ICT YT - 2022-04-01 - Real Money Real Results - First Year Trading Expectations - Part 3 of 3.srt
Last modified by Drunk Monkey on 2022-04-03 19:47
| 1 | 00:00:01,170 --> 00:00:08,880 | ICT: All right, once more, please take a look at the risk disclaimer here. And again, this is my opinion, this is what I believe that a student that trades |
| 2 | 00:00:08,880 --> 00:00:15,690 | under me could do. And I think this is realistic, not over the top, nothing Lamborghini lifestyle at all. |
| 3 | 00:00:21,690 --> 00:00:36,330 | Alright, leaving off where we were, for February, we'll now take a look at March 2022. And I was taking a break from producing any videos and kind of vacationing |
| 4 | 00:00:36,780 --> 00:00:46,020 | from teaching mentoring and such. So this month's gonna be a little bit lighter Plus, I'm going to try to hit my objective and make 20% or so and call it a |
| 5 | 00:00:46,020 --> 00:01:00,480 | month. So I'm printing the statement here, once like you saw on the previous two videos in the series and we'll get back into that boring process of going |
| 6 | 00:01:00,480 --> 00:01:12,090 | through each individual trading day. Alright, so all of this is going to be translated to a PDF file. And again, the link will be in the description below |
| 7 | 00:01:12,090 --> 00:01:21,450 | in this video. You're welcome to go through that and scour through and you will see all these days here These are days that I did not trade like I said |
| 8 | 00:01:26,730 --> 00:01:32,040 | Alright, so now we're gonna take a look at all of this through the PDF file. |
| 9 | 00:01:40,950 --> 00:01:51,690 | Okay, so there is that and here's the time and the printing of the file. You can see the time is right there not much disparity between the two, just the time to |
| 10 | 00:01:51,690 --> 00:02:03,030 | print and process it and make its way to my Windows. So I could pull it up and show it to you here. I'm only scrolling through this. Because I want you to be |
| 11 | 00:02:03,030 --> 00:02:15,270 | able to verify that the very file I'm making public to you all in the link. It's below this video's description. When you open that video, I'm sorry, when you |
| 12 | 00:02:15,270 --> 00:02:24,840 | open up that PDF file, you'll see this file is exactly the very file that you watched me produce here in this recording. Nothing's needed. Nothing's changed. |
| 13 | 00:02:24,840 --> 00:02:35,520 | Nothing is edited. I'm not hiding anything from you. Okay. This is to me, in my opinion, this is like the best way to see somebody be able to work with the |
| 14 | 00:02:35,520 --> 00:02:48,210 | marketplace, engage it, okay. There's a day right here where the broker actually was, in my mind messing with me. And I saw he goes, Oh, you're not you're you're |
| 15 | 00:02:48,210 --> 00:02:56,940 | lying. So I'm going to take you into the actual event. As you can see, the reporting that they had is that we definitely had an issue with our line to the |
| 16 | 00:02:56,940 --> 00:03:07,620 | CME apologies for that. Not sure if it was on our end or theirs. But regardless, I'm reviewing your previous orders now if any rejected orders were marketable at |
| 17 | 00:03:07,620 --> 00:03:12,210 | a better price, I'll submit a request to honor that price. Yeah |
| 18 | 00:03:17,610 --> 00:03:35,310 | Just a heads up folks. So yeah, if they would have kept me in it, they will end up becoming a losing trade. Interesting, isn't it, but I record my trades, and I |
| 19 | 00:03:35,310 --> 00:03:44,250 | made it known to them. And since then, I haven't had any problems but I haven't had a lot of trading days where I engaged after that day either. Because |
| 20 | 00:03:44,280 --> 00:03:56,820 | majority of this month I've been flattened vacationing I say vacation I never said I was going to Puerto Rico books. I just need to sit still let my mind rest |
| 21 | 00:03:57,090 --> 00:04:06,660 | in going for a number of years already. Right. So all of this here we're gonna translate that into a day by day perspective. So when look at the first day of |
| 22 | 00:04:06,750 --> 00:04:28,230 | March Okay, so there is our equity base, and the changing of that. Lots and lots of executions again. And back to following the model, less trades, pick your |
| 23 | 00:04:28,230 --> 00:04:40,080 | shots. Don't over extend yourself. Can found a model. Find your setup, get in get out and be done. |
| 24 | 00:04:48,360 --> 00:04:59,850 | A small little one there. It all adds up folks. You want to treat it like a business you want to get in. Take your pound of flesh and leave. Same thing here |
| 25 | 00:04:59,850 --> 00:05:11,760 | for Next day, that gets boring, okay, and a new trader doesn't like that they want excitement. So naturally, you know what eventually comes, it's casino time, |
| 26 | 00:05:13,170 --> 00:05:20,700 | you get it and you start doing more and more and more, because it becomes addictive, you'd like that feeling of meaning. So you end up building air and |
| 27 | 00:05:20,700 --> 00:05:33,720 | you start taking multiple trades and building up a large list of commission costs in terms of the average new trader, they're gonna do about 30% of your |
| 28 | 00:05:33,720 --> 00:05:40,800 | account, the first year of trading, because you're going to do a lot of over trading. And you want to be mindful that bottom line, when it comes to |
| 29 | 00:05:40,800 --> 00:05:58,230 | commissions, you'll see that mine was about 10%, since the beginning of the year, total on all trades versus the equity theme. Alright, and another day, |
| 30 | 00:05:58,230 --> 00:06:05,730 | that was a little busier than I think you should have. But here's the transactions for that as well. |
| 31 | 00:06:15,120 --> 00:06:26,280 | Not a bad little day there. Now, how many trades should you have? I think that two trades in the morning session, or two trades in the afternoon session, or |
| 32 | 00:06:26,280 --> 00:06:35,790 | for trade total, that's like the maximum I think, and you have another day where you just go in and go nuts. When you have that, you got to pull that back, go |
| 33 | 00:06:35,790 --> 00:06:43,590 | back to the process of sticking to your model not having locked to trade like this, how you correct it, reduce the trade frequency? |
| 34 | 00:07:01,440 --> 00:07:12,360 | It is here to shed ready, okay, now back to the model. Again, controlled execution, not doing lots of transactions, everything back as it should be, you |
| 35 | 00:07:12,360 --> 00:07:19,260 | correct yourself, you're the only one in control of you folks, okay, the broker is not going to say, Hey, you're giving us too much money commission you need to |
| 36 | 00:07:19,260 --> 00:07:29,310 | stop, they're gonna let you do it. So you have to have some kind of way of referring back to what you've been doing, not beating yourself up. But you got |
| 37 | 00:07:29,310 --> 00:07:38,700 | to be able to be mindful and responsible about what you're doing. So don't take a lot of trades. Again, the easiest way to do is tell yourself, you cannot take |
| 38 | 00:07:38,700 --> 00:07:47,400 | more than x number of trades. And I'm just giving you my opinion is and I guess the best way of doing if you're new, is trying to just get one good setup. If |
| 39 | 00:07:47,400 --> 00:07:56,670 | you can get a good winning trade stop. Let that be a discipline exercise for you. And then believe me, it sounds easy. But for a new trader, you won't be |
| 40 | 00:07:56,670 --> 00:08:03,900 | able to do it, you'll feel that itch that wants to go in and take more transactions. And there's the end of the month where nothing was being done |
| 41 | 00:08:03,960 --> 00:08:18,600 | there. All these were new trades were taken. So we're gonna take a look at the ending balance for the month of February. And look at the difference between the |
| 42 | 00:08:18,600 --> 00:08:32,070 | ending balance here at $50,091. Minus the ending balance in February 2022. There's the net gain here at 10,051. Divide that by the ending balance of |
| 43 | 00:08:32,070 --> 00:08:41,400 | February, and that will give you your rate of return which is 25 plus percent for the month of March. So there's your results, and there's your live trading |
| 44 | 00:08:41,400 --> 00:08:58,140 | results in mind. Alright, so we had looked at three months of live trading one contract basis, and there has been no signs of account getting blown out. But |
