The Real Struggle of Day Trading | Day Trading Recap by Ross Cameron transcript

[Music] what's up everyone ross here from warrior trading so uh recap for today we'll go over the trades i took traded three stocks in two accounts my main account and my retirement account finishing up about 1400 in my main account and about 7 300 in my retirement that's just under 9 000 on the day not bad reminders always results are not typical my results trading is risky and most beginner traders do lose money so take it slow and do yourself a favor and trade in the simulator before you put real money on the line during this recap the recap itself is fairly short about six seven minutes just gonna quickly go over the trades i took and then i'm gonna get into talking a little bit about something that i'm sort of dealing with right now which is trying to keep myself emotionally centered trading during a very choppy market where my p l has been like up and down up and down up and down i'll have two or three good green days and then big red day two or three good green days a big red day and while i'm making progress and i'm green on the year and i'm grateful for that i'm not up as much as i would be if it weren't for those red days and so i have this feeling of frustration like i'm tracking where my p l would be if i didn't have each one of those red days and i'm like oh my god if i hadn't had those five red days i'd be way up here and i feel like i've you know it's like being in a competition or in a race with yourself or you're just feeling like you're falling further and further and further behind and there's no catching up and i don't like that feeling and that feeling can also lead to emotionally activated trading where you start trading overly aggressive trying to overcompensate and so i'm going to talk about some of the things that i've sort of been thinking about on that topic and a couple techniques that are working for me to help kind of keep emotions lower as we're coming to the end of the month of march i just kind of want to you know we've got what five six trading days left in the month i want to just try to finish it up you know have a good end to the month and go into april strong because april is pretty exciting it's our anniversary month our anniversary month what's that well it's seven years ago that i posted our most popular video on youtube it now has almost 10 million views and i'm going to be reteaching the topic of that class this year for 2022. i'm also going to be teaching some other live classes on youtube that i haven't announced yet because i'm waiting for you to tell me what you want me to teach and so there's going to be a link down in the description for you to register to our newsletter when you register you'll get an email first with a copy of my bestselling book titled how to day trade i want you to read that and i want you to enjoy it that's yours for the keeping but you're also going to get a link to surveys to give me feedback on what topics you'd like me to teach during the month of april we're also going to give you links to content that we don't put on youtube but it's only for traders that are on our newsletter so make sure you guys register you can check out the link in the description we'll pin it to the top of the comments and maybe there'll be a little uh overlay here that you can look at too all right so uh that's some exciting stuff coming from the month of april and it's an important reason for me to try to keep my trading dial in a little bit so i can just you know have a like when i'm doing a lot of teaching i try to trade sort of the lower level because when you are trading at the edge of your comfort zone you're going to have some really good green days which is great but you're also going to have some big red days and those big red days since they're at the end of your comfort zone are going to feel uncomfortable they're not going to feel good and then when you're in that state it can influence other areas of your life and so you know if you've got big things going on it may not be helpful to be stacking up emotions so like if you've got a wedding coming up like your own wedding or something it's probably not a good idea to be trading at the edge of your comfort zone we've got that other stuff going on so since we've got a lot of stuff going on for the month of april here at warrior i want to try to kind of dial it back in trade nice and easy for the rest of this month get into the first part of april and get a little bit of a cushion if i go red keep the losses tight so i have small successful red days and then that can kind of get me a little bit more even going through the month vape all right so i hope you guys enjoy the recap as always make sure you subscribe the channel i will be going live every morning for the morning show for the rest of march and of course through the month of april so make sure you subscribe to get the notification in the morning when i go live because some days i go live at like 8 8 30 other days i don't go live until 9 9 15 depends on what's happening in the market so make sure you are subscribed all right i hope you enjoy the recap and i'll see you first thing tomorrow morning [Music] all right so uh finishing the day up 7 384 in my retirement plus 1400 in my main account so just under 9 000 green day and a day that has felt choppy and difficult from the beginning my first trade was on alg earlier pre-market and on this one my first trade was a uh thousand dollar loss so lost a thousand bucks on it i tried to buy um let's see i bought this dip right here at around and held for a while well 15 minutes 10 minutes or so until stopping out on this candle there for a thousand dollar loss i was looking for the curl and a retest of this level here we did end up getting that uh despite that i am still read 1600 on it in my retirement i'm green 1400 on in my main account i'm down 200 on the stock today i did not make money on it uh you know so it made the move but it was choppy and i lost money uh about let's see i i was up on it and i lost the gains i had on this candle here that's where i got stopped out trying to buy a dip and then stopping out for a loss so disappointing price action on a llg drts a little bit of sympathy momentum to it uh but held much better a move from 1350 all the way up to five 20.65 i made two thousand bucks on it not