 What's up everyone? My name is Alex. I'm one of the co-founders of MyInvestingClub.com and I want to let you guys know about something special we're doing for our viewers on YouTube. So the most common question we get asked is, you know, how do I start day trading? So what me and my mentor about is we create a free two-hour mentorship course for the brand new trader. It's going to be available at MyInvestingClub.co. The link is going to be right here. This is a free webinar that reveals our 12 secrets that every single brand new day trader should know before they start. I also want to let you guys know about something that's very unique to MIC. So if you have any questions about trading or you're curious about trading or you don't know if MIC is the right fit for you, now you can text our head mentor, Tash, whose number is going to be right here and he'll answer all the questions that you have in less than 24 hours. Thank you and enjoy the video. What's up guys? It's Harry Haas here. And today I'm going to be doing kind of an interesting video on how I kind of beat FOMO a little bit, adjusting on the fly, how I kind of do both of those things. It's a topic that's kind of been requested. So I just went ahead and made a video on it. As you guys all know, I'm not a licensed financial advisor. This is not an investment device, even if it seems like it. But without further ado, let's get into the video. So basically all my plans are based on this general idea of adjusting on the fly and letting the market tell me where it wants to go rather than me trying to be a hero and playing like kind of a guessing game. So for example, if we get a spike off the open, then I will look to play it off a support line. All my plans are based off of kind of if then statements. I think a lot of traders do it like this as well. But I just thought I would kind of like show you guys how I kind of make a plan. So for example, like if the pre-market has happened and now we're getting ready to open up for the day. For me, I'm saying, okay, there's two scenarios that can happen at the open. The first scenario is that we get this major like either like, I don't know, like chat room or a lot of people are buying a stock. There's a lot of demand for the stock. A lot of people right off the open are buying the stock. And then maybe I'm looking to play off a support line for the stock to go higher. But if we just get a wash out, a big sell off, that tells me that maybe the company is using some dilution. Maybe there are a lot of sellers. Maybe there's bag holders pre-market, you know, you never know. So then I'm going to be looking to play off more of a support line and just kind of long a type of backside bounce. Because I mean, my general rule for that type of stuff is I'll play a couple backside bounces off the off the backside, you know, if it's kind of a low floater or, you know, just a stock that that I believe has kind of enough like risk reward type of potential for me to want to long on the on the backside. And I'll go over like all the kind of like photos and you know, ways I do it. But yeah, I mean, for the most part for me, I'm not trying to to guess where the market's going to go. I'm not trying to to say, okay, well, my magic spreadsheet says that this stock should run 100% today. So I'm just going to blindly go along like I'll never I'm not that type of trader to do that. And I never will be for me. I'm just trying to to assess the price action that's going on in front of me. And I'm using the lines and using the chart pattern to really kind of to really kind of go off. So yeah, this is a photo example of like, I guess it's kind of this slide, but more so in a photo example, so you guys can understand. So yeah, let's say this is this is pre-market, we're in the morning, you know, we didn't have any FOMO. We didn't we didn't make any pre-market trades. We just let the chart develop. And I love that kind of analogy as Bao said, where we kind of let these these earlier people develop the chart and they're almost like they're they're like the people who kind of help develop the chart. So shout out to them. And now we have a nice crisp developed chart here. And we there's two scenarios that can really happen with this type of play. So number one is that we we get a washout and maybe you can play off a support line from, you know, this kind of support line into this kind of resistance line. And you know, maybe this breaks and it ends up fading for the day breaks the kind of death line area here. You know, maybe it goes straight through, who knows, that's why we have stops, right? So we can have this type of green line. But we could also have, you know, a spike at the open, a hold of support. And then this goes higher and grinds all the early front side shorts out. So we we are always going to have kind of these two types of scenarios that can happen. Either the stock wants to go higher at the at the open or yeah, I mean, there's a hundred scenarios, I just kind of chose to to kind of put it into perspective. I mean, for me, we're always going to have these these types of these types of scenarios happening in the market day to day. So maybe if you're a short seller and you're looking to go short off this line and it kind of breaks, then you might want to stop out and then and then re-attack later once it confirms or if you're a long trader and you kind of see this support holding and you're like, OK, wow, you know, this this this is a good kind of risk reward opportunity. Then those are plays that that I like to take. And I'm not necessarily like a risk reward guy per se. You know, if I think that the stock has a, you know, a high probability of making a move and maybe it's like a one to two or whatever they say risk reward, then I'll look to kind of take that. But I never want to I never want to be trying to I guess I'm never trying to take profit at more than I'm risking. That's kind of my own general rule. And that's kind of how I've always played it. Because I mean, if I'm risking 20 cents to make 10, I mean, there's no real point in that. Like it kind of it's kind of sucks. And I'll never really I'll never really trade like that. But yeah, this is this is more so kind of how I'm able to beat FOMO as well. Because I mean, if let's say you only plan for this green scenario to happen, you were like, no, this is definitely backside. This is going to fade. This is going to and you kind of you talk yourself into it. You're like, oh, yeah, well, this is definitely going to fade. I mean, the chart looks like hell, it sucks. And then it starts grinding higher and you're a long trader and you have a plan for that. And by the time it's up here, you're like, oh, well, I got to get in this, I got to get in this. And then you're only given these kind of backside type of bounces. And maybe you're you're the type of guy who's trying to hold for a home run. And you have that you have all this