Losing Money trading? Do THIS (Before it's too late)
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- Опубліковано 18 тра 2024
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thx, bro
Also - as one of Lance first points alluded to: We are always even. We start each day at Zero. You cannot think of the losses as money you need to win back. Instead, you are even at zero and your goal is to make 1 solid trade today.
It's nice to hear other guys talk about this stuff at a high level.
I had one of my best mornings ever today, then made a profoundly idiotic mistake that compounded the idiotic mistake.
This video helped make me realize that I'm not crazy lol.
To the winners and future winners out there, I salute you.
i am so alone in my trading world (especially on bad days) .. your videos give me much needed solace .. thank you.
happy to help. A video on developing a trading group might be needed. Seems like many are trading alone. At SMB we embrace team trading
@@smbcapital this is a great idea. Would love to see this
What a great value highlighting keeping the right mental perspective. Some key takeaways I had:
-Stop digging a hole, log out.
-Take 24hrs to deal with the emotions.
-Keep perspective. Your worst day is someones best day.
-Determine the causes, and develop solutuons.
-Have incremental sizing rules up and down.
-Find the easiest trades, find consistency on singles, then double down.
-Focus on small steps having big results over time.
Great advice. Thanks. Funny enough, I have 11 out 13 days in red for this month. So one week ago, I hired a psychologist, reduced my size... I wish I had "past successes" to rely on. But after 3 years, loosing 75% of my account, I'm really doubting I'll ever make it. Hopefully my pyschologist will make some miracles as the hole is really deep...
This video is fantastic! Thank you for your insight. I am battling this since January this year and feel like I made zero progress sometimes. I overworked on my set ups and strategies and ignored the psychology behind it. As a result, I cannot take a draw-down in a decent manner. Then I revenge trade and blow my account. It happened again!! I sometimes feel like there is no light at the end of the tunnel. But your video gave me hope. I really want to be a trader and need to learn to control and get out of the hole quickly.
Definitely one of the best 20min clip one can find on Risk Management and Trader development. Thanks and good job Lance!
You words and rules emanate like a blaring siren. Thank you for your insight. Every day is a process and involves true focus.
Thank you Lance, appreciate you sharing your knowledge from past experiences 🙏
We are very fortunate to have Lance in our midst!
we say the same here
extremely helpful, this is one of those 20min vids that you process for 2 hours
Thank you Lance. I needed this!
Thanks for sharing Lance.Great video as always 🔥
Thanks for sharing Lance!
Thank you for your wisdom, Lance.
I needed this video…very helpful!
Thank You ! Lance!
Good clip Lance and important to talk about. I find just taking time off and backing off is a good strategy for a retail person. At a prop firm or running a fund, you have a bigger margin for error. However, there is a lot of utility for developing the discipline to back off and feel really good about that. Preserve capital until market conditions change.....Thanks.
Took my biggest single day loss today. This video feels godsend! Thanks Lance for those valuable insights!
hopefully a learning experience for you today Atharva
My shit day was yesterday. Shit happens. The guys in Major League Baseball that hit the most homeruns also lead the league in strikeouts!
Make sure you reply to this post when you make your single largest gain.
Excellent advices !!! Well done. Thank you
Thank you , u truly been there.😅
This video is just 🔥. Thank you Lance.
Really found this helpful and thanks so much for taking the time to put this together!
Glad it was helpful Dave
Thank you for the video, just had a huge drawdown and this helps a lot
Great talk. I as a homeless appreciate your observation.
Super golden!!!! I've never thought of having a drawdown playbook. Will get to work in creating one before the hole comes
Very very practical and doable :). thank you
Wow I will bookmark this for the next DD to watch. Thank you!!!!
Wow, this video is sincerely appreciated!
Awesome tips...nobody will teach us this much in detail... thank you very much Bella and Lance B.
thank you for these perspectives
good video to prepare for good ol friday in the markets tomorrow at the time of this comment writing
Thanks
amazing video for someone struggling thak you guys
Looking muscular Lance! Hard work paying off
Good video. Exactly what I was wait for. Start own diary to work on plan.
amazing video thanks
This is so helpful, thanks you guys!
Thank you so much Lance ! Just what I needed to hear right now ...I am going thru a slump and its affecting my confidence, but now I have a gameplan to get back on track 🙏👊 you are
The Man!
thanks Oren, wishing you luck
@@smbcapital Ty 🙏
you are a legend!
Lance the beast .big thanks to you and smb for the free content.
we are happy to give back to the trading community
Fantastic video. I have been reading Trading Psychology 2.0 and created best practices for dark times very similar to this video. Seeing this gives me good concepts to bounce my current processes off.
The last like 4 videos have all been home runs btw. Exponential risk sizing video proved to me that I was correct to reject the fixed risk sizing I was taught initially.
@@lancebreitstein7399 Thank you! The content is invaluable. I read the Playbook by Bella and knew a few people that did the SMB bootcamp. I've been trading full time since late 2020. I don't know where I'd be if I didn't have SMB literature and vids to lean on in my early days. I hope to join you guys real soon
Legend thanks
Your channel has truly changed my life. i've been studying and researching about crypto for a while now, do to the economy crisis and i got stuck at some point on the learning curve. now i can say I'm truly improving my understanding of this whole new world and making great profit weekly, all thanks to you
This year, my PnL Hole is so deep and wide that I have to sit in a specially-made chair now. The old one kept getting lost.
Right on. Going thru it right now. 1st green day in like 3 weeks. lol. Like maybe 3% drawdown.
Keep at it
Thanks!
What’s your opinion on Traders With Edge Prop Firm? You can customize the objectives of your challenge
Great 👍
Thanks Lance. Did you make most of your money in small caps?
Nope! Certainly traded them, but I traded everything. Breaking news, IPOs, panics, imbals, small caps, etc.
Also what shirt are you wearing? It looks nice
Haha, believe this shirt was from Cuts 😂
Made the mistake of drinking last week lol never again only on Friday evening or Saturday lol
@@lancebreitstein7399 yeah crazy thing is o don’t drink much at been months since I drank but I’m sure it happens a lot more with young and dumb traders
That year of losses was the annual fee Mr. Market charges to enter his classroom!
Isn’t the hall of fame coach you referenced Dawn Staley?
yes!
did you mean olympian abd hall of fame coach Dawn Staley not Don Faley?
Yes, Dawn Staley.. NOT Dawn Faley.
Whoops! Not sure how I botched that one. Thanks for catch!
I’ll go fire an intern (but it was actually my fault).
I am in this hell currently, i really need help, I'm doubting myself more and more 🤢
I will TEST my dad and call him up later about my trading loss. Put a hedge around my own dad, if similar advice given then pass the dad test, if advice that tells me to stop trading then he fails the dad test.
Lol i can see him playing super man he looks like Clark Kent lol... But good advice
I’m down for the role if I ever get the call :) thanks Joseph!
@@lancebreitstein7399 😆
True story that homeless man makes 125k a year from donations due to that sign.
a very popular homeless man
You really need to cut down on the guess whats… annoying af.
gtfo john, just skip the video and watch TikTok instead. Keep doing you Lance, you are a gift to the trading community!
People getting triggered eh… “Guess what” … isn’t trading also about self improvement?
The content is the best around though.
Reading a script. So who is this really coming from? Click
Thanks