Three Millionaire Day Traders Share Their Secrets

what has been like the biggest change in your perception of a rule or of an idea around trading that used to be different when you were like maybe a year or even when you first started whether that's risk like how you view risk whether that's taking rough go ahead welcome back everybody to be the trader today i have a very special episode there's going to be three traders as you can see right now i have jack kellogg dom master matteo and mike huddy and this can be a special treat because they want to talk about a subject that a lot of triers really don't just really dive into and you might not know about these three that they've already done so and that's the whole idea of meeting new traders and actually talking to them on a regular basis how did that kind of work out for you guys i think we all have a different story to tell but it all kind of revolves around the same idea that you know a big part of trading is networking is being able to have trader accountability buddies someone to say hey we trade the same stuff you trade it well and how can we both improve together or you know figure it out together because you know trading can be very lonely and i know that they have a very interesting story and then us individually all have a story as well and we all kind of got very profitable and consistent at the same time or together but i think a big reason i don't think it was random in terms of the timing i think it's because we do have this connection that we have in a bond so i think start with them because they they really did it how'd you meet up so we met in the challenge chat right and tim sykes challenge chat and uh i'd reach out to you or you reach out to me i don't know at the beginning but we both kind of recognized each other's like work ethic and like we were interested in the same thing we were watching the same like motivational stuff on youtube like reading the same books and like that's an important part of networking is like finding like-minded people like people who you actually can see succeeding because that kind of momentum playing off of each other like can really help and then you know long story short he ended up moving in with me in michigan we moved into an apartment together and basically started like the michigan boys of trading like yeah it just kind of grew from there and now it's like huge but you guys have signed strap on oakmont right we had shirts the wolf of wall street uh business we just had fun with it you know yeah what did you what benefited from that like when you're sitting with each other like was there some negative things too because i immediately think of okay you can influence each other in a way where maybe jack is confident in x you're confident in y and you trade it differently but you get into each other's heads like how do you prevent that through those building relationships and helping you grow i would say that like i can definitely see like your point of view but i feel like dominiz like trading styles were so similar that we never really disagreed on anything ever yeah and it was always like we're just like a team basically and like we always kind of had the same like thought process like i met dom when i was unprofitable yeah maybe like 5 to 10k in the hole i think he was up like 20 or 30 grand and he was starting to find some success and like he said we started talking about like like-minded stuff and i was the only young one in this smaller group chat that we had and dom was also the young one she started talking and then uh just became friends and uh we played fortnight together like i became friends with his brother as well and then like i went out to michigan just to hang out and i think the main benefit that really from that year we spent together like because we basically he was saying we're like we built our system like what we do a lot of what we do now started in that office together like where we were working on it together and playing off of each other wasn't really agree or disagree it was kind of like what works and what doesn't but the main benefit was like that it was like non-stop trading talk like we go out to dinner we talked to trading we you know weren't trading we went golfing we were talk trading like everyone who came in was a trader and like it was just like a year where we just we were like submerged in trading talk like it was at non-stop trading and i feel like that year was like where everything kind of started for us because you know we just took it really seriously people when they look and see if they're doing enough work and like putting enough time and effort in right now like if you just had a camera on us that year like you would see like how much we outworked most people during that time hey we wouldn't be able to do these face-to-face interviews if it wasn't for our sponsor cobra trading so if you can just give them a few seconds of your time we'd really appreciate it cobra trading is the go-to broker for day traders and short sellers and i'm not the only one saying this in fact benzinga awarded cobra trading as the go-to broker for short selling they have a heavy focus on direct market access order routing so you have the fastest execution they have some of the best locate prices and availability they also have amazing customer service i've experienced many different brokers and it's why i use them every single day and why i'm proud to have them as our sponsor sign up now by clicking the be the trader referral link below and earn one free month of software with cobra and 25 off all commissions now let's get back to the show oh yeah probably the top one percent of work ethics for sure just because it was only it was only trading i didn't have a car i was only friends with dom dom's dad who was also a trader don's brother who he was also into trading in poker so it was the same kind of mindset and then what hap what we also did as well as dom had a few friends after we got you know we hit a nice run from january into february and then there's a few students that like we kind of take in students