What's up everyone? All right? So in this episode, this is part of the Small Account Challenge series. I'm going to give you guys my small account pre-trading checklist. This is the checklist that you should go down every time before you start trading. Certainly the first time before you ever start trading a small account.

And and then each day as you sit down, it's a pre-trading checklist. So what I'm actually going to do is, I'm going to give this to you as a Pdf that you guys can download. You can keep it on your computer and you should print it out. Print it out, and you know, keep it next to your computer so you can look at it each day and just do that checklist.

It's kind of like a pre-trading checklist. Kind of like before. Um, you know, like taking off on an airplane or something like that. Like a pilot, you've got this checklist that you've got to go through.

I, I, I haven't. I'm not a pilot, so I'm just saying. Like, in theory, but maybe a pilot can comment down below what's on the checklist? I don't know. Uh, cross check? I'll call.

I've been on a plane enough to know a couple of the key phrases, so I'm in the know. All right. Um, let's get back on topic. So down below you click that link if you want to download my small account pre-trading checklist and what it's going to have is the eight items that are on the checklist that you need to be asking yourself before you start trading.

And it includes a print out. Well, it's a screen capture, but you should print it. Of nine of my favorite chart patterns, these are the nine chart patterns that I am most likely to be trading in the small account. These would be the patterns that I would say are a quality patterns.

However, remember, an A quality pattern is truly only a quality when it's occurring on the right type of stock. If you don't know about the right type of stock to trade, then you missed the workshop that I hosted Day Trading 101 and if you want to check that out, there'll be another link down the description so you can watch them. So let me break down for you. Uh, in summary, here in this video, the eight items on the pre-trading pre-trading checklist.

Okay, so number One and you might find this is kind of silly. Um, but Number One: did you eat well? Let's just sleep well. This is more important than you would think. So she's like, did you eat well? Hey, wait a second because no one's fed her breakfast yet.

So well Sleep well. It has such a profound impact on your ability not to be a profitable trader necessarily, but your ability to maintain discipline. Eating well and sleeping well doesn't make you profitable, but it makes you more likely to have the discipline to follow the rules of your strategy. If you get like two hours of sleep and then you sit down and start trading.

At that moment when you need discipline to help you, let's say you, you have a winner and then your second trade's a loser and you give back all your profit. Come here on that second trade. Your urge to now go back into the market and try to recoup those losses is going to be so strong. You're going to need that discipline to help you fight off that instinct, that impulse, that urge.

And if you didn't eat well and you didn't sleep well, you're gonna have a hard time in that moment when you need that discipline. So as part of my pre-training checklist every day, I ask myself, did you eat well and did you sleep well The answer is usually yes, and sometimes it's honestly no. You know I have two kids, I don't always sleep well. Um, I've got also got two dogs and you know what? This is crazy.

So June went outside this morning. She went outside for a walk, She came back in and she said dad, an animal just pooped all over my neck, pinned me down and pooped all over my neck and I said girl, it looks like you rolled in She said no dad, I swear to God I swear an animal pinned me down and pooped all over my neck. It was a dominance play. Well, the jury is still out on exactly what happened, but I came in a little frazzled this morning.

And so number one is, did you eat? well? Just sleep Well, Number two is, are you in a good mood? because if you've got a flat tire that morning, we're running to get coffee, or you have to give your dog a bath at seven in the morning? or whatever it is, you may already be starting to get a little wound up. And when you start getting wound up, you start getting angry. And it could be anything. I mean anything that makes you a little bit frustrated.

A little bit angry. That could be enough for you to all of a sudden have a shorter fuse. And if you've got a shorter fuse, when you're trying to trade, you're trying to stay focused. That's going to be a problem.

You're not going to be able in that moment when you need discipline to be able to have it. Number three, do you have a stock that you think looks good this morning based on your strategy. So for me, when we go through the classes warrior starter, Warrior Pro classes, chapter two of both of them is on stock selection. Finding strong stocks to trade.

What is a strong stock to trade? That's gonna be different depending on your strategy, You guys, many of you already know my strategy. It's a momentum strategy. So just on the surface, I'm looking for a stock that's gapping up at least 30 percent float, ideally less than 20 million shares, price between 5 and 15 kind of, you know, in that area. usually with some type of catalyst and a good daily chart, but you fill in the blank for what looks good for your strategy.

So do you have a stock this morning that looks good based on your based on your strategy? I hope the answer is yes. If the answer is no, then right away you know as you go through the pre-trained checklist that's like, you know, does the plane have fuel? No. Maybe we shouldn't even be. uh, taking off, right? It's not gonna happen.

Number four, What's the overall condition of the market for your strategy? Now we know that we have these sort of, you know, ebb and flow periods in the market where it can be really, really hot and then it can be really choppy, really cold, sort of bullish and bearish trends. So you have to be able to have that honest assessment how hot is the market right now. Is this a hot market? Is this the right market for me to be trading a small account strategy? Maybe it is. Maybe it's not, and if it's not, that's the time Then based on that answer to say okay today I need to reduce my share size because this isn't the hot market that warrants being really aggressive.

