And just like that, i had the biggest red day of the year, but before this i also had the longest green streak with the biggest green day and those were the worst bad jokes of the year just kidding. They are not the worst, because it's all going downhill from here. Okay, i just had to use up these bad jokes. While i still can, i feel like i can only use them for the first week of the trading year.

So yesterday had a pretty decent day. Qs was the biggest trade for me um. You know, i saw the stock, you know having the first screen day you can see here on the daily chart. It went red to green.

I did have a starter. I cut it a little bit too quick, literally right at the bottom, but searcher size um. I want to be wrong on starter and that's why i don't hesitate to go back in once. I see that it's holding this 50 dollars area also the red to green line right the psychological area once the stock stays green.

I start started going in and re-added into it and was selling into the breakout and even had a pretty aggressive ad up here. Around 54 50s and the stock took off to around 57, so i'm selling on the way up uh. I did have some re-ads and then stopped out on the break, even but this is a pretty big move. Uh pretty much started from 51 dollars all the way to 57, so i caught some pretty nice upside on this stock qs on the breakout move so uh with these larger cap stocks.

That's where i'm really comfortable buying the breakouts, especially when the momentum is really strong, but on the small caps i would not do the same thing. The second biggest trade on the day was uh pet pe ck pack. So this one, the locates were really expensive, but no, i i did access it and saying: okay, i'll just locate, you know smaller shears and try to let it ride out a lot longer. So, even though i did have you know smaller shear sizes um, this thing they move like two three dollars on the on the downside too.

So i started in just small size pre-market around the 1350s area. Um i re-added on the on the spikes um into the you can see: 1250 13s um covered some and re-added on these failed spikes and the stock just dumped to around ten fifties, ten dollars and then had a re-hit, but pretty clean trade and the reason you Know it's really clean. It's because um, i'm i'm aware of the locate costs. I think this thing was like 23 cents per share.

So you know if you do the math on a thousand shares. Let's say a thousand two thousand shares um, that's about like four hundred five hundred dollars um, so you definitely wan na. So if i do locate those share sizes, i definitely wan na make sure i get a lot more than just 20 cents, and this thing gave us about two three dollars move to the downside, so that was decent uh. It was.

It was well worth the locate cost as long as the entries was closer um to the 14 daily resistance levels and final trade from yesterday was ncty. I think they joined the the bitcoin hype or something like that. They're joining the bitcoin bandwagon, which is uh exactly what happened in 2017 when all these stocks, out of nowhere just put bitcoin and blockchain in their headlines and all these stocks that you know came literally, are worth like. Two three dollars will go.

You know 100. 200 percent on the day, the hype - that's going on right now really do remind me of 2017 um, and hopefully we get even more tickers like this actually um, but ncty. I was mostly yeah. I was on the short side.

Um started had a really small starter and i'm adding on the way up, uh and most of my size will use around the 9 50 9 80s area. That gave me an average of 9 40s. After all, the ads ended up just being a scalp, because i didn't like stay until the eight dollars mark by covered all outs around the 880s 890s area, so small scalp on ncty for me, so those trades were from yesterday and they were a lot cleaner. I noticed that they were a lot more follow through yesterday, at least for me.

Um today is a red day, a small red day. I took a lot of these starters. If you look at neo, this is a stock i traded. I did think that once we are holding about 54, so we're gon na get a lot um cleaner, move to the upside to perhaps 55 um 56s, and it just never formed the uptrend that i was looking for um.

If you look at a two-minute chart, you know got chopped around and like i was longing starter um, i cut it pretty quickly and all of these are starter sizes. I'm really comfortable, i'm risking some wider range. So, if you are, let's say your full size is a thousand shares. Your starter will be 100 share, so you know that's how that's how i um start into these positions.

I don't want to get too big to full size or even half size until the stock starts working in my in my direction and still until neo starts trending to the upside. That's how i trade, so i don't mind taking these paper cuts, but just still a little bit frustrating i never made the big move. I was looking for so neil turned out to be the loser of the day uh and there were a lot a couple. Other smaller trades, but unfortunately i was focused on neo and also qs that one that i traded yesterday also chopped me up so tons of these paper cuts um tesla, i did traded a smaller size because i was trying to focus on the cheaper names.

Tests are 700 stock. It takes up a lot of buying power um. So i had a couple of small scallops small scalp here at the long hair, so some but re-added into it. Thinking that we're going to break out above pre-market highs - and i do regret selling too much of it over here and a tiny scalp up here as well and the starch is taking off all the way to 800.

I think today it's about all-time highs from the upgrade from i think, morgan stanley to 810 dollars. Um, i mean tesla, it's possible right. This thing looks like it's going to go to 800 and uh. I don't know maybe even higher, but that's my small trade on tesla, the other stock.

I also scalped a little bit for a small small small trade c bat. This one. I took a loss. First, though, if you look at um, i was scaling in short on the seven dollar move um.

