020-ict-tw-spaces-20230326-Until-The-Brakes-Fall-Off...
Last modified by Drunk Monkey on 2023-03-25 20:27
Outline
00:38 - Today’s show.
03:18 - What happens when you show someone something and they want to do it right away.
06:51 - The first phase of the crowdfunding campaign.
14:27 - My son is the exception to the rule.
18:10 - When you get into a drawdown, it’s okay to lose what you made on a trading day.
26:16 - Two perspectives to have in mind -.
28:59 - You’re being careless, reckless, reckless, gambling, gambling, gambling -.
36:35 - What makes a blown account become a blown account.
39:58 - Don’t be afraid because you did this -.
46:18 - He feels like he can do everything, but he’s superhuman.
48:59 - If you are unstable and highly emotional impatiently waiting to get into a trade, the best advice is to go do something else for 30 minutes.
55:10 - A lot of people quit, but still push the button because they can't take themselves away from it.
58:47 - My son has a chip on his shoulder.
01:05:39 - Everyone does that on their first losing trade.
01:08:22 - You have to be able to own it.
01:14:50 - If you’re going to allow this to frame a toxic mindset going forward, you’re going to be fearful.
01:19:37 - What happens when you’re hypersensitive to the negative.
01:26:49 - When you’re young and you’re in a market like this, the same type of reckless abandonment materializes.
01:29:47 - Stress is like racing fuel in a car -.
01:35:25 - The only person that’s going to get hurt is you -.
01:37:37 - Don’t be afraid of it, trading is like patchwork.
01:44:54 - What causes people to become ugly.
01:48:26 - Give yourself permission to mitigate your drawdown over a period of time.
01:54:27 - You have to prop yourself up, encourage yourself, and be constantly reminding yourself that there’s no emergency.
01:57:53 - Don’t become reckless and gambling.
02:03:22 - What is a fair value gap? -.
02:07:19 - We don’t use luck, we use process.
02:14:39 - Don’t let weeds grow in your garden that make you feel like shit.
02:17:57 - The real mechanics behind what makes these markets move -.
02:24:56 - What happens if you lose control of your tongue in a live setting.
02:29:08 - You have to be careful how you place expectations on yourself when you’re trying to recuperate from a drawdown.
02:36:11 - We’re not surprised when shit happens.
02:39:24 - I don’t give a fuck if you have an attitude about it.
02:46:41 - When you lose control and focus, you create scar tissue.
02:49:59 - When you’re in drawdown, it’s always self inflicted -.
02:57:37 - When you’ve lost the plot of the trade.
03:01:51 - Why you’re pantomiming -.
03:09:56 - Don’t take profits -.
03:13:43 - Don’t listen to the dumb logic that you’ll have stunted growth.
03:21:02 - You’ll know when the shit is not favorable for you to be trading.
03:23:35 - There is no 100% strike rate ever -.
Transcription
| 1 | 00:00:38,280 --> 00:00:47,040 | ICT: Good morning, folks. Good morning. I'm using my Bose headset. So I'm not sure if the audio is good or not. If you guys can give me a heads up, let me |
| 2 | 00:00:47,040 --> 00:00:58,920 | know if it's not all disconnected, not just hold the phone next to me while I'm talking. So I'll be looking for a reply from you. If the volume is good, if the |
| 3 | 00:00:58,920 --> 00:01:07,500 | audio is good, just give me a five by five. If it sucks, and you want me to talk, what I normally do with it, is let me know that please appreciate it. Give |
| 4 | 00:01:07,500 --> 00:01:10,530 | me a minute or two to let me know. |
| 5 | 00:01:21,840 --> 00:01:32,010 | Awesome, thank you very much for that. Alright, so we're talking today on Saturday morning, typical iced tea shot on Saturday. I'm not in a vehicle. |
| 6 | 00:01:32,010 --> 00:01:44,490 | Today, I'm sitting here in my trading office staring at my monitors that are off reflecting on the fact that I chose to sleep in and not be a part of the morning |
| 7 | 00:01:44,490 --> 00:01:58,410 | session yesterday. And my ambitious, young one took it upon himself to try to do things that he wasn't prepared to do. And drive it until the brakes fall off. |
| 8 | 00:01:59,280 --> 00:02:11,760 | wanted to impress that yesterday and the other, the other side of the coin showed itself and couldn't fix himself. So I spent a little bit of time in the |
| 9 | 00:02:11,760 --> 00:02:28,890 | afternoon coaching him and I spent some time with my older students in the pm session and kind of like one of the show what was difficult about yesterday. And |
| 10 | 00:02:29,340 --> 00:02:39,720 | obviously waking up later in the morning, I didn't see too much of high probability of anything. In the morning session, it was more or less seek and |
| 11 | 00:02:39,720 --> 00:02:50,730 | destroy higher highs, lower lows, higher highs, lower lows back and forth. And finally, during the lunch hour, you kept pressing higher going into that new |
| 12 | 00:02:50,730 --> 00:03:06,570 | week opening gap. Then finally closing on the high at that gap. So I want to kind of talk a little bit about what it was like when I was younger, and also |
| 13 | 00:03:06,570 --> 00:03:21,210 | what my son experienced. And in case you don't know, my son has a fund that account challenge or what to call it. A combine that he wanted to go that route. |
| 14 | 00:03:21,210 --> 00:03:32,100 | And that's fine, you know, whatever, never traded before. And he is one of those individuals that like and I mentioned it a lot of times where you show somebody |
| 15 | 00:03:32,100 --> 00:03:42,930 | something. And even before you're done showing it that you haven't even got through the entire presentation or illustration or example of it. They want to |
| 16 | 00:03:43,440 --> 00:03:53,040 | take it and try to do it too. Right away. That's, that's my son use 100 mile an hour. He's always been that way was real quick to get up and walk was as a baby. |
| 17 | 00:03:53,340 --> 00:04:04,440 | And once he started moving, he doesn't start he's just going. One of the things I wanted to do, but I felt that was a little bit overbearing. I wanted to have |
| 18 | 00:04:04,440 --> 00:04:17,070 | him set up the account where he didn't have access to it without me sitting there. But he's 18. And I thought that was a little out of place. And maybe I'm |
| 19 | 00:04:18,330 --> 00:04:28,650 | you know, trying to protect too much. But this is what I didn't want to see happen, at least to this degree. Is that terrible. Don't get me wrong because |
| 20 | 00:04:29,010 --> 00:04:43,260 | the account that he tried to work with was 100. That's the $150,000 funded account combine. So that's if you're not getting 150,000 Let's be real but he |
| 21 | 00:04:44,280 --> 00:04:57,420 | was able to see 153,400 something. I think that's what he said the high was yesterday. And he didn't feel that that was enough. And he wanted to impress me |
| 22 | 00:04:57,930 --> 00:05:09,720 | and try to get it over 155 Well, if you knew what that means, you probably experienced this as well. And when I was younger, whatever I was doing |
| 23 | 00:05:10,410 --> 00:05:22,620 | incrementally good, not that I was trading great because I was new. But the times that I would get in, be profitable, and then not hold the trade because I |
| 24 | 00:05:22,620 --> 00:05:32,460 | was either nervous or I second guessed myself, I would close the trade early. And then it would run in my favor. And if I just would have held on to it, it |
| 25 | 00:05:32,460 --> 00:05:40,230 | would hit my target, and that would have been much more satisfying. But because it didn't happen that way. And it's just a typical thing for someone that's new. |
| 26 | 00:05:40,800 --> 00:05:51,780 | So if you've experienced this, or even someone that's never been consistently profitable, whenever you get a win, whether it be small or sizable, you don't |
| 27 | 00:05:51,780 --> 00:06:03,090 | really feel good about it, because what's happening is is new to you, you don't know where it's going. So you feel like you got to close the trade prematurely, |
| 28 | 00:06:03,090 --> 00:06:09,840 | because you're afraid it's gonna become a losing trade. And you really don't know where it's gonna go, which is the reason why I teach all of you to learn to |
| 29 | 00:06:09,840 --> 00:06:19,410 | draw, draw on liquidity, where is it likely to go? If you don't have that you're going to be victim to your own emotions, and you'll psych yourself out. So |
| 30 | 00:06:19,410 --> 00:06:34,320 | yesterday morning, he got lucky. On his first move, actually made 831 on a short, got out actually had a pretty decent location before it reversed and went |
| 31 | 00:06:34,320 --> 00:06:48,450 | higher. Now, if he was following the rules, that would have been it. That would have been it, and I wouldn't have been upset. Had he shown me just that because |
| 32 | 00:06:48,450 --> 00:06:58,920 | the rules were like, I have to be there. Like I gotta be there next year. I want to observe what you're doing. No, no, no, that wasn't happening. You want to, |
| 33 | 00:06:59,190 --> 00:07:16,560 | you want to get in there and drive it? Well, you did. Went from 153, four, which was $3,400. Towards the $9,000, you have to get to before you get funded, I |
| 34 | 00:07:16,560 --> 00:07:30,330 | guess that's what they call it, you pass the first phase combine. You dropped down to 149,000 and some change. Now that's nothing literally I could sit there |
| 35 | 00:07:30,330 --> 00:07:39,990 | with him this week and tell him look, go here, do this, do that do this, and he'll push the button. And we can get right back up to that pre Friday morning. |
| 36 | 00:07:40,680 --> 00:07:59,940 | issue. It was very difficult for me not to go off the rails. And like, be more of a dad than ICTD. Coach like I wanted to tell him look, that was not something |
| 37 | 00:08:00,150 --> 00:08:11,160 | you do. And it could have been the entire tee like it could have been, I guess it couldn't have been really think about it. They have like a limit. And they |
| 38 | 00:08:11,160 --> 00:08:23,550 | stop you. So wherever that limit the threshold is, it keeps you I guess from doing more damage to whatever. But he didn't want to say anything to me. And |
| 39 | 00:08:23,550 --> 00:08:32,790 | that was the first tip off. So when I got up and walked out and I saw him, he broke eye contact with me and grabbed all of his his phones that I can start |
| 40 | 00:08:32,820 --> 00:08:44,820 | moving around and like he's not wanting to say anything to the news. Give me a chance to get my bearings. I just woke up. No, no, no, no. Couple minutes later, |
| 41 | 00:08:44,820 --> 00:08:57,120 | he's still he's still not saying anything. So I know right away. Okay. What's going on? Is that the girlfriend? And now it's not girlfriend. Are we doing |
| 42 | 00:08:57,120 --> 00:09:06,690 | anything today? And I think he was hoping it was going to be the answer now that we'll get by and some time over the weekend. Know that we're ever going to look |
| 43 | 00:09:06,690 --> 00:09:17,910 | at the afternoon session. Let's go take a look at it because I want to I want to talk to you about something that I was like, oh, yeah, with that. Because I did |
| 44 | 00:09:17,910 --> 00:09:27,480 | good on the first move this morning. And I was like you did good. What like paper like you're watching. Tape reading is not actually did you? It was a |
| 45 | 00:09:27,480 --> 00:09:42,210 | 31 831 Wow. So I'm thinking me. All right, even though I wasn't there. I'm a little irritated by that. But then he goes but I broke some rules, rules, |
| 46 | 00:09:42,900 --> 00:09:53,970 | plural. So right away, I'm thinking, Okay, you lost 830. Okay, big deal, you know, and I'm preparing myself for that. Now. He just says, You got to take a |
| 47 | 00:09:53,970 --> 00:10:05,490 | look at it to see it was like okay, so I saw it and I was like, Okay, you gotta You got to recognize this as the improper way of doing number one, you're, |
| 48 | 00:10:05,940 --> 00:10:15,480 | you're driving without someone next to you, like you're you don't, you're under your provisions still. Okay, as a trader, you don't know what you're doing. And |
| 49 | 00:10:15,480 --> 00:10:24,360 | I appreciate your enthusiasm, I appreciate your excitement, to try to do something. But this isn't a video game. And you don't really know what you're |
| 50 | 00:10:24,360 --> 00:10:31,650 | doing yet, which is the reason why I'm sitting next to you explaining to you what it is you should be seen. And then I'm evaluating when you want to do |
| 51 | 00:10:31,650 --> 00:10:38,520 | something when you think it's about to be there in terms of a setup. That's why you're talking to me telling me what you think you see, because then I will tell |
| 52 | 00:10:38,520 --> 00:10:49,170 | you, that's not that. Wait for the next one. That's the whole purpose of me being next to you. I'm filtering what you think you're seeing. So I'm allowing |
| 53 | 00:10:49,170 --> 00:10:58,530 | for you to see it, observe it, but I'm also canceling out the ones that aren't not good. That's the reason why you were having 100% Strike, right. That's the |
| 54 | 00:10:58,530 --> 00:11:08,880 | reason why you're going in getting that move. And it's done. And it had next to no drawdown. You got lucky in the morning, and you had what would have been the |
| 55 | 00:11:08,880 --> 00:11:21,150 | largest win. Since you opened it up last Friday. You should have stopped right then and there. Didn't do anything else. Why did you go back in? Now listen to |
| 56 | 00:11:21,570 --> 00:11:22,500 | the reasons okay. |
| 57 | 00:11:24,330 --> 00:11:41,130 | I thought that it was going to keep moving. And have a big range day on the daily chart. He saw relative equal lows. And he wanted to see it go down to take |
| 58 | 00:11:41,130 --> 00:11:52,950 | that out. And he kept trying to do that. Not understanding that we had already traded down into the week opening gap. For the week, it had multiple attempts to |
| 59 | 00:11:52,950 --> 00:12:02,040 | go lower, and was failing to do that it was the chart basically I shared on Twitter. And the range that it would return back into would be that Dow move. |
| 60 | 00:12:03,810 --> 00:12:16,830 | It's going to trade up into what buyside liquidity or premium inefficiencies. So he kept trying and kept trying and kept trying. And he said he had one or two |
| 61 | 00:12:16,830 --> 00:12:24,450 | times where he tried to go long, but he was afraid to hold the long, because he felt that there was relative equal lows was going to be the one that they take |
| 62 | 00:12:24,450 --> 00:12:41,970 | out. kept pushing, pushing, pushing, and small little incremental slices, took away the 831 and then took away the week of gains and progress that we were able |
| 63 | 00:12:41,970 --> 00:12:54,960 | to put onto it. A nice, it's at 149. So I told him I said, Well, first and foremost, number one, the rule was this. You do not do this, without me next to |
| 64 | 00:12:54,960 --> 00:13:04,140 | you. And he's like, that's not gonna happen anymore. I know now, I'm not ready. It makes me angry because I thought I could see it. And I say it, you're not |
| 65 | 00:13:04,140 --> 00:13:14,580 | going to learn it that quick. Like, this is exactly what all of you listening to me here in this Twitter space tend to do as well. You're just like, that |
| 66 | 00:13:14,640 --> 00:13:27,750 | impatient person. Like when you're trying to show somebody, I mean I'm a novice magician, since I was a child. I've always enjoyed it, do card tricks and coin |
| 67 | 00:13:27,750 --> 00:13:36,240 | tricks and all that kind of stuff. And invariably, I would always show somebody something. And that's that there's just one guy in the crowd always that wants |
| 68 | 00:13:36,240 --> 00:13:46,560 | to pretend or show that they know how it was done. And they try to do it, of course, they fall on their face and look stupid. And then because they can't do |
| 69 | 00:13:46,560 --> 00:13:54,510 | it, then they attack us they Well, it's really not any trick to it. It's, you know, it's this certain that whatever, that's a weak minded person. Okay? And |
| 70 | 00:13:54,510 --> 00:14:01,590 | everybody comes into trading as a weak minded person, you're impatient. You want to rush to making money, you want to rush to do something, right? Because you |
| 71 | 00:14:01,590 --> 00:14:15,570 | want to feel smart. You want to feel good about yourself. And my son is very results driven like he wants. He wants to get accolades early. He does well, in |
| 72 | 00:14:15,570 --> 00:14:24,480 | the sports he does well as video games. He's, he's done well, academically, he just always wants to do better than everyone else. And that's kind of like, |
| 73 | 00:14:24,750 --> 00:14:34,830 | ingrained in the DNA from me. Of all my children. He's that he's that one. And I try to explain to him, I said, Listen, this is an industry, this is a thing, |
| 74 | 00:14:35,160 --> 00:14:46,320 | okay, that you can't do that in as much as you're going to be feeling inside, that you're going to be able to do that. With this. You won't believe me? It's |
| 75 | 00:14:46,320 --> 00:14:55,650 | hard for me to tell you that because you're my son. But I'm also telling you because number one, I thought I was going to be the exemption and I wasn't the |
| 76 | 00:14:55,650 --> 00:15:08,610 | exception. And it's very difficult to except that when it first happens, and you just had it slammed upside your forehead, right now, you are at that point where |
| 77 | 00:15:08,610 --> 00:15:23,010 | most traders that are coming up, either go completely into tilt, where they just turned into a gambler, and they don't look at this as they did it, they did |
| 78 | 00:15:23,010 --> 00:15:37,050 | themselves isn't a system failure, it means that that was recklessness. And you need to understand that that was recklessness. You can't do these things, and |
| 79 | 00:15:37,050 --> 00:15:48,450 | expect it to come out with good outcomes. So to be honest with you, I don't even know how to pull up, you know, the trades. And so if you guys are aware of how |
| 80 | 00:15:48,450 --> 00:15:58,950 | to do that, like I don't know, like, I don't know how to go back and look at like, if we do a trade, in paper trading on trading view, or your life trades, |
| 81 | 00:15:59,310 --> 00:16:05,010 | you can see little executions, and it tells you where I don't know how to do that with funded accounts. So if you can help me with that, I would love for you |
| 82 | 00:16:05,010 --> 00:16:12,570 | to go back and see what he did. But I don't have that in front of me, I just know that this is the aftermath. And this is what he's done. So obviously help |
| 83 | 00:16:12,570 --> 00:16:28,470 | him next week to recoup that. But the the mental aspects of having done so you know, he's he's feeling that little bit of embarrassment, a little bit of, you |
| 84 | 00:16:28,470 --> 00:16:41,310 | know, his pride being bruised. And as much as it is not fun to see him go through it. You know, I see some of you come out and say, you know, I did this |
| 85 | 00:16:41,310 --> 00:16:48,660 | to myself, and I knew what I was doing was wrong, but I still did it. And I feel like crap. And I always try to tell you Look chin up, you just, it's adorable. |
| 86 | 00:16:48,660 --> 00:17:00,750 | Everybody goes through it. It's true still with my son. But it's different, because it's my son. So it's a little weird. You know, I kind of anticipated |
| 87 | 00:17:01,650 --> 00:17:11,490 | this coming, because I'm pushing him in to settings, where that's going to happen, but I was hoping it would happen. Right? Where I was sitting next to |
| 88 | 00:17:11,490 --> 00:17:25,380 | him. And his overzealous nature. You know, we just did it, and I wasn't there. So, which is fine. You know, I mean, he's 18. He's, it's, you know, it's his |
| 89 | 00:17:25,380 --> 00:17:33,780 | prerogative, he can do that. But I told him, I said, Listen, if you want to learn how to do this, you have to submit to this process that this is the way |
| 90 | 00:17:33,780 --> 00:17:44,370 | I'm going to do it with you. Otherwise, I'm going to leave you to learning it from the videos alone. Now, I'm not really wanting you to go through it that |
| 91 | 00:17:44,370 --> 00:17:53,190 | way. It's not going to be the same as if me sitting next to you, and I'm going to filter it and explain it to you, you'll be able to have that advantage that |
| 92 | 00:17:53,220 --> 00:18:03,030 | I'm not making available to everybody else does. I'm not obligated to all of you. But I feel obligated to him because he's my, my son, he's my offspring. And |
| 93 | 00:18:03,030 --> 00:18:17,640 | I want him to be equipped to be just like and better than me. So he's had that first experience of undoing himself. He feels the shame he feels the remorse, |
| 94 | 00:18:18,180 --> 00:18:31,950 | the regrets. And I want him to understand that that's normal. So you're gonna have times when you're gonna, you're just gonna do it, you're gonna do that |
| 95 | 00:18:31,950 --> 00:18:40,830 | you're gonna feel confident about yourself, you're gonna be overconfident, you're gonna have a losing trade, or you'll have that experience where you made |
| 96 | 00:18:40,830 --> 00:18:53,550 | money. It felt great. You want to do it again, because you feel like it's gonna move even more. And then you try to go back in again, and it's not doing what |
| 97 | 00:18:53,550 --> 00:19:04,440 | you want it to do. And then now you gotta go into fixing, you're starting to put it near put fires out that you started yourself. But you don't realize it's not |
| 98 | 00:19:05,100 --> 00:19:14,220 | water that you're pouring on the fire, you're pouring gasoline on it, and then it accelerates. And that wildfire spreads and an eats into not only the game |
| 99 | 00:19:14,220 --> 00:19:26,070 | that you were unsatisfied with, but now it starts eating into equity that you worked hard for to build up and then entering the drawdown in that, that |
| 100 | 00:19:26,070 --> 00:19:36,300 | threshold it's okay to lose what you made on a trading day. It's easy to tolerate just frustration. It sucks a little bit. But then when you eat up what |
| 101 | 00:19:36,300 --> 00:19:45,480 | you worked for for a week or a month or so. That really hurts. That's like a kick in the joint. You don't really like that it sucks, especially if you go |
| 102 | 00:19:45,480 --> 00:19:57,600 | into a weekend as a trader that really, really stings and it takes the pleasure out of everything. Food don't taste as well. Friends company that irritates the |
| 103 | 00:19:57,600 --> 00:20:13,230 | shit out of you. Everything is is heightened. And it feels like thorns, no comfort, no rest, and you punish yourself. He's feeling that. But when you get |
| 104 | 00:20:13,230 --> 00:20:24,540 | into drawdown, where you go beyond where you started, and you did it to yourself and you just recklessly plunge in, you're trying to get it back quickly, |
| 105 | 00:20:24,540 --> 00:20:35,040 | quickly, quickly. And you just keep doing more damage. I think that's actually a good thing, that the funded account companies have that threshold where they |
| 106 | 00:20:35,040 --> 00:20:47,910 | stop you. It's like you can't do anymore. That's it, you've done enough. And it makes you have to take a step back and reevaluate what you're doing. Now, he |
| 107 | 00:20:47,970 --> 00:20:56,130 | doesn't know why it didn't work. He just thought he saw the things that he's supposed to be looking for. What did he have wrong? |
| 108 | 00:20:57,390 --> 00:21:09,540 | Apart from going back in, when he had a really respectful return $831. That's, that's a nice little return. It's actually above the, the range of target that I |
| 109 | 00:21:09,540 --> 00:21:16,560 | had set forth for him saying, Look, this is all you're trying to do. You're trying to do this, nothing else. You're not trying to get rich, you're not |
| 110 | 00:21:16,560 --> 00:21:25,530 | trying to blow it up, you're not trying to pass the combine in a week. You're not trying to pass it in five days. Okay, we set that pace for two weeks, two |
| 111 | 00:21:25,530 --> 00:21:35,940 | weeks, that means next Friday, his target should have been reaching the, I guess it would be part two, or phase two of it. And he was well on track with that. |
| 112 | 00:21:37,560 --> 00:21:46,710 | Now, I gotta go in and help him get back to that square one. And you might think, Well, you shouldn't do that. Well, it's my son. Don't, don't tell me what |
| 113 | 00:21:46,710 --> 00:21:56,850 | the fuck to do. Okay. But I'm sharing something with you that it's not on the obligated chair. But I want you to understand, just because he's my son. There |
| 114 | 00:21:56,850 --> 00:22:11,190 | isn't some kind of carryover, because he has my DNA in him. He has every character flaw that a male has pride, arrogance, impatience. He wants to flex |
| 115 | 00:22:11,250 --> 00:22:24,420 | that's in him, he's rushing to be able to flex. And now he's wrestling with that. Now he's like, I, I blew it. And now I feel bad because we worked several |
| 116 | 00:22:24,420 --> 00:22:33,810 | days. And then now I gotta go back and do that all over again. More specifically, I gotta hear you tell me that. It was my fault. When I already |
| 117 | 00:22:33,840 --> 00:22:46,980 | keep telling myself inside my head, it's my fault. Well, that's all part of it. You have to feel that pain. It has to be a consequence. Formidable consequence. |
| 118 | 00:22:47,580 --> 00:22:55,530 | Something that is it's going to shake you up and make you feel like you don't ever want to risk doing that, again. Because this is what you feel, this is what |
| 119 | 00:22:55,530 --> 00:23:08,640 | it's like. And all that work that you went through the first time where it felt effortless. It felt fun. It was it's an experience that was enjoyable. Now, |
| 120 | 00:23:09,330 --> 00:23:18,510 | you're in under where they start yet, because they give you at 150. Now you're at 114, a little bit over 149. So now you have to get back to that starting |
| 121 | 00:23:18,510 --> 00:23:33,000 | point. In everything you do now, every trade, you're going to be concerned, much more so about the outcome because you're in drawdown. And that creates toxic |
| 122 | 00:23:33,000 --> 00:23:45,810 | thinking. And you tend to do what you tend to avoid following the rules. You basically abandon everything that you're supposed to be doing, which is the |
| 123 | 00:23:45,810 --> 00:23:58,440 | reason why people fail themselves, and they blow their account. Because now you've increased the sensitivity to every transaction you make until you get |
| 124 | 00:23:58,440 --> 00:24:13,140 | back to your equity high. Like that's the magic thing. Like that's the magic number, you have to have that money back in your account. Or you're going to be |
| 125 | 00:24:13,230 --> 00:24:21,360 | scared all the time. And in your mind, you're thinking and everybody does this. Okay, this is what it felt like for me when I first blew my first account we're |
| 126 | 00:24:21,510 --> 00:24:30,480 | approaching going back in through correcting drawdown, everybody that goes through drawdown, everyone, I don't give a fuck. How long you've been trading |
| 127 | 00:24:30,480 --> 00:24:39,210 | how much money you make. When you go through drawdown. And you have an equity high. And you've draw down from that equity high. You feel like you're staring |
| 128 | 00:24:39,240 --> 00:24:48,720 | up at a mountain. And it may not even be that much money. And this is not a lot of money. I could literally do his entire funded count shit on Monday. I could |
| 129 | 00:24:48,720 --> 00:25:00,270 | get him at 159 Right. I can do 10,000 hours on Monday. I can do that. That's not what this is about. I'm teaching him but now. This lesson came up Well, that |
| 130 | 00:25:00,270 --> 00:25:09,750 | sooner and not in the way I wanted it to happen, I want him to do those things in front of me, where I can control how much the drawdown was, and then teach |
| 131 | 00:25:09,750 --> 00:25:16,140 | him right then in there, okay, now this is what you're going to do to mitigate it, you're going to stop right here today. Leave it alone, go home with the |
