20 Habits that are essential to become a Highly Profitable Trader (assuming you do not want to fail)

you just haven't become the trader you want to be or you're just starting and want to know how the pros have become highly profitable well in this video we show you how hi i'm mike bella fury co-founder of SME capital proprietary trading firm located in midtown manhattan and i'm also the author of the trading classic one good trade and the playbook in this video learn the 20 things you need to do daily assuming you don't want to fail to become a consistently profitable and then elite trader [Music] playbook so daily you're gonna archive a setup that makes the most sense to you you may think about reverse engineering the best trades of the day we're gonna do this in PlayBook form so we're gonna archive these trades by breaking them down into variables the big picture trade strategy intraday fundamentals technical analysis reading the taped trade management how can you trade it this better so all you guys in the room know how we do the PlayBook anyone doesn't how to do this yet my second book is called the playbook and we do putana reviews in this playbook template on our youtube channel but this is something that you want to be doing each day as a daily exercise if you want to learn three real-world setups that our traders use including the simple setup that we teach all of our new traders and the setup that turned one of our traders into a seven-figure big money earner check out the free webinar that we're currently running just go ahead and click the link that should be appearing right now at the top right hand corner of your screen that's going to open up this free registration page in the new window so don't worry you're not going to lose this video you're gonna learn more in a couple of hours from this trading workshop then from years of online education record your trading screens take notes of the important moments for the stocks that you're trading watch back the important moments from the tape this is gonna help you to improve your tape reading skills tape breeding is one of the most important indicators for active traders one of the guys that I work with outside the firm one of his keys to getting better is the north of 4 million dollar a year trader is to record denote the key moments and then to go back and watch the tape of these key moments it's good enough for him it's good enough for legend you should be good enough for you mindfulness trading your mind can be a source of edge good places to start our headspace they have a free training program you can check out one of my friends encouraged me to use muse which I've been experimenting with lately I've said this in the past I think that this is going to be mindfulness training is going to be as commonplace in the future as exercises right now sleep develop an optimal sleep routine same time to bed as an example measure your sleep and connect its correlation with your performance so one of our traders internally here has not been sleeping well one of our traders internally here who was a very talented trader has not been doing as well as he used to do and so we've been talking to him about improving a sleep program so I wear an orange it gives me all the data that I actually need about my sleep it gives me a sleep score it records how long I'm sleeping the quality of sleep that I'm getting my heart rate while I'm sleeping my heart rate variability if you some of the elite traders if they sleep poorly and there's some of you might do you might consider decreasing your risk if you've had a bad night of sleep trader view tag your trades put your daily thoughts you can use this as your daily trading journal measure your trades are to tagging breaking news trade in Disney alright how do you do over the month in a breaking news trade you're giving yourself a gift of having these met these these important trading stats what we do during monthly meetings which you guys will sit in when you go live and if some of you in the room ever get to go live what we do is we sit in teams and review our months and traders because they've tagged their trades and they've measured their trades they come in at the end of each month and they say I'm really good at breaking news trades I'm really good at changing fundamentals trades I'm not really very good at swing trades I'm not really good at reversal trades and that informs them about what they should be doing more of and what they should be doing more of bigger and that informs them of trades that they can eliminate so their performance is better book of charts find the chart of the day mark it up archive it over the weekend review your book of charts flip through them you should be keeping chart if the chart off the chart this is gonna help you internalize the most powerful chart setups this is a habit that I co-opted from one of the guys who became a really great trader here or seven-figure trader here I noticed that he was doing this and now this is a little bit like the playbook but not the same thing because this is specific to your charting skills all right so yesterday and Disney let's capture that trade and mark it up and keep it in over the weekend let's rip through it we're internalizing the best and most powerful chart setups exercise develop a weekly exercise routine how many days you're gonna work out execute on that one of the best decisions I made recently was to hire a personal trainer Fitness can be a source of edge your trading edge can be a source of edge your mind can be a source of trading edge your body can be a source of trading edge and your spirituality argues dr. Steen Barger and his recent book can be a source of edge diet develop an eating routine that works best for you I'm chuckling because I still remember the time when I saw a former SME trader literally go to the store and buy a pint of haagen-dazs ice cream and open it up and proceeded to eat it on the trading floor to which I shook my head and asked Carlton to go speak to him about how you can't eat that in the middle of the day and expect to perform in anyway I personally stay away from carbs and sugar midday if I have them I'm almost useless everyone's different you won't