1 TRADE a DAY CAN KEEP the J.O.B. AWAY in 2024!!

hey guys Jared Wesley here of live Traders and it is that time of the week it's lecture time and this week guys we're going to talk about knowing yourself as a Trader you all think you know yourselves but your actions suggest you don't you think you're patient because you can wait in line at Starbucks well when it comes to trading waiting in line at Starbucks does not apply it doesn't matter right you're selling too soon not taking stop losses taking bad trades doing all kinds of things that you probably shouldn't be doing so today we're going to talk about integrity knowing yourself how to be a better Trader a little bit psychology a little bit charts we're going to merge them so that you can be the best Trader that you can possibly be all right guys help a brother out man like these videos smash Hammer that subscribe button all right we need to grow this channel back up so people keep watching it all right otherwise no reason to do the videos all right I'm Jared Wesley of live Traders let's get to it [Music] this week's lecture topic is know thyself and trade with in it um one of the biggest reasons people fail in trading is they just don't get it and when you think when they don't get it you're thinking charts and you're thinking um patterns and so on no no I'm talking about they don't understand themselves okay and it's a very hard thing to sell somebody and say you don't understand yourself people look at you cross-eyed because they're like well I am me what do you mean I don't understand me I spend the most time with me than I do with anyone else on the planet and you're telling me I don't understand me yes I'm telling you that you either don't understand yourself or you are in denial about yourself right if you're a sensitive person and you don't think you are you're in denial about it it right if you're a jittery person or an impatient person and you cannot accept that you are in trouble because 50% of fixing the problem is accepting not just accepting but acknowledging the problem um so we're going to talk a little bit about that um because I don't think most Traders truly know themselves and when they don't know themselves they act like something they are not make sense they think they're something so in their mind they're going to try to be that but they're not actually that so when they go and try to be that it doesn't work out so well for them okay it's like I'm a patient Trader I'm going to use four our targets and then they sell you know 37 seconds into every trade and then they do this a 100 times in a row without the acknowledgement that hey you're not as patient as you thought you were the proof is in the pudding you're going to hear me say that over and over today I don't care what you think show me what you do if you track your trades your trading your trade tracking Spreadsheet will tell you everything about about yourself you don't have to tell me you don't have to tell the mirror just look at the tracking spreadsheet and it'll go yeah you're a jittery person your average hold time is 2 minutes and 12 seconds you're not patient at all right um your batting average is 15% well you're not very good with charts right whatever it is but um I think people unfortunately are just not honest with themselves so the fact is this straight up flat out most Traders beat themselves over and over and over and over again you're not actually getting beaten by the market you're actually getting beaten by yourself because of a lack of understanding of yourself okay and that's something we're going to have to overcome or else you're going to struggle mightily in this business if you can't figure out who you are as a Trader that last part's important figure yourself out who you are as a Trader okay this I'm sorry I just couldn't resist you guys have seen this before um this is what choking looks like this is what beating yourself looks like any Atlanta fans in here how'd that feel how did that feel you literally had what what did you have uh 17 minutes of football left 17 minutes of football left and you guys couldn't sort out a 25-point lead ever make money Monday through Thursday and give it all back on Friday ever do that this is what choking looks like that okay Brady didn't do this no one person can do this by themselves you do realize hunter that if they had just ran the ball three and out ran the ball three and out ran the ball three and out it was literally impossible for the Patriots to win this game yeah this season feels good too doesn't it Mike you understand where I'm going with this meaning you need help to come back from a 25 Point deficit right it's the truth you need help to do this you can't just be like yes we're just that good it doesn't work like that you need help you need fumbles you need bad plays you need poor play calling well where am I going with this in trading to beat yourself you need some help and you give it to yourself all the time you do all of the things you shouldn't do you you take a good trade sell it too soon you take a bad trade hold on to it that's helping yourself choke that's helping yourself beat yourself and this is what you can't do in trading okay here's some more just just there's a lists of largest chokes of all time for those golfers out there I watched this live and I still I was I was in college I watched this live and I was like wow that's this is just painful Greg Norman giving up a six-stroke lead not only did he give up a six stroke lead he lost by five Strokes that's an 11 stroke turnaround for a professional golfer 11 stroke turnaround okay that was painful Golden State Warriors being up 31 3-1 we can go to the Yankees being up 3 right there's guys there's