| 132 | 00:25:16,140 --> 00:25:24,360 | loss. And then we'll come back tomorrow, trade with half the size, and then build it back up, and then you'll be fine. You'll you won't be afraid of it. So |
| 133 | 00:25:24,360 --> 00:25:35,910 | now he has that toxic feeling of impatience. I gotta get it back. I'm sure he feels it even worse than you would, because ICT says that he knows I'm going to |
| 134 | 00:25:35,910 --> 00:25:46,050 | be in his that's about it. Not yet. Because I don't want to add to what he's already feeling. But once we get it back up, I'm gonna get into his ass, okay, |
| 135 | 00:25:46,260 --> 00:25:54,000 | but he needs to be on good footing. Before I do that, because I don't want to crush your spirit. Once he has the account back up, then I can chew on to his |
| 136 | 00:25:54,000 --> 00:26:01,080 | ass and tell him look, this is what you did wrong. This is how you've now impacted your perspective on price. You don't realize it yet. But you're going |
| 137 | 00:26:01,080 --> 00:26:10,350 | to remember this every single time you get into a trade and it starts drawing against you even a little bit. It's just the beginning of that same thing I just |
| 138 | 00:26:10,350 --> 00:26:20,100 | did myself in the beginning. Three years from now, you're going to think that same thing. There's two perspectives to have in mind. You can look at that and |
| 139 | 00:26:20,100 --> 00:26:30,030 | then cause it and allow it to cause paralysis. And second guess yourself or you can say, yep, that's the reason why I'm using a stoploss. Yep. That's the reason |
| 140 | 00:26:30,030 --> 00:26:38,070 | why I'm not over leveraging. Yep, that's the reason why I'm going to take a loss in the session, and stop and come back the next session, if I don't have my all |
| 141 | 00:26:38,100 --> 00:26:46,410 | going to trade in more today, I have to wait and come back in the next session, you place time between your transactions. Because if you're trading when you |
| 142 | 00:26:46,410 --> 00:26:54,000 | take a loss, and you go right back, and unless you have a lot of experience, it's better for you to take a step away. But time between that because you have |
| 143 | 00:26:54,360 --> 00:27:06,630 | you have chemicals coursing through your bloodstream, that are really having an impact on how you see things. See in your mind. You see that loss, or that |
| 144 | 00:27:06,630 --> 00:27:21,240 | drawdown as an emergency. Just like he felt on Friday morning, he felt that that was an emergency. He could lose that entire thing and have to reset it. I would |
| 145 | 00:27:21,240 --> 00:27:31,290 | not be ashamed of that. Because that's normal. He doesn't know what he's doing. left to his own devices in his own intellect, he would absolutely 100% 1,000% |
| 146 | 00:27:31,350 --> 00:27:42,750 | likelihood he's going to fail that if I'm not next to him. And that was the reason why I told him, I said, make these decisions when I'm next to you. And |
| 147 | 00:27:42,750 --> 00:27:57,870 | let me filter them for you. Okay, you'll learn still by doing it. But let me at least be there to filter it. And Friday morning, he wanted to be you know, 18 in |
| 148 | 00:27:57,870 --> 00:28:08,550 | life to go mentality, he's gonna go out there and be a murderer and kill it. And bottom line is, he wasn't ready. And he found out by shock and all that he was |
| 149 | 00:28:08,550 --> 00:28:20,370 | absolutely not ready. And if they didn't have that threshold of stopping him, he probably would have done more damage. Because listening to him, I didn't get any |
| 150 | 00:28:20,370 --> 00:28:38,610 | kind of indication that he had any brakes. So he was pushing and pushing until the brakes came off. That's an he wasn't going to stop until he was done one way |
| 151 | 00:28:38,610 --> 00:28:50,820 | or the other. And that's exactly how all of you. And that's exactly how I was as a 20 year old when I was blowing accounts. That's exactly what it was like in my |
| 152 | 00:28:50,820 --> 00:29:01,470 | head. I'm going to push this bitch until the brakes come off. Nothing's stopping me. No one could have told me stop what you're doing. You're you're being |
| 153 | 00:29:01,470 --> 00:29:10,530 | careless, reckless, you're gambling. You're trying to do something it's impossible to do right now your your clarity is escaping, you don't have it. |
| 154 | 00:29:12,780 --> 00:29:25,920 | You're You're literally just pushing the button, hoping something happens with no reason for having any reason to be in the trade. You just want to do |
| 155 | 00:29:25,920 --> 00:29:32,730 | something you feel like you got to do something. Why? Why you feel like that because you have adrenaline coursing through your body and you scared the shit |
| 156 | 00:29:32,730 --> 00:29:44,190 | out yourself and cortisol. Those two chemicals in your body is telling you what the same thing your brain is telling you. You know you've made it a emergency. |
| 157 | 00:29:45,060 --> 00:29:56,730 | You're lying to yourself by saying I should be panicking right now, when you shouldn't be the opposite. As soon as you start feeling emotional about it. Like |
| 158 | 00:29:56,730 --> 00:30:05,130 | you have to take the trade. You've got to get in there. That is the clue Here's indication to turn on fucking charts off, leave your house, go for a drive with |
| 159 | 00:30:05,130 --> 00:30:18,540 | your phone not in your hand and spend at least 30 minutes away. You got to let those chemicals and imbalances burn off. Because you're literally under the |
| 160 | 00:30:18,540 --> 00:30:33,960 | influence of high stress chemicals that our bodies produce, to enable us to fight or run away. It's fight or flight. And you're sitting here in front of |
| 161 | 00:30:33,960 --> 00:30:44,850 | these car eating these charts telling yourself that there's an emergency that you've created. And there's a fire that you got to put out. You know, you put it |
| 162 | 00:30:44,850 --> 00:30:53,970 | out. It's really easy. Close all positions, remove all orders, turn a charge off and get the fuck away from it. There it is. It's handled. No more emergency. |
| 163 | 00:30:55,170 --> 00:30:55,560 | That's it. |
| 164 | 00:30:56,550 --> 00:31:06,600 | You have a paper cut. Yes, your pride is hurt. Yes, you did damage the account, but you have an account still. If you blow the account, yeah, you burned your |
| 165 | 00:31:06,600 --> 00:31:18,930 | house down. It sucks. But all of that still is not an emergency. You can refund, you can reset, you can add more money to an account, all that. But see what |
| 166 | 00:31:18,930 --> 00:31:31,410 | happens is when you draw down from an equity high, especially when you're new. And then you fall from that height. And 3400 hours just shit money. Like it's |
| 167 | 00:31:31,410 --> 00:31:40,980 | nothing. It's not even real money. It's the combine. But in his mind, he's thinking, like, that's a lot of money to him. And he wants to get funded. He |
| 168 | 00:31:40,980 --> 00:31:53,940 | wants to. And here's the reason why he's wanting to rush to the F Senior Week, coming up in June, are all the kids here, they all go down to Eastern Shore, and |
| 169 | 00:31:54,180 --> 00:32:02,700 | rent hotel rooms, and they all act like fools and carry on. And he wants to have a lot of money to just do whatever and be a baller in front of his girlfriend. |
| 170 | 00:32:03,450 --> 00:32:14,580 | And that was what was in his mind. Friday morning. He wanted to be out there throwing dollar bills around, you know, like a madman and looking, you know, pat |
| 171 | 00:32:14,580 --> 00:32:22,110 | it out. Because he knows I'm not going to throw money at you like that, because I know, I know he's going down, it'd be foolish. So I tell him save all his |
| 172 | 00:32:22,110 --> 00:32:35,940 | money that he's earning at his coffee shop job. And then he spends that. So of course, you know, being a young man, he wants to have more than that. So when |
| 173 | 00:32:35,940 --> 00:32:44,130 | you have these equity highs that you slip away from, and you have drawdown, it literally feels like you're walking up to a mountain and you're looking at |
| 174 | 00:32:45,480 --> 00:32:55,980 | getting a kink in your neck as you look up at the height. And you tell yourself, I gotta get all the way back up there. When before when you were building it up, |
| 175 | 00:32:56,220 --> 00:33:04,350 | you didn't look at that like that you were just trying to take one trade at a time. It was just one step at a time, like a rock climber. Where's my next |
| 176 | 00:33:04,350 --> 00:33:12,390 | foothold? Where's my next gripping point? That's all you cared about. You're doing the right thing that's following the model. Now what's happening is, is |
| 177 | 00:33:12,390 --> 00:33:25,500 | when you're in drawdown, you're looking up at that mountain. That peak that you slid down from. And you're thinking, how am I going to get back up there? Well, |
| 178 | 00:33:25,500 --> 00:33:39,750 | fuck how did you get there the first time. Incremental, modular steps, basic, boring, following the rules, doing this expecting that doing this expecting that |
| 179 | 00:33:39,840 --> 00:33:51,150 | one piece at a time. Think about before you go into drawdown, you're not trying to do crazy shit. You're just trying to do what's the next trade. Do that stop, |
| 180 | 00:33:52,140 --> 00:34:02,430 | make your money be done, turn the trucks off, wait for the next session, wait for the next trading day. It's business. But now you're looking at that same |
| 181 | 00:34:02,430 --> 00:34:15,660 | business, that you now have a loss. You're in drawdown, you're looking up at that old equity high. And you're telling yourself this is going to be so hard to |
| 182 | 00:34:15,660 --> 00:34:23,730 | get back up to that. I just want to get through it really, really fast. And you're wrestling with these impulsive feelings that you got to get in here and |
| 183 | 00:34:23,730 --> 00:34:35,250 | just do really big trades because you just got to get through it. The quicker I can climb back up there, the better. When that's absolutely the worst mentality |
| 184 | 00:34:35,250 --> 00:34:47,640 | to have. You need to tell yourself the same thing you did before. I'm going to find my next setup based on the model. I'm going to risk less money. I'm |
| 185 | 00:34:47,640 --> 00:35:00,870 | submitting to the idea now because I have to do this at a longer duration. I've pushed my finish line further away from me in time you I've created this |
| 186 | 00:35:00,870 --> 00:35:16,530 | drawdown, the drawdown is not a, it's not an end of a career. It's a well, it's a struggling point you have to wrestle through, yes. But the wonderful thing is, |
| 187 | 00:35:16,560 --> 00:35:28,920 | once you go through that first drawdown, and you mitigate all that, but you do so correctly, the worst thing you can do is go in there and Yolo You Only Live |
| 188 | 00:35:28,920 --> 00:35:39,570 | Once type trading, to try to get it all back in one fell swoop, it's over. Because what you'll think, if you are able to do that by luck, is that you're |
| 189 | 00:35:39,570 --> 00:35:50,910 | better than you really are. And that drawdown has not had any lasting impression on you, to prevent you from being reckless in the future. So you're looking up |
| 190 | 00:35:50,910 --> 00:36:02,790 | at that peak, that equity high that you drew down from losing trade here losing trade there, and now you're in drawdown. You're not to look at that and say, I |
| 191 | 00:36:02,790 --> 00:36:10,920 | got to quickly get back there. Now you don't, because when you were taking your trades that got you there, you didn't say I have to be there. By this day. |
| 192 | 00:36:13,110 --> 00:36:21,150 | Nobody had that mentality at mindset when you were getting to the equity how you were just taking one trade next trade next trade, that's all you're doing. But |
| 193 | 00:36:21,150 --> 00:36:30,900 | now because you're in drawdown, your whole entire perspective about yourself, your abilities, and how it is that you're going to get back up there is |
| 194 | 00:36:30,900 --> 00:36:46,530 | completely distorted. That's what makes drawdown become a blown account, not understanding that that that mentality that you're now holding, is extremely |
| 195 | 00:36:46,560 --> 00:37:00,390 | fragile. It's so brittle, that the next trade you put on, you're going to be so hypersensitive to every little fluctuation, that it's going to make you scared, |
| 196 | 00:37:01,350 --> 00:37:10,920 | you're going to be impatient about it, you will not be willing to sit through the stop being hit again, you're going to be more likely to not want to use a |
| 197 | 00:37:10,920 --> 00:37:23,460 | stop loss, like he did on Friday morning. And then when you don't have a stop, and it goes past where your stop would have been. You'll be wrestling with well, |
| 198 | 00:37:23,460 --> 00:37:33,630 | if I get out. It might be just going just past where my stop would have been in it and it reverses and you start telling yourself that bullshit. You start |
| 199 | 00:37:33,630 --> 00:37:40,800 | giving yourself pillow talk when one night stand honey on Yeah, I really enjoyed the time with you. Let me just stay a little bit longer with you, when really |
| 200 | 00:37:40,800 --> 00:37:52,470 | you just want them to fall asleep. So you can sneak out you know, you shouldn't be in that trade. But you start doing pillowtop I'll be alright, it's just, it's |
| 201 | 00:37:52,470 --> 00:38:03,540 | probably going to turn around and hold time, it's just going deeper into you running that sword deeper into you. And more damage has been done. And then |
| 202 | 00:38:03,540 --> 00:38:12,630 | finally you can't handle it and you get out. And then it moves in your favor. Not because your trade would have panned out but because it's simply just doing |
| 203 | 00:38:12,870 --> 00:38:23,850 | something else. But your mind is going to say, Ah, see I did it wrong. And now you're gonna go in and chase it again. That's exactly what goes on. In every |
| 204 | 00:38:23,880 --> 00:38:36,600 | traders mind when they're in drawdown. That's exactly what it is. So the only thing that is actually good about this is it happened on a Friday. So it forces |
| 205 | 00:38:36,630 --> 00:38:51,810 | 48 hours of decompression, you have to take time, you have to reset yourself, you got to remind yourself with positive self talk, that nothing has changed. |
| 206 | 00:38:52,110 --> 00:39:00,300 | These markets are still going to book the same way they book all the time. They're going to run for liquidity. They're going to go from premium, the |
| 207 | 00:39:00,300 --> 00:39:10,110 | discount discount the premium, they're going to run to inefficiencies, everything's going to operate on time. You just did something incorrect in this |
| 208 | 00:39:10,110 --> 00:39:17,400 | moment, because he's new, he doesn't have but just a couple of days of journals that look at so he doesn't really have a plethora of experience of moving back |
| 209 | 00:39:17,400 --> 00:39:29,190 | on when it was good. This is why it's essential for you to be demoing and not doing the journaling. That way, when you start practicing with forward testing, |
| 210 | 00:39:29,550 --> 00:39:38,370 | and you feel like you have encountered a period where maybe they changed the algorithm. They're not changing shit, but you'll feel like everything's broke |
| 211 | 00:39:38,370 --> 00:39:48,420 | because you're just doing it wrong. And you'll feel depressed, you'll feel like you're not getting it. You go back to your journal and you read those entries |
| 212 | 00:39:48,420 --> 00:39:57,030 | where you saw this coming. The chart looks like this and you feel better about it. And it gives you the motivation that cheerlead you through it. He doesn't |
| 213 | 00:39:57,030 --> 00:40:08,220 | have that. So it's a lot harder for him. him right now, because he shamed one of the press that wanted to do well want to do something independent of all of |
| 214 | 00:40:08,310 --> 00:40:25,080 | himself. And then he did that. So $4,000 of what would be considered drawdown is nothing. That's a morning session on a couple of contracts for me. |
| 215 | 00:40:26,880 --> 00:40:39,780 | And I spent the afternoon on Friday, basically explaining him that listen, like, even though Friday was a bit of a crummy day, technically, like it was a lot of |
| 216 | 00:40:39,780 --> 00:40:47,850 | give and take a lot of give and take spotty price action. It looked like I was watching the Dow futures, when I was looking at ES. And when I was working with |
| 217 | 00:40:47,850 --> 00:40:57,090 | my older students, and we were watching some of the price action, it was really weird. And I call it out and marked out with them. And my son, several |
| 218 | 00:40:57,510 --> 00:41:09,120 | filehandle runs here and there back and forth. And I told him, I said, Listen, don't be afraid. Because you did this, to be able to go forward, don't let it |
| 219 | 00:41:09,570 --> 00:41:19,650 | bog you down to make you feel like you're gonna never be able to do this, because you're going to tell yourself all this weekend that you made a mistake |
| 220 | 00:41:19,650 --> 00:41:32,400 | and you want to be able to go back in time and never have done it. It's every every traders, you know regret. You know, when they lose money. Dogs see the |
| 221 | 00:41:32,400 --> 00:41:43,740 | deer outside the day, we all want to go back in time. And that put not push the button on that trade. Or start trading on that day when you knew really, really |
| 222 | 00:41:43,740 --> 00:41:49,320 | isn't anything in there that be trading but you know, I got time and getting pushed the button, maybe you know, maybe I'll get lucky and get some kind of a |
| 223 | 00:41:49,320 --> 00:42:00,060 | when all those things we know after the fact where Hindsight is perfectly 2020. And you know, you can go back and pinpoint what is it you did wrong. He's |
| 224 | 00:42:00,060 --> 00:42:17,100 | experiencing that for the first time right now. He's, he's having to come to grips with, nobody did it. Nobody did it to him. And he's looking for some way |
| 225 | 00:42:17,340 --> 00:42:28,470 | internally, how he can take the responsibility and place it on something outside of himself, just like I did when I was 20. And just like you listening to me, |
| 226 | 00:42:29,640 --> 00:42:37,950 | even the people that say I'm a fraud and my stuff doesn't work, you know, that shifts the truth about you, too. You want to find some kind of external reason |
| 227 | 00:42:38,160 --> 00:42:47,730 | why you fucked up. Because it's uncomfortable. And that's what this industry does. It's a it's a perfect mirror, it's better than the mirror, when you go to |
| 228 | 00:42:47,730 --> 00:42:58,860 | your restroom, and you look at yourself in the morning, brushing your teeth, getting yourself ready. That mirror just shows you a reflection of you. This |
| 229 | 00:42:59,340 --> 00:43:11,340 | industry shows you who you really are, because you can lie in that mirror. You can comb your hair and put makeup on and shave your face and put contact lenses |
| 230 | 00:43:11,340 --> 00:43:22,230 | on there a different color, you do all kinds of shit, the change that you can't wear a mask in this industry, all the masks fall off. As soon as you push that |
| 231 | 00:43:22,230 --> 00:43:34,920 | button, the real you is exposed. The real person inside of you, the person making the decisions, the one that's driving drunk behind the buys and the |
| 232 | 00:43:34,920 --> 00:43:52,230 | sells. That's it, that's the person that's responsible. And that sometimes is extremely difficult for an individual to take. It's extremely stressful. It's |
| 233 | 00:43:52,470 --> 00:44:03,180 | alarming. Sometimes when you discover, wow, I don't really have it all together. I thought I had it figured out. I had all these things planned with all this |
| 234 | 00:44:03,750 --> 00:44:13,680 | success. And then when you put the trade on and you wrecked yourself, and then you tried to fix it, not knowing what it is you're doing and then becoming |
| 235 | 00:44:13,710 --> 00:44:26,340 | impulsive. Instead of realizing that okay, I caused this situation. Let me take a step back and slow down. That doesn't happen. It's speed up, do more of the |
| 236 | 00:44:26,340 --> 00:44:45,480 | same stupid stuff and get worse. Why do you do that? Cortisol, adrenaline and not knowing what you're doing. Remember, in your mind, it's the equivalent of |
| 237 | 00:44:45,480 --> 00:44:59,040 | you standing in your house with every wall on fire. The room you're in is filling up with smoke. It's an emergency. Hourly someone looking at you. They |
| 238 | 00:44:59,040 --> 00:45:06,870 | would never feel Like, that's what's going on inside your head. They haven't walked by look at you at your trading desk, you're in drawdown, maybe you're not |
| 239 | 00:45:06,870 --> 00:45:15,600 | smiling, but they don't feel like you're going through any kind of emergency. But inside the whole fucking world coming to an end, and and what are you doing? |
| 240 | 00:45:15,870 --> 00:45:26,520 | You're trying to put out all those fires. That's what he experienced. That's what I experienced when I everytime I blew an account. That's exactly what you |
| 241 | 00:45:26,520 --> 00:45:37,680 | experienced all the time to send me a tweet and tell me hell yeah, if that's exactly what you've encountered when you blew your account. And you'll see, |
| 242 | 00:45:37,920 --> 00:45:51,690 | you're not the only one, everybody, every body has gone through this at least a dozen times, not just once a dozen times. And until you get to that point where |
| 243 | 00:45:51,690 --> 00:46:06,900 | you know, your model, and you have mastered yourself, and an 18 year old kid, especially a male man, he is he's never going to be in control of himself. Not |
| 244 | 00:46:06,900 --> 00:46:20,370 | 18 is there's too many chemicals being pushed through his natural development. He's at the peak of his testosterone too. So he feels like he can do everything, |
| 245 | 00:46:20,400 --> 00:46:31,680 | but he's superhuman. And that's why it's a little bit harder of a prick to his ego and pride when any failure comes. Because he thinks that it should be the |
| 246 | 00:46:31,680 --> 00:46:41,160 | same feeling he has when he does anything else and succeeds. So it's good for him to be humbled, it's good for him to learn like he's learning right now. It's |
| 247 | 00:46:41,160 --> 00:46:48,780 | also good for Dad, because I didn't give him money. Because he would have probably spent more money in drawdown or bloating the account without me being |
| 248 | 00:46:48,780 --> 00:46:57,300 | there. So in a lot of ways, I'm very thankful that he took this initiative to go this route. And I think that's the reason why I wanted to do it, because he knew |
| 249 | 00:46:57,300 --> 00:47:06,450 | his own impulses. He had it in his head. He didn't tell me but I can tell you now, as I'm talking to you about and thinking about it, he had that in mind, he |
| 250 | 00:47:06,450 --> 00:47:14,700 | was once he figured out what he thought he was going to be able to do. As soon as he felt that he could do that. When he was given the car keys, without me in |
| 251 | 00:47:14,700 --> 00:47:28,350 | the car with him riding shotgun, he was just gonna go. He's gonna go drive to town. And he was going to drive until the brakes came off. And thankfully, he |
| 252 | 00:47:28,350 --> 00:47:39,150 | ran out of gas. And that threshold that they put you through or to and stop you. That's what he hit. So he didn't go off the bridge, but he had a tree to now he |
| 253 | 00:47:39,150 --> 00:47:53,700 | has damaged so he has to get corrected. Still has the car to drive 149,000 on that funded account thing. But I think it's like 147 something, okay, but he has |
| 254 | 00:47:53,700 --> 00:48:09,120 | to be very careful. And I told him, I said, You got to listen, and don't do anything apart from me being next to you. You don't have to do a reset. Because |
| 255 | 00:48:09,120 --> 00:48:18,930 | he was saying that that's the worst case scenario, dad. If I if I would have blown it out, because that's what he was willing to accept. We could just do a |
| 256 | 00:48:18,930 --> 00:48:31,680 | reset. I don't care. I'll do that. But I just wanted to get it back right away. Why? Why did you feel like you have to get it back right away. Because I felt |
| 257 | 00:48:31,680 --> 00:48:47,010 | like I had to get it back. It just felt like I had to know you were telling yourself that nothing has to happen. Nothing. Nothing has to happen. You have to |
| 258 | 00:48:47,010 --> 00:49:00,060 | be comfortable between trades. You cannot have any kind of overwhelming impulsiveness to get in there to make something back or make something more. If |
| 259 | 00:49:00,060 --> 00:49:10,200 | you're doing that, that's the improper onset, you're gambling. I promise you if you're listening to me right now, if you are unstable, and highly emotional, |
| 260 | 00:49:10,650 --> 00:49:21,390 | impatiently waiting to get into a trade. The best advice I can tell you is go do something else for 30 minutes. Come back. If you missed the move, who cares? |
| 261 | 00:49:22,410 --> 00:49:38,550 | That's not the last trade it's going to form. But if you lose your shit about having missed that move, you are a gambler. You're absolutely an on controlled |
| 262 | 00:49:39,390 --> 00:49:52,320 | gambler. You feel like you gotta be in every move. I'm not teaching you to do that. And yesterday afternoon, I basically sat down with my son and my older |
| 263 | 00:49:52,320 --> 00:49:59,550 | students, you know, they were privy to what I was doing. I was showing him buying and selling up and down, up and down, up and down, up and down. And I |
| 264 | 00:49:59,550 --> 00:50:10,170 | said listen And just because I can do this, just because I can do that doesn't mean I sit in front of these charts and do that all day long. I want to pick my |
| 265 | 00:50:10,170 --> 00:50:19,470 | shots I want to be able to do, what makes sense to me and on the trade I know is likely to occur. And I'm not in a rush to get into, and everything lines up and |
| 266 | 00:50:19,470 --> 00:50:22,170 | I have all the signatures I'm looking for. They're the ones that tweet to you. |
| 267 | 00:50:24,360 --> 00:50:33,750 | They're the ones that aren't going in and telling you okay, I'm, I'm going long here. I'm taking a short and they don't take off. Or there's one that I did lose |
| 268 | 00:50:33,750 --> 00:50:45,720 | one. And I see people tweeting all the time. You did that on purpose. You took a look. No, I got it wrong that day. I'm not infallible, I did it wrong. But most |
| 269 | 00:50:45,720 --> 00:50:56,220 | times, I'm not doing it wrong and call on it before it happens. And there it is. But I showed him I said, Listen, just because I can do that doesn't mean I go in |
| 270 | 00:50:56,220 --> 00:51:06,540 | there and go hog wild with it. It's not necessary. You need to master yourself. Just because you have the sword in your hand and you can swing it all around. |
| 271 | 00:51:07,740 --> 00:51:18,300 | Doesn't mean that that's what you should be doing. You should keep it in its scabbard. unsheathe that do one stroke the item. It's the art of drawing the |
| 272 | 00:51:18,300 --> 00:51:30,030 | sword. You pull that blade out as you're drawing, it's also a cut. You remove the blood, and then put it back into the scabbard. The cut and the drawing of |
| 273 | 00:51:30,030 --> 00:51:39,720 | the sword is all one motion. You're not out there like Jason Borghese and Friday 13th is fucking swinging around like a machete trying to cut everything. And |
| 274 | 00:51:39,720 --> 00:51:48,960 | that's exactly what you become a crazed homicidal fucking psychopath. When you're in drawdown, you literally have a machete in your hand. And you think |
| 275 | 00:51:48,960 --> 00:51:58,020 | every candlestick is a fucking tree that you got to chop down. This is the one I'm going to do next. Oh, yeah, you printed that and you got and the whole time, |
