Learn Day Trading: A Guide to Success

– Hey guys, Jared Wesley here of Live Traders, and back for another weekly educational lesson This week’s topic I think applies to almost every trader out there Especially newer traders, even some experienced traders as well What I’ve decided to do today, guys, is basically talk to a lot of the newer traders And again, this does apply to some experienced traders as well, but I’ve been getting a lot of questions, especially from folks in the chat room, et cetera, about hey, a lot of the things you talk about are high level topics, or bottoming tails, and double bottom retests and things Why don’t you talk a little bit about what it takes, the process you need to go through to become a trader? So I thought, you know what, that’s a good topic So basically today’s topic is “Learn Day Trading.” That’s the best title I could think about for it, guys, is that I’m gonna talk to you and show you guys what is realistic, what you can expect through your trading journey, okay? Coming into the business, one of the things I’ve found is that most traders have failed before they’ve ever taken their first trade Let me repeat that Most traders have failed before they’ve ever taken their first trade Why? Because they’re so busy thinking about all the money they’re gonna make, and forgetting about the process they have to go through Everybody’s got that outcome goal Ooh, I want a Ferrari Ooh, I want to make 200 grand a year, right? But they don’t think about the process So today I talk about the process What you need to do to become a successful trader, from start to finish Now obviously in one hour, guys, it’s not gonna be as complete as “Professional Trading Strategies,” which is 18 hours But what I’m getting at is we talk about why you need to build a trading plan, why you need to track your trades, why money management is important, why trade management is important, why Level II and order entry is important In terms of we all talk about scanning and the need for gaps as well as a trading plan that has all those criteria that you’re scanning for with your gaps As well as pre-market charts, guys And just general expectations to become a great trader You do not want to come into this business over-hyped, under-capitalized, and with expectations that exceed your experience Sadly, 98% of your guys are over-hyped, under-capitalized, and you have expectations that exceed your experience level It’s a recipe for disaster It’s partially your fault and partially the internets fault The internet has you believing that 1200 dollars into 20,000 dollars is normal It’s not, okay? The internet has you believing things like, oh you can do this in 32 seconds a day No, the internet has you believing that you could be from zero to successful in three months No, those things are just not true, guys And look, if you don’t want to take my word for it, just go to those companies They’ll be happy to sell you a Porsche and promise you riches in 28 days I’m telling you the truth So you definitely want to watch this video I break it down step by step I use a lot of charts I say that because you guys love charts But we talk a little bit about psychology Trade tracking, spreadsheets, journaling, order entry, Level II, patterns, money management, trade management I squeeze it all into one hour Okay, so I hope you guys enjoy the video I hope you learn something from it, and as always, you can get a one dollar, 30 day trial to the Live Traders Chat Room by clinking on the link in the description If you like this video, please click like And also subscribe, guys Think about it, you get all these great video notifications every week by subscribing, alright? I’m Jared Wesley of Live Traders Let’s get to it (majestic ethereal music) Don’t be fooled by the title The title says, “Learn Day Trading, “Everything You Need To Know.” So, let me say this I get a lot of emails from folks, and a lot of comments from people, and one of the comments I get from people is, you know, in the chat room specifically, you guys talk about a lot of topics, but you assume a lot of things You assume a lot of things And we do, right? We assume you know what a red candlestick is, or a green candlestick, or what a bottoming tail is, or what a limit order is, and all that kind of stuff We make a lot of assumptions So today I thought it would be a good idea to talk about trading What is day trading, what is trading? It doesn’t even have to be day trading It could be swing trading, it could be core trading We’re gonna talk about all of it, and it’s a bit of a longer presentation It’s something like 30 or 40 slides I probably could have made this 50 to 100 slides So I’m gonna basically go down, I’m gonna break it down today, from when you’re new to when you become experienced, and everything in the middle And basically the process to become a good day trader, okay? Even that term, day trading, scares people off It scares people off because most people, well,

they trade like gamblers We don’t do that here Everything has an entry, a stop, and a target So we’re gonna talk about that today So let’s talk, as we just dig into this, okay, what is out there? What people are really thinking You guys may have seen some of these on Google I kind of made my own There’s a lot of them out there It’s like, you know This is what my family thinks I do, right? They think you’re in your pajamas You got your laptop on, you know And for some people, that might be true But for most of it, this isn’t really what it’s about Now, I’ll skip over to what society thinks you do, what your friends think that you do Well, you know, this is what they think we do Let’s be honest about it Most people think that trading is akin to gambling, because most traders are gambling So this is what society and most family and friends think you do Family might think this is what you do, right? But this is definitely a big mantra out there Oh, be careful Don’t lose all your money A lot of traders think this is what they do Everybody wants to be Gordon Gekko And a lot of people think, oh, that’s what the goal is The goal is to be Gordon Gekko No, that’s not what we do as traders And then this is what you actually do You actually are sitting at a desk in front of one, two, three, four, five monitors No, not in front of 57 monitors like you see on some Google shirts, ’cause people have big egos But most of what we actually do is not terribly exciting I’ll repeat this, right? What most of us do is not terribly exciting Somebody’s making the comment the goal is to be the wolf of Wall Street No, that is absolutely unequivocally the opposite of what you want to be The wolf of Wall Street is a thief, a crook, a scam artist That’s what most of Google advertisements are Thievery, scamming, et cetera You don’t want to be, that’s illegal Unless you want to go to jail, that’s cool if that’s what you want to do It’s just not what I want to do, okay? But when you look at this, this is basically what the world thinks of us Your family thinks you sit in your pajamas all day and tick-tock around Society thinks you’re gambling What you really think you’re doing is trying to be Warren Buffett or Gordon Gekko, but the reality is good trading is quite frankly boring You scan, you watch, you wait You scan, you watch, you wait And then maybe, maybe one minute out of 30, you actually are doing something towards getting into a stock You know, it’s what a lot of Americans, I’m not saying this is true, so Europeans, please chill out A lot of Americans think of soccer It’s like watching paint dry, and for that 10 seconds they score a goal and the game’s one-nothing, or two to one But my point is, good trading is boring So get all this other stuff out of your head You’re not Gordon Gekko You’re not a gambler, and you’re not doing this from your pajamas in your bed with a laptop None of these three things are true This is true You treat it like a business You get up, you