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Day Trader in the Making: Dux's Traders Podcast Ep 2 — Transcript

by Steven Dux · 5,440 words · 1,003 segments · language en · Watch on YouTube

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0:03hello guys welcome to the second episode
0:05of the trader podcast and today i'm here
0:08with my assistant jimmy
0:10uh so in this episode we got many focus
0:12on about experienced trader versus a
0:15beginner trader so jimmy has been
0:17trading about almost a year now he
0:20started with about 27 000 28 000 in his
0:23account
0:24and as you guys know me i've been
0:26trading for about seven to eight years
0:28now back in 2016 2017
0:33i started with 27 000 and then i turned
0:37it into
0:39at least
0:4010 million dollar i can say the exact
0:42number but definitely over eight figures
0:45so
0:46right here
0:47i want you guys to
0:49kind of pay attention to
0:51his mindset and my mindset so you can
0:55take both lessons whenever you are in
0:57different trading stages
0:59so uh from here i will let jimmy take it
1:02and he will share a little bit about his
1:04experience uh in the last year of
1:06trading
1:08all right
1:09um
1:10my name is jimmy um not a very good day
1:12trader that's my first label
1:15um as steven mentioned i started trading
1:18uh last year last january and
1:22it has been a year now
1:25at the first couple months it was it was
1:28really rough and um i was constantly
1:32facing the possibility that i could blow
1:34out my accounts
1:36any day any day i wake up maybe i'm not
1:38thinking straight in the morning
1:40or i just woke up late or woke up too
1:42early trading in the pre-market
1:44um
1:45like many other
1:47day traders who just started their
1:49trading journey
1:51i have a lot of misconceptions about
1:54trading i always thought well i can
1:57it was it was really messy at the
1:58beginning because i always think that i
2:00can go like oh in into a very regular
2:04trade and then i end up losing big on
2:06something
2:07and right now my progress in day trading
2:09is i'm
2:11i'm down like 6k yeah from the very
2:14beginning
2:15yeah overall down 6k
2:18first six month i was down about
2:21uh 8 000
2:23and um later
2:25there was a month last october which is
2:27the really very crazy month um
2:31i took another approach
2:33the approach was i would just kind of
2:35follow you strictly and i'm not gonna
2:37trade on myself and um that month i was
2:40up 22k
2:42and
2:43later when i when i switched
2:46to
2:47kind of a half and half
2:49whenever you have a trade i'll follow it
2:51and
2:52whenever i trade
2:55i'll just trade on my own
2:57i still lose money that way even though
3:00i'm winning on your on the following
3:01trade
3:03so here comes one question as you guys
3:05watching the podcast
3:07so
3:08you're a person not really close to
3:10stephen and you're pretty much beside
3:12him all the time so why not just follow
3:14him
3:15pretty much 100 of the time and you will
3:18be able to make you know at least six
3:21figures a year with your account size
3:25yeah uh that's a very
3:27viable question because i was because in
3:30my mind after so many trades that i
3:32might that pull off on my own i just
3:35start to ask myself okay i think the
3:37most efficient way to trade to treat
3:40this stock market
3:41is actually to follow every single one
3:43of your trade and not doing it on my own
3:45because that's see this is another
3:47question that other people will be
3:48curious about is
3:50that
3:51well they before they go into day
3:54trading they will look at the statistics
3:5694 people loses money in the stock
3:59market and i think i told you guys in
4:01the last podcast only maybe five
4:05people can make over five million
4:06dollars per year in the entire i would
4:09say brokerage which has about 25 000
4:11people and three of the three out of
4:14those five people keeps rotating out
4:16because they blow up in uh in
4:19uh maybe
4:21some takers like dwc
4:24so once they know the statistics right
4:26and they see somebody like me and you're
4:30already close to me so
4:32you don't even have to go through making
4:34so many trades by yourself
4:36other people just be looking at me says
4:39okay i'm just gonna follow stephen from
4:41the beginning i'm not even gonna trade
4:42by myself
4:44so what's your take
4:45um
4:46my take on that is uh i actually i just
4:49had an idea popped up towards that topic
4:52because my take on that is if i see if i
4:55do that
4:57i know i can be profitable because the
4:59statistic
5:00statistics tells me so
