How To Become A Great Trader W/ My 6-Figure Student Ben Holida 🔥💰 — Transcript

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1. 0:00hey what's going on guys jack Kellogg
2. 0:02here got uh
3. 0:05ice bath in the making here with my dog
4. 0:08[ __ ] Benjo
5. 0:10and we're just talking a little bit
6. 0:11about trading right now
7. 0:13and Ben was mentioning a good point
8. 0:15about risk to reward in yourself you
9. 0:18want to explain a little bit about what
10. 0:20that means yeah I was having this crazy
11. 0:22thought out here enjoying the sun it's a
12. 0:24beautiful day out here in New Hampshire
13. 0:26and what I was thinking is like
14. 0:29how do I get to where I want to be next
15. 0:31you know and
16. 0:33and I pretty much answered my own
17. 0:34question it was just like just really
18. 0:36maximize the ones that you know but then
19. 0:39I thought to myself well how do I do
20. 0:41that if I'm trying to risk 300 and or
21. 0:43something like that whatever number I
22. 0:45want to risk and I can only make two or
23. 0:47three times that which is you know
24. 0:48that's good but the grand scheme of
25. 0:50things it's not going to get you where
26. 0:51you want to be so it's more
27. 0:54than the chart level it's how much are
28. 0:56you willing to risk on yourself like
29. 0:58what's the market sentiment like how can
30. 1:00convicted and confident are you that
31. 1:04this is your day this is your time and
32. 1:06you gotta milk it for what it's worth so
33. 1:09that's kind of what I think about
34. 1:10whiskey award you know it's more than
35. 1:12more than just one thing more than just
36. 1:14the numbers right what's the number I
37. 1:16think that's where a lot of Traders get
38. 1:17mixed up they're like I'm gonna get in
39. 1:19at one penny I'm gonna risk 0.009 and
40. 1:21I'm gonna sell it at 0.013 and I am
41. 1:24going to treat every single setup like
42. 1:26that every single day
43. 1:29and it doesn't matter if it's a cold
44. 1:30Market doesn't matter if it's a hot
45. 1:31Market it doesn't matter the time of day
46. 1:32it doesn't matter the month none of this
47. 1:34matters doesn't matter what the Spy is
48. 1:35doing
49. 1:36but if you can take it one step further
50. 1:39and ask yourself
51. 1:41all these questions does is it the right
52. 1:43time of day
53. 1:44is it the right Market sentiment is it
54. 1:46the right price range that's been moving
55. 1:48is it the right volume is it the right
56. 1:49catalyst is it the right sector
57. 1:52and then you can maximize your risk to
58. 1:55reward like Ben was saying where when
59. 1:56all these things come together it
60. 1:58doesn't even necessarily matter I'm not
61. 2:00even going to essentially risk 200 I'm
62. 2:03gonna risk as much money as I possibly
63. 2:05can because I am so convicted because
64. 2:07everything in this chart makes sense do
65. 2:10you agree with that then I do agree with
66. 2:12that like people think that might sound
67. 2:14dumb because he just said I'm willing to
68. 2:17risk everything I can that sounds maybe
69. 2:19bad at the service but it's true because
70. 2:21like he's not saying risk 100 of your
71. 2:24money but he's saying whatever risk you
72. 2:26and your account can tolerate
73. 2:27emotionally and financially to where you
74. 2:29just don't want to have any regrets when
75. 2:31you're 100 risk on something and it goes
76. 2:35up like 200 or whatever it's a good
77. 2:37shorter something like that and you're
78. 2:39like oh my God like this is like my
79. 2:41average winner like in like a c plus
80. 2:43market so it's really holding it's
81. 2:46something that's been holding me back so
82. 2:47I've it's just been noticing that and I
83. 2:49think it's a good idea to continue on
84. 2:51that path
85. 2:52yeah and this is what's really going to
86. 2:54separate you from being a consistently
87. 2:56profitable Trader of x amount pretty
88. 3:00much during the entire month or whatever
89. 3:01to really being able to make what you
90. 3:04used to make in a month in one [ __ ]
91. 3:06trade because you're that confident that
92. 3:08this setup is going to go up if you're
93. 3:09long or if it's going to go down if
94. 3:11you're short and also something to
95. 3:14consider is
96. 3:15you're playing the risk reward that I'm
97. 3:17right and I'm convicted X percent and I
98. 3:20think it's gonna go here and I can get
99. 3:21this much size but if it doesn't do
100. 3:24exactly what you want you exit your
101. 3:27position for as close to break even as
102. 3:28you can and when you get in that
103. 3:31situation where it plays out exactly how
104. 3:35you think I can think of a situation in
105. 3:36mole and not all that Ben explained
106. 3:38after we stopped talking about this