take your shower, you do your normal routine You don’t get out of bed five minutes before the market opens with sleepies in your eyes and barely making it down the steps or into your office Like, oh, what do I do? That’s not how this works Not if you want to be any good at it, anyway Okay, the other thing, too And I’m unfortunately adding to this mantra by showing the next slide I’m adding to this mantra by showing the next slide I don’t really want to do it, but I’m gonna do it anyway This is what happens Everybody sees this 2100 bucks in the 50 grand, and goes, that’s gonna be me! That’s gonna be me! I’m broke, I don’t have any money I need to change my life around I hate my boss, I hate my job I’m gonna do what he did But what nobody is telling you, what nobody is telling you is I risked two or 3% per trade to do this, and I had about nine or 10 years of experience to do this That’s an experienced person risking too much Not a novice person risking too much That’s just deadly This is an experienced person who risked too much And this problem is everybody sees it and goes, “Well, if it can be done, I want to do it.” No, this is not how you’re gonna be successful in trading So I’m just gonna get off this slide, ’cause I don’t want you guys to focus on it, okay? So I want you guys to consider this as I go through this, and don’t worry, it’s not all text slides There’s quite a few charts, ’cause I know charts are what keep people interested How misguided It says closing comments, but it should really say beginning comments Guys, realistic expectations are the key to this Most traders fail I want you to pay attention to this Most traders fail before they’ve ever taken a trade Most traders fail before they have ever taken a trade Why? Because they come in with expectations that grossly exceed their experience, they’re under-capitalized, over-hyped, they don’t realize how challenging this business is, and they don’t realize within the confines of any business that making 50, 100, 200% returns in one year

just doesn’t happen in the normal world But you think you’re gonna come in with no experience and make 1000% Please Statistically, less than 8% of people in the US make 100 grand a year Not families, that’s individual income Less than 8% make 100 grand a year And that’s in what, traditional jobs that are already setup for success That’s management people, whether it be McDonald’s, whether it be a construction company, whether it be Microsoft, less than 8% But you guys are coming in going, no, I’m gonna set the world on fire in six months Be conservative when you plan Use common sense 10 to 20% returns every month are fantastic The end of the year, that’s 100 to 200%, or more You do that for three years in a row, oh my gosh, you’re living the good life You go to college for four years, you come out making 40 grand a year After you paid 100 to 200 grand to the school to learn absolutely nothing Let’s be honest, I went to college too You don’t really learn much in college It’s just a name on your diploma that they care about It’s the truth Give this thing a fair shake, one to three years, okay? Now, I want you to consider I went through some of this, but have you really really really thought this through? Have you? Are you properly capitalized to be a trader? Is this really a business to you, or is this just a hope or a dream that you’re gonna throw a couple grand at? Guys, if you only have a couple thousand dollars to your name, you’re not ready I used this analogy in a video a couple weeks ago Just because you pass a McDonald’s and go, man, I really would love to own a McDonald’s, doesn’t mean you get to go own a McDonald’s, does it? No, you have to go through the process of saving money, the interview process, hammering it And guys, saving money is like a million bucks A million and a half bucks So just because you got three grand to your name and you want to be a trader, doesn’t make you a trader So do you have realistic expectations? Are you properly capitalized? Will you treat this like a real business, a proper business? Okay, one where you show up on time, and you leave late You work hard, and you do the things in between you’re supposed to do No, most of you don’t If you had a boss in trading, most bosses would fire you Let’s be honest about it Do you have a plan? Meaning if you went to a bank to take out a loan to start a business, they would ask you for what? 20, 30, 40% down, and they would want to see your business model, your business plan How are you going to accomplish these lofty goals that you keep talking about? And on top of that plan, what style of trading? Are you gonna be a swing trader, a core trader, a day trader? What type of trading? What kind of risk level are you gonna have? 10 dollars, 100 dollars? Remember, new traders, 10 bucks, alright? What patterns are you going to trade? Three bar plays, bi-setups, parabolics? How are you gonna find those patterns? Scanning, gaps? Have you learned order entry? How are you gonna get filled on those great ideas that you find when you scan? How are you gonna get filled? We talked about cyber today We talked about scalping cyber under 120 today, and I told you guys, no way you will get filled if you put your order at 19.99 as a short play You have to get in at 120.00, or 120.01 Guess what? As soon as it broke 120.00, it dropped 25 cents with zero shares filled between 119.99 and 119.75 Zero shares So great, you had an awesome pattern So what, you couldn’t get filled on it It’s meaningless if you can’t get filled on it, right? So understanding spreads so you don’t get hurt Share-sizing appropriately Money management rules, trade management rules Understand who’s trading Personality traits, time constraints Not everybody has eight hours a day to trade Follow-up, journaling, tracking your trades Reading books, talking to traders, taking courses Heck, take a vacation when needed These are the things you have to consider Wait, wait, wait! Before you ever take a trade Put it down in a plan But no, hey, you could open up an account for two grand You could be a trader, but you’re not really a trader You’re just a hacker You’re a wannabe with a huge dream and nothing realistic about it It’s just a pipe dream at that point It will never come to reality Okay? So, we talk about it You need to understand basic candlesticks I’m not gonna get into this in detail, okay? But this is a green bar Most people think green means bullish That’s not always true Most people think red means bearish That’s not always true, either But this is the body of the bar, and these are the tails of the bar Guess what, the whole bar matters For some reason, people don’t like to think that the tail of a bar matters It does, because it’s the total range of the bar Alright, but you need to understand what a bar means And that these bars form charts And these charts form patterns

