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Version 1.1 by Drunk Monkey on 2020-11-20 16:04
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3 ICT: Okay folks, welcome back.
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7 This teaching is going to be specifically dealing with trade
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11 psychology and effective journaling.
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15 Okay trade psychology ineffective journaling, the points of
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19 focus in this module major psychological barriers and my
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23 personal opinion and solutions for overcoming them. And
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27 effective journaling, how journaling can assist your
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31 development? Okay, so major psychological barriers the first
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35 on our list is the fear of missing moves. Now, I believe
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39 this personally is rooted in not fully Understanding what
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43 your setup is. Now you see this glibly tossed about in
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47 seminars, webinars, videos, whatever it is, folks that are
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51 teaching today. Many of them aren't even qualified to be in
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55 the role of a teacher in my opinion. But we'll leave that
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59 for another discussion. The fear of missing moves is rooted
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63 in your unique setup. Now, every trade is going to have
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67 their specific setup. It may or may not have an indicator I
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71 personally don't believe that indicators should be a part of
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75 your trading but that's just my personal taste. My faith in
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79 price action is sufficient enough. But if you have a tool if
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83 you have a method, if you will, that relies on an indicator
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87 to give you that buy or sell this For you, then whatever it
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91 is, you need to stick with it and know that that's the one
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95 you're going to trade. If you have defined that setup, in a
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99 written form, or two trading plan, you're not going to have
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103 many times that same feeling a neophyte trader or less
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107 organized trader would have. Now it doesn't mean that we're
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111 going to be profitable, it just means that we're not going
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115 to be fearing missing a move. Because once you understand
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119 the setup, the setup should be directly linked to time and
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123 price. There should be a time when this setup forms and it
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127 should be a consistency to it. If your pattern doesn't have
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131 that, and it's rather ambiguous or untimely, you don't know
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135 when it's gonna happen, then you probably don't have a valid
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139 setup. And you're going to have hit and miss results and
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143 when it wins, you're going to falsely attribute To your
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147 setup, when it's really just randomness. So to overcome fear
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151 of missing moves is obviously to have a well defined plan.
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155 And what your setup is, knowing it intimately will keep you
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159 far less anxious about missing a move, because you'll know
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163 when they're most likely going to form. This is why I use
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167 kill zones. This time element of the trading day, I know
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171 what I'm looking for. I know my setup. And if I knew what
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175 time it should occur, I know what days a week it should
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179 form. And I know it should be either a bullish model or a
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183 bearish model. I'm not anxious about missing a move. Even if
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187 I do miss that trade. I know when the next one's going to
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191 form. Most neophyte or novice traders do not have that
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195 luxury. They're on the seat of their pants all the time, not
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199 knowing when it's going to happen, or what it is. It's
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203 supposed to happen at all for them to take a trade fear of
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207 losing? Well, this one is going to have you looking for
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211 systems to have high accuracy. And there's not a real need
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215 for high accuracy. It's wonderful to have it. But the fear
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219 of losing comes by not having a plan. And if you don't have
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223 a plan if you don't have a method that seen consistency in
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227 hindsight and back testing, and then walk forward with it
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231 seen working and having momentary lapses of accuracy, you
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235 will not have the wherewithal that's necessary to do what is
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239 necessary as a trader, that means embrace uncertainty. The
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243 ability to do this is not going to be for everyone. And
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247 there's going to be a fine line between those individuals
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251 that hit this wall that every one of us will hit, and we had
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255 to determine for ourselves, if this is really right for us,
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259 and for some of you, it isn't, no one's gonna be able to
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263 make that decision for you. But it's important that you
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267 understand that there is always that element. If you're a
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271 new developing trader and you're unproven, it may be
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275 that trading isn't for you, you would have to more or less
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279 rely on someone else to do the trading for you. Or don't
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283 trade it at all. But if you're going to trade you can't fear
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287 taking a loss, fearing a loss is many times directly linked
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291 to over leveraging and or overtrading. Both of those two
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295 elements are very easily fixed, lower your leverage, and you
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299 won't be so fearful about taking a loss because it won't
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303 hurt you so many times in a row if you have a losing streak.
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307 If you slow your frequency down in terms of your overtrading
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311 again, Even if you're not trading a high accuracy method or
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315 setup, the high frequency won't be quickly eroding your
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319 equity. Very simple solutions to an otherwise rather routine
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323 problem that comes up in many traders. impatience between
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327 setups. This is going to come by way of infancy as a trader,
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331 especially if you have a setup that is profitable. And you
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335 can be well organized, you can have a well groomed money
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339 management strategy, and you know what your setup is, but
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343 you're impatient and waiting for it or you see the setup
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347 forming, but you're trying to get in just before you're
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351 really supposed to know the words, you're looking for a
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355 specific level, you're looking for the 50 level to be buying
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359 at and it's flirting with 65 and you just can't stand it.
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363 You just got to get in. That's going to be dealt with over
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367 time and forging discipline by following the rules and your
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371 method. The problem is, is you don't have the time doing it
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375 enough in the experience trading to know what this is going
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379 to require of you. And you're going to have many times
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383 previous exposure, either by demo, preferably, or he
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387 eventually go into live trading, which I don't ever try to
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391 tell him to do that because it's a decision you're going to
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395 make on your own if you ever do it at all. But if you find
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399 success, that feeling or that rush you get when you make a
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403 profitable decision, you want to have it right away as
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407 quickly as possible. And many times immediately, as soon as
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411 you close the trade or hit your limit order and you're out
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415 with a profit or demo or live. Worst case scenario, it's
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419 alive. You're going to want to go right back in again and
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423 you're going to jump in before your setups you're going to
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427 take things that aren't necessarily aren't your setups, and
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431 I can Are you as a commodity trader? When I had initial
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435 luck, back in the early 90s, I would have an idea what I
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439 wanted to trade. But I would also feel that impulse to want
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443 to get back in and be a winner again. So I would look at the
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447 market and say, Okay, well, that's not my setup, but I still
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451 think it's going to go up, and I would buy it. I had no idea
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455 what I was doing. But I still succumb to that impulse that,
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459 hey, look, you know, I need to be doing something because
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463 I'm sitting in front of charts, and I want to feel good
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467 again. So let me roll the dice and see what happens. That
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471 impatience comes by way of your infancy and your lack of
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475 experience. Experience is going to teach you one of two
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479 things. One, that losing sucks. It's better that you try not
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483 to lose too much when you do lose, or experience is going to
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487 teach you that you're not perfect. So therefore, you have to
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491 wait for the best scenarios for your, quote unquote, luck to
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495 be in favor. We don't know if our setups are going to be
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499 accurate. But we also don't know if our setups are going to
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503 come when we are expecting them to. So forcing it or jumping
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507 ahead, and more or less anticipating the setup. Whereas
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511 we're anticipating a next move in price. That's what trading
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515 is. It's a statistical guess. Now, with that, there's a
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519 measure of uncertainty. And that uncertainty and the
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523 weighting side of trading. It's just like a water torture,
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527 okay. You can't stand it, especially if you're sitting on
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531 the charts. You just want to get in, get into trade already
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535 in except the wider risk if you need it. And that's wrong.
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539 You don't want to do that. Demand your price, demand your
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543 setup. And by doing so, you'll combat that impatient that
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547 resides between setups that novice traders always feel
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551 fear of not being good enough. Well, this is a byproduct of
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555 being on social media. Everyone's going to be better than
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559 the next guy or they're going to be trained by the person
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563 that's leading the pack, or they themselves are the rock
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567 star. If you are not equipped to handle the tomfoolery that
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571 takes place on social media like Facebook and Twitter and
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575 Instagram, it's probably better for you not to be on it. Now
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579 I understand that I have a online presence on Twitter, and I
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583 have a Facebook and I have a YouTube channel.
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587 But I have thick skin.
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591 And I like to engage other traders because I like to
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595 feedback I like to see what their responses will be. And I
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599 just like the engage So, if you are quickly feeling like you
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603 are not sufficient, or your learning speed is not up to
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607 snuff in terms of what you've seen other people, and many
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611 times what you see online, they're lying anyway, they may
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615 say they have their things together, you know, they are all,
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619 you know, completely figured it all out in terms of what
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623 they're doing. Many times the ones that are saying that
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627 aren't really as astute as they claim to be. And they're
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631 trying to fake it until they make it so don't let it wear on
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635 you too too much or make you feel like you're insignificant
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639 in terms of where you're at in your development. Because
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643 your report card on your own results, as you'll hear me
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647 refer to in the journaling section of this video. That's the
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651 only opinion that matters. It's not mine or anyone else's
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655 that matters. It's Are you seeing development progress, and
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659 by measuring that and by keeping tabs in In terms of your
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663 journal, that's the scorecard that really matters. And
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667 obviously, your bottom bottom line, that's the one that
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671 really makes the case for whether or not you're developing.
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675 So, fear of not being good enough. It's simply a game that's
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679 between your ears. It's all a trap. So don't think about
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683 being on social media don't engage other people. As if
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687 you're developing trade, the worst thing you can do for you
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691 men, is to go into this armwrestling match about, you know,
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695 what's better, who's better, how much is, you know, a good
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699 amount and what you should be making in terms of pips,
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703 all that stuff is the
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707 goes back to the proverbial measuring contest, you know,
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711 who's the bigger man and it's not about who's the bigger
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715 man. It's about surviving long enough so that way you can
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719 appreciate and develop as a trader. fear of losing streaks
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723 and drawdown? Well, this is going to be directly related to
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727 money management. If you're afraid of taking losses in any
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731 set or series, and or fear drawdown is because you have no
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735 process or protocol in place, or what you would reach for,
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738 00:13:12,420 ~-~-> 00:13:16,410
739 should you have a loss or a losing streak develop. I've
740
741 186
742 00:13:16,440 ~-~-> 00:13:20,790
743 given you a teaching to help you flatline your your losses
744
745 187
746 00:13:20,790 ~-~-> 00:13:24,720
747 that way, removes the effects of draw downs in your losing
748
749 188
750 00:13:24,720 ~-~-> 00:13:27,960
751 trades. And by implementing something as simple as that
752
753 189
754 00:13:29,280 ~-~-> 00:13:34,710
755 quickly changes your perspective on fear and anxiety about
756
757 190
758 00:13:34,710 ~-~-> 00:13:42,000
759 taking losses or a single string of losses. lack of
760
761 191
762 00:13:42,000 ~-~-> 00:13:48,570
763 discipline in following roles. Well, it's in our nature to
764
765 192
766 00:13:48,570 ~-~-> 00:13:52,140
767 be human. And I've said this many times, if the sign says
768
769 193
770 00:13:52,140 ~-~-> 00:13:54,660
771 don't walk on the grass, your first impulse is going to be
772
773 194
774 00:13:54,660 ~-~-> 00:13:58,350
775 what? I'm going to tap dance all over that. Just like your
776
777 195
778 00:13:58,350 ~-~-> 00:14:02,220
779 children, you know, God Lesson, you know, I have four boys.
780
781 196
782 00:14:02,670 ~-~-> 00:14:08,550
783 And I have literally watched them do these very same things
784
785 197
786 00:14:08,550 ~-~-> 00:14:14,910
787 that they should know not to do. But they still do it. Well,
788
789 198
790 00:14:15,240 ~-~-> 00:14:18,450
791 with an account with money or a demo, we do those same
792
793 199
794 00:14:18,450 ~-~-> 00:14:21,390
795 things, we know we shouldn't be doing something, but because
796
797 200
798 00:14:21,390 ~-~-> 00:14:23,550
799 there's an opportunity to do it, and there's really no one
800
801 201
802 00:14:23,550 ~-~-> 00:14:27,360
803 keeping you from doing it. You end up doing it. Just you
804
805 202
806 00:14:27,600 ~-~-> 00:14:31,230
807 enter the trade or mess around with your trade like you
808
809 203
810 00:14:31,230 ~-~-> 00:14:35,310
811 shouldn't. As soon as you do it, that little voice in your
812
813 204
814 00:14:35,310 ~-~-> 00:14:39,570
815 head says I should not be doing this, or don't do this. But
816
817 205
818 00:14:39,570 ~-~-> 00:14:43,770
819 you ignore it. You want to see what's going to happen. And
820
821 206
822 00:14:43,770 ~-~-> 00:14:47,310
823 if you want to do experiments, okay, do it somewhere else,
824
825 207
826 00:14:47,310 ~-~-> 00:14:50,340
827 not in the marketplace. But you have to have discipline and
828
829 208
830 00:14:50,340 ~-~-> 00:14:53,250
831 you have to have rules and when those rules are made, you
832
833 209
834 00:14:53,250 ~-~-> 00:14:58,320
835 have to stick to them. Do not deviate from them. And over
836
837 210
838 00:14:58,320 ~-~-> 00:15:02,130
839 time this forges discipline It'll also serve you well,
840
841 211
842 00:15:02,160 ~-~-> 00:15:04,680
843 because you're going to have periods of drawdown, you're
844
845 212
846 00:15:04,680 ~-~-> 00:15:07,740
847 going to have periods of losing trades. And if you don't
848
849 213
850 00:15:07,740 ~-~-> 00:15:10,470
851 have the discipline to stick to doing the very things that
852
853 214
854 00:15:10,530 ~-~-> 00:15:15,480
855 will eventually lead to longevity in this business, you're
856
857 215
858 00:15:15,480 ~-~-> 00:15:19,620
859 not going to fare well. So discipline comes by forcing
860
861 216
862 00:15:19,620 ~-~-> 00:15:22,740
863 yourself to follow a set of rules. And those rules have to
864
865 217
866 00:15:22,740 ~-~-> 00:15:27,540
867 be rigid. They have to be concise, detailed, not ambiguous.
