{"id":49906,"date":"2020-06-02T14:06:52","date_gmt":"2020-06-02T18:06:52","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=49906"},"modified":"2020-06-02T14:06:52","modified_gmt":"2020-06-02T18:06:52","slug":"how-to-stop-frustratingly-turning-a-winning-stock-trade-into-a-losing-trade","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-to-stop-frustratingly-turning-a-winning-stock-trade-into-a-losing-trade","title":{"rendered":"How to stop (frustratingly) turning a winning stock trade into a losing trade"},"content":{"rendered":"

In this video, learn how to stop (frustratingly) turning a winning stock trade into a losing trade. See how a junior trader creates an AntiPlayBook Trade to help eliminate his bad trading and bad trades, in this case turning a winning trade right on the open into a loser, that are holding him back as a trader.<\/p>\nView Video Transcript<\/strong><\/span>

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<\/div>\n<\/div>\n
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in this video learn how to stop<\/div>\n<\/div>\n<\/div>\n
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frustratingly turning a winning stock<\/div>\n<\/div>\n<\/div>\n
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trade into a losing trade hi I’m Mike<\/div>\n<\/div>\n<\/div>\n
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bellifiore co-founder of SME capital and<\/div>\n<\/div>\n<\/div>\n
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we’re a proprietary trading firm located<\/div>\n<\/div>\n<\/div>\n
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in midtown Manhattan and I’m also the<\/div>\n<\/div>\n<\/div>\n
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author of the trading classic one good<\/div>\n<\/div>\n<\/div>\n
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trade and the play book click our<\/div>\n<\/div>\n<\/div>\n
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subscribe button so you don’t miss any<\/div>\n<\/div>\n<\/div>\n
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of the videos they’re producing for you<\/div>\n<\/div>\n<\/div>\n
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in the trading community see how a<\/div>\n<\/div>\n<\/div>\n
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junior trader creates an anti play book<\/div>\n<\/div>\n<\/div>\n
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trade to help eliminate is bad trading<\/div>\n<\/div>\n<\/div>\n
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and bad trades in this case turning a<\/div>\n<\/div>\n<\/div>\n
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winning trade right on the open into a<\/div>\n<\/div>\n<\/div>\n
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loser that are holding him back as a<\/div>\n<\/div>\n<\/div>\n
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trader let’s get to work<\/div>\n<\/div>\n<\/div>\n
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today I’m sharing this anti play book on<\/div>\n<\/div>\n<\/div>\n
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trade that I do quite often and there’s<\/div>\n<\/div>\n<\/div>\n
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portions of it which looking to work on<\/div>\n<\/div>\n<\/div>\n
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what’s the opening drive to the short<\/div>\n<\/div>\n<\/div>\n
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side so the setup at its core is it’s an<\/div>\n<\/div>\n<\/div>\n
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opening drive play there’s a consistent<\/div>\n<\/div>\n<\/div>\n
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pattern throughout these traits that<\/div>\n<\/div>\n<\/div>\n
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I’ve been recognizing causing me to<\/div>\n<\/div>\n<\/div>\n
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taking take losses pretty frequently the<\/div>\n<\/div>\n<\/div>\n
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one bad trade I’m the anti play book is<\/div>\n<\/div>\n<\/div>\n
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made on the follow up the second attempt<\/div>\n<\/div>\n<\/div>\n
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to this opening drive short it’s the<\/div>\n<\/div>\n<\/div>\n
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second leg where instead of following<\/div>\n<\/div>\n<\/div>\n
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through with what the original setup was<\/div>\n<\/div>\n<\/div>\n
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that momentum trade to the downside it<\/div>\n<\/div>\n<\/div>\n
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ends up turning into a different trade<\/div>\n<\/div>\n<\/div>\n
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altogether increasing size while there<\/div>\n<\/div>\n<\/div>\n
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are reasons to exit telling me to get<\/div>\n<\/div>\n<\/div>\n
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out instead of increasing size the<\/div>\n<\/div>\n<\/div>\n
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original set up is a short position it’s<\/div>\n<\/div>\n<\/div>\n
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based on first the planning so it’s<\/div>\n<\/div>\n<\/div>\n
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anticipating a sell-off in the stock<\/div>\n<\/div>\n<\/div>\n
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right near the open or during a price<\/div>\n<\/div>\n<\/div>\n
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discovery and this is due to one of many<\/div>\n<\/div>\n<\/div>\n
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reasons these examples it can be a gap<\/div>\n<\/div>\n<\/div>\n
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down with a strong negative catalyst<\/div>\n<\/div>\n<\/div>\n
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that may show me that off of the open we<\/div>\n<\/div>\n<\/div>\n
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might see a strong sell-off so I’m going<\/div>\n<\/div>\n<\/div>\n
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to get prepared for it there could be<\/div>\n<\/div>\n<\/div>\n
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some news event or changing fundamentals<\/div>\n<\/div>\n<\/div>\n
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where there is a huge gap to the upside<\/div>\n<\/div>\n<\/div>\n
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and maybe I’m doing this piece of news<\/div>\n<\/div>\n<\/div>\n
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as a potential overreaction and looking<\/div>\n<\/div>\n<\/div>\n
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to see if there’s going to be a sell-off<\/div>\n<\/div>\n<\/div>\n
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on the open in a general just planning<\/div>\n<\/div>\n<\/div>\n
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for a trade no matter what the catalyst<\/div>\n<\/div>\n<\/div>\n
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is if there’s going to be this sharp<\/div>\n<\/div>\n<\/div>\n
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sell-off to look for confirmations off<\/div>\n<\/div>\n<\/div>\n
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the open for potential entry these<\/div>\n<\/div>\n<\/div>\n
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confirmations can be recognizing strong<\/div>\n<\/div>\n<\/div>\n