And it’s those patterns that you’re looking to take advantage of to become a good trader So this is your basic bar It opens at the bottom and closed at the top How do I know it opened at the bottom and closed at the top? ‘Cause it’s green By definition, this bar has to be green because the close is higher than the open Over here, this bar by definition has to be red because the open is lower than the close It’s that simple But you need to learn that, okay? In terms of different types of bars, this is what they look like Some bars have topping tails Some bars have what we call a doji, which means a narrow body with a tail above it or a tail below it Some bars have bottoming tails Some bars are just full solid bars But they all have different meanings Note it says the buying pressure is increasing Which means bullish, and that’s true, right? A topping tail compared to a bottoming tail, this is a lot more bullish than a topping tail But, where they happen on the chart is just as important as how the bar forms I’ve done a lecture Guys, I’ve done a lecture where I spent 15 minutes just on this slide I don’t have that time today But a bottoming tail, topping tail All that’s well and good in a vacuum But if you don’t look at where it’s forming on the chart, it’s meaningless, so what you’ll notice here is to become a good trader, not only do you have to think about what you want to accomplish before you start You have to learn what it is that you’re actually doing Why do we take a stock that has a bottoming tail after three or four red bars? Because that stock is likely to bounce But the question is, why is it likely to bounce? It’s likely to bounce because sellers were in control for three or four bars, and now the balance of power is shifting How do we know this? Because the bottoming tail means what? This bar was red at one point in time It was solid red at one point in time, and it’s no longer solid red It now has a bottoming tail, which means by definition, buyers stepped up, they kicked the sellers out, commitment from the buyers is higher than commitment from the sellers Stocks should bounce These are the things you need to learn, okay? So what does it look like on a chart? It looks like this So here’s a stock that’s in a down trend Lower highs, lower lows Lower highs, lower lows Lower highs, lower lows, lower highs This stock is clearly in a down trend, selling pressure is very strong here It went from 60-ish down to 22 dollars And then finally it bounces But you know what, guys? It’s bounced many times before It bounced once, so what? It bounced up here, so what? It bounced here, so what? It bounced here, so what? This is where you have to understand technical charts For example, this stock is a little bit extended It’s far from the moving average It bounces, great But that’s not an action event It re-tests the prior pivot low, and then continues to go higher and puts in this what we call a W bottom This is an early sign that the stock is potentially transitioning from a stage four downtrend back into a stage two uptrend These are the nuances, these are the things that you have to understand as a trader But here’s the beauty of being a trader, okay? Some of you right now that are brand new are going, oh my gosh, this looks like NASA rocket science It looks so damn hard Well, there is a challenging aspect to this You have to understand what a pattern is, and how a pattern forms, I get all that But here’s the beauty of it You only need price and you only need volume You don’t need 100 indicators And every trade, as we’ll see here a couple slides from now has an entry, a stop, and a target So you know what your risk is before, during, and after the trade See, most long term investors have no true idea what their actual exposure is Why? Because they buy and hold, and they hold ’til infinity, and they hold ’til the bottom, ’til it bankrupts It’s the truth Most average investors, including your parents, your friends, and your family, they just buy and they hold When do they finally sell? When the pain is so great, they can’t take it anymore, they finally get out Well that’s not a plan, is it? Letting your emotions dictate how you trade or invest is a terrible thing You want what we call robotic indifference So why does that make charts so special? It makes charts so special because when they give you a buy signal, we buy, and we put a stop in, and we have a target If it doesn’t work, we stop out, and we know how much we’re gonna make if it works We know how much we’re gonna make if it loses And we just move on to the next trade

It’s beautiful It simplifies the approach so much And by the way, guess what It doesn’t just have to be day trading This is a weekly chart A stock that you would’ve bought somewhere around 27 dollars with a stop at 26, and it went up to 37 10 dollar move, 10 to one on your money But guess what it took, like three months This is a core trade So yes, you could apply this to your 401K Yes, you can apply this to your IRA Yes, you can apply this to your longterm investments That’s another beauty of trading A one minute chart and a monthly chart are the same exact concept One just happens, every bar is one minute, and in this case, every bar is one week All time frames, all patterns, all patterns are valid in all time frames Isn’t that a beautiful thing? In investing, you don’t even know what you’re doing You’re tongue-tied and twisted You’re pretzel-tied Oh, well Elon said it’s a good company, so I think I’ll buy Tesla Really? Tesla’s over-valued by probably 10 to one right now How many years before Tesla catches up to its actual stock price valuation? Five, 10, 15? So you’re sitting on dead money Just follow the chart The chart will tell you it’s too extended So let’s move on Guys, how do we take advantage of those patterns we talk about? How do we take advantage of candlesticks? Through patterns, right? Three bar play, breakout, buy set-ups, wedges, triangles, turnaround plays, parabolics, much more Guys, there’s probably 10 more patterns out there That’s how we take advantage Now why is this a beautiful thing? It’s a beautiful thing because it takes the emotion out of it There’s a three bar play We talk about these a lot Wide bar, narrow bar, rip Guess what, you buy here and you put your stop there Don’t overthink it You buy here, you put your stop here How do you know if it’s a good three bar play? You have a checklist for that The checklist tells you exactly what you need to know And you go down and you go, check check check check, and if enough of the boxes are checked off, you can take the trade If not enough of the boxes are checked off, you can’t take the trade Simplify your approach What are you all doing? Wide range bar, narrow range bar, blast off Buy here, stop here, look for two to one, move on, next Same with the buy setup Get your pull back here, you’re gonna buy here, put your stop here Target’s two to one, next Why are you over-complicating your trading? Why are you over-complicating the business? It doesn’t need to be this complicated See, the problem that many of you guys are facing is you lack confidence, and that’s normal in any new business And when you lack confidence, what do you do? You search for it And in searching for confidence, you become pretzel-tied Tongue-tied and twisted Why? Because this website says this indicator’s the best That website says oh yeah, wave theory is the best This website says Finobacci retracements are the key to riches and success It’s all bullshit It’s all garbage You know what every one of those concepts has in common? Every one of them, you know what they have in common? These red and green candlesticks They all base that theory off of a red and green candlestick All those indicators you’re searching for to help build your confidence because you think it’s the holy grail, they’re garbage I even had somebody tell me, no Jared, it’s the Mac-D Crossover No it’s not, okay? It’s just candlesticks Because the Mac-D Crossover couldn’t happen without candlesticks That’s price, and then volume, why is that important? Because price tells us what is happening, and the volume tells us how it is happening Is it happening with commitment, or a lack of commitment? Are there enough shares to trade on this stop? So we take a look at these, they’re simple Wide bar, narrow bar, rip You can erase the blue line if you want You guys have to understand what is most important are candlesticks, not indicators Stop over-complicating the process You know why you do it You lack confidence Why do you lack confidence? Because you struggle when you’re new And you guys think for some reason struggling when you’re new is not normal Guess what, newsflash You struggle at everything you’re new at If you have never played golf, and you went to the driving range, you’d shank a few balls If you’ve never walked before in your life, you’re gonna trip a few times If you went and tried to play basketball with LeBron James, and never played, he’d school you Except the that fact you’re new and you will struggle, and it’s normal, it’s okay, and it’s acceptable It’s when you don’t realize and appreciate that that you start searching for things that are not important, okay? Guys, keep it simple You just saw the last slide These are trades from this last past couple weeks, past month Thousand bucks, wide bar, narrow bar, rip There’s CRWD