| 45 | 00:08:58,290 --> 00:09:08,730 | the account did double. I took the account down two times in two periods of drawdown. I entered to my private students inquiry about what would it look |
| 46 | 00:09:08,730 --> 00:09:21,960 | like? How would it look? What do you do to fix those types of things? And I literally made that response in promised to her public with you. So you're not |
| 47 | 00:09:21,960 --> 00:09:33,090 | entitled to this. You weren't entitled to see me trade a Live account. You weren't entitled to me to spend my days proving something that majority of you |
| 48 | 00:09:33,090 --> 00:09:43,080 | already believe. But I understand. Okay, it's reasonable to be skeptical. Okay. Some of you will say, well, this doesn't prove anything. If someone could get |
| 49 | 00:09:43,080 --> 00:09:55,140 | lucky this many times and granted, I would say yeah, but I did lots of transactions, lots of transactions to prove that number one, one contract. I can |
| 50 | 00:09:55,140 --> 00:10:07,860 | pull this account out of any drawdown and I can do it quickly, and I don't need to do 15 contracts with a discount broker, I don't need to do any of those types |
| 51 | 00:10:07,860 --> 00:10:21,240 | of, in my opinion over leveraging. So I showed examples of what it looks like if you over trade, you can see the costs associated with that. And also you can see |
| 52 | 00:10:21,450 --> 00:10:31,020 | when the trader gets their mindset corrected, and they go back to why they're doing what they're doing. They're not in the business to take lots of |
| 53 | 00:10:31,290 --> 00:10:42,210 | executions. That's not what this is about. This is about taking things that make sense. Now, the logic behind every one of these setups is not important. Now, |
| 54 | 00:10:42,210 --> 00:10:54,870 | some of you like what, it's not important. No, it's not important. Because the first hurdle you're going to have when you're trading with live money, is money |
| 55 | 00:10:54,870 --> 00:11:07,890 | management. You're going to have to learn to respect the equity in your account. The only way that you're going to determine whether or not you respect it is how |
| 56 | 00:11:07,920 --> 00:11:20,790 | do you handle drawdown? drawdown is when you have losses mounting, and the equity starts to reduce. Now that could be a sudden drawdown reduction. Or it |
| 57 | 00:11:20,790 --> 00:11:35,880 | could be a gradual reduction on the equity. Either one is painful. The sharp, quick sudden drawdown that tends to be horrific in the eyes of a new trader, the |
| 58 | 00:11:35,880 --> 00:11:52,410 | gradual erosion of equity over time, while very uncomfortable, it's better from the perspective of a new student or new trader, seeing that versus a 30% 40% |
| 59 | 00:11:52,410 --> 00:11:52,860 | drawdown. |
| 60 | 00:11:53,940 --> 00:12:04,710 | Now, I took the account, I found that mistake, you can go take a look at the the account on the 14th of February, the equity I believe dropped down about 20% or |
| 61 | 00:12:04,710 --> 00:12:24,210 | so. And then I took the account upside almost 60% from there. So if you look at it from a profitable stance, is the ability for me to take the account using |
| 62 | 00:12:24,210 --> 00:12:38,610 | what I teach you all here for free? Can those concepts pull the account up from drawdown into a position of profitability? I have now shown proof of that. I've |
| 63 | 00:12:38,610 --> 00:12:53,220 | shown that the account can be taken into drawdown multiple times and pulled out and still not pulled out the account in 90 days. I did not over trade with |
| 64 | 00:12:53,700 --> 00:13:06,720 | leverage, that would be unreasonable. Because I'm using the margin that TD Ameritrade forced on me, I can only do one contract. So one contract with in my |
| 65 | 00:13:06,720 --> 00:13:23,010 | opinion against this is all I'm trying to address. Okay. What is reasonable for a new student that goes from demo to live trading, in my opinion. And I've said |
| 66 | 00:13:23,010 --> 00:13:32,580 | this before, I've said it many times throughout my videos, both in mentorship, greed, or public YouTube. And when I was on baby pips, and I did it in text |
| 67 | 00:13:32,730 --> 00:13:45,900 | posting on their forum, I said this multiple times, what I believe is reasonable and realistic. I just showed you, I pushed the button. Okay. This is money, I'm |
| 68 | 00:13:45,900 --> 00:13:56,370 | going to have to pay taxes on obviously, I paid commission costs. It's not hindsight, this statement you have now in your hot little hands, okay. So, |
| 69 | 00:13:57,330 --> 00:14:14,010 | understand that, just because I can do these types of things. I'm not obligated to. But I'm willing to, if it helps one person overcome their concern concerned |
| 70 | 00:14:14,010 --> 00:14:23,640 | about the lies and things that are said about me. If that's what I have accomplished by doing this, like I posted on my community tab this morning, then |
| 71 | 00:14:24,030 --> 00:14:35,610 | it's worth it. It'll be worth it. Because you will eventually get to where you want to be at. And then you'll reach out to me an email and say, Thank you very |
| 72 | 00:14:35,610 --> 00:14:44,220 | much for doing what you did. And then I'll be appreciative and I'll say congratulations, and that'll be it. You're not sending me money. I'm not trying |
| 73 | 00:14:44,220 --> 00:14:54,720 | to sell you a program to use. I'm not promising you a ball and chain that you have to use this. You have to pay for it. You have to you stay in contact with |
| 74 | 00:14:54,720 --> 00:15:09,570 | me or it won't work anymore. I'm giving you independence. I'm giving you financial literacy. And I just want to see what all of you do. Like, I'm |
| 75 | 00:15:09,600 --> 00:15:23,910 | genuinely interested in that. I want to see what all of you can accomplish with it. It's fascinating to me. So here we are, we're at that crossroads. Again, |
| 76 | 00:15:24,150 --> 00:15:39,810 | that 2022 crossroads, where there's more evidence and more proof, supplied by good old ICT dispelling the rumors and myths and lies with hard facts. I use the |
| 77 | 00:15:39,810 --> 00:15:49,080 | broker that the young lady from talking options, push the button, you got to push the button baby? Well, I'll tell you, I've been pushing the button. And |
| 78 | 00:15:49,080 --> 00:15:58,620 | I'll be pushing the button the rest of this year, I'm gonna be visiting you at Christmas. Now, I already know you're not going to pay up to $75,000. But I just |
| 79 | 00:15:58,620 --> 00:16:09,000 | want to make good on my promise to you that you said you want to see 12 months of live trading statements. Okay, well, here's three of them. The next will be |
| 80 | 00:16:09,000 --> 00:16:22,440 | coming. As we go through each month, there'll be documented and we get to Christmas is going to be December to remember, not just for her. But for us |
| 81 | 00:16:22,470 --> 00:16:38,190 | special individual, I got something reserved real, real nice. It's almost like a birthday present to. So when you see things like this, understand I'm not |
| 82 | 00:16:38,190 --> 00:16:47,070 | beating my chest. Because this is nothing. Nothing. In eight weeks, |
| 83 | 00:16:48,570 --> 00:16:56,610 | with doing all kinds of things, answering questions that are given to me by my students. Can you show how to do this? And can you show how to do that. It's not |
| 84 | 00:16:56,610 --> 00:17:07,440 | important for all of those things to be shown here. I only promised you that I would show you live results. Now I can sit down and say okay, this is what the |
| 85 | 00:17:07,440 --> 00:17:15,300 | model suggests I should do. And this is what I should do in the morning. This is going to be my routine. And I'm going to be looking for this and I'm going to |
| 86 | 00:17:15,300 --> 00:17:22,620 | execute on that idea. And I'm going to manage the position and I'm going to take a trade and it's either going to pay out or it's not. And if it doesn't pay out, |
| 87 | 00:17:22,620 --> 00:17:38,190 | then I'll have to mitigate that loss. I will do that with this account. And it will be shown on this YouTube channel. But I want you to take what I'm supplying |
| 88 | 00:17:38,190 --> 00:17:56,070 | this year. And give me the comfort of going back to teaching openly in demo and not have any qualms about that. Okay. The things I can do in a demo I can do |
| 89 | 00:17:56,130 --> 00:18:14,640 | here. Period. Okay. Does it make you more money? Did you get a deposit into your trading account? By me showing you what I did with a lot of account here? No. |
