036-ict-tw-spaces-20230804-Cooking-With-Gas-and-NonFarm-Payroll
Last modified by Drunk Monkey on 2023-08-12 18:12
Outline
02:25 - Cooking with gas.
- Good morning, and a few minutes late, and an apology for being a little tardy with two little girls.
- Happy nonfarm payroll friday.
- Live trading in a Twitter space, and how he is trying to be a good role model in his last few months.
- The types of setups for the 2020 model.
05:36 - Making a mistake with a trade.
- I made a mistake yesterday, and I want to make that known to my youngest son.
- When you do things like this, you have to be 100% focused.
- How impulsive trading can make a trader feel impulsive, and what to do about it.
- The importance of being focused and organized when trading, and how impulsive traders feel.
09:32 - Looking at the fair value gap before nonfarm payrolls.
- A chart before the non-farm payroll numbers, us 100 and nasdaq, shows a willingness to move from the sell side to the buy side.
- A 30 minute chart, a bellwether timeframe, is like the 15 minute chart. A higher timeframe is not a higher timeframe.
- His focus today is observing, studying and observing, and why he won't take the trade, because it would be against everything in his being, because he hurt himself a lot over the years trading this thing.
- Why he doesn't want to encourage his students to have a laboratory experiment with real risk.
14:50 - Watching the candlestick.
- The us 100 and the nasdaq have done the job of closing the gap between 745 and 745.
- The candlestick is running for the 745am low, and it wants to gravitate to that low and below it and reach into the liquidity that the rest of the market.
17:50 - Why didn’t you take the trade?
- The importance of not taking a trade on a day when the market is trying to manipulate the price of the stock.
- How to avoid being tricked into following something that would otherwise be exactly as it should be but the market will come in and do something entirely different.
- If this was not a non-farm payroll friday, ict would have taken the trade, and if he took a loss, he would have been content with it.
- You have to be mature.
- How to avoid the experience of losing money and hurting yourself psychologically and financially by learning a lesson that will scar you and hold you back in growth.
- How to master the fear of missing out by understanding what impulses are going to be that cause you to take risks.
25:06 - Making money is progress.
- Don't be tricked into thinking that being number one on the leaderboard on a funded account is a measuring stick. Making money is progress.
- A year and a half ago.
- Showed lots of losing trades, showed how he came back from 30% drawdown, and one day asked students what they would do if they did this, and paid students, so he's not obligated to any of you on twitter or paid students.
- He's at 734,000 subscribers on YouTube.
28:40 - How many people are interested in trading?
- Twitter is growing, but it is intimidating, and it makes him more careful about what he is saying. The idea of showing someone examples makes it easy for someone to say he's cherry-picked.
- Cftc is not mimicking someone and pretending to be something he's not, but being cautious not to run this thing up.
- The leaderboard in robins trading is a joke, and how he has climbed to the height of the global cup in a week.
- Why he focuses on one market.
- There is no delay on trading view. There is no one bit of delay when he is trading and putting these orders in, there is immediate execution.
- He is not trying to entice anyone to open an account with him. He has no affiliations with anyone.
36:25 - How much risk do you need to take?
- Trades between 1.5 and 3.5 percent risk, and how that is too much risk for new traders.
- Trading 100% every day every single day over and over again, but losing trades that bothers him that gets under his skin, relives all that stuff.
39:21 - Risk of a student with no experience.
- Risk is a lot for some of you, but it's not as much for the rest of us.
- A student with 18 months of experience can duplicate what he just did, and not need to know what he does when he gets into trade.
- The challenge of condensing 30 years of trading experience into a short, concise response to every question in a short time frame.
- The challenges of trying to answer questions from new viewers or new students, and how to explain to them what it looks like to trade.
45:07 - You can't make money every single day.
- You can't make money every single day as a brand new student. You're brand new and there's nothing wrong with it.
- Some of you don't want to listen, and my children don't wants to listen. It's human nature that's why I teach repetitively.
- A handful of people want to have sockpuppet accounts, but it's still a year left.
- The goal of a demo account is to understand you more than the results of the trade.
48:50 - Observing and journaling your trading.
- If you look at demo trading like that, you are taking your eye off of the money. If you are doing everything correct and right, the money will work itself out.
- The number one thing, stop loss, bro, how you do it, is the right place.
- If a trade is pulling up against him and pulling up, he has three levels, three specific levels, and if one of them is breached, the next one is in close proximity to where the market is right now.
- If the second level is going in, he wants to close the trade.
- Many of you are struggling with some of the simplest things, and it hurts me because I can't overcome that.
- The whole idea that these jokers are there to try to discourage you, because they want you to listen to them is wrong.
56:15 - I'm not selling mentorships.
- He's not selling mentorships or mentorship. He's not obligated to dance for that, but because people ask him or they say these things.
- He's lost 100% in less than five weeks or so.
- Not one person has ever come forward and tried to talk you away from learning how to do this without an ulterior motive.
- No one owes you an explanation.
59:40 - Looking outside of yourself to validate yourself.
- When a young man is in his 20s, he needs to show that he is significant. He had a chip on his shoulder because he wasn't recognized in his personal family.
- The best thing to do is to get away from the boss snitch and make himself look good.
- Hive mentality is important for learning with me. It's important for you to know if you've done the right things, and if you haven't, you're going to have to do all that work by yourself.
- Your study partner is your journal. Your journal is your proctor.
01:05:08 - Giving yourself positive self-talk when you do mistakes.
- The idea of giving yourself positive self-talk when you do something incorrect or correct, not seeking some negative reinforcement or f-data.
- The importance of getting yourself beaten into shape first.
- You have to counsel yourself, encourage yourself and remind yourself through positive reinforcement.
- It is highly critical that you are careful not to record any negative stimuli in your journal.
01:08:06 - The value of journaling.
- When someone is putting negative thoughts in their journal, they think that they did that and that they are clean for the day. They are smashing their self-worth.
- Most people don't respond well to being told to do what they don't want to do.
- You are to look at everything you are doing as a learning experience, and it is a skill set that you have to acquire.
- You want to have a second chart on Nasdaq futures and us 100 futures, and you want to see it by side on both.
- There is no better cheerleader than yourself. There is no one person out there that can trade better than you.
- Don't get caught up in all the drama. Don't invite other people to read your journal if you are absolutely steadfast and know yourself.
01:15:57 - Keep your mistakes personal and private.
- Keep everything personal and private, because when you do make a mistake you won't feel uncomfortable to us 100.
- Logbooks for integration, fair value gap post non-farm payroll and 930 opening.
- She wants to see how they treat it down and if they sell off from there. She wants to know how many days they have on their chart.
01:19:11 - Inspiration for younger traders.
- He tries to inspire that in all of you, and he probably hasn't been all that successful for the most part, because this generation is impatient and the whole social media/mind stuff has caused that to explode exponentially.
- He's trying to have an old-fashioned conversation with you and slow you down.
- $15,000 in one week is a pretty good living. You don't even need to work the following three weeks of the month.
- A lot of money means a lot more problems.
- You have to have a total plan, not how to tell if the markets are going to go up or down.
- You still have to determine where you're going to enter the market 80% of the time, and you still need to know the only direction.
01:26:06 - Closing a trade.
- Closing a trade immediately when it becomes uncomfortable, even if it's making money, is a sign that it's too good to be true.
- How to close a trade quickly.
- How to know if the trade is still viable when the candlesticks are telling you that the order flow is still in play.
- The emotional turmoil and psychological drain of losing money.
01:29:21 - How to close a trade.
- The importance of going slow if you can't make consistency with the lowest amount of leverage and build from that with a realistic look.
- Honesty sometimes is offensive, but it works.
- You can make money trading with real money if you listen and follow the rules. Don't be reckless and don't overtrade.
- Remember, 645 for vega should be extended to the right
01:33:51 - The importance of having a goal.
- The whole reason for him going into a live account was to show people that he doesn't need to have revenue.
- The multimillionaire goal for him is 5 million.
- You need to be net positive on the month and be comfortable with the idea that it will take longer than you think it is.
- The never miss shot.
01:37:37 - What makes you a success or a failure?
- You are a success in that regard, but is that really the type of success that you want?
- If you are equipped to accept short term adversities and not see them as failures, you are having to absorb that emotionally and psychologically and not let it affect you.
- Use it like wind in your sails. This is an opportunity to improve and become even better because of this look at the fair value gap at 715.
- You will have a lecture on youtube this Sunday evening for back testing and journaling.
Transcription
| 1 | 00:02:25,110 --> 00:02:36,210 | ICT: Good morning, folks. A few minutes late, obviously, I just posted a chart that way, you'll know what I'm referring to when we're talking here for a few |
| 2 | 00:02:36,210 --> 00:02:47,310 | minutes, but I apologize for being a little tardy. I had two little girls here that are honoree is Dickens. So I had to help my wife wrangle them. They're a |
| 3 | 00:02:47,310 --> 00:03:03,150 | little bit of a handful. So happy nonfarm payroll Friday, hope you're all doing well. I'm absolutely having a fantastic week. Better, better place mentally and |
| 4 | 00:03:04,290 --> 00:03:15,960 | not grieving anymore. So it's been very wonderful for me. But the title of this space is cooking with gas and Non Farm Payroll. What's the cooking gifts part? |
| 5 | 00:03:15,960 --> 00:03:33,000 | What does that? Well, we were sharing some results with a real market. And a real trading account. Not the market replay, not some demo account, nothing like |
| 6 | 00:03:33,000 --> 00:03:44,220 | that. And I told you the last time we did a Twitter space that you would see live trading a lot of times, and yeah, I want to go out here and I want to do a |
| 7 | 00:03:44,220 --> 00:03:58,140 | lot of certain things that would please my flesh, okay, it would be very, very sad as buying, let's say that way to be able to do a lot of things that I want |
| 8 | 00:03:58,140 --> 00:04:13,680 | to do, I know I can easily do it. But I'm trying to be a really good role model in my last few months here. And while it is probably interesting to see someone |
| 9 | 00:04:13,710 --> 00:04:29,670 | new Start is within within the span of a week, and make 62 and a half percent on one account, a live account with no losing days, not one single losing day. And |
| 10 | 00:04:29,670 --> 00:04:42,090 | I can say that. And you can all know that what I'm saying here is illegal. If it's not true. It's absolutely 100% Certain. The reason why I did that was |
| 11 | 00:04:42,090 --> 00:04:54,030 | number one, to show my son that he doesn't need to swing for the fences all the time. Just to go in and take, you know, singles. Don't try to do the whole full |
| 12 | 00:04:54,030 --> 00:05:08,790 | range of the day or the entire session. But to take small little pieces and you probably Are you wondering, excuse me the types of setups, what am I taking? |
| 13 | 00:05:09,330 --> 00:05:23,850 | Well, I was limiting it just two silver bullets. And I did two setups for the 2020 model. That's it. And the 2020 model was to show my youngest son. And then |
| 14 | 00:05:23,940 --> 00:05:33,180 | all the other setups were just predominantly silver bullets or variants of a silver bullet within its scope of 10 o'clock, 11 o'clock or two o'clock to three |
| 15 | 00:05:33,180 --> 00:05:46,110 | o'clock on New York local time. So I did make a mistake yesterday, by the way. And I want to make that known to the, my youngest, I was going to transition |
| 16 | 00:05:46,110 --> 00:05:59,550 | from the actual live amp account with real money. I wanted to go over to a paper trading account on trading view and showing something and I said, the the idea |
| 17 | 00:05:59,580 --> 00:06:09,300 | of using overleveraged doing too many contracts at one time, because he was asking, Okay, Dad, if you if you made that with three contracts, what would you |
| 18 | 00:06:09,300 --> 00:06:20,820 | do? If you had five more? I said, Well, let me show you. And I walked away from the terminal, came back with a drink. And I thought I already need logged off of |
| 19 | 00:06:20,850 --> 00:06:29,250 | him. So I actually went in and did a trade to show him. But as soon as I put the trade on, it was a contract with AMP and hurt and close it out. So the only |
| 20 | 00:06:29,250 --> 00:06:38,190 | thing that happened was I paid commission on eight contracts, which is a little annoying, but it was the actual same Phil. So I told him, I said, this is why |
| 21 | 00:06:38,190 --> 00:06:50,580 | you can't do these things distracted. So I explained to him, I said, Listen, when you do things like this, you have to be 100% focused, and that he needs to |
| 22 | 00:06:50,580 --> 00:06:59,790 | have no distractions whatsoever. Like I can't have someone talking to me. But I can do that, while I'm in a paper trading account, showing them showing you |
| 23 | 00:06:59,970 --> 00:07:11,610 | because it's not requiring me to be as precise as I need to be as a human being that has a lot of OCD issues. If I'm trading with a real account, with real |