Next, here’s another one Wide bar, narrow bar, rip This was a few days back Another eight or 900 bucks Keep it simple There are no moving averages on this chart There are no moving averages on this chart And this one only has a 200 on it I don’t use anything but candlesticks Price and volume Price and volume Price and volume Is it becoming more clear? Stop over-complicating your trading Now, you want to ask yourself Are you more suited to be an intra-day trader? Are you more suited to be a long-term swing trader? Do you want to hold stocks for three, four, five, 10, 12, 20 days at a time? You might Why might you want to do that? Well, you might not like the high action of trading the first hour of the trading day That might be too quick moving, too fast moving for you That doesn’t suit your personality style, which we’ll talk about Maybe you like that activity, and you’re good at pressing the button Meaning you’re quick and you’re accomplished at picking a stock price, getting in, and putting your stop in quickly That’s what an intra-day trader would do One happens to be income-producing, and the other one’s wealth-producing, wealth-building Ultimately you should be doing both, ultimately But when you start, choose one Maybe your time doesn’t allow you to be an intra-day trader, so be a swing trader You have to decide before you take your first trade, am I gonna be an intra-day trader or am I gonna be a swing trader? Am I a longer-term person or am I a shorter-term person? There’s nothing wrong with either one, and ultimately, like I said, you probably should be doing both Now, what are some of the things you might want to consider in making the decision to be an intra-day trader or a swing trader? Well, think about your personality qualities Think about your time constraints Think about your capital restraints Intangibles, what are you good at? Are you really slow when it comes to scanning? Well that might lead towards what? Swing trading Personality-wise, are you really kind of a little bit nervous and jittery? Well you might want to stick to intra-day trading on micro-time frames, one or two minutes charts What kind of time do you have available to you? Some of you guys, honestly, you’re on the East Coast, or maybe it’s 9:00, 10:00, 11 o’clock when the market opens in your country, and you are already at work Well, you probably need to be a swing trader Some of you live on the West Coast in California or Hawaii The market opens at 4:00 a.m., 6:30 a.m. et cetera Guess what, you can intra-day trade if you want If you have another job So consider these things before you make a decision Notice I’m trying to lead you down the path to set up a proper trading plan to give yourself a fair opportunity to succeed in this business So again, this is examples of a day trade Here’s a five minute chart Wide bar, narrow bar, drop Over here, it’s a 15 minutes chart This is a buy setup This is what an intra-day trade looks like This is what another intra-day trade looks like But the difference is one is faster-moving Five minute chart moves quicker 15 minute chart requires more patience, and more patience requires more time There’s nothing wrong with it Maybe you want to be an intra-day trader, but you’re not really quick with the trigger button So you might want to trade 15 minute charts, because they form in a slower manner, in a slower fashion That’s how they form So it gives you more time to do your due diligence To get through your checklist Over here, you have to get through your checklist quicker Things happen faster But you’re gonna notice something on the next slide It’s gonna fascinate you Take a good hard look at this five minute chart Take a good hard look at this 15 minute chart Now watch This is swing trading It’s the same damn thing This is a wide range bar with a narrow range bar Let’s go back This is a wide range bar with a narrow range bar and a drop It’s a short play Let’s go back This is a wide range bar with a narrow range bar It’s like Groundhog’s Day in here The only difference is it’s a daily chart The other one was a five minute chart But what you’re looking for doesn’t change This is a breakout So instead of this being every bar is five minutes, every bar is one day So this consolidation lasted for two or three weeks instead of two or three minutes Or 20 or 30 minutes Take a zero off it, add a zero to it That’s the difference between intra-day trading and swing trading See, many of you, I get this question so frequently Hey Jared, can you talk about swing trading sometime? You always talk about day trading It’s the same thing There’s nothing different You use the same order types, the same patterns,

the same entry points, the same stop losses Sure, the stop loss will be wider on a swing trade, but it’s still under bar number two Nothing’s changed There’s no rocket science between intra-day trading and swing trading Things just happen quicker intra-day, and slower in swing trading Now Nobody, or I should say you can’t call yourself a trader if you don’t do this If you don’t have an entry, stop, and a target before you take the trade, if you don’t have an entry, stop, target before, did I mention before you take the trade? You’re not a trader, you’re a gambler and a hacker and you should give up right now Harsh, aren’t I? If you don’t know what you’re risk exposure is before you take the trade, and what your plan is no matter what happens, you’re a gambler A good trader has a plan for any possible thing that happens They get in here, they have a stop down here, and they have a target up here And it’s pre-determined before they put their hard-earned money into it Entries guys, use stop limit orders Stop limit orders for entry Do not use stop market orders I’ll talk about it in a couple of minutes Stop losses, use a stop market order for a stop loss Why? When you want to get out, you want to get out Yeah, you might take a little slippage That’s part of the game I don’t want to hear about people running your stops and stops getting triggered I don’t want to hear about it, it’s garbage If you believe that, quit trading now because you don’t have a chance If you really believe that stops get ran that often, you don’t have a chance ’cause there’s no way you’re gonna beat an HFT computer Can place 1200 trades in a nanosecond, not exaggerating Just stop now if you believe that Okay? They don’t stop And occasionally when they do, we got the 84% rule to get back in, don’t we? We’ve got it covered We’ve got it covered Now take care of your business Have an entry, stop, and a target on every single trade you take If you don’t, you’re a gambler No, there is no gray area here It’s cut and dry, it’s black and white You’re a gambler if you don’t have an entry, stop, and a target That’s it Go somewhere else maybe that’ll tell a little lie to you and tell you that’s not true Targets use a limit order Now, break it down for you Risk level New traders should be risking about 10 dollars a trade I don’t care when you’re like, well geeze Jared, I’ve been doing this for two years If you’re profitable, okay You can go to 100 bucks If you are not profitable after one or two years, you’re still at 10 dollars Yes you heard me clearly It’s not a length of time It’s a level of profitability Let me explain It’s not a length of time We have plenty of traders that are a year and a half in and they’re still losing money If you’re still losing money, guess what, it’s better to lose less than it is to lose more Risk less because you’ll lose less Oh my gosh, what a novel concept Risk less to lose less, oh my goodness