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From version 1.1
edited by Drunk Monkey
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edited by Drunk Monkey
on 2021-06-11 14:03
Change comment: There is no comment for this version

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3 -ICT: Okay, folks, good morning. Good morning. Good morning. This is your first
4 -time here in the questions box. Give me a number one. If you've been here before
1 +(% class="hover min" %)
2 +|1 |00:00:17,490 ~-~-> 00:00:27,750 |ICT: Okay, folks, good morning. Good morning. Good morning. This is your first time here in the questions box. Give me a number one. If you've been here before
3 +|2 |00:00:27,900 ~-~-> 00:00:29,640 |my mentorship, no need to tell me.
4 +|3 |00:00:37,620 ~-~-> 00:00:45,000 |actually surprised there's a lot of a lot of you that are new, or at least you're at least you're telling me you're now I'm not sure. Okay, so what we're
5 +|4 |00:00:45,000 ~-~-> 00:00:53,100 |gonna do is I'm gonna be asking for credit card numbers today. So security numbers, and I'm just kidding, I'm just kidding. I'm asking you for anything.
6 +|5 |00:00:55,350 ~-~-> 00:01:06,330 |All right, first things first, we're looking at the Twitter account, did I activate it? So that way everyone knows that it is me. You hear my voice. It's
7 +|6 |00:01:06,330 ~-~-> 00:01:17,250 |at AI underscore, m underscore ICT. So if you've seen it or heard about it, and you're watching the video, I wasn't gonna record this. But now I'm going to
8 +|7 |00:01:17,250 ~-~-> 00:01:24,030 |because I think I could answer a couple different things that came by way of email over the weekend. So a lot of it had to do with is this really me, because
9 +|8 |00:01:24,030 ~-~-> 00:01:33,180 |there's two goobers on Twitter pretending to be me. But nonetheless, it's me. So I'll be sharing stuff. Beginning in October, I just want to get to Twitter
10 +|9 |00:01:33,180 ~-~-> 00:01:42,840 |account activity later by notes me. And that's about it. As far as that goes, it's pretty self explanatory. I'm not going to be doing the stupid stuff I did
11 +|10 |00:01:42,840 ~-~-> 00:01:50,310 |in the past, or I was trolling all the other people. So if you're looking for that, unfortunately, that won't be there. I'll just be talking about the markets
12 +|11 |00:01:50,310 ~-~-> 00:02:01,830 |and whatever else goes on in, in the charts. Alright, so let's go over to Mt four. That way, we'll get started on the things I want to discuss this morning.
13 +|12 |00:02:03,000 ~-~-> 00:02:12,030 |Now, admittedly, I'm a little rusty, because I've been away from live sessions for a couple weeks. I'm used to doing it on a day by day basis. But not taking
14 +|13 |00:02:12,030 ~-~-> 00:02:22,830 |some time off, because I've been burned out. But I want to kind of like, give the opportunity to voice my opinion on some of the things that I think plague
15 +|14 |00:02:23,490 ~-~-> 00:02:33,810 |traders. In terms of bad habits. Actually, I'll refer to some of the things I've done. From the beginning. Back in the 90s, when I first started as a trader, and
16 +|15 |00:02:33,810 ~-~-> 00:02:44,430 |one of the one of the one of the things that I think, if you first tackle it, and I'll talk about before we close today's session, if we can overcome this one
17 +|16 |00:02:44,430 ~-~-> 00:02:53,130 |particular habit, I think that would be a huge milestone, for everyone stay in and eat, it doesn't matter if you're a new trader, or if you're someone that's
18 +|17 |00:02:53,130 ~-~-> 00:03:02,250 |been trading for a long time. There's one particular habit that always plagues everyone. And I'm not suggesting I have figured it out for everyone, but I'll
19 +|18 |00:03:02,250 ~-~-> 00:03:14,370 |just give you my suggestion how I personally overcome it, or at least battle it. Alright, so when we're, when we're considering trading, obviously, the beginning
20 +|19 |00:03:14,370 ~-~-> 00:03:22,530 |or genesis of everything is, is you have to have an idea of what you're going to act on. Everyone first gets into this business, and they want to think about how
21 +|20 |00:03:22,530 ~-~-> 00:03:29,910 |much money they're going to make. They don't take any consideration that how much money they're going to lose, or whether in terms of adversity. So
22 +|21 |00:03:29,940 ~-~-> 00:03:38,310 |obviously, that's the first habit that, you know, becomes a bad habit is expectations, you know, and the unfortunate thing for me is, when I first
23 +|22 |00:03:38,310 ~-~-> 00:03:52,260 |started, I had initial luck. And everyone knows the storyline. I'm not going to rehash all that. But the barrier at which begins to build in a traders mind is
24 +|23 |00:03:52,290 ~-~-> 00:03:59,640 |as soon as they have initial block, like for instance, I had he start thinking, you know, more than you really do, you start thinking that you're better than
25 +|24 |00:03:59,640 ~-~-> 00:04:11,340 |you really are. And that was all what I experienced in the beginning. So I don't want to have this session without at least bringing that up first. Because a lot
26 +|25 |00:04:11,340 ~-~-> 00:04:21,900 |of you may be new, I don't know what your length of trading or how long you've been doing it. Just for record sake, I can't see it now because I'm not looking
27 +|26 |00:04:21,900 ~-~-> 00:04:30,360 |at it. But if you don't mind in the comment section, for question boxes, tell me how long you've been trading or when you first started doing it. You know, just
28 +|27 |00:04:30,360 ~-~-> 00:04:36,600 |give me some feedback. I can't read it all here while we're doing because there's a lot of things that supposedly had to close to the questions box. So I
29 +|28 |00:04:36,600 ~-~-> 00:04:47,550 |can keep my train of thought but the low expectation approach I think is the best way because it allows a lot of room to grow. What you think you're going to
30 +|29 |00:04:47,550 ~-~-> 00:04:58,800 |be able to do when you first start or before you start is going to be strongly contrast that by what you see in reality. In other words, everyone has this rose
31 +|30 |00:04:58,800 ~-~-> 00:05:06,420 |petal colored the Classes perspective, you know, they're never going to have a problem, because they feel hyped up, they get encouraged by whoever's told him,
32 +|31 |00:05:06,780 ~-~-> 00:05:15,360 |you know, this is how you make money, even in myself. And I've been guilty of that because of the things I promoted on baby pips and my tutorials and
33 +|32 |00:05:15,900 ~-~-> 00:05:24,540 |everything that created around the buzz of trading. Everyone subscribes to the idea that they're only going to make money for getting the very first post I put
34 +|33 |00:05:24,540 ~-~-> 00:05:34,950 |on here, talking about how everyone blows it, including myself at one several accounts. It wasn't just an AdWords account, you know, I've dusted a commodity
35 +|34 |00:05:34,950 ~-~-> 00:05:35,820 |account or two.
36 +|35 |00:05:36,300 ~-~-> 00:05:47,970 |So if you have these unrealistic expectations, you're going to quit your job and you have 30 days or within a year, your chances are, you're not, you're not
37 +|36 |00:05:47,970 ~-~-> 00:05:54,780 |going to do that, because you're going to do things to try to rush to that objective. And if you have initial luck, chances are, you're probably going to
38 +|37 |00:05:54,780 ~-~-> 00:06:04,080 |do a lot more leverage, you're going to be doing a lot more trading, your frequency, and you're going to be doing things that are probably gonna be
39 +|38 |00:06:04,080 ~-~-> 00:06:11,250 |outside the scope of what you originally sat down with in terms of a trading plan. And if you've traded, at least with live money, you know exactly what I
40 +|39 |00:06:11,250 ~-~-> 00:06:20,310 |mean, by saying all these things, you've probably done a laundry list of things beyond that. But the taste topic, I kinda want to talk about bad habits and
41 +|40 |00:06:20,310 ~-~-> 00:06:28,830 |breaking them. And I only want to speak in terms of myself, okay, because it's very easy for me to sit back here and armchair quarterback, everyone else I see
42 +|41 |00:06:28,830 ~-~-> 00:06:36,450 |around the world and on social media and non forms and odd stuff. I've done that before. And I kind of like want to divert away from that. While it was fun to be
43 +|42 |00:06:36,450 ~-~-> 00:06:44,310 |in Italy at the time. I don't want to do that again. Okay, so I'm just gonna keep the focus on me. So that way you guys can hear what I had to go through
44 +|43 |00:06:44,310 ~-~-> 00:06:51,300 |what I did, and how to compensate for those things. And I'll kind of give you an idea what you can do with it in the marketplace that we leave today with
45 +|44 |00:06:51,300 ~-~-> 00:07:02,910 |something useful, not just rhetoric. So number one, he had to have expectations in line with reality, you're not going to be you know, George Soros and own
46 +|45 |00:07:02,910 ~-~-> 00:07:13,050 |whole currency markets in Canaan, subjugate the world. He has a master puppeteer, you pull pulling strings, causing all kinds of ruckus around the
47 +|46 |00:07:13,050 ~-~-> 00:07:20,790 |world now, because he's so loaded. And you're not going to be Warren Buffett here. So you have to be just you. And you don't know what the trade is going to
48 +|47 |00:07:20,790 ~-~-> 00:07:30,450 |be, that resides in you. But you have to give that trader he or she, the room to grow. So number one, the first habit you need to break is rushing. And I've
49 +|48 |00:07:30,450 ~-~-> 00:07:38,940 |taught this and nauseum that ever since I began online talking about trading. The first one you have to conquer is the impatience. That's it. That's the
50 +|49 |00:07:38,940 ~-~-> 00:07:51,540 |biggest, biggest, biggest, bad habit, every trader has impatience. And patients have a setup and patience of getting in your trade waiting for that pattern you
51 +|50 |00:07:51,540 ~-~-> 00:08:03,360 |look for, okay, that that is the biggest barrier to being consistent. and patience is the hardest thing to develop. Because you can't develop discipline,
52 +|51 |00:08:03,870 ~-~-> 00:08:16,230 |until your patience is honed first. So it's the biggest barrier. It's not a brick wall, it's an iron wall, okay. And you literally have to find a way around
53 +|52 |00:08:16,230 ~-~-> 00:08:26,190 |it cuz you're not breaking through it, you got to go around it at means that journey you thought was going to be short, from A to B is now been extended
54 +|53 |00:08:26,190 ~-~-> 00:08:34,080 |because you don't know how long your personal experience is going to take you to the left or the right around that iron wall of impatience. It's not going to be
55 +|54 |00:08:34,080 ~-~-> 00:08:41,190 |where you're at we first started and then you to next stage of independence or financially independent doesn't work like that. It feels like that when you
56 +|55 |00:08:41,190 ~-~-> 00:08:47,520 |watch people online teaching or talking about what they're going to do or if they have a service or you they have a mentorship you know, you like myself,
57 +|56 |00:08:47,520 ~-~-> 00:08:54,450 |everyone thinks that the mentorship is going to be easy. These plug in, in this information and they get instant wealth and it doesn't work like that. It's a
58 +|57 |00:08:54,450 ~-~-> 00:09:03,180 |lot more work than the praetorians work. And believe me if they were talking about what what they learned, they would know they would tell you rather, it's a
59 +|58 |00:09:03,180 ~-~-> 00:09:12,930 |lot more work. So the the other side of it is yes, you have the impatience factor you have to overcome, but then you have to have work ethic. And you can't
60 +|59 |00:09:12,930 ~-~-> 00:09:23,460 |be lazy, you cannot be lazy because the markets do not reward laziness. Now, it does reward stupidity. I am a poster child for that because in the beginning, I
61 +|60 |00:09:23,460 ~-~-> 00:09:35,940 |had no idea what I was doing. And I was gifted, okay, either by charity or you know, the financial gods were playing, you know. I don't know it was just every
62 +|61 |00:09:35,940 ~-~-> 00:09:42,810 |all the things lined up when I first started, and I was on dying and I made money doing that only but then suddenly the markets turned into a traders market
63 +|62 |00:09:43,140 ~-~-> 00:09:55,050 |and I couldn't make a penny everything I do is losing. Which leads me to the next bad habit. When you take a loss. You cannot take it personally. It's a cost
64 +|63 |00:09:55,050 ~-~-> 00:10:03,750 |of business. And if you are allowing even a demo account because I've talked to so many people around The world, they have been very honest with me, and told me
65 +|64 |00:10:03,780 ~-~-> 00:10:05,310 |that even when they have
66 +|65 |00:10:07,379 ~-~-> 00:10:17,819 |a demo loss, it's debilitating. It totally fries their brain, it's like they don't want to even enter that. And that's a big, big problem. That means you
67 +|66 |00:10:17,819 ~-~-> 00:10:28,619 |have a complex with being right or wrong, and possibly over leveraging, even in a demo account, because everybody wants to see how much they could make, you
68 +|67 |00:10:28,619 ~-~-> 00:10:38,489 |know, maximizing the total amount of leverage that can use on a demo account. But not understanding or respecting the level of financial risks that you're
69 +|68 |00:10:38,489 ~-~-> 00:10:45,809 |incurring. If you were doing that with live funds, no one would be doing that with the funds in their right mind. Now people do it. But I said, in my right
70 +|69 |00:10:45,809 ~-~-> 00:10:56,039 |mind, they wouldn't do it. So they're either blinded by unrealistic expectations, or they're impatient about leaving the rat race. And believe me, I
71 +|70 |00:10:56,039 ~-~-> 00:11:06,599 |know that feeling, I wanted to get out of the job I was doing nine DS was killing me, I wanted to get out of it. So yes, the financial markets can bring
72 +|71 |00:11:06,599 ~-~-> 00:11:16,229 |those things to fruition, you can leave your job and replace it with this job, because it's not what everyone thinks it is. Okay, it's not, well, I'm gonna sit
73 +|72 |00:11:16,229 ~-~-> 00:11:24,269 |home and relax, I'm gonna kick back and not worry about anything. No, you're worrying all the time, you may not have that same degree of worry and anxiety
74 +|73 |00:11:24,449 ~-~-> 00:11:33,929 |that every other trader has, that's even making money. But you still have replaced what you're doing at a nine to five, with a job. And the perspective is
75 +|74 |00:11:33,929 ~-~-> 00:11:44,399 |as you're leaving a nine to five schedule, but it's defined, you know, when you have to be at work, and you know, when you have to leave work. So you have
76 +|75 |00:11:44,399 ~-~-> 00:11:53,459 |limitations and parameters, you know, your off days, you know, your times of service where you have to be there and give your time for money. Trading isn't
77 +|76 |00:11:53,459 ~-~-> 00:12:00,209 |like that. You don't have a schedule, you don't know if the one that session is going to give you a trade. You don't know if the New York session gonna give you
78 +|77 |00:12:00,209 ~-~-> 00:12:08,759 |a trade. So the idea or perspective of going into this business thinking, well, I want the traders lifestyle, most of you if you understood what it was, would
79 +|78 |00:12:08,759 ~-~-> 00:12:18,299 |not want the traitors lifestyle, because it's so uncertain, especially as a new trader, because you don't even know what you're going to do. Once you start
80 +|79 |00:12:18,299 ~-~-> 00:12:24,419 |trading, you don't know what your reaction is going to be when you have five winning trades in a row, I can tell you, it's probably going to do, you're going
81 +|80 |00:12:24,419 ~-~-> 00:12:31,169 |to overlap, but you're going to be in a rush to get that sixth trade name checked out to the questions, but make sure you guys are engaging. Give me a
82 +|81 |00:12:31,169 ~-~-> 00:12:40,439 |one, if you have had a series of winning trades, and let's say five winning trades, and you feel rushed to get in there to do the next one. Because you've
83 +|82 |00:12:40,439 ~-~-> 00:12:48,329 |had five winning trades, you want to get and get that feeling again, because you're addicted to that high. Say I'm if everyone's giving me a one. And some of
84 +|83 |00:12:48,329 ~-~-> 00:12:57,659 |them are being commentating, you're declining even beyond number one, explain it to me, that's me. So no one's no one's controlling you. The markets are just
85 +|84 |00:12:57,659 ~-~-> 00:13:05,999 |moving around. But in your mind, okay, you're creating all these if then scenarios? Well, I should have held on to that trailer, but longer,
86 +|85 |00:13:06,090 ~-~-> 00:13:15,390 |let me buy it again. Or it's may not, it's been going on for a while, it's a nice move. I don't want to buy here. So now I have to short it because I got to
87 +|86 |00:13:15,390 ~-~-> 00:13:25,860 |get back in again, because I could make more money. And the worst thing you can do is fall into that trap. You have to have very low objectives in the
88 +|87 |00:13:25,860 ~-~-> 00:13:37,110 |beginning. Because if you don't do that, number one, you're going to chase profits. And that's how they get you. Everyone knows what it feels like to get
89 +|88 |00:13:37,170 ~-~-> 00:13:44,850 |the thing right, where they made the right move they bought or they sold and it moved in their favor. It's even worse, okay, if you're new, and you don't know
90 +|89 |00:13:44,850 ~-~-> 00:13:52,800 |what you're doing, and it didn't even have any draw down. Because all of a sudden, now you figured it out, you know that you're now in Oracle, you want to
91 +|90 |00:13:52,800 ~-~-> 00:14:00,330 |go out and start a Twitter account, you want to go on Facebook, Instagram, now you know what's going on. And chances are, you might have a string of losses,
92 +|91 |00:14:00,480 ~-~-> 00:14:09,030 |okay, that come, but you're not going to pay attention to them, where that's where your learning is going to occur. The losses of what teach you. And the
93 +|92 |00:14:09,030 ~-~-> 00:14:17,940 |other half I want to talk about is how I focused initially on what I was doing right? When I was making money when I had their trade ideas, right. Even when I
94 +|93 |00:14:17,940 ~-~-> 00:14:26,940 |was paper trading as a commodity trader, I first started when I would be right, I focused on why I was right. And every time I was wrong, I ignored it because I
95 +|94 |00:14:26,940 ~-~-> 00:14:35,040 |didn't want to see it. I didn't want to talk about it. I want to pretend it didn't even happen. And that is a death trap. You cannot have that mindset as a
96 +|95 |00:14:35,040 ~-~-> 00:14:43,890 |trader. You got to go into this thinking, alright, now if I have adversity, and I get knocked out of a trade or trade doesn't pan out. That's my opportunity.