examples of it in rugby there's examples of it in cricket there's examples of it in World Cup here's another choke and I love this guy the goat probably eron Senna Monaco what was it 1990 or 1989 he's winning the race by 48 seconds and he crashes into the wall he beat himself that day right the goal in trading is twofold is to know who you are trade within it and just not beat yourself and when you understand who you are it's much harder to beat yourself because you won't put yourself in a situation that could lead to beating yourself right beating yourself is when you take a good trade and you don't hold it to Target beating yourself is when you take a good trade and it doesn't work and you hold on to it those are two small examples of quote beating yourself the problem is is people are very slow to make change people just don't like change so instead of recognize say after say after a month of trading you've been doing this over and over and over and over again but you keep telling yourself I'll be better Monday I'll be better Monday you're not going to be better Monday you're going to do the same damn thing you did this past Monday Bank on it but you're lying to yourself at that point so instead of putting rules in place or something in place to make sure that you stick to those rules you don't do it right go with your strength right get your head right and learn learn your strengths and weaknesses or just choose another career you know why because this isn't that career where a boss is going to come up to you and say you know Dustin I've noticed the last 10 days in a row you know you've been adding this whatever to this Excel spreadsheet uh we need you to stop doing that because it's messing everything else up guess what in trading no one's coming over to your desk and saying yeah hey Eric stop doing that hey Tommy yeah don't do that oh Mike you're about to sell too soon no no no no let me stop you from doing that see when you have a job someone will inherently inevitably stop you you might get away with it once or twice but they're going to stop you from doing it again why because they're not going to let you ruin their company do you see where I went with that they're not going to let you ruin their company but you are ruining your company it goes back to what I said to you guys before it's amazing how hard you guys work for other people but how lazy you are for yourself say it again how hard you work for someone else but how lazy you are for yourself it's crazy it's craziness you're so used to someone like pulling you off the ledge saying hey don't do that no one is going to do that in trading for you no one which means you have to which means if you're not objective you're going to give yourself a very long rope and that long rope is basically going to destroy your trading account account because by the time you figure it out you'll have lost so much money you won't have much left right go with your strengths but you have to be acknowledgement acknowledging of what those strengths are this is the problem though Traders lie to themselves and there's no one around to tell them you're lying to yourself like I can look at someone and watch them trade and know exactly what they're good and what they're bad at but you're telling yourself the opposite you're going no no no no it's just today Jared I just messed up today no no you do this this all the time all the time you're lying to yourself if you think tomorrow you're going to come in and fix it remember yesterday we talked about the the new putter syndrome remember that somebody goes out and buys a new Putter and they have a great round to golf and they think they're fixed they're cured it's no different than when you guys go to go to mentorship or you take pts or or you revise your trading plan or you do whatever and you have a really good week of trading and you literally honestly believe deep down inside I've have changed I'm a different person one week does not make change you maybe you changed maybe or maybe you were just lucky when you do it for one or two or three or four or five months then I'll start saying yes you have changed it's like when you go to the gym for 2 weeks you don't impress me because you'll probably quit two weeks later when you go for 2 years now that's impressive but you guys do it all the time all the time I see it in the chat room every damn day Jared best week I've ever had thank you so much for that lecture you did last week it changed everything well maybe it did but I won't know that for another 3 months to see if it really changed for you you just had one week where maybe you made better decisions this week but you may go back to your old self next week I don't know so I'm not poo pooing you for doing well this week I'm simply saying slow down let's not talk too much about it until you can look back for a month or two or three and have those same results okay so what's the goal goal is to overcome that's it the goal is to overcome okay we all have challenges every single person in this planet has a challenge will you overcome it will you play to your strengths you guys have heard me use this this saying all the time you know sports teams use statistics all the time well what do you want to do to this player oh I want to make that basketball player move to the left why well because they shoot 10 percentage points lower when they shoot from the left than the right okay well the odds are more in our favor if I can get LeBron to go to his left versus his right well if I can get Tom Brady out of the pocket guess what my odds are better he's not a great running quarterback you see where I'm going so sports teams do it they recognize what the strength is of a player and a team