but really like dom's friends and then while we were still growing we're also teaching them the basics and it was just like this this huge like like small little firm like of newbie traders yeah like still like on the rise like slowly starting to rise up well then while we're doing that we're connecting with huddy and kyle williams and we're like still building the group like right now we're at a meet up in scottsdale and like last night i was just like thinking about like there was a group we were eating dinner with 15 traders it's like you start off in this little small little cubicle where you don't know anyone who trades like look where we are now like six seven years later like we have trading friend like so much success has come out of all this networking and i feel like everyone like benefits so much from it and it's so important to take it seriously from day one because i didn't until jack i didn't talk to anyone trading like i did all of my own and i feel like i probably wasted away a few months like where i could have learned a lot from someone else um yeah that was a lot of fun though yeah it's crazy to see where we're at now what do you feel like has helped you the most is it during like pivotal moments when you're all winning or when you're taking losses or when one person is losing in that in those growth moments as a group like did you see any moments where it's like wow like i wouldn't view this the same if i was by myself i think it's super motivational when you have someone who trades the same setups as you and starts killing it and like you know that person really well like you discuss like what do we like to see what we don't like to see and you ask them that question like okay how did you do so well why did you have so much size what did you like about this setup and that is able to add to your knowledge base so well because it's practical it's tangible it's like you feel it and then you get motivated to do what they just did yeah because you know like again we all trade very similarly same similar stocks just you know different because we're not talking all the time um so that for me that like they both motivated the crap out of me and that was huge i also think what helps is um like everyone's at different points of their journey but they're also experiencing the same markets differently and like having those experiences and like seeing someone else go through like i remember when you were talking earlier about your ata are sure that you like lost a lot of money for your small account back then on but like watching you go through that and like that whole day of you like texting cortana like what do i need to do how do i get out of this and like that kind of helped me never go through that because i watched it firsthand and was able to like learn from it and the more people you're in communication with like you're going to be able to like see a lot of things without experiencing them and i think think that sets you apart and lets you move forward faster because you don't need to go through a lot of the hurdles that you know you're supposed to go through it's a good point so like for me like i i met gratani tim katani really early on in my career and there were moments where i'd go through rough patches like a month and a half two months of just like can't figure out my stride can't get it right and i would text kartani and i'd say dude like what do i do like i'm struggling like do i know nothing am i terrible trader right and he'd be like to relax you know get back to your bread and butter the thing that made you rich just only trade that and stop you know getting off the trail and like just a text like that from brittany you know just made my heart just like you know everything's fine it's gonna be okay just never extending get down and let's just hit that you know and that always helped me get back on and i still think about that today like when it stuff isn't working okay find that one pattern that might not be there every day but when it's there like i know that i have a pretty high confidence about what's gonna happen you know people are probably listening like well that's great honey that's great jack that's great dom y'all guys met each other and who would have known that this would have happened right but how do i meet someone who how do i know who to meet and and how do i even interject with maybe someone who is like a tim grittani because at your level when you first started rising up tim grittani was like at his prime right and because of that like they're probably wondering well how do i reach out to mike huddy for the first time like i'm sure we all get dms constantly and it's hard to reply to everyone so like how can you suggest someone else to find their own group i would say put yourself out there um the number one thing i did like was always trying to put myself into the community and get involved so you know whether that's at a tim sykes conference which is where i met dom or you know in person boot camp which is where i met kritani or even just in the community like jack one day messaged me dm'd me in prophetically and that's how we started talking and then he asked for my number and you know turns out that that worked out really well yeah and so it was just like in in the grand scheme of things there were little moments but because we wanted to interact and be involved with the community we received benefits that we never perceived to receive which was cool yeah i think you have to put yourself out there with the expectation that you're not going to get a personal connection or relationship with us three or whatever like you think we're where we started we were all nobodies and now we're less of nobodies but still nobody's yeah but i'm saying like we created our own thing and made it big and you don't need to go and have tim grittani on your side to become successful like i think you me and you both kind of like live by the have like a mentor someone who's better than you have people on your own level and then have people below you so that way you're constantly it's like that cycle you're talking