97 +|96 |00:14:43,890 ~-~-> 00:14:52,500 |That's that big neon sign. Is there one Look, everyone looks at the marketplace in the charts for the neon sign to pop off for entries. But the real traders
98 +|97 |00:14:52,500 ~-~-> 00:15:02,730 |mindset is if they have a loss if they incur adversity or the idea doesn't pan out or come to fruition That in itself is the part where you have to dig in
99 +|98 |00:15:02,730 ~-~-> 00:15:12,840 |deeper and find out what you didn't see, or what you misinterpreted. And the problem with that is you have to overcome. Number one, the initial shock and all
100 +|99 |00:15:12,840 ~-~-> 00:15:21,000 |of understanding that you're human. Okay? Everyone thinks that I have spark shooting out my ass, and I wear a cape every day. And I'm bulletproof. And I can
101 +|100 |00:15:21,000 ~-~-> 00:15:30,630 |leap tall buildings in a single bound. Book 800 people saw if I sit down every single trading day, I cannot be right, every single trading day, I said that in
102 +|101 |00:15:30,630 ~-~-> 00:15:40,470 |the beginning, you can't be that person, no one's going to be that person. But there is a framework that you can arrive at, that allows you to see setups that
103 +|102 |00:15:40,500 ~-~-> 00:15:48,210 |number one fits your trade, psyche, your personality, and the time that you can be available for the marketplace. Not everyone can be a swing trader, not
104 +|103 |00:15:48,210 ~-~-> 00:15:56,610 |everyone can be a short term trader or a day trader, it has to fit the way you and you live your life, are you a quick decision maker, you fly off the handle
105 +|104 |00:15:56,610 ~-~-> 00:16:04,260 |real quick, you get happy you swing back and forth real quick. That's a scalper or day traders mindset, you would do very well with that. If you're real lazy,
106 +|105 |00:16:04,260 ~-~-> 00:16:10,590 |and you felt lethargic and just can't come up with an idea right away. Yeah, your position trader, because chances are, you're not going to be swayed back
107 +|106 |00:16:10,590 ~-~-> 00:16:18,450 |and forth. Once you get a decision, once you arrive at an opinion about what you think the market is going to do. Chances are, you're gonna be so lazy about
108 +|107 |00:16:18,450 ~-~-> 00:16:26,070 |changing your opinion, you're just gonna stick with that. And that's a perfect role for someone that doesn't have a lot of ambition. And believe me, there's a
109 +|108 |00:16:26,070 ~-~-> 00:16:34,830 |lot of people that make tons of money, being lazy as a long term trader, but they has to have a model that matches that because some people just can't get
110 +|109 |00:16:34,830 ~-~-> 00:16:42,300 |it, you can't get together, they can't get motivated, they don't want to do a lot of work. And there's ways to do that. But it's very passive investing and
111 +|110 |00:16:42,300 ~-~-> 00:16:51,930 |you're not very active, doesn't mean you can't be profitable, it just means that you have to wait a long time to see the returns. So it is given take there. But
112 +|111 |00:16:52,890 ~-~-> 00:17:00,780 |if you're seeing profitable trades, you want to spend far less time worrying about them, because you can't make any more money than you've already made on
113 +|112 |00:17:00,780 ~-~-> 00:17:11,670 |it. But you can take away lessons and experience from the losses. And the worst thing you need to do is push them to the side and say to yourself, okay, I took
114 +|113 |00:17:11,670 ~-~-> 00:17:19,170 |a loss that's part of the business, I know that it's cliche, and I'm just gonna go to my next trade, huh, no, not what not as a new trader, eventually when
115 +|114 |00:17:19,170 ~-~-> 00:17:28,800 |you're mature, and you know that that is in fact what goes on, you take a loss, and that's part of it. If you're new and when I say new, three years or less,
116 +|115 |00:17:29,160 ~-~-> 00:17:36,270 |okay, to me, you're a neophyte still, you just don't know everything you need to know about yourself. Personally, you don't know what the markets have done. You
117 +|116 |00:17:36,270 ~-~-> 00:17:44,130 |don't have you don't have a track record enough to warrant saying that you're anything but a neophyte, I mean, three years is to me that the minimum
118 +|117 |00:17:44,130 ~-~-> 00:17:51,120 |threshold, then you're experienced, that's all it doesn't mean that you've mature, it just means you have some experience. Some of these folks, they get
119 +|118 |00:17:51,120 ~-~-> 00:17:58,350 |out here, you need to go into a demo account in six weeks, because they've done something and a profit and demo account,
120 +|119 |00:17:58,350 ~-~-> 00:18:07,590 |they suddenly want to start their own advisory services, you know, I'm talking about long short is if you have losses, that's where you have to roll your
121 +|120 |00:18:07,590 ~-~-> 00:18:17,220 |sleeves up and dig in and see where you got it wrong, or what you're missing. And one of the biggest things I personally did was ignore all the losing trades
122 +|121 |00:18:17,220 ~-~-> 00:18:25,080 |I had as a beginning commodity trader, I didn't understand what it was actually teaching me was shorting but I was afraid of shorting. I didn't understand the
123 +|122 |00:18:25,080 ~-~-> 00:18:33,930 |concept. How can you sell something you know, own? long and short of it is, once I had my ass kicked enough times, I had to, I had to force myself, okay, look,
124 +|123 |00:18:34,230 ~-~-> 00:18:41,880 |I'm now definitely afraid of taking a trade. I was at one point in time afraid to take a trade. In the beginning, I wasn't afraid of anything. Now today, I
125 +|124 |00:18:41,880 ~-~-> 00:18:51,270 |still not afraid to do anything I can get in no problem. The problem and I'll talk about taking profits as a bad habit later on. But I had a moment in my
126 +|125 |00:18:51,270 ~-~-> 00:19:02,220 |career when I was beginning and coming up. Where, because I was taking losses, I got traders paralysis, where I could see something that would be there. But as
127 +|126 |00:19:02,220 ~-~-> 00:19:09,990 |soon as I got the idea that I thought it was going to trade higher, because I was only a buyer. I was a bull market trader and I first started I couldn't take
128 +|127 |00:19:09,990 ~-~-> 00:19:22,380 |the trade because I was afraid of the loss. Because I was losing lots of money, lots of money, tons of money. And some of it was annual salaries, typical
129 +|128 |00:19:22,410 ~-~-> 00:19:31,800 |American annual salary and a trade. That's how bad it was, because I was hemorrhaging money. I didn't want to endorse any of that anymore. Or even in you
130 +|129 |00:19:31,800 ~-~-> 00:19:38,910 |know, indoor the uncertainty of just being in the trade because you know, that feels like a demo. We'll see what works off the bat. If it's profitable, I look
131 +|130 |00:19:38,910 ~-~-> 00:19:44,850 |great. I feel good. If it's wrong, I just ignore it. It didn't happen. It didn't take any money from me and you know exactly what that feels like as well. That
132 +|131 |00:19:44,850 ~-~-> 00:19:52,830 |does not happen when you trade with live funds change you put the money at work where they are less if it's a micro account or meaning or a standard lot
133 +|132 |00:19:52,890 ~-~-> 00:20:04,530 |account. You need to put that trade on something physiologically changes in your brain because now your acids almost You have a real loss, it's going to take
134 +|133 |00:20:04,530 ~-~-> 00:20:12,780 |money from you. If it puts money in your account, that's great. But suddenly everything changes. It's a paradigm shift where as a demonstrator, you're
135 +|134 |00:20:12,780 ~-~-> 00:20:19,440 |thinking, how much money can I make, and I don't care what it's going to take in terms of a loss, because I don't feel it. When you put a trade on with live
136 +|135 |00:20:19,440 ~-~-> 00:20:30,030 |funds, it reverses. Now you're thinking, holy shit, how much money am I going to lose on this trade, I'm afraid constantly, and you're not worrying about what
137 +|136 |00:20:30,030 ~-~-> 00:20:37,500 |you can make. That's where you should be focusing on where's the market going. That's the part you need to be studying, not worrying about the fear of losing,
138 +|137 |00:20:37,830 ~-~-> 00:20:46,260 |your stop loss is going to take care of it. If you put a stop loss in, that's its job, let it do what you're paying good money to do it. So let it do its job,
139 +|138 |00:20:46,590 ~-~-> 00:20:54,840 |you need to be focusing on where is the market going. That's your job as a trader managing that the risk is defined once you put your stop loss in unless
140 +|139 |00:20:54,840 ~-~-> 00:21:07,860 |it gets through. And there's conditions like that, that occur. That's the risk every one of us take, but you have to know what it is. Anyway, the the have to
141 +|140 |00:21:07,860 ~-~-> 00:21:15,930 |get to know what the objective is for your for your trading plan, or your objective and your trade idea. And focus on that when you're in live funds. But
142 +|141 |00:21:15,930 ~-~-> 00:21:26,430 |the problem is, and give me a one if this is happening for you. If you're now in the funds, you're thinking only about the fear of getting stopped out, and how
143 +|142 |00:21:26,430 ~-~-> 00:21:34,740 |much that's going to hurt your account versus when you got in the trade. Is it still going to your objective and managing that? Again, everybody? One on One
144 +|143 |00:21:34,740 ~-~-> 00:21:44,250 |mice all flying right now. So the long and short of it is that's a normal thing. But did you know the reason why that occurs is number one, your chances are
145 +|144 |00:21:44,250 ~-~-> 00:21:55,620 |you're using too much risk, you have way too much leverage. And your stop loss is probably too tight. Excuse me. So many times, I sat down with individuals
146 +|145 |00:21:55,620 ~-~-> 00:22:04,590 |because they watch people on Facebook, or they have Twitter accounts. And people they'll put a trade up. Okay, they'll put a trade on and share it online. And
147 +|146 |00:22:04,680 ~-~-> 00:22:08,940 |initially, they probably didn't have a stop loss on it all but they waited to the trade got into their
148 +|147 |00:22:10,200 ~-~-> 00:22:19,440 |in their direction. And then they put a stop loss in making it seem as if they had a four PIP stop loss. Come on. I'm just gonna, I'm gonna call it bullshit
149 +|148 |00:22:19,440 ~-~-> 00:22:28,800 |right there. That's, it's bogus. Okay, no one's trading consistently with five PIP stop losses. It's not happening. Believe me, it's not happening. Because
150 +|149 |00:22:28,860 ~-~-> 00:22:37,470 |they can do that in a demo. But when you put it in a Live account, five pips as a standard spread variance that they can do, it's legal, they can spread that
151 +|150 |00:22:37,470 ~-~-> 00:22:44,970 |open and grab your order. And believe me that that's exactly what would happen. If you had that order in a Live account. They're not trading with these sub 10
152 +|151 |00:22:44,970 ~-~-> 00:22:53,880 |PIP stop losses. It's not happening, not consistently, not now. It can I sit here and say, I've done that I've done it. Yes, but not enough to make the case
153 +|152 |00:22:53,880 ~-~-> 00:23:06,120 |that I believe that no more than eight warrants superiority because it doesn't. These markets are so engineered to screw you. You're asking for it when you have
154 +|153 |00:23:06,120 ~-~-> 00:23:17,460 |that. My stop losses generally, are 20 pips to 30 pips that's about it. And I want to know that I have enough room, number one to allow myself to be human.
155 +|154 |00:23:17,820 ~-~-> 00:23:28,860 |Okay. And this is the next habit you need to overcome, avoid this notion that you have to have the absolute best entry and the absolute best exit, because
156 +|155 |00:23:28,860 ~-~-> 00:23:38,010 |you're never going to get that it's never going to happen for you. The markets are so diverse, and rich with volatility, especially the asset classes that were
157 +|156 |00:23:38,370 ~-~-> 00:23:46,680 |primarily dealing with today's forex, but it kind of bleeds across all of them. It's not limited just to forex, but long and short it is you don't want to focus
158 +|157 |00:23:46,680 ~-~-> 00:23:56,430 |on or demand if you will, the absolute best, lowest low or highest high for your entry, you just need to have a setup that gives you the criteria to make a
159 +|158 |00:23:56,730 ~-~-> 00:24:06,150 |profitable move between those two points. Now you have to be I would be able to identify them. Okay, what's the what's an ideal entry point, okay. And chances
160 +|159 |00:24:06,150 ~-~-> 00:24:14,280 |are, you might get that once in a while or get very close to it. But you don't need that price lock. You don't need it, you need to have the ability to
161 +|160 |00:24:14,280 ~-~-> 00:24:22,020 |determine or decipher where price is right now. And within a reasonable amount of time, whatever fits your traders perspective. And that may be different for
162 +|161 |00:24:22,020 ~-~-> 00:24:31,590 |all of us. It may be 10 minutes for a scalper it may be a trading session or a day for day traders. Or for short term trader it could be a couple days, you
163 +|162 |00:24:31,590 ~-~-> 00:24:39,330 |know in terms of how I trade one shot, one kill or as a swing trader where you're trading for weeks up to a month. And then for a position trades where
164 +|163 |00:24:39,330 ~-~-> 00:24:46,860 |it's multi months in terms of duration, but you're in a trade. But you have to be able to frame that idea where you believe that prices right now if it's
165 +|164 |00:24:46,860 ~-~-> 00:24:54,780 |undervalued or overvalued, or oversold, how you want to call it if you believe it's going to go higher, how far How far away are we right now in terms of
166 +|165 |00:24:54,780 ~-~-> 00:25:06,030 |price, and where you believe price will be at a later time. Number one, you have to define the length of time that fits your trader mindset. And that I can't
167 +|166 |00:25:06,030 ~-~-> 00:25:12,990 |give you that answer that has to be done by yourself, no one can give that answer to you. And that's why I think that, for the most part, when people try
168 +|167 |00:25:12,990 ~-~-> 00:25:25,500 |to give trading signals or trading models or plans, they're plagued to fail, because you're trying to get a wooden square peg to go into a triangle hole, and
169 +|168 |00:25:25,500 ~-~-> 00:25:32,910 |it isn't going to, it ain't gonna work, okay, and it'll be frustrating for that person to constantly try to make that, that adjustment, and it's not going to
170 +|169 |00:25:32,910 ~-~-> 00:25:44,070 |happen happen for most The problem is, is sometimes you can find the person that can make that adjustment, or it fits them perfectly. And marketers and people
171 +|170 |00:25:44,070 ~-~-> 00:25:53,400 |that sell things, they will focus on that that's their trick pony, don't go out and parade them around. And that's why you have only one student or two students
172 +|171 |00:25:53,400 ~-~-> 00:26:02,790 |at most, and no one ever comes up to that level of understanding or attitude. Because it's too hard to form fit this stuff. This, this is such a hard thing to
173 +|172 |00:26:02,790 ~-~-> 00:26:10,860 |do. Even though it's so easy, it's either going to go up, or it's gonna go down, or it's gonna go nowhere. And you get to decide what you're doing. Why so many
174 +|173 |00:26:10,860 ~-~-> 00:26:22,500 |people failing, because of the thing that resides between your ears, that little seven pound universe, okay gets in the way. It's so wonderfully designed to be
175 +|174 |00:26:22,500 ~-~-> 00:26:30,510 |able to crunch numbers, it's it's processing power, the brain is what I'm talking about, for those that aren't really paying attention. That organ in our
176 +|175 |00:26:30,510 ~-~-> 00:26:43,200 |body is such a wonderful resource, but it's also our biggest adversary. Because we have said it all the wrong things toxic thinking. When you're in a demo
177 +|176 |00:26:43,200 ~-~-> 00:26:53,820 |account, you're focusing on the stimuli that makes you feel smart. You want to do the rewarding scenario, the routine where I buy, it goes up, I was right.
178 +|177 |00:26:53,850 ~-~-> 00:27:03,720 |This is how much money I want an eight. Pay your car payment with that? You can. But that's reality. So why aren't you thinking that way? And we have a demo
179 +|178 |00:27:03,720 ~-~-> 00:27:08,010 |loss. When you have a loss in your demo. You're you should be thinking shit
180 +|179 |00:27:08,040 ~-~-> 00:27:16,410 |that David took that much money from me. And then now what are you thinking? If that was real money coming in your account? You're thinking, Okay, I gotta get
181 +|180 |00:27:16,410 ~-~-> 00:27:26,100 |that back right away, right? Wrong. That's not what traders do. Traders first perspective, as soon as they have a loss, regardless of the size of the loss,
182 +|181 |00:27:26,340 ~-~-> 00:27:35,160 |what is a consistently profitable traders mindset and merely going to at the time of a loss once the stop loss has happened? What is a mature traders
183 +|182 |00:27:35,160 ~-~-> 00:27:36,810 |mindset? What do you think they're thinking immediately?
184 +|183 |00:27:49,470 ~-~-> 00:28:02,970 |Got to get it back, I need to get into the next trade. One, one person saying Why did I lose? I'm not seeing what you should be thinking yet, though. Number
185 +|184 |00:28:02,970 ~-~-> 00:28:17,070 |one, my number one rule is if you had a loss, you got to stop, do not rush back in to take another trade. Don't ever take a loss and feel like you have to go
186 +|185 |00:28:17,070 ~-~-> 00:28:28,890 |back in and get it right away. That is a huge mistake. You cannot, you cannot get your money back right away every time. Even though you think you got time in
187 +|186 |00:28:28,890 ~-~-> 00:28:38,130 |the day, the markets maybe move around maybe volatile. Okay? It doesn't equate to opportunity for you to get your money back. You may have to wait a day or
188 +|187 |00:28:38,130 ~-~-> 00:28:46,350 |two. And there's nothing wrong with that. That's normal. The problem is, is if you're new to this, and you've just started trading prematurely in live funds,
189 +|188 |00:28:47,520 ~-~-> 00:28:56,400 |the human tendency is I want to get my money back right now. Because immediately what you're thinking is, I shouldn't have never done this, I should have never
190 +|189 |00:28:56,400 ~-~-> 00:29:04,230 |traded with live funds, I want to get my money back, I want to close my account. And this could probably happen with this a $200 loss. I mean, it's such a minor
191 +|190 |00:29:04,260 ~-~-> 00:29:12,090 |amount of money, but you're all thinking it, believe me, the first loss you're taking with life funds is regret. I want to get my money back I want to I want
192 +|191 |00:29:12,090 ~-~-> 00:29:19,050 |to at least get back to the point where if I want to close my account, I didn't lose anything. I I don't want to do this again. Everyone feels that their first
193 +|192 |00:29:19,080 ~-~-> 00:29:26,940 |Live account loss. That's what you're feeling, you will probably admit to it. But that's exactly what you're thinking. So you have to have that mindset as a
194 +|193 |00:29:26,940 ~-~-> 00:29:37,590 |mature trader because that string of losses that blows your account all starts with that one first losing trade and how you react and respond to that loss.
195 +|194 |00:29:38,370 ~-~-> 00:29:49,710 |Everyone goes into a tailspin at some time and loses Do you never gonna get it right? But if you take the initiative to say I've taken a loss I cannot lose any
196 +|195 |00:29:49,710 ~-~-> 00:29:57,480 |more money I'm already have the money. I'm already having the account. I'm sorry, the trade my accounts at static. It's not moving now. The markets moving
197 +|196 |00:29:57,480 ~-~-> 00:30:06,540 |around but my equity is not moving I'm not in a hurry to get that money back. I want to take a breath, take a step back away from the marketplace and say, Okay,
198 +|197 |00:30:07,350 ~-~-> 00:30:18,090 |what did I do wrong? Is the trade still viable? If it is paper trade that do not go back in with lifelines, and this is for people that have less than three
199 +|198 |00:30:18,090 ~-~-> 00:30:27,960 |years experience. Because chances are, you're going to see that you're going to be very emotional about getting in to get your money back. And emotions aren't
200 +|199 |00:30:27,960 ~-~-> 00:30:41,100 |always clarity in terms of analysis. Either you're irrationally excited, or you're fearful. There's two things as a new trader, and chances are, it's the
201 +|200 |00:30:41,100 ~-~-> 00:30:47,310 |first not the latter, you're not worried about losing money as a new trader, you're worried about how much money you're gonna make. And that's not what you
202 +|201 |00:30:47,310 ~-~-> 00:30:56,940 |should be doing, how much money can you lose, because everyone goes out the same way lost it. Very rarely does anybody retire wealthy, they go in with the
203 +|202 |00:30:56,940 ~-~-> 00:31:05,640 |expansion, expectation of having that as the outcome, but everyone leaves this game the same way with less than they started. Think about it. So you know that
204 +|203 |00:31:05,640 ~-~-> 00:31:14,280 |the the likelihood of the scenario when you get into this business, so if you cannot control yourself, believe me, the market will help you. Okay, it will
205 +|204 |00:31:14,280 ~-~-> 00:31:22,050 |help you lose your mind. Okay, if you came into a lack of control and discipline, it will help you do a better job of that. It'll give you perfect
206 +|205 |00:31:22,050 ~-~-> 00:31:30,060 |opportunities to do that. And yet little seven pound universe between your ears, your brain is going to also fill in those gaps when the marketplace isn't
207 +|206 |00:31:30,060 ~-~-> 00:31:37,710 |providing this little stimuli that he didn't because our RSI is doing Nasser get in because the moving averages crossed over there. What all these things happen?
208 +|207 |00:31:39,060 ~-~-> 00:31:48,240 |You're going to be looking at. Alright. Hang on here one second.
209 +|208 |00:31:55,950 ~-~-> 00:32:07,560 |Yeah, one more chance Bubba and he going. So the you cannot force yourself to get back in to get your money right away, won't happen can't happen. If you do,
210 +|209 |00:32:07,590 ~-~-> 00:32:16,320 |you're going to be bringing yourself to a level of novice and you're gonna stay in reside in that thought process the rest of your trading career which may be
211 +|210 |00:32:16,320 ~-~-> 00:32:29,490 |very short lived. If you relax and go at bat, taking the loss and saying okay, I took a loss, I can't go past this anymore in terms of losing money, it's already
212 +|211 |00:32:29,490 ~-~-> 00:32:39,480 |taken the money out of my account. What should I do now? That bad habit is going back and trying to get it right away. You can't do that. The best way and the
213 +|212 |00:32:39,480 ~-~-> 00:32:47,400 |mature way is okay, I've taken a loss. I'm not going to do any more today, I'm going to sit back and if I still think the trades Bible, I'm going to in my mind
214 +|213 |00:32:47,430 ~-~-> 00:32:56,220 |paper trade Say hi, had I done it, what's going to happen is you're going to teach yourself. Number one, if it was another losing trade, it doesn't pan out
215 +|214 |00:32:56,220 ~-~-> 00:33:04,920 |as you thought you didn't incur any more live money loss or demo loss. But it's going to teach you an opportunity to go in and dig in what is it you're saying
216 +|215 |00:33:05,250 ~-~-> 00:33:14,610 |is there's a lot of times we feed into these ideas of what you think the markets going to do. Okay, we think the markets gonna go higher, you'll come up with all
217 +|216 |00:33:14,610 ~-~-> 00:33:23,100 |these excuses as to why you believe it's going to be there. You'll paint the picture, you'll give yourself all the evidences in your mind, why it's there,
218 +|217 |00:33:23,130 ~-~-> 00:33:33,060 |and you sell the idea to yourself, which is the reason why I think the other bad habit is spending too much time in the charts. Either your setup that you didn't
219 +|218 |00:33:33,060 ~-~-> 00:33:43,560 |look for and you trust is either there or it's not sitting in front of charts all day long is not going to make that formation occur. So investing way too
220 +|219 |00:33:43,560 ~-~-> 00:33:52,260 |much time, way too much effort. Okay, in terms of looking at price action, unless you're studying just simple price action but looking for a setup, you
221 +|220 |00:33:52,260 ~-~-> 00:34:00,420 |don't want to spend a whole lot of time either there or it's not. It's it's black and white in terms of that. That's about the only absolution there isn't
222 +|221 |00:34:00,450 ~-~-> 00:34:06,060 |in trading stuff for losing money, you're going to absolutely mine guaranteed it's going to happen. It happens to everyone you can't escape, it's like death.
