6 Steps to Improving Your Trading Patience And Discipline
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- เผยแพร่เมื่อ 10 มิ.ย. 2024
- Learn how you can take 6 steps towards improving your trading patience and discipline. smbfutures.com
#TradingPatience #TradingDiscipline #daytrading
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I'm so impatient, I'm watching this @ 2x speed!!!
lol... Bruh
that's just efficiency
😂
Ĺ
😂
1. doing nothing is deliberate action
2. gain conscious control of doing nothing (have a list of criteria)
3. make it process driven
4. have execution strategy
5. develop if(then) scenarios
6. develop trade review
II yui
thanks bull
thank you for saving my 24 minute
Hi Alan, I have been training for 6 months now, have a updated list of criteria that I've want to have changed, but I still violate them. Like, i set a profit target, reach it and still can't click the button to close the transaction and end up losing. How do you practice to get ahead of such weakness? Thank You!
Hero
"Doing Nothing Is An Action"
Indeed.
great quote indeed
@@mbellafiore19 I found that " how I waited is how I traded ".... Angry Impatient waiting leads to lousier trades.... Patient waiting leads to better trades
Depends on the source of the inaction, doesn't it? It has to be a conscience act, showing self-awareness and self-control, however If it based on crippling fear, inaction could save your butt or be an indication that you don't have the education enough to react correctly.
Better no trade than a trade (in some situation) 📈📉
IMO, there is a difference between not placing a trade and "doing nothing". My objective is to apply the "mindfulness" to stay busy when there is not a good trade setup. "Doing nothing" carries a negative connotation.
1. Doing Nothing is an Action
2. Requires Conscious Control (of doing nothing)
Don’t get sucked into the intra price action or short term
Don’t think about doing some action outside of your rules
Use loop timer to bring back your focus
Check your trading plan
Zoom out and look at the bigger picture
Journal your thoughts on trades you were going to take
Breathing exercise
3. Process Driven Approach
Know your edge
Have your playbook
4. Mental Framework/Execution Strategy
Truly understand what it takes to mentally hit that buy/sell button
Is it FOMO
Is it greed
Is it boredom
Does it meet all your requirement in your playbook
5. HYTOS aka hypothesis (if and then statements)
Create scenarios as to why you’re going to take or not take action. For example, if the price is between 2 areas you’re going to sit and not take any action.
6. Review Process
Tag your trades:
What was the overall market doing at that time
What are some other variables you can connect that you normally don’t think of
Collect all the data over time and analyze what works and what doesn’t under various situations
This is the best summary, thanks.
Thank you need to print this out. ❤
Thanks dear
* Doing nothing is an action.
* Journaling Upcoming set ups
* Finding NOTRADE zones and stick to your plan
* Keep a checklist of your parameters when finding a trade.
Thank you, Really good information
... Hard work pays off & ENJOY the process
Patience is a virtue. I’ve notice that as I’ve matured that I’m more tolerant. I waited all day for price to come to me and one minute before the closing bell I bought shares back I sold on the open, reassigned the lot and sold a weekly covered call that closes in 4 days with high IV by hitting the bid. Bam! What a day on FEYE!
After a long period of spreadig myself thin looking at everything , every setup everyuptick and down tick...and chasing every move, I now knoe edge is thin, am at that stage of funneling down and am finding huge success.
Really good video, especially the part about "when to push the button". THAT is huge. Knowing those SPECIFICS for your trading plan really helps with patience, bc now you're just waiting for those things to happen. As a newbie it's easier said than done at times, but this is where refining your edge comes into play.
Literally have watched this 5 times this week. Especially in these volatile times. Helped me a bunch this week. NQ provided so much range and opportunity.
I'm super late, but this video with Merritt has been excellent! I do see the benefits of a process driven trading approach. One thing i'm looking to implement further are the checklists. Am writing it out and integrating it with my other processes as well. Always appreciate the valuable content from SMB
Glad it was helpful! Never too late!
Great video! I’ve been struggling with exiting trades before I hit my stop in an effort to cut losses short. I end up taking a small loss but the trade ends up going in my favor. Today I watched the price action pull back a bit BUT I watched it objectively AND I didn’t focus on the ‘pain’. I didn’t ignore where my stop out limit was, I just had to be comfortable with the fact that I was CLOSE to it... not AT the limit. Sure enough, with a little patience the price action picked up and did what I had originally anticipated. My point being that patience is also practiced IN the trade, not just in the set up. Great video and thank you for sharing
Great insight! Thank you for that
Thanks for your advice about REAL TIME JOURNALING. It gave me great results, once an hour I take down some notes. And compair to my hypothesis about the day.
Loved when you said doing nothing is an action. Truely the hardest part!
Especially during today’s time, this is much needed and appreciated. Thank you.
Thank you for posting this. Very generous to allow others to listen in on this trader’s actionable advice on improving as a trader. Gosh, so... generous. Again, thank you.
I really needed this! I will play it over and over again! This builds confidence and patience at the same time
Having this guy around must be gold!
Brilliant, brilliant video! Love the deliberations of the guy! Gonna see many times to remind me about good practices!