| 24 | 00:07:11,610 --> 00:07:23,850 | money, I have to be dialed in. Otherwise, I'm gambling, that's my, that's my perception of it. Making mistakes as soon as you get into it, okay, as soon as |
| 25 | 00:07:23,850 --> 00:07:33,060 | you get into it, don't worry, I'm going to show you my balance. And there will be no trades taken today, I'll show you a log in the whole business, but it |
| 26 | 00:07:33,060 --> 00:07:51,420 | $40,200. So when you're trading, whether you take a trade setup, that you know, deep down in your heart is not accurate. Or associated with any model that |
| 27 | 00:07:51,420 --> 00:08:00,120 | you're trying to trade like you feel impulsive. As soon as you enter that trade, if you know that that's bothering you, it's underneath the surface that you |
| 28 | 00:08:00,120 --> 00:08:11,100 | know, what you just did, has nothing to do with what it is you're trying to trade with. Immediately get out of trade. Don't see what will happen, and hope |
| 29 | 00:08:11,100 --> 00:08:23,700 | it's in the positive for you. Because many times you're not going to observe the warning signs and act on it and get out before the real pain comes. So what I |
| 30 | 00:08:23,700 --> 00:08:32,700 | was going to do was I was going to teach my younger son how to navigate if you were to over leverage, and how hard it would be to split that in half and split |
| 31 | 00:08:32,700 --> 00:08:40,920 | that in half, if you were trying to make it back. Well, long story short, I was given another opportunity to teach something that's going to happen to you. And |
| 32 | 00:08:40,920 --> 00:08:51,570 | I've been doing this for a very long time. And I thought for sure I logged out of the amp account. And I thought I went into the paper trading account on |
| 33 | 00:08:51,600 --> 00:09:01,320 | trading view. And it was still an account. So when I put that when I execute that order, as soon as I hit it, I realized that oh, this I'm still on him. Let |
| 34 | 00:09:01,320 --> 00:09:10,140 | me just go ahead and close it immediately. I was expecting it to pay something like a half a point, you know, three quarters of a point and have a loss but |
| 35 | 00:09:10,140 --> 00:09:16,860 | don't have a loss to show you that it was just me getting in realizing I made the error of doing it with a live account when me trying to show something on |
| 36 | 00:09:16,860 --> 00:09:28,560 | paper trading account and commission cost for not being focused for not being organized and allowing an impulsive thing to hurry up and say okay, well my |
| 37 | 00:09:28,560 --> 00:09:36,060 | son's actually asking about this. So let me go in and and show him something right away. And whenever I got myself a drink that way I could talk a lot. I |
| 38 | 00:09:36,060 --> 00:09:44,520 | don't just talk to you all I talk to them too. And they squirm, just like some of you squirm. They just want to get through it. But sometimes you just can't |
| 39 | 00:09:44,520 --> 00:09:55,170 | get through it faster and retain what it is it's required. But before I go any further I did send you a chart. Before the Non Farm Payroll numbers you can see |
| 40 | 00:09:55,170 --> 00:10:03,900 | we hit that little fair value got I was annotating that what I'm looking for it says If one doesn't show a willingness to want to draw up from there, and go for |
| 41 | 00:10:03,900 --> 00:10:13,170 | the sell side on the left hand side of the chart that I just tweeted, that's the US 100. It's for the folks that don't have access to futures contracts, or to be |
| 42 | 00:10:13,170 --> 00:10:21,540 | able to trade it or have live data. That way, you can see and compare and contrast what live data looks like in the futures contract for NASDAQ. And no, |
| 43 | 00:10:21,540 --> 00:10:29,250 | I'm not gonna look at other markets. So please don't ask me. I'm not trying to be rude. But I want to know, does it show a willingness to drop from there? Now, |
| 44 | 00:10:29,280 --> 00:10:37,050 | it might show a little bit of excitement beyond that. Okay, and go higher? I'm not interested in that. I just want to see does it want to move from that fear |
| 45 | 00:10:37,050 --> 00:10:49,110 | Vega to the sell side. So 15,003 26, for us, 100 or 15,004 11, four, and Q's futures contract, I am not trading it. I'm not saying that you should trade it, |
| 46 | 00:10:49,110 --> 00:10:57,960 | please don't do it. Okay. But what I do is I sit down on Non Farm Payroll Fridays, and I look at what two price points am I interested in, and then I |
| 47 | 00:10:57,960 --> 00:11:07,080 | study how price delivers from them or doesn't respect them at all. And the days that it doesn't respect it, I don't have any kind of regret. I don't have any |
| 48 | 00:11:07,080 --> 00:11:14,520 | pain, and I have a losing trade to say, oh, you know, this is something I should have never done. And I'm not trying to entice you to do it either. Perfect |
| 49 | 00:11:14,520 --> 00:11:22,560 | example, we're here. So we went up a little bit higher, there's a little bit of a larger fair value gap. If you look at the the in queue, the chart on the right |
| 50 | 00:11:22,560 --> 00:11:32,160 | hand side, that would be your 645. This is all 15 minute chart based. By the way. While I'm looking at a 30 minute chart, you're probably wondering, you want |
| 51 | 00:11:32,160 --> 00:11:41,010 | to have a little bit larger timeframe in perspective, because the markets gonna seek liquidity or inefficiencies outside the scope of a one in five minute |
| 52 | 00:11:41,010 --> 00:11:51,210 | chart. So a bellwether timeframe for me is like the 15 minute chart. So I like to look at those a little bit higher timeframe, that's not a higher timeframe in |
| 53 | 00:11:51,690 --> 00:12:05,700 | the grand scheme of things is still an intraday chart. But that 645 candle for both us 100 and NASDAQ, both of them, you want to highlight that as well. So |
| 54 | 00:12:05,700 --> 00:12:15,720 | again, my interest is does it want to go and seek that sell side down here at the two respective lower lows made at 4pm? Yesterday? |
| 55 | 00:12:17,549 --> 00:12:32,099 | And if it was to do that, does it accelerate and reach for the lows that were formed at that 3:30am? Thursday lows, so that's my, that's my whole focus today, |
| 56 | 00:12:32,459 --> 00:12:38,609 | observing, studying, and I some of you that are brand new, or maybe you're action and you're thinking about new? Why won't you take the trade? Why won't |
| 57 | 00:12:38,609 --> 00:12:49,979 | you do that? Because it would be against everything in my being. Because I hurt myself a lot over the years trading this thing. And what you might think you see |
| 58 | 00:12:49,979 --> 00:13:00,719 | in price action, they'll intervene and run completely opposite to what you would reasonably expect or won't respect any of the PDA arrays and just go and do |
| 59 | 00:13:00,719 --> 00:13:12,839 | something completely unexpected. And because I hurt myself financially, on this very particular day, early on in my career, I've learned to respect it and not |
| 60 | 00:13:13,589 --> 00:13:22,859 | expect I don't expect to be precise on a day like this. That gets us the easiest way of saying it. And it's because there's some days where I will not have the |
| 61 | 00:13:22,859 --> 00:13:32,729 | advantage, authorship, you know, put that aside on this day. Because if someone can go in there and turn the dials and move things outside the the parameters |
| 62 | 00:13:32,729 --> 00:13:45,269 | that would be reasonable were very typical. Well, probability of being accurate. So why would I want to? Why would I want to encourage my students to go in here |
| 63 | 00:13:45,269 --> 00:13:55,229 | and have a laboratory experiment with real risk. It flies in the face of everything that I am as a mentor. And it literally would be doing the opposite |
| 64 | 00:13:55,229 --> 00:14:05,909 | of what I've learned painful lessons from early on in my career. So much like you've seen a few times this year, with the CPI number, whenever the CPI comes |
| 65 | 00:14:05,909 --> 00:14:15,569 | out. I always tried to share with you upfront what I believe done to my head, what do I think might happen? And there's been I think only one time I got it |
| 66 | 00:14:15,569 --> 00:14:24,269 | right. But apart from that, it was incorrect. And that was the point. The point was to show you the reason why you don't want to stand in front of these types |
| 67 | 00:14:24,269 --> 00:14:36,119 | of reports is even who I am. And the experience I have and what I believe is true about the marketplaces. That's not holding any advantage on these types of |
| 68 | 00:14:36,119 --> 00:14:48,179 | days. Like it can humble you. It's humbled me and I'm trying to teach you by example leading you by example, to respect the measure of risk and uncertainty |
| 69 | 00:14:48,179 --> 00:15:00,659 | these types of days come whip. So so far, we're looking at it it looks like it's done the job of reaching up into that higher 645 fair value gap for both the US |
| 70 | 00:15:00,659 --> 00:15:09,929 | 100 and the NASDAQ. So I want to see does it accelerate with a great deal of speed below the low form? It's 7:45am. And we're still looking at a 15 minute |
| 71 | 00:15:09,929 --> 00:15:18,809 | timeframe. You should do this on a live stream ICT now I shouldn't, because if I go on there, I'll spend a lot more time than I want to do. Here. I know, I won't |
| 72 | 00:15:18,839 --> 00:15:30,899 | spend as much time you're thinking, Oh, here we go. He's gonna be three hours now. And every time he says that, no, I don't, I don't, I don't have enough gas |
| 73 | 00:15:30,899 --> 00:15:32,489 | in the tank for this type of day. |
| 74 | 00:15:38,340 --> 00:15:48,210 | So we'll watch and see how it all if we accelerate through that low at 745, New York local time, if you're on TradingView, as you should be following your time |
| 75 | 00:15:48,270 --> 00:15:57,120 | setting should be set to UTC negative four. Okay, so it's going to be New York local time. If you have that time setting, we're watching and observing the |
| 76 | 00:15:57,120 --> 00:16:11,880 | 7:45am. That low, does it want to gravitate to that low and below it and reach into the liquidity that the rest of below the 6:45am? Low? If it trades above |
| 77 | 00:16:12,630 --> 00:16:26,940 | the high that was formed on the candle that we're in right now, then the by side on Nasdaq futures that 15 560 That's likely in contention. So it might reach up |
| 78 | 00:16:26,940 --> 00:16:36,690 | here if it takes up to 15. That's how I view this. But I'm more interested in see does it draw to the sell side? If it does draw to the sell side? And what |
| 79 | 00:16:36,690 --> 00:16:54,810 | that means is I want to measure does it have a willingness to want to get down into the lows on third, or yesterday at 3:30am. So far, it's rather quiet for |
| 80 | 00:16:54,810 --> 00:16:55,590 | Non Farm Payroll. |
| 81 | 00:17:00,900 --> 00:17:11,280 | You can see we have so far been respecting the WIC consequent encroachment regime right now of the 745 low. So on a 15 minute timeframe, that candlestick |
| 82 | 00:17:11,280 --> 00:17:21,630 | that has the tail beneath it, we're wiping that out right now running for the low, I would want to see speed and acceleration through that 745 low like that. |
| 83 | 00:17:26,880 --> 00:17:38,070 | Now the up close candle, if you put your cursor on your computer, at the 8:15am 15 Minute candlestick, we do not want to see this point, we don't want to |
| 84 | 00:17:38,070 --> 00:17:51,330 | see half of that candlestick, have a move beyond that to the upside. That would be counterproductive to what we expect to see in price action. And there you go. |
| 85 | 00:17:53,040 --> 00:18:02,400 | happened on your chart, just like we were expecting. Now you're probably wondering, well, you know, why didn't you take that trade? Because again, just |
| 86 | 00:18:02,400 --> 00:18:15,090 | because I can be right? Just because it might follow my scripts doesn't mean that I'm willing to go in there and risk real money on a day that I know that |
| 87 | 00:18:15,090 --> 00:18:25,260 | they're really interested in manipulating taking price to a specific price level, or beyond a price level that would make absolutely zero sense at the time |
| 88 | 00:18:25,260 --> 00:18:37,110 | looking at the chart, so I can be fooled, I can be tricked into following something that would otherwise be exactly as it should be. But the market will |
| 89 | 00:18:37,110 --> 00:18:49,680 | come in and do something entirely different. And then run for an opposing liquidity or run beyond an inefficiency that I thought would be respected and |
| 90 | 00:18:49,710 --> 00:18:58,650 | not deliver as I was expecting in that monetary loss. He would eat at me the money is irrelevant. It's not that's not going to be the factor. The factor is |
| 91 | 00:18:58,650 --> 00:19:06,360 | is I've learned a lesson not to touch this. I treat it like a rattlesnake. I see it. I know it's there. I know it might do a lot of things that I could go on |
| 92 | 00:19:06,360 --> 00:19:16,020 | there and make money with. But selling drugs, you can make money with that too. I'm not in a hurry to go out there and start slinging rock. Okay, so it's a |
| 93 | 00:19:16,020 --> 00:19:28,560 | matter of principle. I know I can do certain things. But I also know my limitations. And I know this is a day like CPI and FOMC those types of things |
| 94 | 00:19:28,560 --> 00:19:39,930 | are like kryptonite, I have to wait. You have to wait. You have to wait and see. Do things really have an advantage for you? And it's going to be the days that |
| 95 | 00:19:39,930 --> 00:19:50,610 | are not like these. And if you can't be content with that there's something underlying ly wrong with you. Much like it was for me and it was being a new |
| 96 | 00:19:50,610 --> 00:19:58,230 | trader being someone that was interested in trying to make a lot of money real fast, because I saw the volatility that these types of days would present and |
| 97 | 00:19:58,230 --> 00:20:08,880 | create By the way, I will be done. So that that would be this would be my morning. So if, for instance, if this was not a nonfarm, payroll Friday, and say |
| 98 | 00:20:08,880 --> 00:20:20,280 | it was something, you know, some run of the mill, trading day and medium impact news driver or regular red news driver, but not non farm payrolls, not CPI, not |
| 99 | 00:20:20,670 --> 00:20:29,880 | a rate announcement, I would have taken the trade. And if I would have taken a loss, I would have been content with Okay, I did something wrong. I'll come back |
| 100 | 00:20:29,880 --> 00:20:39,750 | later in the day and get it. I saw a question. And I don't recall if it was on Twitter now, or if it was on my comments in my videos. And yes, I see all of |
| 101 | 00:20:39,750 --> 00:20:48,120 | your comments on the videos that had the comment section open. You look like you're the only one putting a comment there. Because it'll show up on yours. I |
| 102 | 00:20:48,120 --> 00:20:56,400 | had them set to review. Because there's a lot of people that are soliciting crypto things and stuff. I'm not into crypto. And whether your comments good or |
