{"id":50219,"date":"2020-10-22T14:24:53","date_gmt":"2020-10-22T18:24:53","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50219"},"modified":"2020-10-22T14:25:35","modified_gmt":"2020-10-22T18:25:35","slug":"my-first-year-day-trading-at-a-prop-firm-4-ways-i-found-success","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/my-first-year-day-trading-at-a-prop-firm-4-ways-i-found-success","title":{"rendered":"My First Year Day Trading at a Prop Firm (4 Ways I Found Success)"},"content":{"rendered":"

In this video, SMB Trader Max Ganik talks about his first year trading at SMB Capital. He offers 4 pillars of how he was able to find success in his first year.<\/p>\nView Video Transcript<\/strong><\/span>

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<\/div>\n<\/div>\n
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today basically i’m just going to go<\/div>\n<\/div>\n<\/div>\n
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over four pillars of<\/div>\n<\/div>\n<\/div>\n
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how i was able to find success in my<\/div>\n<\/div>\n<\/div>\n
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first year trading here at<\/div>\n<\/div>\n<\/div>\n
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smb capital<\/div>\n<\/div>\n<\/div>\n
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[Music]<\/div>\n<\/div>\n<\/div>\n
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the first is keeping a mind in check<\/div>\n<\/div>\n<\/div>\n
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at all times be in the moment and aware<\/div>\n<\/div>\n<\/div>\n
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of your psychology push the style of<\/div>\n<\/div>\n<\/div>\n
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trading<\/div>\n<\/div>\n<\/div>\n
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that works for you have a defined focus<\/div>\n<\/div>\n<\/div>\n
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early on<\/div>\n<\/div>\n<\/div>\n
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in your career work with a team grow<\/div>\n<\/div>\n<\/div>\n
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and learn from your peers and mentors<\/div>\n<\/div>\n<\/div>\n
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and then lastly<\/div>\n<\/div>\n<\/div>\n
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stay humble and accept the setbacks<\/div>\n<\/div>\n<\/div>\n
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so now we’re going to go through all<\/div>\n<\/div>\n<\/div>\n
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four of those in more detail<\/div>\n<\/div>\n<\/div>\n
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so for the first one it’s just a one day<\/div>\n<\/div>\n<\/div>\n
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at a time<\/div>\n<\/div>\n<\/div>\n
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i found that many times especially early<\/div>\n<\/div>\n<\/div>\n
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on like<\/div>\n<\/div>\n<\/div>\n
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we will all have kind of goals for how<\/div>\n<\/div>\n<\/div>\n
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much we want to make so for example<\/div>\n<\/div>\n<\/div>\n
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um one of the first milestones for us<\/div>\n<\/div>\n<\/div>\n
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was to have<\/div>\n<\/div>\n<\/div>\n
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a one thousand dollar day and i think<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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uh coming in every day and saying that<\/div>\n<\/div>\n<\/div>\n
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uh today is the day that i’m gonna make<\/div>\n<\/div>\n<\/div>\n
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the one thousand dollars<\/div>\n<\/div>\n<\/div>\n
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is uh something that is going to be um<\/div>\n<\/div>\n<\/div>\n
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you know a big problem you know like<\/div>\n<\/div>\n<\/div>\n
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rather than just for example<\/div>\n<\/div>\n<\/div>\n
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uh trading the trade because like you<\/div>\n<\/div>\n<\/div>\n
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know if let’s say that you were in a<\/div>\n<\/div>\n<\/div>\n
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trade<\/div>\n<\/div>\n<\/div>\n
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where the uh trade was showing signs of<\/div>\n<\/div>\n<\/div>\n
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failing<\/div>\n<\/div>\n<\/div>\n
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at a 600 profit right and you know<\/div>\n<\/div>\n<\/div>\n
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in your mind uh you were saying i want<\/div>\n<\/div>\n<\/div>\n
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to get to that 1 000.<\/div>\n<\/div>\n<\/div>\n
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it’s possible that the trade would then<\/div>\n<\/div>\n<\/div>\n
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fully turn<\/div>\n<\/div>\n<\/div>\n
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and then you would end up losing and<\/div>\n<\/div>\n<\/div>\n
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that would impact<\/div>\n<\/div>\n<\/div>\n
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your psychology for the following days<\/div>\n<\/div>\n<\/div>\n
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and it would kind of screw up your<\/div>\n<\/div>\n<\/div>\n
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uh consistency right so really just uh<\/div>\n<\/div>\n<\/div>\n
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you know like focusing on<\/div>\n<\/div>\n<\/div>\n
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uh trading the trade and taking things<\/div>\n<\/div>\n<\/div>\n
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like one day at a time<\/div>\n<\/div>\n<\/div>\n