868
869 218
870 00:15:27,540 ~-~-> 00:15:31,710
871 They're very binary in the sense that you do this, or you do
872
873 219
874 00:15:31,710 ~-~-> 00:15:34,980
875 that or you do nothing at all. And they have to be three
876
877 220
878 00:15:34,980 ~-~-> 00:15:39,300
879 conditions. For every decision making process. Either it's a
880
881 221
882 00:15:39,300 ~-~-> 00:15:43,530
883 go it's a no or you sit still, you don't do anything.
884
885 222
886 00:15:46,500 ~-~-> 00:15:49,140
887 Searching for the next best thing. I think this is one of
888
889 223
890 00:15:49,140 ~-~-> 00:15:54,000
891 the biggest problems if you just look at twitter. Whoever's
892
893 224
894 00:15:54,300 ~-~-> 00:15:56,880
895 hot right now. Whoever's got the most attention. Bye,
896
897 225
898 00:15:56,880 ~-~-> 00:16:02,250
899 everyone. That's where everyone's gonna flock okay. And it's
900
901 226
902 00:16:02,250 ~-~-> 00:16:04,860
903 always been like that not just in trading but in anything,
904
905 227
906 00:16:05,010 ~-~-> 00:16:08,520
907 okay? whoever's barking loudest, draws them in the biggest
908
909 228
910 00:16:08,520 ~-~-> 00:16:11,910
911 crowd. Now whether or not they have anything to say once the
912
913 229
914 00:16:11,910 ~-~-> 00:16:16,200
915 crowd gets there, that remains to be seen. But you can see
916
917 230
918 00:16:16,200 ~-~-> 00:16:21,060
919 how folks that are in love with one concept or one guru or
920
921 231
922 00:16:21,090 ~-~-> 00:16:27,660
923 method this month will change teams and go somewhere else in
924
925 232
926 00:16:27,900 ~-~-> 00:16:30,720
927 the thought process thinking that this is the better way of
928
929 233
930 00:16:30,720 ~-~-> 00:16:32,910
931 doing it, or this is something different in its
932
933 234
934 00:16:33,210 ~-~-> 00:16:38,460
935 amplification of something. And I have learned that there's
936
937 235
938 00:16:38,460 ~-~-> 00:16:41,700
939 nothing really better for me as a trader, so therefore, I
940
941 236
942 00:16:41,700 ~-~-> 00:16:44,790
943 don't look anymore. I know everything I need to know in
944
945 237
946 00:16:44,790 ~-~-> 00:16:47,670
947 terms of price action, the open high, low and close, tells
948
949 238
950 00:16:47,670 ~-~-> 00:16:50,580
951 me everything I need. There isn't anything out there that
952
953 239
954 00:16:50,580 ~-~-> 00:16:53,970
955 entices me personally. And like the Bible said, there's
956
957 240
958 00:16:53,970 ~-~-> 00:16:58,800
959 nothing new under the sun. So if I have arrived at something
960
961 241
962 00:16:58,800 ~-~-> 00:17:02,490
963 that makes sense for me, Even if it's not perfect, I don't
964
965 242
966 00:17:02,490 ~-~-> 00:17:09,480
967 need perfect. But I knew I have a statistical edge in the
968
969 243
970 00:17:09,480 ~-~-> 00:17:12,810
971 things that I do. They're highly accurate. They're very
972
973 244
974 00:17:12,810 ~-~-> 00:17:16,140
975 precise. And they're time based. I know when my setups are
976
977 245
978 00:17:16,140 ~-~-> 00:17:19,590
979 gonna form you, if you were able to pull the majority of
980
981 246
982 00:17:19,590 ~-~-> 00:17:22,890
983 individuals that were trading any asset class, if they could
984
985 247
986 00:17:22,890 ~-~-> 00:17:27,600
987 set a time on when their next setup is going to be over 90%
988
989 248
990 00:17:27,600 ~-~-> 00:17:29,940
991 would say no, I don't think so. I don't think I could do
992
993 249
994 00:17:29,940 ~-~-> 00:17:32,760
995 that. And that's why trading is uncertain.
996
997 250
998 00:17:34,050 ~-~-> 00:17:37,620
999 To me, it's not because I know what time of day certain
1000
1001 251
1002 00:17:37,620 ~-~-> 00:17:39,720
1003 things should happen. I know what days of the week certain
1004
1005 252
1006 00:17:39,720 ~-~-> 00:17:42,240
1007 things should happen. So therefore, I'm not anxious about
1008
1009 253
1010 00:17:42,240 ~-~-> 00:17:45,240
1011 what my next steps gonna be. I don't care about missing a
1012
1013 254
1014 00:17:45,240 ~-~-> 00:17:50,550
1015 move. In fact, it's fruitful for you to take vacation time
1016
1017 255
1018 00:17:50,580 ~-~-> 00:17:54,270
1019 scheduled time away from the marketplace, and do that. And I
1020
1021 256
1022 00:17:54,270 ~-~-> 00:17:58,410
1023 would suggest to do that even more. So if you're hot right
1024
1025 257
1026 00:17:58,410 ~-~-> 00:18:00,810
1027 now, if you're doing really, really well. best thing you can
1028
1029 258
1030 00:18:00,810 ~-~-> 00:18:05,610
1031 do is forge development in terms of your discipline, and
1032
1033 259
1034 00:18:05,610 ~-~-> 00:18:10,380
1035 also your experience, force yourself to say, Okay, I'm
1036
1037 260
1038 00:18:10,380 ~-~-> 00:18:13,590
1039 taking a break now, I've been killing it, I got 25 winning
1040
1041 261
1042 00:18:13,590 ~-~-> 00:18:17,190
1043 trades in a row, or whatever it would be. I'm gonna stop
1044
1045 262
1046 00:18:17,190 ~-~-> 00:18:19,770
1047 trading, I'll take a week off. Don't even look at the
1048
1049 263
1050 00:18:19,770 ~-~-> 00:18:22,590
1051 marketplace, you're going to want to look at it, but don't.
1052
1053 264
1054 00:18:23,850 ~-~-> 00:18:25,860
1055 By doing that, you're going to prove to yourself, there's
1056
1057 265
1058 00:18:25,860 ~-~-> 00:18:27,600
1059 nothing better than the thing you're doing right now.
1060
1061 266
1062 00:18:28,320 ~-~-> 00:18:32,340
1063 Because you understand it doesn't have to be my material. If
1064
1065 267
1066 00:18:32,340 ~-~-> 00:18:35,520
1067 you found something in another discipline that you've really
1068
1069 268
1070 00:18:36,480 ~-~-> 00:18:39,120
1071 gravitated towards, and it made sense for you to use it.
1072
1073 269
1074 00:18:39,660 ~-~-> 00:18:42,030
1075 Great. That's awesome. That's all it matters is that you
1076
1077 270
1078 00:18:42,030 ~-~-> 00:18:46,710
1079 find something that you can make a wager on, and then wager
1080
1081 271
1082 00:18:46,710 ~-~-> 00:18:49,530
1083 that with sound money management, because ultimately no
1084
1085 272
1086 00:18:49,530 ~-~-> 00:18:53,460
1087 matter whether we're talking to order blocks, or ICT
1088
1089 273
1090 00:18:53,460 ~-~-> 00:18:56,910
1091 breakers or anything else that's out there, none of that
1092
1093 274
1094 00:18:56,910 ~-~-> 00:19:01,200
1095 stuff really makes price move and we Can't control price
1096
1097 275
1098 00:19:01,200 ~-~-> 00:19:04,290
1099 once we're in the trade once we're in the market, all of the
1100
1101 276
1102 00:19:04,290 ~-~-> 00:19:08,100
1103 control of the steering wheel is not ours now, the markets
1104
1105 277
1106 00:19:08,100 ~-~-> 00:19:10,380
1107 driving what we're going to see in terms of profit or loss.
1108
1109 278
1110 00:19:11,010 ~-~-> 00:19:14,040
1111 So understanding that everyone's going to have losing
1112
1113 279
1114 00:19:14,040 ~-~-> 00:19:17,850
1115 trades. And the first thing that happens is folks that go
1116
1117 280
1118 00:19:17,850 ~-~-> 00:19:20,910
1119 through a losing streak and they experienced drawdown, then
1120
1121 281
1122 00:19:20,910 ~-~-> 00:19:24,690
1123 they show their lack of discipline in following roles. So
1124
1125 282
1126 00:19:24,690 ~-~-> 00:19:26,940
1127 they think there's something better out there, okay,
1128
1129 283
1130 00:19:26,940 ~-~-> 00:19:28,770
1131 something easier, something that doesn't have losing
1132
1133 284
1134 00:19:28,770 ~-~-> 00:19:32,220
1135 streaks. Everything has losing streaks, folks, believe me,
1136
1137 285
1138 00:19:32,430 ~-~-> 00:19:37,230
1139 everything does. No one stays hot or the top forever. And
1140
1141 286
1142 00:19:37,230 ~-~-> 00:19:39,960
1143 there's always going to be some measure of drawdown and
1144
1145 287
1146 00:19:39,960 ~-~-> 00:19:42,900
1147 whatever system or method you're using. So the best thing
1148
1149 288
1150 00:19:42,900 ~-~-> 00:19:46,590
1151 you can do is find something that works, enough time to
1152
1153 289
1154 00:19:46,590 ~-~-> 00:19:50,700
1155 warrant investigation and stick with it. You sound money
1156
1157 290
1158 00:19:50,700 ~-~-> 00:19:53,820
1159 management, and you can turn it into something really
1160
1161 291
1162 00:19:54,150 ~-~-> 00:20:01,200
1163 impressive and you mean surprise yourself. Okay, effective
1164
1165 292
1166 00:20:01,200 ~-~-> 00:20:07,560
1167 journaling. When we talk about doing journals, every single
1168
1169 293
1170 00:20:07,560 ~-~-> 00:20:12,870
1171 day, I make a journal entry in my personal journals. At the
1172
1173 294
1174 00:20:12,870 ~-~-> 00:20:15,930
1175 end of the week, usually it's on a Saturday, I do a weekly
1176
1177 295
1178 00:20:15,930 ~-~-> 00:20:21,810
1179 log in my personal performance and what I have seen happen
1180
1181 296
1182 00:20:21,810 ~-~-> 00:20:25,140
1183 in the previous week, more or less, I'm reviewing the total
1184
1185 297
1186 00:20:25,140 ~-~-> 00:20:30,480
1187 week's range. I do this on the two pairs that I trade which
1188
1189 298
1190 00:20:30,480 ~-~-> 00:20:34,380
1191 is predominantly the euro dollar, and the cable, pound
1192
1193 299
1194 00:20:34,380 ~-~-> 00:20:39,330
1195 dollar. I don't do a lot of trading in a lot of other pairs.