| 90 | 00:18:15,930 --> 00:18:30,600 | Did it improve your trading? No. Did it prove that I don't blow the account out in 90 days guaranteed with 95% drawdown? No. It doesn't prove that though. I've |
| 91 | 00:18:30,600 --> 00:18:40,680 | dispelled that here. Like I promised I would. It's the same account. It's with a reputable broker. And yes, there's some tomfoolery going on. But you have to |
| 92 | 00:18:40,680 --> 00:18:56,910 | record your trades. And honestly, during the the drawdown periods, they really didn't mess with me at all. But in March, that day where they were rejecting my |
| 93 | 00:18:56,910 --> 00:19:12,450 | orders, I literally tried to log in with my cell phone, another laptop and a tablet, all of which they were saying it was invalid account and or invalid |
| 94 | 00:19:12,450 --> 00:19:21,780 | symbol and I was trading directly from the chart in TD Ameritrade in the ThinkOrSwim platform. So it can't be invalid symbol. It can't be an invalid |
| 95 | 00:19:21,780 --> 00:19:33,660 | account because I'm literally executing right off the chart. Then that particular day the buy at market and sell at market hot buttons. Once I saw the |
| 96 | 00:19:33,660 --> 00:19:45,510 | setup forming, I pressed the button to try to get into the trade going in that market 90 999 9% of the executions that you watched here all market orders all |
| 97 | 00:19:45,510 --> 00:19:59,340 | market okay market and market now. Only a few of them were limit exits in such that particular day in March, where they were rejecting my orders. Once I got in |
| 98 | 00:19:59,640 --> 00:20:11,070 | a trade It was not the best position for me to get in. But I took it and said, Okay, I'm not going to complain about that. The trade dropped in my favor. And |
| 99 | 00:20:11,070 --> 00:20:20,880 | then I wanted to put a limit order and he wouldn't let me do it. And I said, Okay, well, I'm not sure what's going on here. Let me just exit it out right now |
| 100 | 00:20:20,910 --> 00:20:31,560 | and just buy into the market and cover. No, it was rejecting, rejecting, rejecting, I'm like, okay, something's wrong here. I knew that news was coming |
| 101 | 00:20:31,560 --> 00:20:39,150 | out. And I didn't want to get caught in that Backdraft and come back against me, and give up the 900 and something dollars, or whatever it was, I was in in |
| 102 | 00:20:39,150 --> 00:20:50,580 | profit. So I'm trying to close it just underneath 1000 Watch Game. It won't let me do it. So now go to myself, I'm logging in there. It's rejecting it there, |
| 103 | 00:20:50,580 --> 00:21:01,170 | too. I'm like, oh, here we go. When I said I was doing a litmus test, I was constantly putting in orders, orders orders. It's one contract. Okay? What I'm |
| 104 | 00:21:01,200 --> 00:21:14,340 | judging is the length of time before that broker B books me. And then once your be booked, you'll have things where there's a delay, from execution from when |
| 105 | 00:21:14,340 --> 00:21:26,910 | you put in the trade and there's a lag, before you actually get in, or when you're trying to get out, it lags. And then you get those problems. Because they |
| 106 | 00:21:26,910 --> 00:21:36,330 | know that you're not going to be around much longer. So they're just gonna take you to your grade quicker. That's my opinion. Okay. But |
| 107 | 00:21:38,040 --> 00:21:48,060 | here I am, I'm trying to get that trade. And then what they want, let me so I'm trying to put a stop loss in so that way, if the market goes up there to a point |
| 108 | 00:21:48,180 --> 00:21:56,310 | at which I'm willing to accept the fact that it's not going to let me get out where I want to get out at but if it goes to this level, least I'm walking out |
| 109 | 00:21:56,310 --> 00:22:09,780 | with something. Nope, won't we do that either. So I go to press the flatten button, just click that and it kills everything. It's grayed out. Now, when I |
| 110 | 00:22:09,780 --> 00:22:18,270 | say grayed out, usually when you're looking at the hot buttons, they're vibrant. They're right there, click on them. The flatten button is grayed out. It's |
| 111 | 00:22:18,270 --> 00:22:27,480 | there. But I can't execute on it. I can't click it. It's non clickable. So I'm thinking, Okay, let me go into my other laptop. And this is all happening in |
| 112 | 00:22:27,480 --> 00:22:37,650 | like minutes, like one to three minutes. Now I'm thinking oh, no, because something's going to come out. Maybe they dropped the bomb somewhere. You know, |
| 113 | 00:22:37,650 --> 00:22:49,560 | all this Ukraine stuff hadn't taken you. I'm going to get caught in a riptide and it's going to rip my face off. Finally, I said no, I'm going to use this |
| 114 | 00:22:49,560 --> 00:22:58,050 | support tab. And I clicked on that and say, hey, you know, why is my trades not executing? I just want you know, and you see it in portion of this video. I'm |
| 115 | 00:22:58,050 --> 00:23:06,990 | actually communicating with them saying I record my trades. And I'm, I got all of this documented. So whatever happens, you're gonna make good on this is what |
| 116 | 00:23:06,990 --> 00:23:15,930 | I'm basically saying. But the representative was very cordial. There was another transaction of exchanges between us that was not recorded in here because I |
| 117 | 00:23:15,930 --> 00:23:25,410 | didn't record it. I was satisfied with what he told me at that point. But basically, he was assuring me that there was some disconnection between the |
| 118 | 00:23:25,410 --> 00:23:35,070 | broker, their broker, and the CME. Now, my only issue with that is I know a lot of people. And I know a lot of people that were in TD Ameritrade and a lot of |
| 119 | 00:23:35,070 --> 00:23:46,890 | people that trade other brokers that trade these instruments, the index features, and no one else had connected issues that I know of. So my question to |
| 120 | 00:23:46,890 --> 00:23:59,190 | you is in the comment section, when that particular day, did you have any problems having connection issues trading that time deck? Just curious. Now, am |
| 121 | 00:23:59,190 --> 00:24:12,360 | I beating up on TD Ameritrade? No, this is what's going to happen eventually if you do it long enough. Okay. There are horror stories I had with FX cm, and I |
| 122 | 00:24:12,360 --> 00:24:22,620 | would never recommend trading with them. But as far as TD Ameritrade if you want to score card, which is going to sound like when you just said all those things |
| 123 | 00:24:22,620 --> 00:24:34,020 | about they made good on their issue. And they were willing to work with me in regards to giving me a better exit fill. But I actually got a better exit fill |
| 124 | 00:24:34,020 --> 00:24:41,430 | as soon as they allow the orders to go through once I was pushing that support tab and I told him I was recording my trades. Surprisingly, when I hit the |
| 125 | 00:24:41,460 --> 00:24:52,200 | cover, in the buy it back, it went right through. And they were saying they were having connection issues. So apart from that, and in one instance where the hot |
| 126 | 00:24:52,200 --> 00:25:00,450 | buttons were not working, okay, in other words, the buy at market sell at market and flattened buttons. They were predominantly what I was using when I was Doing |
| 127 | 00:25:00,480 --> 00:25:08,640 | all these transactions, I didn't want to put a lot of thought into it because I'm not trying to run up a Robins cup. I'm not trying to do a competition. I'm |
| 128 | 00:25:08,640 --> 00:25:18,000 | just showing lots of transactions. I'm showing short term periods of drawdown and in correction of that, using just one contract. Okay, showing proof of |
| 129 | 00:25:18,000 --> 00:25:29,190 | profitability. Showing that you, I don't know where all of you are, from a financial stance. I don't know. How many of you are millionaires, I don't know |
| 130 | 00:25:29,190 --> 00:25:38,790 | how many of you are poor, it don't even have the money to put into these offshore Forex accounts, they'll take 50 bucks from you, which I don't think you |
| 131 | 00:25:38,790 --> 00:25:48,810 | should do, by the way. But the point is, I don't know what where you all are financially. But it's my opinion, okay. It's my opinion that in eight weeks, if |
| 132 | 00:25:48,810 --> 00:26:02,970 | you make $25,000, that's pretty good. You're on track to do a six figure year. That is, in my opinion, what I believe me personally, if a student listens to |
