ICT YT - 2020-10-17 - ICT Forex Price Action Lecture - Daytrading and Psychology.srt
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ICT: Okay, folks, welcome back, I appreciate your patience.
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I knew I said in my community tab on my YouTube channel that
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I was gonna post a video on Thursday evening. But I am a
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family man. So family first. So I just wanted to share my
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appreciation for that. Not that anyone should really give me
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a hard time because I'm not obligated to do this. But
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nonetheless, this is a consolation video for missing
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yesterday and shout out to the mentorship. Yesterday, the
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Aussie dollar outline that I gave you panned out pretty
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handsomely, didn't it? Alright, so euro dollar, and we're
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looking at a five minute chart. So how I could draw a
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contrast between intraday swing trading, and day trading.
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And that of scalping, okay, because there are three
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different things, but they're basically lumped in the
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category of day trading. Okay, so you have day trading,
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which is basically trading the anticipated major swing for
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that particular day. Alright, so in a perfect world, it
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would be something like buying down here and holding for a
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run up to this level here, that is a day trade. Right? There
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are smaller swings inside this day where you could trade
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short here and cover here, or go long here and exit here or
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go long here, exit here, going short here, and covering
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here. Now, you may look at this and say there's no way that
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you would take those types of trades. But if you were a
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scalping, that's what an intraday scalper would do. Now,
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there are intraday swings, where you don't catch this move,
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but you buy this one, and you ride it up to this level. Or
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you buy this level here and you ride up to there. Okay,
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that's an intraday swing. There's the three contrasting
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views, but all lumped in the category of day trading, or at
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least the way I teach it. And you may look at this as it's
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all scalps. And there's really no argument here, I'm not
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trying to say, one person's definition, if you will, of how
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you're operating within a daily range is a scalp or intraday
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swing or day trade, because they're all day trading, if
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you're getting in and out the same day, that's day trading,
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okay, no matter how you slice it, it's a day trade. If you
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hold over into the next day, that's clearly a short term
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trader, anything longer than a week to two weeks is, in my
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opinion, a swing trade. Okay, so anything beyond two weeks,
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up to a month, then your position trader, and it's just
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simply too long for me. So I put that out there. So that
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way, you can look at the ideas of working within a
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individual daily range. Now, inside the same daily range, if
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you thought that this move was going to occur from here to
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here, you can be a counter Trend Trader inside the same
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daily range. And you've seen examples of that on my YouTube
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channel, working with a one minute chart. Going short here,
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covering just below this low here, going short here,
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covering below this low here, going short here, covering
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below this low here. And not so much in here. It's just
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consolidation. But you could have looked at this level here
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as a short and made an attempt to get below these lows here.
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And this was a rather tight range going into the closed
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today as I was operating in, so you'll see that. But I want
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you to think about that. And look at this price section and
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the fractal that's being shown here against the five minute
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chart. This may not be your cup of tea, it may not be your
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timeframe. It may be something you never aspire to do. But
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everything that's been shown here in this five minute chart,
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forms and pans out on an hourly chart, a four hour chart, an
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eight hour chart, a daily chart, a weekly chart, it's the
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same thing it's priced, but where is your comfort, where's
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the comfort level for you, as a trader, trading in that
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duration because if getting in and out this Same Day is
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completely alien to you, you just can't do it, you can't
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find the the the nimbleness
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to be able to do that, then you have to trade at a higher
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timeframe, what higher timeframe, that's what you need to
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determine as a trader, you have to figure that out for
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yourself because no mentor, no educator and a teacher can
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efficiently and optimally push any individual, especially
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all of their students into one mode. And that's why I don't
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teach that way. I give the students a broad range of tools
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to choose from. It's the same element that we use in all
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timeframes. But the way I teach, you can take that
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information and plug it into any timeframe, and it'll work
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the same way. It just requires a little bit more time for
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the trades to pan out when they're higher timeframe. I like
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a lot of setups, I like a lot of opportunity. And I like to
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be able to show how to practice with intraday charts. So
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it's kinda like a perfect scenario for me to operate as a
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mentor, using lower timeframe charts, even for those that
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are not equipped, psychologically, or personality wise, to
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sign up to that type of trading. I'm always making reference
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to that in my lessons in my teachings that even if you don't
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like this kind of trading, forget that it says five minutes
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up here, okay, just forget that this could be just the same
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as a hourly chart or a daily chart, it doesn't make a
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difference. It's the same signatures and price repeating on
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all timeframes. Okay, so if we can look at price like this.
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And suddenly, when you anticipate price swings, you can see
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a myriad of different opportunities existing in the same
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trading day. So any one of these could be a trading
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opportunity that fits your specific criteria. And even
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though you may not get the low, or buy this one buying here
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and writing it up to here, that's a winning setup. And that
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may be the only thing that you see that your eye jumps to,
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and you don't really see this or this as a buy. There's
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nothing wrong with that. There's absolutely nothing wrong
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with that. Some of my students see things like this, okay.
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And they say, Well, I took a trade like here, and I got
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above this high, and I felt good about it. But then it ran
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down and gave an opportunity and ran up to here. And I feel
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so demoralized because I missed that bigger move. Why should
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you feel demoralized? Because what you're saying when you do
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that, is that you think that you should catch every swing in
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the marketplace, given that same mentality? Why aren't you
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upset that you didn't take the trades in the pound yen? Or
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the Euro yen? Or the dollar Swiss? How about dollar CAD? Why
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don't you take those trades to you see how fast it becomes
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absurd to think that way. But when you focus on one pair,
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and you warm up to it, like I teach, try not to have a whole
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lot of different pairs, it can trick you into thinking
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especially if you're new, your infancy as a developing
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student will trick you into thinking that you should have
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seen all of those swings. And you have to give yourself time
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to warm up to one specific setup. And it's the one that
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first starts making itself available to you in your study.
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Or when you're watching price action. That one particular
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setup that you see easily that you're not forcing you're not
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hunting for, it just jumps off the chart, you're going to
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discover the debt is your bread and butter setup. And if you
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resist that, or if you try to look for something else,
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because you've heard me say, I like this particular setup.
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And you think okay, well, Michael is my mentor. And he does
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well, and he can do this repeatedly. Therefore, this must be
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the real silver bullet setup. And I'm only going to focus on
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that one, when all of my setups and all of my concepts are
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the same. They're mine, and I like them all. But I just like
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going to specific ones because it's like, my cologne
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collection. didn't think I'd come up with something like
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that. I got hundreds of bottles of Cologne. Okay, so I'm
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like a frag head. There are bottles that I call on multiple
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times in a week. And they're just called dumb reaches, where
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you just don't think about it. You just know it smells good.
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It's mass appealing. And you just don't want to think about
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it. Because when you have that many selections, it's a
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little bit nerve wracking, especially with OCD. But there
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are certain bottles that I go to and I'll just say, well,
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I'll just grab this and I'm out the door. And
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these specific setups are ones that I don't even look for.
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They just leap off the chart, but I know how to find all the
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other ones but you as a developing student You're on this
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YouTube channel and you're watching for certain things. The
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optimal trade entry is the flagship here. Okay, I've
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introduced some other things like breakers and order blocks
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and such. But the main real flagship is the optimal trade
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entry, and specific times of the day where they form. But
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that may not be what you gravitate to, you may find other
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things in my teachings and eventually move into my
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mentorship, you'll find there's other setups, there's a
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myriad of different setups, and I've been introducing how
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certain patterns can overlap with one another, and still
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give you a new unique model, not in a unique sense that you
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aren't exposed to it here in this channel or my lessons. But
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it's unique in the scope that you probably didn't think
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about pairing these two patterns like the breaker and
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optimal trade entry together within a orderflow context. So
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if you're bullish, and you put a bullish breaker, and a
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bullish optimal trade entry together, it's pretty strong.
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But you might not like that pattern either. So that's why I
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opened the books to everything in terms of short term
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trading setups, and you can apply them to any timeframe and
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make it uniquely yours. And it's the one that jumps off the
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chart. And don't be in a rush for that to happen for you.
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Because that that epiphany, that thing that snaps in aha
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that I know what I'm looking for. It happens for everyone
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differently in terms of how much time it takes. Sometimes it
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takes years. And if you're not willing to submit to the work
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to get to that point, you're going to learn a lot of lessons
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before you get that one favorite setup. It doesn't mean if
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you don't have your favorite setup mastered, that you can't
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see setups or participate, it just means that you haven't
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found your niche, you're one setup that just constantly is
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your easy bread and butter setup every single day, you go
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into the charts on a lower timeframe, you'll find it. But if
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you give it enough time, you'll get there. And then when you
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have a strong track record of back testing, forward testing,
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let's forward testing, watching price action live with no
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real intent of taking a live trade, you're just watching
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price. And you're teaching yourself to read the tape,
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watching what it's doing, anticipating what its next price
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move will be. That's one of the strongest forms of study
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there is because you're not thinking about profits, you're
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not thinking about if your stock is going to get hit, you're
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not thinking about what area should I scale out at, you're
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just reading the tape, where's it reaching for. And if you
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do that, even if you don't have access to watch live price
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action, you should at least try to find a way to record live
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data. And if you come home from work later on, or whatever.
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Or if you're a student, you're in school, watch that
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playback. And just sit there and watch the chart and put it
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in real time or speed up a little bit if you want. But
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nonetheless, it's going to teach you lessons that you can't
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learn from watching my videos, or watching or studying old
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data that static you need to see it painting real time and
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recording it even though it's hindsight data, it's the same
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as if you were there at the time. And that's powerful, that
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is extremely powerful. don't discount that. Because by doing
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that, you will find your bread and butter setup that one
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particular setup that you can take and put it in any
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timeframe and it repeats. And the results are like
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gangbusters. It's just it's hard to articulate what it is
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except for just think of if the pattern was the last one
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trade entry for you. If your OTP is the setup that you have
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always been looking for, and it makes sense to you. And you
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could care less about breakers, you could care less about
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mitigation blocks, you could care less about other order
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blocks, you just like the optimal trade entry, it's easy,
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you know what you're looking for, then there it is. Don't
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tinker with it. Don't try to make it better. Don't try to
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add something to it. So it feels like you've created some
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kind of new hybrid. It's just a simple little thing. And you
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milk it, you go in there and you'd look for it every single
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week. And you learned in this channel, the times of the day
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and the days of the week where that is likely to occur. And
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you don't try to put too many more moving parts on it. You
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don't need to look at optimal trade entry plus commitment
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traders. You don't even look at optimal trade entry. Plus,
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what's the bond market doing?
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Those things can assist Yes, but they don't need to be form
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fitted in every single setup. And that's one of the things
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that traders coming to this channel. They see all these
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different things. They're like whoa, they're inundated with
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man, this guy's got so many things. How could I possibly
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know which one to choose to make a system or a model out of
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and none of my models have, I think thousand different
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moving parts, the concepts are out there for you to take
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them and plug them into your own unique model. And it's like
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a Frankenstein experiment, because I can have thousands and
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thousands of students all have a bullish or bearish model.
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And they'll look at specific components that I teach. And
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they'll use them in a varying approach that I understand as
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their teacher. And other students. If they were sharing it
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with them, they would say, Oh, that's really neat how you
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did that. And it's something unique to them. That makes
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sense to them on one specific timeframe, looking for
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specific criteria that they've learned in my lessons, but
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that's their model. They don't do anything else. But just
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that and if it doesn't form, guess what, they're not taking
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a trade. That is maturity. That's focus that is dialed in.
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Okay, whenever you hear me say, we're dialed in, that means
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we know what we're looking for. We know the direction. And
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we know we're waiting for in terms of a setup, and we know
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where it's likely to go. So it's done. And everything looks
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like precision, hindsight perfection, to everyone on the
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outside looking in. But these setups here, okay, there's
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five setups in this fractal that are very, very easy to see.
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Or they should be easy to see if you've been with me for a
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number of years, because you can see all those things. If I
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take them off and go back to just looking at the price
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action. And make a couple comments about it and then wrap
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this video up. Clearly you can see this is among session low
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and the low forms at 245. Then three o'clock in the morning.
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Well you know that's the heart of on the open. Makes a
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little today with a Judas swing. rallies up breaking market
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structure trades back down into a breaker bullish breaker.
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rallies again, small little retracement back in rallies
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again, breaks this high and then collapses hard to take out.
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Sell stops resting just below here. So no one that is using
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a very very tight sell stop trailing on Long's can
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participate once this is rated there. And then the real move
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with the most dynamic price action occurs running into this
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area here. price breaks the short term low. There's your
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intraday break in market structure. It's Friday, it's not
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likely to continue with a really explosive move higher. So
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if there's a break in market structure, and it's Friday,
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it's probably made its run here. The market rallies back up.
