What's up everyone? Alright, so here we are, finishing the second day of August up four thousand dollars. So a little bit of a bounce back after the losses yesterday. But you know, what's interesting today is that we just did not see a lot of momentum. I traded three stocks I had two winners and one loser at the base loser 100 bucks so no big deal there.

But I had one trade on NS YS four thousand dollars of profit a trade on IHT I lost a hundred bucks and then a trade on Led. Yes, and I made a hundred bucks. So basically to scratch trades and one decent winner. but you know it was kind of disappointing not to see more momentum in the market.

today. it was just very slow. So good to be able to start digging myself out of the hole. and you know, hopefully keep it going Friday and into next week.

But I'd really like to see more volatility with volatility as opportunities. So the lack of volatility for me is kind of bumming me out. Today it was just like nothing was moving. But what I'm doing is I'm adding a couple of new rules for the month of August because of something I did yesterday That really got me frustrated.

So I'm gonna be talking about that during the midday recap. I'm again. You know this is the kind of beginning of the month, so time to put those rules in place. Be disciplined, get the month off to a good start and you know it's It's still summer trading, so you know it's probably gonna be a little slow here, but we'll see flurries of momentum here and there, and those will be the opportunities to create the profits from Month of August.

So that's the game plan. and you guys watching the recap? Any questions? any comments? leave them below. I'll come back through. answer them later today.

All right, Enjoy. All right, what's up everyone? Okay, so here we are: August 2nd finishing the day up 4120 dollars and 33 cents. That's a good day. 140 First trading day of the year, so I'm happy about that.

It's a decent day, but you know, what's interesting is that we really didn't see a lot of momentum today. In fact, my last trade was at 9:38 I've been done since 9:30 a.m. in $4,000 in 8 minutes this morning and that's it. I haven't taken a single trade since then.

We just did not see a lot of volatility. And so what's kind of interesting there is that this week of kind of slow and sluggish trading is continuing into the month of August and I'm a little bit disappointed about that. This slow stretch for me began on I'd say it began on July 19th. That was the day that things slowed down I had made 8,000 on the day before and then I made only 800 on the 8 on the 19th, which is for me, was a very small day I made 500 on the 20th, lost 32 on the 23rd.

the next Monday and then that week just continued to be choppy. you know? We started this week with a couple of winners, 2500 on Monday a thousand on Tuesday and then I lost money yesterday, you know I Started the day with two really tiny winners and then ended up losing $4,500 before lunch time so that was disappointing. But what was even more disappointing was that I continued the losing streak into the afternoon and it was just so stupid. It gets me so frustrated when you know I break my rules of afternoon trading and then take a loss.

Now one of the things I talked about during the midday week or during the watchlist this morning was the fact that the hardest thing about trading is that sometimes you you get rewarded for breaking the rules and sometimes you get punished for following the rules and that inconsistency there. I mean if you think about like parenting or something, you have to be consistent with how you enforce the rules right? Otherwise you know kids are gonna think oh well, you know sometimes I can get away with this and as a trader, the market doesn't Not that does not consistently enforce the rules. Sometimes you will break the rules and make money. whether it's because of luck or you know, because you were in the right place at the right time or whatever the case may be.

And then there's other times where you're gonna follow all your rules and you're gonna be really disciplined. You're saying no I can't trade that stock because it hasn't given me a really good pullback yet and then you watch it go up a hundred percent without you. And so you're following the rules and you feel like you're getting punished because you missed this great opportunity and that's it's. just one of the most challenging things for for me to deal with.