understand that works for you but look if you're not disciplined with what you eat how can you expect to be disciplined when you trade mentoring sessions be present dr. Steve Berger said this quite eloquently today your job is to come in and be a sponge the best traders here oftentimes are the ones that have listened the best I don't say that because you should just listen to me I just say that based on an observation you want to be present you want to be listening you want to be absorbing you want to ask good questions you want to win each mentoring session technology improve your technology skills daily so we were just talking to max about this how he developed the script to catch one of the low floats which was one of the big winners today I've noticed with some of the traders that I work with who are doing the best that they find time perhaps surprisingly to me they find time daily to fix their alerts work on scripts work on some modeling here we use technology in three ways alerts scripts and models you're gonna start with alerts then you're gonna grab it gravitate towards scripts and you'll play around with models if you spot a great trade can you build a filter to spot a trade like it that's gonna be part of your day and prep before the a meetings prepare for the a.m. meetings like you Jake like you were going to run the a.m. meeting all right you should be like our floor manager Andy and prepared like that build your stock selection skills so if you come to the a meeting and you're not super prepared and you miss some things are not getting the experience that you actually can get choosing stocks what you trade is more important than how you trade daily report card this is an exercise that in the future we work with all of you in the room with this is something that dr. Steve Barger encouraged us to start implementing and so some of the top traders and many of the traders at the firm send a daily report card to dr. Stein Barger and myself every day and we provide feedback you pick one goal you work intensively on this one goal you develop solutions to achieve this one goal you complete a report card at the end of each trading session on the progress for that one goal when you're working on too many things at the same time often you make no progress at all intensively work on one thing at a time talk to traders you guys have the benefit of being a prop firm there are junior traders and senior traders here from whom you can learn a lot Eugene who came to visit us from Russia was really one of the more enjoyable people that we've ever had visit he was repeatedly reaching out to other traders introducing himself talking to other traders they were very receptive to talking with him if you reach out the senior traders they will talk to you if you're quiet and they will not talk to you okay you can learn also a lot from junior traders you know you guys in the room can learn a lot from each other it doesn't have to be from a senior trader you'll have unique experiences we all hired you for a good reason that you have value to add to this firm and so talk to each other there's gonna be things that you missed that you can learn after talking to other traders about and gating trading experience by route reviewing trades through discussion with others in the same name that your trading adding reps and experience that you're not gonna have unless you're talking to other people okay and you know Jake II had a great call out today and I was quasi making fun of you for not just saying to me hey look at the eds which was one of the really good stock picks of the day but and I understand the younger generation loves to chat much more you're much better with technology than us but you know say hey I'm looking at DDS you guys actually are doing a pretty good job of that over your headsets alright game plan big trades you need to be thinking about what's the next big trade so here we are us-china trade tariffs war is the key headline event for our markets right now right what are we gonna do if we find out that Trump has walked away from the talks is not gonna sign the agreement what are you gonna short what Chinese names you're gonna short what ETFs are you gonna short what US products are you gonna short what US stocks are you gonna short be prepared for that you you guys witnessed an experienced trader who had his first 100,000 plus trading day by using this technique he was game planned heat up for if there was gonna be negative news on the us-china front there was he smacked Baba he had his best trade ever of his life you want to be thinking about what are the big trades coming if Disney announces that morp subs have been added and expected what do you do we're gonna buy right that was a that was the big trade up yesterday right all right what are we gonna do if beyond meets comes out with terrible news that people are getting sick from their burgers what are we gonna do you want to be thinking ahead what is the really big trade how you gonna react what's your risk gonna be for that trade how much you're gonna risk what's the tar you're gonna be what your eggs are gonna be what your train plan your trade plane going to be our game plan before the a.m. meeting we talked about this today during our 11 o'clock mentoring session so you're gonna have one two three ideas where you want to spend a lot of focus on that's gonna be your most that's gonna be your most focus and then when you have like four five six I'm gonna set alerts for that I'm not gonna watch that that closely I'm gonna save my attention for my big stocks my big ideas one two three nano sent me Angie chat today talking about how he gained plans on the open to trade Cisco and that was a great idea and then he found himself getting into something else it was a lesser trade that gave back his wins in Cisco to me that's just an issue of committing to your game plan writing down because it's so easy in real time to get sucked into something else it's so easy in real time to forget where your money really can come from but you need to sit down before the a.m. meeting and say here are my top three ideas here's what I'm gonna spend most of my time on here's where I think I can make most of my money here's