i didn't know that but hang on one second because i got to answer some questions there are some folks that had some questions for me about day trading yeah so okay i'm gonna just try to answer their questions all right well gosh uh happy fourth of july weekend everybody i thought i'd uh come on here and do some q a so those uh who are tuning in live thank you for being here those tuning in uh watching this later thank you as always for watching these episodes i hope you enjoy it this is going to be a pretty much like rapid fire q a session so this will be easy to watch or listen to without actually looking at the screen so if you're just listening on your phone or you know while you're driving or running some errands or whatever totally good um this is gonna be not a lot of visual mostly uh just the audio of me answering questions that people have and folks already posted a bunch of um questions for me on social media from earlier i asked people to you know help me get started with some questions so um that's gonna get us started here and um let's go ahead and jump in oh um two things before i do one i wanna remind you as always my disclaimer trading is risky most beginner traders lose money my results are not typical and there's no guarantee you'll make money number two i want to remind you that our fourth july sales are underway right now and if you haven't already checked them out you're welcome to jump over the website and check them out there's a 40 off coupon code that you can use on either the warrior pro course or the warrior starter course and i can answer questions about both of those if um folks tuning in do have questions okay so with that said um let's jump over and we're going to start with answering some questions that were posted on let's see we'll we'll start with uh tick tock all right so i'm gonna do smaller video here all right so uh over on tick tock the first question was how tall am i and i am uh four foot eleven so um that's that's my height it's very tall and cj says hi ross so thank you uh cj and noah for the um the the hard-hitting questions okay uh and that's instagram that's uh tock so now let's jump over to instagram alright so first question on instagram was from uh larissa and she is a warrior pro member i'm familiar with her name or i recognize it so ross if you miss a breakout specifically during pre-market on breaking news what do you look for to get in on the first one-minute pullback in order to tell if it's going to make a sustained move or if it's just going to retrace its breakout so pre-market we've seen you know of course as a breaking news trader i'm always watching for breaking news headlines and um one of the things that we look for is the stock to start spiking up so the workflow basically is my scanners are running and they're kind of like radar so the second something is moving it's going to be firing on my scanners i pull the stock up i look at it i see that there's a news headline i see it moving quickly and sometimes i'll just slam the buy button but usually i wait for kind of like a micro pullback and it doesn't have to be a big pullback but just like a momentary pullback just like a little bit of a dip and then continuation for the next leg up so that's usually my first entry now sometimes a stock will pop up and by the time i'm already pulling it up it's already retracing so then it's it's no good if it pops up it hesitates for a second it goes higher but i missed that entry which is sort of the perfect entry then the question is when it continues the next time it hesitates can i get in at that point and so the things i'm going to look at are the daily chart especially how much is it running in a resistance on the daily does the daily chart still have potential that's number one number two is this a leading gap or do i think it's obvious does it have the rate of change which is associated with high demand and low float and if it has all of that then i probably will buy that second micro pullback for the next leg up because i'm expecting more out of it if the daily charts not great if the float's a little higher then i might just wait for the first true one minute pullback and if we end up not getting it because it just fades then you know then that's that so good question there so tyler says will day trading penny stocks die as crypto gains attention of small investors i think the answer to that is no i think if that was going to happen it certainly would have already happened in 2018 when bitcoin hit 20 000 or last year when bitcoin hit 60 000 so bitcoin and cryptocurrencies in general right now have rolled over substantially so like we're not seeing the rise of crypto right now we're seeing a retracement and since we've already gone through two rises without day trading and penny stocks dying so to speak i don't think that we have to worry about it now that we're on the back side of this current or most recent move in crypto so uh i'll answer a question on youtube here so question was how do i stop over trading it's a serious it's seriously a disease in this business and i don't disagree with you over trading is um i mean it's you know this is the thing no one's going to stop you you could trade as much as you want you could trade from the moment pre-market starts until the moment after hours finishes so from 4am to 8pm if you want to trade that long you can and some people will because they're addicted to the thrill that comes with hitting a winner and you know they don't want to walk away because they don't want to miss out on opportunity so they're letting fomo and those emotions sort of dictate the way they're trading if you're thinking about this more like a business and you're being a little bit more analytical about it then you're going to be guided i think by your metrics and so i'll pull up my metrics here as just sort of an example here so in the last six months we've been in a bearish downtrend in the market and you know i've been trading through it i've made money you can see half a million dollars here in total gains reminders always my results are not typical 66 accuracy so that's not too bad and let's look at um days and times so if you look at days and times you can see that i am generally making all my money between um 8 a.m and 10 a.m and past 10 a.m you know a little bit of loss a little bit of profit there between 12 and 1 and then a little bit of loss between two and three and three and four so my metrics are telling me when i should trade and when i shouldn't it's my choice whether or not i want to listen to those metrics and you know and use that to improve my trading or if i want to just keep going with my gut and being emotional and just trading all day long if i if i want to so i think you have to think about do you want to treat this like a business or do you want to just be emotional um another question on youtube on your small account challenge the first trades of it did you go all in and yes the answer is i went all in i went all in 90 of my buying power on each trade when i had a small account challenge because i needed to with a 500 account i couldn't i mean you can't take a 50 trade five dollars commission buy and sell you would need to make 20 on a 50 trade just to break even so you have to be willing to take that level of risk why can't i make money with biden in office well that sounds like a you problem because i am making money with biden in office and i had a great year last year however it is true that the market is rolling over right now it's down 20 we had our worst six months in you know 50 years and i think that there's a lot that we would attribute to that attribute that too and certainly politics are a big part of it so you know i'm trading the best i can during this market but i think probably the next time we have a republican in office we'll see um we'll see markets a little bit better so let's see now back over on instagram jason asked a question earlier he said i'd like to hear you address sizing up and down both in bear markets and bull markets and what indicators give you confidence to size up in bear markets um or down in bull