What Matters Most for Beginner Day Trading Success? (it's weird...)
Hey it's clay and i want to talk about what matters most for beginner, day trading success, it is weird so just give it a chance but if you do give it a chance, i'm very confident it'll make a big difference, in your trading. And along with that because it is weird, and because i really do want you to wrap your mind around it i'm not going to sit here and talk about it in theory, and say well, i think you're supposed to be focused on this because. I think that's how it's supposed to work none of that, i'm going to use some of my personal, real life day trading results, so you can see how this concept, plays out in the real world of trading, so very little theory and then a whole lot of practical. Examples, and practical training that you're going to see like i said play out in front of your very eyes, now to set up the context here, let's go through a little thought exercise, and my question to you is this, what can you not control, in the market. What can you have no power over, and as a trader, you know you just you're at the mercy of these items, so, i want to go through just a few here that i could think of how about wait management, did what. Wait what did the ceo, say. They decided, to do what how about just dumb. Decisions. Wait. The government's, doing what. The government, said, how about the government you have no control over that how about this. Wait, they're what they're doing what with interest rates, wait they're doing what with the trade war. Policy, right. Trade wars. Interest, rates, you know the federal reserve. All that sort of stuff how about this one, just flat out crazy. Anybody ever heard of coronavirus. I mean. Totally, totally, out of your control, as a trader. So many things that you cannot. Control. As, a trader. I mean and these are just a couple of just very very brief ones how about this though, let's flip it around to. Well what, can you control. Can you control anything. There is there is one thing, quite literally, one thing, you can control, in the market, pretty crazy when you actually stop and truly think about it. So the one thing that you can control. Is this, how much, you. Lose. In, a trade. How much you lose. Or in other words. Better is known as well your risk. So that is the one thing that you can, actually, control. In the market, your risk, how much you lose. In, a trade. Seriously isn't that crazy. Oh so many things going on out there, but the only thing that is in your power. Is, how much you lose in a trade. Your risk. So let me ask you this then if there's only one thing in the market, that you can control. It would probably be smart. To be focused, on that one thing it would probably be, you know smart, to be focused on getting really good at that one thing that you can well, actually, control. Hopefully, that's a, logical statement hopefully that's a fair statement. So the question. The thing that matters most. Is your ability. To do this, to be one of these. A great. A fantastic. A professional. Whatever, word you want to throw in there. A great. Loser. You need to be. A great. Loser. I know, that's totally, weird. It totally sounds like wait, loser's mentality. I was brought up to be a winner, i was brought up to, you know go after success. Be ambitious. And you're right, all those things are fantastic. But in trading. You need to be, a great, loser. That is what matters most so if you're a beginner day trader, i want you to start to get focused.
On Being a great loser or in other words, how to manage, risk, how to control, risk. Your entire, life as a trader. Should be focused, around. Risk. So that is the context. Here, we want to be great losers. So what is the power of being a great loser. How is being a great loser, actually going to benefit you as not even a beginner trader that's just getting started, but even if you're a veteran trader maybe you're struggling with your trading results not getting consistency. Perhaps you've been focused on the wrong things i get it's easy to focus on winning, i need to make money how much can i make, what is my winning win win win and it's fun to talk about winning i i, fully realize that, but, you need to focus on being a great loser. So with that being the context, what i now want to take you through, is a set of trades that i've made, and within these trades, you're going to see this exact, principle, play out. Exactly, how it should be and exactly it really demonstrates, the power, of being, a great loser, so with that being said let's go to this first trade that i had again, from my personal, real life trading, results. And eight dollars is actually getting relatively, close looking for a scale pair. In at eight. Let's see if, it can indeed get the break of eight like this set up quite a bit. Now it never broke through eight so i'm taking out a little bit more risk in the sense of. Not actually giving it a, you know opportunity to give me confirmation, like i said i like this setup here that stick in place. So now it's just a question of can it actually get up through. That eight dollar mark. And i like the chances that it. Can. So we'll see what it wants to ultimately do let's see market opens up here in about three. Minutes. Though right now not looking. Totally awesome but also not. Behaving, in a manner which makes me think. That i need to be getting out or anything. Either. Again it never did break. Excuse me break through eight. But i don't want to risk missing the break that's why i got in and sometimes, when you try to. Anticipate. If this thing returns, back up to the eight dollar area. I may be looking to add. But as of right now. Things are not looking so hot. I do like that moving average there though. There's a high of that. 780.. It looks like it wants to get up over 780, i'm going to add another 500.