and they recognize the weakness of a player and a team and then what do they do they try to exploit the weaknesses and take away the strengths which is exploiting the weaknesses correct well as a Trader you need to do the same thing you need to exploit your strength and try to minimize your weakness to the most extent possible you're never going to eliminate it right you can't completely eliminated so if minut bowl is 77 and Spud web is 55 I'm pretty sure most of you would say one of those two players has a much higher chance or higher likelihood of having a successful basketball career yet they both did and neither one of them was a super duper Star right none of them were like oh my God amazing players but they had fruitful long careers in the NBA and yet one of the two you would just have written them off you would have said there's no way a guy who's 55 complain in the NBA it's impossible he played do his strengths what's the point I'm making here okay is it Mugsy boges or is it really Mugsy you might be right I have to change it maybe it's not Spud it might be Mugsy but my point I'm making is you're going to be some you're going to be good at some things and you're going to be bad at some things and the only way you're going to be successful is to exploit what you're good at minimize what you're bad at or get better at what you're bad at but don't tell me it can't be done if a guy who's 5'5 can play in the NBA you don't have problems trust me your problems are nothing if a guy who's 55 can play in the NBA you're nothing here's another less extreme example because the sport is different Michael Chang 58 won the French Open 1989 John Isner is 610 to be honest with you both of those guys have problems being 610 in tennis is actually not a great thing almost all the greatest players are between 63 and 64 almost all of them sorry 6 foot and 64 is what I meant to say 6 foot and 64 being 5'8 is not that great being 610 is not that great you have to overcome they did it though and had great careers right so where I'm going with is you are doing this to yourself the market is not doing it to you I am not doing it to you you are doing it to you because you're lying to yourself there are things you're good at and you might actually acknowledge those things but there the things you're not as good at you're not acknowledging because you continue to do them by lying to yourself right so you have to things you need to consider like if you really want to be great at anything especially trading you have to keep it relatively simple there's no reason to have some crazy insane approach to this business it's not that hard right most great Traders have a very specific daily routine a lot of you guys just kind of wing it you really do you just kind of H yeah I think I'll try this I think I'll try that right most great Traders keep their emotions in check most of you don't a lot of mice have been sacrified the making of this lecture right most great Traders have a very big why this is an important one if you're why is big enough you'll likely succeed we've seen it all the time and and unfortunately usually has to get pretty bad for that right you ever notice that guys uh and I hate using this analogy but it's just true you know nobody really cares about cancer I'm exaggerating but nobody cares about cancer until they or one of their kids gets it and then once one of once they get it or one of their kids gets it what happens they learn every single thing there is to know about the specific type of cancer they have or their kid has then what do they do they go out and they start a charity or they start a fund or they start something to raise money if one of their CH kids dies of cancer like I don't want to see this happen to anyone else it was such a painful experience I'm going to try to help change this why because their why is so big what's your why for a lot of people it's just not that big and if your why is not that big you're just not going to be very good at it right I don't like my boss okay it's not that big of a deal you find another job so your why has to be really really important it has to be powerful or else you're probably not going to be that great at this okay and most great Traders are process oriented not outcome oriented be honest you don't it's a rhetorical question so you don't have to answer it how many of you are just outcome oriented you just are you just are you come in and be like well I lost money today so it was a bad day oh I made money today so it was a good day that's you can win the wrong way and lose the right way you can win the wrong way and lose the right way you can play a great game and lose you can play a bad game and win happens all the time you need to focus on the process the daily routine the pre-trade checklist the consequence system you need to focus on those things cuz the process is what gets you to the outcome every professional and I don't care if it's in business business if it's parenting if it's in sports they have a daily routine a process that they go through to become great in fact athletes are pretty insane about their process very very specific about their process I mean my goodness you ever watch a baseball player right before they step in the box like Pat my left thigh wiggle the bat this way stand that way Pat the gloves LeBron James before every game throws up the chalk dust I mean they're so process oriented it's not even funny it's insane because it's what helps get them in the zone golfers do the same thing that's right Jordan you've been around long enough outcome goals without process goals are just pipe dreams so all great Traders know it's just a game of odds but those odds are over hundreds of Trades not one or even 