| 103 | 00:20:56,400 --> 00:21:11,550 | bad, I see him. But the one of the questions was, can you trade? Or can I trade Non Farm Payroll after the morning session, and trade the afternoon? If you can, |
| 104 | 00:21:12,030 --> 00:21:24,510 | but in my experience, it's better not to. Okay, there's going to be lots of examples someone can reach back to and say, Well, it did this this time and ICT |
| 105 | 00:21:24,510 --> 00:21:31,470 | said don't do it, you would have missed that you're missing them over the CPI number two, unless you're ahead of it, you're missing the right announcement, |
| 106 | 00:21:31,740 --> 00:21:42,750 | you know, movement, unless you're ahead of it. So that that argument is a moot point it doesn't, it doesn't hold water, that dog does not hunt, basically. So |
| 107 | 00:21:43,440 --> 00:21:53,130 | the strawman arguments that you're considering that someone might pose to you, or maybe you've done it yourself, you have to put that aside, and you have to be |
| 108 | 00:21:53,130 --> 00:22:05,430 | very mature about handling the risk, handling the opportunities, and navigating this marketplace where you don't want to get in there just to find out that you |
| 109 | 00:22:05,430 --> 00:22:13,590 | did something you shouldn't have done. That's an experience that you're trying to hopefully if you're listening to me, you're trying to spare yourself that |
| 110 | 00:22:13,590 --> 00:22:24,330 | experience, you don't need to have that experience where you where you lose monetarily, and hurt yourself psychologically and financially, learning a lesson |
| 111 | 00:22:24,330 --> 00:22:33,750 | that will scar you and hold you back in your growth. It'll be, it'll be like a rock in your shoe. If you do the things I tell you not to do, and it hurts you. |
| 112 | 00:22:35,160 --> 00:22:43,350 | Whether you want to admit it or not, you're going to want to blame me, you're going to find some way to blame me. Because it's easier to do that and to say, |
| 113 | 00:22:43,380 --> 00:22:50,700 | you know, he did tell me not to do this, and I didn't listen. But his methods should have worked here. Because now if I'm telling you I'm not touching it, |
| 114 | 00:22:51,270 --> 00:23:00,960 | what makes you think that you're going to be a better artist behind doing all that? You're not. So it's good advice. It's good medicine, I know it's bitter |
| 115 | 00:23:00,960 --> 00:23:19,800 | sometimes, and you don't want to swallow it, but swallow you shall. And it'll make you better. You can't, you can't appreciate following good advice in it not |
| 116 | 00:23:19,800 --> 00:23:28,320 | hurting you over and over and over again, when you otherwise would have done something impulsively. And so you follow that good logic and that good advice. |
| 117 | 00:23:29,130 --> 00:23:41,580 | And that will encourage you. That's my, that's my hope and my prayer that it helps you forge some measure of discipline, self control, which are two very, |
| 118 | 00:23:41,580 --> 00:23:52,830 | very important, very much lacking characteristics of today's type of new trader, everything's like, um, I gotta get in right now the fear of missing out in the |
| 119 | 00:23:52,830 --> 00:24:07,110 | FOMO you know, the way you master that and you get over it is to have a well rounded understanding of price action, understand who you are as the person that |
| 120 | 00:24:07,110 --> 00:24:16,560 | way you know that this is what my impulses are. This is what makes me tick. This is what gets me going this is this is what makes me pursue opportunity. When I |
| 121 | 00:24:16,560 --> 00:24:26,640 | see the market do this. I'm interested I'm gonna go after and chase it like a cheetah. But you have to also understand what those impulses are going to be |
| 122 | 00:24:26,640 --> 00:24:37,620 | that cause you to recklessly plunge in. And it may be some kind of stimuli that's instigated by something on social media, whether you feel like you have |
| 123 | 00:24:37,620 --> 00:24:49,950 | to defend yourself or what you're learning or mean which you don't need to ever do that. Or you want to measure up to some measure of external prowess, whether |
| 124 | 00:24:49,950 --> 00:25:02,850 | it be another methodology. Somebody else in social media a YouTuber, someone in a in a competition or trading Have you leaderboard and Nissan that accounts, |
| 125 | 00:25:03,360 --> 00:25:13,200 | companies are doing those, which I think that's great. But don't be Don't be tricked into thinking that you have to do that type of stuff to equate to being |
| 126 | 00:25:13,200 --> 00:25:27,660 | good. Like, being number one on the leaderboard on a funded account, you know, measuring stick, making money is progress. If you've gotten good at doing this, |
| 127 | 00:25:27,660 --> 00:25:35,130 | and you want to be able to climb to those heights and use other things, and that's great, I'd love seeing that. But I don't want all of you to look at what |
| 128 | 00:25:35,130 --> 00:25:48,480 | I've done here with this live account. I shared this is all on the same topic. So I'm not going off. I'm not veering off. A year and a half ago, two years ago, |
| 129 | 00:25:48,510 --> 00:26:00,000 | I showed a TD Ameritrade account, young lady on YouTube, basically locked me in with a bunch of other frauds, and said that, hey, you know, this guy here, he |
| 130 | 00:26:00,000 --> 00:26:07,470 | doesn't ever trade trades on a demo account, he would never go into a reputable broker like TD Ameritrade? Well, I went out there and did TD Ameritrade not |
| 131 | 00:26:07,470 --> 00:26:17,700 | flipped a quarter, and just showed a lot of examples of just managing money correctly. And you can make money I made over 100%, you know, in less than five |
| 132 | 00:26:17,700 --> 00:26:27,990 | weeks or so, with that real broker. And I taught a lot of lessons in that. And I shared I went into an account showed the whole thing, it's on my YouTube |
| 133 | 00:26:27,990 --> 00:26:38,880 | channel, you can look at it. But I showed every example showed lots of losing trades showed how I came back from 30% drawdown and one day at students are |
| 134 | 00:26:38,880 --> 00:26:46,290 | asking me, what would you do if you did this? What would you eat or paid students? So I'm not obligated to any of you that are listening to me on |
| 135 | 00:26:46,290 --> 00:26:54,600 | Twitter. I'm not obligated to any of you that listen to me on YouTube. I do that because I'm passionate, I want to help all of you. But I have students that were |
| 136 | 00:26:54,600 --> 00:27:07,050 | asking me, Listen, this is what I keep encountering, can you show me with a live account? What would be necessary for this to be rectified? How do you mitigate |
| 137 | 00:27:07,050 --> 00:27:07,830 | all these |
| 138 | 00:27:09,329 --> 00:27:16,859 | periods of drawdown? How do you overcome the losing trade day? How do you fix all that stuff? And that's exactly what I was doing. So I kill two birds with |
| 139 | 00:27:16,859 --> 00:27:23,549 | one stone. And there are people out there that say, well, there's this guy doesn't have any precision. Look at this. I mean, look at all these trades. |
| 140 | 00:27:23,669 --> 00:27:30,389 | Okay, that's not what we see on this. One. The only thing was I was answering that lady at the time, and the people that kept bringing up her video, while |
| 141 | 00:27:30,389 --> 00:27:43,349 | she's no longer on YouTube. So, whatever. But to answer the other folks that came to that series of I don't know, I mean, I guess one video, I gotta check |
| 142 | 00:27:43,349 --> 00:27:55,379 | it. I don't know. I mean, these it was, but it was basically me show me three months worth of activity. This is what you look for. This is what you fix. And |
| 143 | 00:27:55,379 --> 00:28:03,689 | you're not privy to those conversations. But some folks looked at that and said, Well, this isn't showing any precision. There's a lot of losing days. So |
| 144 | 00:28:04,889 --> 00:28:15,089 | recently, there was a lot of chit chat again, from an upcoming YouTuber, and they beat the same drum, you never see in trade with a live account, you never |
| 145 | 00:28:15,089 --> 00:28:24,269 | see it trade with real money. He's not doing this, he's not doing that. So because I have a lot of new students that are coming to me, and I'm so thankful |
| 146 | 00:28:24,749 --> 00:28:35,849 | that all of you are interested in my life's work. We're at 734,000 subscribers on YouTube. I mean, at that pace, I'm doing 50,000 plus new subscribers per |
| 147 | 00:28:35,849 --> 00:28:46,799 | month, the probably be at a million by Christmas at this pace. Like the the way it's growing. It's It's pretty crazy. But it's very intimidating. I mean, tell |
| 148 | 00:28:46,799 --> 00:28:59,009 | you that, like it's when I think about how many people are interested. It makes me much more careful about what I'm saying you probably hear it today. Because I |
| 149 | 00:28:59,009 --> 00:29:10,589 | saw that number of reporters logged into this Twitter space, but the the idea of showing someone because you see me showing examples, okay? And it's easy for |
| 150 | 00:29:10,589 --> 00:29:18,359 | someone to say, Oh, well, he's cherry picked. And when you show your, your results, and you share it on social media, they're gonna say the same thing |
| 151 | 00:29:18,359 --> 00:29:27,539 | about you. Okay, and while I don't really care, but other people that have no real interest in what it is that I do, or try to learn from me, if they just |
| 152 | 00:29:27,539 --> 00:29:34,169 | want to come in and do their little one liners and try to get attention or whatever, get a rise out of me, I get that I understand. But I'm not losing any |
| 153 | 00:29:34,169 --> 00:29:43,169 | sleep over that. But here's what will bother me, this is what will bother me. When a student of mine or a new viewer or reader comes to me and says hey, you |
| 154 | 00:29:43,169 --> 00:29:53,639 | know, I'm, I'm looking at your content. I feel like this is something that I would be really interested in. But do you trade with real money? Because I saw |
| 155 | 00:29:53,639 --> 00:30:03,089 | this person. I saw this person's video I see these people on Reddit saying this and that. The other thing about you And they're held, they're hung up. They're |
| 156 | 00:30:03,089 --> 00:30:11,279 | sitting on the fence. And that's the person I'm talking to, when I'm addressing certain things like some of you right now are hissing and moaning, because I'm |
| 157 | 00:30:11,279 --> 00:30:19,289 | talking about this. But it's important to me, if I'm going to be an educator, if I'm going to be a mentor, if I'm trying to guide you to have the right mindset, |
| 158 | 00:30:20,669 --> 00:30:28,259 | all of you are at different levels of your understanding with what it is I've taught you or know me better than the newer folks. And the newer folks have a |
| 159 | 00:30:28,259 --> 00:30:37,469 | whole lot of content to wade through. Before they get to me saying things like this, where I'm explaining why I'm doing what I'm doing. Because I'm not I'm not |
| 160 | 00:30:37,499 --> 00:30:47,399 | reacting to everybody. But I am reacting to people that show a sincere interest in wanting to learn it. So when someone says to me, Hey, you know, you show |
| 161 | 00:30:47,429 --> 00:30:57,959 | demonstrates all the time, and you never show a losing day. If I have a losing day, you'll see it. So to show you that this is the same thing that I do with |
| 162 | 00:30:57,959 --> 00:31:10,559 | real money. I put $25,000 into an amp account a little bit over a week ago. I have zero losing days, folks. Okay. CFTC, if you're listening, okay, it's zero |
| 163 | 00:31:10,559 --> 00:31:26,039 | losing days, okay, period. I'm not mimicking someone, and pretending to be something I'm not. I am who I am. But I'm also being very cautious not to run |
| 164 | 00:31:26,039 --> 00:31:45,539 | this thing up. Just because I want to smear it just with the knife. And three plus. I want to show you, and I think I have and I'm not done. But I've shown |
| 165 | 00:31:45,539 --> 00:31:54,869 | you that that leaderboard over there on Robins trading is a joke. I told you all I could win it in a week, I've already climbed to the height of the global cup. |
| 166 | 00:31:55,469 --> 00:32:05,399 | And these folks have been working since June. I'm updating every session, I'm taking one trade, except for the other day where I took to just the bumped me up |
| 167 | 00:32:05,699 --> 00:32:18,209 | to get me to the 40,000 mark, because it was bothering me. Or can me. But other than that, I think that those are realistic results. And you're probably |
| 168 | 00:32:18,239 --> 00:32:28,259 | questioning what is it that you're risking ICT, because it sounds like you let's get a whole lot. I'm actually not. Now when I say it's not to me, it's not to |
| 169 | 00:32:28,259 --> 00:32:42,839 | me. But you all think that 2% is what everybody should risk. And I teach my students go back to your 645 15 Minute candlestick, that they have a gap extend |
| 170 | 00:32:42,839 --> 00:32:57,839 | that to the right. If it touches that, we would want to see if it wants to find some respect on that level and run for the 15 560 by side and for the US 100 |
| 171 | 00:32:58,319 --> 00:33:10,169 | That by side it's resting at the 1:45am candle, that high comes in at 15,004 73. And that's where your buy side is. So that's where the draw on liquidity is |
| 172 | 00:33:10,169 --> 00:33:30,299 | right now. But the most muttering to me things one time. That's why I focus on one market. But the the results that I'm showing, I don't want you to think that |
| 173 | 00:33:30,299 --> 00:33:43,289 | you have to have this kind of results or you're not good as a student of mine or a good trader. And I don't want to give the impression that you should use the |
| 174 | 00:33:43,289 --> 00:33:54,449 | same risk model that I have. I'm a little bit better than the average person. So because of that. I know, even if I mess it up as a human being, like I mentioned |
| 175 | 00:33:54,449 --> 00:34:05,969 | yesterday, I did something that was silly of me. But it was like an $80 If I'm not mistaken, I think it's like 999 round turn or whatever with all the fees |
| 176 | 00:34:05,969 --> 00:34:14,339 | they they add on at amp. I don't know I got double check that but I don't really care about the Commission's and a lot of people get freaked out about commission |
| 177 | 00:34:14,339 --> 00:34:26,129 | costs and things. You're going to pay something no matter what you do, who you trade with every broker is going to have its own little things. I'm not |
| 178 | 00:34:26,129 --> 00:34:38,909 | introducing broker for amp. My son opened up an account with them about two years ago or something like that. And there was an issue that came up and they |
| 179 | 00:34:38,909 --> 00:34:49,469 | rectified it. They fixed it. I know that there are a lot of you that are trading with funded accounts and whatnot. And there seems to be a delay on trading view. |
| 180 | 00:34:50,219 --> 00:35:01,469 | There is absolutely zero. Absolutely no delay at all. Not one bit of delay when I'm trading and putting these orders in there. It's immediate execution, there's |
