All right, so we're gonna do a little midday market recap. Go over the trades from today. This is day 69 of the hundreds of the hund Kate challenge or the $583 challenge and it's not a good day. This is actually one of the worst days I've had of the year and it's obviously frustrating I hate having you know big red days.

No one enjoys it and so we got to kind of go over what went wrong today. I'll show you my P&L here. finished in a day down seven thousand and forty two dollars and four cents. so you know that gives back Monday and Tuesday's gains puts me down about 1100 on the week, which is definitely disappointing for Wednesday.

So where did I go wrong? Well, I've been on a hot streak seven consecutive green days from last Monday through yesterday. In that hot streak I made about 20 grand I had a red day the Friday before that and lost I think it was 4,000 or something like that and in the five or seven days preceding that loss I'd also made about twenty thousand so seems like I'm you know, moving up about twenty thousand and then dropping down X amount today was a big bigger setback, so you know good news is that I'm still trending up. you know, open tomorrow around a hundred and fifteen thousand. A little bit of a setback, but I count back from this just like I bounce back from every other red day that I've ever had.

But I think it's a good idea to take a look at the trades I took today and where things went wrong. So on our Gap scanner this morning we had an Ovn on the scan and it's kind of interesting because you know I said it was not a very good chart which is true it wasn't it was selling off. We had resistance at the 50 moving average which wasn't great but right at the bell it kind of started to look to me like it was about to pop up. So I actually jumped in this thinking that if it popped over 780 it would probably go back to eight dollars and that that was realistic.

You know from 780 up to eight dollars, you know we could probably get a quick, you know 20 cents over eight. The quick moved back to 850 and then above 850 which was sort of this pre market consolidation. we gonna move back up towards nine. so I jumped in this 5,000 shares at 780 and it dropped to 744 like that? I mean just like that and I was down 1,800 bucks so that was a very quick loss and I wasn't expecting to take a loss on it so quickly.

I mean it was just it happened like that so that was in the first minute. Then I think I let I was I felt frustrated by that I was just like whoa, you know I just got really slammed on that one and I flipped over to CNT F which was also on the Gap scanner as a pre market gapper and I was watching it for a move over 350 and then up to for good daily chart. No resistance and so on this one I saw the first candle was kind of like this and I was thinking I'll do an opening range breakout and so I jumped into it at 3:30 I thought 3:30 we'd get most likely a quick move up to 340 350 and then from 350 you know, clear path to $4 The problem is I was compensating for the fact that I just lost $1,800 and I took 10,000 shares. So I took 10,000 shares at 3:30 we popped up to a high of 345 I was up 1500 bucks I was like, you know, good, that's nice.

Okay let's keep it going over 350 up to 360 I'll be back in the driver's seat and then you can obviously see that this just dropped back down to 310 and it happened super super fast. So you know if I back this up to you know 15-second chart or something like that you'll see that You know this is the challenge as a trader that these opportune these can be so quick and just a moment of hesitation I didn't take the profit when it was up at 45 because at that point I was thinking it was going to go up to 50 and break over that level and we were gonna have a legit red to green move. Well next thing I know 30 seconds later it's down at 297 and I'm down three grand. So I was like, well, you know at this point I'm just gonna kind of hold this for a second and I knew that when I closed this trade I wouldn't be able to take another position today.

I would be at my max loss right? So you know this is this is where I was kind of like doing something that I hate it when I do this. but I said I'll just hold this because I don't want to go below my max loss. The way my max loss works is that once I'm below a realized loss. Not unrealized, but I realize loss of below 5,000 I can't take a new trade, my broker won't let me.

so I was like well, I'll just hold this unrealized through this consolidation and in the meantime I'll look for something else and and maybe this will consolidate here and it will give me a red to green move I just have to wait on the 5-minute chart. so I was like I'll just kind of hold this for a second during that time I jumped at the NAD L 5,000 shares I Got into this at 58 for a red to green move and I was kind of emotional on this one as well because let's see, we've got a high here of 75. I Got in at 58 with 5,000 shares. so I'm in down here 58.

