Frank Concepcion’s Kindle Notes & Highlights for The Playbook: An Inside Look at How to Think Like a Professional Trader

2%

Weaknesses don’t matter if you find solutions.

2%

Weaknesses don’t matter if you find solutions.

2%

persecuted

2%

persecuted

3%

allegory

3%

allegory

3%

“One Good Trade and then One Good Trade and then One Good Trade.”

3%

“One Good Trade and then One Good Trade and then One Good Trade.”

4%

strife,

4%

strife,

4%

Day trading (a term I refuse to recognize; it’s called intraday trading)

4%

Day trading (a term I refuse to recognize; it’s called intraday trading)

5%

Trading is a sport of survival, reinvention, and perseverance, even for the successful trader.

5%

Trading is a sport of survival, reinvention, and perseverance, even for the successful trader.

5%

Learned Optimism

5%

Learned Optimism

5%

we should absorb difficult events, such as mine described earlier, and learn to look beyond the hardship to recognize those moments in our life that appear catastrophic and to embrace them as opportunities to open our minds for the good that could follow next.

5%

we should absorb difficult events, such as mine described earlier, and learn to look beyond the hardship to recognize those moments in our life that appear catastrophic and to embrace them as opportunities to open our minds for the good that could follow next.

5%

Real optimism is the ability to attribute the good stuff to “that’s how life is” and the bad stuff to “that’s how things are [at] this moment, but not forever.

5%

Your goal should be to improve to become a Consistently Profitable Trader (CPT) and then a YBT.

5%

Focus unrelentingly on what setups make the most sense to you. Your storms will come, but you can persevere and find your path to becoming a stronger trader.

5%

The best traders know when they are right and get bigger. They spend their energy searching for more of their favorite setups and focus on where they can add size responsibly.

5%

We break down each trade as follows:

5%

We break down each trade as follows:

5%

do, however, encourage you to develop a similar system of archiving your best trading setups that makes the most sense to you in the format that works best for you.

5%

All traders should build a PlayBook.

5%

To be a pro, you must learn first to think like a pro.

6%

This chapter helps you answer an important trading question: Are you taking on enough risk in your trading?

6%

This chapter helps you answer an important trading question: Are you taking on enough risk in your trading?

6%

It is also my ultimate hope that you embrace the opportunity you have, that you are grateful each day for the privilege to follow your passion, and that you discover the true value of striving to be your best trader, whether successful or not.

6%

It is also my ultimate hope that you embrace the opportunity you have, that you are grateful each day for the privilege to follow your passion, and that you discover the true value of striving to be your best trader, whether successful or not.

6%

Weaknesses don’t matter if you find solutions.

6%

Weaknesses don’t matter if you find solutions.

6%

smbu.com/dailyvideo.

6%

smbu.com/dailyvideo.

6%

Use whatever works, and take it from wherever you can find it.

6%

dissertating

6%

Do what you do best and stop trying to make tacos.

6%

Do what you do best and stop trying to make tacos.

6%

Many novice pedestrian traders focus on the next position. Consistently successful traders focus on the process and care little about the outcome of the next trade. The distinction is enormous.

6%

Many novice pedestrian traders focus on the next position. Consistently successful traders focus on the process and care little about the outcome of the next trade. The distinction is enormous.

6%

It’s how you think through a trade that is most important and sustains.

6%

It’s how you think through a trade that is most important and sustains.

6%

The Big Picture: First Know What Is Moving the Market

6%

Let’s start with the Big Picture. We do not initiate a trade without understanding the Big Picture for the market. The Big Picture is the strength or weakness of the overall market and what catalysts are moving it.

7%

What are the most important technical levels in our markets? • How far is the market from important technical levels? • Is the market trending up or down? • What is the market most concerned about presently? • What is moving the market?

7%

As a trader, know the story the market is most interested in.

7%

This information is massively important to all of your trading decisions and uniformly undervalued by underperforming traders.

7%

Intraday Fundamentals: Trade with Real Order Flow Behind Your Stocks

7%

Intraday Fundamentals is our fancy way of saying we want to trade a Stock In Play.