| 181 | 00:35:01,469 --> 00:35:09,869 | no delay. There's none of that going on. So if you're doing things like with trade of eight, or if you're using another broker, even with like when you're |
| 182 | 00:35:10,529 --> 00:35:17,249 | paper trading with TradingView, I'm not sure what's going on, I think it's because they have so many people paper trading, that it's probably a drain on |
| 183 | 00:35:17,249 --> 00:35:28,859 | their network and their servers. But I have not, and my son has not experienced any lagging at all, with live executions through him. I'm not an introducing |
| 184 | 00:35:28,859 --> 00:35:38,219 | broker, I don't want you going out to open up an account with them. I get nothing at all, from me mentioning it. But people ask me, who am I trading new |
| 185 | 00:35:38,279 --> 00:35:46,619 | live with right now the executions I'm showing right now are being cleared. That means they're, they're passing through the broker that's handling those |
| 186 | 00:35:46,619 --> 00:35:58,019 | transactions for me, is amp futures. So I don't have things to say that would say this is a bad broker. But I'm not trying to tell you to go with them so that |
| 187 | 00:35:58,019 --> 00:36:05,519 | we can understand where I'm at. Okay, so I'm not trying to entice anybody to open an account with them. I have no affiliations with anyone. So my opinion is |
| 188 | 00:36:05,669 --> 00:36:19,859 | shared with you, I hope you can appreciate this is my unadulterated, 100% Honest experience. I like trading view I have used my son has used and I see no fault |
| 189 | 00:36:19,859 --> 00:36:20,309 | with them. |
| 190 | 00:36:21,750 --> 00:36:32,910 | But you're going to eventually have an issue with everyone. Its life folks. But I don't want you to look at my trades between one and a half percent, up to |
| 191 | 00:36:32,910 --> 00:36:40,560 | three and a half percent risk. Well, three and a half percent. If you're new, and you hear that you're thinking, Man, this is too much risk. You're going to |
| 192 | 00:36:40,560 --> 00:36:52,500 | crash and burn. Now I could do 5% Every single trade, I'm not going to blow the account. I know what I'm doing. But as an average pool of going and putting a |
| 193 | 00:36:52,500 --> 00:37:03,900 | trade on. I'm trying to hit numbers. I'm not trying to do crazy numbers. And that 62% or whatever it is, in five days, that's literally nothing. For me, it's |
| 194 | 00:37:03,900 --> 00:37:12,060 | nothing. It's nothing. I could sit here all day long. And this is the part that sounds like bragging. But it's for the people that ask this. Okay, I could sit |
| 195 | 00:37:12,060 --> 00:37:22,170 | here. I could sit here all day long. And trade the london session, take a nap, get up trade in New York session, trade the lunch, trade the afternoon session, |
| 196 | 00:37:22,980 --> 00:37:35,190 | literally and make 100% Every single day, every single day, over and over and over and over again. I can do that. But it's draining. It's very, very draining, |
| 197 | 00:37:35,370 --> 00:37:45,900 | I will have losing trades. That bothers me. That gets under my skin that invites the old 20 year old Michael that come out. And I relive all that stuff like a |
| 198 | 00:37:45,900 --> 00:37:55,110 | flashback. And it causes me regret. I don't I don't have to operate like that. You don't need that to operate like that. So when I'm teaching, I tell you where |
| 199 | 00:37:55,110 --> 00:38:06,720 | my weaknesses are. That's a strength for you. You're learning from somebody that can do it. And just because just because I teach in a demo or paper trading |
| 200 | 00:38:06,720 --> 00:38:17,130 | account for protection, there's no way I can get in trouble. With what I'm showing you with AMP. There's no way because number one, I'm not telling you in |
| 201 | 00:38:17,130 --> 00:38:26,280 | advance because why am I not telling you what trades they are? I'm not hiding them for the sake of this or that. I'm telling you. I'm not using my following. |
| 202 | 00:38:26,400 --> 00:38:33,540 | Because I have people now starting to hold. Oh, he's got a lot of followers. He's doing the pump and dump. He's putting his trade on. He's front running. And |
| 203 | 00:38:33,540 --> 00:38:40,440 | then when it starts moving, because everybody else is going to do behind him. Then he gets out. Nope, can't do that Kenya, because none of you knew what I was |
| 204 | 00:38:40,440 --> 00:38:51,930 | doing. Everything that I do is calculated everything. There's absolutely zero excuses for anybody. Now this year, I cancelled all of it. That Mickey Mouse |
| 205 | 00:38:51,930 --> 00:39:03,480 | Robins Cup World Cup leaderboard. That is literally a long weekend for me. It's over. That's nothing. That's why these folks will not step I'm showing them |
| 206 | 00:39:03,510 --> 00:39:14,640 | politely. This is me being kind and you would get slapped around, slept all around without even trying with just two of the free models that I taught on |
| 207 | 00:39:14,640 --> 00:39:22,770 | YouTube using three trades, but three and a half percent risk and everything else was two and a half to two and a quarter percent. That's what I was risking. |
| 208 | 00:39:24,510 --> 00:39:45,270 | Is that a lot? For some of you? Yes, a lot. But you were probably expecting 10% risk 12% 15% Risk 30% of the account. No. No. I sit down. I write down okay. |
| 209 | 00:39:45,270 --> 00:39:55,680 | This is what I want to make. In this day. This is what I want to make by this end of that week and come Non Farm Payroll Friday week. I'm gonna have 40,000 |
| 210 | 00:39:55,680 --> 00:40:09,840 | hours. Well, I'm over that but you won't have hours. So I've beaten I go back to under bucks doing it at a pace where I believe a student with 18 months |
| 211 | 00:40:09,840 --> 00:40:18,600 | experience, I believe now this isn't the enticement for you to go out there and try to prove it to me or anyone else or yourself. But I believe that a student |
| 212 | 00:40:18,600 --> 00:40:29,280 | that has done everything that I told them to study and focus on, and concern themselves with most, and refrain from the things I tell you to refrain from, |
| 213 | 00:40:30,720 --> 00:40:39,300 | you can duplicate what I just did. You don't need to know my trades. You don't need to know when I'm getting into trade, you don't need to know the draw on |
| 214 | 00:40:39,300 --> 00:40:51,780 | liquidity. I mean, you know, everything that is pertinent to you as the trader, and you found your model. Everything at that point, folks, is just math. It's |
| 215 | 00:40:51,780 --> 00:41:01,440 | just math. That's all it is. I have a cookie cutter, I have lots of cookie cutters on 81 cookie cutters. When I look at price, I'm seeing what kind of |
| 216 | 00:41:01,440 --> 00:41:10,800 | dough I had to work with that day. Whatever that dough is, that session, that trading day, that weekly range, whatever it is, my mind immediately jumps to, |
| 217 | 00:41:10,920 --> 00:41:16,650 | okay, this is appropriate for this model that might come up. But I can't use that one, that one. So I'll cancel all that stuff out. All of that's happening |
| 218 | 00:41:16,680 --> 00:41:27,750 | in in a few moments, or moments looking at the chart. And I know some of you, I read this tweet earlier before I got on here. Can I go over? What it is that I |
| 219 | 00:41:27,750 --> 00:41:38,520 | go through and try to find trade setups and what cancels out other ideas? That's very, very, that was, that has been the hardest thing for me to try to condense |
| 220 | 00:41:38,520 --> 00:41:53,250 | 30 years of doing this. Like I can't, I can't dilute 30 years of sorting out certain things to go to this thing over everything else. Because to do that you |
| 221 | 00:41:53,250 --> 00:42:03,930 | need to do everything else. And why it's not pertinent to that. That current circumstance. So the habit your way right now crowd is never fully satisfied |
| 222 | 00:42:03,930 --> 00:42:15,270 | with me. And they get mad because I physically and humanly can't do what they're asking me to do by condensing 30 years. Because how can I think about it that |
| 223 | 00:42:15,300 --> 00:42:25,890 | take to take trading as the subject matter out of the equation? Whatever it is, if it took 30 years for me to get the level of experience I have? How can I |
| 224 | 00:42:27,150 --> 00:42:42,480 | succinctly and, in a condensed manner, take every possible conceived question, strip it down to a one paragraph or a tweet, response or a video and satisfy |
| 225 | 00:42:42,510 --> 00:42:56,250 | every subtle question, nuance, inquiry that would ever be associated with that questioning and or frame of mind. It's impossible, and I literally plagued me, |
| 226 | 00:42:57,120 --> 00:43:07,020 | when I first came out, I didn't really fully anticipate this level of you no concern, I'll have over. But because I want, I want to make sure you have it. I |
| 227 | 00:43:07,020 --> 00:43:15,000 | want to make sure that you understand me and understand what it is that you should be doing. I'm up against a wall with limitations as a human like I can't |
| 228 | 00:43:15,570 --> 00:43:27,630 | get past a certain measure of what you want me to do. I can't do that. I don't have a way of diluting it. Like I said, from the take all this experience and |
| 229 | 00:43:27,630 --> 00:43:37,890 | say this, this, this this this, this is the short straight answer to what you're asking for. Because you have to understand everything else. And what those |
| 230 | 00:43:37,890 --> 00:43:48,960 | individual components require. Or demand of me or you as a trader, and inside the marketplace, are the signatures in play. If they're not there, or if they |
| 231 | 00:43:48,960 --> 00:43:57,960 | are there. I have to make a lot of different decisions. And it's based on what I have right there in front of me in the charts and the 30 years behind me in |
| 232 | 00:43:57,990 --> 00:44:09,090 | terms of experience. So it would be very hard for me in any one, anybody. It would be hard for them to try to answer some of the questions or expectations I |
| 233 | 00:44:09,090 --> 00:44:22,200 | have from new viewers or new students. But this past week, you know, I just wanted to sit down politely. Okay, and some joker jerk man, you know, comfort |
| 234 | 00:44:22,200 --> 00:44:33,990 | zone. I wasn't trying to brag, but it just pisses me off. When I see jokers out there literally clowning around. Whether they're trying to get a rise out of me |
| 235 | 00:44:33,990 --> 00:44:47,370 | or if they really believe that I can't trade if they really believe that. How can how can you argue the fact that these concepts aren't effective, accurate? I |
| 236 | 00:44:47,370 --> 00:45:01,800 | call things the market delivers. I execute on them on a demo. It works. And then I've been very, very patient with a lot of folks having their fun But at some |
| 237 | 00:45:01,800 --> 00:45:10,590 | point, you know, if this is my last year, I had to sit down, explain to everyone, this is what it looks like. This is this is what it looks like, when |
| 238 | 00:45:10,590 --> 00:45:20,100 | you go in there and you know that you're going to make money. When I say you can't make money every single day, I'm talking to you in your limited capacity |
| 239 | 00:45:20,100 --> 00:45:28,500 | right now as a, as a brand new student, if you've been with me for two years or so, you're brand new, you're still brand new. And there's nothing wrong with it. |
| 240 | 00:45:28,500 --> 00:45:39,000 | Don't take that as me talking down to you or, or being ignorant. It's not narcissism, it's not arrogance, you're so new, you haven't really, really |
| 241 | 00:45:39,000 --> 00:45:51,540 | figured it out for yourself, yet, you just found your groove. But when I tell you, you can't be profitable every single day, I want you to have that in mind. |
| 242 | 00:45:51,540 --> 00:45:59,040 | So that way, you don't insist upon being profitable in the beginning every single day, because you're not going to be. And if you think that I taught that |
| 243 | 00:45:59,040 --> 00:46:07,230 | you should have that mindset early on. And you can't hit that mark, because what it does is, it completely destabilizes the growth pattern and curve that you're |
| 244 | 00:46:07,230 --> 00:46:11,550 | on. It becomes a roller coaster ride and you don't want that I'm trying to be |
| 245 | 00:46:12,960 --> 00:46:23,820 | a mentor or teacher that guide you with all the right information, but makes you aware along the way here. This right here will hurt you don't touch it. Oh, by |
| 246 | 00:46:23,820 --> 00:46:32,100 | the way, don't stop there. Because that's a snare. Oh, don't don't, don't go there. Don't even look down there. Because that line will see you staring at it |
| 247 | 00:46:32,100 --> 00:46:42,990 | as a means of challenging it. And you're going to try to do something you're not ready for. Fight a lion or fight a bear. Okay, and some of you don't want to |
| 248 | 00:46:42,990 --> 00:46:51,630 | listen. And my children don't want to listen. It's human nature. That's why when I teach I teach repetitively, Oh, this guy says the same thing over and over |
| 249 | 00:46:51,630 --> 00:46:59,190 | again. When you do that in my comment section, I don't ever see your comments ever again. So if you ever want me to see your comments, if you're rude if |
| 250 | 00:46:59,190 --> 00:47:07,800 | you're an asshole, just know that on the online sees that. And it's easy for me, it's okay, well, you're, you're not here to learn. See, it enjoys working for |
| 251 | 00:47:07,800 --> 00:47:20,970 | the rest of your life. And then I'll see you know, more. So, and yes, I do get a handful of those people want to sing Sockpuppet accounts, whatever it is. But |
| 252 | 00:47:20,970 --> 00:47:29,070 | hopefully you've seen you know, with a real account, that's a really good living wage. Now I know right away some of you all see he got lucky for a week, it's |
| 253 | 00:47:29,070 --> 00:47:40,740 | been a shift. We still have some year left. Okay. I went out with the intention to show everybody that listens to these Yahoo's that these things work in real |
| 254 | 00:47:40,740 --> 00:47:53,910 | accounts, too. It's not limited to demo, okay, demos is a really wonderful learning environment, you can't build up. While some of you do, you should not |
| 255 | 00:47:53,910 --> 00:48:03,450 | be building up this overconfidence or fear. Whether you have a profitable or unprofitable outcome, what you're supposed to be doing with a paper trading |
| 256 | 00:48:03,450 --> 00:48:13,770 | account or a demo account, is understanding you more than the results in the monetary sense in the trades. I'm gonna say that again, because you didn't get |
| 257 | 00:48:13,770 --> 00:48:29,040 | it. When you're using a demo, when you're using paper trading, okay. What you're really studying there is how you the operator, the person that's deciding to |
| 258 | 00:48:29,040 --> 00:48:42,180 | push that button, how do you feel while that trade is panning out? Observing? Do you feel any change psychologically, emotionally? Do you feel like you're |