Which Isn't really that much i mean we're talking about a sub, 10, stock here. But i got to see some sort of sign of strength there. Going into the open so again. It looks like i can get up to 780, and once uh, break through the 780, mark. Then i will be looking to add. So let's see if it wants all right it's trying to work its way up. There. Okay. Getting. Level two starting to open back up a little bit market opens up in less than one minute. Get that out of the way. Let's pull back some a little, bit. Well at this point look i'm going to be holding right into the open. Which is a risky proposition, but i i do still like the general pattern i like the general. Trend of, things. Let's see, market. Uh, and now the market is open. All right i'm going to get this out of the way now it served its purpose for now. Bit of a pullback. Let's see what is the high of that. 750. So i'm gonna be looking to add if it looks like it wants to get up through. 750.. 740, being stubborn, right. Now. See if it wants to bounce up letting some profit takers out right now. Added at 7 43. My average now is at, 7.71. So let's see if this thing wants to make a push up towards eight. 750. Going to be that key. Level that'll need to be broken here. Going for the break. Got the break there we go can we get more of a. Push. See if it can get up to eight. Took off, some, now, waiting for the push up through. Eight if it can happen. It did not happen now it's rolling back. Over. We'll see if it can make another move back up there but. Shoot. Well. Looking like i'm gonna, have to take a loss and oh wow now i can't even get out. Well this is gonna be a losing trade here. Still have 300, shares left. And if this thing wants to make another. Attempt to the upside. But. All right all out there 280. Loss, so there it was first right i took. Down 280. So i'm oh for one on the morning. Not pleasant, not fun to take a loss but you know what that's part of being a great loser, overcoming, those, emotions. And just realizing, that within the big picture it's healthy it's beneficial. To be a great loser and control risk, so that's what i did down 280, dollars not pleasant, but let's go on to trade number two. 169.50. Looks like a. Solid level if it can't get up through there. So watching, closely. And. Oh you got to be kidding me give me a back. Test. All right there we go. 300. No 300 shares that was supposed to be 500.. So let's see if this thing can uh. Get some follow-through, here really like this setup. Needing to, pull or, pull back here a little, bit. So i wanted 500, so what i'm gonna do is if it goes back up to 169.50. I'll add in the remaining, 200, because that would. Well. Maybe, this is just not my morning. Because now looking like we had a completely faulty break out here. So you got to give them a little bit of wiggle room here but. As of now not looking to be uh. What i wanted to see. We'll see if it can recover back up to. The 50. Area. Like i said i would, then like to add. There we go so now i have my full 500, shares. So let's see if this thing can actually get the break though. Wow. I'm feeling like this is just not going to be my. Morning. Yep i need to get out. All right well there's another 200, loss, so down over 500. Now there was my second trade and now i'm officially. O for two. O for two but i'm being a great loser, by being a great loser, it's got me down 515. Dollars but i've controlled the risk, i've managed, the losses. And while again, not, fun it's not a pleasant experience. It's something that needs to be done if you want to have success, so i'm offered to, down, 515. Dollars. But let's go on to trade number three maybe if it goes below 122.25. I'll get in. Okay and at. 122.16. There's the break, can we get some more follow-through, to the downside, is the. Question. Again in at 122. 16.. Yeah about 120, 150, looks to be that key level that'll need to be broken down through. If this thing's got a. Chance. I love the setup though it's, a if it goes in my favor, awesome. I mean i'm with the trend right now. It's just really a question of does it want to, break down again and i'm not looking for this thing to necessarily, collapse nine dollars like it did last time. Like i said 120, 150, is going to be that key area that it needs to push down. Through. A little bit of a bounce here. Like i said this area. Let me see if i can get that mapped out.