223 +|222 |00:34:06,510 ~-~-> 00:34:16,470 |But if you know what your setup is, you don't spend that much time looking at it. You know what you're looking for? Okay, so that's the other I'm gonna close
224 +|223 |00:34:16,470 ~-~-> 00:34:25,380 |it with this bad habit is not having an idea what it is you want to operate on. Like what is the trading pattern that you look for? Now, when I first came out
225 +|224 |00:34:25,410 ~-~-> 00:34:37,260 |with baby pips, the first thing I taught was optimal trade entry. And there's no mystery there. There's no new alchemy, nothing new. It's a standard 62 to 79
226 +|225 |00:34:37,320 ~-~-> 00:34:48,450 |retracement level. That typically happens in more retracements That's all it is. And it in terms of a bias. Okay, looking at things like the move here, up and
227 +|226 |00:34:48,450 ~-~-> 00:34:59,100 |then back. This move here is what you have to internalize in terms of price action. This is what it looks like conceptually. The market rallies away. Right
228 +|227 |00:34:59,100 ~-~-> 00:35:10,140 |about here. Excuse me, right about in here. This is where all the traders on social media and on forums, they will say, Okay, I'm buying, I think that the
229 +|228 |00:35:10,170 ~-~-> 00:35:17,670 |cable, which is what we're going to show here, British Pound versus US dollar, right about here, that's where the retail minded traders are going to be looking
230 +|229 |00:35:17,670 ~-~-> 00:35:27,450 |to buy. Because why would they look at currency? in their mind, they see this as confirmation. So that means that it's confirmed that it's going up, well, yes,
231 +|230 |00:35:27,450 ~-~-> 00:35:30,330 |it's already gone up. So retail they'll buy in here.
232 +|231 |00:35:31,590 ~-~-> 00:35:40,470 |And without a doubt, and you've all experienced this, you buy it. And it retraces deeper, chances are well beyond what your stop losses would have been
233 +|232 |00:35:40,470 ~-~-> 00:35:49,260 |had you used them or to your stop loss. Okay, because you've used something down in here. Or maybe you use the 50% retracement level, because you want some guy
234 +|233 |00:35:49,260 ~-~-> 00:35:58,560 |on the forum say everything should be below the 50% level in stop losses. And it goes down to 62 to 79 cent treatment, and then does something to the effect of
235 +|234 |00:35:58,560 ~-~-> 00:36:07,320 |creating another short term low and then rallies. So if you can't see your pattern, or even identify and define it, that's a that's a problem. That's a
236 +|235 |00:36:07,320 ~-~-> 00:36:14,550 |habit because what you're doing is you're reacting to price, you're doing what everyone else is doing. They're watching it go up after it's gone up a certain
237 +|236 |00:36:14,550 ~-~-> 00:36:24,990 |number of pips, and it could be completely wide, very variety of terms of range of what everyone would love to see in terms of providing, quote, unquote,
238 +|237 |00:36:24,990 ~-~-> 00:36:35,010 |confirmation. You don't need confirmation, if you're going to be consistently trading profitably, you need to have a setup and you trading in the opposite
239 +|238 |00:36:35,010 ~-~-> 00:36:42,420 |direction you intend to profit. In other words, if you're looking to go long, you have to be buying when prices dropping. If you don't learn to do that, in
240 +|239 |00:36:42,420 ~-~-> 00:36:51,420 |forex, you're going to sit through a lot of drawdown, you're going to be very hard pressed to have to endure before your dealer spread is covered. And you're
241 +|240 |00:36:51,420 ~-~-> 00:36:58,650 |going to get stopped out a lot. So you want to be anticipating this type of move. So obviously you have to come up with a framework that provides
242 +|241 |00:36:58,650 ~-~-> 00:37:06,060 |bullishness, for some of you, you might like trend lines, okay, you might have a trend line that you see on a monthly and a weekly chart. And you think that it's
243 +|242 |00:37:06,060 ~-~-> 00:37:12,540 |bullish? Okay, I'm not gonna argue and say that he can't make money with it. I just don't personally believe in them. But if that's what you believe, you know,
244 +|243 |00:37:12,540 ~-~-> 00:37:22,080 |that's your bias that leads you to believe you're bullish on cable coin, great. What you would look for is you want to see this willingness to go up, okay, I
245 +|244 |00:37:22,080 ~-~-> 00:37:30,150 |taught this in the snipers series and precision trading concepts. They're free tutorial stuff. I'm not teaching you anything in terms of the mentorship stuff
246 +|245 |00:37:30,150 ~-~-> 00:37:40,080 |here. But the general premise is, is you want to see this displacement in the marketplace where there's an underlying willingness to go higher. And we see
247 +|246 |00:37:40,080 ~-~-> 00:37:48,540 |that in price. So when price rallies and this could be on all timeframes, it's not limited to any one particular timeframe. But when price rallies, you want to
248 +|247 |00:37:48,540 ~-~-> 00:37:57,330 |wait for that retracement back and identify, you know what those levels are going to be based on running a fib from the low up to the high because you're
249 +|248 |00:37:57,330 ~-~-> 00:38:09,240 |bullish. So when you have that, you'll get this Fibonacci layer on top of your price swing, and right in here in this little area. This is what you'd look for
250 +|249 |00:38:09,240 ~-~-> 00:38:20,760 |for your setup. So the habit you want to overcome is staring at the charts blindly not knowing what it is that you should be looking for. Right in here is
251 +|250 |00:38:20,760 ~-~-> 00:38:27,210 |the setup. You can see how price will you can see that now the candles here so I'm gonna change the color the background with the candles, you can see exactly
252 +|251 |00:38:27,210 ~-~-> 00:38:38,190 |what happened. But this is a sweet spot. There's no magic in that level. It's simply the 70.5 level on the Fibonacci seven 0.5. Okay, and that level, is what
253 +|252 |00:38:38,190 ~-~-> 00:38:49,200 |I've taught on baby pips from 2010. On until I finally left there. This was the level I like to see price trade to just for completeness sake. And because I'm
254 +|253 |00:38:49,200 ~-~-> 00:38:58,980 |sure everyone's wanting to know, do I buy on retracements at the 70.5 or 260 2% tradesmen level with a 79% tracing level, like I taught on baby pips, I try to
255 +|254 |00:38:58,980 ~-~-> 00:39:08,670 |get my entry at 262. I don't know if it's going to go down to the 70.5 or 79. I don't know that no one knows that. So because I trade with a higher timeframe
256 +|255 |00:39:08,670 ~-~-> 00:39:16,560 |model in mind, I'm already allowing myself to have some measure of drawdown from my entry. I'm comfortable with that, because it's expected it's built into my
257 +|256 |00:39:16,560 ~-~-> 00:39:26,880 |model. So I don't freak out when I buy to 62. And it goes down to 70.5 or 79. Because I've allowed the trading and the the gearing on that trade to permit
258 +|257 |00:39:26,880 ~-~-> 00:39:34,890 |that in terms of the risk, it's not going to hurt my account that much, even if it trades beyond that and stops me. The next point is is this is where you would
259 +|258 |00:39:34,890 ~-~-> 00:39:42,390 |look for your entry. Okay, that part's done. That's the easy part. It doesn't feel like it's the easy part. Everyone else is struggling with that. I want to
260 +|259 |00:39:42,390 ~-~-> 00:39:50,730 |tell you now what the hard part is where to get out. You have to know where you're getting out at. This is what gives you your risk reward models if you
261 +|260 |00:39:50,730 ~-~-> 00:40:02,160 |believe in that myth. Okay. If we know that this is the retracement level and this is where we're trying to buy at okay if this is our entry How much are we
262 +|261 |00:40:02,160 ~-~-> 00:40:11,820 |willing to hold to trade for? Now notice what I said there. I did not say, how much are you are is your risk reward going to be? Because that's speaking in
263 +|262 |00:40:11,820 ~-~-> 00:40:18,960 |absolutions. And everyone knows what it's like when you get into trade. The market may do something once it gets up to here. Okay, it may give signs and
264 +|263 |00:40:18,960 ~-~-> 00:40:25,440 |evidence is that it doesn't want to go beyond this high here. So is the risk reward model still the same? Hell no.
265 +|264 |00:40:25,680 ~-~-> 00:40:34,590 |It's gone out the window. Because now you have wrestled and now are wrestling with emotions, psychology, I have profits. Now. Do I want to hold on to the full
266 +|265 |00:40:34,590 ~-~-> 00:40:45,300 |position? No, forget about it. Real traders learn to scale out and they do no work, let's say this way. Real consistently profitable, traders learn to scale
267 +|266 |00:40:45,300 ~-~-> 00:40:53,940 |out those individuals that teach on social media, that scaling is stupid, because your risk is the highest at the beginning. And you're taking smaller
268 +|267 |00:40:53,940 ~-~-> 00:41:01,770 |profits along the way. Forget what everyone else is saying. Because they just said what everyone else is not doing. Taking profits is what everyone can't do.
269 +|268 |00:41:02,460 ~-~-> 00:41:13,650 |The 90% plus club is not profiting. So those individuals are commenting on how people are doing it wrong taking profits, you are not taking anything negatively
270 +|269 |00:41:14,940 ~-~-> 00:41:21,810 |out of your trading. By taking profit you're in you're investing you're depositing where everyone else is getting withdrawals from their account you're
271 +|270 |00:41:21,810 ~-~-> 00:41:29,940 |depositing, you're here in this industry to make money. You're not in here to look good. You're not in here to be smarter than the next guy. You want to be
272 +|271 |00:41:29,940 ~-~-> 00:41:36,990 |profitable. You put this much money in the account. Your idea is you want to have more than you did when you first started. How much time is it going to take
273 +|272 |00:41:36,990 ~-~-> 00:41:45,930 |to get to that number you have as a goal? I don't know. You don't know. But you have to have at least an initial comfort level where you think reasonably the
274 +|273 |00:41:45,930 ~-~-> 00:41:54,120 |market may go how you do that? Well. This is the impulse price swing that I taught for displacement and sniper series. Then you wait for the retracement
275 +|274 |00:41:54,150 ~-~-> 00:42:01,890 |back down in the 60 to 70% retracement level in a bullish market environment. And again, I'll leave that to you that makes what makes the market bullish and I
276 +|275 |00:42:01,890 ~-~-> 00:42:11,070 |given you several different reasons why you can expect the market to go higher or lower in this lecture series and my free tutorial. So if we know that it's
277 +|276 |00:42:11,070 ~-~-> 00:42:19,680 |most likely going to go higher, where do we look to get out? Where's the target level or Where's several targets? Okay, so we can consider taking multiple
278 +|277 |00:42:19,830 ~-~-> 00:42:36,300 |scaling out profits to high down to the anticipated low. Here. That's the low on the price, I'm going to use the 70.5 level right there. So what I did was I drew
279 +|278 |00:42:36,300 ~-~-> 00:42:43,590 |the high down to the 70.5 level gradient here, this is going to be a target.
280 +|279 |00:42:49,560 ~-~-> 00:42:57,630 |Okay, and we always use to hide retraces from because it can just go right to that point. And that's a real good level to take some profits at. Here's another
281 +|280 |00:42:57,630 ~-~-> 00:43:06,420 |objective. And here's another objective. Okay, so now we have our entry. That's easy. That's the easy part. We know where it's most likely going to go. If it's
282 +|281 |00:43:06,420 ~-~-> 00:43:14,760 |bullish, it's going to go back and retest this high. And then we want to see if it has a willingness to go higher. That's this one. And here, and right about
283 +|282 |00:43:14,760 ~-~-> 00:43:23,520 |here, that's about as high as I would like to go. Okay, because this could be in remember, I taught this in my free stuff, that reflection pattern, where we have
284 +|283 |00:43:23,520 ~-~-> 00:43:31,710 |a high short term high and market trade through that to some degree and creates like a mirror version of optimal trade entry for ourself. By making a higher
285 +|284 |00:43:31,710 ~-~-> 00:43:40,560 |high becomes the turtle suit so it goes lower. I have that in mind. Every time the market trades to a new high or a new low. I'm thinking take some profits,
286 +|285 |00:43:40,920 ~-~-> 00:43:50,970 |the other traders making its breakout, it's going to continue not me. liquidity is resting above old highs and below lows. So their liquidity pools if we can
287 +|286 |00:43:50,970 ~-~-> 00:44:00,540 |now frame an entry cream targets here in here. Okay, I like to take something ahead of the high because I've seen many times my trading aid may not get back
288 +|287 |00:44:00,540 ~-~-> 00:44:10,800 |there, it could create a lower high here fail and go lower. So that's why in here, what I do is I take another fib draw from the high down to the entry, and
289 +|288 |00:44:10,800 ~-~-> 00:44:14,700 |where 70 lines of tradesmen level is here. And I'll show you what that looks like you didn't get this off
290 +|289 |00:44:21,360 ~-~-> 00:44:32,100 |the high retracement down to the entry. Point 71 70.5. rating here is 79 centuries and I would like to take profit and scale right there. Why? Because I
291 +|290 |00:44:32,100 ~-~-> 00:44:43,470 |could be wrong. They could trade up to their fail and go lower and reverse. Now think about what this gave you. I gave you a way of still profiting when you're
292 +|291 |00:44:43,470 ~-~-> 00:44:52,440 |wrong. Because the idea in premises this high should break this is bullish. But there's nothing saying that's going to happen. That's not going to always
293 +|292 |00:44:52,440 ~-~-> 00:45:01,050 |happen. So here's your objectives. This is what you're left with. At least this is how I do it. You get down here how much of a range Do you have from first
294 +|293 |00:45:01,050 ~-~-> 00:45:09,000 |profit from here to here, because that's my first target. And everyone saw this happening. When I was doing my mentorship, if I had to trade that was panning
295 +|294 |00:45:09,000 ~-~-> 00:45:20,850 |out, I was taking profits ahead of where I thought the market was gonna go. Now, to a lesser, mature mindset, when they see this, they think, oh, he doesn't have
296 +|295 |00:45:20,850 ~-~-> 00:45:27,810 |the discipline to hold out for his trade idea. And that tells me a whole lot about that person that makes those comments because they aren't profitable.
297 +|296 |00:45:28,410 ~-~-> 00:45:37,440 |They're not because they're holding for all of it. They want every piece of the pie. And you cannot do this consistently, because their markets are going to
298 +|297 |00:45:37,440 ~-~-> 00:45:45,510 |move around. You don't know if they're going to drop a bomb in North Korea and cause the markets to have a ripple. So how can you with any degree of absolute
299 +|298 |00:45:45,510 ~-~-> 00:45:53,490 |certainty, know that the market just goes back to the old high, it just makes you think it's bullshit, something's gonna happen. So you have to build in
300 +|299 |00:45:53,490 ~-~-> 00:46:01,410 |models that allow you still be profitable, even if you're wrong. So the idea is I want to go back to this old high from my entry down here. If it gets back to
301 +|300 |00:46:01,410 ~-~-> 00:46:09,960 |this high here, that's a level where I can take profits. But it may not get there. But if it does, great, I'm gonna see if I can go to the next level, which
302 +|301 |00:46:09,960 ~-~-> 00:46:20,820 |is 127, extension, and then 162 extension, that's what these levels are. Okay. So now with this in mind, we can frame from this point here to my first target,
303 +|302 |00:46:20,820 ~-~-> 00:46:30,690 |how much could I reasonably expect to make? Is that enough in terms of pips, if it's like 10 pips, that's not a trade for me. If this is like 30 pips, or 40
304 +|303 |00:46:30,690 ~-~-> 00:46:41,160 |pips, then yes, that's a trade for me, my personal model my personal tastes, because it allows me to make enough money in terms of movement and magnitude of
305 +|304 |00:46:41,160 ~-~-> 00:46:50,400 |price move, and it gives me enough to profit, I can take half the position off here, okay, and take a portion at the high, take a portion off here, and a
306 +|305 |00:46:50,400 ~-~-> 00:46:59,310 |portion off here. And the moral victory of knowing it went to the ultimate high, that's what I get, I do not always get full entry for exit where I say it's
307 +|306 |00:46:59,310 ~-~-> 00:47:08,490 |going to go. That's not happening all the time. rarely, if ever, is it happening like that. I know, by looking at a trade like this, it gives me framework. So
308 +|307 |00:47:08,490 ~-~-> 00:47:16,050 |now if I have this in mind, I have my entry you want to get in it, I haven't done anything, this is the things I'm doing. And these are the things that you
309 +|308 |00:47:16,050 ~-~-> 00:47:25,050 |have to do. If you don't do this, you're going to have your trading filled with bad habits, this is the good habit that you have to do. So this is how you frame
310 +|309 |00:47:25,050 ~-~-> 00:47:35,400 |a trade you set about for entry, you define what your objectives are to get out. And now once you understand this, now you can determine what your risk is. Then
311 +|310 |00:47:35,400 ~-~-> 00:47:43,110 |it also makes or breaks the trade for you. So now you have to look at how much can I make here in terms of pips, and how does that relate to putting a stop
312 +|311 |00:47:43,110 ~-~-> 00:47:53,700 |loss rate at this low here. Now, trading circles will say you got to go down here like 10 pips below this low, not me. I don't want to I don't want to have
313 +|312 |00:47:53,700 ~-~-> 00:48:04,260 |that. If I believe that I have 40 pips, or say 60 pips here, okay, in terms of range, because I'm not looking at here in terms of the actual cable movement.
314 +|313 |00:48:04,590 ~-~-> 00:48:14,280 |I'm giving you kind of like a blanket concept to use on all timeframes. But if we get like a range of 60 pips here, okay. And I know some of you're looking at
315 +|314 |00:48:14,280 ~-~-> 00:48:24,210 |it's not 60 pips Michael, but belong short is, is if that's the range that we have here. 40 to 60 pips, if we buy here, we're buying it as it drops down, not
316 +|315 |00:48:24,240 ~-~-> 00:48:33,150 |once it starts going up, you don't need to do that you want to be buying it as it drops and hits that level. Okay, either 62 or 70.5, you can be a hard ass and
317 +|316 |00:48:33,150 ~-~-> 00:48:41,100 |wait for it to go down to 79. But many times it doesn't go there. And you'll see once the colors that you can see actually here, it never went down that low. But
318 +|317 |00:48:41,100 ~-~-> 00:48:51,000 |I like to anticipate it reaching to 70.5 for optimal trade entry. But my entry most 90% plus times is right at the 62% trades level. That's what I'm looking at
319 +|318 |00:48:51,000 ~-~-> 00:48:59,070 |the price I'm trying to get. So either I'm trying to wait for the trade so allows me at market to get that price or I use limit orders at or just above the
320 +|319 |00:48:59,070 ~-~-> 00:49:05,760 |70.5 level that will get me at the 62 as an entry. The risk is defined right at the old low.
321 +|320 |00:49:07,230 ~-~-> 00:49:15,360 |Why am I comfortable with putting it right at the old low and not 10 pips low or five pips or 20 pips below it. Because if it's going to go below the 79% level,
322 +|321 |00:49:16,200 ~-~-> 00:49:24,900 |it's going to run the stocks below that low anyway. And I don't want to have too much risk below that low, late it opportunity for them to take that for my
323 +|322 |00:49:24,900 ~-~-> 00:49:34,500 |account as it could skip and get down and hit that and too fast of a movement for me save it's safe to stop. So I have my stock rate too low. So if he does
324 +|323 |00:49:34,500 ~-~-> 00:49:43,020 |skip and jump down here, I'm not going to whether 10 or 20 or 3040 pips below that low depending on how your trading teacher taught you with an old low
325 +|324 |00:49:43,050 ~-~-> 00:49:51,780 |putting a stop below that. I'm going to rate at that low because in this condition if I'm bullish, it should not go below 79 if it goes below 80 it I'm
326 +|325 |00:49:51,780 ~-~-> 00:50:00,360 |wrong. So I'm going to collapse the trade personally and I'm going to say the stop to now what I just teach you cut your losses short. Define your risk. Know
327 +|326 |00:50:00,360 ~-~-> 00:50:09,930 |your objectives, how to hold on for them. we've replaced a lot of bad thinking and toxic thinking you probably had or didn't even know what you're looking for
328 +|327 |00:50:09,930 ~-~-> 00:50:19,590 |in terms of price action, I've given you a complete model of how to interpret price. Replace bad habit thinking and replace it what the things you're supposed
329 +|328 |00:50:19,590 ~-~-> 00:50:33,990 |to be looking for, what is it you focusing on primarily? So with that in mind, let's go into really I know there are some people that are not inside my group
330 +|329 |00:50:33,990 ~-~-> 00:50:50,370 |here, and your news is the first time you're here. Get to the meat of it, get to show us the account. Since you made your video really. Right. I'll use this said
331 +|330 |00:50:50,370 ~-~-> 00:50:57,180 |that like I usually had a bull candle. ampere candle.