| 259 | 00:48:42,180 --> 00:48:50,610 | absolutely correct, and it's gonna go right where you want to go? Or are you now thinking, this is probably not going to pan out? But it's a demo? Let me just |
| 260 | 00:48:50,670 --> 00:48:59,610 | close it or not close it. These are all things that you need to be observing and journaling that I promise you, if you look at your demo trading like that, |
| 261 | 00:49:00,810 --> 00:49:10,800 | you're taking your eye off of the money? Because let's make it plain simple. If you're doing everything correct, correct and right. The money will work itself |
| 262 | 00:49:10,800 --> 00:49:21,930 | out. If you're worrying about all the right things, which is do you see everything in price action, suggesting that you're on the right side of the |
| 263 | 00:49:21,930 --> 00:49:32,430 | marketplace. If you're just watching that little profit and loss button, going up and down every little tick and mark the market movement. You are not |
| 264 | 00:49:32,520 --> 00:49:45,570 | observing price. You're conditioning yourself to be reactive and responsive to equity price swings. That is what every failed trader or gambler does. That |
| 265 | 00:49:45,570 --> 00:49:54,930 | thing should not even be on your charts. The only reason why I put it there is because people are fascinated in the mode to see that. But my examples are just |
| 266 | 00:49:54,930 --> 00:50:01,560 | to show you I knew how to execute. I know exactly where to get in. I know where to place my stop losses. If you look at the comments sections all the time I |
| 267 | 00:50:01,560 --> 00:50:11,760 | share, that's the number one common thing now, that stop loss, bro, how you doing it, everything that I'm teaching you tells me that this is the right place |
| 268 | 00:50:11,760 --> 00:50:21,390 | to put that stop loss. See when you look at price when you're when you're brand new, okay? Or maybe you're in another school of thought, and you use a different |
| 269 | 00:50:21,840 --> 00:50:34,170 | methodology and you're trading. And whatever it is that you come to accept as a stoploss. You know, I don't just go above the recent high or below recent low. |
| 270 | 00:50:35,160 --> 00:50:47,070 | I'm using three PD arrays. Okay, because if I'm in a trade, and I see that I've already bumped through one of them. Now I have two PDA arrays, once I bumped |
| 271 | 00:50:47,070 --> 00:50:57,030 | through one of them. And the other ones in real close proximity, I'm going to hover over top that little X to close the tray down. Now I don't do that with my |
| 272 | 00:50:57,030 --> 00:51:06,270 | Live account, I have it in the bottom box. Like if, for instance, if you open up trading view, and you tap the for instance, I'm doing it now as I'm talking to |
| 273 | 00:51:06,270 --> 00:51:13,650 | you. So amp live is the brokerage if I tap that on the lower left hand corner of trading view, whatever your brokerage firm is, or if it's paper trading when |
| 274 | 00:51:13,650 --> 00:51:24,330 | you're using demo, if you tap that that box opens up and you go to positions, you can close that out on the right lower corner just by clicking the X and then |
| 275 | 00:51:24,330 --> 00:51:37,050 | close your trade out. So if I'm looking at a trade, and I've already seen a retracing retracement against me. And it's pulling up into, say for instance, |
| 276 | 00:51:37,050 --> 00:51:46,740 | I'm short. Okay. And then I have three specific PD erase three, three things, three levels, three very specific price levels, not zones, very specific price |
| 277 | 00:51:46,740 --> 00:51:55,320 | levels, if one of them is breached. And the next one, the second one of the three is in close proximity to where the market is right now, I'm going to hover |
| 278 | 00:51:55,320 --> 00:52:09,030 | over top that close button. Because if that second one is going in, if I don't have all the things in my repertoire, saying that this is still good, I want to |
| 279 | 00:52:09,030 --> 00:52:18,030 | close the trade out because what I'm then doing is spending mental capital on a trade that may not even be worth my time. So I'll either stop the trade before |
| 280 | 00:52:18,030 --> 00:52:27,750 | it takes my full stop. Or if it's a position where I've pyramid it in, and I have open profit. I just won't let them erode into more the open profit. And |
| 281 | 00:52:27,750 --> 00:52:35,640 | I'll just close it. So all those things, what I just said there, it may seem like Oh, that's easy. I'm glad you shared that ICT, but you don't realize that |
| 282 | 00:52:35,670 --> 00:52:43,590 | all the other things that are required for me to feel comfortable with that very thing you're hearing me say those words. And because you have a respect for me, |
| 283 | 00:52:43,650 --> 00:52:49,320 | you're thinking, Okay, that's all I needed to hear. Now. That's it, that's a gym, that's, you know, I understand that you don't understand what I just said, |
| 284 | 00:52:50,010 --> 00:52:59,550 | I promise you that you don't understand what I just told you. Because you have to go through other things to fully understand and appreciate what would |
| 285 | 00:52:59,550 --> 00:53:09,510 | constitute me trusting or negating the whole plan of that trade and killing it and avoiding it right then and there. It requires other lessons and other things |
| 286 | 00:53:09,510 --> 00:53:20,370 | to understand. It's so multifaceted. It's not easy for me to say this, this this and it's it fits every scenario. It's not like a silver bullet where between 10 |
| 287 | 00:53:20,370 --> 00:53:31,800 | o'clock and nine o'clock, there's a gap gonna be retreated to. And if you're bearish, if it trades up into it, you can be shortened. There it is. It's not |
| 288 | 00:53:31,800 --> 00:53:43,440 | that simple for everything in the real technical stuff. Don't think I'm equipped really, to teach it because it's many of you are struggling with some of the |
| 289 | 00:53:43,440 --> 00:53:55,290 | simplest things. And it hurts me because I can't overcome that. Like I have literally lost sleep this year. And last, worrying about a handful of you that |
| 290 | 00:53:55,290 --> 00:54:04,470 | are very, very sincere. And you want to learn this and you keep coming back to the same things. And my ability to teach on that very subject has been |
| 291 | 00:54:04,470 --> 00:54:15,630 | exhausted, I can't go beyond what I've already shared. And some of you just can't find more progress. And in those instances, I will readily concede that I |
| 292 | 00:54:15,630 --> 00:54:28,410 | have failed as a mentor for that very thing. And I wish I couldn't fail in this area. I wish there was a way for me to get beyond that. And I don't know how to |
| 293 | 00:54:28,410 --> 00:54:38,580 | do it. Like I don't know how to do that. So I take what it is I'm doing even though I'm doing it for free. I care more about it than anybody else would. I |
| 294 | 00:54:38,580 --> 00:54:47,040 | obsess about it, because I want you to succeed. I want my children that are hearing these to succeed number one for and foremost. That's who I'm talking to. |
| 295 | 00:54:47,310 --> 00:54:58,740 | But when there are real folks that are outside my DNA, my family and they're really trying their hardest to learn this I'm trying. I am trying my best to try |
| 296 | 00:54:58,740 --> 00:55:10,650 | to bridge that gap at Just, I don't know how to do it sometimes, like, I don't know how to articulate it. And it's frustrating for me. So to inspire them, and |
| 297 | 00:55:10,650 --> 00:55:19,440 | to inspire you all, and also the cancel the whole idea that these jokers are there to try to discourage you, because they want you to listen to them. There's |
| 298 | 00:55:19,440 --> 00:55:28,470 | never been anybody that came out there and said, you know, hey, don't listen to this smart money concept stuff. ICTs for hot air, you can't trade if he did, he |
| 299 | 00:55:28,470 --> 00:55:36,720 | would show you. I don't need to show you. But I don't need to show you. I didn't need to go out there and put 25,000 hours in a month. I didn't need to do that. |
| 300 | 00:55:36,720 --> 00:55:51,300 | I don't need the money. But I'm about to pay $68,000 For what is a furnace, air conditioning and air treatment system that's being installed, upstairs and |
| 301 | 00:55:51,300 --> 00:56:05,460 | downstairs to for time units, and the installation. All that for house the size and everything it's been part of it is 60,000 hours. So my lifestyle, cost money |
| 302 | 00:56:05,730 --> 00:56:06,840 | demo doesn't do it. |
| 303 | 00:56:08,130 --> 00:56:18,930 | ad revenue with a daughter and my wife that blows through money. That doesn't do it. I have to make money. I'm not selling mentorships I'm not going to sell you |
| 304 | 00:56:18,930 --> 00:56:30,060 | a mentorship. But because people ask me or they say these things I'm not I'm not obligated to dance for that. But when are people that are genuinely concerned to |
| 305 | 00:56:30,060 --> 00:56:41,640 | Hey, you never show a losing trade. Yesterday, go up there to td td ameritrade is a real account, lots of losing trades, and it's still made 100% in less than |
| 306 | 00:56:42,090 --> 00:56:50,220 | five weeks or so 100% with lots of losing trades. And to answer the folks that had a problem with that. So though there's no precision there, he's losing this |
| 307 | 00:56:50,220 --> 00:57:01,080 | and losing that. Okay, no losing days. And 60% five days, top of the leaderboard in the World Cup, if I wanted to be there, global cup, I'm sorry, global cup. |
| 308 | 00:57:04,680 --> 00:57:12,780 | Then you look at these folks that are coming out there and they'll say this stuff, they'll, they will do this to you. Okay, no matter who you are, what |
| 309 | 00:57:12,780 --> 00:57:21,450 | you're doing, if you're doing something that is garnering attention from the masses are getting more attention than most people. If they're insecure, or |
| 310 | 00:57:21,450 --> 00:57:30,210 | they're trying to sell something, they're going to come at you. And I've laughed at this stuff for a long time. And most people on social media don't have that |
| 311 | 00:57:30,210 --> 00:57:40,230 | thick skin. I'm not thin skinned. I'm easily distracted, like a dog that sees a squirrel, I'm going to chase it not because I'm insecure, I love it. I really |
| 312 | 00:57:40,230 --> 00:57:51,870 | love it, I enjoy it. I've many times baited that whole thing. Because it into earrings. it entertains me, because I know they're absolutely never going to be |
| 313 | 00:57:51,870 --> 00:58:02,220 | on our level, never going to be here. And that one person is always gonna say to you, not one person's ever came forward and tried to talk you away from learning |
| 314 | 00:58:02,220 --> 00:58:12,120 | how to do this, and not have some kind of ulterior motive where they're selling something. It's always that way. Always, it's always been that way. There's |
| 315 | 00:58:12,120 --> 00:58:18,900 | never been someone coming to you don't look, don't look at this ICT stuff. And they don't have anything to sell or anything like that. It's never been the |
| 316 | 00:58:18,900 --> 00:58:27,990 | case. So really, what are you doing? You're being sold. Okay, you're being sold and convinced that look somewhere else other than this. When I brought the |
| 317 | 00:58:27,990 --> 00:58:38,040 | goods, I have students that are making fortunes with real money, both live accounts, and or through funded accounts. And companies that are all around the |
| 318 | 00:58:38,040 --> 00:58:48,900 | world, not just one company, I have no affiliation with none of them. I told you, I told you last year I was bringing the receipts, I have created monsters, |
| 319 | 00:58:48,930 --> 00:59:02,580 | I'm creating a monster in you, you just have to stop fighting it at some point, at some point, it's going to take over you and you got to give into it. Let it |
| 320 | 00:59:02,580 --> 00:59:14,250 | happen. Don't worry about what other people should see in you by now. You've been doing it this long, you should have been profitable. Forget all that. Stop |
| 321 | 00:59:14,250 --> 00:59:25,590 | letting other people put the expectations on you. You should be meeting. You're growing at your pace. You owe nobody an explanation for how long it took for |
| 322 | 00:59:25,590 --> 00:59:37,170 | you. You know, you owe no one and explanation on what you made or lost this week or last week. You You don't owe that to anyone. Not one person. And for folks |
| 323 | 00:59:37,170 --> 00:59:47,370 | that get out here and they feel like they have to do that. Or they can't be recognized. You're looking outside of yourself and that's your problem. When I |
| 324 | 00:59:47,370 --> 00:59:57,870 | was a young man, I was in my 20s I needed to show that outwardly because I didn't have it in my personal family. Like I wasn't recognized as as someone |
| 325 | 00:59:57,870 --> 01:00:06,360 | that was significant. My own parents didn't have anything to do with me. So I had a real chip on my shoulder. And some of you have that same type of thing, |
| 326 | 01:00:06,360 --> 01:00:16,860 | maybe from a different core reason or root cause, but you're doing that same thing. And you're using social media to validate you. And as soon as you do |
| 327 | 01:00:16,860 --> 01:00:29,550 | that, with trading and or your trading results or your growth as a trader, you are inviting chaos, you are inviting a level of difficulty that you cannot even |
| 328 | 01:00:29,550 --> 01:00:42,510 | imagine. It is so absolutely toxic to real growth, organic growth, something that if you weren't showing your results, along the way with other people that |
| 329 | 01:00:42,510 --> 01:00:50,520 | can be criticized, criticizing or very highly critical of you, who don't even know who you really are. What was the inspiration for you to take the trade what |
| 330 | 01:00:50,520 --> 01:01:02,070 | you felt while you're in a trade, who has never shown you any kind of support, but you're inviting their opinion? Hey, I'm trying to make a go of this and most |
| 331 | 01:01:02,100 --> 01:01:10,800 | difficult thing in the world up against the most brilliant minds and corruption that's in this industry is unfathomable. And, you know, here's my progress. What |
| 332 | 01:01:10,800 --> 01:01:23,040 | do you think? Well, you're asking Twitter, Discord, YouTube, Facebook, Instagram, a swimming cesspool of failures, you think they're gonna come to you |
| 333 | 01:01:23,040 --> 01:01:32,520 | and say, you know, keep going Adeboye canal, keep doing it, you're doing a great job. Don't lose sight of the goal. They're miserable, they're broke. You're |
| 334 | 01:01:32,520 --> 01:01:46,410 | talking to Carl, Carl, the brown noser. Okay, he can't trade. He stuck right in that cubicle. And the best thing to do is brown nose with the boss snitch on |
| 335 | 01:01:46,410 --> 01:01:56,880 | everything and make himself look good and get employee a week or month. Your whole mindset is to get away from that type of person. isolate yourself from |
| 336 | 01:01:56,880 --> 01:02:06,540 | that you need to be an island and others have in and of itself, apart from everyone in everything in this industry. That's what I did. That's what I tell |