Imagine that These people out there blowing up 50,000 dollar accounts, stupidity I know somebody that had a million five account and they lost 700,000 dollars Before the pain got great enough that they said I can’t do this How the hell did you lose 700 grand? On 10 dollar risks, that’s kind of hard Oh that’s right They’re better than you They’re better than me Because well, they had a million five, so they think they’re special You’re not special, you’re not New is new is new is new I don’t care who you are Bill Gates, Jeff Bezos, Warren Buffett Every one of those guys is new when they first start True or false? If Jeff Bezos wanted to go learn how to play ping pong, does he have a chance against anybody in the top 100 in the world? No, so do you think it would be smart for him to bet 1000 dollars a game in ping pong? No, because he’d lose 1000 dollars a game It’d be better for him to bet 10 dollars a game, wouldn’t it, because he’d lose a lot less Doesn’t matter if you have it to lose It’s just dumb Wealthy people aren’t wealthy because they’re dumb They’re wealthy because they’re smart And they’re good with money management Get it into your thick heads If you are new and you are not making money, risk 10 dollars I don’t care if you saw somebody who turned 500 into a go-zillion in 47 days I don’t care So, let’s get to it 106.75 is the entry, okay? Stop loss is 107.25 So your entry, this is a short play We’re hoping the stock goes lower We’re looking to make money when a stock goes down I stress this ’cause many people out there don’t even realize that you can make money in a falling stock Yes you can You borrow the shares at this price, and you re-pay them back at a lower price, and the broker owes you the difference So 106.75 is your entry 107.25 is your stop Remember, we need an entry, a stop, and a target So this is a 50 cent stop loss And we’re looking for our one dollar gain Why? ‘Cause that’s two to one, and that’s what I shoot for You can shoot for three to one, four to one, 10 to one

You can bar-by-bar it There’s a million ways to manage That’s a different topic But know how you’re gonna manage before you get into the trade So 50 cents So if we have a 50 cent stop loss And we want to risk 10 dollars We need 20 shares If we short 20 shares of this stock, and it doesn’t work, we will lose 10 dollars 20 shares and it goes, and stops us out on 107.25, we’ll lose 10 bucks The position will cost you 2,135 dollars If you have a retail leveraged account, most accounts are leveraged four to one, the stock will require 533 dollars and 75 cents in cash In cash, now why am I putting the prices on here? Why am I doing this? Because quite frankly, I am sick and tired of people telling me that they can only trade penny stocks, or they can only trade low price stocks because they have a small account That’s bullshit This is 100 dollar stock And you only needed 533 dollars to trade it So don’t tell me that ever again that you could only trade low price stocks because you have a small account Guys, let’s be honest I hate to be the bearer of bad news But if you have a small account, you ain’t that good You’re not that good Otherwise, your account wouldn’t be small Sorry, honesty hurts Truth hurts, it’s tough love If you were that good, your account wouldn’t be two or three grand It’d be 20 or 30 grand So clearly you shouldn’t really be risking more than 10 dollars, anyway Oh my gosh, he’s right, but my ego can’t handle that, Jared So I need to risk more Go ahead, lose more money, it’s up to you Okay? So, 533 dollars for this Now, you go up to 100 dollar risk Now you need 5000 dollars to take this trade That’s not bad If you have less than five grand, you probably shouldn’t be trading anyway If you want to do 1000 dollar risk, now you need 53 grand 53000 dollars in cash Well that’s a lot of money But guess what, by the time you get to 1000 dollar risk, you should have at least that much money Guess what, 1% is the most you can risk So by definition, you’d have to have at least 100,000 dollar cash account to risk 1000 dollars on a trade 1% of your cash account is the maximum that you’re allowed to risk So you should easily be able to take this trade if you’re doing 1000 dollar risk New traders, unprofitable traders, should risk 10 dollars Okay? And we do this by share-sizing appropriately We know what we’re gonna lose Sure, we might lose a little extra in slippage Alright I just went through this, so I’m not gonna spend much time here, guys Money management is everything in this business Everything You’re going to struggle your first year in trading You will, 100% you will struggle your first year Even if you get lucky your first two or three months and do well, a pull back is coming So don’t get ahead of yourself, alright? So that means you really shouldn’t be risking more than 10 or 20 dollars a trade I think 10 dollars is the number If you want to go as high as 20, whatever, okay? But 10 dollars is the number If you break even in your first year of trading, you’ve done a great job The only way you’re gonna succeed in this business is if you last in this business If you don’t last, you’ll never succeed Guess what, guess what happens then If you can’t last after a year, okay, then clearly you were what? Clearly you were this You were in this category You were a gambler If you don’t have enough capital in your trading account, you either started with too little capital or you gambled the rest of your money away That’s it That’s the only possibility You either started with too little, like 500 or 1000 bucks, which you shouldn’t do, or you gambled it away Plain and simple So, money management is your number one job Controlling risk is your number one job If you don’t control risk, if you don’t have money management, if you don’t have an entry, stop, and a target, you’re a gambler, give up and move on to something else Because the market will gladly take your money Guys, we’ve been through this before This is why you have stop losses You can’t predict the future If you could, you wouldn’t be listening to me, and you wouldn’t be here, and you wouldn’t want to be a trader If you knew for sure, if you were Biff in “Back To The Future” you wouldn’t need this This shit happens, it really does I didn’t color in this chart with a marker This really happened If you didn’t take a stop loss, how are you feeling right now when a stock went from 20 to nine? You own CRVS long, and this thing tanked 10 dollars Guess what, you’ve just become a long-term investor in a dead-weight stock You have dead money now for the rest of your life You know who owns a lot of dead money? Every person on the planet who owns General Electric 10 years ago

No, maybe 10 years ago was a good time to own it Let’s call it 20 years ago If you still own General Electric from 20 years ago, you’re holding the bag Dead money You don’t want to do that Because if you’re a trader, you’re a trader You’re not an investor Your job is to get in here, get out right on that black line right there Get in here, get out there Don’t hold the bag after it goes past your stop loss That’s dumb, that’s gambling And you know with the people I’m talking to, many of you have done it before You let a stock go past your stop loss, and you lost a boatload more money than you were supposed to Instead of losing 10 dollars in this trade, you lost 20, 30, 40, 50 bucks You know what the beauty is about risking 10 dollars? Losing 100 bucks don’t hurt that much, does it? Imagine if you risked 1000 dollars on this And let’s just say you had a 50 cent stop loss Let’s just say you had a 50 cent stop loss, and this thing went five dollars past your stop loss You lost 10 grand on that Instead of 1000, you lost 10000 That kind of hurts If you risk 10 bucks, you may have lost 100 bucks See the difference? I’m not saying don’t take your stop losses I’m just saying that if you did be an idiot, if you were an idiot and let this happen, at least you’d