I had a regrettable performance today transcript

what's up everyone all right so uh number one forgive me for my voice I am under the weather number two today is a Max lost red day a regrettable performance on my part uh you know what my trading uh is suffering a little bit right now from I think me being under the weather not sleeping well and I had a short fuse today I had a short fuse I went red uh I bounced back into the green and then I got really frustrated got stuck in a halt down and flipped back to red and then I had some meetings and I went in I was in these meetings and while I was in these meetings I was kind of keeping an eye on charts on the side and I ended up taking a couple of Trades while I was in the meeting which is always a a really silly thing to do because my focus is like 5050 you know I I'm not going to do well in focusing on what I'm supposed to be focusing on in the meeting I'm not going to do as well on my trade cuz I'm can't focus all my attention on it and so it's not surprising that I lost and I feel frustrated because today was totally avoidable 100% avoidable if I had just had the willpower to walk away and I got frustrated I dug my heels in and I decided to light $10,000 on fire basically so I'm down 10 grand today it's my Max loss uh below my Max loss 9,200 whatever I'm rounding up doesn't matter uh but you can see I'm I'm green on one stock basically a second one small green and then I'm pretty deep red on three stocks I mean this is like you know I'm going to be critical on myself today um just so bear with me for a second uh but this is garbage this is just stupid so umac was the first stock I traded today uh sat down early around 6:30 in the morning I saw that uh leading gapper was uh Pik and you know this is always really tough when this happens the stock squeezed from $4 up to 20 just about pre-market at about 5:15 a.m. so of course I missed it right we all missed it nobody traded this I mean obviously some people did but most people missed it now uh it's actually the only stock I'm green on but and maybe there's a lesson in that because it was probably the leading gapper and Gainer today but uh in any case we'll get back to that in a second so I sit down I see Pik was up a lot at 6:30 but it had already pulled back so I was like the you know I don't know if I'm going to be able to trade this you know probably not but we'll see and then the second leading gapper was um umac umac and it was up like over 100% And I was like wow okay this thing is recent IPO right so that's kind of juice Factor there recent IPOs we know that these could be really strong uh so I was like okay this this is one I should pay attention to uh I pull up the chart I'm looking at it and it ended up squeezing all the way up to $8 it then pulls back as you could see right here um kind of drops back down but it starts to curl back up right in this area uh so it's like right in here it starts to sort of curl back up and I bought um 3,000 shares right here for the break of six and man there was a hidden seller at six and Not only was there a hidden seller at six there wasn't they weren't displaying size it was just like 100 shares on the ask but wasn't breaking there was also a big buyer on the bid at I don't know it was like 550 570 it's like 15,000 shares and that order got yanked stock drops and it drops hard all the way down to five dollar a share so end up losing 900 bucks not a bad loss All Things Considered but started the first trade of the day in the red so that that's not fun second trade of the day was on Pik and that was a few minutes later uh as it broke or a little after 8:00 a.m.