332 +|331 |00:51:04,830 ~-~-> 00:51:17,190 |Okay. And that's what price look like in reality. So you can see how price rally up to the seventh level of the retracement leg, this is first profit. Okay, then
333 +|332 |00:51:17,190 ~-~-> 00:51:28,290 |it pray price trades up to the old high, there's an objective there. Here's an objective here is that and then finally hit the 6162 extension. So all this
334 +|333 |00:51:28,440 ~-~-> 00:51:37,290 |unfolds with the idea that you have to believe that the market is going higher. So that means you have to anticipate the market moving higher, wait for it to
335 +|334 |00:51:37,290 ~-~-> 00:51:46,980 |happen. Don't rush, when it does retrace, know where you're gonna be looking to to take the trade stop loss around here, turtle soup entry, it doesn't have to
336 +|335 |00:51:46,980 ~-~-> 00:51:54,240 |be optimal trade entry. This could be your trading pattern here, this old low being violated when it's bullish. There you go, as this is all free tutorial
337 +|336 |00:51:54,240 ~-~-> 00:52:03,720 |stuff. But the problem is, is many of you are trying to do too many things. And you're worrying about the wrong things. And by having the right perspective,
338 +|337 |00:52:03,900 ~-~-> 00:52:18,240 |applying it doing consistently, then and only then will you overcome bad habits and replace them with positive. Really, really look. This is not why had you
339 +|338 |00:52:18,240 ~-~-> 00:52:34,920 |here. But the account now is it 15 to 81. I did a little little movement in the Euro this morning. We'd see the last one I got stopped out on that video. And
340 +|339 |00:52:34,920 ~-~-> 00:52:48,630 |here it is. So now I haven't taken any losses I'm hiding from so please don't send those things. Guys worry about the wrong things. Anyway. So hopefully this
341 +|340 |00:52:48,630 ~-~-> 00:52:58,230 |has given you some some framework to work within in terms of developing the right mindset, and overcoming bad habits. Obviously, there's a lot of things
342 +|341 |00:52:58,230 ~-~-> 00:53:08,370 |that could be answered or discuss. And I could probably go on and on and on. But I don't want to spend any more time that have a lot in for. So I want to know is
343 +|342 |00:53:08,370 ~-~-> 00:53:18,720 |have you had any kind of if you've had any ideas stimulated, if you've given at least a context of how to use it. That would be appreciate if you share with me
344 +|343 |00:53:18,720 ~-~-> 00:53:37,410 |in the comment box. I don't I didn't want to do this. But let's go through real quick. There's the trade. And you can see how very similar to what I did with
345 +|344 |00:53:37,410 ~-~-> 00:53:48,600 |the cable idea. I went long here, you can see the trade idea is how about me show 2 million times you can see it's not me adding a line and putting all this
346 +|345 |00:53:48,600 ~-~-> 00:53:59,040 |stuff here did a long here I had the objective of getting up here. And we had a price drop. And I did an extension with an extensive fib from the high down to
347 +|346 |00:53:59,040 ~-~-> 00:54:07,590 |the low and it rallied back up. And once we got to a level that would be reasonable for optimal trade entry as a potential reversal. That's where I was
348 +|347 |00:54:07,590 ~-~-> 00:54:17,430 |scaling out at. And my initial scaling was just pay off. I took two of the four I bought initially down here because I was unsure about the willingness to want
349 +|348 |00:54:17,430 ~-~-> 00:54:28,080 |to go higher. So I was paying myself even though I was wrong. You have to learn to be profiting. When you're wrong about your outcome. If you don't see the
350 +|349 |00:54:28,080 ~-~-> 00:54:36,360 |things panning out, you need to at least know how to get that out of the marketplace to pay you. I had it pointed with entry. The market rally that while
351 +|350 |00:54:36,360 ~-~-> 00:54:44,340 |I was sleeping, it didn't hit my limit order. didn't give me the objective to move higher. We dropped down I woke up I saw price trading at this level in
352 +|351 |00:54:44,340 ~-~-> 00:54:51,960 |here. I gave it some time. And once it moved into a level retracement from this high down to the low. I scaled out and it didn't give me any more positive
353 +|352 |00:54:51,960 ~-~-> 00:55:00,150 |movement scale out another portion. It didn't give me any more and I just collapsed the trade. And did I do the right thing? Yes. Was I wrong about The
354 +|353 |00:55:00,150 ~-~-> 00:55:09,120 |trade? Yes, because I thought I was gonna go up here. Did I lose money? No. Did I make money? Yes. In demo for disclosure, I'm teaching through a demo account.
355 +|354 |00:55:09,570 ~-~-> 00:55:12,030 |But this is what you do. You have to have
356 +|355 |00:55:13,410 ~-~-> 00:55:23,970 |free, drop the ego leave the I got to be better than the next guy attitude or I have to live up to some measure of expectation to be profitable. No, you don't.
357 +|356 |00:55:24,450 ~-~-> 00:55:34,950 |It's about making more deposits in the account than withdrawals. That's all this is. But there's a lot of room for flamboyance. There's a lot of room for pomp
358 +|357 |00:55:34,980 ~-~-> 00:55:43,590 |and arrogance. And believe me, I'm a showcase for that. But if you try to do those things, and try to make it manifest into profitability in your trading,
359 +|358 |00:55:44,370 ~-~-> 00:55:51,720 |many times it's going to be a barrier. I've been doing this for 23 plus years. So I know me, I know the markets enough where I can play around in it. New
360 +|359 |00:55:51,720 ~-~-> 00:56:01,170 |traders don't have that. And they can get in trouble wearing their ego, or trying to be a big shot, and pretending to do something they don't. And when you
361 +|360 |00:56:01,170 ~-~-> 00:56:08,160 |look at their accounts, or they look at their trading, it's pretty apparent. They don't know what you're doing. But long and short is, there's plenty of bad
362 +|361 |00:56:08,160 ~-~-> 00:56:16,200 |habits I didn't list today. But the ones that I like talked about and covered today. They're the ones I had to actually endure and wrestle with. And what I
363 +|362 |00:56:16,560 ~-~-> 00:56:24,450 |what I ended up doing by showing the end of the this video and this presentation, was what I actually did to overcome it, know what I'm looking for,
364 +|363 |00:56:24,840 ~-~-> 00:56:34,440 |know how to define that risk, know how to pay myself when I'm wrong. Because you have to do that. And this is an example. I was expecting your to go higher. It
365 +|364 |00:56:34,440 ~-~-> 00:56:45,780 |didn't. But I knew how I was going to react to it failing, not chasing price or freaking out. I woke up. Yeah, I would have had a wonderful opportunity to get a
366 +|365 |00:56:45,780 ~-~-> 00:56:52,920 |higher price. But I was sleeping. My limit order was doing its job up here should price trade there. my stop loss was already at a point where I couldn't
367 +|366 |00:56:52,920 ~-~-> 00:57:01,770 |lose. In the long short is it woke I woke up a saw market had dropped down. This could have very easily stopped me out at you know, well my stop was a little bit
368 +|367 |00:57:01,770 ~-~-> 00:57:09,450 |lower than here. But at the time, when we started rallying up, I move my stop to a point where I couldn't lose any money and watched and I manage how much of a
369 +|368 |00:57:09,480 ~-~-> 00:57:19,020 |retracement we're getting here. And it was stalling between this high and this low. So I had to pay myself. That's what this leg is here. And you can see I had
370 +|369 |00:57:19,020 ~-~-> 00:57:19,770 |all the other ones.
371 +|370 |00:57:24,780 ~-~-> 00:57:36,120 |You can see all the portions of which did I took out for the remaining balances. So long short, it is I was wrong. But my account showed positive deposit. It
372 +|371 |00:57:36,120 ~-~-> 00:57:45,240 |doesn't have to be I'm right all the time, you're never going to be right ever. Because had I been right in terms of my directional bias in it say it hit this
373 +|372 |00:57:45,240 ~-~-> 00:57:55,920 |level and it took out my my target and then went 50 pips higher than that. Online, I'd have 1000 people saying you didn't hold it the right way, you know,
374 +|373 |00:57:55,920 ~-~-> 00:58:06,120 |you didn't get to this level by ignoring the fact that it was a positive deposits going into the account. So everyone on the outside of you are going to
375 +|374 |00:58:06,120 ~-~-> 00:58:13,680 |have all of these opinions about what you should be doing. When they can't spend your money. And they sure as heck ain't going to help you. If you lose money,
376 +|375 |00:58:13,680 ~-~-> 00:58:19,170 |they're not gonna get Hey, I feel sorry for you, pal. Here's some money, they're not going to do that. But they all have an opinion about what you're doing and
377 +|376 |00:58:19,170 ~-~-> 00:58:30,210 |what you should be doing. Unless they have given you something of value in terms of education, and opinion, or money. Okay, there's nothing wrong with someone
378 +|377 |00:58:30,210 ~-~-> 00:58:39,030 |giving you money, if they give you money to help you, okay, great. But otherwise, their opinions don't matter much at all. But because a new traders
379 +|378 |00:58:39,030 ~-~-> 00:58:48,270 |mindset is if somebody tells me I've been trading, leave and trade rather trading longer than me, when I was a new trader right away, I knew that that
380 +|379 |00:58:48,270 ~-~-> 00:58:55,890 |person had more experience, and I want to listen to them. But I wasted so much time listening to other people, when all they were doing was pretending they had
381 +|380 |00:58:55,890 ~-~-> 00:59:04,950 |no idea what they were doing. They were selling this idea themselves because they couldn't make money in an account. They went online and pretended. So the
382 +|381 |00:59:04,950 ~-~-> 00:59:13,380 |last thing I'm gonna close with is know who you're getting the information from. Okay, it's one thing to listen to somebody that may sound genuine may sound very
383 +|382 |00:59:13,620 ~-~-> 00:59:22,200 |well in law intended. But there's a lot of well intended sounding people out there that are clueless, they have no idea what you're doing. And you'll know
384 +|383 |00:59:22,200 ~-~-> 00:59:32,250 |right away, if they have any idea what they're doing, if they teach the similar very, very close to what I've taught today, number one reality you're going to
385 +|384 |00:59:32,250 ~-~-> 00:59:40,860 |lose, you have to have the right perspective. And toxic thinking is easy to replace, once you know what it is that you should be doing. But most people
386 +|385 |00:59:40,860 ~-~-> 00:59:47,280 |don't know what they're supposed to be seeing in the charts, or how they're supposed to operate from a personal standpoint, like a like a personality trait.
387 +|386 |00:59:47,730 ~-~-> 00:59:55,920 |Whether it be a search term trader, scalping swing, trader day trader, all those things have to relate directly to your personality. And if they aren't, you're
388 +|387 |00:59:55,920 ~-~-> 01:00:04,200 |going to have adversity in your trades, because you're going to be wrestling with holding onto something that your comfort level doesn't promote. Like, I
389 +|388 |01:00:04,200 ~-~-> 01:00:13,470 |can't be a long term trader, I can't do it. My personality is too short fused. I make decisions too quick. So I do day trading and short term trading, because it
390 +|389 |01:00:13,470 ~-~-> 01:00:21,330 |makes sense for me to do it that way. I can't I tried it, I can't do it. So I'm not saying because I can't do it. That's the model for everyone else. I'm just
391 +|390 |01:00:21,330 ~-~-> 01:00:30,960 |telling you, statistics prove that. That's why people fail. They try to do something they personally can't align themselves mentally and psychologically,
392 +|391 |01:00:31,170 ~-~-> 01:00:41,730 |to do. And Larry Williams did a study on this, and I didn't believe it at first. But after years of trading, I'm 100% certain he had it right. You have to match
393 +|392 |01:00:41,760 ~-~-> 01:00:52,590 |up your personal personality and the way you live your life. If you're fast and quick, and witty. Chances are you'd be a great day trader. If you're an
394 +|393 |01:00:52,590 ~-~-> 01:00:59,970 |adrenaline junkie, and you're out there doing all kinds of extreme sports. Again, that's a day trader, scalpers model, because you're engaging constantly a
395 +|394 |01:00:59,970 ~-~-> 01:01:10,530 |more passive investors mindset, where you really want to avoid drama, you want to avoid excitement, you probably do very well as a swing trader or a position
396 +|395 |01:01:10,530 ~-~-> 01:01:19,770 |trader. And day trading just isn't going to work for you because you think that it's too much noise on a lower timeframe. It's not noise, it's volatility. And
397 +|396 |01:01:19,770 ~-~-> 01:01:28,650 |that same volatility would scare you away as a position trader or swing trader is a wonderful Wonderland for a scalp or day trader because they can work in
398 +|397 |01:01:28,650 ~-~-> 01:01:37,500 |that model of volatility and be able to find setups find ways to be able to pick out a buys and sells so you have to do a lot of work in terms of knowing your
399 +|398 |01:01:37,500 ~-~-> 01:01:46,800 |personal self. Okay, so I'm going to escape wish you all a very pleasant day. Appreciate you coming on. If you didn't learn anything, I apologize for wasting
400 +|399 |01:01:46,800 ~-~-> 01:01:56,040 |your time. If you did, let me know in the comments box and inside that on Twitter, let me know I appreciate that. It is recorded so I will throw this up
401 +|400 |01:01:56,040 ~-~-> 01:02:04,590 |on the YouTube channel and that way everyone can talk about me on there and spread it spread the word that I'm and again so I will catch up with you when I
402 +|401 |01:02:04,590 ~-~-> 01:02:11,010 |catch up with you new promises when the next one's going to be I just wanted to give you guys a shout out let you know that I do have that Twitter account. It
403 +|402 |01:02:11,010 ~-~-> 01:02:21,060 |is mine. No one's holding it and pretending to be me with this one. So I am ICT is the Twitter handle. In October I'll be a little bit more busier than I am
404 +|403 |01:02:21,060 ~-~-> 01:02:23,820 |now. So with that wish you good luck and good trading.
5 5  
6 -2
7 -00:00:27,900 ~-~-> 00:00:29,640
8 -my mentorship, no need to tell me.
9 -
10 -3
11 -00:00:37,620 ~-~-> 00:00:45,000
12 -actually surprised there's a lot of a lot of you that are new, or at least
13 -you're at least you're telling me you're now I'm not sure. Okay, so what we're
14 -
15 -4
16 -00:00:45,000 ~-~-> 00:00:53,100
17 -gonna do is I'm gonna be asking for credit card numbers today. So security
18 -numbers, and I'm just kidding, I'm just kidding. I'm asking you for anything.
19 -
20 -5
21 -00:00:55,350 ~-~-> 00:01:06,330
22 -All right, first things first, we're looking at the Twitter account, did I
23 -activate it? So that way everyone knows that it is me. You hear my voice. It's
24 -
25 -6
26 -00:01:06,330 ~-~-> 00:01:17,250
27 -at AI underscore, m underscore ICT. So if you've seen it or heard about it, and
28 -you're watching the video, I wasn't gonna record this. But now I'm going to
29 -
30 -7
31 -00:01:17,250 ~-~-> 00:01:24,030
32 -because I think I could answer a couple different things that came by way of
33 -email over the weekend. So a lot of it had to do with is this really me, because
34 -
35 -8
36 -00:01:24,030 ~-~-> 00:01:33,180
37 -there's two goobers on Twitter pretending to be me. But nonetheless, it's me. So
38 -I'll be sharing stuff. Beginning in October, I just want to get to Twitter
39 -
40 -9
41 -00:01:33,180 ~-~-> 00:01:42,840
42 -account activity later by notes me. And that's about it. As far as that goes,
43 -it's pretty self explanatory. I'm not going to be doing the stupid stuff I did
44 -
45 -10
46 -00:01:42,840 ~-~-> 00:01:50,310
47 -in the past, or I was trolling all the other people. So if you're looking for
48 -that, unfortunately, that won't be there. I'll just be talking about the markets
49 -
50 -11
51 -00:01:50,310 ~-~-> 00:02:01,830
52 -and whatever else goes on in, in the charts. Alright, so let's go over to Mt
53 -four. That way, we'll get started on the things I want to discuss this morning.
54 -
55 -12
56 -00:02:03,000 ~-~-> 00:02:12,030
57 -Now, admittedly, I'm a little rusty, because I've been away from live sessions
58 -for a couple weeks. I'm used to doing it on a day by day basis. But not taking
59 -
60 -13
61 -00:02:12,030 ~-~-> 00:02:22,830
62 -some time off, because I've been burned out. But I want to kind of like, give
63 -the opportunity to voice my opinion on some of the things that I think plague
64 -
65 -14
66 -00:02:23,490 ~-~-> 00:02:33,810
67 -traders. In terms of bad habits. Actually, I'll refer to some of the things I've
68 -done. From the beginning. Back in the 90s, when I first started as a trader, and
69 -
70 -15
71 -00:02:33,810 ~-~-> 00:02:44,430
72 -one of the one of the one of the things that I think, if you first tackle it,
73 -and I'll talk about before we close today's session, if we can overcome this one
74 -
75 -16
76 -00:02:44,430 ~-~-> 00:02:53,130
77 -particular habit, I think that would be a huge milestone, for everyone stay in
78 -and eat, it doesn't matter if you're a new trader, or if you're someone that's
79 -
80 -17
81 -00:02:53,130 ~-~-> 00:03:02,250
82 -been trading for a long time. There's one particular habit that always plagues
83 -everyone. And I'm not suggesting I have figured it out for everyone, but I'll
84 -
85 -18
86 -00:03:02,250 ~-~-> 00:03:14,370
87 -just give you my suggestion how I personally overcome it, or at least battle it.
88 -Alright, so when we're, when we're considering trading, obviously, the beginning
89 -
90 -19
91 -00:03:14,370 ~-~-> 00:03:22,530
92 -or genesis of everything is, is you have to have an idea of what you're going to
93 -act on. Everyone first gets into this business, and they want to think about how
94 -
95 -20
96 -00:03:22,530 ~-~-> 00:03:29,910
97 -much money they're going to make. They don't take any consideration that how
98 -much money they're going to lose, or whether in terms of adversity. So
99 -
100 -21
101 -00:03:29,940 ~-~-> 00:03:38,310
102 -obviously, that's the first habit that, you know, becomes a bad habit is
103 -expectations, you know, and the unfortunate thing for me is, when I first
104 -
105 -22
106 -00:03:38,310 ~-~-> 00:03:52,260
107 -started, I had initial luck. And everyone knows the storyline. I'm not going to
108 -rehash all that. But the barrier at which begins to build in a traders mind is
109 -
110 -23
111 -00:03:52,290 ~-~-> 00:03:59,640
112 -as soon as they have initial block, like for instance, I had he start thinking,
113 -you know, more than you really do, you start thinking that you're better than
114 -
115 -24
116 -00:03:59,640 ~-~-> 00:04:11,340
117 -you really are. And that was all what I experienced in the beginning. So I don't
118 -want to have this session without at least bringing that up first. Because a lot
119 -
120 -25
121 -00:04:11,340 ~-~-> 00:04:21,900
122 -of you may be new, I don't know what your length of trading or how long you've
123 -been doing it. Just for record sake, I can't see it now because I'm not looking
124 -
125 -26
126 -00:04:21,900 ~-~-> 00:04:30,360
127 -at it. But if you don't mind in the comment section, for question boxes, tell me
128 -how long you've been trading or when you first started doing it. You know, just
129 -
130 -27
131 -00:04:30,360 ~-~-> 00:04:36,600
132 -give me some feedback. I can't read it all here while we're doing because
133 -there's a lot of things that supposedly had to close to the questions box. So I
134 -
135 -28
136 -00:04:36,600 ~-~-> 00:04:47,550
137 -can keep my train of thought but the low expectation approach I think is the
138 -best way because it allows a lot of room to grow. What you think you're going to
139 -
140 -29
141 -00:04:47,550 ~-~-> 00:04:58,800
142 -be able to do when you first start or before you start is going to be strongly
143 -contrast that by what you see in reality. In other words, everyone has this rose
144 -
145 -30
146 -00:04:58,800 ~-~-> 00:05:06,420
147 -petal colored the Classes perspective, you know, they're never going to have a
148 -problem, because they feel hyped up, they get encouraged by whoever's told him,
149 -
150 -31
151 -00:05:06,780 ~-~-> 00:05:15,360
152 -you know, this is how you make money, even in myself. And I've been guilty of
153 -that because of the things I promoted on baby pips and my tutorials and
154 -
155 -32
156 -00:05:15,900 ~-~-> 00:05:24,540
157 -everything that created around the buzz of trading. Everyone subscribes to the
158 -idea that they're only going to make money for getting the very first post I put
159 -
160 -33
161 -00:05:24,540 ~-~-> 00:05:34,950
162 -on here, talking about how everyone blows it, including myself at one several
163 -accounts. It wasn't just an AdWords account, you know, I've dusted a commodity
164 -
165 -34
166 -00:05:34,950 ~-~-> 00:05:35,820
167 -account or two.
