All right, welcome back everybody! Today we're going to be talking about uh, lessons learned that I'm actually reading the card right now. it says lessons learned from my biggest trading mistakes. Uh you know this stuff. it's always tough.

but one of the uh way biggest ways to grow is is to admit what you've done wrong and and learn from it and you One of the reasons I Mentor Traders is I've been doing this 17 years I got started on my own uh 2005 2006 I started trading um I'd always had an interest in it like like really my whole life I would think back uh my elementary school this the 80s uh my dad worked at a factory farmed at night. my mom was the cleaning lady at the hospital like I grew up as Blue Collar as it gets on a farm in Michigan but I dad would get home from his Factory job 7 to 3, drop the newspaper, eat dinner, go work at the farm till dark. but I would get the Detroit Free Press I'd get out the the business pages and you all the tickers were in there I don't remember those charts back then I think like maybe the Dow and the S&P and stuff but um just tickers just fields of tickers and the previous day's closing price. okay um and I would look at Apple uh you know I I had an apple to back then I' look at IBM IBM was always one of the biggest price St highest price stocks growing up in Michigan I'd look at GM I'd look at Ford so anyway I always had an interest in finance but never traded.

built a business out of high school. um didn't D trade during the.com boom. So now I get you know 2005 2006 Business is about a decade old now I'm making good money, business is mature I got employees you know I'm not working a 100 hours a week anymore and I'm not broke anymore. So I started trading on my own and the biggest mistake like this is always my I think this is one of my favorite and and most embarrassing trading M story so mistake number one.

So I uh you know obviously you I don't think no YouTube didn't exist at that point. Um, you could buy books and stuff but there's there's hardly any even even today there's very few books on like trading like actually like position sizing and risk management and specifically day trading. and uh so I would uh you know I had a family had busy family and so evenings were busy I would actually too you know that dates me I would too mad money with Jim Kramer um which obviously we all know a buffoon with the The bummer with Kramer is not to get too off topic he was a legit Trader he was real like like read Confessions of a street addict. Great book.

he was legit and then he just got lazy and became a character of his of himself which like just sold his soul to the corporate media devil. You know now we know Kramer's just wrong on everything. Like literally everything wrong now. I didn't know this back then.

we didn't know this. so I would actually like watch I would Teo Mad Money set my alarm for 5: in the morning, get up at 5: in the morning and rewatch Mad Money write down every ticker that he said byebye bye on and try and trade those and try and like make money ended terribly like like and I did it for six months like I'm like there's got to be a way to crack this code. There's got to be a way There's got to be a way to figure it out. I mean I'm I'm sure I made money on some but 90% losers.

So mistake number one was believing the mainstream media at the end of the day like like he's a cartoon character. it's an entertainment show like. Listen, if if you turned on Mad Money right now I'd probably watch it and laugh along. I mean it's that's all it is.

It's entertainment. It's It's not meant for anything other than just like. you might as well watch prices right? Or you know Wheel Of Fortune or something. it's basically the same thing Jeopardy whatever.

So that was the biggest mistake believing the mainstream media. Um, next was uh, you know I I I Started looking for mentors looking for trade alerts. uh, in penny stocks. Okay because I gave up on the real stock sock and you know I started just getting in these very dubious rooms.

No track record, no bios like I mean just like Joey you know ceiling coffee table 85 like and and I just random weirdos. Like random weirdos with random names like you don't even know who they are and they're posting trades and posting trade alerts. Buy this stock, Sell this stock. Buy this stock.

but you know I was like okay, this is the way to go. This is back in the Yahoo uh Finance you know news groups. okay I don't even think they're around anymore but it was all just Pumpers and liars and scammers And but I thought that that was the way to go and so that would have been the next big mistake was just founding finding following alerts from people without a proven track record. People that haven't showed up every single day for you know, eight years to help show others how to do this like I have or people have shown up for 20 years to do it like Tim Syes has So find someone if if you're going to learn.

If you're going to follow a system, find somebody that's been around and like you can actually talk to them and you can actually like, discuss ideas and see their track record and see what they've been able to accomplish over the last few years. Next big mistake was um trading things that I had no business trading, no familiarity with trading. um at this point this is probably about 2012 and I'd found profitability in penny stocks particularly shorting penny stocks was really good at it. um great win rate ratio started making money.

It's a different market today, but um you know couple year run of just doing really well. mostly about 90% shorting crappy penny stocks. and if I remember right it was summer I I it feels like it was summer and it was just kind of slow. not the and it been slow I mean remember the markets completely different now I I I Talk about you guys being spoiled like we would go months waiting for you know one 100% Runner Now if you go like in the post 2016 post 2020 world, if you go like two hours without some massive Runner it's like what's going on Okay but um so it' been slow for a long time.

like just nothing happening in my Niche you know some big gaining. you know some big Gainer low float trashy stock with d pending Etc you know those are ones we like to hammer short and and again if I remember right it was like a Friday at my business we were a service business so Fridays you know you're kind of wrapping up for the week. You know we did a lot of like technology. uh uh.

service. You know servers and networks and stuff. and like, you know Monday super busy Tuesday you know and like as you kind of get into Friday everybody's kind of just tying up loose ends for the week. So I'm just kind of sitting there I'm bored and I see these idiots in this chat room talking about uh, triple leverage ETFs FAS and f one is triple leverage long, the other one's triple leverage short and then they're yapping about oh blah blah blah.

