033-ict-tw-spaces-20230708-ICT-Shotgun-Saturday-Trading-Taboo-Days-NFP-FOMC
Last modified by Drunk Monkey on 2023-07-11 12:01
Outline
00:48 - Introduction to today's topic.
- Good morning and welcome to the show.
- Trading taboo days like fomc days.
- Sharing hindsight trading results on youtube.
- Happy days and taboo days in trading.
04:07 - How to avoid trading non farm payroll days.
- Trading with live money on non-farm payroll days.
- How to avoid Russian roulette days.
- Painful lessons learned from non-farm payroll.
- The strength of not taking the initial run.
- Why new traders should not be trying to trade these days.
- Trading non-farm payroll friday.
11:25 - When should you trade Fomc?
- Social media is a cesspool of assholes and idiots.
- When to trade mondays.
13:38 - How to prepare for volatility in the markets.
- Why new traders should stay away from volatile days.
- The human nature to gravitate towards success.
- Tying up loose ends before november.
- When not to trade mondays.
- Trading on mondays to avoid trolls and harassment.
- How to trade on monday.
20:30 - What’s happening when brokers pull liquidity ahead of big events?
- Large funds will be positioning themselves ahead of big reports.
- Big events like cpi.
- Don't try to position yourself as a cpi.
- FOMC is a two-stage event.
25:05 - The importance of not getting caught up in volatility.
- Fomc and retail trading patterns.
- Manual intervention always comes in at big market reports.
- The first measure of manipulation is over.
- The guessing game is now removed.
28:25 - Don’t trade on monday.
- Don't trade on mondays. Look at every Monday as a consolidation day.
- Mondays are not every Monday.
- Be genuine and genuine as a new student.
- The problem with new traders.
33:11 - Don’t trade on mondays.
- Don't trade on mondays during non-farm payroll week.
- Trading ahead of fomc weeks.
- The experience factor cannot be emphasized enough.
- The early stages of trading are not exciting.
- Learn to accept losing trades in the beginning.
- Trading in a demo account.
40:28 - Giving rules to protect new students.
- Prevent to protect new students.
- The league of shadows, a new student is nothing.
- The importance of having rules in the beginning.
- Boredom of doing the same thing.
43:50 - The importance of having rules.
- Reinventing the wheel of trading.
- The importance of having rules in trading.
- Clear the road of all rocks and distractions.
- Live streamers and human behavior.
49:24 - Breathing exercises to reduce stress.
- The importance of rest and breathing exercises.
- The easiest way to fix panic attacks.
52:15 - What’s the problem with unrealistic fear?
- Unrealistic fear when trading in taboo days.
- Breathing exercises to reduce panic attacks.
- Breathing is a core issue to keeping balanced and focused.
- Bipolarism and bipolarism.
58:04 - Don’t trade on mondays.
- Breathing is the beginning of every panic attack.
- The highest form of anxiety after 2001.
- Anxiety and fear of losing real money.
- The importance of guard your mind.
- How to release a losing trade.
- How to reset yourself after a loss.
01:04:55 - The importance of journaling and metrics.
- The importance of journaling and KPIs.
- Why social media is for trading, not networking.
01:08:02 - Keeping your trading stats private.
- Professional traders don't give a fuck what anyone else thinks.
- Industry social media community.
- Keeping progress private is the secret to it.
- Trading in taboo days.
01:13:52 - Learning how to handle rattlesnakes.
- How to handle a rattlesnake safely.
- The best outcome is to stop trading.
- Adopt the lazy fuck mindset and join the bandwagon.
- Zoom vs video.
Transcription
| 1 | 00:00:48,450 --> 00:01:00,750 | ICT: Good morning, folks. Good morning. It is a good morning. Today is July 8 2023. It's a Saturday morning and you are listening to the ICT shotgun |
| 2 | 00:01:00,750 --> 00:01:17,190 | Saturday, like that. So anyway, I'm in a bit of a mischievous mood this morning, sometimes I have these and sometimes they take us on very, very long, long, long |
| 3 | 00:01:17,190 --> 00:01:29,280 | sessions. And I have to do my best to not do that today. I know some of you really like it. But my wife is asked to take a drive here shortly at nine |
| 4 | 00:01:29,280 --> 00:01:40,620 | o'clock. So this will be an abbreviated session. I do want to stay in her good graces, because it is the weekend and that makes a very long weekend, if she's |
| 5 | 00:01:40,620 --> 00:01:56,370 | not pleased. Let's put it that way. Alright, so discussion today is trading taboo days, like Non Farm Payroll, FOMC days. And Mondays, I forgot to add that |
| 6 | 00:01:56,370 --> 00:02:06,330 | in the title. But I kind of like want to clear the air about what many people that are familiar with me. And if they have something they want to sell on |
| 7 | 00:02:06,330 --> 00:02:16,170 | market, are you trying to measure up or whatever? They'll say that ICT teaches that you shouldn't trade Non Farm Payroll, No, you shouldn't trade FOMC days. |
| 8 | 00:02:16,170 --> 00:02:22,170 | And these are big moves. And they'll usually come out and they'll share their hindsight stuff and say, look, look what I did over here, look what I did over |
| 9 | 00:02:22,170 --> 00:02:31,080 | there. But they didn't say anything in advance about what they were going to do. So to me, it's kind of a moot point. But I'm what I'm talking about, like the |
| 10 | 00:02:31,080 --> 00:02:42,810 | screenshots where they show their empty for results, where they're not really executing anything. So MT four, Mt. Five, all of that stuff can be faked is what |
| 11 | 00:02:42,810 --> 00:02:56,040 | it is. And hopefully, you know, folks that are willing to share the results or prowess, they can show you them executing and managing the trade from beginning |
| 12 | 00:02:56,040 --> 00:03:07,770 | then I'm a fan of that, in no matter what style of trading a trader might employ. I think it's fascinating to see how the human operator behind the |
| 13 | 00:03:07,770 --> 00:03:18,870 | executions, navigates price action. And I wish there was more of it, there's a lot of folks on YouTube that don't know, don't really know how to trade. Or |
| 14 | 00:03:18,870 --> 00:03:26,130 | they'll sit there and they'll look at a chart and do nothing. Music will be playing, they'll have something going on, but they're really not executing |
| 15 | 00:03:26,130 --> 00:03:36,750 | anything. Or we won't even play by play. So maybe this, this comment will encourage a lot of us my students to do that. Because while I can't be |
| 16 | 00:03:36,750 --> 00:03:46,410 | everywhere at one time, I would love to be able to watch my students execute, I have a number of them that I do watch. But I can't always be in your live |
| 17 | 00:03:46,410 --> 00:03:58,320 | streams because either I'm doing something or my attention is elsewhere. But let's talk about taboo days, happy days are days where I teach the new students |
| 18 | 00:03:58,320 --> 00:04:10,560 | that the folks that just come to me, they usually have no experience at all in trading, or they're very inexperienced. And or they have tried to trade with |
| 19 | 00:04:10,560 --> 00:04:24,090 | live money before they were ready. And they tried to trade these very days of Non Farm Payroll Fridays, FOMC days, CPI days, you know, things like that. I try |
| 20 | 00:04:24,090 --> 00:04:34,170 | to encourage students to avoid those days because let's face it, you know, if you want to go out there and want to play Russian roulette, those are the days |
| 21 | 00:04:34,170 --> 00:04:41,820 | that will end you real quick. If you don't know what you're doing, you don't want to use a stop loss. You don't know when to stop. If you're doing it wrong. |
| 22 | 00:04:42,120 --> 00:04:50,580 | Those days will absolutely wipe you out. And I can tell you from firsthand experience. I had done that to myself when I was 20 years old. It was very easy |
| 23 | 00:04:50,700 --> 00:04:59,430 | and efficient for me to blow an account when any one of these types of days. And that's the reality of it. And mentors and teachers and people out there in |
| 24 | 00:04:59,430 --> 00:05:09,630 | social media I have to pretend that they're the goat. And they can do this and do that. But I'm always constantly reminding you that you, you see a lot of time |
| 25 | 00:05:09,780 --> 00:05:19,350 | and energy and effort and study today. But I wasn't like that in the beginning. And I fell victim to these types of days. So I try to teach the students that |
| 26 | 00:05:19,350 --> 00:05:31,230 | are coming to me, or listen to my lectures or whatnot, to hopefully avoid those mistakes, because it's easy to get lulled into thinking that these big market |
| 27 | 00:05:31,230 --> 00:05:43,530 | drivers are going to create that winning opportunity for you, that will put you over give you that really big win. And the problem with these types of days |
| 28 | 00:05:43,530 --> 00:05:53,910 | because of the magnitude and the volatility that it presents, it's a huge enticement to either trade with our stop loss because you think you're going to |
| 29 | 00:05:53,910 --> 00:06:05,070 | be right. And you just have to whether that uncertainty initially, or you refuse to believe that you're wrong, and you keep pushing, and you keep pushing and |
| 30 | 00:06:05,070 --> 00:06:13,380 | keep pushing. And that was usually what happened to me when I was younger man, I would get in there and try to force my will force my opinion on the marketplace |
| 31 | 00:06:13,380 --> 00:06:27,060 | versus understanding what it's doing. What is it telling me and having something to go in with a model or an approach to the capitalize on that future movement? |
| 32 | 00:06:28,170 --> 00:06:35,610 | And most of it was liquidity and time of day. And I learned those lessons right away. I mean, no one, no one sat down and say, Hey, Michael, you know, I've been |
| 33 | 00:06:35,610 --> 00:06:43,770 | watching you build these accounts. Let's, let's help you ask, but that didn't happen. You know, one was my mentor sitting next to me, like, go into a |
| 34 | 00:06:43,770 --> 00:06:55,620 | classroom or anything like that. So I had very painful lessons. So when I hear other people say any parent, part of what I said, but out of context, yes, |
| 35 | 00:06:55,620 --> 00:07:07,230 | primarily, I tried to teach my students that are brand new to stay away from Non Farm Payroll, because they had initial excitement at 830. When it releases, you |
| 36 | 00:07:07,230 --> 00:07:17,520 | don't know what side they're going to run for first. I don't always know that sometimes I do have an inkling. But sometimes I don't. So I have to wait for |
| 37 | 00:07:17,520 --> 00:07:28,770 | that initial run. But after the first half an hour is done, I can sit there and traded the rest of the entirety of day, if it's going to move around. But one of |
| 38 | 00:07:28,770 --> 00:07:41,850 | the strengths of not taking that initial run or trying to trade ahead of it. In other words, being in a position before a 30 or Non Farm Payroll is knowing that |
| 39 | 00:07:42,150 --> 00:07:53,880 | I will see where the liquidity is, and whatever existing inefficiencies are left in the wake of that initial surge, that nonfarm payroll or FOMC creates. So |
| 40 | 00:07:53,880 --> 00:08:03,360 | that's the, that's the overwhelming confidence factor, the arrogance that sometimes comes across to some people that are listening to me, it's not |
| 41 | 00:08:03,360 --> 00:08:13,560 | arrogance, it's absolute assurity, that I know what I'm looking for. And if it's not clear in a chart, if I don't have something, I can show you that I've |
