Favorite Day Trading Pattern Broken Down in Q&A
like for breakouts i like to see it hold like 50 of the spike like it's holding at least half the spike before it goes up um the odds of a break out are much much greater if it's doing that we got matt monaco are we filming by the way we're filming this too so you can see uh the camera i tried doing the camera on the all-day webinar yo move over you've gotta have kyle i dude i'm on like the edge we're doing this on a bed and matt monica was like in my face like i can smell his breath wouldn't you just brush your teeth probably smells good yeah it does but that's not the point you shouldn't be this close kyle respected the boundary i don't know why you don't do you want a pillow wall no it's fine i just don't need to smell your breath when we're giving a webinar like everyone welcome matt monaco uh matt monaco was famous for his e-trade account growing what 1.6 million percent or 1.7 million percent yeah yeah at the peak that's what it was now now it's down to like 1.4 as time goes on oh well i was gonna say did you lose or it's just time loss the time loss thing all right so what was the peak 1.7 million percent
yeah it was like 168 i think 168. that's not bad to make 1.68 million percent that's insane but uh welcome matt how do you uh like italy so far i love it uh yeah i've never been um to europe at all yeah um like i've traveled within the us and like caribbean islands just families over the years but for like first europe experience mind blown yeah right mind blown you like the time zone because now like the stock market opens here at 3 30 it's now you know 10 40 the market just closed at night i do it's like you have like two days in one that's how i've been describing to some people because you wake up in the morning you just kind of like live life yeah do what you want and then like you eat lunch and you're like oh it's still like two hours before the market opens and then yeah and then the best part is honestly you avoid midday which in the last like two months has been very very difficult um you just like go to dinner during midday and then you come back and you trade the last two hours it's 10 pm here now you see why i love europe so much if you guys ever wonder where is tim sykes if i'm not like posting a lot i'm probably in you're probably enjoying this time zone enjoying this weather enjoying the people enjoying the food enjoying the culture enjoying the history we didn't even do that much because frankly like we're still working our butts off but at the same time it's just beautiful so congrats on on passing a million are you over two million yet uh if you factor in my crypto i think i'm over two but not stock wise what do you ask stock wise uh 176 176 million nice not bad matt monaco graduated college last year yeah how many months ago let's be specific january was it three 15 months ago 15 months ago you're in college now you got 2 million in trading profits how does it feel surreal like i have a dream like uh so roland's not here anymore but he was here a couple days ago i was talking to him and i was like dude like when i first started i remember watching your first positano trip with tim in 2017 when he was at like a hundred thousand prophets and yeah it's like i have a dream because like i watched a video and i was like man i'd be so cool to go on like a trip like that and now you're here and now we're here four years later yeah and huddy had that dream like when we brought him up on stage in the conference where he was like my goal like he showed me like his crazy serial killer-esque private diaries from the beginning and uh you know he was either going to kill me or be successful i'm glad he was successful and one of his little diary like notices aside from like the hearts around like the ts was the fact that he wanted to be up on stage at in the conference and then he was a few years later it took him a little while he's a little older but i think like he has so much hair some of the stuff i say just doesn't make it to his ears so it's like you know encino man all over again and brandon frazier eventually got used to paulie shore but not in the beginning they had uh some rough rough patches do you remember that movie no that movie probably came out before you were even born does anybody remember encino man say yes or no it's not a good movie but it it's memorable you know paulie shore was was his best in that movie and brandon frazier well don't even google what brendan fraser looks like now it's just sad all your heroes will disappoint you in the end that's reality but throw out any questions we have from matt monaco wow we got a lot of yeses a lot of people remember this that's crazy it's not a movie to watch i give you some good movies to watch this isn't a good movie to watch if you haven't seen it it doesn't matter what questions do you have from matt monaco throw them out now or forever hold your piece i'm going to start with one question of my own um what are your goals now you know you have more than enough money what do you want to do now now i'm trying goal number one i'm trying to find a better balance the last 18 months of crazy market um you know like you used to it's so funny i haven't heard you say it in a while uh but like retired trader mindset was like the thing the big thing you sail is that that's like i guess what i'm trying to move towards being rather than like you know being a slave to the market um and when the opportunities are there i absolutely will be there and that's the point of like that mindset so find some balance is goal number one um number two uh i've made all my profits like from the long side so i want to try to expand that move over the short side i've got a pretty good network of people i can tap into to try and learn that well you want to be the dark side yeah there's always there's always more you can learn so yeah yeah your friends palpatine palpatine you just talked to him yeah how how's papa team palpatine's good he hasn't traded he hasn't enforced his you know negativity toxicity and true like lack of ethics on the market in three days yeah that's true and then yeah just just slowly keep learning more