recover from losing 100 versus losing 10000 Be smart, guys Be smart Use hard stops, no mental stops I don’t need to go through it You guys have seen it before in a different lecture This is what gambling looks like I’m not even gonna go over it You can read it on your own time That’s just stupid That’s what dumb trading with no plan looks like Okay, now, quick Quick, quick, ’cause I gotta get through these slides in the next 15 minutes Knowing what order type to use is really important, guys And a lot of traders think, oh, I just buy here and sell there If it were that simple, right If it were that simple Market orders, this is only to be used if something happens and you just gotta get out of a trade I can’t even really think of a great example to use a market order There’s never really a good reason to use a straight market order Use limit orders for your targets Limit orders for your targets Use stop market orders for your stop losses And use stop limit orders for your entries A fill is not guaranteed with a stop limit order, but it allows you to determine how much you’re willing to pay for a trade It allows you to say, do I want to pay two pennies for this trade? Do I want to pay 20 cents for this trade? Do I want to pay 30 cents for this trade? If you got in using a stop market order, you would pay what the market is willing to bear So earlier I talked about Cyber If you put a stop market entry order at 119.99, you would’ve been filled at like 119.75 You would’ve gotten a 25 cent late fill That’s too much, it’s too much You can’t control where you’re gonna get filled with a stop market order But you can with a stop limit order Now, when we talk about protective stop losses, we use a stop market order Why? Because the goal is to get out Even if we have to pay a little bit much, even if we take slippage, you want to get out The job, the goal is to get out Right? Here, getting in, we don’t want to overpay to get in We want to pay just enough And “Professional Trading Strategies” talks in great detail the order entry chapter is the largest chapter in the book Why? Because it’s probably the most important chapter because it talks about money management, but it also talk about how you get filled on trades So when you look at this, you have to use the right order for the right time Yeah, I mean somebody’s commenting They saw me get out of a trade using market when my platform froze That would be about the only time I could think of Your platform froze, maybe you just hit market and say, alright, I’m getting out and I’m not taking another trade until the tech issues go away Now, why is Level II important? It’s everything, guys Remember, if you can’t get filled, you can’t make money The greatest pattern in the world is worthless if you don’t get the shares you need If you’re trying to get 1000 shares, and you get filled for 100 shares, it’s a worthless trade So Level II is important guys ’cause is helps us understand where buyers and sellers are, what the spread of the stock is, which is where buyers and sellers are, how whippy a stock is The first five, 10, 15 minutes day, man, stocks are whippy We saw a stock today I think it was Shopify, SHOP It had a five dollar spread at one point Five dollar spread Could you imagine? So knowing the Level II, knowing where the buyers and sellers are will help you get a better fill, and not get skipped Because now you know what needs to be done to get filled You know what you need to pay and how much you need to pay up, and then you make a determination I’m not willing to pay that much I am willing to pay that much But if you don’t know,

you’re gonna get skipped It also helps gauge our exit strategy If there’s a large block order near a target area, I might get out right under that block order Also lets me know if the stock is really spready, maybe I should lower my share size by 5% or 10% Why? Because if I stop out, I’m gonna take nasty slippage I’m gonna get hammered for slippage So, this is a basic Level II Most of you have a different Level II, guys This is the kind I use on Trade Station This isn’t actually Trade Station, but it shows, I’m gonna go over it briefly The buyers are on the left in blue, and the sellers are on the right in red There are 16,600 shares on the bid on the buy side, and on the offer over here, the ask, there’s 279,000 shares So there’s a lot more sellers here than buyers So when this balance of power changes, and this becomes 20,000 buyers and 10,000 sellers, that means the stock is likely to go higher But right now the stock is likely gonna be fighting 15.50 for a while until most of these sellers have sold their shares Knowing this is important It’s important because once it finally breaks 15.50, you might not get filled up here, or if you get filled, you might get filled really late Because usually, it’s like a dam Once you’re holding that water in so tight when they finally crack the dam, these things rip, and that’s what happens after you get rid of a big block order You ever notice that in a stock? There’s a big block order holding a stock down, holding a stock down And when that block order’s gone, they rip Guys, I’m purposely not getting into super great detail here, purposely I can’t do all this in an hour I can’t put an 18 hour course into one hour Note here, buyers are at 55.89, sellers are at 56 This is what we call the spread So 11 cent spread The spread is the difference between buyers and sellers So over here, we have 5700 buyers to 53000 sellers The buyers are unwilling to pay more, and the sellers are unwilling to sell cheaper So what do we have? If you want to buy this stock right now immediately, you gotta pay 56 for it If you want to sell the shares, if you own shares and you want to sell them and you want to do it now, you have to sell them at 55.89 That’s if you hit market If you hit market to sell, you’ll get filled with 55.89 If you want to buy this stock and you hit market to buy, you’ll get filled with 56 You’re gonna pay the spread If you wait, though, you might get filled in this range if you offer out your shares Why? Because some of these buyers might step up to 55.95 real briefly and come right back down And if your shares are sitting there, they’ll fill them So over here, note the spread has tightened Note it was 11 cents, now it’s one cent Same stock, same stock Notice the buyers are stronger now 5000 shares versus 16000 Note the sellers used to have 53000, now they have 27000 This is a stock where buyers are showing more commitment than sellers Buyers are willing to pay up for this stock That is commitment So yes, volume matters Level II matters Here’s a great example of what we talked about on Cyber today Guys, under 177 Now remember, this is a two minute three bar play Take a look at it You guys are, oh my gosh, that’s an amazing three bar play You didn’t get filled on it though, did you? Your order was supposed to be at 177.49, short And your stop’s at like 179 $1.50 stop, and this thing just tanked It just dropped It printed 900 total shares in a 32 cent range 900 total shares in a 32 cent range Does Level II matter, yes it does You would’ve gotten skipped, and this stock went down $1.50, two dollars in about one minute Guys, one minute it went from 177.50 to 176.14 One minute And you got nothing So as beautiful as this awesome three bar play looks, you’re just sitting there twiddling your thumbs So what’s the alternative? Get in at 50 or 51 or 52 right here It’s the alternative So, things to consider The volume of the stock The price of the stock Light volume stocks are harder to get filled on Higher priced stocks are harder to get filled on Why? Because they are spreadier Higher priced stocks, except for those one trick pony biotech penny stocks that are like two dollars and have a 12 cent spread, most of the time the price of a stock also determines the spread of the stock So you have to know, is it high thick volume stock like MU, AMD, Microsoft?

