All right today. we're going to be talking about position sizing matters more than you know and we're going to get a lot into trade journals and trade tracking in this video. So be sure to like subscribe and ring that Bell to be notified. As soon as we drop a new video, we talk about risk management. We talk about live trading. We talk about recapping trades. you know we do multi-part historical videos. Got a bunch of amazing stuff on the channel. subscribe and ring that Bell to be notified as soon as we drop. So listen, a lot of this is going to be about a trade. Journal One thing I want you to do is also check out stocks to Trade Live. So stocks trade live four times a day every single day and then even on weekends. We usually do one session on Saturday and one session on Sunday And the reason I want you to know that is, click that link 100 free 100 live and especially on that Saturday Workshop So I call it the Saturday Weekend Warrior Workshop All of the webinars are great. Join them with time. that works for you. Different, you know I'm on them Matt Monaco's on them Rob Bookers on them. different presenters, different approaches, but particularly on that Saturday One we get very in depth from what I'm going to talk about right now. and that's that trade. Journal So every day or every week on that weekend Warrior Workshop I Give out a copy of the trade Journal It breaks all these things out. It's nicely formatted PDF it's actually set up. Uh, basically you've got three trades per page. I print it double-sided for me and then three ring binder. Very friendly. So you can punch those three ring binder, track all this data, and then I am kind of an old school tactile dork. Okay, but then I put the tabs. you know your tab markers in your three ring. Banger and I divide by day, month or day week, month, and then year. Typically one binder is about a quarter. There's about, so not a full year I guess. But about three months per binder and then what I can do is go back and review all this data, see what's working, and what isn't. So what do we want to track? We want to track a position size. Okay, that's the name of this video. The biggest reason we want to track position size is especially as a new Trader a big mistake. And let me know in the comments. if you made this mistake, uh, too big a size and you get too emotionally attached and what happens when you have too big a size, you see any green. Okay, you're up 50 bucks and you just take that profit because you know you got too big a size, then vice versa. And this is what being sized too big creates. That trade goes against you. Now it's a losing trade. Now you got too big a size, you're emotionally attached, and you won't stop out where you said you would. So say you buy in some two dollar High a day break. You said you were going to risk V-wap at a buck 75 you got 3 000 shares instead of a thousand shares. It falls back through a buck 75. You get emotional and you don't take the stop. That's where position sizing could bite against you. biggest thing to do is keep that consistent position side as add to Winners and then cut your losers. Now it's tough under the PDT I get that people are like oh you know I don't like that. but I mean if you take that same trade with 500 shares on the two break, add 500 at 210, add another 500 at 225. you get the you catch the meat of the move. but you're averaging into a winner and then never average to a loser. Okay because what you do averaging to a loser is breaking your risk management. It's breaking your discipline and it's just magnet to find your losses. Where if you take that 500 share drops to 175 hits. View App you move on. What is that? 500 shares, 75 bucks or whatever. 100 bucks. Okay, so small loss, small but acceptable loss and you can move on from that. Um, next thing I Want you to track is obviously your entry where you entered the stock and then I want you to write down before you enter the trade what your goal is as well as your stop loss. Okay, and then as you follow through with that journal I want you to write down where you actually exited? Okay, Did you take profits where you said you would or did you overstay give back profits? Did you stop out where you said you would? Did you take profits before the stock even hit your move? I Mean I Know it sounds crazy, but a lot of people will take these plays. It's gradually up trending, they get panicky, they get worried, they take small profits, and then the trade plan works out okay. happens a lot more than you think and can be very frustrating, so it forces you to stick to that plan. Next thing you know is obviously the date. Okay, we want to track the date so we can go back and look at historical data. That way we can match up our entry to the chart and see what the stock did the next day the previous day weeks after. Etc Um, symbol. Obviously you can write the ticker price and then we're gonna break down that execution and that execution is the entry. Did you stick to your entry? Did you chase? Okay, Did you get busy at work? Take a phone call said you were gonna buy it 225. You come back to your desk. Stocks at 275 you still buy, then you get bagged when it pulls back and you're like, oh, I broke that rule. Okay, so did you stick to the original plan? Yes or no? Um, and then the best way. What you can do is every single day and every week and every month. What you're going to do is you're going to take all this data you're going to. Oh, you're gonna name your setups. By the way, that's one thing I Forgot I Want you to name your setups Okay. Is it a dip and rip? Is it a view app? Hold: Is it a first green candle? Is it a V-wap balance? Okay. name your setups and track your setups. Then each day we're going to review that journal and we're going to isolate things that did and didn't work Okay. And I So many people make this mistake. So many people say they'll do it mentally. You can't You literally cannot do it mentally. You will forget things. Please write this stuff down. Please track it. What you're trying to do is isolate small differences. Okay. I Use a lot of sports analogies with trading. I Think there's so many things that are similar. Okay, and it's just like you know that that hitting a base hit versus a grounder to the pitcher I mean it's just minuscule. things. Okay making free throws, making you know completing the pass on the football, you're just making minor tweaks that can make significant difference. And if you're not tracking that data and then reviewing it I Know a lot of people who take the first step. They write the stuff down. they Journal but then they don't go back and review it. and I know it's boring and I know it sounds dry. but do you want to be successful or do you want to be in the 90 to fail? Okay, one of the biggest reasons 90 fail at trading is they're not going the extra mile. They're not watching film at night like you know, like a professional quarterback does. They're not hitting the weight room early. They're not dialing in their nutrition. You know, there's a lot of first round draft pick quarterbacks that watch out. never succeed. People look at them and they're like, oh, this guy was an amazing physical specimen. What happened? You know what he was doing at night. He was probably down at the strip club. Okay, he's probably sleeping in. He's probably worried about the cars he's buying. He's worried about all this stuff. and next thing you know, he washes out and you never hear from him again. But then you got another quarterback that's been around for 20 years. You know why and when he was drafted. Tom Brady Great example. Everybody's like this guy's nothing but. what's he doing 20 plus years later? you know, doing that work outside of just the buy-in and the selling. Okay, the money is made outside the buying and selling. It's really in the preparation, the review, and finding small but little things that you can tweak and improve. Listen, a lot of people think ones a lot of people will think one setup is their core set up. They do all this work, they find out it's working worse than another setup and I know you might be like whatever I would know. It's so hard, especially for those of you that are part-time Okay, I got the time to kind of sit there midday and think about what happened. Kind of go over it. But if you're trading in a flurry in the morning, then you're at the day job during the day, then you gotta rush home at night. You're gonna miss a lot of stuff and and you don't need to track that data, Review that data and take advantage of it. Okay, join me on Stocks Trade Live Me: Rob Booker Matt Monaco Live four times a day we go over this type of stuff. We go over the plays of the day, we go over the setups, we break down the stocks, trade software, We do it all. even on weekends. Check out Stocks of Trade Live.