{"id":49897,"date":"2020-05-28T13:04:12","date_gmt":"2020-05-28T17:04:12","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=49897"},"modified":"2020-05-28T13:04:35","modified_gmt":"2020-05-28T17:04:35","slug":"why-entry-prices-matter-to-make-quality-stock-trades-mrna","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/why-entry-prices-matter-to-make-quality-stock-trades-mrna","title":{"rendered":"Why entry prices matter to make quality stock trades ($MRNA)"},"content":{"rendered":"

In this video learn why entry prices matter to make quality stock trades. See how a junior trader creates an AntiPlayBook Trade, in this case with a poor entry price, to help eliminate his bad trading and bad trades that are holding him back as a trader.<\/p>\nView Video Transcript<\/strong><\/span>

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in this video learn why entry price<\/div>\n<\/div>\n<\/div>\n
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matters to make quality stock treats hi<\/div>\n<\/div>\n<\/div>\n
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I’m Mike bellafiore co-founder of SMB<\/div>\n<\/div>\n<\/div>\n
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capital and we’re a proprietary trading<\/div>\n<\/div>\n<\/div>\n
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firm located in midtown Manhattan and<\/div>\n<\/div>\n<\/div>\n
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I’m also the author of the trading<\/div>\n<\/div>\n<\/div>\n
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classic one good trade and the playbook<\/div>\n<\/div>\n<\/div>\n
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click our subscribe button so you don’t<\/div>\n<\/div>\n<\/div>\n
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miss any of the videos they’re reducing<\/div>\n<\/div>\n<\/div>\n
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for you in the trading community see how<\/div>\n<\/div>\n<\/div>\n
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a junior trader creates an anti playbook<\/div>\n<\/div>\n<\/div>\n
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trade in this case with a poor entry<\/div>\n<\/div>\n<\/div>\n
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price to help eliminate as bad trading<\/div>\n<\/div>\n<\/div>\n
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and bad traits that are holding him back<\/div>\n<\/div>\n<\/div>\n
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as a trader let’s dive in mRNA which<\/div>\n<\/div>\n<\/div>\n
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I’ve taken a lot of trades in and been<\/div>\n<\/div>\n<\/div>\n
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able to see what works best with it and<\/div>\n<\/div>\n<\/div>\n
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what doesn’t work best with it and so<\/div>\n<\/div>\n<\/div>\n
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far I’ve had a few of these SSR short<\/div>\n<\/div>\n<\/div>\n
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trades and they can work sometimes<\/div>\n<\/div>\n<\/div>\n
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sometimes they can’t but you know<\/div>\n<\/div>\n<\/div>\n
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there’s a couple characteristics I<\/div>\n<\/div>\n<\/div>\n
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figured out about them about my trading<\/div>\n<\/div>\n<\/div>\n
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the way I trade that has made this trade<\/div>\n<\/div>\n<\/div>\n
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pretty unprofitable for me and very<\/div>\n<\/div>\n<\/div>\n
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uncertain and that’s kind of what I’m<\/div>\n<\/div>\n<\/div>\n
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gonna go through today so let me just<\/div>\n<\/div>\n<\/div>\n
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set the scene this is the third anti<\/div>\n<\/div>\n<\/div>\n
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playbook video that we’ve done we’ve<\/div>\n<\/div>\n<\/div>\n
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asked guys at our firm and starting with<\/div>\n<\/div>\n<\/div>\n
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the newest guys to share a trade that<\/div>\n<\/div>\n<\/div>\n
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exhibits a setup that they should stop<\/div>\n<\/div>\n<\/div>\n
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taking or bad trading also as we’re<\/div>\n<\/div>\n<\/div>\n
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doing that perhaps we’ll get to the<\/div>\n<\/div>\n<\/div>\n
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bottom of a few things that lead them to<\/div>\n<\/div>\n<\/div>\n
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take a bad trade or do some of their bad<\/div>\n<\/div>\n<\/div>\n
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trade and the idea is on our desk to<\/div>\n<\/div>\n<\/div>\n
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grow and build from the trades that we<\/div>\n<\/div>\n<\/div>\n
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trade best put them into our playbook<\/div>\n<\/div>\n<\/div>\n
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and then this new exercise that we’re<\/div>\n<\/div>\n<\/div>\n
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doing this anti playbook exercise that<\/div>\n<\/div>\n<\/div>\n
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we’re doing to get rid of our lesser<\/div>\n<\/div>\n<\/div>\n
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trading the setups that just don’t work<\/div>\n<\/div>\n<\/div>\n
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for us so just like we want to make more<\/div>\n<\/div>\n<\/div>\n
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in our best setups<\/div>\n<\/div>\n<\/div>\n
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and make more P&L we can make more P&L<\/div>\n<\/div>\n<\/div>\n
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by getting rid of the lesser trades the<\/div>\n<\/div>\n<\/div>\n
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bad setups so that we keep more of what<\/div>\n<\/div>\n<\/div>\n
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we make overall so right up front Garret<\/div>\n<\/div>\n<\/div>\n
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I apologize for putting you on the hot<\/div>\n<\/div>\n<\/div>\n
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seat and purposely asking you to share<\/div>\n<\/div>\n<\/div>\n
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with us trade that has not worked or<\/div>\n<\/div>\n<\/div>\n
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trading that is that is you at your<\/div>\n<\/div>\n<\/div>\n
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worst but and I’ve tweeted about this<\/div>\n<\/div>\n<\/div>\n
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this week we can learn from our losses<\/div>\n<\/div>\n<\/div>\n
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we need to learn from our losses the the<\/div>\n<\/div>\n<\/div>\n
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biggest losses that we take from our<\/div>\n<\/div>\n<\/div>\n
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losing trades is us not learning from<\/div>\n<\/div>\n<\/div>\n
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them and so let’s do that in this case<\/div>\n<\/div>\n<\/div>\n
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as a trader sometimes what we learn<\/div>\n<\/div>\n<\/div>\n
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overall is just to cut it out just to<\/div>\n<\/div>\n<\/div>\n
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cut the nonsense out just it with the<\/div>\n<\/div>\n<\/div>\n
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suboptimal trading from our from our<\/div>\n<\/div>\n<\/div>\n
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playbook just to quit the nonsense the<\/div>\n<\/div>\n<\/div>\n
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lesser trades that don’t work for us or<\/div>\n<\/div>\n<\/div>\n
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perhaps for anyone the bad entries the<\/div>\n<\/div>\n<\/div>\n
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bad technical setups the over trading<\/div>\n<\/div>\n<\/div>\n
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let’s just get rid of that so Garrett<\/div>\n<\/div>\n<\/div>\n
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want you to get going here with the anti<\/div>\n<\/div>\n<\/div>\n
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playbook a one bad trade yeah no I agree<\/div>\n<\/div>\n<\/div>\n
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you know I I’ve definitely noticed in my<\/div>\n<\/div>\n<\/div>\n
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trading that a lot of times I’ll have my<\/div>\n<\/div>\n<\/div>\n
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best days right after I make my I have a<\/div>\n<\/div>\n<\/div>\n
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trading day where I make a ton of<\/div>\n<\/div>\n<\/div>\n
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mistakes and it’s just you know it’s<\/div>\n<\/div>\n<\/div>\n
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sobering and it shows you you know it<\/div>\n<\/div>\n<\/div>\n