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selling on the tape I’m seeing I just<\/div>\n<\/div>\n<\/div>\n
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consistent all for stepping down driving<\/div>\n<\/div>\n<\/div>\n
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the price lower<\/div>\n<\/div>\n<\/div>\n
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the bids failing to be able to support<\/div>\n<\/div>\n<\/div>\n
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the price at whatever levels trading at<\/div>\n<\/div>\n<\/div>\n
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and also there’s this price action which<\/div>\n<\/div>\n<\/div>\n
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can reflect the lower highs lower lows<\/div>\n<\/div>\n<\/div>\n
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closing at the bottom of the candles<\/div>\n<\/div>\n<\/div>\n
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there are many confirmations that can<\/div>\n<\/div>\n<\/div>\n
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show that they’re just clear strong<\/div>\n<\/div>\n<\/div>\n
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selling Mount flow in the stock these<\/div>\n<\/div>\n<\/div>\n
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three examples are opening drive plays<\/div>\n<\/div>\n<\/div>\n
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where I’m looking at the sell-off and<\/div>\n<\/div>\n<\/div>\n
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I’m recognizing whether it’s the price<\/div>\n<\/div>\n<\/div>\n
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action or the tape for some reason in<\/div>\n<\/div>\n<\/div>\n
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each of these traits the position is<\/div>\n<\/div>\n<\/div>\n
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being opened up as a short in an attempt<\/div>\n<\/div>\n<\/div>\n
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to capture this momentum to the downside<\/div>\n<\/div>\n<\/div>\n
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on that original sell-off the three<\/div>\n<\/div>\n<\/div>\n
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arrows that I’m pointing to our spots<\/div>\n<\/div>\n<\/div>\n
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where instead of seeing what’s happening<\/div>\n<\/div>\n<\/div>\n
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develop on the chart or on the tape<\/div>\n<\/div>\n<\/div>\n
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instead of me taking off risk or getting<\/div>\n<\/div>\n<\/div>\n
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flat I’m instead adding to this position<\/div>\n<\/div>\n<\/div>\n
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and this is the practice that I’m going<\/div>\n<\/div>\n<\/div>\n
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through in this playbook as a bad<\/div>\n<\/div>\n<\/div>\n
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practice and a bad trading habit that I<\/div>\n<\/div>\n<\/div>\n
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would like to try to minimize so<\/div>\n<\/div>\n<\/div>\n
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basically you’re turning a trade that<\/div>\n<\/div>\n<\/div>\n
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was a winning trade into a losing trade<\/div>\n<\/div>\n<\/div>\n
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is that a fair assessment yes exactly<\/div>\n<\/div>\n<\/div>\n
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okay so when you’re in the money is it<\/div>\n<\/div>\n<\/div>\n
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mostly an issue of you not taking off<\/div>\n<\/div>\n<\/div>\n
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winners and trying to make too much<\/div>\n<\/div>\n<\/div>\n
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what’s the root cause of all this I<\/div>\n<\/div>\n<\/div>\n
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think the root cause of adding to the<\/div>\n<\/div>\n<\/div>\n
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position once there is a confirmation in<\/div>\n<\/div>\n<\/div>\n
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the opposite direction instead of taking<\/div>\n<\/div>\n<\/div>\n
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off risk or getting flat is that the<\/div>\n<\/div>\n<\/div>\n
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confirmation is leading up to me<\/div>\n<\/div>\n<\/div>\n
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actually entering the position and then<\/div>\n<\/div>\n<\/div>\n
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once I enter the position and it’s<\/div>\n<\/div>\n<\/div>\n
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proven to be right as it continues in<\/div>\n<\/div>\n<\/div>\n
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the direction to the downside that<\/div>\n<\/div>\n<\/div>\n
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continuation after I already answered is<\/div>\n<\/div>\n<\/div>\n
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just another confirmation where I feel<\/div>\n<\/div>\n<\/div>\n
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okay I got ready for the trade I wanted<\/div>\n<\/div>\n<\/div>\n
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to see XYZ this happened and now it’s<\/div>\n<\/div>\n<\/div>\n
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continuing lower if there is a bounce<\/div>\n<\/div>\n<\/div>\n
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I’m not taking it in quickly enough to<\/div>\n<\/div>\n<\/div>\n
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say which I should be that okay this is<\/div>\n<\/div>\n<\/div>\n
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a confirmation in the opposite direction<\/div>\n<\/div>\n<\/div>\n
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but rather I’m looking at it as a way to<\/div>\n<\/div>\n<\/div>\n
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say oh I got lucky that price bounced<\/div>\n<\/div>\n<\/div>\n
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and now I can enter in for a second<\/div>\n<\/div>\n<\/div>\n
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second leg lower I try to exaggerate the<\/div>\n<\/div>\n<\/div>\n
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winds I see that it’s going in my favor<\/div>\n<\/div>\n<\/div>\n
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and that if something has going against<\/div>\n<\/div>\n<\/div>\n
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me if the price is going against me from<\/div>\n<\/div>\n<\/div>\n
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that I can just exaggerate the wind that<\/div>\n<\/div>\n<\/div>\n
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I already had the amount that I was in<\/div>\n<\/div>\n<\/div>\n
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the money now I just have another<\/div>\n<\/div>\n<\/div>\n
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attempt to be able to add on to this<\/div>\n<\/div>\n<\/div>\n
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once we’re at the lows of that opening<\/div>\n<\/div>\n<\/div>\n
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drive I think that we can get back there<\/div>\n<\/div>\n<\/div>\n
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and so if we’re only getting back to<\/div>\n<\/div>\n<\/div>\n
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that level I don’t think that being<\/div>\n<\/div>\n<\/div>\n
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right deserved that small of a game and<\/div>\n<\/div>\n<\/div>\n
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that I want to as I mentioned they<\/div>\n<\/div>\n<\/div>\n
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exaggerate add-on to these physicians so<\/div>\n<\/div>\n<\/div>\n
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that once we do move back down to that<\/div>\n<\/div>\n<\/div>\n
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level the amount gain the return will be<\/div>\n<\/div>\n<\/div>\n
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quote unquote worthy this is a bad way<\/div>\n<\/div>\n<\/div>\n
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of looking at things<\/div>\n<\/div>\n<\/div>\n
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but it’s it’s part of the psyche that<\/div>\n<\/div>\n<\/div>\n
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I’m trying to get rid of which is<\/div>\n<\/div>\n<\/div>\n
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attempting to have these gains be larger<\/div>\n<\/div>\n<\/div>\n
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than you know than they were in the<\/div>\n<\/div>\n<\/div>\n
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first place once I was proven right I’m<\/div>\n<\/div>\n<\/div>\n
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expecting that I can get this moved back<\/div>\n<\/div>\n<\/div>\n
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down to where I was I would like it to<\/div>\n<\/div>\n<\/div>\n
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be larger than it was the first time and<\/div>\n<\/div>\n<\/div>\n
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this is just a bad habit altogether and<\/div>\n<\/div>\n<\/div>\n
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it’s a bad way of looking at things and<\/div>\n<\/div>\n<\/div>\n
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setting price levels if you want to<\/div>\n<\/div>\n<\/div>\n
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learn three real-world setups that our<\/div>\n<\/div>\n<\/div>\n
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traders use including the simple setup<\/div>\n<\/div>\n<\/div>\n
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that we teach all of our new traders and<\/div>\n<\/div>\n<\/div>\n
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the setup that turned one of our traders<\/div>\n<\/div>\n<\/div>\n
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into a seven-figure big money earner<\/div>\n<\/div>\n<\/div>\n
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check out the free webinar that we’re<\/div>\n<\/div>\n<\/div>\n
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currently running just go ahead and<\/div>\n<\/div>\n<\/div>\n
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click the link that should be appearing<\/div>\n<\/div>\n<\/div>\n
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right now at the top right hand corner<\/div>\n<\/div>\n<\/div>\n
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of your screen that’s gonna open up this<\/div>\n<\/div>\n<\/div>\n
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free registration page in the new window<\/div>\n<\/div>\n<\/div>\n
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so don’t worry you’re not gonna 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 then from years of online<\/div>\n<\/div>\n<\/div>\n
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education yeah I mean are you sitting<\/div>\n<\/div>\n<\/div>\n
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there saying to yourself well I was up<\/div>\n<\/div>\n<\/div>\n
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$1,000 just to come up with a<\/div>\n<\/div>\n<\/div>\n
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hypothetical now the stock bounces<\/div>\n<\/div>\n<\/div>\n
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you’re up 600 does it bother you that<\/div>\n<\/div>\n<\/div>\n
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you’re now not up $1,000 still is that<\/div>\n<\/div>\n<\/div>\n
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what is at the top of your mind is it<\/div>\n<\/div>\n<\/div>\n
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something different it is I wish I could<\/div>\n<\/div>\n<\/div>\n
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say it wasn’t but it definitely is that<\/div>\n<\/div>\n<\/div>\n
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number that I I was at whenever the<\/div>\n<\/div>\n<\/div>\n
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highest return that I had gotten if it’s<\/div>\n<\/div>\n<\/div>\n
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ready to move against me and this is<\/div>\n<\/div>\n<\/div>\n
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happening really quickly then I think<\/div>\n<\/div>\n<\/div>\n
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I’ll wait till we move back lower so you<\/div>\n<\/div>\n<\/div>\n
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actually I’m guilty of this as well so<\/div>\n<\/div>\n<\/div>\n
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you actually<\/div>\n<\/div>\n<\/div>\n
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are saying to yourself instead of being<\/div>\n<\/div>\n<\/div>\n
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up $600 you using the hypothetical I<\/div>\n<\/div>\n<\/div>\n
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drew before he robbed a thousand bounced<\/div>\n<\/div>\n<\/div>\n
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on you now you’re up 600 instead of you<\/div>\n<\/div>\n<\/div>\n
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thinking you’re up 600 you think you’re<\/div>\n<\/div>\n<\/div>\n
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down 400 is that fair that’s fair in<\/div>\n<\/div>\n<\/div>\n
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this specific trade style yes at times<\/div>\n<\/div>\n<\/div>\n
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okay do you feel like you can do a<\/div>\n<\/div>\n<\/div>\n
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better job determining in real time when<\/div>\n<\/div>\n<\/div>\n
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to take off going forward or do you feel<\/div>\n<\/div>\n<\/div>\n
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like you’re just not quick enough and<\/div>\n<\/div>\n<\/div>\n
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this isn’t something you really can get<\/div>\n<\/div>\n<\/div>\n
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better at in the near term I know I can<\/div>\n<\/div>\n<\/div>\n
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improve on this this is part of a set of<\/div>\n<\/div>\n<\/div>\n
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rules I set out to avoid trading until<\/div>\n<\/div>\n<\/div>\n
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about a month ago<\/div>\n<\/div>\n<\/div>\n
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a month and a half ago six weeks and I<\/div>\n<\/div>\n<\/div>\n
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think going forward as long as as long<\/div>\n<\/div>\n<\/div>\n
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as I can recognize that that’s a bad way<\/div>\n<\/div>\n<\/div>\n
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of looking at things and following the<\/div>\n<\/div>\n<\/div>\n
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rules that that I’ve said that I can fix<\/div>\n<\/div>\n<\/div>\n
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this going forward you’re mostly swing<\/div>\n<\/div>\n<\/div>\n
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trading are you doing mostly scalping<\/div>\n<\/div>\n<\/div>\n
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we’re where most year winners coming<\/div>\n<\/div>\n<\/div>\n
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from towards the opens mostly scalps<\/div>\n<\/div>\n<\/div>\n
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throughout the day doing a lot of a lot<\/div>\n<\/div>\n<\/div>\n
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of majority of my trades I would say our<\/div>\n<\/div>\n<\/div>\n
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breaking news trades to scopes but I do<\/div>\n<\/div>\n<\/div>\n
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have a mix of entering in early on and<\/div>\n<\/div>\n<\/div>\n
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holding for a few hours okay so this is<\/div>\n<\/div>\n<\/div>\n
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more important for you to get this right<\/div>\n<\/div>\n<\/div>\n
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then so if you’re doing more scalping<\/div>\n<\/div>\n<\/div>\n
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you’re gonna have to think quicker and<\/div>\n<\/div>\n<\/div>\n
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recognize faster when it’s time to take<\/div>\n<\/div>\n<\/div>\n
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off your scalp for these opening drives<\/div>\n<\/div>\n<\/div>\n
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for example the the first example listed<\/div>\n<\/div>\n<\/div>\n
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here do you see that as a way where once<\/div>\n<\/div>\n<\/div>\n
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it reaches my initial entry that is that<\/div>\n<\/div>\n<\/div>\n
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time where I should know there’s a<\/div>\n<\/div>\n<\/div>\n
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change in character or is it the very<\/div>\n<\/div>\n<\/div>\n
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first bounce well when I see that Guild<\/div>\n<\/div>\n<\/div>\n
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chart what I see is a steepness which<\/div>\n<\/div>\n<\/div>\n
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you could develop into a rule which<\/div>\n<\/div>\n<\/div>\n
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could bring a trade decision as to get<\/div>\n<\/div>\n<\/div>\n
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as to get flat when you’re scalping when<\/div>\n<\/div>\n<\/div>\n
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your momentum trading it’s super<\/div>\n<\/div>\n<\/div>\n
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important not to let the stock go back<\/div>\n<\/div>\n<\/div>\n
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against you that’s a yes it’s a really<\/div>\n<\/div>\n<\/div>\n
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good momentum trading and really good<\/div>\n<\/div>\n<\/div>\n
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helping really good momentum trading and<\/div>\n<\/div>\n<\/div>\n
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really good scalping is you are short<\/div>\n<\/div>\n<\/div>\n
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when the stock is going down and you’re<\/div>\n<\/div>\n<\/div>\n
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long when the stock is going up and I’m<\/div>\n<\/div>\n<\/div>\n
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not trying to be cute about that I’m not<\/div>\n<\/div>\n<\/div>\n
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trying to make a joke about that as if<\/div>\n<\/div>\n<\/div>\n
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trading is that easy that is really what<\/div>\n<\/div>\n<\/div>\n
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I meant and trading and scalping it’s it<\/div>\n<\/div>\n<\/div>\n
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is you being good enough to be short<\/div>\n<\/div>\n<\/div>\n
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when the stock is going down and when it<\/div>\n<\/div>\n<\/div>\n
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starts to go back up you’re out you take<\/div>\n<\/div>\n<\/div>\n
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your profits you can see where to take<\/div>\n<\/div>\n<\/div>\n
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your profits you’re out and you start<\/div>\n<\/div>\n<\/div>\n
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over and you look for the next rate<\/div>\n<\/div>\n<\/div>\n
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really good scalpers in an opening drive<\/div>\n<\/div>\n<\/div>\n
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play in their playbook will have that<\/div>\n<\/div>\n<\/div>\n
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good short and they’re good enough with<\/div>\n<\/div>\n<\/div>\n
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not only do they have that good short<\/div>\n<\/div>\n<\/div>\n
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but they’re flat take their profits and<\/div>\n<\/div>\n<\/div>\n
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then they get long a little bit for some<\/div>\n<\/div>\n<\/div>\n
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pretty good Long’s they’re gonna have a<\/div>\n<\/div>\n<\/div>\n
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particularly when something gets too<\/div>\n<\/div>\n<\/div>\n
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steep they’re gonna take the profits<\/div>\n<\/div>\n<\/div>\n
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into the steepness at a really good<\/div>\n<\/div>\n<\/div>\n
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price and then they’re going to get<\/div>\n<\/div>\n<\/div>\n
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along a little bit into that bounce as<\/div>\n<\/div>\n<\/div>\n
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opposed to what you’re thinking about<\/div>\n<\/div>\n<\/div>\n
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doing which is not taking the profits<\/div>\n<\/div>\n<\/div>\n
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and then adding into the bounce think<\/div>\n<\/div>\n<\/div>\n
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that’s not momentum trading and that’s<\/div>\n<\/div>\n<\/div>\n
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not scalping that’s that’s the essence<\/div>\n<\/div>\n<\/div>\n
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of sort of swing trading which is fine<\/div>\n<\/div>\n<\/div>\n
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which is there’s a lot of really good<\/div>\n<\/div>\n<\/div>\n
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help traders swing traders on our desk<\/div>\n<\/div>\n<\/div>\n
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to trade differently we’re making multi<\/div>\n<\/div>\n<\/div>\n
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day plays and when you see the steepness<\/div>\n<\/div>\n<\/div>\n
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on the open when you see that opening<\/div>\n<\/div>\n<\/div>\n
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drive that isn’t gonna be a signal for<\/div>\n<\/div>\n<\/div>\n
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you to get out of your swing trade it<\/div>\n<\/div>\n<\/div>\n
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may be a signal it probably is a signal<\/div>\n<\/div>\n<\/div>\n
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actually where you’re it’s confirming<\/div>\n<\/div>\n<\/div>\n
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you’re right and then you are going to<\/div>\n<\/div>\n<\/div>\n
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short into a spike into an op move wait<\/div>\n<\/div>\n<\/div>\n
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for a turn add some size to it and play<\/div>\n<\/div>\n<\/div>\n
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for a lower move but not but not but not<\/div>\n<\/div>\n<\/div>\n
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for momentum trading and scalping and<\/div>\n<\/div>\n<\/div>\n
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that’s what we go through these playbook<\/div>\n<\/div>\n<\/div>\n
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trades that’s what we ask you guys to<\/div>\n<\/div>\n<\/div>\n
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build your your PlayBook is because you<\/div>\n<\/div>\n<\/div>\n
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have to understand the trade that you’re<\/div>\n<\/div>\n<\/div>\n
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making the trade that you’re making has<\/div>\n<\/div>\n<\/div>\n
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rules it has a strategy behind it there<\/div>\n<\/div>\n<\/div>\n
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are time-tested things that work and<\/div>\n<\/div>\n<\/div>\n
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don’t that we need to point out to you<\/div>\n<\/div>\n<\/div>\n
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okay so that’s and that’s why I asked<\/div>\n<\/div>\n<\/div>\n
\n
\n
that question<\/div>\n<\/div>\n<\/div>\n
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scalping momentum trading opening drive<\/div>\n<\/div>\n<\/div>\n
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play is not you holding into the bounce<\/div>\n<\/div>\n<\/div>\n
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at you getting the heck out taking your<\/div>\n<\/div>\n<\/div>\n
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profits you did a great job you found<\/div>\n<\/div>\n<\/div>\n
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the right stock very hard to do you<\/div>\n<\/div>\n<\/div>\n
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found the right stock there’s all these<\/div>\n<\/div>\n<\/div>\n
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stocks to trade you found one of the<\/div>\n<\/div>\n<\/div>\n
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best ones and had a huge move to the<\/div>\n<\/div>\n<\/div>\n
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downside weaker than the overall market<\/div>\n<\/div>\n<\/div>\n
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that’s a terrific job by you okay and<\/div>\n<\/div>\n<\/div>\n
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then you got in it that’s super hard to<\/div>\n<\/div>\n<\/div>\n
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most people can’t do that and then you<\/div>\n<\/div>\n<\/div>\n
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held it for at least a good period of<\/div>\n<\/div>\n<\/div>\n
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move most people can’t do that really<\/div>\n<\/div>\n<\/div>\n
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what we have is just one thing that we<\/div>\n<\/div>\n<\/div>\n
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need to to fix I actually argue to one<\/div>\n<\/div>\n<\/div>\n
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thing being your exit strategy and two<\/div>\n<\/div>\n<\/div>\n
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things being your mindset of taking<\/div>\n<\/div>\n<\/div>\n
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these trades a little bit quicker and<\/div>\n<\/div>\n<\/div>\n
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and being more mindful not to hold these<\/div>\n<\/div>\n<\/div>\n
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things against you because that’s a<\/div>\n<\/div>\n<\/div>\n
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different trade and if you want to<\/div>\n<\/div>\n<\/div>\n
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\n
develop swing trades and we’ll talk<\/div>\n<\/div>\n<\/div>\n
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\n
about we’ll have another congressman<\/div>\n<\/div>\n<\/div>\n
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just make up have a completely different<\/div>\n<\/div>\n<\/div>\n
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\n
conversation but as you explained it to<\/div>\n<\/div>\n<\/div>\n
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me momentum trading scalping opening<\/div>\n<\/div>\n<\/div>\n
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drive plays we don’t want to be in them<\/div>\n<\/div>\n<\/div>\n
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we don’t want to be any other move on<\/div>\n<\/div>\n<\/div>\n
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the initial entry short okay so hey<\/div>\n<\/div>\n<\/div>\n
\n
\n
great examples right here can we go<\/div>\n<\/div>\n<\/div>\n
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through the primer example that tipped<\/div>\n<\/div>\n<\/div>\n
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\n
you off to this is something that you<\/div>\n<\/div>\n<\/div>\n
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need to work on we go through that in<\/div>\n<\/div>\n<\/div>\n
\n
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detail and talk a little bit more about<\/div>\n<\/div>\n<\/div>\n
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it so the original entries on this trade<\/div>\n<\/div>\n<\/div>\n
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are based off of recognizing that<\/div>\n<\/div>\n<\/div>\n
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\n
there’s an opening drive to sell off to<\/div>\n<\/div>\n<\/div>\n
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\n
the downside as you can see on the<\/div>\n<\/div>\n<\/div>\n
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volume bars below the chart<\/div>\n<\/div>\n<\/div>\n
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there’s consistently a much larger<\/div>\n<\/div>\n<\/div>\n
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composition of that bar made up of<\/div>\n<\/div>\n<\/div>\n
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outflow which is hitting the bids which<\/div>\n<\/div>\n<\/div>\n
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is just showing that there are<\/div>\n<\/div>\n<\/div>\n
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aggressive selling rather than<\/div>\n<\/div>\n<\/div>\n
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aggressive buying and this is true<\/div>\n<\/div>\n<\/div>\n
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throughout the entire morning so with<\/div>\n<\/div>\n<\/div>\n
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these confirmations opening up a short<\/div>\n<\/div>\n<\/div>\n
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\n
in front of the low of the day also<\/div>\n<\/div>\n<\/div>\n
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\n
where there’s been a recent bounce in<\/div>\n<\/div>\n<\/div>\n
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consolidation and holding near which is<\/div>\n<\/div>\n<\/div>\n
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\n
this first arrow and then once there’s a<\/div>\n<\/div>\n<\/div>\n
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bounce and it’s immediately sold back<\/div>\n<\/div>\n<\/div>\n
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off and<\/div>\n<\/div>\n<\/div>\n
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dey’s put in adding to the position on<\/div>\n<\/div>\n<\/div>\n
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the short side so here’s where I go<\/div>\n<\/div>\n<\/div>\n
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\n
wrong is the bounce and when there is a<\/div>\n<\/div>\n<\/div>\n
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change in that momentum covering into<\/div>\n<\/div>\n<\/div>\n
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the momentum as this inflection was<\/div>\n<\/div>\n<\/div>\n
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\n
reached the 7250 was an inflection point<\/div>\n<\/div>\n<\/div>\n
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\n
which was hit and then there’s immediate<\/div>\n<\/div>\n<\/div>\n
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\n
bounce we see the price moving to the<\/div>\n<\/div>\n<\/div>\n
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upside and this shorter term moving<\/div>\n<\/div>\n<\/div>\n
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average was broken through there’s a<\/div>\n<\/div>\n<\/div>\n
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change in character and in front of that<\/div>\n<\/div>\n<\/div>\n
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which is right around a little bit below<\/div>\n<\/div>\n<\/div>\n
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73 is where I decided to cover half of<\/div>\n<\/div>\n<\/div>\n
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the position with the anticipation that<\/div>\n<\/div>\n<\/div>\n
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we’re going to move back down into 72 50<\/div>\n<\/div>\n<\/div>\n
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will move lower and I’d be able to cover<\/div>\n<\/div>\n<\/div>\n
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the rest beneath that level instead we<\/div>\n<\/div>\n<\/div>\n
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actually get a bounce which breaks that<\/div>\n<\/div>\n<\/div>\n
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shorter moving average on this first<\/div>\n<\/div>\n<\/div>\n
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\n
large green bar right here we see that<\/div>\n<\/div>\n<\/div>\n
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\n
the recent breakdown level of 7350 is<\/div>\n<\/div>\n<\/div>\n
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\n
now reclaimed now the first breakdown<\/div>\n<\/div>\n<\/div>\n
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level which allowed me to answer that is<\/div>\n<\/div>\n<\/div>\n
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being reclaimed and lastly we get back<\/div>\n<\/div>\n<\/div>\n
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up to view of weak stock I’m Bella<\/div>\n<\/div>\n<\/div>\n
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mensch is quite often I am a weak stock<\/div>\n<\/div>\n<\/div>\n
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with extreme weakness we’re not likely<\/div>\n<\/div>\n<\/div>\n
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to see stock retraced from this extended<\/div>\n<\/div>\n<\/div>\n
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beneath view up all the way back to view<\/div>\n<\/div>\n<\/div>\n
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up if it is truly weak what I had done<\/div>\n<\/div>\n<\/div>\n
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\n
during this trade was I allowed this to<\/div>\n<\/div>\n<\/div>\n
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go all the way against me just back up<\/div>\n<\/div>\n<\/div>\n
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to right around where I got in and<\/div>\n<\/div>\n<\/div>\n
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actually touched whew up which showed me<\/div>\n<\/div>\n<\/div>\n
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that I allowed all these confirmations<\/div>\n<\/div>\n<\/div>\n
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to go against me to give me a reason to<\/div>\n<\/div>\n<\/div>\n
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\n
exit to show me that okay here’s where<\/div>\n<\/div>\n<\/div>\n
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you need to exit the trade look if<\/div>\n<\/div>\n<\/div>\n
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\n
you’re making momentum trade you’re<\/div>\n<\/div>\n<\/div>\n
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\n
making opening drive plays you’re making<\/div>\n<\/div>\n<\/div>\n
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\n
opening drive Scout plays how do we get<\/div>\n<\/div>\n<\/div>\n
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\n
out into the flush into 70 into 70 to 50<\/div>\n<\/div>\n<\/div>\n
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how do we create some rules or drilling<\/div>\n<\/div>\n<\/div>\n
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down into the tape the level to that<\/div>\n<\/div>\n<\/div>\n
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\n
gets you and I suggest you have to take<\/div>\n<\/div>\n<\/div>\n
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out literally the bottom but you should<\/div>\n<\/div>\n<\/div>\n
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you should<\/div>\n<\/div>\n<\/div>\n
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your goal should be to get out near the<\/div>\n<\/div>\n<\/div>\n
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bottom that is something that we can do<\/div>\n<\/div>\n<\/div>\n
\n
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as active skilled intraday traders<\/div>\n<\/div>\n<\/div>\n
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looking for something that’s too steep<\/div>\n<\/div>\n<\/div>\n
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that stops to go down on our tape to<\/div>\n<\/div>\n<\/div>\n
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recognize that<\/div>\n<\/div>\n<\/div>\n
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going down any further or to use maybe a<\/div>\n<\/div>\n<\/div>\n
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\n
technical level to trade off of that’s a<\/div>\n<\/div>\n<\/div>\n
\n
\n
big consideration as well and then that<\/div>\n<\/div>\n<\/div>\n
