What's up everyone? All right? So here we are: Forty third Day of 2019 I'm gonna finish up $5,000 for the third $5,000 day in a row. It's gonna put me up just about seventeen thousand Five hundred dollars on the week, which is awesome. The only downside is that well, the first 10,000 for the first eight thousand, Nine hundred or nine thousand was digging myself out of the hole from Friday right last. Friday took a good-sized loss down about eight thousand.

Eight hundred Nine thousand. So you know, spent the first few days digging myself out of the hole as of tomorrow. I Really want to be up ten thousand on the month? That'll be? you know, 25% of the 40k goal. So I'm right now sitting about seven thousand five hundred on the month.

so I need to do 2500 tomorrow to get myself. you know, back on track. maybe it'll happen. Maybe it won't.

You never know. The market today kind of surprised me be PTH going from a low of 17 to a high of $70 a share and I only made $2,400 on it. Little frustrating, but you know what? I had the right idea. The problem for me was that the cleanest opportunities were based on strictly following the five-minute chart pattern.

However, using the 5-minute chart pattern, your stops would have been 2 to 3 points away because the place where I was doing a really nice consolidation was between like 23 and 28 dollars. So you know you've got this like 5-point range, which the only way you can really hold through a 5-point range is to have really small size. you know and that just isn't really my cup of tea. I like to trade with five and ten thousand shares which means I need to keep tight stops and on this one I kept getting in and the gang stopped out and getting back in gigs.

stopped out on the 1-minute chart all the time. the five minute is looking good looking good but the one minutes jumping up and down like this and so then finally by the time it opened up and when I was sort of frustrated and just like you know what I've already had a couple losses on it and then it rips back up I'm just I'm feeling myself getting frustrated and when I feel that creeping up that for me I've read I've got the self-awareness so four years of trading that when I feel that way I need to step back. take a remember. hey Russ you're up $5,000 You have $5,000 more money than you had this morning.

Be grateful. that's great. You're doing well, you know. don't over trade it.

Step back. In the past, you know I might have gone back in, got back in with bigger and bigger size and you know if you don't know how long it's gonna consolidate before it breaks and I could have given back my entire morning of profit. You know, especially if it did one of those false breakouts where it pops up 50 cents and then drops like three dollars a share. So you know I followed my rules and that's what keeps me in the game.

You know that's sort of. The goal here is that this is my career. this is my livelihood. I'm not in this to gamble I'm not in this to swing for a home run and get a lottery ticket I Got to make consistent profits every single day.

So I don't have to go back to having the nine-to-five job. You know that's the reality. It's been ten years since I had a nine-to-five job I want to make it eleven? Alright, so anyways, that's it for me. Enjoy the recap.

Any questions, any comments as you usual usual, give me a shout out below and we'll be back First thing tomorrow morning. Pre market analysis around 9:00 9:15 All right, see you guys in the morning. All right everyone. So we're gonna do our midday market recap a little later in the morning.

Then I would typically be doing a recap, but BP BP th was the stock too to be trading this morning. Huge momentum on this one. from a low of 17 dollars up to a high of 73 dollars and 52 cents. You know this is this is some incredible momentum and unfortunately I didn't do as well on it as I would have liked to have.

but I finished green and that's what counts and I followed my rules in terms of not getting in at places that I knew the risk would just be too high versus the reward potential. Now I'm trading in my retirement account on this is the long haul you know I'm really focused on the big picture which is you know over the next you know 15 20 years this account you know I want it to be a multi million dollar account, continue growing it and I can't risk with you know, my retirement doing something like buying you know, a thousand shares of BPH up here at six dollars only for it to get halted on T twelve and resume. You know in two weeks or three weeks or a month later at you know, twenty dollars or fifteen dollars and you know take a 45 percent loss on my account. That's just not something I can do So you know one of the things that I really encourage you guys you know to do is you know, take a breath and try to kind of put out the things in your mind of how this person did that.

Well, what about this person who made you know fifty thousand? This person who made seventy five thousand Or this person who made a hundred and fifty thousand? or you know, whatever. And of course we're always thinking about these people who made more, made more, made more. No doubt there are people that made less than you today or lost more than you today. You're not going to be the biggest loser, and you're not going to be the biggest winner out of the hundred thousand traders out there.