Great information! Timeless truths. This video will be just as relevant for someone watching this 10 years from now.
Man thank you so much for doing this video. I feel like my trading will improve a lot, especially for the execution strategy part and the hypos where I shouldn't take a trade.
Glad it was helpful!
this has to be, by far, one of the best videos out there...
Thanks Aqua Trader! :)
Fabulous talk! Thank you for sharing your wisdom.
Realizing your edge is the same as merril. Priceless. On the right track.
The concept of "context" where the strategy works best is very helpful
I will be watching this video again and again and again ....thank you so much for uploading makes so much sense
Soothing voice. Helped my trading and my insomnia.
"Using loop timer to keep your mindset at bay" is the best trading advise i ever received 🙏 Thanks 👍
What does that mean
Brilliant video. This is a true gem.
Very nice talk
For traders with some experience, trade plans and setups etc, this is one of Merrit's best, and he has some excellent work on this channel. Thanks for posting !
Great content. Coming off a loss this is exactly what I needed to listen to. Fought the trend and got caught. Going to add this video to a playlist and remind myself doing nothing is an action.
When it comes to investing, diversification is the key, that's why I engage in sectors based on projected growth. There's no shortcut to getting rich but there are smart ways to go about it
Forex market is by far the biggest and most popular market in the world traded globally by large number of individuals and organizations. Anyone who thinks of breaking out of financial struggles should consider investing crypto market.
Wow! You are right. Telling someone about forex market and those assets to invest in isn't financial advice but it's life advice
Does she also offer mentorship, lectures and tutorials?
How good is her services. I mean trading forex with her
Inspired! More! Never stop grinding! Thank you!
Hey Merritt, great info! I especially liked the idea of journaling "why" I got into a trade, then following up. Have fun!
Thank you so much. I'm currently struggling with being patient and discipline in my trading. I have set of rules and checklist that if followed will guarantee a win for me but I still find myself ignoring them. I believe strongly that I will master myself and be the disciplined trader that I seek.
thank you
One of the BEST lesson in trading👍
Thank you so much. Very appreciated it
Fantastic delivery! I study trading and all its variables 12 - 14 hours a day, including most weekends. I've come such a long way in the last 12 months, paper trading for 10 of those, and trading on Lightspeed for the last 2. Its epic, its now my life's goals to become consistent after a varied career in the military and now the technology industry. I just want to thank you and SMB for more quality content, this short video was full of gems that need attention and focus everyday.
great video. trading is a very mental game and keeping fomo under control is critical
very understandable
Man this video was awesome - I was glued! I am following up with everything including reading the book about Jim Simons. I'm typically impatient which I think is actually a good thing but also part of being a new trader. I'm working on developing my processes which really helps as I can convince myself to wait if I need to.
Thanks so much for sharing this valuable video with the trading community Merritt. This along with Mikes "3 simple ideas to to improve your trading results" are some of the things I am still struggling with. The thing that resonated with me the most in this video is "making a checklist for taking a trade" and finding the conditions where my strategy's edge is diminished and the conditions of under performance. I have been trying to think of ways to reduce my losses and improve my edge and this will be key I believe. Now to do the work to determine those areas. Thanks again for sharing
thanks Brent!
Wow Godbless you man. I have gained a lot of value from this video. Very intelligent guy and well spoken
thank you for sharing this just makes SO MUCH sense...i will definately apply these startegies to my trading ..thank you
Thank you! I like it all. Will work on these now.
i have all the 6 steps and you described everything soooo well man thank you, this year will be mine.
You got this!
Identifying No trade zone is the most helpful and important parameter..
Thank you, that was helpful even for an expirienced trader
One of the best SMB videos I’ve seen.
thx Jeff!
A lot of the journaling I would do would be the thinking I had after opening the trade, while the trade is on, and after it is complete. I like how he points out the difference, and advantages to, journaling the thinking prior to potentially opening a trade, in the stalking stage.
Amazing content you publish guys. And great to hear somebody talking about vpocs, value areas and stuff. Today I was patiently waiting 4 hours for such trade and it payed off. Love that 🙂
thx Tom!
Just found you.
Powerfull stuff man!
Time to update my checklist
Patients the key to all success
really good video , as im starting daytrading i found that being a good analyst is useless if you dont have the values of a good trader : being patient , humble and really accepting the risk. im overcoming a problem with waiting for signals to be 100% complete. i used to hit the trigger with a little of tape reading and it usually fails then give the real signal and succed. real thanks Merrit
I really enjoyed listening to this talk- lots of good points of exploration and reminders/encouragement on how to reach goals and stay on track with small, but important steps.
thx Amy!
I can't find such content anywhere else! Thank you Merritt and SMB!
Ever since, I am regular with SMB videos ... I have started reducing on my losses. Yet to work a lot on the 'Sniper Technique ... Timing the market' ... but yes trade journal aided with checklist started to bring in improvements in my trading style.
Great key point takeaway in this video content…I’ve really enjoy it, i will share it to my mate…it seems like we kind of lacking the patience lately.