It goes all the way up to 389. but I was like no, I'm not gonna sell it because you know that's only like 1,500 bucks and that doesn't really help solve this issue of being down five grand on or 4 grand on C NT F So I just held it and then stopped out break-even when it came back down right here. So I'm glad I stopped at breakeven. but you know I didn't take the profit because that thousand dollars wasn't enough and you know I just felt like it wasn't It wasn't worth taking the trade or locking up the profit, you know.

and I was thinking I need a bigger win in order to justify so that was stupid I was being emotional, came back down to 363, stopped out break-even and got slippage a little bit so made $7 on that instead of you know having $1,000 winner which would have been good I mean being down six thousand isn't as bad as being down seven thousand. I could have taken that win but I didn't and so then I go back to CNT F and I'm still holding it, still holding it. During that time it had dropped here down to 95. I was still holding it and finally I sold it right here and I got filled.

The low of my exit was 75. Low of this pullback was 75 so I got filled. with the loves and lost 5 grand. I mean that's a 50-cent loss with 10,000 shares and you know there's really not a very good excuse for losing that much to ever lose 50 senses.

You should never really lose 50 cents obviously. Nov n dropped really fast. it was a 35 cent loss CNT F did drop really fast and would have been a 30 cent loss if I had sold it right here. at 3.

you know which I could have done I could have sold it at 3 or when it came back up to 319. I could have sold it but I didn't and the drop down here and I continued to hold and then it dropped down here and that's when I sold. So just overall it wasn't very good management of the trade: I was really more managing my P&L and not the trade. I wasn't following the exit indicators of the position I was just sort of looking at my P&L and that's not.

Obviously that just made the situation worse I didn't manage my P&L that well either because the loss became much larger and I didn't book profit on NA DL or sell it when I saw the exit indicator when I when I normally would have. So just all in all, today was not a good day for me and the fact is in the first you know in the first 5 minutes first 10 minutes I Took three trades and Bates and even though nad L was up 30 cents, it wasn't the best trade anyway. So three trades, none of them were good and that was my cue to kind of get out of the market. So at that point I was down seven, six thousand, nine hundred ninety nine dollars and then ATP comes up and I'm below my max loss I can't take a trade on it and I'm looking at it and I'm like, well, you know what? Here's the deal: If I had not had that max loss on my account I was thinking about this house that max loss affecting my trading Well, the max loss is why I held C NT F longer because I knew below my max loss I'd have to call my broker and I've never done that I've never called my broker in the middle of the day and said take the max loss off my account I want to keep trading.

It just feels embarrassing. So instead I held it longer hoping that maybe while I'm holding this, an equality setup would come along that would get me out of the hole or make up for this loss, which is a really silly thing to do. So the max loss on my account really didn't help me there. Of course, if the max loss was at $1,000 I wouldn't have even been able to impulsively jump into the C NT F trade and I think that it was a little impulsive to jump in it with 10,000 shares.

to get that aggressive was compensating for a loss that I had just taken. So perhaps it would be better to keep that max loss at a thousand and not allow myself to have jumped into this trade. On the other hand, maybe then I would have held nov an even longer thinking that well I'll hold this and wait for an equality setup to come along. I mean it's neither I don't know neither ways, a good situation and you know, kinda have to think about it.

But in any case, a TPT pops up and it pops up to you know, 170 right here and I'm looking at and I'm like yeah, this looks good but obviously I can't trade it if I could have traded it I think there's a really good chance that I would have taken ten thousand, fifteen thousand, or maybe even twenty thousand shares. and why would I have done that? It would have been emotional. It would have been me trying to compensate for the fact that I just got smoked on you know these other two and in this case it would have worked really, really well. But in another case, I might have gotten in there with 20,000 shares and lost another 30 cents and that'd be another $6,000 loss and I'd be down 12,000 on the day.

I don't really want to lose 12,000 in a single day, right? So that's where it gets dangerous. You know? obviously I mean I'd like to think that I'm at a point where my accuracy is pretty good. you know, accuracies around 70, 68, 70 %. So generally speaking, I have pretty good intuition about what's worth taking and what's not regardless of how much how many shares I'm taking.

You know, on a trade like this, this was the right setup. It was the right entry on any DL You know, getting in for the red to green move and the move up into the 80s was a good trade and I had the right idea and I was up 30 cents on it. That was not a bad setup. The move on C NT F over let's see over 3:30 was not a bad idea, it just didn't work and I didn't bail out fast enough.

and then I kind of got myself back to into a corner because of this max loss and just because I got myself so aggressive. The trade on Nov n Also, you know neither of these were really solid one-minute setups. These are both Gap and Go trades and both of them failed miserably. I Mean essentially, that's what happened.