a significantly uh not a big amount of money i got a partial fill as it squeezed up here around thirteen fifty uh we gotta move up to 14. it halted up on resumption i did not do a dip in rip it ended up going into a second halt and then on resumption it squeezed up higher and i did do a dip here sold here but then tried to add back it ended up halting down gave back some profit traded a couple times in this range for the break over v but didn't make a significant amount of money so it just wasn't wasn't super easy and then surprise biggest winner of the day ll which out of nowhere pre-market squeezed from 350 to 450. i jumped in halfway through the squeeze around four i made six thousand dollars on the first trade it pulled back i made a little bit more in this area as it ripped up to this next halt dip and rip all the way up to five and then a nasty pullback from 537 back down to 450 and then a rip back into another halt up and then opened tapped a top tick there of 63 which i didn't see but then drops all the way back down and now rallying back up so i'm starting to feel like um at this time of day i'm exposing myself to the risk of giving back potentially my entire morning of profit for a reward that's very minimal and it's just because of the volatility we're seeing these big flushes you know the pop and then the huge drop and even with small size i just don't feel like with small size it's really worth it and with medium to big size i'm putting myself at risk of giving back a lot of profit drts i was i took a trade on that in this area for the break over 17 i hit a high of 1739 but now it's back to 15. so i am feeling like the risk is not justifying the reward at this point in the morning to take any more trades and so that's a good time to throw in the towel i uh am at my high of day right now not including commissions just under nine thousand dollars i hit a peak of about eight thousand pre-market and then i gave back about half of that on my loss on alg where i went to down 1600 on it because i was green on that one but then i made back um that on ll and drts so anyways um already went from up 8 000 to up only about 4 000 and so now i'm grateful to be back to up 9 000 and as i see something like this i don't even know what to think about a chart like this this is a weird chart is it i mean it's it's burning long momentum traders and it's also burning short sellers so everyone's getting burned on it uh the high there of 37 feels like that's you know a double top there this is an unusual pattern it really is i'm not even sure what you would call that pattern because i haven't seen that in a while um you know i'm i'm really not sure so you've just got this double top resistance at 37 and then look at that that flush back down 30 40 cents you know you keep catching drops like that and you could really get smoked so i don't know i i might be leaving money on the table here but i am walking away with money in my pocket which is pretty good i don't know where i'm sitting on the month right now i haven't looked in a few days but i had a good day yesterday a good day the day before so you know have had three good days in a row today is the smallest of those three days and the fact is you know i started trading alg pretty early i think at most i was up like four grand on it and you know then out of nowhere lll came up and that was my biggest winner of the day and i was like well you know that's what i'd rather trade something moving quickly and if we don't have something moving quickly i i don't know maybe i should just you know hang up my hat and come back tomorrow so that's what i'm going to do we did have great opportunities monday tuesday wednesday today thursday it's been a little slower and it's been choppy so while there's opportunity in here it's also quite difficult to manage risk and so that maybe makes it so it's really not much of an opportunity so that's it for me here for thursday a short recap not really much to go over but traded ll drts and alg a little profit in the main account more profit in the retirement account so not a not a ten thousand dollar five figure day but a green day nonetheless and hey you know seven eight nine thousand dollars is nothing to sneeze at that's a good day you know all things considered keeping things in perspective that's a fantastic day so have to be grateful for that if those are my bad days that's great uh the big green days will happen and they could have had you know i could have when i first saw el um alg i was like okay here we go we might get something on this we might get a breakthrough through yesterday's high a move up to 24 then 25 26 27 it's not unthinkable we had that kind of move on ispo now ispo was a bit of the exception but it's a similar setup in that both are recent ipos and then when drts started to open up i thought okay well you know maybe i didn't make a lot of money in this first move but let's see if it holds this level gets back over volume weight average price and we get another move to the high well but at this point it's coming back down too much so it just doesn't feel like that's going to happen tcat hitting the scanners and we've had a number of stocks hitting the scans today but i've been pretty selective about what i'm willing to trade i think that's been the right decision so i'm gonna shut it down here be grateful that i'm green and try again tomorrow and see if i can finish this week with a green day on friday it doesn't have to be a home run but just a small green day or a small red day so what's a successful red day a red day where you manage your risk well so your losses are manageable they're small relative to um you know your risk tolerance and where you don't give in to fomo you don't average down you don't double down you don't revenge trading you don't dig the whole deeper and deeper and deeper so you can have a successful red day and that's important to get good at because red days are part of being a trader you're going to have red days you know uh 20 of the time maybe more depending on your strategy so if you're going to be read one out of every five four or five days you better get good at just having successful red days that is part of the strategy it's it's just the way it is so keep those red days tight don't over trade when the market's clearly got a headwind against you and it's not feeling hot wait