I think I don't think it's just isolated to me I think this traders in general to deal with just the the inconsistency there. So the the stock I lost money on yesterday afternoon was msy yes and you know you can see yesterday afternoon it made this this push up right here around lunchtime and then it dropped really hard. then it came back up, Consolidated popped up and then dropped again really hard and then squeezed all the way up to nine dollars and 28 cents which was ridiculous. and then it dropped down to 737.

and then this morning it's come all the way back down to four dollars and seventy five cents. You know it's been just kind of a mess, so you know this is no doubt volatility. and so within that volatility, there's an opportunity for profit. And in total I Guess I've made money on the stock because I'm up four thousand dollars on it today.

so you know I made back yesterday's losses. But you know the fact is this: I I did break my rules by trading the afternoon. So I've got myself a new sticky for the month of September New rules for the month of fart sorry for the month of August for the month of August New Rules Rule Number one: When I'm done training, I'm gonna shut down my charts and scanners so I don't get tempted to take a trade in the afternoon now I'll leave this on for you guys. but I'll just turn off the monitor so I can't see it and I'll mute the the scanners.

So I don't hear bowling bowling bowling bowling bowling at one o'clock in the afternoon to get tempted to take a trade. You know, obviously if you step out of the office you cannot take a trade. but you know I often sit here I have meetings I'm working on doing stuff for the classes I'm working with students you know, got all these things going on. so I'm I'm usually sitting here and if I just leave stuff up which I often do, well, you know I see something and then I talk myself into it.

So rule number one is when I shut down for the day which is going to be well now and indefinitely when this recap is over. I'm gonna close down East signal and I'm gonna turn off this monitor. Scanners will keep running for you but I'm not gonna look at them. Number two: No trades if you're down more than two thousand dollars.

Yes! I have the five thousand dollar max loss on my account. but I feel like even yesterday once I was down more than two grand, the trades became impulsive and not as calculated and my it felt like my my judgment was just a little bit skewed. So I'm gonna tighten that max loss to two thousand dollars I'm not gonna email like you know what? I am gonna email Lightspeed I'm just gonna email them cuz it's it's as quick as sending an email. So I'm just gonna email Rob over at Lightspeed and say hey, Rob Can you tighten up the max loss on my account from five thousand dollars to two thousand and he's not gonna care, he's gonna say sure Ross No problem, it's gonna be done within five minutes.

Tighten up max loss. Hey Rob Can you tighten the max loss on my account from negative 5,000 to negative 2000 thanks Ross I Want to tell him that I'm so ashamed to myself that I needed to do that? I'll just leave that part in the I Read between the lines. All right. so that email is sent all right.

So two thousand dollars is the new max loss. Now you know again, when you make a hundred thousand dollars in one month as I have a two thousand dollar max loss feels like it's such a tiny amount. and the reality is when on the first trade of the day you take 10,000 or 15,000 shares, it's certainly not impossible to lose $2,000 and then be closed out of my account for the day only to see a great opportunity at 10:45 or something like there 945 or 10:30 That could get me out of the hole. But I think what I would rather do for right now is say that if on the first trade I do lose 2,000 bucks.

That's enough of an indicator that I should walk away. and if it means I missed some opportunities, well I'll miss some winners. But what? I'm also stopping is the downside loss. and at the end of the day, which one's better? you know that's kind of my two cents there.

So yeah, so all right, so that email sent so that's number two max loss of 2,000 tightening it up from 5,000 and given the fact that the last couple months have been averaging only about $50,000 a month, not a hundred thousand I think tightening up the max loss makes sense. Number three: if I have three back-to-back losers go home, you're done all right. So that one has been a soft rule that I've held for the last couple months, but I don't always adhere to it, you know. I kind of said it as a rule of thumb rather than a hard set rule.

I'd say you know I had three losses. But here's trade number four. It's actually looks really good. So I'm gonna go ahead and take it.

no three-strikes-you're-out Follow the rules. So I'm just gonna make that as a hard set rule. So I got myself up bright and early this morning did half an hour in the gym because that was my punishment for breaking a rule yesterday. So you know that's that's on me.

and I'll eat the loss and it is what it is. But you got to enforce the punishment and at least I do for myself. And so now I've got these three hard set rules for the month of August So if I break one of these rules I gotta get up at 6:30 the next morning and go to the gym even though I absolutely hate it I got to do it because if I don't then you know I'm not enforcing the rules so it's a punishment for me I Know some of you guys love the gym, some of you guys love it, so that's not a punishment. so your punishment have to be something that you don't love doing.