about where you're learning you know you're competing you're getting better in this group and then you're teaching so you're also like getting better through teaching even if you don't know anything you can still provide value to someone and that in turn will help you learn more as well you know i want to throw this out there what what has been like the biggest change in your perception of a rule or of an idea around trading that used to be different when you were like maybe a year or even when you first started whether that's risk like how you view risk whether that's taking rough go ahead um i would say that when i first started like i watched like trading trading tickers as well as like steven ducks and i kind of saw how like they traded and it just seemed like you know key levels like really wide risk and you know that works with some people but for me it just it didn't work because i found out that like if it's going against me i have more time to like add to a loser and you know kind of oh i didn't get the right entry here so let me add a little bit higher or add a little bit lower whatever it is and then you're eventually stopping out it's going against you so the odds are probably higher that you're going to stop out anyway and then the trades that work it's usually like you hit it and then it goes in your direction and then like you don't add so then once i met dom and he like he kind of showed me how to like add to a winner and like move your risk up like that was that was what clicked for me and made me a profitable trader um and also like watching um like trading tickers you see gratani kind of go through like just holding these positions and you're like oh gratani can do it i can do it too yeah right yeah pretty much yeah he shows some bad trades in there like where he got out of control with a small account um you know a big account could handle that that type of loss but like with a small account you have to be so like nimble and so accurate with your trades like to really grow from that 30k to that first like 1 million you can't like really deviate from like a very strict system then like once you kind of get over it you can kind of like you know finagle and find that margin for error is so small at the beginning and then it kind of loosens throughout the years because you give yourself more privileges you can lose more money and be okay um yeah you can keep going if you're talking so is it more wrapped around the whole idea that you just have more more money so therefore you don't have to worry about anything like trading in general because you're fine no no no i just like what he's saying like it is very hard to trade like to grow a small account like it's not an easy task so the mistakes he's talking about can be you can mess up and be more okay because it's not your whole account gone if you make that mistake with the 10k account you might never trade again because you don't might not have the money to refund it or you're so demoralized from the loss like the margin fair is just so tiny to grow that account like in terms of mentally and just having the money to trade but also like yeah just growing it's like it's really difficult as well if you make a hundred grand and you get caught in a few bad bag holds and you're down like 30 40 50k on something and your tax bill comes around and you pay 50k and you're down 40 or 50k on bag holes you're wiped out as well so that's why there's also like that pdt level and then there's also like that one two hundred k that you still have to be nimbled with but that's why i was saying once you get over like a million then you have like okay you can take a 50k loss or like something like that you can pay taxes and still have that big account to still you know trade with but if you if you make like a few hundred thousand you pay taxes and you take a few losses just right back down to where you are so that's why you have to be like very very disciplined at least until you get over like that that hump of really like high multi six figure trader and that's when you can you know make mistakes and be fine and not have like your account get cut in half or even into like a third how is it that you guys tell me what you think about whenever you take a loss like what what happens to your head like when you take a loss is there emotion tied at all we just took it like yes right so when it happens like what do you feel like walk me through that moment go ahead i just i gotta do this too um i would say that at first like when i was trading with dominic and also when i had a small account not really until like i hit my stride in like late 2020 like i was so like i had a pretty like pessimistic like personality per se just because like i was so focused on trading and i wanted to be really good and i wanted to do really good that if i took a loss i'd be so mad at myself stay up at night think about my losses whatever like just be so pissed off and now i'm at a stage where what do you do you laugh you don't care you you just laugh like laugh it off and you move on but like it's also like with that small account like it's a lot more pressure because you you can't screw up because you know you want to make it you want to make that money yep and then once like you get there it's just about like growing it and managing it but like you you've made that that money to achieve the financial really feel like a lot of like failure or like scared or like not happy whenever you lose back then versus now it's just like i'm not going to let it get down on me as you it doesn't do anything for you like you getting down on yourself or being mad at the market or mad at the setup like it just doesn't do anything positive so you kind of learn that it is what it is yep a lot of trading is taking losses like that's what you're doing most of the time like me i have a sub 50 one percentage so if i take a trade the odds favor me losing technically um but like i just took that loss and it was on something i've been watching for over a week like i took the trade where i wanted to like maybe there was something i did wrong i