for the next day for it to open up now that's easier said than done because in the moment you're feeling like i would feel so much better about myself if i was up you know any amount today instead of red because being red doesn't feel good it feels like i've you know i mean you know you feel on the blank it's different for different people for me you know it's a feeling of if i'm red then you know i feel like i'm a loser because i've lost money or i feel like i'm uh you know how long can you keep losing money before you're like wow i this isn't working anymore and that was that brings back all the fears that i had at the very beginning of learning how to trade and so you know you kind of talk about um you know with psychology and stuff like that how these early events in you know childhood and things like that can have such a profound impact on your life and i think in trading early events that are early in your trading career can have a very profound effect in the way you emotionally respond to loss and so for me starting trading from a bit of a point of desperation from a very emotionally fueled place of having lost my father to cancer having gotten some money from him that i was going to try to actively trade the markets with losing the money the tremendous feeling of guilt of losing that hard-earned money just so quickly in the market the pressure that if i didn't make this work what would that mean about me what would what would he think of me if he was still alive all of that emotion is wrapped up in to my trading career because that's the foundation that i've built my career on and that's really really hard to overcome and i've been doing this for over 10 years and so i'm at a place where i'm still not totally past it and on some days or in some weeks or some months or some years it hits me harder and this has been a difficult year in some ways because i haven't made as much as i made at the same period of time last year and so there's a feeling of inadequacy i'm you know i'm not where i should be disappointment in myself frustration you know what if i have a red month what if i have a red year you know what does that mean the feeling that you're only as good as your last trade all of that stuff you know creeps back up and so it's if you've got stuff like that going on which is a great chance you do because we know trading is risky we know that there's a lot of triggers in the market that create these emotional responses then you know the best i think advice i could give is to try to recognize that you're having that um sort of internal dialogue that's coloring the way you're responding to red days like why am i so upset that i'm red what is what is really the big deal here if i'm down like if i was down 9 000 today i you know how would i feel versus being up 9 000 and if you pose that question yourself and you realize that being down the amount that you're up today you would feel devastated you know the another question is how much does that amount of money actually change your life today does being down 9 000 in my case actually change my life today no it would be in my retirement account it really doesn't change anything and is it most likely going to be water under the bridge a week from now or a month from now if the answer is yes then why is it having such a strong effect on your mood today and so trying to be trying to see it and recognize that that's a tendency that you have and i think that's a really important thing that i'm working on and then trying to be you know more gentle with yourself as you sort of work through that so you know if you're starting to say mean things about yourself those things are not helpful it doesn't help you to call yourself names it doesn't help you to throw your computer out the window none of that helps you it's not kind and those things that you might be saying about yourself most likely are not true they're colored by the lens of you know the emotion which is so powerful that it can you can be so meshed with that emotion that it feels that that is your reality when in fact it's um it's just your perception and people that have a different perception can tolerate possibly much much much much larger losses than you uh without having any response and that's because they are in a position with possibly a lot more confidence um more experience and maybe are just less emotionally triggered for you know a number of reasons that help them but there's just sometimes just the luck of the draw being the way you are your personality and this and that so you know anyways i i think that days like today if i can have a small green day like right now i have the opportunity of continuing to trade here you know for the rest of the day and on the last trade i took on lll on resumption from this hall that bought 12 000 shares that was uh you know that was like right here at um 5 15 or so and i was looking for that dip and rip and you know it i got out maybe for a break even or a small loss and i realized i was like man you know after i dropped like that could have ruined your day so maybe you should not be taking that level of risk right now and if you're not able to sort of regulate how much risk you're taking then maybe the best thing to do is at a certain point walk away completely and say all right i'm going to take a break and not trade for the rest of the day because i need to protect this progress that i'm making by having small green days and small red days and having big red days and or having days where i swing from being up 25 000 to red 25 000 which happened to me what was it last week those can be very triggering and so to protect myself from that happening i just need to avoid over trading overstaying my welcome because the risk is just too high i have to avoid checking my phone throughout the afternoon because if i check it and i see that you know sure enough ll ripped through 550 up to 650 750 made new highs on the daily and is eight dollars i'm going to feel fomo i'm going to feel frustration i'm going to feel disappointment i'm going to have a such an uncomfortable feeling that the only way to alleviate that feeling is to come back and make money because if i come back and make money then i don't feel that i've missed out but then that has me coming back later in the afternoon i clearly missed a huge move which you can't make up for the fact that you