RED DAY RECAP transcript

all right everyone so we're going to go over the trades from today this is a red day so got a red day recap here uh you know red day on Tuesday kind of a bummer down, 15500 $1,536 67 which I would Define as a successful red day as per yesterday's upload if you guys didn't already watch it make sure you watch it what is so important is capping the downside so keeping these red days as small as possible because it is so much easier to bounce back from a small red day now you could see the three stocks I traded my Biggest Loser I'm down 1,700 on that one in one trade tomorrow I could easily make, 1500 or 2,000 and I've recouped today's entire red day the fact is today we just didn't have really strong momentum I was Green at one point uh I I started my first trade of the day was on edbl this was an early trade which I you know took a small position on didn't really resolve super well made $190 on it kind of a a silly little trade um but that was when it was uh popping up right here so it squeezed up it pulled back and as it came back up right here I took that trade on this green candle got a little profit but it just rejected so I was like all right that's not clean and then my next trade was on smfl smfl popped up at I don't know what time it was now um let's see it was at about 8 10 8 so it rips up here and I jumped on it in this candle and I was up 1,500 but look at this reversal I gave back profit off the top and then coming into the open I I tried to trade it here I took small trades here as it broke over this pivot I took some small trades in this area I took a trade for the break of seven but I just wasn't able to really get in the driver's seat on it and unfortunately my last trade on it was um this rejection right here at 7 I thought it was going to break through 715 uh but it rejected back down I took I took a loss on that so you know smfl without clear news without a clear Catalyst you know people are talking about on Twitter and social media but it just wasn't strong enough to hold up so I'm up $29 on it all right that's nothing to be excited about and Pie interestingly the only one with actual news today um but you know what this one was very choppy so here's what happened on p p pops up p and when I when I'm first pulling it up I'm looking at it and I'm thinking H you know I I don't my Sorry by the way my computer's been running a little slow today um so it first comes up and I'm like I don't know I'm not sure I'm not sure about it but it ends up squeezing from 550 to 6 to 650 to 7 750 and so I finally this is like ridiculous uh it so it finally you know it goes up here to eight and then oops it dips down and I'm like I'm going to buy the dip on this so I ended up buying the dip and it just I don't know what's going on my chart I'm just going to go here it just ends up doing like a full retracement so I bought the dip right here at around 785 thinking it was going to dip and then curl and I was in too early on this it just kept going lower I added more because I had a starter I added and it just I had to stop out so I lost $1,800 on that now as it came back up and broke over vwap I did make back about 500 uh on it and then just uh my final trade was when I got in right here for the Breakthrough 750 and I stopped out down here at like 720 and I was like you know what all right that's it guys I'm going to call it now a minute later it breaks and I and part of me wanted to trade that and I said you know what just leave it and I'm glad I left it because this is just too choppy so successful red days are important my p&l today you know I went from zero on the day to First up 190 then I was up 1,500 and I was like all right here we go starting to get in the zone and then pretty much immediately was back to break even on the day after p and then I was able to kind of crawl back to up 500 600 700 I even was back up over a th000 for like a minute and then I was up only 300 and then I was down 200 and then down 1,00 and 1500 so it just sort of unraveled pretty quickly and and you can see how this is now halted down so this would be no doubt an easy day to go deep red it was an easy day for me to be red it's a red day recap but a successful red day successful in the sense that I'm still green on the week I'm certainly still green on the month this is a day that I can recover very quickly I never increased my share size today you guys know I have a cap of 5,000 shares until I break over a th000 bucks even though I did break over a th000 it I was only above it for a moment and I didn't have the time to go change my setting and then next thing you know I was back below it and I was like well I'm not going to increase recent now so kept my share size moderate had I been trading today with you know 10 15,000 shares all of my losses would have been bigger now you might think my profits would be bigger too but that's can be a little bit of a um a false belief because the problem is if you buy a stock let's say you buy 2,000 shares at8 and you sell it at 820 you're up 400 bucks you took that same trade with 10,000 shares you probably wouldn't have gotten filled the whole thing at eight you might have gotten filled at like 805 and then when you go to sell at 8820 you probably wouldn't have filled the whole thing at 820 maybe you fill at 815 so your winners on big size are smaller but your losers are bigger so essentially when you're trading with big size you're getting a little bit of slippage on your entries and exits and that takes profit away so it's going to make your losers bigger it's going to make your winners smaller and if you're getting really big moves in the market you can you can trade through that and you can still do really well but when it starts to get colder and choppier you're going to find that your winners are getting smaller and smaller and smaller to the point where you're going to force yourself to size down because trading with big size doesn't work so today for instance if I had taken every trade with um 10,000 shares I'd actually probably be down more than 3,000 if I doubled my position on every trade today I'd probably be down more than double it would it would be sort of Amplified uh that's that's my guess on especially on a day like today where we didn't have really good staying power and if I'd only traded with 2500 shares I'd probably be down less than 700 I might only be down 500 you know if I had gone even smaller then I would have had that much less slippage because I I did have slippage um even at the 5,000 share level Unfortunately today it was just sort of the nature of the stocks that we were trading but if we step back and look at the big picture overall Market I mean leading gappers 42% It's got news but this one's halted down smfl no news you know and these ones aren't very big gaps so right now it's a choppy day and look I'm bummed about it just in the sense that I would rather if I could choose have a big green day I'd rather be at my $5,000 daily goal but that's not going to happen every single day you know that I do these Recaps every day so you could see you know really what it's like to be a Trader there's going to be winners there's going to be losers and those of you guys who can be really good at losing be a good loser that's going to go a long ways in your success because you've got to be able to take these days and stride lock it up walk away and not overstay your welcome so look tomorrow as always I'll be back at it my Hope For Tomorrow is that we have a better scan you know better stocks on the scan but we don't want to forget that tomorrow is not completely isolated from today tomorrow people will still be thinking about what happened today and those of you maybe went deep red today might