TRADESMITH video Free version – January 22, 2018

Courtney Smith’s amazing weekly free TRADESMITH video has just been launched hot off the press. Don’t trade without it!

Courtney Smith’s market forecast, TradeSmith, provides valuable insights on the market from a Professional Trader with over 45 years experience. Courtney Smith is the only person in history to have managed atop ranked Hedge Fund, Stock & Futures Picking Newsletters, & Mutual Fund. Watch & learn from a master trader’s analysis of the market. Courtney has been featured on TV over 1000 times and trained on hundreds of stages around the world to tens of thousands of traders worldwide. Subscribe to the Premium TradeSmith Podcast to receive additional insights and specific trade recommendations at http://bit.ly/WeeklyMarketForecast

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How I Lost $400,000 in 30 Seconds and What I Learned From It

I looked at the screen and couldn’t believe what I saw. The Swiss franc had jumped up hundreds of pips.

I was short. I was getting creamed. I had lost so much I couldn’t really grasp how much I had lost.

I could start to feel sick to my stomach. Don’t let that happen I commanded myself. You’ve got to stay cool, calm and collected.

I did. Sort of.

I was out of the position so I couldn’t lose anymore.

My mind was blown.

So I got up and went for a walk.

I find it useful to just turn my back on reality for a short while when something like this happens. I need to take a short vacation from my problem.

So I went to a movie. An action movie. No talking. Just a lot of explosions and car chases.

You may like to go to Hawaii for a vacation but a stupid action flick will relax me more quickly and cheaply.

I came back and started to review what happened and what I could do to prevent it.

I didn’t wallow in self-pity though it was a great opportunity!

I’m pretty sure I would have if I didn’t take the mini-vacation.

The first thing I learned is to step back into the situation and start analyzing. What did I do wrong and what could I learn from it. This forces you to be more rational about the situation and less emotional. You get back in control.

I had a strong opinion on the Swiss franc and thought that it get stronger. I was totally convinced. I was so convinced that I put on a super large position.

I was going to hammer the market! I was going to be King Kong!

More like Minnie Mouse!

I had put the position on in the currency futures market rather than the spot market. That created a new problem.

Normally, it doesn’t really make much difference as to which market to trade. Liquidity is excellent in both.

But it turned out that the liquidity in the spot market was far greater than the futures market when there is a shock to the market.

I had planned that I could lose $200,000 if I was stopped out. That was a big enough problem. I think I would have lost that much if my stop loss had been placed in the spot market. But the gap up was twice that in the futures market before I got filled.

Lesson: trade Forex in size only in the spot market.

But the biggest problem was that I had let my ego get away from me. Look, I have a big and strong ego. And I’m OK with that. But not when trading.

Most trading problems come from getting your ego involved in the trade. I did here. I was thinking that I was super smart and that my analysis of the market was astounding. There was no way I could lose. It was a mortal lock.

Oooops.

The lesson: I’m not as smart as the market. It is bigger, smarter, and better looking than I am.

Don’t fight the market!

So I am now very humble when trading.

I had to have a $400,000 losing trade to learn these lessons. Save yourself some money and take my experiences to heart!

To me, one of the most important aspects of trading is the ability to NOT spend time trading! To live your life instead of having a job.

Sound interesting?

Twice a day I put out my action swing trades in stock and options. I’ve been crushing it! You can learn more by clicking here.

Yes, you can make a living as a trader!

Click here to register.  

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TRADESMITH video Free version – January 16, 2018

Courtney Smith’s amazing weekly free TRADESMITH video has just been launched hot off the press. Don’t trade without it!

Courtney Smith’s market forecast, TradeSmith, provides valuable insights on the market from a Professional Trader with over 45 years experience. Courtney Smith is the only person in history to have managed atop ranked Hedge Fund, Stock & Futures Picking Newsletters, & Mutual Fund. Watch & learn from a master trader’s analysis of the market. Courtney has been featured on TV over 1000 times and trained on hundreds of stages around the world to tens of thousands of traders worldwide. Subscribe to the Premium TradeSmith Podcast to receive additional insights and specific trade recommendations at http://bit.ly/WeeklyMarketForecast

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“Got My Ass Handed To Me”

Here is a note I got from a student:

“Started trading Options in Sept with $7500, was making good money in BA and LMT, so I dumped my Risk Mng, and bought 5 contracts for each. Account rocketed to $14,000, then, got my ass handed to me and fell off to $5300 !!! Haaaaa, Ouccchh, then as you advised, I put my “Pro Hat” on and started to watch my Risk Mangement like a PRO, now at $9003!!!

Thanks for helping me get my mind right, appreciate you Courtney.”

Bob raises some great points.

First, he starts to get a case of the Midas Touch Syndrome. This occurs when you have a run of profits and start thinking you don’t have to follow your rules. You just have to touch trades and they make a lot of money. But, of course, it doesn’t work that way.

Just because you made some money doesn’t mean you raised your IQ by 100 points!

Of course you can make a lot more money if you don’t use good risk management but breaking that discipline is nearly always a path to ruin.

Bob lived through the storm and was able to recover and put on his Pro Hat! Awesome!

