 Good afternoon everyone. This is Melissa with thestockswish.com and welcome. Welcome to a brand new class brought to you by the Stock Swish LLC and me, Melissa Armo, called the Trading Plan course. How exciting. If you'd like more information on this new class, email me at Melissa at thestockswish.com. So ask yourself, do you currently trade the market but have no trading plan? A lot of people trade and do not have a trading plan. And this goes for anything. I don't care if you trade forex, equities, options, swing trading, day trading, core trading, any type of investing you do, anything, anything you do where you're putting your money into the market. You have to have a trading plan or should. A lot of people don't or don't know what one is and that's the reason I decided to write this class. It's something that I've been thinking about and started working on for a while ago. A lot of people throw themselves into trading and don't have any strategic plan for what they're doing and it's important. You got to have it if you want to be successful and it doesn't matter what type of trading that you're doing. So do you know what a trading plan is? Be honest with yourself. Do you or don't you? And if you don't then this might be a good class for you because if you don't have a plan and if you don't want to know what a trading plan is then you need to find out and get one. It's important. It's one of these things that's so important. It deserves an exclamation point because if you want to be successful and have some longevity in the market, you have got to have a plan of action for what you're doing. It has to be out there. It has to be written. It has to be real. It can't be something that you just make up in your head. It has to be on paper. It has to have certain specific requirements. Here's a good example of money management. This is IMTC. This was a trade just back from last Friday. Beautiful nice trade. It was a perfect entry and a perfect exit I had on this trade and it was a Friday. Friday, good week. I money managed myself. I said, you know what? I'm done for the day. I'm not taking any more trades. I'm money managing my day, my morning, my week, my month and that's exactly what I did. That's money management. This is the type of thing that needs to be in your trading plan. There could have been other great setups that happened on this day and there was. But you're saying to yourself, you know what? I'm done. I'm not going to trade the afternoon. This is the type of thing where you say, you know what? I have to preserve the amount of money that I made in this trade. Another part of money management is you take two trades. One works and one doesn't or both of them don't work. You have to have this written down in your trading plan. What are you going to do after that? What if you do two trades and neither one of them work and it's 9.45 and you're down two trades in the first 15 minutes? What should you do? This is the kind of stuff you have to have in the plan. What if you take one great trade and another great trade? You book the INTC, you're in another great trade too and you say, wait a minute. You know what? I'm money managing myself here. This is it. I'm done. I'm done. This is what I did last week. I had a perfect trade in INTC. Was it ready and something else? It was up. I said, you know what? I'm tightening up on this one here. This is it. I'm not doing anything else. I'm keeping the money. You've got to go into the trade, make the money, book the money, and stop. You've got to keep the money you make from the market and part of that is money management. I think a lot of people don't do that. A lot of people don't think ahead of time or have any type of plan for what to do if certain situations arises and you need to know. Hulux is another example of money management. This gap did not work right on the day. In fact, it failed on the day. I took a loss in this. I did not go back after it and chase it and chase it and chase it and chase it and look what would have happened if I had. I was shorting this Hulux. If I had chased this thing, I'm teen times this day, I would have had zero money management. It flat out failed. It did something that it shouldn't have done or I wouldn't have gotten stopped out. That's it. That's the end of the story. Boom. You're off of it and you money manage yourself. That's it. Again, it's part of the process of learning how to trade. This day here, it was early on in the week. There's plenty of a whole week left to make money. Some days you just decide you're going to take a loss in a trade because you see that it fails. You get stopped out and you don't keep going after something. You have to make these decisions ahead of time how you're handling the situations. You preserve your day, preserve your week, preserve your month and be profitable. You can pay yourself. That's the reason you're doing this in the first place if you're trading the market. The class is a trading plan course and it teaches you the things that you need in the class and that you should have before you even place a live trade in the market. Preparation is so key to being successful. You want your capital to last. You want to be organized. I'm a highly organized person. I'm a highly prepared person every day when I trade everything that I do. How much money I'm risking. I know all these things ahead of time and have had this in place for myself for a long time. I'm teaching people to do this. I'm teaching people to become better traders and a more holistic approach to looking at things. They have to have all the pieces of the puzzle. They have to be totally, totally ready. Think about this. If you own a business plan, if you own a business, you would want a business plan. You would. If you were someone that was a business owner, you would want a business plan to move forward. I mean, pretend you're an investor. You've been looking for something to invest your money in. So you decided to buy a business. What is the first thing you would do before you even got started? Well, you would make a business plan. You would determine your expenses per month, what net revenue you need to generate in order to be profitable, what steps you're going to take to make those profits. You would outline everything, everything prior to opening the doors. It's the same thing with trading. Having a business plan in place prior to trading will prevent losses, keep you organized, and more importantly, on track to meet your goals. How are you going to meet your goals if you don't know what they are? So you need to know. What do you play? What do you play each day? What do you pick? And not only that, why? What stocks are you supposed to trade and why? Why are you trading them in the first place? What is your strategy? Do you even have one? When do you stop for the day? When do you stop when you're up? When do you stop when you're down? What do you do if you start the day down? What do you do if you're up a lot? I mean, all these things you have to think about in having a trading plan ultimately comes down to risk. Risk and money management, and this is part of it. This guy here clearly has a lot of risk and money and this guy here clearly has assessed his risk element. He's aware of the situation. He has his helmet on and he's prepared. He couldn't be any more prepared than he is unless he decided not to go for the cheese. And if he doesn't do this, then he won't eat tonight. And actually this piece of cheese is going to last him for a while. This is a big trade here. So he is full on ready. Look how situated he is. He's flat on the floor with his feet. And he has the helmet on as well. He's absolutely ready to go. And there's nothing stopping him, but he's prepared. He knows what he's going into the situation. And so he has a high likelihood of success to be able to meet his goals, to get the cheese, and go back home at night. And not be harmed. Very important, too. So money management by day and week counts. By train, by day, by week, all these things you have to have set out ahead of time in your trading plan. Now, why a trading plan can make or break your trading? Well, let's see. Well, without a trading plan, live trading can sometimes run away with itself. And not only that, lead to over-trading or unknown, an unplanned loss is what you want to avoid if you want to be successful. If a plan is thought out ahead of time, there's less likelihood of mistakes or choices made in fear. Again, you don't want to be in fear when you trade. Traders make decisions in fear when they don't have a plan. So how do you avoid that? Stay organized. All that it is. Fear ultimately leads to losses. So you've got a plan ahead because it counts. Empower yourself to become successful. Take it upon yourself. This is a real-life business. You're the owner. You're the one in charge. You're the one that's making decisions. You've got to have a trading plan just like you need a business plan if you started a business. Because the more preparation, the more money you make. It's true. It's really, really true. You can't prepare enough, actually. And knowledge is extremely important for you to be successful in trading. The most important thing. So proper preparation is the key to your success. You want to do it. Invest in education. I teach this class as a new class. It's an exciting course. And ultimately, I think trading classes are fun because I love teaching them. It's empowering me to be able to teach information to people as well to empower them to trade their markets successfully. It's fun for everyone. So the class is called the trading plan course. It is a course on how to create a trading business plan. The class tuition fee is $5.99 for upcoming class dates. Email Melissa at thestockswish.com The class is online. So if you're interested in upcoming dates or to sign up for this new class, email me at Melissa at thestockswish.com. Thank you, everybody, and have a great afternoon.