Or is it a thin stock like, I don’t know I can’t think of one off the top of my head Maybe TAP, or ALB, or something like that Price matters, the spread matters The size of your stop loss Your risk to reward matters You don’t want to pay too much It might hurt your risk to reward If you have a 50 cent stop and a one dollar target, and you get filled 25 cents late, guess what You now have a 75 cent stop, and $1.50 target or higher I don’t want to pay up 25 cents Gotta figure something out Maybe anticipate, maybe getting in a little sooner How many shares you need is very important If you’re a new trader doing 10 dollar risk and you need 25 shares, not so bad If you’re doing 3000 dollar risk and you need 10000 shares, that’s different, you might have to work that order You might have to start your order earlier How badly you want to get filled is also a factor If you just absolutely love this position, and you feel confident it’s just gonna kill it, maybe you’re willing to pay a little more Not a lot more, a little bit more So maybe I’m willing to give this trade 10 cents of room to get in 10 cent stop limit order But I really like it, I might give it 12 or 13 cents, ’cause I really like it Guys, these are considerations Very important considerations In “Professional Trading Strategies,” every one of these bullet points has two or three pages attached to it So you can see six times, there’s about 18 pages just to go over there Scanning, how are we gonna find these things? Well one, you have to understand what a gap is What a nice gap is, anyway So we’re gonna scan for them And I’m gonna use dollar gainers and dollar losers to do my scanning Guys, it’s sorted in dollars, gainers and losers People are like, well how do you sort that scan? No, it’s just sorted in dollars No, 185 is on top, 117 is on the bottom They’re sorted in order of the biggest price movers, the biggest price movers Not in percentage movers, price movers So VBLT, there’s the gap over that little consolidation That’s an interesting stock, I might put it on my watch list I’m just gonna use gainers and losers I’m looking for what I would call compelling gaps We rate our gaps level one, Level II, level three It depends on the shock value, where it’s gapping from, where it’s gapping to, relative strength, how much volume it has, et cetera I’m not here to go in to all of that I’m here to show you what we do So wide range red bar going lower Well, the stock had a lot of selling pressure yesterday You wake up this morning Let’s say you shorted this stock yesterday at 27.50 Hypothetical, you shorted a 27.50 yesterday, it closed at 27 You’re feeling really good about yourself, thinking you know what, we have room down to 23 bucks This is great You wake up today, it opens at 30 Remember, you owned it at 27.50 short You’re 2.50 out of the money Ouch, what are you gonna do? You’re gonna buy to cover You’re gonna get out of your short play, and to get out, you have to buy To buy pushes the stock even higher I want to be in this So I’m looking for these types of gaps on this type of scan Dollar gainers and dollar losers, that’s it Pre-market, I’m scanning the daily and the 60 That’s all I’m looking I’m not even looking at the five minute, two minute I’m looking at the daily and the 60 and the pre-market, and I’m looking for really nice gaps If a stock has a really nice gap, then guess what I do to it I put it on my thumbnail watch list On two minute charts, and I watch it, and I stare at it You can see it right here I put this out there in the chat room I put it out there on StockTwits every day ScalpMaster is my handle And these are my long watches Then I put a favorites list So I do a long watch list and a short watch list And then right before the market opens, I do a what? A favorites list Why? Because I don’t want to have to look at 15 or 20 ideas Yes, they’ll be on my thumbnails, but I really want to dwindle it down to the best of the best and focus on those So, in this case, there’s five favorites Some long, some short I stare at them And guess what I do I stare at them until, until, until they give me a pattern And that’s it It’s that simple Stare at it until it gives me a pattern So, it looks like this There’s the gap There’s the five minute three bar play There’s the two minute, and that’s it I will have this stock, LL, wait for it, over here on my thumbnail watch list, and I will stare at LL I will stare at LL until what happens? It forms a pattern on the two or the five minute chart, and then I will take it at 17 with a stop at 16.75, and make bank That’s it Simple process Now, let’s move on from that to scanning Or sorry, did I say scanning? To tracking Guys, if you’re gonna treat this like a real business,

not a bullshit business, not a hacking thing, you’re gonna need to track your trades You’re gonna need to either go out there and buy a tracking spreadsheet or make one I made this particular one I’m not gonna go into huge detail on this, but you need the basics You need, is it a long trade, is it a short trade? What’s the entry, what’s the stop, what’s the exit price? How much did you risk on it? What was your profit? What was your loss? You need those things You know what you also could really benefit from? You could also benefit from knowing extra information, like are you better on long trades or are you better on short trades? Are you better on one minute charts or are you better on 15 minute charts? Are you better on breakouts, or are you better on three bar plays? Are you better on Monday or are you better on Thursday? All of these things do what? They help you fine tune your trading so ultimately you can be a better trader If you’re not tracking your trades, you’re a hacker Why does every big business track all their sales? And cost acquisition per customer What the lifetime value of a customer is Why do they do that? So they can better market to their clients, ultimately being more efficient, and then what? Making more money for their business How do you guys call yourselves traders without using a tracking spreadsheet? How do you call yourself a trader without doing that? You’re not a business owner You’re a hacker Your boss wouldn’t let you get away with it Why do you let yourself get away with it? Think about that Would my boss fire me? Post market routine, record keeping Take screenshots of all your trades Review them Were they good trades, were they bad trades? Write down your emotions that you recall, during the trade, after the trade I’m not gonna go into this in great detail I gotta get through a few slides here briefly, quickly I should say You have to have a plan You have to have a tracking spreadsheet You have to have a trading journal And you need to, every day after the market closes, or when you have time, maybe it’s in the middle of the market day, write all that stuff down If every other sports team does it, and every other business does it, why don’t you do it? You know why you guys struggle so much, guys? Because you have no oversight Remember the quote I gave you guys a couple days ago? People will do what is inspected, not what is expected People will do what is inspected, not what’s expected You don’t have a boss in this business, so you have nobody to keep you on the straight and narrow So what do you do? Whatever you want to do And most of the time, people are terrible self-managers Because most of you have never had to self-manage before Not to this level Not in a business that preys on your core beliefs and emotions Track your trades, measure them A bad month doesn’t mean your trading plan is bad I want to repeat this One bad month doesn’t make your trading plan bad Assuming you followed it Trading plans only work when they’re followed, guys And you can only measure them when they’re followed If you don’t follow the plan, it’s hard to measure the plan Remember, nothing happens in one week or one month You need to do this over three, six, nine, 12 months to get meaningful results And I just want to throw this back in there Get this out of your head This is experienced, eight, 10, 11 year trader doing this Two grand is