10 it's about the odds over a series of Trades so accept the randomness of an individual idual outcome you take a trade that's really good and it doesn't work you go back and you review it and if you still feel like after reviewing it this was a fantastic trade then you just chalk it into the individual outcome not the overall outcome of a hundred of that same trade because if you take a 100 of that same trade they're probably going to work 70 80% of the time but that also means you're going to lose 20 or 30% of the time oh well you're not over one you're over all of them so be process oriented not outcome oriented keep it simple have a specific routine keep your emotions in check with a consequence system and have a why that is big enough that it supersedes everything else you do in life most people we rarely get to that one the why isn't that big okay this is a great quote by the way a great quote give it some thought I'll read it and you think about it Jesse Livermore if you haven't read this book reminisence reminiscence of a stock operator you should when the market goes against you you hope that every day will be the last day and you lose more than you should had you not listened to Hope and when the market goes your way you become fearful that the next day will take away your profit and you will get out too soon the successful Trader has to fight these two deep seated instincts and that last line is key deep seated instincts deep seated instincts these aren't surface problems right these are core problems your hopium right your hope for gain is not as strong as your fear of loss and you're thinking to yourself gosh I wish I would have gotten that when I was supposed to and then the next day comes and you're in a winning trade and you're like oh my gosh it might take it all away it's counterproductive it's counterintuitive and if you live like that you will struggle as a Trader because every time you see green your immediate thought will be the Market's going to take the green away from me and every time you see red you're going to think if I just let it go a little more it'll eventually bounce and then it doesn't and then it goes lower and lower and lower you have to fight these things and that's where consequences come into play and that's where also this word unal talks about this word a lot Integrity either have it or you don't you have it or you don't the quality of being honest and having strong moral principles moral uprightness you have to ask yourself do you have integrity because if we're being 100% honest we all lack Integrity right we do I mean if if you say that you are you have aund you have integrity 100% of the time you're lying which is lacking Integrity tell me I'm wrong when I say this you've never sped on the highway that's illegal when an officer pulls you over and says do you know why I pulled you over there I mean the most common words they say do you know why I pulled you over and you look at him no officer no you know damn well why he pulled you over or she pulled you over that's lacking Integrity by lying to the officer go I don't know who me no not me I know I was doing 89 M an hour in a 65 but I have no idea why you pulled me over my point is is all the people out there who think you have this 100% of the time you don't when it comes to trading though the only person that you're cheating is Yourself by lacking Integrity in trading your only cheating yourself you don't cheat me when you lack Integrity it's your money you do whatever the heck you want with it when you don't hold a trade to Target you're only cheating yourself when you don't take a stop loss you're only cheating yourself when you don't use your pre-trade checklist you're only cheating yourself when you put together a consequence system Sy and you don't follow the consequent you're only cheating yourself you are cheating no one else on this planet just you and that lacks integrity and that goes back to maybe your why isn't big enough ask yourself every day on every trade do you have integrity I'm not talking about making an honest mistake I'm talking about the conscious mistakes and you know what I mean because most of the mistakes you make in trading are conscious mistakes if you added a little more shares and you just genuinely made a mistake that's different you sell too soon that's a conscious decision that lacks Integrity okay how you manage a trade matters right here's a trade on JPM from a little while ago all right little kind of two-minute three bar play stop loss 14 40 entry 13960 triggers Us in peekaboos us out and then just rides it lower there's the trade watch JP Morgan under 13950 JP Morgan 13960 by 140 nowadays I would give this more room shake out get back in trade number one stopped what if you didn't get back in you didn't make any money now not everyone has an 84% play or rule in their playing the question though is when you manage a trade when you have a trading plan when you have a pre-trade checklist are you actually following it right because there's really no other entry other than 84% play after the ShakeOut here maybe there's a breakdown there maybe but how you manage matters and it's funny a little off topic but on topic you know Ali was discussing this um I don't know a week ago the end of the month one management made made it was like break even the other management made 13r exact same trades exact same entry exact same stop loss one management made 13 and a half hour and another management was like break even lost a little made a little whatever it was doesn't matter it was a massive difference in the managements okay so where I'm going with this is sometimes the market is extremely conducive to your approach the patterns you take the