kind of emotion and FOMO bottled up from the front side that you missed. And those are where a lot of people take those backside losses. Because on the backside, if you're a long trader, like, I mean, I really believe that as like kind of for a long trader, like I've talked to a lot of long traders and a lot of their losses do happen on the backside because they expect it to go higher. And then when it doesn't, they end up getting stopped out or whatever. So that's why on the backside, I'm only looking for 10, 20 cent moves, maybe even 30 cents. It really depends on the type of meat. But I mean, if you're a newer trader, I'd only be looking to play this kind of first type of bounce area. And I mean, this is kind of a, I guess it's more so a line to line chart. But I mean, for me, like, like if I've only planned for this, maybe I was planning for a bounce here and a sell into resistance. And that was it. But again, at the end of the day, if this starts happening and I don't have a plan, then I I'm kind of screwed because I'm trying to adjust on the fly. Then you start getting emotional. You start feeling that FOMO. So I'm always planning on every single stock for two scenarios to happen. And that is number one, this big pop out of the gate. And number two, maybe we get a big wash out of the gate. And really either either scenario is fine for me. I'm not necessarily I try not to get like really bummed out if we get a stock washing out and fading and I only get one bounce. And and I mean, recently in my career, I guess it was kind of a week and a half, two weeks where I did go short, but I really enjoy longing stocks. So so in review, let the market show you where it wants to go. That's always my biggest mantra is that because I see all these people who are like, well, they have a big ATM. So it has to fade. And then they end up getting squeezed out on the front side because they're not paying paying attention to the technicals. They're too biased on the fundamentals. And you need to to kind of to to have a mix of both, right? I mean, I'm not really necessarily a fundamentals trader, but I'm kind of always aware of what people are saying in the in the chat. I'm always aware of like when Bao posts kind of some dilution or OK, they do have a big ATM. I'm always aware of it. And if anything, it makes me a better trader because I'm willing to stop out that much more. I'm willing to say, OK, my idea is wrong. I'm stopping out. They have some dilution. So I don't I don't really mind when when people say, oh, we have dilution here, dilution there. That doesn't matter to me. I mean, I'm just going to stop out and just follow my plan. Number two, I'm always trading line to line. And number three, with proper planning, you can eliminate so much FOMO, right? Let's say I wasn't planned for that big move to happen. And I mean, really know what you can never be really planned for big moves like that to happen. All you can do is draw your lines and let the stock show you where it wants to go. But because I was prepared for any type of scenario to happen, I was prepared for for the action that was happening at the open there. I was prepared for the action that was that the stock could possibly go lower. I was very prepared for both scenarios. And that's why I didn't really have a lot of FOMO because I'm like, OK, scenario one didn't work. Let's move on to scenario two. And you need to kind of have your that in your head that it's like, OK, we can have two things that happen at the open. Like, if I'm a short seller and I start seeing that action and start grind up, grind up, grind up. If you're so convicted on plan one and you don't think about scenario two where it's like, oh, I could be wrong, you can take some heavy losses. And that's why for me, I've always tried to kept my trading as as as less bias as possible and just more kind of line to line and let the market show me where it wants to go. Yeah. So 30 minutes before the open, I kind of wanted to add there to focus up, like don't go on your phone. Don't go on Twitter. No music. Use this time for planning. Use this time to be the best trader you can be. Use this time to say, OK, I'm reading through everything. I'm reading main chat. I'm reading what other traders are saying. I'm reading what the chart is saying. I'm looking. I know everything about the stock. I know the story. I know that I'm reading the news. I'm reading this. I'm you use that time to be very, very focused up because I find a lot of traders underutilized that time, which is a gift because you are up. Some people wake up at like, you know, nine, nine, 29, and they have done no research, no preparation, nothing. And they're just going in there and winging it. And you need if you're up an hour, two hours, three hours early before the market opens, that is a gift. Use that time for your preparation. Use that time to plan things out. Use that time to be the best trader that you can be. Because if you're not somebody else will and they'll take that P&L and they'll take that money right away from you. So, I mean, use that time for planning, you know, main chat is OK. But if you're on Twitter, scrolling around, you're playing, you're you walk over to the Xbox and you're, you know, you're not. Maybe you're even petting your cat. Maybe maybe my cat wants out and it wants like a good petting. It's like, sorry, Daisy, no, I need to trade. And then after I'm done trading, I'll pet you later. There's a lot of a lot of things that you can be doing with your time. And I just thought I'd point this out. I'm always around, send me a DM, go over a chart, schedule a call. I mean, I'm always around and I feel like, you know, as much like I'm just always around. So if you want a chart reviewed, if you want something kind of, you know, reviewed to me, send me a message, let me know. And I'll get back to you as soon as I can. Usually same day or the next day. This holiday week always screws me up with like sleeping. And I don't know why, but holiday weeks are like terrible for me. So it's weird. So, yeah, I'm looking to to kind of get back on track. I mean, not that I wasn't, but I'm just going to try and get my sleeping schedule back to where it was, get my kind of my body back to where it was. And yeah, just get back in the groove for another week. So I hope you guys enjoyed this one. Hope you guys enjoyed my little planning rant. You know, I think it needs to be said and I hope you guys have a great, great rest of your day, night, wherever you're from. And I'll talk to you later. Thank you so much for watching our video. If you want to see more of our videos, please subscribe to our YouTube channel by clicking the button here. We do our best to post a new video every single day. If you have any questions about M.I.C. or any general trading questions, please text Tosh using the number here. Also, stay up to date by watching some of our most recent videos right over here.