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um besides that you know just kind of<\/div>\n<\/div>\n<\/div>\n
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like sticking on this point<\/div>\n<\/div>\n<\/div>\n
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i found that especially in times where i<\/div>\n<\/div>\n<\/div>\n
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drew down so for example<\/div>\n<\/div>\n<\/div>\n
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in august like when the market got<\/div>\n<\/div>\n<\/div>\n
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slower it was<\/div>\n<\/div>\n<\/div>\n
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one of the first times where i would say<\/div>\n<\/div>\n<\/div>\n
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that the market was actually truly slow<\/div>\n<\/div>\n<\/div>\n
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since going live for me so really uh<\/div>\n<\/div>\n<\/div>\n
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focusing on just kind of<\/div>\n<\/div>\n<\/div>\n
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taking things one day at a time you know<\/div>\n<\/div>\n<\/div>\n
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and not trying to<\/div>\n<\/div>\n<\/div>\n
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dig out of the hole in just one day and<\/div>\n<\/div>\n<\/div>\n
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just<\/div>\n<\/div>\n<\/div>\n
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focus on getting back my consistency and<\/div>\n<\/div>\n<\/div>\n
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just kind of<\/div>\n<\/div>\n<\/div>\n
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printing green days was critical<\/div>\n<\/div>\n<\/div>\n
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for me actually closing the month green<\/div>\n<\/div>\n<\/div>\n
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and as well on the flip side<\/div>\n<\/div>\n<\/div>\n
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in september which was a record month<\/div>\n<\/div>\n<\/div>\n
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for me<\/div>\n<\/div>\n<\/div>\n
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instead of kind of focusing on<\/div>\n<\/div>\n<\/div>\n
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every single day me like you know how<\/div>\n<\/div>\n<\/div>\n
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much money could<\/div>\n<\/div>\n<\/div>\n
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i make this month instead just kind of<\/div>\n<\/div>\n<\/div>\n
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every day coming in<\/div>\n<\/div>\n<\/div>\n
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and focusing on that very next trade<\/div>\n<\/div>\n<\/div>\n
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allowed me to<\/div>\n<\/div>\n<\/div>\n
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stick to my goals stick to uh on my<\/div>\n<\/div>\n<\/div>\n
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playbook<\/div>\n<\/div>\n<\/div>\n
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and then slowly uh progress to end up<\/div>\n<\/div>\n<\/div>\n
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you know having that record month uh the<\/div>\n<\/div>\n<\/div>\n
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second point is i’ll<\/div>\n<\/div>\n<\/div>\n
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learn your strengths and weaknesses so<\/div>\n<\/div>\n<\/div>\n
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what kind of style of trading works for<\/div>\n<\/div>\n<\/div>\n
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you<\/div>\n<\/div>\n<\/div>\n
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what kind of stock works for you like uh<\/div>\n<\/div>\n<\/div>\n
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when you trade best and worst<\/div>\n<\/div>\n<\/div>\n
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so for example for me i found that when<\/div>\n<\/div>\n<\/div>\n
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i’m trading my best is usually in high<\/div>\n<\/div>\n<\/div>\n
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um arvol<\/div>\n<\/div>\n<\/div>\n
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names that’s when there’s either some<\/div>\n<\/div>\n<\/div>\n
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sort of a breaking news catalyst<\/div>\n<\/div>\n<\/div>\n
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or there’s a large volume uh technical<\/div>\n<\/div>\n<\/div>\n
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breakout<\/div>\n<\/div>\n<\/div>\n
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so really focusing on putting my risk<\/div>\n<\/div>\n<\/div>\n
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on in those setups and then dialing<\/div>\n<\/div>\n<\/div>\n
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things back when things slow down<\/div>\n<\/div>\n<\/div>\n
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and then in lower arvol setups is<\/div>\n<\/div>\n<\/div>\n
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something that has worked well for me<\/div>\n<\/div>\n<\/div>\n
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and obviously this is all through trial<\/div>\n<\/div>\n<\/div>\n
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and error and<\/div>\n<\/div>\n<\/div>\n
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for me the error was kind of early on<\/div>\n<\/div>\n<\/div>\n
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when<\/div>\n<\/div>\n<\/div>\n
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i would realize how much i would give<\/div>\n<\/div>\n<\/div>\n
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back in mid-day trading which is<\/div>\n<\/div>\n<\/div>\n
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you know a pretty uh a common problem<\/div>\n<\/div>\n<\/div>\n
