ICT YT - 2020-09-29 - ICT Forex Trade Review and Losing Trade.srt
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ICT: Alright, so I'm going long euro dollar here. So it's
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trading view platform. It is a non empty for platform just
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to illustrate execution and trade management, this is a one
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minute chart also. And you're about to see an ICT unicorn.
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There's a lot of folks out there, I'll say, ICT never shows
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you when he loses. Well, you're going to see this here. And
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it wasn't me pretending to lose this to do it for stunt. Me,
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basically put him on stop too tight. So I'm looking for a
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move that take us above that 116 75 area, that'll be my
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first partial. But just as a spoiler, I do get stopped out
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on this entry here. I'm using a lot less leverage than I
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could use with this hypothetical balance. Because it's a
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Monday, and I'm not really wanting to trade this direction
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strongly yet. But for the purpose of execution, I flagged
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everyone on my community tab on my YouTube channel stating
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that there was an hourly equal highs if you're at least
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familiar with my content, and that's basically what I'm
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gonna be aiming for for this trade. But first partial, that
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means I'm going to take something off should a trade there
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and it stop loss should be getting tagged here.
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Alright, so I got stopped there for a $200 loss. But nothing
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has changed. Okay, so as I'm looking at price, I'm thinking
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to myself, well, I didn't have my stop at the right place I
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brought up too soon. And I still like the idea of it trading
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higher, and going after those hourly equal highs. So same
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framework, just considering every entry. So everything I'm
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looking at on the chart still is valid. So I'm not concerned
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about being right or wrong. Okay, that's the one big
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takeaways from this is not to let your ego or your pride or
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fear and greed get in the way of taking a trade if it still
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valid and invalid. Okay, you can see, look at the risk
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percentage. Once I set the stop, ultra low. And the cynics
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will watch this and say oh big deal, a couple hundred
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dollars. It's not about the money, it's about the pips. It's
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about the placement of entry, and management. And
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visibility, says the markets trading down like this, most
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retail traders are thinking Lower, lower lower, and annotate
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the chart, expecting it to rally once it's down there, oh,
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and the execution. So you can see there isn't any real
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distance between the actual low and where I got in it. And
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you'll actually see the stop out too. But the little errors.
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So with a one minute chart, letting it tick like this. At
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this point, I'm expecting it to probably stay consolidated
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until we get into Asia. And I think that Asia will pump it
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up over that 1685 1680 level.
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This compressing the chart a little bit so that we can see
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it. And I should be annotating the chart with the executions
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as you can see them now. And I'll show you those annotations
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with you know the cursor going over top of it. So you can
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see they're not just lipstick added to the chart. But pretty
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good placement on the on the entry, even the first entry.
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But when I moved my stop, I should have been able to weather
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that in the little eyeball icon is just to keep your focus.
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That's where I'm focusing my own attention. I think it's
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going to go above that. So I'm gonna set my objective to
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take something off above that. And I was a little premature.
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I thought I was gonna run above that but it didn't. So I'm
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annotating a run on sellside liquidity of that was a run on
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stops. Sell stops. So usually when that happens, it's an
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indicative characteristic of wanting to go higher.
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And you can see I'm annotating my anticipation is in asian
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session is going to rally up into that area. Okay, I came
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back to the recording it see it's just underneath the level
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I'm looking for.
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Okay, price runs through just my stop loss, and then I'm
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gonna take a partial off.
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Now my focus is up there, stop has been trailed up. And I'm
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going to take something off, and you can see the execution
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print as I do it. So this will leave 200,000. left on, you
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see all orders coming up on the screen. No empty for
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trickery. And there's the execution there on a partial
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and move my stop.