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Last up close candle bearish order block and optimal trade
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entry. There's blending of two patterns, bearish order block
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optimal trade entry with a break in market structure. That's
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a model by itself. That's a model. What do you aim for?
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Well, you could aim for the swing low here. And if he got
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really excited, he can probably see if it can go down below
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here. But it's Friday. So you have to be willing to take it
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early and may not get down to this level. As you can clearly
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see it didn't. Now I already know some of you you're like,
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this guy's talking about hindsight. She's so smart, you
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would have traded it. Where's your trade? When you push the
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button? I'm asking my all these other guys on YouTube aren't
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pushing a button. I mean, you see them using trading view, I
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mean everything on the side over here and over here on this
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side, you recognize it as trading view. There's a lot of
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them out there saying, Yeah, I'm going to start doing my
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live trading on YouTube. And I'm waiting, there's like six
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or seven of them. And they have a lot of followers. And I
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have seen one. One execution had a lot of talk about what
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took place like what you've been hearing me do here. But I'm
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going to show you that I saw this coming. I watched it. And
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when price was trading right up on this candle here, I went
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short. I'm a little disappointed in myself because I could
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have gotten in on this candle here if I just would have just
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pumped the brakes, but I wanted to get into the trade. But I
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was multitasking so
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I knew I wanted to get in it was close enough. But usually
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you see me I get like the candle that makes the swing high.
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That's what I pride myself on that's the precision I like
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using but actually got out here on this low candle and
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you'll see it in a second but the idea was I was looking for
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a run below here and I was wanting to see it break down and
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I thought for sure once it created this one as you'll see in
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the end of this video because it's a sped up recording of me
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actually taking the trade It's a pay per trade for all you
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guys out that like to say, Oh, it's just a demo, right?
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Because I'm not licensed to get trade advice. And we're only
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talking about paper trades. So paper trades are not the same
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as live trading, you cannot lose money with a paper trade,
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you cannot make money with a paper trade. So therefore, I
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can't get slapped around by the watchdogs. CFTC, all that
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stuff. That's why I do it. Okay. So if I wanted to be a
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trade advisor, I could go out there and get my series three
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and three, series seven license and talk about stocks and
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commodities. But to do so I have to give them all of the
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information I used to make my decisions. And guess what, I
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got too much stuff to turn in. So if they're interested,
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they can find me on YouTube. I'm right here. And it's all
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done in this framework. There's no private executions. In my
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mentorship. Any example I show is always shown on this
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YouTube channel. It used to be always shown on my Twitter
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account, but I don't have Twitter anymore. So nonetheless,
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when it formed this high in here, I stated that we would
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sweep these lows in here that this was likely to run lower.
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And I'm not worried about this not getting taken, what I was
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concerned about if it was going to get below here, because
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it was getting late in the day. And on a Friday. It's just
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not a lot of excitement coming in post London close on a
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Friday, it just isn't likely to occur. So either way, all
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this out, and then I move my limit order up just to take an
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even 20 pips, where I had initially had 30 pips as my target
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from my entry on this candle here. I just knew at that time,
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I wasn't going to get the 30 pips. So I'll take 20 and be
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happy with it, and placement in here. And getting out at
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this very candle here for exactly 20 pips, that's good
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enough for a precision example for this week. And again,
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mentioned mentorship saw 5560 pips short on Aussie dollar
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that was explained last night, or Wednesday night going into
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Thursday, for its employment number using the things that I
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teach there. So I like to share this publicly with you all.
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It's not the show off, okay. It's just I'm trying to inspire
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all these other young educators out there that drive around,
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and all these really fancy cars, which are beautiful, by the
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way, I wish they owned them the approach to saying they took
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a trade if they could just do it here. You know, I think it
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would resonate more with the community. But just we're past
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all that. I took a trade I took a trade, I took a trade. And
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you see on fumbling on, I think it was over here, I got in,
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I think I got it over here, I can tell you exactly where I
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got in. I got in right here on this candle here, right
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there. Because it was running up into these candles here.
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That was the bare shoulder block. And I knew it was forming
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an optimal trade entry. That was the basis of why I was
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going short. And I got half down here because it was running
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out of time. I wanted 30 pips, then it was like 22 or
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something for 23 pips or most. And it just wouldn't,
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wouldn't get down there for me. So I had to adjust my limit
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order, I'm not widening my stop, you'll see me adjust my
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stop, must stop reduces and never expands or opens and takes
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on more risk. But my limit orders my targets, then I'm okay
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with moving that around. If I think I've made an error in my
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judgment. What he did say that ICT said he just admitted
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that he gets it wrong. Sometimes Of course I do. Come on.
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But if I'm in a trade and I think I've done something wrong
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in terms of my expectations, or how far it may go, or
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something evolving in the in the price action changes my
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mind about it. I'm no longer as bullish or as bearish, I
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might just say, okay, just give me a straight 40 or straight
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50 or straight, in this case. 20 pips? Well, initially, I
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was looking for 30. So you have to be flexible, especially
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if you're going to be day trading. Because if you go in
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there with the hard and fast rule that you're right and come
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hell or high water, it's going to pan out the way you want
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it or you're going to take nothing. And that's kind of
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stupid, really, because you're just giving your money away
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in opportunities where you could have paid yourself. So
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I could have taken partials at 15 and tried to see if it
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could go below here. And I didn't. I like to go with the
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full boat of what I entered in here, which was really just
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one standard lot. I worked with a lower account size. And
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you guys saw me working with like 900,000 I was running up
381
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some things with my son shown him the effects of risk
382
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management. What happens when you take losses or string of
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losses and how much it takes to get it back and the effects
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of a period of losing trades. Which we marked up as, you
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know, flip of the quarter. If it was a losing trade, it
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would be heads, if it was a tails, it would be a winning
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trade. And we would just go in and push hard on the equity.
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When you see big leverage trades, even if it's paper trade,
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it's hard to really associate yourself with that type of
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trading, especially if you're new. Most people coming into
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the business, they're never going to have $50,000 to trade
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with us in a demo account set up with and most of you
393
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probably wouldn't even trade with $10,000. Okay. $10,000 is
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what I used. And it was only a $200 paper profit. Oh, look
395
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at this, you would expect to see more from you, ICT Come on,
396
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this isn't going to hold my attention, right? Well, if
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that's how you think then just go watch the other guys.
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Because you're not gonna see them, press the button on
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anything. I want you to think in terms of realistic, okay.
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If someone learned the skill set of reading price action,
401
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and they made the jump mentally, that they want to trade
402
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with live funds, they do so on their own, I'm never telling
403
00:26:11,040 --> 00:26:14,400
you how you're ready to do that. But let's assume that you
404
00:26:14,430 --> 00:26:17,730
listening, have put the work in, you've been studying,
405
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you've been putting your your efforts into practicing
406
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reading price. And you've done very well with a demo account
407
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and you're consistent with it. That sometime in the future,
408
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if you decide that you're going to do this with live funds,
409
00:26:35,280 --> 00:26:38,820
you don't go in with $10,000 you don't go in with 5000. In
410
00:26:38,820 --> 00:26:44,490
fact, you don't even do it with 1000 do it with smaller than
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00:26:44,490 --> 00:26:48,570
$500 if you can afford to do so. And there are brokers out
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00:26:48,570 --> 00:26:52,290
there that will let you do that. And yes, to empty for
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00:26:52,290 --> 00:26:56,730
sometimes. Okay, there's nothing wrong with empty for if you
414
00:26:56,730 --> 00:26:59,520
are the person trading it, okay? Don't don't get wrapped up
415
00:26:59,520 --> 00:27:02,280
in all this stuff that's been going around lately. Okay,
416
00:27:02,280 --> 00:27:07,710
about how mt fours a scam. You can trade with a broker that
417
00:27:07,710 --> 00:27:13,230
uses mt four, okay. And it's the educators that use mt four
418
00:27:13,860 --> 00:27:18,840
are the problem, because everyone knows now that it's easily
419
00:27:19,140 --> 00:27:23,370
rigged. It's fake. Okay. So that's why you don't see any of
420
00:27:23,370 --> 00:27:26,280
those cats on trading view doing in their executions,
421
00:27:26,370 --> 00:27:29,640
because you will see right away immediately, they have no
422
00:27:29,640 --> 00:27:34,320
idea how to trade zero, zilch, none. Because if they could,
423
00:27:34,830 --> 00:27:37,260
it's real easy to do it here. I don't need to do it at a
424
00:27:37,260 --> 00:27:42,510
Live account. Now I'll do it. I'll do it for $75,000 girl
425
00:27:42,690 --> 00:27:46,530
that you can't put in an escrow account, I'll do it. But if
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00:27:46,530 --> 00:27:49,530
you say you're going to pay me, and then you can't do it,
427
00:27:49,950 --> 00:27:55,380
well, that's kind of deflating, it's not motivational. But
428
00:27:56,100 --> 00:27:59,610
for all you educators out there that want to drive around
429
00:27:59,610 --> 00:28:05,100
your cars, and pose on Instagram. This is a real easy way of
430
00:28:05,100 --> 00:28:10,140
proving you know how to do a trade frame and out, execute
431
00:28:10,140 --> 00:28:13,590
it, manage it, use a real stop the entire time. And the
432
00:28:13,590 --> 00:28:15,900
people following you don't have no problem believing that
433
00:28:15,900 --> 00:28:18,540
you know how to trade. And if you're teaching, then you have
434
00:28:18,540 --> 00:28:20,970
something you can say I can teach this because look what I
435
00:28:20,970 --> 00:28:24,990
can do. And that's all I'm doing here. Because I got lumped
436
00:28:24,990 --> 00:28:31,500
in erroneously with a couple people in the past. And
437
00:28:32,010 --> 00:28:35,910
thinking that I used a rented empty for server. Okay, so I
438
00:28:35,910 --> 00:28:39,090
don't use I couldn't even tell you how to do that. But I
439
00:28:39,090 --> 00:28:44,730
know that people do it. And you've watched examples on this
440
00:28:44,730 --> 00:28:49,860
YouTube channel, where I've got in and out same day. And
441
00:28:49,860 --> 00:28:53,370
using some of the things I'm showing you here in this video,
442
00:28:54,300 --> 00:28:58,530
I'm doing it with trading view. Okay, trading view is not
443
00:28:58,560 --> 00:28:59,430
empty for
444
00:29:01,260 --> 00:29:06,390
I don't know how I could possibly rig this because you can
445
00:29:06,390 --> 00:29:09,480
see the little time button down here. Okay, when it's going
446
00:29:09,480 --> 00:29:12,990
on. And it's the same chart that you're gonna be able to
447
00:29:12,990 --> 00:29:17,370
pull up if you pull up euro dollar and you use the forex.com
448
00:29:17,430 --> 00:29:20,700
data feed, your chart is going to look exactly like this.