not enough Three grand is not enough 13 grand is barely enough Get it out of your head New traders can’t do this, so stop thinking you can New traders cannot do this Stop thinking you can If you believe that, go to one of those penny stock gurus out there that’ll steal your money from you If that’s what you want, go do it People in life seem to love people that agree with them When somebody agrees with you, it’s amazing how their tune changes They become nicer, they become more chatty with you, and when you disagree with them, they become confrontational, don’t they? I’m just telling you the truth I don’t care if you like it or not I’m just telling you the truth So a couple more slides, we’re almost done here, guys You have to have a realistic timeline If you’re not gonna give this one to three years, don’t start If you’re not gonna give it one to three years, preferably two to three, do not start If you don’t have at least five or 10,000 dollars, do not start You’re not better than somebody else, or you’re not more prepared because of prior success Jeff Bezos doesn’t have an edge on you in trading Bill Gates doesn’t have an edge on you in trading Michael Jordan doesn’t have an edge on you in trading Why? ‘Cause none of those three people have ever traded before To my knowledge So they’re not better than you If you were a trash collector, you’re just as prepared as somebody who’s a CEO You’re just as prepared If you have a trading plan and you follow it Profitability will not come quickly It will come very slowly And in the beginning at very, very small levels If you need to keep a second job or a full time job to make your dream work, then do that Never be embarrassed by what you have to do

to achieve your dreams in life What you do with your time, whether you work at Circle K or Walmart, it’s nobody else’s freaking business Why do you care what your friends think about you? It doesn’t matter If you have a dream and you’re going about it properly, I mean realistically, not with some, you know, I’m gonna turn 12 dollars into 12 million If you’re going about it realistically, do whatever it takes to meet those goals, those dreams, those hopes Do whatever it takes If you gotta take a night shift at 711, do it It’s your dream, it’s not your neighbor’s dream Who cares what your neighbor thinks about it? Their BMW is probably leased anyway, and they’re over-leveraged Who cares what they think about it? Expect ups and downs It’s going to happen Inconsistency is normal in the beginning I get that email all the time Jared, I just had two really good months, but I started this month terribly What’s wrong, what am I doing? Maybe it’s just a bad month in the market Maybe you are doing things wrong Don’t jump ship because you had one bad month Don’t think you’re great ’cause you’ve had two good months You will feel extreme highs and lows I remember my weekend, sadly when I first started, was highly dependent on how my trading week went If I had a good week, I had a great weekend I was happy, bouncing all up and down If I had a bad week in trading, I was like half depressed all weekend Don’t let that bug you That’s just the way it is in this business Stay away form that Stay even-keeled And then understand, guys, what’s required This business is no joke Hardest thing you’ll ever do, man Outside of being in the military, it’s the hardest thing you’ll ever do Hard work, dedication, persistence, continual education, market experience You need every bit of every one of those things And then some And then some Last, one more slide after, but this is really the last thing I really want to truthfully comment on So many people in this business, and I’ve used this slide before, you may have seen it So many people in this business, and in life, they have outcome goals Everybody wants to be Kim Kardashian Everybody wants to be Brad Pitt Everybody wants to be Warren Buffett That’s great, that’s wonderful How are you gonna do it? That’s the process Outcome, we all have outcome goals A 16 year old kid has a picture of a Ferrari on his wall That’s his outcome goal I want to own a Ferrari someday The question becomes how How are you going to get there? Remember, outcome goals without process goals are just pipe dreams So many people have this How do I know they have this? Because they come in with 1200 dollar accounts, 2000 dollar accounts, with no prior experience, no education, barely enough to open a trading account, and they want to make 100 grand in their first year Now I know they don’t have a process goal, ’cause if they did, they’d realize that’s an unrealistic process goal An unrealistic outcome for such a short period of time Please guys, I’m telling you straight The vast majority of you have failed before you ever took your first trade, because you came in with unrealistic expectations that grossly exceeded your experience because you were over-hyped by some Google advertisement I’m just telling you flat You want to be good at this, treat it like you would treat any other business Treat it like it’s your life savings, and if you lose it, you have to file personal bankruptcy Treat it like that Treat it like you put 80 hours a week into it Treat it like that You’ll have a really good chance of succeeding This business is challenging And it should be You get to do it from anywhere in the world from a laptop So it should be challenging Because the freedom and flexibility that it provides So anyway, outcome goal without a process goal is a pipe dream Have a process goal, and that’s what I’m hoping I gave you a little bit of a glimpse at today The process to be a great trader Yeah, there’s a lot of things I didn’t talk about today, because I would be here 12 hours But the process to be a great trader starts with a proper plan before you start Proper capitalization It also starts with tracking all your trades Understanding what good money management is Having a reasonable timeline And when you do all those things, this stuff becomes, I don’t want to say easy, but normal Trading will never be easy This week has been challenging, for example Last week, I will call it easy This week, challenging But this stuff will become normal You won’t question things, you’ll just do it So my goal today was to speak to some of the newer traders, even to some of the experienced traders that maybe don’t quite get it yet You think you’re there, but you’re still risking too much

Or maybe you’re not tracking your trades, or maybe you’re not understanding that your trading plan has to match your personality style You can’t just build a plan and think you’re gonna follow it You have to understand what’s required with personality traits, time constraints, capital constraints, right? And then you can go about building a proper plan So I guess it applies to experienced traders as well You can always be better But to the newer traders, I get a lot of questions Oh, you guys talk about such high level stuff in the chat room Well, this is a good lesson to learn, a good process to go through to be a good trader And guess what, the market doesn’t care what you need The market doesn’t care that you need to make money tomorrow because you want to pay your bills It doesn’t matter You’re gonna go through a lengthy challenge and process from day one to year one to year two to year three to be successful You will not be better than somebody else You will not cut corners, I promise you You won’t do it You’re gonna have to go through the mud to come out on the other side “Shawshank Redemption” at the end That’s what it’s like Seriously, that’s probably a good movie analogy That’s what trading is really like You’re gonna swim through the filth and the crap, and you’ll still be a little dirty when you come out on the other side But you’ll clean up nice Alright, so that’ll do it for this week’s lecture I hope you guys enjoyed that I hope you learned a little something from it It’s a little longer than normal, but again, I hope it was helpful To get more great educational content, subscribe to the Live Traders YouTube channel This way, you’ll get email alerts every time I upload a new video