I think I think it was um I'll pull the chart up by the way my internet has been tough today those of you guys in the Northeast it's been crazy windy so it's like 50 mph gust which is windy for us so my internet keeps um flickering in and out I have my my Starling satellite back up but I don't really like switching to it if I can help it so uh I'll see if I can pull up another chart in the meantime so anyways so so Pik um at around 8 a.m. it squeezes up from about 978 to 10 to 11 and 12 Taps 12 and on that squeeze that nice little move I made about 35 actually I was up 4,000 on it I gave back 500 off the top but 3500 was my total profit on um on Pik which you know at the time I was like this is it's good right I can't complain it's good so that gave me a swing from being down 1,000 to up 2500 and and then you know it was 8:00 a.m. was waiting for news something to pop up we weren't getting any news then I was waiting for um you know I was waiting I just kind of waiting I was like all right what are we going to get what are we going to get next uh are we going to get uh some hit the momentum scanner some start pulling away and it was just like nothing nothing nothing 8 8:30 9 9:30 coming in the open there's nothing so this was disappointing we didn't really have an obvious stock Pik was the most obvious but you know as I as I said I mean this thing sold off all day long and it just wasn't um you know it wasn't strong as a gapper it was already on the back side of the move so my trade on it that I made some money on was right in here uh this my my mouse is going to drive me insane I've got a I've got a short fuse today don't don't step in my way today you're GNA get run over um so anyways even my mouse is about to lose its head so uh yeah so anyways that was the where I I had a nice little trade again it's stupid it's not really even that great a trade so then my next trade um was meds all right meds now here's the thing that drove me nuts about meds I had it on my watch list on Friday uh as you might recall I was watching it over $20 it ends up going but it was light volume did make money on it this morning had it on my watch list 28 I was like I like it it goes up to 30 34 it squeezes up and you know I'm like gosh darn it now it's at 40 bucks so I end up taking a trade on it up here at $40 a share now I only bought 250 shares I went uh actually no I started with 250 shares I think I scaled in a little bit more than that but nonetheless I took a relatively small position and then you know that was on this dip right here it goes into a halt up and I held the I held into a halt up I was like all right here we go halt up good it resumes and instantly hals down boom gone money's gone it opens lower it pops back up I I took the loss on it so $3600 loss or 3,400 on meds and that gave me the swing from up 2500 back to down a th000 and I should have walked away I should have walked away I'm so stupid I should have walked away right then and there and I just was like you know what I'd like to ruin my day completely so I kept trading uh and well I I didn't trade for a while and then I I then I broke the ice and started trading again when I was in this stupid meeting so the next trade I took was on STI the stock STI ends up uh squeezing up and this thing was uh really I mean it it wasn't super clean um even though it made a move up to three it was it was choppy so I took my first trade on it um right in here of course FAL sprad breakout bought here for the break over the high false breakout boom it's down of course right and then schmuck that I am I did it again right here so stupid so I lost three grand uh no uh what was it sorry um STI I lost 464 on this one was not too bad it's not too bad um but it's still annoying so lost once lost twice so you know fool me once fool me twice then after STI uh after that I took that trade on sex so sex hits the scanners and um I saw it squeezing up and I looked at the daily chart and I was like okay floats a little higher than I'd like but it's a recent IPO and it's starting to squeeze high volume which is all true but here here's the problem at this point I think the momentum had shifted for the day you know the Bears were out the Bulls were hiding and I was still out there getting beaten up so I bought um let's see I mean again it's like every micro pullback you look at I bought right here micro pullback I got 10,000 shares of this it goes up to 68 and then it drops here down to 30 so lost three grand on that so now I'm down you know 4,500 on the day and uh uh encp this one hits the scanners very light volume I got a partial fill so really didn't make any serious money on it the problem with um with some of these stocks on light volume is that you're getting these ridiculous moves but there's not volume to sustain the move so you know the U encp or whatever it was it went from 9 to 10 to 11 to 12 at one point it show it's like 17 18 like a $39 resumption but it couldn't hold those levels you know and then it just reverses all the way back down so I saw some people made some money on it but when I was looking at it it had like 25,000 shares of volume and I was like I can't trade that here now I will say that in the morning if a stock comes out with breaking news and has light volume I'll trade it because the news is just fresh but when a stock has no volume but it's just sort of creeping slowly I feel like never make money on those and that's exactly what happened on meds it's exactly what happened on encp it's exactly what ended up happening on the stock I lost the most on which ended up being um XP DP uh but