I wanted to offer a video recap of the trades just as I have so far each week this year.  This should give you a feel for not only how I managed my trades, but also the kinds of setups which have been working well of late.

For those curious about our trading style in the member area, this should give you a good indication of what a typical week looks like. Check out the free trial to our stock pick service if you’re interested in adding our ideas to your own.

Be sure to view in HD (720P) and full-screen mode for best quality in the video.

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

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In this episode, we’ll talk about some distinct differences among traders regarding their approaches to trading.  It should either give you some added motivation, or a boost in confidence.

I hope you get a lot out of this installment. Keep coming back for more in the days ahead, and of course if you find these helpful, then let me know!

Run time is 3:08.

(Direct video link is here for those interested in embedding it elsewhere to share).

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit

During that time, he’s completed both the Basic Trading Course and the Advanced Trading Course, and he’s been a subscriber of the nightly stock pick service.  He has truly put in the work, and he’s utilized me and my experience along the way as well (as he should).

One of the things which has made him successful is that he has truly modified everything I’ve given him to fit his own unique needs.  I’ve mentioned this to many in the courses and nightly newsletter, but some do it better than others.  This guy has done it exceptionally well, so I wanted to share with you what it looks like.

It’s different than mine, and it should be different than yours.  But by seeing it, you’ll notice things which spark ideas for your own routine. You’ll identify ways where he has adjusted and you have not, and it may expose a weakness you haven’t previously considered.  I’ll tell you the same thing I have told him, which is to take what’s useful to you and then make it your own.

Here’s his routine:

If the indexes have a big gap, I know most of the movement has been sucked out before things have started (unless it is a panic dive out of stocks). I won’t start trading until after 9:30 to avoid the amateurs and HFC causing strange movements and pullbacks, though I sometimes make exceptions, but want to plan them. For instance a sustained pullback on a troubled stock will sometimes be an exception. (Though more often than not I end up regretting it.)

I have personal things I have to watch. My (physical condition) affects how sharp I feel and how confidently I respond to situations, so I take that in consideration on how much or even if I should be trading.

I look at which way I think the market will continue to go (coming back later to see if I was right) opening, and whether it has been going up, down, or randomly/sideways. I honestly look at which direction I am confident in trading. There is no point starting a trade you do not trust – you’ll just pull out too early with a loss.

I decide on my loss level. If there is little juice left in the market I may only let a trade come back a support level or so. I need a strong runner to make it worthwhile in that case.

I look at how long I can trade. I have limits depending on how my arthritis is on how long I can sit, I also may have personal commitments, but decide to see if I can get a good runner that I can leave with a trailing stop when I run out of time. Of course on a weak day where I would use support levels that is out of the question.

Afterwards I come back and look at how much I lost/made.

Great stuff from a guy who has put in the work. He has a routine that suits him – he isn’t trying to mimic someone else. Can the same be said about you?

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit

This should give you a feel for not only how I managed my trades, but also the kinds of setups which have been working well of late.  For those curious about our trading style in the member area, this should give you a good indication of what a typical week looks like. Check out the trial if you’re interested in adding our ideas to your own.

(Direct video link is here for those interested in embedding it elsewhere to share).

Be sure to view in HD (720P) and full-screen mode for best quality in the video.

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit

Mind you, I’m generally a disciplined trader, and in a dozen years of full-time trading I have broken my discipline countless times but have never truly gone on tilt where it’s account life or death.

That said, I do not have a broker-set cutoff.  That’s where you specify a dollar amount, which when hit will lock you out of making more trades.  It’s still your account and you could call in and override that I suppose, but it’s at the very least a break in the action for you, and a very good thing for some people – namely, developing traders.

Back to my point and the title of this post, what happens when you hit your daily loss limit?

For me, it’s a general dollar amount where I start to understand that barring some really great trades, and with the amount of risk I am willing to take, I’m unlikely to recover.  It’s a matter of recognizing that I’m likely to do more harm than good – either to my account or my confidence.

At times, I’ll hit that level and I just need to admit defeat, shut it down, and come back another day.  I might leave my platform open and monitor the market or open positions, but I know I don’t need to press any more buttons.  Adhering to that has on many occasions prevented deeper wounds to my account.

Knowing when to walk is found in two things: one internal, one external.  Internally, you must understand yourself and your tendencies.  Externally, you must be able to recognize current conditions and determine if there’s good reason to continue or not.