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kind of gives you a slap on the back of<\/div>\n<\/div>\n<\/div>\n
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the hand and you know tightens you back<\/div>\n<\/div>\n<\/div>\n
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up so I definitely agree with going<\/div>\n<\/div>\n<\/div>\n
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through you know each of these trades<\/div>\n<\/div>\n<\/div>\n
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and gives you know each of us presenting<\/div>\n<\/div>\n<\/div>\n
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a you know a better reflection on how<\/div>\n<\/div>\n<\/div>\n
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we’re trading but yeah so the big<\/div>\n<\/div>\n<\/div>\n
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picture here I’ll start off with that<\/div>\n<\/div>\n<\/div>\n
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you know obviously we’ve seen some<\/div>\n<\/div>\n<\/div>\n
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historic moves and you know the simpie<\/div>\n<\/div>\n<\/div>\n
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lately or just the entire market and in<\/div>\n<\/div>\n<\/div>\n
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some sub sectors and you know we we came<\/div>\n<\/div>\n<\/div>\n
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down from the coronavirus and everything<\/div>\n<\/div>\n<\/div>\n
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looks so you know so daunting at the<\/div>\n<\/div>\n<\/div>\n
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lows and a lot of times that’s when<\/div>\n<\/div>\n<\/div>\n
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no we’re at our Lowe’s and since then<\/div>\n<\/div>\n<\/div>\n
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we’ve rallied like what is he like 35%<\/div>\n<\/div>\n<\/div>\n
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or something that market has just been<\/div>\n<\/div>\n<\/div>\n
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so resilient you know on any sort of you<\/div>\n<\/div>\n<\/div>\n
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know sell-off and so with that in mind<\/div>\n<\/div>\n<\/div>\n
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you kind of start thinking all right<\/div>\n<\/div>\n<\/div>\n
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there might be might be some days where<\/div>\n<\/div>\n<\/div>\n
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there’s you know it’s a two-sided trade<\/div>\n<\/div>\n<\/div>\n
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but you know when the spy picks its<\/div>\n<\/div>\n<\/div>\n
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direction and gets out of ranges you<\/div>\n<\/div>\n<\/div>\n
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know it’s pretty good to trade for us<\/div>\n<\/div>\n<\/div>\n
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day traders so that’s kind of sitting in<\/div>\n<\/div>\n<\/div>\n
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the back of back of my mind as I make<\/div>\n<\/div>\n<\/div>\n
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trades if you want to learn three-wheel<\/div>\n<\/div>\n<\/div>\n
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world setups that our traders use<\/div>\n<\/div>\n<\/div>\n
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including the simple setup that we teach<\/div>\n<\/div>\n<\/div>\n
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all of our new traders and the set up<\/div>\n<\/div>\n<\/div>\n
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that turned one of our traders into a<\/div>\n<\/div>\n<\/div>\n
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seven-figure big money earner check out<\/div>\n<\/div>\n<\/div>\n
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the free webinar that we’re currently<\/div>\n<\/div>\n<\/div>\n
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running just go ahead and click the link<\/div>\n<\/div>\n<\/div>\n
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that should be appearing right now at<\/div>\n<\/div>\n<\/div>\n
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the top right hand corner of your screen<\/div>\n<\/div>\n<\/div>\n
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that’s gonna open up this free<\/div>\n<\/div>\n<\/div>\n
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registration page in the new window so<\/div>\n<\/div>\n<\/div>\n
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don’t worry you’re not going to lose<\/div>\n<\/div>\n<\/div>\n
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this video you’re gonna learn more in a<\/div>\n<\/div>\n<\/div>\n
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couple of hours from this trading<\/div>\n<\/div>\n<\/div>\n
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workshop than from years of online<\/div>\n<\/div>\n<\/div>\n
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education so the intraday fundamentals<\/div>\n<\/div>\n<\/div>\n
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at this time when I had taken the trade<\/div>\n<\/div>\n<\/div>\n
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on moderna so they had been under<\/div>\n<\/div>\n<\/div>\n
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pressure on a capital raise and they<\/div>\n<\/div>\n<\/div>\n
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were getting some data questions on you<\/div>\n<\/div>\n<\/div>\n
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know they released phase one I believe<\/div>\n<\/div>\n<\/div>\n
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it was data on their our stock or early<\/div>\n<\/div>\n<\/div>\n
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stage I guess you could say I’m showing<\/div>\n<\/div>\n<\/div>\n
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positive action right now like the<\/div>\n<\/div>\n<\/div>\n
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market sees anything with these vaccines<\/div>\n<\/div>\n<\/div>\n
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it’s gonna buy it up really hard and<\/div>\n<\/div>\n<\/div>\n
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then at the same time you know it’s kind<\/div>\n<\/div>\n<\/div>\n
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of similar thing that happened with<\/div>\n<\/div>\n<\/div>\n
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Gilead you get the initial news everyone<\/div>\n<\/div>\n<\/div>\n
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buys it and then a couple days later<\/div>\n<\/div>\n<\/div>\n
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they say oh well you know it’s not that<\/div>\n<\/div>\n<\/div>\n
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great there’s some questions here and<\/div>\n<\/div>\n<\/div>\n
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there and then it comes right back down<\/div>\n<\/div>\n<\/div>\n
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and then on top of that you know they<\/div>\n<\/div>\n<\/div>\n
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were doing some some equity offerings<\/div>\n<\/div>\n<\/div>\n
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and you know seventy-five percent of the<\/div>\n<\/div>\n<\/div>\n
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time that’s usually negative for the<\/div>\n<\/div>\n<\/div>\n
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stock in the short term sometimes they<\/div>\n<\/div>\n<\/div>\n
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can have some stronger offerings and<\/div>\n<\/div>\n<\/div>\n
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they get bought up off of that stuff but<\/div>\n<\/div>\n<\/div>\n
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on this day I believe it was trading<\/div>\n<\/div>\n<\/div>\n
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around that $76 range and a lot of times<\/div>\n<\/div>\n<\/div>\n
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we can use that you know that offering<\/div>\n<\/div>\n<\/div>\n
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price is kind of a level to trade off of<\/div>\n<\/div>\n<\/div>\n
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and that’s kind of my idea behind this<\/div>\n<\/div>\n<\/div>\n
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trade<\/div>\n<\/div>\n<\/div>\n
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or I had taken it but you know it’s in<\/div>\n<\/div>\n<\/div>\n
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the biotech industry which has been<\/div>\n<\/div>\n<\/div>\n
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stronger than the market considering<\/div>\n<\/div>\n<\/div>\n
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they’re trying you know a lot of the<\/div>\n<\/div>\n<\/div>\n
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names are are thrown out Co vid and that<\/div>\n<\/div>\n<\/div>\n
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gets a pop so you know biotechs kind of<\/div>\n<\/div>\n<\/div>\n
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outperformed the market a bit here on<\/div>\n<\/div>\n<\/div>\n