expanding i mean the markets are infinite and like that's the beauty of it you can always learn more you can always try something new so my plays are there i know where my focus is but in the slower times like gotta keep expanding cool so what are your favorite otc longs and favorite listed logs uh otc launches for a sec you got it hands down favorite otc longs would be like just an otc breakout classic like super textbook where you get a spike to a week ago two weeks ago it consolidates for a couple days to a couple weeks and then maybe has a pr or something something that gets it to then break out and then you know otc breakouts are so awesome because they usually trend for two or three days so i like to try to buy it swing it for a day or two if possible especially in the afternoon the best buy so then you could swing it for that gap up those are my favorite especially when there's accounts involved second favorite otc long setup would be you know tim's classic panic morning dip buy those are awesome i honestly have had some difficulty with those for i don't know the last seven months or so because like there hasn't been that true pain that true panic where you see on like something like um some charts coming ahead or like cyd wire decn honestly dpls did it what probably a month ago now it was midday though that dpls was perfect and i missed it i went to the damn gym that was the dumbest gym workout of my life right yeah no now it dropped 40 and then bounced 50 yeah it was it was so freaking beautiful it hurt me it hurt me to miss it and i haven't been the same since i've been trying to play dpls and fomo creeps in every time so yeah those favorite otc and then uh i really learned otc's first i know a lot of people do that because they move slower it gives time to think about it and then shift it over to listed i tried to apply those same strategies but divine unlisted is much much more difficult and i don't think the edge is really there but um if anyone's seen trade takers 2 the like afternoon breakout timbertine calls it um you know i've called it a b c d pattern especially when v wap's involved and a stock holds a v-wap into the afternoon like a breakout like that on a listed stock is also incredible those i typically don't swing as much unless there's some crazy sector momentum which you know comes and goes you guys see what the overall market conditions are but simple answer just breakouts i'm a breakup guy so um matt any thoughts on flipping nft mystery box drops um my nft experience is very limited at the moment but that is one of the things i've been looking into just because i also treat crypto um but we started with pudgy penguins and we'll see what happens how much do you want when you're pudgy penguin i bought two pudgy penguins um one like so if anyone's into like card collecting um you know like rare cards are more valuable and it's the same concept applies over to nfts so i bought two of them one of them was very rare so of the pudgy penguin collection there are 8888 penguins ever made that's all there's ever going to be in that collection and i bought the 24th most rare um that one was expensive uh it was for ethereum at the time that was like 12 000 bucks but then the other one i bought was just a random one i thought looked pretty cool and i got it very cheap um for .4 ethereum which is roughly 1200 so i sold the cheap one for 13 it was like 12 900 bucks it was like 13 grand i sold the cheap one a couple days ago so at this point i'm literally break even and i'm holding that really rare one so we're just gonna hold it um see what happens see how much we can sell it for i think it's so crazy nfts are a thing and i know a lot of people are like it doesn't make any sense and to me it didn't make a lot of sense until i tried to compare it to like trading cards pokemon cards sports cards you name it all those things that have been going crazy so that's really the best way to think about it and you know there was an educated calculated risk going into the pudgy penguins but that's the only one i've really done did you talk about how there's a bid but you didn't take it there was a bid on it for uh it was like seven i think it was 7.5 aetherium i may be talking totally different language of some of these people and i didn't take it and i could have doubled my money how much was that how much could you have made but you didn't take it because you got greedy on that penguin it would have been twelve thousand plus the eleven thousand on the first one so we've been doing this twenty three thousand on pudgy damn penguins but now you didn't take the big bitter and i didn't have to take the bit but i was out on the ask you know i can put because i can put a price limit i can set up an auction we're holding it because not that like there's a collection out there called crypto punks and not that pudgy penguins is gonna be crypto punks but uh a crypto punk sold last week it was for like 117 million so i mean if i give one percent that you are greedy my friends very greedy this is how somebody who makes 1.6 million percent thanks on
their ins on their e-trade account yep so but on break even that's why i worst case i just own this penguin forever and i'm breaking you could have made 23 000 on these damn stupid penguins what if i but we're still in the uptrend i should have forced you to take that bit and then this is like and then it could have gone higher you'd be like why did you make me take that i could have made an extra i this is just me okay listen you do what you want it's your punchy penguin i have no pudgy penguins but i'm just saying if you can double your money on a ridiculous investment you understand it's ridiculous right you understand this market is a bubble it's not gonna last we're gonna look back at this 10 years from now and laugh our asses off you have the chance to double your money but you didn't take it right and it's gonna be a better video when i sell it for like 10 times return we'll see we'll see or you know i could sell for less and then that's also a better video lessons learned but it's not about just a video lesson it's about being damn responsible okay i break even i have zero risk now that's