| 276 | 00:51:58,320 --> 00:52:08,520 | you're hacking yourself up. You're not cutting anything down except for your equity base. And you don't even realize it because you're a crazed homicidal |
| 277 | 00:52:08,520 --> 00:52:20,760 | maniac, because you did it to yourself, and you're looking at it, like somebody else did it to you or something else did it to you. And you did it. You have |
| 278 | 00:52:20,760 --> 00:52:35,100 | lost the plot, you've lost control of yourself. And the only thing that fixes that time. You have to separate yourself. Move away from the stimuli that's |
| 279 | 00:52:35,100 --> 00:52:46,980 | causing you to want to do those things. ground yourself, let the adrenaline and cortisol burn off. It's gonna take about a good 30 minutes, cortisol lasts a |
| 280 | 00:52:46,980 --> 00:52:57,960 | little bit longer than adrenaline, adrenaline, several minutes and it's gone. Cortisol, it takes a little bit more time to burn that off. And then once you |
| 281 | 00:52:57,960 --> 00:53:10,020 | are in a proper state of mind, then you can deal with other things in your personal life and not be so snappy and punchy, ready to fight and have an |
| 282 | 00:53:10,080 --> 00:53:19,860 | argument. You won't feel like every little word that's been spoken to you has needles on it pricking you, you won't argue with your spouse, you won't yell at |
| 283 | 00:53:19,860 --> 00:53:30,810 | your kids, you won't kick the dog, you will get fired at your job. But when you're looking at that drawdown, and you're staring up at it, like it's a |
| 284 | 00:53:30,810 --> 00:53:39,240 | mountain, that you're never going to get to climb back up. And you have to hurry up and get back up there. Like like that's the thing that has to happen. stop |
| 285 | 00:53:39,480 --> 00:53:54,930 | and listen to me for a second okay. Nothing has changed. Everything is exactly the way it is right now. And how it was exactly the same way when you were at |
| 286 | 00:53:54,930 --> 00:54:04,740 | the equity high. The system, the concepts, the methodology, and the way these markets book have not changed. The only thing that has changed is your |
| 287 | 00:54:04,740 --> 00:54:21,450 | perception about yourself your own ability and what you're going to do next. So you have a sense of heightened concern you had a house fire you want to hurry up |
| 288 | 00:54:21,450 --> 00:54:33,780 | and get your house restored. Does it happen like that in real life? No. You lose some things that you can't get back. That sense of I'm doing everything right |
| 289 | 00:54:33,780 --> 00:54:43,710 | This feels great. This is a lot easier than I thought it was while you were making that equity high. Now you have lost you didn't need to second guess |
| 290 | 00:54:43,710 --> 00:54:51,060 | yourself in the beginning. But now you have to second guess yourself. Am I going to do that to myself again? What am I going to do? If this this trade turns |
| 291 | 00:54:51,060 --> 00:55:00,330 | against me? How am I gonna feel see now you have that in your in your in your mind now. And you're feeling it when you don't have a trade which causes is a |
| 292 | 00:55:00,330 --> 00:55:12,930 | great deal of anxiety, performance anxiety. And it's easy to talk yourself out of ever staying with this, when that happens. And a lot of people quit. A lot of |
| 293 | 00:55:12,930 --> 00:55:21,180 | people quit, but still push the button, because they can't take themselves away from it because they're in a state of mind, they're impulsive, they're reckless, |
| 294 | 00:55:21,240 --> 00:55:30,330 | and it is aren't willing to wrestle themselves into discipline. They've already quit. Subconsciously, they know they're never going to do it. But this, they |
| 295 | 00:55:30,330 --> 00:55:38,700 | just want to push the button. Much like I mentioned before, and Twitter space. And I think I've talked about it one time when I need to video lecture |
| 296 | 00:55:38,700 --> 00:55:52,980 | somewhere. On my first year honeymoon, I told you I took $100, that's all I had to take input into a multi column slot machines. I could have brought more, but |
| 297 | 00:55:52,980 --> 00:56:02,160 | all I wanted to bring was $100. Because I knew that the chance of me making any money off of that is next to none. So I limited myself to 100 bucks. And I tried |
| 298 | 00:56:02,160 --> 00:56:09,000 | eventually, after being there for hours trying to lose the $100. Like I was down. Just wanted to be done with it. But I didn't want to walk away because |
| 299 | 00:56:09,000 --> 00:56:18,210 | like, stupid, like I just I just want to lose it and be done. That's exactly what happens when you trade with the state of mind that my son has right now. |
| 300 | 00:56:20,940 --> 00:56:36,960 | You want to be able to say that you got pushed out of it by some external force. Yeah, stupid brokers. Yes, stupid market makers, they did it to me again, they |
| 301 | 00:56:36,960 --> 00:56:52,320 | got my stop. Because then it makes it a lot easier to deal with. You didn't mess up if somebody else did it to you. You didn't do anything wrong. You did |
| 302 | 00:56:52,320 --> 00:57:05,520 | everything wrong. You did everything wrong. And you have no sense of responsibility. And unfortunately, in this industry, responsibility is always |
| 303 | 00:57:05,760 --> 00:57:18,780 | yours. It's yours. It's not mine, as the mentor. It's not your brokers. It's not the funded account company. It's not the company that you keep, it's not your |
| 304 | 00:57:18,780 --> 00:57:31,830 | spouse. It's yours. And some people that come into my folder in this industry, don't ever have the responsibility that's required to be a trader. And when they |
| 305 | 00:57:31,830 --> 00:57:41,820 | are first introduced to that necessity of having responsibility by having losing trades, when they did it to themselves, all this stuff doesn't work. It's a |
| 306 | 00:57:41,820 --> 00:57:52,470 | fraud. It's a scam. Despite how many times I've I've shown you beforehand what's going to happen. You've seen me executing trades, you have seen me use a Live |
| 307 | 00:57:52,470 --> 00:58:01,050 | account, it's on my YouTube channel, showed you every day logging into it. I showed you losing trades, I showed you drawdown, correcting the drawdown, |
| 308 | 00:58:01,140 --> 00:58:12,450 | doubling the account in five weeks with one contract. But you didn't show 30 years of that. The fuck out here. I don't need to I'm showing you every day what |
| 309 | 00:58:12,450 --> 00:58:23,820 | it's going to do. Everybody that has a weak mind, they're going to manifest that outwardly in this industry, when they suck as you can see who the weak people |
| 310 | 00:58:23,820 --> 00:58:34,110 | are the people that chat too much. These things don't work. These things aren't profitable. These people are broke. They're in that state of mind that my son's |
| 311 | 00:58:34,110 --> 00:58:46,650 | feeling right now. And they never got out of it. They never got out of it. They're the guy that never got picked to be on the team. They're the last one |
| 312 | 00:58:46,650 --> 00:58:58,590 | picked. And they got a chip on their shoulder. My son has a chip on his shoulder right now. And I'm eager to see how he contends with that. Because he's |
| 313 | 00:58:58,590 --> 00:59:12,630 | extremely competitive. Very competitive. He has told me to my face, and I love it. Because Dad, I'm going to be better than you and dammit, I fucking want to |
| 314 | 00:59:12,630 --> 00:59:25,110 | see it. I want to see I want to do everything I can to make that fucking happen. I want that. I want to see it. I hope I live long enough to see him smoke my ass |
| 315 | 00:59:25,140 --> 00:59:41,730 | and be able to do it way better than me. I want that. And how he handles this moment right now. This one here. It's like an ember. It's not a flame. It's just |
| 316 | 00:59:41,730 --> 00:59:54,300 | a small little ember. And I'm trying to handle it extremely delicately. I don't want it to go out but also don't want to drop it into a combustible liquid that |
| 317 | 00:59:54,300 --> 00:59:57,390 | would turn into a wildfire. Because then you get |
| 318 | 00:59:59,130 --> 01:00:07,890 | reckless you screw jobs like you see on the internet. They're just wired differently now because they're, they're bent, but not successful. They go |
| 319 | 01:00:07,890 --> 01:00:16,800 | around calling everybody a fraud. And they don't produce anything to show that they can be a trader. That's consistent. The only thing to talk about is toxic |
| 320 | 01:00:16,800 --> 01:00:26,940 | stuff, pointing out anything that's you could be viewed as subpar, but not acknowledging the things that are working if being called in to account before |
| 321 | 01:00:26,940 --> 01:00:40,830 | it happens. I want to keep his passion burning. Like I don't want to smolder it, which is why I said earlier, I want to jump as assets is that like, you fucked |
| 322 | 01:00:40,830 --> 01:00:50,580 | up? But it's not the right time to do that. When we get back to the equity high, then I'm gonna choose fucking Sal. He'll be in a better position. Because he can |
| 323 | 01:00:50,580 --> 01:01:00,840 | see, okay, I get it, dad. No, I watched what we did to get it back here. It's fine. Now it makes sense. But if I kick him in his face, rip his head off and |
| 324 | 01:01:00,900 --> 01:01:10,800 | shaken by the lapels, while he's feeling what he's feeling. Now, the only thing that would do is make him feel worse about what he's done. And that's just going |
| 325 | 01:01:10,800 --> 01:01:23,460 | to compound that losers mentality that could really stay with him longer and create much more of a hardship for him to learn. Because he'll have a scar to |
| 326 | 01:01:23,460 --> 01:01:33,780 | he's not looking at me as the reason that I didn't inflict the scar that he's going to have. I didn't create that for him. He's going to walk through his |
| 327 | 01:01:33,780 --> 01:01:47,700 | career now, knowing that he himself did that. So I'm allowing this condition to do what it does and everybody, but also I'm going to coach him encouraging along |
| 328 | 01:01:47,940 --> 01:01:58,560 | as his dad and also inner circle trader. Yes, it sucks. But you got to fucking suck it up, buttercup. Because this is exactly what it's like the rest of your |
| 329 | 01:01:58,560 --> 01:02:10,500 | fucking career. When you go into drawdown. It is never fun. It's not fun, but I'm not. I'm gonna lose my mind. I'm losing money. I have a losing trade. Oh, |
| 330 | 01:02:10,500 --> 01:02:21,930 | this sucks. But that. Okay, I got that one wrong. What am I gonna do next? Done handled. I have a process. He doesn't have a process. You didn't have a process |
| 331 | 01:02:22,050 --> 01:02:30,240 | when you went into drawdown. And then when you eventually blew your account, you had no, you had no process. You were in that burning house. And you were trying |
| 332 | 01:02:30,240 --> 01:02:39,150 | to put out the house fire because you didn't want all of your loved ones. Things and your things, the things that you treasure in your life, you don't want to |
| 333 | 01:02:39,150 --> 01:02:50,160 | see them all go up in smoke. Because you can't replace them. That's exactly what you're thinking about with that equity high. You think that's a family heirloom |
| 334 | 01:02:50,160 --> 01:03:03,300 | that you can't replace the fuck out of here. That thing is something that you're going to go past. All this is is a slingshot draw downs are a slingshot. You go |
| 335 | 01:03:03,300 --> 01:03:14,310 | up to an equity high, you draw back to get more energy and then let it go. Boom. New equity high. Eventually, you draw down again. Okay, that's no problem. I'm |
| 336 | 01:03:14,310 --> 01:03:28,800 | drawn down like a slingshot. And then boom, new equity high. That's how this shit works. But when you first encounter it, you've been driving, you don't |
| 337 | 01:03:28,800 --> 01:03:36,600 | write everything correctly. And then all of a sudden, you did something silly. did something stupid. You push a little too much. And you have a losing trade. |
| 338 | 01:03:36,960 --> 01:03:54,120 | Okay? Stop. Don't go back and wait to the next trading day. Give yourself some time. Remind yourself outwardly with your own mouth speaking it. Tell yourself |
| 339 | 01:03:54,450 --> 01:04:05,250 | there is no emergency this losing trade is not an emergency. This is this is not something that I have to contend with immediately. I don't have to put this out |
| 340 | 01:04:05,250 --> 01:04:15,870 | as a fire. It's not a fire. It's a flat tire. It's not a carbecue your fucking car is not on fire on the side of the road. You had a flat tire. That's it. |
| 341 | 01:04:16,080 --> 01:04:27,240 | Change the fucking tire. That's all change the tire and get back on the road again. You can't do that if you melt the fucking car down. When a car fire. You |
| 342 | 01:04:27,240 --> 01:04:38,340 | just can't do it. Yet, get another one. The reset the account or refund your account. That's not fun. It's expensive. So to avoid that, just let it be a flat |
| 343 | 01:04:38,340 --> 01:04:49,980 | tire. Stop. That's one losing trade. Okay, now you're you're angry. You're pissed off? Are you in the right state of mind to take the trade? No. So you |
| 344 | 01:04:49,980 --> 01:04:59,070 | have to have that as a process. As soon as you take a losing trade. Boom, stop. Get up, walk away. 30 minutes minimum. I don't give a fuck. What you think |
| 345 | 01:04:59,070 --> 01:05:04,560 | you're seeing in the charts. I don't care what I'm talking about on Twitter, oh, it's going to be a big day it's going to do this is going to draw here, stop, |
| 346 | 01:05:04,560 --> 01:05:18,150 | turn my ass off on Twitter. Don't look at social media, turn your charts off, leave for 30 minutes. Minimum. And if we come back, if you feel impulsive, like |
| 347 | 01:05:18,150 --> 01:05:27,780 | you gotta be doing something, you are in a Gambler's mindset and do not absolutely touch anything. But it's hard to pick up on all that. Unless you put |
| 348 | 01:05:27,780 --> 01:05:40,050 | some time between your loss and your next entry. I promise you your next entry is going to be impulsive. It's going to be just reckless, stupid shit. Everybody |
| 349 | 01:05:40,050 --> 01:05:57,060 | does that. Everybody does that on their first drawdown? Everybody does it. It's weird. I literally it would be amazing. If people would do a testimonial and |
| 350 | 01:05:57,060 --> 01:06:05,100 | say, Yeah, this is what it was like in China walk everybody that would be willing to listen to it. I love it. Like I would love it. If there would be a |
| 351 | 01:06:05,100 --> 01:06:13,890 | channel on YouTube. I'm willing to be the one that did the first submission to it. What it was like on my first losing trade, it took me into drawdown and I |
| 352 | 01:06:13,890 --> 01:06:21,900 | blew my first account, I would absolutely have no problem doing it with the expectation that other people would do it too. And you'll you would hear it |
| 353 | 01:06:21,900 --> 01:06:31,410 | would be like someone saying the same thing from the same fucking script. It's amazing how it always happens. It's the same shit. What goes on in our mind what |
| 354 | 01:06:31,410 --> 01:06:42,510 | we're thinking what we're fearful of what we have to do right away. It needs to happen right now for fuck sake, I gotta get my money back. Now you don't know |
| 355 | 01:06:42,510 --> 01:06:48,570 | you don't. You don't need to do that. But you do when you're live streaming and you gotta make yourself look smart. You're gonna prove to the world you can |
| 356 | 01:06:48,570 --> 01:06:58,860 | trade better nights at Buck Max in the last day. That was insane. Man, I wish he'd started YouTube live again, missing it. But the point is this, my son |
| 357 | 01:06:59,550 --> 01:07:11,250 | wrecked himself. No problem. You got a flat tire, you got a fender bender. It is what it is. That knows how to fix that no problem. But I can't fix what he's |
| 358 | 01:07:11,250 --> 01:07:30,300 | holding on in his brain as things to worry about with the focus on that needs to be guided. Instructed navigated with proper encouragement, but still allowing |
| 359 | 01:07:30,300 --> 01:07:43,500 | for that sting. I need that to be there for at least another week or so. Like he needs the fear himself, not the market. Because that's what it's like when this |
| 360 | 01:07:43,620 --> 01:07:56,190 | industry puts you through something like this. It exposes you. It doesn't make your method, the teacher that taught you the concept itself. It doesn't make any |
| 361 | 01:07:56,190 --> 01:08:09,810 | of that any different than what it was before you did something improper. It makes you shine a spotlight right on you. You the operator, the person that |
| 362 | 01:08:09,810 --> 01:08:20,610 | pushed that button, the person to open themselves up to risk. You were the one driving the car. You were the one that got drunk. You were the one that caused |
| 363 | 01:08:20,640 --> 01:08:34,740 | all that carnage. And you have to own it. And some people that come to this industry aren't equipped to own it. They want to blame everything someone else |
| 364 | 01:08:35,130 --> 01:08:52,860 | for their stupidity. Their impulsiveness, their lack of self control. And you have to own it. And you have to be strong. And identify as soon as you start |
| 365 | 01:08:52,890 --> 01:09:04,050 | feeling that way, identify what it is. It's not weakness to stop trading, it's not weakness to go home in drawdown, that is not weakness. That is absolutely |
| 366 | 01:09:04,260 --> 01:09:18,450 | the right way to do it. You have to be able to take losses, go home with them. It's okay. The market is going to be there. opportunities will present |
| 367 | 01:09:18,450 --> 01:09:29,160 | themselves again. And that equity high is not a family heirloom that you've lost in a fire. It's not an insurmountable peak on a mountain that you're never gonna |
| 368 | 01:09:29,160 --> 01:09:39,090 | be able to get back to, if not Mount Everest. I don't know if you've noticed or did it. There's a lot of documentaries about the need for Mount Everest rather, |
| 369 | 01:09:39,480 --> 01:09:48,270 | and I Oh fuck, I would never climb that place. I would never do that I'm afraid of heights and don't be afraid to say I have to go. If I watch a video on |
| 370 | 01:09:48,270 --> 01:09:56,850 | YouTube, where people are really high up, I literally feel like I'm falling off the couch. And I'm in you know I'm in my home. But I literally feel like I'm |
| 371 | 01:09:56,850 --> 01:10:01,140 | gonna fall looking like that. I don't have The ability to handle that. |
| 372 | 01:10:03,570 --> 01:10:15,060 | But you're not looking at that equity hide it, you slipped down in drawdown from and viewing that as Mount Everest. And listening to documentaries about Mount |
| 373 | 01:10:15,060 --> 01:10:22,500 | Everest, there's a lot of people that climb up there and die up there. And they can't go up there and get them, they just, that's where they dropped, that's |
| 374 | 01:10:22,500 --> 01:10:33,660 | where they lay in the cold temperature just keeps them, you know, how they were when they dropped. Just because you want to climb back up there again, you don't |
| 375 | 01:10:33,660 --> 01:10:45,870 | want to die on the ascent. Much like a lot of people do trying to climb Mount Everest healthy fit, people have died climbing up there, they went too fast, you |
| 376 | 01:10:45,870 --> 01:10:55,770 | got to go up a little while you rest, let yourself get accustomed to that height. Same way, when you're coming down much like a scuba diver, you go down, |
| 377 | 01:10:56,010 --> 01:11:11,790 | you have to go down at a controlled pace. In gotta come up a control piece to allow the blood to regulate. Otherwise, you'll get the bends. And that's not |
| 378 | 01:11:11,790 --> 01:11:25,620 | fun. But that equity high that you fell from. You're going to go there again. But you don't have to go there right away. It's just like when you went to your |
| 379 | 01:11:25,620 --> 01:11:33,450 | favorite vacation destination. You went there to drive what's great, you couldn't wait to see the new equity high and your new trades. Okay, great. You |
| 380 | 01:11:33,450 --> 01:11:42,390 | get a new equity high. Wonderful, you show your wife, okay, maybe it's a new high score. And then you want to impress her, what do you do? Take the next |
| 381 | 01:11:42,390 --> 01:11:51,630 | trade because you feel like you're right there, it's almost at that target I'm looking for. This is another thing, I'd like to see how many people get their |
| 382 | 01:11:51,630 --> 01:12:00,540 | ass in, when they were just trying to get to a target that they have already assigned. Like I have to get to this level, this is my target. And they may have |
| 383 | 01:12:00,570 --> 01:12:11,970 | gotten out of a trade that just fell short. Like it just, I'm talking like 20 Fucking bucks, something so simple like that. Just miss my target. As a 20 year |
| 384 | 01:12:11,970 --> 01:12:24,660 | old, I did stupid shit like that. I was trading copper one time. And I literally fell short of it. One at one point. And that would have been the number that I |
| 385 | 01:12:24,660 --> 01:12:32,520 | was aiming for. And there was time still left in the day. So alright, let me just go in here real quick and do one more in that one single contract trying to |
| 386 | 01:12:32,520 --> 01:12:44,250 | get to that level. It was a losing trade. So what what happened? The same thing happened with my son on Friday morning. Fuck, well, let me I gotta get that |
| 387 | 01:12:44,250 --> 01:12:54,210 | back. Now. I don't care if I get my target today, I gotta get that back. Because that's that's not going to be acceptable. So I did another trade. And it wasn't |
| 388 | 01:12:54,210 --> 01:13:02,280 | a losing trade. So now I'm in the wrong state of mind. But I don't know this. I don't know enough about myself. I don't know that this is what goes on in the |
| 389 | 01:13:02,280 --> 01:13:13,230 | minds of traders that are in out hopped up on risk and gambling. I'm not looking at if I get it wrong, I'm only looking at, I'm gonna get it right. If I just |
| 390 | 01:13:13,230 --> 01:13:23,340 | keep doing it long enough. I'll get it back. And that's the wrong mentality. Because when you're distorted, and you're all bent up and trying to pursue |
| 391 | 01:13:23,340 --> 01:13:35,160 | something that is not it's not a really, it's not a viable trade. You're trying to impose your will you want what you want? And what have you done. You grabbed |
| 392 | 01:13:35,160 --> 01:13:41,940 | your club as a caveman walked out your cave, and you're looking for something to bonk over its head and drag it back to your cave and say it's mine. And that's |
| 393 | 01:13:41,940 --> 01:13:56,910 | what I did. And then ended up not making three profitable trades to get back the losses that I switched. And I traded cotton and blew the account that day. All |
| 394 | 01:13:56,910 --> 01:14:10,020 | because I had a target. That was just one point away from and I felt so certain that it was going to trade to that level and allow me to get to it. It was a |
| 395 | 01:14:10,020 --> 01:14:27,360 | pursuit to have my will. Well, come to fruition. Not Is there really a trade here? Is there really a trade here? That makes sense? No, absolutely not. But I |
| 396 | 01:14:27,360 --> 01:14:35,100 | would love to hear stories like that from other traders where they just fell short of a target that they had to have. And they pushed the envelope. They |
| 397 | 01:14:35,100 --> 01:14:46,950 | pushed the trade. They pushed more trades, because they had to get that number. They had to get that target. And they blew themselves. I know I know, I'm not |
| 398 | 01:14:46,950 --> 01:14:55,440 | the only one I've ever had that experience. I know. There has to be more of you out there that's done that. If you have you just say hey, I did that dumbshit |
| 399 | 01:14:57,000 --> 01:15:04,620 | look, you know, look where you're at now what you are learning now If that wasn't the end of your career, that didn't do you in where you don't want to |
| 400 | 01:15:04,620 --> 01:15:18,180 | trade anymore? It just it's an unfortunate thing. It was a car accident that you you totaled that car sucks, I know. But it's not the end of it. You have to slow |
| 401 | 01:15:18,180 --> 01:15:30,720 | yourself down, apply the brakes. Put some time in between the last thing you just did yourself this caused pain, draw down an adverse result that you did not |
| 402 | 01:15:30,720 --> 01:15:41,550 | want to have. But now you're stuck with. So now how are you going to deal with it? Are you going to allow it is my son going to allow this to frame a toxic |
| 403 | 01:15:41,550 --> 01:15:47,790 | mindset going forward? If you're going to be fearful of things now you're going to be afraid to take trade entries now more so because remember, that's how he |
| 404 | 01:15:47,790 --> 01:15:57,660 | started. He's afraid. And what did he do? He listened to my lecturing, saying, This is how you overcome it. This is how you don't fear it. So he just plunged |
| 405 | 01:15:59,280 --> 01:16:12,690 | trying to overcome fear. But he tried to do it with his fund that account, not the demo. He did the classic, I want to get in there, start making money, I |
| 406 | 01:16:12,690 --> 01:16:21,660 | gotta learn how to trade with real money. If you want to learn how to trade, you got to start with a real account. Because demos don't do it. That's bullshit. |
| 407 | 01:16:22,290 --> 01:16:34,290 | And here's my own flesh and blood proving it. You got to listen to me, folks, you have to listen to me. I've done this to myself dozens of times, if anybody |
| 408 | 01:16:34,290 --> 01:16:43,800 | knows how this is going to happen over and over again, I fucking know. I'm qualified to teach that I absolutely am certain that there is nobody out there |
| 409 | 01:16:43,800 --> 01:16:50,910 | better equipped to be able to say, Look, these are the characteristics, this is going to result in you harming yourself. If you do the opposite of these things |
| 410 | 01:16:50,910 --> 01:16:57,600 | and do the things I tell you to replace these toxic views, you're probably going to stand a better chance of not having done that again, or ever in the future. |
| 411 | 01:16:58,740 --> 01:17:08,550 | And that's a pretty good target to reach for if you're neutral if you never blown your account. It's not it's not required for you do that. Like that's not |
| 412 | 01:17:08,550 --> 01:17:20,190 | something that we're sitting around. And I always use this analogy a lot but in jobs. The first one, you know they're sitting in there in the cabinet part and |
| 413 | 01:17:20,190 --> 01:17:26,400 | they're all showing each other you the worst scars they got. They're always trying to one up the next guy, you know, did you get a friend or someone you |
| 414 | 01:17:26,400 --> 01:17:36,480 | know at work, Carl, he's he's got something that's much more than what you went through something better, or something he had to endure that was worse than |
| 415 | 01:17:36,480 --> 01:17:45,120 | that, you know, that fucking kind of person gets on my nerves. Well, you don't need to do that with trading. You don't need to blow an account. Yeah, blow an |
| 416 | 01:17:45,120 --> 01:17:54,570 | account to RCT, I got the worst scar, look at that. Fuck that. You don't need to do that. Who wants to do that? I want to create all of you monsters out here, |
| 417 | 01:17:54,750 --> 01:18:04,260 | where you don't have that scar tissue. And so you know what, I didn't have to go through that. I want you to be able to say, I never blew my account. But the |
| 418 | 01:18:04,260 --> 01:18:15,150 | chances of that I'm aware of that happening is very slim. But I know if I keep doing what I'm doing. Invariably, there's going to be at least one of you. One |
| 419 | 01:18:15,150 --> 01:18:27,120 | of you will find consistency, profitability and not having blown your account. But chances are it's going to be a very, very, very small, small number that get |