markets so thanks jason uh so for me in in a bull market when the overall market is strong that inherently gives you a certain degree of confidence right the overall market's strong so you figure okay this is a good time to be fairly aggressive in a bearish market getting confident in a bearish market is more difficult basically what you need to see is a stock really going crazy and then on that specific day i might start to get aggressive so if i see a stock go from you know two to four to six to eight as it goes from two to four it's up a hundred percent and i'm like okay this thing's moving if it doesn't fade right back to two or three and it actually looks like it's gonna keep going next leg up to five and six i'm gonna start to scale up goes to seven to eight i'm sized in because it's already shown me how much it wants to move and that'll be like a one day opportunity where i'll size up for that one day and then the next day i'll start slow again now if the next day we immediately see something start to squeeze i'll think about this as being sympathy momentum and i'll try to ride that momentum the same as i did on the previous day and usually we'll have these little kind of clusters of momentum where we'll have a couple of good really solid days sort of back to back to back to back and then it'll kind of cool off again which is typical that's bear market typical but in a bull market i mean i might be aggressive like that week after week after week after week because we just keep seeing these really big moves all right um so another question um what were the biggest flaws in your strategy and how long did it take you to correct them so i would say generally speaking one of the biggest flaws for me as a beginner trader uh was fear and trading fearfully so by that i mean that as soon as i would get in a trade i'd be nervous i'd be like oh god this could turn into a loser and i just want to get out like as quick as i could and if it would be green i'd be like thank god i'm out and i'd take the tiny profit and if it was red i might also bail on it really quickly but because i was selling my winners so fast my average winners were half the size of my average losers i was not letting my winners run i was cutting my losses pretty well but i wasn't getting the most i could out of winners and so one of the things that i did that really helped me was i changed my hotkey from selling full position to selling half position so when i had that instinct to bail out instead of selling the whole thing i was only selling half and that kept me in the game a little bit longer a little bit longer and so by doing that my profit loss ratio improved but even today my profit loss ratio is really only about one to one my average winners and losers are about the same i mean actually the average losers are a little bit bigger this year and that's partly because this has been a bit of a more difficult year but if you go back to you know i don't know 2016 here it's over 11 million dollars in gross profit and you can see my see that my profit loss ratio is about one to one 1600 average winner 1800 average loser it's a slightly negative profit loss ratio accuracy being 68 percent almost 69 is the reason that i've made 11 million even with a slightly negative profit loss ratio but i take the winners quick i still do and i think that that is the right approach but i just used to do it even um like even faster like too fast all right so um so good question there let's see um so another question here or two others how do you trade in a bear market like this uh do you short a lot so i i actually did a study session last week on trading in a bear market so i i don't i'm not gonna like that question was sort of the starting point for a 90-minute long two-hour long study session so i can expand on that a lot but in short to kind of rapid fire get through a bunch of questions here and give everyone i think the most value the way i trade in a bear market is by being very selective about what i'm willing to trade to try to maintain high levels of accuracy and avoid getting caught in choppiness in a hot market you can get away trading with trading b and c quality setups but you know in a cold market b and c quality setups you're just going to get smoked again and again and again so it's going to come back to focusing on highest quality and then jason had another question he said if you can pinpoint the factors and turning points from becoming a non-profitable trader to a profitable one and then likewise the factors from turning from going from profitable to extremely profitable so the first one of going from not profitable to profitable this one for me required hitting rock bottom i had to hit rock bottom and i've talked about this a million times but i hit rock bottom in the sense that i had taken the final loss of my trading account which put it below pdt level so i couldn't trade it without depositing more money i'd accumulated tens of thousands of dollars in credit card debt i didn't have any savings i had tried to take out a home equity loan it got denied because i had no income because i wasn't working and i got to a point where i basically had to say to myself either you start taking this seriously right now or you're done so what does start taking it seriously me it means being disciplined and you know i hate to say it but for my first two years of training i really wasn't very disciplined i was trading like i said before with a lot of fear uh greed fomo you know i would something would start squeezing i would get greedy and jump in you know too high or i would get in get out and then it would go higher and i'd get back in and then i'd lose and i had a hard time staying focused on what i really actually needed in order to pay my bills living in vermont in my 20s at that time a thousand dollars a week was more than enough that's 200 a day 250 a day 300 a day that should be a great day and i was having three four five thousand dollar days from time to time but then i'd have six and eight thousand dollar losing days i was going way too big so i had to kind of bring it way back down focus on basics and the only reason i did that was because i was at rock bottom and i felt like if i didn't i was going to be out of the market um so let's see and then yeah so uh answer that question um let's see i'll gladly provide proof of desired i have 96 win rate on paper 80 when rate on my actual account six month period my question is will you be my accountability buddy okay so i can be your accountability buddy to the extent that you can post every day if you'd like to in our community if you're a warrior member you can post on social media and do it in that way i'm not doing one-on-one mentoring and you know not many people will the fact is it's not really efficient use of of our time if you're someone that's really experienced in trading and you want to try to help other traders one-on-one you might be able to help 10 traders whereas if i can create more of a a learning path that requires you to be a self-starter that you can go through i can reach thousands of traders so that makes more sense uh and it you know it's interesting uh that you know you're having a hard time with the emotions um you know this is i mean i guess i say it's interesting it's it's not that surprising really it's the most common issue that people have uh you've got great metrics though you know 96 win rate on paper 80 win rate on the actual account but that doesn't speak to the profit loss ratio and there's a good chance that it's negative because of that emotional stuff so i can help share with you the strategies that i use to combat emotion in trading and i've gotten to a point where i mean i think there's room for improvement but i'm happy with where i'm at right now so another question from instagram when using your scanners do you stick with a particular setting or do you frequently adjust to the ever-changing market conditions good question i i have a set of scanners that i've used for a long time that i really don't change at all maybe once every couple months i'll make some very minor change but i