| 133 | 00:26:02,970 --> 00:26:14,850 | the things I tell them to do practices, exactly how I talk, and teach and present in all these drills, in the back testing, and the journaling, all those |
| 134 | 00:26:14,850 --> 00:26:25,620 | things, if you do all of those things, I firmly believe I believe this with all of my being that you can potentially earn six figures in your first trading |
| 135 | 00:26:25,620 --> 00:26:29,670 | year, will the majority of you do that? Absolutely not. |
| 136 | 00:26:31,410 --> 00:26:40,080 | How's that for an oxymoron? That you just said, right? I believe it's possible. But you are going to be the problem, you're not going to listen, you're going to |
| 137 | 00:26:40,080 --> 00:26:48,270 | do a lot of the things I was showing here, you're going to do days where you do lots and lots of trades, sometimes they'll work in your favor, sometimes you'll |
| 138 | 00:26:48,270 --> 00:27:00,060 | be able to eke out the ability to get back your loss. And then other days, it just gets worse. So avoid those things. Don't do lots of trades, don't think you |
| 139 | 00:27:00,060 --> 00:27:12,900 | have to have lots of accounts, or not that not accounts, but like contracts rather than words, the flavor of the present right now is, you know, you're not |
| 140 | 00:27:12,900 --> 00:27:22,170 | a hot shot, unless you're treated with a deep discount broker. Unless you're trading in queue, with few $1,000 margin, you will you just not a hot shot. |
| 141 | 00:27:22,710 --> 00:27:36,270 | Well, the surest way out of this party and blowing your account is over leveraging. And you have to respect the level of equity that's in your account. |
| 142 | 00:27:36,510 --> 00:27:44,910 | If you have no regard for the amount of money you have in your account, you're gonna, you're gonna blow it, you're going to lose it. And you're going to do it |
| 143 | 00:27:44,940 --> 00:27:58,380 | in stunning fashion. So the way you protect that from occurring, is you trade with one contract until you develop rigid self control. I mean, you got to be |
| 144 | 00:27:58,380 --> 00:28:11,610 | going in there saying, Okay, I got one contract. Because listen, folks, $1,000 a day, I'm quite certain that the majority of you are not earning that at your |
| 145 | 00:28:11,610 --> 00:28:21,810 | job. You're not. Now there's something you probably earn more than that. I have a lot of fluent students. But the majority of you and I'm not talking down to |
| 146 | 00:28:21,810 --> 00:28:36,000 | you, because I came from jobs that were menial. But to make $1,000 a day, and you get that and you stop. That's a good living folks. That's a real, real good |
| 147 | 00:28:36,000 --> 00:28:56,430 | living. And what's coming just in the offing right now, just over the horizon is ugly, hard times. And I'm here to help all of you, hopefully, weather that. Am I |
| 148 | 00:28:56,430 --> 00:29:06,810 | going to help every single one, you know, it's my goal to believe me, I'm trying to do everything I can to make it possible for you to have this skill set. I'm |
| 149 | 00:29:06,810 --> 00:29:15,690 | trying to convince you that look, this is real money. I'm not doing a demo account here. Now, there's a couple of trades in here. As I shared with my |
| 150 | 00:29:15,690 --> 00:29:23,880 | mentorship group, there was one other bond trade, or I could have literally made $10,000 overnight. But I didn't hold the trade. But I just did it there for a |
| 151 | 00:29:23,880 --> 00:29:35,250 | reference point saying I could do this. But I said, I'm going to stick to just trading index futures. did make a mistake in here. I was looking at a triple Q |
| 152 | 00:29:35,250 --> 00:29:44,790 | chart. And I had the chart up on TD Ameritrade. And I went back, I was looking at TradeStation because I'm looking at that and work with that platform. And |
| 153 | 00:29:44,790 --> 00:29:54,630 | then I came back to the chart. And I saw something setting up on the triple Q but I thought the chart was set for NASDAQ. So I went in taking a trade with in |
| 154 | 00:29:54,630 --> 00:30:02,670 | my mind what I thought was NASDAQ, but it was a triple Q. Since I got in the trade I realized oh no I'm actually in this Talk. So I mean the guy that so you |
| 155 | 00:30:02,670 --> 00:30:16,170 | can see that actually occur in the statements as well. So that was actually a trader error there. But it's it's been fun, obviously. But I want to get to the |
| 156 | 00:30:16,170 --> 00:30:31,950 | point where I can sit on YouTube and discuss tape reading. Okay, now I know right away. Some of you are getting excited. Oh, yeah, we're at that stage worth |
| 157 | 00:30:31,950 --> 00:30:43,650 | it live session part. I want you to know that I'm not going to sit down on YouTube. Okay. And I know, too many of you, this is going to be deflating. |
| 158 | 00:30:44,430 --> 00:30:59,550 | Because I know a lot of you want to piggyback everything you see me do. Now look at this account. I did this this way. So that way when I go into live sessions, |
| 159 | 00:31:00,180 --> 00:31:13,200 | and I'm sitting here on YouTube, okay. And I'm commenting on what I think I see in price action, I want you to remember all the transactions I showed here. You |
| 160 | 00:31:13,200 --> 00:31:16,470 | don't know what I'm going to be showing that particular day. |
| 161 | 00:31:17,670 --> 00:31:28,440 | You don't know what I'm illustrating? You don't know if I'm setting up the situation where it could be. I'm teaching you drawdown and mitigation. I don't |
| 162 | 00:31:28,440 --> 00:31:37,110 | want any of you to piggyback on me. I don't want you thinking that that is reasonable. I don't think that any trader should be out there trying to copy |
| 163 | 00:31:37,110 --> 00:31:48,300 | someone else. Because you have no idea. The problems psychologically that creates, internally, it creates a dependency that I am absolutely against, I |
| 164 | 00:31:48,300 --> 00:31:58,920 | don't want any of you to be codependent on me. My lessons are meant to make you absolutely independent. There's no tethering to me, nothing. You learn from me, |
| 165 | 00:31:58,980 --> 00:32:08,370 | I make you an independent, free thinker, that you can engage in price action, and you can go about your merry way. There is no software program that connects |
| 166 | 00:32:08,370 --> 00:32:18,540 | you to me, there's no continuous you pay me or you're no longer in a position where you can make money. No, no, no, you learn, you adopt this skill, you find |
| 167 | 00:32:18,540 --> 00:32:27,030 | your model in that, and then you blossom bloom where you're planted. But when I start doing these live sessions, and now you're probably gonna ask, you know, |
| 168 | 00:32:27,030 --> 00:32:41,520 | what's keeping you honest. I'm trying to get OBS to sync with my YouTube channel. And I obviously don't know what the hell I'm doing. So if any of you |
| 169 | 00:32:42,180 --> 00:32:53,310 | would be so kind to help me, I could really use that assistance, because I know, it's probably something very simple. And I used to do live sessions on YouTube. |
| 170 | 00:32:53,940 --> 00:33:04,320 | But for whatever reason, I cannot get my youtube channel to connect to OBS. I've followed all this oriels did all the you know the, the videos that they have on |
| 171 | 00:33:04,320 --> 00:33:13,500 | YouTube that walk you through the whole process, but it won't let me do it. So I don't know. I don't know what I'm doing wrong. So I'm asking you as a community |
| 172 | 00:33:13,560 --> 00:33:22,200 | that if you're a live stream, or whatever, if you could give me some pointers or kind of like, say, hey, look in the comment section, did you try this or check |
| 173 | 00:33:22,200 --> 00:33:28,770 | this, I would really appreciate your assistance in that regard. Because I do want to get out here and talk about what I think's going to happen in price |
| 174 | 00:33:28,770 --> 00:33:36,870 | action before it happens. I'm not going to be pushing a button, folks. I'm not going to do that in front of you. But I want you to understand what it takes to |
| 175 | 00:33:36,870 --> 00:33:48,240 | read the tape. Okay, knowing what a bias should look like how to engage and practice live tape reading in these environments. So that way you can start to |
| 176 | 00:33:48,870 --> 00:33:58,500 | get a better feel for where the markets likely to draw to when it stalls before it starts to make its run. And you start learning that too many of my students |
