30 day check up — Transcript

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1. 0:00Hey, what's up everybody? Um,
2. 0:03just want to check in. I want to uh see
3. 0:06how everyone
4. 0:08did with their exercise, 30-day
5. 0:11exercise, one trade, one market, one
6. 0:13risk,
7. 0:15OCO, and walk away. I've been getting a
8. 0:18lot of emails and comments
9. 0:22positive that uh it's been helping a lot
10. 0:25of people and I you know I'm pleased
11. 0:27pleased to hear that because like I said
12. 0:28when I first said this to everyone I
13. 0:33know what the pitfalls are because I've
14. 0:36lived them and this exercise
15. 0:40is designed to shed a lot of those bad
16. 0:43behaviors and judging from the comments
17. 0:44and emails like I said I I think it's
18. 0:47really helping a lot of people and I'm
19. 0:48I'm happy about that. Uh
20. 0:52that being said, um I apologize for
21. 0:55being random. I'm all over the place as
22. 0:57you guys know by now after my last
23. 0:59couple of videos. I shoot from the hip
24. 1:01when I start recording.
25. 1:04I just start talking and there's nothing
26. 1:06planned, scripted, nothing like that.
27. 1:08I'm just a straight shooter. And uh so
28. 1:12like I said, I would like to get some
29. 1:13more feedback. See how you guys did with
30. 1:15that. Uh now on another note I want to
31. 1:20talk about
32. 1:22strategy.
33. 1:24Okay I get a lot of questions of people
34. 1:27asking me where do I enter where do I
35. 1:31exit? Do you get in on the close? Do you
36. 1:34get in at this time? Those are all good
37. 1:38questions because I guess you know
38. 1:41in relationship to where you are in the
39. 1:43journey of your of your trading career.
40. 1:44I get it. I understand it. you know,
41. 1:46you're looking for knowledge, but I
42. 1:47don't want people to get lost thinking
43. 1:50that there's one cookie cutter approach
44. 1:53to this because there's not. All roads
45. 1:55lead to Rome in this business. And what
46. 1:58I mean by that is there are hundreds if
47. 2:02if not thousands of different ways to
48. 2:04approach the market. There is no one way
49. 2:07that's right or one way that's wrong.
50. 2:09This is a personal journey and
51. 2:13what you have to do is you have to find
52. 2:17what fits your personality.
53. 2:20It's I'm going to say this right now. It
54. 2:22is impossible
55. 2:24to copy somebody
56. 2:27exactly the way that they trade because
57. 2:30everyone's personality is different. me,
58. 2:34the way I trade directly suits my
59. 2:36personality because I'm going to tell
60. 2:38you, I am a complete contrarian.
61. 2:41Okay? The neighborhood I grew up in,
62. 2:43where I come from,
63. 2:45for lack of better words, I just think
64. 2:46everybody's full of I don't trust
65. 2:48anything. I think everybody's
66. 2:50everything's until I figure it
67. 2:52out firsthand for myself and prove it to
68. 2:53myself. And that's exactly what you need
69. 2:56to do in this business. You need to find
70. 3:00what works for you, what fits your
71. 3:02personality. And then you have to go
72. 3:04back and you have to test it and do so
73. 3:08much research and actually prove it to
74. 3:10yourself beyond a reasonable doubt that
75. 3:13whole this works. This works and it has
76. 3:16to align with your personality.
77. 3:19Okay. So
78. 3:22that being said, what holds all of this
79. 3:25together
80. 3:27is risk management.
81. 3:29Okay, once you find your edge,
82. 3:33you have to design a risk profile that
83. 3:36suits your personality too. Okay,
84. 3:41what I had to do is I had to go
85. 3:45and first of all find the edge that
86. 3:47worked for me in my personality, which I
87. 3:49didn't. You guys all know what that is.
88. 3:50Trap and shift. I wait no trap, no
89. 3:52trade. If I don't see a trap, I don't
90. 3:54have a trade today. That's that's my
91. 3:57crux of my my system, my my strategy,
92. 4:00whatever you want to call it. Um because
93. 4:03I don't believe in the initial breakout
94. 4:06because I I call on it. I'm
95. 4:08waiting for it to fail. That's what I
96. 4:10do. That's just how I trade. Some people
97. 4:13trade other ways. But what I had to do
98. 4:16is I had to go back and find a strategy
99. 4:19when I got to the screens. Okay? When I
100. 4:22came from the floor, I was a
101. 4:23discretionary trader. When I came to the
102. 4:25screens, I had to learn to be a
103. 4:27mechanical systematic trader. And I did.
104. 4:30And I did that through trial and error.
105. 4:32And I went back and studied charts and
106. 4:37studied charts and studied charts. And
107. 4:38finally, I just kept seeing this
108. 4:41pattern repeating over and over and
109. 4:43over. And I was like, "Okay, I see this
110. 4:44all the time. But how I how can I
111. 4:48operate in this? How can I make this
112. 4:53work for me? I'm seeing it, but I just
113. 4:55don't know how to implement it yet." So,
114. 5:00what I did was
115. 5:03printed off thousands of copies of this.
116. 5:05I have a I have screenshots thousands
117. 5:07thou probably 10,000 screenshots in my
118. 5:10folder on my on my computer and I
119. 5:14dissected this thing
120. 5:16six ways to Sunday
121. 5:19my setup and this is what you need to do
122. 5:21with your own strategy and once I honed
123. 5:23in on it I then had to hone in on okay I
124. 5:27see this thing repeating constantly
125. 5:30every single day or you know almost
126. 5:32every single day but it's repeating at
127. 5:34all different times
128. 5:36I can't be at the screen 24 hours a day.
