Mike Bellafiore- SMB Co-owner
3 Stages of a Trader:
1. Consistency
2. Sizing
3. Breadth/Express edge in different ways
Problem*** "Most traders are in the wrong stage of their development, such as sizing before you have consistency"
Consistency
- Do you have a daily process?
- Do you understand the setups that you trade the best? Do you make sure you are trading them as much as you ought to be?
- Do you understand the setups that you DONT trade the best? Do you make sure you are trading them as minimally as possible
- Do you Journal your trades and review your statistics?
Playbook
2 Types of traders:
1. People with a Fixed Mindset think that their intelligence and abilities stay stable and are unchanged over time.
2. People with a Growth Mindset understand that abilities and intelligence can be developed through effort.
Benefits of a Growth Mindset
1. It allows you to stay open to any new possibilities in trading
2. It creates resilience
3. It enables you to constantly iterate your strategies
4. It keeps you humble