This was a Gap and Go I was looking for the break over the pivot of 785, moved back up to 8. got in a little early to anticipate it and got smoked. C NT F was a Gap and Go trade. It didn't work.

Having said that, I've taken you know, lots of Gap and Go trades that work really really well. which is why I have that strategy today. was just a day where I took two of them and both of them failed right away. So it's I Don't like to make you know new rules to my trading strategy based on one bad day, especially when I'm up.

You know over 150,000 dollars on the year and four months of trading you have to have. You have to be able to take the bad days with the good, right? That's just part of trading. There will be bad days. It's not necessarily.

you know your fault is not something that you can ever a hundred percent or entirely prevent. You will have bad days. So it's just part of trading today. What could I have done differently? You know, if I kind of look back, what could I have done differently? The place I really went wrong I feel was not necessarily on Nov n I mean Nov n was okay, it just didn't work I think the place I really went wrong.

was here on C NT F when I got super aggressive on this trade a one-minute opening range breakout based on a bad five minute chart. this was a bad five minute chart. It really wasn't good. Look at that big red candle right before the open.

So I got in thinking it would do a red to green, but this was showing a lot of weakness right at the open, so not a very good set up. The better red to green setup is when you're strong, pre-market and then out of the gates you sell off, but you're not broken On the pre-market chart, your five minutes not broken. And and regardless of that, red to green has never been my favorite setup. So red to green on C NT F is not a great setup and kind of a red to green.

Ovn, It's not a great setup either. So I got aggressive on not on one of my less than ideal momentum setups. red to green inherently means the stock was red before it went up. Red is weak, so you're trying to, you know, capitalize that.

Maybe you can get a reversal. You know you're gonna get that quick shift of momentum, but you're buying a stock off off the low or off a pullback, which is always a sign of weakness I'd rather buy I'd much much prefer a setup like AED PT This was a very clean momentum setup. I Mean this was really a picture-perfect setup. It really really was.

and I couldn't trade the first pullback because I was at my max loss I couldn't trade the second one because I was at my max loss. it gets halted on a circuit breaker I call my broker and I say you know, with my tail between my legs, can you please take the max loss off my account? Just you know, just do it for today and they said okay, that's fine I mean it's not like they really care, but you know they're like okay, we'll take the max loss off your account. That's what you want to do, that's what you want to do So I was like all right well I'll get in for the first five minute candle to make a new high I got into 95, pops up to a high of three dollars, drops back down and make $14 so you know was it even worth it? No, not in this case. but I at least showed restraint and I didn't go back into you know, revenge, trading or doing anything crazy I thought this was an equality setup and and it was I just I missed the first one and then I missed the second one on the one minute pullback and then the five minute.

by that time it was too extended. So overall just a just a day where I came into the market and and got burned a little bit. but I don't know what to think about the max loss if maybe I mean I know that I was trading around it today. it was the fact that I had a max loss on my account was changing the way I held and and and it changed the way I traded CNT F it did I it really did and it probably cost me an extra 2 grand.

Really realistically an extra 2 grand because I was down 3,000 like that. so it cost me extra 2 grand. Well maybe that's ok because if I had kept trading when I was in that state of mind, you know losing 1800 on this and then losing 3 grand on that, maybe I would have jumped into a DPT with huge size and maybe the day I do that is the day it pops up and then tanks 40 cents and now I lose even more so I don't know again I mean I don't want to change the way changed my rules based on one day I just obviously have to be mindful of the you know the challenge of being it at max loss now I Think the good news, the silver lining in all of this and to look at this as being the cup is half full is that tonight's class class eleven of the day trade course is on the psychological struggles that effect traders. So this is really gonna put me in the right mindset to give you guys a great lesson on how to deal with frustration, how to deal with you know, trading around your max loss and it probably couldn't have come at a better time.

So I'll have some fresh ideas for class tonight and you know I mean this is just it again. I Can't say it enough enough times. It's just part of the deal of being a trader. You're gonna have big wins and then you're gonna have losses and you have to be able to handle it.

You know you've You know the good and the bad. so you know. Yes, this is a little bit of a setback. if I log into my Trader view stats here.

let me pull this: I got a log in? Hang on. You know we can kind of look at where I'm at for the last, the last few days or the last and we could just look at the whole thing up until now. Okay I get myself logged in. Let's see, they got to import some of my trades here.

