Yes! Focus on The prosess and not The reward and The money will come If ITs supposed to come. Psychology IS The most important thing in trading. Thank you for The reminder!
A good trick I use while daytrading Eminis is to not watch the running P/L but the number of ticks. This makes me more disciplined and no emotional seeing the amount of $$$'s
Overconfidence due to past gains might soon lead you to make easier and less ideal entries into the market. When you’re riding high, you may have less consideration of all the information needed for your entry. In instances like this, overconfidence leads to glaring mental blind spots when you’re not aware of all the hazards that are waiting out in front of you. This is why you should cover your balance and just do ONE GOOD TRADE ONE GOOD TRADE ONE GOOD TRADE .
Great video!!!!! “One good trade!” Then: Repeat….. Thank you for sharing… This concept cuts through all the ‘noise’, and concentrated on WHAT REALLY MATTERS! So much positivity from your channel! Looking forward to more of your posts!!!! Thank you!!!!
It's about your mindset and your trading process if it has an edge. Once you have a proven edge, the implementation of that edge by refining your trading process is what could make you an elite 8 figure a year trader is the message I get from Mike. I believe that is how anyone in anything becomes elite, not focusing on the result when you're in flow. If you're not doing what he says, you're failing to think in probability which will take away from your trading edge if you have it. Thank you SMB for all you do!
People say that 99% of trades fail.. it's because 99% of all traders just focus on getting rich quick, they want the "Lambo money" but they can't even make one good trade.. You trade a strategy, then the money follows.
There it is. We all want that lambo money, that Porsche money, but I found it’s best to find joy in actually succeeding at each trade. Otherwise your brain gets sad when no lambo shows up after ten good trades
i used to make one bad trade one bad trade and one more bad trade. then i stopped following all the furus and started making one good trade after another, isn’t that odd
Remember our jobs in trading is not lose 🤑 money, it's to lose our livelihoods in the quest to become the best we can be,...truer words were never better spoken.
Sometimes I have to stop myself from making "the made up " trade. I read and read the charts and somehow convince myself of entry when I shoud just not trade.
THAT is what’s hard to get about “revenge trading”; you’re not necessarily purposefully trying to make up the loss, but your brain will want to find a recourse for it
Great point actually. I feel great whenever I see it hit the mark at all, or even if it goes right below the stop loss; that shows I know what I’m doing and the levels I’m placing aren’t just random, mere slight adjustments help the most
For me one good trade is to complete a thorough and exhaustive analysis that only leaves a high probability outcome with proper risks and protections. Sometimes it's tempting to take the easier slothful route and skim the thorough research. Done that. Win rate goes up significantly when adherence to prudence.
You take an great setup with a high probability and it fails and goes against you because a market mover takes it the other way, There’s nothing you can do about that except get out, still a good setup you had to take.
define a good trade, if it is NOT winning or losing, what is it? Trading is a ZERO SUM game, that is it. If you are losing the trade, and still think it is a good trade, what is the lesson to be learned?
Missed the point. The point is that you followed the rule set properly, that you didn’t take any unnecessary risks, that you had a good stop loss and take profit. That’s it. Many times that perfect setup doesn’t hit, that’s the game. Just because you lost on the trade doesn’t mean you did bad, but you can gamble on a trade, hit it, and have traded poorly.
Not sure if I like this messaging.. Sends mixed signals. You say the job is not to make money then in the same sentence say, we want to make 8 figure earners… I don’t understand the 1 good trade slogan.. 10 good trades can be canceled by 1 bad one so I’m not understanding the ideology in this…
I think what he is saying is, not to focus on your PnL , instead focus on managing the trade, where should I enter, what's my risk, where should I exit. Do I have a set up and a thesis. Then the results will come, if you have edge . One Good trade after another, rinse and repeat.
@@Leytonstone09 That’s not what it says to me.. One Good trade sounds like you are trying to catch a lucky break.. That one banger! If you don’t have a strategy that includes risk management then you don’t plan to be trading very long.. Not only should you pay attention to PnL but you should track it daily, monthly, however often you trade and study your performance. How do you know how effective your strategy is if you don’t keep track of it. What is your win percentage? You can’t tell me because you are just focused on making one good trade… I hear you.. but I stand by what I said.
@@ATLJB86 from my perspective it means don't let your PnL and psychology that goes with it, dictate how you should manage your trade. You should of course always know your risk and follow your rules for managing the trade. But also have reasons to hold and reasons to exit based on how the trade is working or not, separate to whether you made your "5000$" for the day for example. Yes stats on PnL are important and can (among other things) form a bigger picture view of what is working for you and what isn't. Not relying on lucky breaks, ever, but they can be a part of your trading. Bella's book "one good trade" explains it better than I can in a tweet.
@@Leytonstone09 Yeah, I’m just trying to understand the concept behind it. Consistency is the most important thing and I don’t see anything speaking to consistency by saying one good trade. Unless that’s a daily slogan and not an overall mindset.