449
00:29:21,060 --> 00:29:25,140
Okay, in the recording on my other tab here, this is what
450
00:29:25,140 --> 00:29:28,110
you see in the recording in a couple minutes. This is
451
00:29:28,110 --> 00:29:32,280
exactly where I got in it on this candle here. And I got out
452
00:29:32,310 --> 00:29:35,160
on this candle when put down here it got my limit and boom,
453
00:29:35,160 --> 00:29:38,760
there it is. It's done. All these things here is what I just
454
00:29:38,790 --> 00:29:42,660
outlined in my discussion. These vertical lines here are the
455
00:29:42,660 --> 00:29:46,230
exact time windows that I told you on this YouTube channel
456
00:29:46,320 --> 00:29:49,410
when I taught with the optimal trade entry pattern
457
00:29:49,410 --> 00:29:55,620
recognition series, that 20 video series. It was the 830 in
458
00:29:55,620 --> 00:29:59,430
the morning till 11 o'clock in the morning time window. So
459
00:30:00,300 --> 00:30:02,970
If you're looking for a very specific time of day where you
460
00:30:02,970 --> 00:30:07,560
want to trade and you have to set work hours, like what's
461
00:30:07,560 --> 00:30:11,520
your work schedule? Well, that's pretty easy. It's three and
462
00:30:11,520 --> 00:30:15,120
a half hours. You don't need to be in front of your charts
463
00:30:15,300 --> 00:30:19,770
all day long, 24 hours a day, you know, Sundays plus Monday
464
00:30:19,770 --> 00:30:23,820
through Friday, you don't need to do that. You just know
465
00:30:24,180 --> 00:30:27,030
that there are specific time windows, and certain days of
466
00:30:27,030 --> 00:30:30,840
the week and certain phenomenon, and repeating signatures,
467
00:30:31,470 --> 00:30:34,320
or patterns or setups, it's called that for those outside
468
00:30:34,320 --> 00:30:39,210
the mentorship, these things that repeat all the time, they
469
00:30:39,210 --> 00:30:43,350
will form between specific times of the day 830 in the
470
00:30:43,350 --> 00:30:45,780
morning till 11 o'clock, that's an easy three and a half
471
00:30:45,780 --> 00:30:48,450
hours to sit down in front of your charts. If you miss that
472
00:30:48,450 --> 00:30:51,090
set up that day, who cares, go go do whatever you want to
473
00:30:51,090 --> 00:30:55,830
do, after 11 o'clock. Just don't don't force it. When you
474
00:30:55,830 --> 00:30:59,610
have this idea, it really reduces the likelihood of you over
475
00:30:59,610 --> 00:31:02,790
trading too. Because if you have this delineated on your
476
00:31:02,790 --> 00:31:06,630
chart, okay, I only do this on the on the examples. I don't
477
00:31:06,630 --> 00:31:10,560
have this on my charts when I'm trading, okay? I do this. So
478
00:31:10,560 --> 00:31:14,610
you can see it visually how I internalize it on a naked
479
00:31:14,610 --> 00:31:18,030
chart, because it would look like this. When I'm looking at
480
00:31:18,030 --> 00:31:21,750
it. I'm not looking at all these other things, these labels
481
00:31:21,750 --> 00:31:25,530
and such. That's only for your benefit. It's for your
482
00:31:25,530 --> 00:31:29,580
edification, when I do it, I don't need these things. And
483
00:31:29,580 --> 00:31:32,850
it's not a bragging thing. It's not an ego thing. I'm just
484
00:31:32,850 --> 00:31:38,160
telling you, I know what I'm looking for. And it's 27 years,
485
00:31:38,160 --> 00:31:41,700
almost 20 years, November 5, I've been doing the same stuff.
486
00:31:42,450 --> 00:31:47,220
So for you seeing me with this lipstick on my charts, it
487
00:31:47,220 --> 00:31:50,790
helps you internalize it the same way I am, where I don't
488
00:31:50,790 --> 00:31:53,580
necessarily have to put it on the charts when I'm doing it.
489
00:31:54,180 --> 00:31:59,310
So I want you to take a look at again, 830, Windows starts
490
00:31:59,310 --> 00:32:04,650
here. And 11 here. Price runs up after breaking the market
491
00:32:04,650 --> 00:32:08,970
structure on here. It runs right up into this last up close
492
00:32:08,970 --> 00:32:13,140
candle right there. So that bearish order block gets tagged
493
00:32:13,170 --> 00:32:18,360
here. Now I have this little line right there. Why am I
494
00:32:18,360 --> 00:32:21,330
having this annotated, because I wanted to see if it was
495
00:32:21,330 --> 00:32:24,540
going to punch up a little bit more. And admittedly, because
496
00:32:24,540 --> 00:32:27,870
I was trying to do too many things at one time. I knew the
497
00:32:27,870 --> 00:32:30,420
likelihood it could take trade up into this little bit
498
00:32:30,420 --> 00:32:36,000
higher. But I knew as long as I traded very close to the
499
00:32:36,000 --> 00:32:40,980
high end of this candle here. I'm fine. In fact, anywhere
500
00:32:40,980 --> 00:32:48,330
inside this candle going short, I'm fine. Now, why? Because
501
00:32:48,330 --> 00:32:52,860
it's a breaker. The high here and he stops are resting low
502
00:32:52,860 --> 00:32:58,170
that he got rated there. So when price broke down, even
503
00:32:58,170 --> 00:33:02,130
though we went through this candle here, it's still a
504
00:33:02,130 --> 00:33:07,320
breaker. So all of this erroneous price action. I'm willing
505
00:33:07,320 --> 00:33:11,580
to just count, don't even worry about it. Why? Because it's
506
00:33:11,580 --> 00:33:16,110
the wicks. See the bodies of the candles here. It's inside
507
00:33:16,110 --> 00:33:20,190
this candle range. So I'm trying to get short worst case
508
00:33:20,190 --> 00:33:24,270
scenario there. But I was willing to watch it and see if it
509
00:33:24,270 --> 00:33:27,450
could spike up a little bit more. But as I said, You know, I
510
00:33:27,450 --> 00:33:32,250
got to do it now. And I got in as it was inside this candle.
511
00:33:32,280 --> 00:33:38,040
If you look at the entry price. It's 117 35 and five events.
512
00:33:38,400 --> 00:33:41,490
Okay. The high on this candle
513
00:33:43,050 --> 00:33:48,240
is 36 in two pipettes. So it's very, very close to the high
514
00:33:48,240 --> 00:33:52,140
end of that. So entries inside this breaker. So that's fine.
515
00:33:52,170 --> 00:33:56,700
And I did not get and you don't need to get the wick. Okay.
516
00:33:56,730 --> 00:33:59,910
You don't need to have that. You are going to learn to
517
00:33:59,910 --> 00:34:03,840
anticipate that and it doesn't scare you out of the idea. In
518
00:34:03,840 --> 00:34:06,420
other words, when it was a boldface, bullish candle here,
519
00:34:06,900 --> 00:34:10,230
even on this one here when it was boldface bullish, I'm not
520
00:34:10,230 --> 00:34:13,320
looking at that thinking, oh my goodness, I'm wrong. Now
521
00:34:13,350 --> 00:34:16,980
this is risk reasonable. It's just expected. At least I'm
522
00:34:16,980 --> 00:34:19,800
expecting it because it can go a little bit deeper and
523
00:34:19,800 --> 00:34:23,100
farther up into the body of this candle here which is a
524
00:34:23,100 --> 00:34:27,390
bearish order block. So this bearish order block and bearish
525
00:34:27,390 --> 00:34:30,390
breaker, both of them could be utilized for your pattern,
526
00:34:30,840 --> 00:34:35,340
but I'm looking at this high down to this low for optimal
527
00:34:35,340 --> 00:34:39,870
trade entry. Okay, so you can see I was hopefully trying to
528
00:34:39,870 --> 00:34:43,080
get down here. I was watching to see if we could get that
529
00:34:43,470 --> 00:34:48,330
and it wasn't likely to do that is this late in the day
530
00:34:48,330 --> 00:34:52,140
consolidation was forming. So I had to make a move to get up
531
00:34:52,140 --> 00:34:54,600
into here and even then it was showing and I'm willing to
532
00:34:54,600 --> 00:35:00,270
get below that. So with this target here, below Here
533
00:35:00,270 --> 00:35:03,780
anticipating a potential run through that low. My limit
534
00:35:03,780 --> 00:35:08,700
order was set for 30 pips as the date worked longer into the
535
00:35:08,700 --> 00:35:12,270
close, it became more apparent that I wasn't going to get
536
00:35:12,270 --> 00:35:18,060
that so I adjusted and moved my limit order to 117 15 and
537
00:35:18,060 --> 00:35:22,830
five pets, so that's exactly 20 pips and you somebody you're
538
00:35:22,830 --> 00:35:27,060
thinking, oh 20 pips big deal but look at the entry on this
539
00:35:27,060 --> 00:35:33,390
candle. I was off by one. And believe me, if I was making my
540
00:35:33,510 --> 00:35:37,290
comment section open for trolls to have their fun. They
541
00:35:37,290 --> 00:35:39,870
could say, Oh, yeah, you missed this in Believe me. I'm
542
00:35:39,870 --> 00:35:42,120
already beating myself up because I didn't wait because I
543
00:35:42,120 --> 00:35:44,760
otherwise would have hit that candle. I would have done it.
544
00:35:45,390 --> 00:35:50,940
And then here's the low exit on here. Okay, so Exactly. 20
545
00:35:50,940 --> 00:35:57,150
pips? Yes, kind of like five pips more than my minimum. Like
546
00:35:57,150 --> 00:35:59,730
I try to at least if I'm going to scalp I have to at least
547
00:35:59,730 --> 00:36:03,030
be able to bank 15 pips, I have to be able to do that if I
548
00:36:03,030 --> 00:36:06,840
can't, I'm not going to take the trade. Now I can work in 10
549
00:36:06,840 --> 00:36:12,990
PIP ranges and build up like, seven eight pips here, six to
550
00:36:12,990 --> 00:36:16,140
eight pips 10 pips here, build that up, and I can make 100
551
00:36:16,140 --> 00:36:19,650
pips in a day doing that. But it takes a lot of time, it
552
00:36:19,650 --> 00:36:22,770
takes a lot of work, a lot of focus. And it's just not worth
553
00:36:22,770 --> 00:36:27,030
it. But the times in the past where I wanted to show off,
554
00:36:27,600 --> 00:36:31,440
and let my ego run, I did that kind of stuff. And it's not
555
00:36:31,500 --> 00:36:34,650
something that I don't want my students thinking, Oh, my
556
00:36:34,650 --> 00:36:37,200
goodness, that's what I want to do Christmas, it's, it's
557
00:36:37,230 --> 00:36:42,240
madness. You don't need to do it. But it is a nice way to
558
00:36:42,540 --> 00:36:46,050
practice. And you can see how fast you know, if you have a
559
00:36:46,050 --> 00:36:49,740
goal, which is what I teach all my students have, is to set
560
00:36:49,740 --> 00:36:54,510
a goal of 25 to 30 pips a week net. And if you can do that,
561
00:36:55,260 --> 00:37:02,100
and you get to the point where you can manage to have 2% on
562
00:37:02,100 --> 00:37:04,620
that, which is a lot for a new trader, I don't think a new
563
00:37:04,620 --> 00:37:07,800
trader should have 2% risk on anything, not even in a demo
564
00:37:07,800 --> 00:37:11,430
account. But if you can grow to the point of knowing what
565
00:37:11,430 --> 00:37:18,150
your setup is, and you're comfortable with risk 25 or 30
566
00:37:18,150 --> 00:37:22,950
pips, replaces a job, it absolutely replaces it. And what
567
00:37:22,950 --> 00:37:27,360
happens is, the criteria that you use to find that 25 to 30
568
00:37:27,360 --> 00:37:33,690
pips for the week, becomes replicated in another trading
569
00:37:33,690 --> 00:37:37,020
day. And then all of a sudden, you start thinking, well, I
570
00:37:37,020 --> 00:37:41,220
can find it in two trading days per week. And then you strip
571
00:37:41,220 --> 00:37:46,770
it down and say, okay, every single trading day has this 830
572
00:37:46,770 --> 00:37:50,580
to 11 o'clock in the morning, New York session. So there's
573
00:37:50,580 --> 00:37:55,260
five hypothetical times of the week that you can find shut
574
00:37:55,260 --> 00:37:59,580
ups in between these time windows. But it also exists
575
00:37:59,580 --> 00:38:01,770
between two o'clock and five o'clock in the morning for
576
00:38:01,800 --> 00:38:07,890
London open. So that would be trades like over here. So now
577
00:38:07,890 --> 00:38:13,290
you have two windows of opportunity per trading day. Asia
578
00:38:13,290 --> 00:38:18,360
has a little bit, and London close has a little bit. And you
579
00:38:18,360 --> 00:38:20,100
have New York clothes, which
580
00:38:20,609 --> 00:38:23,789
is the least in terms of volatility, and you have to really
581
00:38:23,789 --> 00:38:25,349
know what you're looking for. That's why I don't do a whole
582
00:38:25,349 --> 00:38:28,979
lot of teaching on it, because it will probably get traders
583
00:38:28,979 --> 00:38:32,699
in trouble. Whereas learning clothes can be utilized in
584
00:38:32,699 --> 00:38:37,079
certain instances where it could be reversal setups and
585
00:38:37,079 --> 00:38:40,019
trade back into the daily range. Or they can be
586
00:38:40,019 --> 00:38:44,879
continuations of a larger move that's occurring that would
587
00:38:44,879 --> 00:38:48,659
otherwise trip people up. And again, that's not for a
588
00:38:48,659 --> 00:38:53,669
discussion on YouTube. But you can quickly see there's five
589
00:38:53,669 --> 00:38:58,649
London sessions, five New York sessions. So that's 10
590
00:38:58,679 --> 00:39:02,369
potential trading opportunities. So at worst case scenario,
591
00:39:02,909 --> 00:39:06,959
okay. In terms of trade frequency, you should have no more
592
00:39:06,959 --> 00:39:10,829
than this is optimal trades now, highest order of optimal
593
00:39:11,039 --> 00:39:14,519
setups, and time of day, no more than 10 trades per week.