I don't know that I am so satisfied with anyone with their opinions thank you for your guidance 🙏🙏🙏🙏🙏👍👍👍👍
informative information. thanks!
One of the most valuable video I ever watched on trading. Thank you
Hard work pays off. Hard work does pay off.
"No trade zone" Love it! Never thought about this.
SMB leaking alpha every damn day on here. Damn.
agreed!
man great freaking video
I would join but I don't want to get yelled at by these guys
Thanks for this video! I can be massively patient but the key is to know WHEN to be patient for me.
My biggest downfall in life, no patience. Hasn't burned me trading options, (except for bailing early on a few that ended up positive. lesson learned). Still learning though, only 3 mths in, up 55% trading 2-4% of my account balance on any one trade. you guys at SMB are great. can't believe this info is out here for free
wow great video sir i shall try
6:40 Doing Nothing is an Action, it requires conscious control
18:35
22:22 Context for an Edge/EP 22:57 Find
Very good advice and information 👍
I learn alot from these SMB videos. Thank you for making these.
Glad you like them!
@@smbcapital I'm looking to sign up for SMBU's courses.
Going to be using the rolling timer from now on!
Hi Merritt Black I enjoy your videos and take notes.. as in writing Down what content you deliver and how I can use it .I'm only a beginner but I want to be a sponge for good education so thanks for .keep em coming!
PS.All the way from Sydney Australia.
Thanks a lot razzy!
Love the gems, Unbelievable content!!Thank you sir
Wow! I felt like he was talking directly to me with all my mistakes trading today. Thanks SMB Capital
Right there with you
That’s what we are trying to achieve!
Kene Obi ndewo. Biko abum onye ofuru n'ahia nunwa. Agam achu afa gi na facebuk k'anyi kpa. Ndalu.
Thanks For this video
One of my best videos so far
This is the best SMB video I've watched. Thankyou v much
Awesome content, brother. You really told things which I have learnt from my experience.
Simulation trading can be really beneficial. Practicing impatience with simulation trading can teach good lessons without loosing money!
Quality content. Great presentation.
Much appreciated!
Excellent presentation. This video should be watched multiple times to fully internalize.
Really nice video, great message and well presented. Thanks for sharing 👍
Thanks for watching Bill
really valuable video!!!thank you...
welcome!
This is excellent, thank you
of course!
This guy is really cool. His tone of voice too. Very possibly he is meditating, doing yoga and potentially has experience in playing some individual sport. Are there any touching points btw actual facts and what I wrote. Also and foremost, thanks for sharing your thoughts and knowledge.
Thanks, Merritt! Inspiring! ...would you suggest any links or sources on trading with market profile?
I liked making a check list.. I'm definitely going to implement that in my trading before I trade. Also get my mind out of auto pilot.. This is not a hobbie I WILL take the necessary steps for self- mental improvement in my trading. Thanks SMB Capital..
glad it was helpful Ken
Oh wow I've been using a looper alarm since I started. Glad to hear that is a good thing to do.
This is good stuff. Same thing every experienced trader says: slow down and take it slow.
absolutely!
Excellent video. EXCELLENT.
Thanks Jorge
Your tutorials are crazy good. Wish I heard this instead of thru dollars in losing trades
the hardest way to learn
@@smbcapital It takes an extremely talented student to learn theory and apply it perfectly. I am mediocre, so I “paid” the market and derived all these myself. Then I found your series of trading bible and realise that I am on track. It’s good enough for pros, and greatly appreciated by hobbyist myself. Today I also thank TSLA for the $50 slide.
I love the sniper idea.
Money is made in the waiting.
we like the idea to!
Thanks for that! Good points. I believe it would have been good also to expand on when you cut your patience (Stop being patient in this trade) and be convinced that you are wrong! Meaning normally, you are patience because you believe your hypo will happen and you are giving it bit more time or room due to information the market is giving you. So 1) What is your advise on when the trade is not going your way that the trade is a wrong trade and need to something about that vs patience and 2) and how do you compare that to being flexible and can easily adapt to market changes? ... So the scenario, you are in a trade, it starts to go against you, you are patient, it goes more against you ....then for example you see info in order flow that the market is reversing and signs that goes against your direction... So what do you do? You close the trade and go the other way... probably we need a video for that! and thanks for all the good work you are doing guys - appreciated!
I trade like that now it a shitty idea patients is the key. If it’s not going your way get out. And look for a new setup if you wish.
thank you, my stupidity led me to this. they say losses make you a better trader as long as you embrace it :) :) :) (hug)
If I could hold a position for around 8 to 16 weeks, I would be so much better off. I’m getting nowhere jumping in and out. Some stocks I bought like 6 to 12 months ago are up like 20%, some 50%. All you need is a couple trades a year and disciplined stop loss.
probably the best video on youtube
thx!
Merritt vidz are the best.
Bro Fest agree he is great!
Awesome lecture man.
Thank you so much I feel like this is going to improve my trading by miles!
I have the same rules and you confirmed me that I'm doing well, best regards from Poland
@Bob witaj bracie :)