168 -
169 -35
170 -00:05:36,300 ~-~-> 00:05:47,970
171 -So if you have these unrealistic expectations, you're going to quit your job and
172 -you have 30 days or within a year, your chances are, you're not, you're not
173 -
174 -36
175 -00:05:47,970 ~-~-> 00:05:54,780
176 -going to do that, because you're going to do things to try to rush to that
177 -objective. And if you have initial luck, chances are, you're probably going to
178 -
179 -37
180 -00:05:54,780 ~-~-> 00:06:04,080
181 -do a lot more leverage, you're going to be doing a lot more trading, your
182 -frequency, and you're going to be doing things that are probably gonna be
183 -
184 -38
185 -00:06:04,080 ~-~-> 00:06:11,250
186 -outside the scope of what you originally sat down with in terms of a trading
187 -plan. And if you've traded, at least with live money, you know exactly what I
188 -
189 -39
190 -00:06:11,250 ~-~-> 00:06:20,310
191 -mean, by saying all these things, you've probably done a laundry list of things
192 -beyond that. But the taste topic, I kinda want to talk about bad habits and
193 -
194 -40
195 -00:06:20,310 ~-~-> 00:06:28,830
196 -breaking them. And I only want to speak in terms of myself, okay, because it's
197 -very easy for me to sit back here and armchair quarterback, everyone else I see
198 -
199 -41
200 -00:06:28,830 ~-~-> 00:06:36,450
201 -around the world and on social media and non forms and odd stuff. I've done that
202 -before. And I kind of like want to divert away from that. While it was fun to be
203 -
204 -42
205 -00:06:36,450 ~-~-> 00:06:44,310
206 -in Italy at the time. I don't want to do that again. Okay, so I'm just gonna
207 -keep the focus on me. So that way you guys can hear what I had to go through
208 -
209 -43
210 -00:06:44,310 ~-~-> 00:06:51,300
211 -what I did, and how to compensate for those things. And I'll kind of give you an
212 -idea what you can do with it in the marketplace that we leave today with
213 -
214 -44
215 -00:06:51,300 ~-~-> 00:07:02,910
216 -something useful, not just rhetoric. So number one, he had to have expectations
217 -in line with reality, you're not going to be you know, George Soros and own
218 -
219 -45
220 -00:07:02,910 ~-~-> 00:07:13,050
221 -whole currency markets in Canaan, subjugate the world. He has a master
222 -puppeteer, you pull pulling strings, causing all kinds of ruckus around the
223 -
224 -46
225 -00:07:13,050 ~-~-> 00:07:20,790
226 -world now, because he's so loaded. And you're not going to be Warren Buffett
227 -here. So you have to be just you. And you don't know what the trade is going to
228 -
229 -47
230 -00:07:20,790 ~-~-> 00:07:30,450
231 -be, that resides in you. But you have to give that trader he or she, the room to
232 -grow. So number one, the first habit you need to break is rushing. And I've
233 -
234 -48
235 -00:07:30,450 ~-~-> 00:07:38,940
236 -taught this and nauseum that ever since I began online talking about trading.
237 -The first one you have to conquer is the impatience. That's it. That's the
238 -
239 -49
240 -00:07:38,940 ~-~-> 00:07:51,540
241 -biggest, biggest, biggest, bad habit, every trader has impatience. And patients
242 -have a setup and patience of getting in your trade waiting for that pattern you
243 -
244 -50
245 -00:07:51,540 ~-~-> 00:08:03,360
246 -look for, okay, that that is the biggest barrier to being consistent. and
247 -patience is the hardest thing to develop. Because you can't develop discipline,
248 -
249 -51
250 -00:08:03,870 ~-~-> 00:08:16,230
251 -until your patience is honed first. So it's the biggest barrier. It's not a
252 -brick wall, it's an iron wall, okay. And you literally have to find a way around
253 -
254 -52
255 -00:08:16,230 ~-~-> 00:08:26,190
256 -it cuz you're not breaking through it, you got to go around it at means that
257 -journey you thought was going to be short, from A to B is now been extended
258 -
259 -53
260 -00:08:26,190 ~-~-> 00:08:34,080
261 -because you don't know how long your personal experience is going to take you to
262 -the left or the right around that iron wall of impatience. It's not going to be
263 -
264 -54
265 -00:08:34,080 ~-~-> 00:08:41,190
266 -where you're at we first started and then you to next stage of independence or
267 -financially independent doesn't work like that. It feels like that when you
268 -
269 -55
270 -00:08:41,190 ~-~-> 00:08:47,520
271 -watch people online teaching or talking about what they're going to do or if
272 -they have a service or you they have a mentorship you know, you like myself,
273 -
274 -56
275 -00:08:47,520 ~-~-> 00:08:54,450
276 -everyone thinks that the mentorship is going to be easy. These plug in, in this
277 -information and they get instant wealth and it doesn't work like that. It's a
278 -
279 -57
280 -00:08:54,450 ~-~-> 00:09:03,180
281 -lot more work than the praetorians work. And believe me if they were talking
282 -about what what they learned, they would know they would tell you rather, it's a
283 -
284 -58
285 -00:09:03,180 ~-~-> 00:09:12,930
286 -lot more work. So the the other side of it is yes, you have the impatience
287 -factor you have to overcome, but then you have to have work ethic. And you can't
288 -
289 -59
290 -00:09:12,930 ~-~-> 00:09:23,460
291 -be lazy, you cannot be lazy because the markets do not reward laziness. Now, it
292 -does reward stupidity. I am a poster child for that because in the beginning, I
293 -
294 -60
295 -00:09:23,460 ~-~-> 00:09:35,940
296 -had no idea what I was doing. And I was gifted, okay, either by charity or you
297 -know, the financial gods were playing, you know. I don't know it was just every
298 -
299 -61
300 -00:09:35,940 ~-~-> 00:09:42,810
301 -all the things lined up when I first started, and I was on dying and I made
302 -money doing that only but then suddenly the markets turned into a traders market
303 -
304 -62
305 -00:09:43,140 ~-~-> 00:09:55,050
306 -and I couldn't make a penny everything I do is losing. Which leads me to the
307 -next bad habit. When you take a loss. You cannot take it personally. It's a cost
308 -
309 -63
310 -00:09:55,050 ~-~-> 00:10:03,750
311 -of business. And if you are allowing even a demo account because I've talked to
312 -so many people around The world, they have been very honest with me, and told me
313 -
314 -64
315 -00:10:03,780 ~-~-> 00:10:05,310
316 -that even when they have
317 -
318 -65
319 -00:10:07,379 ~-~-> 00:10:17,819
320 -a demo loss, it's debilitating. It totally fries their brain, it's like they
321 -don't want to even enter that. And that's a big, big problem. That means you
322 -
323 -66
324 -00:10:17,819 ~-~-> 00:10:28,619
325 -have a complex with being right or wrong, and possibly over leveraging, even in
326 -a demo account, because everybody wants to see how much they could make, you
327 -
328 -67
329 -00:10:28,619 ~-~-> 00:10:38,489
330 -know, maximizing the total amount of leverage that can use on a demo account.
331 -But not understanding or respecting the level of financial risks that you're
332 -
333 -68
334 -00:10:38,489 ~-~-> 00:10:45,809
335 -incurring. If you were doing that with live funds, no one would be doing that
336 -with the funds in their right mind. Now people do it. But I said, in my right
337 -
338 -69
339 -00:10:45,809 ~-~-> 00:10:56,039
340 -mind, they wouldn't do it. So they're either blinded by unrealistic
341 -expectations, or they're impatient about leaving the rat race. And believe me, I
342 -
343 -70
344 -00:10:56,039 ~-~-> 00:11:06,599
345 -know that feeling, I wanted to get out of the job I was doing nine DS was
346 -killing me, I wanted to get out of it. So yes, the financial markets can bring
347 -
348 -71
349 -00:11:06,599 ~-~-> 00:11:16,229
350 -those things to fruition, you can leave your job and replace it with this job,
351 -because it's not what everyone thinks it is. Okay, it's not, well, I'm gonna sit
352 -
353 -72
354 -00:11:16,229 ~-~-> 00:11:24,269
355 -home and relax, I'm gonna kick back and not worry about anything. No, you're
356 -worrying all the time, you may not have that same degree of worry and anxiety
357 -
358 -73
359 -00:11:24,449 ~-~-> 00:11:33,929
360 -that every other trader has, that's even making money. But you still have
361 -replaced what you're doing at a nine to five, with a job. And the perspective is
362 -
363 -74
364 -00:11:33,929 ~-~-> 00:11:44,399
365 -as you're leaving a nine to five schedule, but it's defined, you know, when you
366 -have to be at work, and you know, when you have to leave work. So you have
367 -
368 -75
369 -00:11:44,399 ~-~-> 00:11:53,459
370 -limitations and parameters, you know, your off days, you know, your times of
371 -service where you have to be there and give your time for money. Trading isn't
372 -
373 -76
374 -00:11:53,459 ~-~-> 00:12:00,209
375 -like that. You don't have a schedule, you don't know if the one that session is
376 -going to give you a trade. You don't know if the New York session gonna give you
377 -
378 -77
379 -00:12:00,209 ~-~-> 00:12:08,759
380 -a trade. So the idea or perspective of going into this business thinking, well,
381 -I want the traders lifestyle, most of you if you understood what it was, would
382 -
383 -78
384 -00:12:08,759 ~-~-> 00:12:18,299
385 -not want the traitors lifestyle, because it's so uncertain, especially as a new
386 -trader, because you don't even know what you're going to do. Once you start
387 -
388 -79
389 -00:12:18,299 ~-~-> 00:12:24,419
390 -trading, you don't know what your reaction is going to be when you have five
391 -winning trades in a row, I can tell you, it's probably going to do, you're going
392 -
393 -80
394 -00:12:24,419 ~-~-> 00:12:31,169
395 -to overlap, but you're going to be in a rush to get that sixth trade name
396 -checked out to the questions, but make sure you guys are engaging. Give me a
397 -
398 -81
399 -00:12:31,169 ~-~-> 00:12:40,439
400 -one, if you have had a series of winning trades, and let's say five winning
401 -trades, and you feel rushed to get in there to do the next one. Because you've
402 -
403 -82
404 -00:12:40,439 ~-~-> 00:12:48,329
405 -had five winning trades, you want to get and get that feeling again, because
406 -you're addicted to that high. Say I'm if everyone's giving me a one. And some of
407 -
408 -83
409 -00:12:48,329 ~-~-> 00:12:57,659
410 -them are being commentating, you're declining even beyond number one, explain it
411 -to me, that's me. So no one's no one's controlling you. The markets are just
412 -
413 -84
414 -00:12:57,659 ~-~-> 00:13:05,999
415 -moving around. But in your mind, okay, you're creating all these if then
416 -scenarios? Well, I should have held on to that trailer, but longer,
417 -
418 -85
419 -00:13:06,090 ~-~-> 00:13:15,390
420 -let me buy it again. Or it's may not, it's been going on for a while, it's a
421 -nice move. I don't want to buy here. So now I have to short it because I got to
422 -
423 -86
424 -00:13:15,390 ~-~-> 00:13:25,860
425 -get back in again, because I could make more money. And the worst thing you can
426 -do is fall into that trap. You have to have very low objectives in the
427 -
428 -87
429 -00:13:25,860 ~-~-> 00:13:37,110
430 -beginning. Because if you don't do that, number one, you're going to chase
431 -profits. And that's how they get you. Everyone knows what it feels like to get
432 -
433 -88
434 -00:13:37,170 ~-~-> 00:13:44,850
435 -the thing right, where they made the right move they bought or they sold and it
436 -moved in their favor. It's even worse, okay, if you're new, and you don't know
437 -
438 -89
439 -00:13:44,850 ~-~-> 00:13:52,800
440 -what you're doing, and it didn't even have any draw down. Because all of a
441 -sudden, now you figured it out, you know that you're now in Oracle, you want to
442 -
443 -90
444 -00:13:52,800 ~-~-> 00:14:00,330
445 -go out and start a Twitter account, you want to go on Facebook, Instagram, now
446 -you know what's going on. And chances are, you might have a string of losses,
447 -
448 -91
449 -00:14:00,480 ~-~-> 00:14:09,030
450 -okay, that come, but you're not going to pay attention to them, where that's
451 -where your learning is going to occur. The losses of what teach you. And the
452 -
453 -92
454 -00:14:09,030 ~-~-> 00:14:17,940
455 -other half I want to talk about is how I focused initially on what I was doing
456 -right? When I was making money when I had their trade ideas, right. Even when I
457 -
458 -93
459 -00:14:17,940 ~-~-> 00:14:26,940
460 -was paper trading as a commodity trader, I first started when I would be right,
461 -I focused on why I was right. And every time I was wrong, I ignored it because I
462 -
463 -94
464 -00:14:26,940 ~-~-> 00:14:35,040
465 -didn't want to see it. I didn't want to talk about it. I want to pretend it
466 -didn't even happen. And that is a death trap. You cannot have that mindset as a
467 -
468 -95
469 -00:14:35,040 ~-~-> 00:14:43,890
470 -trader. You got to go into this thinking, alright, now if I have adversity, and
471 -I get knocked out of a trade or trade doesn't pan out. That's my opportunity.
472 -
473 -96
474 -00:14:43,890 ~-~-> 00:14:52,500
475 -That's that big neon sign. Is there one Look, everyone looks at the marketplace
476 -in the charts for the neon sign to pop off for entries. But the real traders
477 -
478 -97
479 -00:14:52,500 ~-~-> 00:15:02,730
480 -mindset is if they have a loss if they incur adversity or the idea doesn't pan
481 -out or come to fruition That in itself is the part where you have to dig in
482 -
483 -98
484 -00:15:02,730 ~-~-> 00:15:12,840
485 -deeper and find out what you didn't see, or what you misinterpreted. And the
486 -problem with that is you have to overcome. Number one, the initial shock and all
487 -
488 -99
489 -00:15:12,840 ~-~-> 00:15:21,000
490 -of understanding that you're human. Okay? Everyone thinks that I have spark
491 -shooting out my ass, and I wear a cape every day. And I'm bulletproof. And I can
492 -
493 -100
494 -00:15:21,000 ~-~-> 00:15:30,630
495 -leap tall buildings in a single bound. Book 800 people saw if I sit down every
496 -single trading day, I cannot be right, every single trading day, I said that in
497 -
498 -101
499 -00:15:30,630 ~-~-> 00:15:40,470
500 -the beginning, you can't be that person, no one's going to be that person. But
501 -there is a framework that you can arrive at, that allows you to see setups that
502 -
503 -102
504 -00:15:40,500 ~-~-> 00:15:48,210
505 -number one fits your trade, psyche, your personality, and the time that you can
506 -be available for the marketplace. Not everyone can be a swing trader, not
507 -
508 -103
509 -00:15:48,210 ~-~-> 00:15:56,610
510 -everyone can be a short term trader or a day trader, it has to fit the way you
511 -and you live your life, are you a quick decision maker, you fly off the handle
512 -
513 -104
514 -00:15:56,610 ~-~-> 00:16:04,260
515 -real quick, you get happy you swing back and forth real quick. That's a scalper
516 -or day traders mindset, you would do very well with that. If you're real lazy,
517 -
518 -105
519 -00:16:04,260 ~-~-> 00:16:10,590
520 -and you felt lethargic and just can't come up with an idea right away. Yeah,
521 -your position trader, because chances are, you're not going to be swayed back
522 -
523 -106
524 -00:16:10,590 ~-~-> 00:16:18,450
525 -and forth. Once you get a decision, once you arrive at an opinion about what you
526 -think the market is going to do. Chances are, you're gonna be so lazy about
527 -
528 -107
529 -00:16:18,450 ~-~-> 00:16:26,070
530 -changing your opinion, you're just gonna stick with that. And that's a perfect
531 -role for someone that doesn't have a lot of ambition. And believe me, there's a
532 -
533 -108
534 -00:16:26,070 ~-~-> 00:16:34,830
535 -lot of people that make tons of money, being lazy as a long term trader, but
536 -they has to have a model that matches that because some people just can't get
537 -
538 -109
539 -00:16:34,830 ~-~-> 00:16:42,300
540 -it, you can't get together, they can't get motivated, they don't want to do a
541 -lot of work. And there's ways to do that. But it's very passive investing and
542 -
543 -110
544 -00:16:42,300 ~-~-> 00:16:51,930
545 -you're not very active, doesn't mean you can't be profitable, it just means that
546 -you have to wait a long time to see the returns. So it is given take there. But
547 -
548 -111
549 -00:16:52,890 ~-~-> 00:17:00,780
550 -if you're seeing profitable trades, you want to spend far less time worrying
551 -about them, because you can't make any more money than you've already made on
552 -
553 -112
554 -00:17:00,780 ~-~-> 00:17:11,670
555 -it. But you can take away lessons and experience from the losses. And the worst
556 -thing you need to do is push them to the side and say to yourself, okay, I took
557 -
558 -113
559 -00:17:11,670 ~-~-> 00:17:19,170
560 -a loss that's part of the business, I know that it's cliche, and I'm just gonna
561 -go to my next trade, huh, no, not what not as a new trader, eventually when
562 -
563 -114
564 -00:17:19,170 ~-~-> 00:17:28,800
565 -you're mature, and you know that that is in fact what goes on, you take a loss,
566 -and that's part of it. If you're new and when I say new, three years or less,
567 -
568 -115
569 -00:17:29,160 ~-~-> 00:17:36,270
570 -okay, to me, you're a neophyte still, you just don't know everything you need to
571 -know about yourself. Personally, you don't know what the markets have done. You
572 -
573 -116
574 -00:17:36,270 ~-~-> 00:17:44,130
575 -don't have you don't have a track record enough to warrant saying that you're
576 -anything but a neophyte, I mean, three years is to me that the minimum
577 -
578 -117
579 -00:17:44,130 ~-~-> 00:17:51,120
580 -threshold, then you're experienced, that's all it doesn't mean that you've
581 -mature, it just means you have some experience. Some of these folks, they get
582 -
583 -118
584 -00:17:51,120 ~-~-> 00:17:58,350
585 -out here, you need to go into a demo account in six weeks, because they've done
586 -something and a profit and demo account,
587 -
588 -119
589 -00:17:58,350 ~-~-> 00:18:07,590
590 -they suddenly want to start their own advisory services, you know, I'm talking
591 -about long short is if you have losses, that's where you have to roll your
592 -
593 -120
594 -00:18:07,590 ~-~-> 00:18:17,220
595 -sleeves up and dig in and see where you got it wrong, or what you're missing.