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for traders and realizing that helped me<\/div>\n<\/div>\n<\/div>\n
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adjust<\/div>\n<\/div>\n<\/div>\n
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my style of trading so it’s basically<\/div>\n<\/div>\n<\/div>\n
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just kind of a feedback loop right<\/div>\n<\/div>\n<\/div>\n
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um and we’re going to go into different<\/div>\n<\/div>\n<\/div>\n
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kind of<\/div>\n<\/div>\n<\/div>\n
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styles of stocks in a little bit um and<\/div>\n<\/div>\n<\/div>\n
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then lastly<\/div>\n<\/div>\n<\/div>\n
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focus on on pressing in areas of<\/div>\n<\/div>\n<\/div>\n
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strength<\/div>\n<\/div>\n<\/div>\n
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find ways early on to boost your<\/div>\n<\/div>\n<\/div>\n
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confidence so<\/div>\n<\/div>\n<\/div>\n
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during the march when there was crazy<\/div>\n<\/div>\n<\/div>\n
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volatility pre-market trading became<\/div>\n<\/div>\n<\/div>\n
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something<\/div>\n<\/div>\n<\/div>\n
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that became a focal point for me um<\/div>\n<\/div>\n<\/div>\n
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because there were<\/div>\n<\/div>\n<\/div>\n
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at least in my opinion there were clean<\/div>\n<\/div>\n<\/div>\n
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tape trades<\/div>\n<\/div>\n<\/div>\n
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that allowed me to kind of build up my<\/div>\n<\/div>\n<\/div>\n
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um<\/div>\n<\/div>\n<\/div>\n
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you know like some sort of a cushion<\/div>\n<\/div>\n<\/div>\n
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many days<\/div>\n<\/div>\n<\/div>\n
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going into the open where i can now go<\/div>\n<\/div>\n<\/div>\n
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into the open and then<\/div>\n<\/div>\n<\/div>\n
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attack the setups in a you know in a<\/div>\n<\/div>\n<\/div>\n
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much more calm way<\/div>\n<\/div>\n<\/div>\n
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because i had that uh uh cushion<\/div>\n<\/div>\n<\/div>\n
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from the pre-market right and this kind<\/div>\n<\/div>\n<\/div>\n
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of let me<\/div>\n<\/div>\n<\/div>\n
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grow at a faster pace because uh my<\/div>\n<\/div>\n<\/div>\n
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psychology<\/div>\n<\/div>\n<\/div>\n
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was in such a good point on those days<\/div>\n<\/div>\n<\/div>\n
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um you know because i was able to uh<\/div>\n<\/div>\n<\/div>\n
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get that little boost and now even<\/div>\n<\/div>\n<\/div>\n
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though you know my things have<\/div>\n<\/div>\n<\/div>\n
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slowed down a bit in in a pre-market i<\/div>\n<\/div>\n<\/div>\n
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was able to build on that edge and see<\/div>\n<\/div>\n<\/div>\n
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why there’s so many benefits to<\/div>\n<\/div>\n<\/div>\n
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pre-market trading like for example<\/div>\n<\/div>\n<\/div>\n
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being able just to<\/div>\n<\/div>\n<\/div>\n
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watch the tape for two three hours<\/div>\n<\/div>\n<\/div>\n
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before the open and see what prices seem<\/div>\n<\/div>\n<\/div>\n
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to be<\/div>\n<\/div>\n<\/div>\n
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important how our buyers and sellers<\/div>\n<\/div>\n<\/div>\n
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interacting at various prices<\/div>\n<\/div>\n<\/div>\n
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you know throughout those hours will<\/div>\n<\/div>\n<\/div>\n
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then kind of give you a little bit more<\/div>\n<\/div>\n<\/div>\n
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of an edge<\/div>\n<\/div>\n<\/div>\n
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for uh when those same prices come up<\/div>\n<\/div>\n<\/div>\n
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during the regular hours and<\/div>\n<\/div>\n<\/div>\n
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and potentially allow you to enter an<\/div>\n<\/div>\n<\/div>\n
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a plus trade if you want to learn three<\/div>\n<\/div>\n<\/div>\n
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real 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<\/div>\n<\/div>\n<\/div>\n
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and the setup that turned one of our<\/div>\n<\/div>\n<\/div>\n
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traders into a seven figure big money<\/div>\n<\/div>\n<\/div>\n
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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<\/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<\/div>\n<\/div>\n<\/div>\n
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so don’t worry you’re not going to lose<\/div>\n<\/div>\n<\/div>\n