was upset about how my because i took some slippage and i too much size too early maybe yeah and there was mistakes i made but like we're here we're doing other stuff it's like it is what it is i'm not gonna go sit in my laptop all day and try and find something else to make my money back um where you tried to do that when you have a small account as well because like if you lose like a little bit of balance you feel like you can make it back easier where now if like you feel like you know it's going to come back around yeah it's going to come back around eventually it kind of reminds me of like the iphones like the original iphones and you used to drop them and the whole screen would shatter right and like the first time that happened like that was super annoying and like that sucked and like iphones especially you know when i was young like that was expensive but by the time it happened like the eighth or ninth time that i dropped an iphone and the screen's like shattered like i cared less i cared less i was like okay like that happened okay that sucks this is reality let's move on on to the next phone onto the next trade like it's just like you you deal with it the first hundred losses are a lot different than the next thousand losses right and they're gonna come and you just eventually get used to that feeling and you learn to live with yourself alright so it sounds like whenever you take losses do you guys normally look for your mistakes right away or do you kind of just like second nature consciously you feel like it's always a mistake you made mostly it shouldn't be okay that it should be part of your process it's like losses because no one has a 100 winning percentage um you should at the end of a loss i actually feel like i had the size from where i wanted on a pattern that makes sense it's going to make me money over time and this was one of them that didn't work so if you did make a mistake you should be able to identify it yes what went wrong did i oversize am i not in the pattern like what did i do wrong if there is a mistake right but you could take a loss and do everything perfect right that's beginners don't recognize that because that's what a lot of people don't hear they just think if i lose i'm wrong i'm not trading i i do have a small disagreement um i always think there's at least like a very small mistake that you that happened right a very small mistake right it's not like a big like mistake like oh i messed up big like if you look very into detail there could have been something that you could have done a little bit better yes um just overall looking at like your trade because it's so hard to have the perfect trade yeah um but you're following your process right so you're doing good but if you like really just look at like maybe like one like one dot here what could you have done a little bit better yeah and that's what i always try to do as well um just to kind of always trying to get a little bit better from every trade you know that makes sense and but working together and you know he's mentioned you talk to gratani one day when you're going through a rough patch that kind of helps you keep going right what's something that you've all seen to talk to all types of charities who have made success right but you saw them get there right in some form or fashion what was one thing that you noticed that they all go through still to this day constantly that you thought that we wouldn't go through anymore once you make it to success i don't know if i understood the question but that that last statement kind of reminds me of like you know i always felt like there were goals to hit certain monetary values yeah and then once i got to those monetary values those goals just went further like once you get to one level it's just like you just want to go to the next level there's always another level to get to yeah i'd say nobody's ever made like x amount and then like quick and happy yeah like oh that's retired i made five minutes so a lot of people they have the initial goal oh i'm gonna buy this at 500k i'm gonna buy this at one million i'm gonna buy this at whatever and then you get there and you're like like i'll just do that a little bit later like it's not necessarily like you don't hit it and like it's an end-all deal like it's always like there and also like you're not you're never gonna feel like that sense of like accomplishment yeah i mean you still feel it but you're never gonna the type of people we are that do well in trading is that they have like you're a gamer right do you when you played call of duty or whatever and you what's it called prestige do you just stay there or do you restart and go to one and try to do it faster yeah you know like when you we are over achievers like we want more and more and more and it's not necessarily a money thing anymore it's just like we want to you're talking about a little spec here that i need to get better at for my trades like that's why you are where you are because you'll use that 100 times to so that maybe you've cut 50 of that loss because you found a reason why you shouldn't take a full-size loss or get out before we lose five extra sense of slippage like and that's what that is what i've kind of noticed with most of the trainers we talked to is like everyone's journey is so different like you know from like 2019 to 2021 me and you took very different paths and like right now i think we're both trading pretty well but like it was a very different look like you had to learn listen i'd learn listen we learned it different ways like we traded the coven market really differently like the drawdown period is different like when you have a really bad week i could be having a really good week like everyone's journey is so different it's not like market good all these guys making money market bad all these guys losing money um but how does that doesn't impact you right because like you know you're talking to jack he's having a great month this month and then maybe you're not right how does that not impact you and not making you place an extra trade right because earlier