| 177 | 00:33:58,500 --> 00:34:10,110 | over the years have jumped over that step. And just went into demo trading. You know, I read the instructions. I read the ICT manual about this or that, and I |
| 178 | 00:34:10,110 --> 00:34:18,090 | think I understand it. So they go right out there and you start trading on a demo account and they blow up and they did not put the time and work in writing |
| 179 | 00:34:18,090 --> 00:34:28,650 | 10 pages in a notebook. That is not the work. You scribbled. That's you've been doodling? Okay, you're doodlebops I'm not raising an army of doodlebops. I'm |
| 180 | 00:34:28,650 --> 00:34:44,340 | raising an army of assassins. Okay, market assassins. You don't go in with just some willy nilly approach. We go in with absolute ruthless focus. We know what |
| 181 | 00:34:44,340 --> 00:34:56,550 | we're looking for. And if it's in there, we're going to spot it and then we take it down. But you can't skip the parts that I tell you that are the most |
| 182 | 00:34:56,550 --> 00:35:06,930 | important and learning how to read the tape. What does that mean? That means seeing price action, getting in sync with it and getting a read on what it's |
| 183 | 00:35:06,930 --> 00:35:15,330 | likely to do right now. What's it going to go for next? Is it going to run higher? Is it going to reach to our specific level higher than the market prices |
| 184 | 00:35:15,330 --> 00:35:25,470 | right now? Or is it going to reach lower? And if you have a bias that is bullish, and if it starts to run lower? What makes that bias? Nolan Boyd now, |
| 185 | 00:35:25,980 --> 00:35:35,760 | when can you change gears and expect things to go the opposite direction. That's a skill set that you have to acquire by reading price. And that means no pushing |
| 186 | 00:35:35,760 --> 00:35:46,020 | of any buttons. That means to studying and looking at price, and yes, in the beginning, it feels aimless. It feels pointless, it feels like you're wasting |
| 187 | 00:35:46,020 --> 00:35:54,960 | your time. But once I get all this stuff set up, you're going to see how consistently, we can observe where price is likely to go. Once you understand |
| 188 | 00:35:54,960 --> 00:36:05,070 | that, the folks that in this community, there's a few of them that still struggle with it in my private mentorship to that being bias. They haven't done |
| 189 | 00:36:05,070 --> 00:36:15,450 | this part. Okay, so because I'm going to be doing it publicly, you all will have the benefit of being part of it. But they also will be here too. And I'm hoping |
| 190 | 00:36:15,450 --> 00:36:16,020 | that I had |
| 191 | 00:36:17,970 --> 00:36:28,170 | drove them to a point where this is all we're going to do. This is what we're looking at, we're looking at bias we're looking at kind of like a general |
| 192 | 00:36:28,800 --> 00:36:41,070 | expectation for that trading day, here's a level I think is a good level it may be responsive to or may draw to. And then you study that. Now, some of you that |
| 193 | 00:36:41,070 --> 00:36:52,290 | are brand new, absolutely brand new, you hear these types of things and say, I'm unsubscribing, good, goodbye, have a good day. Because you are never going to |
| 194 | 00:36:52,290 --> 00:37:02,670 | learn how to do this, if that's your mindset. Sitting down with someone that knows how to read price action, and be able to decipher what it is it's trying |
| 195 | 00:37:02,670 --> 00:37:15,810 | to do in terms of engineer a narrative, or a collective opinion in the marketplace, or what is commonly referred to as sentiment. So if you have an |
| 196 | 00:37:15,810 --> 00:37:26,910 | idea of reading, when price is likely to do that, then you can anticipate what manipulation once that manipulation happens, that's your invitation to engage |
| 197 | 00:37:26,910 --> 00:37:37,170 | price. But there's this huge chasm that exists that many of you because you don't understand it even exists. You think that? Well, there's no real |
| 198 | 00:37:37,350 --> 00:37:45,720 | separation between looking at a video to ICT produces and teaching. And he shows an example once or twice, so therefore I understand what he did there, I can see |
| 199 | 00:37:45,720 --> 00:37:51,960 | that water block, I can see that candles up and red candles down, or I can see a fair amount you got, I got this licked, I'm gonna go out here and do this and do |
| 200 | 00:37:51,960 --> 00:38:01,470 | that. And then you struggle. And you wonder why you're not getting where you want to be. Because you have completely omitted one of the most important |
| 201 | 00:38:01,470 --> 00:38:11,970 | factors to development, which is understanding the tape, you have to know what this price action is likely to do. And you can't get that from a Trading Book, |
| 202 | 00:38:11,970 --> 00:38:22,320 | folks, you're only getting static little images. So you have to learn from someone that showing you organic price action, where it's literally living and |
| 203 | 00:38:22,320 --> 00:38:31,650 | breathing on the chart right there in front of all of you at the same time. And you observe these things live. That's how you learn how to do this most |
| 204 | 00:38:31,680 --> 00:38:42,630 | efficiently. Now, I don't have a timeline when this is going to occur, but I want to do it within the next month or so and then do one or two of them a week. |
| 205 | 00:38:43,620 --> 00:38:52,410 | What days will I be choosing it'll be days to have like a medium or high impact news event driver in the morning session. Or if it's like an FOMC event in the |
| 206 | 00:38:52,410 --> 00:39:02,700 | afternoon, we can sit down and we can observe that that is not an invitation to trade FOMC. But I want you to understand how the market works with the existing |
| 207 | 00:39:02,700 --> 00:39:15,450 | liquidity, how engineers liquidity and how it delivers as a result of these high impact news drivers to come in. Okay. So hopefully, this has done at least a |
| 208 | 00:39:15,450 --> 00:39:23,940 | little bit of help in terms of those that are out there wondering, I see. Can you really trade with a live account? Can he double an account? Can he take |
| 209 | 00:39:23,940 --> 00:39:36,180 | account from drawdown up? Can you do it with just one contract? Yes, yes. And yes. So I'm going to obviously work with this account the rest of the year with |
| 210 | 00:39:36,180 --> 00:39:49,350 | the expectation that this is what I truly believe in my heart that a diligent student first year in, you know, freshmen in live trading, what they would |
| 211 | 00:39:49,350 --> 00:39:59,010 | expect or should expect as a high end now, that's what I'm showing you. I'm showing a high end. This is the highest I would expect. Now does that mean if |
| 212 | 00:39:59,010 --> 00:40:02,610 | you did half of this That's a failure, I would hope you wouldn't think that. |
| 213 | 00:40:04,110 --> 00:40:13,020 | And if, let's say the first three months, or the first six months of your life trading, you are struggling breakeven trader, is that a failure? No, that's |
| 214 | 00:40:13,020 --> 00:40:21,270 | actually a very good thing. Because if you're unable to blow out, but you just can't find your groove yet, when all works, what it looks like is you end up |
| 215 | 00:40:21,270 --> 00:40:29,160 | making a little bit of money. And then you erode a little bit, and then you make a little bit money again, and erodes again, go back down to breakeven, or maybe |
| 216 | 00:40:29,160 --> 00:40:36,210 | just below where you started, and you have another run up and create a new equity high, you feel like you've turned the corner, and then you lose that, |
| 217 | 00:40:36,210 --> 00:40:45,300 | again, it goes back down to where you started. That's actually a very good foundation, I've had very good results for students that came to me with that |
| 218 | 00:40:45,300 --> 00:40:56,370 | type of background, the struggling breakeven trader, they have been, in my opinion, in the last six years through mentorship, they have been the best. Now |
| 219 | 00:40:56,400 --> 00:41:03,450 | before I started doing paid mentorship, which I'm not doing anymore, folks, I'm doing mentorship right now, in case you haven't noticed, I'm teaching cost you |
| 220 | 00:41:03,450 --> 00:41:14,730 | nothing, right? So when I first started doing paid mentorship, my opinion and all the students that went through the mentorship group, they know that I stated |