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the bounce<\/div>\n<\/div>\n<\/div>\n
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the relative volume at the time of the<\/div>\n<\/div>\n<\/div>\n
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trade was twelve ATR is five she’s very<\/div>\n<\/div>\n<\/div>\n
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good average daily volume was up you<\/div>\n<\/div>\n<\/div>\n
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know normal short interest and then a<\/div>\n<\/div>\n<\/div>\n
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normal pretty normal flow and<\/div>\n<\/div>\n<\/div>\n
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institution ownerships probably flipping<\/div>\n<\/div>\n<\/div>\n
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around every day so I don’t know how<\/div>\n<\/div>\n<\/div>\n
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accurate that could be it’s from fenves<\/div>\n<\/div>\n<\/div>\n
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but you know people own it so I usually<\/div>\n<\/div>\n<\/div>\n
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do a checklist for my play books that I<\/div>\n<\/div>\n<\/div>\n
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love and in this case I did like an anti<\/div>\n<\/div>\n<\/div>\n
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checklist of you know all the things<\/div>\n<\/div>\n<\/div>\n
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that I didn’t love about this trade and<\/div>\n<\/div>\n<\/div>\n
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so and I’ll go through each of these but<\/div>\n<\/div>\n<\/div>\n
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you know this a lot of times the way I<\/div>\n<\/div>\n<\/div>\n
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trade things need to be out of range<\/div>\n<\/div>\n<\/div>\n
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even the pre-market range and in this<\/div>\n<\/div>\n<\/div>\n
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case you know mrna was holding on to<\/div>\n<\/div>\n<\/div>\n
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some pre market levels was trading<\/div>\n<\/div>\n<\/div>\n
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within an intra range if we’re going<\/div>\n<\/div>\n<\/div>\n
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from like 3 a.m. in the morning so that<\/div>\n<\/div>\n<\/div>\n
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wasn’t great SSR was on and that’s the<\/div>\n<\/div>\n<\/div>\n
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biggest you know attribute of this anti<\/div>\n<\/div>\n<\/div>\n
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play book that I was doing and kind of<\/div>\n<\/div>\n<\/div>\n
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just to explain SSR for anybody that<\/div>\n<\/div>\n<\/div>\n
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doesn’t understand it it’s a rule that<\/div>\n<\/div>\n<\/div>\n
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gets put on stocks when something goes<\/div>\n<\/div>\n<\/div>\n
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down 10% where you can’t if you’re<\/div>\n<\/div>\n<\/div>\n
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trying to short the stock you can’t hit<\/div>\n<\/div>\n<\/div>\n
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the bid and so the only way you can get<\/div>\n<\/div>\n<\/div>\n
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into the stock if you’re trying to short<\/div>\n<\/div>\n<\/div>\n
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it is there has to be an uptick and if<\/div>\n<\/div>\n<\/div>\n
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you know a lot of times you’ll see a lot<\/div>\n<\/div>\n<\/div>\n
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of people try and get short on something<\/div>\n<\/div>\n<\/div>\n
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and it kind of you know a bunch of green<\/div>\n<\/div>\n<\/div>\n
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prints will come in and it pushes the<\/div>\n<\/div>\n<\/div>\n
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price up and it just makes shorting lows<\/div>\n<\/div>\n<\/div>\n
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on SSR stocks much more difficult so<\/div>\n<\/div>\n<\/div>\n
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there’s a lot more factors that you have<\/div>\n<\/div>\n<\/div>\n
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to thrill in when you’re thinking about<\/div>\n<\/div>\n<\/div>\n
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doing this trade of okay does it have<\/div>\n<\/div>\n<\/div>\n
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the extra juice – anytime it gets an<\/div>\n<\/div>\n<\/div>\n
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uptick you know whoever is holding the<\/div>\n<\/div>\n<\/div>\n
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stock long is still selling those are<\/div>\n<\/div>\n<\/div>\n
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the people that are going to be pushing<\/div>\n<\/div>\n<\/div>\n
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it down it’s the people who are holding<\/div>\n<\/div>\n<\/div>\n
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it long that are selling so you kind of<\/div>\n<\/div>\n<\/div>\n
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have to flip your ideas<\/div>\n<\/div>\n<\/div>\n
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with these types of trades and they can<\/div>\n<\/div>\n<\/div>\n
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just be so difficult but you know other<\/div>\n<\/div>\n<\/div>\n
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things that I didn’t like about this<\/div>\n<\/div>\n<\/div>\n
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trade I’ll show the one minute setup on<\/div>\n<\/div>\n<\/div>\n
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it was pretty stretched out it wasn’t<\/div>\n<\/div>\n<\/div>\n
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clean you could say it’s overextended<\/div>\n<\/div>\n<\/div>\n
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stuff like that there was a good amount<\/div>\n<\/div>\n<\/div>\n
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of energy already exhausted on the open<\/div>\n<\/div>\n<\/div>\n
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so it had sold off and then we were kind<\/div>\n<\/div>\n<\/div>\n
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of bouncing a little bit and I’m getting<\/div>\n<\/div>\n<\/div>\n
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ready to push another low but it really<\/div>\n<\/div>\n<\/div>\n
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hadn’t spent enough time consolidating<\/div>\n<\/div>\n<\/div>\n
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again to make a really strong push lower<\/div>\n<\/div>\n<\/div>\n
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and when you have a stock on SO sorry<\/div>\n<\/div>\n<\/div>\n
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you need strong pushes and then finally<\/div>\n<\/div>\n<\/div>\n
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the gap fill had finished so we’ll go<\/div>\n<\/div>\n<\/div>\n
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through each of those ok so I actually<\/div>\n<\/div>\n<\/div>\n
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like that checklist a lot question for<\/div>\n<\/div>\n<\/div>\n
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you when you’re in a trade are you going<\/div>\n<\/div>\n<\/div>\n
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through the reasons why this trade may<\/div>\n<\/div>\n<\/div>\n
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not work out while you’re in a position<\/div>\n<\/div>\n<\/div>\n
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when I first came to SMB I came on as an<\/div>\n<\/div>\n<\/div>\n
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in-house trader and I you know I set up<\/div>\n<\/div>\n<\/div>\n
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with Kenny and big thing I learned from<\/div>\n<\/div>\n<\/div>\n
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him was self talk and you know that’s<\/div>\n<\/div>\n<\/div>\n
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why I always do these checklists you<\/div>\n<\/div>\n<\/div>\n
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know big style of his trading as he<\/div>\n<\/div>\n<\/div>\n
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loves to do checklists and self-talk and<\/div>\n<\/div>\n<\/div>\n
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so he’ll go through and be like ok I<\/div>\n<\/div>\n<\/div>\n
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have this I have this I have this I<\/div>\n<\/div>\n<\/div>\n
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don’t have this I don’t have this and<\/div>\n<\/div>\n<\/div>\n
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you know and that’s kind of how he goes<\/div>\n<\/div>\n<\/div>\n
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about sizing and deciding when to take<\/div>\n<\/div>\n<\/div>\n
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trades when to take some off when to add<\/div>\n<\/div>\n<\/div>\n
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back on so I do like to try and do that<\/div>\n<\/div>\n<\/div>\n
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and in this you know I might have been<\/div>\n<\/div>\n<\/div>\n
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clouded I think at this time and you<\/div>\n<\/div>\n<\/div>\n
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know I saw how far MRNA had come down<\/div>\n<\/div>\n<\/div>\n
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and you know when stocks have this huge<\/div>\n<\/div>\n<\/div>\n
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of catalysts<\/div>\n<\/div>\n<\/div>\n
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it’s really hard to tell you know how<\/div>\n<\/div>\n<\/div>\n
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much something will go and I think that<\/div>\n<\/div>\n<\/div>\n
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you know conflicted my head of thinking<\/div>\n<\/div>\n<\/div>\n
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oh this thing can go a lot more I don’t<\/div>\n<\/div>\n<\/div>\n
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I don’t mind shorting you know something<\/div>\n<\/div>\n<\/div>\n
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that isn’t that great but then once you<\/div>\n<\/div>\n<\/div>\n
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go back you sober up from the adrenaline<\/div>\n<\/div>\n<\/div>\n
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and you look back at the checklist<\/div>\n<\/div>\n<\/div>\n
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you’re like ah I don’t have these things<\/div>\n<\/div>\n<\/div>\n
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\n
and so what I try to do every day is I<\/div>\n<\/div>\n<\/div>\n
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try to do in my trade logs you know this<\/div>\n<\/div>\n<\/div>\n
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I do check March 4 check marks against<\/div>\n<\/div>\n<\/div>\n
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and I try to do that every day so I can<\/div>\n<\/div>\n<\/div>\n
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you know build the muscle memory for<\/div>\n<\/div>\n<\/div>\n
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that when I’m in a moment<\/div>\n<\/div>\n<\/div>\n
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I can remember it a little bit better<\/div>\n<\/div>\n<\/div>\n
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\n
but yeah I do try to you know go through<\/div>\n<\/div>\n<\/div>\n
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these these check marks in my in my head<\/div>\n<\/div>\n<\/div>\n
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to you know make trading decisions yeah<\/div>\n<\/div>\n<\/div>\n
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that’s a terrific best practice for<\/div>\n<\/div>\n<\/div>\n
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\n
anybody who’s watching which is you’re<\/div>\n<\/div>\n<\/div>\n
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in a position you know the reasons why<\/div>\n<\/div>\n<\/div>\n
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you think the trade should work for you<\/div>\n<\/div>\n<\/div>\n
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that’s why you’re in it but you want to<\/div>\n<\/div>\n<\/div>\n
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spend a good deal of time as well<\/div>\n<\/div>\n<\/div>\n
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thinking to yourself running through<\/div>\n<\/div>\n<\/div>\n
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this self-talk that Garrett is talking<\/div>\n<\/div>\n<\/div>\n
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about having this conversation in your<\/div>\n<\/div>\n<\/div>\n
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head while you’re in the middle of a<\/div>\n<\/div>\n<\/div>\n
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trade ok here are the reasons why I’m in<\/div>\n<\/div>\n<\/div>\n
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the trade here are the reasons why this<\/div>\n<\/div>\n<\/div>\n
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trade should work but also here are the<\/div>\n<\/div>\n<\/div>\n
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reasons why this trade may not work and<\/div>\n<\/div>\n<\/div>\n
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when you do that when you engage in that<\/div>\n<\/div>\n<\/div>\n
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self-talk it brings it breeds and<\/div>\n<\/div>\n<\/div>\n
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open-mindedness to your trade to your<\/div>\n<\/div>\n<\/div>\n
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position to your trading which is what<\/div>\n<\/div>\n<\/div>\n
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we see is a characteristic is a mindset<\/div>\n<\/div>\n<\/div>\n
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of what we see when elite traders are<\/div>\n<\/div>\n<\/div>\n
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\n
trading at their best a little bit of<\/div>\n<\/div>\n<\/div>\n
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chart action so here’s the daily and<\/div>\n<\/div>\n<\/div>\n
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\n
that taking this up to the end of the<\/div>\n<\/div>\n<\/div>\n
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day but you can see what I meant by the<\/div>\n<\/div>\n<\/div>\n
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gap so as we you know we had this<\/div>\n<\/div>\n<\/div>\n
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consolidation then we get the drug news<\/div>\n<\/div>\n<\/div>\n
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here and then since then we had been<\/div>\n<\/div>\n<\/div>\n
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selling off I think the delt came in<\/div>\n<\/div>\n<\/div>\n
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somewhere around here and before this<\/div>\n<\/div>\n<\/div>\n
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\n
green candle happens we sell into the<\/div>\n<\/div>\n<\/div>\n
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gap fill and that’s what I meant by you<\/div>\n<\/div>\n<\/div>\n
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know I had taken this trade basically at<\/div>\n<\/div>\n<\/div>\n
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this gap fill which you might have you<\/div>\n<\/div>\n<\/div>\n
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know people who are looking bigger or<\/div>\n<\/div>\n<\/div>\n
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longer-term having just some bids in<\/div>\n<\/div>\n<\/div>\n
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there and they get bought up making it<\/div>\n<\/div>\n<\/div>\n
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harder for you to shore something so<\/div>\n<\/div>\n<\/div>\n
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that’s a little bit of daily and here’s<\/div>\n<\/div>\n<\/div>\n
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the 5 minute time frame this is what I<\/div>\n<\/div>\n<\/div>\n
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\n
was going off of for my initial trade I<\/div>\n<\/div>\n<\/div>\n
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\n
like to trade these inside candles they<\/div>\n<\/div>\n<\/div>\n
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you know they measure like time fractals<\/div>\n<\/div>\n<\/div>\n
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\n
and ranges that you know give me some<\/div>\n<\/div>\n<\/div>\n
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information on how far I think I can get<\/div>\n<\/div>\n<\/div>\n
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in a trade where my stop should be stuff<\/div>\n<\/div>\n<\/div>\n
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like that<\/div>\n<\/div>\n<\/div>\n
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\n
and so I was shorting the low on this<\/div>\n<\/div>\n<\/div>\n
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candle which is 67-72 and I was looking<\/div>\n<\/div>\n<\/div>\n
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for 2r which was or a 2 R for this trade<\/div>\n<\/div>\n<\/div>\n
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\n
it was 1r because I was using the full<\/div>\n<\/div>\n<\/div>\n
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\n
bar so this is a little bit different<\/div>\n<\/div>\n<\/div>\n
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\n
but 1r would be 66 83 so I was trying to<\/div>\n<\/div>\n<\/div>\n
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get it you know under the 67 which was<\/div>\n<\/div>\n<\/div>\n
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it was still in this free market range<\/div>\n<\/div>\n<\/div>\n
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you know there’s a lot of stuff it’s got<\/div>\n<\/div>\n<\/div>\n
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a fight<\/div>\n<\/div>\n<\/div>\n
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I believe this hashed line is the open<\/div>\n<\/div>\n<\/div>\n
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\n
of the pre market so here was the one<\/div>\n<\/div>\n<\/div>\n
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minute so this is a few of the things<\/div>\n<\/div>\n<\/div>\n
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that side mouths and you know trading<\/div>\n<\/div>\n<\/div>\n
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the range and come down a lot already on<\/div>\n<\/div>\n<\/div>\n
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the open you know it doesn’t this is<\/div>\n<\/div>\n<\/div>\n
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pretty stretched one minute I think this<\/div>\n<\/div>\n<\/div>\n
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is also what clouded means I saw it<\/div>\n<\/div>\n<\/div>\n
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happen here and so I was like okay maybe<\/div>\n<\/div>\n<\/div>\n
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I could see a similar thing happen right<\/div>\n<\/div>\n<\/div>\n
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here but you know that was I would say<\/div>\n<\/div>\n<\/div>\n
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\n
that’s a little bit of foam I was trying<\/div>\n<\/div>\n<\/div>\n
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\n
to get into the trade a little bit too<\/div>\n<\/div>\n<\/div>\n
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late and I shorted down at these lows<\/div>\n<\/div>\n<\/div>\n
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\n
and you can see right away what I’ve<\/div>\n<\/div>\n<\/div>\n
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noticed with SS are stocks if it doesn’t<\/div>\n<\/div>\n<\/div>\n
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work you almost have to take it like a<\/div>\n<\/div>\n<\/div>\n
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\n
momentum trade if you’re trying to short<\/div>\n<\/div>\n<\/div>\n
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\n
lows with an SS our stock and it comes<\/div>\n<\/div>\n<\/div>\n
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down you get triggered and and it just<\/div>\n<\/div>\n<\/div>\n
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won’t go well we’re like usually SS our<\/div>\n<\/div>\n<\/div>\n
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stocks will like vacuum if it’s gonna<\/div>\n<\/div>\n<\/div>\n
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work it just comes right down and in<\/div>\n<\/div>\n<\/div>\n
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this case it doesn’t and when that<\/div>\n<\/div>\n<\/div>\n
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happens you know tons of people are<\/div>\n<\/div>\n<\/div>\n
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trying to get short and with us are the<\/div>\n<\/div>\n<\/div>\n
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only way they can get in is on those<\/div>\n<\/div>\n<\/div>\n
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green prints and it just you know it has<\/div>\n<\/div>\n<\/div>\n
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a circulating effects where you know<\/div>\n<\/div>\n<\/div>\n
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short after short just keeps pushing the<\/div>\n<\/div>\n<\/div>\n
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stock higher and I got stopped out this<\/div>\n<\/div>\n<\/div>\n
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wick high and it just went so quick a<\/div>\n<\/div>\n<\/div>\n
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\n
lot of my trades I like to tighten up<\/div>\n<\/div>\n<\/div>\n
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you know see the price action a little<\/div>\n<\/div>\n<\/div>\n
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bit more and maybe move the stop here<\/div>\n<\/div>\n<\/div>\n
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stuff like that and yeah I just couldn’t<\/div>\n<\/div>\n<\/div>\n
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\n
even do that on this trade and it just<\/div>\n<\/div>\n<\/div>\n
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comes up and takes my full stop like<\/div>\n<\/div>\n<\/div>\n
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\n
right away and I’ve noticed that so many<\/div>\n<\/div>\n<\/div>\n
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times with these SS are stocks it’s<\/div>\n<\/div>\n<\/div>\n
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really got to have like an extra<\/div>\n<\/div>\n<\/div>\n
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\n
catalyst some extra volume a really good<\/div>\n<\/div>\n<\/div>\n
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one minute setup you know be out of<\/div>\n<\/div>\n<\/div>\n
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range not in this pre market range stuff<\/div>\n<\/div>\n<\/div>\n
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\n
like that and I just you know I had way<\/div>\n<\/div>\n<\/div>\n
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too many check marks against me and I<\/div>\n<\/div>\n<\/div>\n
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\n
just took the loss for a pretty low<\/div>\n<\/div>\n<\/div>\n
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\n
probability trade so here’s my trade<\/div>\n<\/div>\n<\/div>\n
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\n
review this is what I had in my trade<\/div>\n<\/div>\n<\/div>\n
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\n
book for check March for check<\/div>\n<\/div>\n<\/div>\n
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\n
against you know I had the are vol I had<\/div>\n<\/div>\n<\/div>\n
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\n
it under the day before slow so it was<\/div>\n<\/div>\n<\/div>\n
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\n
out of the day before his range but then<\/div>\n<\/div>\n<\/div>\n
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\n
again I didn’t have this s are not a<\/div>\n<\/div>\n<\/div>\n
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great one minute set up still pre market<\/div>\n<\/div>\n<\/div>\n
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\n
well I think I thought forgot to throw<\/div>\n<\/div>\n<\/div>\n
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\n
in the gap fill but you know similar<\/div>\n<\/div>\n<\/div>\n
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\n
stuff I had from before you may be<\/div>\n<\/div>\n<\/div>\n
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\n
saying this in a different way but you<\/div>\n<\/div>\n<\/div>\n
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\n
know from the open how much has that<\/div>\n<\/div>\n<\/div>\n
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\n
gone down well I mean just in points<\/div>\n<\/div>\n<\/div>\n
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\n
sake it’s gone down two points you know<\/div>\n<\/div>\n<\/div>\n
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\n
get from and it’s gone down to plus<\/div>\n<\/div>\n<\/div>\n
\n
\n
points from the open and then how much<\/div>\n<\/div>\n<\/div>\n
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\n
time has gone by since the low since<\/div>\n<\/div>\n<\/div>\n
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\n
they’ll be open yep<\/div>\n<\/div>\n<\/div>\n
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\n
sent from how much time has gone by<\/div>\n<\/div>\n<\/div>\n
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\n
since the load that I took the trade no<\/div>\n<\/div>\n<\/div>\n
\n
\n
the low from the open so from here<\/div>\n<\/div>\n<\/div>\n
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\n
yep ten minutes okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
so you’ve got what I would characterize<\/div>\n<\/div>\n<\/div>\n
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\n
as a bad price would you agree with that<\/div>\n<\/div>\n<\/div>\n
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\n
no yeah exactly yeah I mean for us to<\/div>\n<\/div>\n<\/div>\n
\n
\n
take a trade like that<\/div>\n<\/div>\n<\/div>\n
\n
\n
what was your trade I mean we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
swinging this where you momentum trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
this where you’re scalping it um I will<\/div>\n<\/div>\n<\/div>\n
\n
\n
throw it in since it’s some trading off<\/div>\n<\/div>\n<\/div>\n
\n
\n
the five minute time frame we’re in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
first 15 minutes open this is most<\/div>\n<\/div>\n<\/div>\n
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\n
likely this is gonna be a scalp for me<\/div>\n<\/div>\n<\/div>\n
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\n
okay and how much did you lose overall<\/div>\n<\/div>\n<\/div>\n
\n
\n
in that tree looks like a dollar and a<\/div>\n<\/div>\n<\/div>\n
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\n
half that’s not yeah so that’s what’s so<\/div>\n<\/div>\n<\/div>\n
\n
\n
I’m trading off of fractals and I’m just<\/div>\n<\/div>\n<\/div>\n
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\n
trying to go off of what’s going on in<\/div>\n<\/div>\n<\/div>\n
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\n
the action of that five minutes and so<\/div>\n<\/div>\n<\/div>\n