this was the move on encp right I mean this is this is just it's stupid so didn't get buried on this one or lose big on it but just stupid rejects back down no surprise now XP DB this one's a little different so this one um spack right Spa merger and to be honest um the patterns that I traded on it were were pretty good I think my profits don't reflect that and my risk management wasn't good today I was being too stubborn but my first trade on it um I bought this dip down here with I don't know it's like 250 shares so the only problem with this um I bought actually 500 and then it drops all the way down here to a low of $256 I was down two points on the 500 I was down another th000 and I added another 500 shares then it curls up here and halts up and I was like that was a close call I'm going to sell it so I got out was up 1,700 bucks it's pretty good almost $2 a share it opens higher it pulls back it goes up to a halt I was like man this thing is strong goes higher pulls back goes all the way up to $48 I was like geez Louise it drops down and down here I tried to add I didn't get filled so I was a little annoyed it comes back up here and I added 1 th000 shares and then it comes up to 48 and I add another th now I've got 2,000 shares I was like I'm looking for this thing to squeeze through the high and to be honest on another day that might have worked it was not a bad pack patter I could have seen this going to 5565 $75 a share but then on this candle here it drops from 48 down to 41 I mean you know six points in one candle and with 2,000 shares I lost $7,500 on that trade right there and and that's that was the swing you know I was down I think 2500 on the day around that um when I was taking you know I was down 2500 on the day after my winner here and then when I took the $7,500 loss just like that I'm down 10 grand so now I'm below my $5,000 Max loss and I was like all right you know what and I I just I was I just felt stupid you know I just felt like this was this $99,000 that was just really unnecessary I mean the writing was on the wall early my first trade was a loss second trade yeah okay it was green but you know then meds was stupid because it wasn't an obvious stock that's the problem not obvious well sorry no umac was obvious at the time that one that one so that one that loss is okay but SLX was not obvious meds was not obvious XP D DB I mean it was obvious relative to that time of day it was the only thing moving but it's just not the right stock to be trading too expensive it's just this was just sloppy and look you know what even after years of experience this can happen and it actually is more likely to happen to a Trader who's generally successful cuz you get a little complacent you know you're like oh no I'm doing fine I'll I'll trade my way out of this thing or you know what I'll just add another thousand shares I'll average down that's fine so it's easy to get a little sloppy when you've had a nice hot streak and that's what usually they can end with the big red day because you dig your heels in you get stubborn and then it starts to snowball and it gets worse and worse and worse until you capitulate now here's something that I do my account at the beginning of the year had1 16 $1,000 in it right now it's it's a little under 300,000 but it's I've more than doubled the account already this year uh but I don't have the buying power in my account right now to go take 10,000 shares of a position on something like XP deep B and that's a good thing as long as I've been trading I still don't trust myself to leave millions of dollars in my account because I know if I wanted to just keep pressing the buy button on something like this I get stubborn I dig my heels in I'm just going to average down average down next thing you know you could be talking about a six-figure loss real quick and I've seen it happen other Traders so I learned this by seeing it happen to other Traders you know they'd make a lot of money and then they just get bigger and bigger and bigger and then huge blowup so I you know I I've had a couple of those myself that were that were six figureure losses I've had few you know and i' I'm still net well over 10 million so it's like it's it's okay but I've had some close calls myself so what I do is I take the money out of this account and I put it into the market long term and I don't even look at that account I haven't I haven't looked at the balance on that account I mean I know how much I put in but I haven't checked the balance of like where the positions are in over was probably since the end of last year I just don't look first of all as you may know I'm trading in a Roth IRA which means I can't take the money out until I'm 59 and a half years old so I it I obviously I don't want the money to go to zero but I've put it in places where I feel confident that that's not going to happen so I just don't look at it I don't think about it and in fact last year I made more money on my long-term account than I made day trading and I said in my warrior Pro classes I said the ultimate goal with day trading is that if you fund a Roth IRA with a $6,000 initial contribution which is the max you can contribute in one year you do that 2 years 3 years you fund 12,000 maybe $18,000 you start day trading it you quickly grow that account up to $50,000 $100,000 200,000 500,000 now that let's say you get to a million dollars you take that full million you put it into the market you don't touch it for 20 years all right you let that thing just grow a million dollars growing over the course of 20 years that's that's compound