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really is your job Jake that really is<\/div>\n<\/div>\n<\/div>\n
\n
\n
your job that really is the standard for<\/div>\n<\/div>\n<\/div>\n
\n
\n
easily opening drive scalps elite<\/div>\n<\/div>\n<\/div>\n
\n
\n
opening drive momentum trades is you<\/div>\n<\/div>\n<\/div>\n
\n
\n
being able to get out near that’s 72 50<\/div>\n<\/div>\n<\/div>\n
\n
\n
ish area that really is the standard and<\/div>\n<\/div>\n<\/div>\n
\n
\n
then as that goes back up where you’re<\/div>\n<\/div>\n<\/div>\n
\n
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thinking about adding you thinking about<\/div>\n<\/div>\n<\/div>\n
\n
\n
making a new trade and I’d actually set<\/div>\n<\/div>\n<\/div>\n
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\n
a higher standard than that your<\/div>\n<\/div>\n<\/div>\n
\n
\n
standard is being able to get out near<\/div>\n<\/div>\n<\/div>\n
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\n
that 70 to 50 ish area being in it for<\/div>\n<\/div>\n<\/div>\n
\n
\n
some of that up move into the 74 area<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then and adding that to your P&L<\/div>\n<\/div>\n<\/div>\n
\n
\n
that really is the standard and then if<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re gonna be scalping on the open and<\/div>\n<\/div>\n<\/div>\n
\n
\n
then considering a new short where you<\/div>\n<\/div>\n<\/div>\n
\n
\n
wanted to add to your original position<\/div>\n<\/div>\n<\/div>\n
\n
\n
so these are really three trades and you<\/div>\n<\/div>\n<\/div>\n
\n
\n
are trying to make one yes yes it does<\/div>\n<\/div>\n<\/div>\n
\n
\n
so this playbook just to wrap things up<\/div>\n<\/div>\n<\/div>\n
\n
\n
it was created off of an opening drive<\/div>\n<\/div>\n<\/div>\n
\n
\n
short where instead of recognizing that<\/div>\n<\/div>\n<\/div>\n
\n
\n
there are reasons to exit using those<\/div>\n<\/div>\n<\/div>\n
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\n
reasons to exit say the bouncers for<\/div>\n<\/div>\n<\/div>\n
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example as a place to add to the<\/div>\n<\/div>\n<\/div>\n
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position to increase size instead of<\/div>\n<\/div>\n<\/div>\n
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\n
getting out or taking off risk I spoke<\/div>\n<\/div>\n<\/div>\n
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about potential rules that I have in<\/div>\n<\/div>\n<\/div>\n
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place to be able to avoid one trading on<\/div>\n<\/div>\n<\/div>\n
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tilt in general for this type of<\/div>\n<\/div>\n<\/div>\n
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strategy and as well as just avoiding<\/div>\n<\/div>\n<\/div>\n
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this going forward this specific example<\/div>\n<\/div>\n<\/div>\n
\n
\n
once I’m in the position once the price<\/div>\n<\/div>\n<\/div>\n
\n
\n
target or a price target has been met or<\/div>\n<\/div>\n<\/div>\n
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there’s been a significant move in my<\/div>\n<\/div>\n<\/div>\n
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\n
favor the price bounces and there’s a<\/div>\n<\/div>\n<\/div>\n
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new level I think going forward I would<\/div>\n<\/div>\n<\/div>\n
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like to see<\/div>\n<\/div>\n<\/div>\n
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if this can help by as you mentioned<\/div>\n<\/div>\n<\/div>\n
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Bella getting flat exiting the position<\/div>\n<\/div>\n<\/div>\n
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\n
and reevaluating rather than just<\/div>\n<\/div>\n<\/div>\n
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jumping adding size and continuing and<\/div>\n<\/div>\n<\/div>\n
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looking for the continuation play if I’m<\/div>\n<\/div>\n<\/div>\n
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\n
uncertain I think the best way to go<\/div>\n<\/div>\n<\/div>\n
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about this would be to actually get out<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the position and reevaluate another<\/div>\n<\/div>\n<\/div>\n
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\n
role that I have is going through my<\/div>\n<\/div>\n<\/div>\n
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\n
trader view going through the stats on<\/div>\n<\/div>\n<\/div>\n
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\n
trader view and looking at what a normal<\/div>\n<\/div>\n<\/div>\n
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position realized so profit or MFE my<\/div>\n<\/div>\n<\/div>\n
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\n
favorable excursion would be and if that<\/div>\n<\/div>\n<\/div>\n
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\n
level is reached if I’ve made that much<\/div>\n<\/div>\n<\/div>\n
\n
\n
on this play in the first try don’t let<\/div>\n<\/div>\n<\/div>\n
\n
\n
it trade back to break-even especially<\/div>\n<\/div>\n<\/div>\n
\n
\n
past breakeven so if I get to this level<\/div>\n<\/div>\n<\/div>\n
\n
\n
I think that would be somewhat of a<\/div>\n<\/div>\n<\/div>\n
\n
\n
trailing stop where if I’m up the<\/div>\n<\/div>\n<\/div>\n
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\n
average trade that I make to be able to<\/div>\n<\/div>\n<\/div>\n
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\n
use that as a way to say this is where<\/div>\n<\/div>\n<\/div>\n
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my new stock will be or if I can reach<\/div>\n<\/div>\n<\/div>\n
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\n
this level to have break-even at the<\/div>\n<\/div>\n<\/div>\n
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very least to be the final stop not<\/div>\n<\/div>\n<\/div>\n
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letting it go negative if I’ve been up<\/div>\n<\/div>\n<\/div>\n
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\n
and had an unrealized piano of that much<\/div>\n<\/div>\n<\/div>\n
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I’m going to be using these three<\/div>\n<\/div>\n<\/div>\n
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different rules to be able to see which<\/div>\n<\/div>\n<\/div>\n
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works best for me and if I can see some<\/div>\n<\/div>\n<\/div>\n
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\n
change in the way that I trade I’ve been<\/div>\n<\/div>\n<\/div>\n
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using the intervals of average trade<\/div>\n<\/div>\n<\/div>\n
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average trade piano to be able to place<\/div>\n<\/div>\n<\/div>\n
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\n
stops and price targets if I’m up a<\/div>\n<\/div>\n<\/div>\n
\n
\n
certain amount in a symbol Robert an<\/div>\n<\/div>\n<\/div>\n
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\n
amount on the day or down for a trader a<\/div>\n<\/div>\n<\/div>\n
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\n
few statistics to use that as a way to<\/div>\n<\/div>\n<\/div>\n
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\n
as Ryan always says not overstay my<\/div>\n<\/div>\n<\/div>\n
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\n