5:02um but if i do that i'm worried i'm
5:06worrying about like someday i may not be
5:08able to follow your trade and then this
5:10may not be
5:12a very consistent
5:14path for me to take on but then i was
5:16like
5:18if i trade on my own
5:20that's not consistent at all either so
5:23if i just maybe if maybe the following
5:26part is actually the learning part that
5:28i should be taking on
5:30instead of like just trading on my own
5:34so one of the things
5:36outsides a more logical way
5:39is
5:40if jimmy tends to follow me from the
5:42very beginning and he turns 27 000 into
5:46six figure plus
5:48um
5:48and
5:49his main focus is to be consistent
5:52profitable without me
5:54being present
5:56so
5:58that takes
5:59trades by himself and takes practices as
6:01well
6:02so if i'm not there and he has a six
6:05figure account once he makes a mistake
6:09that will be a much severe mistake
6:11uh
6:12you know on a six-figure account instead
6:15of you know 27 000 account so in
6:19if you if i present that way uh it's
6:22much better to make mistakes when you
6:24have a smaller account then you have a
6:26bigger account
6:28that's my take yeah
6:29i agree
6:30um and i just have something in my head
6:33um and and i think the following trade
6:36part
6:38is not only about
6:40when we have a trade it's also about
6:44how much position size you should be
6:46putting in after you took a loss after
6:48your account gets decreased to a point
6:50and what's the new ratio of you putting
6:53in to that account i think um
6:56i think when i'm not following you
6:59when i'm not following your trade what i
7:01do is okay on the first day say i lose
7:04about
7:055k on a on a one fifth or one third
7:09position size and
7:11the second day i would think about
7:13making it back or
7:14or third day whenever there's a
7:16opportunity and i'll go in the same size
7:19and i'll lose it again and again and
7:21again until
7:23my count is non-existent and um
7:27but actually the the right way to treat
7:29that situation from your perspective if
7:32you are to treat my account instead of
7:35me
7:35i think it will turn out really
7:37differently ever since the first losing
7:39trade
7:41so there is
7:46more like a derivative about whenever
7:49you're on a losing streak
7:51that every loss you take and and if it
7:54turns out become a consistent loss
7:58then you have to slowly reduce your size
8:01and for
8:02uh
8:03somebody that followed me 100 of the
8:05time and they are looking at me trading
8:07different takers that's fine and you can
8:09look at my entries and exit but the one
8:12thing
8:13that i can't
8:15pay attention to is my size
8:17because i have my own idea about my
8:20sizing into different wedding percentage
8:22pattern
8:22some tickers are sizing in two million
8:25dollars some ticker assistant only three
8:27hundred thousand and for somebody as a
8:30beginner like him all those numbers are
8:32so big that he
8:34barely pays attention to
8:36so
8:38if he cannot control
8:40the size in different pattern which
8:43is a big problem so if i throw a 300 000
8:46dollar into a ticker that's not not very
8:48profitable only maybe 65 percent winning
8:52percentage if i take a loss
8:55it will be relatively small and if i
8:58throw a two million dollar i'm gonna
9:00take her that
9:01has eighty percent ninety percent
9:02winning percentage if i make a win
9:04that'll be huge the the weighing will
9:07overwhelm the losses easily
9:09but for somebody like him he doesn't
9:11know the size and difference he doesn't
9:13know the statistics behind different
9:14patterns and winning percentages he will
9:16throw all of the size with uh premium he
9:21will throw i would say the same
9:23size on all different tickers
9:25so
9:26that will become a whole different story
9:28because you don't really know how to
9:30sizing heavy into different winning
9:31percentage pattern and that
9:34will
9:36basically
9:38come out with a complete outcome
9:40between me and him
9:42completely different yeah
9:43um yeah i noticed that when i was going
9:46through your trades from a trade zero
9:48last year um there's
9:52uh it's the share sizes they uh vary a
9:55lot
9:56and um
9:57and it seems like you control it very
10:00well because
10:02out of like because i do it like in a
10:05month-to-month increment um say last
10:08october the trade you pull off last
10:10october you only have two losing trade
10:12and uh
10:14and then out of let's say i think it was
10:16like 12 trades
10:18on trade zero and then you only have two
10:20losing trade one is like
10:22700 loss