It is important for us to always put on our Pro Hat and stop acting like an amateur. Pros make money and amateurs don’t. Good for Bob!

I love the fact that Bob was able to raise his account by almost 80% after putting on his Pro Hat. Awesome!

I can help you with this! This is a good reason to subscribe to my new Smith’s Stock Swing Trader service. I will guide you through the stock and option markets twice a day! Watch me make a living trading! Click here to register.  

Twice a day I put out my action swing trades in stock and options. I’ve been crushing it! You can learn more by clicking here.

 

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Who Wins In A Fight? Day Traders or Swing Traders?

I’ve done both and made money doing both. Here’s how I see the fight.

Day traders are those that buy and sell a stock, futures, options, or Forex and liquidate before the day ends. Swing traders will likely hold the position 1-5 days.

Day traders will talk about how they close out all their positions at the end of the day so they don’t have any risk overnight.

Swing traders will retort that they do take more risk overnight but they will also often be making money over night. Making money while they sleep!

Swing traders will talk about how they make more money on average than a day trader. The day trader will respond by pointing out that the swing trader takes only a few trades to the many trades a day trader takes.

In the final analysis, I prefer swing trading to day trading because I don’t have the patience to stare at a screen for hours each day. Seems more like a job than a way to make money.

To me, one of the most important aspects of trading is the ability to NOT spend time trading! To live your life instead of having a job.

Sound interesting?

Twice a day I put out my action swing trades in stock and options. I’ve been crushing it! You can learn more by clicking here.

Yes, you can make a living as a trader!

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TRADESMITH video Free version – January 8, 2018

Courtney Smith’s amazing weekly free TRADESMITH video has just been launched hot off the press. Don’t trade without it!

Courtney Smith’s market forecast, TradeSmith, provides valuable insights on the market from a Professional Trader with over 45 years experience. Courtney Smith is the only person in history to have managed atop ranked Hedge Fund, Stock & Futures Picking Newsletters, & Mutual Fund. Watch & learn from a master trader’s analysis of the market. Courtney has been featured on TV over 1000 times and trained on hundreds of stages around the world to tens of thousands of traders worldwide. Subscribe to the Premium TradeSmith Podcast to receive additional insights and specific trade recommendations at http://bit.ly/WeeklyMarketForecast

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TRADESMITH video Free version – January 2, 2018

Courtney Smith’s amazing weekly free TRADESMITH video has just been launched hot off the press. Don’t trade without it!

Courtney Smith’s market forecast, TradeSmith, provides valuable insights on the market from a Professional Trader with over 45 years experience. Courtney Smith is the only person in history to have managed atop ranked Hedge Fund, Stock & Futures Picking Newsletters, & Mutual Fund. Watch & learn from a master trader’s analysis of the market. Courtney has been featured on TV over 1000 times and trained on hundreds of stages around the world to tens of thousands of traders worldwide. Subscribe to the Premium TradeSmith Podcast to receive additional insights and specific trade recommendations at http://bit.ly/WeeklyMarketForecast

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TRADESMITH video Free version – December 26, 2017

Courtney Smith’s amazing weekly free TRADESMITH video has just been launched hot off the press. Don’t trade without it!

Courtney Smith’s market forecast, TradeSmith, provides valuable insights on the market from a Professional Trader with over 45 years experience. Courtney Smith is the only person in history to have managed atop ranked Hedge Fund, Stock & Futures Picking Newsletters, & Mutual Fund. Watch & learn from a master trader’s analysis of the market. Courtney has been featured on TV over 1000 times and trained on hundreds of stages around the world to tens of thousands of traders worldwide. Subscribe to the Premium TradeSmith Podcast to receive additional insights and specific trade recommendations at http://bit.ly/WeeklyMarketForecast

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TRADESMITH video Free version – December 26, 2017

Courtney Smith’s amazing weekly free TRADESMITH video has just been launched hot off the press. Don’t trade without it!

Courtney Smith’s market forecast, TradeSmith, provides valuable insights on the market from a Professional Trader with over 45 years experience. Courtney Smith is the only person in history to have managed atop ranked Hedge Fund, Stock & Futures Picking Newsletters, & Mutual Fund. Watch & learn from a master trader’s analysis of the market. Courtney has been featured on TV over 1000 times and trained on hundreds of stages around the world to tens of thousands of traders worldwide. Subscribe to the Premium TradeSmith Podcast to receive additional insights and specific trade recommendations at http://bit.ly/WeeklyMarketForecast

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TRADESMITH video Free version – December 18, 2017

Courtney Smith’s amazing weekly free TRADESMITH video has just been launched hot off the press. Don’t trade without it!

Courtney Smith’s market forecast, TradeSmith, provides valuable insights on the market from a Professional Trader with over 45 years experience. Courtney Smith is the only person in history to have managed atop ranked Hedge Fund, Stock & Futures Picking Newsletters, & Mutual Fund. Watch & learn from a master trader’s analysis of the market. Courtney has been featured on TV over 1000 times and trained on hundreds of stages around the world to tens of thousands of traders worldwide. Subscribe to the Premium TradeSmith Podcast to receive additional insights and specific trade recommendations at http://bit.ly/WeeklyMarketForecast

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