129. 5:39So then I had to give strict time
130. 5:41limits.
131. 5:43And
132. 5:45what else? What the other thing I had to
133. 5:47do is I had to say okay well I want how
134. 5:52can I make myself available
135. 5:54to
136. 5:56execute this every time I see it in the
137. 5:58time that I want to
138. 6:01participate in the market.
139. 6:04And that again comes right back down to
140. 6:06risk. Risk is what is the fabric that
141. 6:08holds this entire
142. 6:11business together. So I said, I want to
143. 6:13be available to take every single one of
144. 6:15these setups that I see in my timing
145. 6:16window. So how do I go about doing that?
146. 6:20Simple math.
147. 6:22You just divide
148. 6:25whatever it is your capital you're
149. 6:26working with or how how you know you
150. 6:28divide that by X amount of attempts you
151. 6:31want to be able to take
152. 6:33and
153. 6:35execute.
154. 6:37That's it at its basic form. Okay,
155. 6:42you have to be able to break your risk
156. 6:45into X amount of chances you want to
157. 6:48give yourself. Okay, however much you
158. 6:51know whatever I don't know what capital
159. 6:52anybody's working with. Okay, and then
160. 6:55you give yourself a long enough runway
161. 6:57to allow the probabilities to take
162. 6:59place. Okay, it's not hard. It's just
163. 7:02simple math and calculation. All right,
164. 7:04and another thing I want to talk about
165. 7:07is the fact that
166. 7:10markets are not random. Okay, they are
167. 7:13100% not random. They're efficient.
168. 7:16What I mean by that, they're efficient.
169. 7:18I mean, there's liquidity at all hours
170. 7:20and times of day. You can get in and out
171. 7:22of a position. Um, there's always a bid.
172. 7:24There's always an offer. But in no way,
173. 7:26shape, or form are markets random. And
174. 7:30I'm living proof of that because I just
175. 7:32do the same exact thing day in and day
176. 7:35out or whenever my setup presents
177. 7:37itself. I don't do anything different. I
178. 7:40do the same exact thing over and over
179. 7:42and over. If markets were random,
180. 7:45that setup would not be appearing
181. 7:47constantly.
182. 7:49So, I made a living
183. 7:53because I know markets are not random.
184. 7:55Okay? This is what I do for a living.
185. 7:58This is this is my lifeboat. I hang on
186. 8:00to my setup like a life raft. So
187. 8:05what you need to do, like I said, is you
188. 8:07need to go back and you need to prove to
189. 8:10yourself and build confidence
190. 8:13in the setup that you are trying to
191. 8:14master. No one's going to master it for
192. 8:17you. No one's going to give you that
193. 8:18confidence. You are going to give
194. 8:21yourself that confidence. And again, you
195. 8:24have to make it yours. You have to do
196. 8:26what aligns with your own personality
197. 8:28because there are no two people alike on
198. 8:31Earth. We're all individuals.
199. 8:34So,
200. 8:36you will find it. And it doesn't have to
201. 8:38be the setup that I trade. It could just
202. 8:40find what aligns with you and then build
203. 8:42a risk tolerance around it. And you'll
204. 8:45be amazed at what you can do if you
205. 8:49stick to the script and you use the
206. 8:52proper risk management
207. 8:55day in and day out.
208. 8:58So,
209. 9:00that being said, um
210. 9:03again, I hope uh I hope a lot of you
211. 9:05guys are finding success with that uh
212. 9:0730-day challenge. And uh you know, send
213. 9:11me some messages, some comments, and uh
214. 9:13if there's anything else you you guys
215. 9:15want to uh discuss, let me know, and uh
216. 9:17you know, I'll try and hone in on it.
217. 9:19But again, the biggest takeaway here is
218. 9:22whatever way you're going to trade,
219. 9:24okay? Whatever way you you want to
220. 9:27trade, you have to make it your own.
221. 9:29Okay, Stacy has a playbook, okay, that
222. 9:33is just
223. 9:35golden nuggets of information.
224. 9:38Pick one of the chapters that resonates
225. 9:42with you and make it your own. You don't
226. 9:45have to trade every single setup, every
227. 9:47single type of setup. Just pick one that
228. 9:50resonates and make it your own. And then
229. 9:53just go back and binge watch it all
230. 9:55weekend long. Go back through charts. Go
231. 9:56I I used to go through charts,
232. 9:5910 years, 20 years worth of charts over
233. 10:02in in an entire weekend just veging out,
234. 10:05going through it. I'm going through
235. 10:06finding my setup, finding my setup,
236. 10:08finding my setup. That's the level of
237. 10:11commitment you need to have to make this
238. 10:14work. And once you find that edge,
239. 10:16that's it. Leave that edge alone. Then
240. 10:17you just build risk on it. Don't start
241. 10:19tinkering,
242. 10:21trying to fix what's not broken. Once
243. 10:23you find the repeatable edge that you're
244. 10:25comfortable with with your personality
245. 10:26and your psychology, leave that alone
246. 10:30and then you go and you work on the risk
247. 10:32parameters,
248. 10:33build the risk parameters around it. And
249. 10:36only you can do that. So
250. 10:40anyway, I hope everybody uh
251. 10:43had a good uh a good good experience
252. 10:46with this challenge, and I look forward
253. 10:48to hearing some more uh comments from
254. 10:50you. All right, take care all. Bye.