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this video you’re going to learn more<\/div>\n<\/div>\n<\/div>\n
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in a couple of hours from this trading<\/div>\n<\/div>\n<\/div>\n
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workshop than from<\/div>\n<\/div>\n<\/div>\n
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years of online education so now as far<\/div>\n<\/div>\n<\/div>\n
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as finding your style trading<\/div>\n<\/div>\n<\/div>\n
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i would say that from my experience and<\/div>\n<\/div>\n<\/div>\n
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just from witnessing other traders<\/div>\n<\/div>\n<\/div>\n
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most traders find success either in low<\/div>\n<\/div>\n<\/div>\n
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floats or<\/div>\n<\/div>\n<\/div>\n
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in large caps most people that i work<\/div>\n<\/div>\n<\/div>\n
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with<\/div>\n<\/div>\n<\/div>\n
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will have a pretty much a defined focus<\/div>\n<\/div>\n<\/div>\n
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you know in one or the other i’d say<\/div>\n<\/div>\n<\/div>\n
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that there definitely is a different<\/div>\n<\/div>\n<\/div>\n
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style of trading<\/div>\n<\/div>\n<\/div>\n
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um in one verse the other so i<\/div>\n<\/div>\n<\/div>\n
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personally have found a lot more success<\/div>\n<\/div>\n<\/div>\n
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in large caps<\/div>\n<\/div>\n<\/div>\n
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so what uh you know i’ve done basically<\/div>\n<\/div>\n<\/div>\n
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is<\/div>\n<\/div>\n<\/div>\n
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tell myself that during the regular uh<\/div>\n<\/div>\n<\/div>\n
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trading hours i will<\/div>\n<\/div>\n<\/div>\n
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for the most part uh not touch low<\/div>\n<\/div>\n<\/div>\n
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floats there are very few situations<\/div>\n<\/div>\n<\/div>\n
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where i’ll be interested in trading low<\/div>\n<\/div>\n<\/div>\n
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floats because<\/div>\n<\/div>\n<\/div>\n
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for me the tape is just not as clean so<\/div>\n<\/div>\n<\/div>\n
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therefore it’s something that i can<\/div>\n<\/div>\n<\/div>\n
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kind of narrow my focus down at and then<\/div>\n<\/div>\n<\/div>\n
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build my edge in other places right so<\/div>\n<\/div>\n<\/div>\n
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for the first year obviously<\/div>\n<\/div>\n<\/div>\n
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you want to find how could you build<\/div>\n<\/div>\n<\/div>\n
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your uh consistency and for me that was<\/div>\n<\/div>\n<\/div>\n
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focusing on large caps that have<\/div>\n<\/div>\n<\/div>\n
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higher oval right so being able just to<\/div>\n<\/div>\n<\/div>\n
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uh<\/div>\n<\/div>\n<\/div>\n
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narrow down that focus is key uh second<\/div>\n<\/div>\n<\/div>\n
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is going to be scalping versus bigger<\/div>\n<\/div>\n<\/div>\n
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picture<\/div>\n<\/div>\n<\/div>\n
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so for me i would consider myself more<\/div>\n<\/div>\n<\/div>\n
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of a scalper a tape trader<\/div>\n<\/div>\n<\/div>\n
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trying just to get bits and pieces but<\/div>\n<\/div>\n<\/div>\n
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as<\/div>\n<\/div>\n<\/div>\n
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i try to develop other parts of my<\/div>\n<\/div>\n<\/div>\n
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trading business i’ve realized how i can<\/div>\n<\/div>\n<\/div>\n
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kind of<\/div>\n<\/div>\n<\/div>\n
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take both you know so for example if<\/div>\n<\/div>\n<\/div>\n
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let’s say<\/div>\n<\/div>\n<\/div>\n
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you also consider yourself to be a<\/div>\n<\/div>\n<\/div>\n
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scalper<\/div>\n<\/div>\n<\/div>\n
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but like you have these bigger picture<\/div>\n<\/div>\n<\/div>\n
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ideas like you can<\/div>\n<\/div>\n<\/div>\n
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use that edge to try to build up<\/div>\n<\/div>\n<\/div>\n
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positions<\/div>\n<\/div>\n<\/div>\n
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throughout the day so for example if<\/div>\n<\/div>\n<\/div>\n
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let’s say you thought a stock was going<\/div>\n<\/div>\n<\/div>\n
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to<\/div>\n<\/div>\n<\/div>\n
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trend up for the um whole day right and<\/div>\n<\/div>\n<\/div>\n