| 221 | 00:41:14,730 --> 00:41:22,980 | that the best students I believe are ones that come to me without having any retail understanding. And about halfway through the last six and a half years or |
| 222 | 00:41:22,980 --> 00:41:35,520 | so, that changed my opinion, too, I think it's better to have someone that has completely ruined themselves financially, using retail logic, because then you |
| 223 | 00:41:35,520 --> 00:41:47,880 | can understand how you fell victim to it. But now, my opinion as a mentor looking back, my better students are the ones that have come to me with a break, |
| 224 | 00:41:47,910 --> 00:41:56,070 | even when they aren't necessarily blowing out something kept them from just completely go nuts and blowing their account out. They reserve themselves to a |
| 225 | 00:41:56,070 --> 00:42:04,440 | point where you didn't overtrain and keep pushing, pushing, pushing until the account was completely dusted. So they have established some measure of self |
| 226 | 00:42:04,440 --> 00:42:12,480 | control, which is absolutely essential, you need to have that. If you don't have a way of controlling yourself non words, let me say it like this, if you're a |
| 227 | 00:42:12,480 --> 00:42:26,280 | hothead, and you blow up real quick. And it's like a tornado has been released, when you lose control, you're probably going to be a trader that has a really |
| 228 | 00:42:26,280 --> 00:42:34,410 | hard time holding on to equity when you make it and you end up blowing up and you probably blow your accounts, if you're someone that's more even toned, or, |
| 229 | 00:42:35,820 --> 00:42:46,920 | well, mild mannered. Much like most of the women that I've trained, they had that built in tendency where there's a steady Eddy, they just they go with it, |
| 230 | 00:42:47,130 --> 00:42:53,520 | it didn't work this time, but I'm gonna stick to the process. And there it is, and they won't blow their account. That doesn't mean that I don't have students |
| 231 | 00:42:53,520 --> 00:43:03,900 | where they get in there and they make money and then they end up getting it all back and a little bit more that occurs, obviously, but your personality is going |
| 232 | 00:43:03,900 --> 00:43:19,530 | to translate into the end result of your trading. So it's important that your trading style is joined at that same level of expectation. So are you a real |
| 233 | 00:43:19,530 --> 00:43:30,510 | quick, sudden, short term, short fuse kind of person, then day trading, scalping, you are going to flourish in that. But if you are someone that doesn't |
| 234 | 00:43:30,540 --> 00:43:39,870 | like to be making that many decisions real quickly, you live it more to make your mind about something, you're probably going to be a day trader, I'm sorry, |
| 235 | 00:43:39,870 --> 00:43:50,550 | now, he but you're probably gonna be a position trader that uses a daily chart. So I don't know what all of you are. In that regard. You have to determine what |
| 236 | 00:43:50,550 --> 00:43:59,910 | that is. But if you can take all these things that I'm laying in front of you, okay, these are all hardline questions that you're gonna have to ask yourself, |
| 237 | 00:43:59,940 --> 00:44:11,070 | because if you are at the stage where you've been doing demo, and you feel consistently able to go in and find setups for the demo account, don't fall into |
| 238 | 00:44:11,070 --> 00:44:19,620 | the expectation that well, all I'm going to do is put money into a live account. And it's going to be just that easy, because it's not, it's not going to happen |
| 239 | 00:44:19,620 --> 00:44:32,070 | like that. Because your interest in seeing that end result have $1 sign. And an increase in the equity is going to be a feeling if you've never felt that yet. |
| 240 | 00:44:32,760 --> 00:44:43,380 | It is a weird feeling. It's even worse when you put the first trade on, and the trade starts moving against you. Because now you're thinking, I don't want my |
| 241 | 00:44:43,380 --> 00:44:53,940 | first trade to be a losing trade. Who cares? If you do that type of thinking, you're going to hold that trade longer than you should. And that's toxic |
| 242 | 00:44:53,940 --> 00:45:01,950 | thinking. You're wasting mental capital, what is mental capital, you're holding on to something that you no longer want Leaving. So why are you in the trade |
| 243 | 00:45:01,950 --> 00:45:06,390 | still? Think folks, |
| 244 | 00:45:06,600 --> 00:45:15,360 | if you've ever traded with live funds, and you felt that you're in something, and now you're hoping it's become religious, now, you're in a, you're in prayer, |
| 245 | 00:45:15,900 --> 00:45:25,590 | you're talking to God, you want somebody up above you to fix the problem you put yourself in. That's religious trading, we don't religiously trade. We don't do |
| 246 | 00:45:25,590 --> 00:45:38,160 | that. So as soon as you lose confidence in why you're in the trade, and it becomes I hope it doesn't run for my stuff. As soon as that happens, you have my |
| 247 | 00:45:38,160 --> 00:45:51,570 | permission, and instruction, kill a tree. Because you're no longer in control of yourself. You don't have a disconnect, you're not indifferent to the trade. |
| 248 | 00:45:52,200 --> 00:46:03,750 | You're absolutely emotionally attached to the trade. You got to remove that. And the only way you do that is pruning. Okay? You got to cut these trades off. |
| 249 | 00:46:04,140 --> 00:46:17,640 | Don't let these little foxes spoil the vine. Do not let a little transaction and not have lots of those in this example, last three months trading, go through |
| 250 | 00:46:17,640 --> 00:46:28,230 | that. And imagine this was your account. Sometimes on some of those days, it would look like death by 1000 cuts. Think about that trading account being |
| 251 | 00:46:28,230 --> 00:46:36,960 | yours? How would you weather that? You're going to make a big deal about those things? Are you gonna look at that as well, you know, that's the same as me |
| 252 | 00:46:36,960 --> 00:46:42,900 | going to work one day and getting a flat tire and I lost some hours of wages, because I got there late and had to pay for a tire. So there's a little bit of |
| 253 | 00:46:42,900 --> 00:46:50,760 | money to spend on my pocket. So I really didn't make any money this day, and probably for next two days. Because I had to pay for all these things to get it |
| 254 | 00:46:50,760 --> 00:47:02,490 | fixed. Should you just quit your job? Because you got a flat tire? Of course not. Should you blow up and take it on your spouse when you get home? Well, |
| 255 | 00:47:02,490 --> 00:47:15,600 | depends. I'm just kidding. I was wondering if you're all paying heads, I'm probably boring most of you. So if if you take a look at these transactions, and |
| 256 | 00:47:15,600 --> 00:47:27,450 | you feel uncomfortable, if they make you feel uncomfortable, if this was your account, that shows you your infancy, that shows you that you are worried about |
| 257 | 00:47:27,450 --> 00:47:39,810 | the money versus the process. Because if you follow the process that's already established itself as effective, the end result should be gaining equity. Not |
| 258 | 00:47:39,810 --> 00:47:54,060 | every day profitability. I didn't trade every single day. In fact, I proved by limiting your exposure, using this as a teaching approach. How do you go in and |
| 259 | 00:47:54,060 --> 00:48:05,820 | make yourself likely to be consistently profit for the first year, or going forward into wherever your career takes you? Have goals have realistic goals? |
| 260 | 00:48:06,330 --> 00:48:17,040 | When you reach them? Stop, let the month close. Just because there's two other weeks or three weeks left of the month, and you may 25%. And your goal is 20%. |
| 261 | 00:48:18,090 --> 00:48:28,800 | Why? Pray tell? Do you want to go in and risk losing what you've already nailed down that month? You want to have a consistency. When you look back and say |
| 262 | 00:48:28,800 --> 00:48:44,700 | okay, in January, what was my rate of return? 20%. Great. In February, what was my rate of return? 31%? March, what was my reader turn 25% rate every day, |
| 263 | 00:48:45,150 --> 00:48:56,100 | you're working towards that monthly go. When you get it, you stop? It's not? Well, I got it really easy and really quick. So that means I'm probably going to |
| 264 | 00:48:56,100 --> 00:49:11,760 | roll let me keep pushing. No, don't do that. Don't do that. That's how everybody blows out. Because they allow these momentary periods where it feels like you |