| 42 | 00:08:13,560 --> 00:08:22,860 | already taught what the language have presented to you, then I'm not going to have anything to share with you. But generally, after the initial shock wave of |
| 43 | 00:08:22,860 --> 00:08:31,020 | whatever these news drivers are, I can go in there and tap dance and moonwalk out the door with something to show you as an example. So here's what you can do |
| 44 | 00:08:31,020 --> 00:08:38,910 | with this. And here's so it's an encouragement, not for the new traders, it's not for the folks that are just now sitting down, and still wondering what video |
| 45 | 00:08:38,910 --> 00:08:49,470 | to watch. Because they're brand new, you should not be trying to trade these days, if you're like that, if you're a new trader, and you're less than six |
| 46 | 00:08:49,470 --> 00:08:58,140 | months inexperienced with using my content, you shouldn't even consider those days, you don't know enough. You don't know enough about yourself, you don't |
| 47 | 00:08:58,140 --> 00:09:06,480 | know enough about the things, it's going to lead to your ruin. And it's not my concepts that will cause everyone it'll be your impatience, or your insatiable |
| 48 | 00:09:06,480 --> 00:09:14,670 | desire to get out there and do something because doing something feels productive. And back testing and studying doesn't feel productive. For a long |
| 49 | 00:09:14,670 --> 00:09:23,010 | time, you'll feel that way until you get to that point where you know what you're looking for. And even after the initial surge of these types of report |
| 50 | 00:09:23,010 --> 00:09:33,510 | days, the visibility becomes perfectly clear, you know exactly what you're looking for. And when it materializes in the chart, you've already anticipated |
| 51 | 00:09:33,510 --> 00:09:41,250 | it, you're not reacting to it, you're anticipating it. And that's a level of confidence that really can't be articulated. And I always ask my students all |
| 52 | 00:09:41,250 --> 00:09:49,530 | the time. What does it feel like? Once you get to that point? What does it feel like? And it's interesting to always hear their response and they still they |
| 53 | 00:09:49,530 --> 00:09:58,290 | understand what I mean by saying, it's hard to articulate it, because the words don't reach far enough to give you that it's like a superpower that you really |
| 54 | 00:09:58,290 --> 00:10:08,610 | understand yourself. Have you understand your model, and you know that you're not going to fall victim to the retail pitfalls and snares that I did as a young |
| 55 | 00:10:08,610 --> 00:10:23,490 | man and majority of everyone else out there that aren't aware of how markets book price. So for clarity, and for the record, you absolutely can trade Non |
| 56 | 00:10:23,490 --> 00:10:33,270 | Farm Payroll Friday, but it can't be ahead of the report. And you should not try to do it until you have experience. That's all. It's all I'm saying. I want you |
| 57 | 00:10:33,270 --> 00:10:34,890 | to learn how to walk |
| 58 | 00:10:36,240 --> 00:10:48,150 | before you run in those markets, they're fast, they can move extremely quick to a liquidity pool or an inefficiency or whipsaw you real fast. And you need to be |
| 59 | 00:10:48,150 --> 00:10:56,700 | able to know okay, this is not one of those days where I want to be a participant in, you get burned one time stop, not worth going back in, if you |
| 60 | 00:10:56,700 --> 00:11:07,260 | make a win, and it's nice, stop, be content with that. Don't get wrapped up into, you know, trying to prove yourself when you have these new clowns on the |
| 61 | 00:11:07,260 --> 00:11:14,460 | internet that talk nonsense. And then you got to feel you got to go out there and slap the market around just to show them that they're Nobodies, they're |
| 62 | 00:11:14,460 --> 00:11:23,820 | insignificant. Pistons. You don't need to do that trading is for you to make more money, and change your lifestyle. Not to impress people that you can't like |
| 63 | 00:11:23,850 --> 00:11:37,830 | or find an affinity for. Because that's what social media is. It's a big cesspool of assholes and idiots. FOMC you can absolutely trade those days. But |
| 64 | 00:11:37,830 --> 00:11:45,930 | it's better for you not to trade the morning session. And I teach this to my private mentorship students and they they know this, like the back of their |
| 65 | 00:11:45,930 --> 00:11:55,290 | hand. And now that you have the core content lessons on the YouTube channel, you'll hear me talk about that there as well. So I'm not holding that from you. |
| 66 | 00:11:55,350 --> 00:12:06,960 | And it's been something I've been publicly stating all the time. The morning session of FOMC tends to be quiet, for lackluster and sometimes it will move and |
| 67 | 00:12:06,960 --> 00:12:14,550 | that's the times when hindsight here he comes back and says look at this this date ICT doesn't tell you to train but look at I did, but you don't have any |
| 68 | 00:12:14,550 --> 00:12:25,890 | record of them telling you what was going to happen beforehand. So it's again, pointless. It's only meant to justify their insecurities, and also to deter you |
| 69 | 00:12:25,890 --> 00:12:37,080 | from studying. Everybody that's making money with my content, had that same struggling point, listening to outside interference, doubts, hecklers, things |
| 70 | 00:12:37,080 --> 00:12:49,950 | like that, and yet, tune that stuff out. So while I do say, majority of Time, Monday should be left alone. When should you trade Mondays? Oh, we're getting to |
| 71 | 00:12:49,950 --> 00:13:03,390 | the nitty gritty hourly. What if we have a new driver like nonfarm payroll Friday, and we don't have a holiday. Unlike this particular week here, we just |
| 72 | 00:13:03,390 --> 00:13:16,800 | celebrated Independence Day in the United States, this Tuesday, the past Tuesday. And that can create rather lackluster events in the beginning of the |
| 73 | 00:13:16,800 --> 00:13:25,410 | month, I'm sorry, in the beginning the week. And that's why I said that the best trades will be on the latter end of this week. Even though it's Non Farm |
| 74 | 00:13:25,410 --> 00:13:37,470 | Payroll, usually, the protocol that I teach my students to follow is Non Farm Payroll Fridays, you need to be done trading by Wednesday morning session, take |
| 75 | 00:13:37,470 --> 00:13:46,410 | no new positions. If you're new, you do not do any new positions. Now. Obviously, you can see a slot to share the markets this week on both Thursday |
| 76 | 00:13:46,410 --> 00:13:57,270 | and Friday. So it's, it's not to say that you can't do it. I'm just stating as a mentor, that it's advantageous for you to remove yourself from the potential |
| 77 | 00:13:57,270 --> 00:14:08,790 | risks because they can be rather aggressive. And you don't know yourself well enough yet. If you're brand new, in less than six months experience, you don't |
| 78 | 00:14:08,790 --> 00:14:20,400 | know the tendencies that you're going to bring into those volatile days. Because it's real, real easy to think. I think this is going to tear off and do 100 pips |
| 79 | 00:14:21,210 --> 00:14:31,950 | in the POUND DOLLAR, I believe it's going to go 200 handles in the NASDAQ. And I want to be a part of that. It's real easy to talk yourself into that and left to |
| 80 | 00:14:31,950 --> 00:14:40,650 | your own devices, you're gonna go in there and do that and probably gonna hurt yourself, and then regret and scar tissue forms. And now you're afraid to take |
| 81 | 00:14:40,650 --> 00:14:50,430 | trades, or you're going to blow the account and then walk away thinking that nobody makes money and ICT is a fraud. So, I do it for your protection. Okay. |
| 82 | 00:14:50,850 --> 00:15:00,840 | And my students know my long term students know that we absolutely have ways to go in there and fleece those markets on those days, but it's important for you |
| 83 | 00:15:00,840 --> 00:15:10,860 | to hear these things from me early on, and many times by repetition, because you see what my students are doing with real money, they're smashing it. And you see |
| 84 | 00:15:10,860 --> 00:15:21,210 | what I'm able to teach in advance, show you before it happens and then execute with precision. So when you see those things, it's natural, it's a human nature |
| 85 | 00:15:21,270 --> 00:15:29,430 | to want to gravitate towards that. Because you view that as success, you view that as what you want to do you want to able to do that. And if you just read |
| 86 | 00:15:29,430 --> 00:15:38,580 | the tweets and comments sections that are still available in the ones that this showed from yesterday's NASDAQ pm session trading on YouTube that I put up there |
| 87 | 00:15:38,580 --> 00:15:48,390 | live executions, folks, I mean, it's it's what it is, you can't hide it, it's there. And for people who says I can't trade or it doesn't work, show me |
| 88 | 00:15:48,390 --> 00:15:57,510 | something better. What did you make on Friday? What did you do? What was your executions? Did you lose money? Did you make money? How much money did you make? |
| 89 | 00:15:58,650 --> 00:16:09,090 | So I'm having this discussion today because I want to tie up all these loose ends before we get to November because there's a lot of nonsense that's spread |
| 90 | 00:16:09,090 --> 00:16:19,740 | around smart money concepts and ICT meets specifically. And when what can't be done, what shouldn't be done? What I said what I didn't say, and Monday's, you |
| 91 | 00:16:19,740 --> 00:16:31,260 | should try to trade Monday's on a week like nonfarm payroll when there is no other holiday in the beginning the week or prior to Wednesday. If there's a |
| 92 | 00:16:31,260 --> 00:16:45,780 | holiday near, refrained from it, expect more movement in the Non Farm Payroll event. And Thursday ahead of it. Look what happened this week. That is a very |
| 93 | 00:16:45,780 --> 00:16:58,320 | specific characteristic of that calendar. If there's ever a holiday, okay, if there's ever a holiday, during the week, Wednesday, Tuesday or Monday, have |
| 94 | 00:16:58,320 --> 00:17:09,810 | nonfarm payroll. Thursday and Friday of that week will be absolutely bonkers. It will be moving around really nice. You'll have a lot of movement. Therefore, |
| 95 | 00:17:09,810 --> 00:17:17,430 | you'll have lots of opportunity to go in and find something especially on a lower timeframe chart. There's plenty, plenty of setups to be able to do |
| 96 | 00:17:17,430 --> 00:17:31,530 | whatever you're looking for. When should you not trade Mondays? You don't want to trade Mondays on a normal nonfarm payroll Friday. I say that right? At this |
| 97 | 00:17:31,530 --> 00:17:42,060 | thing, I can't go back. So I'm talking to you like, you do want to trade Mondays on non farm on Non Farm Payroll Fridays with a normal with or without a holiday. |
| 98 | 00:17:42,240 --> 00:17:49,020 | You do want to trade on Monday and Tuesday and be done by Wednesday. But if there is a holiday Monday, Tuesday or Wednesday of Non Farm Payroll Fridays, you |
| 99 | 00:17:49,020 --> 00:18:02,460 | do not trade on a Monday, look to trade Thursday, and Friday after Non Farm Payroll release. So obviously what what fits good neck condition, silver bullet |
| 100 | 00:18:02,460 --> 00:18:17,880 | 10 o'clock to 11 You can do the the macros that I'll talk about tomorrow, we're only gonna teach the knife to the 1010 and 1050 to 1110 macros tomorrow and |
| 101 | 00:18:17,880 --> 00:18:27,630 | we'll ease into the other ones, okay. I want to teach those because I gave you examples of them actually did live executions with them so you can see it. Now |
| 102 | 00:18:27,630 --> 00:18:34,590 | be able to lean on those executions and talk about it in greater detail as to what I was using, what's going on during that time and stop listening these |