| 420 | 01:18:27,120 --> 01:18:39,060 | that because the human body, the human mind, emotions and how psychology works. You'll have this experience like my son, you'll feel this impulsiveness, where |
| 421 | 01:18:39,060 --> 01:18:50,070 | you think that there's an emergency, you created a drawdown and that emergency in your head is not an emergency this in the real world? Yes, you did something |
| 422 | 01:18:50,070 --> 01:19:00,450 | wrong? Yes. You don't have the equity in the account that you had before you did that. So what when you put your trade on, guess what happens? You didn't have at |
| 423 | 01:19:00,450 --> 01:19:13,650 | that moment, the same equity High Commissions coming out. You're under a spread. You got to overcome that. You fell off your equity high, maybe not so |
| 424 | 01:19:13,860 --> 01:19:23,700 | dramatically. But you got to put things in perspective. When you put a trade on the trade might draw down intra trade. That means before stopping out and before |
| 425 | 01:19:23,700 --> 01:19:32,310 | closure. Guess what you're doing there? You're in drawdown? Are you losing your ship because of that? Some of you will be at their drawdown, you'll be thinking |
| 426 | 01:19:32,310 --> 01:19:43,290 | that's the end of the world. Oh my goodness, it just moves. It just moves six ticks. What the hell am I gonna do? Ticks no handles. |
| 427 | 01:19:45,540 --> 01:19:58,650 | But you'll be so sensitive hypersensitive to that. And it's hard to wrestle through that. I cannot as a mentor, listen to me, folks. Okay. This is the |
| 428 | 01:19:58,650 --> 01:20:15,120 | reason why I teach this way. I cannot as your mentor, I can't fix what you do to yourself. Once you get in that mind, state or state of mind, rather, I don't |
| 429 | 01:20:15,120 --> 01:20:25,650 | have a way to fix what you have done emotionally and psychologically to yourself in how you're thinking and how you're talking to yourself. I'm not in your head. |
| 430 | 01:20:26,460 --> 01:20:34,530 | I don't know what you're saying to yourself. I don't know what you're convincing yourself was the real culprit that cause you to go into drawdown. But I can |
| 431 | 01:20:34,530 --> 01:20:43,020 | promise you this. It's not the things that you thinking, at that time, was the real catalyst. It's not me, it's not the concepts. It's not the market. It's not |
| 432 | 01:20:43,020 --> 01:20:55,560 | the dealer, it's not the broker. It's you. It's always going to be you. When I got my CDL commercial driver's license and a younger man. One of the lessons |
| 433 | 01:20:55,560 --> 01:21:05,070 | that you learn as a as a commercial driver is soon as you get in car accident, you are absolutely the reason why the accident happened, that you're the |
| 434 | 01:21:05,070 --> 01:21:14,130 | professional driver. And if there's a lawsuit because you caused an accident, or you were part of an accident, lawyers love when there's a semi truck or |
| 435 | 01:21:14,130 --> 01:21:23,580 | commercial driver involved. And they want to go through the whole process of looking at your logbook. And if your logbook isn't up to par, if you fake a |
| 436 | 01:21:23,580 --> 01:21:31,710 | logbook, or if you do two logbooks, because back in the days, that's how it used to be, you could run the illegal long term and or not long, long haul long haul. |
| 437 | 01:21:32,100 --> 01:21:42,990 | And you could do a lot more hauls, which were illegal to do that. But long story short, they wanted to look at your logs. And if you lied on your log, and you're |
| 438 | 01:21:42,990 --> 01:21:54,390 | saying that you were here at this time, you came on duty started driving at this time that you are further away from that. That lawyer has a slam dunk case, |
| 439 | 01:21:54,450 --> 01:22:05,340 | because he's saying, Here's your logbook, where you this is a federal document now, like you are logging this much like an airline pilot. Because when you're |
| 440 | 01:22:05,340 --> 01:22:17,850 | driving a tractor trailer, this shit is a airplane on the ground without wings. So everything you're dealing with this machinery is regulated. So if you're |
| 441 | 01:22:17,850 --> 01:22:27,480 | lying on your chart, your chart when you're doing your change of duty status from off duty, not driving to driving, and you're speeding. And you've been |
| 442 | 01:22:27,480 --> 01:22:37,140 | speeding for a while and you've covered a lot more distance. If you get pulled over, I have an accident, the trooper or the person that's going to be able to |
| 443 | 01:22:37,140 --> 01:22:48,030 | look at your logbook. He sees that there's no way where you came on duty and where you are right now. There's no way you could have done that. So he has a |
| 444 | 01:22:48,030 --> 01:22:56,880 | slam dunk case, as a lawyer, because if I was the lawyer, I'd go and say, Okay, listen, you're absolutely at fault. Because by your own testimony in your |
| 445 | 01:22:56,880 --> 01:23:09,540 | logbook, it states that you were coming on duty in this town of this state at that time. How the hell are you able to be in this accident? If you came on duty |
| 446 | 01:23:09,540 --> 01:23:17,250 | there, that means you were speeding, if you're going to go into coordinate and situation like that, that lawyer is going to win every fucking time because he's |
| 447 | 01:23:17,250 --> 01:23:25,770 | going to say if you were really doing this, this accident never would have happened if my clients wouldn't be injured or have their property damaged. And |
| 448 | 01:23:25,770 --> 01:23:35,280 | that's exactly what happens to tractor trailer drivers when they go to court. The lawyers always go through the logbooks because it's a slam dunk. Guaran damn |
| 449 | 01:23:35,280 --> 01:23:43,980 | tee that they're winning in the driver may not have haven't been the real reason for the accident, but because that tractor trailers in in part of it, they're |
| 450 | 01:23:43,980 --> 01:23:55,080 | gonna get it. They're the professional driver, the common driver, the four wheelers that are involved in these tractor trailer accidents. They're the ones |
| 451 | 01:23:55,080 --> 01:24:01,950 | who generally are the ones that are causing the accident, but because they don't realize it takes a football field for a tractor trailer to come to a complete, |
| 452 | 01:24:02,160 --> 01:24:11,730 | complete stop. They do their brake checks into a tractor trailer, which is fucking stupid. If you don't realize that that's the reason how these trucks are |
| 453 | 01:24:11,730 --> 01:24:22,230 | not trying to run people over. But when someone gets in front of them and do dumb shit. They can't just stop these vehicles. It takes time. And they also |
| 454 | 01:24:22,230 --> 01:24:29,430 | want to live they don't want to do something stupid and cause a jackknife and and then they need not only kill themselves but other people. And if I think |
| 455 | 01:24:29,430 --> 01:24:40,440 | what the hell is this not doing anything, the point is responsibility. Responsibility, just like a tractor trailer driver, commercial driver has to |
| 456 | 01:24:40,440 --> 01:24:50,100 | have full responsibility once they start that vehicle and start moving it. They are at a higher level of accountability as a driver, then you and I that drive |
| 457 | 01:24:50,100 --> 01:25:01,080 | around with a common Class C license. I don't have a class eight anymore. I gave it up years ago but I wanted to keep it because if I got an RV with Air brakes, |
| 458 | 01:25:01,620 --> 01:25:13,200 | but my class eight doesn't have air brakes. So I don't need to keep it. And I have no interest in ever getting it again. But you have to be responsible. You |
| 459 | 01:25:13,200 --> 01:25:24,150 | have to know that when you cause this damage to yourself. You own it. And some of you just like some of these tractor trailer drivers should not be drivers. |
| 460 | 01:25:24,420 --> 01:25:36,930 | They're reckless driving and texting and doing dumb shit. And I did that stuff. I literally drove a truck with my left foot on the steering wheel, eating ramen |
| 461 | 01:25:36,930 --> 01:25:46,110 | noodles over the Key Bridge with high winds. And I was staring with my foot eating ramen noodles. Why? Because I thought the fucking world was never gonna |
| 462 | 01:25:46,110 --> 01:26:01,980 | be able to touch me. I was 20 years old. Everything was, you know, whatever. And I'm trying to trade the markets like that. A cowboy cowboy up. Now looking back |
| 463 | 01:26:01,980 --> 01:26:10,410 | at it. It scares me to think the dumb shit I did, which was reckless. And I had people calling into my company I was working for saying, your driver is driving |
| 464 | 01:26:10,410 --> 01:26:16,740 | down the road with his foot on the steering wheel steering, and he's eating a bowl of cereal, which he wasn't cereal. It was ramen noodles. But the point is, |
| 465 | 01:26:16,740 --> 01:26:30,540 | is you know, I told my Boston Glen, he was like, Hey, are you doing that? I'm like, Yeah, but I wasn't eating fucking cereal. The point is, I owned it, right. |
| 466 | 01:26:30,570 --> 01:26:39,270 | But it still doesn't change the fact that that was reckless. It was reckless. The high wind could have put me into the other lane. And I could not have over, |
| 467 | 01:26:40,320 --> 01:26:48,780 | not over. But I couldn't have compensated for that. And steered it properly. Because I was using my fucking foot to steer while I was eating, which was dumb. |
| 468 | 01:26:49,350 --> 01:26:57,960 | But that's what arrogance is like when you're 20 year old. You think you can just do whatever you can. And no, there's no consequences. There's no death. You |
| 469 | 01:26:57,960 --> 01:27:06,990 | don't have any concern about mortality, yours or anyone else's. And when you're young, and you're in a market like this, that same type of reckless abandonment, |
| 470 | 01:27:07,140 --> 01:27:21,840 | materializes. And now when you're met, withdrawal down, that cracks that spear of invincibility. That's forcefield that you thought you had all this time |
| 471 | 01:27:21,840 --> 01:27:27,480 | because you're young, and you think you're gonna live forever. And even if you break a bone who gives a shit, you're young enough, it won't be that big of a |
| 472 | 01:27:27,480 --> 01:27:46,110 | deal. Now, you lost your forcefield something got inside and touched you. In drawdown shows you how you're gonna react. Not just then, but how you're going |
| 473 | 01:27:46,110 --> 01:27:56,370 | to react in the future every time you go through drawdown. And if you don't handle it properly, or learn how to do it appropriately, and talk yourself |
| 474 | 01:27:56,370 --> 01:28:09,210 | through it, remind yourself there is no emergency, you will be stressed out always as a trader even being profitable. And it sounds like it could be |
| 475 | 01:28:10,680 --> 01:28:25,770 | technically impossible. How can you be highly stressed out, but still profitable, high stakes trading. High Stakes trading. I'm just gonna say this. |
| 476 | 01:28:25,800 --> 01:28:33,870 | And Tom who got we've been talking in private, he knows that I respect him. And now I'm not saying anything out of out of place here. It's not to say anything |
| 477 | 01:28:33,870 --> 01:28:47,370 | bad. But I don't subscribe to his approach to trading. Because he bets a lot. He bets a lot. And he's allowing himself and the people that follow him go through |
| 478 | 01:28:47,370 --> 01:28:48,630 | wild swings |
| 479 | 01:28:49,890 --> 01:28:59,220 | of profitability and drawing, profitability and drawdown. And as a younger man, that would have been fine for me. Like I didn't care about that. But over time, |
| 480 | 01:28:59,490 --> 01:29:10,860 | blowing out accounts and having just horrendous drawdowns and periods of not being able to turn it around. It made me not want to be able to do that. Like I |
| 481 | 01:29:10,860 --> 01:29:22,860 | don't want to stomach that. Like I want to be in precisely know what I'm looking for. And not see those types of wild crazy equity swings. So, to me high stakes |
| 482 | 01:29:22,860 --> 01:29:34,740 | trading is high stress trading. And it may feel euphoric when you win. And you feel like you've did a Olympic feat. And you have technically I'm not trying to |
| 483 | 01:29:34,770 --> 01:29:44,310 | take away from any of that because it really is impressive when it works. But the problem is is you're going through that process and you're placing your body |
| 484 | 01:29:44,310 --> 01:29:58,710 | under so much stress. So much stress. When you constantly pump in cortisone, cortisol in your body. It's actually having an effect on your vascular system. |
| 485 | 01:30:00,630 --> 01:30:15,630 | The valves in your arteries and veins, all that stuff. It's beat up. It's not meant to have that, like racing fuel in a car. Yeah, it's Go Go Go baby. But it |
| 486 | 01:30:15,630 --> 01:30:34,680 | tears it up. Like you can't do these, these things to yourself long term and not have a consequence. My stomach I tore up my stomach with acid because of stress |
| 487 | 01:30:35,100 --> 01:30:49,890 | as a young man that I literally could not even drink water without it hurting. I stressed myself out so much with this shit that I created an eating disorder |
| 488 | 01:30:51,510 --> 01:31:07,410 | went down to 150 pounds, I was 195 pounds. And I was put together like I I was Mr. Wonderful in my eyes. But this industry changed all that because of stress. |
| 489 | 01:31:07,560 --> 01:31:18,120 | I couldn't eat and to be built, you have to feed the body, you have to eat. And I couldn't tolerate even drinking. And I went to ensure it and I was literally |
| 490 | 01:31:18,120 --> 01:31:32,100 | on a liquid diet for a year and a half. Because I couldn't take physical food which made me weak, which made me susceptible to getting sick more often. And |
| 491 | 01:31:32,730 --> 01:31:46,620 | that fear of eating food because of the pain, create an eating disorder, which I carried for years. Where'd it come from? Trading? Where in trading? Did it |
| 492 | 01:31:46,620 --> 01:31:56,910 | really stem from? That doing stupid shit that I tell you to avoid? But no one was telling me because I didn't have anybody like I'm talking to you. I didn't |
| 493 | 01:31:56,910 --> 01:32:06,510 | have that. In some of you folks that are listening to me that say this guy fucking talks a bunch of bullshit. He talks too much. He's going on all this |
| 494 | 01:32:06,510 --> 01:32:16,980 | horseshit. Get to the point. The point is, is you're fucking not ready. And the people that say I don't like all his long rants is fuck you. Fail? Fuck you and |
| 495 | 01:32:16,980 --> 01:32:27,450 | fail. How about that, okay, because you are literally going to fall on your ass, you're gonna go through these things, and you're going to have no recourse. |
| 496 | 01:32:28,770 --> 01:32:38,040 | You're going to have no reference to build up from, you're gonna go through the same shit that I and everyone else that goes through it without any kind of |
| 497 | 01:32:38,040 --> 01:32:49,860 | coping mechanisms or skill sets. And you're going to fucking fail. And you'll still be working at your fucking jobs, making menial amounts of money, stressed |
| 498 | 01:32:49,860 --> 01:32:59,580 | the fuck out wishing that it could have worked out for you, but it never did. Everybody's going to have drawdown, everybody is going to get to that point |
| 499 | 01:32:59,580 --> 01:33:09,150 | where they push and push and push until the brakes fall off. Well, if the brakes fall off, and you blow your account, or you get to a point where you're, you get |
| 500 | 01:33:09,150 --> 01:33:18,300 | stopped. Like in these funding accounts, they have a braking mechanism stop. You have no more authority to make any more executions today because you hit this |
| 501 | 01:33:18,930 --> 01:33:34,020 | threshold, whatever it is, I don't know if it's all the same for each company or not. But Cameron hit his Friday morning. Okay. So now what do you do? Do you |
| 502 | 01:33:34,020 --> 01:33:44,550 | lose your shit over it, you go crazy about it and start acting foolish. Don't in your maximum leverage to feel like if I can do with maximum leverage, then I can |
| 503 | 01:33:44,550 --> 01:33:53,370 | feel like I'm a warrior again. I'm going to be a gladiator. I'm not going to be a little bit. I'm going to get out there and trade even more aggressive. It's a |
| 504 | 01:33:53,370 --> 01:34:00,570 | battle and I'm not a pussy. I'm gonna go out there and do it the right way. Like a man. They're gonna carry me out on a stretcher. Fuck them. I'm not going to |
| 505 | 01:34:00,570 --> 01:34:15,840 | tap out put me to sleep. That she thought work in this industry. Okay, this ain't the fucking UFC. This shit is money. And money has a lot of influence. As |
| 506 | 01:34:15,840 --> 01:34:30,330 | a lot of control, there's a lot of power over your mind. That's all it has over your mind. That's why people try to keep up with the Joneses. That's why people |
| 507 | 01:34:30,330 --> 01:34:41,010 | get out on the internet and say they're super rich multimillionaire, nobody else is broke. They do that because they fucking are broke. They're not really |
| 508 | 01:34:41,460 --> 01:34:53,070 | wealthy. If they were they wouldn't talk about it. But people listening to people like that, or people that rent cars, go to vacations and stay in certain |
| 509 | 01:34:53,070 --> 01:35:05,190 | places. Wear watches that are not real. Go to a Rolex store, sit next to the display but Then go buy a knockoff. Put that on their social media. Yeah, man, I |
| 510 | 01:35:05,190 --> 01:35:18,780 | got this Rolex, Patek Phillipe. That's a watch Rolex is trash. But the point is this money has an influence. It has a negative influence and has a positive |
| 511 | 01:35:18,780 --> 01:35:27,540 | influence. And all I'm trying to be is a voice of reason and say, okay, money is a fucking tool. That's all it is. It's a tool. But you are trying to handle it. |
| 512 | 01:35:28,740 --> 01:35:42,870 | Like a weapon. And the only person that's going to get hurt, is you. And when you look at these equity highs that you draw down from, and you feel bad about |
| 513 | 01:35:42,870 --> 01:35:53,070 | how you got there, it matters not how you got there. What mitigating circumstances that led to you being there, you have arrived, you're here now? |
| 514 | 01:35:54,810 --> 01:36:07,560 | What are you gonna do with it? Are you going to announce it to the world and allow other people to critique that, laugh and troll you. And compound that |
| 515 | 01:36:07,560 --> 01:36:19,080 | feeling that you went through it. And now you had other people coming in, when they secretly suck ass and they can't do shit. And they're karo at work. But |
| 516 | 01:36:19,080 --> 01:36:29,160 | masquerading online, like there's somebody special, highly opinionated, but they can't do shit, can't trade can't vote and prove nothing. These people are going |
| 517 | 01:36:29,160 --> 01:36:39,240 | to make you feel even worse about yourself. Which is why I say don't invite other people into your trading. Don't allow you don't want to have anybody |
| 518 | 01:36:39,240 --> 01:36:50,220 | else's input. The only input that matters is your journal. That's the only one that matters. And if you take that drawdown, and you treat it as an opportunity |
| 519 | 01:36:50,310 --> 01:37:05,160 | to improve yourself, improve on how you see yourself, how you see the market. And also to remind yourself, you know what, this was all self inflicted? I'll |
| 520 | 01:37:05,160 --> 01:37:20,580 | say it again. This is all self inflicted. Nobody pushed that button. But you. You did that? You did it. Congratulations. It was fucking stunning how it |
| 521 | 01:37:20,580 --> 01:37:38,160 | happened. You did it all by yourself? Well done. Look at that. Nobody probably could have done it any better than you. Now fix it. Don't be afraid of it. |
| 522 | 01:37:39,240 --> 01:37:52,320 | Because that's what trading is. Trading is you constantly dealing Patchwork, fixing flat tires, putting paint on Nicks when you drive your car, like I can't |
| 523 | 01:37:52,320 --> 01:38:01,020 | stand leaving my my bets anywhere. Like, I don't take them anywhere where I leave and go inside something. Because invariably, every single time I go |
| 524 | 01:38:01,020 --> 01:38:07,920 | somewhere, I tend to like get out. Guys will come over Hey, do you mind if I take a picture with your car, and they had their friend and they're sitting next |
| 525 | 01:38:07,920 --> 01:38:15,330 | to the front of the car and they're fucking doing their gang signs and shit. And they I mean, it's cool. I just don't want to touching it. And I don't want to go |
| 526 | 01:38:15,330 --> 01:38:24,420 | into a place and leave my that like that. Knowing that somebody might dig it with their shit or some piece of shit that's happened before where they want to |
| 527 | 01:38:24,420 --> 01:38:31,320 | key down it. And that's, that's ignorant. That's ignorant stuff just because you're broke is fuck and you can't afford something like this. I'm not flexing |
| 528 | 01:38:31,320 --> 01:38:38,520 | on you. I just drive my car and I went inside. But you combine you key up somebody shit like that. You're a piece of shit. You need to have your ass |
| 529 | 01:38:38,520 --> 01:38:51,030 | curbed. Yeah, I said it. That shit is ignorant. I mean, know how I got on that topic. Anyway, |
| 530 | 01:38:52,650 --> 01:39:06,450 | you have to own that, that drawdown is yours, you created it. And you now have to fix it, you have to do those things. Now the touching of the pain. Like if |
| 531 | 01:39:06,450 --> 01:39:15,510 | you if you have a, someone takes up a shopping cart or their door of their own vehicle, they opened up and he hit your door, it creates a dent in a thing. And |
| 532 | 01:39:15,510 --> 01:39:23,010 | they may take away some of the pain. Well, if you're a car person like me, you're not going to let that sit. So you're going to go get it fixed, put some |
| 533 | 01:39:23,520 --> 01:39:33,600 | paint on there and touch it up. Otherwise, it's an eyesore. Right? Well, you have to do the same thing with your draw down. You have to care about it. You |
| 534 | 01:39:33,600 --> 01:39:47,280 | have to care about that account. You have to nurture it, you have to treat it like a garden. You have to water it, fertilize it give it everything it needs to |
| 535 | 01:39:47,280 --> 01:40:02,040 | grow and keep the weeds out. What's the weeds toxic people when their fucking opinions about you and your trading and your toxic thinking That's the weeds, |
| 536 | 01:40:02,520 --> 01:40:14,670 | you got to keep the weeds out of your garden. Don't let choking thoughts about what you did hinder your next series of trades or your very next execution. |
| 537 | 01:40:15,330 --> 01:40:24,090 | Because that's exactly what he's going to be feeling the next time even with me standing next to him next week. He's going to be thinking, if I say this is one |
| 538 | 01:40:24,090 --> 01:40:31,860 | here, what's that gonna say? And then you think he's gonna stop with that? Now, here's what's gonna happen. And this is exactly what you've done to. He's gonna |
| 539 | 01:40:31,860 --> 01:40:42,870 | say, all right. That's teaching me look for this in the chart. I think I see it. I see it, but I don't want to say it. Because if I say it to him, he's gonna |
| 540 | 01:40:42,870 --> 01:40:52,830 | say, No. And then he's gonna be thinking, if I did it wrong, their dad's gonna be thinking, I don't know how to do this at all now. Now I got to feel like I |
| 541 | 01:40:52,830 --> 01:41:00,900 | got to do it better than I already feel like, I gotta do it better. Because I'm in drawdown, he's going to overthink every fucking thing. What is that? That's a |
| 542 | 01:41:00,900 --> 01:41:19,860 | weed. That's a weed. So Monday, I'm gonna be coaching him on how to just observe no button pushing it maybe Monday and Tuesday. But Monday, no button pushing, no |
| 543 | 01:41:19,860 --> 01:41:31,260 | entries, no nothing. I need him to be able to look at the chart. Tell me what he thinks he sees and have no button pushed. So there's nothing there has to have a |
| 544 | 01:41:31,260 --> 01:41:40,170 | transaction scorecard at the end, they can't be measured as a bad thing. It can't be measured as a good thing. It goes back to the equivalent of a demo. Or |
| 545 | 01:41:40,170 --> 01:41:49,920 | not even started as a demo, it's tape reading, he needs to be reminded that the stuff works still. But it's got to be in the hands of the capable. He's not |
| 546 | 01:41:49,920 --> 01:42:04,110 | capable. He's capable of drawdown. We've seen that everybody is capable of that. But most people in trading are not equipped to mitigate drawdown. And it's not |
| 547 | 01:42:04,110 --> 01:42:21,780 | because it's impossible. But it's because of the toxicity that the trader brings into it. You have to recognize these patterns that repeat in your psyche, the |
| 548 | 01:42:21,780 --> 01:42:31,230 | way you think the way that you operate, what makes you push that button? These are the things that you have to journal. You have to physically write these |
| 549 | 01:42:31,230 --> 01:42:41,700 | things out. What was the catalyst that caused you to have the confidence or the impulsiveness? And you have to be honest when you do it, but that in your |
| 550 | 01:42:41,700 --> 01:42:49,860 | journal? What was the reason that you got into the trade? Not just the technical things you see in the chart? That's not what I'm talking about? I'm saying, what |
| 551 | 01:42:49,860 --> 01:42:59,550 | was the catalyst for you to want to take that trade? You want that trade to make you money? What were you thinking about that caused you to want to take that |
| 552 | 01:42:59,550 --> 01:43:09,600 | trade? Was you feel like you're going to miss the trade or fearing of missing a move? Or are you aiming for something monetarily as a target because you want to |
| 553 | 01:43:09,600 --> 01:43:18,990 | buy something or pay off something? Those things you want to include all that in your journal. Much like I mentioned earlier, when I was trading copper as a |
| 554 | 01:43:18,990 --> 01:43:31,320 | young man, I fell short of a target. And I wanted to hit that target. So the trades I took after that trade close before I hit my target. I just fell short |
| 555 | 01:43:31,320 --> 01:43:46,020 | of it one point. And then it started a series of trying to get something so minuscule. Boom, wrecked. Couple trades and copper didn't work. That would go to |
| 556 | 01:43:46,020 --> 01:44:01,380 | a different market cotton. Yeah. There you go. Smoke that account. So long story long, the short of it is you have a responsibility to be in a constant state of |
| 557 | 01:44:01,380 --> 01:44:11,820 | control over yourself. Which is why young men and women if you're out here and you're smoking weed and shit, and you're trying to trade, you're doing it wrong. |
| 558 | 01:44:13,890 --> 01:44:24,210 | You have to be 100% lucid. You want to do that shit on the weekend. I'm not hating on you. But you can't be doing it while you're trading. You're drinking. |
| 559 | 01:44:26,550 --> 01:44:36,270 | Your state of mind has changed. You can't do that. Because you're medicating yourself. You have to be comfortable in your own skin. And unfortunately, a lot |
| 560 | 01:44:36,270 --> 01:44:45,750 | of people aren't comfortable in our own skin trading. Because all their bad shit comes up bubbling up to the surface. And then you lie to yourself and everybody |
| 561 | 01:44:45,750 --> 01:44:58,860 | else that can see it. And you say it's the other things outside of you that caused it. Oh, this happened to me because of that. No, you did it. You own it. |
| 562 | 01:45:00,900 --> 01:45:11,460 | That's what makes this industry ugly. And that's what causes people to become ugly. Because they can't handle that stuff in themselves. So they project |
| 563 | 01:45:11,490 --> 01:45:22,500 | outwardly to other people, trolling, talking shit about other people, and they can't do anything. And they're miserable. And that's what happens with people |
| 564 | 01:45:22,530 --> 01:45:35,250 | that can't overcome trading properly in handling drawdown or losing trades. If they can't let go the business they become a troll. That's just the way it is. |