all that's why i played it yeah that doesn't mean that you should just give up ten thousand dollars do you know how many people on this webinar would love to have ten thousand dollars say yes on this webinar say matt monaco you're a damn fool if you agree that ten thousand dollars in his pocket not that he needs it but i'm just saying uh give me ten thousand dollars on a joke of an investment is something that you should probably grab let's see how many people can listen and pay attention let's see we got a couple yeah let's see we got a couple of things okay because it's ridiculous that these stupid penguins are going for so much call me a boomer call me what you want okay boomer okay boomer next time you see matt monaco you have my permission to smack him and say matt you owe me ten thousand dollars okay look at this damn fool now i'm just i'm inspired to diamond hand this stop stop we will see what happens think about all the differences this is what i think about all the diamond hands on ltnc all the diamond hands on hmbf dogecoin diamond hands does not work in the long run we are on step one of the penny stock framework and then it's gonna break out some new highs and i'll sell it it might be a number three you have no idea you have zero ideas you have zero edge you have no odds whatsoever you're gambling i taught you better than this you're gambling listen it's it's calculate okay there is no metrics for how much a pudgy penguin is worth you're hoping that there's some damn greater fool out there correct and there might be you might be right but it's still wrong in my mind okay okay thank you uh do you use technical indicators like the fibonacci level or the ema or sma um so i don't use fibonacci but like basically just tells you how much a stock pulls back so uh like indirectly i use it because like for breakouts i like to see it hold like 50 of the spike like it's holding at least half the spike before it goes up um the odds of a break out are much much greater if it's doing that but you don't need fibonacci to do that you can just use some basic math uh i use v-wap which is volume weighted average price um everyone's got every platform out there has that it's very helpful as a guide there's no holy grails here but it tells you roughly where the average trader is on the stock on the day right so as a long trader i want the stock to be above you up um when it's below vwop in theory it's much harder for it to spike um that was pretty much the only that's the only thing is what's your favorite dvd to study if you could only watch one dvd on repeat over and over again i really very much so enjoyed train tinkers the the original one um what about training tiggers too uh i like that one um i think just when i watched it in my career i didn't appreciate it as much but still great content and you know it's more updated to like listed socks but like the otc chapter the otc breakout chapter of the original train tickers i don't even know 20 30 times i've watched that chapter and i would say watch every damn dvd anything that's your favorite it doesn't matter you need to study everything all the dvds are useful tools of history okay some of these dvds are now five ten years old it doesn't matter you're studying history if you're gonna be a history major you gotta study the greek empire you gotta study the roman empire you gotta study the byzantine empire it doesn't matter what's your favorite empire you have to study them all so that you can learn the lessons from the past that's how you should look at dvds i agree no it's important like i i watched all of them um tim line level two even the sec one which is everyone's favorite yeah um i saw i watched them all because i was always like when i was struggling i was trying to find like oh maybe in this dvd there's that like aha moment and like inadvertently i was just giving myself enough screen time and studying enough by watching all the dvds that i was able to push through and learn speaking of thank you matt schroeder tim's analogies movies referenced by tim and his videos this is a list of all the movies that i that i reference enemy of the gates the patriot lord of the rings wall street trading places boiler room wolf of wall street the big short pirates of the caribbean it's more of a guidelines really contagion outbreak taken mean girls clockwork orange spiderman sandlot independence day rookie of the year this is the end ironman final destination the matrix i mean this is a good list i think everyone just named matt is is a a good person um let's see do you ever get caught up in channel trading and if you did what disciplines did you establish to get out of doing that say that did you ever get caught up in channel trading and if you did what discipline did you establish to get out of doing that um i never really um what is channel trading like i think they may like trading within like a range or like within a channel so like it's like chopping like that cheesy infomercial channeling stocks.com it's so easy just buy at the bottom and sell at the top channeling stocks doc i remember their cheesy information i'm sure that's exactly what it is i never really did that uh just wasn't a strategy that appealed to me breakout seemed you know on paper the simplest nothing's easier you know i guess it's kind of simple but it's not easy um so that's really where i was so i was always buying on the breakout above the channel i'm curious that channelingstocks.com literally still exists no look at this special enzyme midnight yo it's such a joke oh my god listen if you try to buy at the low of a channel it's so risky what if it just below use your stop-loss he's just just say like breaks playing with fire the problem is your stop-loss doesn't ensure the fact that you get out right away and if you're buying if you're selling right at the top of the channel sometimes it breaks out of the channel like it just doesn't work i'm sorry um let's see question uh do you use social media to help you find plays and understand how pumped they are a little bit they're uh i do follow like specific people on social media because i mean there's a great community out there that just tweet about stocks