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Okay, at this point in here, I'm thinking to myself, I want
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to take something else off. But I don't do it. And looking
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back in hindsight, my processes and things that I do, while
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I was looking at this chart live at the moment, I didn't do
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it, I did not take a partial off, I would have taken off
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100,000 and left 100,001 to maybe run to that target or stop
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out. But I choose not to do it. So I actually have to take a
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partial, as it's retraced from this high at a later time, as
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you'll see in executions. But it did not have the recording
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going at the time. So it is what it is. But you'll be able
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to see the executions. And I'll show you on the chart. But
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at this very moment. There should have been another partial
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taken, because it's trading above the high that was formed
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between nine o'clock and 10 o'clock in the morning. And
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above that 116 at level. So that's a really good level to be
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taking something off. And it's not about being right, it's
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not about your target being hit, it's not about a perfect
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trade entry to perfect trade exit. Many times trades will
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give you the the carrot, if you will, dangling in front of
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you thinking that you're going to get that perfect
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development of a trade entry and exit. And it just falls
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short of it. And having been following the markets as long
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as I have I've had many instances like that, where it's
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forced me to do the take early profit, and be content with
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that, if I'm looking for 100% of a move, and I get out at
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85% of the move. I'm not upset with that no one really
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should be upset with that. So you're trying to get out
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during the meat, okay, or the lions portion of the move, and
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leaving all of the highs and the very lows to just Well, in
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this case, it's ego and pride that's allowed to be used
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there. Because you're you're using it over the analysis, not
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the trading. If you incorporate ego and your pride when the
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money is attached to it, then it tends to cloud your
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perception. And you care more about that than you do then of
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taking sound entry paying yourself along the way. And just
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being content with Yes, your analysis said it was going to
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go right to the laser guided pie of whatever number value
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that would be. But getting out before that happens, because
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there's nothing that comes by way of absolute perfection in
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your execution. Now price might deliver that specific price
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level, but it may not trigger your exit, you may have your
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limit order at that level plus one Pip. And it just denies
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you. I've had limit orders where prices actually hit in my
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limit or didn't activate. So to avoid all of that
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frustration. Over the years I've built in protocols that say
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oh Kay, I have to be getting in the direction of the
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expected target. And I've grown over the years. In fact, in
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the last three years or four years, I've grown even more
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content with it. Because I struggle with obsessive
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compulsive disorder. And I have to have things, my way My
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home is like that everything in my house is exactly where I
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want. And if it's moved on now, and I expect an unrealistic
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superhuman delivery of prowess in myself. So I have higher
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expectations than any of you would have of me as an educator
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or a mentor, or trader, or whatever. So to compensate and to
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provide therapy to myself, I've given myself permission to
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exit in the direction of my expected targets. That way, my
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ego, my pride is satisfied, should it trade there, but my
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bottom line isn't affected by that transaction of pride and
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ego, if that makes any sense. If you've ever traded with
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live money, you'll know what that means. If you've only been
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in demo, it really won't register with you. So let's go over
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to the live charts, and we'll take a look at what's going on
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and ocsea outline what I was doing. Alright, so here's the
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Euro dollars is their hourly chart. And yesterday on my
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community tab on the YouTube channel, I prompted everyone to
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look at the hourly chart, and I asked them, What do you see
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this area right over here is where your attention should
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have been drawn, especially if you're a student of mine,
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even on this YouTube channel, not necessarily requiring
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mentorship level. So when price was trading here, we don't
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chase price. Okay, during this time of day, okay, this is
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the new york session. So the market has been rallying
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straight from the low here at three o'clock in the morning.
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So from three o'clock in the morning, it has had no real
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significant retracements. The heart of New York, open
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trading is waiting for some measure of retracement that is
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preferably in line with the direction that the London
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session has put in motion. In this case, you can see that
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London had been trading higher. So right away, you know, if
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you've been watching this YouTube channel, if you've watched
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my optimal trade entry pattern recognition series, or if
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you've watched any of my teachings regarding that pattern,
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which is kind of like the flag ship of this YouTube channel.
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There's lots of other things that you can learn here. But
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that's kind of like the thing everybody comes here for. So
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if you look at this price swing from the low to this high,
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as price starts to decline, we're waiting for it to trade
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into an optimal trade entry. So what is that? Well, it's
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this pattern here, low to high trades down into the 62%
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retracement level. And you can actually see all the
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annotations that were on that one minute chart will drop
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down into one minute chart in a moment. But the market
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trades down to optimal trade entry and then starts to trade
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higher. I moved my stop loss up a little too prematurely.
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And lastly, as I indicated on my community tab, I ended up
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getting stopped out I did not re enter, I just left it
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alone. So I could have went back in and did another trade.
