RSSArchive for July, 2012

5 Ways to Dodge Doubt in Your Trading

July 17, 2012 at 10:28 am

“Quite some time…I been sittin it out…didn’t take no chances…was a prisoner of doubt.” – Straight On (Heart)

In a previous post, I covered some of the steps necessary to recover from deep trading wounds and what it involves to start moving past the pain and toward progress again.

Taking a big hit in your trading often sidelines you, either literally or (even worse) mentally.  I know from experience!  And while there are times to take a break in order to avoid doing further damage, at some point, you still have to get back on the horse and overcome those doubts.

But how do you go about doing that?

When your account and confidence have taken a sizeable reduction, there’s a ton of doubt to get past, so let’s look at 5 ways to do that.

1.) Take it down a notch.  And you know exactly what I mean.  When you’re starting out or starting over, you have to start small.  Small enough that it’s all about the process and not the result.  By doing this, you’re setting the tone for growth again, you’re respecting the market, and each trade takes on minimal significance while you’re getting back into the right habits.

2.) Get specific.  By narrowing your focus to that which you should be doing, by default you can eliminate much of the fear you may be facing, as well as a lot of the trouble which comes with a fly-by-the-seat-of-your-pants style of trading.  Without a game plan, you’re playing the guessing game.  Understand which conditions you’re facing, and go with the strategy best-suited for those conditions.

3.) Set realistic expectations.  As much as you might like to, don’t expect to make it back right away.  Big expectations may be what got you in trouble to begin with, so curb your enthusiasm a bit and aim to just get the bat on the ball first.  The idea is to start a foundation which can support bigger and better results, but right now it’s first things first, so look to start small.

4.) Keep risk in check.  As noted in the point above, you can’t just go swinging for the fences.  To avoid that, have a risk per trade amount that’s appropriate for the fresh start you’re making.  And be careful with how many positions you’ll carry at once, at least until you’re back in the flow.

5.) Hit singles. Early on, the aim is to get on base and establish a rhythm of success that can be built on.  By selecting high-probability setups with defined risk, you’ll increase your odds of getting into that rhythm and start marking some results in the black – just what you need the most.

** What are some other ways to get beyond fear and doubts on the road to a trading recovery?  What has worked for you recently or in the past?

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

What TheStockBandit is About

July 10, 2012 at 12:51 pm

I don’t make it clear often enough here just what TheStockBandit is all about, so I wanted to take the time in this post to clearly explain.

We have a network of sites which are all dedicated to making better traders.

On the free end, we have the blog here with currently over 700 articles and free videos – with more being added every week.  Thanks to those of you who never miss a post – I’ll continue to put out my best even if your readership is as far as this relationship ever goes.

On the paid end though, we have 2 sites with different purposes for those wanting to go deeper…

First is, which is where you’ll find our video-on-demand trader training courses.  There are 2 courses there now (Basic & Advanced), with plans to add more in the future.  I personally put the courses together to meet the needs of both newbie traders (Basic Course) and experienced traders (Advanced Course) in order to get them to the next level.  All courses come with a money-back guarantee, although over 85% of those who have enrolled in the course never asked for their money back – a statistic we’re proud of which shows the obvious value provided in the course.

Next is, which is our subscription-based membership site where I personally put out a nightly newsletter (often with video) sharing a number of important items.  I begin with broad market analysis by discussing the current conditions and pointing out key levels to watch for, then get to individual stocks.  I’m highlighting the setups/patterns which are building right now and talking about what it will take for those patterns to confirm, and I’m outlining my personal trading plan for tomorrow’s session by sharing the stocks, levels, and rationale behind every trade.  Periodically there are trading lessons shared and special members-only features as well.

Should you happen to continue reading the free blog and enjoying the free videos, then great.  I’m here to help you get better, and you should feel zero pressure to do anything further.

However, if the things I’m sharing with you here are connecting with your needs and you’d like to dig in for a deeper market education, then we’d love to help you get started and you’re in the right place.  Check out the details on the stock trading courses as well as the stock pick service – both are risk-free and I stand behind them fully.

Thank you for reading, and I’ll of course be back shortly with more good stuff for you, just wanted to be sure you understand our brand and what we stand for since I haven’t made it clear in a while!

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast