What's up you guys? All right? Well I'm wearing a green shirt that says slow down you guys can see it there and that's not what I did today today. lot like yesterday. I Stepped up to the plate right out of the gates. $2,800 Trade: I was like nice sweet.

that's a that's a big win Trade Number Two lost a thousand I'm up only 1,700 All right, no problem. Trade three Lost ten crap now. I'm on my fourth consecutive red day and my approach of trying to kind of hit a couple big trades and dig myself out of this hole that I dug. being red on Thursday and Friday last week has really I've just doubled my loss.

I've gotten myself. It's like it's like being and you know I don't know any of you guys who drive somewhere where it's snow, we are muddy, you get a little stuck and then you. you know you just I don't know, you floor it and next thing you know you're you just sink deeper going. Alright, Well I have to get out.

you know. And so now I've just made the project to get out that much bigger for myself and you know eventually. Hopefully you're wise up to that and you stopped doing it. When you get stuck, you just ease off right away.

you know you, you get out to come along, or you get out. someone has a winch or whatever and you get someone to push whatever. but every now and then for whatever reason you'll be having a funny day and you just get stuck and you're deep in it and it's like alright, this is where I'm at so that's kind of what I'm feeling like right now. so in this moment obviously I'm read the last four games tomorrow will hopefully be you know, a green that would be Michael And at this point I have no choice but to keep training.

so I can either keep trading with frustration and an anger or I can just put all that stuff aside and just try to trade and have a good day tomorrow. I have to trade anyways, so might as well just try to mentally enjoy it and have a good day. So that's the goal now. Thursday 1:00 p.m.

Eastern I'm gonna host a workshop where I'll do Q&A I'll break down for you guys my kind of algorithm that I have for how I find stocks to trade morning and I'll show you a bunch of examples of setups that have failed but also subs that have worked out really, really well. So I encourage you guys to check out the link right in the top of the description to register for the workshop and you'll all get a copy of my best-selling book titled How To Day Trade. Alright, see you guys on Thursday for the workshop and I'll see you tomorrow morning for our watches. All right you guys! So we're gonna do recap for today fourth consecutive red day this is.

you know, obviously not the type of streak or type of record that I was going for here in the last few days. but of course it's part of trading and with the ups are going to be downs and you got to be able to brush them off and you know not let it get you a bent out of shape. So I think the sort of topic of today's recap more than anything is gonna be how to. You know how to trade in spite of feeling that the odds are against you and things like that.

So this morning when I sat down to look at the scanners and everything else the lead-in gap or mi to up 44% Unfortunately right out of the gates this one failed. We had a gap and go kind of I knew that this wasn't going to be good quality right out of the gates because of how much it had dipped down. As you can see right here. but it did fail right out of the gates and then right here over three very very nice break of V web set up into a halt at 376 and then a rip all the way up to 450.

Now this is a great example of why I like to jump into stocks as they're ripping up or in and buy in to a halt and or by coming right out of a halt. So in this case when this broke right here I mean it gave a micro pullback right here. The micro pull backs are one of the setups I Talked about this is a micro pullback right here and then on the resumption, this thing broke for and just ripped straight up too high a day for 50, no micro pullback, it just ripped. Then we got to pull back right here and this move up here on much later was not as good.

So you can see the high volume was basically this sudden surge right here over the course of five minutes. Now, if you're the type of trader that's gonna be sitting on the sidelines waiting for a pullback on this one, you really wouldn't have gotten a very good trade, would have had one small trade right here. Then of course we went into a period of sideways consolidation that ended up forming a first five minute candle to make a new high but on lighter volume consolidation typical and on the candle that had the chance of breaking back through high of day it failed, it couldn't do it and now it's back. It was it.

396 It was three. yeah back under four. So unfortunately mi to chopped me out early on and I didn't get an opportunity to really capitalize on that quick break that happened right here which is really disappointing. So MIT oh nice opportunities, but you had to jump in quick now.

I did jump in quick on MTP An MTP This squeezed into the hall and I didn't get in didn't get filled, no entry. it then on resumption squeezes up and I jumped in right here for the break over 350 it hits a high of 368 and then comes all the way back down and I ended up stopping out on this candle now I held through this consolidation right here which I I think hang on one second I'm just gonna need this and I think that was the right move for me to hold through this consolidation just because this was a one minute pullback pattern. Essentially, it's not ideal to be down 50 cents, but I held and then on this break right here I hit the bid and I got filled at a low of 59. the low is 55.

so I basically you know got an extra 40 cents of slippage on my exit so that that was disappointing and just like that I lost 10 grand that was. This is probably my biggest loss of the year and well actually I can tell you definitively get my trade review stats up here now. I would say I would say probably you know if I'm gonna be honest that I was being a little bit more aggressive today. Um, you know because I am trying to dig my way out of the hole that I've dug for myself.