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But if I would have done that, those that are really not
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interested in follow me that are very critical of the things
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I do and teach or say, will say his ego wouldn't let him
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have a day where he took a loss or got stopped out. And here
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I am, I'm showing you imperfection, the human side of me
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where I did it wrong, but having the analysis, right, that's
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going to happen a lot, it's going to happen a lot for you as
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a developing student, but I'm not exempt from it, you're
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always going to have that possibility of doing it
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incorrectly, moving your stop too soon, or entering too
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soon, not a problem. If everything is still valid, then you
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just go back in again. But because I wasn't risking a lot on
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the trade, I could go right back in with the same amount of
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leverage, which was very miniscule. Now let's say for
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instance, that I already got stopped out on that first entry
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with a full maximum, whatever that percentage exposure would
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be, let's just say the industry standard, which I believe is
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too high 2%. Say it was a loss of 2%. And so you have a role
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that you don't want to lose more than 3% in any one
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particular day. That's a highly speculative model, but let's
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just say that's the case, then I would have to go back in
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only leveraging 100,000 or in this case 125,000 half because
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the original position was 250,000 which is $25 per Pip. The
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next trade after getting stopped out it would have been a
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full maximum loss that I would be willing to assume, again
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assuming that would be 2% I didn't even have a half a
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percent really of leverage here. That's the reason why I
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could go back in and use the same amount of leverage I used
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when I took the loss. Okay. So that's why it's important for
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you to understand sound money management and risk
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management. And it's not always what's the maximum amount of
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money I can risk. Because you're really doing that with the
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expectation trying to make the maximum profit return. And
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that is the trap. You don't want that as long as you keep
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adding to your bottom line every week, every month, every
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quarter, the years that go by that make you a trader. That's
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all it matters, it will build it will be exponentially
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growing. But you can't expect 30% returns every single week.
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You know, there's so many people out there promoting that
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idea that Oh, yeah, I'm doing this and I'm doing it. They're
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not okay. You don't even see him executing on trading view.
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I watched the gentleman yesterday that was showing a mt four
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account platform, the profit, you know, the open ticket that
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was open showing their profit and loss, theoretically, they
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had it at the top of their chart, and then a showing a
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trading view chart, well, why didn't they do the execution
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and trading view and then show how that panned out? To me,
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it just seems like a whole lot of extra work to prove that
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they did something after it starts moving, because you don't
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see them entering. And that's what I'm trying to support
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the community with here. When I show you a trade, I'm
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showing you a trade, I'm showing you an execution, a stop
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placement, a management of the stop partials along the way
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and the thumb, right, it'll go to the target. If I'm not,
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it'll stop me out. But it doesn't change the fact that I'm
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executing, I'm putting it to work, pushing the button. So if
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that's the case, and we see it happening in trading view,
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you're seeing real examples from my perception of price at
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the time that I prompted everyone through the community tab.
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Now, that's pretty much how I do mentorship. You know, I
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outline what I think is gonna happen. It's not a trade
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signal service, I don't tell you exactly where to get in it.
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I don't tell you where to place your stop loss, but I
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believe by pointing Okay, like you're a scout sniper in
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training, and I am your shooting instructor. So I'm going to
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point and call down the range and say, Okay, I want you to
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aim for that target there. Okay, it's your job to sight up
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your rifle, scope it up, and then pull the trigger and hit
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it with the tools and training that you've been exposed to.
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If you aren't aiming at the right target, or going the
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opposite direction, you're going to hurt yourself or someone
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else. Okay. And the other person in this case is your bottom
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line. Okay, so to avoid that frustration, as a mentor, I use
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my almost three decades of experience coaching my students
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to aim for a specific level. Now, full disclosure. Before
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this week started, I was giving the market a willingness to
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go lower initially, but if it showed no willingness to go
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lower than it was going to aim right here. I say this in
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mentorship. Now what changed my opinion about looking for
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bearishness, well, this obvious run here higher. So I don't
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want to go short. And then I want to aim for this now. So
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that was the logic without going into all the great details.
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So let's drop down into one minute chart. And I'll flesh
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this out a little bit more. But basically, this area here is
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what I was aiming at. Alright, so here's the one minute
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chart. And price was dropping down inside of optimal trade
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entry right in here. So I'm going to take the fib off. So
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it's already accomplished its usefulness and I'm going to
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add the execution so you can see it. Here's the initial
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entry. And then we're I got stopped out right there. That's
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a $200 loss. Then I went back in within the next minute. But
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they're just in case you guys think they're added. I had a
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guy in about a month ago. He says, you're adding arrows, I
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can draw the arrows and make them small too. I want you to
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watch these arrows. Okay. Execution off. execution on, off,
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on, off on. Okay, so you can see they're perfectly where
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they're supposed to be at. Okay, they're not painted.