It's very unlikely you're either one of those. You're somewhere in the middle. There's always someone a little better. There's always someone a little worse at the end of the day.

None of that really matters all that much. What matters is are you doing what you need to do to live life on your own terms. And the goal of being a day trader is to achieve freedom and independence to be able to not have to work a nine-to-five job. It's been more than ten years since I had a traditional a nine-to-five job and it's thanks to learning how to trade.

And that means that because I'm so dependent on being a successful trader and generating consistent income that I'm not willing to take a lot of risk I'm not willing to gamble. You know this lifestyle by, you know, taking a massive position on a stock like this in the middle of a row because I know Sure, in hindsight, it's 2020 and I should have put you know every penny I have into it. But the reality is, as it's happening, you don't know where it's gonna stop and you can see here it hit a high of 37 and then drop back down towards 33 32. You know, Four points up, Four points, back down, back up, back down.

and so You know, you have to. Just you know. trade based on what you see at the time. So this is how my day started.

BP th was definitely the stock that I was watching it was, you know, right on the radar. up 51. Let's see. Sorry, let me it was up about 30% There we go: 9:25 a.m.

So this is our Gap scanner. 925 was up 43% at $17 300,000 Share flow according to trade ideas, so you know on this one. Obviously we traded it yesterday and obviously it could have made more on it yesterday. But you know, for me, one of my goals is to trade for one hour a day.

It's not because there aren't opportunities past 10:30 it's because it makes more sense for me to spend in our trading and the rest of my day working with students doing everything I can to make you know warrior trading the best place to learn how to trade and so you know as a result, I Certainly miss opportunities in the afternoon. But my goal is that I've taught you guys had to trade these setups so you know how to buy the first candle to make a new high. That's one of our go-to setups. And when you see this pattern here, there's an entry there at 7:30 9.

An entry there at 9:00 At 798, these entries are down to the penny. There's an entry at 8:39 there's an entry at 868. There's an entry at 10:18 right? Keep going over. There's gonna be another entry and let's see.

this was actually a false breakout right here because the entry was 44. Oops, the entry was 44 and it broke 50 and then dropped to 1080 and then ripped back up. Alright, so in any case, this gave some pretty good opportunities yesterday through the morning and into the afternoon. Now let's see I'll just move this so I can see what's on the scan.

Okay, now this morning it ended up gapping up Free Market High boom up here at 16 85 and at this point I was like okay, I'm a buyer for the break of 16, you know, or for the break of pre market highs. But just before the bell rang, it popped up to 1740. Alright, then it hit a high of 18 18 10. So my first trade on this one I got in at 18 34.

within four seconds of the bell ring jumped in at 18 34, you know and I was like this looks like it's just gonna rip. So I'm gonna jump in and try to ride that momentum and that ended up being a pretty risky entry because in that first one-minute candle, it hit a high of well, it popped up, it then dropped down to 17, I was still holding and then it searches back up I was like whoa just like that I was down $3,000 and I was like I've done it again You know how what is wrong with me I just jumped into this right out of the gates but then it curled right back up I added at 1794 and was putting orders on the a 1730, 14950, 863, etc and then I got back in. Let's see it took a trade on Seal, whatever. that was a small winner and then I got back in at 23 19.

so let's look at that. So I kind of missed a little bit of an action here. it gets all the way up to 23 46 and is halted. and then my next trade was at 41 which was right here.

So I jumped in right here 23:19 This is a nice in at 23 19 that was right there and it squeezes up to a high of 28 86. Now again on this you know I sold half at 24 80 which was a good trade I mean no doubt that's a that's a solid trade you know I was selling half through high a day but look, wound goes all the way up to $28 So I'm like all right Well you know hindsight's 20/20 on that one. should have maybe held it a little longer, but whatever. All right.

So next one you know again like a couple other trades here but none of them were big winners back in BP BP th at 25 and that was it. 10:13 Alright, so 10:13 We're gonna fast-forward here a little bit now. Something kind of interesting happened to me today a couple times. I changed my order four thousand shares like this and then I typed you know, let's say just say 20 and I press the Buy button and the order actually went through for three thousand shares and I've never had that happen before, but it happened today and you know I don't I don't know for sure.