don't change them much i don't really want to because they're i've used them for a long time i have confidence in them and if i start changing them then i might not have as much confidence because i'm a little confused by some of the alerts that it's giving me however what i'll sometimes do is i'll work on a separate scanner so i'll have a separate one for a certain market condition so if we're noticing for instance uh recent ipos are really really strong i may set up a scanner specifically for that setup or recent reverse splits are really strong or you know special acquisition companies i can set up scanners for those specific types of setups that we've been seeing a lot of and to use them for a period of time and then when they're not working anymore i just put them on the shelf and then come back down the road max says you trade with over 65 win rate what setup would you say trades above your average well you know that's interesting um i i feel like i probably trade at my highest accuracy in those first two hours of the day between eight and ten and then the same setups that i would trade between 8 and 10 trading them between 10 and 12 my accuracy will be lower so i think that actually if you focus on time more than setup that would probably be the better approach um anything i and i would only be guessing to say what my accuracy is on individual setups because i don't track that metric i did it at one point when i was still trying to figure out what sounds to focus on but but i don't do that at this point um let's see question about warrior pro uh what kind of pricing plans do you offer is there a way to do a monthly payment plan um i you guys of course watching this you could see the two specials that we've got going on right now for fourth of july we've got the warrior pro 40 off and the warrior starter 40 off i don't let's see um i don't recall with um i think you may be able to use paypal credit with the warrior pro one year and if you use paypal credit you could do monthly payments with paypal credit but um that would be the extent of it let's pause that again all right um how do i size into a position starter taking profits etc well you know it kind of depends in a colder market i'm not going to go in with like 50 75 000 000 share positions very often it's going to be a lot of 10 to 15 20 000 shares so in this market i might go in with a starter of eight to twelve thousand shares pretty much right away which is like half size of what is full and be up at full size very quickly and then take some profit off the table in a hotter market i would probably still start with that same 12 15 maybe 20 and then scale up but i'd have a lot more room to keep scaling as the stock keeps going higher because we're just in such a strong market that they keep going higher and higher and higher so uh yeah so scaling for me i'm going to be just more aggressive in a hotter market with going up to a full bigger full size and the colder market sizing a little bit more conservatively on total size but going in pretty quick with basically half or three-quarter size um kcs is a 5 or 10 um stop oh 5 stop ten percent limit a good rule of thumb for trading stocks with volatility um i mean well i don't usually think of it in terms of percentages to be honest in a three on a three dollar stock five percent stop is 15 cents 10 targets 30 cents so that could that could work um of course on a dollar eighty stock you know five percent is nine cents ten percent 18 cents i mean you know that that could work as well but you might not get a full 18 cents you might you don't always get a full 10 you know so 2.5 stop and a 5 target would be more conservative but probably higher accuracy in this market if i was going to be honest yeah um so yeah that's probably what i would do in this market in a hotter market i would probably set it further out though to take more profit or to take to try to hold for a bigger winner jason says um i follow the setup pattern but i only have 40 accuracy okay so i mean this very common so you're looking at you're looking at your accuracy you're only coming in at 40 so the fact is right now you're not good enough at picking the entry i mean it's a combination it could be that you are holding too long you're not selling pr quickly enough you know you could ask how many of those trades were you agreeing on before they went red in which case maybe you should go take profits faster but it sounds like that setup is not working really well for you maybe it's working well for others but the way you're approaching it isn't right you're not anticipating the entry you're getting in too late you're buying at the very very top and then getting caught in a pullback so you know this is why you trade in a simulator you got to keep practicing i can't say exactly what you should do because i don't know what setups you're trading and the details behind those metrics and what your profit loss ratio might be but it sounds i i think focusing on accuracy is a good place to be because usually profit loss ratio and consistency you don't follow that and then confidence follows that and you start scaling up so you gotta you gotta get dialed in and figure out why your accuracy is poor and might have a little bit of going back to the drawing board to do i know that 220 is your bread and butter however i'm not starting with small account i took your principles you've taught me about cutting losses let's see this is long i'm i'm not sure if there's a question here um let's see so okay um so this is on um applying them to large cap stocks so one of the things that's interesting with large cap stocks is that they don't always have very good liquidity and you might not you'd be like that doesn't make sense but a lot of them you know it's a stock like tesla you can't size up in a big way on that it moves so fast and the spreads are so big that just instantly you're down 1.50 a share and that's not just true of tesla i mean that's true a lot of large cap stocks are over 50 so in reality when i've tried trading them i have felt like i'm taking a lot of risk because of the spread and that to size up i'm getting a lot of slippage going in and if i have to bail out and hit the bit i get a ton of slippage on the exit now you also have to realize that with a lot of those um a lot of those large caps you are trading against some of the best high frequency trading algorithms in the world because those are stocks that they're going to be trading they're volatile they've got range i mean so you're competing against the best of the best there if you're doing well in the simulator part of that could be because you don't have liquidity you can't simulate liquidity issues in the simulator you just get filled instantly i would try it with real money with small size if you can scale it up you could do really well but i think each trade carries a bit more risk now going back to that previous question maybe you're still within two point five percent and five or ten percent but you're not going to get five and ten percent intraday moves on tesla generally speaking that's but you know your stops are still going to be pretty big so that's been hard for me you know it's been my experience and so that's that's kind of where i'm at on it what's considered a good average percentage on winners um if you mean average percentage of all trades then i would say anything above 50 60 60 and higher is good average percent to for your winners if you're talking about a percent of like you know my average winners are a three percent profit or a five percent profit that i actually don't know what my metrics are on that um but i would guess they're probably pretty low i mean they're just lots of small base hits so average winners might only be like three or four percent but you know you do that a thousand times and it adds up um okay so longer question here on youtube so thank you all thank you for all your efforts thank you okay um is there any calculation to figure out relative volume in a stock and yeah generally the calculation is the average volume over the last 14 days and then today's volume is relative