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\n
if we have this strong of a move I’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
looking for a relative move you know<\/div>\n<\/div>\n<\/div>\n
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\n
what’s the other saying for that<\/div>\n<\/div>\n<\/div>\n
\n
\n
measured move and so in this case since<\/div>\n<\/div>\n<\/div>\n
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\n
we had come down two points you know a<\/div>\n<\/div>\n<\/div>\n
\n
\n
two point move<\/div>\n<\/div>\n<\/div>\n
\n
\n
and or we had come down 2 points in 10<\/div>\n<\/div>\n<\/div>\n
\n
\n
minutes another 2.2 point move and a<\/div>\n<\/div>\n<\/div>\n
\n
\n
bell another 10 minutes<\/div>\n<\/div>\n<\/div>\n
\n
\n
I mean I’m for as far as scalp I’m I’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
referring to the time frame you know<\/div>\n<\/div>\n<\/div>\n
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\n
this should be a trade that only takes<\/div>\n<\/div>\n<\/div>\n
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\n
5-10 minutes maybe less yeah so but<\/div>\n<\/div>\n<\/div>\n
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\n
you’re willing to lose a dollar 35 to<\/div>\n<\/div>\n<\/div>\n
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\n
make $2 yeah so a lot of my trades are<\/div>\n<\/div>\n<\/div>\n
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\n
one-hour trades that start out to be 1<\/div>\n<\/div>\n<\/div>\n
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\n
hour trades and then once I get in them<\/div>\n<\/div>\n<\/div>\n
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\n
they create some different levels I can<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know ratchet up the arse on them a<\/div>\n<\/div>\n<\/div>\n
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\n
little bit which is something I’ve been<\/div>\n<\/div>\n<\/div>\n
\n
\n
experimenting with lately but yeah I<\/div>\n<\/div>\n<\/div>\n
\n
\n
usually take one our trades yeah so you<\/div>\n<\/div>\n<\/div>\n
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\n
know when I look at a chart like that<\/div>\n<\/div>\n<\/div>\n
\n
\n
the time that I mean it’s steep to the<\/div>\n<\/div>\n<\/div>\n
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\n
downside we talk about this a lot it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
gone down a couple of points pretty<\/div>\n<\/div>\n<\/div>\n
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\n
quickly so there’s gonna be some risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
that it can just pop up you know a<\/div>\n<\/div>\n<\/div>\n
\n
\n
dollar or dollar 25 a dollar 50 and<\/div>\n<\/div>\n<\/div>\n
\n
\n
still find a way to actually trade low a<\/div>\n<\/div>\n<\/div>\n
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day because of how steep the opening<\/div>\n<\/div>\n<\/div>\n
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\n
drive was and you’re gonna need some<\/div>\n<\/div>\n<\/div>\n
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\n
time to go by to give you some<\/div>\n<\/div>\n<\/div>\n
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\n
protection to be able to take that trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
so that’s that’s something that I think<\/div>\n<\/div>\n<\/div>\n
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\n
I think these trades will work but<\/div>\n<\/div>\n<\/div>\n
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\n
you’re gonna need to see a consolidation<\/div>\n<\/div>\n<\/div>\n
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\n
period that’s longer than what you’re<\/div>\n<\/div>\n<\/div>\n
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\n
seeing here on the chart or you’re gonna<\/div>\n<\/div>\n<\/div>\n
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\n
have to be a lot tighter with your stop<\/div>\n<\/div>\n<\/div>\n
\n
\n
and truly make it a scalp I mean a scalp<\/div>\n<\/div>\n<\/div>\n
\n
\n
is the momentum scalp is hey I think<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is going lower right now and I’m<\/div>\n<\/div>\n<\/div>\n
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\n
gonna take it I’m gonna short this right<\/div>\n<\/div>\n<\/div>\n
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\n
now and it’s gonna go down right away<\/div>\n<\/div>\n<\/div>\n
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\n
and if it starts to move against me I’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to get out of it and I’ll I’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
start over perhaps at a lower price but<\/div>\n<\/div>\n<\/div>\n
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\n
my scalp my momentum scalp is not<\/div>\n<\/div>\n<\/div>\n
\n
\n
working because what a momentum scalp is<\/div>\n<\/div>\n<\/div>\n
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\n
is I’ve seen that it’s now ready to go<\/div>\n<\/div>\n<\/div>\n
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\n
down and it should go down and if it<\/div>\n<\/div>\n<\/div>\n
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\n
doesn’t that I’m going to get out and<\/div>\n<\/div>\n<\/div>\n
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\n
I’m wrong on the momentum scalp and I<\/div>\n<\/div>\n<\/div>\n
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\n
understand you’re looking at markets a<\/div>\n<\/div>\n<\/div>\n
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\n
little bit differently but for you to<\/div>\n<\/div>\n<\/div>\n
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\n
actually get this to make a little bit<\/div>\n<\/div>\n<\/div>\n
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\n
more sense those are some things that<\/div>\n<\/div>\n<\/div>\n
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\n
you want to think about and so you know<\/div>\n<\/div>\n<\/div>\n
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\n
one of the things that I’ve noticed and<\/div>\n<\/div>\n<\/div>\n
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\n
studying when elite traders trade their<\/div>\n<\/div>\n<\/div>\n
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\n
best and I’ve written a little bit about<\/div>\n<\/div>\n<\/div>\n
\n
\n
this and I shared this with you and the<\/div>\n<\/div>\n<\/div>\n
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\n
guys plenty of times which is you know<\/div>\n<\/div>\n<\/div>\n
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\n
you develop a thesis your thesis is<\/div>\n<\/div>\n<\/div>\n
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\n
based on my study of markets that this<\/div>\n<\/div>\n<\/div>\n
\n
\n
is going to have a lower leg next fine<\/div>\n<\/div>\n<\/div>\n
\n
\n
terrific and you know then you want to<\/div>\n<\/div>\n<\/div>\n
\n
\n
see a set up that’s within your playbook<\/div>\n<\/div>\n<\/div>\n
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\n
to take and okay you’re describing one<\/div>\n<\/div>\n<\/div>\n
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\n
of them and then you want to see it and<\/div>\n<\/div>\n<\/div>\n
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you want to see the price action confirm<\/div>\n<\/div>\n<\/div>\n
\n
\n
that your thesis is correct and the<\/div>\n<\/div>\n<\/div>\n
\n
\n
setup is being confirmed by price and<\/div>\n<\/div>\n<\/div>\n
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\n
then you want to fight for price you<\/div>\n<\/div>\n<\/div>\n
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\n
want to get in at a really good price<\/div>\n<\/div>\n<\/div>\n
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\n
this strikes me as missing potentially a<\/div>\n<\/div>\n<\/div>\n
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\n
set apart I’m not sure the setup is<\/div>\n<\/div>\n<\/div>\n
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there because I don’t think it goes<\/div>\n<\/div>\n<\/div>\n
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\n
sideways enough I don’t think the<\/div>\n<\/div>\n<\/div>\n
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\n
consolidation period is a is a long<\/div>\n<\/div>\n<\/div>\n
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\n
enough period of time that’s something<\/div>\n<\/div>\n<\/div>\n
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\n
for you to really think about and then<\/div>\n<\/div>\n<\/div>\n
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\n
your price based on where you’re taking<\/div>\n<\/div>\n<\/div>\n
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\n
your stop is<\/div>\n<\/div>\n<\/div>\n
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\n
well questionable it’s a tough price<\/div>\n<\/div>\n<\/div>\n
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\n
you’re not getting I wouldn’t suggest<\/div>\n<\/div>\n<\/div>\n
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\n
this is a good price to get it and so<\/div>\n<\/div>\n<\/div>\n
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\n
you know I’m seeing working on work on<\/div>\n<\/div>\n<\/div>\n
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\n
your pricing I’m seeing is your setup<\/div>\n<\/div>\n<\/div>\n
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\n
really there to be making to be making<\/div>\n<\/div>\n<\/div>\n
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\n