Yeah, but for me I don't really like going to the gym so it's a punishment so you know that. So anyways, that's all just to say we're at the beginning of a new month, it's time to you know set intentions, get disciplined and focus on the Equality set ups. And if I can you know I lost $5,000 on January 1st and I finished the month with a hundred and seventeen thousand dollars of profit. So losing 5,000 out of the gates you know the first trade of the month or the first day of the month.

It doesn't mean this won't be a great month, but if it's gonna be a great month, I've got turn it around and I've got to get focused and so these rules are gonna help me get focused on taking the cue when I'm not hot to walk away and trading during the time of day when I perform the best. All right. So that's that's my plan here. Now the three trades today to go over these trades.

Nsy yes, this one. What here was my thinking. it was holding up actually better than I thought it would. It dipped down right here, but then it popped back up and so what I thought was that if it squeezed up over $8 and if it broke over the pre-market high of 875 that it would squeeze out early.

Short sellers as it broke over 875 went up to Nine Nine twenty. That's what I thought would happen. So I jumped in early anticipating that break. Getting in at eight sorry at 7:45 7:50 and adding at Seven Ninety four the break over eight dollars.

it popped up to 808 and then we saw a pretty big wall of sellers and so I saw that wall and I was like you know what, even though I think this could go to 850 I'm gonna do the smart thing and sell half. Boom! Sold half at 8:50 I keep our sorry sold half at $8 I keep watching it, it's not going higher and so I sell another quarter at $8 and then it drops all the way back down to 750 I sold the rest at 750 and 737. So a $4,000 winner there, you know I'm happy with that, but this I really think had potential. If it had broken over 850, it would then almost definitely have gone to a 75.

breaking over pre market highs we would have been first target hi, prema, breaking the high of after-hours and then a squeeze up to 10. So this certainly could have been a trade from 750 to $10.00 today just didn't happen to be that day. So I started with 10,000 shares at 750 and I added 5,000 at 790 and then another 2,500 for the break of 8. So I had 17,500 shares and so in total was 17,500 shares.

I really only made about. Let's see 23 cents per share or so. so it wasn't the biggest winner, but it had the potential. Had it squeezed up to 850 and maybe gotten halted gone up to 9, it could have been a $20,000 winner.

Now I think my share size on this was aggressive, partially because I have lost on it yesterday and I wanted to try to redeem myself. but it was also because of the fact that the stock showed potential. It genuinely showed potential to me to make a big move given how much it moved yesterday, how much it had already moved pre market. So I knew if I was right on it, it could be a really big winner and in fact I ended up being wrong on it.

but I was able to still make money on it and then you can see it. it sold off after a bear flag it faded to the downside. You know this is one of those stocks that I do wish that I had shares available to borrow on because I would have loved to have been able to flip short right here and add right here on the second Bear Flag But the reality is I don't have shares available with with Lightspeed so you know this is where I could open an account with Centrepointe and you know, put it in the $50,000 minimum to get set up there. But I just feel that it's a little unfair for me to be trading those stocks because it requires such a high barrier to entry.

the majority of you guys aren't gonna. I mean you'll benefit from may be watching me trade and maybe you'll learn something but you're not able to trade them also and so it's kind of like I don't know watching someone do something you can't do because you don't have enough money. it just doesn't feel totally I don't know, fair or helpful I wish that Lightspeed had more shares available to borrow of some of these stocks, but you know they don't and neither do a lot of firms. So for right now I try to be on the same playing field as you guys, you know I have the same commissions as you guys I don't give myself any I don't get any preferential treatment and you know it's part of setting that expectation that anyone can do this.

you know I'm not special and in terms of the way I'm viewed at my broker or the way the type of accounts that I set up so you know Anyways, that's so that's one of the reasons I haven't set up a Centerpoint account and maybe I will at some point. but I haven't done it yet. So that was that first trade. Next trade was I HT was watching this one breaker pre market high so you can see it popped up here to 269.