to that so if your average is 100 000 shares over 14 days and today you're at a million shares you've got 10 to 1 relative volume when you buy stocks you focus on the one minute more five minute charts or all together i'm focusing generally on well so when i'm pulling up a chart i look at the daily i have to understand the daily and where we have nearby resistance i then look at the five minute and then i look at the one minute so i'm starting with big and then dialing down once i'm in the trade i may start to look at a 10 second chart or if i'm about to get into trade i may look at the 10 second chart look for that micro pullback but usually the 10 second chart it's actually a better sort of a teaching tool to show you what i was seeing that gave me the confidence to press the trigger when i did it because sometimes you'll just see like a green candle going straight up and you're like why'd you buy in the middle of that and i'm like well it hesitated for just a second so i need to show you the 10 second chart for that but really it's the one minute and the five minute where i'm basing my trades as long as we've got a good five minute a daily chart can you make a video for former stocks in which biases we keep them okay sorry um please make a video for former stocks and which biases we keep them with us under watching them and what signals do we file to keep watching these stocks so the wording on this is throwing me off a little bit um so i i don't really keep a list of former momentum stocks i have one mentally sort of an archive in my head of stocks i know i'm familiar with and when i see them hit my scanners i'm usually faster to pull them up and look at them because i know that they're a stock i've traded before but i don't have like 100 momo stocks that you know every morning i check to see how they're doing i really trade each day based on the whim of the market of what's hot and what's got news and what's moving and we do see that former momo stocks you know come back into focus it's very common we see that but i don't i'm not watching them on daily basis when you set the lines of resistance on and support you put one minute and five minute chart um so the way my charting platform works the line goes on the pla on the time frame you draw it on you can right click to apply it to all but it requires the right click to do that so i don't if it did it automatically that would be great because anything i'm drawing on the five minute is valid on the one minute or vice versa so it's helpful if you can see it on all time frames your signal is to buy a stock depending on resistance line so i like to look for the break and then the retest break a level retest it show it can hold it and then buy the dip off that retest for the next leg up how important is level two can i succeed without it there are traders who do succeed without it that's a fact so it's possible it depends on the way you trade the type of stocks you trade and sort of what your strategy is i i think generally most traders are going to be able to make better decisions because they're using level two uh yes they're going to be fake outs from time to time there is some degree still of order spoofing which is illegal but some people still do it um you know market maker manipulation stuff like that i mean some of that stuff does still exist uh it's pretty easy to visualize when it's happening but you can still get fooled by it um you know when you first when it first happens on a stock because you you know you train yourself to take those quotes seriously so uh but but in any case i do feel that it gives me an edge especially in fast-moving markets because the way i think tape reading is a good is one of my edges because it allows me to really visualize the strength and the rate of change and the momentum of a stock so i feel like i trade better with it next episode tire kickers um i don't know i'll you know it's it's a side project it's fun i like doing car videos uh when i have some time i do them and you know life has been busy so i haven't gotten to it in a while um but the cool thing about all the videos i've done is you know the video on 1961 volkswagen bus i mean that's a video that can be watched for forever it's it's like it's not like i'm doing a video on like a 2001 you know hyundai elantra or something like where people i mean i'm doing a video on a car that's kind of so uh legendary that people will keep watching it so even if i'm only adding a couple videos a year i try to focus on cars that are really rare and interesting and that people will keep watching and be interested in okay so michael when it comes to entries what are you focusing your attention on the most um well you know to be honest it is level two uh for determining exact entry and whether or not i'm gonna buy you know if i pull it up the chart could look great i pull it up and we have a 75 cent spread well that's not gonna work now you would have seen that on level one but you know you look at the level two you see that and i'm like no i'm not gonna buy that i can't trust it spreads too big so the chart can look great and then you look at the level two and then that gives you a big red flag so ultimately uh level two is where i make the final call but uh the chart is certainly important the one minute um do you think day traders should never average down on losing trades uh well i do average down on losing trades and i do it within reason i don't hold trades overnight you know i i don't do that but i have certainly traded my way out of a losing trade more times i could possibly count you know i buy a stock at 750 it flushes to seven i double at seven it pops back up to 725 on a dead cap bounce kind of thing i get outbreak even that's not uncommon um now if i was already in full size at 750 i'm not gonna be able to afford to add and i set hard limits on my account where i can't take more than a certain number of shares and i can't be down more than a certain amount of money so if i hit any of those levels i'm cut off immediately what'd you say yeah i put another one on for you yeah i did it did yup another one came on um so let's check on instagram for some questions thanks by the way for those tuning in um and if you guys enjoy this q a session you know hit the thumbs up throw some questions down below right now i'm catching up on a bunch of questions that people posted earlier um so thank you guys for for that uh people with specific questions about um you know the classes and things like that you can email team warriortrading.com and we're happy to answer those for you if you have a very specific question um so that's fine shoot us an email okay um let's see and i may do another qa session tomorrow depending on um what it seems like we get from feedback on this one today all right so let's go here all right so now that you've become a successful trader what are your goals for the rest of 22 2022 well so i i mean i'm at a point where i've been a successful trader for a long time so at this point i don't really like i don't really care that much about the rest of 22. like it's this this is like the next like you know half mile in a 50 mile marathon like i i don't care the rest of 22 could be gray or could be terrible and at the end of the day doesn't really matter that much it's just it's just one tiny leg in the marathon and the marathon is that this is my career and i'm going to be doing this for a long time i've been doing it for a long time i'm going to keep doing it for a long time so you know ultimately a sort of minimum goal for me is to be green each year uh i i don't want to have red years i don't mind having red months but i don't want to have red years so i do have to be a little bit more conservative you know maybe than some traders who are willing to kind of let it ride for big big wins but don't mind having a red year i want to be consistently green i try to keep the mindset of trading for income trading to pay my bills and living within a um living within my means of the income that i make as a trader so you know if i'm figuring i'm going to be making 30 to 50 000 a month fairly consistently but in a hot market anywhere from 100 to 200 000 a month you know that that's great right now i'm kind of settled into i'm averaging well i'm sitting at um we're six months into the year right now and i'm at 500 000 and in gross profit 500 and i don't know what it is but um so i'd like to get over a million dollars by the end of the year in gross profit maybe 1.2 or something like that that'd be nice and um you know that that would be fine so that's what i'm looking towards i'm obviously mindful and aware of the fact that we're certainly in a bear market so i'm adjusting my expectations based on that but i also know that when we bottom out and we start to rally off the low from the moment that we start rallying off the low it's like a bull market now the market may still be down 30 or 20 or 40 percent off the high but the second we start rallying we're stepping up we're gonna that is just as if it's a bull market so really it does it's not like it's not till we get back to all-time highs that i can start doing well um i'll i'll be doing well really well as soon as we start to bounce off the low which you know for all i know could be later this summer or in the fall but it could also be longer and i'm fine with it being longer because i have the long game view on this that right now if this ends up being a full year bear market or ends up that we do go into a recession and we're in a bear market for 18 24 months that's fine i don't i mean i really don't care i'll get through it am i going to make a little bit less money sure would i maybe prefer we're in a bear market or a bull market sure but if i make money in a bull market then either way there's going to be a bear market in the future so i'm kind of like let's just get it out of the way and then when we get on the other side and open up in the next bull market maybe we go for another 10 years in a bull market the way we did for you know 2010 to 2022 basically you know i mean so that's kind of my feeling on it um all right so where do i find the conviction to hold on to a trade and not just take the small winner assuming it meets all the criteria low float high relative volume gapping up good percentage news catalyst so i find a lot of time i let it work out oh i see you you let it work you're like i'm gonna let this thing work it looks good and the next thing you know you're getting stopped out man i know i i like have the same thing and then the one that you like take the profit off like immediately is the one that ends up going like three dollars a share and you feel like an idiot i know i know man like i do the same thing and here's my here's my opinion on it if it's really strong i'll get back in and i'll just keep hitting base hit after basis after base hit and if i can get myself up to 2 500 a day 5 000 a day 5 grand a day is a million dollars a year so my goal is sort of you know 5 grand a day average that's where i'd like to be at this year i've been averaging um 4 600 a day so i'm a little below that and that's in gross profit but you know not that far off of it so you know i'm i'm not trying to set outrageous goals i can hit 5 000 with like four or five good base hits of a thousand dollars each and that's kind of what i do so i'm trading in the home run for more chances at a good base hit and i'm okay with that and part of being in a bear market right now means being willing to walk away green earlier and just be like thank goodness i'm green i'm the guy in this market who's green should i day trade three times a week until i get over 25k or should i wait until i can put enough money together today trade freely you know what i would do if i were you alan is i would set up a cash account with td ameritrade maybe maybe td ameritrade for instance i don't know what how far below pdt you are if you're at like five grand or you're 15 or 18. if i was at 15 or 18 yeah maybe i would just trade three times a day and or three times a week and i would sort of plan to do that for like the next few months to try to get myself up to 25k because i'd be i'd be like i'm pretty close but if you're at like five or six or seven thousand you're a ways away so if i was in that place i'd probably set up a cash account and trade with half of it every day that way you can trade daily because experience is important if you just wait until you have enough money to be at 25k why why would you do that you're missing out on all the opportunity to gain experience between now and then you need that experience that's what's going to give you the confidence to trade well and you know so you got to be practicing so i would try set yourself up to practice more with small size more experience gains will be smaller but it keeps you in there um did you ever think you wouldn't be good enough or smart enough to be a successful trader yes uh in 2006 no 2007 um it's like 2007 maybe early 2008 i was living in new york city and actually um tried to apply for internships or like any job i could find at um like hedge funds and you know i i was finishing my college degree and i was focusing on architecture and you know that kind of stuff and i was also applying for internships with those places but i was like you know what i've been interested in the market since i was young let's i'm in new york city let's just give it a try like why not you know like hey maybe i get i'll do an unpaid internship i'll be someone's like coffee boy or whatever run and get coffee get my foot in the door and um none of the places call me back uh but one did and they were um they just asked me all these questions of like you know did you go to school for finance and the answer was no and you know do you have any experience in finance the answer was no and they were just like does your family have any experience like in other words who do you know and it was just like no no no no no so they're like yeah no so at that point i was like well i'm never gonna i'm i'm that was a that was a dream you know that maybe maybe someday i'd work on wall street and make money in the stock market but that's just not going to happen for me i'm i didn't you know it's too late i didn't go to school for that and you know blah blah blah so i just sort of assumed that that wasn't going to happen for me and i did the architecture stuff and then when i moved back up to vermont in uh 2009 or was around there 2000 yes 2009 and then i bought that farmhouse in 2010 at that point i kind of settled in that i was going to be living in vermont and that's when i started getting focused on trying to make money working from home and they didn't have only fans then so i had no choice but to day trade but you know being four foot 11 and with this physique i would have i mean i would have killed it i would have been number one on only fans obviously so anyways i i went with the available options at the time which day trading was seemed to be the most obvious um but also because my lens was like i was interested in the market still so that's what i did and um yeah then as i was learning i was like wow i'm i'm really not very good at this this is a lot harder than it looks but i saw other people that were succeeding at it and i realized that they're they're not like geniuses they just have learned it's like solving a rubik's cube or whatever like they they've just learned the trick to it and i think i can learn it too i just have to really set my mind to it and then you know i started making money but i also was losing money because i wasn't able to be disciplined and i was emotional and so it took me hitting rock bottom before i was like you know i'm never gonna really succeed at this unless i can be disciplined all right let's answer some questions from uh from youtube yeah i'm doing something still am i sitting on something just the chair you want me to get my butt up just to see okay i assure you that i'm not sitting on anything other than the chair see oh the drawing board it's right here there you go oops okay all right so let's see um oops so we have a question here from um neil one question is taking initial plunge and starting with 20 000 be enough to dip your feet in the water yeah it's more than enough you don't need that much really 27 000 just above pdt would be fine um what causes a halt to break prematurely become a false halt imbalance to the south side or by side so if a stock is halting up the bid people have to be bidding up yeah i will it's gonna start automatically people have to be bidding up above the halt price and if all of a sudden people stop bidding there because someone sells into them or people pull their bids then the bid drops below the halt threshold and it'll resume trading so a halt has to in order for a stock to be halted it has to be pinned above the threshold for 15 seconds and then it'll halt for five minutes uh zach's question i know high volume and look for an influx of green green on tape important level two um but what are things i should be agile and alert to while trading off the level two um so i mean candlestick formation is important you know if we have a big huge topping tail candle you know a few candles back that's that's going to be a potent that's a potential problem so you know we want to look at we want to look at candlesticks we want to look at volume bars if there's some big big selling that's something to be cautious of um you know high volume sell candles light volume buy candles that's a risk as well so there's those are a couple um all right let's see how do i improve my trading accuracy focus on equality setups focus on best quality setups keep doing that just keep focusing on best quality setups and you know if you end up doing that for a period of time and um you know you realize okay well i'm still not doing well enough then you have to go back to the drawing board you got to study a little bit more you got to figure out entries and you know how to anticipate entries and just study more and and look at what other people are doing you know i'm someone who is a profitable trader i'm obviously you guys know this uh i am putting out my blueprint literally my entire strategy and i do this of course for traders that are part of our community for warrior pro traders and warrior starter students as they go through that class so i'm putting my strategy out there that you can learn and it doesn't mean that you'll be able to trade it profitably but it to me makes more sense to learn something that someone else has proven is actually working than to just start from nothing at all you know i mean this is like think about like you know how to start a fire with like without a lighter you know with two pieces of wood if you study the way people do it um you know there's techniques that people have for starting fires and it probably makes sense to start with one of those techniques i mean you might i'll just rub two sticks together and you know that might work but you might also realize it's actually kind of tricky until you've got technique down so i actually took my first trade i took my first paper trade when i was um 13 years old so that was when i first started paper trading i kid you not 13 years old this was in 1998 1999 and some of the first stocks that we were trading this was part of a school program the teacher was really adamant about us learning about the financial market thank goodness and it was in the middle of the dotcom bubble and uh so you know apple was trading and like yahoo was trading i think and all these companies so anyways i trade a little bit then and then i traded uh with real money uh when i was 16 17 years old and then i started trading i took a a period of time off i was like okay this is like i wasn't able to make real money um and then i took some time off and i kind of missed a really good window in there from like 2004 to 2006 when the dot-com bubble had burst but we were rallying back up and then 2008 2009 market dropped and that's when i was getting back into the market getting focused and then 2010 11 12. we had that rally 13 14 15 16 and then 2017 was when i started my small account challenge which is i had already been trading and made money but i started that small count challenge in 17 and i'm still trading in that today uh best offshore broker um well most traders including me i have a account with cmeg it's where a lot of traders are are trading and it's good i like their platform it's you know you kind of work with what you have you don't have the you know deposit insurance the way you would with the u.s broker and stuff like that so you have to be a little bit more careful but that's the one that i've used and still have an account with um so question there from potter is this recession bear market still a good place for beginner to day day traders start so i would actually take the opinion that learning in a bear market is probably one of the best places to start because it's going to force you to be very disciplined and while you're starting you should be in a simulator anyways so practice in the simulator and then hopefully by the time you've put in six months or a year in the simulator we're getting close to the other side of the bear market and we're coming into a bull market which means you're getting ready to hit the ground in a bull market ready to run and you have a head start against people who come in a year and a half from now when the market's heating back up or whenever it is you know six months from now whenever it is when the market's heating back up and people come in well what they should do is trade a simulator for six months and listen you might not believe this but there are uh you know thousands of traders however many that blew up their accounts even trading long during a bull market without because they don't have discipline they didn't follow the rules of the strategy they were just you know shooting from the hip so you know if you make money in a bear market you're setting a really strong foundation all right um how do i analysis how do i fight analysis paralysis too many indicators right too many indicators on the chart conflicting signals i actually had a good meme for this um uh this was it right here uh this is how this is how it feels when you're day trading the red light green light red light green light red light green light i i was prepared for this question i knew this this kind of question would come so um yeah i mean i i don't disagree if you have that many indicators on your chart you're going to have conflicting signals going back to basics is important and for me basics is price action and how do you visualize price action you visualize it with candlesticks you visualize it with volume bars and you can use certain indicators to help provide context for price action like the volume weight average price moving averages macd is moving averages whether they're converging or diverging that can be helpful some people like rsi it's an oscillator so macd is also an oscillator goes up and down so some oscillators could be helpful sometimes they can get a little busy though stochastics one that's like really choppy you know so you you just don't want to overdo it because there there are good indicators out there but the fact is unless you use that indicator for every single trade it's not really valuable you have to use it for every single trade if you're only using it for a couple of trades then you're using it inconsistently so you need to be able to use it on every trade and by the way i'm mostly answering questions that people posted earlier um on the video i posted on youtube so i'm going through those first and um then what i'll probably do is um because i know i'm going to miss some questions that people have posted here on the on the live broadcast what i'll probably do is i'll post another video um maybe tomorrow and i'll let you know what time i'm going to go live and then you can queue up your questions ahead of time the the way these folks did uh fibonacci retracement i don't use fibonacci retracement would love for you to go over volume again getting hurt i'm concerned about being hard to fill 20 000 shares really depends um totally depends sometimes you can feel just like that other times you get a lot of slippage liquidity uh but also it's it's not just total volume