time frame you use and the management you apply and other times the market laughs at that if that happens over a couple weeks or a month does that mean that your approach is garbage not necessarily it might just mean during that week or month that the market wasn't in favor of that style or that approach where am I going with that this is the Integrity to know the difference not just throwing at the wall and saying yeah that doesn't work anymore well that's garbage it's worked for 10 years and now 1 month it doesn't work you're going to tell me it doesn't work anymore that's the Integrity to go back and dig through your trade tracking spreadsheet your journals and review the trades you took and go were they still good like this is still a good trade no matter what happens whether you got shaken out or not it's still a good trade just didn't work or the stop loss might need to be adjusted a little bit okay you look at that hm I'm not going to throw the baby out with the bath water right what point should you consider other plans you should never consider another plan Derek you should always only be tweaking your current plan you should almost never need to completely tear down your trading plan if you do it's because you're brand new if you've been doing this over a year you should never need to tear down your trading plan you should only need to make adjustments to it all right like wider stop losses like weight 5 minutes those are adjustments those aren't tearing apart your trading plan another one what if you got back in but sold too soon so let's say you had it's the same chart guys same chart okay what if you have a lower batting average and continually sell at 1.5 r instead of the three R All or Nothing your plan requires you're not going to be a successful Trader tell me you've never done that tell me your tell me you guys have never said to yourself if I had just dot dot dot if I had just dot tell me you've never told a significant other a friend or a spouse that yeah you know I lost a 100 bucks this month but if I had followed my plan exactly I would have made 2,000 and then they look at you dear in the headlights they literally look at you like so why don't you just follow your plan and you're like but you don't understand you don't understand you don't I know I know I know you don't understand understand tell me that's never happened to you you go back and you look at the trades and you're like wow if I had just followed my management or my plan I would have made 10 R this month but I didn't so I broke even and then you tell everyone about it and they still they don't understand they're like well if that's your plan why don't you just follow it you don't understand I know I've done it so this is a case where let's say you got back in let's say you took the 84% play and you just got out too soon sold it for an r and you're supposed to sell it for two so instead of making an r that day you broke even that day okay this stock ultimately went really far like $6 or something like that $5 whatever but if you got out too soon guess what you messed up all your stats and this is most prevalent or more prevalent with people that have large targets if you're shooting for 4our targets and you sell at one cuz your jittery you are really in big big big trouble because four our Target trading is lower batting average trading right and that means you're not going to get as many four our winners so when you do get one you have to get it does that make sense if you're shooting for four or five R they don't happen all that much so when you get it you have to hold on to it and if you don't and you sell for one or two you are destroying yourself because you're going to have a lot of losers in there probably seven out of 10 losers right this is an email I got a while back I'm a big fan of yours oh thank you for all the videos you put on YouTube I hate to admit this but I did something really stupid I still can't believe I did it sure you can't sure you can't you've probably done it since I took what I thought was a good climactic setup on the weekly of yendex ydx that's not really the problem the problem is I didn't take my stop loss I know I know stupid but I just thought there was no way this could go much lower and if it did then it would definitely come back have you ever thought or heard those words before let me reread it for you say it loud and proud but I just thought there was no way this could go much lower and if it did then it would definitely come back but now I am way down on this position over $25,000 I honestly don't know what to do do you have any advice for me I'm sick sick to my stomach and so angry with myself and this is the part that bugs me as I used to enjoy watching when will the insanity stop segments never ever imagining I could do something so stupid it just goes to show no one is immune to being dumb well that part is true we're all dumb but there's levels of stupidity and this is one of the higher levels of stupidity okay this is the chart this is the chart stock drops 1 two 3 4 five 6 7 8 9 10 11 12 days went from I don't know 87 bucks to 40 that's kind of a legitimate climactic pretty close person gets in right here bam and here's the problem the stock gapped down this is true by the way three topping Tails didn't didn't kind of signal something was wrong 1 2 3 yep and then it gaps down here's the thing you had time your stop loss is down here right your stop loss is like right down there okay right down there no excuse it didn't Gap below it by $10 it opened above your stop loss it opened above your stop loss and actually moved higher and then went lower there's no excuse whatsoever why do you have a stop loss if you're not going to adhere to it it's useless I don't care if you think it should bounce higher this is nasty and this stuff actually happens and it did happen and this this person's now down 25,000 I hope they got out of it I don't know what Yandex is doing these days butth that's the definition of bag holding this happens yendex stock sinks before trading and rushing search engine halted yendex halted but set to slide another 21% after new sanctions Uber Cuts ties with Russian ride sharing service Uber moves Executives from Russian Yandex taxi joint venture yeah three topping tales on a weekly chart I agree with you rob this isn't good and now what's that person doing tell me I'm wrong tell me I'm wrong tell me I'm wrong they are searching the news every day every day they're looking at company financials searching news reports they're doing everything you shouldn't be doing you're not searching for news reports you are a chart reader why are you looking at news reports if you're a chart reader the chart's the only thing that matters to you you're looking because you know you effed up and you're trying to figure figure out a way out of it because you're certainly not going to take the $25,000 loss he no I'm not going to do that but you should have taken the small loss earlier small losses are easy to come back from Big losses take time this and the other problem also when you see something like this happens what typically happens to those people they go big afterwards if they lost the money they quit if they don't have any left but if they have money left then they double and triple down okay then they double and triple down instead trade like a pro trading like a pro means you know that you're not perfect but you know also that you have an edge I'm going to say that part again trading like a pro means you know you're not perfect but you also know you have an edge that works most of the time most does not mean all of the time it means most of the time which means you know you're going to have a down day here or there and that's okay so here's an example from Uno why did I use this example why did I choose this example you know why because there's lots of losses in here lots and lots of losses right unal was very active during this period made $9,000 this day look 1 2 3 4 5 6 7 8 9 10 there's 11 losses on here 11 losses 1 2 3 4 5 6 seven winners but note the winners 3,000 3,000 3,000 there's almost n Grand right there and then this 1,600 right here basically offsets the losses that's what a professional looks like they know their odds they know their Edge over here yes it's mostly winners I would agree there it's mostly winners but there's still a loss there you're not perfect cuz no one's perfect 1 two 3 four five 6 seven eight winners one loss that's a heck of a day you don't have to be perfect you just have to keep your losses in check you can't let the losses get to five grand 10 grand 20 grand or 25 in that person's case you don't need to be perfect to make money here's a month $335,000 month with one two three four five six down days six 1 2 3 4 5 6 7 8 9 10 11 12 13 13 and six on a 19 trade month that's not an inter terribly great month right six down days though but the up dayss superseded it and again couple of those down dayss aren't fun $6,000 is not a fun down day okay 4,500 bucks isn't a fun day right but look at some of the winning days $7,400 right $4,700 okay and there's some small ones in there too still ends up being 35,000 bucks so then you come back to this we talked about it last week I'll show you a couple what are you doing every day so one question you to ask yourself every day what am I doing and what am I doing to make myself better today I need to be better today than I was yesterday I need to learn something new today that I didn't know yesterday this is a great trade on Microsoft we talked about the flag wedge we talked about the relative strength we talked about the pullback and the retest take the no-brainer trades stop messing around with garbage take no-brainer trades manage them in between meaning put a management strategy together that is is effective for your personality style that goes back to not lying to yourself not beating yourself right I'll go all the way back to this I know it's a simple phrase but you need to see it most Traders beat themselves you guys are beating yourselves and you know it that's the worst part the problem with it is you're not not making the necessary adjustments to fix the problem you're saying to yourself oh I'll fix that tomorrow but you won't because you don't have a reason to you don't have a consequence to fix it tomorrow right you don't or you're good for a couple days you know what's a great example is this a great analogy of this is the speeding ticket thing the police thing how many people you get to speeding ticket and then for like the next week or next month you you only you never do more than 10 over you stay between 5 and 10 over after you get a speeding take or or or you're speeding on the highway and then you see someone else get pulled over and magically you slow down to just five or 10 over the speed limit and you stay that way the whole ride home but not the next day but not the next day ever do that oh my gosh there's a police officer he's pulling somebody over and I'm doing 30 over ooh I'm going to slow down but then the next day you go back to speeding and the funny part the ironic part is you probably should speed up because the odds of seeing another police officer on the way home or even smaller because that guy's already busy that's the irony of it we do things that are counterintuitive it's hilarious we are foolish people and the more foolish you are the more it's going to cost you in this business