whether it has been going up, down, or randomly/sideways. I honestly look at which direction I am confident in trading. There is no point starting a trade you do not trust – you’ll just pull out too early with a loss.
I decide on my loss level. If there is little juice left in the market I may only let a trade come back a support level or so. I need a strong runner to make it worthwhile in that case.
I look at how long I can trade. I have limits depending on how my arthritis is on how long I can sit, I also may have personal commitments, but decide to see if I can get a good runner that I can leave with a trailing stop when I run out of time. Of course on a weak day where I would use support levels that is out of the question.
Afterwards I come back and look at how much I lost/made.
Great stuff from a guy who has put in the work. He has a routine that suits him – he isn’t trying to mimic someone else. Can the same be said about you?
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
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Follow @TheStockBandit
Week 17 Trades Review (Video)
April 30, 2012 at 8:20 am
Week 17 is behind us, but I wanted to offer a video recap of the trades I took. There were several other trades I had planned to take, but due to gaps my trigger prices were negated. Nonetheless, it was a solid week.
This should give you a feel for not only how I managed my trades, but also the kinds of setups which have been working well of late. For those curious about our trading style in the member area, this should give you a good indication of what a typical week looks like. Check out the trial if you’re interested in adding our ideas to your own.
(Direct video link is here for those interested in embedding it elsewhere to share).
Be sure to view in HD (720P) and full-screen mode for best quality in the video.
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
Get our free newsletter to keep up!
Follow @TheStockBandit