You know, smack up, smack down, you know, Dippy doodly? Do you know, Wash out, shim Slamy scho. All this like madeup jargon I'm like hey, why don't I trade some triple leverage ztf Now what do I know about those I don't know anything about them. why is it moving I don't know, these guys are talking about it moving. So anyway, traded one of those and in about I think 15 minutes lost about eight grand.

One of the biggest losses of my career. and like you know, no stop loss no I I didn't even know what I was doing like I just saw this ticker and I'm like these guys are talking about it. Let's try it. And when you don't research it when you're not invested in the trade, when it's not your idea like that's one of the big things I'm always cautioning people about getting trade ideas from random weirdos is like it's very easy and this is a good point.

many, many Of you might have lived this. it's it's very easy to have like that diffusion of responsibility. You know they talk about that like in corporations or or in war. Okay, hey, I'm just doing what the boss said okay and I think that hap, you know that hey, I'm just doing what the boss said happens in trading where you enter a position that you you you haven't researched, you haven't done your due diligence.

You're not really invest invested in the idea and then you're just like, well this guy said that, oh now I'm down 500. Well this guy said that and it allows you your ego and your mental state to basically disconnect from it and make it his fault. Okay, now I know I'm making fun of these jargon jibbly jewly guys. But hey, I made the decision.

But what I was doing back then when I was down a th000 2,000 5,000 is I was you know that diffusion of responsibility? Well, his fault his fault I'm in this Well, hey, I he didn't press the buy button I pressed the buy button. So and that's difficult to deal with I mean like many of you might be struggling with that if you really think about it. like if you're like oh, I'll risk a 100 bucks and now you're down a th000 and you're blaming the other guy that's a big red alert. So that was the next big mistake.

probably the last one that that is just you know not being prepared. Uh, those of you that follow me that follow the channel you know like I'm the you know if I'm known for anything, it's like I'm the have a plan guy. like like if you followed the channel for a few years, you've heard that 6,000 times. One thing I struggled with once I kind of got profitable is a little bit of Huis a little bit of you know overconfidence and I would be like ah, you know I know what I'm doing I don't need to stop.

ah it'll work out and not having a plan and what what that does is you trade a stock and you you know it goes against you. You don't have a stoploss or you have a wishy-washy stop loss or you don't even have a goal. This is one thing when you're talking these really volatile stocks. if you don't have a goal, it's very easy to overstay like you're up 20, 30, 40, 50% But then you start seeing Lambos and Yachts and all this stuff starts pulling back and then you give back all your profits, turn a winner into a loser and that's a lot of just not having a goal as well.

So that was one of the last kind of dragons to Vanquish and uh, the process I used and I I Still recommend today. Like what got me over that hump on that? So I actually started using index cards I'm kind of old school, but I would write down what my entry was, what my position size was, what my goal was and what my stop was and I would put those cards in the function key you know, the top row of my keyboard and I just forced myself over time to respect the cards like if I wrote it down it was the Gospel and I would follow it and what happened was very quickly. You know, just kind of. I mean it kind of makes it impossible to take a big loss because you're never going to write down on that card like let's say, you buy a stock at a dollar and your goal is a buck 50.

you're never going to write down. Oh, I'm going to risk, you know, 20, you know? I'll let this go down to 20 cents a share. You're never going to risk 80 cents a share for 50. Cent Now people do that.

I mean people still holding down at 20 cents, but you'll never write that down like you never would. You're never going to write down I'm willing to lose $5,000 on a $2,000 position or something. like if you're short in some low float. but people do it.

You'll see people take massive losses on short squeezes, so write things down. stick. Use that method man. I've had a lot of people say like it's almost a it's almost embarrassing like to look at that card and be like I said I was going to stop at 80 I'm in at 75 like you.

it makes you feel like an idiot. like like like I am doing this right now I am making a terrible mistake and I think that was one of the last things kind of really. get me over the hump on those big losses and break down the ego because now I decided what I was going to do. It really didn't hurt the ego anymore.

The ego wasn't hurt because I'm just following through in what I said I did you know I said I told the wife I was going to pick up the kids and I picked up the kids you know I don't get a trophy I did what I said I was going to do I honored my commitment and that's all there is to it. and I think a lot of people screw that up. So when it comes to avoiding mistakes, um, you know I mentioned before been day trading 17 years I've been mentoring Traders for eight years. Uh, I've made every mistake I've got every scar I've seen others make these mistakes over and over again.

One of the biggest ways to lessen those mistakes or even potentially completely avoid them, is to learn from somebody that's got all the scars and you can do that in the daily income Trader system and you get a free tour. Okay, if you click that link below that says the Daily Income Trader system. That's just going to take you over to a webinar registration page register for free. We do them all through the day, mornings, afternoons, nights, even weekends.

100% live going through exactly what we talked about. and if you like what you see, you can join me in the Daily Income Trader system. But that webinar. The initial webinar is 100% free.

No downside. Click that link and hope to see you there.