Um, number five, have you printed out a quality setups and have you pinned them next to your computer? Now if you print out this Pdf, you'll be able to do that because all of the my nine favorite patterns, the charts both of the illustrated chart and also of an actual example of a real stock are included. So you can print those out and you can have a page all over. You got one for the bull flag, one for the micro pullback, the red to green et cetera et cetera. So you have those nine setups that are what I think are the best quality setups.

Number Six have you printed out your metrics and your track record of trading in a simulator. This is important because having that track record and I like to have it as the equity curve. So just as a example, let's see. Um, Well I was.

I thought I had a pen around here. Here we go. So uh, I'm just going to draw this kind of equity curve like this. so I like to just have this kind of line.

Uh, there we go. this line chart of my equity because it reminds me even when I'm in these periods of a little bit of a draw down here or back here or back here, that this is where I've come from. And this is so important because as a beginner trader, you don't have uh, as a beginner trader trading for the first time. with real money, you don't have that track record of confidence.

Well, the track record produces confidence you don't have either. And both of those are so important. Because one of the things we talk about is how this first pullback right here the first time that you have a big loss is so scary as a beginner trader because you don't know if that's the beginning of the end, you don't know that you start to question, wow, was you know those last couple trades or couple weeks or whatever it was, was it? That's just good luck. You know.

Am I now back to facing the reality that maybe I'm not going to make money at this and it's really scary And so having that track record to say you know what? Okay, yes, I just had that red day, but I've got these last, you know, 10 days or whatever. and if I go back to doing what I did in those last 10 days, I will get out of this slump and I will be back on top. So if you haven't traded in the simulator and you're thinking about trading with real money, you're making a bad decision. And I say that honestly, as someone who has made that bad decision myself, don't do it.

Trade in a simulator, prove you can be profitable a simulator and then only then flip the switch to real money number seven. Are you willing to not take any trades if nothing looks good? Now we all get up in the morning we sit down here because we want to trade all right. But if nothing looks good, genuinely, the best trade is no Trade Number Eight. Are you restricting the number of trades you're going to take today? Yes or no.

But if yes to how many? So right now, because I'm doing the small account challenge, I'm restricting myself to one trade a day because my belief is one trade a day is the small account way and I'm gonna trademark that. So my feeling is that, um, one trade a day prevents me from falling into the emotional traps in the market. and there's a lot of them. And I know this from experience.

So if I take one trade and I go red, that's it. It is what it is. I'm red. I shut it down if I take one trade and I go green.

Great. If I take one trade and I make a teeny bit, it's not a big winner, not a big loser. Okay, it is what it is because one of the biggest traps is getting green and giving it back because then you strive, you try to make back what you just lost. So being super disciplined about one trade a day I think is really important when the account is small and inevitably as the account gets bigger, that one trade can be a bigger and bigger profit.

You know, one trade with let's say 100 shares 20 cents is only 20 bucks. That same share with a thousand. That same trade with a thousand shares is now 200 bucks. That same trade with 10 000 shares is 2 000.

So one trade a day can be scalable. I do think at a certain point, taking more than one trade a day makes sense for most traders, and so that may be where you say. Okay, I'm gonna restrict myself to two trades a day to three trades a day as the account grows. So those are the eight items on the pre-trading checklist and I want you to download it that way you can print it out, you can have it at your computer and you can look at it every morning before you start trading as a reminder that trading is risky.

I have to approach this in a really serious way. This is like it's like starting a business and I can't mess around. I've got to do the same thing every day. Consistency is so important and following the rules of the strategy are critical.

Now, this doesn't outline the strategy, this is just the rules of sort of your pre-trading checklist. The actual strategy has its own set of rules, so there's a lot to keep track of, But if you're up for the game, you know you want to make it happen. I'd love to help you as you are on the journey of learning about the financial markets and trying to gain some sense of literacy over this crazy thing of day trading. And then of course, uh, the rest of the pre-trading checklist pdf are my nine uh, chart examples so you may print those out and you may say you know what? I'm not gonna.

I'm not gonna trade the red to green move. I'm gonna take that one out. I'm not gonna use that one. I'm going to focus on maybe just these three and that's totally okay.

Focus on the ones that you feel resonate with you the most and that you can back up as ones that have worked for you based on trading a simulator. All right. So with that, I hope you guys really enjoy it. Check it out right down below if you want to register Today Trading 101 my workshop where I break down strong stocks trade.

Well, I'd love to have you do that as well. If you missed it, the link will also be in the description. All right. So with that, you guys can continue on the small account challenge and jump into day.

uh, what day is coming next day? Well, I don't know. Whatever. Whatever it is, I'll see you there. Okay, see ya! Hope you really enjoyed that video and make sure you hit the thumbs up and subscribe to the channel if you haven't already.

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