10:23and uh one is like 200k loss or 100k
10:27something but the winning trades are on
10:30average the biggest one goes up to 900k
10:33that's just the trader account um and
10:36then average is around 500 to 300k
10:40per trade and um
10:42that um that that part to me is like i'm
10:46i'm like i'm super amazed because you
10:49control your losses
10:51here like that portion 100k or 200k
10:54that's your max loss there that you took
10:56and then the average win that you took
10:59is
11:01i would say even 100k more than
11:04when
11:05than your max loss
11:07um
11:08and when i when i look at the position
11:10size it's really
11:12yeah it is really hard for me to follow
11:15since the
11:16since the share size is just
11:18just really big
11:20and um i wonder how
11:24it i wonder if the best way for me to
11:26start practicing this is to uh is is
11:30from what i was what i'm doing right now
11:31which is the uh i will break down my
11:33position size to
11:35the small um let's say 60 percent
11:38winning rate to 75 winning rate i'll put
11:41down one-fifth of my account and um 80
11:45to 80 anywhere about 80 winning rates i
11:48would go about one-third
11:51of my uh of my total equity um do you
11:54think i should break it down even more
11:57than the two position signs that's
11:58something um
12:01see here is the most difficult part for
12:04sizing in
12:05is there's a limitation about how much
12:08you can size in
12:11with
12:12different account size
12:14so let's say you only have a few
12:15thousand dollar account you can size in
12:17with percentages one fifth one third if
12:20you have a fifty thousand dollar account
12:22you can still setting one fifth one
12:23third and if you have a 500 000 account
12:26you have to really pay attention to the
12:28volume and there's only specific amount
12:29of money you can size in before you
12:31break the pattern
12:33so
12:34uh that's number one you have to go
12:37figure that one out
12:39as you become more experienced trader
12:42the second part
12:43is
12:45being flexible
12:46with your account
12:48going back and forth so with day trading
12:51right you you experience uh
12:54exponential growth within a small amount
12:57of time
12:58and one day your account is 27 000 one
13:00day your account is 54 000
13:03and the transition from
13:0554
13:0627 to 54
13:09is you are not very experienced with the
13:12losses you are not very experienced if
13:14you're sizing one third that's gonna
13:17your max loss will be this much when you
13:20see the loss you see oh this exceeded my
13:23normal uh losses on a 27
13:26south 27 thousand dollar account
13:30and you instantly freak out and cut your
13:32losses but you are not supposed to cut
13:33your losses so
13:35those mental transitions is also very
13:38important
13:40for your trading career so
13:43being adaptive
13:44um
13:46your account sizes and being adaptive on
13:49size limitations once you become more
13:52experienced
13:53those two i think
13:56uh are the most also difficult part for
13:59you to
14:00experience i can't really teach people
14:02that uh because
14:05every day your account just going back
14:06and forth back and forth i think at one
14:09point of my time my account was going
14:11from
14:131.5 million
14:15to lower 700k it was just going back and
14:18forth like that
14:19so
14:20i couldn't control my size when i was at
14:221.5 000 in
14:25500k it's easy
14:27but when i have a 700k account sizing
14:29500k that's almost all it yeah
14:33so
14:35to manage that and
14:38whenever you are making a trading plan
14:41it is fine to make a trading plan
14:43whenever
14:44uh it's in the pre-market but pretty
14:47much all of the entry is like instant so
14:51you have to make your decisions within
14:5230 seconds right in those 30 seconds you
14:56got to think about
14:58all those risk management
15:01make sure you're setting the right size
15:03and make sure you have a correct risk
15:05and make sure you have the correct
15:07max loss
15:08and be able to cut
15:10once the stock reaches a certain point
15:12so all of that information is to go
15:14through your head
15:15within 30 seconds so that's the hard
15:18part it's very
15:20it's very very easy to screw up on you
15:23know
15:24thinking through those 30 seconds
15:26i've done it many times
15:28sometimes i press the extra zero
15:30sometimes i
15:31didn't know my loss could get to this
15:33big
15:34and
15:36that specific part for
15:38you is
15:40i would say to be
15:42going from you know
15:45thinking fast and almost feel like it's
15:47all
15:48i'll say
15:49it becomes an autopilot after you do