| 103 | 00:18:34,590 --> 00:18:44,100 | people out there to think they know my macro. They don't know. Okay. And I understand you may be overzealous, okay, and you maybe you love me, maybe you |
| 104 | 00:18:44,100 --> 00:18:54,930 | love what I'm doing. And it's not mean spirited. You're not trying to be you know, deceiving, but stop. Stop trying to talk about something you don't know |
| 105 | 00:18:54,930 --> 00:19:03,690 | yet. Okay? Because you're, you're you're going to embarrass yourself. And this is going to invite more people to troll you. And I'm not trying to have anybody |
| 106 | 00:19:03,690 --> 00:19:11,850 | get trolled. Even the people that troll me, I don't want anybody going over to anybody else's channel and talk shit to them because they're miserable. And I |
| 107 | 00:19:11,850 --> 00:19:24,420 | don't want any my students that may be misguided in their pursuits to be significant online, to be receiving trolls and harassment, that type of stuff |
| 108 | 00:19:24,420 --> 00:19:37,350 | because it's, it's wasted energy. It's not going to gain anything from it. And I want to go out here in November on a high note. So the Mondays we definitely |
| 109 | 00:19:37,380 --> 00:19:51,420 | look to trade. If there is an event, like for instance, FOMC FOMC tends to be a wednesday thursday event. Not always but generally. So that means you want to be |
| 110 | 00:19:51,420 --> 00:20:02,790 | trading on Mondays that week. Try to find something early on. Don't force it. Don't insist upon I have to trade Monday because it tea now said no, be more |
| 111 | 00:20:02,790 --> 00:20:09,300 | willing to do so. But if there is a event, like Non Farm Payroll, and there's no holiday Monday, Tuesday or Wednesday, |
| 112 | 00:20:11,490 --> 00:20:21,300 | we definitely trade Mondays. That absolutely is a thing. But we can't trade on Monday. If we have a non farm payrolls event, or FOMC. And there's a holiday |
| 113 | 00:20:21,300 --> 00:20:30,900 | that week, on a Monday, Tuesday or Wednesday, you don't trade the Monday, because everybody's gonna be using some kind of sentiment idea. Ahead of that |
| 114 | 00:20:30,900 --> 00:20:41,880 | big report. Large funds will be positioning themselves ahead of that. So it's not a lack of buying and selling interest rate ahead of these these reports. |
| 115 | 00:20:42,780 --> 00:21:02,220 | When brokerages are pulling the liquidity, then nobody stops and says, You know what time it is. It's 829. It's 828. It's 827, non farm payrolls coming out. Let |
| 116 | 00:21:02,220 --> 00:21:15,600 | me let me get my orders out of there. Let me stop my trading now. All the liquidity is stifled. That's at the broker level. That's what's really going on. |
| 117 | 00:21:16,410 --> 00:21:27,870 | So you can get mad about that and say, oh, there's assholes at this. They don't want to incur risk. Big moves can happen, folks, for the folks that are |
| 118 | 00:21:27,900 --> 00:21:33,870 | listening to this and thinking, Oh, that's bullshit. This guy doesn't know he's talking about, listen, that's exactly what's going on. And what do you think's |
| 119 | 00:21:33,870 --> 00:21:44,460 | happening? When these big events like CPI come in? You get an email, usually, from a reputable broker, if you have one, they'll tell you margins have been |
| 120 | 00:21:44,460 --> 00:21:54,990 | increased? What are they doing, they're making it harder for you to over leverage, because even though they will pull the liquidity rate ahead of the |
| 121 | 00:21:55,020 --> 00:22:06,570 | event, you can be positioned the night before during London, you can be positioned the day before. And that margin increase may affect a great |
| 122 | 00:22:06,570 --> 00:22:16,500 | percentage of the gamblers. So it's just a natural mechanism that brokers you use. And if I had a brokerage firm, and I have no intention of ever having one, |
| 123 | 00:22:17,340 --> 00:22:27,090 | I would do those things, too. It's just it's good business practice. Why would you open yourself up? Would you go out there, you know, in, in the streets when |
| 124 | 00:22:27,120 --> 00:22:34,770 | when the riots were going on. And we're out there and say, Hey, I dare somebody stop my eyes right now, you wouldn't do that? Well, that's basically what a |
| 125 | 00:22:34,800 --> 00:22:43,320 | brokerage is doing. If they let anybody go out there, and these big events, like look at CPI, for instance, okay, that's a taboo day, I tell you don't trade |
| 126 | 00:22:43,320 --> 00:22:57,420 | ahead of it, don't position yourself in front of CPI. Because you do not know how they're going to use that data. May may send it in the direction you thought |
| 127 | 00:22:57,420 --> 00:23:06,780 | it was gonna go on. And there's been many times where it makes perfect sense for it to go a specific direction, using my ideas, my experience, and then it goes |
| 128 | 00:23:06,780 --> 00:23:17,430 | the other direction. And you watched me do that two times. Live. And it proved the point why I tell you don't try to position yourself as a CPI. But after CPIs |
| 129 | 00:23:17,430 --> 00:23:27,510 | initial run, then I can go on here and find out all the runs to this liquidity to this inefficiency, where it's gonna get you it's in my live streams. And for |
| 130 | 00:23:27,510 --> 00:23:35,400 | the Joker's are saying, You don't ever trade on Lifetime a week for a lifetime or ticket execution on trade. It's in there, I really push the button. I went |
| 131 | 00:23:35,400 --> 00:23:42,900 | short, I told you where it's gonna go, I didn't, I was perfect. I'm not going to dance for all of you. I'm not going to do that. But I will have to do executions |
| 132 | 00:23:42,900 --> 00:23:51,540 | because I have to show you entry. Like I have to show you doing that will be there before November. It'll it'll be there. But you're demanding things that |
| 133 | 00:23:51,540 --> 00:24:05,550 | are not owed to you. And when I show executions and videos around, outlining things, if I don't have a live audience, it's it's very relaxing for me. So now |
| 134 | 00:24:05,550 --> 00:24:17,010 | I can just look at the price action and do exactly what I normally do. I'm not trying to anticipate the viewer ships, questions that may arise by me doing this |
| 135 | 00:24:17,010 --> 00:24:25,320 | or that or not moving this to a specific level or not highlighting a specific candle that you think I should have highlighted. So it's a very distracting |
| 136 | 00:24:25,320 --> 00:24:35,100 | thing for me. So when I'm not distracted, I can use the time to focus on what it is that should be focused on and not have 1000 thoughts jumping in front of my |
| 137 | 00:24:35,100 --> 00:24:52,530 | mind. So FOMC we definitely can trade to after the first initial run. So FOMC is generally a two stage event at two o'clock in the afternoon. We wait for that |
| 138 | 00:24:52,530 --> 00:25:01,980 | initial run. We don't care where it's gonna go. I don't care if it goes higher or lower. I don't I don't care. I do know that that for First Run is generally |
| 139 | 00:25:02,400 --> 00:25:12,930 | the fake move. It's like a Judas swing. And then they keep it. Wherever it ranted. For instance, let's make an example and say, hypothetically FOMC sends a |
| 140 | 00:25:12,930 --> 00:25:30,180 | two o'clock down in price. And his hangs down there until 230. And then what happens to 30 rep goes higher. If it goes higher at two o'clock, and they send |
| 141 | 00:25:30,180 --> 00:25:41,310 | it there, and keep it there until 230, usually at 230, during the conference portion, it'll go the other direction. And just like a, like a tsunami, right |
| 142 | 00:25:41,310 --> 00:25:54,810 | before synonyme hits the shore, this big rush of the water moves away from the beach, and retail Rick's in retail Rounders walk out there thinking, Wow, look |
| 143 | 00:25:54,810 --> 00:26:06,450 | how far I can walk out, there's no water out here. And then all of a sudden, you know, tsunami comes in, and they hang 10 For the last time. So the bottom line |
| 144 | 00:26:06,450 --> 00:26:15,780 | is, is you don't want to be caught up in that. When these big moves like this occur, these are characteristics that as a new trader, as a new student, you're |
| 145 | 00:26:15,780 --> 00:26:22,740 | not going to know you're not going to identify it. And you may view it as something Oh, this is one of those retail patterns that I looked at. And look at |
| 146 | 00:26:22,740 --> 00:26:29,280 | this candlestick the candles, you have to know candlesticks, because candlesticks will tell you that it's all nonsense. That's literally nonsense. |
| 147 | 00:26:29,760 --> 00:26:38,520 | These markets run on macros scripts, they're absolutely controlled by AI. And when they're not being controlled by AI, manual intervention comes in. And |
| 148 | 00:26:38,520 --> 00:26:49,980 | manual intervention always comes in at these big market reports. And you cannot No, nobody can No, not me, not anyone else, and anybody else tells you, they |
| 149 | 00:26:49,980 --> 00:26:59,970 | know they're fucking full of shit. You can't be you can't be positioned ahead of them, because you don't know what they're going to do. But you wait, once they |
| 150 | 00:26:59,970 --> 00:27:11,160 | do that first measure of manipulation, it's over, it's done. The narrative is easy, then you can see what they're going to run for next, it's over. The |
| 151 | 00:27:11,160 --> 00:27:22,800 | guessing game part is now removed, it's a sit, wait, wait for that mark, to walk his ass into your crosshairs. And when that happens, you take a deep breath, you |
| 152 | 00:27:22,800 --> 00:27:32,370 | release it, can you hug the trigger, and take it down. But you have to learn to wait. So you know, usually what happens is people know that these market drivers |
| 153 | 00:27:32,370 --> 00:27:39,930 | are very animated, it sends a price higher since price lower. And they want to be a part of that. And they know they're not going to get the high, they know |
| 154 | 00:27:39,930 --> 00:27:46,740 | they're not going to get the low, but they just want to get a little bit of the action in the middle. But you don't know where the middle would be. Because |
| 155 | 00:27:46,740 --> 00:27:54,810 | you're new. You don't know if you're getting caught up in a move that's going to be sustained in that direction. Because you haven't been doing it long enough. |
| 156 | 00:27:55,110 --> 00:28:03,300 | And you won't know yourself well enough. If you're inexperienced to know what it feels like to get out. If you know you're you're probably wrong, you're not |
| 157 | 00:28:03,300 --> 00:28:11,790 | going to know that. So you're gonna be paralyzed by the volatility. And like a deer in headlights are going to be staring. And it might be running against you |
| 158 | 00:28:11,790 --> 00:28:25,920 | and you just won't get out of it. And then all sudden, on her hand those your destiny decimated, didn't you just stop, your account is gone. It's over. Thanks |
| 159 | 00:28:25,980 --> 00:28:36,240 | for playing. All those things are avoidable. So when I teach, don't trade on Mondays, that's not an every Monday thing. There's context that needs to be |
| 160 | 00:28:36,240 --> 00:28:47,490 | applied to that. Look at every single Monday. If there is no FOMC, or Non Farm Payroll event in the latter portion of the week, look at every Monday as a |
| 161 | 00:28:47,490 --> 00:28:56,100 | consolidation day that sets up the weekly scenario for that weekly range, usually Mondays will be treated like an Asian range. Okay, think about like |