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you saw<\/div>\n<\/div>\n<\/div>\n
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some trade on the open where you can get<\/div>\n<\/div>\n<\/div>\n
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in for an opening drive with<\/div>\n<\/div>\n<\/div>\n
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a very tight um rr right<\/div>\n<\/div>\n<\/div>\n
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you can use like this setup to get a lot<\/div>\n<\/div>\n<\/div>\n
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more size<\/div>\n<\/div>\n<\/div>\n
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you know with that tighter stop and then<\/div>\n<\/div>\n<\/div>\n
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keep course<\/div>\n<\/div>\n<\/div>\n
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along the way and just kind of trail<\/div>\n<\/div>\n<\/div>\n
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stops uh rather than let’s just say<\/div>\n<\/div>\n<\/div>\n
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buying the open putting the wide stop<\/div>\n<\/div>\n<\/div>\n
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and then just seeing if it can close at<\/div>\n<\/div>\n<\/div>\n
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highs right so this is<\/div>\n<\/div>\n<\/div>\n
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you know just like some way where you<\/div>\n<\/div>\n<\/div>\n
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can build up trades like risk-free while<\/div>\n<\/div>\n<\/div>\n
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still staying<\/div>\n<\/div>\n<\/div>\n
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involved for the uh bigger picture<\/div>\n<\/div>\n<\/div>\n
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um you know for example there was one<\/div>\n<\/div>\n<\/div>\n
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trade i think it was<\/div>\n<\/div>\n<\/div>\n
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la um it was in august where um<\/div>\n<\/div>\n<\/div>\n
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\n
a few traders and i were trading<\/div>\n<\/div>\n<\/div>\n
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\n
uh tesla on a multi-day breakout and<\/div>\n<\/div>\n<\/div>\n
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\n
we noticed how the tape sped up into a<\/div>\n<\/div>\n<\/div>\n
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breakout point<\/div>\n<\/div>\n<\/div>\n
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we were buying into that breakout then<\/div>\n<\/div>\n<\/div>\n
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it broke out we<\/div>\n<\/div>\n<\/div>\n
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took off for uh 1r but we had this<\/div>\n<\/div>\n<\/div>\n
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bigger<\/div>\n<\/div>\n<\/div>\n
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picture idea in mind for a multi-day<\/div>\n<\/div>\n<\/div>\n
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swing<\/div>\n<\/div>\n<\/div>\n
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so what we did is that we trailed each<\/div>\n<\/div>\n<\/div>\n
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portion of the or<\/div>\n<\/div>\n<\/div>\n
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a tier of the position at various stops<\/div>\n<\/div>\n<\/div>\n
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so that way we could still build into<\/div>\n<\/div>\n<\/div>\n
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that bigger<\/div>\n<\/div>\n<\/div>\n
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picture position and we were still able<\/div>\n<\/div>\n<\/div>\n
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to<\/div>\n<\/div>\n<\/div>\n
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you know hold on to that same core size<\/div>\n<\/div>\n<\/div>\n
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\n
and if let’s say we bought that breakout<\/div>\n<\/div>\n<\/div>\n
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with a very wide stop<\/div>\n<\/div>\n<\/div>\n
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\n
so next is what strategies make the most<\/div>\n<\/div>\n<\/div>\n
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sense to you<\/div>\n<\/div>\n<\/div>\n
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and what skills do you have to give you<\/div>\n<\/div>\n<\/div>\n
\n
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edge in a certain trade so<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know this kind of speaks to the last<\/div>\n<\/div>\n<\/div>\n
\n
\n
point in the sense that<\/div>\n<\/div>\n<\/div>\n
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what do you feel most comfortable in so<\/div>\n<\/div>\n<\/div>\n
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\n
for example for me i don’t really feel<\/div>\n<\/div>\n<\/div>\n
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comfortable being<\/div>\n<\/div>\n<\/div>\n
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\n
in trades with very wide stops it just<\/div>\n<\/div>\n<\/div>\n
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\n
gives me<\/div>\n<\/div>\n<\/div>\n
\n
\n
anxiety you know i would much rather be<\/div>\n<\/div>\n<\/div>\n
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in trades<\/div>\n<\/div>\n<\/div>\n
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\n
where i’m able to scalp out for a<\/div>\n<\/div>\n<\/div>\n
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\n
risk-free<\/div>\n<\/div>\n<\/div>\n
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\n
position quickly versus a tighter stop<\/div>\n<\/div>\n<\/div>\n
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\n
and then be able to manage that position<\/div>\n<\/div>\n<\/div>\n
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\n
going forward um i find that i just<\/div>\n<\/div>\n<\/div>\n
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\n
trade this way<\/div>\n<\/div>\n<\/div>\n