596 -And one of the biggest things I personally did was ignore all the losing trades
597 -
598 -121
599 -00:18:17,220 ~-~-> 00:18:25,080
600 -I had as a beginning commodity trader, I didn't understand what it was actually
601 -teaching me was shorting but I was afraid of shorting. I didn't understand the
602 -
603 -122
604 -00:18:25,080 ~-~-> 00:18:33,930
605 -concept. How can you sell something you know, own? long and short of it is, once
606 -I had my ass kicked enough times, I had to, I had to force myself, okay, look,
607 -
608 -123
609 -00:18:34,230 ~-~-> 00:18:41,880
610 -I'm now definitely afraid of taking a trade. I was at one point in time afraid
611 -to take a trade. In the beginning, I wasn't afraid of anything. Now today, I
612 -
613 -124
614 -00:18:41,880 ~-~-> 00:18:51,270
615 -still not afraid to do anything I can get in no problem. The problem and I'll
616 -talk about taking profits as a bad habit later on. But I had a moment in my
617 -
618 -125
619 -00:18:51,270 ~-~-> 00:19:02,220
620 -career when I was beginning and coming up. Where, because I was taking losses, I
621 -got traders paralysis, where I could see something that would be there. But as
622 -
623 -126
624 -00:19:02,220 ~-~-> 00:19:09,990
625 -soon as I got the idea that I thought it was going to trade higher, because I
626 -was only a buyer. I was a bull market trader and I first started I couldn't take
627 -
628 -127
629 -00:19:09,990 ~-~-> 00:19:22,380
630 -the trade because I was afraid of the loss. Because I was losing lots of money,
631 -lots of money, tons of money. And some of it was annual salaries, typical
632 -
633 -128
634 -00:19:22,410 ~-~-> 00:19:31,800
635 -American annual salary and a trade. That's how bad it was, because I was
636 -hemorrhaging money. I didn't want to endorse any of that anymore. Or even in you
637 -
638 -129
639 -00:19:31,800 ~-~-> 00:19:38,910
640 -know, indoor the uncertainty of just being in the trade because you know, that
641 -feels like a demo. We'll see what works off the bat. If it's profitable, I look
642 -
643 -130
644 -00:19:38,910 ~-~-> 00:19:44,850
645 -great. I feel good. If it's wrong, I just ignore it. It didn't happen. It didn't
646 -take any money from me and you know exactly what that feels like as well. That
647 -
648 -131
649 -00:19:44,850 ~-~-> 00:19:52,830
650 -does not happen when you trade with live funds change you put the money at work
651 -where they are less if it's a micro account or meaning or a standard lot
652 -
653 -132
654 -00:19:52,890 ~-~-> 00:20:04,530
655 -account. You need to put that trade on something physiologically changes in your
656 -brain because now your acids almost You have a real loss, it's going to take
657 -
658 -133
659 -00:20:04,530 ~-~-> 00:20:12,780
660 -money from you. If it puts money in your account, that's great. But suddenly
661 -everything changes. It's a paradigm shift where as a demonstrator, you're
662 -
663 -134
664 -00:20:12,780 ~-~-> 00:20:19,440
665 -thinking, how much money can I make, and I don't care what it's going to take in
666 -terms of a loss, because I don't feel it. When you put a trade on with live
667 -
668 -135
669 -00:20:19,440 ~-~-> 00:20:30,030
670 -funds, it reverses. Now you're thinking, holy shit, how much money am I going to
671 -lose on this trade, I'm afraid constantly, and you're not worrying about what
672 -
673 -136
674 -00:20:30,030 ~-~-> 00:20:37,500
675 -you can make. That's where you should be focusing on where's the market going.
676 -That's the part you need to be studying, not worrying about the fear of losing,
677 -
678 -137
679 -00:20:37,830 ~-~-> 00:20:46,260
680 -your stop loss is going to take care of it. If you put a stop loss in, that's
681 -its job, let it do what you're paying good money to do it. So let it do its job,
682 -
683 -138
684 -00:20:46,590 ~-~-> 00:20:54,840
685 -you need to be focusing on where is the market going. That's your job as a
686 -trader managing that the risk is defined once you put your stop loss in unless
687 -
688 -139
689 -00:20:54,840 ~-~-> 00:21:07,860
690 -it gets through. And there's conditions like that, that occur. That's the risk
691 -every one of us take, but you have to know what it is. Anyway, the the have to
692 -
693 -140
694 -00:21:07,860 ~-~-> 00:21:15,930
695 -get to know what the objective is for your for your trading plan, or your
696 -objective and your trade idea. And focus on that when you're in live funds. But
697 -
698 -141
699 -00:21:15,930 ~-~-> 00:21:26,430
700 -the problem is, and give me a one if this is happening for you. If you're now in
701 -the funds, you're thinking only about the fear of getting stopped out, and how
702 -
703 -142
704 -00:21:26,430 ~-~-> 00:21:34,740
705 -much that's going to hurt your account versus when you got in the trade. Is it
706 -still going to your objective and managing that? Again, everybody? One on One
707 -
708 -143
709 -00:21:34,740 ~-~-> 00:21:44,250
710 -mice all flying right now. So the long and short of it is that's a normal thing.
711 -But did you know the reason why that occurs is number one, your chances are
712 -
713 -144
714 -00:21:44,250 ~-~-> 00:21:55,620
715 -you're using too much risk, you have way too much leverage. And your stop loss
716 -is probably too tight. Excuse me. So many times, I sat down with individuals
717 -
718 -145
719 -00:21:55,620 ~-~-> 00:22:04,590
720 -because they watch people on Facebook, or they have Twitter accounts. And people
721 -they'll put a trade up. Okay, they'll put a trade on and share it online. And
722 -
723 -146
724 -00:22:04,680 ~-~-> 00:22:08,940
725 -initially, they probably didn't have a stop loss on it all but they waited to
726 -the trade got into their
727 -
728 -147
729 -00:22:10,200 ~-~-> 00:22:19,440
730 -in their direction. And then they put a stop loss in making it seem as if they
731 -had a four PIP stop loss. Come on. I'm just gonna, I'm gonna call it bullshit
732 -
733 -148
734 -00:22:19,440 ~-~-> 00:22:28,800
735 -right there. That's, it's bogus. Okay, no one's trading consistently with five
736 -PIP stop losses. It's not happening. Believe me, it's not happening. Because
737 -
738 -149
739 -00:22:28,860 ~-~-> 00:22:37,470
740 -they can do that in a demo. But when you put it in a Live account, five pips as
741 -a standard spread variance that they can do, it's legal, they can spread that
742 -
743 -150
744 -00:22:37,470 ~-~-> 00:22:44,970
745 -open and grab your order. And believe me that that's exactly what would happen.
746 -If you had that order in a Live account. They're not trading with these sub 10
747 -
748 -151
749 -00:22:44,970 ~-~-> 00:22:53,880
750 -PIP stop losses. It's not happening, not consistently, not now. It can I sit
751 -here and say, I've done that I've done it. Yes, but not enough to make the case
752 -
753 -152
754 -00:22:53,880 ~-~-> 00:23:06,120
755 -that I believe that no more than eight warrants superiority because it doesn't.
756 -These markets are so engineered to screw you. You're asking for it when you have
757 -
758 -153
759 -00:23:06,120 ~-~-> 00:23:17,460
760 -that. My stop losses generally, are 20 pips to 30 pips that's about it. And I
761 -want to know that I have enough room, number one to allow myself to be human.
762 -
763 -154
764 -00:23:17,820 ~-~-> 00:23:28,860
765 -Okay. And this is the next habit you need to overcome, avoid this notion that
766 -you have to have the absolute best entry and the absolute best exit, because
767 -
768 -155
769 -00:23:28,860 ~-~-> 00:23:38,010
770 -you're never going to get that it's never going to happen for you. The markets
771 -are so diverse, and rich with volatility, especially the asset classes that were
772 -
773 -156
774 -00:23:38,370 ~-~-> 00:23:46,680
775 -primarily dealing with today's forex, but it kind of bleeds across all of them.
776 -It's not limited just to forex, but long and short it is you don't want to focus
777 -
778 -157
779 -00:23:46,680 ~-~-> 00:23:56,430
780 -on or demand if you will, the absolute best, lowest low or highest high for your
781 -entry, you just need to have a setup that gives you the criteria to make a
782 -
783 -158
784 -00:23:56,730 ~-~-> 00:24:06,150
785 -profitable move between those two points. Now you have to be I would be able to
786 -identify them. Okay, what's the what's an ideal entry point, okay. And chances
787 -
788 -159
789 -00:24:06,150 ~-~-> 00:24:14,280
790 -are, you might get that once in a while or get very close to it. But you don't
791 -need that price lock. You don't need it, you need to have the ability to
792 -
793 -160
794 -00:24:14,280 ~-~-> 00:24:22,020
795 -determine or decipher where price is right now. And within a reasonable amount
796 -of time, whatever fits your traders perspective. And that may be different for
797 -
798 -161
799 -00:24:22,020 ~-~-> 00:24:31,590
800 -all of us. It may be 10 minutes for a scalper it may be a trading session or a
801 -day for day traders. Or for short term trader it could be a couple days, you
802 -
803 -162
804 -00:24:31,590 ~-~-> 00:24:39,330
805 -know in terms of how I trade one shot, one kill or as a swing trader where
806 -you're trading for weeks up to a month. And then for a position trades where
807 -
808 -163
809 -00:24:39,330 ~-~-> 00:24:46,860
810 -it's multi months in terms of duration, but you're in a trade. But you have to
811 -be able to frame that idea where you believe that prices right now if it's
812 -
813 -164
814 -00:24:46,860 ~-~-> 00:24:54,780
815 -undervalued or overvalued, or oversold, how you want to call it if you believe
816 -it's going to go higher, how far How far away are we right now in terms of
817 -
818 -165
819 -00:24:54,780 ~-~-> 00:25:06,030
820 -price, and where you believe price will be at a later time. Number one, you have
821 -to define the length of time that fits your trader mindset. And that I can't
822 -
823 -166
824 -00:25:06,030 ~-~-> 00:25:12,990
825 -give you that answer that has to be done by yourself, no one can give that
826 -answer to you. And that's why I think that, for the most part, when people try
827 -
828 -167
829 -00:25:12,990 ~-~-> 00:25:25,500
830 -to give trading signals or trading models or plans, they're plagued to fail,
831 -because you're trying to get a wooden square peg to go into a triangle hole, and
832 -
833 -168
834 -00:25:25,500 ~-~-> 00:25:32,910
835 -it isn't going to, it ain't gonna work, okay, and it'll be frustrating for that
836 -person to constantly try to make that, that adjustment, and it's not going to
837 -
838 -169
839 -00:25:32,910 ~-~-> 00:25:44,070
840 -happen happen for most The problem is, is sometimes you can find the person that
841 -can make that adjustment, or it fits them perfectly. And marketers and people
842 -
843 -170
844 -00:25:44,070 ~-~-> 00:25:53,400
845 -that sell things, they will focus on that that's their trick pony, don't go out
846 -and parade them around. And that's why you have only one student or two students
847 -
848 -171
849 -00:25:53,400 ~-~-> 00:26:02,790
850 -at most, and no one ever comes up to that level of understanding or attitude.
851 -Because it's too hard to form fit this stuff. This, this is such a hard thing to
852 -
853 -172
854 -00:26:02,790 ~-~-> 00:26:10,860
855 -do. Even though it's so easy, it's either going to go up, or it's gonna go down,
856 -or it's gonna go nowhere. And you get to decide what you're doing. Why so many
857 -
858 -173
859 -00:26:10,860 ~-~-> 00:26:22,500
860 -people failing, because of the thing that resides between your ears, that little
861 -seven pound universe, okay gets in the way. It's so wonderfully designed to be
862 -
863 -174
864 -00:26:22,500 ~-~-> 00:26:30,510
865 -able to crunch numbers, it's it's processing power, the brain is what I'm
866 -talking about, for those that aren't really paying attention. That organ in our
867 -
868 -175
869 -00:26:30,510 ~-~-> 00:26:43,200
870 -body is such a wonderful resource, but it's also our biggest adversary. Because
871 -we have said it all the wrong things toxic thinking. When you're in a demo
872 -
873 -176
874 -00:26:43,200 ~-~-> 00:26:53,820
875 -account, you're focusing on the stimuli that makes you feel smart. You want to
876 -do the rewarding scenario, the routine where I buy, it goes up, I was right.
877 -
878 -177
879 -00:26:53,850 ~-~-> 00:27:03,720
880 -This is how much money I want an eight. Pay your car payment with that? You can.
881 -But that's reality. So why aren't you thinking that way? And we have a demo
882 -
883 -178
884 -00:27:03,720 ~-~-> 00:27:08,010
885 -loss. When you have a loss in your demo. You're you should be thinking shit
886 -
887 -179
888 -00:27:08,040 ~-~-> 00:27:16,410
889 -that David took that much money from me. And then now what are you thinking? If
890 -that was real money coming in your account? You're thinking, Okay, I gotta get
891 -
892 -180
893 -00:27:16,410 ~-~-> 00:27:26,100
894 -that back right away, right? Wrong. That's not what traders do. Traders first
895 -perspective, as soon as they have a loss, regardless of the size of the loss,
896 -
897 -181
898 -00:27:26,340 ~-~-> 00:27:35,160
899 -what is a consistently profitable traders mindset and merely going to at the
900 -time of a loss once the stop loss has happened? What is a mature traders
901 -
902 -182
903 -00:27:35,160 ~-~-> 00:27:36,810
904 -mindset? What do you think they're thinking immediately?
905 -
906 -183
907 -00:27:49,470 ~-~-> 00:28:02,970
908 -Got to get it back, I need to get into the next trade. One, one person saying
909 -Why did I lose? I'm not seeing what you should be thinking yet, though. Number
910 -
911 -184
912 -00:28:02,970 ~-~-> 00:28:17,070
913 -one, my number one rule is if you had a loss, you got to stop, do not rush back
914 -in to take another trade. Don't ever take a loss and feel like you have to go
915 -
916 -185
917 -00:28:17,070 ~-~-> 00:28:28,890
918 -back in and get it right away. That is a huge mistake. You cannot, you cannot
919 -get your money back right away every time. Even though you think you got time in
920 -
921 -186
922 -00:28:28,890 ~-~-> 00:28:38,130
923 -the day, the markets maybe move around maybe volatile. Okay? It doesn't equate
924 -to opportunity for you to get your money back. You may have to wait a day or
925 -
926 -187
927 -00:28:38,130 ~-~-> 00:28:46,350
928 -two. And there's nothing wrong with that. That's normal. The problem is, is if
929 -you're new to this, and you've just started trading prematurely in live funds,
930 -
931 -188
932 -00:28:47,520 ~-~-> 00:28:56,400
933 -the human tendency is I want to get my money back right now. Because immediately
934 -what you're thinking is, I shouldn't have never done this, I should have never
935 -
936 -189
937 -00:28:56,400 ~-~-> 00:29:04,230
938 -traded with live funds, I want to get my money back, I want to close my account.
939 -And this could probably happen with this a $200 loss. I mean, it's such a minor
940 -
941 -190
942 -00:29:04,260 ~-~-> 00:29:12,090
943 -amount of money, but you're all thinking it, believe me, the first loss you're
944 -taking with life funds is regret. I want to get my money back I want to I want
945 -
946 -191
947 -00:29:12,090 ~-~-> 00:29:19,050
948 -to at least get back to the point where if I want to close my account, I didn't
949 -lose anything. I I don't want to do this again. Everyone feels that their first
950 -
951 -192
952 -00:29:19,080 ~-~-> 00:29:26,940
953 -Live account loss. That's what you're feeling, you will probably admit to it.
954 -But that's exactly what you're thinking. So you have to have that mindset as a
955 -
956 -193
957 -00:29:26,940 ~-~-> 00:29:37,590
958 -mature trader because that string of losses that blows your account all starts
959 -with that one first losing trade and how you react and respond to that loss.
960 -
961 -194
962 -00:29:38,370 ~-~-> 00:29:49,710
963 -Everyone goes into a tailspin at some time and loses Do you never gonna get it
964 -right? But if you take the initiative to say I've taken a loss I cannot lose any
965 -
966 -195
967 -00:29:49,710 ~-~-> 00:29:57,480
968 -more money I'm already have the money. I'm already having the account. I'm
969 -sorry, the trade my accounts at static. It's not moving now. The markets moving
970 -
971 -196
972 -00:29:57,480 ~-~-> 00:30:06,540
973 -around but my equity is not moving I'm not in a hurry to get that money back. I
974 -want to take a breath, take a step back away from the marketplace and say, Okay,
975 -
976 -197
977 -00:30:07,350 ~-~-> 00:30:18,090
978 -what did I do wrong? Is the trade still viable? If it is paper trade that do not
979 -go back in with lifelines, and this is for people that have less than three
980 -
981 -198
982 -00:30:18,090 ~-~-> 00:30:27,960
983 -years experience. Because chances are, you're going to see that you're going to
984 -be very emotional about getting in to get your money back. And emotions aren't
985 -
986 -199
987 -00:30:27,960 ~-~-> 00:30:41,100
988 -always clarity in terms of analysis. Either you're irrationally excited, or
989 -you're fearful. There's two things as a new trader, and chances are, it's the
990 -
991 -200
992 -00:30:41,100 ~-~-> 00:30:47,310
993 -first not the latter, you're not worried about losing money as a new trader,
994 -you're worried about how much money you're gonna make. And that's not what you
995 -
996 -201
997 -00:30:47,310 ~-~-> 00:30:56,940
998 -should be doing, how much money can you lose, because everyone goes out the same
999 -way lost it. Very rarely does anybody retire wealthy, they go in with the
1000 -
1001 -202
1002 -00:30:56,940 ~-~-> 00:31:05,640
1003 -expansion, expectation of having that as the outcome, but everyone leaves this
1004 -game the same way with less than they started. Think about it. So you know that
1005 -
1006 -203
1007 -00:31:05,640 ~-~-> 00:31:14,280
1008 -the the likelihood of the scenario when you get into this business, so if you
1009 -cannot control yourself, believe me, the market will help you. Okay, it will
1010 -
1011 -204
1012 -00:31:14,280 ~-~-> 00:31:22,050
1013 -help you lose your mind. Okay, if you came into a lack of control and
1014 -discipline, it will help you do a better job of that. It'll give you perfect
1015 -
1016 -205
1017 -00:31:22,050 ~-~-> 00:31:30,060
1018 -opportunities to do that. And yet little seven pound universe between your ears,
1019 -your brain is going to also fill in those gaps when the marketplace isn't
1020 -
1021 -206
1022 -00:31:30,060 ~-~-> 00:31:37,710
1023 -providing this little stimuli that he didn't because our RSI is doing Nasser get
1024 -in because the moving averages crossed over there. What all these things happen?
1025 -
1026 -207
1027 -00:31:39,060 ~-~-> 00:31:48,240
1028 -You're going to be looking at. Alright. Hang on here one second.
1029 -
1030 -208
1031 -00:31:55,950 ~-~-> 00:32:07,560
1032 -Yeah, one more chance Bubba and he going. So the you cannot force yourself to
1033 -get back in to get your money right away, won't happen can't happen. If you do,
1034 -
1035 -209
1036 -00:32:07,590 ~-~-> 00:32:16,320
1037 -you're going to be bringing yourself to a level of novice and you're gonna stay
1038 -in reside in that thought process the rest of your trading career which may be
1039 -
1040 -210
1041 -00:32:16,320 ~-~-> 00:32:29,490
1042 -very short lived. If you relax and go at bat, taking the loss and saying okay, I
1043 -took a loss, I can't go past this anymore in terms of losing money, it's already
1044 -
1045 -211
1046 -00:32:29,490 ~-~-> 00:32:39,480
1047 -taken the money out of my account. What should I do now? That bad habit is going
1048 -back and trying to get it right away. You can't do that. The best way and the
1049 -
1050 -212
1051 -00:32:39,480 ~-~-> 00:32:47,400
1052 -mature way is okay, I've taken a loss. I'm not going to do any more today, I'm
1053 -going to sit back and if I still think the trades Bible, I'm going to in my mind
1054 -
1055 -213
1056 -00:32:47,430 ~-~-> 00:32:56,220
1057 -paper trade Say hi, had I done it, what's going to happen is you're going to
1058 -teach yourself. Number one, if it was another losing trade, it doesn't pan out
1059 -
1060 -214
1061 -00:32:56,220 ~-~-> 00:33:04,920
1062 -as you thought you didn't incur any more live money loss or demo loss. But it's
1063 -going to teach you an opportunity to go in and dig in what is it you're saying
1064 -
1065 -215
1066 -00:33:05,250 ~-~-> 00:33:14,610
1067 -is there's a lot of times we feed into these ideas of what you think the markets
1068 -going to do. Okay, we think the markets gonna go higher, you'll come up with all
1069 -
1070 -216
1071 -00:33:14,610 ~-~-> 00:33:23,100
1072 -these excuses as to why you believe it's going to be there. You'll paint the
1073 -picture, you'll give yourself all the evidences in your mind, why it's there,
1074 -
1075 -217
1076 -00:33:23,130 ~-~-> 00:33:33,060
1077 -and you sell the idea to yourself, which is the reason why I think the other bad
1078 -habit is spending too much time in the charts. Either your setup that you didn't
1079 -
1080 -218
1081 -00:33:33,060 ~-~-> 00:33:43,560
1082 -look for and you trust is either there or it's not sitting in front of charts
1083 -all day long is not going to make that formation occur. So investing way too
1084 -
1085 -219
1086 -00:33:43,560 ~-~-> 00:33:52,260
1087 -much time, way too much effort. Okay, in terms of looking at price action,
1088 -unless you're studying just simple price action but looking for a setup, you
1089 -
1090 -220
1091 -00:33:52,260 ~-~-> 00:34:00,420
1092 -don't want to spend a whole lot of time either there or it's not. It's it's
1093 -black and white in terms of that. That's about the only absolution there isn't
1094 -
1095 -221
1096 -00:34:00,450 ~-~-> 00:34:06,060
1097 -in trading stuff for losing money, you're going to absolutely mine guaranteed
1098 -it's going to happen. It happens to everyone you can't escape, it's like death.