i mean it's the it's the market makers and how much liquidity they're providing you know do you have sellers on the ask to accommodate the buying of that kind of quantity do you have buyers on the bid to you know support the selling of that kind of quantity and sometimes you do and sometimes you don't you can visualize it usually pretty well on the level too whether or not you have it what advice for um uh oh for taxes i well actually do use a big tax company but but i used a small tax company for forever and it's not complicated i mean so many people day trade short-term capital gains are are not complicated for them at all um i don't know what's going on here hang on one second um i gotta go in like 15 minutes by the way but i can come on tomorrow um if you guys uh if you want um for those that tuned in thank you for tuning in i hope you hit the thumbs up i do have links here showing the 40 off that we've got going on at warrior i just want to remind everyone that we've got this fourth of july sale going on right now so check it out if you want to check it out do it if you're not interested no worries but just so you know we've got this going on right now and it's going to end on well we've got we've got a timer here of when the sale will end so you've got like 48 hours it's going to end two days seven hours 55 hours okay um let's see so question over here uh on instagram let's see i remember in your videos on the level two you suggest we determined a valid entry point um my question is should the level two be used to determine where to exit to is that purely based on chart no i mean i i am still using level two for exits um i mean so the thing is when if i'm trading a stock and it goes up and then it hesitates a little bit we have a micro pullback if i'm already green i'll hold through the pullback i may even add there for the next leg up you know i'm thinking stock saying the scanners oh sorry stocks are hitting the scanners people are going to be buying it so you know i may still trade it and and and still be adding to it but at certain point if we're coming up to psychological resistance half dollar whole dollar or i'm already up quite a lot i may start to take a little profit off the table i don't really want to wait until you know the stock is no longer going up and it's actually starting to go back down to take anything off the table because then you're selling as it's dropping you know you'd rather take profit as it's still going up so i can get in take some profit off get back in take some profit off you know it kind of etc like that this one is on right now yeah this one's on yeah so um let's see thanks matthew for the question i hope that's helpful um um is there a way to know how many buyers and sellers there are in each candlestick um i think that there are some indicators that break the candlestick up to green volume and and by volume it's not it's showing this orders that went through on the ask versus the bed i don't know which platforms offer that let's talk about strategy adjustment in this bear market taking dips off support versus breakouts yeah dips off support are great um then adding into the breakout then profit through the breakout i mean all of this by the way i talked about during the um bear market strategy study session uh two weeks ago and i can host a um make a replay of that available for those that missed it i'll do that maybe next week or something do i miss trump i miss him a lot biden is destroying everything well he doesn't know how to ride a bicycle that's that's the first red flag but but at the same time riding a bike is hard so i don't want to give him too much of a hard time on that um i uh yeah i mean you know we had we had a nice run in the market during the trump era and i'll look forward to when things rally back up i i hope i mean we also had a good year last year though which was you know first year of democrats in office but i think that yeah i mean i'm it's to the extent that politics affects the financial markets it's it's valid topic but it's also um you know it's a can of worms it's a it's a big topic i trade equity not options simulator stats are good okay 53 win rate good profit loss ratio okay um um so i i would say mitch um you know tr starting it out with small size 50 25 50 shares you're going to learn a lot you're going to learn a lot you're going to realize that trading the simulator is helpful but real money is different and it's hard to simulate emotions so i personally would rather kind of you know cut my teeth on a small account where the stakes are a little lower you might blow up your first account and you're going to learn a lot from it so let it hap you know just go through that process and be prepared that you may have to refund it ultimately you're going to have a better commission rate if you're able to trade with a above pdt account especially in the u.s you know free commission brokers so just be aware of that um how long do bear markets typically last before we see change in sentiment so i think the average bear market drawdown is around 25 the market's already drawn down 20 so in terms of percentage loss off the top we're already mostly to the limit of a typical bear market but some are bigger than others 2008 we saw 50 down in 2001 with the dot-com bubble it was like 50 as well um of course the great depression was like 80 but you know that was that was very different and the great recession was also very different so i don't see the reasons right now that this is going to be as bad of a recession as the great recession this is not a financial crisis that i see it's not a crisis of the financial system it's not we don't have the same subprime housing loans that we had at that time so i think that um i think that the fed wants to i mean they're starting a recession they are trying to slow down the economy to stop and slow down inflation right the only way to slow down inflation is to increase interest rates and therefore decrease demand for certain things people aren't going to be buying the same price house or as many houses when interest rates are five percent versus when they're you know three percent two percent two and a half percent so increasing interest rates slows down demand if they could just instantly increase supply that'd be great but you can't do that you can't just instantly increase supply of homes so i think that they're going to increase the interest rate to slow down the economy bring down inflation and then you know it wouldn't surprise me and we'll see what happens but what wouldn't surprise me is that once we see it slow down if then they pull a different lever to try to stimulate the stock market and possibly stimulate the economy to sort of ramp back up you know there's big levers that they can pull both ways they're trying to slow down the market right now don't fight the fed they're trying to slow it down i mean they're not trying to slow down the stock market necessarily but they're slowing down the economy to you know cut off inflation so how long will this last um i think realistically we need to see some of the numbers on inflation turn around i mean that's what we need to see otherwise the fed's going to keep increasing interest rates and we're going to keep seeing the market pulling back and softening so you know that could happen sooner but it that may take it may take longer maybe by the end of the summer we'll see inflation softening given the cost of um of of oil and driving travel might be less this summer um you know it costs more travel places so might see slows slow down on some of those things but uh time will tell uh let's see how do i overcome a thing where i have a few good small green days and i have a big red day yup so that's the patterns a few small good green days and a huge red day so many of us have gone through that you know four steps forward then five steps back and that's part of learning that really is part of the process that's part of the journey i don't think that there's probably any traders that haven't gone through that who have eventually made it to the other side two steps forward four steps