| 565 | 01:45:36,030 --> 01:45:47,250 | That's what happens. And that's unfortunate, because they don't even have enough strength to walk away entirely. So they want to punish other people thinking it |
| 566 | 01:45:47,250 --> 01:45:54,690 | makes them feel better. When the whole time the people that they're throwing are laughing at them. Like, do you what are you gonna do? You're talking shit, |
| 567 | 01:45:54,720 --> 01:46:04,920 | you've done nothing. I and you that have a losing series of trades or go into drawdown. We're not losing our shit saying, oh, trading doesn't work anymore. |
| 568 | 01:46:04,920 --> 01:46:16,710 | I'm quitting. We're not affected by that. It's a paper scratch. That's it, or paper cut to scratch a little flush one big deal. But when you start taking |
| 569 | 01:46:16,890 --> 01:46:30,810 | these in significant little minor setbacks, which is what a losing trade or drawdown is, if you still have your account, it's fine. It's not fun. It's just |
| 570 | 01:46:30,810 --> 01:46:40,080 | opportunity now, to do the work that's required to fix that drawdown. And you don't have to be in a rush to fix it. There's no timeline, or limit that you |
| 571 | 01:46:40,080 --> 01:46:54,150 | have to have in mind, to get that drawdown recovered. So much like when I set out with my son, when he chose to start discipline that account, I said, listen, |
| 572 | 01:46:54,150 --> 01:47:05,790 | they say you gotta at least trade five days. Let's establish two weeks, we'll give yourself two weeks to get to the funded stage of this. That way, you don't |
| 573 | 01:47:05,790 --> 01:47:18,570 | have to do too much. It'll be easy to get it be easy to do each day, do it and stop. It'll be a good pace. And it's comfortable. So now, I gotta tell him, You |
| 574 | 01:47:18,570 --> 01:47:34,020 | got two weeks to get yourself calibrated again, mentally, and restore it back to where it was. And I want to I'm really interested to see how he handles that. |
| 575 | 01:47:35,520 --> 01:47:45,720 | Because he has to do it next to me. I'm going to be the control mechanism that prevents any impulsiveness. But I can't remove what is always going to be in his |
| 576 | 01:47:45,720 --> 01:47:56,010 | head, which is the fear of doing it wrong. Now, the judgment he thinks I'm going to cast on him. If he thinks he sees something and I tell him no. Is he going to |
| 577 | 01:47:56,010 --> 01:48:05,010 | be thinking about me overthinking why he got it wrong? Yes, that's exactly what he's going to be thinking. But I'm not. I'm aware of it. Now. I'm telling you |
| 578 | 01:48:05,010 --> 01:48:11,910 | publicly. That's what he's going to be doing. And it's exactly what you do to yourself. When you go into drawdown your next series of trades while in |
| 579 | 01:48:11,910 --> 01:48:30,420 | drawdown, you're hypersensitive to everything. Because you know, you are capable of ruining yourself. And you have to be responsible. Slow, down. Less is more. |
| 580 | 01:48:30,540 --> 01:48:40,080 | There's no time limit. You don't have to get it back right away. Give yourself time, schedule it. Schedule it. |
| 581 | 01:48:40,410 --> 01:48:51,210 | If you have drawdown. Say for instance, say you have drawdown equipment to where he put himself through on Friday. Get a Quote like 4000 Ops. Okay. 4000 hours. |
| 582 | 01:48:51,810 --> 01:49:03,840 | Give yourself four weeks to fix that. Do you need the four weeks? No, you don't. But in your journal, you tell yourself, I have given myself permission to take |
| 583 | 01:49:03,870 --> 01:49:17,460 | up to four weeks to mitigate this drawdown. Guess what that does? Guess what it does? When you do that? It frees up that overwhelming desire to do it right |
| 584 | 01:49:17,460 --> 01:49:29,220 | away. You've wrote it out in your own words. You wrote it, you didn't read it in a book. It isn't a tweet that I sent out. You wrote that you gave yourself |
| 585 | 01:49:29,220 --> 01:49:50,100 | subconscious permission to wait for a deferred event of mitigating that loss over a span of four weeks. You push it out in time so it doesn't linger over you |
| 586 | 01:49:50,220 --> 01:50:03,180 | like a dark cloud. That forces you to take a trade that may not even really be there. Now 4000 hours a strip this back into a modular perspective. What what do |
| 587 | 01:50:03,180 --> 01:50:19,590 | we have to do to get that? Well, four weeks $4,000 It's $1,000 a week. That's 20 handles on one contract per week. Well, shit. That's only four handles one time |
| 588 | 01:50:19,590 --> 01:50:36,060 | per day. Easy, isn't it? What's hard is waiting for the move that sets up that four handle run and then stopping. Because you given yourself four weeks in time |
| 589 | 01:50:36,810 --> 01:50:45,900 | to mitigate that. But I see T shit man, I'm in a competition to be on the FTO leaderboard, fuck around with this stupid shit. I'll never get back up there. |
| 590 | 01:50:46,740 --> 01:50:55,440 | You're trading to be on a leaderboard. Instead of becoming consistently profitable. You're fucking gambling. You're doing it for all the wrong reasons. |
| 591 | 01:50:55,530 --> 01:51:07,980 | You're doing it for pomp, for clout. And you're wrecking yourself, you will wreck yourself like yin and yang boy in Texas, when his livestreams trying to |
| 592 | 01:51:07,980 --> 01:51:17,790 | prove something, the only thing you've proven, is you can't fucking trade. Now you want to do that? Go right ahead. Well done. But that's not the right way of |
| 593 | 01:51:17,790 --> 01:51:32,610 | doing it. When you're in drawdown, you have to be very careful how you manage yourself, psychologically, and emotionally. You have to be the cheerleader for |
| 594 | 01:51:32,610 --> 01:51:40,140 | yourself. Nobody else is going to do it. And you do that through your journal. You have to keep yourself accountable. The only one that's going to be doing |
| 595 | 01:51:40,140 --> 01:51:48,270 | that is you and how do you do that through your journal and writing out what you're doing? Your drawdown? How much money are you in drawdown? You're looking |
| 596 | 01:51:48,270 --> 01:52:01,320 | up at that peak? That mountain Mount Everest drawdown? Okay, you're looking at Bear. Alright. 153,400, and whatever it was, Okay. How do we get back up there? |
| 597 | 01:52:01,440 --> 01:52:17,130 | Cameron, how do we do that? You give yourself time, take that time and be? Well, an ample amount of time, much more time that's required. which frees you up |
| 598 | 01:52:17,130 --> 01:52:29,220 | psychologically. Now think about how it was when you were in university or when you were in grade school, you know that there's going to be a final coming. And |
| 599 | 01:52:29,220 --> 01:52:39,900 | all the studying that will be required. The students that are taking this education seriously. And they don't want to be stressed out the last minute. |
| 600 | 01:52:40,470 --> 01:52:49,200 | They're doing a little bit of studying each night, 30 minutes throughout the semester, throughout the quarter of their learning rate before we get to the |
| 601 | 01:52:49,200 --> 01:53:03,000 | final. Those diligent students, the Koreans and the Asians in my class, were always teaching me how their parents told them how to study. They didn't wait |
| 602 | 01:53:03,000 --> 01:53:15,450 | for the last day or two, we were in the final where everybody else tried to fucking cram it in the night before, stressed the fuck out. And when I was in |
| 603 | 01:53:15,450 --> 01:53:28,770 | high school, no dose was a thing. Everybody went out and bought nodos which was basically caffeine, too, that way they can stay up and cram all that stupid |
| 604 | 01:53:28,770 --> 01:53:41,040 | shit. All these months and weeks of stuff. You can't do that. You can't do that. And not be stressed out. And you're not retaining and so don't do that same |
| 605 | 01:53:41,040 --> 01:53:50,370 | mentality with trying to recover your drawdown. Don't try to push it all right now. It's got to happen right now. I gotta have it done next week. I gotta get |
| 606 | 01:53:50,370 --> 01:54:00,720 | back up to the equity hunt. You know, you don't know you don't. There is no fucking deadline. But in your head, because everybody's on social media. |
| 607 | 01:54:00,960 --> 01:54:10,410 | Everybody's showing the best of what they've done. Not for scope of what it is they've done. drawdown, losing trades, stop doing live streams because they |
| 608 | 01:54:10,410 --> 01:54:25,440 | can't find trade. Now. Nobody can see what they're doing to themselves. You have to be 100% responsible. But you also have to in periods of drawdown, you have to |
| 609 | 01:54:25,440 --> 01:54:37,230 | coddle yourself. You have to prop yourself up. Encourage yourself and be constantly reminding yourself that there's no emergency or sense of urgency to |
| 610 | 01:54:37,230 --> 01:54:51,390 | get this drawdown back the only person the only person that's uncomfortable holding on to that drawdown is the retail Rick anew. The Gambler. They want to |
| 611 | 01:54:51,390 --> 01:55:03,570 | get back to that high that first buzz of being at that new equity high. They want to get back up there They're the one inside of you. That feels the ache of |
| 612 | 01:55:03,570 --> 01:55:10,860 | getting back up here to Trader doesn't have that feeling. The trader is the person that's pushing the buttons and managing the trade. And the analysts ain't |
| 613 | 01:55:10,860 --> 01:55:19,380 | worried about it, because that's not their job. Their job is to keep you on the straight and narrow. They're not worrying about the feelings of drawdown. |
| 614 | 01:55:19,560 --> 01:55:26,340 | They're saying, This is what we're supposed to be doing right now. The trader is, this is what I'm doing based on what the analyst is telling me I should be |
| 615 | 01:55:26,340 --> 01:55:37,230 | doing right now. And I'm managing risk. Retail. Rick is in the back. Fucking clamoring to get the steering wheel, he wants to drive into a tree. He wants to |
| 616 | 01:55:37,230 --> 01:55:46,890 | jump. Airborne, like the Dukes of fucking Hazzard remember the old show in the 70s. I love that show. I grew up bots. And that's it. I'll be honest with you, |
| 617 | 01:55:46,890 --> 01:55:53,010 | as a kid, I couldn't wait to get a car because I wanted to jump every fucking Hill out there. Now, I was being primed to do all the wrong shit, right? Just |
| 618 | 01:55:53,010 --> 01:56:05,820 | like in trading, we're trying to do everything wrong, recklessly trading and try to gamble and get it all back in one day. And that's all the wrong way. You |
| 619 | 01:56:05,820 --> 01:56:19,080 | think if you can get the drawback drawdown back quickly, you're a better trader. No, you're just a lucky gambler. Lucky gambling is not impressive to me. I'm not |
| 620 | 01:56:19,080 --> 01:56:30,780 | impressed by that. Someone can trade with crazy fucking leverage, make lots of money doing that. And I'm fucking bored to death by that. Because people do that |
| 621 | 01:56:30,780 --> 01:56:37,290 | same shit with lottery tickets, and there was no skill and then buying that ticket, there was no skill, when that person goes into the slot machine pushing |
| 622 | 01:56:37,290 --> 01:56:43,920 | the button and they get the maximum payout. There was no skill involved, they were at the right place at the right time and circumstances just led to that |
| 623 | 01:56:43,950 --> 01:56:56,580 | occurrence. There it is bumped them is it done? No skill in over leveraging YOLO trading. But consistently able to see something over and over and over again |
| 624 | 01:56:56,580 --> 01:57:07,830 | delivering that that absolutely impresses me. If someone were to sit out there with one contract, and just slice and dice based on a model that was already pre |
| 625 | 01:57:07,830 --> 01:57:14,700 | described as this is what I'm gonna do, I'm only gonna do this, and this is how much I'm willing to risk. And I'm never gonna go over that. And this is my |
| 626 | 01:57:14,700 --> 01:57:22,470 | procedure of taking a loss. If I take a loss, I stopped for that session that trading next session or trade next day, and they stuck to that, and they only |
| 627 | 01:57:22,470 --> 01:57:36,000 | made 50,000 for the entire year. I'm fucking impressed by that. To me that skill, that's absolute 100% skill, for 100%. Responsibility, they own it, |
| 628 | 01:57:36,420 --> 01:57:50,880 | they're in control of themselves, their capacity to stay on track within a model is perfect. That is much more impressive to me than how much money how much |
| 629 | 01:57:50,880 --> 01:58:05,070 | money is it's relative. It gives a shit. As a trader, I like seeing people that can own their mistakes, don't become reckless go in here and start trading with |
| 630 | 01:58:05,070 --> 01:58:17,850 | a lot of leverage to try to fix something real fast on a small little move that says gambling. That's gambling. And I'm so against that idea. That's what makes |
| 631 | 01:58:17,850 --> 01:58:28,890 | me boring as a mentor. Because I'm teaching my students to aim with very, very small targets in the beginning, you start there. And for the people that have a |
| 632 | 01:58:28,890 --> 01:58:37,260 | brain, they can understand that that's all that would be required to have a really amazing career. If you can consistently find five candles. |
| 633 | 01:58:40,080 --> 01:58:49,680 | How many times does the market move around and offer five handles inside of a day? Several, you're not limited that one. But you have to know what one looks |
| 634 | 01:58:49,680 --> 01:58:58,410 | like and find it consistently. And then you grow in your understanding about yourself how you're gonna react, what you're looking for. Boom, other models |
| 635 | 01:58:58,410 --> 01:59:10,680 | make themselves available to you. And then you can start seeing 10 handles a day per session sometimes then 20 handles in a day or more. It need not be a runaway |
| 636 | 01:59:10,680 --> 01:59:20,640 | directional move. You can trade up and down and trade intraday without a bias. But you can't trade without an intraday bias in the beginning because you don't |
| 637 | 01:59:20,640 --> 01:59:29,010 | know what you're doing. Which is the reason why I tell you focus on directional trading in the beginning not because that's all you should do. But you have to |
| 638 | 01:59:29,010 --> 01:59:41,730 | have a baseline to grow from and then be able to track your progress. And when you go into drawdown, you go right back to basics. Go back to the basics. What |
| 639 | 01:59:41,730 --> 01:59:50,760 | are we in? Are we in a bullish day or a bearish day? I want to focus there. What time of the day am I looking at? Okay, I'm going to wait till it's really easy |
| 640 | 01:59:50,760 --> 02:00:02,010 | for signups to form. What does that sound like? In es what's the easy setups? What's the what's the silver bullets? Fix and drawdown ICT been talking a lot of |
| 641 | 02:00:02,010 --> 02:00:09,960 | bunch of shit here now and might be entertaining for me I'm I chuckled a few times but you know, get to the get to the brass tacks already tell me something. |
| 642 | 02:00:09,960 --> 02:00:18,420 | I've sat here and listen to this shit for a little while. Give me something to go home with. Okay. When you're in drawdown, and you really simply just gotta |
| 643 | 02:00:18,420 --> 02:00:33,540 | have the fucking trade that you can trust that silver bullet trade that you want, where does it happen? Where does it form? And also, how can I use this |
| 644 | 02:00:33,540 --> 02:00:44,490 | even when I'm not in drawdown where it forms consistently? Where does it form ICP? Come on spill the beans, man. All this build up all this bullshit, spill it |
| 645 | 02:00:46,350 --> 02:01:02,370 | that's my cards view. For the deck, between 10 o'clock and 11 o'clock in the morning, New York time you will find a fair value gap that will deliver five |
| 646 | 02:01:02,370 --> 02:01:11,910 | handles every fucking day, guaranteed, absolutely fucking guaranteed. It's never going to be a day even on a shit show day like on Friday, it will always always |
| 647 | 02:01:11,910 --> 02:01:25,500 | be there aiming for an opposing pool of liquidity, salsa or by sight. In my head when I'm waking up, sometimes my wife prevents me from getting it from the |
| 648 | 02:01:25,500 --> 02:01:36,510 | charts right at 930. Now she's understanding because I've been mentoring you the days I tell you, I'm gonna lie sharing. She graciously gives me that time to be |
| 649 | 02:01:36,510 --> 02:01:48,420 | here when I'm here with you. But sometimes we say that mean, we may be in bed longer in the morning because we stayed up later. Or really do something because |
| 650 | 02:01:48,420 --> 02:02:00,690 | of homeschooling with our kids or something with the dogs need something prevents me being there at the 930 opening. I know as long as I get to my charts |
| 651 | 02:02:00,690 --> 02:02:14,490 | by 10 o'clock, and I can stay there till 11 o'clock. I can take something out every fucking day, every day, every day, even on days that have the shortened |
| 652 | 02:02:14,640 --> 02:02:23,100 | holiday schedule. You know when they close it like it new. Don't believe me Don't take my fucking word for it, folks. Don't believe anything I just said to |
| 653 | 02:02:23,100 --> 02:02:30,960 | you cuz I want you to go with your tracks. And you'll see it's always there. Absolutely guaranteed 100% It's always there. There's your silver bullet, |
| 654 | 02:02:30,990 --> 02:02:37,230 | there's your past your funded account bullshit. There's your fucking when the Robbins cut model, there's everything you're looking for, between 10 o'clock and |
| 655 | 02:02:37,260 --> 02:02:55,290 | nine o'clock it happens every day. One minute 32nd 15. Second, there is your to measure three timeframes, it will form in one of those three timeframes. All you |
| 656 | 02:02:55,290 --> 02:03:07,950 | have to do is wait for the obvious run on liquidity is it going for buy side or sell side. And as long as giving you at least a range of six handles or more, |
| 657 | 02:03:09,030 --> 02:03:21,300 | you'll get your five does that mean as long as FEMA got forms on a 15 second 32nd Or one minute chart, and you know where it's reaching for, it can be late |
| 658 | 02:03:21,300 --> 02:03:30,000 | in the move. I don't give a fuck it's not chasing me because a fair value got guess what that is? It's in the middle. That's where the meat is on the bone |
| 659 | 02:03:30,000 --> 02:03:40,920 | baby. So you're looking at charts thinking you have to have that end joint, high part of the bone or the low part of the bone. Precision is not limited to that. |
| 660 | 02:03:41,520 --> 02:03:53,010 | When you look at a chicken leg, okay, where's all the meat at? It's not on the ends. It's in the middle, it's in the middle. It's in the bulk point, but |
| 661 | 02:03:53,010 --> 02:04:00,840 | ballpark and have one of those ends of the leg but to the middle of the bone. And you get down to the opposite end. It's thinner. It's not a lot of meat. |
| 662 | 02:04:00,840 --> 02:04:13,200 | Dennis is a tendon donor. Nobody likes to eat that. A fair value gap is how you enter a trade that's in motion. Technically, to the uninitiated, the people that |
| 663 | 02:04:13,200 --> 02:04:20,130 | don't know how to read price outside of our circle, they look at what we do is oh it looks like chasing price ICT you get a revenge trade, get the fuck out of |
| 664 | 02:04:20,130 --> 02:04:28,500 | here, you have no idea what you're talking about. You have no idea what I'm doing to get in those trades. None you're learning this year, but it's not |
| 665 | 02:04:28,500 --> 02:04:39,240 | chasing price. If I know that this is going to run for liquidity, and it's already moved that I missed the best case entry. And we've already had a fair |
| 666 | 02:04:39,240 --> 02:04:46,770 | value get that it's really priced down into it's not going back down. If I'm bullish. It's already done what's required. Then I'm going to drop into one |
| 667 | 02:04:46,770 --> 02:04:59,730 | minute 32nd 15 Second, I'm gonna look for a fair value get in the next one that forums I'm in that bitch. Boom, take off my five handles or even more whatever |
| 668 | 02:04:59,730 --> 02:05:11,610 | the day It's, it's between, were there fair rager forming to the liquidity I'm aiming for. And I submitted that, I let it go. And then the algorithm sends it. |
| 669 | 02:05:13,350 --> 02:05:25,260 | And then I go on social media and say, Wow, how random or bad the guy this morning and I saw I retweeted that student. A woman said, it feels so good to |
| 670 | 02:05:25,260 --> 02:05:34,620 | see charities go in my favor. And because we don't have a lot of the women in this industry, at least, I mean, I'm sure there's more of them, but they just, |
| 671 | 02:05:34,860 --> 02:05:44,100 | they're not as vocal on social media. They're usually the quiet timid ones. And they don't draw any special attention to themselves. The women that do and they |
| 672 | 02:05:44,250 --> 02:05:52,980 | announced that they are seeing progress. I like to retweet them. Now this person said, I'm getting real fucking tired of seeing all the gloating fuck you that's |
| 673 | 02:05:52,980 --> 02:06:01,470 | why you're banned bitch. I'm encouraging that person and other people because they're saying what they're experiencing. You don't like other people |
| 674 | 02:06:01,470 --> 02:06:11,700 | succeeding, they'll fuck yourself. Go fuck yourself, you miserable pieces of shit. Around here, we're making winners. And I'm encouraging that type of |
| 675 | 02:06:11,700 --> 02:06:22,020 | mindset where discovery of oneself and the ability to be able to do well and they see progress and they want to announce it to me and say, I appreciate what |
| 676 | 02:06:22,020 --> 02:06:30,900 | you're doing it it's working in my life. I see the results and moving forward with progress. I'm thankful I'm appreciative. I'm not gloating, bitch, I'm |
| 677 | 02:06:30,900 --> 02:06:38,550 | celebrating them. And I'm putting I'm putting the spotlight on them. So other people in the community that might not be having that moment yet they see and |
| 678 | 02:06:38,550 --> 02:06:47,460 | say you know what? Healthcare I'm sticking around because I'm getting mine just like that. I'm encouraging and I fucking gluten fuck you. How's that work for |
| 679 | 02:06:47,460 --> 02:06:55,680 | you? That's why I'm banning you bitches to say that shit. I got time for the clownery motherfuckers you talking all this chit chat shit you ain't done |
| 680 | 02:06:55,680 --> 02:07:06,300 | nothing you don't trade you don't show shit your call no fucking moves. You're all bullshit sock puppet in little bitches my students I care about I want to |
| 681 | 02:07:06,300 --> 02:07:20,850 | see them do well I want their mindset fucking jacked up motivated not some weak ass. Oh, it's random. Gotta hopefully get lucky fuck that. We don't use luck |
| 682 | 02:07:20,850 --> 02:07:30,960 | here. Luck Don't fucking have any part of this equation here. We have a process. We know what the fuck we're doing. We don't we're looking for we know when |
| 683 | 02:07:30,960 --> 02:07:38,400 | opportunities are arriving. It's scheduled retail fucking bricks out there. They don't know where to fuck dishes coming from. They don't know when their |
| 684 | 02:07:38,400 --> 02:07:45,600 | indicators are gonna form shit. They're triangles laying over top their fucking chart height and price. Moving Average crossovers, all kinds of Mickey Mouse |
| 685 | 02:07:45,600 --> 02:07:54,750 | shit on their charts. They have no idea what the fuck is coming until it happens. And then they're reacting the price. Your job is not to predict the |
| 686 | 02:07:54,750 --> 02:08:06,810 | price. But to react to it. And they ship themselves they have no idea what the fuck is going on? None. They don't champion themselves when they do well, |
| 687 | 02:08:06,810 --> 02:08:15,870 | because they don't know when the next fucking trade is gonna be panning out for them. I do my students fucking do. You're on the wrong team. Motherfuckers |
| 688 | 02:08:15,960 --> 02:08:24,480 | you're chatting shit to us. We are fucking killing it. We're winning. We are winning consistently every fucking day. We're calling this shit. It's happening. |
| 689 | 02:08:24,930 --> 02:08:35,760 | Where the fuck are you at? What channel are you watching? How can you not be seeing what we're doing every day and not walk around? On a fucking high? Like |
| 690 | 02:08:35,790 --> 02:08:41,610 | we're walking on sunshine every fucking day around here. Think about that shit. |
| 691 | 02:08:41,820 --> 02:08:52,350 | Do you see us sitting on fucking social media sulking about how our market did did just did something that we didn't see coming up. No. None of that shit |
| 692 | 02:08:52,350 --> 02:09:04,440 | happens around here. This ain't fucking clown world. We know what we're doing. We are trained to look at price with a spirit of anticipation. We're not |
| 693 | 02:09:04,440 --> 02:09:13,410 | reacting to shit. We're waiting. Our scope is already dialed in. Right at a specific time of the day. Right at a level we know it's going to be fucking |
| 694 | 02:09:13,410 --> 02:09:23,040 | delivered to us and once it happens, fucking fireworks. We know exactly what the fuck we're doing. We are not wondering what's going to happen. We are waiting |
| 695 | 02:09:23,040 --> 02:09:32,310 | for it. We are fucking waiting. We can't fucking wait. Put it on a platter for us because we're going to take it home. That's how we operate on here. We are |
| 696 | 02:09:32,310 --> 02:09:41,730 | trained fucking killers. This motherfucker has nothing against us that we can handle. Not one thing not one fucking thing that these markets do is a surprise |
| 697 | 02:09:41,730 --> 02:09:57,330 | to us. Now who do you want to fucking listen to? You want to listen to some fucking loser logic where they're waiting for some stupid fucking indicator to |
| 698 | 02:09:57,330 --> 02:10:05,760 | plot something you don't know when that's gonna fucking happen, you're standing your chart waiting for that shit to happen versus the chart, open high, low and |
| 699 | 02:10:05,760 --> 02:10:15,930 | close in the time of day that this shit forms, that makes perfect fucking sense. When you go to work does your start time fucking vary though your boss is saying |
| 700 | 02:10:16,050 --> 02:10:27,540 | Bring your pitch asked to fucking work at this time you're going to have it or you ain't getting paid. This business operates just like that everything is |
| 701 | 02:10:27,540 --> 02:10:38,790 | delivered by time I give you windows of opportunity to go in and study because you're going to learn exactly when they repeat. There's small little windows |
| 702 | 02:10:38,790 --> 02:10:47,310 | within the timeframe that are my kill zones. I'm giving you the opportunity to focus your attention there. And some of my better students have done really good |
| 703 | 02:10:47,310 --> 02:11:02,370 | research and seeing exactly where I'm leading you to. And they see it happening every day. It consistently delivers there's no reason for you to look at any |
| 704 | 02:11:02,370 --> 02:11:11,910 | kind of drawdown and think we're not gonna do what am I gonna do? We're gonna fucking trade, you're going to fix it, but you're going to compensate for that |
| 705 | 02:11:11,910 --> 02:11:21,390 | level strategies have you just brought on yourself by having the drawdown? See it's taking your mind away from the process that you've submitted to originally. |
| 706 | 02:11:21,780 --> 02:11:38,790 | But now drawdown losing trades, has caused you to doubt yourself. That's all it has done. That's the only thing that's changed. Your competence has now been |
| 707 | 02:11:38,790 --> 02:11:51,840 | marred. But it's okay. It's okay. Nothing has changed. Everything still operates just like it did before you're losing trades. The only thing you did was allowed |
| 708 | 02:11:51,840 --> 02:12:05,370 | yourself to get off the rails. Take yourself away from the markets, slow down. calibrate yourself. Think about what it is that you started doing this for. Go |
