What's up everyone? All right? Well Ii read de recap in a row. Back to back read de recaps You guys know this is how it often goes. I'll have green days all kind of stacked together and then the red days are stacked together. kind of like a stock chart.

you know. green, green, green, green red, red, red green green green green red red red. You know that's just sort of how it always is. It's the AB in the flow of the market.

My loss today though it's kind of self-inflicted and we'll talk about is we break down the recap. but it started with the first trade right out of the gates just whipping down and as it as I as I dipped below my $1,000 max loss I thought to myself gosh, I don't want to get knocked out in the first minute of the day so rather than bail out where my instinct was to bail out I over I pressed the override button on that instinct because I said to myself well if I hit it now I'm down like 1,200 bucks and then I'm $200 past my max loss. So let me just give this a second and see if it pops back up. Override the instinct to sell what happens.

it flushes down, end up losing three grand so you know I ended up getting knocked out there and I decide. Okay, I'm gonna increase my max loss to five grand which is a more reasonable level for the share size that I trade I increase the max loss to five grand, but by the time it's been updated on, the account ended up missing the bulk of this really big move on am a Rmp which I traded in my TD Ameritrade small account challenge which is great but I missed it in the big account so I ended up buying the first pullback making a little bit of money and you know whatever but it didn't end and then I kind of, you know was in this mindset, digging myself out of the hole and that last trade just wiped me out, gave back all the gains and then went red on the stock. So down almost 6,000 today and you know what My gut instinct is to do right now and I'm fighting it. My gut instinct is to go to log in to Lightspeed and see where I stood on the month cuz now I'm like oh man I just you know I had a great Green Day last we got twenty thousand dollars a profit on Thursday another seventeen hundred on Friday but now two red days in a row I probably gave back nine thousand dollars between these two days.

So my instinct is to go check and see where do I sit on the account on the month and the question that I'm trying to ask myself before I give in to that instinct is why do you want to know that and what is knowing that information gonna do for you I feel like I want to know that? because I want to know how green I am on the month because I imagine it's only by a little or how red I am on the month which I think it's more likely but I'm right on the month after today. so if I log in I'll see that number, that number will stick in my head. Let's say it's Five Thousand dollars. Five thousand.

And now I'm gonna have it in my mind that I need to make five grand between Wednesday Thursday and Friday It's gonna be impossible to take that number out of my head. And then just like today, I was trading that thousand dollar level. I'll be trading this five thousand dollar level. So knowing that information right now doesn't actually serve me, it doesn't help me.

It's gonna get me even more off my sin, turn off my balance and focusing on something other than the market. What I need to focus on is the market right in front of me and not be distracted by. you know where? I sit month today where I sit sit on the day Relative to my max loss, my max loss was too tight for the positions I'm trading and that was my own mistake. It cost me here and so now I'm gonna have a little bit more slack on max loss so this won't be something that's in my head in the first two minutes of trading when I need to be a peak focus.

But I think that as a beginner trader it it feels like every day I was checking that P&L Where do I sit on the day? well of course, but where do I sit really on the month Have I hit my monthly goal? Where do I sit on my you know on the year or my entire career. my endeavor of trying to learn how to day trade. when you're constantly looking at that number and seeing it going red and getting bigger and bigger and bigger then the emotional. the emotional impact of that just gets higher and higher.

Start to get emotionally fuel, you get more and more frustrated and you start making them emotionally impulsive decisions which only further you know extends the losses generally speaking. At the same time, it's not like you can be totally you know, blank to how much you've made or lost because you need to know. so how do you know but also keep that kind of separate from your trading. I would say perhaps that the days to look at it are on green days or after a couple of green days because then even if you're like well you know I'm red on the month.

at least you have that feeling of you know I'm moving in the right direction If you have a little optimism and you kind of are able to temper it against the you know, yeah it's disappointing I'm not where I want to be but at least I had a good day today and as long as I keep doing the right thing, I'll be okay if you look at it when you're on a red day cuz you're already sort of emotionally heightened then I feel like it just kind of makes it worse and you don't want to. You want to. After a red day like today, you want try to bring yourself back up to Center by tomorrow. So anything you do that draws you further in the emotional, there's a good chance it will carry over to the next day.

so check that PML check to see where you're at on the week on the month on the year, but don't dwell on. maybe. just look at it on days when you're green where you know if you are red. Overall, it sort of softens the blow and the reality is being a consistent trader.

It's about averages over long periods of time, so you know over the period of the last 30 days I've had some big swings, but you know big-picture stuff. Try not to get you've been an eye shape about, you know, the minuscule. Anyways, I give that to myself as advice that I need to hear and hopefully it's helpful for you guys as well. Enjoy the recap today! As always, questions, comments, leave them below and I'll see you guys first thing tomorrow morning.