and like you know there's a decent amount of time where i'm like i wasn't even watching that stock so i'm like thanks for bringing it on my radar i'm never gonna blindly buy short a stock that i see but it's nice to you know it's a form of scanner that i use to find some socks jay says pudgy penguins is bad luck tim missed a play because of punchy pudgy penguins dpls i didn't miss dpls because you were talking about your stupid penguins you asked me about it i think i understand but i was i was joking um let's see uh uh questions do you gauge your reversal intraday unlisted other than with technical analysis if i'm trying to uh like reverse something like uh mark crook i learned this strategy from him it was like his like 11 am bounce reversal um is probably that one or there's like the first green day reversal those totally separate but that one's they're all technical analysis it's you know it's for the 11 am balance has it been down trending for the first two hours of the day and now clearly the trend is changing and there's like forming some support at that point like there's a decent chance shorts are going to start covering so you're not going to get a huge perk but you can get a pretty predictable bounce and usually on that one the risk is very tight um because you can risk the lows first green day reversals same kind of thing except you're looking at a daily chart a much bigger picture than just intraday all right so otcs listed or crypto which do you prefer depends on the the week right now um right now probably crypto i'm gonna be honest uh otcs are slow um i tried to trade hpil this week um i swung it over on that day broke out over a penny and just no follow-through at all and i saw it today it got crushed yeah um so i just cut my loss or i got out basically break even on that day um otcs are just they're tough um you gotta really pick your spots carefully listed um vrpx is the only one that really ran i mean yeah look at it say okay h pill i know i bought it today yeah on the massive gap down at six cents six tenths and i sold it at six six easy ten percent that is easy if you're not looking to trade you can afford to be patient and then the best entries will come to you that's nice easy time but anyways matt monaco has to go pack he's got to go to sleep he's got a busy day tomorrow um final question um let's see matt and tim just booked a flight back home to the west coast for a month how do i politely tell my family to leave me alone for the majority of the trade day to trade study sleep early when they only see me once a year what do you say to your family when you know they want to see you and you're like i gotta trade um it's tough uh i've definitely been there my family is always pretty supportive um you know i tried to explain it if they ask questions i always usually said like i use like the words like hey i'm like trying to work i like i always viewed as like work and usually that like comes off a little bit what if they see your screen and they see that it's just pudgy penguins and then they're like you're not working then you then the next step i was gonna say is like you try to explain to him what you're doing and like most people you can't explain pudgy penguins rationally yeah you can it's like sports cars dudes they might put you into like a rehab center and say our son is on drugs but it's tough um sometimes you gotta separate yourself like it definitely wasn't the easiest thing to do for like those like three years i was really struggling wasn't making money but i stuck with it i would encourage everyone else to stick with it uh because like you know if you're willing to put in time and you work hard enough like in the end it is worth it when it clicks so um you know west coast at least you're done by one so you can spend the afternoons you know really focus during the market hours on the market and then you can if you know you don't see your family much that i would also say it depends on the month like for august start getting used to the fact that it's slower for trading like this is the month to spend more time with friends with family go and travel work out do what you can when you can when it was very busy like january february march like i barely went outside because i was just so damn busy and still wet i was and now you look like a little suckling pig right so whatever whatever works for you guys a suckling pig or a fetal pig more it's more pink suckling is like more like brown and crispy i'll send you a picture [Music] i'll be looking good no it's good man whatever i'm just saying like if you're gonna be a trainer for a while even if you're gonna be a student for a while like you have to pick your spots you can't just study non-stop you can't just trade non-stop that's not a life hopefully you get into trading to have a better life to live a better life and i get it that you want to be dedicated but at the same time you can't forget the rest of the things uh i've had problems where i've been too focused on studying or too focused on trading or too focused on charity you know like i kind of have like this one track mind and it's good and bad uh kyle you know one of the things he talked about was that he needed balance um so spend time with your family you know like there's really not that many great plays right now i don't know when you're going home but right now like you should have more time to chill so just like matt is doing he's getting 10 for the first time in his life go play golf you know when you're home a little bit i'm not i'm gonna are you guys yeah i was really tan growing up because i played golf a lot yeah before i discovered trading well now you can play golf a little bit i used to have a lot of fun before i started you know trading too but now i have some fun sometimes and then i love what i do thank you for coming on you got it thanks for having me safe travels everyone thank matt monaco for all of his teachings and his lessons and on this video if you click the link below you can check out his new crypto guide and breakouts and breakdowns and small cap rockets we're doing everything we're trying to teach based on what we've learned over the years
2021-10-23 23:59