| 162 | 00:28:56,100 --> 00:29:06,570 | that. In terms of forex, for daily range. It's that quiet period, where the market usually allows sentiment to build up in that sentiment through the |
| 163 | 00:29:06,570 --> 00:29:16,230 | trading volume that comes in on Monday, then market makers will use that book to map out how they want to use the weekly rains then take them and run them |
| 164 | 00:29:16,230 --> 00:29:26,520 | against rake them across the coals. Now there are some times where I might sit on my hands and not trade on a Monday waiting for more information. And that |
| 165 | 00:29:26,520 --> 00:29:35,760 | Monday may become animated, and actually present more opportunity than I expected. I may not have any plan to going in on that Monday, but it may change |
| 166 | 00:29:36,090 --> 00:29:44,310 | dependent on how we open up and how we traded. And I'll go in there at 10 o'clock to noon and do something and if it really runs nice in the morning, and |
| 167 | 00:29:44,310 --> 00:29:53,520 | it leaves some really clear obvious liquidity, then I'll use that in the afternoon session. pm session, silver bullet or I'll do the last hour trading. |
| 168 | 00:29:55,530 --> 00:30:04,710 | But it doesn't mean I have to sit down every Monday and do it. So there's a lot of things that have Have to be weighed out. But I'm generally not trying to |
| 169 | 00:30:05,250 --> 00:30:09,720 | trade on a Monday because I want to see what the weekly range is going to do. |
| 170 | 00:30:10,769 --> 00:30:21,569 | And I don't have to have the highest highs and lowest lows, especially in this volatility because it can make another pass in wipe out that previous intro |
| 171 | 00:30:21,569 --> 00:30:30,269 | week, hi, I don't have a problem getting stopped out and taking a loss in that situation. And if everything still stays and remains the same, I think that was |
| 172 | 00:30:30,269 --> 00:30:41,459 | a sort of stop hunt. I'll reposition and right where I think is gonna go. But you as a new student, honestly, folks be be genuine here. You know where you are |
| 173 | 00:30:41,459 --> 00:30:49,829 | in your learning right now, you know, what your experience level is? Would you have the confidence to get back into a trade like that? You right now you |
| 174 | 00:30:49,829 --> 00:30:58,439 | wouldn't, and you wouldn't know what to do. If you got into a trade is profitable or unprofitable, and it starts running in your favor. Panic is going |
| 175 | 00:30:58,439 --> 00:31:09,929 | to set in and it's going to paralyze you. And you can be paralyzed in extremely fast, profitable trades, it can be overwhelming and bewildering. Just as much in |
| 176 | 00:31:09,929 --> 00:31:17,669 | maintenance, if not more than a losing trade, see illusion trade, you'll you'll be willing to hold on to a losing trade. Because you think if you hold on to it |
| 177 | 00:31:17,669 --> 00:31:27,959 | long enough, it's gonna turn around, it just can't keep going well on CPI, it can. And when you think it's over and you have no breath left in your lungs, it |
| 178 | 00:31:27,959 --> 00:31:37,889 | clearly kerb stops you. And then to your over, it's over. Not only are you blown out in your account, but now your desire to ever want to trade it is gone. |
| 179 | 00:31:38,429 --> 00:31:49,499 | Because you've elevated the entire career that you hoped for. It must be commanded and delivered upon in that one day. And that's foolishness. That's |
| 180 | 00:31:49,499 --> 00:32:01,649 | that that's the problem with new traders, you put so much emphasis on one day, the results of one day matters so much that either you succeed or you fail on |
| 181 | 00:32:01,649 --> 00:32:10,319 | that one day. That's why all of you are failing these funded account challenges because you're trying to do that. I want to get past in the funded account |
| 182 | 00:32:10,319 --> 00:32:19,499 | because they said I can do it for four days. And dammit, I got to do it. And four, I got to do it and four. What's the point of doing that and then blowing |
| 183 | 00:32:19,499 --> 00:32:30,569 | it after you're funded, trying to do more than what's required. That's what these phenomenon pursuant traders do, they want to get through some kind of |
| 184 | 00:32:30,719 --> 00:32:38,879 | challenge. And then if the challenge isn't hard enough for them, they have to do it. In the minimum time to go out and prove to everybody on social media and |
| 185 | 00:32:38,879 --> 00:32:47,579 | said the same. I'm going to quietly shut the fuck up. Do what I'm supposed to do. Make no ego about no drama about it, do it, make my money and to end the |
| 186 | 00:32:47,579 --> 00:32:55,799 | year if you want to show boat and parade around say look, motherfucker, this is what I did. Bam, hello. That's how you do it. But talking about it before you do |
| 187 | 00:32:55,799 --> 00:33:04,679 | it or while you're doing it. That's dumb. You're inviting so much confusion. And that's all I'm trying to do by teaching new students. That's the that's the |
| 188 | 00:33:04,679 --> 00:33:13,649 | target audience here when I say don't trade on Mondays, unless you got some more amplification to this day. Trade on Mondays when it's Non Farm Payroll Friday. |
| 189 | 00:33:14,879 --> 00:33:23,069 | But don't force a trade because you don't have the skill set or the experience to navigate the Thursday and the Friday of Non Farm Payroll week. Because it can |
| 190 | 00:33:23,069 --> 00:33:33,479 | be wooly, it can be little squirrely things that pop out of nowhere for someone that's less seasoned with experience, they may fall victim to that they will be |
| 191 | 00:33:33,479 --> 00:33:40,049 | quick to abandon their idea. They think the market is going to hit go here or there based on the weekly chart and they see something that takes place on a |
| 192 | 00:33:40,049 --> 00:33:48,629 | five or 15 minute chart and completely changes their opinion because it happened fast. But there's elements of speed on Thursday and Friday Non Farm Payroll are |
| 193 | 00:33:48,629 --> 00:34:01,889 | there for a reason to get retail chasing it or scare the living shit out of them. In that sentiment disruption causes new opportunity and Counterparty for |
| 194 | 00:34:01,889 --> 00:34:17,549 | liquidity. FOMC weeks, definitely trade on Mondays. But you can't trade ahead of FOMC because you don't know where they're going to take it. Just like CPI. You |
| 195 | 00:34:17,549 --> 00:34:30,239 | don't know where you don't know where you're going to take it. You have no idea. I don't because it's manual intervention. It's manual intervention where you |
| 196 | 00:34:30,239 --> 00:34:42,209 | don't know where they're going to reprice it but it's buying and selling pressure. That's bullshit. That is bullshit. Okay, that's just the way it is. |
| 197 | 00:34:42,269 --> 00:34:49,319 | I'm sorry. I'm sorry. You learn from somebody you have a lot of respect for and they said they used to be a market maker, and they used to work at a bank and |
| 198 | 00:34:49,319 --> 00:34:59,519 | they used to do this nice to do that. But guess what, they're full of shit. They pare it what they were told. And if you're told the same shit all the time |
| 199 | 00:35:02,279 --> 00:35:09,359 | Nobody else comes out there and shows you otherwise, you're gonna believe that bullshit. And I'm standing out here telling you all, you're all fucking wrong, |
| 200 | 00:35:09,989 --> 00:35:24,689 | you're all wrong. And because I know, that is the tendency for new traders to be wrong, not be aware that they're wrong, and just recklessly gamble. I'm doing |
| 201 | 00:35:24,689 --> 00:35:35,189 | you a service by telling you don't do things don't trade these days. But the more time you spend with me, and I've laid down this foundation over the years, |
| 202 | 00:35:35,369 --> 00:35:50,669 | that's why sometimes the running joke is ICT don't trade on Non Farm Payroll, ICT later on Smash in the market. It's this reminding my more seasoned students |
| 203 | 00:35:50,669 --> 00:36:00,929 | that they're in that category where they can do that. Now, some of you want to be in that class of traitor real fast, faster than it's realistic. And you can't |
| 204 | 00:36:00,929 --> 00:36:11,279 | speed it up. I promise you. If there's a way that I could take all of you on a fast track real quick, easy way, it gets you there so much faster. I wish there |
| 205 | 00:36:11,279 --> 00:36:23,549 | was a way to do that. There isn't. Time is the educator here. That experience factor cannot be emphasized enough, like anything. But this is very difficult |
| 206 | 00:36:23,549 --> 00:36:32,729 | because you overcomplicated and you think about fearful things. And greed comes into the equation. So I tell people that are brand new to me, don't trade on |
| 207 | 00:36:32,729 --> 00:36:43,259 | Mondays, generally. But everyone knows when not for our payroll trading weeks. My students know that we look for a trading setup on Monday, Tuesday and has to |
| 208 | 00:36:43,259 --> 00:36:53,189 | be done. No new trade positions are entered. After the morning session on Wednesday. I don't give a shit how much it moves on Thursday and Friday. If |
| 209 | 00:36:53,189 --> 00:37:03,659 | you're brand new, you just study that. And over time, you'll learn what those setups were doing. You'll have more experience behind you, you won't be led by |
| 210 | 00:37:03,659 --> 00:37:13,319 | your emotions and the psychological low that gets you in chasing something fast and furious. You don't want to you don't want your early stages of training |
| 211 | 00:37:13,319 --> 00:37:26,189 | being revolved around animation. Excitement, you don't you don't want that. You want it to be very, very mundane, boring, just like your fucking job that pays |
| 212 | 00:37:26,189 --> 00:37:34,979 | you every week. It's a steady Eddy approach to income, you want it to be just like that. And over time, you're gonna get really good at this stuff. You're |
| 213 | 00:37:34,979 --> 00:37:43,019 | gonna find your model, you're gonna find your niche, you're your favorite setup, and you're going to know exactly what you're looking for. Whatever that is, for |
| 214 | 00:37:43,019 --> 00:37:52,079 | that model, I have lots of them, you're gonna gravitate to one of them. And when you're comfortable and you have the experience, you will go into FOMC days, you |
| 215 | 00:37:52,079 --> 00:37:59,759 | will go into Non Farm Payroll Fridays, you will trade the Thursday in front of Non Farm Payroll Friday, you'll trade every Monday if you want to. And you'll |
| 216 | 00:37:59,759 --> 00:38:06,599 | slap the fucking shit at a price action and you'll leave with more money than you came in with. That's what's going to happen, that will happen. But I can't |
| 217 | 00:38:06,599 --> 00:38:15,689 | promise that to a new student because you're gonna fuck up. Everybody does when they're brand new, they rush into it, they try to trade with more money than |
| 218 | 00:38:15,689 --> 00:38:24,239 | they should or with money before they should. And they don't know when to stop. They keep pushing, push, push, push. And that's blew my account because you want |
| 219 | 00:38:24,239 --> 00:38:34,439 | to fix it. You don't want to go home with losing trade. Why? If you have a losing trade, and it's not that much damage, learn to accept that in the |
| 220 | 00:38:34,439 --> 00:38:44,249 | beginning. That's one of the most powerful lessons you can teach yourself. Next week, when you go out there and you wreck yourself, stop, go home with that loss |
| 221 | 00:38:44,249 --> 00:38:51,149 | for the day, it's going to hurt, it's going to ache, it's going to be an embarrassment. You're never gonna want to talk about it. You don't want anybody |