594
00:39:16,889 --> 00:39:18,479
This guy sitting there trying to tell me I shouldn't take
595
00:39:18,479 --> 00:39:20,789
more than 10 trades a week, man, I've been taking 50 trades
596
00:39:20,789 --> 00:39:24,989
a week. Okay? how hard you working for those 50 trades? How
597
00:39:24,989 --> 00:39:31,679
much sleep? Are you losing with those 50 trades? See, I can
598
00:39:31,679 --> 00:39:33,899
look at the calendar and I can teach my students to say
599
00:39:33,899 --> 00:39:36,719
okay, we all have the same 10 opportunities now in front of
600
00:39:36,719 --> 00:39:39,809
us for the new week come. But then you look at the economic
601
00:39:39,809 --> 00:39:42,839
calendar and which one of those days and those time windows
602
00:39:42,839 --> 00:39:47,369
have a medium or high impact news event around it? Because
603
00:39:47,369 --> 00:39:50,519
that's a smokescreen that the central banks use, and they
604
00:39:50,519 --> 00:39:54,119
inject volatility there. Sometimes they use it to go in sync
605
00:39:54,119 --> 00:39:57,149
with an underlying premise that's noticeable in price
606
00:39:57,149 --> 00:40:01,199
action. Other times they mask a report reversal of sorts
607
00:40:01,259 --> 00:40:07,349
with that news even. And that is narrative. That's something
608
00:40:07,349 --> 00:40:10,649
I'm never going to teach on YouTube. But those things those
609
00:40:10,709 --> 00:40:15,329
elements help you formulate an approach for a coming week,
610
00:40:15,509 --> 00:40:18,029
where a majority of your focus is going to be on one
611
00:40:18,029 --> 00:40:22,529
particular currency, one particular day at one specific time
612
00:40:22,529 --> 00:40:29,489
of day, be it London open or New York open. Every single one
613
00:40:29,519 --> 00:40:35,819
of these setups have the potential to pay out 25 to 30 pips.
614
00:40:36,899 --> 00:40:42,329
Now like today, I didn't get 30 pips. So I have a deficit of
615
00:40:42,509 --> 00:40:45,449
five pips for the week. On a Friday, let's say I didn't do
616
00:40:45,449 --> 00:40:50,159
any trades on Thursday, or Wednesday, or Tuesday or Monday.
617
00:40:50,489 --> 00:40:53,999
And this was the only trade that was able to engage with and
618
00:40:53,999 --> 00:40:59,399
it was five pips short. Is that a losing week? To some
619
00:40:59,399 --> 00:41:01,709
students of mine coming into this YouTube channel? And
620
00:41:01,709 --> 00:41:04,619
they'll say, Yeah, because I was supposed to make 25 to 30
621
00:41:04,619 --> 00:41:11,099
pips. So that means I sucked, or they sucked. They didn't
622
00:41:11,099 --> 00:41:15,179
meet their, their goal for the week. And I'm here to say
623
00:41:15,179 --> 00:41:20,309
that that's not true, you actually did very well. Because if
624
00:41:20,309 --> 00:41:23,639
you're aiming for 25 to 30, you have the potential to make
625
00:41:23,639 --> 00:41:28,769
25 to 30, each individual New York or London open trading
626
00:41:28,769 --> 00:41:32,039
session, that does not mean and I'm not in any way, shape,
627
00:41:32,039 --> 00:41:35,369
or form, trying to entice you to think that you could trade
628
00:41:35,369 --> 00:41:38,909
every single day and be profitable every single day. Because
629
00:41:38,939 --> 00:41:44,039
I think I'm above average. And if I do that, invariably, I'm
630
00:41:44,039 --> 00:41:48,749
going to get stopped out, or I'm going to take a loss, that
631
00:41:49,319 --> 00:41:52,949
whatever the full risk is no words, I may get in the trade
632
00:41:52,979 --> 00:41:55,559
it start mean, it may start moving in my favor, and I move
633
00:41:55,559 --> 00:41:59,879
my stop a little bit to preserve some of the equity that
634
00:41:59,909 --> 00:42:02,399
otherwise would have been risked in the trade. And I was on
635
00:42:02,399 --> 00:42:05,999
reducing the stop. But it ends up stopping me out for a
636
00:42:05,999 --> 00:42:11,519
loss, but not a full initial exposure. Or it could be a shin
637
00:42:11,519 --> 00:42:14,909
I get in, it's starting out. Or if it's a limit order, and I
638
00:42:14,909 --> 00:42:18,389
don't get filled, but then it runs without me. Those are
639
00:42:18,389 --> 00:42:21,389
those those are those Gremlins, if you will, that creep in
640
00:42:21,389 --> 00:42:25,409
if you try to do every day trading, okay. Nobody writes
641
00:42:25,409 --> 00:42:28,139
books. And I'm not going to be the guy to do it. Either.
642
00:42:28,559 --> 00:42:32,609
titling it everyday trading. Because day trading is not
643
00:42:34,229 --> 00:42:37,409
something you should try to do every single day. There are
644
00:42:37,409 --> 00:42:39,839
times when you just simply got to know when not to do it.
645
00:42:39,869 --> 00:42:43,979
And my mentorship is seeing that. Right now, in full
646
00:42:43,979 --> 00:42:47,369
disclosure, I've committed to
647
00:42:48,780 --> 00:42:53,400
an idea that the dollar was going to go lower, and other
648
00:42:53,400 --> 00:42:56,910
foreign currencies were going to go higher this week. I
649
00:42:56,910 --> 00:43:00,510
committed to that before the week started. But yet, I was
650
00:43:00,510 --> 00:43:04,770
still able to find trading setups, and I outlined one on
651
00:43:04,770 --> 00:43:07,620
Wednesday in the Aussie dollar. And again, I'm not here to
652
00:43:07,890 --> 00:43:11,100
protect my ego, because you all wouldn't even know about it,
653
00:43:11,430 --> 00:43:14,610
because you're here on YouTube. But they know they can
654
00:43:14,610 --> 00:43:20,190
contrast and balance the value in understanding that even if
655
00:43:20,190 --> 00:43:23,730
you get it wrong, it doesn't change anything. It just means,
656
00:43:23,940 --> 00:43:28,230
okay, it didn't give me setups with my expected perception
657
00:43:28,230 --> 00:43:34,290
of where price should go. But you can still find setups and
658
00:43:34,290 --> 00:43:38,880
find them with the same tools and concepts that lead to an
659
00:43:38,880 --> 00:43:42,420
initial analysis that you would otherwise abandon because of
660
00:43:42,450 --> 00:43:46,800
something new developing in price. And for someone that's
661
00:43:46,800 --> 00:43:48,480
brand new to this channel, if this sounds like oh, this
662
00:43:48,480 --> 00:43:54,510
guy's it's talking nonsense. And that's fine. I don't want
663
00:43:54,510 --> 00:43:58,590
you to believe anything I say. You go into this channel and
664
00:43:58,590 --> 00:44:02,400
you investigate the things I talk about. and test it. If you
665
00:44:02,400 --> 00:44:06,090
test it, that's the evidence you've been looking for. You
666
00:44:06,090 --> 00:44:09,750
don't need me to show you a live trading account. Because
667
00:44:09,750 --> 00:44:13,020
it's the same thing. If I do this with a Live account, it's
668
00:44:13,020 --> 00:44:16,740
gonna be the same price data. It's gonna be same price data.
669
00:44:18,990 --> 00:44:23,580
Look at this price action here. Okay, and this is euro on a
670
00:44:23,580 --> 00:44:27,090
five minute chart for forex.com. Alright, I'm going to load
671
00:44:27,090 --> 00:44:34,440
up another euro dollar chart. I'm going to use alanda. Let's
672
00:44:34,440 --> 00:44:39,030
look at oh and this price feed. And we're going to look at
673
00:44:39,030 --> 00:44:47,370
it on the same five minute chart. Okay, now, here's that
674
00:44:47,370 --> 00:44:53,190
swing low. It breaks it. Now, notice it says Atlanta that's
675
00:44:53,190 --> 00:44:56,730
not forex.com totally different brokerage. Totally different
676
00:44:56,730 --> 00:45:03,150
data feed right. You don't Ever see him showing you trades?
677
00:45:03,390 --> 00:45:08,070
He didn't push the button? You need to push that escrow
678
00:45:08,070 --> 00:45:12,030
button girl. So here's the low that's broken market
679
00:45:12,030 --> 00:45:15,660
structures broken market rallies back up, here's that that
680
00:45:15,660 --> 00:45:23,130
swing high down that swing low isn't this isn't this the
681
00:45:23,130 --> 00:45:29,730
same thing I was looking at? It's still not on trends,
682
00:45:29,730 --> 00:45:34,170
right? This is the candle answer that that time of day, that
683
00:45:34,200 --> 00:45:38,700
time window that time candle. And I missed the one I made a
684
00:45:38,700 --> 00:45:47,310
little bit higher high. Here's forex.com. And again alanda
685
00:45:49,080 --> 00:45:51,420
scrunch up a little bit, so it makes it a little bit closer.
686
00:45:54,720 --> 00:45:59,130
Is this not doing the same thing? You need me to do this of
687
00:45:59,130 --> 00:46:04,680
a Live account for you can't believe anything. See, you see,
688
00:46:04,800 --> 00:46:07,770
see you later if that's how you feel good. See you. And
689
00:46:07,770 --> 00:46:16,410
here's the forex.com with the executions. Okay. And I'll
690
00:46:16,410 --> 00:46:24,780
show you. executions. off on look right here. And right
691
00:46:24,780 --> 00:46:32,070
here. There you go. See that? See that right there? So
692
00:46:32,160 --> 00:46:38,730
again, if you look at I don't have multiple accounts to
693
00:46:38,880 --> 00:46:42,390
Okay, you see these people going Oh, yeah, he's got like 16
694
00:46:42,390 --> 00:46:46,920
different demo accounts. Now I have just my trading account.
695
00:46:47,220 --> 00:46:52,890
And there's my tag. That's my handle. I m ICT. I mean, and
696
00:46:53,520 --> 00:46:58,050
account history. That's the trade here. I use $10,000.
697
00:46:58,320 --> 00:47:05,760
hypothetical money. It's 2%. If you do 2%, every week, okay,
698
00:47:05,820 --> 00:47:11,580
every week. And that's all you do. You realize that you're
699
00:47:11,580 --> 00:47:16,980
doing something that 99.9% of the people in trading aren't
700
00:47:17,010 --> 00:47:22,800
doing. Now, let's go back to that hypothetical example, of
701
00:47:23,400 --> 00:47:28,470
10 potential trading opportunities per week. And which one
702
00:47:28,500 --> 00:47:29,790
fits your schedule?
703
00:47:31,530 --> 00:47:34,350
Do you work at that particular time on that particular day?
704
00:47:35,370 --> 00:47:40,470
Or can you watch on your smartphone, these potential setups
705
00:47:40,470 --> 00:47:44,310
because even if you're working, you can set alerts to trade
706
00:47:44,340 --> 00:47:48,750
if it gets near this handles low, drop it down like seven or
707
00:47:48,750 --> 00:47:52,140
eight pips. If it trades up to there, and you'll see me put
708
00:47:52,140 --> 00:47:54,930
alerts on in the recording, because I had to walk away from
709
00:47:54,930 --> 00:47:58,350
the monitors. And if it hit there, I was gonna have to stop
710
00:47:58,350 --> 00:48:00,810
whatever I was doing, go back and determine if I was gonna
711
00:48:00,810 --> 00:48:05,610
take a partial or if I was gonna see if the exits there. And
712
00:48:05,610 --> 00:48:08,310
then I took the alerts back off when I got back to my
713
00:48:08,310 --> 00:48:09,930
monitors. And again, you'll see this on recording in a
714
00:48:09,930 --> 00:48:14,310
couple minutes. But you can use alerts on trading view to
715
00:48:15,750 --> 00:48:18,750
bring your attention back to the charts. And while I'm not
716
00:48:18,750 --> 00:48:23,310
trying to tell you to steal your employer's time and be a
717
00:48:23,880 --> 00:48:29,670
poor steward, there, I believe it's equivalent to you going
718
00:48:29,670 --> 00:48:32,820
to the bathroom at work, okay, you can excuse yourself and
719
00:48:32,820 --> 00:48:35,460
work. If your alarm goes off, as you're walking to the
720
00:48:35,460 --> 00:48:39,150
bathroom or restroom, set your trade up. And then boom,
721
00:48:39,150 --> 00:48:41,370
there it is. You put your limit order in, put your stop
722
00:48:41,370 --> 00:48:44,760
order in, and just let it do what it's going to do. And set
723
00:48:44,760 --> 00:48:48,720
your alerts at these thresholds where you would anticipate
724
00:48:48,750 --> 00:48:54,990
taking a partial. Now again, that's how I would do it.
