Become a better trader tomorrow w/ Mike Bellafiore of SMB Capital
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- เผยแพร่เมื่อ 29 ม.ค. 2016
- EP 022: How to be a better trader tomorrow - sharp insights with SMB co-founder, Mike Bellafiore.
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Practical points from 022:
- Try to get coached one by one, there is a big difference between education, mentoring and coaching. Look for the critical feedback and the "pushing" this brings.
- A lack of edge is usually missinterpreted as lack of psychology.
- Identify the best setups you trade objetively, in order to give them priority.
- Mike uses fundamentals to trade stocks: News catalysts, change on fundamentals. The "money trade" setup involves getting behind the current trend after a news catalyst, there is also no resistance overhead.
- Treat trading as a performance sport. You can be better tomorrow than you are today.
I AGREE SO MUCH WITH BELLA. EDGE that is what people need. You can go into psychology but if you have a losing system you will have psychological problems. Van Tharp says it the exact opposite that you will build bad systems if you don't have your psychology right, but they feed off of each other.
Nature vs Nurture and Edge first vs psychology first will be one of the great debates of our times.
Some real gems in this episode, Aaron. Episode 162 with Mike is even better! As you correctly stated; however, one needs to take notes on what Mike imparts. Taking traders from $0 to $100k net per month is not a turkey shoot, let alone from there on to $1mn net on to $10mn net per month!
awesome stuff a LOT to learn! thanks Aron!!
You will be better tomorrow than you are today! Really good one :D
Great
General
1. Record Keeping
2. Scientific Method / Systems Thinking
3. Mental Game; Mental States
Such a great shows, and every knowledgeable. Thank you so much for putting this shows for all of new traders like me. However, I wise the hose has American ascent, no offense.
no one gets u more pump than mikey in this game , @12:00, sharks their best guy only 50k a month, is that after smb's sweat shop take? That has to be net take home w/ all the margin their giving him.....give us the juice!
listening all of this!! :)
Great interview! Found it after watching your most recent interview with Mike... Did I misunderstand at 42:05 that he recommends 30% risk for his intraday traders? Is he referring to a combined loss of 30% for the day? .. I average 2-5% account risk per trade on my intraday trades.
I thought the same o.O
He's saying 30% of your intraday stop loss. An intraday stop loss is how much you are willing to risk in one day over all your trades. So a 7% intraday stop loss would yield a 2% risk per trade 7% x 30% = 2.1%
I think there are some stock market operators like myself who doesn't set stop losses on trades. I may set a stop loss when the technical chart is going parabolic though, but that's an exception.
26.00 Bella wouldn't have passed his own criteria. He wants others to have experience before coming to him YET, he did the EXACT OPPOSITE. He was led to the water by his friend as he admitts in the beginning.
This was great, I've been looking for "strategy for stock trading" for a while now, and I think this has helped. Ever heard of - Panincoln Swinger Blueprint - (search on google ) ? Ive heard some extraordinary things about it and my friend got cool success with it.
What is pnl and what is edge?
What does knowing how much you will risk per trade have to do with having a hard stop, exactly?
Let's see account size is 10000. And I want to get in a stock at 100 With a stop loss at 90. That is 10 usd per stock. Recommended risk per trade is 1% of account i.e 1% of 10k = 100. This helps in deciding our position size to be 100/10 =10 which is total amount risked per trade divided by risk per stock
YES EDGE! I was 28 when I first started! That was my EDGE.
Bella saved $250,000 in his first 18 months of trading? Did I hear that right?
+Nelson Rodriguez not sure Nelson, I'd need to listen to the interview again. But you could ask Mike on Twitter (twitter.com/MikeBellafiore) if you have questions.
who was Mike's mentor?
42:00 love what he’s saying here with needing that scalable mindset but.. 30%?? lol
What he means is , you should have a daily stop loss amount , then risk 30% of that amount on any given trade in that day.
Aaron good afternoon.
Please add subtitles to this video.
Thanks in advance.
How could I work at SMB (London) ? How much it may costs?
Hi Aron
great vid as always bro
how can i forward my cv to Mike?
kind
rgds
g
got it at the end
lol
For god's sake, mister Bellafiore, stop pounding the table
30:21
4330
Pag kita tayo LAHAT toro ko sa Inyo lahat Ng nalaman ko kahit wala akong pinag ARALAN nakuwa ko sagod Yan GANYAN Ako pag gusto ko makuwa ung pinaka Malaki pramis toro ko kc hd Ako madamot kc gusto Ng bangong kaibigan pd Naman db Po
0
What's with all the lawyers that convert to trading? Lol
Most people who are lawyers don't actually practice law..They start a business.
@@MynameisntEricK really? how did you get the statistics?
Iu
trading without a stop loss is a disaster waiting to happen. All it takes is one trade to wipe your account
This guy talks most of the time about his training program, wasted 53 minutes of my life!
how does it fee to be the 90% =)
i really dont see the point of these interviews for retail traders, this guy just repeats himself
This guy talks most of the time about his training program, wasted 53 minutes of my life !