15:51like 100 times but for the first
15:5450 times it's very difficult
15:57so to control that
15:59is also very difficult you're going to
16:00go through some crazy losses at the
16:02beginning which i did at the beginning
16:05and you learn from that i think the most
16:07important lesson no matter how i tell
16:09people
16:10uh what they should do what they should
16:12not do and those type of
16:14thinking process
16:15produces mistakes and you gotta
16:17experience experience those mistakes
16:19before you become a better trader
16:22so
16:23knowing
16:24um knowing what's it like when you mess
16:27up
16:28knowing what's it like when you mess up
16:30yeah
16:30and
16:31being confident that okay if i
16:34if i mess up this is what could
16:35potentially happen even though i could
16:37avoid it i still don't
16:40know what it's like in the back of my
16:41head and moving forward
16:44um
16:45yeah that i'm still yeah i'm still
16:47digesting on the part how do you of like
16:50how fast you
16:52um calculate the position size and uh
16:55and the potential risk of that you're
16:57taking for
16:58for
16:59for each and different position like
17:02for each and different pattern which you
17:04size them differently
17:08so what you should do is
17:11you should write like
17:13uh you should treat
17:14uh different patterns like a branch so
17:18you you look at ticker okay this is fits
17:21certain criteria maybe it's a bouncer
17:22gap up for overseeing gap down or first
17:25right day or whatever it fits a certain
17:27criteria then you branch out from this
17:29pattern and you see okay
17:33um
17:34how much reward i have how much risk do
17:36i have
17:37uh is it really worth it to go in today
17:41and is it very is it overextended so
17:44the stock itself over extension volume
17:48size
17:50flow market cap all those things matters
17:54and that just takes a massive amount of
17:56experience because different ticker has
17:58its own volume market cap flow
18:02and
18:04to control size
18:06on
18:07individual ticker that's completely
18:08different than all the samples that you
18:10have
18:11is difficult
18:13so
18:15when you see me making a trade like dwc
18:18and amcd and gme
18:20i've never seen those before
18:22yeah how do you
18:23how did you figure out
18:25a new position size for those
18:29so
18:30that comes down to
18:34for amc
18:36and gme
18:38gme is reasonable because
18:42once you dropped from 500 to 100 and
18:45bounced back to 400
18:47that's a massive bouncing percentages
18:49and you have a solid risk for the
18:51shorting too that's the same pattern as
18:53cei so that's easy now for amc when it
18:56dropped like that
18:58um
19:00for amc that was difficult mc i
19:04i don't think i did very very well
19:06compared to me
19:08yeah mc was uh
19:11it dropped in the pre-market
19:13and i did not expecting expected dmc
19:16bouncing all the way back
19:19and almost
19:20to the exact same high as
19:24i think it was the 75
19:26dollar area
19:27now to control size on that one
19:29is almost like trading
19:34a billion dollar cap
19:35so you know that one billion most of the
19:37billion dollar cap has its fundamentals
19:39so massive extensions or massive panic
19:43will have a reverse
19:45um
19:46typically when it drops 75 reverses
19:49about 50 from the bottom
19:51so
19:53um
19:56now for amc and g missions are so
19:58extended i was unsure they would
20:00actually have a bouncing
20:02yeah
20:03so
20:04for mc i did not catch the bounce for
20:07jme uh i
20:10packed size on it because you actually
20:12have i have identified risk
20:14uh for dwc the first size was small but
20:18the rest of the size once a once pattern
20:20was formed already i will be able to
20:22identify
20:24uh
20:25the pattern that's going to play it out
20:26so that's why it says the heavy so that
20:29178
20:31165 entry at the very top
20:34that was like a more oh my god feeling
20:37yeah yeah
20:38see that that was the upgrade c
20:41and amc that was
20:44a solid trade
20:47the gmail solution
20:51llc it comes with gut feeling once it
20:54drops the certain amount of percentages
20:56and i can confirm panic is coming that's
20:58where it says then
21:01yeah so you can see
21:03so going back to the
21:05um the drop um
21:08the um the sizing in
21:10after you are confirmed it's a is a drop
21:13because it sounds like you broke your
21:15position size down by first very little
21:18and then large portion once
21:20once you you're confirmed on a certain
21:23idea
21:24um how do you break that down
21:27how do you break it down
21:30to give it a percentage