| 709 | 02:12:05,370 --> 02:12:14,400 | back to your model, read it out loud. Meditate on it. Go back and look at your journal. When you did things correctly. Remind yourself that you know what |
| 710 | 02:12:14,400 --> 02:12:27,660 | you're doing. You just did things emotionally. You chased something that wasn't the trained you chased, fixing an emotional response to an error that you made |
| 711 | 02:12:27,660 --> 02:12:39,660 | as a human being. And then you compounded that with recklessness. That's the only thing that took place. There is no emergency. Your model didn't stop |
| 712 | 02:12:39,660 --> 02:12:47,520 | working. You're not even looking at your model when you're trying to fix what you've done to yourself. So it's not the model that's broken. It's the operator |
| 713 | 02:12:47,520 --> 02:13:01,320 | that's drunk. Think about it. You know, what I just said is true. What made you money before? You gotta go back to that. When you're trying to fix drawdown in |
| 714 | 02:13:01,320 --> 02:13:09,750 | panic, in front of the eyes of other people that watched you drawdown live on your live stream, soon as you start doing your 40, contracts and bullshit, |
| 715 | 02:13:10,590 --> 02:13:21,510 | retail Rick's in control. And now you become entertainment. Think man, I know you don't like me. I know you don't like the fact that I'm doing way better than |
| 716 | 02:13:21,510 --> 02:13:34,320 | you and everything. But I'm talking to you, you can fix what you're doing. And you fall back into yourself all the time. You do it to yourself, and you get |
| 717 | 02:13:34,320 --> 02:13:54,570 | mad, and you direct and deflect that to me. And it's self inflicted, you do it to yourself now. It's easy fix everything I said here tonight. Easy. hard for |
| 718 | 02:13:54,570 --> 02:14:08,400 | most people to do. But it's easy effects. None of these things are reasons for you to be ending your career. drawdown is not an end to a career. A blown |
| 719 | 02:14:08,400 --> 02:14:20,160 | account is not an end to a career. But each time one of those things if not both, will happen. And when it does, it changes and replaces the optimism that |
| 720 | 02:14:20,160 --> 02:14:28,890 | you had when you first started learning. And you had winning trades that led to equity high and equity high equity high. You need to go back and tap into that. |
| 721 | 02:14:30,720 --> 02:14:39,840 | And I know it's hard. It's hard to do that because you are mad at yourself. You're embarrassed if other people know that you did it to yourself. But that's |
| 722 | 02:14:39,840 --> 02:14:50,310 | fine. That's every everybody does that. In every aspect of life. You do something silly sometimes all the time. You know that sense of embarrassment or |
| 723 | 02:14:50,310 --> 02:15:00,960 | shame? You're going to are you going to willfully carry that every day? Now that you're trading? Are you going to constantly measure yourself on that drawdown |
| 724 | 02:15:00,960 --> 02:15:17,610 | that you put yourself in or that account you blew it. Come on. Be practical. Your spouse that you're with, you know, did they constantly bring up that thing? |
| 725 | 02:15:17,610 --> 02:15:26,760 | You did them wrong that one time? If they do that's toxic, that needs to be corrected. It makes a relationship hard. Are you going to do that with your |
| 726 | 02:15:26,760 --> 02:15:34,320 | relationship with the marketplace and your model? constantly go back and pull up that bad episode? Yeah, you know, you did that trade, right. But remember that |
| 727 | 02:15:34,320 --> 02:15:45,540 | one time when you did everything you drove down, and then you feel like shit. You have to nurture yourself emotionally, psychologically, and keep all these |
| 728 | 02:15:45,540 --> 02:15:55,530 | things that are outside interferences that distract you, or make you feel less about yourself, you need to keep that out. That's the weeds. Don't let weeds |
| 729 | 02:15:55,530 --> 02:16:06,210 | grow in your garden. You have to prune in till the ground constantly looking for things that are going to be a distraction to you, there's going to be an |
| 730 | 02:16:06,210 --> 02:16:19,650 | impediment to your development and take you out of the mindset that's required. Now obviously, in this one, I'm speaking from a stance of bravado. Because I'm |
| 731 | 02:16:19,650 --> 02:16:31,800 | confident and you as my students are confident, because you know, what we do here is on another fucking level. But I don't want you to feel like because you |
| 732 | 02:16:31,800 --> 02:16:45,540 | may be a quiet personality, maybe you're a woman that's up in age, and you may hear me get on lists, and carry on like I did. That's the way it is folks on the |
| 733 | 02:16:45,540 --> 02:16:54,690 | on passionate about it, I'm reminding you all. You're in the right place, at the right time, with the right person. And there's no reason for you to ever doubt |
| 734 | 02:16:54,810 --> 02:17:02,850 | what you're learning or doubt yourself. He's gonna keep showing up every day. But I don't want you to feel like you gotta go out on social media and try to be |
| 735 | 02:17:02,850 --> 02:17:11,280 | a fucking gladiator against everybody else that doesn't do what we do. That's that's the part about our community I don't like and other people don't like. I |
| 736 | 02:17:11,280 --> 02:17:20,970 | don't like that. And I know that there's people that don't like me that are cat, they're pretending to be an ICT student or someone that likes me putting the |
| 737 | 02:17:20,970 --> 02:17:29,910 | bullshit in their profile, but they're really my trolls. So they want to kind of like, perpetuate this idea that our community is toxic. Our community is |
| 738 | 02:17:29,910 --> 02:17:38,790 | arrogant as fuck yes, we are. We are arrogant. We're extremely confident, because we're not guessing about anything. And unfortunately unsettles everybody |
| 739 | 02:17:38,790 --> 02:17:47,370 | else that doesn't do what we do. And I don't give a fuck if that hurts your feelings. I don't care. I'm not out here. Like I used to be on Twitter. I used |
| 740 | 02:17:47,370 --> 02:17:54,840 | to literally go knock on the right sucking door. Say, Hey, you're full of shit. Your stuff don't work. Why don't you fucking proven it? Just call something out. |
| 741 | 02:17:55,080 --> 02:18:04,380 | Do a fucking analysis. Tell me something? What's the market gonna do? Oh, you're an asshole. You're a demo baller. Okay? I had fun with that. I'm not doing that |
| 742 | 02:18:04,380 --> 02:18:15,480 | now. But see, you're learning the real mechanics behind what makes what makes these markets move. And that's upsetting everybody. Because the more I do this, |
| 743 | 02:18:15,480 --> 02:18:24,030 | and the more I prove it, and I'm bringing students that are fucking taking down fortunes with real money. You see people saying, Oh, these are paid actors. The |
| 744 | 02:18:24,030 --> 02:18:26,850 | companies are interviewing them. They're the ones paying them. |
| 745 | 02:18:28,680 --> 02:18:37,890 | They're being interviewed. They have their receipts, ask them for it. I'm directing the audience that watches my videos to them. You have questions, ask |
| 746 | 02:18:37,890 --> 02:18:44,640 | them. I'm sure they'll share what they want to share with you in terms of the proof. They don't need to have any more proof the companies themselves that |
| 747 | 02:18:44,670 --> 02:19:04,140 | eight amount in their titles aren't $22,000 2000 4000 they paid these people from their money. They got payouts $40,000 $76,000. That's not Market Replay. |
| 748 | 02:19:04,140 --> 02:19:21,660 | Bullshit. Is that demo dollars. That's the really real. It's where the rubber meets the road. It's proof that this is a concept that's transferable. Do you |
| 749 | 02:19:21,660 --> 02:19:33,930 | need to make that kind of money? No. Should you aspire to shore Absolutely, and more. But you don't just jump in thinking that that's going to be because that's |
| 750 | 02:19:33,930 --> 02:19:48,060 | what gets you in periods of drawdown chasing something. And don't and I've been telling my private students all the time, do not listen to these testimonials. |
| 751 | 02:19:48,510 --> 02:20:00,180 | And think that I need you to do the equivalent or more because that is not what I'm telling you to do. I'm just saying. I gave an open invitation to any When |
| 752 | 02:20:00,180 --> 02:20:08,640 | it's using what I've taught, if they want to make themselves known, and have an interview, their face will be seen, their voice will be heard, and their social |
| 753 | 02:20:08,640 --> 02:20:19,980 | media information will be made public. And I'll draw attention to them. So the audience members have an opportunity to talk to them themselves. If that not |
| 754 | 02:20:19,980 --> 02:20:34,170 | PTAC, but someone that's done it, it's made money. And you may not want to do an interview, and done very well. And I have a lot of them. They don't care about |
| 755 | 02:20:34,800 --> 02:20:41,010 | supporting other people. And guess what, there's no, it doesn't make them a bad person. They have their own life, they have their own prerogative about what it |
| 756 | 02:20:41,010 --> 02:20:48,240 | is they want to do. A lot of you are already saying many times, you know, when we're done in November, you're getting off of Twitter, you have no reason to be |
| 757 | 02:20:48,240 --> 02:20:56,730 | there. I won't be on Twitter, my account will be there, that last post will be there, new tweets will be deleted, no videos are coming off my YouTube channel. |
| 758 | 02:20:58,770 --> 02:21:14,910 | But my level of engagement with all of you will be very, very, very low. I need that. And I don't mind working hard this year to earn that. But when I stepped |
| 759 | 02:21:14,910 --> 02:21:29,730 | back, it's not because someone wrote me off of Twitter. And it because I'm afraid of anything else. It's because I'll be 51 in August. And I am looking at |
| 760 | 02:21:29,820 --> 02:21:46,440 | the time that I have left here. And I don't want to spend it like this. As much as fun as it is. I have asked my family to spend far too little time with me |
| 761 | 02:21:46,440 --> 02:21:58,260 | because of me doing this. And it's been unfair. And I want them to have time with me. Because Tomorrow is not promised and oh man. I could be snuffed today, |
| 762 | 02:21:58,980 --> 02:22:06,780 | taken out. So a comment someone shared to me from a decayed from Texas in his comment section, someone made a comment saying I thought for sure ICT would have |
| 763 | 02:22:06,780 --> 02:22:20,310 | been killed by now by Daxing. His address? What kind of ship is that? Like, really? Listen, I understand. I rubbed people the wrong way, but that incite |
| 764 | 02:22:20,310 --> 02:22:26,970 | people to want to knock me off. First of all, don't give a fuck if you do instant death instinct where I know where I'm going. But I don't live in fear |
| 765 | 02:22:26,970 --> 02:22:34,530 | with that shit. But that's the level of toxicity. And, Pat, you know, I understand you mentioned on Twitter, you know, you get a lot of feedback from |
| 766 | 02:22:34,530 --> 02:22:42,780 | people that are claiming to be an ICT. And I know you say you don't listen to spaces, but I know you do. When you say there's things that are coming out of |
| 767 | 02:22:42,780 --> 02:22:52,080 | our community that are shit being said to you about it, dude, that's the flavor right now. That's the only thing they can do is to try to make us look bad. And |
| 768 | 02:22:52,080 --> 02:23:00,990 | I'm asking all of you as my community, if people are talking shit, the best thing you can do is ignore them. Don't give them any attention, because that's |
| 769 | 02:23:00,990 --> 02:23:09,030 | what they want. They want that heat. They want that constant stimuli because they suck. And when you argue with them, or you try to defend, you don't need to |
| 770 | 02:23:09,030 --> 02:23:18,060 | defend me. Shit, I'm already fucking proven it. My students are proven it. The markets being called, I'm pushing buttons, everybody sees it. The bottom line is |
| 771 | 02:23:18,060 --> 02:23:30,000 | it is what it is. And let them choke on it. Don't even give them any fucking time. And when I talk about things like this, and people try to Mother me, it |
| 772 | 02:23:30,000 --> 02:23:37,530 | would be better if you didn't talk about ICT, blah, blah, blah. I'm actually answering someone that sent me a message that they're wrestling with, because |
| 773 | 02:23:37,620 --> 02:23:50,370 | they saw something that has them on the fence about trying to start here. I saw this person talk about you. And it's just you, what can you say about that to |
| 774 | 02:23:50,400 --> 02:23:59,310 | help me get past it. And then I'll respond. And I'll say that it's like a blanket statement. Because I know, the more time I spend out here doing this, |
| 775 | 02:24:00,480 --> 02:24:08,310 | the opposition will constantly put more bullshit out there. And all you have to do is show up every day, if I don't know what I'm doing, if these things don't |
| 776 | 02:24:08,310 --> 02:24:17,910 | work, you'll find out on your own. You don't need somebody else to tell you that. You determine that from your own opinion. Don't sit here and sign on the |
| 777 | 02:24:17,910 --> 02:24:26,130 | social media, whether it be on YouTube or Twitter or anything else and take somebody else's opinion about me or anything and then simply adopt that that's |
| 778 | 02:24:26,130 --> 02:24:38,940 | the problem with social media. Believe me, I can't wait to get off of Twitter. In November I can't wait. Because it's it's fucking toxic. Not because of the |
| 779 | 02:24:38,940 --> 02:24:47,370 | community. I don't care. You know, people talk shit about me all the time. But when I sign on Twitter, the things that are being suggested to me, because it's |
| 780 | 02:24:47,370 --> 02:24:58,380 | political bullshit or people smear in this one in the campaign of that when it says toxic is shit, like it's toxic. So in our community, I try to keep the |
| 781 | 02:24:58,380 --> 02:25:11,400 | energy level high. Sometimes it comes across with male bravado, that may not be all that palatable for certain audience members. And that changing, you filter |
| 782 | 02:25:11,400 --> 02:25:22,260 | it, if you can't go find someone else, I'm not going to be something I can't be sassy, if I'm live, if I'm, if I'm live, that's it's unfiltered. And I'm going |
| 783 | 02:25:22,260 --> 02:25:31,860 | to have these swings. And it may be entertaining to you, it may be offensive to you, I might talk in a language that sometimes isn't appropriate for children, |
| 784 | 02:25:31,980 --> 02:25:43,080 | you shouldn't listen to me in a live setting with children around you. Send me an email, you complain to me that your kids heard me say the F word. First of |
| 785 | 02:25:43,080 --> 02:25:53,130 | all, I'm leaving that responsibility to you, as a parent, you don't know what's going to be said in a live setting. So Why invite the opportunity for your |
| 786 | 02:25:53,130 --> 02:26:03,840 | little ones, to hear something inappropriate. I don't have the ability sometimes to keep control of my tongue. It's just the way it is. I don't want to talk this |
| 787 | 02:26:03,840 --> 02:26:14,520 | way. But sometimes it just starts. And once it starts, it takes its course, it runs its course. And then that imbalance settles down and kind of like what I'm |
| 788 | 02:26:14,520 --> 02:26:23,490 | talking like. Now, if I talk another hour from now, and don't get off here, you'll hear me rev up again. It's not planned, it's not scripted. It's just |
| 789 | 02:26:23,910 --> 02:26:33,300 | unfortunately, that's what happens. And when I lose control of it go off the rails, my mind reaches for language that isn't always appropriate. And I don't |
| 790 | 02:26:33,300 --> 02:26:43,710 | feel good about it. When I'm done. I asked for forgiveness. And I feel like I could have done better and but I can't be articulate all the time. Live. That's |
| 791 | 02:26:43,710 --> 02:26:56,280 | why I've always stayed in pre recorded lectures, and I edit out a lot of that stuff. Because it's always in there. It's always in there. So I'm a real person |
| 792 | 02:26:56,400 --> 02:27:06,930 | now and I'm not AI, I'm not some fake fucking shit. It's, I'm a real person with emotions, a mental disorder that I wrestle with, it's not always been easy to |
| 793 | 02:27:06,930 --> 02:27:17,130 | deal with. But I know my shit. And I prove it. And my students are bringing the receipts. And I'm so proud of them. And I'm proud of you that it's in the making |
| 794 | 02:27:17,130 --> 02:27:23,940 | right now that you may have gone through drawdown, you may have done a little bit of damage to yourself, because Friday was even destroying the morning |
| 795 | 02:27:23,940 --> 02:27:34,860 | session. up down, up, down, up down. If you fell victim to that, it's okay. You'll fall victim to it again in the future too. Sometimes seeking destroy |
| 796 | 02:27:34,860 --> 02:27:44,430 | starts off just like a day. That's obvious. It's going to do this. And then it's smutgrass The think it's doing something other than that. And it's so true. Yes |
| 797 | 02:27:44,430 --> 02:27:59,490 | again. And then you have to know right then and there. Okay, stop. I just took two trades that were losing trades in the same session, stop. I think you just |
| 798 | 02:27:59,490 --> 02:28:10,140 | gave us a silver bullet. There's a fair value gap between 10 o'clock and five o'clock every single day. Well, guess what happens if you lose, stop. Don't |
| 799 | 02:28:10,140 --> 02:28:19,830 | trade the morning session. Wait to the pm session. In your goal is to at least get 50% of the drawdown you had in the morning. You can get all of it and more. |
| 800 | 02:28:20,370 --> 02:28:28,740 | But your goal is to just get 50% of it. Isn't that a little bit more forgiving? Then I gotta get that back and make a profit for the day. |
| 801 | 02:28:28,800 --> 02:28:42,450 | I have to be right. There's a difference there. There's a difference. And you have to treat yourself like that. As a trader. It's not always trophy wins. |
| 802 | 02:28:42,720 --> 02:28:56,100 | Sometimes, it's just I'll get a little bit of the hair of the dog that bit me and have to be content with that. And let time do its thing by presenting you |
| 803 | 02:28:56,130 --> 02:29:12,510 | new opportunities that will repeat every week, every day, and it won't stop. Unless you do what retail Rick is telling you to do. impulsiveness. Things that, |
| 804 | 02:29:12,810 --> 02:29:24,270 | you know, you know, right before you get into those days that go into drawdown, or blow your account. You can go back in time and think there was a moment when |
| 805 | 02:29:24,270 --> 02:29:38,460 | you said I better not do this. Fuck it. I'm going in. That was it. That's the test and you failed it. Every single time that's ever happened for me, I never |
| 806 | 02:29:38,460 --> 02:29:52,260 | looked back and said I didn't see that comment. You know, I knew it's the way it is. You just got to do it. You just got to do it. Fuck around and find out. In |
| 807 | 02:29:52,260 --> 02:30:00,480 | this business, you fuck around and you find out that you're out of this business, you can cause more damage to yourself financially. Then you're |
| 808 | 02:30:00,480 --> 02:30:12,900 | equipped to pay for. You don't think so overleveraged in front of CPI. Yeah, you'll be Oh in the broker, he had to take everything he's got in your account |
| 809 | 02:30:12,900 --> 02:30:16,680 | plus some. And there'll be calling you up real quick with that. |
| 810 | 02:30:21,750 --> 02:30:33,240 | So you have to be very careful how you place these expectations on yourself. When you're trying to recuperate drawdown, when you're trying to build equity to |
| 811 | 02:30:33,240 --> 02:30:48,840 | new equity highs, when you feel that you know that this is probably not the right thing to do. Wait, wait, take a step away. 10 minutes, go get a drink, go |
| 812 | 02:30:48,840 --> 02:30:57,660 | outside, walk the dog, whatever, come back. If the trade moves without you, who cares? If it hasn't moved, and it moved the other direction, you'll be thankful |
| 813 | 02:30:58,140 --> 02:31:05,010 | if it moves, but it hasn't gone to the target you're aiming for. Right? You got institution order for entry rule, here's your here's your mechanism to get in. |
| 814 | 02:31:05,280 --> 02:31:17,700 | That's not chasing price. So why are you pressuring yourself? Why are you making this harder than it has to be? Because it's all in between your ears. That's |
| 815 | 02:31:17,700 --> 02:31:30,930 | what you're doing. The battlefield that you're waging war on is inside your head. Those candlesticks don't know you're in the trade. They don't know. The |
| 816 | 02:31:30,930 --> 02:31:45,240 | algorithm does not know that you got in that trade. It does not know. It doesn't. It's going where it's going because it's scripted. And it's designed to |
| 817 | 02:31:45,240 --> 02:31:52,650 | take whoever is foolish enough to be on the wrong side. That's the mechanics of how these markets work. That's the fucking reality of it. And I'm gonna give a |
| 818 | 02:31:52,650 --> 02:32:08,460 | fuck who you are buying and selling pressure my fucking ass. Okay, that's how this works, man. So remove all that necessity of being right. Always write in |
| 819 | 02:32:08,490 --> 02:32:21,360 | fixed drawdown right away. Fixing drawdown right away is not the proper way of doing it. And truth be told every time I've done a call online and did it wrong? |
| 820 | 02:32:22,140 --> 02:32:32,580 | I wish I would have stopped that day. Right then and say I'm gonna stop here. But because of my obsessive compulsiveness in the fact that I absolutely love |
| 821 | 02:32:32,580 --> 02:32:42,600 | rubbing my haters nose and shit. I know how to go in the opposite direction. Like I can flip on a dime. I can do that. And then I try do you think that |
| 822 | 02:32:42,600 --> 02:32:50,130 | that's revenge trading? No, that's me aligning myself up with what I know is about to happen. And it doesn't sound good. I know there's a lot of people |
| 823 | 02:32:50,130 --> 02:33:00,990 | that's probably profitable traders. You've been trading for a long time. And they hear me say that stuff. Like I know. I know. And you'll hear people that |
| 824 | 02:33:00,990 --> 02:33:07,830 | make a career out of you got to be careful listening to people that say they know what the market is going to do. Get the fuck out of here with that |
| 825 | 02:33:07,830 --> 02:33:15,420 | bullshit. Get out of here, because I'm gonna tell you something right now. Anybody that pushes a fucking button that doesn't believe that the markets gonna |
| 826 | 02:33:15,420 --> 02:33:29,070 | go on their fucking favor? What the fuck are you doing? What is it that you're doing? By placing risk on a trade? You're buying? Because you think it's gonna |
| 827 | 02:33:29,070 --> 02:33:36,120 | go up to your fucking targets? Do you have a limit order on? You have a stop that says I don't think it's gonna go lower than this and be good still. You |
| 828 | 02:33:36,120 --> 02:33:44,280 | bought you're in the trade. The same fucking person is going to tell you. You got to be careful when you hear people say they know what the markets gonna do. |
| 829 | 02:33:44,370 --> 02:33:52,020 | Listen, man, I know what the high probability is. I know how to define it. My students know how to define it. I know when it's lacking. It's not in the |
| 830 | 02:33:52,020 --> 02:34:00,630 | marketplace. I'm only trying to press the button in those conditions. And I try to teach you how to avoid when it's not there. They don't know shit. They're |
| 831 | 02:34:00,630 --> 02:34:11,280 | taking their fucking indicator based bullshit, but they're still subscribing to the belief that they believe the markets gonna go up there if they didn't |
| 832 | 02:34:11,280 --> 02:34:19,620 | believe that they wouldn't be buying it. So think about the logic of these fucking assets. These chuckled fuck motherfuckers that are out there simply |
| 833 | 02:34:19,620 --> 02:34:32,220 | saying stupid nonsense. React the price you'll never know what price is doing. This is Goldman Sachs fucking level horseshit. intraday charts are noise. If |
| 834 | 02:34:32,220 --> 02:34:41,640 | anybody tells you they can make money trading with intraday charts run away from them. I promise you, I guarantee you. We're doing every day. That's Goldman |
| 835 | 02:34:41,640 --> 02:34:54,570 | Sachs. That's the boys from Goldman Sachs. Aren't they supposed to be the fucking guys that know everything? Do they sound like a bunch of bullshit to me? |
| 836 | 02:34:58,230 --> 02:35:13,590 | But anyway, There's got to be losers through this right? There has to be. But even those guys in Goldman Sachs I wish they would learn how this is really |
| 837 | 02:35:13,590 --> 02:35:24,360 | done. Because they're indoctrinated to with the shit that Goldman pushes on him. This is their model, this is what they do. This is all they do. And they're |
| 838 | 02:35:24,390 --> 02:35:32,460 | extremely profitable. I mean, you can look at the reports that they put out. And they tell you, how many trades they won, how many trades, I mean trades they |
| 839 | 02:35:32,460 --> 02:35:46,650 | lost and how much they money they lost and how much they made. That's amazing information. But they don't know what you're learning. They don't believe me, |
| 840 | 02:35:46,650 --> 02:35:58,500 | they don't. They're not the smart money. They're just consistent about what they do. Now, if you call that smart money, that's your definition of what smart |
| 841 | 02:35:58,500 --> 02:36:09,060 | money is, what I'm teaching you, the way they that we perceive price, how it's delivered algorithmically, based on time and price these signatures that repeat |
| 842 | 02:36:09,090 --> 02:36:18,600 | over and over again. That's not randomness. We're not surprised when shit happens. Think about this. Okay, I'm gonna say this. I'm gonna close because I |
| 843 | 02:36:18,600 --> 02:36:30,990 | haven't eaten. Feel my body telling me I'm low on energy. wouldn't wouldn't think that based on the delivery of all this banter this morning, right? That's |
| 844 | 02:36:30,990 --> 02:36:38,760 | the only benefit of having chemical imbalances is like fucking nitrous oxide. You know, when I'm running low and all sudden, I'm out the gate running. But |
| 845 | 02:36:38,760 --> 02:37:01,230 | when it wears off, it's like a crash. So it's lost my train of thought. This rarely happens for me. New week opening gaps. Thank Jesus. Think about how when |
| 846 | 02:37:01,230 --> 02:37:09,060 | I introduced that concept, oh, yes, everybody knows about a gap ICT fuck off pal, what I'm talking about as how it constantly refers back to them over and |
| 847 | 02:37:09,060 --> 02:37:19,770 | over again, not simply when it fills them in. And they're done. They're done and everybody else's eyes. I'm looking at shit. months ago, months ago, these new |
| 848 | 02:37:19,770 --> 02:37:34,740 | week opening gaps are not done simply because they're traded too and filled in. That's, that's not how this works, man. But believe me. The folks that put this |
| 849 | 02:37:34,740 --> 02:37:45,990 | shit in motion. They don't mind that, you know, there's a gap. Because they can't hide that. And they're thankful and happy that you understand that. |
| 850 | 02:37:46,770 --> 02:37:57,630 | Because a parent fills it in. And then it's done. And they know that you're, you're no longer worrying about it. These gaps have always existed in price |
| 851 | 02:37:57,630 --> 02:38:09,120 | action, yes. But the logic that I employ with it and teach you has not always been there. It's always been happening in the charts. But because you're not |
| 852 | 02:38:09,120 --> 02:38:16,290 | annotating your charts and having them on your charts. And nobody's ever taught this shit before. You never noticed it |