You know that I didn't click here, but I don't remember doing that. See how I click here and it goes back to my default share size. so you know I I might have tapped it by access I Probably happen. But anyway, so I meant to get in with a thousand shares and you ended up buying three thousand.

That was at 25 and that was now. At this point we were setting up a five-minute pattern. So I'm in right here for the break at 25. First Camel to make a new high I jump in right and boom it squeezes up to 25 9 d one I put orders on the ass, take some profit.

You know that's like a $2,000 winner just like that. Really nice clean trade. The high was 27. it pulls back so they're at that point in the day I was up about seven thousand, two hundred dollars.

I then and I sold it 26 mostly most of it I saw it 26 and I then let's see. got back in at 7bp th got back in at 27 which was right here right as it broke that level I got back in I was like okay you know I'm watching I'm thinking hi a day $29 that's the thing I'm watching but I'm aware of the read doji candles you know and the kind of the decreasing volume and these are all warning signs of a possible false breakout. So I get back in at 27 and look what happens I'm in at 27, it pops up to 27 75 you know, but it didn't hold that level and so it comes back down and I'm selling it. You know some of the breakeven and the rest you know down here at 40 and 26 22 and so just like that, you know I'm red on the trade so now I'm down I gave back a little bit on that trade.

Alright so we have two trades on Expo whatever. next one be PTH right here. so got back in at 10:27 at 1740. I was like nope getting back in so got back in and that was 17.

Let's see that was at 9:27 so that was right here. Got back in right here as it popped back up and it did it again it dropped back down again and on that one I lost. So I minute Sept 27, 40 and I stopped out at 2555 2589. so on that when I lost $2,000 and you know I you know I was like well that's really frustrating.

You know now I'm down. You know now I'm up only 5200 on the day and I'm getting frustrated. You know it didn't work there, didn't work there and so that was kind of in this area right here. Alright so then I take another trade I get in at 28 it pops up a little bit further.

So I'm in at 28 and that was right. let's see the time stamp is 34. So now I'm back in right here. Okay at 34 and I end up stopping out with a thousand shares 27 21 it drops here down to $27 and I was like well that another thousand bucks got stopped out so I stopped out and that was it.

So now I'm up only 4,200 on the day and then it curls right back up and I was like all right you know, let's try it again. Carles right back up goes to 28 I get back into 28 I sell 28:40 2870 I wanted to add over 29 and then when we came up to 29 there was a sixty thousand share seller on the ask and I was like well that's not gonna work So I end up selling at 28, 74, 28, 95 and made back a thousand and was up 5,200 on the day and that was right here and I didn't get back in for this last stab right here. I was like, you know what? like I lost 2,000 on the loser I only made a thousand on the winner. My losers are bigger than my winners.

That's not a good ratio I Feel like this stock. You know that 60,000 shares seller is just not working. There's big sellers up here so I don't take this trade so this is the one that it didn't take. Getting back into 29 goes from 29 up to 30 31 and then I was like dang it you know.

Okay, well but can I really get in right here? This is kind of, you know, too risky and then it goes up to 34 and I'm like well now I've just missed them now I've missed the boat, you know and then it goes here and as you can see it just keeps going, you know and then right here it gets halted at 41 and I was like well I can't buy it At 41 it's up too much, it gets halted, it resumes lower. This gave a dip by opportunity but it didn't take it, you know? and then next thing you know it's just going parabolic and I'm like I can't chase this. The train has left the station and you know there's someone who bought this up at the highs and they're now underwater. You know by a lot I mean this went crazy, no doubt about it and this is what I was looking for.

this coiling, then the breakout and it ended up happening. It just didn't happen exactly the way I thought it would and as a result you know I got chopped out in this grinding and then I missed this whole dang move. So you know that's disappointing. but at the same time, like I said, you know I did I did trade this one a little bit better than I traded the last one that was like this and we this is not the first time I've ever seen this I mean I We see this usually every like three four months, maybe every six months at most.

One of the last ones we had was our KD A on the daily chart. I can go back on this one. This one went up to about $70 as well. So you know this was a no doubt you know one of those kind of setups.

you know where it took off here and hit a high of 66? I Guess right here over the course of a couple days. So you know I've seen this type of stuff before I kind of knew what I was looking for. You know, in terms of trying to scalp? well, trying to trade through this kind of coil action. The problem is my tendency is to scalp trade, which is to take very quick trades, get in, get my profit, and get back out and that means I'm a breakout trader I want to buy at breakouts.