another example araban B three bar play relative remember this is a topping tail way up in here that's all topping tail all topping tail okay Wide Bar narrow bar dropped look at the relative weakness okay look at the relative weakness okay watch Airbnb watching Airbnb these are the no-brainer traits stick to these you have a very fruitful career how about this one take quality trades get quality results um this was yesterday evh had what a little bull Sandwich inside of a little three four bar play it was a 5 minute three bar play it was a 2minute like super play okay look at this Gap you're gapping under two green bars big green bars pivot right here pivot right here okay with tons of room to go lower this is amazing and yet very few people took this I didn't I know it had a big spread but the pattern you stick to these patterns you will rarely lose a trade as long as you manage in between right if you manage terribly then it won't matter if you manage terribly it won't matter and that's going back to knowing yourself right I'd still rather just be innocent but guys take quality get quality stop taking crappy trades stop selling too soon stop not taking your stop losses put a consequence system together so that you'll be forced to do those things and then at the end do the work Steven pressfield remember our enemy is not lack of preparation it's not the difficulty of the project or the state of the marketplace or The Emptiness of our bank account the enemy is our chattering brain which if we give it so much as an Nan second we'll start producing excuses aliis transparent justifications and a million reasons why we can't shouldn't won't do what we know we need to do tell me you don't believe that and haven't done that before you know damn well you should be at the gym and you're not there you know damn well you shouldn't be selling that trade before but you're going to do it you know damn well you should take your stop loss but you're not going to you know darn well you should be tracking your trades but you don't do it you know darn well you should be back testing your trades in journal but you're not going to do it oh I'm tired today oh it was a losing day I'll get to it tomorrow oh that Stock's only going to go another 20 cents below my stop and then it'll bounce back up oh this stock really had a topping tail and that's why I sold it where it did it wasn't really going to get to my Target anyway so I got out early stupid transparent silly justifications flat excuses and that's why you're loser what what Jared yes that's why you are a loser you're a losing Trader or a break even Trader because of those things you're fat because you don't go to the gym because you have justifications and excuses for it you're not healthy it's because you don't eat right because you have justifica I'm busy so I had to stop at Chick-fil-A you didn't have to you chose to that's it it'd be better to have not eaten till you found something healthy or bring a snack with you it's unbelievable the amount of mental masturbation that you guys do justifying is off the charts so when I say it to you and people don't like when I say it when I tell you rich people are different they are they're not different in terms of putting their pants on one leg at a time they're not different but when it comes to making excuses they are different they make far fewer of them than you you do they just get done oh it's 2:00 in the morning somebody calls and your business needs something you show up don't you because you don't have a choice but for trading oh no uh-uh nope excuses excuses excuses you must really like your boss a lot you must really like not reaching goals and dreams and not having freedom and flexibility why I told you I'd say it again cuz the proof is in the pudding that's it that's all I have to say to you guys the proof is in the pudding let's put one of these down here because it looks good down here let's just make a really big one right there the proofs in the pudding that's it don't tell me what you think show me what you do you can lie to yourself all you want but you can't lie to your bank account you can't lie to your trading account you lie to the mirror all you want the mirror doesn't pay your bills right what's in your trading account will or or won't right so I hope that you guys have learned a little bit about integrity about the need to understand oneself properly not lying to yourself being objective with yourself right having a consequence system having people help hold you accountable being real with yourself being being honest with yourself not making excuses for yourself you're not perfect you'll make mistakes and that's okay we're not talking about those things we're talking about the constant and consistent mistakes you make over and over while telling yourself you won't make them again those are the things I'm talking about I'm not talking about mistakes you're human I expect you to make them but I want to see change after you make them remember process goals sorry outcome goals without without process goals or just pipe dreams okay so I hope this lecture will make you guys a better Trader I hope you'll take it to heart really really dig deep and think about who you are as a Trader and how you can be better I'm Jared Westley of live Traders we'll get back at it again next [Music] week [Music] oh

Channel: Live Traders

Views: 15,520

Keywords: new years, 2024, financial freedom, money, learn to earn, trade, trading, success, failure, happy, fun, day trading, stocks, stock market, happiness, no job, 1 trade a day, humbled trader, best trade, best trader, awesome video, best trading video

Id: bSmBWaP12Kg

Length: 46min 34sec (2794 seconds)

Published: Wed Jan 03 2024