1099 -
1100 -222
1101 -00:34:06,510 ~-~-> 00:34:16,470
1102 -But if you know what your setup is, you don't spend that much time looking at
1103 -it. You know what you're looking for? Okay, so that's the other I'm gonna close
1104 -
1105 -223
1106 -00:34:16,470 ~-~-> 00:34:25,380
1107 -it with this bad habit is not having an idea what it is you want to operate on.
1108 -Like what is the trading pattern that you look for? Now, when I first came out
1109 -
1110 -224
1111 -00:34:25,410 ~-~-> 00:34:37,260
1112 -with baby pips, the first thing I taught was optimal trade entry. And there's no
1113 -mystery there. There's no new alchemy, nothing new. It's a standard 62 to 79
1114 -
1115 -225
1116 -00:34:37,320 ~-~-> 00:34:48,450
1117 -retracement level. That typically happens in more retracements That's all it is.
1118 -And it in terms of a bias. Okay, looking at things like the move here, up and
1119 -
1120 -226
1121 -00:34:48,450 ~-~-> 00:34:59,100
1122 -then back. This move here is what you have to internalize in terms of price
1123 -action. This is what it looks like conceptually. The market rallies away. Right
1124 -
1125 -227
1126 -00:34:59,100 ~-~-> 00:35:10,140
1127 -about here. Excuse me, right about in here. This is where all the traders on
1128 -social media and on forums, they will say, Okay, I'm buying, I think that the
1129 -
1130 -228
1131 -00:35:10,170 ~-~-> 00:35:17,670
1132 -cable, which is what we're going to show here, British Pound versus US dollar,
1133 -right about here, that's where the retail minded traders are going to be looking
1134 -
1135 -229
1136 -00:35:17,670 ~-~-> 00:35:27,450
1137 -to buy. Because why would they look at currency? in their mind, they see this as
1138 -confirmation. So that means that it's confirmed that it's going up, well, yes,
1139 -
1140 -230
1141 -00:35:27,450 ~-~-> 00:35:30,330
1142 -it's already gone up. So retail they'll buy in here.
1143 -
1144 -231
1145 -00:35:31,590 ~-~-> 00:35:40,470
1146 -And without a doubt, and you've all experienced this, you buy it. And it
1147 -retraces deeper, chances are well beyond what your stop losses would have been
1148 -
1149 -232
1150 -00:35:40,470 ~-~-> 00:35:49,260
1151 -had you used them or to your stop loss. Okay, because you've used something down
1152 -in here. Or maybe you use the 50% retracement level, because you want some guy
1153 -
1154 -233
1155 -00:35:49,260 ~-~-> 00:35:58,560
1156 -on the forum say everything should be below the 50% level in stop losses. And it
1157 -goes down to 62 to 79 cent treatment, and then does something to the effect of
1158 -
1159 -234
1160 -00:35:58,560 ~-~-> 00:36:07,320
1161 -creating another short term low and then rallies. So if you can't see your
1162 -pattern, or even identify and define it, that's a that's a problem. That's a
1163 -
1164 -235
1165 -00:36:07,320 ~-~-> 00:36:14,550
1166 -habit because what you're doing is you're reacting to price, you're doing what
1167 -everyone else is doing. They're watching it go up after it's gone up a certain
1168 -
1169 -236
1170 -00:36:14,550 ~-~-> 00:36:24,990
1171 -number of pips, and it could be completely wide, very variety of terms of range
1172 -of what everyone would love to see in terms of providing, quote, unquote,
1173 -
1174 -237
1175 -00:36:24,990 ~-~-> 00:36:35,010
1176 -confirmation. You don't need confirmation, if you're going to be consistently
1177 -trading profitably, you need to have a setup and you trading in the opposite
1178 -
1179 -238
1180 -00:36:35,010 ~-~-> 00:36:42,420
1181 -direction you intend to profit. In other words, if you're looking to go long,
1182 -you have to be buying when prices dropping. If you don't learn to do that, in
1183 -
1184 -239
1185 -00:36:42,420 ~-~-> 00:36:51,420
1186 -forex, you're going to sit through a lot of drawdown, you're going to be very
1187 -hard pressed to have to endure before your dealer spread is covered. And you're
1188 -
1189 -240
1190 -00:36:51,420 ~-~-> 00:36:58,650
1191 -going to get stopped out a lot. So you want to be anticipating this type of
1192 -move. So obviously you have to come up with a framework that provides
1193 -
1194 -241
1195 -00:36:58,650 ~-~-> 00:37:06,060
1196 -bullishness, for some of you, you might like trend lines, okay, you might have a
1197 -trend line that you see on a monthly and a weekly chart. And you think that it's
1198 -
1199 -242
1200 -00:37:06,060 ~-~-> 00:37:12,540
1201 -bullish? Okay, I'm not gonna argue and say that he can't make money with it. I
1202 -just don't personally believe in them. But if that's what you believe, you know,
1203 -
1204 -243
1205 -00:37:12,540 ~-~-> 00:37:22,080
1206 -that's your bias that leads you to believe you're bullish on cable coin, great.
1207 -What you would look for is you want to see this willingness to go up, okay, I
1208 -
1209 -244
1210 -00:37:22,080 ~-~-> 00:37:30,150
1211 -taught this in the snipers series and precision trading concepts. They're free
1212 -tutorial stuff. I'm not teaching you anything in terms of the mentorship stuff
1213 -
1214 -245
1215 -00:37:30,150 ~-~-> 00:37:40,080
1216 -here. But the general premise is, is you want to see this displacement in the
1217 -marketplace where there's an underlying willingness to go higher. And we see
1218 -
1219 -246
1220 -00:37:40,080 ~-~-> 00:37:48,540
1221 -that in price. So when price rallies and this could be on all timeframes, it's
1222 -not limited to any one particular timeframe. But when price rallies, you want to
1223 -
1224 -247
1225 -00:37:48,540 ~-~-> 00:37:57,330
1226 -wait for that retracement back and identify, you know what those levels are
1227 -going to be based on running a fib from the low up to the high because you're
1228 -
1229 -248
1230 -00:37:57,330 ~-~-> 00:38:09,240
1231 -bullish. So when you have that, you'll get this Fibonacci layer on top of your
1232 -price swing, and right in here in this little area. This is what you'd look for
1233 -
1234 -249
1235 -00:38:09,240 ~-~-> 00:38:20,760
1236 -for your setup. So the habit you want to overcome is staring at the charts
1237 -blindly not knowing what it is that you should be looking for. Right in here is
1238 -
1239 -250
1240 -00:38:20,760 ~-~-> 00:38:27,210
1241 -the setup. You can see how price will you can see that now the candles here so
1242 -I'm gonna change the color the background with the candles, you can see exactly
1243 -
1244 -251
1245 -00:38:27,210 ~-~-> 00:38:38,190
1246 -what happened. But this is a sweet spot. There's no magic in that level. It's
1247 -simply the 70.5 level on the Fibonacci seven 0.5. Okay, and that level, is what
1248 -
1249 -252
1250 -00:38:38,190 ~-~-> 00:38:49,200
1251 -I've taught on baby pips from 2010. On until I finally left there. This was the
1252 -level I like to see price trade to just for completeness sake. And because I'm
1253 -
1254 -253
1255 -00:38:49,200 ~-~-> 00:38:58,980
1256 -sure everyone's wanting to know, do I buy on retracements at the 70.5 or 260 2%
1257 -tradesmen level with a 79% tracing level, like I taught on baby pips, I try to
1258 -
1259 -254
1260 -00:38:58,980 ~-~-> 00:39:08,670
1261 -get my entry at 262. I don't know if it's going to go down to the 70.5 or 79. I
1262 -don't know that no one knows that. So because I trade with a higher timeframe
1263 -
1264 -255
1265 -00:39:08,670 ~-~-> 00:39:16,560
1266 -model in mind, I'm already allowing myself to have some measure of drawdown from
1267 -my entry. I'm comfortable with that, because it's expected it's built into my
1268 -
1269 -256
1270 -00:39:16,560 ~-~-> 00:39:26,880
1271 -model. So I don't freak out when I buy to 62. And it goes down to 70.5 or 79.
1272 -Because I've allowed the trading and the the gearing on that trade to permit
1273 -
1274 -257
1275 -00:39:26,880 ~-~-> 00:39:34,890
1276 -that in terms of the risk, it's not going to hurt my account that much, even if
1277 -it trades beyond that and stops me. The next point is is this is where you would
1278 -
1279 -258
1280 -00:39:34,890 ~-~-> 00:39:42,390
1281 -look for your entry. Okay, that part's done. That's the easy part. It doesn't
1282 -feel like it's the easy part. Everyone else is struggling with that. I want to
1283 -
1284 -259
1285 -00:39:42,390 ~-~-> 00:39:50,730
1286 -tell you now what the hard part is where to get out. You have to know where
1287 -you're getting out at. This is what gives you your risk reward models if you
1288 -
1289 -260
1290 -00:39:50,730 ~-~-> 00:40:02,160
1291 -believe in that myth. Okay. If we know that this is the retracement level and
1292 -this is where we're trying to buy at okay if this is our entry How much are we
1293 -
1294 -261
1295 -00:40:02,160 ~-~-> 00:40:11,820
1296 -willing to hold to trade for? Now notice what I said there. I did not say, how
1297 -much are you are is your risk reward going to be? Because that's speaking in
1298 -
1299 -262
1300 -00:40:11,820 ~-~-> 00:40:18,960
1301 -absolutions. And everyone knows what it's like when you get into trade. The
1302 -market may do something once it gets up to here. Okay, it may give signs and
1303 -
1304 -263
1305 -00:40:18,960 ~-~-> 00:40:25,440
1306 -evidence is that it doesn't want to go beyond this high here. So is the risk
1307 -reward model still the same? Hell no.
1308 -
1309 -264
1310 -00:40:25,680 ~-~-> 00:40:34,590
1311 -It's gone out the window. Because now you have wrestled and now are wrestling
1312 -with emotions, psychology, I have profits. Now. Do I want to hold on to the full
1313 -
1314 -265
1315 -00:40:34,590 ~-~-> 00:40:45,300
1316 -position? No, forget about it. Real traders learn to scale out and they do no
1317 -work, let's say this way. Real consistently profitable, traders learn to scale
1318 -
1319 -266
1320 -00:40:45,300 ~-~-> 00:40:53,940
1321 -out those individuals that teach on social media, that scaling is stupid,
1322 -because your risk is the highest at the beginning. And you're taking smaller
1323 -
1324 -267
1325 -00:40:53,940 ~-~-> 00:41:01,770
1326 -profits along the way. Forget what everyone else is saying. Because they just
1327 -said what everyone else is not doing. Taking profits is what everyone can't do.
1328 -
1329 -268
1330 -00:41:02,460 ~-~-> 00:41:13,650
1331 -The 90% plus club is not profiting. So those individuals are commenting on how
1332 -people are doing it wrong taking profits, you are not taking anything negatively
1333 -
1334 -269
1335 -00:41:14,940 ~-~-> 00:41:21,810
1336 -out of your trading. By taking profit you're in you're investing you're
1337 -depositing where everyone else is getting withdrawals from their account you're
1338 -
1339 -270
1340 -00:41:21,810 ~-~-> 00:41:29,940
1341 -depositing, you're here in this industry to make money. You're not in here to
1342 -look good. You're not in here to be smarter than the next guy. You want to be
1343 -
1344 -271
1345 -00:41:29,940 ~-~-> 00:41:36,990
1346 -profitable. You put this much money in the account. Your idea is you want to
1347 -have more than you did when you first started. How much time is it going to take
1348 -
1349 -272
1350 -00:41:36,990 ~-~-> 00:41:45,930
1351 -to get to that number you have as a goal? I don't know. You don't know. But you
1352 -have to have at least an initial comfort level where you think reasonably the
1353 -
1354 -273
1355 -00:41:45,930 ~-~-> 00:41:54,120
1356 -market may go how you do that? Well. This is the impulse price swing that I
1357 -taught for displacement and sniper series. Then you wait for the retracement
1358 -
1359 -274
1360 -00:41:54,150 ~-~-> 00:42:01,890
1361 -back down in the 60 to 70% retracement level in a bullish market environment.
1362 -And again, I'll leave that to you that makes what makes the market bullish and I
1363 -
1364 -275
1365 -00:42:01,890 ~-~-> 00:42:11,070
1366 -given you several different reasons why you can expect the market to go higher
1367 -or lower in this lecture series and my free tutorial. So if we know that it's
1368 -
1369 -276
1370 -00:42:11,070 ~-~-> 00:42:19,680
1371 -most likely going to go higher, where do we look to get out? Where's the target
1372 -level or Where's several targets? Okay, so we can consider taking multiple
1373 -
1374 -277
1375 -00:42:19,830 ~-~-> 00:42:36,300
1376 -scaling out profits to high down to the anticipated low. Here. That's the low on
1377 -the price, I'm going to use the 70.5 level right there. So what I did was I drew
1378 -
1379 -278
1380 -00:42:36,300 ~-~-> 00:42:43,590
1381 -the high down to the 70.5 level gradient here, this is going to be a target.
1382 -
1383 -279
1384 -00:42:49,560 ~-~-> 00:42:57,630
1385 -Okay, and we always use to hide retraces from because it can just go right to
1386 -that point. And that's a real good level to take some profits at. Here's another
1387 -
1388 -280
1389 -00:42:57,630 ~-~-> 00:43:06,420
1390 -objective. And here's another objective. Okay, so now we have our entry. That's
1391 -easy. That's the easy part. We know where it's most likely going to go. If it's
1392 -
1393 -281
1394 -00:43:06,420 ~-~-> 00:43:14,760
1395 -bullish, it's going to go back and retest this high. And then we want to see if
1396 -it has a willingness to go higher. That's this one. And here, and right about
1397 -
1398 -282
1399 -00:43:14,760 ~-~-> 00:43:23,520
1400 -here, that's about as high as I would like to go. Okay, because this could be in
1401 -remember, I taught this in my free stuff, that reflection pattern, where we have
1402 -
1403 -283
1404 -00:43:23,520 ~-~-> 00:43:31,710
1405 -a high short term high and market trade through that to some degree and creates
1406 -like a mirror version of optimal trade entry for ourself. By making a higher
1407 -
1408 -284
1409 -00:43:31,710 ~-~-> 00:43:40,560
1410 -high becomes the turtle suit so it goes lower. I have that in mind. Every time
1411 -the market trades to a new high or a new low. I'm thinking take some profits,
1412 -
1413 -285
1414 -00:43:40,920 ~-~-> 00:43:50,970
1415 -the other traders making its breakout, it's going to continue not me. liquidity
1416 -is resting above old highs and below lows. So their liquidity pools if we can
1417 -
1418 -286
1419 -00:43:50,970 ~-~-> 00:44:00,540
1420 -now frame an entry cream targets here in here. Okay, I like to take something
1421 -ahead of the high because I've seen many times my trading aid may not get back
1422 -
1423 -287
1424 -00:44:00,540 ~-~-> 00:44:10,800
1425 -there, it could create a lower high here fail and go lower. So that's why in
1426 -here, what I do is I take another fib draw from the high down to the entry, and
1427 -
1428 -288
1429 -00:44:10,800 ~-~-> 00:44:14,700
1430 -where 70 lines of tradesmen level is here. And I'll show you what that looks
1431 -like you didn't get this off
1432 -
1433 -289
1434 -00:44:21,360 ~-~-> 00:44:32,100
1435 -the high retracement down to the entry. Point 71 70.5. rating here is 79
1436 -centuries and I would like to take profit and scale right there. Why? Because I
1437 -
1438 -290
1439 -00:44:32,100 ~-~-> 00:44:43,470
1440 -could be wrong. They could trade up to their fail and go lower and reverse. Now
1441 -think about what this gave you. I gave you a way of still profiting when you're
1442 -
1443 -291
1444 -00:44:43,470 ~-~-> 00:44:52,440
1445 -wrong. Because the idea in premises this high should break this is bullish. But
1446 -there's nothing saying that's going to happen. That's not going to always
1447 -
1448 -292
1449 -00:44:52,440 ~-~-> 00:45:01,050
1450 -happen. So here's your objectives. This is what you're left with. At least this
1451 -is how I do it. You get down here how much of a range Do you have from first
1452 -
1453 -293
1454 -00:45:01,050 ~-~-> 00:45:09,000
1455 -profit from here to here, because that's my first target. And everyone saw this
1456 -happening. When I was doing my mentorship, if I had to trade that was panning
1457 -
1458 -294
1459 -00:45:09,000 ~-~-> 00:45:20,850
1460 -out, I was taking profits ahead of where I thought the market was gonna go. Now,
1461 -to a lesser, mature mindset, when they see this, they think, oh, he doesn't have
1462 -
1463 -295
1464 -00:45:20,850 ~-~-> 00:45:27,810
1465 -the discipline to hold out for his trade idea. And that tells me a whole lot
1466 -about that person that makes those comments because they aren't profitable.
1467 -
1468 -296
1469 -00:45:28,410 ~-~-> 00:45:37,440
1470 -They're not because they're holding for all of it. They want every piece of the
1471 -pie. And you cannot do this consistently, because their markets are going to
1472 -
1473 -297
1474 -00:45:37,440 ~-~-> 00:45:45,510
1475 -move around. You don't know if they're going to drop a bomb in North Korea and
1476 -cause the markets to have a ripple. So how can you with any degree of absolute
1477 -
1478 -298
1479 -00:45:45,510 ~-~-> 00:45:53,490
1480 -certainty, know that the market just goes back to the old high, it just makes
1481 -you think it's bullshit, something's gonna happen. So you have to build in
1482 -
1483 -299
1484 -00:45:53,490 ~-~-> 00:46:01,410
1485 -models that allow you still be profitable, even if you're wrong. So the idea is
1486 -I want to go back to this old high from my entry down here. If it gets back to
1487 -
1488 -300
1489 -00:46:01,410 ~-~-> 00:46:09,960
1490 -this high here, that's a level where I can take profits. But it may not get
1491 -there. But if it does, great, I'm gonna see if I can go to the next level, which
1492 -
1493 -301
1494 -00:46:09,960 ~-~-> 00:46:20,820
1495 -is 127, extension, and then 162 extension, that's what these levels are. Okay.
1496 -So now with this in mind, we can frame from this point here to my first target,
1497 -
1498 -302
1499 -00:46:20,820 ~-~-> 00:46:30,690
1500 -how much could I reasonably expect to make? Is that enough in terms of pips, if
1501 -it's like 10 pips, that's not a trade for me. If this is like 30 pips, or 40
1502 -
1503 -303
1504 -00:46:30,690 ~-~-> 00:46:41,160
1505 -pips, then yes, that's a trade for me, my personal model my personal tastes,
1506 -because it allows me to make enough money in terms of movement and magnitude of
1507 -
1508 -304
1509 -00:46:41,160 ~-~-> 00:46:50,400
1510 -price move, and it gives me enough to profit, I can take half the position off
1511 -here, okay, and take a portion at the high, take a portion off here, and a
1512 -
1513 -305
1514 -00:46:50,400 ~-~-> 00:46:59,310
1515 -portion off here. And the moral victory of knowing it went to the ultimate high,
1516 -that's what I get, I do not always get full entry for exit where I say it's
1517 -
1518 -306
1519 -00:46:59,310 ~-~-> 00:47:08,490
1520 -going to go. That's not happening all the time. rarely, if ever, is it happening
1521 -like that. I know, by looking at a trade like this, it gives me framework. So
1522 -
1523 -307
1524 -00:47:08,490 ~-~-> 00:47:16,050
1525 -now if I have this in mind, I have my entry you want to get in it, I haven't
1526 -done anything, this is the things I'm doing. And these are the things that you
1527 -
1528 -308
1529 -00:47:16,050 ~-~-> 00:47:25,050
1530 -have to do. If you don't do this, you're going to have your trading filled with
1531 -bad habits, this is the good habit that you have to do. So this is how you frame
1532 -
1533 -309
1534 -00:47:25,050 ~-~-> 00:47:35,400
1535 -a trade you set about for entry, you define what your objectives are to get out.
1536 -And now once you understand this, now you can determine what your risk is. Then
1537 -
1538 -310
1539 -00:47:35,400 ~-~-> 00:47:43,110
1540 -it also makes or breaks the trade for you. So now you have to look at how much
1541 -can I make here in terms of pips, and how does that relate to putting a stop
1542 -
1543 -311
1544 -00:47:43,110 ~-~-> 00:47:53,700
1545 -loss rate at this low here. Now, trading circles will say you got to go down
1546 -here like 10 pips below this low, not me. I don't want to I don't want to have
1547 -
1548 -312
1549 -00:47:53,700 ~-~-> 00:48:04,260
1550 -that. If I believe that I have 40 pips, or say 60 pips here, okay, in terms of
1551 -range, because I'm not looking at here in terms of the actual cable movement.