1196
1197 300
1198 00:20:39,330 ~-~-> 00:20:42,600
1199 If I want to be a deviant. I will trade sometimes the
1200
1201 301
1202 00:20:42,600 ~-~-> 00:20:46,290
1203 Canadian dollar or the Aussie dollar, but generally that's
1204
1205 302
1206 00:20:46,290 ~-~-> 00:20:48,540
1207 about it. I don't like to do anything more than that. And
1208
1209 303
1210 00:20:48,540 ~-~-> 00:20:52,290
1211 the reason why is because I actually spent a lot of time
1212
1213 304
1214 00:20:53,070 ~-~-> 00:20:58,290
1215 planning and investigating certain setups and things I'm
1216
1217 305
1218 00:20:58,290 ~-~-> 00:21:03,960
1219 looking at and I want to go through that time, and use that
1220
1221 306
1222 00:21:03,960 ~-~-> 00:21:08,790
1223 time, the most economical way I can. And I don't want to be
1224
1225 307
1226 00:21:08,790 ~-~-> 00:21:12,900
1227 doing that with 28 pairs. So if I'm going to put the time
1228
1229 308
1230 00:21:12,900 ~-~-> 00:21:17,820
1231 into doing a sound, top down analysis, and or review of my
1232
1233 309
1234 00:21:17,820 ~-~-> 00:21:21,390
1235 own setups, if I'm following 20 pairs, can you realistically
1236
1237 310
1238 00:21:21,390 ~-~-> 00:21:24,060
1239 do that every single day, you're never gonna have any time
1240
1241 311
1242 00:21:24,060 ~-~-> 00:21:27,300
1243 to do anything else. So I have a life to live. And I can
1244
1245 312
1246 00:21:27,300 ~-~-> 00:21:30,450
1247 find all the setups I'll ever want to find in these two
1248
1249 313
1250 00:21:30,450 ~-~-> 00:21:33,630
1251 pairs. In fact, I could just trade one, but because they're
1252
1253 314
1254 00:21:33,630 ~-~-> 00:21:38,760
1255 closely correlated, and it fits my model as far as a short
1256
1257 315
1258 00:21:38,760 ~-~-> 00:21:43,080
1259 term and day trader, I look at both eurodollar and cable and
1260
1261 316
1262 00:21:43,080 ~-~-> 00:21:45,810
1263 if I want to find something else that may or may not have a
1264
1265 317
1266 00:21:45,810 ~-~-> 00:21:49,830
1267 setup in the cable or fiber, then I'll trade like I said the
1268
1269 318
1270 00:21:49,830 ~-~-> 00:21:52,170
1271 loonie or the Aussie
1272
1273 319
1274 00:21:53,340 ~-~-> 00:21:57,690
1275 but I tried to make a daily entry whether I take a trade or
1276
1277 320
1278 00:21:57,690 ~-~-> 00:22:03,390
1279 not. And I give myself opportunity to stay in a routine. But
1280
1281 321
1282 00:22:03,390 ~-~-> 00:22:07,440
1283 every single week, I'm doing a complete review of the weekly
1284
1285 322
1286 00:22:07,740 ~-~-> 00:22:12,870
1287 performance as my trader, half of me has performed and then
1288
1289 323
1290 00:22:12,870 ~-~-> 00:22:17,430
1291 the analyst half of me. So I'm always giving a voice to the
1292
1293 324
1294 00:22:17,430 ~-~-> 00:22:22,080
1295 two people that reside in me just like you all. You all are
1296
1297 325
1298 00:22:22,080 ~-~-> 00:22:25,740
1299 going to be looked at internally as a trader, but there's
1300
1301 326
1302 00:22:25,740 ~-~-> 00:22:29,130
1303 actually an analyst inside of you, too. And there's also a
1304
1305 327
1306 00:22:29,130 ~-~-> 00:22:33,090
1307 gambler. So you have to figure out who's in control the time
1308
1309 328
1310 00:22:33,510 ~-~-> 00:22:35,820
1311 when you're doing the trading, and many times you don't see
1312
1313 329
1314 00:22:35,820 ~-~-> 00:22:39,420
1315 it before you go into the trade. You always see it after the
1316
1317 330
1318 00:22:39,420 ~-~-> 00:22:44,190
1319 trade. Okay, the ones that paint out really well and you're
1320
1321 331
1322 00:22:44,190 ~-~-> 00:22:48,870
1323 not feeling a lot of exposure to uncertainty or fear and
1324
1325 332
1326 00:22:48,870 ~-~-> 00:22:51,630
1327 anxiety. Generally, you're going to find that that's going
1328
1329 333
1330 00:22:51,630 ~-~-> 00:22:54,750
1331 to be the analyst because they're focusing on the numbers
1332
1333 334
1334 00:22:55,020 ~-~-> 00:22:58,110
1335 and you're not really worried about it. The person finds
1336
1337 335
1338 00:22:58,110 ~-~-> 00:23:01,680
1339 themselves excited about the Results maintains when they're
1340
1341 336
1342 00:23:01,680 ~-~-> 00:23:08,130
1343 good, or I guess the adverse side of things. They're
1344
1345 337
1346 00:23:08,130 ~-~-> 00:23:12,090
1347 weighing things in terms of the outcome, that's the trader.
1348
1349 338
1350 00:23:13,260 ~-~-> 00:23:15,780
1351 And then you have the gambler, where they're impulsive.
1352
1353 339
1354 00:23:15,810 ~-~-> 00:23:19,080
1355 They're doing things that are undisciplined, and they're
1356
1357 340
1358 00:23:19,080 ~-~-> 00:23:23,910
1359 pushing more leverage than they should. That's the one you
1360
1361 341
1362 00:23:23,910 ~-~-> 00:23:27,210
1363 want to keep your eye on. Okay. The Gambler is going to get
1364
1365 342
1366 00:23:27,210 ~-~-> 00:23:30,420
1367 you in trouble. The trader will take care of himself,
1368
1369 343
1370 00:23:30,450 ~-~-> 00:23:33,330
1371 because the analysts will speak to that side of you through
1372
1373 344
1374 00:23:33,330 ~-~-> 00:23:38,100
1375 your conscience, but you want to reside in the mindset of
1376
1377 345
1378 00:23:38,100 ~-~-> 00:23:42,090
1379 the analyst, sticking to what you see in the chart, sticking
1380
1381 346
1382 00:23:42,090 ~-~-> 00:23:46,410
1383 to what your process is your your model, okay, the analyst
1384
1385 347
1386 00:23:46,410 ~-~-> 00:23:49,620
1387 is what's going to keep you on the right path. That
1388
1389 348
1390 00:23:50,760 ~-~-> 00:23:55,050
1391 formation that makes a trader is it's made up of three
1392
1393 349
1394 00:23:55,050 ~-~-> 00:23:58,830
1395 people, but you're all the same person, the analyst,
1396
1397 350
1398 00:23:59,130 ~-~-> 00:24:01,350
1399 generally, they're the ones Instead of most sober minded,
1400
1401 351
1402 00:24:01,650 ~-~-> 00:24:05,850
1403 the trader is the one that wants the opportunity and the
1404
1405 352
1406 00:24:05,880 ~-~-> 00:24:11,310
1407 right or wrong measurement. But then you have the gambler
1408
1409 353
1410 00:24:11,760 ~-~-> 00:24:15,570
1411 who wants the thrill of it all. And it's also going to be
1412
1413 354
1414 00:24:15,570 ~-~-> 00:24:20,670
1415 the person that takes the hardest in terms of the grief that
1416
1417 355
1418 00:24:20,670 ~-~-> 00:24:24,420
1419 comes when there's a losing trade in that part of us going
1420
1421 356
1422 00:24:24,420 ~-~-> 00:24:29,610
1423 to always be negative, it's going to be well, it's not my
1424
1425 357
1426 00:24:29,610 ~-~-> 00:24:33,630
1427 fault. It's something else that caused that the gambler is
1428
1429 358
1430 00:24:33,630 ~-~-> 00:24:36,330
1431 only going to be worrying about when it was right and when
1432
1433 359
1434 00:24:36,330 ~-~-> 00:24:39,450
1435 they made money or when you made money. When it was in your
1436
1437 360
1438 00:24:39,450 ~-~-> 00:24:42,840
1439 favor, that's when you want to consider it. But when it
1440
1441 361
1442 00:24:42,960 ~-~-> 00:24:45,960
1443 isn't making money for you, the game was gonna cry, it's
1444
1445 362
1446 00:24:45,960 ~-~-> 00:24:52,680
1447 gonna manifest itself into a spoiled perspective, toxic
1448
1449 363
1450 00:24:52,680 ~-~-> 00:24:56,160
1451 thinking. So you kind of like want to keep that side of you
1452
1453 364
1454 00:24:56,370 ~-~-> 00:24:59,370
1455 want to short leash and you don't want to allow it to
1456
1457 365
1458 00:24:59,370 ~-~-> 00:25:04,800
1459 manifest. It's In your journaling. How you felt going into
1460
1461 366
1462 00:25:04,800 ~-~-> 00:25:09,660
1463 the trading day is really important. There were times in my
1464
1465 367
1466 00:25:09,660 ~-~-> 00:25:13,380
1467 life as a trader, that my oldest son would have to go into
1468
1469 368
1470 00:25:13,380 ~-~-> 00:25:16,680
1471 surgery. And I wish I would have stayed out of the market
1472
1473 369
1474 00:25:16,680 ~-~-> 00:25:19,800
1475 those days because I was already anxious, I was already
1476
1477 370
1478 00:25:19,800 ~-~-> 00:25:24,390
1479 nervous about the outcome of the surgery. So those are days
1480
1481 371
1482 00:25:24,390 ~-~-> 00:25:29,400
1483 that I wish I would have had the discipline to not trade.
1484
1485 372
1486 00:25:29,760 ~-~-> 00:25:33,870
1487 But because I was feeling anxious and helpless, because I
1488
1489 373
1490 00:25:33,870 ~-~-> 00:25:38,250
1491 couldn't do anything to fix my son's ailment. I would try to
1492
1493 374
1494 00:25:38,850 ~-~-> 00:25:43,140
1495 satisfy my anxiety by having a win because even if I made
1496
1497 375
1498 00:25:43,440 ~-~-> 00:25:46,710
1499 100 bucks doing something in the marketplace, it would keep
1500
1501 376
1502 00:25:46,710 ~-~-> 00:25:50,520
1503 me distracted from what I was feeling in my personal life.
1504
1505 377
1506 00:25:51,330 ~-~-> 00:25:55,380
1507 So you're going to see that your losing trades are going to
1508
1509 378
1510 00:25:55,380 ~-~-> 00:25:57,540
1511 be directly related to things that are going on in your
1512
1513 379
1514 00:25:57,540 ~-~-> 00:25:59,550
1515 personal life and the only way you're going to see that
1516
1517 380
1518 00:25:59,550 ~-~-> 00:26:03,930
1519 trend. For that truism, is if you go through your journal
1520
1521 381
1522 00:26:04,380 ~-~-> 00:26:09,810
1523 and you index all of your trades based on a negative mindset
1524
1525 382
1526 00:26:09,870 ~-~-> 00:26:14,280
1527 or if you're sick, if you're physically ill probably not a
1528
1529 383
1530 00:26:14,280 ~-~-> 00:26:17,190
1531 good idea to trade. If you have a migraine like I have
1532
1533 384
1534 00:26:17,190 ~-~-> 00:26:20,400
1535 migraine sometimes, and I have made the mistake of sometimes
1536
1537 385
1538 00:26:20,400 ~-~-> 00:26:24,900
1539 still trying to take a trade and force decision ever,
1540
1541 386
1542 00:26:25,110 ~-~-> 00:26:27,750
1543 because there's nothing worse than feeling like your head's
1544
1545 387
1546 00:26:27,750 ~-~-> 00:26:31,080
1547 going to explode. And I already have sensitive eyes. So I
1548
1549 388
1550 00:26:31,080 ~-~-> 00:26:35,670
1551 can't look at the chart long to fall out what is the best
1552
1553 389
1554 00:26:35,670 ~-~-> 00:26:37,770
1555 procedure for me right now? Should I stick with a trade
1556
1557 390
1558 00:26:37,770 ~-~-> 00:26:40,530
1559 Should I move my stuff or do anything with it when it would
1560
1561 391
1562 00:26:40,530 ~-~-> 00:26:42,750
1563 be better for me just to not to be in it at all, and just
1564
1565 392
1566 00:26:42,750 ~-~-> 00:26:46,020
1567 relax and go to a quiet, dark place in the house and just
1568
1569 393
1570 00:26:46,050 ~-~-> 00:26:50,700
1571 relax and let my migraine take care of itself? So how you
1572
1573 394
1574 00:26:50,700 ~-~-> 00:26:51,360
1575 feel
1576
1577 395
1578 00:26:52,440 ~-~-> 00:26:56,670
1579 okay, and this is not only physically but how you feel?
1580
1581 396
1582 00:26:57,210 ~-~-> 00:27:00,570
1583 emotionally. You did you just have a definite The family
1584
1585 397
1586 00:27:00,900 ~-~-> 00:27:03,900
1587 we're seeing in the world you can do is medicate yourself by
1588
1589 398
1590 00:27:04,140 ~-~-> 00:27:06,810
1591 rolling the dice. You know, you just had a loss in your
1592
1593 399
1594 00:27:06,810 ~-~-> 00:27:10,470
1595 family, or you and your spouse, you're separating God
1596
1597 400
1598 00:27:10,470 ~-~-> 00:27:15,990
1599 forbid, or something terrible happens, okay? You don't want
1600
1601 401
1602 00:27:15,990 ~-~-> 00:27:20,310
1603 to open yourself up to gambling, okay? Because that's what's
1604
1605 402
1606 00:27:20,310 ~-~-> 00:27:23,100
1607 going to become. in those environments. You want to be
1608
1609 403
1610 00:27:23,100 ~-~-> 00:27:25,860
1611 relaxed. You want to have a neutral mindset going in, you
1612
1613 404
1614 00:27:25,860 ~-~-> 00:27:28,500
1615 want to feel healthy. That's why it's important to have a
1616
1617 405
1618 00:27:28,500 ~-~-> 00:27:32,760
1619 good exercise program. good healthy diet, and staying active
1620
1621 406
1622 00:27:32,760 ~-~-> 00:27:36,480
1623 and stretching out and giving yourself hobbies outside of
1624
1625 407
1626 00:27:36,480 ~-~-> 00:27:40,830
1627 trading. Because you want to have a fresh perspective, you
1628
1629 408
1630 00:27:40,830 ~-~-> 00:27:44,460
1631 want to have a alert mind, you want to have a healthy fed
1632
1633 409
1634 00:27:44,550 ~-~-> 00:27:50,070
1635 body, going into the marketplace with a sickly unrested
1636
1637 410
1638 00:27:50,340 ~-~-> 00:27:53,100
1639 which I didn't mention before, but sleep is important. You
1640
1641 411
1642 00:27:53,100 ~-~-> 00:27:57,150
1643 need to have it especially if you have jobs and businesses.