21:32what would be
21:34one-fifth one-third of the total
21:36position for your first entry
21:39uh normally i don't really break it down
21:41that much
21:43i will size the name based on how i want
21:45to look at my average where
21:47what average am i most comfortable
21:50at when the stock is at certain point
21:53so let's say
21:54for amc
21:56that top is 75 my uh
22:00my average better be at
22:0265 or something
22:04right so i will size in a little bit
22:07amount
22:08more of like this might be the potential
22:10momentum shift because it's up so much
22:14once it confirmed drops it drops about
22:1761.62 right i sat down somewhere between
22:2070
22:21and i
22:22average those positions my
22:25together my average will be around 67.68
22:28so i'm sitting there
22:3167.68
22:32i'm very comfortable with the stock is
22:35already at 61 and
22:37closing to the 50s and when it drops all
22:40the way down to 30s i feel much more
22:43comfortable
22:44so
22:45you have to kind of see that
22:47the stock current price with your
22:49current average if it's too
22:52if the gap is too small that's where it
22:54makes you nervous
22:55uh so you kind of define that comfort
22:58zone is you want a sizing in
23:00a small amount to drag your average up
23:03to half the middle point that to compare
23:05with the current price
23:07that
23:08gap
23:09is your edge the bigger the gap is
23:12the more likely you're going to profit
23:13especially on a
23:17stock is
23:19down you know shifting momentums
23:27yeah um
23:28that's uh that's very interesting to me
23:30because
23:30um
23:31for lately what i'm trying to do is uh
23:33just one entry and one exit
23:38i i've always have this question on
23:41if you break your position size down by
23:43okay the first it would be like a very
23:45high entry
23:46and
23:47and then the second one's a confirmation
23:49about something
23:51uh once the once you confirm that this
23:53stuck is cracking and then you can still
23:55size in with the previous entry to drag
23:59your average up
24:01um
24:04what
24:05like what kind of
24:07you said the the larger the gap
24:10um from your initial entry and then the
24:12the second confirmation
24:15it's
24:16when it gets bigger how is your edge
24:18increasing
24:20downshift momentum is when the stock
24:22being so overextended going up a
24:23thousand percent and it's when it's on a
24:25confirmed down shifting per momentum it
24:27will drop at least 50 from the
24:30top so from that point is how close are
24:34you from the top
24:36i'll beat another cab so
24:38that's that's the trick now for
24:41all the momentum shift
24:44tickers like
24:45amc and gme
24:47uh kodk
24:49all the crazy tickers that happened this
24:50year
24:52those you need
24:54uh adding
24:55and you need
24:56multiple entries but for regular
24:58patterns like gap up shoulder bounce
25:01short you don't really need
25:02multiple entries one introvert exit and
25:05a lot of people cannot control
25:07their entry
25:09based on multiple entries i'm gonna take
25:11her
25:12especially on multi-year honor going
25:14really crazy
25:16that's where they blow up their account
25:19so that's why i recommend most beginners
25:22don't do
25:25try to guess where the momentum is going
25:27to shift
25:29because if you cannot control your
25:31sizing
25:32very very easy to lose 20 30 percent in
25:35one candle so
25:37that's my take on
25:40the momentum shift
25:41and regular patterns
25:43okay so regular pattern it will be one
25:46entry one exit get it cleared
25:48and uh for momentum shifts you how you
25:51you have to size in differently at
25:54different points
25:56would you go about
25:58one half at the first entry and one half
26:00of the second entry
26:02half and one and see that's
26:04not very ideal because one
26:07whenever you decide to do one half
26:09you're pretty much
26:11you're pretty sure that the stock is
26:13going to go down from there
26:15so
26:21personally for me i would drop a little
26:23bit of size to test
26:26yeah i would test the stock to see
26:31my
26:32the strength of my shares that sounds a
26:34little bit weird is
26:36that uh i will go in and use my size
26:39to
26:40to
26:42uh to test the stock so i put in ten
26:45thousand shares i put in five thousand
26:47shares to see how far the stock will
26:48actually drop if it drops significant
26:51amount that makes first of all if it is
26:53really on low liquidity
26:56the stock would pull
26:58really hard if it pulls really really
27:00hard that means there's not many
27:03buyers are in there anymore
27:05if there's sufficient enough eq