some good trades I don’t know I don’t<\/div>\n<\/div>\n<\/div>\n
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\n
know if you have any thoughts about that<\/div>\n<\/div>\n<\/div>\n
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\n
no no I totally agree that’s what I I<\/div>\n<\/div>\n<\/div>\n
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\n
was trying to touch on that with the one<\/div>\n<\/div>\n<\/div>\n
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\n
minute to stretch one minute that’s what<\/div>\n<\/div>\n<\/div>\n
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\n
I meant by that you know it didn’t not<\/div>\n<\/div>\n<\/div>\n
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\n
spend enough time to really have energy<\/div>\n<\/div>\n<\/div>\n
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\n
you know that was it’s exhausted too<\/div>\n<\/div>\n<\/div>\n
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\n
much energy at this point you know it<\/div>\n<\/div>\n<\/div>\n
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\n
doesn’t have the real energy to push<\/div>\n<\/div>\n<\/div>\n
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\n
through you know the trigger that I was<\/div>\n<\/div>\n<\/div>\n
\n
\n
using which was look like it was a<\/div>\n<\/div>\n<\/div>\n
\n
\n
little bit under 68 it doesn’t have that<\/div>\n<\/div>\n<\/div>\n
\n
\n
energy to push through it and really<\/div>\n<\/div>\n<\/div>\n
\n
\n
take out the pre-market low you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
that would have needed to spend some<\/div>\n<\/div>\n<\/div>\n
\n
\n
time between 68 and like 68 or 6750 it<\/div>\n<\/div>\n<\/div>\n
\n
\n
looks like and then push and then you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know hit lows maybe yeah and if you’re<\/div>\n<\/div>\n<\/div>\n
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\n
gonna say that this is where your tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
reading skills are essential if you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
gonna take a trait like that so far so<\/div>\n<\/div>\n<\/div>\n
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\n
steep so young so far away from view op<\/div>\n<\/div>\n<\/div>\n
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\n
with SS are you can do that sometimes<\/div>\n<\/div>\n<\/div>\n
\n
\n
you just got to sort of see it on the<\/div>\n<\/div>\n<\/div>\n
\n
\n
tape that the weakness is actually there<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the weakness on the tape is giving<\/div>\n<\/div>\n<\/div>\n
\n
\n
you protection so maybe you know went<\/div>\n<\/div>\n<\/div>\n
\n
\n
down two points it popped up 20 cents<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you’re noticing noticing noticing<\/div>\n<\/div>\n<\/div>\n
\n
\n
noticing recognizing recognizing<\/div>\n<\/div>\n<\/div>\n
\n
\n
recognizing seeing seeing seeing that<\/div>\n<\/div>\n<\/div>\n
\n
\n
there is just sellers that have stepped<\/div>\n<\/div>\n<\/div>\n
\n
\n
to this 20 cents below the bottom level<\/div>\n<\/div>\n<\/div>\n
\n
\n
and they’re not lifting surprises you<\/div>\n<\/div>\n<\/div>\n
\n
\n
you would think it should go up closer<\/div>\n<\/div>\n<\/div>\n
\n
\n
to be Bob but it’s not and they’re being<\/div>\n<\/div>\n<\/div>\n
\n
\n
stubborn there’s they’re tipping their<\/div>\n<\/div>\n<\/div>\n
\n
\n
hands that they really need to get out<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the stock right now they’re taking<\/div>\n<\/div>\n<\/div>\n
\n
\n
profits in this case and now you have<\/div>\n<\/div>\n<\/div>\n
\n
\n
something that you can trade against for<\/div>\n<\/div>\n<\/div>\n
\n
\n
the type of trade that you’re making for<\/div>\n<\/div>\n<\/div>\n
\n
\n
the price for the price where this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
out where this is at to make sense on<\/div>\n<\/div>\n<\/div>\n
\n
\n
the risk reward aspect<\/div>\n<\/div>\n<\/div>\n
\n
\n
because there’s I mean this this doesn’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
have to do anything and this is one of<\/div>\n<\/div>\n<\/div>\n
\n
\n
the high flyers it’s in a sector that<\/div>\n<\/div>\n<\/div>\n
\n
\n
spikes up and down it’s in a sector<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s gotten a bunch of shorts into it<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s it’s a highly opinionated sector<\/div>\n<\/div>\n<\/div>\n
\n
\n
this thing’s run up from you know the<\/div>\n<\/div>\n<\/div>\n
\n
\n
teens I remember when we were actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
not all remote having a conversation<\/div>\n<\/div>\n<\/div>\n
\n
\n
with somebody who I don’t remember that<\/div>\n<\/div>\n<\/div>\n
\n
\n
time it pulled in from the 30s into the<\/div>\n<\/div>\n<\/div>\n
\n
\n
20s that first time it had a big down<\/div>\n<\/div>\n<\/div>\n
\n
\n
move I remember talking to one of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
guys who has a business next to ours who<\/div>\n<\/div>\n<\/div>\n
\n
\n
was just like literally imploring me to<\/div>\n<\/div>\n<\/div>\n
\n
\n
back the truck up and get along this<\/div>\n<\/div>\n<\/div>\n
\n
\n
name I said I remember that he’s totally<\/div>\n<\/div>\n<\/div>\n
\n
\n
right and and lots of people have been<\/div>\n<\/div>\n<\/div>\n
\n
\n
really following this but uh you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is this has gone all the time and<\/div>\n<\/div>\n<\/div>\n
\n
\n
so you’ve got it’s a high flier so you<\/div>\n<\/div>\n<\/div>\n
\n
\n
have a price issue here and if you have<\/div>\n<\/div>\n<\/div>\n
\n
\n
a price issue you’ve got to be able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
have protection that you’re seeing from<\/div>\n<\/div>\n<\/div>\n
\n
\n
the tape to trade against to make it<\/div>\n<\/div>\n<\/div>\n
\n
\n
make sense to control your risk yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
exactly I totally agree so I’m curious<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we’re in agreement price is a little<\/div>\n<\/div>\n<\/div>\n
\n
\n
bit sketchy here is this is there<\/div>\n<\/div>\n<\/div>\n
\n
\n
something that causes you and your<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading to jump into something like this<\/div>\n<\/div>\n<\/div>\n
\n
\n
at a bad price that you’ve recognized<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s a pattern that develops with your<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading yeah totally I was actually just<\/div>\n<\/div>\n<\/div>\n
\n
\n
gonna bring that up you know a lot of<\/div>\n<\/div>\n<\/div>\n
\n
\n
times when I jump into these that look<\/div>\n<\/div>\n<\/div>\n
\n
\n
overextended or that just hasn’t spent<\/div>\n<\/div>\n<\/div>\n
\n
\n
enough time to really create a trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
setup it’s usually one of the most<\/div>\n<\/div>\n<\/div>\n
\n
\n
talked about names you know when we were<\/div>\n<\/div>\n<\/div>\n
\n
\n
going through the stuff with the Cruise<\/div>\n<\/div>\n<\/div>\n
\n
\n
Lines and Airlines I made a few trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
like this because you just think in your<\/div>\n<\/div>\n<\/div>\n
\n
\n
head oh my goodness these things make<\/div>\n<\/div>\n<\/div>\n
\n
\n
massive moves you know this little this<\/div>\n<\/div>\n<\/div>\n
\n
\n
little little bounce might be the last<\/div>\n<\/div>\n<\/div>\n
\n
\n
chance I get to really get in on this on<\/div>\n<\/div>\n<\/div>\n
\n
\n
a big move and so you know it becomes a<\/div>\n<\/div>\n<\/div>\n
\n
\n
FOMO thing and other times it’ll be you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know I don’t see a whole lot of other<\/div>\n<\/div>\n<\/div>\n
\n
\n
things in the market and you know this<\/div>\n<\/div>\n<\/div>\n
\n
\n
is the closest thing to a setup ice<\/div>\n<\/div>\n<\/div>\n
\n
\n
see and sometimes I jump in and when I’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
not you know have my most disciplined<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading and you know usually I’m pretty<\/div>\n<\/div>\n<\/div>\n
\n
\n
disciplined trader and this was<\/div>\n<\/div>\n<\/div>\n
\n
\n
definitely one of those times where I’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know I guess I got stumped on this<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah that makes sense I get good to<\/div>\n<\/div>\n<\/div>\n
\n
\n
recognize the trades that are you’re one<\/div>\n<\/div>\n<\/div>\n
\n
\n
bad trades you’re anti PlayBook trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then what precipitates you taking<\/div>\n<\/div>\n<\/div>\n
\n
\n
those trades so that you can put the<\/div>\n<\/div>\n<\/div>\n
\n
\n
protections in place whether that<\/div>\n<\/div>\n<\/div>\n
\n
\n
self-talk whether that’s having a<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading buddy<\/div>\n<\/div>\n<\/div>\n
\n
\n
whether that’s rules whatever it is<\/div>\n<\/div>\n<\/div>\n
\n
\n
whether that’s having Carlton come over<\/div>\n<\/div>\n<\/div>\n
\n
\n
our floor manager to come over and smack<\/div>\n<\/div>\n<\/div>\n
\n
\n
you upside the head or take the keys<\/div>\n<\/div>\n<\/div>\n
\n
\n
away from your your trading account for<\/div>\n<\/div>\n<\/div>\n
\n
\n
a little bit or a walk whatever it is<\/div>\n<\/div>\n<\/div>\n
\n
\n
good to recognize those patterns because<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’ll catch yourself in time as you<\/div>\n<\/div>\n<\/div>\n
\n
\n