be trading a little differently tomorrow right people who barely escaped loss will be a little more conservative tomorrow so even if we see something that has great news it may not respond as well as during a market cycle when the momentum is really strong when the momentum is really strong people start getting more and more aggressive they start feeling really confident and that can create this positive feedback loop where the moves get bigger and bigger and bigger and bigger and bigger until we have a shift shift in momentum so right now we're kind of on the the back side of the last wave the momentum's kind of you know easing off but I'm still trying to keep my head above water if I can't be green every single day can I at least try to finish the week green can I be consistent like one level higher it's very easy as traders to get so fixated like you know like Tunnel Vision on today has to be green but no single day should have the power to make or break your year your career or your month so individual days don't matter at all what matters is long term are you consistent if you're running a marathon it's not the individual steps it's not the individual you know quarter of a mile it's the totality of the race can you m can you pace yourself can you maintain discipline can you grind it out can you keep your your your head on your shoulders can you stay focused and if you can you will come out on top you cannot it's not worth riding the emotional roller coaster of getting so frustrated on red days that you're going to break your computer in half and then so elated on a green day that you're going to go out and you know buy champagne and celebrate and just go crazy don't ride that roller coaster I don't do anything special on a day where I double my daily goal and I don't beat I try not to beat myself up on days where I'm red now that's if I can fully Embrace having successful red days if I overstay my welcome if I really break all of my rules then that's different today is not going to go down as a day where I gave into emotional hijack it doesn't even really feel like a day where my emotions are particularly High did I was I up 1500 and I'm down 1500 now yeah is there is there a little emotion there certainly but to be honest an hour from now it's going to be like water under the bridge that's the place you want to get to in your own trading now it took it's taken me a long time to get to where I'm at this state of mind that I'm in right now is a temporary state of mind because six weeks from now a month from now I could for a set of different reasons maybe you know having a bad day or have had a couple big losses I could get very frustrated very emotionally activated and have a very different reaction to being down 1500 so you have to be constantly exercising this muscle of being mindful of the way you're acting the way you're behaving the way you're feeling mindful of the state of the market how it's your strategy is performing and you know kind of in touch with the big picture how important is today is today and today for for what it's worth pretty much it was pretty early on that I realized today had really no chance of being a big green day now if it doesn't have any chance of being a big green day every day kind of carries the risk of being a big red day if you're going to be honest because if you mismanage risk it could happen so once I knew the Big Green Day potential was gone then again it was like okay today's not the day to size up today's not the day to be more aggressive right now I just got to try to avoid disaster and you know finish the day in one piece and more or less I have again would have been nice if ID stopped maybe when I went back to break even for a second time but I set my loss today at minus a th000 and I said if I go down more than a thousand I'm going to walk away and I went down more than a thousand and I'm walking away and I'm going to follow what I said that's discipline I'm trying to lead by example now by the way for those of you guys um who are not already members at Warrior trading I don't know if you know this um but it is actually our anniversary uh it was in 2014 10 years ago that I opened uh the doors of warrior trading um I I had opened in 2012 for maybe like a month and then I I closed I was like I don't know um but anyways so I opened it back up in uh 2014 as a as a chat room and in 2014 is when I taught the first version of the warrior starter and the warrior Pro curriculum which are now our Flagship course courses and then 2015 I wrote the first version of my book had a day trade this um newest version is actually completely different than the first version uh so I same similar title but any in any case um so we like to do a little celebration around the time of our anniversary and so we've got a special sale going on right now so I encourage you to come and check it out we've got um the monthly subscription on day trade Dash $197 a month this gives you access to my scanners my Arts my news feed uh but it does not include my live audio video broadcast it's just the tools which a lot of people like and you know they're great we've set this up really nicely for trading we've got ultra low latency stream servers for streaming but also for um for the charts charts are very very quick we filter out ADN orders so your charts are clean you're not going to have those big candle wicks that a lot of other providers have because they leave the ADF and ORD in we've got the 10-second charts here so anyways you could do day trade Dash or you could do either the warrior starter or the warrior Pro bundle uh the 30-day bundle for the starter includes my uh day trading the basics course it's a 15 chapter course about 18 hours of content and that's going to walk you through the foundation the fundamentals of trading and the strategy that I trade every single day this 30 days will also include access to all of our tools for 30 days the 90-day bundle includes access to all of our tools for 90 days including my broadcast you have to be a member of the curriculum the educational courses to have access to my broadcast so um my broadcast really is sort of like classroom in session every single day where you guys are listening over my shoulder watching over my shoulder and you're you're getting that sort of first Bas coach walking you through examples of everything we talk about in the classes the reason I don't give people access to my stream who are not in the classes is because invariably you're you're not going to be equipped to make the most of the broadcast because you're not going to understand the things I'm talking about because you haven't gone through the the curriculum all right so anyways check it out if you'd like day trade Dash Warrior starter Warrior Pro these are all special discount prices that we're offering right now for our anniversary sale all right so um and I hope th those of you guys who have enjoyed this uh recap hit that Thumbs Up And subscribe to the channel I'll remind you as always my results aren't typical although today is a red day uh this has been a terrific month here and I'm feeling really good about my dedication to be uh more disciplined and something I said at the beginning of the month was that um I would be testing a couple of strategies this month for trying to be a more disciplined Trader and um I've talked about these quite a bit with my warrior Pro members but um I've been I've been in a nice routine here trying to be very focused and uh and the results it seems to be paying off so I'm going to stick with that and those you guys who are tuned in every day will be able to continue to benefit from that okay so thanks again for tuning in and I'll see you back at it first thing tomorrow morning