All right everyone, So we're gonna do a recap here. Second red day in a row I was read yesterday, read again today, you know I never liked to have back-to-back read days and it means I've got to be really careful tomorrow to make sure that I just have a green day And it's certainly feels frustrating because you know in two days I've given back, you know half of the profit I made on that really big awesome $20,000 green day. and I'm down six thousand here. I was down three at 2,900 yesterday.

so almost ten grand between two days. Nine thousand, Whatever. Close enough. that's it's disappointing and it's a little.

It's a little sloppy. So let's kind of break down the trades from today: them or historical Timeframe: 9:20 A.m. So this is what our gaps can look like this morning. these are the two stocks I traded.

All right. So both of those stocks straight off the gap scale OBC I will look at that one first cuz that was the first trade I took OBC I the pre-market chart. No, not perfect, not perfect, big green volume and then sell on All right. So I was a little a little skeptical of it and however, and I listen here on a 10 second chart, you can see that in the first candle it pops up here to 544 it drops down and as it surges back up I Got in right here because I was like you know what this thing looks like, it's gonna break over 550.

it's it's looking strong. First one minute candle, you know, big Green candle. it's moving up. So at that moment I was thinking that you know, obviously it's not.

It wasn't great that it's sold off, but volume is coming in it. Big Green candle, the green volume bar Breaka 550 next stop 575 Six dollars and then over six. We've got a good chance of getting back too high a day. So I got in right there and I bought six thousand six thousand shares.

Yeah, 6,000 shares and as it dips right here so it taps a high of 40 and that's basically where I got it I was getting into like 30 I don't know. 3540 I was getting in right for the break of the half dollar to anticipate it. So I was in like right around here it pops up for a second I don't get it I don't take profit, it drops down to five twenty I give it a second here it drops down to five eleven and I was like alright, well this is not great and at that moment you know this is this is the thing that just always. It really messes with me So in that moment I I was like, well if I cut the loss here I'm down more than a thousand bucks I'm not gonna be able to keep trade I'm gonna lock up my account within the first minute of the day so I said to myself oh, I don't want to lock up my account in the first minute of the day so I'll hold it and let's see if it bounces up now.

but that's that's now trading based on my P&L based on this risk level that I sent with mine. but I have set up with my broker right? So it's like the right thing to do was just a couple loss just to cut the loss real quick, bail out at 511 and take the $1,200 loss. Since $1200 loss doesn't matter, it's no big deal, but instead I was like well I don't want hit my max loss so I'll hold it let's see if it pops back up and and it's certainly true that you know, sometimes getting chopped out really early on and they do end up ripping. but it's not the right trade to hold through that pullback and so when it flushes down here, yeah, I end up stopping out and I lost three grand.

So now I'm down well below my max loss I'm down three thousand. It's still only the first minute of the day. so at that point you know I emailed Rob my broker or at Lightspeed I said increase my max loss to five rip. So I increase my Maxwell's alright Well I sent that email while that email is in.

I'm waiting through the account to get updated I go over at TD Ameritrade and I you know small account challenge I take this trade in TD Ameritrade on AR AR MP a RMP was on the watch list for the break over 420 Now of course I couldn't take that trade because this account my big account was locked up I was below $1,000 so I couldn't take this in my main account I bought this pullback right here in my TD account and you know ended up making 50 cents a share almost on 600 chairs. so that's nice. I Guess I mean that you know that's good but it doesn't help me in my big account in my big account I didn't get an entry until right actually was right. my first entry in the big account was right around here for the break over 650 so I got in a fever at 6:20 sold on this move up to 660.

I was up a thousand bucks so I was like alright. Nice good work, good work. Took this trade right here in the big account. made another thousand bucks.

so now I was actually only down five hundred on the day down only 500 on the day. That's not too bad OBC I comes up uh it looks like is going to break through view app I Jumped in right here for the breakthrough view app lost another 300 bucks. it failed that breakout thank goodness I stopped out on that one because it dropped all the way to 440. Alright, so cut my loss there quickly, which is the right thing to do a RMP it starts to squeeze back up and right in here.

Look at this: squeezes up to a high of 89 and then drops all the way down to a low of 6 and then down to 5/8 I took what I thought would be a starter position right here and then lost almost $1 a share on it. Pay back all the cross that made you look at the one minute chart I mean it's that's a tough, that's a tough break out. You look at this five minute, the first five minute candle to make a new high I didn't buy it 550 or 650 I waited I then got in like almost literally just punched it impulsively near the high to just try to ride that momentum over seven and ended up being a good-sized loss. So in fact, today you know I would have been better off.

