Thank you for the lesson last night Pro or Piker. I just reminded me of some thoughts that I had forgotten. Though I wasn’t sure one question I asked was seen. When you rip a trade and you see another trade with the set signals but don’t take it you are a piker. I agree. But isn’t it sometimes good to step away for a while and gather your wits. My question is when do you recommend a trader step away from the terminal after a series of rips?
Thank you for the information you provide.
@mikebellafiore
It is definitely a gr8 idea to get up and walk away from your trading if you take a series of rips in a row. At SMB we teach our guys to create such a rule, and then get up and take a walk for at least ten minutes. After taking a series of rips you may be frustrated and angry. When in this state you use a different part of your brain to make decisions and with a different brain chemistry. And those are not good things. You take a walk for ten minutes because you actually need to change the chemistry of your brain so your decision-making returns to optimal. Or said another way, until you have calmed down and can make rational trading decisions.
On a personal note, I have been known to tap traders on the shoulder when they are acting up after a series of rips and told them to take a walk. Or I have chirped across the desk for guys to relax. I might send a quick e-mail to a trader asking them if they need a timeout. This is all a part of pro trading.
You can be better tomorrow than you are today.
Mike Bellafiore
no relevant positions