| 853 | 02:38:22,559 --> 02:38:34,739 | How long do new weak opening gaps hold importance to me 60 days the at the data ranges that I talked about in my core content that a lot of my students when I |
| 854 | 02:38:34,739 --> 02:38:42,419 | taught that, that sometimes they quit at that month. They're like, Oh, he's bullshit. It's putting filler. This is bullshit has nothing to do with anything. |
| 855 | 02:38:42,419 --> 02:38:53,399 | He's fucking dumb. Hey, Joker, a clown. Okay. This is the shit that works with it. Stupid fucking people that think they know everything. They come to a |
| 856 | 02:38:53,399 --> 02:39:01,499 | teacher and educator. And they come and they think, Well, this sounds just be taught. This is how I'm supposed to learn this. You have no idea what the fuck |
| 857 | 02:39:01,499 --> 02:39:12,779 | you're learning. You have no idea what you're doing. And you literally stop learning, right when it was getting good. Stupid people, stupid fucking people, |
| 858 | 02:39:13,229 --> 02:39:28,889 | whatever. Think about how these new opening gaps perform. I'm not teaching any more with them. Because I have things I'm going to add in my book. Yes. Yes, I'm |
| 859 | 02:39:28,889 --> 02:39:36,809 | going to sell a book. And I don't give a fuck who has an attitude about it. I don't care. Because there's so many people right now that are writing books. |
| 860 | 02:39:36,959 --> 02:39:45,629 | Every time I talk with these Twitter spaces every time I do a lecture. Every time I do a live stream. They're right now writing books because they're trying |
| 861 | 02:39:45,629 --> 02:39:54,119 | to beat me to the punch because they can say my book was out first but not a fuckers. My shit was in fucking social media on YouTube. Before you were even |
| 862 | 02:39:54,119 --> 02:40:05,579 | fucking doing your book. And yes, that shit matters to me. because it's my life's work. You jackasses are running around trying to get clout and I will be |
| 863 | 02:40:05,579 --> 02:40:17,489 | in your reviews reminding people that you just talked shit on an echo of me. And when they're seeing that comment that you can't do anything about, right? John |
| 864 | 02:40:17,489 --> 02:40:26,759 | Fibonacci, John FLUDD couldn't wait to take my fucking mentorship and take it out there and make some horseshit fucking book. I mean, that fucking review, I |
| 865 | 02:40:26,759 --> 02:40:36,149 | know. And everybody sees it. And they come to that channel on YouTube. And they say, You're a clown. You're a fucking fraud. And even Amazon had to put a |
| 866 | 02:40:36,149 --> 02:40:47,939 | disclaimer saying this shit is got some wrong with it. Welcome, welcome to the reality. There's a bunch more you fucking Yeah, who's on YouTube, on Amazon that |
| 867 | 02:40:47,939 --> 02:40:54,569 | I'll be putting reviews into. And you all can come sock puppet, all the bullshit you want. When I put mine out, I don't give a fuck. I'm gonna laugh at all of |
| 868 | 02:40:54,569 --> 02:41:08,579 | them. All of them. Because it's all on record with me calling it live here. You're all watching. You're in a Gan moment right now. Think about that. You're |
| 869 | 02:41:08,579 --> 02:41:30,659 | in a Wycoff age right now. Not because I'm using my cough. But I'm upsetting everything in this industry. I knew this. In 1995 1995 I knew I would be talking |
| 870 | 02:41:30,659 --> 02:41:46,139 | to people just like you and upsetting everything. But I was being pressured not to do that for a long time. And it took years for me to build the confidence to |
| 871 | 02:41:46,139 --> 02:41:55,829 | go just a little bit outside the lines, the boundaries that I'm not allowed to go past that said, Fuck it, I'm going to create a language. If I create a |
| 872 | 02:41:55,829 --> 02:42:06,749 | language, and I teach people using that language, the people that would be upset with me, can't be fucking upset with me because the things that I'm doing, I'm |
| 873 | 02:42:06,809 --> 02:42:19,979 | attributing it to the language that I created. That just comes real real fucking close to the things I can't teach you. So at this point, the cats out of the |
| 874 | 02:42:19,979 --> 02:42:37,289 | bag. They can't call it back in, they can't change it. I can't stop it. And if I stop right now, you already know how to do it. But I did not break my word. Or |
| 875 | 02:42:37,709 --> 02:42:49,709 | what was placed on me as a limitation. But I didn't do well with that. It bothered me. Because the sign says Don't step on the grass. And I'm going to |
| 876 | 02:42:49,709 --> 02:42:58,139 | fucking moonwalk on that shit. It's just my nature. It's human nature. Don't do this. Tell that to your little kid that just started walking. Tell your toddler. |
| 877 | 02:42:58,739 --> 02:43:04,379 | Don't touch that. They're gonna look right at your fake fucking face and smile and do exactly what you said not to do, because they want to see how you're |
| 878 | 02:43:04,379 --> 02:43:14,909 | gonna react. You'd love me. You're my you're my play toy. You give me food, you change my ass. You put me to bed, you bathe me? You entertain me. You said don't |
| 879 | 02:43:14,909 --> 02:43:23,519 | do this. Let me touch it and see what you did with it. Just like that. I'm like a kid at heart. You tell me I'm not supposed to do that. I'm gonna fucking do |
| 880 | 02:43:23,519 --> 02:43:39,839 | it. I'm impulsive. I can't control myself sometimes. And yes, I was scared for a long time. And truth be told if I get another visit, I'll probably stop before |
| 881 | 02:43:39,839 --> 02:43:53,129 | November. But I have created a language and they know, they understand it. They understand what I did. But you have learned a language that didn't exist before. |
| 882 | 02:43:53,729 --> 02:44:03,749 | It's not in retail logic. This shit is totally outside of all that stuff. And you're here, right now, listening to what they're going to write about in |
| 883 | 02:44:03,749 --> 02:44:19,739 | fucking books. When I'm gone. You're here, you're seeing it happen live, real time proving that this shit is absolutely rigged. And somebody knows how it's |
| 884 | 02:44:19,739 --> 02:44:34,019 | rigged. And they can teach you how to take advantage of that. And that's exciting. It's fun. Nobody's getting hurt by it. But these greedy motherfuckers |
| 885 | 02:44:34,589 --> 02:44:50,549 | want it just for themselves. And they use it like a fucking weapon. And you never knew about it. You never knew about it. But that's the reality of it. |
| 886 | 02:44:52,529 --> 02:45:04,859 | That's what really goes on. And they perpetuate things with financial news network channels. In websites, and talking heads, and all this bullshit that |
| 887 | 02:45:04,859 --> 02:45:21,809 | constantly feed you misinformation and you never notice it. But it's always there. Hidden in Plain Sight. They'll never change it, folks. They will never |
| 888 | 02:45:21,809 --> 02:45:32,339 | change it. I'm proving it. And there's people still pissin and moanin saying there is no algorithm. I work at a brokerage firm I work at a trading desk I'm |
| 889 | 02:45:32,339 --> 02:45:44,849 | at this and I'm gonna that area is not get the fuck out. I don't give a fuck. You have blinders on. Nobody's this precise. Nobody, nobody using other bullshit |
| 890 | 02:45:44,849 --> 02:45:54,629 | retail garbage can see this stuff like this. They can pull it out after the fact which is in my opinion. Wycoff is great for explaining yesterday's news. It's |
| 891 | 02:45:54,629 --> 02:46:05,879 | great. You can learn price action with Wycoff Yes, you can. But you cannot get this level of precision with it. You can't and the people that fanboy it because |
| 892 | 02:46:05,879 --> 02:46:14,489 | they don't want to give me the credit for the shit they're really trading with. You know, I don't care do I don't care. You can call it supply and demand if |
| 893 | 02:46:14,489 --> 02:46:28,379 | that helps you sleep at night but what are blocks are not supply and demand. But you'll see that there is something totally different in this neck of the woods. |
| 894 | 02:46:30,869 --> 02:46:44,849 | It's a certain measure confidence I loved. I absolutely loved that funded account interview. And for like me, I apologize. I can't remember. I don't want |
| 895 | 02:46:44,849 --> 02:46:59,429 | to say the name and appropriately give another company credit when it wouldn't be them. So it's the farmer guide it helps fund his his operation with with his |
| 896 | 02:46:59,429 --> 02:47:12,929 | trading. The comment that the host said he said most of our button did payouts our ICT traders and when he stated something that I have been trying to |
| 897 | 02:47:12,929 --> 02:47:24,599 | communicate for all this time when you learn from me and you finally find your model, you will be part of the category of trader that he mentioned when we |
| 898 | 02:47:24,599 --> 02:47:38,129 | interview students that are not students traders that get payouts nobody else but ICT traders are as confident as they are like they know what they're doing. |
| 899 | 02:47:38,489 --> 02:47:48,119 | And we know when we're talking to someone else that they got to pay out. We can tell that these got lucky. That's not my words. That's that's the company |
| 900 | 02:47:48,119 --> 02:47:57,899 | representative saying that. I know that stings like a motherfucker Vinnie. But guess what, that's the reality of it all. It's the way it is around here. And |
| 901 | 02:47:57,899 --> 02:48:06,869 | all you got to do is join the club invitation still open bro I got no hate for you eat talked all that shit about my family made up all this bullshit lies |
| 902 | 02:48:07,019 --> 02:48:16,199 | whilst you bring it if I could show it I don't give a fuck. Bottom line is is I'm still going to be winning period. What I've already released, people are |
| 903 | 02:48:16,199 --> 02:48:17,669 | going to use it, they're gonna make lots of money. |
| 904 | 02:48:19,559 --> 02:48:28,589 | Some people will fail, some people will lose money, it doesn't change the fact that shit works, it just means they did themselves in. That's human nature. |
| 905 | 02:48:28,649 --> 02:48:40,949 | That's just the way it is. Sometimes people just fuck up. And you just got to make some changes, recalibrate yourself and get back on the horse and ride it or |
| 906 | 02:48:41,069 --> 02:48:54,839 | get back in the car and drive it to the brakes fall off. But you can't do that when you lose control and focus. Because if you can't stop yourself, when you're |
| 907 | 02:48:54,839 --> 02:49:09,899 | out of control, when you're doing all this dumb shit recklessly trying to get back to our equity high or fix a boo boo losing trade. You will do more damage |
| 908 | 02:49:09,929 --> 02:49:20,639 | psychologically, it's going to be more impactful than losing the money in the account. Because you're create scar tissue in your learning, and your perception |
| 909 | 02:49:20,639 --> 02:49:33,209 | about what it is you're doing and about yourself. You'll create scar tissue. And scar tissue doesn't have elasticity. So you can't grow easily. It's painful to |
| 910 | 02:49:33,209 --> 02:49:44,729 | grow. And that's what happens when you do the wrong thing with toxic mindset. And you try to progress. You're you're limited and that's why people many times |
| 911 | 02:49:44,729 --> 02:49:53,849 | quit because they can't get to it can't get past it. You have to tear through that scar tissue which creates more scar tissue and it's painful. And I teach |
| 912 | 02:49:53,849 --> 02:50:04,529 | you and lecture you so that way you don't go through that stuff needlessly. It's Always self inflicted? am I teaching you how to go through this without taking a |
| 913 | 02:50:04,529 --> 02:50:15,539 | loss? No. I'm teaching you how to avoid blowing your account. I'm teaching you how to endure drawdown and mitigate it. Yes. But losing trades, you're going to |
| 914 | 02:50:15,539 --> 02:50:26,399 | come that human aspect to this is not something you can avoid, you're going to do it wrong. That's where the losing trades come in. Now, because the concepts |
| 915 | 02:50:26,399 --> 02:50:37,919 | are flawed, you saw incorrectly I authored this stuff, and sometimes I do it wrong. I get a case of the ass I'm hopped up on goofballs, I want to prove |
| 916 | 02:50:37,919 --> 02:50:49,049 | something you there it is, it's done. I've invited, I've invited some external stimuli into the decision making mechanisms that cause me to push that trade on. |
| 917 | 02:50:49,979 --> 02:51:00,749 | And then when the adverse reaction comes, I'm not surprised by it, because I invited something outside. I've invited chaos in and chaos does what shows up on |
| 918 | 02:51:00,749 --> 02:51:19,769 | time. So you don't want to be doing all of these things. When you're in drawdown, that promote speed, aggression, get back quickly. Because all of that |
| 919 | 02:51:19,769 --> 02:51:36,149 | is the opposite of what you should be doing. And I've never really read a book that's, in my opinion, met, how to deal with drawdown appropriately. Not that to |
| 920 | 02:51:36,149 --> 02:51:48,449 | the degree like like I'm talking about here. I can talk about this topic a lot. Because as a young man, I did my ass in a lot with dumb shit. Like, I'm not |
| 921 | 02:51:48,449 --> 02:51:57,389 | making this stuff up. As I'm going along. I went through it. I know what it's like to feel like you're doing the right things. And know now looking back, |
| 922 | 02:51:57,959 --> 02:52:06,749 | every aspect of those things I was doing, feeling like I was doing the right thing. Hoping to fix the situation, the drawdown or you're getting right back in |
| 923 | 02:52:06,749 --> 02:52:18,269 | real quick, just go ahead, the money, the refund and other account, that was the worst thing to do. How can you apply that today, if you had a funded account, |
| 924 | 02:52:18,509 --> 02:52:25,619 | challenge, and you passed it and you're funded, right, or you open up an account, and you're trading with real money, you made that decision on your own, |
| 925 | 02:52:25,649 --> 02:52:36,269 | I never tell you to do that. When do you know, when you know when to make that transition? When you're bored with being consistent in your demo, and you don't |
| 926 | 02:52:36,269 --> 02:52:45,689 | have any emotion at all. You don't care when you're right, you don't care when you got it wrong. That's the right mindset. That's the time when people should |
| 927 | 02:52:45,689 --> 02:52:54,269 | consider it but not before. If you're antsy excited about the wind being right all the time, you're not ready, because you're bringing emotion into the |
| 928 | 02:52:54,809 --> 02:53:07,349 | monetary transaction of real fund trading. And you're going to be constantly concerned about the outcome on a scorecard or report card basis, profitable or |
| 929 | 02:53:07,379 --> 02:53:14,999 | not profitable. And if you're thinking like that, you're not thinking about following the model and the role of being in that trade. For the reasons you're |
| 930 | 02:53:14,999 --> 02:53:24,869 | supposed to be in that trade. You're looking at the profit and loss ticking up and down. Watching the treat. Let me ask you this. When you put a trade on, how |
| 931 | 02:53:24,869 --> 02:53:36,689 | often does your eye go to what the profit and loss amount is? For some of you, if you're thinking to yourself, you know, I'm always watching that shit. You're |
| 932 | 02:53:36,689 --> 02:53:46,349 | not ready to be trading with real money. Because your focus is on that. We're not watching price is price constantly giving you feedback, and it's delivery. |
| 933 | 02:53:49,319 --> 02:54:00,299 | Are you on side? Are you offside? You're watching The up and down movements of the ticker that tells you what you're making or losing while you're in the |
| 934 | 02:54:00,299 --> 02:54:15,479 | trade. You're distracted. I only have that up there. So you can see it that it was a button being pushed. When I trade, I don't have that up there. I don't |
| 935 | 02:54:15,479 --> 02:54:26,699 | give a fuck about that. I'm watching price is price going to my targets is price respecting the most recent three PD arrays that I want to see being supportive |
| 936 | 02:54:26,699 --> 02:54:36,569 | of price whether the price is going higher or lower. I'm watching that shit. That's what matters to me. Because if I'm not paying attention that I'm not |
| 937 | 02:54:36,569 --> 02:54:51,809 | going to notice when it's telling me it's no longer a good trade. So either kill it or take something off. Remove risk compare and contrast that known what you |
| 938 | 02:54:51,809 --> 02:55:00,419 | know about yourself and your attention span. If you're watching Prophet, tick up and down, up and down. Like you know the game when I was younger, I Want to see? |
| 939 | 02:55:00,419 --> 02:55:11,039 | Okay? Two hours more, it'd be 1000 hours. Okay, and you start talking to it. I come on quite 1000 That's not quite very, that's not 1000 hours. I promise if it |
| 940 | 02:55:11,039 --> 02:55:16,709 | goes 1000 hours, I'm gonna give out if he's just gives me 1000 Please, please just give me 1000 Now it's drawn down, it's down. It's only up five. I don't |
| 941 | 02:55:16,709 --> 02:55:25,679 | know you're up. 750 but you want the 1000 Please, please, just get back to 750 Fuck it. I don't need 1000 Just give me 750 I promise if it's this, if you just |
| 942 | 02:55:25,679 --> 02:55:33,119 | give me that I'll get up. I swear to God Almighty. Just give me that I'll get now you're only up to 50 What the fuck is going on? Why is my $1,000 Why can't I |
| 943 | 02:55:33,119 --> 02:55:40,949 | get 750 bucket because the 500 hours I'm getting fucked this. It's an indrawn. But there's nobody there's an MC money. This is bullshit. It's fucking broker |
| 944 | 02:55:40,949 --> 02:55:52,949 | did it to me again. They know. That's it. That's retail 101. That happens, because you're watching that ticker that shows you the profit and loss the whole |
| 945 | 02:55:52,949 --> 02:56:03,359 | time, the charts telling you, you're on the wrong side now. Hello, this open high low and closed bar here is telling you you're on the wrong side. It's in |
| 946 | 02:56:03,359 --> 02:56:16,139 | your face like a neon sign, but you're not seeing it, because you're watching the money. Everybody falls victim today. Everybody does. There's never been a |
| 947 | 02:56:16,139 --> 02:56:23,879 | trader that's come into this industry that never had that happen to them, they have had that happen. And sometimes the breakeven traders that can't be |
| 948 | 02:56:23,879 --> 02:56:31,709 | profitable, the number one rule that helps them get past that just always breakeven is stop worrying about the money, do not have that shit on your chart. |
| 949 | 02:56:32,669 --> 02:56:43,589 | Because if you're focusing on the money, you can't look at price. You set all these little milestones, little little goals for yourself, you have a trade, you |
| 950 | 02:56:43,589 --> 02:56:51,119 | have a limit order that it's supposed to trade to. And all of a sudden, you start worrying about a specific dollar amount. Because you can't stand to be in |
| 951 | 02:56:51,119 --> 02:56:56,819 | the trade. You're not submitting to the limit order being reached or the target being reached. You start looking at the profit you think yourself, you know, I |
| 952 | 02:56:56,819 --> 02:57:06,959 | had a win in a while. I gotta go on social media and show somebody something shit, I gotta get that 1000 Sounds Narcissus, it's, it's a band, I got to share |
| 953 | 02:57:06,959 --> 02:57:14,189 | that publicly. I don't need to get that 3000 I'm really supposed to be holding for. And I can't really hold because I'm impatient as fuck. So let me get that |
| 954 | 02:57:14,189 --> 02:57:27,029 | $1,000 And the enter that same situation I had as a young man with copper. You want that target. There's no reason for that actually happening now because the |
| 955 | 02:57:27,029 --> 02:57:37,499 | chart has changed direction. Price is going to go the other way. But damn it, this is your target. You're supposed to trade your plan and plan your trade. |
| 956 | 02:57:37,499 --> 02:57:45,839 | Right? Okay, you're in the trade. You have a higher target your limit orders waiting. If it goes up there that gets you out, but knows what's happening here. |
| 957 | 02:57:46,889 --> 02:57:58,559 | You've allowed the concerns about money to hide with prices telling you and now you're submitting to the fact that you don't have patients, that's a good thing. |
| 958 | 02:57:59,789 --> 02:58:12,689 | If you know that you can't hold on to the trade, kill it because if you stay in it, you may experience that turnaround. If you know that you are not capable of |
| 959 | 02:58:12,719 --> 02:58:20,099 | sticking to that trade idea. And it's now making you physically uncomfortable where you can't cope. |
| 960 | 02:58:21,719 --> 02:58:29,189 | It's not weakness to get out of that. You condition yourself to get out of it. And if it goes there, then you encourage yourself by saying okay see if I was |
| 961 | 02:58:29,189 --> 02:58:35,309 | stay with it. It would have did that. But you didn't make the arm you didn't make the money it so that's fucking stupid. Dude, you're acting like you go out |
| 962 | 02:58:35,309 --> 02:58:47,069 | there on your first run and getting all these targets. No partials. I'm sorry, man. I'm sorry. But that's just that's dumb. You have to grow. You have to |
| 963 | 02:58:47,069 --> 02:58:55,199 | progress incrementally, and nobody walks out there doing full polls. I don't give a fuck who you are. Who do you learn from? I'm the best and my students |
| 964 | 02:58:55,199 --> 02:59:04,469 | don't go out there like that. I teach them partials they gotta get their little cookies along the way. And it grows over time, their confidence. But when you |
| 965 | 02:59:04,469 --> 02:59:12,479 | feel that temptation to just bail on the trade, even when you're in profit, because you can't stand it, you just can't stand it. You don't know what's gonna |
| 966 | 02:59:12,479 --> 02:59:22,769 | happen. You've lost the plot. You're no longer submitting to the trade idea. So you're in there doing what? Gambling hoping and praying now your religious |
| 967 | 02:59:22,769 --> 02:59:38,669 | trader please let it get there. Who are you talking to? When you're talking to your monitor? Who the fuck are you talking to? I don't know who I was talking |
| 968 | 02:59:38,669 --> 02:59:48,509 | to. But we're doing it right. Please, please just let it get to 1000 if it gets to 1000 That'd be enough for me. You know damn well, if it goes to 1000 you're |
| 969 | 02:59:48,509 --> 03:00:01,109 | gonna think shit. It might go 1200 If I get out 1200 with it with the 1500 and then you're not you're playing a game. But you're fucking around. You know, some |
| 970 | 03:00:01,109 --> 03:00:10,529 | of you might be laughing your ass off right now, because you've been there before. But it really shouldn't be funny. You should identify that moment where |
| 971 | 03:00:10,529 --> 03:00:19,829 | you've lost the plot of the trade. And as soon as you start thinking, I needed to do this, I needed to do this. You don't need shit, but to get out of the |
| 972 | 03:00:19,829 --> 03:00:33,389 | tree. That's what you need to do. Because now you're on a hope and prayer and hope and prayer in that setting right there. Your prayers are being answered. |
| 973 | 03:00:33,869 --> 03:00:44,309 | The price is telling you, it's about to go the other direction. And you're not seeing it, because you're looking at that profit ticker, the up and down |
| 974 | 03:00:44,339 --> 03:00:55,319 | fluctuation of your profitability hoping that it gets to some random fucking number that has absolutely no reason for price that really, really reached |
| 975 | 03:00:55,319 --> 03:01:05,399 | there. But that's, that's what you want. That's your trophy. That's your cookie. You're waiting into the jar. You're constantly digging down in there feeling for |
| 976 | 03:01:05,399 --> 03:01:15,809 | that last cookie. You want that last one? But it's not there. Carl's been there to fucking day before and got that last motherfucker. Sorry. They lay in a |
| 977 | 03:01:15,809 --> 03:01:27,419 | cookie short, your $1,000 profit getting delivered to you. And then what happens? It moves down a little bit. And you lower Okay, okay, I ain't gonna get |
| 978 | 03:01:27,419 --> 03:01:36,029 | a full cookie. But there might be a handful that cookie left. You know what it's like when you get in the cookie jar. Some of them break. I mean, unless really, |
| 979 | 03:01:36,029 --> 03:01:43,049 | but let me just feel if there's any crumbs, then and I can put together and get some kind of shit out of it. So you start making deals with yourself? If there's |
| 980 | 03:01:43,049 --> 03:01:55,799 | a 750? I'll get out, I promise. Who are you promising? Who are you talking to? You talking about your ass? Because you're not going to do that if it does it. |
| 981 | 03:01:56,969 --> 03:02:14,459 | So why are you doing it? You're pantomiming you're talking out your ass. You're trying to pretend you have? Well, the capability to follow through with a rule. |
| 982 | 03:02:15,209 --> 03:02:28,049 | When you've already shown that you don't have that already. And you are doing what you're speaking to a fucking computer screen that cannot hear you. It's not |
| 983 | 03:02:28,049 --> 03:02:35,639 | going to reason with you. Price is not going to say, well, you know what? I had been an asshole to you recently. And I've caused a lot of trades, not the pain |
| 984 | 03:02:35,639 --> 03:02:43,709 | in your favor. So listen, pal, it's no hard feelings. It's nothing personal. I'm going to give you something today I'll tell you about. Here's $1,000 Let's get |
| 985 | 03:02:43,709 --> 03:02:52,229 | out your target bucket and and like that. So why are you even going through the motions of doing this shit talking to the screen? Come on, Tom, please, please |
| 986 | 03:02:52,379 --> 03:03:04,349 | do this, do this, get the fuck out of here. You have lost the plot. Now I have done many times, teasingly. Either in my recording, sometimes I'll type out, |
| 987 | 03:03:04,469 --> 03:03:13,559 | it's, it's teasing me, it won't go down there. And suddenly, this goes right to my target and fills me. That's not what I'm saying here. What I'm saying I know |
| 988 | 03:03:13,559 --> 03:03:22,589 | what it's going. And it's clearly being illustrated in the chart, I'm not only saying please, please, please let this I know where it's reaching for. But you |
| 989 | 03:03:22,589 --> 03:03:34,619 | as a new student new trader, you're going to be in a certain setting where you're in a trade. And it's going to be impossible for you to hold on to it. And |
| 990 | 03:03:34,619 --> 03:03:46,229 | I don't know really what goes on that creates that condition, I think it's a matter of lack of experience, not knowing what you're looking for. And usually, |
| 991 | 03:03:46,319 --> 03:03:56,039 | that creeps into your trading after you had a series of losing trades. So finding when you get into something, and you're impatient, because you want that |
| 992 | 03:03:56,039 --> 03:04:04,199 | trade to run real real quick to your target. And it might not be doing that. And it might be showing you it's actually reversing, but you don't have that |
| 993 | 03:04:04,199 --> 03:04:14,969 | perception or skill set because number one, you're probably in drawdown in everything you're looking at, through prices distorted. So you're really not |
| 994 | 03:04:14,969 --> 03:04:25,109 | seeing things clearly. So the only thing that's clear to you is you want $1,000 out of that trade. And it's getting real close to flashing on it and your screen |
| 995 | 03:04:25,109 --> 03:04:35,009 | saying 1000 hours. But what you're saying is, is you're trying to fucking play a video game where you're going to try to time exiting when it gets to $1,000 |
| 996 | 03:04:35,369 --> 03:04:44,519 | because it might flash here 1001 time and you didn't get off there. It could go there flash one time and never be there and then you're frustrated. So really |