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Alright, so a call for the rally there, anticipated maybe a
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run back into this level here. Had it been there. I would
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have commented If I wasn't already long I would buy there,
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but it didn't trade down there. I put this level in the
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chart, it's a run on sell stops. There is my partial. This
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is the high I wish I would have taken something off at as
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well but it didn't do it. And I did it there. Because I was
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concerned we're going to get a retracement and we got it. So
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I took 100,000 off there, leaving a balance of 100 which
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eventually get stopped out there. Because I put my stop loss
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as you saw on the video right below here. I was hoping I was
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gonna run aggressively above the 85 level during Asia but it
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didn't have a deeper retracement. So in a lot of ways I did
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the right thing here. And I wasn't happy if I would have
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been awake watching it, I would have been not satisfied at
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all sitting through this much of retracement it
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consolidated, Spike down one more time, and then eventually
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made a larger trading range spiked up above. There's a sweep
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I was calling everybody's attention to yesterday. And then
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another spike up and then finally clearing another
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objective, as you saw. So all in all, you saw humanity. I'm
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human. I can see it forming. And I can see where my entry
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should be.
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And that they're down here. Okay, here, partial. I should
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have taken a partial here. Took a partial there. And then
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this retracement. So no matter how you slice this in here, I
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would have gotten stopped out. And if it not there, I would
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have been stopped out over there. So it is what it is folks,
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you're not going to be you're not going to be perfect every
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single time. And there is no reason for you to be upset,
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should you miss a full run to a target or more than what you
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were expecting. There's no reason for that. And you
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shouldn't be highly critical of yourself in your journal.
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When you're doing recaps. Like saying I feel stupid, I
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missed this. I missed that. There's so many trades that
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you're going to take the rest of your career. leave room for
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imperfection. Because imperfection. teaches it teaches you
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how to improve upon yourself. Because if you don't make any
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mistakes, how can you improve? Think. So as you can see,
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again, nice tight grouping. To me, when I first started,
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this was a dream, like I was thinking I would never find
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entry points like that. And looking back now I can see all
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the times where I was emotional, upset with myself feeling I
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was never going to get it, I was never going to be able to
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find setups, I was never going to be able to do it
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independently without relying on someone else. And that's
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the reason why I teach the way I teach. I do not can hold
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everyone in my mentorship and say, Okay, everybody put your
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stops here we're buying here. retargeting there. No, because
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I teach how to do that. In my lessons, your job is to hit
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the targets, I point at using that information using your
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specific setup that you favor more than all the other ones.
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And trust me, there are multiple entries in this price
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action, I could have used not just simply buying on the
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optimal trade entry. There's other things in this I could
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have used, it would have been slightly different entry
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points, but still same context of reaching for that
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runnable. There's relatively equal highs on the hourly
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chart. So hopefully, this has been inspiring, relieving in a
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way that, you know, even ICT can take a loss, follow the
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plan, which is looking for that run on liquidity and the
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trade still valid, then take it but don't over leverage
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every time because if you get it wrong. Are you going to
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take another trade late in the day like that, because this
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is London close. London closed is not always the opposite
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end of the daily range many times it's a continuation to the
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next day. So if there's something bullish and that's kind of
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like what I was aiming for, if that's the case, I'm going to
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go long here in hole through Asia. It doesn't it isn't a day
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trade then it's potentially a short term trade. And had I
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had a little bit more conviction behind it. I could have
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been leaving room for a little bit higher up into the
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117 10 117 15 level. What I've been up here No, no,
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honestly, I would not be holding anything up here long. So
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as much as it's painful Or deflating or frustrating for you,
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if you get stopped out. It's just a transaction. It's the
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same as paying taxes. When you buy something, you have to
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pay the sales tax. It's, it comes with the territory. And if
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you keep vilifying that thing, that's the reason why you're
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not making money. Well, it's because you're risking too much
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in trading too frequently. Or you need to revisit your model
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altogether. Because if you have a sound price action model,
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you should not be having more losing transactions in theory.
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And in the executions need to come on board with that same
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thought process. It can't, you can't have everything going
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their own direction, and doing a lot more frequently than
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you should, over leveraging with more money than you should.
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Because there's no reason for you to be worrying about
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taking the next trade. So there you go. He's seen a losing
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trade, you seen the executions, and it isn't a lot of money
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clearly. But I'm going to change this and work out a little
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bit lower leverage pace in my examples, because this was
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just using an example and running up to a level that my son
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needed to see for his development. So it doesn't mean
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anything. It's all paper money. Don't think that this is
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sitting in a trading account where I can go do withdrawals.
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Okay? I'm 100% transparent, I don't tell you anything that
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isn't true. And the point is,
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what I make or what I don't make is, frankly, none of your
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business. But if you want to see me execute, you start here.
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You can see it happening here. It's not an empty for
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platform. It's not an empty for server, it's trading you and
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if you can trade you can trade on tradingview you can
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execute and people will be able to see it and or you can
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have it it'll be in your your history on your account. But I
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think that's going to be it for today. And I will talk with
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you again on Thursday. Until then, I wish good luck and good
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trading