| 222 | 00:38:51,149 --> 00:39:02,219 | to know about it, you think and shit. I should have never done that. But it's okay. Everybody takes losing trades, every single person takes losing trades. |
| 223 | 00:39:03,359 --> 00:39:11,789 | You're going to you're doing a lot of those executions in the beginning while you're trying to learn. And that's why you do them in a demo. That doesn't |
| 224 | 00:39:11,789 --> 00:39:21,629 | sting. But some of you to have, well, here's a really good indication where you are mentally with this. If you're trading a demo account, and you're trying to |
| 225 | 00:39:21,629 --> 00:39:36,269 | trade these taboo days, and you know you are and you feel anxiety, or a sense of fear of missing out and you're in a fucking demo account. You're not ready. |
| 226 | 00:39:38,010 --> 00:39:46,410 | And I'm not trying to talk down or make fun of you. But that's the clearest indication that if you had the money to be in a live account, or if someone was |
| 227 | 00:39:46,410 --> 00:39:55,530 | to pay you with a free, gifted funded account challenge, where I sat down and I passed the fucker for you and said, Here you go, here's a funded account. You |
| 228 | 00:39:55,530 --> 00:40:02,940 | would shit your pants with it. You wouldn't make any money with it because you're not in control of your So you're playing around a demo, and you're losing |
| 229 | 00:40:02,940 --> 00:40:11,730 | your mind over it. I made fun of that phenomenon in the early stages of my teachings on baby pips. Because that's exactly what I was watching over there on |
| 230 | 00:40:11,730 --> 00:40:19,950 | that forum, a bunch of nodos that knew nothing. And they're all excited. And you're always saying what happened in the forex pair over here? What just |
| 231 | 00:40:19,950 --> 00:40:28,740 | happened over here, and the people that would be respected, they had the largest threads on time, they'd come out and give you some bullshit excuse. What the |
| 232 | 00:40:28,740 --> 00:40:38,010 | hell you chose to do with that? Tell me what it's going to do beforehand. Tell me how to trade it right now. Nobody was doing that. Nobody was doing that. So I |
| 233 | 00:40:38,010 --> 00:40:48,810 | stepped out there and started giving rules. And those rules were the prevent, to protect new students. Whenever I talk, whenever I'm promoting something that's |
| 234 | 00:40:48,810 --> 00:41:00,660 | new in my repertoire, there's a lot of excitement around it, and people start talking. Well, I know that the case when you're brand new, and I know that |
| 235 | 00:41:00,660 --> 00:41:07,560 | you're watching videos, where you see me executing on days, that I say, don't do it, and it sounds like I don't even follow. It doesn't even follow the rules. I |
| 236 | 00:41:07,560 --> 00:41:18,960 | know I follow my fucking rules. I follow my rules. But I have experienced I can navigate, you can't, I can get into a trade, realize I'm wrong and flip it and |
| 237 | 00:41:18,960 --> 00:41:27,240 | go the other direction. In the beginning, you don't have that skill set. It's unrealistic to expect that you would. But when you're brand new, you think you |
| 238 | 00:41:27,240 --> 00:41:36,390 | should know it. Because you watch the fucking videos. And now you're you're and you're initiated now, right? The League of Shadows, you're nothing, you're |
| 239 | 00:41:36,390 --> 00:41:45,150 | nothing but a brand new student, that's all. You're a little worm, you haven't even gone through the transformation yet. You're looking around for the next |
| 240 | 00:41:45,150 --> 00:41:57,870 | leaf to chew on, you have not got your wings yet. So I protect you as much as I can. But even that doesn't prevent it because you're going to do what you're |
| 241 | 00:41:57,870 --> 00:42:06,510 | going to do. And that's why I say your results are yours. If you make money. Well done. Don't high five, me You earned it. And when you wreck yourself, don't |
| 242 | 00:42:06,510 --> 00:42:13,500 | blame me or my concepts because you fucked it up. You didn't listen, you did something you shouldn't have done. When I lose money, guess whose fault it is, |
| 243 | 00:42:13,500 --> 00:42:24,150 | it's fucking my fault. Mine. Nobody else made me lose money. I did. And when I make money, they're gonna motherfucker, they're gonna share the credit. No other |
| 244 | 00:42:24,210 --> 00:42:42,660 | men director told me how I'm making money. So it's not arrogance. And it's not less than standard for you to have rules in the beginning. And also grow out of |
| 245 | 00:42:42,660 --> 00:42:55,320 | those rules later on. It's like training wheels. Okay, just like I'm teaching you how to trade, read price action. In a demo, I leave it up to you to have the |
| 246 | 00:42:55,350 --> 00:43:10,140 | maturity and the ability to observe that you are ready to take on real risk with money. But I don't ever tell any my students to do that. You'll know. And you'll |
| 247 | 00:43:10,140 --> 00:43:17,310 | know because you're bored. Not because you're bored, and you want to get out there and start making money, you're bored because you keep doing the same |
| 248 | 00:43:17,310 --> 00:43:26,160 | things all the time. And you don't fear missing out, you don't feel like you have to have the win with a positive return at the end. You're just doing what |
| 249 | 00:43:26,160 --> 00:43:35,400 | it is that you know you should be doing. You do the same thing when you go to work. When you're driving to work every single day, you're going there, not |
| 250 | 00:43:35,400 --> 00:43:40,320 | thinking about I'm gonna go to work, I'm gonna do this, I'm gonna do that I'm really gonna try to impress Carl, I'm gonna try and get my promotion, I'm going |
| 251 | 00:43:40,320 --> 00:43:47,760 | to you're not doing that. You know what the fuck you got to do, you got to get there, got to do the same old bullshit. Deal with the same old customers same |
| 252 | 00:43:47,760 --> 00:43:55,380 | low expectations, say no quota. United, they're trying to reinvent the wheel, you're just going there and doing business as normal. And when the clock says |
| 253 | 00:43:55,380 --> 00:44:05,460 | it's time to go home, you punch the fuck out and you go home. That's what trading needs to be like it needs to be just like that. No quarrels on social |
| 254 | 00:44:05,460 --> 00:44:16,770 | media, no influence from your family or spouse or buddies. You're focused, you're dialed in you have rules, you absolutely have to have rules. In the |
| 255 | 00:44:16,770 --> 00:44:26,070 | beginning, you have to have lots of rules. And over time experience will dictate where you can peel certain rules back and say, Okay, I can see that that was a |
| 256 | 00:44:26,070 --> 00:44:31,650 | training wheel. I don't need that anymore. So now I can trade on Mondays. I understand what it meant when he said don't trade on Mondays. There's There's |
| 257 | 00:44:31,650 --> 00:44:39,600 | levels to the understanding that's required in this. I understand now the FOMC could have really harmed me because my natural tendency was to get in here and |
| 258 | 00:44:39,600 --> 00:44:47,820 | think I knew I was expecting this pattern form is doji some kind of handle animal pattern was suggested is going to go higher or lower. And none of that |
| 259 | 00:44:47,820 --> 00:44:56,100 | meaningful consent from the report came out and just went ballistic. So now I can wait for that to occur and then get the lay of the land. Where's the |
| 260 | 00:44:56,100 --> 00:45:02,790 | liquidity? Where's the inefficiency? Who are they going to run on next? You You'll understand it because you've been doing enough. You can't just watch one |
| 261 | 00:45:02,790 --> 00:45:11,880 | month. You can't just watch one video series and hear me talk like this and say, Oh, I gotta figure it out. No, you don't. It's experience led, you can not |
| 262 | 00:45:12,060 --> 00:45:21,930 | condense this into a book. You can't condense it into a teaching series, a workshop, a mentorship, mentorship mentorships and going to teach you this, this |
| 263 | 00:45:21,930 --> 00:45:32,520 | is you in the charts, this is you exercising control over yourself. That's the part that's expensive. It's not the time invest in learning and watching my |
| 264 | 00:45:32,520 --> 00:45:41,760 | videos or anybody else's shit. The expensive part is you going through that pain, and that struggle of trying to adhere to rules that keep yourself |
| 265 | 00:45:41,790 --> 00:45:51,270 | disciplined and forge discipline and responsibility. And that's the that's the separating factor in successful continuous profits. If you want to make money, |
| 266 | 00:45:51,480 --> 00:46:04,110 | you have to be disciplined, you have to have rules. And I'm giving you a scaling, where you can go out of the initial rules, what's normal, every fucking |
| 267 | 00:46:04,110 --> 00:46:15,930 | day, I can trade every single day I can go out there and trade. Now, would I be a good mentor going out there and telling everybody, you need to get out there |
| 268 | 00:46:15,930 --> 00:46:26,190 | and trade every fucking day and expect to be profitable every day. That is some great a bullshit. Human nature is what it is, it's easy to convince yourself |
| 269 | 00:46:26,190 --> 00:46:36,120 | that you're going to find something profitable. I know I went through that. I know I have students that have gone through that. I've watched other people who |
| 270 | 00:46:36,120 --> 00:46:47,580 | taught and teach and shit. And they have students that can't figure this shit out either. It's because we as the person, that human being, we're trying to |
| 271 | 00:46:47,580 --> 00:46:58,260 | bring something in. That's the barrier, that's the big rock in the road. You're bringing it, I brought it to my own trading. I held on to it thinking it was |
| 272 | 00:46:58,260 --> 00:47:06,450 | something I should have treasured. And it's bullshit, you got to get all you got to clear the road of all rocks, every distraction, and you have to have |
| 273 | 00:47:06,450 --> 00:47:14,670 | boundaries, you can't go too far to the left, you can't go too far to the right. And you got to stay steady paced, don't speed ahead. And don't worry about |
| 274 | 00:47:14,670 --> 00:47:21,480 | behind you in the rearview mirror, the windshield, what you're looking for the biggest views in front of you. And you have to take in all that new information. |
| 275 | 00:47:22,140 --> 00:47:31,290 | That's that right side of the chart. But if you're bitching about your your performance, or worrying about how you should have did this and did that, you |
| 276 | 00:47:31,290 --> 00:47:39,300 | know, in your last trade, you're in the rearview mirror, and you're missing all this other shit in front of you. I've watched live streamers, okay. And it's an |
| 277 | 00:47:39,330 --> 00:47:49,350 | it's unbelievably uncanny that they'll do something because they've invited other people to watch them and judge them live. And this is why I watch them. |
| 278 | 00:47:49,350 --> 00:47:56,730 | I'm not I'm not watching them to learn how to trade. I'm watching the the human behavior aspect of it and how they manage themselves how they manage their |
| 279 | 00:47:56,730 --> 00:48:11,580 | trades, if they're showing any. And if they do something, whether they made money or or didn't make money, the reaction to whatever their chat window says |
| 280 | 00:48:11,580 --> 00:48:18,840 | to them, says we you know, we Why didn't you do this? Or you should have done that immediately go into some bullshit, defending themselves. And right then in |