So the biggest loss actually was $12,000 So hey, that's nice today. It's not actually the biggest red day or the biggest losing trade, but it's not a great day as you can clearly see so you know in hindsight, what could I have or should I have done well I could have not jumped in right out of the halt, although that same strategy of course would have worked very well on Mt MIT Oh, and when you have stocks at halt multiple times in a row, that is generally the only way that you can get in and capitalize on them. I could have taken smaller share size, especially considering the stock had lighter volume and that's probably what I should have done. I should have been more conservative on my share size and you know I can easily go in here and set.

let's see under was trading I can set a warning here at I could say warned or do not allow at 10,000 shares and maybe this is a good idea going into tomorrow since I really don't want to have a fifth consecutive read day like that's up just like I have to cut the bleeding and this is not. it's just not OK For me, it's not acceptable in my opinion. So yeah, tomorrow cutting share size is good because what I essentially was trying to do was have a really nice, a nice solid green day and I started the day up twenty eight hundred dollars on see P I was up 2,800 on CMS P on a gap and go set up this stock had a break of the pre-market high right here which was 80. I got in a 75 and it popped up to a high of 510 I been got back in right here and it popped up to 507 and on this one I lost a thousand bucks so I'm up only 1700 ancien SP and it was right after that trade that I jumped into MTP.

So I went from up 1,700 on the day. first up 2,800 then up 1,700 and then down. You know nearly on that trade. Well, 10 almost $11,000 So I have a an episode that I recorded yesterday on the the challenge of being a overconfident and I'm trying to give the word an overconfident and optimistic trader in the sense that I'm I'm often overconfident I look at setups and I see the best in them.

I see the potential that they could do this and this and this of course I've seen stocks do this and this and this and so I'm I'm overconfident and over overly optimistic about the potential of stocks and in some markets that works and on some stocks that does work again on MIT Oh had I taken 10,000 shares of this either on this pullback right here at 328 this one from 328 all the way up to 450. that's $10,000 winner right there. That happened to be the one today and I it because I was tied up in the wrong one. so.

but in any case, being overconfident or overly optimistic that this would break for instance, back through 450 and rip up to 5. It didn't a nice five-minute pattern and it basically failed. It did not break through high of day and I don't you know there's no. there's not a lot of rhyme or reason.

Nobody knows definitively why some stocks break out and why others don't. If anyone knew that, they would be right 100 percent at a time, my accuracy last month was 71 percent. Last month was generally a good month, but at the end of the month, I had a couple of big losses and now those losses are compounding a little bit yesterday and today in the first two days of March which is really disappointing because it puts me obviously read on the month and so now I'm in the opposite of being in the driver's seat for the month of March Now I'm gonna be playing catch-up probably for the entire month and my goal is gonna be first to get back to break-even which is I mean it's disappointing when that happens. It's not what you want to be spending your month focused on because it kind of just puts you in this sort of negative space of the whole month you're spending trying to dig yourself out of the hole.

Having red days at the end of the month isn't to me as bad because it's like, well, I'm already green Yes, this is disappointing and have a couple losses, but you know it's not that big a deal. So that's when you're looking at things on a monthly view. When you're looking at things on the view of we're sitting on the year, Well, that's a little bit different because I'm still up on the year I'm still in great shape on the year. So you know the problem is.

of course, we all tend to get into the mindset of focusing on the weekly, the daily, the weekly, and the monthly P&L And so doesn't matter if you're up on the month or up on the year, when you're red on the month, it feels like you know you're playing catch-up And that's certainly how I'm feeling right now. So tomorrow as I come in, you know I I I Feel a little frustrated with myself that I didn't ease off the throttle a little sooner. It's very, very typical of me after a big red day. to try to come back in twice as aggressive on the next day and then have a second red day.

They have It happened. now. Four days in a row is extremely disappointing. I'm disappointed in myself because I hold myself in terms of where I want to be I set a high expectation so that's discouraging.

But this is part of trading and there's only one path and it's through it. The only path is to dig myself out of the hole I have no other option and of course I Talked about this yesterday and can talk about it again in my mentor session with with pro students this afternoon. But you know I try to remind myself, you know, look back at this this equity curve and you know I'm up here and the each each one of these dips right here represent these pull backs right here. So this one was in May of 2017, so May of 2017 was right here.