725
00:48:55,110 --> 00:48:59,460
Today, if I had a job, that's how I would do it to
726
00:48:59,460 --> 00:49:04,890
continuously learn and develop. I didn't have this when I
727
00:49:04,890 --> 00:49:12,810
started back in 1992. So it was a lot harder. And you have a
728
00:49:12,810 --> 00:49:17,190
lot of advantages today that we as dinosaurs back in that
729
00:49:17,190 --> 00:49:23,430
error, and we wish we would have had, so you should take
730
00:49:23,430 --> 00:49:27,450
advantage of that. But if you have these windows of
731
00:49:27,450 --> 00:49:30,480
opportunity, every tree every trading day Monday through
732
00:49:30,480 --> 00:49:37,290
Friday, you should consider studying them at least in
733
00:49:37,290 --> 00:49:41,580
hindsight, and you'll see there's a plethora of setups every
734
00:49:41,580 --> 00:49:46,770
single week that offer 25 to 30 pips. Now if you get one of
735
00:49:46,770 --> 00:49:51,510
them per week, and you can make 2% gain, and then you stop.
736
00:49:51,600 --> 00:49:55,170
You don't take another risk. That's it, you're done. Oh,
737
00:49:55,170 --> 00:49:58,230
that's foolish Michael. Because you have to really press
738
00:49:58,230 --> 00:50:01,770
your edge. If you have an edge. You gotta push it until you
739
00:50:01,770 --> 00:50:04,530
get the draw down, because that's what happens. That's what
740
00:50:04,530 --> 00:50:08,430
happens when you push a sharp edge in trading, you overuse
741
00:50:08,430 --> 00:50:13,050
it adults that you don't need to be pushing it hard every
742
00:50:13,050 --> 00:50:18,450
single day. You want to look for the most optimal time, and
743
00:50:18,450 --> 00:50:19,980
day. And
744
00:50:21,330 --> 00:50:21,930
asset.
745
00:50:22,049 --> 00:50:24,959
In this case, we're looking at forex. So what pair is
746
00:50:24,959 --> 00:50:28,319
alignment with having a medium or high impact news event for
747
00:50:28,319 --> 00:50:32,639
that particular day that you anticipate seeing a setup
748
00:50:32,639 --> 00:50:39,839
forming? Then if you look at price, and you can frame out a
749
00:50:39,839 --> 00:50:44,009
idea that, yeah, this is broken market structure, optimal
750
00:50:44,009 --> 00:50:48,089
trade entry, it should trade down to here, even if it
751
00:50:48,089 --> 00:50:52,319
doesn't trade down to my target. does it allow me 15 to 20
752
00:50:52,319 --> 00:50:58,259
pips? Yes. And that's what I operated with today. I had this
753
00:50:58,259 --> 00:51:01,169
error here also, as you'll see me annotate that as well in
754
00:51:01,169 --> 00:51:05,429
the video. And it just went below a little bit on a shallow
755
00:51:05,429 --> 00:51:08,399
run. So I had to adjust my limit order. And if you look at
756
00:51:08,399 --> 00:51:12,629
where the price is here, below, it's like threading a
757
00:51:12,629 --> 00:51:17,009
needle, where I got out at with the spread, like that's
758
00:51:17,099 --> 00:51:20,639
highly, highly precise. I just wish you would have had a
759
00:51:20,639 --> 00:51:22,439
little bit more movement on the downside. But if you look at
760
00:51:22,439 --> 00:51:24,779
the other parent currency pairs, you know, today's was kind
761
00:51:24,779 --> 00:51:28,199
of sloppy. But this right here, I'm not going to take away
762
00:51:28,199 --> 00:51:31,379
from the London setup, which I was not a week, I was
763
00:51:31,409 --> 00:51:36,449
sleeping all through here. But I missed my deadline for a
764
00:51:36,449 --> 00:51:40,049
YouTube video yesterday. And I felt that an execution would
765
00:51:40,049 --> 00:51:41,939
make up for that because I wasn't going to do an execution
766
00:51:41,939 --> 00:51:45,149
discussion. Yesterday, I just wasn't going to do it, I was
767
00:51:45,209 --> 00:51:50,729
just going to talk about the effects of forcing overtrading.
768
00:51:50,939 --> 00:51:54,299
And I kind of used that idea and segwayed into this together
769
00:51:54,299 --> 00:51:57,539
and blended the two. So I hope you can appreciate that. And
770
00:51:57,539 --> 00:52:01,499
again, you can see this is a button being pushed here. And
771
00:52:01,499 --> 00:52:07,979
here. But one a limit. Okay, a limit was hit here. So I'm
772
00:52:07,979 --> 00:52:13,799
not trying to tell you something I did. Or works
773
00:52:13,829 --> 00:52:17,939
hypothetically, I execute on it. And it's something that you
774
00:52:17,939 --> 00:52:21,419
learn right here on this YouTube channel. doesn't cost you
775
00:52:21,479 --> 00:52:25,709
anything but the time to watch it. And yes, I talk a lot. I
776
00:52:25,709 --> 00:52:29,009
do. I talk a lot because I love what I do. I'm passionate
777
00:52:29,009 --> 00:52:33,599
about it. But the people that listen to me, they want me to
778
00:52:33,599 --> 00:52:38,159
talk, because that's where all that knowledge comes from.
779
00:52:39,209 --> 00:52:41,789
How you should be thinking about what you're doing, because
780
00:52:41,789 --> 00:52:44,819
you think it's just clicking a button. Watch the money come
781
00:52:44,819 --> 00:52:46,889
into your account. You think that's all this is when you
782
00:52:46,889 --> 00:52:49,499
first start, all you have to do is figure out if I'm a buyer
783
00:52:49,499 --> 00:52:52,289
or seller today. That's it. That's all you got to do. Right?
784
00:52:52,589 --> 00:52:56,249
And why is it that you are all failing? Why can't you see
785
00:52:56,249 --> 00:52:58,949
these setups? Why can't you do it because they're right here
786
00:52:58,949 --> 00:53:02,249
in these videos for free. You're not practicing and you're
787
00:53:02,249 --> 00:53:06,029
not believing the criteria and framework that I'm teaching
788
00:53:06,029 --> 00:53:08,969
conceptually, and you're not going into the price action and
789
00:53:08,969 --> 00:53:12,749
finding this and folks, listen, okay? It's a little bit of a
790
00:53:12,749 --> 00:53:14,939
woodshed moment, because these are times where people get
791
00:53:14,939 --> 00:53:17,549
irritated with me and turn me off. Oh, this guy's arrogant.
792
00:53:17,909 --> 00:53:19,679
Yeah, whatever he's lying to say with a lot of cannot
793
00:53:19,679 --> 00:53:25,859
listen, this goober. Listen, folks. every single week, I
794
00:53:25,859 --> 00:53:28,739
prove these things. And I don't just talk about something.
795
00:53:28,769 --> 00:53:34,169
I'm giving you an example. Period. I execute on the basis of
796
00:53:34,169 --> 00:53:39,299
what I teach in this YouTube video. And all the series and
797
00:53:39,299 --> 00:53:43,889
via collection that's on this YouTube channel. But if you
798
00:53:43,889 --> 00:53:49,799
don't put the work in, that means practicing. I don't care
799
00:53:50,039 --> 00:53:54,239
how good you think you should be. You're not going to have a
800
00:53:54,269 --> 00:53:59,909
shred of prowess, or ability or skill. Until you at least
801
00:54:00,269 --> 00:54:05,759
suspend your suspicions. Okay, forget all the nonsense you
802
00:54:05,759 --> 00:54:08,669
heard about me. Okay, because if you look hard enough on the
803
00:54:08,669 --> 00:54:11,369
internet, you're gonna find I probably microwave puppies.
804
00:54:11,669 --> 00:54:17,309
Okay, I probably you steal hubcaps. There's all kinds of
805
00:54:17,309 --> 00:54:20,999
things out there. That being said about me because it's just
806
00:54:21,119 --> 00:54:25,049
what people are doing. If anybody is out here, doing
807
00:54:25,049 --> 00:54:29,009
something good. And listen, you don't ever have to buy my
808
00:54:29,009 --> 00:54:31,559
mentorship. You don't ever have to pay me a penny. You don't
809
00:54:31,559 --> 00:54:35,459
have to do anything. But just watch these videos. That costs
810
00:54:35,459 --> 00:54:42,119
you nothing but your time. But if you don't practice the
811
00:54:42,119 --> 00:54:46,979
things I share for free here, you're not going to see that
812
00:54:46,979 --> 00:54:50,819
I'm not lying to you at all. I've been telling you the truth
813
00:54:50,819 --> 00:54:54,839
since 2010. It's the same stuff I talked about when I was on
814
00:54:54,839 --> 00:55:05,789
America Online in 1994. Same stuff, same things. And it's
815
00:55:05,789 --> 00:55:09,599
been working since then hasn't changed, they're not going to
816
00:55:09,599 --> 00:55:12,869
change the algorithm. Because if I believe that that was
817
00:55:12,899 --> 00:55:16,049
even going to happen, or have an impact, I never would have
818
00:55:16,049 --> 00:55:18,749
taught. Seriously, I never would have done it.
819
00:55:20,130 --> 00:55:27,180
These things are set in stone, because of the volume between
820
00:55:27,180 --> 00:55:32,010
the counterparties that are making price will it is. It's
821
00:55:32,010 --> 00:55:36,090
simple as that. It's smart money, and large, fun trading.
822
00:55:36,690 --> 00:55:40,470
That's it. That's all there is, folks. There's transactional
823
00:55:40,710 --> 00:55:44,850
flows that come in, okay, big deal. Commerce comes in, okay,
824
00:55:44,850 --> 00:55:49,200
big deal, that's getting pushed in, in the mix, that's not
825
00:55:49,200 --> 00:55:53,100
facilitating the delivery of price higher or lower, or where
826
00:55:53,100 --> 00:55:56,100
it's going in the grand scheme of things. It's just being
827
00:55:56,100 --> 00:56:01,050
pushed through in retail is this lumped in there, but it's
828
00:56:01,050 --> 00:56:04,860
on such a small, itty bitty tiny little scale, it's
829
00:56:04,860 --> 00:56:10,830
insignificant. So all the retail traders out there, all you
830
00:56:10,830 --> 00:56:16,290
Instagram traders out there that are pushing this narrative
831
00:56:16,320 --> 00:56:19,230
ICT is going to cause the Forex market to stop working,
832
00:56:19,410 --> 00:56:24,390
because he's sharing the algorithm. That's not going to
833
00:56:24,390 --> 00:56:27,600
happen. And it's not because there's a lack of an algorithm.
834
00:56:28,950 --> 00:56:34,890
It just means that we aren't even big enough to be a blip on
835
00:56:34,890 --> 00:56:42,240
the screen. Think about it. It's insane to even think that
836
00:56:43,560 --> 00:56:45,750
the systems and structures that are in place that make these
837
00:56:45,750 --> 00:56:50,130
markets priced in how they price in we collectively are
838
00:56:50,130 --> 00:56:54,990
never going to be a juggernaut. To change that. Think about
839
00:56:54,990 --> 00:56:56,880
how many people come to this YouTube channel and think about
840
00:56:56,880 --> 00:57:01,860
how many people already turn this video off. Believe me,
841
00:57:02,190 --> 00:57:06,180
it's this defamation. It's been on my YouTube channel for
842
00:57:06,180 --> 00:57:13,260
years. For years, man years. market maker series I put out
843
00:57:13,260 --> 00:57:18,570
in 2014. Okay, no, it's not only YouTube channel, and no,
844
00:57:18,570 --> 00:57:25,980
you don't need it. The idea of pushing this narrative that
845
00:57:27,330 --> 00:57:31,020
I'm not teaching you something that's real. Okay. I have
846
00:57:31,020 --> 00:57:36,240
seen real pushback. Okay, there are people and it's not
847
00:57:36,240 --> 00:57:38,520
these goobers that are on Instagram that are trying to hide
848
00:57:38,520 --> 00:57:40,770
that they learn from me and they're renaming my stuff.
849
00:57:41,070 --> 00:57:43,890
Because if they can discredit me, or say I learned it
850
00:57:43,890 --> 00:57:46,860
through wycoff, which I write this debunk and destroy that.
851
00:57:47,340 --> 00:57:49,560
Or I've learned it from this one or that one. I didn't learn
852
00:57:49,560 --> 00:57:51,510
this from Chris Laurie Crisler. He doesn't know this stuff.
853
00:57:51,900 --> 00:57:54,720
Okay. He doesn't know it. And it's not disrespect to him.
