Video: https://youtu.be/mvyRfMTWvoo
[REACTION] Lance Breitstein's Ultimate Winning Trait for Traders
Welcome back Insiders,
Today I want to talk about Lance Breitsteins recent video on the SMB capital channel
He's a top trader and now SMB capital advisor and in his video he breaks down, Top Trader's Ultimate Winning Trait.
It's a super short vieo so I'll do something new. We'll watch it together and I'lll be giving my feedback on it, as a pro trader myself. Plus at the end, I'll share 3 things I'm doing right now to maximize my profits.
"Coachability, "Hope open a trader is to feedback, mine or the markets. And most critically.. How quckly and effectively that trader can then incorporate that feedback" - Lance Breitstein
I 100% agree, if you're closed-minded and not open to feedback from a coach or the market you're really going to have a hard time. There are so many times in trading you need to swallow the bitter pill. It's mind-blowing.
One of my favorite sections is the comments, and this is what I love so much about day trading. The amount of reflection it takes to be a day trader, I've learned a lot about myself on this journey and I know If I want my P&L to keep reaching new highs first I need to reach new depths in my relationship with myself.
I've actually been in one of the biggest plateaus of my trading career. I've mentioned some reasons at the end of this INDI stock review. There are so many personal things that affect your trading and sometimes you need to really shake things up to get back on track.
Two things I've started doing.
https://twitter.com/mralexwinkler/status/1650527548953034753
Third thing is do period checkings as I'm trading. I do a pre-market prep, post pre-market session, post market open session and post late morning. At each phase I check ndexes / Top Gainers, My running P&L / State of Mind, Kill switch.
Go as long as the EV is positive. My "Kill Switch": If the Market Is Bearish & I'm Green
I got this idea from Annie Duke author of the book Quit, she was a professional poker player and also did a ton of research into when is the best time to walk. From mountaineers and traders, to taxi drivers and governments or businesses.
Knowing when to walk has always been my biggest struggle. Which I believe is one of my biggest struggles. 7 times this year alone on Monday, i went from up $1k or so to max loss. It was extremely frustrating. So when do I know I need to walk away?
If you want me to do a full breakdown of what I've learned from that book let me know in the comments below.
We'll be exploring these topics on our upcoming Insider Trading Pod, if you haven't done so already I highly recommend heading over there and checking out our latest content. We're 4 full-time traders that cover the exact things we, you, and all traders struggle with and our solutions to them.
We drop new episodes, usually on Friday. So looking forward to seeing you in the comments over there.
Like always stay safe and make some awesome trades.