| 281 | 00:48:18,840 --> 00:48:30,240 | there, I'm fucking trading. I'm trading because they've lost the plot. Or if they're gonna say, No, it can't go lower here. Now it's gonna go, it's gonna go |
| 282 | 00:48:30,240 --> 00:48:39,750 | higher. It's going to do this as soon as they start being dogmatic about it. That's what I use these live streamers for. Because it's absolutely flawless. |
| 283 | 00:48:40,140 --> 00:48:53,730 | It's fucking flawless. I know, I'm at peak retail contrarian. And if my system my method, my multiplier, my model is saying the opposite of what they're |
| 284 | 00:48:53,730 --> 00:49:06,150 | saying. Or they see nothing on the chart. I mean, they're beating the shit out of it. And then all of a sudden, you know what's coming, you want to dose. There |
| 285 | 00:49:06,150 --> 00:49:10,830 | it is. Because they're looking at their rearview mirror. |
| 286 | 00:49:12,750 --> 00:49:23,160 | The only time you look at the rearview mirror, is when you're you're journaling. You have to record it right after the wait after the experience when you close |
| 287 | 00:49:23,160 --> 00:49:33,270 | down trading. And this is the reason why you have to have sessions. If you go all day, full bore not trying to have any breaks. You're not giving yourself an |
| 288 | 00:49:33,270 --> 00:49:43,260 | opportunity to calm down because you're pumping out adrenaline cortisol, like you're stressing the fuck out of your body. And you can be up there if you're |
| 289 | 00:49:43,260 --> 00:49:50,310 | live streaming or if you're in the privacy of your own home and you're jamming the music. You might think you're having a good time you're not all keyed up, |
| 290 | 00:49:50,670 --> 00:50:05,610 | but you are and this shit will wear your immune system down. You have to rest you have to allow your body to just relax, just relax. One of the things that I |
| 291 | 00:50:05,610 --> 00:50:20,850 | do, I do breathing exercises. And it's it's important for you, as a trader to understand when you start feeling body symptoms, you know, sweaty palms, maybe |
| 292 | 00:50:20,850 --> 00:50:29,700 | heart palpitations, nervousness jittery, or you can't have any my talk to you. I mean, I have that generally anyway, but not because I'm keyed up because I, if I |
| 293 | 00:50:29,700 --> 00:50:38,640 | want to focus, I can't have another person talking to me. Even my child is sitting next to me, and I'm teaching them. It's just watching, observe, if you |
| 294 | 00:50:38,640 --> 00:50:46,140 | have a question, make note of it. And then you can ask me when I'm done. If you take my attention away from what it is I'm doing, I'm not going to deliver, like |
| 295 | 00:50:46,170 --> 00:50:56,760 | I expect myself to deliver. And I made snap, and speak in a manner that is not becoming of of that or a mentor. So I have to be very cautious. And I have a |
| 296 | 00:50:56,760 --> 00:51:07,680 | boundary that I placed this, this is why I do this. It's very hard managing me. And if you have symptoms while you're trading, or if you're doing analysis, and |
| 297 | 00:51:07,680 --> 00:51:16,350 | you're feeling heart palpitations, you get anxious, you feel like you're dizzy, you start seeing stars, because you're over, over breathing, you're breathing |
| 298 | 00:51:16,350 --> 00:51:26,040 | out your co2. The easiest thing to fix when it's like that, or if you have an anxiety attack, or a panic attack, is walk away from your charts. Go to a |
| 299 | 00:51:26,040 --> 00:51:40,080 | different part of your house. Alone, and tell yourself out loud, there is no emergency, and you're fine. And then sit still. Put your hand on your pulse and |
| 300 | 00:51:40,080 --> 00:51:51,060 | your wrist find it and count your heartbeats. You can only think about one thing. If you're physically counting and you're thinking about your heartbeat. |
| 301 | 00:51:51,270 --> 00:51:58,350 | Yes, it will be probably going really, really fast at the time. Don't worry about that. Don't think about that. That's not heart attack. That's not stroke. |
| 302 | 00:51:58,470 --> 00:52:05,850 | But you're going to be thinking that's what it is. I've been there dozens of times and now I have let myself go to the emergency room. And as soon as the |
| 303 | 00:52:05,880 --> 00:52:14,160 | ambulance would be at my home already started feeling better. Because in my mind, I was thinking, if I am having a heart attack, if I'm having a stroke, I'm |
| 304 | 00:52:14,160 --> 00:52:27,150 | in the best hands right now. So what's the problem? There was unrealistic fear. And when you trade in these taboo days, with no experience, nope, no boundaries. |
| 305 | 00:52:27,150 --> 00:52:35,670 | No, no idea what to do with yourself, when you get in these situations, you're gonna panic. If you've ever had a panic attack before, you'll have one on one of |
| 306 | 00:52:35,670 --> 00:52:44,850 | these days, be on the wrong side of CPI. And your stop loss didn't work and it's still going up against you. You're gonna know exactly what panic tech feels |
| 307 | 00:52:44,850 --> 00:52:56,820 | like, your broker ain't going to help you. They're not going to say I'm sorry. I'm sorry, Phillip. Mark was so fast here, we're going to give you an exit at |
| 308 | 00:52:56,820 --> 00:53:05,460 | your stop loss, we're gonna honor that. The fuck they are, they're not going to do that at all. They'll probably be bugging you anyway, they want that maximum |
| 309 | 00:53:05,460 --> 00:53:17,520 | loss, because they're going to keep it. That's the reality of the business. But when you have these symptoms, one of the breathing exercises that I do is I sit |
| 310 | 00:53:17,520 --> 00:53:32,610 | still, I usually you get on the floor, and I sit in what is referred to as Caesar. It's a it's a meditative state. I'm sitting there. And I relax myself. |
| 311 | 00:53:32,640 --> 00:53:43,680 | And I try to let my core which is like the center of your spine, become real heavy. And let it rest. In, go lower, what you're doing is you're relaxing your |
| 312 | 00:53:43,680 --> 00:53:51,780 | hips, you're relaxing and lower back, and your pull your shoulders back to the square and you're and you pull your chin and everything's perfectly aligned. And |
| 313 | 00:53:51,780 --> 00:53:59,670 | you relax yourself. And you take a deep breath. Blow it out. Do that three times. And then now on the fourth one, you're gonna take a deep breath in. And |
| 314 | 00:53:59,670 --> 00:54:08,880 | then when you think you have taken in your full breath, there's always a little bit more room to suck and more air, do it, hold it, hold it for five to 10 |
| 315 | 00:54:08,880 --> 00:54:17,430 | seconds, you probably won't be able to do it. But then you let your air come out naturally don't force that like breathing out hard. Just let it fall out. Five |
| 316 | 00:54:17,430 --> 00:54:25,710 | seconds before you do it again, you do that three times. Number one, your blood pressure is going to drop immediately. Immediately that corrects blood pressure |
| 317 | 00:54:25,710 --> 00:54:36,270 | immediately. And because you're doing it multiple times, one minute will have passed. And because you're focusing on your breathing, and you're bringing in |
| 318 | 00:54:36,300 --> 00:54:45,000 | oxygen and you're not blowing out all your co2 See when you hyperventilate or you start seeing stars you click here in the pass out when I was younger and I |
| 319 | 00:54:45,000 --> 00:54:52,890 | had my first panic attack was in the market. I thought for sure I was going to drop dead. Because I was I was hyperventilating and didn't realize I was |
| 320 | 00:54:52,890 --> 00:55:01,710 | hyperventilating, ventilating at the time, it felt like I couldn't breathe. But I was just breathing too much and too fast. And I was blowing out co2, so your |
| 321 | 00:55:01,710 --> 00:55:11,400 | oxygen rich blood is too much. And you'll start seeing stars and all of a sudden, you'll have these body tingling sensations. And that's all normal, it |
| 322 | 00:55:11,400 --> 00:55:21,240 | just means that you just got to slow your breathing down. And that's why you see people that they would breathe in a paper bag, because they're bringing in too |
| 323 | 00:55:21,240 --> 00:55:28,590 | much oxygen. So it allows their blood levels to regulate. So co2 becomes at optimal levels with their oxygen level, and then you'll be able to be |
| 324 | 00:55:28,590 --> 00:55:38,700 | comfortable, and then you won't panic and scare yourself anymore. So I used to keep a paper bag next to my desk. And if I felt those symptoms, even before I |
| 325 | 00:55:38,700 --> 00:55:48,600 | felt them full on, I would just do that. That was my realization, that breathing was a real core issue, to keeping yourself balanced and focused, it's |
| 326 | 00:55:48,600 --> 00:55:57,390 | meditative. And you can meditate while trading. You can meditate while you're doing these things. It manages the emotional tug of war, that every trader |
| 327 | 00:55:57,390 --> 00:56:09,990 | feels, I don't care who you are, you still will feel that. And these are the things I'm managing. I met, I have bipolarism, like I swing from one spectrum to |
| 328 | 00:56:09,990 --> 00:56:18,540 | the next instantaneously. And sometimes on really bad days, I'll go from one extreme to the next in a matter of minutes. And you don't want to be around me, |
| 329 | 00:56:18,870 --> 00:56:28,800 | you do not want to be around me. My family members know this about me. They know my tendencies, they can see it, they can usually hear it coming. And it's very, |
| 330 | 00:56:28,800 --> 00:56:40,230 | very hard to manage. And I will not ever take medicine. But when I'm in the market, it allows me to be very focused, very, very focused. Because I have my |
| 331 | 00:56:40,230 --> 00:56:50,100 | mind on one thing, what is that next price going to do? And I can't panic. I can't have intrusive thoughts coming in. That's why when you hear me talking |
| 332 | 00:56:50,100 --> 00:57:01,860 | when I'm we're doing live streams. I'm boring the fuck it. Because I'm in my own mind. Like I knew this, I knew this stuff. And because it allows me to focus all |
| 333 | 00:57:01,860 --> 00:57:09,480 | my attention, I can't have anything that would cause me anger, I can't have anything unless I'm talking about shit that would trigger me. Like in these |
| 334 | 00:57:09,480 --> 00:57:19,110 | spaces, where I allow myself unfiltered, where I'll say something that gets me either entertained, and I want to make a joke about something that people will |
| 335 | 00:57:19,170 --> 00:57:28,800 | will say either about me or themselves. Or if I see something that's absolutely bullshit. And I talk about age and rages me. So I get that at that point or that |
| 336 | 00:57:28,800 --> 00:57:36,060 | extreme. And, and obviously, you've heard me talk about things that are very emotional, because I'm a human being. I've had loss, I've had pain I've had real |
| 337 | 00:57:36,060 --> 00:57:43,020 | things happen to me in my life and my family. And I have really good things that are emotional too. And you've heard me weep and cry, and I have no shame in that |
| 338 | 00:57:43,050 --> 00:57:54,210 | I'm a human being. You want to, you want to have those experiences, it makes life much more enriched, enrichment of those experience being a part of it. But |
| 339 | 00:57:54,210 --> 00:58:06,990 | you can have these taboo days take you into a level of panic and fear and paralysis, and you won't know what to do. You won't know what to do. So that's |
| 340 | 00:58:06,990 --> 00:58:15,150 | the reason why I told my students don't trade on FOMC don't trade on non farm payrolls, don't try to hurt a CPI don't trade on Mondays. Because if you're |