| 997 | 03:04:44,519 --> 03:04:53,759 | what you're doing is you're lying to yourself. You're lying to yourself, you're pantomiming like you know what you're doing and you're trying to convince |
| 998 | 03:04:53,759 --> 03:05:02,279 | yourself with every ounce of your being because you're talking to yourself. You're literally out of your fucking mind. Right, you're talking to yourself, |
| 999 | 03:05:03,149 --> 03:05:12,659 | and a computer screen that has no ability to understand or even reason with you. Think about that. It's fucking madness, right? But that's what you're doing. |
| 1000 | 03:05:13,319 --> 03:05:26,999 | You're doing that you're fucking talking to an inanimate inanimate object, your screen. And you're hoping and praying that it will listen to you. You're praying |
| 1001 | 03:05:26,999 --> 03:05:39,959 | that that open high, low and close bar is going to favor you, and give you what you want. If you are talking to the marketplace like that. And you're literally |
| 1002 | 03:05:39,959 --> 03:05:58,949 | praying that it does that. You've lost the plot. You've literally lost control of yourself. And the best thing to do is collapse the trade. That's the best |
| 1003 | 03:05:58,949 --> 03:06:08,879 | thing. And, yes, sometimes it'll run and go to your target. But guess what you were already indicating that you were not willing to stay patient long enough |
| 1004 | 03:06:08,879 --> 03:06:18,779 | for that to happen. So what are you learning by staying in that environment where you can't submit to it, and now you're begging and praying to the God of |
| 1005 | 03:06:18,779 --> 03:06:32,489 | your screen, to answer your prayer and give you 1000, Arwin, or whatever that target would be. Think about staying in that environment. It's not teaching you |
| 1006 | 03:06:32,489 --> 03:06:49,079 | anything. It's furthering this pursuit of things that are external. Instead of internal, you're seeing your body, your mind, give you indications that you are |
| 1007 | 03:06:49,079 --> 03:06:56,519 | now in a position that's uncomfortable. Is there something wrong with you getting out when it was at 750? Because you don't think there's going to go |
| 1008 | 03:06:56,519 --> 03:07:03,059 | ultimately to your target and you don't have the patience to hold on to what's wrong. But what's wrong with that idea, this collapse in the trade? Nothing. |
| 1009 | 03:07:03,989 --> 03:07:13,799 | It's the same thing with the partial they fucking pay every time 100% of the time, they never fail. So when somebody comes behind this message that I'm |
| 1010 | 03:07:13,799 --> 03:07:22,019 | giving you today, with no proof, they fucking trade profitably, they can't call shit ain't done shit. But they're gonna say, this is stupid. ICT said this dumb |
| 1011 | 03:07:22,019 --> 03:07:30,479 | shit, Ba ba ba ba ba. counter it with you doing it live? How's that work for you? Okay, there's your challenge. Everybody's got talking shit about they're |
| 1012 | 03:07:30,779 --> 03:07:37,049 | talking about me and my concepts, go out there and start doing it better. I'll watch your live stream. And if you're good, I'll say so. And I'll bring people |
| 1013 | 03:07:37,049 --> 03:07:44,999 | to your fucking shit. But if you're talking about your ass, and you got nothing, bringing nothing to it, your your, your opinion is moot. It's nothing. It's |
| 1014 | 03:07:44,999 --> 03:07:58,259 | shit, garbage. So it's when I'm telling you that you're wrestling now. And you don't know what you're going to submit to anymore. And now you just pull it out |
| 1015 | 03:07:58,259 --> 03:08:06,329 | of your ass? Well, I hope it flashes up this much money in my profit. If it does, I'll get out. That right there indicates to you if you're thinking it, and |
| 1016 | 03:08:06,329 --> 03:08:14,489 | if you start talking it, you have lost control. That is the last sign that you are now mad. |
| 1017 | 03:08:16,440 --> 03:08:24,600 | That's the confirmation that you're out of your fucking mind. Because you're literally talking out loud, praying for something that you have no control over. |
| 1018 | 03:08:25,590 --> 03:08:33,270 | And it's less than what you started to trade with. It's less than the target, it started this whole idea of you being in the marketplace. So it's near now in |
| 1019 | 03:08:33,270 --> 03:08:43,320 | this position where you're begging for the market, give that to you. And it starts moving away and you feel the impulse to lower it. Okay, now just give me |
| 1020 | 03:08:43,320 --> 03:08:55,980 | this. Fuck that. Get out. Just get out of that. And treat it like it's a partial and the balance. This got stopped out at breakeven. That's how you that's how |
| 1021 | 03:08:55,980 --> 03:09:03,180 | you wrestle with that. And you cancel it. You don't have any room for negative thinking about it. You don't beat yourself up about it. It is what it is. What |
| 1022 | 03:09:03,180 --> 03:09:13,200 | did you do wrong? You fucking made money. You made money. You didn't get your 1000 or you made 750 bucket 750 is better than not having 750 It's better than |
| 1023 | 03:09:13,200 --> 03:09:26,190 | losing 750. Everything's about perception and how you think about it. In the books and the bullshit. You listen to these people out there. They don't know |
| 1024 | 03:09:26,190 --> 03:09:34,230 | what the fuck they're talking about. And that stupid logic they give you you shouldn't take partials you shouldn't pay yourself that's what the fuck they're |
| 1025 | 03:09:34,230 --> 03:09:46,980 | saying. Run the risk with your low probability bullshit. of not getting your targets filled. It's all or nothing. partials are stupid. That's someone telling |
| 1026 | 03:09:46,980 --> 03:09:58,290 | you don't make money and making money as dumb. That's equivalent to that. You want to listen to that shit. Hey, get the hell out of here. I got time for that. |
| 1027 | 03:09:58,830 --> 03:10:09,450 | It's a Mickey Mouse fucking Logic right there. Don't take profits. Taking profits is stupid. The profits that are 100% Payable all the time, they never |
| 1028 | 03:10:09,450 --> 03:10:25,590 | fail to make its way into your bottom line on your statements. Okay, next, turn the channel, someone's talking like that. You're here, learning how to reprice. |
| 1029 | 03:10:25,620 --> 03:10:36,060 | Why because you want to make fucking money. When the market offers the opportunity for you to take money out of it, you take it, especially when you're |
| 1030 | 03:10:37,020 --> 03:10:48,600 | inexperienced, because you might just be in a run that's short lived, and what you think as a target may not really pan out. And you can't just take in the |
| 1031 | 03:10:48,600 --> 03:11:01,620 | beginning, every trade and run with it until the brakes fall off it. You have to look at things objectively, be reasonable with yourself, acknowledge the fact |
| 1032 | 03:11:01,620 --> 03:11:10,470 | that you're inexperienced. And hey, you know what, I may be fucking completely wrong about where this market is gonna go. But guess what it's offered me 10 |
| 1033 | 03:11:10,470 --> 03:11:20,280 | handles, it's offered me five handles, I might be looking for 30. But let me take something on five, let me take something at 10. But you'll never be able to |
| 1034 | 03:11:20,280 --> 03:11:29,640 | get that high multiple are payout ICT by doing it in the beginning, you won't fucking be able to have that wherewithal to hold for it. So you grow in your |
| 1035 | 03:11:29,640 --> 03:11:40,170 | knowledge and your experience getting to that level of trade, I have trades that I put on all the time, and I have a best case, limit order. My students know |
| 1036 | 03:11:40,170 --> 03:11:49,710 | this about me. I'm not always suggesting that this is exactly where the markets gonna go, when there's an opportunity for it to go beyond what I think it's |
| 1037 | 03:11:49,710 --> 03:11:58,770 | reasonable. I put my limit order there. Because sometimes you get these wild crazy runs. And it's just nice to be able to catch that tiger by the tail. If |
| 1038 | 03:11:58,770 --> 03:12:07,830 | you don't have your limit order there, and it goes there. You can't make money with that. So I know that sometimes in my trades, I will be just outside of the |
| 1039 | 03:12:07,860 --> 03:12:17,400 | range. That's reasonable. But I'm taking partials along the way to prove to you that it's going in the right direction. And I don't need to see my full Terminus |
| 1040 | 03:12:17,400 --> 03:12:30,810 | target reached. And what am I teaching you how to get paid, and you don't need to be right. That is the best way to learn. I wish I was trained that way. As a |
| 1041 | 03:12:30,810 --> 03:12:37,890 | young 20 year old I wish I would have been taught that it would have saved me so many blown accounts, because there's lots of times I had trades that were in my |
| 1042 | 03:12:37,890 --> 03:12:53,550 | favor, and I held for the fucking target. took nothing off in a reverse and come back and stop me out on a loss. Don't ever let a winning trade ever turn on to |
| 1043 | 03:12:53,550 --> 03:13:04,440 | you. And make a net loss if the markets moving, and it gives you five handles take something but what happens if I'm only trade one contract, take your |
| 1044 | 03:13:04,440 --> 03:13:16,350 | fucking trade off. grow in your knowledge and your experience until you get to able to find the five handle I'm sorry, the 10 handle runs and you can not feel |
| 1045 | 03:13:16,350 --> 03:13:27,990 | the impulse to take off at five and you submit yourself to what like in two handles and reach for the 10 that comes back and stops you out to okay no |
| 1046 | 03:13:27,990 --> 03:13:36,510 | problem. You took a partial it to stop down on breakeven. That's how you look at it. It's all about perception. But when you go in and you listen these Mickey |
| 1047 | 03:13:36,510 --> 03:13:44,940 | Mouse mentors sitting around in front and computer screens through fucking backs shown in the displays and they don't know anything. You never see them trading. |
| 1048 | 03:13:45,510 --> 03:13:54,360 | They gotta laugh shit to say about everybody else in their private circles, but they got the balls to do it publicly. Don't take partials this guy's a fraud. |
| 1049 | 03:13:55,020 --> 03:14:09,150 | This guy's a bunch of bullshit, blah, blah, blah. When you listen to that dumb logic, you're gonna have stunted growth. You will have results that you can grow |
| 1050 | 03:14:09,600 --> 03:14:23,100 | and feel confident with, which is necessary in this industry. It's not an overnight success for anybody. wasn't for me, wasn't for me. And it won't be for |
| 1051 | 03:14:23,100 --> 03:14:30,870 | you. You're gonna learn a lot about yourself. The things that you're going to bring to this as a problem, but you won't think it's a problem. And what's funny |
| 1052 | 03:14:30,870 --> 03:14:41,070 | is men that come into this industry that think they have certain skill sets or strengths in their personal characters. That's usually the thing that fucks them |
| 1053 | 03:14:41,070 --> 03:14:46,920 | up. I'm confident and you're overconfident that's how you blow your account. |
| 1054 | 03:14:52,559 --> 03:15:03,749 | The only skill set that I think it's interesting that still causes problems is the people that say that are very patient, they end up becoming too patient, and |
| 1055 | 03:15:03,749 --> 03:15:14,399 | they wait too long. The mood starts happening, because they're patiently waiting for something perfect and perfect. In the beginning, when you're learning, you |
| 1056 | 03:15:14,399 --> 03:15:24,089 | can't identify that you don't know what it is, over time, spending time with me and teaching what price delivery is like where it should go watch it, do it, |
| 1057 | 03:15:24,599 --> 03:15:34,439 | then obviously, you can recognize what precision and precise perfection in price delivery is. And you try to operate with that over time. But in the beginning, |
| 1058 | 03:15:34,469 --> 03:15:47,309 | you don't try to force precision at all in the beginning. It's forgiving. You give yourself wait for the run, wait for the retrace, we could have a gap then |
| 1059 | 03:15:47,309 --> 03:15:55,919 | get in. You didn't get out the high. I mean, I'm sorry, you didn't get in at the highest time at the turtle soup. false breakout. You're waiting for that |
| 1060 | 03:15:55,919 --> 03:16:07,349 | displacement, then retracement up into a premium. And you're looking to go short. And you aim for consequent coachmen. And the lower the fair value gap. |
| 1061 | 03:16:08,819 --> 03:16:20,309 | That's your sweet spot. That's that optimal entry within a fair value gap. Because we always have to make an allowance for that Fair Pay Gap not to be |
| 1062 | 03:16:20,309 --> 03:16:31,349 | entirely filled in. And when it doesn't fill in that is very powerful insight. Because if it's expected to go lower, and it doesn't fill in that fair value gap |
| 1063 | 03:16:31,379 --> 03:16:39,749 | and then starts to break and run away. Man, that's when you want to make your partials a little bit further lower. Because it's probably going to do a lot |
| 1064 | 03:16:39,749 --> 03:16:49,229 | more than you thought it was going to be. Chances are your first profit is probably not the right one. It's gonna probably go a lot more. I'm sorry, I said |
| 1065 | 03:16:49,229 --> 03:16:58,799 | that wrong. Your your final profit. Your first profit or partial should always be reasonable in five or 10 handles if it's so you know, yes. If it's Forex, you |
| 1066 | 03:16:58,799 --> 03:17:10,229 | know, 10 pips, 15 pips, 20 pips something in that range, you should be looking for your first partial. But the idea of demanding precision or holding for your |
| 1067 | 03:17:10,229 --> 03:17:18,419 | full target in the beginning, anybody tells you that's what you should be trying to do, right from Jump Street beginning. That's someone that's Guaran damn tee, |
| 1068 | 03:17:18,419 --> 03:17:28,469 | not consistently profitable. They're not consistent. They're not confident in themselves. And they're just making allowances for their inability to do |
| 1069 | 03:17:28,469 --> 03:17:35,729 | themselves, but they want to coach people from the sidelines and seem smart. Because the idea is, if there's, if they're talking like that, and they're not |
| 1070 | 03:17:35,729 --> 03:17:44,399 | promoting anything publicly showing that they can do it, showing it you can call beforehand, explaining beforehand. The misnomer is, well, this person has a lot |
| 1071 | 03:17:44,399 --> 03:17:56,009 | of people following him. And he says, This is what we should do. What's going to be commonly viewed that that's how he trades and therefore he's successful. When |
| 1072 | 03:17:56,009 --> 03:18:03,629 | you don't see anything like that, no proof that suggests that's even the case at all. When I'm telling you that I am precise, I'm proving that I'm precise. And |
| 1073 | 03:18:03,629 --> 03:18:13,529 | my students are doing it too. I'm telling you to take partials, why, because I want you to trust your progress of learning how you're moving up in your |
| 1074 | 03:18:13,529 --> 03:18:22,949 | understanding, in the beginning, you're going to have doubts, and that's normal, you're gonna have a lack of confidence. And that's normal. And you overcome |
| 1075 | 03:18:22,949 --> 03:18:35,279 | those things, with these little baby steps of paying yourself at logical places like I'm teaching. It feels a whole lot better learning and not getting your |
| 1076 | 03:18:35,279 --> 03:18:46,589 | target filled. But still getting something out of the move. And you were rewarded. You put time and energy and attention into that idea. And you watched |
| 1077 | 03:18:46,589 --> 03:18:52,769 | it pan out. And if it fails and goes all the way against you, you're going to feel like this is bullshit. Nobody makes money, and I'm not going to be |
| 1078 | 03:18:52,769 --> 03:19:00,989 | successful. And so why why bother? Why study with this bullshit. There's too much ICTV two years ago through Fuck this, I'm not doing it. So I teach you to |
| 1079 | 03:19:00,989 --> 03:19:12,479 | reward yourself. Pay yourself that cookie, you're in the jar digging for one. So take one. And when you do that, if it comes back and stops you out at breakeven, |
| 1080 | 03:19:13,439 --> 03:19:24,479 | does it really hurt? No. That's why I teach it that way. You remember what you had a positive payment coming out in your demo that rewards your time and study. |
| 1081 | 03:19:25,439 --> 03:19:35,759 | Because in your mind, you're thinking, if this was real money, and that's is all that happened, I still made money. I don't need to be right, bang, go. Bing go. |
| 1082 | 03:19:37,169 --> 03:19:48,149 | That's the proper mindset. And the people that teach outside that way of delivery and progressive learning are fucking clueless. That's why you don't see |
| 1083 | 03:19:48,149 --> 03:19:57,149 | anybody learning how to be profitable with them. You don't see them stepping forward and saying here yeah, I'm making money like this. Because they're using |
| 1084 | 03:19:57,149 --> 03:20:10,499 | logic that's fucking short on logic that may makes money and I just don't have a tolerance for that shit. If something's right, and it makes money, who am I to |
| 1085 | 03:20:10,499 --> 03:20:19,229 | say otherwise? But I'm sorry, I can't bite my tongue when I hear these fucking asshats these chuckle fuck motherfuckers that are out there talking out their |
| 1086 | 03:20:19,229 --> 03:20:28,829 | ass saying dumb shit. React the price don't your job is not to predict where price is going to go. Don't take partials take your full target, because the |
| 1087 | 03:20:28,829 --> 03:20:36,449 | risk you put on doesn't justify the partials. Get the fuck out of here, you're talking to somebody or listening to somebody that probably has less than a 50% |
| 1088 | 03:20:36,449 --> 03:20:44,819 | strike rate. Get the fuck out of here. You're not even saying conversation with us. We're not doing 50% around here. We're not flipping quarters. That's 50 |
| 1089 | 03:20:44,819 --> 03:20:59,309 | Fucking 50. We're not 5050 Here. Okay, we're not doing that. That's unacceptable. Period. You should be aiming and living in a 70% strike rate. |
| 1090 | 03:20:59,939 --> 03:21:12,059 | That's your fucking goal. Are you going to hit that right out of the box? Nope. are gonna get that your first year Nope. A few years from now, you will be |
| 1091 | 03:21:13,049 --> 03:21:20,699 | you're gonna know when the shit is not favorable for you to be trading. And it's high probability and high resistance is not lining up. It's going to be |
| 1092 | 03:21:20,789 --> 03:21:29,729 | conflicting. So you'll stay out of the marketplace, you want low resistance and high probability. you'll identify when the markets like that, and then you will |
| 1093 | 03:21:30,179 --> 03:21:38,549 | be in that moment trading with your maximum risk. They're not I need something to happen. Because I'm in drawdown, I'm going to trade with maximum leverage in |
| 1094 | 03:21:38,549 --> 03:21:47,609 | high resistance liquidity and low probability conditions. Because I'm in drawdown, I gotta fix it. And maybe if I pray hard enough, the screen will give |
| 1095 | 03:21:47,609 --> 03:22:01,349 | me what I'm asking for it. And then you fill your account many of you that are brand new, probably never thought about it like this, because you haven't been |
| 1096 | 03:22:01,349 --> 03:22:12,809 | doing it long enough. And it doesn't resonate with you sounds like a pointless rant. The motional, you know, talking points that don't have any relevance to |
| 1097 | 03:22:12,809 --> 03:22:22,109 | you. But I promise you that people that have been trading, they understand exactly what the fuck I'm talking about. They've been there. And they just, I |
| 1098 | 03:22:22,109 --> 03:22:31,229 | guarantee they can appreciate this level of discussion. Because now it makes perfect sense how the messed up, how to avoid it going forward, and they wish |
| 1099 | 03:22:31,229 --> 03:22:38,909 | they would have known it beforehand. The same thing that you're hearing right now, and not appreciating because you haven't traded with real money yet. You |
| 1100 | 03:22:38,909 --> 03:22:50,699 | haven't gone through these, these growth periods where it's growing pains. And you all go through growing pains, growth and understanding is going to come to |
| 1101 | 03:22:50,699 --> 03:23:01,319 | you in this industry through pain. And you want to avoid it. I replied to somebody this morning, when I tweeted that my son went into drawdown on Friday. |
| 1102 | 03:23:02,459 --> 03:23:17,669 | And it's the best thing you can have. And the surest way to reinforce falling rules is experiencing pain. And the gentleman, I'm assuming, as a gentleman says |
| 1103 | 03:23:17,669 --> 03:23:32,759 | how do we avoid those painful experiences? You go through them? You walk forward without quitting? That's what you do. Because what you're saying is as a trader, |
| 1104 | 03:23:33,329 --> 03:23:45,869 | how do I avoid losing? I don't have an answer for that. No one is going to have an answer for that. There is no 100% strike rate ever. It's not, it's not going |
| 1105 | 03:23:45,869 --> 03:23:55,709 | to happen. I can't produce that for you. I can't teach that to you. I don't promise that to you. But what I do promise is that you will learn how to read |
| 1106 | 03:23:55,709 --> 03:24:06,779 | price action more clearly, than anything else out there to can teach you. And at some point, here's where the gray area is okay? At some point, when you get |
| 1107 | 03:24:06,779 --> 03:24:18,029 | really, really good and consistent with being able to read price action. And you get bored with being correct in your analysis and the market painting in your |
| 1108 | 03:24:18,029 --> 03:24:34,679 | favor and you have no emotional stimuli attributed to it. You don't care. You don't have any kind of reaction. That's either how happiness or regret. It's |
| 1109 | 03:24:34,679 --> 03:24:43,379 | just, you know what's going to happen, you know how you're gonna react to, and you expected that to happen anyway. At that moment, it's going to happen for all |
| 1110 | 03:24:43,379 --> 03:24:50,369 | of you at a different time, much longer than you want it to. I promise you that. But when you reach that moment where it's like that for you, |
| 1111 | 03:24:51,569 --> 03:25:04,829 | then then at that moment, you can consider trading with live funds when you decide so But anytime prior to that, I promise you, you are not prepared. You're |
| 1112 | 03:25:04,829 --> 03:25:12,179 | rushing to do something, and you're falling in line with these people that talk about trading with real money to learn how to trade. And that's the stupidest |
| 1113 | 03:25:12,179 --> 03:25:22,019 | fucking shit. Anybody could say in this industry at all. It's fucking dumb. It's dumb. The only thing you're doing is guaranteeing you that you're going to feel |
| 1114 | 03:25:22,019 --> 03:25:33,089 | what my son feels now regret, scar tissues formed, he's going to make him scared to take the next trade, even when the trade is good. He's going to be importing |
| 1115 | 03:25:33,299 --> 03:25:45,029 | all of that toxicity. Because he lost. He lost when he didn't really lose anything. It's a simulated environment, but in his mind, because He's new. He |
| 1116 | 03:25:45,029 --> 03:25:55,499 | thinks he lost about $4,000. So it's monumental to him. And in every trade he takes going forward now, he's going to have the fear and anxiety of is it going |
| 1117 | 03:25:55,499 --> 03:26:05,069 | to lead to that again. And that's what happens when you listen to these people tell you to learn how to trade not in a demo, but with a live account. That is |
| 1118 | 03:26:05,069 --> 03:26:20,789 | the dumbest fucking shit. Dumb. Don't listen to that. I don't give a fuck. Who makes fun of me. Because I'm teaching in a demo. I'm responsible. I am |
| 1119 | 03:26:20,789 --> 03:26:31,349 | responsible as a mentor, I'm telling you that this shit will hurt you. You want to have training wheels on, you want to have your safety fucking belt on |
| 1120 | 03:26:31,379 --> 03:26:39,749 | helmets, fucking football pads, shin guards, every fucking thing on mats bucket piece. Because this fucking market will kick your fucking ass. You get in there |
| 1121 | 03:26:39,749 --> 03:26:49,199 | trying to Mickey Mouse with it. You don't know what you're doing. You're gonna risk money. That little bitty account, that little bitty account that you said |
| 1122 | 03:26:49,199 --> 03:26:57,419 | you're gonna learn how to trade in, be offside in front of CPI number coming up. That little account is going to be a big fucking account with a negative sign |
| 1123 | 03:26:57,419 --> 03:27:09,359 | right in front of it. Hello, you owe us some fucking money that you don't have. That's the logic in the reality. Listen to these jokers that talk about learn |
| 1124 | 03:27:09,359 --> 03:27:16,889 | how to trade with real money. Demo trades or stupid demo this. These are people that are not making money, folks, I guarantee you they're not |
| 1125 | 03:27:23,819 --> 03:27:32,579 | that's it that's a mentor. Or attention seeker. That doesn't like the fact that I catch a lot of flak because I've teach through a demo. And they don't have the |
| 1126 | 03:27:32,579 --> 03:27:40,529 | balls to handle all that. When I came out publicly stepped out there just like that and said, Here's me. I'm gonna teach you on a demo. I completely disarmed |
| 1127 | 03:27:40,529 --> 03:27:50,729 | all of them. We're gonna say about me. Could say I said it's a demo. Go fuck yourself. I can call this shit traded better than any of you motherfuckers. And |
| 1128 | 03:27:50,729 --> 03:28:01,349 | you're out here still trying to sell your shit. Nobody's buying it. They found something better. It's just the way it is. By the way, I saw Shawn Lee's back on |
| 1129 | 03:28:01,829 --> 03:28:10,409 | YouTube. I missed you man. And I watched your shit. This one. The last video you just put up here on like your disposition. In that video. You've been a |
| 1130 | 03:28:10,409 --> 03:28:22,739 | character of some kind. But I like I like how you how you how you conduct yourself now. So just let you know that you're healthy and all that. But I think |
| 1131 | 03:28:22,739 --> 03:28:30,689 | I've rambled on enough. Ramblers I think we'll bring this one to a close, because I am hungry. And we were supposed to stop this about two other times |
| 1132 | 03:28:30,689 --> 03:28:42,149 | before. If I mentioned anything more, I'm probably going to turn this into the we started at 10 o'clock. It's almost four hours, right? I can go 30 more |
| 1133 | 03:28:42,149 --> 03:28:55,649 | minutes. But I'm not be that session on Monday will not be live streamed. So I don't know if I'll be doing anything in Twitter, calling anything because I'll |
| 1134 | 03:28:55,649 --> 03:29:05,969 | be working with my son, I have a mission with him now. So Monday and Tuesday, I think I'll own them for myself and my, my son. So don't expect too much from me |
| 1135 | 03:29:05,999 --> 03:29:13,949 | on Monday and Tuesday. So we'll see what we get. I'll take a look at the economic calendar tonight and see where I think I'm going to do my two live |
| 1136 | 03:29:13,949 --> 03:29:30,809 | streams for this week with you all but be very careful this week. Don't be in a hurry. Hold no bias until we see how we open on Sunday. And then I'll probably |
| 1137 | 03:29:31,439 --> 03:29:39,929 | I'll probably mention something at that time on on Twitter, I'll share some some charts and ideas or what I think might be favorable for the week. So that way, |
| 1138 | 03:29:40,349 --> 03:29:48,839 | gives you an idea what I would be looking for with my son on Monday so that we at least have something done in my head type scenario. Okay. And then I'll talk |
| 1139 | 03:29:48,839 --> 03:29:59,159 | to you next time. Enjoy the rest of your weekend. Study. Don't do too much studying. Enjoy yourself have something outside of the markets. Okay. And I will |
| 1140 | 03:30:00,299 --> 03:30:03,719 | to call your Twitter later this week Until then be safe |