gain experience saying oh wait a second<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is an overcrowded stock I’ve done<\/div>\n<\/div>\n<\/div>\n
\n
\n
this three times in the past every time<\/div>\n<\/div>\n<\/div>\n
\n
\n
I do this I tell myself I’m gonna stop<\/div>\n<\/div>\n<\/div>\n
\n
\n
doing it I’m not gonna do it this time<\/div>\n<\/div>\n<\/div>\n
\n
\n
and and to support that I’m gonna<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually get up and and can go grab a<\/div>\n<\/div>\n<\/div>\n
\n
\n
drink<\/div>\n<\/div>\n<\/div>\n
\n
\n
Max and I are gonna go get what’s that<\/div>\n<\/div>\n<\/div>\n
\n
\n
chicken you guys like to go get oh yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
that chick-fil-a chick-fil-a I’m gonna<\/div>\n<\/div>\n<\/div>\n
\n
\n
go get Max and we’re all gonna go get<\/div>\n<\/div>\n<\/div>\n
\n
\n
some chick-fil-a and I’m gonna stay away<\/div>\n<\/div>\n<\/div>\n
\n
\n
from the stray and as a consequence I’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
gonna keep more of the P&L with my<\/div>\n<\/div>\n<\/div>\n
\n
\n
really good trades yeah I got to be able<\/div>\n<\/div>\n<\/div>\n
\n
\n
to drag max from his desk before I could<\/div>\n<\/div>\n<\/div>\n
\n
\n
do that that’s that’s difficult task<\/div>\n<\/div>\n<\/div>\n
\n
\n
sometimes well maybe if you pay you kill<\/div>\n<\/div>\n<\/div>\n
\n
\n
a dragon off his desk yeah exactly<\/div>\n<\/div>\n<\/div>\n
\n
\n
all right good let’s finish this off<\/div>\n<\/div>\n<\/div>\n
\n
\n
cool yes that was the check marks and<\/div>\n<\/div>\n<\/div>\n
\n
\n
then just lessons similar stuff we<\/div>\n<\/div>\n<\/div>\n
\n
\n
talked about yeah if I’m gonna take a<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade like that you know it’s got to<\/div>\n<\/div>\n<\/div>\n
\n
\n
have higher our ball it’s got to have<\/div>\n<\/div>\n<\/div>\n
\n
\n
some you know really critical things<\/div>\n<\/div>\n<\/div>\n
\n
\n
that are moving the stock you know just<\/div>\n<\/div>\n<\/div>\n
\n
\n
a super weak tape like you said critical<\/div>\n<\/div>\n<\/div>\n
\n
\n
level being broken you know out of an<\/div>\n<\/div>\n<\/div>\n
\n
\n
intraday daily range time of day you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know needs to show true weakness without<\/div>\n<\/div>\n<\/div>\n
\n
\n
looking over it<\/div>\n<\/div>\n<\/div>\n
\n
\n
standed and you know you know I like to<\/div>\n<\/div>\n<\/div>\n
\n
\n
do ratings in my head like that<\/div>\n<\/div>\n<\/div>\n
\n
\n
checkmark stuff I was talking about you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know you know what Vanessa saw her name<\/div>\n<\/div>\n<\/div>\n
\n
\n
if I think this is kind of iffy I don’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
know if this thing really has enough<\/div>\n<\/div>\n<\/div>\n
\n
\n
than I need to just trash it I call<\/div>\n<\/div>\n<\/div>\n
\n
\n
those 5050 trades but yeah that is that<\/div>\n<\/div>\n<\/div>\n
\n
\n
was my anti playbook look I apologize<\/div>\n<\/div>\n<\/div>\n
\n
\n
for making to do the anti playbook trick<\/div>\n<\/div>\n<\/div>\n
\n
\n
but actually I take that back because<\/div>\n<\/div>\n<\/div>\n
\n
\n
learning from your losses is a great way<\/div>\n<\/div>\n<\/div>\n
\n
\n
for you to get better very few people do<\/div>\n<\/div>\n<\/div>\n
\n
\n
it<\/div>\n<\/div>\n<\/div>\n
\n
\n
most people bang and strain the costs<\/div>\n<\/div>\n<\/div>\n
\n
\n
and blame everybody but themselves and<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s not a way to get better there’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
lots we can learn from our olestra<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading and I would just say this what<\/div>\n<\/div>\n<\/div>\n
\n
\n
is it like two o’clock today and you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know my day is usually pretty packed<\/div>\n<\/div>\n<\/div>\n
\n
\n
I’ve had five phone calls today with<\/div>\n<\/div>\n<\/div>\n
\n
\n
profitable traders some of them star<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders who we talked about their lesser<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades with a majority of them needing<\/div>\n<\/div>\n<\/div>\n
\n
\n
to sort of get back on track with their<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading and you know so this idea that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re not gonna make bad trades and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re not gonna get off track and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re not gonna make lesser trades it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
not my experience running a proprietary<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading firm proprietary traders even<\/div>\n<\/div>\n<\/div>\n
\n
\n
the best ones get off track make losing<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades but what the best ones do what<\/div>\n<\/div>\n<\/div>\n
\n
\n
they learn from them they take<\/div>\n<\/div>\n<\/div>\n
\n
\n
responsibility for their losses they use<\/div>\n<\/div>\n<\/div>\n
\n
\n
it as an opportunity to grow they use it<\/div>\n<\/div>\n<\/div>\n
\n
\n
as an opportunity to see the patterns<\/div>\n<\/div>\n<\/div>\n
\n
\n
when that precipitate them trading badly<\/div>\n<\/div>\n<\/div>\n
\n
\n
the patterns and the setups that don’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
work for them and they work to eliminate<\/div>\n<\/div>\n<\/div>\n
\n
\n
them<\/div>\n<\/div>\n<\/div>\n
\n
\n
and this doesn’t ever stop markets are<\/div>\n<\/div>\n<\/div>\n
\n
\n
changing and you know obviously we’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
talked about the historic march that our<\/div>\n<\/div>\n<\/div>\n
\n
\n
firm had it was the best trading month<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’ve ever had as a firm and then April<\/div>\n<\/div>\n<\/div>\n
\n
\n
I think a lot of people expected for<\/div>\n<\/div>\n<\/div>\n
\n
\n
reality to strike and we had a we had an<\/div>\n<\/div>\n<\/div>\n
\n
\n
amazing month in April and I certainly<\/div>\n<\/div>\n<\/div>\n
\n
\n
said I said to my wife actually in<\/div>\n<\/div>\n<\/div>\n
\n
\n
passing because now that we’re all in<\/div>\n<\/div>\n<\/div>\n
\n
\n
lockdown we actually work in the same<\/div>\n<\/div>\n<\/div>\n
\n
\n
floor together I was just having a<\/div>\n<\/div>\n<\/div>\n
\n
\n
conversation with her that ok now things<\/div>\n<\/div>\n<\/div>\n
\n
\n
are really gonna get back to reality and<\/div>\n<\/div>\n<\/div>\n
\n
\n
we can’t possibly do as well as we did<\/div>\n<\/div>\n<\/div>\n
\n
\n
in March and April and so far in May<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re doing really well as well but the<\/div>\n<\/div>\n<\/div>\n
\n
\n
reason why we’re doing really well and<\/div>\n<\/div>\n<\/div>\n
\n
\n
the reason why the best traders are<\/div>\n<\/div>\n<\/div>\n
\n
\n
doing really well is because they’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
constantly doubling down on what leads<\/div>\n<\/div>\n<\/div>\n
\n
\n
their best trading they’re constantly<\/div>\n<\/div>\n<\/div>\n
\n
\n
doubling down on reminding themselves<\/div>\n<\/div>\n<\/div>\n
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things like self-talk that help them<\/div>\n<\/div>\n<\/div>\n
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stay away from their anti playbook<\/div>\n<\/div>\n<\/div>\n
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they’re they’re one bad trades and<\/div>\n<\/div>\n<\/div>\n
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getting back quickly to what they do<\/div>\n<\/div>\n<\/div>\n
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well so very useful exercise all the<\/div>\n<\/div>\n<\/div>\n
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best guys are doing it appreciate you<\/div>\n<\/div>\n<\/div>\n
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spend a little bit of time with us<\/div>\n<\/div>\n<\/div>\n
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excellent review and I promise we’ll<\/div>\n<\/div>\n<\/div>\n
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have you back for a monster trade yeah<\/div>\n<\/div>\n<\/div>\n
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awesome<\/div>\n<\/div>\n<\/div>\n
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all right thanks appreciate it hey go<\/div>\n<\/div>\n<\/div>\n
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ahead and click our subscribe button so<\/div>\n<\/div>\n<\/div>\n
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you don’t miss any of the videos they’re<\/div>\n<\/div>\n<\/div>\n
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producing for you in the trading<\/div>\n<\/div>\n<\/div>\n
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community and please take the time to<\/div>\n<\/div>\n<\/div>\n
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add your feedback in the comments<\/div>\n<\/div>\n<\/div>\n
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section for what videos you’d like for<\/div>\n<\/div>\n<\/div>\n
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us to produce next and what you found<\/div>\n<\/div>\n<\/div>\n
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helpful from this video from all of us<\/div>\n<\/div>\n<\/div>\n
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at SMB train and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\"\"<\/a><\/p>\n

* no relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"

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