Over the past week, however, I had two different outcomes when I chose to trade beyond that mental cutoff.

Exhibit ‘A’

The first was a day where my limit had been reached, but I allowed my emotions to interfere.  This was the internal element, and I was in no shape to continue.  (That, by the way, also prompted this week’s video.)

I didn’t go on tilt, but I lowered my standards in what was ultimately a mild version of revenge trading.  That never pays off, and in this case it cost me a little more. As it should have.  I hit my loss limit plus another 1/4, which isn’t a ton but it is too much.

The mistake was that I continued to trade because of my P&L.  Catch that? Because of it, not in spite of it.

Exhibit ‘B’

The second occasion was similar in that I reached my mental cutoff, but it was different because it was a day where my emotions were settled.

I continued to trade not out of anger or frustration or ego to prove I was right, but because there were multiple stocks in play which warranted my participation.  Conditions were very favorable for making good trades, so I continued.

I was accepting risk beyond a normal cutoff amount, but it was with a level head and with some real potential to turn the day around.  And I did.  It was rewarding, not in the sense of “I told you so” but simply because I kept taking good trades when they surfaced, added it up in the end, and came out slightly ahead.

It’s nice to dig out a bad day, even if it means you barely do better than break even.

On some days, those are wins.

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit

In this episode, we’re talking about something that’s paramount to your success as a trader. It’s a mindset, but it’s something that requires intentional planning and not a fly by the seat of your pants mentality.

A weekend sporting event was too pressing to delay this message any further, so here it is.

I hope you get a lot out of this installment. Keep coming back for more in the days ahead, and of course if you find these helpful, then let me know!

Run time is 4:26.

(Direct video link is here for those interested in embedding it elsewhere to share).

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit

I wanted to offer a video recap of the trades I took.  As you’ll see, I was stopped out several times on head-fake types of entries with stocks showing extremely limited follow through in either direction.

On weeks like this, it’s nice to be limiting risk.  Each of us will encounter stretches where failed trades happen more often, and this was that week for me.  I found a few winners, but the key for me was limiting my losses in order to maintain my objectivity and minimize the damage.  This is where setting ego aside can truly save you in your trading, as backing away with smaller size on messy weeks will leave you digging shallower holes by digging with a smaller shovel!

This show-and-tell look at the trades I took this week should give you a feel for not only how I managed my trades, but also the kinds of setups which have been working well of late. And for those curious about our trading style in the member area, this should give you a good indication of what a typical week looks like. Check out the trial if you’re interested in adding our ideas to your own.

(Direct video link is here for those interested in embedding it elsewhere to share).

Be sure to view in HD (720P) and full-screen mode for best quality in the video.

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit

In this episode, we’re talking about a common mistake among traders which seems so obvious – yet so few make it a point to avoid.

I hope you get a lot out of this installment. Keep coming back for more in the days ahead, and of course if you find these helpful, then let me know!

Run time is 4:07.

(Direct video link is here for those interested in embedding it elsewhere to share).

By the way, here are links to Episode 1 and Episode 2 in case you missed them.

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit

I wanted to offer a video recap of the trades I took.  The previous week wasn’t great for me, but week 15 was worth trading and I was able to limit losses on failed trades while booking some solid gains in those which worked.

This show-and-tell look at the trades I took this week should give you a feel for not only how I managed my trades, but also the kinds of setups which have been working well of late. And for those curious about our trading style in the member area, this should give you a good indication of what a typical week looks like. Check out the trial if you’re interested in adding our ideas to your own.

(Direct video link is here for those interested in embedding it elsewhere to share).

Be sure to view in HD (720P) and full-screen mode for best quality in the video.

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit

Recently I sat down with Tim Bourquin for a MoneyShow Interview, and we discussed this topic of how Strategic Adjustments can Pay Off Big. The clip is 3 minutes and can be viewed here.

In the segment, we discuss trading biases, contingency plans, backing down when you’re uncertain, and the importance of focusing on a single market while still allowing yourself some ways to diversify within it.

(Other 3-minute videos from this same interview discuss The Trade Plan that Works For Me, as well as Win More by Risking Less, which you may also enjoy.)

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

Get our free newsletter to keep up!
Follow @TheStockBandit