All right everyone. So finishing the day here in the green, but just barely. I started the day going into the red and you know, so I'll recap of course in the recap but just to kind of. In summary, one of the challenges today was that I was not able to exercise the discipline to sit on my hands and I really should have because we didn't have a very good Gap scanner.

If you're watching during the morning show, you noticed that there wasn't any good Gapper. I didn't take any trades during the morning show. I took my first trade at 9 40 and I bought a stock squeezing up on the high day momentum scanner but with low relative volume. it ran into resistance which I thought was going to break.

I jumped in, it rejected and I stopped out for a loss. and then I sort of felt like okay, well now I'm obligated to keep watching the market. I've just taken this loss, so then I'm watching it and it ends up going back to where I initially got in and going another 40 cents higher and I got back in and made back what I lost and finished. you know, slightly green, but I just felt like I shouldn't have traded at all because the relative volume was low.

This type of stock that can just easily result in unnecessary losses and I could have could have finished down quite a bit more than I than I did than I was at my lowest. You know if that second trade hadn't worked out. So you know I think this is a really important thing to try to keep uh for for myself. You know in my awareness and presence is that this is a slow market, so this is not the time to be really aggressive.

And if there's nothing that looks good, then the writing's on the wall very early just to stop and not overstay my welcome. So I'm going to talk about that more during the recap. I hope you guys enjoy it. I didn't do a recap yesterday.

I didn't end up taking any more trades following the morning show. There was nothing really that looked that great. Uh, but yesterday was a small green day as you saw during the morning show. So doing the recap today I hope you guys enjoy it.

Hit the thumbs up as always and reminder that my results are not typical and that trading is risky and that there's no guarantee for success whether you're learning from me or trading on your own. So please trade carefully, train the simulator before you put real money on the line and I hope you enjoy the recap. Okay, so I'm gonna go over today's trades. Uh, by the way, yesterday I didn't do a recap.

I actually didn't end up taking any more trades past the morning show. so I sat here until 10, 30 or 11. But I didn't take any more trades because nothing really looked that great today. Uh, I didn't trade during the morning show.

I didn't take my first trade until a little bit later in the morning and the first trade was a loss. The only stock I traded was Cyn. I'm only up 775 dollars on it, but I was down 1300 so I recovered 2 000 from my lowest in the red to here in the green which which is good. Uh, Cyn you'll note is not on the high day is not sorry on the Gap scanner.

So this morning I started the day as always, looking at the Gap scanner and I recognized pretty quickly that we didn't have any good-looking Gappers, so no good-looking Gappers This morning was a little disappointing, but we're in a colder market and so some days are going to be slower and so I said well, okay, so we've got nothing on the Gap scanner, which means I don't have my profit cushion to start the morning from pre-market trades. Disappointing. But next way that I'm going to find stocks is on the high day momentum scanner. But I have to be cautious because without strong Gappers, without strong momentum in the market, we may see stocks pop and drop and that is what ended up happening.

So my first trade was on Cyn and it was on this pretty high volume red candle right here so it started to squeeze up as you can see right here and I jumped in it and what I was looking for was the break. So the and this was a this was an extended entry I'll I'll say that for sure. However, I had this one on watch actually yesterday and I was looking to see if we would break through 475. So as it was squeezing up this morning it was coming into that 475 trigger and since nothing else was looking really good and this was hitting the high day momentum scanner and had a decent looking chart I kind of thought okay this this might be the one that you know ends up becoming the stock in focus today.

So I jumped in here. uh for the break of 470 with an average of gosh what was it? Um let me go back. It was 463 average 464. so I'm in at 464.

but it ends up dropping here on this candle to 4 35 and so I took the loss as it dipped it back down. I actually stopped at about 450 to half dollar so I lost like I don't know 15 cents or 12 cents so not not terrible but was down 1 300 on it. It ends up dropping a bit lower and then kind of rallying back up and on this candle high volume. it drops and pops up and then pulls back and I was like huh? okay well it is creeping back up and I kept watching it.

I kept watching and I was waiting to see Okay well are we going to break through the pre-market or sorry. the high of day 470 and it popped and hit 475. but then it dipped down and then it popped back up and hit 476. But then it dipped down again and I was like that's kind of weird because it's actually breaking and making a new high.

But it's not. It's not continuing. It's not squeezing and hang on. just one second.

