Hi, Mike. Thank you very much for writing The Playbook. I thoroughly enjoyed it and my own playbook is coming together nicely. I’m curious if you have any thoughts on what a trader can do to shift their psychological skew from Afraid to Lose to Afraid of Missing Out? Is it just a matter of screen time and repeatedly/mechanically taking the A+ … Read More
The Trading Technology You Must Have
Mike, I’m in the first day of the equities foundation course and I have a quick question: What trading software is currently being used for intraday? Is this something that I get access to through SMB? Thank you! @mikebellafiore We use proprietary trading software Gr8 trade. It is only available to our in-house traders on our prop desk in NYC. … Read More
From The PlayBook: Trade a Bigger Account
This latest excerpt from The PlayBook comes from Chapter 9: “Iceman: No Guts, No Glory”: — So let’s say that now you can risk 30 percent of your intraday stop loss and hold for the real move. Next you want to get even bigger. At this point, most incorrectly focus on adding share size. So if 5,000 was your biggest position, you … Read More
What Is the Right Risk/Reward For My Trades?
What is a good ratio to start out with, 2:1, 3:1? @mikebellafiore I was asked this question during a recent Webinar, “Trading Fundamentals: Things Great Traders Do and Never Do”. We teach our new traders to look for a risk/reward of 1×5. That means a downside of 1 for an upside of 5. More specifically you might risk 10 cents … Read More
Getting Into Trading Shape: A Trader’s Story
Hi Mike, September 1st 2013 makes it three years that I have been trading full time. I’m writing this email to seek your experienced trader’s counsel. I don’t have any job and I’ve been thinking about my experiences trading, which for the most part have left me bitter. You must be wondering how I’m still continuing to trade after three … Read More
Do Not Sell This Position
Hi Mike, First of all I would like to thank you for writing The Playbook! I’m not quite through it, but I’m already finding it extremely helpful and valuable. I wanted to share some challenges i am currently having regarding a situation where there is conflict between certain rules I follow for establishing when to close a position and one … Read More
From The PlayBook: Reasons2Sell
Here’s our latest excerpt from The PlayBook. It comes from Chapter 3: “The Day Knight Capital Almost Fell (A Support Play)”. The chapter begins with a question: “How Do You Know When to Sell a Winning Position?” Dear Mike, I recently read One Good Trade and found it a quality read relative to all other books I’ve read. It has been … Read More
Using ATR With Your Trading
Hi Mike, I just spent the entire weekend finishing reading The Playbook and I just wanted to grovel at your feet a little bit. I loved it. OGT was my favorite trading book ever, and this book is an absolutely perfect companion. As a lonely trader doing it on my own, every time I read one of your books I … Read More