So buying at breakouts is when stocks you know to the penny should break that level and go higher. Higher price stocks don't always respond as well to breakouts. they pop up 15 20 cents and then they might drop 30 or 40 cents, you know and and then go back up. So they're not always good for breakouts.

In fact, they're much better. more for trend based trading which is where you get in, you set your stop, you know. So let's say I'm saying well I'm gonna get in here at 26 35, my stop is 24 80 and you leave it now. I don't like doing that because even with a thousand shares, I'm saying I'm risking $1500 you know I'm just so I'm gonna buy it and I'm risking 1,500 and I just have to sit and wait and see what happens and it might pop up and I might be up $600 and then it drops back down and I'm red and then it goes back up and I'm up $1,000 and then it drops back down and I'm right.

let's see what this alt is doing. So this one is definitely getting a little more sympathy momentum than I think I was expecting 13 million shares of volume on it. You can see it has had a couple of nice pull backs. volume increasing here.

the high is 40 and the halt level is showing at 5:50 So yes, so that's that's one you know maybe to keep an eye on. but again here when you look at the five-minute pattern, the proper entry was down there. so you know if you get in up here this is a little easier for me to manage risk on because the spreads are tighter and the price is lower Some I'm more okay with it than be PTH but you know it's it's it's difficult so you know possibly there be a scalp right around here. At 30 you look for an immediate break over 40 and then up to 45 50 halt levels still showing it 50.

But you know I think what you'd be kind of counting on is that the high emotions that we've been seeing on BB th carry over to this stock and I'm not sure that they will, but it might, but I'm not I'm not sure that it will. so for right now you know I'm just kind of sitting on the sidelines days like today. sometimes I do best you know instead of trying to chase B PTH or whatever the case is waiting for the next stock to show strength and then you know, jumping on that stock and so alt you know, maybe it? it's you know, starting to open up a little bit here. You know that was a nice break out there about a dollar per share from 432 so you know we'll see what it does on this pullback.

B PTH Didn't really do these kind of gradual pull backs today. It did this coiling pattern where it's popped up quite a bit, consolidation sideways, and then just explodes. So anyways, you know. overall a good day, Not a home run, Not a day where I felt comfortable taking a lot of risk.

You know it puts me up I guess I don't know. Let's see well, 17000 on the week, which is a good week, you know, no doubt about it. you know. Again, like I said, it's easy for me to compare myself to others.

you know, who maybe did made more on this particular stock. but you know, five thousand dollars a day? which is what I've been averaging this week. That's a million dollars a year and you never, you're almost never gonna get that million dollars all in one trade. It's the culmination of lots of small trades, lots of base hits, and good risk management.

So you know my biggest loss. My biggest single trade loss, like individual trade loss in the last six months, has only been about $5,000 You know Now, being a self-made millionaire, having you know, nine hundred and seventy five thousand dollars of profit in this small account could I be leaving all that money in the account and taking much bigger amounts of risk. And you know I could. But I just don't like to take risk I'm really pretty risk adverse despite being a day trader, my risk tolerance is very low.

I don't like to gamble I don't particularly like gambling in Las Vegas I just I don't want to do anything that I don't feel that I have a really good chance of being successful and that's good for me. It's not fit. Can't be 5050. It has to be more than that.

You know blackjack or something like that? You know it's got to be like for me: 8090 percent confidence that I'm gonna be successful. and if I'm not 8090 percent confident, it's not worth it. and I don't want to risk even $1,000 not even 500 if I'm not 8090 percent confident. So I'll be watching this alt.

we'll see if we get some opportunities on it. Mike might give us something. We might going to move up towards 6 as momentum kind of carries over to this stock. So I'm gonna keep this on watch and we will of course be back at it first thing tomorrow morning.

and you know Friday do the same thing as you pre-market watch lists. Find a couple stocks to trade. try to make $5,000 and call it a day. Alright, see you guys tomorrow! Oh hey, I didn't see you there while I was just working on the dream board for my next home run trade.

Hopefully it comes soon. Until then, make sure you subscribe to get email alerts anytime I Go live or upload new videos. Until then! happy surfing!.