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\n
much better so what does that mean even<\/div>\n<\/div>\n<\/div>\n
\n
\n
if let’s say there are<\/div>\n<\/div>\n<\/div>\n
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\n
wide stop trades that look decent it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
not a part of my playbook and therefore<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know i should not be putting on<\/div>\n<\/div>\n<\/div>\n
\n
\n
those trades so for you what you want to<\/div>\n<\/div>\n<\/div>\n
\n
\n
do is try to<\/div>\n<\/div>\n<\/div>\n
\n
\n
narrow down what trades are you going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade properly<\/div>\n<\/div>\n<\/div>\n
\n
\n
um in what situations are you going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
be putting on the right amount of risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
feel comfortable in the trade and manage<\/div>\n<\/div>\n<\/div>\n
\n
\n
that properly<\/div>\n<\/div>\n<\/div>\n
\n
\n
because if you’re not going to manage<\/div>\n<\/div>\n<\/div>\n
\n
\n
the trade properly then there’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
no point in putting on the trade at uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know in the long run that you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
more likely to lose or you’re more<\/div>\n<\/div>\n<\/div>\n
\n
\n
likely to<\/div>\n<\/div>\n<\/div>\n
\n
\n
be entering and exiting at the wrong<\/div>\n<\/div>\n<\/div>\n
\n
\n
points and then lastly is<\/div>\n<\/div>\n<\/div>\n
\n
\n
learn the tape reading the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
especially just like visualizing what<\/div>\n<\/div>\n<\/div>\n
\n
\n
you want to see in the setups that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re taking is uh paramount<\/div>\n<\/div>\n<\/div>\n
\n
\n
so even if let’s say you are a more<\/div>\n<\/div>\n<\/div>\n
\n
\n
swing style trader i still think it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
critical<\/div>\n<\/div>\n<\/div>\n
\n
\n
to be able to see the uh confirmation on<\/div>\n<\/div>\n<\/div>\n
\n
\n
the tape so that way<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh you know uh whether or not your idea<\/div>\n<\/div>\n<\/div>\n
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\n
is playing out<\/div>\n<\/div>\n<\/div>\n
\n
\n
or whether or not it’s possible that it<\/div>\n<\/div>\n<\/div>\n
\n
\n
was let’s say a false breakout a false<\/div>\n<\/div>\n<\/div>\n
\n
\n
breakdown<\/div>\n<\/div>\n<\/div>\n
\n
\n
um so going back to that um<\/div>\n<\/div>\n<\/div>\n
\n
\n
the tesla example from august when we<\/div>\n<\/div>\n<\/div>\n
\n
\n
all saw the breakout through the<\/div>\n<\/div>\n<\/div>\n
\n
\n
key resistance point you can just see<\/div>\n<\/div>\n<\/div>\n
\n
\n
how fast the<\/div>\n<\/div>\n<\/div>\n
\n
\n
tables just blew through prices right so<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s served as confirmation when using<\/div>\n<\/div>\n<\/div>\n
\n
\n
the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
but there are many uh you know other<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
throughout the months where we would<\/div>\n<\/div>\n<\/div>\n
\n
\n
kind of have that very similar setup<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you would see kind of the tape just<\/div>\n<\/div>\n<\/div>\n
\n
\n
be extremely<\/div>\n<\/div>\n<\/div>\n
\n
\n
heavy you know at that breakout point so<\/div>\n<\/div>\n<\/div>\n
\n
\n
being able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
visualize that and then you know go into<\/div>\n<\/div>\n<\/div>\n
\n
\n
more a risk management mode is something<\/div>\n<\/div>\n<\/div>\n
\n
\n
that can<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know help save you on a loss and<\/div>\n<\/div>\n<\/div>\n
\n
\n
kind of uh keep your uh consistency<\/div>\n<\/div>\n<\/div>\n
\n
\n
teamwork so one of the greatest things<\/div>\n<\/div>\n<\/div>\n
\n
\n
about obviously working in a<\/div>\n<\/div>\n<\/div>\n
\n
\n
prop trading firm is being able to work<\/div>\n<\/div>\n<\/div>\n
\n
\n
with other traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
and to build teams and uh to learn from<\/div>\n<\/div>\n<\/div>\n
\n
\n
each other um you know so like whether<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s being<\/div>\n<\/div>\n<\/div>\n
\n
\n
on you know an actual team or<\/div>\n<\/div>\n<\/div>\n
\n
\n
forming subgroups with<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders from your class one thing that<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’ve been able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
realize is that learning from people<\/div>\n<\/div>\n<\/div>\n
\n
\n
that trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
completely differently is probably the<\/div>\n<\/div>\n<\/div>\n
\n
\n
best thing that you can do<\/div>\n<\/div>\n<\/div>\n
\n
\n
for your career and specifically group<\/div>\n<\/div>\n<\/div>\n
\n
\n
training for example so<\/div>\n<\/div>\n<\/div>\n
\n
\n
for the last few months i’ve been<\/div>\n<\/div>\n<\/div>\n
\n
\n
basically every day<\/div>\n<\/div>\n<\/div>\n
\n
\n
speaking with a select group of traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
whose background<\/div>\n<\/div>\n<\/div>\n
\n
\n
is more so in back testing bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
picture trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
kind of more trade to holds whereas<\/div>\n<\/div>\n<\/div>\n
\n
\n
obviously i said before that mine is<\/div>\n<\/div>\n<\/div>\n
\n
\n
more in scalping so being able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
use these different sources of edge<\/div>\n<\/div>\n<\/div>\n
\n
\n
has been able to you know allow us to<\/div>\n<\/div>\n<\/div>\n
\n
\n
build a synergy where<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re able to put on smarter and better<\/div>\n<\/div>\n<\/div>\n
\n
\n
positions because<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re able to see different sides of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
market<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we’re able to combine those sources<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