welcome not push for too much more so<\/div>\n<\/div>\n<\/div>\n
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\n
it’s a mix of being able to in real time<\/div>\n<\/div>\n<\/div>\n
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\n
use the trade and if there’s a changing<\/div>\n<\/div>\n<\/div>\n
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\n
character to instead of add to the<\/div>\n<\/div>\n<\/div>\n
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\n
position to get flat reevaluate if there<\/div>\n<\/div>\n<\/div>\n
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\n
is the reversal trade or if there is<\/div>\n<\/div>\n<\/div>\n
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\n
just no reason to continue trying to get<\/div>\n<\/div>\n<\/div>\n
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\n
more out of this stock other portion of<\/div>\n<\/div>\n<\/div>\n
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the risk rules to avoid tilt which is if<\/div>\n<\/div>\n<\/div>\n
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I am up a certain amount which that<\/div>\n<\/div>\n<\/div>\n
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intervals based on statistics from<\/div>\n<\/div>\n<\/div>\n
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trader view to not push it for lack of a<\/div>\n<\/div>\n<\/div>\n
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better term and using that those<\/div>\n<\/div>\n<\/div>\n
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intervals to know when to take a<\/div>\n<\/div>\n<\/div>\n
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breather<\/div>\n<\/div>\n<\/div>\n
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yeah that makes a lot of sense to me and<\/div>\n<\/div>\n<\/div>\n
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that’s it that’s excellent thinking<\/div>\n<\/div>\n<\/div>\n
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right there we have a problem we have a<\/div>\n<\/div>\n<\/div>\n
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an instance of underperformance and and<\/div>\n<\/div>\n<\/div>\n
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look you’re doing so many things right<\/div>\n<\/div>\n<\/div>\n
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doing so many things right you’re really<\/div>\n<\/div>\n<\/div>\n
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just doing a little bit that needs a<\/div>\n<\/div>\n<\/div>\n
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little bit of tweaking doing so many<\/div>\n<\/div>\n<\/div>\n
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things right so this is very fixable<\/div>\n<\/div>\n<\/div>\n
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adding on to all those things you’re<\/div>\n<\/div>\n<\/div>\n
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doing right a solution some solutions<\/div>\n<\/div>\n<\/div>\n
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will make it a huge difference and this<\/div>\n<\/div>\n<\/div>\n
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is an excellent way a bunch of you guys<\/div>\n<\/div>\n<\/div>\n
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joining us today this is an excellent<\/div>\n<\/div>\n<\/div>\n
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way how we think through long our<\/div>\n<\/div>\n<\/div>\n
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underperformance there’s gonna be things<\/div>\n<\/div>\n<\/div>\n
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that we need to do better or all trying<\/div>\n<\/div>\n<\/div>\n
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to do better every month every week<\/div>\n<\/div>\n<\/div>\n
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every day it’s the start of the new<\/div>\n<\/div>\n<\/div>\n
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month it’s a great opportunity for all<\/div>\n<\/div>\n<\/div>\n
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of us to improve all of us top to bottom<\/div>\n<\/div>\n<\/div>\n
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the way we do it is we understand what<\/div>\n<\/div>\n<\/div>\n
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we do well we do more of it we do more<\/div>\n<\/div>\n<\/div>\n
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of that bigger and then with this<\/div>\n<\/div>\n<\/div>\n
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exercise we cut out the stupid stuff we<\/div>\n<\/div>\n<\/div>\n
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cut out the underperformance we cut out<\/div>\n<\/div>\n<\/div>\n
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the stuff that’s very frustrating and<\/div>\n<\/div>\n<\/div>\n
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holding us back and it is very<\/div>\n<\/div>\n<\/div>\n
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frustrating to see a tray where we’re<\/div>\n<\/div>\n<\/div>\n
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really winning and we’re making a lot of<\/div>\n<\/div>\n<\/div>\n
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money and then get into a situation<\/div>\n<\/div>\n<\/div>\n
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where we give back those winnings that’s<\/div>\n<\/div>\n<\/div>\n
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very frustrating so we want to come up<\/div>\n<\/div>\n<\/div>\n
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with a solution to keep more of the<\/div>\n<\/div>\n<\/div>\n
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profits and do to improve our results<\/div>\n<\/div>\n<\/div>\n
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and that certainly does that certainly<\/div>\n<\/div>\n<\/div>\n
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will significantly improve your P&L so<\/div>\n<\/div>\n<\/div>\n
\n
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Jake I appreciate you running through<\/div>\n<\/div>\n<\/div>\n
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this detailed review with us look<\/div>\n<\/div>\n<\/div>\n
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forward to you implementing those<\/div>\n<\/div>\n<\/div>\n
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solutions and seeing some better results<\/div>\n<\/div>\n<\/div>\n
\n
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with this type of trading okay go ahead<\/div>\n<\/div>\n<\/div>\n
\n
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and click our subscribe button so you<\/div>\n<\/div>\n<\/div>\n
\n
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don’t miss any of the videos they were<\/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 comment section<\/div>\n<\/div>\n<\/div>\n
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for what videos you’d like for us to<\/div>\n<\/div>\n<\/div>\n
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produce next and what you found helpful<\/div>\n<\/div>\n<\/div>\n
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from this video from all of us at SMB<\/div>\n<\/div>\n<\/div>\n
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train and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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

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

In this video, learn how to stop (frustratingly) turning a winning stock trade into a losing trade. 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