It's like it's it's hard to know where I would be in hindsight. and if I didn't have these max losses even on my account, What? I've just bailed out of OB See I really quick and only had a small loss on that first trade. probably because that's what my instinct was. The only reason I didn't was because of the max loss being so tight.

Would I then have been able to jump into a RMP early in the move? presumably? Yes. so I don't really know what to think and it's you know. Yesterday I I had the max loss set up on my account and when I hit my max loss I told myself I was like, you know what I'm really glad that you're walking away here and not emailing Rob and saying hey, can you increase my max loss to five grand Now yesterday it was a little bit different and every day of course is different. But yesterday after I hit that max loss I was feeling really frustrated and when I saw an NBC pop up, my instinct was just to punch the order now and that ended up being as it came right up to 16.

it faded off that level and came all the way back down. So I I know that if I kept trading I would have lost more money and so I was saying to myself, you know I'm glad that I followed the rules and then I said you didn't really follow the rules, you got locked out of your account, then you couldn't keep trading and then I said okay we then then I'm glad that I set up a restriction on my account that would prevent me from doing something impulsive during a time where I knew the light was gonna be doing. that was really high I think my traits today on OBC I you know I jumped in it out of the gates. It's a decent looking setup and it just didn't work.

and then I held it and lost an extra $2,000 more than I needed to because of trying to, you know, not get knocked out of the day within the first two minutes. And you could say that. And this is a question that I asked myself when I had this max loss on the account. The max loss carried over from a few months ago when I said it and I had asked myself a thousand dollars was too tight of a max loss for the share size as I trade because with six thousand, eight thousand or ten thousand shares, you're basically talking about one 10-cent stop and then you're done for the day.

Which you know if you're gonna treat with 10,000 shares, thousand dollars of risk, you got to expect that you're gonna be down three grand now. Five grand is a little probably too loose, but maybe there's somewhere in the middle that's a little bit better. Maybe in a three or four gram it's at five grand now. I'll leave it there going into tomorrow.

The point of a max loss is to control to basically prevent having total blow up days. It's like it's like having a you know that insurance policy that sometimes you get or that I used to have when I didn't have a lot of money which is like just the catastrophic I only want it for like catastrophic I don't need it for you know, a little fender-bender I don't need it for I'm not going to use it for anything like that I'm only going to need it if something crazy happens and so I think that for me is is the main purpose of a max loss just to have a line in the sand where if I start to get really really aggressive and they start to snowball that boom it cuts me off. Five Grand is certainly a good cutoff spot today right now. I shouldn't keep trading because now I am frustrated.

so this is a good spot for it to be at. Today at 3 grand I was mostly frustrated because of Manuel now I can't train tonight I think there's probably still going to be great opportunities. so yeah, kind of. I don't know it's it's kind of a tough thing to deal with.

like literally. You know if you set your max loss and minus 100 bucks and you take one train you're down 200. Are you gonna sell it or you can say, well let me hold it for a second cuz I don't want to stop trading at 9:31 right? you would. You would hold it for a second.

It's what you would do. So anyways I'm just thinking out loud a little bit I Knew that this max loss of a thousand was probably gonna be a little too tight and today is a perfect example of where it really threw me off my Center that's what it did. It threw me off my center because instead of focusing on the market all of a sudden I was like oh, this trade doesn't look good but if I stop I'm done for the day. so I'll just hold it for a second and hope that maybe miraculously this is the one that bounces right back up.

Now that's not my strategy typically, but when you're trading around something else, sometimes you'll rely on hope and so that's what I did on that trade didn't work a Rmp that last loss I think at that point yeah, I was probably just trying to get myself back to green and being old to aggressive. So I'm sure I could reduce my share size, but I'm not super inclined to do that because that means I would just make less money on the Green Day's so I think it's just giving myself a little bit more slack on the max loss and that way if I go right on my first trade out of the gates, you know, going down three brands it's not a big deal. I've had so many days where I've gone down three grand when I finished they great. So I just have the max box set some time and it threw me off my balance over today.

So that's all right. live to trade another day. This isn't by any means, you know, catastrophic. It's just a disappointing kind of series of things that led to this.

So good. Good takeaways, good lessons learned, and you know silver lining at least I'm green in the small account with TD Ameritrade $282 so you know that's the silver lining for today. If I was reading both of them, I would be I would feel worse. So take that silver lining and get the heck out of here.

See you guys tomorrow! Hey did you know every morning? I Go Live to stream a pre market watch list. Subscribe to the channel, press the alert button and you'll get the notifications. If you want to learn more about trading, check out the links in the description. If you have questions, post them in the comments because I personally respond to every comment posts on my channel.