1644
1645 412
1646 00:27:57,480 ~-~-> 00:28:01,740
1647 You need to recuperate. I've been blessed to not have a need
1648
1649 413
1650 00:28:01,740 ~-~-> 00:28:05,160
1651 those things. Because I'm home most of the time doing
1652
1653 414
1654 00:28:05,160 ~-~-> 00:28:10,680
1655 whatever I want to do. So sleep for me isn't as needed.
1656
1657 415
1658 00:28:11,790 ~-~-> 00:28:16,380
1659 versus someone that has a business and, you know, doing all
1660
1661 416
1662 00:28:16,380 ~-~-> 00:28:18,930
1663 these things or has a job, and they have to commute. I mean
1664
1665 417
1666 00:28:18,930 ~-~-> 00:28:23,700
1667 commuting alone, okay? If you're rushing home, from your
1668
1669 418
1670 00:28:23,700 ~-~-> 00:28:27,270
1671 job, you know, and you had a bad experience on the road,
1672
1673 419
1674 00:28:27,630 ~-~-> 00:28:29,910
1675 you're angry. So what are you going to do? You're going to
1676
1677 420
1678 00:28:29,910 ~-~-> 00:28:32,400
1679 want to take it out on the marketplace, you're, you're
1680
1681 421
1682 00:28:32,400 ~-~-> 00:28:35,880
1683 upset. So you're looking to have that replaced by some kind
1684
1685 422
1686 00:28:35,880 ~-~-> 00:28:38,790
1687 of a feel good feeling. And what better feeling is there is
1688
1689 423
1690 00:28:38,790 ~-~-> 00:28:42,120
1691 to make money, okay? It's like winning the lottery. So
1692
1693 424
1694 00:28:43,320 ~-~-> 00:28:46,740
1695 you're going to do things that you shouldn't do, because
1696
1697 425
1698 00:28:46,740 ~-~-> 00:28:51,480
1699 you're acting impulsively because of the way you feel. So
1700
1701 426
1702 00:28:51,510 ~-~-> 00:28:54,630
1703 it's important that you always be honest with yourself. When
1704
1705 427
1706 00:28:54,630 ~-~-> 00:28:59,910
1707 you journal, I always give myself an opportunity to debrief.
1708
1709 428
1710 00:29:00,360 ~-~-> 00:29:03,900
1711 Okay, and also release those things. And it's almost
1712
1713 429
1714 00:29:03,900 ~-~-> 00:29:09,030
1715 therapeutic because you know what you're doing is the wrong
1716
1717 430
1718 00:29:09,030 ~-~-> 00:29:11,550
1719 thing when you do it, and you're acting impulsively, because
1720
1721 431
1722 00:29:11,550 ~-~-> 00:29:15,270
1723 you want to have a different feeling than whatever it is
1724
1725 432
1726 00:29:15,270 ~-~-> 00:29:17,430
1727 that's bothering you. Okay? If you're stressed, if you're
1728
1729 433
1730 00:29:17,430 ~-~-> 00:29:20,640
1731 worried if you're angry, you just want to replace that with
1732
1733 434
1734 00:29:20,640 ~-~-> 00:29:23,730
1735 something. Okay. And since we're traders, we can clearly see
1736
1737 435
1738 00:29:23,730 ~-~-> 00:29:27,210
1739 that there is a reason to expect the market to go up or
1740
1741 436
1742 00:29:27,210 ~-~-> 00:29:30,120
1743 down. So all we have to do is roll the dice and just gamble
1744
1745 437
1746 00:29:30,120 ~-~-> 00:29:32,130
1747 and see what's going to happen. And our attention will be
1748
1749 438
1750 00:29:32,130 ~-~-> 00:29:35,850
1751 diverted from whatever the things that we are stressing over
1752
1753 439
1754 00:29:35,850 ~-~-> 00:29:39,930
1755 or anxious about, or mad about, or sad about or fearful of.
1756
1757 440
1758 00:29:40,470 ~-~-> 00:29:45,480
1759 All those stimuli will be replaced by I'm in a trade. And I
1760
1761 441
1762 00:29:45,480 ~-~-> 00:29:48,630
1763 made the mistake of doing it as a young man, and it filled
1764
1765 442
1766 00:29:48,630 ~-~-> 00:29:52,530
1767 my head up with all the wrong things as a trader. So the way
1768
1769 443
1770 00:29:52,530 ~-~-> 00:29:56,100
1771 you want to avoid that is be sober minded going into the
1772
1773 444
1774 00:29:56,100 ~-~-> 00:30:01,020
1775 trade and also know what it is you're feeling. At the end of
1776
1777 445
1778 00:30:01,020 ~-~-> 00:30:04,380
1779 the day, when you're done trading, you want to put that into
1780
1781 446
1782 00:30:04,380 ~-~-> 00:30:07,650
1783 Word, and write it out. And be honest thought if you know
1784
1785 447
1786 00:30:07,650 ~-~-> 00:30:10,350
1787 you were angry at your spouse, or if you're angry at your
1788
1789 448
1790 00:30:10,380 ~-~-> 00:30:12,990
1791 your child, or if you're worried about something that's
1792
1793 449
1794 00:30:12,990 ~-~-> 00:30:15,870
1795 taking place, if you have a job, if you're anxious about
1796
1797 450
1798 00:30:15,870 ~-~-> 00:30:18,810
1799 losing your job, or if you're angry that someone else got a
1800
1801 451
1802 00:30:18,810 ~-~-> 00:30:22,770
1803 promotion that you didn't get, okay, make sure that you do
1804
1805 452
1806 00:30:22,770 ~-~-> 00:30:27,600
1807 that in your journal by allowing it to come out. Because if
1808
1809 453
1810 00:30:27,600 ~-~-> 00:30:30,540
1811 you don't release it, and put it in your journal, you can
1812
1813 454
1814 00:30:30,540 ~-~-> 00:30:35,250
1815 see it and text, read it and release it. If you don't do
1816
1817 455
1818 00:30:35,250 ~-~-> 00:30:37,740
1819 that, you're going to harbor it and it's going to become
1820
1821 456
1822 00:30:37,740 ~-~-> 00:30:40,380
1823 cancerous to you as a trader, it's going to affect your
1824
1825 457
1826 00:30:40,380 ~-~-> 00:30:44,310
1827 mind, it's going to affect your your performance, and it's
1828
1829 458
1830 00:30:44,310 ~-~-> 00:30:47,460
1831 not going to always be what you want. Okay, it's going to be
1832
1833 459
1834 00:30:47,460 ~-~-> 00:30:50,340
1835 many times the opposite of what you're expecting. It's going
1836
1837 460
1838 00:30:50,340 ~-~-> 00:30:55,260
1839 to have an adverse effect on your overall development. You
1840
1841 461
1842 00:30:55,260 ~-~-> 00:30:59,520
1843 want to record any of your concerns or fears that you had
1844
1845 462
1846 00:30:59,520 ~-~-> 00:31:01,770
1847 while you're watching price action. So if you're in a trade
1848
1849 463
1850 00:31:02,850 ~-~-> 00:31:07,410
1851 or not in the trade, whenever you feel a sense of
1852
1853 464
1854 00:31:08,130 ~-~-> 00:31:12,990
1855 anxiousness or not trusting the setup, these are beautiful
1856
1857 465
1858 00:31:12,990 ~-~-> 00:31:16,200
1859 opportunities for you to learn. Because that's when you want
1860
1861 466
1862 00:31:16,200 ~-~-> 00:31:18,480
1863 to be doing screen captures, okay, if you're in front of the
1864
1865 467
1866 00:31:18,480 ~-~-> 00:31:21,450
1867 charts, you have the luxury of being able to do that screen
1868
1869 468
1870 00:31:21,450 ~-~-> 00:31:23,820
1871 capture that very moment. And then in your chart, you want
1872
1873 469
1874 00:31:23,820 ~-~-> 00:31:26,250
1875 to make a notation of what you're feeling and what you're
1876
1877 470
1878 00:31:26,250 ~-~-> 00:31:29,790
1879 thinking at that time. You may be feeling its gearing go up.
1880
1881 471
1882 00:31:30,060 ~-~-> 00:31:32,910
1883 But it's retraced a little bit deeper than you thought. And
1884
1885 472
1886 00:31:32,910 ~-~-> 00:31:35,340
1887 you're starting to have anxiety about it, it may not pan
1888
1889 473
1890 00:31:35,340 ~-~-> 00:31:38,940
1891 out. That's a time when you want to screen capture, and make
1892
1893 474
1894 00:31:38,940 ~-~-> 00:31:42,360
1895 that notation and log that. Keep that as part of your
1896
1897 475
1898 00:31:42,360 ~-~-> 00:31:46,200
1899 journal entry. Each time you do this, you're going to find
1900
1901 476
1902 00:31:46,200 ~-~-> 00:31:49,470
1903 that you're going to find less sensitivity
1904
1905 477
1906 00:31:50,280 ~-~-> 00:31:54,060
1907 or emotional attachment to these ideas because you've been
1908
1909 478
1910 00:31:54,060 ~-~-> 00:31:57,870
1911 there before. And yes, you see that there may be a
1912
1913 479
1914 00:31:58,170 ~-~-> 00:32:00,600
1915 opportunity for the trade this year. To fail,
1916
1917 480
1918 00:32:01,080 ~-~-> 00:32:02,160
1919 and hit your stop loss.
1920
1921 481
1922 00:32:02,580 ~-~-> 00:32:05,520
1923 But if you stick with it, how many times did it really
1924
1925 482
1926 00:32:05,520 ~-~-> 00:32:08,460
1927 actually go there. And that's the benefit of keeping a
1928
1929 483
1930 00:32:08,460 ~-~-> 00:32:11,700
1931 journal. Because unless you write the things down and keep a
1932
1933 484
1934 00:32:11,700 ~-~-> 00:32:13,530
1935 journal of what the charts look like and what you're
1936
1937 485
1938 00:32:13,530 ~-~-> 00:32:15,990
1939 thinking, you're never going to remember them, you're gonna
1940
1941 486
1942 00:32:15,990 ~-~-> 00:32:18,450
1943 remember that really good trade. And you're going to try to
1944
1945 487
1946 00:32:18,450 ~-~-> 00:32:22,380
1947 forget with all your energy and effort and might to forget
1948
1949 488
1950 00:32:22,380 ~-~-> 00:32:25,350
1951 those trades that you should have never been in, you knew
1952
1953 489
1954 00:32:25,350 ~-~-> 00:32:27,810
1955 you were getting into it. And you should have never done it.
1956
1957 490
1958 00:32:28,080 ~-~-> 00:32:30,210
1959 And now you got to do your best to try to avoid it and
1960
1961 491
1962 00:32:30,570 ~-~-> 00:32:33,450
1963 forget it ever happened. And they're your lessons that you
1964
1965 492
1966 00:32:33,450 ~-~-> 00:32:37,440
1967 want to learn from. So journaling is absolutely crucial to
1968
1969 493
1970 00:32:37,440 ~-~-> 00:32:39,990
1971 your development as a trader, especially if you want to be
1972
1973 494
1974 00:32:41,550 ~-~-> 00:32:45,570
1975 organized and you want to be collective and calm about what
1976
1977 495
1978 00:32:45,570 ~-~-> 00:32:49,590
1979 you're doing. That only comes by doing this exercise here,
1980
1981 496
1982 00:32:49,620 ~-~-> 00:32:53,520
1983 journaling. Every professional, whether it be a doctor or
1984
1985 497
1986 00:32:53,520 ~-~-> 00:32:56,790
1987 lawyer, physician psychologist, the long and short is they
1988
1989 498
1990 00:32:56,790 ~-~-> 00:32:59,700
1991 keep good records about what they say what they have done.
1992
1993 499
1994 00:33:00,270 ~-~-> 00:33:03,780
1995 They do not want to rely on your memory. And you can't rely
1996
1997 500
1998 00:33:03,780 ~-~-> 00:33:07,050
1999 on your memory. You're going to forget things. Okay? every
2000
2001 501
2002 00:33:07,050 ~-~-> 00:33:11,490
2003 seven years, your brain breaks off this little nodule, okay?