| 265 | 00:49:11,760 --> 00:49:22,650 | have dialed in. You got a direct line to Jesus. Jesus is on the main line. He's giving you guidance and you got every possible wing trade ahead of you and all |
| 266 | 00:49:22,650 --> 00:49:36,000 | you got to do is push the button. And then something happens. You have a losing trade, and you lose your mind. Pushing the button for no real reason. You're |
| 267 | 00:49:36,000 --> 00:49:45,600 | just hoping something better happens than the last five things you just did. Are you in control when that occurs? No. Is your broker going to help you and stop |
| 268 | 00:49:45,600 --> 00:49:55,200 | you from doing it? No. Is your spouse Probably not because you're not going to tell them you're now down 567 different trades, losing money, you're not going |
| 269 | 00:49:55,200 --> 00:50:05,400 | to do that. So what do you do? You own it, you take responsibility in saying, |
| 270 | 00:50:06,899 --> 00:50:17,039 | this is the limit. I gotta stop today. So you have to limits when you are losing money. And you also have to have limits when you're making money. Do not listen |
| 271 | 00:50:17,039 --> 00:50:27,419 | to these people out there and say, oh, when you're on a hot roll, when you're in a real good period, push it. Push your edge. I'm telling you, folks, I'm telling |
| 272 | 00:50:27,419 --> 00:50:37,859 | you, I would put millions of dollars on this. I've seen so many people on Twitter, pretend to know what they're talking about. Okay? And say, You got to |
| 273 | 00:50:37,859 --> 00:50:46,649 | push your edge. When you're when you're making money, you keep pushing it? No, you don't. When you have a goal, and it's realistic, and you reach it, you stop. |
| 274 | 00:50:48,659 --> 00:51:00,479 | Period. That's the secret to consistency. And longevity folks. We're not talking about competition trading. See some of you think about what you've seen me doing |
| 275 | 00:51:00,479 --> 00:51:11,969 | demo accounts. And you're thinking, Well, you do that with this? Well, is that something that's responsible as an educator, teaching someone showing for the |
| 276 | 00:51:11,969 --> 00:51:26,039 | first time in all of my teaching publicly on YouTube since 2010, when I came out as the quote unquote, forex guru, none of you saw me trading a Live account. So |
| 277 | 00:51:26,039 --> 00:51:34,709 | if I'm going to do it, I want to do it properly, I want you to go into it with the right mindset. I don't want you thinking the wrong things, trying to do |
| 278 | 00:51:35,549 --> 00:51:47,489 | foolish things. I want you to have all the advantages, know what's likely to occur, what problems might may arise? And then how to correct that. How do you |
| 279 | 00:51:47,879 --> 00:52:01,139 | navigate these feelings and emotions and psychological polls? That's going to be yanking on you. When you're in a live account, you're going to see getting in a |
| 280 | 00:52:01,139 --> 00:52:11,549 | trade. Now, there's real money in there. And it's coming in and out of your account. If you've never seen that occur, because you've been in demo account, |
| 281 | 00:52:11,909 --> 00:52:25,529 | is no connection. There's no There's no affinity, towards the end result really, when it's a losing trade and demo, because it was your impervious to that pain. |
| 282 | 00:52:26,909 --> 00:52:42,149 | doesn't take anything from you. But strangely enough, the winning trade makes you feel superhuman. In live trading, it's a double edged sword. You feel Yes, |
| 283 | 00:52:42,179 --> 00:52:51,239 | excited that you're in a trade and fearful at the same time. But if you start feeling anxiety, while you're in the trade, you have to remind yourself that |
| 284 | 00:52:51,389 --> 00:53:01,949 | you're following a system? And is this market still going forward? With the expectation you had when you first put the trade on? It isn't. And now you're |
| 285 | 00:53:01,949 --> 00:53:13,469 | feeling anxiety? Why are you in it? Get out of it? What happens if I get out of it ICT and it runs to my profit objective, you learn something from that. But |
| 286 | 00:53:13,469 --> 00:53:24,989 | you don't fill your brain up with toxic memories of going through that pain and suffering. You gradually work into that now, do you do this forever? No, at some |
| 287 | 00:53:24,989 --> 00:53:31,529 | point, you're gonna have to press into that. How do you know how to press into that and just stay with the trade? Because you've done so many examples and |
| 288 | 00:53:31,559 --> 00:53:41,729 | executions of getting into trade, overcoming fear of executing and entering, once that execution is done? Close it, just get out of it. So that way it trains |
| 289 | 00:53:41,729 --> 00:53:48,989 | you Yes, you push the button. And now you can see, had you held that trade? This is what you would have seen come from it? Did it follow all the logic behind the |
| 290 | 00:53:48,989 --> 00:53:58,169 | trade that you thought you were going to anticipate seeing come to fruition? It does or it doesn't? That's the best thing. That's the best you can do, folks, |
| 291 | 00:53:58,589 --> 00:54:08,279 | you either do or you don't. And you gradually press into that experience. And when you do it over time, how much time will it take? I don't know. All of you |
| 292 | 00:54:08,279 --> 00:54:16,379 | are different. Some of you think you're ready when you watch one video, and others think you need to watch me do 15 videos, and you still have to do you |
| 293 | 00:54:16,379 --> 00:54:27,479 | know, six months thesis on one topic, because you're afraid you don't want to go out there and start engaging price because if you don't see it the way you think |
| 294 | 00:54:27,479 --> 00:54:37,799 | you should, you're going to feel like you failed or wasted your time. That's the furthest extreme as well. So you have to get in this mindset that you have to |
| 295 | 00:54:37,799 --> 00:54:50,309 | engage. You can do it gradually. You can do it where you just ease your toe in the water. Okay, then up to your heel and up to your ankle and then Michonne and |
| 296 | 00:54:50,309 --> 00:54:58,979 | then all of a sudden you're knee deep in it. You can do it that way. Some of you may require that where you say okay, |
| 297 | 00:54:59,040 --> 00:55:06,420 | I'm gonna get baptized by I fire, I'm going to get in and just do the entry. And whatever happens happens, I'm not going to be nuts about it, I'm not going to go |
| 298 | 00:55:06,420 --> 00:55:13,740 | in revenge trade, if I get it wrong, not gonna overleveraged to get it back right away. These are all things that you and your unique personality have to |
| 299 | 00:55:13,740 --> 00:55:25,320 | determine. And there's so many variables there, I cannot have a one structured approach that answers all of that. And that's why I've stated here, and it's |
| 300 | 00:55:25,320 --> 00:55:34,860 | really at the end of the video. When you go into your live trading, you're going to learn a lot about yourself that you did not want to recognize when you were |
| 301 | 00:55:35,070 --> 00:55:46,380 | in demo. And it's going to be ugly characteristics that you'd like to pretend never existed. It's going to prove to you are you organized? Are you patient? |
| 302 | 00:55:47,430 --> 00:56:02,490 | Are you responsible about your own actions? Are you following the rules. Most of those characteristics are not attributes that are associated with a new trader, |
| 303 | 00:56:02,700 --> 00:56:15,720 | therefore, they're developed over time, they don't just exist in a new trader, because they never well hold them. Because their skills, they have to be |
| 304 | 00:56:15,720 --> 00:56:31,890 | acquired through rigid approaches to following rules, and feeling the pain and suffering when you don't follow the rules. So hopefully, like I said, I've done |
| 305 | 00:56:32,070 --> 00:56:43,200 | a service to you all by doing this little task here. Does it answer everything that's ever going to arise about ICT and me as the developer of all these |
| 306 | 00:56:43,200 --> 00:57:01,590 | content? No. It wasn't meant to. I am confident that somebody needed to see this, and now feels empowered because of it. Because they see that even with one |
| 307 | 00:57:01,590 --> 00:57:17,010 | contract, even with imperfection, even with periods of drawdown, doubling the account in eight weeks. That's pretty good. That's, that's a really good, |