| 337 | 01:02:06,540 --> 01:02:17,490 | you to do. While learning with me, it's important for you to have them hive mentality. What are we focusing on? What should we filter out? How should we |
| 338 | 01:02:17,730 --> 01:02:30,630 | conceive these trading ideas in our own models, all these things, that's a hive mentality. But I'm kicking you out of the nest in November. Whether you're ready |
| 339 | 01:02:30,630 --> 01:02:41,370 | to fly or not, Daddy's boot in your ass out of here. So, you're going to know if you've done the right things. And if you haven't, you're going to have to do all |
| 340 | 01:02:41,370 --> 01:02:55,200 | that work by yourself. No encouragement, no Twitter spaces. None of that stuff, no tweet saying, hey, it's a Non Farm Payroll week, don't trade past Wednesday's |
| 341 | 01:02:55,200 --> 01:03:06,900 | morning session, you should have known these things by now. And some of you aren't prepared for that. Many of you are, many of you are going to rise up in |
| 342 | 01:03:06,900 --> 01:03:14,880 | this community, even in my absence, and you're gonna be like pillars in this community and say, Hey, this is what we should be doing this and you're gonna |
| 343 | 01:03:14,880 --> 01:03:23,340 | flock to those types of people. And if they're the right type of person. And they have all the things that were taught by me correctly, and they're not |
| 344 | 01:03:23,340 --> 01:03:33,480 | leading you astray with other nonsense and bringing in this and bringing in that they're going to be an asset to you. They will be an asset to you because some |
| 345 | 01:03:33,480 --> 01:03:44,880 | of you need that sense of community. But the goal is to not need it forever. That's the independent mindset that I'm trying to cultivate and all of you not a |
| 346 | 01:03:44,880 --> 01:03:56,370 | codependency with me or anyone else now. I need a study partner. No, you don't. Your study partner is your journal. That's your proctor. A proctor is someone |
| 347 | 01:03:56,370 --> 01:04:05,130 | that's watching you while you're doing the test. You're not allowed to talk. The proctor is not going to guide you. There they had to make sure you're not |
| 348 | 01:04:05,130 --> 01:04:18,930 | cheating. And you're following the rules. That's your journal. You have to give it permission to be demanding that you are accountable. And you should feel |
| 349 | 01:04:18,930 --> 01:04:29,670 | comfortable doing it with your journal because nobody else should be reading it. I appreciate the fact that some of you are doing amazing notetaking some of you |
| 350 | 01:04:29,670 --> 01:04:40,590 | are very, very articulate in the way you capture your your thoughts and your observations and charts. Much much better than I do. And highly organized. And |
| 351 | 01:04:40,590 --> 01:04:56,100 | that is amazing. I'm proud to see it. But But I think personally, that if you're showing everything with your journal, you are not going to be using the journal |
| 352 | 01:04:57,030 --> 01:05:10,860 | in its highest capacity meaning you have to Give yourself, the environment, the arena for you to be honest with yourself. But also self love. Okay, and I'm not |
| 353 | 01:05:10,860 --> 01:05:24,120 | talking about masturbation by the way, the idea of giving yourself positive self talk when you do something incorrect or correct. Not seeking some negative |
| 354 | 01:05:24,120 --> 01:05:36,300 | reinforcement, or Oh, f data this is so I was so stupid when I did this. For instance, think about what I said yesterday, I made a mistake. I thought I had |
| 355 | 01:05:36,570 --> 01:05:47,250 | logged out. And before I went to go get my drink, and talk to my son. And when I sat down, it was literally on the Live account, and I thought I was gonna put on |
| 356 | 01:05:47,250 --> 01:05:57,780 | something on a paper trading account. And it was in the live account, and I explained it to you, how did I say it? I did something silly. Not Oh, what a |
| 357 | 01:05:57,780 --> 01:06:05,430 | moronic thing that was so dumb of me. And then the little the whole thing and experienced that myself. That's what some of you think you're journalists, |
| 358 | 01:06:05,880 --> 01:06:09,240 | you're not a drill sergeant in the Marines. Okay. |
| 359 | 01:06:10,590 --> 01:06:22,020 | If you're treating your journal, as the drill sergeant, in your progress, what you're doing is, you're saying that I need to get myself beaten into shape |
| 360 | 01:06:22,080 --> 01:06:36,750 | broken first, then rebuilt in six weeks basic training. Six weeks basic training and trading is failure 100% of the time, it's failure. You have to counsel |
| 361 | 01:06:36,750 --> 01:06:46,320 | yourself, you have to encourage yourself, you have to remind yourself through positive reinforcements, always excluding any negative, I'm not saying that you |
| 362 | 01:06:46,320 --> 01:06:58,200 | can't observe and appreciate where you've done something incorrectly. It's the way you retain that observation in your journal. It's highly critical that you |
| 363 | 01:06:58,200 --> 01:07:16,410 | are so careful not to record any negative stimuli that would make you feel belittled. That would feel like abuse verbally, or mentally to yourself. And |
| 364 | 01:07:17,850 --> 01:07:25,860 | find the silver lining and everything. If you make a mistake, you've done something incorrectly, say, I'm thankful that I had this opportunity, |
| 365 | 01:07:25,980 --> 01:07:35,400 | opportunity to learn how to improve on this very thing. I have noticed this in my trading or my annotations in the journal for whatever amount of time that you |
| 366 | 01:07:35,400 --> 01:07:47,940 | may have seen these things creeping in, say, this is an area for me to spend more time studying and how to mitigate these circumstances. What you've done is |
| 367 | 01:07:47,940 --> 01:07:56,220 | you've talked to your subconscious. If you would have put negative things in there that said, I keep messing it up. I'm never going to get this funded |
| 368 | 01:07:56,220 --> 01:08:05,010 | account, passed. I'm never going to be successful with this. I'm never going to learn how to trade. This is so hard. This is so difficult. This is more more |
| 369 | 01:08:05,010 --> 01:08:14,520 | difficult than I ever thought. When you're putting that in your journal. You think that you did that and you let go of that I read a tweet from somebody the |
| 370 | 01:08:14,520 --> 01:08:22,650 | other day, I didn't like it. It just I didn't agree with it. But I didn't want to be off putting my saying anything about it. But the guy was like, you know, I |
| 371 | 01:08:22,650 --> 01:08:31,380 | do my journal, I say where I messed up. I effed it all up, and I feel clean for the day now I'm good. Know, what you don't realize it is you're literally |
| 372 | 01:08:32,280 --> 01:08:46,290 | smashing your self worth. You're, you think that you're beating yourself into and cutting yourself out of granite? Like, like a Goggins type thing? Yeah. That |
| 373 | 01:08:46,290 --> 01:08:54,750 | guy that lost a lot of weight. And he's, he's always running, he's talking about you, you're a bitch, you gotta get off the couch and do stop doing. You can't |
| 374 | 01:08:54,780 --> 01:09:05,940 | you can't do that in this. Okay? I promise you, you can't do that here. Because this is so much different than just physical fitness and, and losing weight. |
| 375 | 01:09:07,080 --> 01:09:17,910 | This is absolutely attacking who you are and how you think. And so you might go well, it's the same thing. It's actually not because that man could have done |
| 376 | 01:09:17,910 --> 01:09:25,890 | all those things and never been recognized and never made money for having done so. But he would still feel good because he did what he was supposed to do. |
| 377 | 01:09:26,130 --> 01:09:40,260 | Okay, that's for him. Most people don't respond well, to that type of stimuli. I'll be honest with you, okay. My disposition is this If I would have been |
| 378 | 01:09:40,710 --> 01:09:48,810 | drafted, and there was concern about that when the gulf war was going on, because they said look, if we need to know what to institute the draft, I'm |
| 379 | 01:09:48,810 --> 01:09:56,790 | thinking myself, well, that ain't gonna work well for me, because I don't like being told to do and you can say whatever you want to say what I'm about to say |
| 380 | 01:09:56,790 --> 01:10:03,660 | but if a man gets in my face and screams you better do this. You better do that I'm beating that guy's ass. I don't care how many stripes he has on his sleeve, |
| 381 | 01:10:03,930 --> 01:10:12,840 | I don't care. He didn't court martial me, put me in whatever. I'm beating that guy's ass. I'm not, I'm not an army guy. Okay, I'm not a military guy. I don't |
| 382 | 01:10:12,840 --> 01:10:27,840 | like being told what to do. But I also know that there are people that are like me, or maybe not to that extreme, that won't respond well, to recording negative |
| 383 | 01:10:28,470 --> 01:10:37,320 | observations in a journal and finding it fruitful or helpful. It would just be, this is a waste of time, all I'm doing is, is complaining into the journal. |
| 384 | 01:10:38,520 --> 01:10:48,450 | That's not what you're using a journal for. Okay? That's not what you're you're not to do that. You are to look at everything that you're doing as a learning |
| 385 | 01:10:48,450 --> 01:10:57,900 | experience, and it's always a good reason for it. And it's a skill set that you have to acquire. Nobody sits down and does a journal and says, you know, this |
| 386 | 01:10:58,170 --> 01:11:11,490 | thing, and it's a love story constantly. There's going to be plot twists in this book that you're writing. And the experiences you you garner from trading market |
| 387 | 01:11:11,490 --> 01:11:28,350 | just opened up in Washington and want to see it by side now on both us, 100 and NASDAQ, so you want to have a second you have on Nasdaq futures, 15 562 and a |
| 388 | 01:11:28,350 --> 01:11:41,610 | half, draw line updaters are by side. And on us 100. You want to have 15,004 73.4 That's where your biocide is, the only 50 minutes right there's |
| 389 | 01:11:41,610 --> 01:11:49,020 | really no in efficiencies except for the fair value gap. I told you that the 645 to have that on your chart and see if it wants to come down into treat as |
| 390 | 01:11:49,020 --> 01:12:02,250 | inversion fair value. We've done so so far for from both us, 100 and NASDAQ. So we'll see what we get here. But don't trade it, just observe it. But you don't |
| 391 | 01:12:02,250 --> 01:12:15,120 | want to be doing anything in your growth, that would be viewed as argumentative with yourself or condescending or judgmental in your journal. Like, this is why |
| 392 | 01:12:15,120 --> 01:12:24,420 | it needs to be personal, and private. And if you share these things publicly, you're inviting people to be critical of you. And you might say I'll it doesn't |
| 393 | 01:12:24,420 --> 01:12:36,000 | bother me, it does bother you. It won't bother anyone. If it's enough time being done to you. It will have an impact on you. And then you'll be thinking about, |
| 394 | 01:12:36,390 --> 01:12:44,070 | Oh, I want to write this in my journal. And I want to record this but that person or these people that have said this in the past about other things. |
| 395 | 01:12:44,520 --> 01:12:54,240 | Halladay think about this, if I shared see right away, you've done you've messed it up. You can be open and honest with yourself in your journal, when you've |
| 396 | 01:12:54,240 --> 01:13:05,010 | invited it to be a third party conversation. It's not, it's not a third party conversation. It's not meant to be shared with me. It's not meant to be shared |
| 397 | 01:13:05,010 --> 01:13:16,890 | with your spouse, your significant other, your children, nothing. It's just you having a conversation with your future self. That's who you're talking to. |
| 398 | 01:13:17,370 --> 01:13:26,310 | You're encouraging that future trader along the way, you're coaching, your coaching her, you're doing those things to constantly give yourself the |
| 399 | 01:13:26,310 --> 01:13:39,360 | inspiration to stick to this because there's no better cheerleader than yourself. Equally so and much more. There's nobody more formidable, that's going |
| 400 | 01:13:39,360 --> 01:13:48,420 | to prevent you from succeeding in this than you burying a troll out there. That can trade better than me. There ain't one person out there that says anything |
| 401 | 01:13:48,420 --> 01:13:59,340 | negative about me can do better than me. They're all broke compared to me. None of that stuff bothers me. None of that stuff should bother you. But some of you |
| 402 | 01:13:59,340 --> 01:14:10,080 | will lie to yourself and say it, it doesn't really bother me when you know it does. So don't give them the opportunity to come into the conversation with your |
| 403 | 01:14:10,080 --> 01:14:20,970 | future self. These people are miserable. Why would you want them to be a part of your growth? They're not even speedbumps. Like they're there. They're nothing. |
| 404 | 01:14:21,870 --> 01:14:29,250 | They're along the path. Like I said, don't. Don't spend any time with that. Don't look away and don't even pay attention to that. That's a waste of time. |
| 405 | 01:14:29,430 --> 01:14:39,090 | This keep your eyes going forward and watch carefully. That's how you navigate it. You don't get caught up in all the drama. Truth be told, I kind of liked the |
| 406 | 01:14:39,090 --> 01:14:47,280 | drama. I kind of like it, because all it does is shows me who the weak links are. Whereas the weak ones out there, because they're going to talk the most. |
| 407 | 01:14:47,910 --> 01:14:59,550 | None of them can do anything to me. Not one thing. They can't do anything to me. They've advertised for my YouTube channel more than I did. But maybe you don't |
| 408 | 01:14:59,550 --> 01:15:09,930 | have that that type of personality, where you can thrive in that chaos and drama, and it doesn't hold you back, it kind of entertains you. Maybe it's |
| 409 | 01:15:09,930 --> 01:15:21,630 | something that would detract or distract or take you away from the things that you should be focusing on. Well, if you know that's the case, don't invite other |
| 410 | 01:15:21,630 --> 01:15:32,940 | people to read your journal. If you're absolutely steadfast, and no matter what you do, you're going to be honest in your journal. And you know, you know, |
| 411 | 01:15:32,940 --> 01:15:42,660 | yourself, I don't know, you, you, nobody else knows you better than you do. But these ideas of opening up to it's not a it's not like an AAA meeting, okay? It's |
| 412 | 01:15:42,660 --> 01:15:52,440 | not alcoholics anonymous, where you just tell everybody what you're feeling at the time, and you feel like you have to do that to keep yourself sober. Like, |
| 413 | 01:15:52,770 --> 01:15:58,560 | don't treat your journal like that, and invite other people to your AAA meeting. Don't do that. |
| 414 | 01:16:00,330 --> 01:16:06,960 | Keep everything personal and private, because when you do make a mistake, you won't feel uncomfortable to us. 100 just delivered like we were expecting |