I'm just gonna pause this recording. Hang on. Okay, sorry about that. Okay, so anyways, um so we were in this kind of area where we're grinding up.

it's moving a little bit higher and then it pulls back. It hit a high of 79 but there was some sellers stacked up there and then it pulls back. So I was just sort of like this is weird and then I look over and it broke through 80 and went up to 90. and I was like okay, all right here we go.

So on this set up here and I'm going to go to the 10 second chart so we can kind of dial this in and you can even see right now this is a bull flag. It's come back. It's shown that it's held, you know this area and it's a bull flag. However, the relative volume is low and that by itself is probably a reason that maybe I shouldn't have traded it at all.

The only reason I got in here at 90 was because I was already read on The stock and I was trying to make back the loss. It really wasn't like the best trade ever. It was a one minute micro pullback. You know it had opened up but already it's shown me that it was choppy.

So in any case I got in here and we did get a pop up to 517. I then bought the dip off of five and we got a pop back up to 5 15 and I took my profit and those were the the trade so that was it. Uh and it got me back the two thousand dollars that I lost which was well the 1300 I lost plus that another 700 in profit. So that ended up being fine.

But um, yeah, this one. So I think this kind of goes back to one of the metrics that I know, which is I don't do as well trading low relative volume stocks. This had low relative volume. Now I got it pretty quickly initially because it was squeezing up so I didn't actually check the relative volume when I first jumped in it.

So when I first jumped in it, uh you know if I scroll back on the scan way way back here, this would have been at what time it was like 9 40. So around 940 let's see. Um, you know the relative volume on it was only 0.34 Now I could certainly increase the volume parameter relative volume parameter on this. and if I did, I would not see some of these stocks.

This is on the former uh Momo stock the low float scanner so it already wasn't on one of my preferred ones. but I I jumped in it and you know that was kind of a quick impulse. I jumped in it. I saw the daily chart.

I was like, yep, I know the stock. I'm gonna jump in. I think it's gonna become obvious and if it had picked up, you know, then maybe I would have been early and it would have ended up having higher relative volume. but that doesn't seem to be happening right now.

So unfortunately, this is kind of just uh, one of these ones that I probably should have just left alone. Completely big high volume rejection there. And so you know you look at that candle and the thing is, I bought right into what ended up being resistance. And so you have the combination.

When I bailed of Uh Long's bailing out because I bailed it pretty much the most obvious spot. the break of the half dollar. So you have the combination of capitulation of Longs bailing out, plus shorts going short with the stop at the top. So it ends up that you have an imbalance on the cell side, you have that lower candle wick, It flushes down, it goes a little lower and then it starts to sort of balance and come back up.

You got some whip on this candle and then finally on these candles, you opened up a little bit more with some high volume. So your higher highest volume is on green candles today, which is good, but that's on the one minute chart. The five minute uh is also green, but shows a higher volume rejection candle here. And in any case, this probably should have just been a no trade day, so that's kind of the biggest takeaway.

The lesson from today is you know why why take trades if it's choppy? Because I dug myself a hole thirteen hundred bucks and then once I broke the ice and John was joking, you broke the ice by falling in. I fell in, uh, not in a good way And then because I was in the red I felt this kind of like okay, I've gotta now I feel like I've gotta just stick through to see if I can recover and get back to Green. You know, why do you have that feeling? Why do you feel like you need to get back to Green? A lot of traders have it and I tried to remind myself, listen, it's perfectly okay to be down 1300 bucks today because as far as my daily max loss of 30 grand, 1300 is like basically a break even day. Now I'm up 775.

I consider it basically a break even day, but because it's green, I don't feel bad about it. Break even when it's slightly red. You know, I feel kind of like I don't feel as good about it. So you know that's something that's important.

to kind of check that emotion because the reality is, when you're talking about a marathon one individual, you know step is meaningless and this is like the individual step of one tiny little day in a career that has already spanned 10 years, More than 10 years. So one day should never really get you that worked up. It should never really matter. You know you don't want to empower one day to ruin your career and you're not gonna have one day like I'm not.

You know, the thing is, I don't I'm not a Yolo trader. I'm not throwing ten thousand dollars on some game stop calls and ten thousand on some Amc calls and just kind of letting them ride. That to me is you know that's a Yolo strategy. It's a little bit of gambling, and hey, when it works, it feels great I suppose.

But it doesn't really feel that great for me because there's so much uncertainty and it just feels like a true uh, it feels like much more of a gamble when when you take that approach. And I'm not criticizing that because I know some people have done well with it and maybe some people have found some consistency with that. and then in that case, it's not gambling. But for me it really would because it just feels like a guess.

So I don't trade like that. You know I don't hold whole position trying to get like a 15 20 point move or something crazy. I get in, I take profit, I get back in, I take more profit. You know that's just the way I trade.

I'm a very active trader and so I'm never going to have a day where I make enough money to retire. You know, in one day I'm not going to have a 5 million dollar 10 million dollar winner. I just don't see that happening. And honestly, even if I had a 5 million dollar winner, that's that's like how much I made in 2020.

you know, put up the reminder that my results are not typical as always. But you know, I don't think anyone would retire because they have you know, one year salary in the bank. I mean I don't know that doesn't even feel like that would really necessarily like I would. I wouldn't stop.

if I had a 5 million dollar winning day. I I would just be like that was an awesome day. Okay now let's come back tomorrow. If I had a 50 million dollar winning day, I don't know but but I'm not gonna have that because I'm not putting a hundred thousand dollars on you know, or two hundred thousand dollars or a million dollars on out of the money option contracts that are probably gonna expire worthless, but might go up ten thousand percent.

So I'm never going to have a day like that. Uh, but at the same time, I also have to be thinking when I'm when I'm talking about risk, I have to be thinking about, um, you know it's one thing to take a risk and lose a thousand bucks. Lose Five thousand, Lose Thirty thousand. The risk that I take on my trades is all relatively scaled to fairly small.

Considering where I'm at. I'm not taking three hundred thousand, four hundred, five hundred thousand dollars of risk, right? I'm not certainly not taking two, three, four, five million dollars of risk. I'm taking relatively small amounts of risk, and my returns on each day are relatively small compared to my total account size. But um, you know, I think that this is just the way to trade long term.

so you know, And again, in hindsight, I probably shouldn't have traded at all today because there wasn't anything that I thought looked great. And then I kind of took a little bit of a quick impulse trade off the high day moment scanner. I neglected to realize how low the relative volume was, so probably shouldn't have taken that trade expecting it was going to continue given no news, just purely technical setup on a day when the market was sort of so soft already. Not really smart, so I jumped in a little too fast.

Uh, and you know then I was able to make it back. It did continue a bit higher, but it just wasn't really that great of a trade. and it's only up 13 on the day. It's really not that interesting of a stock, so that's kind of my recap.

Word to the wise: lessen. Trade less In this market. Less is more, so don't overstay your welcome. It's okay to have no trade days and you know, look, I crushed it on Friday last week.

You know, 29 000 bucks. So those are the type of days that I have to. Just if I have three days like that in the month, that'd be a hundred thousand dollars. and if I don't trade the remaining 17 trading days, would that be okay? I mean, it wouldn't feel probably that great to sit here doing nothing for 17 days.

But at the same time, can you be disciplined and patient enough to wait for those good quality setups to present themselves? And you know, today was an example where I I wasn't I got a little too, um, you know, excited and took a tray too quick and dug myself a hole. And then once I broke the ice, I felt like I had to make it back. And so tomorrow I'm going to try to do a little bit better. All right.

So that's where I sit here. It's Tuesday. We're about a third of the way through the month and thanks to a great week last week and a good week the first week of the month. um, let's see or wait.

wait was last. No. last week was the first week of the month. Um, so I had a great week last week, which was good.

I finished um, April in good shape, but but that's that's April. So anyways, um, first week of May in the books. And you know we're working through the second week here, but we're already. You know, Seven trading days in? so we've only got about 20 trading days in the month? Looks like we've got 22 this month.

So, but anyways. Well, actually, no, I think the market's closed for Memorial Day. so 21. whatever.

it doesn't really matter. I'll be back at it first thing tomorrow morning. Those tuning in on youtube. If you didn't already, check out, um, these two episodes.

There's uh, the top one up here is going to be my simplest strategy for beginner traders, and the second one is, uh, on Gap trading. So Gap trading is definitely my favorite and I talk about it in both videos. so check those out and I'll see you guys back here first thing tomorrow morning. All right, see you all in the morning.

Reminders: Always Trading is risky. My results are not typical, so take it slow.