2004
2005 502
2006 00:33:11,670 ~-~-> 00:33:16,140
2007 And part of that you lose memory. So it's important to keep
2008
2009 503
2010 00:33:16,170 ~-~-> 00:33:19,650
2011 a record of things that you've said and done. Because when
2012
2013 504
2014 00:33:19,650 ~-~-> 00:33:22,500
2015 you have these adverse times in the future as a traitor,
2016
2017 505
2018 00:33:22,530 ~-~-> 00:33:24,900
2019 because you're going to, you won't be able to go back and
2020
2021 506
2022 00:33:24,900 ~-~-> 00:33:27,390
2023 reflect on those times that you forgot how you've been
2024
2025 507
2026 00:33:27,390 ~-~-> 00:33:30,720
2027 through that before and what you did to go through it's
2028
2029 508
2030 00:33:30,720 ~-~-> 00:33:36,990
2031 important. Contrast your personal expectations of what you
2032
2033 509
2034 00:33:36,990 ~-~-> 00:33:39,090
2035 thought was going to happen in the marketplace and how you
2036
2037 510
2038 00:33:39,090 ~-~-> 00:33:42,420
2039 were going to do versus the actual result. This is where you
2040
2041 511
2042 00:33:42,420 ~-~-> 00:33:49,020
2043 get to be more or less the, the scorekeeper you're able to
2044
2045 512
2046 00:33:49,020 ~-~-> 00:33:55,950
2047 soberly and balanced give a an opinion about what you did,
2048
2049 513
2050 00:33:56,340 ~-~-> 00:34:02,220
2051 in terms of your analysis going into The day for the week.
2052
2053 514
2054 00:34:03,360 ~-~-> 00:34:06,870
2055 And then what actually happened. Now, you're not in this
2056
2057 515
2058 00:34:06,870 ~-~-> 00:34:10,230
2059 section of journaling, to beat yourself up. That's not what
2060
2061 516
2062 00:34:10,230 ~-~-> 00:34:13,110
2063 this is. But what you're trying to do is highlight the
2064
2065 517
2066 00:34:13,110 ~-~-> 00:34:18,600
2067 things that you missed. But you don't want to draw so much
2068
2069 518
2070 00:34:18,600 ~-~-> 00:34:22,110
2071 attention to it that it seems like you're writing, you know,
2072
2073 519
2074 00:34:22,620 ~-~-> 00:34:26,160
2075 a suicide letter, like, you know, I'm no good. I'm this or
2076
2077 520
2078 00:34:26,160 ~-~-> 00:34:28,260
2079 that. What you want to be doing is highlighting the
2080
2081 521
2082 00:34:28,260 ~-~-> 00:34:31,410
2083 opportunities for you to develop better or spend more time
2084
2085 522
2086 00:34:31,410 ~-~-> 00:34:35,130
2087 focusing on your weaknesses, because that's what journaling
2088
2089 523
2090 00:34:35,130 ~-~-> 00:34:39,900
2091 helps you do. It identifies your weaknesses. You if you were
2092
2093 524
2094 00:34:39,900 ~-~-> 00:34:43,200
2095 honest with yourself, you probably would have about 10
2096
2097 525
2098 00:34:43,200 ~-~-> 00:34:45,900
2099 things that you could list, it's a weakness, but you're
2100
2101 526
2102 00:34:45,900 ~-~-> 00:34:48,210
2103 probably going to have four to five times more than that,
2104
2105 527
2106 00:34:48,210 ~-~-> 00:34:51,390
2107 that you won't really readily discover until you go through
2108
2109 528
2110 00:34:51,390 ~-~-> 00:34:54,030
2111 the journaling process. And it's not something you do for a
2112
2113 529
2114 00:34:54,030 ~-~-> 00:34:58,170
2115 short term and then you abandon it. You always do this. I've
2116
2117 530
2118 00:34:58,170 ~-~-> 00:35:01,320
2119 been doing it for 25 years. I did journaling before that and
2120
2121 531
2122 00:35:01,320 ~-~-> 00:35:05,100
2123 other things in my life. So, to me, it's, it's something
2124
2125 532
2126 00:35:05,100 ~-~-> 00:35:07,170
2127 I've always done and you don't need to spend a whole lot of
2128
2129 533
2130 00:35:07,170 ~-~-> 00:35:10,140
2131 time doing it. But I've always made a reference to what I've
2132
2133 534
2134 00:35:10,140 ~-~-> 00:35:13,500
2135 done or said in the previous day, at the end of the day. In
2136
2137 535
2138 00:35:13,500 ~-~-> 00:35:16,830
2139 other words, I'm looking back and reflection. Otherwise, if
2140
2141 536
2142 00:35:16,830 ~-~-> 00:35:21,510
2143 I try to go to bed, my mind will not allow me to, because my
2144
2145 537
2146 00:35:21,510 ~-~-> 00:35:24,420
2147 mind's going to race, I should write this down. And many
2148
2149 538
2150 00:35:24,420 ~-~-> 00:35:27,690
2151 times I have tried to go to bed even after journaling, and I
2152
2153 539
2154 00:35:27,690 ~-~-> 00:35:30,240
2155 have something on my mind. I can't do it until I get up and
2156
2157 540
2158 00:35:30,240 ~-~-> 00:35:33,090
2159 I write that down in my journal, because then it's, I've
2160
2161 541
2162 00:35:33,090 ~-~-> 00:35:37,440
2163 released it. And the only way you're going to trade with a
2164
2165 542
2166 00:35:37,890 ~-~-> 00:35:43,560
2167 emotion free or as close as you can get it in a well
2168
2169 543
2170 00:35:43,560 ~-~-> 00:35:48,510
2171 balanced mind is to have a clear conscience. Anything that's
2172
2173 544
2174 00:35:48,510 ~-~-> 00:35:51,210
2175 bothering you, you release it into your journal, your
2176
2177 545
2178 00:35:51,210 ~-~-> 00:35:53,340
2179 journal is not going to call you a name. It's not going to
2180
2181 546
2182 00:35:53,340 ~-~-> 00:35:56,850
2183 say it wants a divorce is not going to say you don't love me
2184
2185 547
2186 00:35:56,850 ~-~-> 00:35:59,280
2187 enough or you don't spend time with me enough. Okay? It's
2188
2189 548
2190 00:35:59,310 ~-~-> 00:36:03,690
2191 only going to What you write in it? So when you go back to
2192
2193 549
2194 00:36:03,690 ~-~-> 00:36:06,930
2195 it, it's going to say the words that you put in. So it's
2196
2197 550
2198 00:36:06,930 ~-~-> 00:36:11,850
2199 important to what you put in it is going to benefit you. But
2200
2201 551
2202 00:36:11,850 ~-~-> 00:36:14,490
2203 you're not sugarcoating it either. So you want to be honest
2204
2205 552
2206 00:36:14,490 ~-~-> 00:36:18,420
2207 about your evaluation about what you did or thought going
2208
2209 553
2210 00:36:18,420 ~-~-> 00:36:21,120
2211 into the day or the week, and then what the actual results
2212
2213 554
2214 00:36:21,120 ~-~-> 00:36:25,170
2215 were. Keep it simple. All you're doing is this is what I
2216
2217 555
2218 00:36:25,170 ~-~-> 00:36:28,080
2219 thought, and this is what actually happened. You're not
2220
2221 556
2222 00:36:28,110 ~-~-> 00:36:31,530
2223 using adjectives, you're just stating the facts. This is
2224
2225 557
2226 00:36:31,530 ~-~-> 00:36:33,840
2227 what I thought was gonna happen. I thought I was going to go
2228
2229 558
2230 00:36:33,840 ~-~-> 00:36:36,330
2231 here, if I was going to have this effect, if I was going to
2232
2233 559
2234 00:36:36,330 ~-~-> 00:36:39,750
2235 move this much, and this is what the actual result was, and
2236
2237 560
2238 00:36:39,750 ~-~-> 00:36:42,480
2239 you're not adding anything to it, or attaching any
2240
2241 561
2242 00:36:42,480 ~-~-> 00:36:48,090
2243 emotionalism to it. Okay, you want to detail where you felt
2244
2245 562
2246 00:36:48,090 ~-~-> 00:36:52,080
2247 uncertainty, and this is important, how you actually coped
2248
2249 563
2250 00:36:52,080 ~-~-> 00:36:55,590
2251 with it. You're going to find that many of your
2252
2253 564
2254 00:36:57,750 ~-~-> 00:37:00,990
2255 coping skills for stress aren't really coping skills,
2256
2257 565
2258 00:37:01,560 ~-~-> 00:37:05,520
2259 they're actually feeding that emotional stimuli. And it
2260
2261 566
2262 00:37:05,520 ~-~-> 00:37:08,580
2263 creates even more stress, the only way you're going to find
2264
2265 567
2266 00:37:08,580 ~-~-> 00:37:12,060
2267 that is by actually recording it, writing it down. And you
2268
2269 568
2270 00:37:12,060 ~-~-> 00:37:14,640
2271 may be in a trade and it may be flirting with your limit
2272
2273 569
2274 00:37:14,640 ~-~-> 00:37:18,030
2275 order, you've already had your profits taken, for the most
2276
2277 570
2278 00:37:18,030 ~-~-> 00:37:22,290
2279 part scaled out, your stop losses trailed up now. But now
2280
2281 571
2282 00:37:22,290 ~-~-> 00:37:25,560
2283 you're feeling like it's gonna hit your stop, you know, get
2284
2285 572
2286 00:37:25,560 ~-~-> 00:37:30,210
2287 that last piece of the move. What are you doing to cope with
2288
2289 573
2290 00:37:30,210 ~-~-> 00:37:34,020
2291 that? are you staring at the chart screaming? Or are you
2292
2293 574
2294 00:37:34,020 ~-~-> 00:37:37,950
2295 taking a walk? Or are you turning the computer off into the
2296
2297 575
2298 00:37:37,950 ~-~-> 00:37:40,170
2299 saying, I'm going to see what happens at the end of the day,
2300
2301 576
2302 00:37:40,770 ~-~-> 00:37:43,470
2303 you come hell or high water, it's going to take my stop or
2304
2305 577
2306 00:37:43,470 ~-~-> 00:37:45,750
2307 it's going to take my limit, or it's going to trade sideways
2308
2309 578
2310 00:37:45,750 ~-~-> 00:37:48,180
2311 until the next session, and then whatever it's going to
2312
2313 579
2314 00:37:48,180 ~-~-> 00:37:52,590
2315 happen is going to happen. Whatever that coping mechanism is
2316
2317 580
2318 00:37:52,620 ~-~-> 00:37:56,700
2319 that you've used for that stress trigger. You want to
2320
2321 581
2322 00:37:56,700 ~-~-> 00:38:01,950
2323 include that because it's important the one that do not work
2324
2325 582
2326 00:38:01,980 ~-~-> 00:38:04,500
2327 you're going to see. And that way when you start feeling
2328
2329 583
2330 00:38:04,500 ~-~-> 00:38:10,380
2331 that stress trigger come up, you immediately discount that
2332
2333 584
2334 00:38:10,380 ~-~-> 00:38:13,230
2335 thought process to follow that same regimen. Again, if it's
2336
2337 585
2338 00:38:13,230 ~-~-> 00:38:16,110
2339 something that hasn't worked in the past, and it's mean to a
2340
2341 586
2342 00:38:16,140 ~-~-> 00:38:19,020
2343 stressful level, and you know, you're wanting to think about
2344
2345 587
2346 00:38:19,020 ~-~-> 00:38:22,440
2347 it or do that same thing again, like smoke cigarettes, okay?