a veg to get in at the right prices hold<\/div>\n<\/div>\n<\/div>\n
\n
\n
to the right<\/div>\n<\/div>\n<\/div>\n
\n
\n
profit target and also create more ideas<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and then lastly part of teamwork and<\/div>\n<\/div>\n<\/div>\n
\n
\n
part of group trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
is you know i believe that it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
extremely important<\/div>\n<\/div>\n<\/div>\n
\n
\n
to be uh very vocal with your ideas<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you know like sometimes early on<\/div>\n<\/div>\n<\/div>\n
\n
\n
people will be shy but the reality is is<\/div>\n<\/div>\n<\/div>\n
\n
\n
that it’s important for you to<\/div>\n<\/div>\n<\/div>\n
\n
\n
to um you know like push your ideas and<\/div>\n<\/div>\n<\/div>\n
\n
\n
accept that pushback because by<\/div>\n<\/div>\n<\/div>\n
\n
\n
by you know explaining those ideas like<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know realize the shortcomings in<\/div>\n<\/div>\n<\/div>\n
\n
\n
those ideas right so<\/div>\n<\/div>\n<\/div>\n
\n
\n
if let’s say you’re trying to convince<\/div>\n<\/div>\n<\/div>\n
\n
\n
someone<\/div>\n<\/div>\n<\/div>\n
\n
\n
that that your trade is you know like<\/div>\n<\/div>\n<\/div>\n
\n
\n
the right trade and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
you realize as you’re speaking that it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually not<\/div>\n<\/div>\n<\/div>\n
\n
\n
smart or you see all the flaws then like<\/div>\n<\/div>\n<\/div>\n
\n
\n
that<\/div>\n<\/div>\n<\/div>\n
\n
\n
could save you from putting on a pretty<\/div>\n<\/div>\n<\/div>\n
\n
\n
poor trade or<\/div>\n<\/div>\n<\/div>\n
\n
\n
on the flip side if let’s say everyone<\/div>\n<\/div>\n<\/div>\n
\n
\n
throws shade at the idea<\/div>\n<\/div>\n<\/div>\n
\n
\n
and they say why it’s not going to work<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you’re able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
counter that or you see flaws in<\/div>\n<\/div>\n<\/div>\n
\n
\n
their argument then i think that that’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
just give you extra confidence for why<\/div>\n<\/div>\n<\/div>\n
\n
\n
you should be considering this as an<\/div>\n<\/div>\n<\/div>\n
\n
\n
eight-plus trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’ll just give you uh more<\/div>\n<\/div>\n<\/div>\n
\n
\n
confidence<\/div>\n<\/div>\n<\/div>\n
\n
\n
in your trades and especially early on<\/div>\n<\/div>\n<\/div>\n
\n
\n
in your career if you can build up that<\/div>\n<\/div>\n<\/div>\n
\n
\n
confidence<\/div>\n<\/div>\n<\/div>\n
\n
\n
then you’ll be able to grow uh that much<\/div>\n<\/div>\n<\/div>\n
\n
\n
quicker<\/div>\n<\/div>\n<\/div>\n
\n
\n
setbacks come um you know as soon as you<\/div>\n<\/div>\n<\/div>\n
\n
\n
can<\/div>\n<\/div>\n<\/div>\n
\n
\n
accept that you will make poor and<\/div>\n<\/div>\n<\/div>\n
\n
\n
impulsive decisions i mean like there’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
gonna be times where you are<\/div>\n<\/div>\n<\/div>\n
\n
\n
buying the breakout at the worst<\/div>\n<\/div>\n<\/div>\n
\n
\n
possible point<\/div>\n<\/div>\n<\/div>\n
\n
\n
stopping out at the lows you’re going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
end up chasing a setup for no reason<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know the reality is it is that we<\/div>\n<\/div>\n<\/div>\n
\n
\n
all are going to make these mistakes<\/div>\n<\/div>\n<\/div>\n
\n
\n
but what you can do is you can go back<\/div>\n<\/div>\n<\/div>\n
\n
\n
and review these poor trades see why<\/div>\n<\/div>\n<\/div>\n
\n
\n
they failed see what the uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
tape looked like that you should have<\/div>\n<\/div>\n<\/div>\n
\n
\n
seen so that way for the next trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
you won’t make that same mistake and<\/div>\n<\/div>\n<\/div>\n
\n
\n
especially like when you’re trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
more size you know and your stop is<\/div>\n<\/div>\n<\/div>\n
\n
\n
greater like you want to<\/div>\n<\/div>\n<\/div>\n
\n
\n
have the experience of making these<\/div>\n<\/div>\n<\/div>\n
\n
\n
mistakes early on and obviously<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m not saying to just go out and lose<\/div>\n<\/div>\n<\/div>\n
\n
\n
every trade so that way that you have<\/div>\n<\/div>\n<\/div>\n
\n
\n
experience from losing money but the<\/div>\n<\/div>\n<\/div>\n
\n
\n
reality is is that<\/div>\n<\/div>\n<\/div>\n
\n
\n
as long as you can kind of take from<\/div>\n<\/div>\n<\/div>\n
\n
\n
these losing trades and go back<\/div>\n<\/div>\n<\/div>\n
\n
\n
and review why exactly like they failed<\/div>\n<\/div>\n<\/div>\n
\n
\n
and learned<\/div>\n<\/div>\n<\/div>\n
\n
\n
how could you improve them or you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
why they should not be part of your<\/div>\n<\/div>\n<\/div>\n
\n
\n
playbook then<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re at least like making use of these<\/div>\n<\/div>\n<\/div>\n
\n
\n
losses um<\/div>\n<\/div>\n<\/div>\n
\n
\n
you will miss out on some a plus setups<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh for example there was even just like<\/div>\n<\/div>\n<\/div>\n
\n
\n
one trade like this past week<\/div>\n<\/div>\n<\/div>\n
\n
\n
um i believe that it was on neo there<\/div>\n<\/div>\n<\/div>\n
\n
\n
was a breaking news catalyst it broke<\/div>\n<\/div>\n<\/div>\n
\n
\n
out from like a three week consolidation<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and there was a certain setup that i<\/div>\n<\/div>\n<\/div>\n
\n
\n
knew that<\/div>\n<\/div>\n<\/div>\n
\n
\n
that i should have taken but i didn’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
take it i kind of just hesitated<\/div>\n<\/div>\n<\/div>\n
\n
\n
but now i can go back and see what<\/div>\n<\/div>\n<\/div>\n
\n
\n
exactly that setup was<\/div>\n<\/div>\n<\/div>\n
\n
\n
i can go through like the factors that<\/div>\n<\/div>\n<\/div>\n
\n
\n
made that<\/div>\n<\/div>\n<\/div>\n
\n
\n
um an a-plus set up how did the tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
look<\/div>\n<\/div>\n<\/div>\n
\n
\n