Yeah, and I mean this at this point to me is who knows. Maybe it'll go back to the highs, but it really did suffer quite a quite a big pullback there, so probably just let it be what it is and not not overdo it. I'm not, You know it's I'm back, just on my routine to trade in the afternoon anyways, especially on the day when I'm at my max loss. I Mean it's just a started point.

you guys see the writing on the wall, take the hint and just get out of the market on good days in the first three minutes. I'm already up. a thousand bucks. You know yesterday 30 100 bucks in the first 30 minutes day before 2500 bucks in the first 30 minutes.

I mean that's pretty consistently what I'm doing. So yes, I made 20,000 in the last seven days and then gave back seven of it. So those are three steps up and one step back if all three steps are seven grand. Disappointing.

But it's you know part of trading. So let's look at my let's see. let's look at my report here for my trader view stats. So I just imported the last couple trades.

so let's see, we'll do 90 days and we'll do net. So you know this shows you. Oops, switch back to 90 days. You know this shows you.

Kind of. You know this trend that I've been on I had a fantastic run in. February February was the best month I've ever had of trading $68,000 I mean it was huge but you know since then upset back grinding back up, a pull back grinding back up. So today's another one of those days.

it's gonna be a little notch down. It'll be back up a notch down. back up a notch down back up and that will just continue. This has been continuing for years.

It'll continue. Hopefully as long as I continue trading just up. a little pull back up, a little pull back pull back. Yeah there'll be some sustain pull backs that are you know, a week long or take a couple weeks to bounce back from.

But this is what every single equity curve looks like I Mean it is. It is impossible to to avoid these patterns. You look at the overall market. You put your money in mutual funds.

they're gonna do the same thing. Yeah, it's over a much longer period. The growth is a slower rate, but you know you're up. You're down.

You're up, You're down. You're up. You're down. As long as you're trending in the right direction.

that's the goal. And of course, trying to learn from days like today to become a better trader to become a more disciplined trader that's obviously you know something that you really want to strive for I want to do as much as I can to avoid days like today I Think I did get a little bit of the revenge trading instinct on CN TF and there are times I've been able to harness that instinct and it's allowed me to bounce back really quickly and have a great trade. And today that instinct I just took it out on the wrong setup. You know it was a red to green setup, it wasn't the right one and well you know that's what happened.

So on my losing days my accuracy is 25% and today would hold up. You know as again being really low accuracy. My winning days my accuracy is 77 percent. So on a day where I'm already at 25 percent accuracy I shouldn't even bother taking you know Trade number four or five or six.

The markets just out of my side. So these are the days when I need to put the pedal to the metal, increase the share size, be more aggressive. These are the days that give me those big leaps forward in the equity curve. And then these are the days where I need to, kind of.

you know, seek shelter from the storm. you know, just kind of. You know, hunker down, not let myself get hit and or beat up too hard and and that's kind of the best I can do. You know it's interesting having this day in in February where I made 15,000 and the small account was really incredible.

I mean it was an incredible day at just several incredible days and in February and then a couple in early March and things have slowed down a little bit. I've been grinding on slower numbers and so it's definitely disappointing to have what will be today, the biggest red day of the year. In the small account, it's consistent. I mean every single red day seems to be.

you know, five five thousand dollars down today is a little bit bigger and that's a little disappointing, but you can tell that I'm not. You know I'm not I mean yeah, I'm not happy about it. Obviously not happy about it, but I'm also not. You know I'm not gonna go sit in the corner and cry I mean I'm not, You know broken up about it I Accept that this is part of trading I Don't have the expectation that I'm going to win every single day.

if I had that expectation I would be very very disappointed as a trader. I had the expectation that I'll have you know three, four steps up and a step back. and then another three, four steps up and a step back. So you get used to you know, getting knocked around and you know that you'll be able to bounce back from it.

That's part of the emotional conditioning that every trader has to has to go through so well of course be talking about that in class tonight. Definitely a good topic for every beginner trader because beginner traders have more losing days than seasoned traders so you have to deal with it more and it'll be you. sorry. And then we'll have class tonight at 4:00 p.m.

my audio went out so anyways, that's it for now and I will catch up with all of you guys either first thing tomorrow morning or in class. Alright, thanks guys! Let's be honest, if you made it this far, you must have really enjoyed that video. So what's stopping you? subscribe right here and get email alerts anytime I upload new content. until then.

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