| 415 | 01:16:06,960 --> 01:16:20,820 | instead of the NASDAQ. So there's another one for you. The logbooks for integration, fair value gap, post, Non Farm Payroll, and 930. Opening. So about |
| 416 | 01:16:21,030 --> 01:16:37,920 | 63 handles on us. I'm sorry, for Nasdaq futures. And then 2060s. Yep, that's the same thing on us 100. It might go a little bit higher, but I wouldn't fall in |
| 417 | 01:16:37,920 --> 01:16:52,590 | love with it today. But the idea of doing sessions like this, okay. I've entertained the idea of doing more than like this talking, like Squawk Box. But |
| 418 | 01:16:52,590 --> 01:17:01,560 | I do read the comments. And I do see people when they complain, and I've muted so many people on Twitter in the last three weeks, because of their complaining, |
| 419 | 01:17:02,100 --> 01:17:12,180 | their entitlement, the things that they say you should do this, and you should do. Don't tell me what I should do. I don't like that. But when I share this, |
| 420 | 01:17:13,140 --> 01:17:23,190 | like real time over the charts, I don't know if there's any kind of real significant delay, but using a 15 minute chart, and each candle, there's been |
| 421 | 01:17:23,190 --> 01:17:33,270 | time enough for you to observe the things I've set here live. And it delivered. What we're looking for, in both senses, except for that first little initial |
| 422 | 01:17:33,300 --> 01:17:42,090 | fair value. Like I said, I want to see how we how we treat it down. Do we sell off from there. And they went up to a higher fair a gap that needs to be brought |
| 423 | 01:17:42,090 --> 01:17:51,810 | to your attention at that time. But I think this would have been great for me. Like if I was 20 years old. And I was first starting out if someone wanted to |
| 424 | 01:17:51,840 --> 01:17:59,940 | had the experience that I'm sharing with you and you say hey, listen, pull up your chart, I don't need to see their chart. Because if I saw their chart, |
| 425 | 01:17:59,940 --> 01:18:07,860 | here's what would happen. I would want to know how their candlesticks are colored. I want to know how many days they have on their chart. Like I would be |
| 426 | 01:18:07,860 --> 01:18:16,380 | fanatical. And that's how I was doing everybody I ever looked at. Like I wanted to know everything. Because that's how my brain works. I don't want to just look |
| 427 | 01:18:16,380 --> 01:18:24,930 | at something and say, Oh, that looks cool. Yeah, that's enough. Now I want to know why it works. Why does it work? I want to every aspect about it. Whenever I |
| 428 | 01:18:24,930 --> 01:18:35,010 | had a toy, when I was a kid, I took everything apart. I took everything apart, because I wanted to know how it worked. Remember the Stretch Armstrong? And I'm |
| 429 | 01:18:35,010 --> 01:18:45,150 | dating myself here? It's a 70s toy? Yeah, I had to cut this thing open to see what was inside of it. And this is like this little jelly stuff. I got in |
| 430 | 01:18:45,150 --> 01:18:52,890 | trouble for it. But I had to find out what was inside that thing. What made Stretch Armstrong stretch out so far. And when you let go, he would pull his |
| 431 | 01:18:52,890 --> 01:19:02,280 | arms, his legs back well that I need to know why things work. So I'm not content with someone that says here's a here's the thing that puts a little arrow says |
| 432 | 01:19:02,280 --> 01:19:13,320 | it's a buy or sell. That doesn't that doesn't do it for me. Like that does not do it for me. I need to know why it should go up. And I try to inspire that in |
| 433 | 01:19:13,320 --> 01:19:22,620 | all of you. And I probably haven't been all that successful for for the most part because this generation, which I've garnered a lot of attention from the |
| 434 | 01:19:22,620 --> 01:19:33,210 | younger folks that have come up in the last two years or so. Because there's been a lot of people that like taking my concepts and rebranded them or never |
| 435 | 01:19:33,210 --> 01:19:43,470 | mentioned me but still taught this stuff. And and now that it's becoming more mainstream, and people are recognizing that it's mine went to mean to me as they |
| 436 | 01:19:43,470 --> 01:19:52,710 | should and that's fine and it's not costing them anything. But this generation has this level of right now. I want to know right now because they're impatient. |
| 437 | 01:19:53,520 --> 01:20:07,680 | And the whole social media or mind stuff has caused that to explode exponentially. And you think that your trading needs to deliver results, just |
| 438 | 01:20:07,680 --> 01:20:16,410 | like that, like you just started looking at videos last week. So therefore, you should know how to make money and quit your job. And that is not realistic. And |
| 439 | 01:20:16,410 --> 01:20:24,450 | that's one of the things that makes me seem like the grandpa of trading, because I'm trying to have an old fashioned conversation with you, and slow you down. So |
| 440 | 01:20:24,450 --> 01:20:34,980 | that way you can do the best at being who you are, in the best version of you, as a trader, I can make you something really quick and down and dirty, together |
| 441 | 01:20:34,980 --> 01:20:44,370 | and trade. I've done it two times silver bullet, and it's only 22 model. But for the folks that thought that that was enough, and then discovered that hole, wow, |
| 442 | 01:20:44,940 --> 01:20:57,750 | there's a whole lot of other stuff that feels like it's missing. But really, it's not. It's you. You're in a hurry, you're in a rush, you didn't really have |
| 443 | 01:20:57,750 --> 01:21:05,760 | that organization that you thought you had, you're really not that patient to wait for the setup, even though it's well described and defined. In both those |
| 444 | 01:21:05,760 --> 01:21:16,200 | models, you have discovered that you are not patient enough. At this meeting, the Joker was on the comment section this morning, saying ICD concepts don't |
| 445 | 01:21:16,200 --> 01:21:29,340 | work. It's all BS. Yeah. I used them this past week. students around the world, different countries, different walks of life, making real fortunes with that |
| 446 | 01:21:29,340 --> 01:21:40,920 | you're in the comment section. Going to work, can't can't wait for the weekend, right? So we're cooking with gas. Now, the demo account that was put aside for a |
| 447 | 01:21:40,950 --> 01:21:52,860 | little while. So you can see a real living wage. You know, I don't know how you live, where you're at, economically and you graphically where you are and what |
| 448 | 01:21:52,860 --> 01:22:04,830 | country what your financial conditions are where you are. But I would venture to say that $15,000 In one week, that's a pretty good living. You don't even need |
| 449 | 01:22:04,830 --> 01:22:15,420 | the work the following three weeks of that month, if that's what you did, I'm confident in saying that most people that are listening to this could fare |
| 450 | 01:22:15,540 --> 01:22:27,270 | rather well. If they just did that one week out of the month, in fact, probably so much that if you did that once every eight weeks, you'll be doing very well. |
| 451 | 01:22:30,930 --> 01:22:41,490 | I want you to think like that. Not that you need to make 15,000. But you need to think about things in terms of income. Go back to the ends. series that I did. |
| 452 | 01:22:42,330 --> 01:22:52,470 | In my opinion, that's one of my better lectures, and it really has nothing to do with things in the chart. It's how you're progressing as a trader, why are you |
| 453 | 01:22:52,470 --> 01:23:02,010 | trading? And you want to make a lot of money, okay, what happens when you get a lot of money? A lot of money means a lot more problems. Okay? That's what |
| 454 | 01:23:02,010 --> 01:23:10,980 | usually happens because you're not equipped or prepared to handle and manage that type of income. In new money is a real thing. And when you start making |
| 455 | 01:23:10,980 --> 01:23:19,530 | lots of it, and you have no idea what you're doing, you go out buying cars and watches and clothing and spending on your friends and doing nonsensical things. |
| 456 | 01:23:20,670 --> 01:23:32,460 | And I get it, you want to sow your wild oats in the beginning, okay, but don't spend money you can't afford to spend yet. Tax man is coming. Okay, and he's |
| 457 | 01:23:32,460 --> 01:23:44,190 | getting paid one way or the other. He's getting paid. And he'll take it. Even if you don't want to give it to him, he'll take it. But you have to have a total |
| 458 | 01:23:44,190 --> 01:23:53,760 | plan, not how do I tell if the markets gonna go up or down? Teach me to bias ICT? Because if I had that I would know everything? No, you won't. Let's just |
| 459 | 01:23:53,820 --> 01:24:04,590 | play devil's advocate. Now I'm gonna close this one. If you think that needing to know only direction for the day, what you're saying is, is the is the high |
| 460 | 01:24:05,580 --> 01:24:18,000 | gonna move a lot farther than the opening? Or is the low gonna loot move a lot further lower than the opening? Now let's just say that you were right, in |
| 461 | 01:24:18,000 --> 01:24:34,110 | knowing that 80% of the time. You still have to determine where you're going to enter. Oh, I can do that. If you just gave me the bias. And I was 80% chance |
| 462 | 01:24:34,260 --> 01:24:44,400 | being accurate. I know I can. I can sell short a fair value gap and make profits. Now, I've already seen the evidence that many of you can't do that. |
| 463 | 01:24:44,970 --> 01:24:51,690 | Because if there's more than one fair value gap, like we saw the other day and people are losing their mind, how did you pick that one and not that one? Look |
| 464 | 01:24:51,690 --> 01:25:03,390 | at the range. Where does it need to go to get to 50% or equilibrium? If I'm really bearish on something? I don't want to see it go up those higher gaps. |
| 465 | 01:25:03,390 --> 01:25:11,340 | Why? Because they'll act as what a breakaway gap. Oh, right away, we've now just compounded level difficulty for everyone that just thinks that I need to know |
| 466 | 01:25:11,340 --> 01:25:20,940 | the buys only. And I'll know how to do everything after that No. See, that's the that's the illusion that everybody falls victim to when they get in this |
| 467 | 01:25:20,940 --> 01:25:29,550 | industry. You think because you see example, whether it be in a chart or a video or someone does it with a real account, you think that you'll be able to walk |
| 468 | 01:25:29,550 --> 01:25:41,220 | out there and replicate that not knowing what is required for you to feel comfortable while doing it? Think about it. Have you ever traded real money |
| 469 | 01:25:41,220 --> 01:25:44,700 | before, because if you just only traded with a demo, |
| 470 | 01:25:46,470 --> 01:25:56,880 | as soon as you put on a real account trade, whether it's the smallest of leverage or over leveraged, you now have a level of concern about being right or |
| 471 | 01:25:56,880 --> 01:26:07,560 | wrong, that you don't have any experience to lean on and say, Well, this is what you're supposed to, you're now discovering what that feels like. And it's like a |
| 472 | 01:26:07,560 --> 01:26:15,540 | brick wall. For some of you, when you get there, you won't be comfortable, you'll want to close the trade, even if it's making money, like you'll want to |
| 473 | 01:26:15,540 --> 01:26:24,000 | close it immediately. Because it's uncomfortable, you don't want to be there. It's like walking in and seeing your wife with another man. You wished you |
| 474 | 01:26:24,000 --> 01:26:30,120 | didn't open the door. And you saw that, like, I don't want to be here, even though it's profitable. And I'm not saying that then another man in bed with |
| 475 | 01:26:30,120 --> 01:26:43,620 | your wife is profitable, profitable for him, but not for you. But that point of uncomfort. That area of displeasure, and just not feeling like you want to be |
| 476 | 01:26:43,620 --> 01:26:53,550 | there. You don't know what that feels like until you've been there. And guess what, when you start making money, and it's profitable, and you're consistent, |
| 477 | 01:26:54,780 --> 01:27:08,070 | it's it's a matter of time before you start inviting the idea that this is too good to be true. This can't keep going on. Even though I'm following the rules, |
| 478 | 01:27:08,070 --> 01:27:18,930 | and it's been it's delivering like, I would hope in the best case scenario, this can't keep going on and what you just did. You literally just invited the very |
| 479 | 01:27:18,930 --> 01:27:30,180 | thing that you don't want to see happen. But because your subconscious has been told what this is too good to be true. This can't continue. Now, you're in a |
| 480 | 01:27:30,180 --> 01:27:39,600 | winning trade again, your next trade, it's a winner. You haven't hit your profit yet. But it's still moving in the right direction. You start getting antsy, and |
| 481 | 01:27:40,380 --> 01:27:48,060 | I can't wait, I can't wait for this limited to get filled. I know I'm only getting a trade for three minutes. But this trade is based on the entire |
| 482 | 01:27:48,090 --> 01:28:02,130 | session. I'm willing to submit myself the rules, say submit myself to 11 o'clock in the morning. It's only 1010. I have 15 minutes to submit to still put on up |
| 483 | 01:28:02,160 --> 01:28:12,750 | at $100. What if I come back down below 1000 That would really tick me off. I would really feel upset about that. You're worrying about all the things outside |
| 484 | 01:28:12,750 --> 01:28:21,660 | of what you're supposed to be worrying about? Is the trade still viable? Are the candlesticks telling you that the order flow that you're trading in is still in |
| 485 | 01:28:21,660 --> 01:28:33,510 | play? Is it still drawing to the area that you thought was going to be a draw on liquidity inefficiency or liquidity by stops, so it starts to that effect. And |
| 486 | 01:28:33,510 --> 01:28:44,970 | you will talk yourself into an anxiety attack. Maybe not full blown panic where you got to go to an emergency room. But I have done dozens of times, yes, really |
| 487 | 01:28:45,000 --> 01:28:57,120 | had to go home. I mean, go go home, but leave my home. To go to the emergency room, I was having a heart attack or a stroke. That's how bad this will be when |
| 488 | 01:28:57,120 --> 01:29:10,740 | you're making huge amounts of money or losing huge amounts of money. You hit you can't even imagine the level of emotional turmoil and psychological drain. Like |
| 489 | 01:29:10,770 --> 01:29:22,050 | you really feel like you're gonna die. That's what it feels like. Even when it's a profitable trade. Like you can't stand it like I know, control. I know I can |
| 490 | 01:29:22,050 --> 01:29:28,170 | close this trade right now. But if I don't do it right now, I probably won't have the opportunity to close a trade. That's the kind of mentality you'll feel |
| 491 | 01:29:28,170 --> 01:29:44,010 | like it's unbelievable level of word of thinking. And you're in a rush to get to that. That's why I tell you to go slow. If you can't make consistency with the |
| 492 | 01:29:44,010 --> 01:29:58,140 | lowest amount of leverage, whatever the lowest is, and you build from that with a realistic look I gave you the other day on Twitter using a micro if you're |