back in those steps forward you are proving that you know what you're doing in the steps back you may might be mismanaging risk you might be getting a little emotional and with experience you're going to get better at having those days be fewer and further between um i have done back testing and i don't really think it's super helpful because the problem with back testing is that you end up developing a strategy that succeeds with a certain set of back test data but then forward testing it and running it forward it doesn't perform well then six months later the back test for the last six months isn't good so you change it again you make it good to match the puzzle that it's fitting back into which is the old data so honestly the people that are able to back test strategies with confidence are like you know mit harvard graduates mathematicians people that are the best of the best working at these quant funds and you know they're they're way way way smarter than i'll ever be so i'm not going to fool myself into thinking that i could do that kind of trading let's see all right um so we'll do a couple more minutes here reduce slippage at minimum on your entries and exits you can reduce slippage through order routing if you're familiar with different order routing that's one of the ways that i reduce slippage um i'm not really sure on that question and the tape says 5x70 i haven't seen that a tape show that but i've seen that of course maybe on the level two 500 by 7000 um i'm not sure um tape reading uh if you check out some of the videos i've done on level two those get into a good amount of detail on that if i buy a stock and it fails immediately i usually just bail out i just cut it sometimes i'll average down if i'm immediately deep red just to catch a bounce coming back up off short covering but usually i would just try to cut it getting over hesitancy in a trade usually trading with smaller size makes it easier to pull the trigger as a beginner i get in the trade too soon when the market opens then i get out quick for fear that's emotional right that's emotional stuff so you've got to slow down often with smaller size you can reduce those emotional impulses how do i confirm micro pullback will make a new high if the stock is very strong we've got good volume profile the float and the price are right the daily charts good it's an obvious stock the first pullback will continue more often than not one of the biggest issues is that the stock's not obvious enough the pullback works because other traders are seeing it and they want to get in this stock that's why the pullback works so if other people aren't seeing it the pullback won't work well can you scan for gappers and think or swim i'm not sure i haven't tried trying to buy break of half dollar whole dollar what are warning signs that it won't break um if it's really extended on the five minute you could have a false breakout at that level um you know futures the thing is it's interesting there's just not as much interest in the futures market you're right that futures uh they don't have pdt rule but there just isn't enough interest we had a at one point we had a futures um chat room at warrior with a futures class and futures traders and didn't attract any interest and people just didn't care there was like you know just i don't know people aren't interested people don't care about corn and soybeans stuff like that don't care it's not as exciting when do you put down what do you put down for occupational job on applications um i mean it depends as a day trader you could put that you you'd probably put down self-employed um you could say retired depends on how old you are there's a lot of market makers um otherwise another one will come on in a second for small accounts with 2 000 four times margin is it better to trade with the available 10 000 or 8000 um so this is where this is risky stuff trading on leverage on borrowed money is risky so you've got to be very very quick and you've got to have the confidence that you know what you're doing as a beginner trader i don't know if that's a good idea you need to have a lot of historical data in sim and you should start with smaller size with real money and then once you've proven success then you'll probably want to start borrowing and using some of that leverage to trade with and i think that you'll know when the time is right but don't do that too soon when trading is critical to have level two i trade for a year without level two and went in the red well there's people that trade without level two and do well uh but um i use it and i find that it's important was the max potential of daily gain from day trading i mean my best day was 475 thousand dollars disclaimer my results are not typical trading is risky most being our traders lose money so uh there's no guarantee you'll find that type of success by any means but there's traders out there who have made over a million in one day so you know depends on a number of factors risk tolerance account size experience start in 2020 uh but i'd like to start day trading what would you suggest do first so you're welcome of course to join us if you'd like um technology i mean the basic is trading simulator to get started scanners so you find stocks or moving and some educational something educational so you know what you're doing so you have a strategy to work with some type of blueprint whether it's mine or someone else's but but something that you can base it this is how i'm going to approach the market and then track your metrics and see how you do and just commit yourself to doing it for a period of time it sounds easy it's easier said than done i understand how can you see if a stock is thickly or thinly traded um it's pretty easy it's just the number of buyers and sellers and the spread if you've got a one cent spread and 10 10 bids and 10 offers you've got a very thickly traded stock how large of a stop should i set when scalp trading having a tight stop doesn't allow my trade to breathe right that's true um you do want to give it enough room but at the same time the best trades work pretty much right away especially if you're scalp trading so you know 8 to 12 cents could be a reasonable stop if if you're not if that stops you out then your entry wasn't really the right one for that type of trade yes lightspeed's a good broker i'm happy with them um can anyone rely on trading to be profitable living career not anyone some people can most people can't does news truly have a big impact on the price action uh yes it's fundamental news but what often happens is you get exaggerated moves the upside and downside and then a bit of a correction before more of a trend takes place relative volume excuse me uh average relative volume so i think i answered this question a little bit earlier so i'll skip it in reality how can one start to live off day trading with zero in knowledge and funds you can't with zero in knowledge and zero in funds you can't period you need to start with probably knowledge first and then funds second but you cannot start day trading with zero money if you i mean you can't actually day trade you can't even most likely open a simulated trading account because simulated trading cost market data it so costs like 100 bucks a month if you use td ameritrade you get a free account but only if you deposit like 500 in first you can absorb knowledge fairly for free on youtube with the cost of an internet service on your phone or whatever so you could do that and that may be the best place to start why don't you accept outside capital so i don't run a fund um i don't i don't run a hedge fund i'm i'm just a trader with my own account and so i don't accept outside capital so i don't invest on other people for with other people's money all right so we got all the youtube questions done um there were some more jack on instagram i notice when you take a loss your losers are significantly smaller than your winners well you might think that but of course as it turns out based on my metrics my average losers are bigger than my average winners and it's because occasionally i do get caught with a