missed it so then if you over compensate for missing that by trading it too high then next thing you know you could be the guy who's down on the stock that's up 400 on the day and i've been that guy that was me uh on monday was it ll no it was i don't remember what stock it was but in any case um we had that 400 mover on nrsn i think it was and i managed to lose money on it why because i over traded it i missed the big part of the moves and then i came back later in the day and you know i i didn't trade it well so you know i ended up trading in this area and giving back the profit i had and it's super frustrating and so it's i just think it's really important as part of building a strong foundation as a trader that you take steps to try to avoid falling into these traps in the market and you know fomo is is a huge trap and if you find yourself giving in to fomo then you know you're gonna start to find that you're going to be on an emotional roller coaster and it's your choice if you want to stay on it or step off it but i'm i'm trying to find a little bit more balance there and that's especially important for me right now because i'm not having as good of a year as i had last year so last year when i was really really doing super well and i was having like 50 000 days back to back to back to back i was i had such a cushion on the year i had such a level of confidence that i was like i can afford over trading and even if i do over trade i'm sure that i can probably make it make it back on another one because things are just so hot that's not this market today and right now sitting at i don't know what i'm at on the year like 175 000 or 200 grand on the year you know i'm i'm like two big red days away from potentially you know i mean in one trade if i got emotionally impulsive on an or a drts and you know bought 25 000 shares i could lose 100 grand now that would be pretty pretty bad but it wouldn't be impossible for me to have one day where i could give back 50 of my profit on the year and then if i think the emotions are tough right now they're going to be a lot worse if something like that happens so i've just gotta you know be really really careful to get in get green and get out and until i've you know until i've been able to build a little bit more of a cushion on the year and until maybe we see a couple more weeks like this week this week's been phenomenal so if we see a couple more weeks like this week you know then maybe i can start to play a little bit in the deep end of the pool and take a little bit more risk but right now i've got to keep it tight and so i made some money here between you know 8 and 11 this morning just under 9 000 bucks and i'm going to shut it down i'm not going to look at my screens for the rest of the day and i'll come back tomorrow you know ready for what friday has to offer so um thanks as always for students tuning in for those on youtube listening to the recap i'll put a link here uh we'll put it probably down in the um maybe pin it to the top comments and put it in the description so uh it's our anniversary in april we're gonna celebrate the whole month of april it's the anniversary of when i opened warrior trading and it's the anniversary of when i taught a year later my video on youtube that is our most popular with almost 10 million views it was class 1 of 12 of uh had a day trade so that was the first class that i taught it was a 12 chapter class and i put the first class on youtube uh in 2015 so seven years ago it's got almost 10 million views now and i'm going to re-teach that class this year it'll be reteaching chapter one class one and uh that's gonna be this month and also i'm gonna teach a number of other classes on uh youtube put some free content out there try to get people excited inspired and so for those on youtube uh i would love for you to register and sign up for our newsletter so we will email you a survey with some questions about what type of classes you want me to teach on youtube students will post that survey link in the chat here so you can you can contribute as well those will be classes that will be they'll be free on youtube i'll do them as a youtube live broadcast so you know they're not i'm not going to teach the entire curriculum but some select chapters that maybe people are particularly interested in or people think would be especially helpful for beginner traders out there um people on the newsletter will also get a copy of my book how to day trade which i also also wrote in 2015 and we've got some other things that we're going to be sending out to people on the newsletter we send out daily emails with uh you know the the link to the recap the stocks i traded on the day and just keep you guys informed about what's going on in the community and everything else so if you're not already on that newsletter uh and you're out there on youtube make sure you uh sign up and that way you can participate a little bit more in the stuff we've got going on for the month of april which is right around the corner so looking forward to april it's going to be a fun month and uh yeah if i can you know finish the month of march kind of slow and steady without any big big red days even if it's without any big green days because i'm not taking as much risk that is okay i will live to trade another uh you know just get through the month and then keep myself nice and centered on even keel going into april we've got a lot of stuff going on i really don't want to be bogged down with the emotional baggage of feeling upset about my trading and everything else so i want to try to have a good month and um you know that means getting uh finishing march in good shape and and just keeping things slow and steady all right so that's it for me i hope you guys enjoyed the recap and i will see you first thing here tomorrow morning right around well i'll be streaming for students probably a little after 8 a.m and warrior uh and youtube i'll start the broadcast anywhere between 8 45 and 9 15 depending on what's going on in the market all right thanks everyone have a great rest of the day see you tomorrow hope you really enjoyed that video and make sure you hit the thumbs up and subscribe to the channel if you haven't already our goal is to hit 1 million subscribers this year but we won't get there without your help so please please please hit that subscribe [Music] you