854
00:57:54,720 --> 00:58:00,810
It's just he doesn't know it. You don't get this information
855
00:58:00,870 --> 00:58:02,670
anywhere else you don't get from Steve Morrow either.
856
00:58:03,030 --> 00:58:07,650
Because Steve Morrow uses my 1996. Think about this now.
857
00:58:07,770 --> 00:58:12,900
1996. I was doing lectures on the whole delivery of London
858
00:58:12,900 --> 00:58:16,980
open. All of that making the high the day. Okay, I didn't
859
00:58:16,980 --> 00:58:23,460
call it M's and W's a call it 123 tops and 123 bottoms. Why?
860
00:58:23,490 --> 00:58:27,510
Why did I call it that? Because I was a new trader. And I'm
861
00:58:27,510 --> 00:58:29,940
using terms that everybody back then was aware of, because
862
00:58:29,940 --> 00:58:33,810
of Ken Roberts pushing 123 tops and bottoms. It made sense.
863
00:58:33,810 --> 00:58:36,780
Everyone knew what I was talking about. So I had to create a
864
00:58:36,780 --> 00:58:40,230
language. But as I got deeper in understanding how these
865
00:58:40,260 --> 00:58:43,500
markets deliver, I had to create a language there for my
866
00:58:43,530 --> 00:58:48,240
students, which were intended to be only my, my son's. I
867
00:58:48,240 --> 00:58:52,560
wanted them to understand what it was that was occurring. So
868
00:58:53,100 --> 00:58:57,720
that's why these names were formed. It wasn't me renaming
869
00:58:57,720 --> 00:58:59,580
something that existed somewhere else because they don't
870
00:58:59,580 --> 00:59:02,790
exist anywhere else. Now you're seeing all kinds of
871
00:59:02,790 --> 00:59:06,900
wonderful revamping things. And I mean, that was my tongue
872
00:59:06,900 --> 00:59:14,280
in cheek that arise renaming. But Steve Morrow was not my
873
00:59:14,280 --> 00:59:20,970
teacher. Sorry, and all you folks around the world that have
874
00:59:20,970 --> 00:59:24,720
the beat the market maker system, stuff, all those
875
00:59:24,720 --> 00:59:30,780
indicators, TDI, mayonnaise, water. All that stuff was
876
00:59:30,780 --> 00:59:34,200
lipstick attitude, just a simple generic idea of how the
877
00:59:34,200 --> 00:59:39,420
daily profile is painted for a daily range. That's it. And
878
00:59:39,420 --> 00:59:45,690
it's funny to look at that stuff, and hear, hear how I talk
879
00:59:45,870 --> 00:59:53,430
and talk in 1996 finding its way in all that stuff. And you
880
00:59:53,430 --> 00:59:58,710
still don't see any executions from Morrow. You don't see
881
00:59:58,740 --> 00:59:59,970
any executions.
882
01:00:00,719 --> 01:00:01,259
Ever,
883
01:00:02,550 --> 01:00:08,280
you just see screenshots with the entry, as it's moving in
884
01:00:08,280 --> 01:00:12,900
the direction of the trade. My entries are always opposed to
885
01:00:12,900 --> 01:00:17,220
where I think the markets gonna go. That's smart money. I'm
886
01:00:17,220 --> 01:00:20,760
not chasing price. And that's how I recognize it initially,
887
01:00:20,940 --> 01:00:25,770
because I was only buying strength and selling weakness at
888
01:00:25,770 --> 01:00:29,310
the time. That's what I was teaching in 1996. I did not
889
01:00:29,310 --> 01:00:35,310
teach the Judas swings. That was what I was holding back
890
01:00:35,430 --> 01:00:39,750
with my groups, then I wanted those entries for myself. And
891
01:00:39,750 --> 01:00:43,170
this, you can say I was holding back then. And that was
892
01:00:43,170 --> 01:00:49,560
true. I'm admitting to it now. So all this stuff you see out
893
01:00:49,560 --> 01:00:52,410
here, market maker, this a market maker that all that stuff
894
01:00:52,410 --> 01:00:58,320
that came after me. And all you guys don't like it can choke
895
01:00:58,320 --> 01:01:01,080
on it. Because that's the truth, you can't find I put a
896
01:01:01,080 --> 01:01:06,240
bounty out, it's out there still $100,000 You can find any
897
01:01:06,240 --> 01:01:11,880
of my content, any of it in print, in video, anything prior
898
01:01:11,880 --> 01:01:19,680
to 1996. Because folks, it just simply doesn't exist. So you
899
01:01:19,680 --> 01:01:22,800
can listen to me say all this stuff and get mad and disgust
900
01:01:22,800 --> 01:01:26,190
Oh, he's arrogant. Or you can say You know what? Maybe he's
901
01:01:26,190 --> 01:01:29,430
telling the truth. I'm gonna go in and look at what he's
902
01:01:29,430 --> 01:01:31,440
teaching on this YouTube channel. And I'm gonna put it to
903
01:01:31,440 --> 01:01:33,900
the test. Let me tell you something to people that really do
904
01:01:33,900 --> 01:01:38,520
that, and really have an intent to learn how to do it.
905
01:01:40,350 --> 01:01:43,860
They're converted, and you're never going to convince them
906
01:01:44,130 --> 01:01:49,140
that what they have been shown with their own studies, using
907
01:01:49,140 --> 01:01:52,080
this information, you'll never convince them that they've
908
01:01:52,080 --> 01:01:54,840
wasted our time or even entice them to do anything else.
909
01:01:55,470 --> 01:01:58,440
See, that's the difference between my group and that's why
910
01:01:58,440 --> 01:02:01,140
everyone else on the outside that are weak minded, losing
911
01:02:01,140 --> 01:02:04,770
traders, okay. They always say that I'm a cult leader. And
912
01:02:04,770 --> 01:02:08,190
this is a cult. Well guess what, if winning is a cult, I
913
01:02:08,190 --> 01:02:10,200
want to be a part of that. And if you want to make me the
914
01:02:10,200 --> 01:02:13,680
leader of that group, I'll take that title. I love it. I
915
01:02:13,680 --> 01:02:19,260
love winning. So if you want to be a part of a community
916
01:02:20,880 --> 01:02:24,270
that really appreciates one another, we have a high regard
917
01:02:24,270 --> 01:02:27,420
for one another. And we have a high regard for the concepts
918
01:02:27,420 --> 01:02:31,920
that I teach. You found your home here, all you have to do
919
01:02:31,920 --> 01:02:35,130
is warm up to a new video every week, I might be late like I
920
01:02:35,130 --> 01:02:39,000
was yesterday, I may only put out one that particular week.
921
01:02:39,300 --> 01:02:44,130
Okay, cuz I'm not obligated, I'm not obligated to this, this
922
01:02:44,130 --> 01:02:47,130
group of, of traders that are watching these videos, I'm
923
01:02:47,160 --> 01:02:51,300
obligated to mentorship, I don't miss those windows. But
924
01:02:51,300 --> 01:02:54,180
here, I'm only going to be able to put it out there when I
925
01:02:54,180 --> 01:02:57,840
have free time. And I'm not always going to have a whole lot
926
01:02:57,840 --> 01:02:59,640
of time. And then once we go into the new year, I'm gonna
927
01:02:59,640 --> 01:03:03,750
have less free time. So I'm not gonna be as often, I may not
928
01:03:03,750 --> 01:03:08,790
do two videos that week, I may not do for an entire month
929
01:03:08,820 --> 01:03:12,660
more than one or two videos. I may not be able to do any
930
01:03:12,750 --> 01:03:15,840
that might happen. It doesn't mean I'm abandoned my YouTube
931
01:03:15,840 --> 01:03:19,710
channel, I love doing this. But I missed may not be able to
932
01:03:19,710 --> 01:03:25,170
do it as frequently or as exactly as the time I was aiming
933
01:03:25,170 --> 01:03:31,980
for. Okay, so I say all this stuff to kind of keep you
934
01:03:31,980 --> 01:03:37,200
motivated. Because Listen, folks, I know, times are really
935
01:03:37,200 --> 01:03:41,820
hard right now. They're hard. You maybe have lost your job.
936
01:03:42,360 --> 01:03:47,220
Maybe you have blown all of your savings. And you think that
937
01:03:47,220 --> 01:03:50,700
this is going to be the answer to your problem. And I'm
938
01:03:50,700 --> 01:03:53,820
going to tell you something. And I want you to really hear
939
01:03:53,820 --> 01:04:00,270
me here. If that's what you think. I'm going to tell you the
940
01:04:00,300 --> 01:04:04,710
honest to god truth right now. Even if you were in your
941
01:04:06,030 --> 01:04:11,010
position to join my mentorship, okay, you're not going to
942
01:04:11,010 --> 01:04:15,000
make money simply because you join the mentorship right
943
01:04:15,000 --> 01:04:18,150
away. That's not how this works. Just the same as you're not
944
01:04:18,150 --> 01:04:21,720
going to make money watching my YouTube videos here right
945
01:04:21,720 --> 01:04:25,830
away because you finished watching them. This stuff takes a
946
01:04:25,830 --> 01:04:31,980
lot of work. And don't be tricked into thinking that you may
947
01:04:31,980 --> 01:04:34,920
have a high regard for me right away watching some of these
948
01:04:34,920 --> 01:04:38,130
videos. If you've continued with listening to this one, you
949
01:04:38,130 --> 01:04:41,490
probably have a little bit more respect than some of the
950
01:04:41,490 --> 01:04:45,060
folks that have that have crossed paths with me in the past.
951
01:04:46,380 --> 01:04:49,680
They think I'm talking too much and I like the sound of my
952
01:04:49,680 --> 01:04:53,490
own voice and all this stuff can be reduced down to a five
953
01:04:53,490 --> 01:04:56,580
minute video and it can't because what I'm trying to show
954
01:04:56,580 --> 01:05:02,040
you is I'm real I am practical.
955
01:05:03,330 --> 01:05:05,610
I'm not out here telling you that you're going to get rich
956
01:05:05,610 --> 01:05:08,430
quick, I'm telling you that this stuff is going to require
957
01:05:08,430 --> 01:05:13,620
you to bust your ass. And it's not easy. It is absolutely
958
01:05:13,620 --> 01:05:19,050
not easy. And joining mentorship doesn't make it easier. In
959
01:05:19,050 --> 01:05:22,920
fact, you have more work, because I'm not going to sit down
960
01:05:22,920 --> 01:05:25,530
with you and say, we're going to buy here, we're going to
961
01:05:25,530 --> 01:05:27,690
put a stop here. And we're gonna take our targets there,
962
01:05:27,720 --> 01:05:30,030
because that's what some of you are expecting. And I'm
963
01:05:30,030 --> 01:05:31,440
telling you right now, if that's what you thought, when you
964
01:05:31,440 --> 01:05:35,610
sent your email, just send another email and say, I'm not
965
01:05:35,610 --> 01:05:39,150
interested. Because that's gonna be the equivalent because
966
01:05:39,240 --> 01:05:44,250
you don't want to be surprised when you find out that that's
967
01:05:44,250 --> 01:05:47,850
not how I do it. Just like this YouTube video series that
968
01:05:47,850 --> 01:05:51,510
you see me put up with the optimal trade entry, I'm showing
969
01:05:51,510 --> 01:05:55,740
you conceptually, mentorship is just me pointing to where
970
01:05:55,890 --> 01:05:59,610
it's likely to go. And if it doesn't do that, what's the
971
01:05:59,610 --> 01:06:04,800
catalyst that changes that to be an untrue statement, and
972
01:06:04,830 --> 01:06:09,330
anticipate something opposite happening? Now I don't, all
973
01:06:09,330 --> 01:06:11,460
the time do that, because I like to be on one side of the
974
01:06:11,460 --> 01:06:14,670
marketplace and commit to just that, I'm either right or I'm
975
01:06:14,670 --> 01:06:18,210
wrong. It's just, I like to be black and white with it. I
976
01:06:18,210 --> 01:06:20,160
don't want it to be ambiguous. I don't want anybody to
977
01:06:20,160 --> 01:06:24,510
misinterpret what I'm doing, or and what I'm thinking. My
978
01:06:24,510 --> 01:06:27,000
students know when I'm right. My students know when I'm
979
01:06:27,000 --> 01:06:31,650
wrong. And I'm right more times that I'm wrong. That is not
980
01:06:31,860 --> 01:06:35,160
me telling you hand holding by here, guys. We're going to
981
01:06:35,160 --> 01:06:40,110
sell short here, guys. But your stop here, we outline openly
982
01:06:40,170 --> 01:06:44,580
what the market may look to do. And you learn how to use all
983
01:06:44,580 --> 01:06:48,870
those concepts and things that you been exposed to. And some
984
01:06:48,870 --> 01:06:51,930
of them are from this YouTube channel. Not all of them, but
985
01:06:51,930 --> 01:06:55,350
some of them. But I cover all that stuff. And I said, Okay,
986
01:06:55,530 --> 01:06:58,500
we're bullish till we get to here, or we're bearish until we
987
01:06:58,500 --> 01:07:02,520
get to here. Or it may move to this area that may set up a
988
01:07:02,520 --> 01:07:08,010
setup that leads to a delivery to another target. And that's
989
01:07:08,010 --> 01:07:13,500
not signal services. That's not what a lot of people wanted.