If It can break down through that green line there. I think i could have a nice little payday. But as of right now it's. Going the opposite. Direction. What is that low. 121.. Well right now it's doing. Not what i want to see do. Obviously. Let's see if this thing wants to roll back over. 120. What is the low of, that. Yeah 123.. If it can get to 123. I will, look to add. As that would imply, uh this has been a fake bounce right here, and fake bounces when you're on the short side is a good thing. So let's see this thing come back down to. 123.. It's trying to roll back over. Here. Yeah 120, up still, still liking that 123. Area. But 124. Even. Is that stubborn level now. Whenever you watch level twos it gets down there and just won't quite push down through there. So 124. Does me have me a little, a little worried right now. Can i see 124, again holding strong holding strong holding strong. Can the price break down through. It. See what i mean if you're watching the level twos 124, just won't budge right now, there we go. Okay watching. 123.. Again if it looks like it wants to get down through 123. And break below it. I like that as an adding. Point. Laser focus, right now. Well is it going to come try to come back up to 124. I hope. Not. Okay. 123.30. If that breaks then i'm gonna get in, and for another, 500.. Now i'll have, a thousand at, 122.62. Let's see if we can get the break of 123. Or else i just got suckered in big. Time. I like the setup that's taking place on the five minute though. Beautiful, five minute right here taking. Shape. Can it get the break of. 123. Though. It's working its way down there. Come on one come on there we go. Let's get some more follow through here. There we go there we go can we get through 122.. Come on. Come. On. Okay i have 300, shares left. I have 100, shares left and i'm gonna let this thing work for me now, and there you go, finally got a winning trade. And all of a sudden i'm actually, up. 487. Dollars, by being, one for three and uh look at this a couple other ways just really illustrate. I was right. 33. Of the time, so think about that. I was right. 33. Of the time. Yet i still made 487. Or the other way you can look at this maybe this is the more negative way. I was wrong, i was wrong. 67. Of the time. That's not a very good win rate to be wrong. 67.
Percent, But. I still walked away with 487. How is this the case well there is one more thing, as traders. That you cannot. Control. You cannot. Control. How much money you make in a trade, think about that you can't control how much money you make in a trade, and that's how i was able to, be wrong 67. Of the time, or be right 33, percent of time, but still walk away not only green, but very nicely green because i let the position, work for me i let it go in my favor, i had no control over how much money i could make and when you set things up right when you go about with the right mindset, and manage risk and control risk now of course you have to know how to do all that properly, but when you do that, you don't have to have. A super high win rate, you can literally. Be wrong. 67. Percent of the time, and still walk away, making money, so, be a great loser. Focus on the things in the market that you can actually control. And that one thing, the only thing you can control is how much you lose in a trade. And that is your risk, because that beautiful, other area that you can't control how much money you make in a trade. Things can take their care of themselves, if you allow them to, so hopefully this helped and i really realized this was a longer video but, by going on this journey. Of, losing, and then the one winning trade, hopefully this inspires, you to again i get it it's hard to tell people hey, i am a great loser, my focus is to be a great loser, but now that you actually understand the context, of that statement, although it is weird sounding, it really can help out and it's going to be the one area, that you need to be focused on if you want to have those consistent. Results, over time, if you found this video helpful a couple quick things first off very time efficient way to communicate, that to me just hit that like button. If comments questions suggestions, if you've watched any of my past videos, then you do know i read and reply to all comments, so please leave those down below and then finally check out the channel as a whole if you like those little live trade, bits, i have an entire playlist on the channel that shows, uh you know all sorts of those so check that out and lots of other videos on the the channel too so if you like what you see enough to hit that red subscribe, button as i'd love to have you as a subscriber to the channel but yeah, get out there, become, a great, loser. First off thanks so much for watching the entire video real quick before you go, i want to invite you to a live webinar, web class, training, workshop, online event, whatever you want to call it but it will be me, live, revealing, to you what i discovered, that has allowed me to transform, myself, from being an employee. To being my own boss, including. How i had only one losing day out of 73, days in total, i'm going to cover three keys that have helped me, unlock, profitable, consistency, within the markets.
The First key is super weird, but in a productive, type of way, the second, key is super awesome because it quite literally, is wired into our dna, as humans. Making it very easy to use, but in a cruel way, this becomes a pitfall for many traders, i'll explain it all though, including how to avoid the pitfall, that it creates for some, and yeah the third key when you hear it sounds way too good way too good to be true but it's not and i'll show you, how it all works, then at the end i open it up for a question and answer session that is again. Totally live, even if you can't make the live session, please still sign up as it will be recorded. And you can go back and watch the replay, that i will send you, click the image on the screen or click the link down in the description, box, so you can get the date and time and claim your spot, which i should note is limited due to the fact that this truly is a live event. If you have any questions. Let me know if not, i'll be seeing you soon.
2020-09-29 13:23