2348
2349 588
2350 00:38:22,440 ~-~-> 00:38:26,460
2351 or grab a drink that's alcoholic, those things. You may feel
2352
2353 589
2354 00:38:26,460 ~-~-> 00:38:29,040
2355 like they're soothing you, but actually, they're not. So
2356
2357 590
2358 00:38:29,070 ~-~-> 00:38:32,400
2359 what you want to be doing is focusing on when the coping
2360
2361 591
2362 00:38:32,400 ~-~-> 00:38:34,770
2363 mechanism that you've used to get through that stressful
2364
2365 592
2366 00:38:34,770 ~-~-> 00:38:39,540
2367 environment, when it helps you. It's highlighted on an
2368
2369 593
2370 00:38:39,540 ~-~-> 00:38:42,480
2371 opportunity for you to use that in the future. And here's
2372
2373 594
2374 00:38:42,480 ~-~-> 00:38:46,590
2375 the thing. Many times I've learned coping skills that were
2376
2377 595
2378 00:38:46,590 ~-~-> 00:38:50,040
2379 in high stressful events, through trading. When I had
2380
2381 596
2382 00:38:50,040 ~-~-> 00:38:52,860
2383 stressful events and my personal life, I used those same
2384
2385 597
2386 00:38:52,860 ~-~-> 00:38:58,440
2387 coping skills. So for instance, you know, while I'm trading
2388
2389 598
2390 00:38:58,440 ~-~-> 00:39:00,720
2391 I usually have a deck of cards in my hands. I'm a fidgeter.
2392
2393 599
2394 00:39:00,840 ~-~-> 00:39:03,600
2395 Okay? And now they have these things called these fidget
2396
2397 600
2398 00:39:03,600 ~-~-> 00:39:07,470
2399 spinners, which I love them. I absolutely love them. For me,
2400
2401 601
2402 00:39:07,500 ~-~-> 00:39:11,310
2403 it keeps me distracted from worrying about what the next
2404
2405 602
2406 00:39:11,310 ~-~-> 00:39:14,370
2407 move is going to be in price. I'm allowing my method to pan
2408
2409 603
2410 00:39:14,370 ~-~-> 00:39:17,940
2411 out and do what it's going to do. Before I did that, I used
2412
2413 604
2414 00:39:17,940 ~-~-> 00:39:21,540
2415 to have a coin and always keep a coin in my hand, and I'd
2416
2417 605
2418 00:39:21,540 ~-~-> 00:39:24,030
2419 either roll it through my fingers, or I would just keep it
2420
2421 606
2422 00:39:24,030 ~-~-> 00:39:27,240
2423 pressed in my palm. And I would just practice palming. Okay,
2424
2425 607
2426 00:39:27,240 ~-~-> 00:39:31,260
2427 because I'm somewhat of an amateur magician. Nonetheless, I
2428
2429 608
2430 00:39:31,260 ~-~-> 00:39:34,470
2431 would do those things to keep me distracted and not being
2432
2433 609
2434 00:39:34,530 ~-~-> 00:39:38,010
2435 hypersensitive to every fluctuation in the marketplace. So
2436
2437 610
2438 00:39:38,760 ~-~-> 00:39:43,350
2439 whatever the coping skills are, okay, that you find work in
2440
2441 611
2442 00:39:43,350 ~-~-> 00:39:47,220
2443 high stressful environment of trading. I found that they
2444
2445 612
2446 00:39:47,220 ~-~-> 00:39:50,010
2447 were just as equally effective in high stressful
2448
2449 613
2450 00:39:50,130 ~-~-> 00:39:52,740
2451 environments, like when my son was in surgery, you know, I
2452
2453 614
2454 00:39:52,740 ~-~-> 00:39:55,590
2455 would take cards and I would fidget with those, or I would
2456
2457 615
2458 00:39:55,590 ~-~-> 00:39:58,620
2459 have coin in my hand and it would just keep me distracted
2460
2461 616
2462 00:39:58,620 ~-~-> 00:40:01,200
2463 enough where I have had to go through that experience, I
2464
2465 617
2466 00:40:01,200 ~-~-> 00:40:03,810
2467 couldn't escape it just like you can't escape the trade
2468
2469 618
2470 00:40:03,810 ~-~-> 00:40:06,330
2471 unless you just kill it. If you're going to take the trade,
2472
2473 619
2474 00:40:06,450 ~-~-> 00:40:08,910
2475 you have to go through the trade. Either it takes your stop
2476
2477 620
2478 00:40:08,910 ~-~-> 00:40:12,840
2479 or it takes your limit. But you have to submit to that. So
2480
2481 621
2482 00:40:12,870 ~-~-> 00:40:15,900
2483 whatever it takes for you to submit to that, over time,
2484
2485 622
2486 00:40:16,440 ~-~-> 00:40:19,410
2487 these coping skills that you will find that there really
2488
2489 623
2490 00:40:19,410 ~-~-> 00:40:23,250
2491 isn't a, this is what you do, because it's only going to
2492
2493 624
2494 00:40:23,250 ~-~-> 00:40:27,000
2495 work for you. When you discover it works for you. It may be
2496
2497 625
2498 00:40:27,000 ~-~-> 00:40:29,880
2499 something as simple as having something against a fidget and
2500
2501 626
2502 00:40:29,880 ~-~-> 00:40:34,920
2503 maybe something that requires you to completely step away
2504
2505 627
2506 00:40:34,920 ~-~-> 00:40:37,830
2507 from the charts and grab a book. In my mind, personally, I
2508
2509 628
2510 00:40:37,830 ~-~-> 00:40:40,800
2511 can't read if I'm in the market. I can't do that I have to
2512
2513 629
2514 00:40:40,800 ~-~-> 00:40:43,620
2515 read when there's no one talking to me. And I have complete
2516
2517 630
2518 00:40:43,620 ~-~-> 00:40:47,550
2519 silence. So whatever those things are, that you discover
2520
2521 631
2522 00:40:47,550 ~-~-> 00:40:51,720
2523 through journaling, to help you in your trading. Don't look
2524
2525 632
2526 00:40:51,720 ~-~-> 00:40:55,380
2527 at it as that's your fix for trading stress. Many times if
2528
2529 633
2530 00:40:55,380 ~-~-> 00:40:58,950
2531 you apply it to your stressful personal life, it fixes it as
2532
2533 634
2534 00:40:58,950 ~-~-> 00:41:05,280
2535 well. What's Many times is that's a plus. You want to use
2536
2537 635
2538 00:41:05,280 ~-~-> 00:41:09,210
2539 positive words, for the things you did well on. You don't
2540
2541 636
2542 00:41:09,210 ~-~-> 00:41:10,980
2543 want to sugarcoat it. You don't say I'm the best trade in a
2544
2545 637
2546 00:41:10,980 ~-~-> 00:41:14,460
2547 room because I did this. But you do want to say, I'm happy
2548
2549 638
2550 00:41:14,460 ~-~-> 00:41:20,100
2551 with my execution with this trade, because I did this. And I
2552
2553 639
2554 00:41:20,100 ~-~-> 00:41:24,450
2555 had that in mind. And I did exactly as my plan outlined, and
2556
2557 640
2558 00:41:24,450 ~-~-> 00:41:30,000
2559 I did not deviate. I'm glad that I used the 25 pips stop
2560
2561 641
2562 00:41:30,000 ~-~-> 00:41:33,840
2563 loss, and didn't try to get short and sweet with it. With a
2564
2565 642
2566 00:41:33,840 ~-~-> 00:41:37,290
2567 15 or 10 PIP stop, I followed my rules, regardless of what
2568
2569 643
2570 00:41:37,290 ~-~-> 00:41:39,990
2571 the trade was doing anything that you did, that was pre
2572
2573 644
2574 00:41:39,990 ~-~-> 00:41:42,570
2575 determined, and you follow through with it. You want to
2576
2577 645
2578 00:41:42,570 ~-~-> 00:41:50,070
2579 record that in your own words, and use adjectives like happy
2580
2581 646
2582 00:41:50,700 ~-~-> 00:41:52,350
2583 or pleased
2584
2585 647
2586 00:41:52,559 ~-~-> 00:41:56,549
2587 or proud, okay, those types of things because your mind's
2588
2589 648
2590 00:41:56,549 ~-~-> 00:41:59,519
2591 going to retain that and when you go back to it, this is
2592
2593 649
2594 00:41:59,519 ~-~-> 00:42:01,799
2595 where it's actually When you come back to your journal and
2596
2597 650
2598 00:42:01,799 ~-~-> 00:42:04,049
2599 you read those things, you certainly don't want to litter it
2600
2601 651
2602 00:42:04,049 ~-~-> 00:42:07,799
2603 with things that are just going to be mundane or not
2604
2605 652
2606 00:42:07,829 ~-~-> 00:42:12,659
2607 impactful. You want to be well, you want to cheerlead
2608
2609 653
2610 00:42:12,659 ~-~-> 00:42:14,579
2611 yourself basically, because there's going to be times when
2612
2613 654
2614 00:42:14,579 ~-~-> 00:42:16,799
2615 you go through periods of drawdown, and it's going to feel
2616
2617 655
2618 00:42:16,799 ~-~-> 00:42:19,829
2619 like trading is the worst thing you could have ever done. So
2620
2621 656
2622 00:42:19,829 ~-~-> 00:42:23,789
2623 you want to have that old friend of your conscience to feel
2624
2625 657
2626 00:42:23,789 ~-~-> 00:42:27,869
2627 soothed. When you read your own words in your journal. You
2628
2629 658
2630 00:42:27,869 ~-~-> 00:42:31,739
2631 don't want to read it like, Well, you know, I really didn't
2632
2633 659
2634 00:42:31,739 ~-~-> 00:42:35,309
2635 feel well that day, and I'm lying to myself in there. You
2636
2637 660
2638 00:42:35,309 ~-~-> 00:42:40,769
2639 want to be honest, but you also want to be well, you want to
2640
2641 661
2642 00:42:40,769 ~-~-> 00:42:43,619
2643 be comforting to yourself, but you don't want to sugarcoat
2644
2645 662
2646 00:42:43,619 ~-~-> 00:42:48,599
2647 and you don't want to embellish and lie about how you did
2648
2649 663
2650 00:42:48,599 ~-~-> 00:42:50,609
2651 something right when you really didn't you want to be
2652
2653 664
2654 00:42:50,729 ~-~-> 00:42:53,039
2655 accurate about what you're describing, but you also want to
2656
2657 665
2658 00:42:53,039 ~-~-> 00:43:00,149
2659 do it in a positive light. And here is the kicker when You
2660
2661 666
2662 00:43:00,149 ~-~-> 00:43:04,859
2663 do things messed up, okay, and you do the wrong things and
2664
2665 667
2666 00:43:04,859 ~-~-> 00:43:08,789
2667 you make errors. You want to avoid negatively charged words,
2668
2669 668
2670 00:43:09,299 ~-~-> 00:43:13,559
2671 wherever you struggled in the execution, or the application
2672
2673 669
2674 00:43:13,559 ~-~-> 00:43:18,029
2675 of money management, over leveraging. Or if you over traded,
2676
2677 670
2678 00:43:18,599 ~-~-> 00:43:24,809
2679 you do not want to say, Oh, I'm a stupid so and so. Or I am
2680
2681 671
2682 00:43:24,809 ~-~-> 00:43:28,199
2683 a failure, or I'm never going to get this do not do those
2684
2685 672
2686 00:43:28,199 ~-~-> 00:43:32,159
2687 things in your journal. Because your mind will latch on to
2688
2689 673
2690 00:43:32,159 ~-~-> 00:43:36,839
2691 that. And whatever you use negative words on your
2692
2693 674
2694 00:43:36,839 ~-~-> 00:43:40,349
2695 subconscious is going to see that and say, Okay, well, this
2696
2697 675
2698 00:43:40,349 ~-~-> 00:43:42,869
2699 is a problem or it's a source of stress, so I'm going to
2700
2701 676
2702 00:43:42,869 ~-~-> 00:43:44,639
2703 avoid it. So what's going to happen when you look at the
2704
2705 677
2706 00:43:44,639 ~-~-> 00:43:47,879
2707 charts, subconsciously, your mind is going to say, this is
2708
2709 678
2710 00:43:47,879 ~-~-> 00:43:50,129
2711 stressful, I want to avoid this and you're not going to pay
2712
2713 679
2714 00:43:50,129 ~-~-> 00:43:55,289
2715 attention and or your mind is not going to let that set up,
2716
2717 680
2718 00:43:55,919 ~-~-> 00:43:58,769
2719 jump off at the chart at you. So that way you can engage it
2720
2721 681
2722 00:43:58,769 ~-~-> 00:44:02,039
2723 properly. So it's Very important not to use negative terms.
2724
2725 682
2726 00:44:03,989 ~-~-> 00:44:07,019
2727 So while this is not an exhaustive list, I wanted to have
2728
2729 683
2730 00:44:07,019 ~-~-> 00:44:12,329
2731 some measure of journaling suggestions, and I wanted to have
2732
2733 684
2734 00:44:12,329 ~-~-> 00:44:21,329
2735 some measure of psychological. Well, solutions. And both of
2736
2737 685
2738 00:44:21,329 ~-~-> 00:44:26,489
2739 these topics can be really explored in greater detail. And
2740
2741 686
2742 00:44:27,329 ~-~-> 00:44:31,139
2743 it comes by personal experience. And while there's a lot of
2744
2745 687
2746 00:44:31,139 ~-~-> 00:44:33,779
2747 books written about both that solved the subject matter that
2748
2749 688
2750 00:44:33,779 ~-~-> 00:44:36,929
2751 I mentioned here tonight, I don't think it's something that
2752
2753 689
2754 00:44:36,959 ~-~-> 00:44:40,979
2755 you need to make any more complicated than what I have here.
2756
2757 690
2758 00:44:41,669 ~-~-> 00:44:44,879
2759 Because this is really the bare bones of what I've done for
2760
2761 691
2762 00:44:44,879 ~-~-> 00:44:50,129
2763 25 years. And the best trading book out there is the one
2764
2765 692
2766 00:44:50,129 ~-~-> 00:44:53,729
2767 you're about to write in your journal. That's the best one,
2768
2769 693
2770 00:44:54,239 ~-~-> 00:44:59,099
2771 because they're going to be directly related to you and your
2772
2773 694
2774 00:44:59,099 ~-~-> 00:45:04,859
2775 own experiences. You can't teach your experience to someone
2776
2777 695
2778 00:45:04,859 ~-~-> 00:45:07,799
2779 else. You can talk about it, you can share it, you can share
2780
2781 696
2782 00:45:07,799 ~-~-> 00:45:10,619
2783 your journal, let them read it, but it still won't have the
2784
2785 697
2786 00:45:10,619 ~-~-> 00:45:14,939
2787 same impact that your experience has for you. And that's the
2788
2789 698
2790 00:45:14,939 ~-~-> 00:45:20,039
2791 wonderful treasure and well, secret weapon, if you will, of
2792
2793 699
2794 00:45:20,069 ~-~-> 00:45:24,719
2795 a trader by using a journal. It seems like extra work. It
2796
2797 700
2798 00:45:24,719 ~-~-> 00:45:26,849
2799 seems frivolous. Oh, I got time for that. Who does that?