990
01:07:13,890 --> 01:07:18,540
When they first came in in August 2016. Everybody thought
991
01:07:18,540 --> 01:07:20,490
that I'm going to be putting out trades like that, and I
992
01:07:20,490 --> 01:07:24,300
started right away, I'm not doing that I'm teaching you how
993
01:07:24,300 --> 01:07:28,200
to number one, get yourself out of the way. Because every
994
01:07:28,230 --> 01:07:31,380
single one of you, regardless of where you are at in your
995
01:07:31,380 --> 01:07:35,220
development, you are holding yourself back you are I was
996
01:07:35,220 --> 01:07:37,710
holding myself back in the beginning, and you're doing it
997
01:07:37,710 --> 01:07:40,560
too, you just don't realize what you're doing is impeding
998
01:07:40,560 --> 01:07:43,500
your development. Some of you are trying to force yourself
999
01:07:43,530 --> 01:07:46,950
into day trading, when you're not really fit to do that
1000
01:07:47,010 --> 01:07:49,590
model, you're probably better short term trading or swing
1001
01:07:49,590 --> 01:07:52,890
trading. But you're not going to know that and I surely
1002
01:07:52,890 --> 01:07:55,800
ain't gonna know it. No mentor is going to know that. Okay,
1003
01:07:55,800 --> 01:07:58,680
it's something that's personal, it's internal, you're going
1004
01:07:58,680 --> 01:08:01,530
to know what you feel comfortable doing and day trading.
1005
01:08:01,890 --> 01:08:04,770
While it gives you lots of examples and practicing theory
1006
01:08:05,010 --> 01:08:09,780
and price delivery, it may not be your duration of choice,
1007
01:08:09,840 --> 01:08:12,780
and you don't know what that choice is going to be your
1008
01:08:12,900 --> 01:08:17,400
personality determines that. And no mentor or educator can
1009
01:08:17,400 --> 01:08:22,530
force you into that. No one can. Because I tried that with
1010
01:08:22,560 --> 01:08:27,660
every educator in the book over my first five years or so.
1011
01:08:28,230 --> 01:08:32,670
And honestly, it was always detrimental. I tried to be Larry
1012
01:08:32,670 --> 01:08:37,620
Williams 2.0 it didn't work for me. I did everything his
1013
01:08:37,620 --> 01:08:42,120
books, and his courses said I did everything. And it did not
1014
01:08:42,120 --> 01:08:46,710
work for me. It didn't work. I'm not saying that his
1015
01:08:46,710 --> 01:08:51,390
concepts don't work. I'm saying that. I could not make that
1016
01:08:51,390 --> 01:08:55,230
work for me. So am I surprised when people come to my
1017
01:08:55,230 --> 01:08:58,710
YouTube channel, and they watch one video, or they watch one
1018
01:08:58,710 --> 01:09:02,160
series one time, they don't apply it. They think that's not
1019
01:09:02,160 --> 01:09:04,860
gonna work for me, or this is complicated. Or this is
1020
01:09:04,860 --> 01:09:09,150
boring. Like this video probably seems to some of you. But
1021
01:09:09,150 --> 01:09:13,200
if you're new and it feels boring to you, that's just your
1022
01:09:13,200 --> 01:09:15,360
infancy. And it's not me being arrogant, saying you're
1023
01:09:15,360 --> 01:09:19,320
stupid. It's just me saying you have not been involved in
1024
01:09:19,320 --> 01:09:21,600
this long enough to know what it is that you need to be
1025
01:09:21,600 --> 01:09:25,380
learning or how your mindset should be. Because that's going
1026
01:09:25,380 --> 01:09:28,770
to be a deterrent to you getting to where you think you
1027
01:09:28,770 --> 01:09:36,480
should be in terms of quote unquote, success. I think what
1028
01:09:36,480 --> 01:09:40,470
you came to this YouTube channel with a preconceived notion
1029
01:09:40,470 --> 01:09:44,100
that I already know what I should know, in terms of buying
1030
01:09:44,100 --> 01:09:49,740
and selling. I just need you to show me where what that's
1031
01:09:50,070 --> 01:09:54,480
basically encapsulating exactly what everybody has in terms
1032
01:09:54,480 --> 01:09:57,030
of expectations, not just with me, but every other mentor
1033
01:09:57,030 --> 01:10:03,630
out there. educator, teacher, Guru If we were all in a big
1034
01:10:03,630 --> 01:10:05,910
group setting, gurus anonymous,
1035
01:10:07,740 --> 01:10:11,940
you know, and, you know, what do we have to contend with
1036
01:10:12,000 --> 01:10:17,160
more than anything, it's unreasonable expectations by
1037
01:10:17,160 --> 01:10:23,910
patrons, customers, students, viewers, you think you should
1038
01:10:23,910 --> 01:10:27,750
know this or that. And since you know that, that's what you
1039
01:10:27,750 --> 01:10:31,920
think you only need to make it all work. When the teacher
1040
01:10:32,670 --> 01:10:39,000
doesn't place it right in your hand. Then that method, or
1041
01:10:39,000 --> 01:10:42,450
that teacher is incapable of teaching what it is that you
1042
01:10:42,450 --> 01:10:45,180
need to know, when I've been here longer than most of these
1043
01:10:45,180 --> 01:10:50,970
guys have been alive. And I know because I've done this, I
1044
01:10:50,970 --> 01:10:55,080
can do it. And I can transfer the information. But I've also
1045
01:10:55,080 --> 01:10:57,090
been upfront in the beginning saying, You're not going to
1046
01:10:57,090 --> 01:11:01,230
learn this real quick. You're not going to do the things I'm
1047
01:11:01,230 --> 01:11:04,800
doing like that. And you hear these guys? Oh, yeah, I
1048
01:11:04,800 --> 01:11:08,940
watched videos, and I learned ICT stuff in three months. No,
1049
01:11:09,150 --> 01:11:12,180
you didn't. You learn something that made sense to you that
1050
01:11:12,180 --> 01:11:16,080
you gravitated to. But you're not consistently delivering
1051
01:11:16,530 --> 01:11:20,220
with whatever it is you think you've grasped. You're still
1052
01:11:20,220 --> 01:11:21,930
wrestling with things. And that's the part you're hiding
1053
01:11:21,930 --> 01:11:24,690
from yourself. And you won't share with people in the public
1054
01:11:24,690 --> 01:11:28,920
forums. I know I did the same stuff. I pretend to be better
1055
01:11:28,920 --> 01:11:32,370
than I was when I was in America Online. That was me coping
1056
01:11:32,520 --> 01:11:40,050
with me failing miserably. That was back in 1994. Yeah, I
1057
01:11:40,050 --> 01:11:42,900
was teaching before I should have been teaching. Okay, I was
1058
01:11:42,900 --> 01:11:46,530
only teaching when I had the right side. Okay, when the
1059
01:11:46,530 --> 01:11:49,170
market was going up in my favor, because that's all I was
1060
01:11:49,170 --> 01:11:52,830
doing back then was buying. Yeah, I was teaching then. And
1061
01:11:52,830 --> 01:11:54,840
people were like, Oh, this is great. And that made me feel
1062
01:11:54,840 --> 01:11:59,370
good. I got a hit of dopamine. And I got addicted to that.
1063
01:12:00,360 --> 01:12:04,950
Therefore, I had to do that every single day. And that was
1064
01:12:04,950 --> 01:12:10,140
hard to do. It was real hard to do. Over time, I learned how
1065
01:12:10,140 --> 01:12:12,780
to actually trade I learned how the markets actually book
1066
01:12:13,110 --> 01:12:17,220
and how they deliver price. And you learn a lot of that
1067
01:12:17,220 --> 01:12:20,760
stuff here. Everything that's in this chart here is
1068
01:12:20,760 --> 01:12:25,080
explained to you somewhere on this YouTube channel. In some
1069
01:12:25,410 --> 01:12:30,450
video, or some course series, some area have talked about
1070
01:12:30,450 --> 01:12:34,800
it. And for those hardcore students here that have a very
1071
01:12:34,800 --> 01:12:40,500
good note taking regimen, you know, where those places
1072
01:12:40,500 --> 01:12:43,110
aren't, some of my students have exactly the minute marker
1073
01:12:43,230 --> 01:12:45,510
in what video, which is astonishing, because I don't even
1074
01:12:45,510 --> 01:12:51,000
have that there are limitations to your development that
1075
01:12:51,000 --> 01:12:55,710
you're going to place on yourself. And you're also going to
1076
01:12:56,010 --> 01:13:00,060
put too many things in terms of expectations that are
1077
01:13:00,060 --> 01:13:02,940
unrealistic, you're going to place that on yourself also.
1078
01:13:04,110 --> 01:13:06,870
And you got to find a happy medium. So how do you find the
1079
01:13:06,870 --> 01:13:11,040
happy medium, you have 10 opportunities per week that are
1080
01:13:11,040 --> 01:13:15,750
optimal. You have five London sessions, and five New York
1081
01:13:15,750 --> 01:13:19,740
sessions between two o'clock in the morning, Eastern Time to
1082
01:13:19,740 --> 01:13:22,230
five o'clock in the morning, Eastern time. That's your
1083
01:13:22,260 --> 01:13:25,860
London session. Okay, very simple window of opportunity.
1084
01:13:26,370 --> 01:13:30,570
Your new york session is 830 to 11. They're not the specific
1085
01:13:30,600 --> 01:13:34,710
ICT line open kill zones. And that's not the specific ICT,
1086
01:13:34,800 --> 01:13:38,370
New York open kill zones. These are just a little bit
1087
01:13:38,370 --> 01:13:42,000
broader, they're more forgiving, in terms of finding the
1088
01:13:42,000 --> 01:13:45,030
setups, it gives you a little bit more room. But there are
1089
01:13:45,330 --> 01:13:50,880
specific elements of time that are much more narrow than
1090
01:13:50,880 --> 01:13:54,900
that. And even. So that I haven't talked yet even in
1091
01:13:54,900 --> 01:14:00,840
mentorship yet. And that's algorithmic theory, which is not
1092
01:14:00,840 --> 01:14:04,560
required to find profitability. But mentorship is for
1093
01:14:04,560 --> 01:14:10,440
freaks, people that want to just be unbelievable. Like, it
1094
01:14:10,440 --> 01:14:13,350
just it's too good to be true type results. That's what
1095
01:14:13,350 --> 01:14:17,130
mentorship is, what your analysis concepts is refined to
1096
01:14:17,130 --> 01:14:21,600
that level and that degree, it's unrivaled. And you guys
1097
01:14:21,660 --> 01:14:23,730
watch these videos here on YouTube, and you think it's
1098
01:14:23,730 --> 01:14:26,220
blowing your socks off. There's things that haven't been
1099
01:14:26,220 --> 01:14:30,720
taught yet, that are just phenomenal. They're just, it's
1100
01:14:30,720 --> 01:14:38,370
just too good, or too good. And until you see it, it's it's
1101
01:14:38,370 --> 01:14:44,310
things of only dreams and make belief. And that's why you
1102
01:14:44,310 --> 01:14:46,890
get a lot of hate when you're able to say that you can do
1103
01:14:46,890 --> 01:14:49,050
these things. And then when you start bringing the receipts
1104
01:14:49,050 --> 01:14:52,650
and showing that you can do it. They'll find 15 other things
1105
01:14:52,740 --> 01:14:55,860
that justify why they don't want to accept it.