I did cover so i read it back, but once it breaks out above seven dollars, that's why i cut it um and the stock spike to 730 and then immediately reject it. So, unfortunately, for this stock i had to take a loss. First, i took a loss. I'm full size on a short position and i did go back in after seeing this huge rejection.

Candle um go back in risking the same six. Ninety seven dollars area scaled in around six eighties added some more 676, but unfortunately my average wasn't as good as um. The first trade um and that's what caused the loss earlier and then we got a very nice um dip to for 640s, and then i see that it's holding view up and just got out. So this one turned out to be a small winner on the secondary trade, but unfortunately i did take a loss - early, um um right here around the 690s.

I don't regret this because at the time it did seem really strong um. It did seem like they want to try to squeeze even more and break out to about seven dollars. You can see they tried it again over here, um. So there's 7.

20. 7. 10. A lot of selling up here and we're breaking down now um, but uh.

You know i, i still think i managed my risk well, because what if it did go to seven dollars - and you know on a daily above sevens - it can go to 750 and eight dollars and uh uh i wan na, if i'm full size i wan na, Be out right away and another one also a loss on the day is acb um. I didn't have a big position, but i did think that we're gon na spike to 11 30, which did happen after i got stopped out. I had a star trek position around 1090s. I even added a higher around 1097s thinking that we're going to break out above 11 and go to um high 1140s um 1150s, but it just didn't happen.

I got stopped out for pretty much break. Even so. Today is definitely a day where i got chopped up by a lot of these uh sideway action, so all the small losses did amount to a red day and it's the biggest red day of the year. But it's all well within my risk tolerance, and hopefully we get more follow-through tomorrow, especially with these um wheat, wheat stocks and bitcoin stocks.

Hopefully we get some more hype and more gap-ups so time for our q. A the first question is from uh geeva deya. I hope i read that right if that's wrong, i'm sorry, so i can recommend your books on day trading, psychology and technical analysis, basics, but i do think that in order to get a really good understanding, at least the basics level of understanding for day trading, i Don't recommend reading books because all the books are outdated and i've written from like 10 20 years ago, and also, if you're, coming into brand new to day trading in 2020, i mean 2021 uh. I think you want to know the current market condition.

You don't want to read about the market from five years ago right, so i have a day trading playlist for beginners on youtube, i'll leave them in a link description below where you can watch some of the beginners guide to day trading. I have a lot of these how to get started beginning drawing support resistance risk management, psychology, the difference between small caps and large caps. I've made tons of videos on those and i'll leave them in the comment section below. I know you're looking for a book i'll leave some book recommendations below too, but i think those books are good great.

I think those books are good for, like psychology and technical analysis, not necessarily the actual day trading executions and how the market works. So the second question from eric: it's not really a question but he's saying that it's easier to trade, long term because you can buy in and forget about it for a few months or a few years. I think that's called investing and i mean i do invest too, but it's very different from day trading, but i wouldn't call investing trading long term. I would call it investing long term right.

I've done a video on day trading versus investing all the differences, and everything like that so feel free to check that out, but for beginners new to the market. You don't want to confuse day trading and investing. There are two very different things now. The last question um from from a lee hi hd.

I want to ask you about how to allocate the position sizing for each trade. Let's say you have a hundred thousand dollars. How do you split your funds up each day for each trade that you intend to take, and will you recommend averaging down your position if the stock you bought false? So to answer your question on position: sizing um: this is how i personally do it, and this is how i recommend people to do it, but you obviously don't have to follow this. I would risk according to your risk, so let's say without a hundred thousand dollars.

Let's say: you're comfortable, risking a thousand dollars uh and on stock you're trading. That's acb, let's say: let's say you are risking 10 cents right, you're risk, you're, risking 10 cents per share um and a max exposure you want to potentially lose is a thousand dollars. So then you would only use well. Let me do a thousand divided by 0.1 right, so your maximum position size is 10 000 shares on a stock like acb, if you're risking 10 cents.

So that's how i would do this, but for a stock like tesla, let's say you have to risk ten dollars per share, then that means you can only use a hundred shares right. So that's the difference. A hundred shares times ten equals a thousand dollars. So that's how you size into different stock and different positions.

You shouldn't be using the same size on a stock like acb and tesla. The share sizes wise. It shouldn't be the same thing. So that's how i usually do this uh.

I will. I will allocate share sizes according to your maximum risk, so hopefully that helps you guys out. If you have any more questions, feel free to leave them in the comment section below. If you enjoyed this video, remember to drop a like and subscribe.

Thank you guys for watching and i'll see you guys next time. Hey guys thanks for watching. I hope you enjoyed the video and the bad jokes if you want to see more day trading content make sure to subscribe and follow me on twitter and instagram for more. If you'd like to trade with me daily and get my free weekend, watch list and trading journal make sure to check out the links below for more resources.

Stay, green, stay, positive and i'll. See you guys next time.