Okay I lost about $20,000 off the high drawdown 22,000 and that happened again here in May of 18 May of 18. that's right here. Another drawdown, not much fun. Happened again here in March of 19.

that was the biggest one to date when I when that happened 47,000 another one just a month later in May or two months later, another one bad one down here in November and this is the one that I don't want to retest, but unfortunately right now I'm in this area I'm not quite this far but I'm in the middle here and so I need to start moving back up you know and again. Keeping this kind of big picture for me is helpful and even if for you your big picture is a lot smaller, it's you know you're I don't know like right right here or something. you know you've had some green or you've even had some red and you know your pictures is on a negative side and it's still just a matter of turning it around and you know. So getting back on the horse, the worst thing that I could do would be tomorrow.

come in and shut, set my share size at 20,000 shares and say you know what, Screw this, it's all or nothing I'm either gonna make $40,000 today or I'm down $40,000 and you know I always said I want to do that Thomas your question is digging out of a hole. isn't that a form of revenge trading? I Suppose it's a mindset, although it's kind of in an impossible mindset not to have in my view. After you've had a series of losses, and I think that it depends on your approach. If you've got you know kind of tallying the number, you know you're writing it down.

you're saying okay, this is how much I'm down and you're keeping it right next and you're like okay, this is how much I need to make to get back to flat and you're trying to do it in three trades or in three days or whatever the case is then I think that then I think that that could be that could be bad. but if you have the approach of all right, well I gotta settle in here and you know, start shoveling and it's gonna be one small shovel at a time and it's gonna take a while and I'm not gonna really think about exactly where I'm sitting on each day I'm just gonna, you know, keep kind of grinding away then I Think that's an okay mindset because you're in the mindset of I know that I can't afford to take big risk right now I took too much risk on MTP which was stupid and you know now I've got another trade that I got to dig myself out of and that's gonna take several good winners just to bail myself out of that trade. not to mention the losses from the last three days. So those of you guys who have been around for a while, you know you can go back a course on you and check out some of my recaps from March of last year or June of last year when I was going through some of my draw downs and kind of hear me talk about where I was at, where my mindset was.

You know how I was sort of planning and digging myself out, but you know, last year I did definitely have a period of some challenges down here in March and then another kind of period in this space and you know it's not. It's not the most fun to have those kind of stretches, but I'm not sure that it's possible to be a trader without them. you know that's I Honestly don't know that it's possible. So it comes with the territory and that's part of what makes this a stressful job, even for those who have become profitable.

Certainly on the green days, it feels amazing. You're like hey man I just came in, made twenty eight hundred bucks and I hit the road today I could have done exactly that you know I could have just made twenty hundred dollars and and hit the road. but you know of course I kept trading and now down ten grand on another day I might be down twenty-eight hundred and then finished the day up five grand. So you know continuing trading is generally what I do.

But yeah, again, as much as I'd like to focus on consistency, I'm just you know and again, like like a consecutive Green Day challenge that can also throw you off. When I had my first big red day in February it was because I was on my tenth consecutive Green Day I wanted to go for the 11th and I said screw it I'm dead I'm down right now I think I was down like $180 on the day and I was like you know what? no I'm I'm not gonna stop trading until I'm green on the day I want to maintain my green streak you know I got it in my head that I want to maintain green streaks it was on this day right here and I ended up gram so stupid. What did it really matter if I was down a little bit? Now see this is and this right here is a great example. Now this is unexpected in my opinion.

Where is it coming from all of a sudden on this candle? Right here. Six hundred thousand shares of volume as it breaks and rips up. Its there was it. Technically it's an ABCD pattern, but it's a messy one and this to me, you know man all the way up to five so unfortunately those can be a little unpredictable.

Why I broke here and not right here. I Have no idea and you'll never know, You know so you know you had it up. Maybe you could have gotten in for the break of the high of 445 or 450 for a quick break out trade and you would have been doing the right thing. In my opinion, taking profit into the breakout pretty darn quick because you were buying it up 30 cents off the initial breakdown.

here at 425 you were in, it extended, you bought high. It could have just as easily you know, tap 60 and then right back to 31. That's choppy. one more so a little disappointed today, but again, we're gonna try not to let it get to me too much.

although I do have to at the same time be mindful of the fact that you know tomorrow when I come in. I Can't afford to take a lot of risk and really, as soon as I'm green I need to walk away because I can't have a fifth red day and I probably should have walked away today when I was up to 2800 or 1700. But I looked at MTP and I thought hey, reverse split stock, low flow ripping up, halted once I'm gonna jump in. This has got room on the daily ride this momentum.

So again you know, overconfident and optimistic and today that that that hurt me. But I'm back and tomorrow is a new day. Press the reset button and hopefully we see some decent stocks on the Gap scanner and and I can grab a couple trades right out of the gate. All right.

So I got a run I Got a call here at 11:00 and I will talk to you guys later. All right bye everyone! Hey, did you know that I Go live every single morning between 9:00 and 9:15 to stream I Pre mark a watchlist, subscribe the channel, press the bell for the alert and you'll get the notification.