1106
01:14:57,300 --> 01:14:59,640
So that's what you have here. Are you the person that
1107
01:14:59,640 --> 01:15:03,510
listens To me and says, You talk too much, Michael, I can't
1108
01:15:03,510 --> 01:15:07,680
take you anymore. I got to turn this video off. I'm telling
1109
01:15:07,680 --> 01:15:10,770
you, if you're listening up to this point right here, you're
1110
01:15:10,770 --> 01:15:13,710
never going to get it. Not for me, you're not, you're not
1111
01:15:13,710 --> 01:15:16,020
going to get what it is that you think you should have
1112
01:15:16,020 --> 01:15:20,580
gotten. Because the things that you're turning away from is
1113
01:15:20,580 --> 01:15:26,640
the very thing that you need to get over the hump. And
1114
01:15:26,640 --> 01:15:29,310
you're not prepared to hear that. Just like I wasn't
1115
01:15:29,310 --> 01:15:32,280
prepared to hear that. If someone would have told me this,
1116
01:15:32,280 --> 01:15:35,460
initially, even back when I was having success, initially
1117
01:15:35,460 --> 01:15:39,480
own luck back in the 90s, as a commodity trader, and I do
1118
01:15:39,600 --> 01:15:43,620
everything that the books were saying to buy, and everything
1119
01:15:43,620 --> 01:15:45,930
was oversold, and the markets were going to go up regardless
1120
01:15:45,930 --> 01:15:50,160
of what I did. I treated that as skill and it was not skill.
1121
01:15:51,450 --> 01:15:56,280
It was blind luck. If you would have told me that the things
1122
01:15:56,280 --> 01:16:00,810
I teach on this YouTube channel for free. And I say that
1123
01:16:00,810 --> 01:16:03,330
these are the big, heavy hitters in this series or this
1124
01:16:03,330 --> 01:16:05,910
video. This is the thing that matters most it's not the
1125
01:16:05,910 --> 01:16:08,790
willy nilly pattern. It's not the order block, or optimal
1126
01:16:08,790 --> 01:16:12,660
trade entry. Tell me which one do which one's a breaker.
1127
01:16:13,890 --> 01:16:17,940
That's the small stuff. You're sweating the small stuff. And
1128
01:16:17,940 --> 01:16:22,500
I was looking for the optimal indicator settings. back then.
1129
01:16:23,070 --> 01:16:26,520
That's what I thought was the secret. And the secret is,
1130
01:16:26,550 --> 01:16:32,100
where's the market drawing to? Why should it drop? Why
1131
01:16:32,100 --> 01:16:36,420
should it not? What's the setting I should have on my RSI
1132
01:16:36,420 --> 01:16:42,300
and stochastic? Is my MACD confirming the RSI and stochastic
1133
01:16:42,330 --> 01:16:47,700
or is it in disagreement. These were my filters. And I was
1134
01:16:47,700 --> 01:16:51,900
worried more about that, in the price is telling me what I
1135
01:16:51,900 --> 01:16:56,250
needed to do. And I wasn't watching any of that I'm looking
1136
01:16:56,250 --> 01:17:00,630
at there's three indicators at the bottom of screen. And I
1137
01:17:00,630 --> 01:17:03,630
don't have those indicators on my screen anymore. So I'm not
1138
01:17:03,630 --> 01:17:07,200
surprised when I'm wrong. I can see I'm wrong. I need to
1139
01:17:07,200 --> 01:17:11,310
make adjustments or get out or don't take a trade in my
1140
01:17:11,340 --> 01:17:15,000
preconceived ideas about being bullish or bearish. I have to
1141
01:17:15,000 --> 01:17:19,020
sit on my hands. Or as we are right now, I think we're in a
1142
01:17:19,020 --> 01:17:22,710
heightened area of risk. So therefore I must sit on my
1143
01:17:22,710 --> 01:17:26,310
hands, regardless of what I see in price. And I wrestled
1144
01:17:26,310 --> 01:17:29,520
with doing this video today because I told my mentorship on
1145
01:17:29,520 --> 01:17:33,840
Wednesday. This is the reason why I'm not going to do any
1146
01:17:34,230 --> 01:17:37,740
trades. I'm not going to do any executions until the week
1147
01:17:37,740 --> 01:17:40,980
after the election. Because I don't want you feeling like
1148
01:17:41,280 --> 01:17:44,460
you should be doing it too. Because my students sometimes
1149
01:17:44,790 --> 01:17:48,120
get overzealous and they go in a tray with live funds. And I
1150
01:17:48,120 --> 01:17:51,150
don't want my students to do that. Because if you're still
1151
01:17:51,150 --> 01:17:54,660
learning how to fly a jet plane, then you have no business
1152
01:17:54,660 --> 01:17:58,710
being in there flying solo, in a real jet plane. If you're
1153
01:17:58,710 --> 01:18:02,010
in medical school, learning how to be a surgeon, you have no
1154
01:18:02,010 --> 01:18:05,400
business playing with a scalpel on a cadaver. You have no
1155
01:18:05,400 --> 01:18:10,680
idea what you're doing. So everything has a time in place.
1156
01:18:11,280 --> 01:18:15,930
And all of you, God bless you for your enthusiasm because I
1157
01:18:15,930 --> 01:18:20,640
know what it's like I remember how it was for me. But the
1158
01:18:20,640 --> 01:18:24,000
best piece of advice you're ever going to get is to be
1159
01:18:24,000 --> 01:18:28,440
patient. You want trading and being able to find the setups
1160
01:18:28,440 --> 01:18:33,300
to be absolutely boring. You want it to be so boring that
1161
01:18:33,300 --> 01:18:36,120
you already know before you turn the chart on, you know
1162
01:18:36,120 --> 01:18:39,420
what's likely to paint in these bars and candlesticks before
1163
01:18:39,420 --> 01:18:39,990
it forms.
1164
01:18:41,580 --> 01:18:46,350
Then and only then would you have permission to go into live
1165
01:18:46,350 --> 01:18:50,250
trading. Because if it ain't boring for you to find setups
1166
01:18:50,430 --> 01:18:53,340
routinely a couple times a week, you're not ready for live
1167
01:18:53,340 --> 01:18:57,210
trading. You're not. And I don't care who tells you
1168
01:18:57,210 --> 01:19:00,780
otherwise, you're not. And that's the reason why all these
1169
01:19:00,780 --> 01:19:03,630
other guys out here aren't even showing you executions on
1170
01:19:03,810 --> 01:19:06,930
trading view. Because they're not consistent. They don't
1171
01:19:06,930 --> 01:19:09,750
know how to trade. And they only talk about it in hindsight
1172
01:19:09,750 --> 01:19:13,260
or show you fake empty for withdrawals, and screenshots.
1173
01:19:13,500 --> 01:19:17,370
That's all keyed in trades after the fact. You can't fake
1174
01:19:17,370 --> 01:19:21,120
what I'm about to show you. They're real executions. And I'm
1175
01:19:21,120 --> 01:19:24,630
being upfront and honest and transparent. It's a paper trade
1176
01:19:25,020 --> 01:19:28,680
because of regulations. I'm not licensed to give trade
1177
01:19:28,680 --> 01:19:32,520
advice. There's no regulation on paper trades, because I've
1178
01:19:32,520 --> 01:19:35,490
already told you it's not the same. It's not equivalent. If
1179
01:19:35,490 --> 01:19:39,180
I said paper trading is the same thing as law trading. No.
1180
01:19:39,540 --> 01:19:42,480
There's a distinction between what I say I say the price
1181
01:19:42,480 --> 01:19:45,810
delivery in the patterns we're looking for. In studying with
1182
01:19:45,810 --> 01:19:49,110
a paper trading mindset. There's no difference between that
1183
01:19:49,110 --> 01:19:53,040
and what you'd look at in terms of live feed or Live account
1184
01:19:53,040 --> 01:19:57,540
trading. That price is the same price within reason. A
1185
01:19:57,540 --> 01:20:00,270
couple pips or so in terms of the spread but this time Same
1186
01:20:00,270 --> 01:20:04,560
things happening in a live feed. So if I don't have an
1187
01:20:04,560 --> 01:20:06,990
understanding of what Bryce is going to do in a paper
1188
01:20:06,990 --> 01:20:09,810
trading account on trading view, I sure as hell wouldn't be
1189
01:20:09,810 --> 01:20:13,890
able to deal with a Live account, right. So I leave my
1190
01:20:13,920 --> 01:20:17,340
audience with that conundrum, you have to wrestle with that,
1191
01:20:17,550 --> 01:20:20,220
if you don't want to, believe me, because I'm not showing
1192
01:20:20,220 --> 01:20:24,420
you deposits into a bank account from a trading account. Or
1193
01:20:24,420 --> 01:20:28,050
I'm not showing you $100,000 cars, okay, or million dollar
1194
01:20:28,050 --> 01:20:32,310
homes, or $65,000, watches, or vacation properties that I
1195
01:20:32,310 --> 01:20:36,660
actually really own. If you're not believing anything
1196
01:20:36,660 --> 01:20:41,220
because of those things, then you have your expectations
1197
01:20:41,220 --> 01:20:44,100
misaligned. Because I only promised that you're going to
1198
01:20:44,100 --> 01:20:47,640
learn how to read price better than anyone else can teach
1199
01:20:47,640 --> 01:20:52,740
you. And forecast price movements more accurately than you
1200
01:20:52,740 --> 01:20:56,040
could ever imagine, and do it consistently. But you're going
1201
01:20:56,040 --> 01:20:58,890
to have to work your ass off, it's going to come with a lot
1202
01:20:58,890 --> 01:21:01,530
of work, it's going to come with a lot more work than you
1203
01:21:01,530 --> 01:21:03,780
think it's going to take. And you're going to want to quit
1204
01:21:03,780 --> 01:21:08,550
dozens of times, and only the strong survive here. Period.
1205
01:21:09,180 --> 01:21:13,380
But the ones that put the work in, they get it they get it.
1206
01:21:14,250 --> 01:21:20,220
Because once you know, you know nothing can detract you from
1207
01:21:20,220 --> 01:21:24,180
that. Once you have it, once you see it, once you really
1208
01:21:24,180 --> 01:21:28,920
live it. There's a person out there that's going to convince
1209
01:21:28,920 --> 01:21:33,150
you to do anything else but what we do, because what we do
1210
01:21:33,780 --> 01:21:37,620
is the truth. And there's no denying it. Look at this chart,
1211
01:21:37,620 --> 01:21:43,020
folks. Seriously. It's only 20 pips I know it's 20 pips. But
1212
01:21:43,020 --> 01:21:45,930
I can tell you there was a time where I looked at charts.
1213
01:21:46,020 --> 01:21:51,030
And this was a unicorn to me, there was no way I was going
1214
01:21:51,030 --> 01:21:54,570
to capture this talent, the skill, the see the actual
1215
01:21:54,570 --> 01:21:58,350
turning points in the majority of the move. Come on, come
1216
01:21:58,350 --> 01:22:02,730
on. How many examples you need to see this, because I'm
1217
01:22:02,730 --> 01:22:05,760
going to keep doing it. But how many do you need to see with
1218
01:22:05,760 --> 01:22:08,790
this with this medium trading view, it's not empty for
1219
01:22:09,630 --> 01:22:13,200
there's no way I can funny game it. I can't finagle it, I
1220
01:22:13,200 --> 01:22:17,280
can't key in orders. Everything happens as it happens on the
1221
01:22:17,280 --> 01:22:23,670
screen. Ask your guru to do the same thing. Ask your
1222
01:22:23,670 --> 01:22:29,610
educators to do this. They're not going to because they
1223
01:22:29,610 --> 01:22:32,520
can't, you're going to see that their trade entries are
1224
01:22:32,520 --> 01:22:35,880
going to weigh off. They'll be chasing price, or it'll go
1225
01:22:35,880 --> 01:22:39,540
against them 1520 pips before eventually turns around, and
1226
01:22:39,540 --> 01:22:42,030
they'll get out way before they should. Or they won't even
1227
01:22:42,030 --> 01:22:44,010
have stopped loss of movement as it should be managed
1228
01:22:44,010 --> 01:22:47,940
properly. They don't know how to trade books. And that's the
1229
01:22:47,940 --> 01:22:52,890
bottom line. There's no other reason for it. None. No other
1230
01:22:52,890 --> 01:22:58,410
reason for it not to happen. Period. So hopefully you got a
1231
01:22:58,410 --> 01:23:01,920
little bit of understanding about what makes day trading in
1232
01:23:01,920 --> 01:23:05,520
its three components. Day Trading the daily range for the
1233
01:23:05,520 --> 01:23:09,570
maximum part of the daily range, swing trading intraday, and
1234
01:23:09,570 --> 01:23:12,120
in scalping, because there's three different schools of
1235
01:23:12,120 --> 01:23:15,060
thought with that, at least under my tutelage. And I've
1236
01:23:15,060 --> 01:23:17,160
given you examples of that today. So now let's take a look
1237
01:23:17,160 --> 01:23:19,530
at the video. Until I talk to you next time. I wish you good
1238
01:23:19,530 --> 01:23:20,520
luck and good trading.