interest you just let that thing grow now now in the meantime you keep focusing on day trading you keep focusing on making your $200 your you know $500 a day maybe a th000 a day whatever you get to you keep your head down you focus there and all that excess profit you just put it away you put it away you put it away you are doing yourself a huge favor and you will get to a point where you're making far more on interest from your long term than you could possibly even make day trading because you can only buy so many shares day trading but on a good day in the market you get 6 million $8 million $10 million account you know now you're talking about a good year the account might be up $1.5 million right now listen you can make some good money day trading a lot of people do but it sure is nice if you can have something on the side that's bringing in some money uh you know well it's like work your money is working for for you literally I mean I guess it's not literally but you know your money is working for you that's the expression and you can do other things with Roth IRAs you can buy real estate you know you don't have to put it all in the market you could do other things with it but um it's it's to what you prefer so anyways um so I say that because today just a day where you know and I had a day like this last week too um you know where I got a little sloppy I took too much size and I you know I almost had a big well you know $20,000 loss last week uh so you know that caught up to me here today $10,000 loss uh the thing is every day in the last8 weeks or so there have been enough opportunities later in the day to recoup losses and was like I'm only down you know 900 bucks I I know I can recoup this loss and finish the day green not that being down 900 even mattered so I multiplied that loss by 10 and this is the point where I'm just saying I'm capitulating I'm giving up I'm walking away I I submit all right I today it's not going to happen for me I give up I'm going to stop throwing away money now for me the line was here for someone else it might be you know at 30,000 50,000 for someone else it's at 100 bucks 200 bucks we all have a line uh but but the problem is once you become emotionally compromised and I became emotionally compromised very early today I got frustrated on that trade on meds I was just like you know son of a gun unbelievable I goes 10 points up from my watch list and I lose on it and then you know from that point I just and and it was worse that I had meetings here because I was in front of my computer you know if I had a meeting like I don't know if I had a doctor's appointment or something I had to leave I would have been out of my office but because I was here in front of my computer I just listen I'm not blaming anyone it's 100% my own fault but this is just part of trading so I guess um since I'm going to beat myself up today um you know it's uh you just have to bear with me here because I'm this is just the mood that I'm in right now but um so I guess this is where I've been in the last 30 days so you know $149,000 so now I'm I gave back nine of it I'm at14 4 140 what am I going to do with 140,000 it's unbelievable you know 149 that's something feel good about 140 you might as well just give up right here you're pathetic all right maybe that's going going too far 140 is still good so it's going to be a little blip um I've got a ascending support line that we're going to be coming up on here real quick and it'll hold I would buy I if I if I were you I'd buy this dip because we're going to be heading back up it's going to take probably a couple days to recoup this lck at this point the goal for the week is adjusting to uh break even you know first just be Break Even what are we back here for um we break even that'll be sort of the first goal I don't know what's going on clear doesn't matter whatever I'm I'm for some reason in 2017 but um yeah so the goal right now for the week uh just to get to Flat you know I mean again it's not it doesn't matter because I have no question that I'll recoup this $10,000 it's just is it going to happen in a couple of days or it's it going to take a week it depends on the market we could have something hot tomorrow and I could be up 15 grand by 8:30 and it's like I got a bailout from today's loss like that or the rest of the week could be slow and I'm only up a couple thousand each day and you know I finish the week still down a little bit that could happen too and at the end of the day it doesn't really matter you know what I can bet is two weeks from now if you asked me Ross what did you trade TR that day you lost 9 Grand I might not be able to remember a single stock I traded I bet you I'll be able to remember meds you know I might be able to remember meds but um I I already can't even remember XP you know it's so if it's so if I'm not even going to remember this if I'm going to have amnesia on it and I'm not even going to remember it a week from now then I might as well just let it out of my brain right this moment pretend it never even happened maybe not exactly that but just let it go and not sweat it I probably should have done that like five hours ago so anyways life is uh you know the life of a Trader ups and downs you got to roll with the punches so uh thank you guys as always for tuning in I hope you subscribe to the channel I hope you hit the thumbs up uh this year is all about Recaps every day is a recap so uh you guys are getting the uh you know the behind the scenes of the ups and the Downs so I hope you enjoy it and I'll see you back here first thing tomorrow morning