| 341 | 00:58:15,150 --> 00:58:24,240 | brand new, you don't know what's going to happen when you get in that situation. Now, don't take this Twitter space discussion today. As a means of okay, we're |
| 342 | 00:58:24,240 --> 00:58:33,390 | not know how to do it. He just equipped me to do nothing. You didn't learn anything from that then what I'm saying is is your breathing is the beginning of |
| 343 | 00:58:33,390 --> 00:58:46,380 | every panic attack. And it's also the end of every panic attack. I had the highest form of anxiety after September 11. In 2001, like I, I believe that |
| 344 | 00:58:46,380 --> 00:58:51,600 | news, I believed all that stuff. And I was always fearful that my family was in danger. And |
| 345 | 00:58:53,430 --> 00:59:02,580 | you know, I bought it, I bought it. It caused a lot of agoraphobia. And because I had to live two different lives hiding from a gold digger. It just compounded |
| 346 | 00:59:02,580 --> 00:59:12,750 | everything. So I would have panic attacks almost every week, that literally would send me to the emergency room either I was driving there running red |
| 347 | 00:59:12,750 --> 00:59:25,140 | lights, speeding, how I got there without killing anybody or hurting new vehicles is a miracle. But as soon as I got there, it would stop. Because in my |
| 348 | 00:59:25,140 --> 00:59:38,340 | mind, I was in a safe place and you need to do that in your trading. You need to make your trading in your model your safe place your home, your home if you're |
| 349 | 00:59:38,340 --> 00:59:46,980 | trading your model and you're not at home, trading somebody else on a live stream trying to copy them. I can't imagine the level of fucking fear and |
| 350 | 00:59:46,980 --> 00:59:55,320 | anxiety that would cause because you're watching somebody you don't know the delay is gonna come in. You don't know if the connection is gonna stay on. I'm |
| 351 | 00:59:55,320 --> 01:00:01,230 | gonna I'm gonna trick I'm gonna trade this guy. He's doing this he thinks it's gonna go up here he thinks is gonna go down here. And then you're gonna take a |
| 352 | 01:00:01,230 --> 01:00:10,260 | trade on that. No idea why that person is saying is going to go here. You don't know if they're really taking a trade and paper account, practice account, Live |
| 353 | 01:00:10,260 --> 01:00:24,660 | account, you don't know if they actually answered it all. And now you're in there. What constitutes holding it? them saying they still like it when it's |
| 354 | 01:00:24,660 --> 01:00:35,700 | moving against them. And all of a sudden you start seeing and turning into a comedy show, oh, well, you you're me now you're losing real money. It doesn't |
| 355 | 01:00:35,700 --> 01:00:44,040 | feel like a joke to you. You're having anxiety tech, you're having fear gripped you in a manner you've never felt before. And you feel powerless. And you don't |
| 356 | 01:00:44,040 --> 01:00:49,440 | want to close it. Because what happens if that guy is right? And then I didn't make any money I got out when it was a losing position. And then I'm going to |
| 357 | 01:00:49,440 --> 01:00:57,270 | hear him say, Oh, you dumb fucks. You don't make any money, they look at you, you're all losers, you're broke, he's it's very important to guard your mind. |
| 358 | 01:00:58,620 --> 01:01:10,800 | Very, very important. And if you let bullshit in, you're going to get that out in your results. You have to be focused, you have to be centered, you have to |
| 359 | 01:01:10,800 --> 01:01:23,370 | have complete and utter control over yourself. And I can't do that outside of things that keep me focused on a chart. Or if I'm talking about the word, |
| 360 | 01:01:23,400 --> 01:01:37,110 | there's only two discussions, the only two topics that would keep me from having wild swings. I'm chemically imbalanced. And I can't always keep those things in |
| 361 | 01:01:37,110 --> 01:01:50,400 | control. But I've learned over my life that those two things are the ones that were I can do the most in terms of keeping balanced. Now, after I get a winning |
| 362 | 01:01:50,400 --> 01:02:05,010 | trade, I feel like a peacock. In the beginning. My wife was like, man, whatever, get that lady for me. Now she understands this therapy, therapy. Okay, I go down |
| 363 | 01:02:05,010 --> 01:02:13,500 | there. And I look at her and she was like, What did you do? And then all sudden, I'm doing the Mick Jagger I'm prancing around and shit. She's like, whatever. So |
| 364 | 01:02:13,500 --> 01:02:21,060 | he'll give me a kiss or whatever it needs something to that effect. But the point is, is you have to have some kind of way of releasing, whether it's the |
| 365 | 01:02:21,060 --> 01:02:32,100 | great part of being profitable, or accepting the losing trade. If I have a losing trade, no problem. I go and remove myself from the charts. I have to have |
| 366 | 01:02:32,100 --> 01:02:41,490 | at least 1015 mins away from it, I'd have to take a break from it. Unless I know it was right then in there, it was just me having an ill placed stop loss. Or I |
| 367 | 01:02:41,490 --> 01:02:50,010 | moved the stop loss too quickly. And it burns me if I knew right then and there. I did it wrong as the operator and everything's still good. I'll enter right |
| 368 | 01:02:50,010 --> 01:03:00,240 | then and there. But if I take the stock loss, and I don't feel certain that I'm still right about my analysis, I physically leave my room. I physically go |
| 369 | 01:03:00,240 --> 01:03:12,360 | either outside, or I go to another part of my room or house. And that guy can't be in the trading room. Because at that moment, my tendency is I want to smash |
| 370 | 01:03:12,360 --> 01:03:24,150 | the buck at the marketplace, I want to exact revenge. So you think that I'm calm cool, collected, you know, Dr. Jekyll but when I take a losing trade, I'm |
| 371 | 01:03:24,150 --> 01:03:36,660 | fucking Mr. Hyde. Like I'm Jack the fucking Ripper, I want to slash and got a motherfucker, like, I just really want to just unload. But I can't think clearly |
| 372 | 01:03:36,660 --> 01:03:48,330 | like that. So I have to reset myself 1030 minutes away. It does not matter if I miss a move. If I come back. And I miss something. It's okay, I know how to get |
| 373 | 01:03:48,330 --> 01:03:58,650 | into another move. I got 81 ways, I got a lot of problems and mental issues. But getting into a trade ain't one of them. I got 81 Fucking ways to do that. If the |
| 374 | 01:03:58,650 --> 01:04:11,040 | trades there, I will get in there. But I have to separate myself from that torn wrestling match of I gotta get it back. I gotta be right, I gotta be perfect, |
| 375 | 01:04:11,040 --> 01:04:22,980 | because that's my pursuit. That's the that's the plague in me. I'm pursuing perfection. And I know I will never obtain it until I leave this body. But I |
| 376 | 01:04:22,980 --> 01:04:35,010 | can't obtain it here. But it doesn't change or deter the pursuit of perfection. And when I incur a loss, I go into a fucking savage mindset. And I can't think |
| 377 | 01:04:35,010 --> 01:04:42,150 | clearly. So one of the rules and boundaries I placed on myself and this is exactly what you don't have yet as a new trader why you should not be trading on |
| 378 | 01:04:42,150 --> 01:04:50,910 | these taboo dates because you don't know yourself. I do know myself. I knew exactly how I can derail myself. I know exactly when I'm going to do these |
| 379 | 01:04:50,910 --> 01:04:58,860 | things that would have led me to blowing an account like I did when I was 20. But you don't have the experience to understand that about yourself and some of |
| 380 | 01:04:58,860 --> 01:05:06,030 | you have blinders. So if you don't want to pay attention to the characteristics you're showing over and over and over again, which you would see if you were |
| 381 | 01:05:06,030 --> 01:05:15,990 | honest in your journal. You don't want to journal. It's too fucking uncool. All the cool guys on YouTube and Twitter says journalists for bitches. These |
| 382 | 01:05:15,990 --> 01:05:28,530 | motherfuckers are broke, telling you they don't. They don't journal. Everybody, everybody that treats this like a business in one shape or form they journal. |
| 383 | 01:05:30,090 --> 01:05:38,100 | Whether you like to believe it or not, it is what it is. I don't know why has this thing about oh, journaling, it's for geeks. It doesn't work for nerds. |
| 384 | 01:05:38,640 --> 01:05:52,530 | Really. If you're running a business, they have KPIs, baby. Okay, KPIs, every fortune 500 company has KPIs, they are measurements. And you have to make sure |
| 385 | 01:05:52,530 --> 01:06:04,170 | that you have a KPI measurement when you're trading. It's the top step just introduced them. Those types of things for traders to evaluate what they're |
| 386 | 01:06:04,170 --> 01:06:16,200 | doing. Wonderful, wonderful addition, wonderful addition to those pursuing that funded account challenge. Because it gives you metrics that way you can measure |
| 387 | 01:06:16,200 --> 01:06:26,010 | things, and they should be fucking private. I don't know why people go on there, and they screenshot that shit and say, Here you go, boom. Because you're looking |
| 388 | 01:06:26,040 --> 01:06:46,320 | outward. And they saw all the time. I gotta wrap this up in three minutes. If you take your KPIs or your stats as a trader, and you put them on the internet, |
| 389 | 01:06:47,130 --> 01:07:00,120 | okay, here's what's happening. You are asking outside audience members, that may or may not have any real interest in you becoming a better trader, many times |
| 390 | 01:07:00,120 --> 01:07:09,270 | they don't want to see you be a better trader. Okay, that's, that's the vehicle that social media social media was instituted to cause division. It's not for |
| 391 | 01:07:09,270 --> 01:07:20,580 | networking. It's only been instituted as a way to make us go at each other. That's what it's there for. Okay. And that's how it's used. Now, you might have |
| 392 | 01:07:20,580 --> 01:07:27,480 | good relationships, you may networking, you make a business out of it, all that stuff. That's wonderful. But if you take your KPIs, your stats as a trader, and |
| 393 | 01:07:27,480 --> 01:07:42,510 | you put them on the Internet, what you're saying about yourself is you can't grow without having someone else, cosign your growth. You need to have someone |
| 394 | 01:07:42,510 --> 01:07:52,350 | else give you an affirmation, oh, you're the goat, oh, I want to trade like you. And what you're doing, you don't realize that at the time, but what you're doing |
| 395 | 01:07:52,620 --> 01:08:03,780 | is you're establishing this pathway, where you're only satisfied. If people are sucking you off on the public. Internet, you're kissing and licking your ass. |
| 396 | 01:08:03,930 --> 01:08:14,550 | And saying you're the goat, you are going to do trades to try to upstage the last time you did it. And that is not what a professional trader does. They |
| 397 | 01:08:14,550 --> 01:08:25,740 | don't give a fuck what anybody else thinks. They don't give a fuck, how much somebody else made, or how much they lost, they don't give a shit. All they care |
| 398 | 01:08:25,740 --> 01:08:35,070 | about is are they following their model, or they minding their own fucking business. Because when I make money, you ain't spending it. When I lose it, |
| 399 | 01:08:35,100 --> 01:08:39,570 | you're not giving it back to me and, and putting a bandaid on it, fixing it. For me. It's all me. |
| 400 | 01:08:40,979 --> 01:08:50,219 | And Eric and a trader walking this planet that's better than me. I don't need to put that shit on the internet. You don't either. And when you do that stuff, you |