| 493 | 01:29:58,140 --> 01:30:10,410 | trading in the NASDAQ that's $2 per point. You're gonna have to really be an exceptional loser to blow out your account, if you're doing one micro in one |
| 494 | 01:30:10,410 --> 01:30:24,120 | single day. Like if you blow your account. And you're trading with $2 per point, even with the NASDAQ, like you are a special kind of not ready type of trader, |
| 495 | 01:30:24,330 --> 01:30:33,030 | if that's a true testament that you should have never been doing, you're doing if you if you're able to hit maximum loss or drawdown in your stock today, you |
| 496 | 01:30:33,030 --> 01:30:45,630 | clearly don't know what you're doing. And you should do is sit still learn how to trade and then resume. But most of you don't, you're not what you want. You |
| 497 | 01:30:45,630 --> 01:30:55,500 | want to hear tickle my ass with a feather ICT and tell me I'm going to make money and there's no losing days, that that's what you really want. But I can't |
| 498 | 01:30:55,500 --> 01:31:08,220 | promise you, no one's gonna promise you that. I can do that myself. But I can't promise that you're gonna be able to do that. And that, that honesty sometimes |
| 499 | 01:31:08,250 --> 01:31:18,870 | is offensive to you that you don't appreciate the level of honesty I'm sharing with you. And when I prove it, and I give the proof that I'm an asshole for |
| 500 | 01:31:18,870 --> 01:31:25,440 | doing so? Well, you're showing off, I'm not showing off. That's not showing off with that live account. That's not believe me. Trust me, folks, that's not |
| 501 | 01:31:25,440 --> 01:31:36,360 | showing off. That's me just simply saying, Stop worrying about the things that you're worrying about right now it works. You can make money, it can be done |
| 502 | 01:31:36,360 --> 01:31:45,630 | with a real account, I can trade, you will be able to trade with real money. If you listen, you will be able to be successful. If you listen and follow the |
| 503 | 01:31:45,630 --> 01:31:55,200 | rules and you're not reckless and you don't over leverage and you don't over trade. It's a default, it will happen. But if you're not ready, don't pretend |
| 504 | 01:31:55,200 --> 01:32:01,470 | that you are in rush in there and trying to get these funded accounts or go in there and put money in the amp or any other broker account and think that |
| 505 | 01:32:01,470 --> 01:32:11,910 | something magical is going to happen because you now you're ready to trade with real money. You're not ready. If I was starting out, I would want someone to |
| 506 | 01:32:11,910 --> 01:32:21,360 | come forward and tell me these are the things that would be classic depictions of someone that's not ready. Be honest. What do you feel out, I would have been |
| 507 | 01:32:21,360 --> 01:32:24,210 | like straight up like I would not be ready for this. |
| 508 | 01:32:30,150 --> 01:32:43,470 | What prevents you from being honest. The illusion of social media and everybody's being so successful. That that's what the problem the problem is, is |
| 509 | 01:32:43,470 --> 01:32:56,940 | image images, nothing. Image and cloud are nothing. their problems, their detractors, and distractors and their cancer. And they're not going to help you |
| 510 | 01:32:57,090 --> 01:33:12,600 | as a trader, they're not they're going to do more damage to you. Then help. Alright, remember that 645 For Vega it should be extended to the right. If it |
| 511 | 01:33:12,600 --> 01:33:25,620 | were to hit the bottom of that and act as resistance kind of like start supporting order flow to the downside. Draw your attention to the May 2 here |
| 512 | 01:33:25,620 --> 01:33:48,210 | folks on palletize. On the US 115,000 to 47 and a half. And on the Nasdaq futures. The low at 3:30am. Thursday, the price levels 15,003 39 and a half. |
| 513 | 01:33:48,630 --> 01:33:56,910 | Okay. If we trade back above that 645 fair value gap, I would not be interested in doing anything with it the rest of the day. And I'm not saying you should, |
| 514 | 01:33:57,060 --> 01:34:08,970 | but I wouldn't. I wouldn't even study it anymore. So there you go. But anyway, I kind of like want to talk a little bit about that. What was the whole reason for |
| 515 | 01:34:08,970 --> 01:34:17,940 | me going into a live account and what was the point that is it bragging is it this is it that now it's just to show you that I don't need to have revenue, you |
| 516 | 01:34:17,940 --> 01:34:29,070 | won't need to have your job. You won't need to do all these other things that everybody else does. And you can carve out a nice living wage. And you don't |
| 517 | 01:34:29,070 --> 01:34:39,330 | have to be a millionaire. It's it's a matter of knowing what it is you're trying to do right now, what you're striving for. And while it might be your interest |
| 518 | 01:34:39,510 --> 01:34:51,900 | and goal to be a multimillionaire, okay, what is the multimillionaire goal for you? Is it 2 million, 5 million I think honestly 5 million is the old 1 million |
| 519 | 01:34:52,920 --> 01:35:02,040 | in the 90s. Like you have to have 5 million today to be what would be in the 90s when I was starting out too. To be what we would consider a millionaire, back |
| 520 | 01:35:02,040 --> 01:35:10,680 | and back then a million dollars or something, you could have bought a brand new home for like 88,000 $90,000. And not like a house I'm living in now. But a |
| 521 | 01:35:10,680 --> 01:35:22,830 | nice, nice little neighborhood, in a three bedroom basement, maybe a half an acre of land, you could have got that for about anywhere between 88 $92,000 |
| 522 | 01:35:23,760 --> 01:35:34,140 | you're brand new right there, you're in the door, it's not brick, you know, it's sticking drywall type thing with, you know, siding, vinyl siding type thing. But |
| 523 | 01:35:34,140 --> 01:35:48,060 | at the dwelling space, you know, and today, things are so expensive. You need to have income, you need the cash flow. And cash flow can be derived from trading. |
| 524 | 01:35:48,810 --> 01:35:59,040 | And it doesn't need to be an everyday cash flow. But you do need to be net positive on the month. And be comfortable with the idea that's gonna take you |
| 525 | 01:35:59,040 --> 01:36:06,810 | longer than you think it is. Because right now as it stands, if you don't do this, you had the rest of your life to get to the end of the game. And that's |
| 526 | 01:36:06,810 --> 01:36:16,080 | not even something to be proud of. Because you're all going to be at some point, you know, unless the good Lord takes you and you meet him in the clouds, you're |
| 527 | 01:36:16,080 --> 01:36:24,960 | going to go up in, in history books as someone that's also laying in the ground. So if you don't do this, what is it going to be that gets you there, you want to |
| 528 | 01:36:24,960 --> 01:36:31,890 | be rich, you want to have a different type of lifestyle, you want to have a better living wage, whatever that is for you, you need to sit down and put it to |
| 529 | 01:36:32,370 --> 01:36:46,890 | paper, write it down, cast forth a vision, write it down. It has to be something that you hold yourself to on a day by day basis. Not I have to trade every day |
| 530 | 01:36:46,890 --> 01:36:59,610 | No. But you're working towards that goal continuously. Not losing sight of it, pursuing it, overtaking it, not letting it run ahead too far ahead, to stay on |
| 531 | 01:36:59,610 --> 01:37:10,590 | its heels, your goal, you will reach it if you keep working towards it. But if you don't have a goal, if you aim at nothing, that is the never miss. That's the |
| 532 | 01:37:10,590 --> 01:37:22,290 | never miss shot that everybody. Everybody hits that one. If you don't plan for it, and it's nothing that you have as a goal, you will hit that goal, you will |
| 533 | 01:37:22,290 --> 01:37:30,780 | hit that target every single time. Nothing. That's an easy target to hit. Simply don't do anything. Don't listen to me. Don't change anything. Don't try to be |
| 534 | 01:37:30,780 --> 01:37:40,980 | better organized, don't be responsible, and you will have nothing to show for it. And you are a success in that regard. But is that really the type of success |
| 535 | 01:37:40,980 --> 01:37:54,930 | that you want? You have to do things that are uncomfortable. You have to press into these uncertainties, you have to know that you don't know what the market |
| 536 | 01:37:54,930 --> 01:38:06,420 | may do on that hard right edge. You have tools, I have tools, these things are probabilistic. These are things that may in fact deliver. But they might not |
| 537 | 01:38:06,420 --> 01:38:17,760 | tell. Are you okay with that? If you do it wrong, and you do it wrong? Are you going to fault yourself and say, It's okay? I'm progressing. Are you gonna say |
| 538 | 01:38:18,000 --> 01:38:29,100 | everything about this is wrong? It's broken on giving up? Some of you haven't met that bridge yet? And how are you going to cross it are going to turn around |
| 539 | 01:38:29,100 --> 01:38:39,930 | and walk the other direction. It's not just give me the bias and now know how to do it ICT. It's not I promise you it's not. It's so many other things that you |
| 540 | 01:38:39,930 --> 01:38:54,840 | don't even understand yet about yourself. What makes you a success or a failure. That's the real secret to this. Because if you're equipped to accept short term |
| 541 | 01:38:54,840 --> 01:39:03,690 | adversities, and not see them as failures, because that means that you're taking a loss monetarily, you're having to absorb that emotionally and psychologically, |
| 542 | 01:39:03,870 --> 01:39:14,910 | and then not letting it affect you, not causing you to abandon your model or your goal. Just because you may have lost money or blown an account or failed at |
| 543 | 01:39:14,910 --> 01:39:25,380 | a fund that account challenge or how to fund that account. And whilst it that's not failure, that's not failure. That's equivalent to you not making your wage |
| 544 | 01:39:25,380 --> 01:39:32,760 | at your job because of sickness, illness, vacation or vacation. They don't pay you the overtime that you may be getting right now. Some of you may have to work |
| 545 | 01:39:32,760 --> 01:39:39,060 | a job and get overtime just to make your ends meet. And you don't want to take a vacation because the ticket vacation they only give you 40 hours and you're |
| 546 | 01:39:39,060 --> 01:39:50,040 | getting less pay. So you can't even afford to take the vacation. That's a loss. Do you want to quit your job because you can't afford to take your vacation. |
| 547 | 01:39:50,160 --> 01:39:57,420 | That's the same thing. You're saying. If you have losing trades with your model, I'm going to quit this. I can't do this trading stuff. I just had three losing |
| 548 | 01:39:57,420 --> 01:40:05,880 | days and I blew my phone that account if you blew your funds To count and you had three losing days, you didn't know how to manage risk, there's an |
| 549 | 01:40:05,880 --> 01:40:13,290 | opportunity for you to go in and say, Okay, what did I do here that I could have done differently? How can I fix this, so I don't make that same problem, a |
| 550 | 01:40:13,290 --> 01:40:25,020 | reality that causes me the same disruption right now, all this is, is a speed bump, it's a detour in the road, you're still going to get to your destination, |
| 551 | 01:40:25,110 --> 01:40:30,990 | it just means that you had to go a little bit further outside of what you thought was the route you're going to take. You got to spend a little bit more |
| 552 | 01:40:30,990 --> 01:40:45,450 | time in gas than you first scheduled into the trip. It's all how you think, folks how you think about it, and you prepare for it. You prepare for these |
| 553 | 01:40:45,450 --> 01:40:57,870 | things. You expect and anticipate some measure of adversities. But it doesn't unsettle, you doesn't take the gas, or the the momentum or steam behind the |
| 554 | 01:40:57,870 --> 01:41:10,650 | engine, that's you. Use it like wind in your sails. Okay, anybody else might be looking at this shortcoming adversity, this loss of some kind, and then want to |
| 555 | 01:41:10,650 --> 01:41:21,330 | quit and beat themselves up about you go into and say this is an opportunity, I'm going to improve and become even better because of this. Look at the fair |
| 556 | 01:41:21,330 --> 01:41:33,570 | value gap at 715. And we're still I have not gone off of the 15 minute time frame, by the way. So watch that fairway gap formed on the 15 Minute candlestick |
| 557 | 01:41:33,810 --> 01:41:43,200 | at 7:15am. This morning, if it were to trade back up to that, and treat that as resistance, that'd be something I would hypothetically consider as a run for |
| 558 | 01:41:43,230 --> 01:41:53,970 | sell side may not get back up there. But it's something I would watch, I would not want to see a trade above 15,510 For Nasdaq futures, and I would not want to |
| 559 | 01:41:53,970 --> 01:42:15,210 | see a trade back above 15,004 30. For us 100. And assuming that's the case, and it doesn't do those things, I would expect the sell side to run out on both. But |
| 560 | 01:42:15,210 --> 01:42:15,540 | anyway, |
| 561 | 01:42:16,860 --> 01:42:26,790 | I sat down with you today because I wanted to do two things at one time, I wanted to kind of cover Non Farm Payroll and do something with you live. And in |
| 562 | 01:42:26,790 --> 01:42:37,080 | September, I want to go back to doing live streams on YouTube. August, I'm going to be hit and miss with my presentations. I'll have the lecture for back testing |
| 563 | 01:42:37,080 --> 01:42:47,340 | in journaling. On Sunday, it will post at 9pm Sunday my time. Okay, so New York local time. Not that I live in New York, but New York local time, 9pm Sunday, |
| 564 | 01:42:47,880 --> 01:42:57,420 | you'll have a lecture on my YouTube channel for back testing and journaling. In a next week, I don't know what my focus is going to be for that because I have |
| 565 | 01:42:57,420 --> 01:43:04,590 | installer is going to be at my house. So I'm gonna be a little distracted and worried about whether you're going to mess up something in my house because |
| 566 | 01:43:05,310 --> 01:43:14,400 | there's only a lot of traffic in here. So I don't want to make any promises to you for what I may or may not be able to deliver next week. So I'm going to keep |
| 567 | 01:43:14,400 --> 01:43:24,540 | that whole week open. And we'll play it by ear. If I talk to you on Twitter and there it is what it is, but I don't want to promise any kind of teaching next |
| 568 | 01:43:24,540 --> 01:43:34,620 | week. Because I like I said I don't I hate when I'd say this is what's going to happen and circumstances that are outside my control deviate me from my |
| 569 | 01:43:34,620 --> 01:43:46,860 | schedule, and I'll deliver like you know I want to but you will have a lecture on YouTube this Sunday evening. I want you to have a very pleasant and relaxing |
| 570 | 01:43:46,860 --> 01:43:57,480 | weekend. Don't be in here gambling today. And until I talk to you through video on Sunday evening. Be safe |