we're talking off camera and you guys are talking about a stock that you really love and huddy's like i'm not ready for it yes i'm just gonna chill and wait for it and you know it's the fact that you were able to hold back is interesting whereas some new traders may be easily like you know what okay cool i'm gonna do that too okay now you know what i'm not gonna take that trade now like how are y'all able to balance that and not let it influence you as much because you are very friendly with each other and you can tell so i'm just curious for me it was like my first four years were self-sufficiency like it was all independent it was figuring out by myself and i like like i kind of you know your own patterns you know your own situations you know you do well and so like you know regardless of someone else's idea like if i don't understand it then i don't want to get involved in it because like i know where to make money i know exactly how to make money if they're doing something to make them money that's good for them but like it doesn't necessarily mean that i have to make money right there i don't have to make money where everyone's making money it just has to make sense to me so that's how i curb it i'd say um honey i'd say huddy is more like honey and dahmer kind of more disciplined and like their own thoughts per se like they'll trade like exactly what they know whereas i feel like i'm kind of like i kind of like go around like i'll do i basically just try to like see who's doing well right jack of all trades yeah who's who's doing well and then i'll try to not necessarily do exactly what they're doing do it kind of like with my own twist you know what i mean like i saw dom was doing really good last week um with his breakouts and i was like like i was kind of like sleeping on breakouts um the past couple weeks so now like i've kind of finagled myself into trading them a little bit more just because i kind of see like that's what's working and now i kind of see that like also with shorting like a lot of things are like coming all the way back so we have to cover into the wash and there's not home run trades and just talking with everybody i feel like you did that with me with first red days like way in the beginning you saw that i had some kind of consistency in the chat room with first red days and then you started doing that for a bit am i wrong or right and then jack goes how can i do that and make 10 times what you're making uh yeah at the end of the day you really just fixed that one by the way no problem he did to me too uh that's awesome uh with the networking but we were talking about um the cool thing about having a bunch of trader friends is we're inevitably gonna be really different like what he's saying like you know like kyle williams is primarily a short advisor jack daniels you're kind of a mix between longing and shorting these days you kind of can do everything like you kind of it's like a really big edge an advantage i think because you like what he's saying like oh maybe i should be paying attention to breakouts right now or list of breakouts maybe i should you know be fading stock longer because jack gando said something in the way the world news is in the filing you know like but having all these people like to be able to ask questions to like about stuff you don't know like really well is it's a big benefit like to just to have a little bit of everything around you because it can make you feel more comfortable when you might not be well on that note to wrap things up i want you guys to explain what you guys i know you guys gotta think something you're releasing it's probably aired by now like i already have a whole new system that you're helping other traders with right so if you can tell people where they can find out more information about that and then jack if you just want to let them know like how they can find out more about you as well that way people can just reach out and ask any other questions honey you want to do it i talk too much you should do it well you can find honey and me we work together now at hudyanddom.com uh it's just kind of a low-key little service that we do have a chat room two live webinars a week we're doing a live boot camp this week in scottsdale to be future ones as well uh just access to us apparently you guys like us and think we have something to offer so we try to contribute every way we can uh we have a good time we're personal people i feel like yeah and then we got jack i'd say yeah um i'm still a student in in dom and huddy's room i still attend every webinar because you know like dom's the one who really put like my training goals on so don't even ask me about my room just join like honeyanddom.com like go to them if you'll have a way better chance of probability of success like i don't think i'm not good of a teacher i'm more i'm better of a student and i do have a service though break out some breakdowns with kyle my girlfriend mari and myself we do a few webinars a week it's on the stocks of trade platform it's pretty cool but it's more i say i feel like their service is a lot better personally like so like obviously i'm saying this like join their service like it's great and other than that you can find me at jackaroo trades on twitter at jack kellogg on youtube and instagram and my profile is jackaroo so those are my there we go well look guys hey i appreciate y'all so much for being here man and having a good time we're gonna have a great time tonight so it's gonna be dope take care thanks for

Channel: B The Trader

Views: 66,109

Keywords: day trading for beginners, day trading strategies, learn to day trade, beginner trading stocks, stock market for beginners, how to trade penny stocks, how to make money trading stocks online, day trading for dummies, learn how to day trade penny stocks, bthetrader, b the trader, b the story, bthestory, millions, made millions, making millions, making millions in real estate, made millions on cryptocurrency, 30, millions before 30, millions young thug

Id: B91m3RItuos

Length: 25min 4sec (1504 seconds)

Published: Mon Jun 27 2022