Your trading can get better.  I sacked a trainee to the demo yesterday for sloppy and irresponsible trading.  This new trader spent the day thinking about his strengths and mentally rehearsing the best set ups for his trading.  This was a time out day.  I have done this to this trainee before after a period of underperformance, which then preceded an excellent run in his trading.

You know after a tough day the ultra competitive trader wants to get right back at it. There is almost a pain that sits inside them that can only we wiped away with trading profits. The problem is that sometimes you just do not see the markets that well. And this overcompetiveness, this need to wipe away underperformance, can make things worse. Coaches pull star players for a reason and send them to the bench. Sometimes a trader needs to spend time not trading to regroup, review their strengths and then perform better.

There are periods when you just do not get it.  There are periods when you need a time out.  There is trading that you do just have to find a quiet place and have a conversation with yourself about doing better.  Being better.  Preparing your mind for the best trading in you.

So after being benched for some lousy trading just one day later came this review from that same trader:

This was a good day of trading, not my best p&l, but definitely my best day of trading thus far in my career. I was really on today, I barely traded with any size and was very efficient with my trading. I had a relatively strong win percentage and a good ticket average. Things I did well today, I was very discipline in all parts of the day—on the open I didn’t start trading until after 945, I waited for the right set ups and made the right trades. I really didn’t have any size on today but that is fine, I am still skeptical of this market and I was not ready to risk more than tier 2 on any play because of the past two weeks. This was the best trend day we have had so far and I was 100% short today. I did not make one trade on the long side, I was prepared with what I thought were going to be the weakest stocks today, BRCM, FSLR and AVP, the others were just trades I saw either from the radar or other guys on the desk. The give back rule was implemented but I just kept it tight and really didn’t give back more than 10% because I wanted to lock it in today. Things to work on tomorrow- don’t trade until 945 again, be patient and wait for the right time to get into plays I see developing, and only chose stocks that are in play and with the direction of the market—Also, this is my smallest ticket volume since October.

Bella

One Good Trade

no relevant positions