| 401 | 01:08:50,219 --> 01:09:00,599 | are taking yourself off the clear shortest path to excellence. When you do that kind of stuff. You've elevated the game. So prematurely. You've now made it |
| 402 | 01:09:00,599 --> 01:09:11,879 | about being relevant. Instead of being consistently profitable, working with your model, and keeping your KPIs, your business stats as a trader, private. |
| 403 | 01:09:13,559 --> 01:09:24,329 | That's how you have the excellence of growth, maturity as a trader, all these people out there demanding that you do this and do that. You know what that is? |
| 404 | 01:09:24,479 --> 01:09:35,309 | That's them sucking. And they just want to see, oh, somebody else's miserable, just as miserable as I am. I'm not saying there aren't people out there that can |
| 405 | 01:09:35,429 --> 01:09:44,459 | share their stats and their accomplishments. And they're just sharing because they were either asked to do so and they don't have any real intentions outside |
| 406 | 01:09:44,459 --> 01:09:50,429 | of just saying, Okay, I'm part of the community. They ask them there. I'll show it to you. I'm not bragging. I'm not saying I'm better than somebody else. I'm |
| 407 | 01:09:50,429 --> 01:09:59,459 | just saying you asked for it. And here it is. But largely what you're seeing in industry, social media, community in terms of trading, anytime someone shows |
| 408 | 01:09:59,459 --> 01:10:11,159 | that 90% of time they're bullshit, they're fake, or they're doing so. And they may have earned those stats realistically and for real genuinely. And they may |
| 409 | 01:10:11,159 --> 01:10:23,609 | not be that long in trading. But they don't know the damage that they're doing because they're creating a olympic size feeds. In terms of, well, I got a lot of |
| 410 | 01:10:23,609 --> 01:10:36,119 | likes on it, because I made 20% last month in my trades. And I had a 90% success rate, and my drawdown was only this and my risk reward model. rating was this |
| 411 | 01:10:36,119 --> 01:10:50,189 | and that. What you're doing is you're taking your eyes off of the main focus, which is following your model, and becoming bored. In that model. You don't want |
| 412 | 01:10:50,189 --> 01:11:00,659 | to have any invitation for elevated cortisol and adrenaline in your trading, you need to keep that at bay. And the only way you can do that is by keeping your |
| 413 | 01:11:00,929 --> 01:11:12,479 | progress, private. That's how you do it, folks, that's the secret to it. Because as soon as you invite other people to critique it, you can make a fucking $1,000 |
| 414 | 01:11:12,479 --> 01:11:22,049 | Every hour, and have 100% strike rate, somebody's gonna come out there and talk shit about you. And it may be legit, you may be able to do all those things, and |
| 415 | 01:11:22,049 --> 01:11:27,599 | have the receipts to prove it. And there's still going to be people coming out there saying you're bullshit, you're fake, you're a fraud, and it's |
| 416 | 01:11:28,109 --> 01:11:44,789 | photoshopped. And it's all horseshit because they can't live in their own skin. So don't trade in these taboo days, because all these problems will manifest |
| 417 | 01:11:44,789 --> 01:11:58,769 | themselves there. If you're brand new, don't trade those days. Tape real. Over time, you will learn how to do these things. You won't be influenced by social |
| 418 | 01:11:58,769 --> 01:12:09,929 | medias trap. I gotta prove I gotta show them relevant to next guy NATO. Are you feeding your felt your face and weekly basis with the profits? Are you feeding |
| 419 | 01:12:09,929 --> 01:12:21,659 | your families face? On the weekly profits? Are you taking care of your ends? Are they meeting because that's what this is about? Fuck Lambo. Okay, fuck mansions, |
| 420 | 01:12:22,079 --> 01:12:34,949 | fuck heated swimming pools, for Corvettes. All that shit. It's all it's all irrelevant. It's about making sure you can eat, the way you live right now can |
| 421 | 01:12:34,949 --> 01:12:48,569 | be improved. Or it can go way beyond your imagination and dreams. It's where you take it. But you can't speed it up where you believe you can be right now. I |
| 422 | 01:12:48,569 --> 01:12:59,459 | guarantee you. That's not even far enough yet. Your perspective is limited. Because you know where you are right now. You know what you can and can't do |
| 423 | 01:12:59,459 --> 01:13:10,109 | right now? Can you go out next week and make $10,000 in the course of trading with real money? Can you do that most of you probably can't. But most of you on |
| 424 | 01:13:10,109 --> 01:13:21,569 | social media would pretend that you could. And you have to balance that stuff. Don't get caught up in the stuff that's on social media that makes you feel like |
| 425 | 01:13:21,569 --> 01:13:29,639 | you have to go out there and establish yourself as an identity. And that's your that's your identity as a trader. If you're brand new, your goal is keep your |
| 426 | 01:13:29,639 --> 01:13:40,619 | nose in the charts. Learn what your tendencies are, are you able to keep focused? Are you able to identify that you're in a problematic condition in the |
| 427 | 01:13:40,619 --> 01:13:50,309 | marketplace that you're going to lose control of yourself. That's these taboo days. All of my students that are mature, and another model, they can trade on |
| 428 | 01:13:50,309 --> 01:14:00,359 | every single one of those days. And they do. But in the beginning, they were told never train, don't touch them until you know how to handle them. They're |
| 429 | 01:14:00,359 --> 01:14:09,989 | rattlesnakes. And until you learn how to pick up a snake safely, it still doesn't mean that you can't get bitten by one. But they have learned how to |
| 430 | 01:14:09,989 --> 01:14:21,329 | handle snakes. And in these days, there's snakes in the grass. And you gotta be real, real careful. Because if you don't know what you don't know, you can find |
| 431 | 01:14:21,329 --> 01:14:31,829 | your gasket and bid and you can end yourself mentally you may have more capital to trade with. But because you've done something and completely scared yourself |
| 432 | 01:14:31,829 --> 01:14:39,809 | out of it, you're done. You're never touching it again. I've trained students that did that to themselves, and they never gave themselves a chance to really |
| 433 | 01:14:39,809 --> 01:14:51,359 | learn I told them this things don't trade these days they did it boom I'm scared I can't trademark no more it my wife said nope, can't do it. I'm done. I'm a |
| 434 | 01:14:51,359 --> 01:15:00,869 | single income family member. I took this thing on your right but I knew I can't do it. I'm stopping. Okay, well done. If you know you're never going to come out |
| 435 | 01:15:00,869 --> 01:15:10,859 | of that mindset. And you're stopping, that's the best outcome. And you're not going to hear a mentor tell you that. They're gonna say, oh, you're a bitch, you |
| 436 | 01:15:10,859 --> 01:15:19,979 | quit. No, that's someone that is plugged in to know what they're willing to do and what they're not willing to do. And if you know that you are not going to be |
| 437 | 01:15:19,979 --> 01:15:29,369 | willing to make the changes and develop the discipline, you know, you are going to do this again. And there's no fixing that, the best thing you can do is stop. |
| 438 | 01:15:30,869 --> 01:15:44,459 | That is the best outcome. There's no shame in that. But you can do this, there are rules that you have to apply. And certain days in the beginning, you don't |
| 439 | 01:15:44,459 --> 01:15:57,239 | trade in time, experience will dictate this, you'll be able to trade those things too, and slap the show. You can do it. But everything I teach has a |
| 440 | 01:15:57,239 --> 01:16:07,289 | context. And many times the trolls and haters and people that want to say bullshit to make themselves look better, because they can't deal with their own |
| 441 | 01:16:07,289 --> 01:16:18,359 | results. They'll say things that aren't true. And they'll twist and contort things I've said, or say things I didn't say, take everything out of context, |
| 442 | 01:16:18,779 --> 01:16:28,709 | and use new viewer a new person, you see this stuff, and you're weak minded. Oh, that person has an opinion. I mean, not be an independent thinker, or go in and |
| 443 | 01:16:28,709 --> 01:16:36,299 | investigate the things on my own. Let me just adopt their mindset because I'm a lazy fuck. And I'll just do that. And there it is, and join the bandwagon. And |
| 444 | 01:16:36,299 --> 01:16:47,549 | then you're the one getting laughed at. Because we're bringing receipts all the time. I got extremely profitable students absolutely verified paid out to the |
| 445 | 01:16:47,549 --> 01:16:59,639 | fucking gills. More people coming all the time, I got so many fucking interview requests. It's ridiculous. And I'll close it here. I have done more interviews. |
| 446 | 01:16:59,669 --> 01:17:13,529 | And I'm not sure if it's something inside of zoom, because I'm using zoom, when I have the interviews with the students, my connection is fine. And I've had |
| 447 | 01:17:13,529 --> 01:17:22,439 | five different individuals from different parts of the world where there's so much buffering going on there, their image will freeze up. And it's always the |
| 448 | 01:17:22,649 --> 01:17:30,659 | image where they look silly because their eyes are half rolled up in their head. And it looks like they're, they tasted lemon juice for the first time. It's |
| 449 | 01:17:30,659 --> 01:17:39,149 | pretty funny stuff. But it's not. It's not something I want to put on my YouTube channel. Let's put it that way. It doesn't look professional, it doesn't look, I |
| 450 | 01:17:39,149 --> 01:17:50,939 | have two of them up on my, my channel now that I'm not real pleased with the capture. And it's not because of the person or the storyline that I'm displeased |
| 451 | 01:17:50,939 --> 01:17:59,669 | with. It's the fact that the recording of it because of the buffering that went on over the the broadband that was being used, it was always saying that their |
| 452 | 01:17:59,969 --> 01:18:09,569 | internet connection was low. So it wouldn't, it wouldn't capture the frame rate that would be favorable for playback on video. |
| 453 | 01:18:11,070 --> 01:18:22,590 | So I don't really want to do audio only, but if I get, I'm going to try two more interviews I got if they are the same thing, one's from Australia, and one's |
| 454 | 01:18:22,590 --> 01:18:30,450 | right in here in the United States. So if I still get the same thing I'm getting there, I'm just gonna cancel the Zoom membership I have with them. And I'll |
| 455 | 01:18:30,450 --> 01:18:39,600 | probably just do them audibly. Where you'll hear someone I just wanted to have a face. And I know some of you all wanted to have that experience with me too. But |
| 456 | 01:18:40,320 --> 01:18:47,160 | if you have some suggestions, I'm open to hear it because I have a lot of people that make a lot of money and they want to have the experience of sitting down |
| 457 | 01:18:47,190 --> 01:18:57,240 | and talking with me I'm sure you'd like to watch and see them too but just want to touch base and let you know that's what's been going on. So anyway, I'm |
| 458 | 01:18:57,240 --> 01:19:12,120 | probably in the doghouse my wife's gonna give me the the evil eye when I go down the steps. An hour huh? Yeah. And 23 minutes late, so I closed this one. Enjoy |
| 459 | 01:19:12,120 --> 01:19:29,760 | your weekend tomorrow, which is Sunday, July 9 2023. At 2pm There will be a lecture for macros. So that link will be tweeted when YouTube is done processing |
| 460 | 01:19:29,760 --> 01:19:33,690 | it. And until 20 Next week. Be safe |