| 308 | 00:57:17,820 --> 00:57:29,610 | objective to strive for. Do you go out trying to do that? No. But this is, in my opinion, first year, right out in the live account world in trading with live |
| 309 | 00:57:29,610 --> 00:57:44,520 | funds. This is what I think is the highest that anybody should expect. Now, where you fall in this spectrum, from either breakeven to this, that's your |
| 310 | 00:57:44,550 --> 00:57:56,070 | place. And you'll grow from that. Don't let me Don't let anything I may say in a video, don't let anyone else judge you. Or make you feel like that's not |
| 311 | 00:57:56,070 --> 00:58:10,380 | significant enough. Because your first three months of trading, that's going to give you a foundation, and show you where your problem areas are. Where do you |
| 312 | 00:58:10,380 --> 00:58:22,710 | need to work on? Is it your entries? Is it executing? When you see the setup? Are you are you waiting around? are you delaying? Because of fear? What is that |
| 313 | 00:58:22,710 --> 00:58:32,550 | deeper to fear? What are you afraid of? If you're afraid of executions, then you just got to get in here and start executing. You just pressing the button, when |
| 314 | 00:58:32,550 --> 00:58:39,750 | you think it's likely to go higher on a one minute chart, try to trade all the short term swing lows on a one minute chart. And yes, it costs money. Yes, you |
| 315 | 00:58:39,750 --> 00:58:47,010 | might take losing trades, but you're pressing the button to completely desensitize yourself, you don't care what the outcomes going to be. You get in, |
| 316 | 00:58:47,190 --> 00:58:56,490 | you hold it for 30 seconds, and then you get out and you wait to the next hour, and you wait for a one minute swing low and you buy it again. It's not teaching |
| 317 | 00:58:56,520 --> 00:59:05,010 | you anything except for getting over the anxiety of getting in the trade and not worrying about what the outcome is going to be. That's how I did it, folks. |
| 318 | 00:59:05,160 --> 00:59:19,080 | That's how I did this. I was fearful 1992 in 1993. I had so much anxiety about getting in initially until I did these types of things. And then I didn't care. |
| 319 | 00:59:19,200 --> 00:59:29,520 | I was not afraid at all getting it. But I was afraid I was going to miss the best exit. And truth be told, I've been very honest with all of you publicly and |
| 320 | 00:59:29,520 --> 00:59:39,090 | even in my private mentorship. My weak point is the exits. I can get really good exits, but I'm not satisfied because I want perfection and that's going to be a |
| 321 | 00:59:39,090 --> 00:59:47,820 | pursuit for the rest of my life. I'm probably never going to hit that mark, but at least I'm aiming for it right. So you're going to have to find your own |
| 322 | 00:59:48,600 --> 00:59:50,430 | foundation in the first three months. |
| 323 | 00:59:52,080 --> 01:00:05,400 | You have to do everything you can to weather the first three months because statistics are pretty Apparently that majority of new traders rush to get into |
| 324 | 01:00:05,400 --> 01:00:12,720 | like trading, they don't really have a plan, they don't have a model that they're really following. They have no self control, they have no rules in |
| 325 | 01:00:12,720 --> 01:00:25,200 | place, no processes that get you through periods of adverse results, you know, when you're when you're not able to find your footing and you're getting in |
| 326 | 01:00:25,200 --> 01:00:32,760 | taking losing trades or your your trades are coming back and not knocking you out before they go to profit. All those things start to weigh on you over time. |
| 327 | 01:00:33,840 --> 01:00:43,920 | And unless you have a way to have an answer for that, personally, uniquely for you, and the only way you get that is by being in the trenches, pressing the |
| 328 | 01:00:43,920 --> 01:00:52,470 | button, you got to do that part. And that's why you don't want to be trading with a lot of money, you don't go out and start with $25,000. Okay, you start |
| 329 | 01:00:52,470 --> 01:01:03,720 | with a very small account, okay. And you work with a market that allows you to trade it with less equity, these markets. And let's say this in the video |
| 330 | 01:01:03,750 --> 01:01:14,250 | promises is gonna be the last thing I say, in the last 30 years of my life, there's been years that were hard, they were yours, they were absolutely easy to |
| 331 | 01:01:14,250 --> 01:01:27,240 | read, really, really easy. The last year and a half or so 1819 months have been the hardest for me personally, because I see all the things that's going on |
| 332 | 01:01:27,240 --> 01:01:36,270 | around the world and all the stuff that they want us to put in our arms, the things they want to put us through and where on our face, the places we couldn't |
| 333 | 01:01:36,270 --> 01:01:46,470 | go, you know, the way the economy has been affected by all these things. And believe me, you know, what I'm talking about all these things, had a great |
| 334 | 01:01:46,470 --> 01:01:54,960 | impact psychologically on me, because none of us have ever been where we are right now. The markets, the participants in the marketplace, every trader out |
| 335 | 01:01:54,960 --> 01:02:10,230 | there, we have never seen markets like this right now. They're doing things that are very reactive to news, or they're anticipating some news, okay. And I want |
| 336 | 01:02:10,230 --> 01:02:20,520 | you to understand that if you've had trouble in the last 19 months or so, we'll just call it two years. Okay. You're in good company. I have been very reserved |
| 337 | 01:02:20,850 --> 01:02:28,050 | for the last two years. And I see a lot of people out here on the internet, claiming that, you know, they're killing it this and killing it that. And I |
| 338 | 01:02:28,050 --> 01:02:38,070 | would love for them to do what I just did here, sit down and show what you've been doing in detail. You're not obligated, obviously. But if you're out there |
| 339 | 01:02:38,070 --> 01:02:53,730 | saying you've killed it. My question is, why don't you show it? You went so far to say you do kill it. So show it. Otherwise, don't even bring it up? Will it |
| 340 | 01:02:53,730 --> 01:03:04,260 | get better? Technically, I'm hoping it will. But if it doesn't, I still can do what you see here. And this isn't me really trying. Okay, and here comes where |
| 341 | 01:03:04,290 --> 01:03:17,430 | Oh, he's gonna jump your ego stuff. I'm not using my best models. In this account. I'm literally just doing things that I've taught on this YouTube |
| 342 | 01:03:17,430 --> 01:03:27,660 | channel. And I'm doing lots of things that my students have asked me to do, and use situations and conditions that they find themselves in, and how to how to |
| 343 | 01:03:27,660 --> 01:03:41,550 | navigate that. And with all of those things, still showing that those out there that dis have a disdain for me. They have some level of hatred, and envy and |
| 344 | 01:03:41,550 --> 01:03:53,880 | jealousy. And I get it before 2016 I get it because I invited that kind of stuff. But in 2016, I started teaching and tried to be a little bit more |
| 345 | 01:03:53,880 --> 01:04:05,340 | responsible. And as an educator, I tried to put aside a lot of those things that I used to do is tomfoolery in all my public stance on YouTube and Twitter and |
| 346 | 01:04:05,340 --> 01:04:16,050 | things of that nature. But that's the direction I'm trying to take. I want to be that kind of mentor, I want to be that kind of educator. And I know I'm not |
| 347 | 01:04:16,050 --> 01:04:24,660 | going to scratch the itch for everybody I know I'm going to not be the solution for everyone. But you're never going to be able to say |
| 348 | 01:04:26,250 --> 01:04:34,590 | that I can't trade. I can trade. You're never gonna be able to say now you've never seen live trade results, because now you have. You have my statements in |
| 349 | 01:04:34,590 --> 01:04:45,750 | your hot little hands now. And I'm trading with a regulated broker. I showed 100% transparency. I showed you what it looks like with the little negative |
| 350 | 01:04:45,750 --> 01:04:57,390 | symbol next to a lot of the transactions, you'd look under there. Does that keep this account from doubling? No, absolutely not. And it won't stop yours either. |
| 351 | 01:04:57,390 --> 01:05:04,020 | If you're in control of yourself So hopefully this has been insightful and I'll talk to you next time be safe |