what was the uh chart pattern so now uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
the very next time that i see this setup<\/div>\n<\/div>\n<\/div>\n
\n
\n
i know that that i should be putting on<\/div>\n<\/div>\n<\/div>\n
\n
\n
this trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m going to be that much more confident<\/div>\n<\/div>\n<\/div>\n
\n
\n
and probably be able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
size that trade up because i’m going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
use this experience of missing out<\/div>\n<\/div>\n<\/div>\n
\n
\n
on this a plus to my benefit and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
lastly you will stop out everyone does<\/div>\n<\/div>\n<\/div>\n
\n
\n
um i stopped out i think maybe you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
two or three times within the first like<\/div>\n<\/div>\n<\/div>\n
\n
\n
four or five weeks of trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s just par you know of the game<\/div>\n<\/div>\n<\/div>\n
\n
\n
everyone does it<\/div>\n<\/div>\n<\/div>\n
\n
\n
um you know like it’s important that you<\/div>\n<\/div>\n<\/div>\n
\n
\n
take lessons from it and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re able to then realize was like<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re risk managing poor<\/div>\n<\/div>\n<\/div>\n
\n
\n
was your ideas poor you know for example<\/div>\n<\/div>\n<\/div>\n
\n
\n
like did you let’s say<\/div>\n<\/div>\n<\/div>\n
\n
\n
start out up and then end up giving back<\/div>\n<\/div>\n<\/div>\n
\n
\n
like your profit<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then got triggered because of that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know being able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
go through that experience will uh you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know<\/div>\n<\/div>\n<\/div>\n
\n
\n
allow you to see like your own um<\/div>\n<\/div>\n<\/div>\n
\n
\n
shortcomings<\/div>\n<\/div>\n<\/div>\n
\n
\n
where you can find points where your<\/div>\n<\/div>\n<\/div>\n
\n
\n
psychology is faltering<\/div>\n<\/div>\n<\/div>\n
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and then make steps from there so for<\/div>\n<\/div>\n<\/div>\n
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example one thing for me is that<\/div>\n<\/div>\n<\/div>\n
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give backs always uh trigger me so if<\/div>\n<\/div>\n<\/div>\n
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i’m let’s say up<\/div>\n<\/div>\n<\/div>\n
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x and then i give back more than 30 or<\/div>\n<\/div>\n<\/div>\n
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50 percent<\/div>\n<\/div>\n<\/div>\n
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like that’s something that is going to<\/div>\n<\/div>\n<\/div>\n
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stick with me<\/div>\n<\/div>\n<\/div>\n
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for the rest of the day so realizing<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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after i hit let’s say a 30 or 40 percent<\/div>\n<\/div>\n<\/div>\n
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give back<\/div>\n<\/div>\n<\/div>\n
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i know that that you know i should stop<\/div>\n<\/div>\n<\/div>\n
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trading because i know that anything<\/div>\n<\/div>\n<\/div>\n
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after that i’m not going to be trading<\/div>\n<\/div>\n<\/div>\n
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the trade properly<\/div>\n<\/div>\n<\/div>\n
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i know that i’ll be selling the profit<\/div>\n<\/div>\n<\/div>\n
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way too quickly or i’m just going to<\/div>\n<\/div>\n<\/div>\n
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size it too aggressively and then go<\/div>\n<\/div>\n<\/div>\n
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back to negative or stop<\/div>\n<\/div>\n<\/div>\n
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out so you know using the experiences<\/div>\n<\/div>\n<\/div>\n
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from the past where i made those errors<\/div>\n<\/div>\n<\/div>\n
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is<\/div>\n<\/div>\n<\/div>\n
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what allows me to learn and improve uh<\/div>\n<\/div>\n<\/div>\n
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going forward now<\/div>\n<\/div>\n<\/div>\n
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and yeah that basically sums up just<\/div>\n<\/div>\n<\/div>\n
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kind of uh the lessons that i’ve learned<\/div>\n<\/div>\n<\/div>\n
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from my first year trading hey go ahead<\/div>\n<\/div>\n<\/div>\n
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and click our subscribe button so you<\/div>\n<\/div>\n<\/div>\n
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don’t miss<\/div>\n<\/div>\n<\/div>\n
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any of the videos they’re producing for<\/div>\n<\/div>\n<\/div>\n
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you and the trading community and please<\/div>\n<\/div>\n<\/div>\n
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take the time to add your feedback in<\/div>\n<\/div>\n<\/div>\n
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the comments section for what videos<\/div>\n<\/div>\n<\/div>\n
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you’d like for us to produce next<\/div>\n<\/div>\n<\/div>\n
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and what you found helpful from this<\/div>\n<\/div>\n<\/div>\n
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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>\"\"<\/a><\/p>\n

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

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