didn't hold up at all, only made a hunter actually lost a hundred bucks on it. It didn't work out L.e.d.s I jumped into this for a break of pre market highs as well at 420, pops up to 436 I got in at 425 actually and stopped out as it came back down at 425 and 421. So made a hundred bucks on ten thousand shares. but that's nothing to write home about so you know that's kind of the the big picture you know of where things, where things stand.

today. I Did go ahead and update my my broker statements for the month of July So if you scroll that if you go well here ever on our home page, you go to the very bottom. You'll see my 2018 broker statements here. So I've got July posted zero trades in the IRA for the month of July I Don't know why I had cash out about ninety two dollars and fifty cents off to ask them what that is.

They must be charging a platform fee or something another nine dollars there. That's kind of a pain since it's out of the IRA but whatever. So there's so no change. No, no trades in the IRA last month I just didn't see anything that I really liked.

and then the main account: $49,000 right here. That's the P&L for each day. and this is the the breakdown of all of my stats. So I have a twenty five dollar wiring fee.

but other than that, that's what it is and average Winter average Loser: about six hundred fifty, sixty six percent success and a lot of trades I Definitely traded a lot in the month of in the month of July But but that's okay. You know, commissions are pretty high. Almost $11,000 in Ecn fees, $7,000 in Ecn fees, four thousand, and commissions. So my gross profit is fifty.

actually sixty one thousand, and my net profit after these commissions is forty-nine thousand. But it's the cost of doing business. I'm not really going to complain about that. that just comes with a territory of trading with big size.

When you trade with 10,000 15,000 shares, these fees will go up. Your commissions will stay the same, but your Ecn fees will go up if your direct routing. If you're using a broker like each raid or Ameritrade you won't have any Ecn fees, these ones aren't there. Your Commission's will be higher, and your profits may be lower because you weren't able to capture the winner when you had it, because those firms don't have very good hotkeys.

The routing is slower, and so the result most likely is that the fees here they more than make up for the extra profit that I have right there. So anyways, you know it's important for me to post all of these at the end of each month. So what we have is my challenge to take five hundred eighty three dollars and fifteen cents and turn it into a million dollars. Fully transparent, fully verified.

Started with $583 January 1st 2017 Total gains as of the end of last month. Six hundred Ninety Seven thousand dollars. Total profits in 2017 335 thousand These are my 2017 broker statements so the challenge continues: Three hundred thousand standing right now between me and the 1 million dollar mark I'm not really tracking to hit that by December at this point because I've had some red days I would need to be averaging. Let's see I've got it down here: I would need to be averaging three thousand three hundred and twenty-two dollars per day versus the 2600 per day that I've been averaging so far this year.

So I'm a little behind on my average. It probably has me now breaking over this level in January or maybe February. So anyways, that you know again, that's that's not the biggest deal, but I was hoping to cross the line this this this year, but that just may not be realistic. So anyways, I just want to update you guys on that and of course we're gonna be back at it first thing tomorrow.

Trying to finish up the week on a good note with a couple more trades. might still be a little slow, but I'll try to make some money and see what I can do. Alright, so that'll be it. Back at it first thing tomorrow morning around 9:00 9:15 for pre market analysis.

All right, I'll see you guys in the morning. So um, let's see yeah! I know that L is for locate and I can email them to ask for shares. Trader view stats are sometimes incorrect though. I mean the way they they run the stats are a little some some of them are not totally logical to me.

I don't really understand all of these ones over here like this stuff, but I don't really understand that Why that would be in? Oh well, this was for that month, but in general it's pretty accurate. Sometimes you'll have trades that don't import properly you need to get them to help you with it, but overall they're pretty close. Alright so I hope you guys have a good afternoon. I'm going to turn off my monitor so I don't look at the charts and I don't get convinced to buy something crazy.

Hi! This is on mute so I'm not gonna hear it and that's gonna be it for me. Alright, see you guys in the morning if you're still watching, you must have really enjoyed that video. So why not subscribe and get email alerts any time? I upload new content. Remember when you subscribe, you become a member of the Warrior Trading family.