2800
2801 701
2802 00:45:27,299 ~-~-> 00:45:31,109
2803 Well, I'll tell you who does it. Winning traders do it. And
2804
2805 702
2806 00:45:31,109 ~-~-> 00:45:34,139
2807 we know what we're looking for. Because we've studied it.
2808
2809 703
2810 00:45:34,169 ~-~-> 00:45:38,459
2811 We've had days and days and days on end, where we have
2812
2813 704
2814 00:45:38,459 ~-~-> 00:45:44,069
2815 recorded the same exact setup. The same winning attitude
2816
2817 705
2818 00:45:44,099 ~-~-> 00:45:46,919
2819 that we went into is always there. So these are all
2820
2821 706
2822 00:45:46,919 ~-~-> 00:45:51,089
2823 signatures. These are hallmarks of classic setups. So that
2824
2825 707
2826 00:45:51,089 ~-~-> 00:45:53,069
2827 way, when you start feeling a certain way, going into the
2828
2829 708
2830 00:45:53,069 ~-~-> 00:45:57,179
2831 market day, if you're not on, you'll know it and you'll be
2832
2833 709
2834 00:45:57,179 ~-~-> 00:46:00,419
2835 honest with yourself and say okay, I got to know in the
2836
2837 710
2838 00:46:00,419 ~-~-> 00:46:03,869
2839 market today, I got to take a day off. Otherwise, how would
2840
2841 711
2842 00:46:03,869 ~-~-> 00:46:06,389
2843 you know those things? Because you're going to talk yourself
2844
2845 712
2846 00:46:06,389 ~-~-> 00:46:08,609
2847 into taking a trade if you're feeling bad, that's the normal
2848
2849 713
2850 00:46:08,609 ~-~-> 00:46:11,759
2851 response where a human distract me. I needed a distraction,
2852
2853 714
2854 00:46:11,909 ~-~-> 00:46:14,849
2855 or what's about a distraction, then getting money, nothing.
2856
2857 715
2858 00:46:15,209 ~-~-> 00:46:20,129
2859 So you want to play the lottery each time for casino so many
2860
2861 716
2862 00:46:20,129 ~-~-> 00:46:25,349
2863 times that result in a negative withdrawal from your equity,
2864
2865 717
2866 00:46:25,739 ~-~-> 00:46:28,259
2867 whether it be demo or live, and we want to try to avoid
2868
2869 718
2870 00:46:28,259 ~-~-> 00:46:33,059
2871 those things. Okay. So what type of things do we look for in
2872
2873 719
2874 00:46:33,059 ~-~-> 00:46:36,779
2875 terms of adding charts to our journal, and then we can go
2876
2877 720
2878 00:46:36,779 ~-~-> 00:46:39,899
2879 through the charts now and give you some suggestions.
2880
2881 721
2882 00:46:45,809 ~-~-> 00:46:47,939
2883 Alright, so this is the Canadian dollars, the daily chart,
2884
2885 722
2886 00:46:48,449 ~-~-> 00:46:51,329
2887 and this particular week I was looking for the market to
2888
2889 723
2890 00:46:51,329 ~-~-> 00:46:54,449
2891 want to run above is equal highs. And I'll have that
2892
2893 724
2894 00:46:54,449 ~-~-> 00:46:56,459
2895 actually in recording so you can go back and look at that.
2896
2897 725
2898 00:46:56,909 ~-~-> 00:47:03,419
2899 But we have double tops A third time the market trades up to
2900
2901 726
2902 00:47:04,409 ~-~-> 00:47:07,259
2903 the same level. So we know that this is too clean of a
2904
2905 727
2906 00:47:07,259 ~-~-> 00:47:10,709
2907 level, we had a nice rejection down here. So markets most
2908
2909 728
2910 00:47:10,709 ~-~-> 00:47:14,159
2911 likely going to want to push above this level. Now if it's
2912
2913 729
2914 00:47:14,159 ~-~-> 00:47:18,119
2915 so clean like that, what's the most likely outcome? Should
2916
2917 730
2918 00:47:18,119 ~-~-> 00:47:22,319
2919 it traded at level a blast off and continue higher or
2920
2921 731
2922 00:47:22,349 ~-~-> 00:47:26,549
2923 retreating back down into the range? Well, look what's
2924
2925 732
2926 00:47:26,549 ~-~-> 00:47:29,159
2927 happened, we've had a sell off, people have made money,
2928
2929 733
2930 00:47:29,189 ~-~-> 00:47:31,649
2931 there's no sell off, people have made money. And then we're
2932
2933 734
2934 00:47:31,649 ~-~-> 00:47:34,589
2935 going right back up to those levels again. So to take those
2936
2937 735
2938 00:47:34,589 ~-~-> 00:47:38,099
2939 individuals out, or put new traders in on the wrong side
2940
2941 736
2942 00:47:38,129 ~-~-> 00:47:42,269
2943 buying the market is going to want to push up there. So in
2944
2945 737
2946 00:47:42,269 ~-~-> 00:47:44,549
2947 your journal, when you start seeing these things, you want
2948
2949 738
2950 00:47:44,549 ~-~-> 00:47:47,369
2951 to print out your chart or screen capture it. And in your
2952
2953 739
2954 00:47:47,369 ~-~-> 00:47:49,709
2955 notations, you want to write down what you think is going to
2956
2957 740
2958 00:47:49,709 ~-~-> 00:47:53,039
2959 happen, what's the most likely outcome, okay, is that when
2960
2961 741
2962 00:47:53,039 ~-~-> 00:47:55,709
2963 you have a condition that we can wait against what actually
2964
2965 742
2966 00:47:55,709 ~-~-> 00:47:58,619
2967 happens later on, but you want to build the context in your
2968
2969 743
2970 00:47:58,619 ~-~-> 00:48:01,289
2971 chart in your journaling? So that we wouldn't go back and
2972
2973 744
2974 00:48:01,289 ~-~-> 00:48:03,989
2975 look at it. If it pans out Well, you're going to be
2976
2977 745
2978 00:48:03,989 ~-~-> 00:48:06,629
2979 encouraged in the future when you have periods of time when
2980
2981 746
2982 00:48:06,629 ~-~-> 00:48:13,199
2983 your trades don't actually pan out. Okay, and as soon as the
2984
2985 747
2986 00:48:13,199 ~-~-> 00:48:17,009
2987 event that you've been waiting for occurs, like I share a
2988
2989 748
2990 00:48:17,009 ~-~-> 00:48:21,179
2991 lot of my trades at the time of the setup, or the
2992
2993 749
2994 00:48:21,509 ~-~-> 00:48:24,239
2995 confirmation, if you will, of whatever I'm looking for that
2996
2997 750
2998 00:48:24,239 ~-~-> 00:48:28,589
2999 sets the ideal out this many times is the screen capture
3000
3001 751
3002 00:48:28,589 ~-~-> 00:48:31,979
3003 where it either hits a level I was reaching for, or a level
3004
3005 752
3006 00:48:31,979 ~-~-> 00:48:35,519
3007 I'm trying to get in. This is where you want to take a
3008
3009 753
3010 00:48:35,519 ~-~-> 00:48:39,329
3011 picture of it again. And this is why I don't do 20 pairs or
3012
3013 754
3014 00:48:39,329 ~-~-> 00:48:41,729
3015 a lot of different markets because I'm only focusing on two
3016
3017 755
3018 00:48:41,729 ~-~-> 00:48:46,439
3019 things, cable and fiber. So it's very easy for me to dial in
3020
3021 756
3022 00:48:46,439 ~-~-> 00:48:49,739
3023 and get the screen capture what I'm looking for. And then I
3024
3025 757
3026 00:48:49,739 ~-~-> 00:48:52,259
3027 don't share my chart with all the notations on it because
3028
3029 758
3030 00:48:52,289 ~-~-> 00:48:56,519
3031 there's a lot of things that I do among finances in trading
3032
3033 759
3034 00:48:56,519 ~-~-> 00:49:01,529
3035 that I don't make public so but I do make references to the
3036
3037 760
3038 00:49:01,529 ~-~-> 00:49:04,229
3039 things I'm talking about here. In terms of Okay, this is the
3040
3041 761
3042 00:49:04,229 ~-~-> 00:49:07,919
3043 run on the buy stops. So um, right now, I would say I would
3044
3045 762
3046 00:49:07,919 ~-~-> 00:49:13,229
3047 have an expectation of seeing a strong reversal. And I would
3048
3049 763
3050 00:49:13,229 ~-~-> 00:49:16,469
3051 look for price don't want to reach down into those wicks
3052
3053 764
3054 00:49:16,529 ~-~-> 00:49:21,119
3055 here and see how far we can go and as far as that low here.
3056
3057 765
3058 00:49:24,809 ~-~-> 00:49:28,259
3059 Now we can start dropping down into a four hour chart and
3060
3061 766
3062 00:49:28,259 ~-~-> 00:49:31,949
3063 work into an intraday price action. And we can see how
3064
3065 767
3066 00:49:32,189 ~-~-> 00:49:35,009
3067 noting areas of stops because if we thought that price is
3068
3069 768
3070 00:49:35,009 ~-~-> 00:49:38,189
3071 going to go above these highs here, again, we give more
3072
3073 769
3074 00:49:38,189 ~-~-> 00:49:41,549
3075 details about what we're looking for the time of day that
3076
3077 770
3078 00:49:41,549 ~-~-> 00:49:45,449
3079 this occurred, and how long of a timeframe we would
3080
3081 771
3082 00:49:45,449 ~-~-> 00:49:48,149
3083 reasonably expect to see this move take place if we're going
3084
3085 772
3086 00:49:48,149 ~-~-> 00:49:51,239
3087 to run out this low. All those things, you can add in all
3088
3089 773
3090 00:49:51,239 ~-~-> 00:49:54,119
3091 these open spaces on your chart. You want to make it
3092
3093 774
3094 00:49:54,119 ~-~-> 00:49:57,329
3095 personal you want to make your journal and your charts,
3096
3097 775
3098 00:49:57,629 ~-~-> 00:49:59,849
3099 something that's unique that you're comfortable with and
3100
3101 776
3102 00:49:59,849 ~-~-> 00:50:02,369
3103 it's Something that you're really not aiming to share with
3104
3105 777
3106 00:50:02,369 ~-~-> 00:50:05,759
3107 anybody. It's comfortable for you to be able to look at and
3108
3109 778
3110 00:50:05,759 ~-~-> 00:50:08,129
3111 it gives you all the information at the time, what you were
3112
3113 779
3114 00:50:08,129 ~-~-> 00:50:11,939
3115 thinking at the time at the time that chart was creating the
3116
3117 780
3118 00:50:11,939 ~-~-> 00:50:17,909
3119 very setup that's being screen captured. Okay, dropping down
3120
3121 781
3122 00:50:17,909 ~-~-> 00:50:22,559
3123 to a 30 minute chart, same mindset here, we're adding any
3124
3125 782
3126 00:50:22,559 ~-~-> 00:50:27,899
3127 details that we're noticing. Okay, and we're here, we have
3128
3129 783
3130 00:50:27,929 ~-~-> 00:50:32,879
3131 Monday's trading, and the anticipated rally up. Once we see
3132
3133 784
3134 00:50:32,879 ~-~-> 00:50:36,659
3135 those types of things, we know that this is the setup. So we
3136
3137 785
3138 00:50:36,659 ~-~-> 00:50:39,209
3139 won't be a seller up here. But where are we going to be
3140
3141 786
3142 00:50:39,209 ~-~-> 00:50:42,329
3143 reaching for what's the drawing price. So you want to have
3144
3145 787
3146 00:50:42,329 ~-~-> 00:50:46,349
3147 that before the trade really starts to unfold? As it's
3148
3149 788
3150 00:50:46,349 ~-~-> 00:50:49,289
3151 setting up, you want to get extreme capture, but at that
3152
3153 789
3154 00:50:49,289 ~-~-> 00:50:51,929
3155 time, you also want to outline what you're reaching for and
3156
3157 790
3158 00:50:51,929 ~-~-> 00:50:54,689
3159 what was the context behind why you would expect it to
3160
3161 791
3162 00:50:54,689 ~-~-> 00:50:59,069
3163 occur. We have an old low here, got 20 and 10 PIP grades of
3164
3165 792
3166 00:50:59,339 ~-~-> 00:51:02,729
3167 swingers would be expected to go below it in here just for
3168
3169 793
3170 00:51:02,849 ~-~-> 00:51:06,239
3171 the sake of keeping the chart neat. I'm just referencing
3172
3173 794
3174 00:51:06,239 ~-~-> 00:51:12,389
3175 templates below that low. And on Monday, because I don't
3176
3177 795
3178 00:51:12,419 ~-~-> 00:51:16,319
3179 like to trade on Monday, I would like to use that Monday
3180
3181 796
3182 00:51:16,319 ~-~-> 00:51:20,159
3183 range and projected like the power three study that was used
3184
3185 797
3186 00:51:20,759 ~-~-> 00:51:25,499
3187 taught you in the asian session and or power three. And I
3188
3189 798
3190 00:51:25,499 ~-~-> 00:51:28,559
3191 would take that Monday range. If I'm bearish looking for
3192
3193 799
3194 00:51:28,559 ~-~-> 00:51:31,469
3195 that run, I'm going to take that range of Monday and apply
3196
3197 800
3198 00:51:31,469 ~-~-> 00:51:33,479
3199 it right on top of its daily high.
