Trading Education Trading Help Trading Psychology
- By Lucien Bechard
- Updated February 18, 2024
5 min read
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Here at the Bullish Bears, we always want to share a few words of stock trading wisdom. The wisdom that comes with trading and wealth building as I have grown my portfolio. I am not a licensed financial advisor, but I am happy to share what I have learned and continue to learn daily. I’ll first start with a statement that my friend Gary shared on Facebook the other day. You’re no longer a stock analyst when you mash that TRADE button. You become a risk manager”. I don’t know about you, but this speaks volumes to me. I could write a series of books about those volumes, but I’ll keep it short here.
Table of Contents
- Stock Wisdom and the Trading Position
- Fear of Missing Out
- Knowledge
- Final Thoughts: Stock Trading Wisdom
Stock Wisdom and the Trading Position
When you enter a trade, you’re executing a plan with defined risks according to your trade plan. You must monitor your position at the ready to protect your capital. You have risk tolerance built into your trade plan, but you must stick to that plan.
Have you ever heard the phrase “Never go grocery shopping while you’re hungry”? The same applies to your trading. Never be worried about money while you’re trading your plan. Not that you’ll likely want to buy more while you’re in your position, but you’ll likely allow emotion to influence your ability to stick to your trade plan.
Your trade plan is based on your chart analysis, and you have a set of parameters and rules that you’ll use to manage your trade. And thus manage your risk. This stock trading wisdom is called trading risk management.
Fear of Missing Out
Your focus will be greatly skewed if you get greedy or worry about money while in the trade. And you will likely not be able to manage risk, let alone trade your plan. This is also called FOMO (fear of missing out), but it’s more than that. FOMO tradingis not stock trading wisdom.
Although fear is the ultimate destroyer of portfolios, poor risk management is the evil sidekick leading you to a losing fight. You must focus on trading the chart and following your trade plan. That’s the just of it. Your trade plan is key to being a successful risk manager from beginning to end.
You are brilliant. Your logic has brought you here. You know how to trade profitably. This is what brings me to the next point.
COURSE |  |  |  |
|---|---|---|---|
| DESCRIPTION | Learn how to read penny stock charts, premarket preparation, target buy and sell zones, scan for stocks to trade, and get ready for live day trading action | Learn how to buy and sell options, assignment options, implement vertical spreads, and the most popular strategies, and prepare for live options trading | How to read futures charts, margin requirements, learn the COT report, indicators, and the most popular trading strategies, and prepare for live futures trading |
| INCLUDED | Daily watch lists • Trade rooms • Trading scanners • Discord • Live streaming Day Trading > | Daily watch lists • Trade rooms • Options scanners • Discord • Live streaming Options > | Futures target levels • Trade rooms • Real time teaching • Discord • Live streaming Futures > |
Knowledge
A wise man once said, “Your knowledge must grow exactly as your portfolio grows.” “You cannot manage a million dollars’ worth of portfolio with a thousand dollars’ worth of knowledge.” This is deep!
While you grow your portfolio, you gain more leverage and opportunities to utilize it. It would be best if you learned how to utilize these new opportunities. It would be best if you learned how to manage riskwith these new avenues of income.
Your entire wealth of trading strategies must change and adapt to manage a larger fund to keep it. What worked with a thousand-dollartrading account may not work well with a million-dollar or even a ten-thousand-dollar account.
Though many trading strategies scale well with growing small accounts, you must examine whether or not you can manage the same trade with a much larger capital. With knowledge comes stock tradingwisdom.
I once thought thatthe wheel options strategy, which works well with a stock trading at $30, would work fine for trading AMZN. The wheel trade strategy would require a minimum of $600,000 of risk outlay for months at a time with AMZN. Surely, there are other ways to trade with Amazon that are much more risk-averse.
Not that AMZN is likely to file chapter 11 overnight. But keeping scale in mind, you must know that a 3% move in a $30 stock is nothing like a 3% move in a $3,000 stock. Your trading knowledge must adapt to trading with a large account. You have the skills and need to learn a few new strategies and risk management parameters.
Final Thoughts: Stock Trading Wisdom
There’s stock trading wisdom from all kinds of sources out there. Make sure you’re getting good knowledge with that wisdom. That’s why I say stick with The Bullish Bears. We’ll help you grow, develop, and master risk management. Ask questions often. We pride ourselves on being here to help. We’re also here to grow and learn as we help. Letting us help you helps us grow as a community should. (Moderator Bullish Bears Jeremy wrote this post).
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