idea four or five six I'm just gonna set alerts for that if they hit great prices I might play around with it and then having said that we're always gonna just be open-minded to if something really good comes into focus like Disney yesterday was was something that that hit midday okay so what stocks are gonna receive the most focus what's your top idea where you're gonna set alerts for great trades it's easy to lose sight of where you can make the most money when the markets open if you do not complete a game plan dalek rata to to exercise so I learned this from dr. Manica I actually practiced this with my children before they go to bed each night and so I asked them what are the three things that they're grateful for from the day and they usually give me like ten but we practice this every day and what this allows you to do there's a post on SME training about this and but essentially ask them what are the three things you're grateful for and they yell it out and what it does is it helps to keep things in perspective you know when you are recognizing the things that bring joy outside of trading a loss in a trade is much more manageable you can put it into perspective it doesn't really hurt as much I can tell you that since I've had kids none of my losses have bothered me as much as before train your brain so this is a new idea that we've never talked about in this room or openly and this is something that dr. Steinberg and I have been playing around with so there's a site brain hq.com you guys may have noticed that I've been playing these video games before the open it is brain HQ and so I'm trying to get smarter I think it's working a little bit and so we talked about mindfulness being something that is gonna be one of those things that everybody does in the future that they don't quite do and it's not accepted right now this is gonna be one of those things as well and so there are games in site you can go to where you really can train your brain to be faster focused better more tuned we are we are electronic performance athletes we are data processing athletes and so since we sit in front of screens eight hours day and more we need to have our brains tuned up to be as sharp as possible and so this is one of those sites you can go to and 15-20 minutes a day you can start working on your processing power for those of you who need a star endorsement Tom Brady has incorporated this into his training for those of you who hate the Patriots still have to admire him for being really good at a sport relationships plan time to excel in your friendships plan time to excel with your significant other or for some of you in the room others no judgment here you guys are young it is New York City enjoy yourselves so there's a lot of science that shows that happiness improves performance dr. Steinberg would talk a lot about you having fulfillment outside of trading will very much impact how you do when we turn the lights on learn daily develop a daily learning routine read podcasts each day I walk through Central Park and I listen to audible and I am I'm learning rip through charts so develop a daily system to rip through charts look at your daily and weekly charts where the longer term breakouts and break downs gonna come from sharp does this very well there are people here who rip through lots of daily and weekly charts looking for important breakouts on longer term levels there are traders who trade intraday only looking for these daily weekly breakout charts that they're researching all right so SME challenge create a daily routine filled with effective habits these are these are ideas for you guys to consider this is a template for you guys to consider this is not me saying to you this is what you should be doing everybody's different make your own routine there's a lot of good ideas in this some of you are gonna want to add more ideas to this perhaps one of them maybe it's meant each time each day expanding your network other view others of you are gonna want to condense it totally fine but create it but create it okay and then execute it on it we're gonna teach you setups with edge you're going to learn from guys here who do really well but the way that they became really good the reason why they do really well is they're learning each day getting better each day their progress is compounding day after day after day and and if we just teach you strategies with edge that's not going to get you to the point where you are the best trader you can be these are the things that you need to do independently and individually to take that knowledge that we are teaching to you and become excellent become an elite trader and we're not here we're not here to make $100,000 a year we're not here for you to make $200,000 a year we're here for you guys to make a real money and that's gonna mean you guys really get after it the best traders that I know are different they are different and the people that are underperforming they are trying to excel every day at getting better at trading they're doing these things even though they're making a ton of money even though a lot of people might think why these guys who have all this money who have made all this money why are they doing things like recording their screens and watching it back they are and maybe one of the reasons why they are so good is that they were the guys who were willing to do the work day after day like watch back recorded video of their screens or like do mindfulness practice or get their sleep routine and check maybe maybe that's why they're so good and still getting better what you do determines who you will become as a trader now it's your turn are you going to take the SME challenge and develop your daily trading routine and if so what are you going to add to our list of habits and short what do we leave out let us know by leaving a comment below right now

Channel: SMB Capital

Views: 40,674

Rating: 4.9029126 out of 5

Keywords: profitable trader, consistently profitable trader, how i became a profitable trader, profitable trading, profitable trading setups, profitable trading strategies, how to be a profitable day trader

Id: hT0kG6AszPM

Length: 22min 41sec (1361 seconds)

Published: Fri Nov 15 2019