1552 -
1553 -313
1554 -00:48:04,590 ~-~-> 00:48:14,280
1555 -I'm giving you kind of like a blanket concept to use on all timeframes. But if
1556 -we get like a range of 60 pips here, okay. And I know some of you're looking at
1557 -
1558 -314
1559 -00:48:14,280 ~-~-> 00:48:24,210
1560 -it's not 60 pips Michael, but belong short is, is if that's the range that we
1561 -have here. 40 to 60 pips, if we buy here, we're buying it as it drops down, not
1562 -
1563 -315
1564 -00:48:24,240 ~-~-> 00:48:33,150
1565 -once it starts going up, you don't need to do that you want to be buying it as
1566 -it drops and hits that level. Okay, either 62 or 70.5, you can be a hard ass and
1567 -
1568 -316
1569 -00:48:33,150 ~-~-> 00:48:41,100
1570 -wait for it to go down to 79. But many times it doesn't go there. And you'll see
1571 -once the colors that you can see actually here, it never went down that low. But
1572 -
1573 -317
1574 -00:48:41,100 ~-~-> 00:48:51,000
1575 -I like to anticipate it reaching to 70.5 for optimal trade entry. But my entry
1576 -most 90% plus times is right at the 62% trades level. That's what I'm looking at
1577 -
1578 -318
1579 -00:48:51,000 ~-~-> 00:48:59,070
1580 -the price I'm trying to get. So either I'm trying to wait for the trade so
1581 -allows me at market to get that price or I use limit orders at or just above the
1582 -
1583 -319
1584 -00:48:59,070 ~-~-> 00:49:05,760
1585 -70.5 level that will get me at the 62 as an entry. The risk is defined right at
1586 -the old low.
1587 -
1588 -320
1589 -00:49:07,230 ~-~-> 00:49:15,360
1590 -Why am I comfortable with putting it right at the old low and not 10 pips low or
1591 -five pips or 20 pips below it. Because if it's going to go below the 79% level,
1592 -
1593 -321
1594 -00:49:16,200 ~-~-> 00:49:24,900
1595 -it's going to run the stocks below that low anyway. And I don't want to have too
1596 -much risk below that low, late it opportunity for them to take that for my
1597 -
1598 -322
1599 -00:49:24,900 ~-~-> 00:49:34,500
1600 -account as it could skip and get down and hit that and too fast of a movement
1601 -for me save it's safe to stop. So I have my stock rate too low. So if he does
1602 -
1603 -323
1604 -00:49:34,500 ~-~-> 00:49:43,020
1605 -skip and jump down here, I'm not going to whether 10 or 20 or 3040 pips below
1606 -that low depending on how your trading teacher taught you with an old low
1607 -
1608 -324
1609 -00:49:43,050 ~-~-> 00:49:51,780
1610 -putting a stop below that. I'm going to rate at that low because in this
1611 -condition if I'm bullish, it should not go below 79 if it goes below 80 it I'm
1612 -
1613 -325
1614 -00:49:51,780 ~-~-> 00:50:00,360
1615 -wrong. So I'm going to collapse the trade personally and I'm going to say the
1616 -stop to now what I just teach you cut your losses short. Define your risk. Know
1617 -
1618 -326
1619 -00:50:00,360 ~-~-> 00:50:09,930
1620 -your objectives, how to hold on for them. we've replaced a lot of bad thinking
1621 -and toxic thinking you probably had or didn't even know what you're looking for
1622 -
1623 -327
1624 -00:50:09,930 ~-~-> 00:50:19,590
1625 -in terms of price action, I've given you a complete model of how to interpret
1626 -price. Replace bad habit thinking and replace it what the things you're supposed
1627 -
1628 -328
1629 -00:50:19,590 ~-~-> 00:50:33,990
1630 -to be looking for, what is it you focusing on primarily? So with that in mind,
1631 -let's go into really I know there are some people that are not inside my group
1632 -
1633 -329
1634 -00:50:33,990 ~-~-> 00:50:50,370
1635 -here, and your news is the first time you're here. Get to the meat of it, get to
1636 -show us the account. Since you made your video really. Right. I'll use this said
1637 -
1638 -330
1639 -00:50:50,370 ~-~-> 00:50:57,180
1640 -that like I usually had a bull candle. ampere candle.
1641 -
1642 -331
1643 -00:51:04,830 ~-~-> 00:51:17,190
1644 -Okay. And that's what price look like in reality. So you can see how price rally
1645 -up to the seventh level of the retracement leg, this is first profit. Okay, then
1646 -
1647 -332
1648 -00:51:17,190 ~-~-> 00:51:28,290
1649 -it pray price trades up to the old high, there's an objective there. Here's an
1650 -objective here is that and then finally hit the 6162 extension. So all this
1651 -
1652 -333
1653 -00:51:28,440 ~-~-> 00:51:37,290
1654 -unfolds with the idea that you have to believe that the market is going higher.
1655 -So that means you have to anticipate the market moving higher, wait for it to
1656 -
1657 -334
1658 -00:51:37,290 ~-~-> 00:51:46,980
1659 -happen. Don't rush, when it does retrace, know where you're gonna be looking to
1660 -to take the trade stop loss around here, turtle soup entry, it doesn't have to
1661 -
1662 -335
1663 -00:51:46,980 ~-~-> 00:51:54,240
1664 -be optimal trade entry. This could be your trading pattern here, this old low
1665 -being violated when it's bullish. There you go, as this is all free tutorial
1666 -
1667 -336
1668 -00:51:54,240 ~-~-> 00:52:03,720
1669 -stuff. But the problem is, is many of you are trying to do too many things. And
1670 -you're worrying about the wrong things. And by having the right perspective,
1671 -
1672 -337
1673 -00:52:03,900 ~-~-> 00:52:18,240
1674 -applying it doing consistently, then and only then will you overcome bad habits
1675 -and replace them with positive. Really, really look. This is not why had you
1676 -
1677 -338
1678 -00:52:18,240 ~-~-> 00:52:34,920
1679 -here. But the account now is it 15 to 81. I did a little little movement in the
1680 -Euro this morning. We'd see the last one I got stopped out on that video. And
1681 -
1682 -339
1683 -00:52:34,920 ~-~-> 00:52:48,630
1684 -here it is. So now I haven't taken any losses I'm hiding from so please don't
1685 -send those things. Guys worry about the wrong things. Anyway. So hopefully this
1686 -
1687 -340
1688 -00:52:48,630 ~-~-> 00:52:58,230
1689 -has given you some some framework to work within in terms of developing the
1690 -right mindset, and overcoming bad habits. Obviously, there's a lot of things
1691 -
1692 -341
1693 -00:52:58,230 ~-~-> 00:53:08,370
1694 -that could be answered or discuss. And I could probably go on and on and on. But
1695 -I don't want to spend any more time that have a lot in for. So I want to know is
1696 -
1697 -342
1698 -00:53:08,370 ~-~-> 00:53:18,720
1699 -have you had any kind of if you've had any ideas stimulated, if you've given at
1700 -least a context of how to use it. That would be appreciate if you share with me
1701 -
1702 -343
1703 -00:53:18,720 ~-~-> 00:53:37,410
1704 -in the comment box. I don't I didn't want to do this. But let's go through real
1705 -quick. There's the trade. And you can see how very similar to what I did with
1706 -
1707 -344
1708 -00:53:37,410 ~-~-> 00:53:48,600
1709 -the cable idea. I went long here, you can see the trade idea is how about me
1710 -show 2 million times you can see it's not me adding a line and putting all this
1711 -
1712 -345
1713 -00:53:48,600 ~-~-> 00:53:59,040
1714 -stuff here did a long here I had the objective of getting up here. And we had a
1715 -price drop. And I did an extension with an extensive fib from the high down to
1716 -
1717 -346
1718 -00:53:59,040 ~-~-> 00:54:07,590
1719 -the low and it rallied back up. And once we got to a level that would be
1720 -reasonable for optimal trade entry as a potential reversal. That's where I was
1721 -
1722 -347
1723 -00:54:07,590 ~-~-> 00:54:17,430
1724 -scaling out at. And my initial scaling was just pay off. I took two of the four
1725 -I bought initially down here because I was unsure about the willingness to want
1726 -
1727 -348
1728 -00:54:17,430 ~-~-> 00:54:28,080
1729 -to go higher. So I was paying myself even though I was wrong. You have to learn
1730 -to be profiting. When you're wrong about your outcome. If you don't see the
1731 -
1732 -349
1733 -00:54:28,080 ~-~-> 00:54:36,360
1734 -things panning out, you need to at least know how to get that out of the
1735 -marketplace to pay you. I had it pointed with entry. The market rally that while
1736 -
1737 -350
1738 -00:54:36,360 ~-~-> 00:54:44,340
1739 -I was sleeping, it didn't hit my limit order. didn't give me the objective to
1740 -move higher. We dropped down I woke up I saw price trading at this level in
1741 -
1742 -351
1743 -00:54:44,340 ~-~-> 00:54:51,960
1744 -here. I gave it some time. And once it moved into a level retracement from this
1745 -high down to the low. I scaled out and it didn't give me any more positive
1746 -
1747 -352
1748 -00:54:51,960 ~-~-> 00:55:00,150
1749 -movement scale out another portion. It didn't give me any more and I just
1750 -collapsed the trade. And did I do the right thing? Yes. Was I wrong about The
1751 -
1752 -353
1753 -00:55:00,150 ~-~-> 00:55:09,120
1754 -trade? Yes, because I thought I was gonna go up here. Did I lose money? No. Did
1755 -I make money? Yes. In demo for disclosure, I'm teaching through a demo account.
1756 -
1757 -354
1758 -00:55:09,570 ~-~-> 00:55:12,030
1759 -But this is what you do. You have to have
1760 -
1761 -355
1762 -00:55:13,410 ~-~-> 00:55:23,970
1763 -free, drop the ego leave the I got to be better than the next guy attitude or I
1764 -have to live up to some measure of expectation to be profitable. No, you don't.
1765 -
1766 -356
1767 -00:55:24,450 ~-~-> 00:55:34,950
1768 -It's about making more deposits in the account than withdrawals. That's all this
1769 -is. But there's a lot of room for flamboyance. There's a lot of room for pomp
1770 -
1771 -357
1772 -00:55:34,980 ~-~-> 00:55:43,590
1773 -and arrogance. And believe me, I'm a showcase for that. But if you try to do
1774 -those things, and try to make it manifest into profitability in your trading,
1775 -
1776 -358
1777 -00:55:44,370 ~-~-> 00:55:51,720
1778 -many times it's going to be a barrier. I've been doing this for 23 plus years.
1779 -So I know me, I know the markets enough where I can play around in it. New
1780 -
1781 -359
1782 -00:55:51,720 ~-~-> 00:56:01,170
1783 -traders don't have that. And they can get in trouble wearing their ego, or
1784 -trying to be a big shot, and pretending to do something they don't. And when you
1785 -
1786 -360
1787 -00:56:01,170 ~-~-> 00:56:08,160
1788 -look at their accounts, or they look at their trading, it's pretty apparent.
1789 -They don't know what you're doing. But long and short is, there's plenty of bad
1790 -
1791 -361
1792 -00:56:08,160 ~-~-> 00:56:16,200
1793 -habits I didn't list today. But the ones that I like talked about and covered
1794 -today. They're the ones I had to actually endure and wrestle with. And what I
1795 -
1796 -362
1797 -00:56:16,560 ~-~-> 00:56:24,450
1798 -what I ended up doing by showing the end of the this video and this
1799 -presentation, was what I actually did to overcome it, know what I'm looking for,
1800 -
1801 -363
1802 -00:56:24,840 ~-~-> 00:56:34,440
1803 -know how to define that risk, know how to pay myself when I'm wrong. Because you
1804 -have to do that. And this is an example. I was expecting your to go higher. It
1805 -
1806 -364
1807 -00:56:34,440 ~-~-> 00:56:45,780
1808 -didn't. But I knew how I was going to react to it failing, not chasing price or
1809 -freaking out. I woke up. Yeah, I would have had a wonderful opportunity to get a
1810 -
1811 -365
1812 -00:56:45,780 ~-~-> 00:56:52,920
1813 -higher price. But I was sleeping. My limit order was doing its job up here
1814 -should price trade there. my stop loss was already at a point where I couldn't
1815 -
1816 -366
1817 -00:56:52,920 ~-~-> 00:57:01,770
1818 -lose. In the long short is it woke I woke up a saw market had dropped down. This
1819 -could have very easily stopped me out at you know, well my stop was a little bit
1820 -
1821 -367
1822 -00:57:01,770 ~-~-> 00:57:09,450
1823 -lower than here. But at the time, when we started rallying up, I move my stop to
1824 -a point where I couldn't lose any money and watched and I manage how much of a
1825 -
1826 -368
1827 -00:57:09,480 ~-~-> 00:57:19,020
1828 -retracement we're getting here. And it was stalling between this high and this
1829 -low. So I had to pay myself. That's what this leg is here. And you can see I had
1830 -
1831 -369
1832 -00:57:19,020 ~-~-> 00:57:19,770
1833 -all the other ones.
1834 -
1835 -370
1836 -00:57:24,780 ~-~-> 00:57:36,120
1837 -You can see all the portions of which did I took out for the remaining balances.
1838 -So long short, it is I was wrong. But my account showed positive deposit. It
1839 -
1840 -371
1841 -00:57:36,120 ~-~-> 00:57:45,240
1842 -doesn't have to be I'm right all the time, you're never going to be right ever.
1843 -Because had I been right in terms of my directional bias in it say it hit this
1844 -
1845 -372
1846 -00:57:45,240 ~-~-> 00:57:55,920
1847 -level and it took out my my target and then went 50 pips higher than that.
1848 -Online, I'd have 1000 people saying you didn't hold it the right way, you know,
1849 -
1850 -373
1851 -00:57:55,920 ~-~-> 00:58:06,120
1852 -you didn't get to this level by ignoring the fact that it was a positive
1853 -deposits going into the account. So everyone on the outside of you are going to
1854 -
1855 -374
1856 -00:58:06,120 ~-~-> 00:58:13,680
1857 -have all of these opinions about what you should be doing. When they can't spend
1858 -your money. And they sure as heck ain't going to help you. If you lose money,
1859 -
1860 -375
1861 -00:58:13,680 ~-~-> 00:58:19,170
1862 -they're not gonna get Hey, I feel sorry for you, pal. Here's some money, they're
1863 -not going to do that. But they all have an opinion about what you're doing and
1864 -
1865 -376
1866 -00:58:19,170 ~-~-> 00:58:30,210
1867 -what you should be doing. Unless they have given you something of value in terms
1868 -of education, and opinion, or money. Okay, there's nothing wrong with someone
1869 -
1870 -377
1871 -00:58:30,210 ~-~-> 00:58:39,030
1872 -giving you money, if they give you money to help you, okay, great. But
1873 -otherwise, their opinions don't matter much at all. But because a new traders
1874 -
1875 -378
1876 -00:58:39,030 ~-~-> 00:58:48,270
1877 -mindset is if somebody tells me I've been trading, leave and trade rather
1878 -trading longer than me, when I was a new trader right away, I knew that that
1879 -
1880 -379
1881 -00:58:48,270 ~-~-> 00:58:55,890
1882 -person had more experience, and I want to listen to them. But I wasted so much
1883 -time listening to other people, when all they were doing was pretending they had
1884 -
1885 -380
1886 -00:58:55,890 ~-~-> 00:59:04,950
1887 -no idea what they were doing. They were selling this idea themselves because
1888 -they couldn't make money in an account. They went online and pretended. So the
1889 -
1890 -381
1891 -00:59:04,950 ~-~-> 00:59:13,380
1892 -last thing I'm gonna close with is know who you're getting the information from.
1893 -Okay, it's one thing to listen to somebody that may sound genuine may sound very
1894 -
1895 -382
1896 -00:59:13,620 ~-~-> 00:59:22,200
1897 -well in law intended. But there's a lot of well intended sounding people out
1898 -there that are clueless, they have no idea what you're doing. And you'll know
1899 -
1900 -383
1901 -00:59:22,200 ~-~-> 00:59:32,250
1902 -right away, if they have any idea what they're doing, if they teach the similar
1903 -very, very close to what I've taught today, number one reality you're going to
1904 -
1905 -384
1906 -00:59:32,250 ~-~-> 00:59:40,860
1907 -lose, you have to have the right perspective. And toxic thinking is easy to
1908 -replace, once you know what it is that you should be doing. But most people
1909 -
1910 -385
1911 -00:59:40,860 ~-~-> 00:59:47,280
1912 -don't know what they're supposed to be seeing in the charts, or how they're
1913 -supposed to operate from a personal standpoint, like a like a personality trait.
1914 -
1915 -386
1916 -00:59:47,730 ~-~-> 00:59:55,920
1917 -Whether it be a search term trader, scalping swing, trader day trader, all those
1918 -things have to relate directly to your personality. And if they aren't, you're
1919 -
1920 -387
1921 -00:59:55,920 ~-~-> 01:00:04,200
1922 -going to have adversity in your trades, because you're going to be wrestling
1923 -with holding onto something that your comfort level doesn't promote. Like, I
1924 -
1925 -388
1926 -01:00:04,200 ~-~-> 01:00:13,470
1927 -can't be a long term trader, I can't do it. My personality is too short fused. I
1928 -make decisions too quick. So I do day trading and short term trading, because it
1929 -
1930 -389
1931 -01:00:13,470 ~-~-> 01:00:21,330
1932 -makes sense for me to do it that way. I can't I tried it, I can't do it. So I'm
1933 -not saying because I can't do it. That's the model for everyone else. I'm just
1934 -
1935 -390
1936 -01:00:21,330 ~-~-> 01:00:30,960
1937 -telling you, statistics prove that. That's why people fail. They try to do
1938 -something they personally can't align themselves mentally and psychologically,
1939 -
1940 -391
1941 -01:00:31,170 ~-~-> 01:00:41,730
1942 -to do. And Larry Williams did a study on this, and I didn't believe it at first.
1943 -But after years of trading, I'm 100% certain he had it right. You have to match
1944 -
1945 -392
1946 -01:00:41,760 ~-~-> 01:00:52,590
1947 -up your personal personality and the way you live your life. If you're fast and
1948 -quick, and witty. Chances are you'd be a great day trader. If you're an
1949 -
1950 -393
1951 -01:00:52,590 ~-~-> 01:00:59,970
1952 -adrenaline junkie, and you're out there doing all kinds of extreme sports.
1953 -Again, that's a day trader, scalpers model, because you're engaging constantly a
1954 -
1955 -394
1956 -01:00:59,970 ~-~-> 01:01:10,530
1957 -more passive investors mindset, where you really want to avoid drama, you want
1958 -to avoid excitement, you probably do very well as a swing trader or a position
1959 -
1960 -395
1961 -01:01:10,530 ~-~-> 01:01:19,770
1962 -trader. And day trading just isn't going to work for you because you think that
1963 -it's too much noise on a lower timeframe. It's not noise, it's volatility. And
1964 -
1965 -396
1966 -01:01:19,770 ~-~-> 01:01:28,650
1967 -that same volatility would scare you away as a position trader or swing trader
1968 -is a wonderful Wonderland for a scalp or day trader because they can work in
1969 -
1970 -397
1971 -01:01:28,650 ~-~-> 01:01:37,500
1972 -that model of volatility and be able to find setups find ways to be able to pick
1973 -out a buys and sells so you have to do a lot of work in terms of knowing your
1974 -
1975 -398
1976 -01:01:37,500 ~-~-> 01:01:46,800
1977 -personal self. Okay, so I'm going to escape wish you all a very pleasant day.
1978 -Appreciate you coming on. If you didn't learn anything, I apologize for wasting
1979 -
1980 -399
1981 -01:01:46,800 ~-~-> 01:01:56,040
1982 -your time. If you did, let me know in the comments box and inside that on
1983 -Twitter, let me know I appreciate that. It is recorded so I will throw this up
1984 -
1985 -400
1986 -01:01:56,040 ~-~-> 01:02:04,590
1987 -on the YouTube channel and that way everyone can talk about me on there and
1988 -spread it spread the word that I'm and again so I will catch up with you when I
1989 -
1990 -401
1991 -01:02:04,590 ~-~-> 01:02:11,010
1992 -catch up with you new promises when the next one's going to be I just wanted to
1993 -give you guys a shout out let you know that I do have that Twitter account. It
1994 -
1995 -402
1996 -01:02:11,010 ~-~-> 01:02:21,060
1997 -is mine. No one's holding it and pretending to be me with this one. So I am ICT
1998 -is the Twitter handle. In October I'll be a little bit more busier than I am
1999 -
2000 -403
2001 -01:02:21,060 ~-~-> 01:02:23,820
2002 -now. So with that wish you good luck and good trading.