3200
3201 801
3202 00:51:34,530 ~-~-> 00:51:37,650
3203 And that gives me a projected range of one standard
3204
3205 802
3206 00:51:37,650 ~-~-> 00:51:40,590
3207 deviation. And we take that out in the future. It's
3208
3209 803
3210 00:51:40,650 ~-~-> 00:51:44,850
3211 approximately what Tuesday's high of the day is. So I know
3212
3213 804
3214 00:51:44,850 ~-~-> 00:51:47,130
3215 that I'm looking for a Judas swing. So how far will it go
3216
3217 805
3218 00:51:47,130 ~-~-> 00:51:49,620
3219 up? Well, it could go this far, which would take us right
3220
3221 806
3222 00:51:49,620 ~-~-> 00:51:56,490
3223 above that old high at 129 10. Where touch three times and
3224
3225 807
3226 00:51:56,490 ~-~-> 00:51:59,160
3227 that's what the biceps will be residing. So we're looking
3228
3229 808
3230 00:51:59,160 ~-~-> 00:52:02,010
3231 for a move Above that, so it can be a seller right there.
3232
3233 809
3234 00:52:03,330 ~-~-> 00:52:06,570
3235 But before we do that, we have to remember if this is in
3236
3237 810
3238 00:52:06,570 ~-~-> 00:52:10,980
3239 fact a bearish week, and this is a weekly high forming this
3240
3241 811
3242 00:52:10,980 ~-~-> 00:52:13,860
3243 Judas swing is useful and we can apply power three concepts
3244
3245 812
3246 00:52:13,860 ~-~-> 00:52:20,340
3247 to it, we can get the range of the Judas swing in it, apply
3248
3249 813
3250 00:52:20,340 ~-~-> 00:52:24,600
3251 it in one standard deviation below the low. In other words,
3252
3253 814
3254 00:52:24,630 ~-~-> 00:52:27,870
3255 I'm taking this range and adding it or in this case,
3256
3257 815
3258 00:52:27,870 ~-~-> 00:52:31,500
3259 subtracting it from this low and projecting it down. Give me
3260
3261 816
3262 00:52:31,500 ~-~-> 00:52:34,350
3263 one standard deviation. So we're seeing power three, which
3264
3265 817
3266 00:52:34,350 ~-~-> 00:52:38,550
3267 is accumulation, accumulate more manipulation on the stock,
3268
3269 818
3270 00:52:38,580 ~-~-> 00:52:43,080
3271 put them in by side. We're going to see hopefully a move
3272
3273 819
3274 00:52:43,080 ~-~-> 00:52:47,310
3275 down with power three with distribution and a final area
3276
3277 820
3278 00:52:47,310 ~-~-> 00:52:51,060
3279 distribution down here. So we have three measurements of the
3280
3281 821
3282 00:52:51,060 ~-~-> 00:52:54,630
3283 actual Judas swing, projected down and that gives us just
3284
3285 822
3286 00:52:54,630 ~-~-> 00:52:59,460
3287 below that all low. So that validates this potential
3288
3289 823
3290 00:52:59,460 ~-~-> 00:53:03,660
3291 stopper. While price was like this only, we don't have
3292
3293 824
3294 00:53:03,660 ~-~-> 00:53:07,920
3295 anything else happening yet. So we have power three scaled
3296
3297 825
3298 00:53:07,920 ~-~-> 00:53:14,280
3299 out accumulation, manipulation distribution framed before
3300
3301 826
3302 00:53:14,280 ~-~-> 00:53:16,050
3303 the move even occurs.
3304
3305 827
3306 00:53:22,380 ~-~-> 00:53:26,790
3307 You can see that 10 pips below this low is what we're
3308
3309 828
3310 00:53:26,790 ~-~-> 00:53:29,880
3311 looking for. So 10 pips below that we're going to have a
3312
3313 829
3314 00:53:29,880 ~-~-> 00:53:36,450
3315 little level there. And now we see Wednesday's trading. And
3316
3317 830
3318 00:53:36,480 ~-~-> 00:53:41,070
3319 during the New York setup, we have a optimal trade entry
3320
3321 831
3322 00:53:41,070 ~-~-> 00:53:45,120
3323 form. And we can run projections on the fit. We can see
3324
3325 832
3326 00:53:45,120 ~-~-> 00:53:48,630
3327 there's a 400 extension overlapping exactly with one of the
3328
3329 833
3330 00:53:48,630 ~-~-> 00:53:54,870
3331 levels we've already arrived at. And here's Wednesday
3332
3333 834
3334 00:53:55,740 ~-~-> 00:53:59,430
3335 because Apple trade entry short term swing here, trades back
3336
3337 835
3338 00:53:59,430 ~-~-> 00:54:03,780
3339 up apple tree Entry short, sells off aggressively, and
3340
3341 836
3342 00:54:03,780 ~-~-> 00:54:12,600
3343 reaches down into our template sweep below the old low. And
3344
3345 837
3346 00:54:12,600 ~-~-> 00:54:15,720
3347 we're going to get a measurement from the highest body to
3348
3349 838
3350 00:54:15,720 ~-~-> 00:54:19,230
3351 lowest body and these two price swings in that projection
3352
3353 839
3354 00:54:19,230 ~-~-> 00:54:23,490
3355 down gives us exactly a 300 extension right there and it
3356
3357 840
3358 00:54:23,490 ~-~-> 00:54:25,620
3359 actually gives you the low of the day which actually
3360
3361 841
3362 00:54:25,620 ~-~-> 00:54:31,320
3363 overlaps with the approximate 10 pips swing below the old
3364
3365 842
3366 00:54:31,320 ~-~-> 00:54:37,680
3367 low. So we have several things being used here that I've
3368
3369 843
3370 00:54:37,680 ~-~-> 00:54:42,630
3371 given you in recent teachings. Every one of these screen
3372
3373 844
3374 00:54:42,630 ~-~-> 00:54:47,070
3375 captures, you would write down any notation that would be
3376
3377 845
3378 00:54:47,100 ~-~-> 00:54:51,210
3379 necessary for you to have as a benefit. And that way when
3380
3381 846
3382 00:54:51,210 ~-~-> 00:54:54,060
3383 you go to the end of the week, usually on Saturday morning
3384
3385 847
3386 00:54:54,060 ~-~-> 00:54:57,630
3387 for me, may not be Saturday for you. But I'd like to take
3388
3389 848
3390 00:54:57,630 ~-~-> 00:55:00,600
3391 about 30 minutes and go through the market and see What I
3392
3393 849
3394 00:55:00,930 ~-~-> 00:55:05,730
3395 didn't see and note that but every day, I'm writing down
3396
3397 850
3398 00:55:05,730 ~-~-> 00:55:08,220
3399 what my expectations are, what the daily high low should be.
3400
3401 851
3402 00:55:09,240 ~-~-> 00:55:12,750
3403 And then I'm recording what actually happened. And it builds
3404
3405 852
3406 00:55:12,750 ~-~-> 00:55:15,150
3407 a lot of confidence seeing how many times I'm right. And
3408
3409 853
3410 00:55:15,150 ~-~-> 00:55:19,020
3411 when I'm wrong, even though I learned something from the
3412
3413 854
3414 00:55:21,060 ~-~-> 00:55:26,940
3415 well, the time I was not accurate it proves that I'm more
3416
3417 855
3418 00:55:26,940 ~-~-> 00:55:29,400
3419 right than I'm wrong. So therefore, I don't fear being
3420
3421 856
3422 00:55:29,400 ~-~-> 00:55:32,790
3423 wrong. And I use the times when I'm wrong to learn what it
3424
3425 857
3426 00:55:32,790 ~-~-> 00:55:39,060
3427 is I did wrong. So I'm taking no pain at the experience. I'm
3428
3429 858
3430 00:55:39,210 ~-~-> 00:55:42,510
3431 looking at it as okay. This is actually like a workout.
3432
3433 859
3434 00:55:42,930 ~-~-> 00:55:46,530
3435 Okay, I'm string telling myself I'm, I'm putting stress on
3436
3437 860
3438 00:55:46,530 ~-~-> 00:55:51,030
3439 my body with the attempt to make it stronger. Okay, so I
3440
3441 861
3442 00:55:51,030 ~-~-> 00:55:55,740
3443 don't look at adversities in trading as a defeat. I look at
3444
3445 862
3446 00:55:55,740 ~-~-> 00:56:00,270
3447 it as exercise and strengthening iron sharpens iron So we
3448
3449 863
3450 00:56:00,270 ~-~-> 00:56:03,120
3451 can see how using the tools here, we get one more instance,
3452
3453 864
3454 00:56:03,120 ~-~-> 00:56:07,140
3455 well, this could be the very weekly low. Okay? If we trade
3456
3457 865
3458 00:56:07,140 ~-~-> 00:56:10,560
3459 through it, so be it. But if this is all I would ever get,
3460
3461 866
3462 00:56:10,710 ~-~-> 00:56:15,330
3463 that's fine. Because this would be power three applied to
3464
3465 867
3466 00:56:15,330 ~-~-> 00:56:19,350
3467 the weekly range, okay, and apply that on the weekly, Sunday
3468
3469 868
3470 00:56:19,350 ~-~-> 00:56:23,100
3471 opening vertical line if you hit Ctrl y, and use the
3472
3473 869
3474 00:56:23,100 ~-~-> 00:56:27,630
3475 thickest trendline to draw radio on top of that, and then I
3476
3477 870
3478 00:56:27,630 ~-~-> 00:56:32,040
3479 delete the actual control y line. And I draw a little
3480
3481 871
3482 00:56:32,040 ~-~-> 00:56:36,300
3483 horizontal tick representing the open, and I forecast where
3484
3485 872
3486 00:56:36,300 ~-~-> 00:56:38,940
3487 I think the close is going to be. And it doesn't have to be
3488
3489 873
3490 00:56:38,940 ~-~-> 00:56:40,890
3491 where it's actually going to close. I like to do that just
3492
3493 874
3494 00:56:40,890 ~-~-> 00:56:46,290
3495 to keep myself entertained and trying to dial in as best I
3496
3497 875
3498 00:56:46,290 ~-~-> 00:56:50,700
3499 can for where I project. The clothes. Sometimes I'm really
3500
3501 876
3502 00:56:51,000 ~-~-> 00:56:54,300
3503 accurate, and other times I'm not so accurate, but I'm more
3504
3505 877
3506 00:56:54,300 ~-~-> 00:56:58,140
3507 inclined to focus on what if I'm bearish with the highest
3508
3509 878
3510 00:56:58,140 ~-~-> 00:57:01,740
3511 gonna be and how far of a Reasonable objective, how low can
3512
3513 879
3514 00:57:01,740 ~-~-> 00:57:05,730
3515 go. If it keeps going lower Who cares? Long short it is I
3516
3517 880
3518 00:57:05,730 ~-~-> 00:57:07,500
3519 want to have an opportunity to get some kind of range
3520
3521 881
3522 00:57:07,500 ~-~-> 00:57:10,470
3523 expansion. In on Wednesday, we can also see that there was
3524
3525 882
3526 00:57:10,470 ~-~-> 00:57:14,490
3527 no return back to the opening price on Sunday. Once it moved
3528
3529 883
3530 00:57:14,490 ~-~-> 00:57:18,660
3531 away from it on the New York session setup, we accelerated
3532
3533 884
3534 00:57:18,660 ~-~-> 00:57:22,020
3535 away from it. So there's a lot of things that took place in
3536
3537 885
3538 00:57:22,020 ~-~-> 00:57:26,610
3539 the dollar CAD this week that we have outlined before. They
3540
3541 886
3542 00:57:26,610 ~-~-> 00:57:30,300
3543 are hallmarks to the things I've taught you. And we did in
3544
3545 887
3546 00:57:30,300 ~-~-> 00:57:33,930
3547 fact runners equal highs out as I mentioned in the higher
3548
3549 888
3550 00:57:33,930 ~-~-> 00:57:40,170
3551 timeframe, scenario, and conditions video for this for this
3552
3553 889
3554 00:57:40,200 ~-~-> 00:57:42,270
3555 set of videos for 2017.
3556
3557 890
3558 00:57:48,119 ~-~-> 00:57:50,939
3559 certainly enjoyed this presentation. If you'd like to find
3560
3561 891
3562 00:57:50,939 ~-~-> 00:57:54,449
3563 more, go visit my website at the inner circle trader calm