27:07liquidity and if you drop ten thousand
27:09shares on it depends on the stock price
27:12for sure if you drop ten thousand shares
27:14on it and you
27:16didn't really move
27:18or
27:18in
27:19it pull down a little bit instantly
27:21reverse and that's something that shows
27:22the stock is still a lot of strength
27:25so
27:28i'll go in a test about a few times to
27:30see
27:33how my size will actually affect on the
27:35stock
27:36before i go in in full size so
27:40for me
27:41i'm more of looking at the bigger
27:42picture uh if i can make
27:45seven hundred thousand nine hundred
27:46thousand
27:47or a million
27:49dollar trade
27:51gold has decided within ten thousand
27:53twenty thousand it's
27:54nothing
27:57yeah that
27:58that sounds hard first of all
28:00but uh the second is how did you start
28:02practicing like looking at because this
28:05is really hard to quantify you can't
28:07really bring up excel sheet and record
28:09what you do what you're doing when
28:11you're testing all those shares
28:13um
28:14so
28:15i guess it's all based on your feelings
28:18and then
28:19like how basically if i put 50 k shares
28:22down here and then seeing how much it'll
28:25drop here see that it's quantifiable
28:28[Music]
28:29see
28:30it's kind of that way in my head yes but
28:32it's also quantifiable um
28:34i'm the machine by just a lot it's not
28:37more difficult
28:38because
28:40whenever you are seeing so many examples
28:42you can see how far stock will actually
28:44pull based on different flow and market
28:46cap you see so many of them can you know
28:48you can see
28:49what's the percentage you can pull
28:52but to really actually track that with
28:54your you know eight nine years
28:57experience to track every single one of
28:59that it's
29:00a little bit difficult
29:02so i don't think
29:04anybody has that type of spreadsheets
29:06that
29:07a certain amount of size can poster a
29:09certain percentage
29:10of the stock and what type of
29:12percentages is considered to be weird
29:15was considered to be
29:17likely reversible based on how much size
29:20you tested like i don't think anybody
29:22none of them has maybe it's you know one
29:25of
29:26the stop thoughts out there yeah
29:29i don't i don't even know how how to
29:31like practice that
29:33it's like when did you start
29:35noticing that this could be a method
29:38to test the liquid at that point started
29:41with uh i was sizing into a ticker
29:45i was wondering okay well the stock is
29:47up about 100 percent
29:49how much can this adds in
29:51i was pushing size i was making 100k 80k
29:53at the beginning i was making 20k then
29:5580k the 100k on ticker
29:59and it gets to a point that
30:01you size in so much
30:03and it's not worth it no more it's not
30:06worth it for a stock that's only a
30:08hundred percent you'll get your limit
30:10of
30:12the size is not worth it for the stock
30:14right now yeah you have to drop size
30:16because your wrists become too much
30:18so
30:20um
30:23that's number one after that i started
30:25to notice okay
30:28how much size can i use to test the
30:30stock to you to actually
30:33fill my own size
30:35into the pool
30:36before somebody
30:38uses a large amount of dollar to counter
30:40me because i showed it too much
30:43so
30:44it started from there
30:46and i'm still earning i don't think i'm
30:50i am uh
30:51there yet but
30:53i have a feeling
30:54that
30:56not a feeling but i have some type of
30:57statistics behind it it just
31:01it's quantum available but it's very
31:02difficult
31:04yeah it's that sounds really tough
31:07yeah sometimes
31:08i don't know how to do it
31:12and i don't know how to start to
31:13practice that until at first i feel like
31:16i need to get to a certain point in my
31:18account size and um
31:21to actually have an effect
31:24when like save short 50k shares to um to
31:27test the liquidity
31:29um but 50k is like everything to me
31:32right now
31:33on and so at this point you have to
31:36worry about that all you have to focus
31:37on is
31:40patterns right injury right exit
31:43maximum your
31:45maximum minus your pro your percentage
31:49on a chart
31:52at the beginning i was just trying to
31:54practice okay today i missed about ten
31:57percent from the entry i should i should
31:58top take it and i also should bottom
32:01take that there's a statistic statistics
32:04for top tick and volume tick
32:06uh like
32:08whenever your top tick you will know how
32:10how far the stock will drop like every
32:12time i told you that uh it's not exactly
32:15to drop to here