107. 3:40which is one of my best log trades of
108. 3:41last year but when everything happens
109. 3:43I'm sitting here I'm telling you guys
110. 3:46the truth I'm risking one two three four
111. 3:48five k maybe six seven K and I'm making
112. 3:51a hundred fifty thousand I'm making a
113. 3:53hundred seventy thousand I'm unrealized
114. 3:55over two hundred thousand dollars and
115. 3:57that is just the biggest risk reward
116. 4:00that you can get I'm sure other Traders
117. 4:01they can even make crazier risk reward
118. 4:04but personally for me which I'm also
119. 4:06trying to work on is when I get to that
120. 4:08hundred thousand dollar profit Mark it's
121. 4:11in unrealized profits it's very hard to
122. 4:14continue to let it work or to continue
123. 4:15to add more or whatever it's going to be
124. 4:16you want to talk a little bit about the
125. 4:18Mullen and some other thoughts yeah
126. 4:20that's a tough one because once you get
127. 4:21I definitely have a number in my head
128. 4:23that once I'm up that much unrealized or
129. 4:26I know I'm close to being up that much
130. 4:28like I would just take it doesn't matter
131. 4:30if the chart's up here down here
132. 4:32sideways adjacent maybe I don't know it
133. 4:36just doesn't matter which way it's going
134. 4:37I just want to take it because
135. 4:38emotionally I'm comfortable with that
136. 4:40but so on this specific scenario with
137. 4:44this stock m-u-l-n I'm sure some people
138. 4:46are familiar with that one uh that was
139. 4:49one of uh Jack and I's better longer
140. 4:51long trades ever I think it was my
141. 4:53second best one ever and I don't know
142. 4:55how like looking back and I'm like wow I
143. 4:57got it like something like that hasn't
144. 4:59happened for me in a while and it was
145. 5:01it's just one of those scenarios where
146. 5:02the stars aligns and when it's the
147. 5:05trades that really work you you have
148. 5:07time and you'll build into them and like
149. 5:10you guys have a great read on it to
150. 5:12where you're not even risking that much
151. 5:13like I remember on that trade like I was
152. 5:15was pretty much never down on it I don't
153. 5:18think Jack was either and it just like
154. 5:20started working and the thesis was just
155. 5:21like the stars align like we had like
156. 5:24four or five like really good reasons to
157. 5:26be convicted and confident and patient
158. 5:28and you know you don't get those all the
159. 5:30time so that's why we're kind of saying
160. 5:31like risk reward is more than
161. 5:34can I risk five cents to make 50. it's
162. 5:36more than that it's like what are all
163. 5:39what's everything telling you like look
164. 5:41at both sides like who's who's long and
165. 5:44who's thinking what and who's short and
166. 5:45who's thinking what and which one of
167. 5:47them are in more trouble that's kind of
168. 5:48what you got to think about and
169. 5:51you gotta have a part in the in the uh
170. 5:54move of the ticker to where you say like
171. 5:57this
172. 5:57is best case scenario and you have to
173. 5:59kind of like install that in your mind
174. 6:01to stay realistic but then you also have
175. 6:04to be okay with like if x happens I no
176. 6:07longer should be a part of it and then
177. 6:09it's up to you if you are emotionally
178. 6:11able to cut that loss or not you know
179. 6:13and you just got to minimize it it's all
180. 6:14you can do
181. 6:15and that's also just a great point there
182. 6:18uh just to wrap it up here I do have one
183. 6:21more one more thought just to tie it all
184. 6:24together so you're looking for that
185. 6:26opportunity where all the stars align
186. 6:27all the clouds everything aligns in the
187. 6:30universe and it's the perfect day it's a
188. 6:32perfect weather it's the perfect hour of
189. 6:35the day it's the hottest time whatever
190. 6:36it is at in the the sun Peak
191. 6:41and you're gonna be able to get a 20 30
192. 6:4540 50 R trade essentially of what you're
193. 6:47risking right you're risking five you
194. 6:49make 250. you're risking
195. 6:51um 500 you make 25 Grand whatever it is
196. 6:55and those situations are what's going to
197. 6:58move the needle in your account so then
198. 7:00you can compound with the three to one
199. 7:03with the normal risk normal return
200. 7:05trades but the key is to differentiate
201. 7:07that a plus setup and that setup that
202. 7:11you just want to take three to one on
203. 7:12and I think the biggest thing that I'm
204. 7:14going to leave you guys with is what is
205. 7:16the volume and what is the market
206. 7:17sentiment patterns do not matter as much
207. 7:19when you're trading this type of setup
208. 7:21amen sister