32:17if the volume is too um too much
32:20you know you can cover a little bit
32:21about there all those cover experience
32:24or exiting experience come from
32:27statistics it comes from all those
32:30experiences
32:31so
32:33from from trading once you
32:35at the beginning
32:37i'll say at the first two to three years
32:38if you just practice your entry
32:41and maximize your profit on the exit you
32:44should be good to go yeah that's
32:48once you practice the point
32:50i would say
32:52give a zero to 100 if you got to 90 on a
32:56total score you can make a million
32:57dollars
33:00i have been doing none of that
33:04yeah i need to yeah i need to i actually
33:06can i find a plan
33:09i i actually want to write this down
33:10because
33:11yeah i haven't been tracking
33:14um how good my entry and exit is from
33:16the most ideal point on each dip
33:19each of the different pattern
33:21i haven't been doing that at all
33:25yeah i need to do that right
33:27yeah
33:28yeah
33:29um
33:30all right which uh brings us to the next
33:33question
33:34um
33:35this is see
33:37when i'm having an issue in day trading
33:39it's um it's
33:41it's pretty easy for me to like to go to
33:44you and have it fixed i'll go ask you
33:46questions and then you'll point out what
33:49am i doing wrong what am i doing right
33:51um
33:53but you
33:55you kind of you started
33:57trading on your own and then you
34:00pretty much it's a self-learned process
34:01for you and i wonder
34:04it's easy for me to keep myself humble
34:06because i can go to you i can i have
34:07some place to look at but how do you
34:09keep yourself like in check and humbled
34:12and in whatever
34:14in whichever way you would define a good
34:16trader
34:17how do you keep yourself in check
34:19because see that's the hard part i used
34:21to be
34:23uh
34:26i used to trying to figure stuff by
34:28myself now looking at all different
34:30people's stuff
34:33all the bigger traders or bigger name
34:35traders or major creators out there
34:39uh i will test their strategies and
34:41we'll see if they're working now
34:47but from
34:48self-improving part it is so much more
34:51difficult i have to do so many trades
34:54and simulations and to see where could i
34:57fit in and how to dodge losses and how
35:00to have the correct mindset
35:02every time when i take a loss now that's
35:04the hardest part because
35:07if you're alone you're unsure of
35:10what you did wrong what you did right
35:12um
35:13until you trade for maybe 10 months a
35:16year or 10 months
35:18and two a year
35:19and you look at your entire trading
35:26entire
35:28you look at all your trades from your
35:30trading now you look at all your trades
35:31from account statements and you'll be
35:34able to figure out okay this is the
35:36biggest loss i have i probably should
35:38get rid of that one and i should also
35:40look at this sticker
35:41maybe this one is a little bit extra
35:45this is from over trading or this is
35:46from
35:47revenge trading you take those out and
35:50you will be able to recognize which ones
35:52are available which one's not avoidable
35:54you can
35:56you know simulate another sheets and you
35:58can see oh this is you know have much
36:00more better result than i have let's do
36:02that
36:03next time and it just slowly improves
36:06every single year
36:08yeah yeah so that's how yourself
36:11improve
36:12so you pull out your account statements
36:15and then you find out the the consistent
36:18trade and then you put you actually
36:20simulate them and you put those trades
36:22into into a new spreadsheet and then
36:24just the new spreadsheet has nothing but
36:27the ideal trade that you bought ideal
36:28trader you pull up and there's the
36:30losses that you think it's unavoidable
36:32okay then you look at your profits and
36:34they locate profits right now and you
36:36can see oh i [ __ ]
36:38up so you actually
36:40build this ideal in your in your head
36:43and then you go for it and then until
36:45you get there you figure out
36:47another idea that you can go for again
36:50and that's the way you
36:52yeah
36:53that sounds tough
36:58i still want to write it down
37:00alright guys that's enough trading in
37:03topics for today so if you have any
37:05questions
37:06or any comments about jimmy and
37:09questions
37:10to ask me leave a comment below and
37:13we'll be happy to answer and hopefully
37:16in 2022 you guys will have a great
37:18training journey and let us know i'll
37:21see you guys in the next one

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