 BBY down four percent. This is this is this is around nine o'clock when it started to fall despite Beat and race rather than expected comps Strong consumer demand See everything I'm reading here about this is good, but the stock fell So do you see but everything of no everything I just read was good about there about the report But the stock up down So do you see that mountain girl, that's why you don't you don't pay attention to that stuff Wasn't possible to go short pre-market with BBY at 59 55 Where are you getting that number 59 55? Well, I mean the stock was here. We just looked at this the stock was at 68 And this could be the 10 o'clock bounce people. I don't know. Maybe this sets up again Could you have short of this? Yes, of course I don't remember the exact volume in this morning, but but but of course you could have I don't I don't do that I don't play the pre-market of the post-market, but of course you could have of course you could have I mean There's many many times when things drop tremendously, but I'm not I'm not in them I you can't I wouldn't get the same accuracy rate on the open Which which I have a high accuracy rate to call it on the open if I was invested in the trade in the pre-market So I would be focused when you're in a trade you're focused on what you're in Boom, that's it. We kind of talked about this yesterday when I talked about the market if I was long the market or short the market I wouldn't have you know, no bias and I have no bias in the market really I just read it. I'm telling you what's happening day to day But but in general if you're in a trade you wanted to work I mean, this is human nature if you were short BBY you might have missed something today Into the open in this so either way It's it's not a good idea to play it both In my opinion if you're a day trader if you're if you're an investor and you're in it And you're not going to exit this trade at all today Then you're short this stock till it drops to 50 bucks, but I don't think that's the right thing to do I don't think that at all But I'm just saying that you know if you were if you wanted to get in the stock And hold it for an extended period of time. That's fine to enter in the pre-market But to play those moves is very wild. It's very risky It's not a calculated risk even because the gaps can change so much from from the time that they report That point in fact BBY which was up You if you would have gone long this to stop my branding long-time highs this morning up at 68 I thought it was a long when I looked at it. Luckily I went back to it Okay, I might not have ever looked back at it I did then because I was interested to see what the stock was doing when I saw the market But if you went into this position, it would have been long it this morning And you would have gotten creamed. So you had selling action Maybe some people that bought it in the pre-market long. I don't know but either way This is that is just not I don't think that's a wise way to trade That would be so risky for me to trade like that myself let alone to teach people to do it People would lose their shirts and I'd never do that to people let alone myself And you know, I was thinking about something else after the discussion we had yesterday and I Actually seven streams gave me an idea to write an article. I'm actually going to write an article on it Um, I'm going to sit down and write an article on the discussion we had yesterday And then I'm going to bring up Bob's chart because I don't think I'm calling any more trades because I don't think this sets up again But anyways, um Crap I was just what was I just going to say I just lost my train of thought Oh, okay But when we're talking about the market and a reference to to this kind of thing these moves, okay And gala had are you listening to me because you signed up yesterday and you missed the whole lecture Are you here right now listening to me because I'm going to make an important point. You'll argue with me about it. I'm sure But my point's going to be valid What about 68 battery? You missed a good lecture and I didn't I didn't unfortunately I didn't tape the whole thing But anyways, I'm going to write an article. Okay gala has listening Don't look at trading As trying to get rich look at the market as something to try to get rich either You stop doing that. You're going to do a lot better The problem with individuals I don't know just Popped into my head and dawned on me and that's when I started I actually started writing the article yesterday This is a very very very important point If you can be okay With training and making money in the market You'll do great If your goal if your number one goal to to trade To day trade or you know to to to be an investor with with just a normal amount of money You're not a hedge fund. You do not have millions of dollars. You're not a millionaire And even if you are you may not be investing millions of dollars in the market your goal should be to make money That should be your goal, okay The people that play these wild gyrations in the pre-market or do crazy things Like the guy I was talking about yesterday with the bitcoin they wanted to do when people are doing it with the bitcoin Including my friend by the way, they this is they think that this is it. This is this is the big one This is going to get them rich. It's so cute because my friend thinks like that He won't listen to anything I say though, but he thinks that this is going to make him rich It's not going to make him rich Now he might make money in the bitcoin If he plays it right, but he better darn well play it right And he's actually has been in it for a while. So he's up money and I told him to get out I told him get out sell it all I said he didn't listen to me He's in even more now So you're you're going if people could under people look at the stock market And I know because I felt like this when I started out in 2008 I started trading because I thought that this was going to make me rich I was wrong Okay. Yes, this is the way to make money. Yes, I probably make more than most people do Because I'm really good at what I do trading but This is not going to make you rich And my idea of rich is very very different than probably you people but My idea of rich is probably more reality because I live in Manhattan. So, you know $250,000 a year 400,000 a year 300 grand a year. That's not rich Okay In fact, if you have a million bucks, that's not even rich anymore either that's not going to get you far so You people think that they're going to get that they're going to get they're going to do something like capture this move Which is $12 now People think they're going to capture these moves And get rich No, you're not do this thing that we do in here and get the money A thousand fifteen hundred two thousand. I'm very happy when I have a day with over three in it You know love the days with over four But you know, is it realistic for me to make four thousand dollars every day of trade? No No, it's not I will miss the entry. I will get it late and we'll get out too early The stop will be a little bit too big. I'll play it expertly as good as any person as good as I can You know, but it's like, you know It's just, you know, but I'm not going to make a hundred grand a week trading at least not with the risk I'm taking Now, of course, I could risk more but I would be capped at that anyways In fact, let's just see because I you know, I mean Honestly, honestly, like I'm talking about this because someone had asked me about this like two years ago I went into the class and actually the guy never did the class So the volume in here in this bar now, let's look at this bar here if we had done it If we had done it perfectly perfectly perfectly perfectly at fifty eight twelve It would have fallen part into it Volume in this bar is really good. So let's just say we had taken and I'm just doing this for myself as well Just to prove a point here. So if we had Okay, I want to put this stop and I'm going to be very exact even though this in live lifetime It's never this way because things happen So 93 cents So let's say I size myself for a buck Okay and Taken 20 000 shares My risk would be what 20 000 dollars Okay Now let's say I did it I might have gone look at the money I would have needed for that right now. Let's just say we played it out And I'm swearing up and down 56 which I've said now for half an hour Let's say it gets to 56. Let's say I'm still in it Because if I was still in it, I'd be up a crapload of money and I'd probably still be in it I think this does get to 56. So let's just say 58 So it'd be two bucks So if I had risked 20 grand in this today if it goes to 56, I would have made what 40 grand That's terrific That's a hell of a lot of risk a I didn't figure out the money would have needed to take that trade yet And that isn't going to make you rich 40 grand isn't going to make you rich I would love to have 40 grand today, but that isn't going to make you rich And you could have lost 20 For every trade that you take you have to know there's a possibility that the trade may not work Now if I did want to risk 20 grand to trade that's I wouldn't have played it like that What I would have done and again, I did not risk 20 grand in ever anything in here, but I'm just saying Any day trade that I can recall that I did But anyways, if if you had probably if I did trade with that size a I wouldn't run the room and b I probably would take some in here Then I would push back I would take some more in here I probably would take some more in here. I'd have to stop. I would steal your stops I'd have to stop for everything way up here I probably would figure it out in the daily And anyways, I'd be taking more taking more taking more. I'd be taking more than I'd stop taking more here But I would have a million different prices. It wouldn't be like I was pressing the button and getting in 20,000 shares here I would be I would be just taking more more more more because I wouldn't take all the risk in the first century I would take a chunk and then I would make sure it's going to work Which I knew here Which is when I call the second trade and then I get it all in and then I'd be in to get it down and I'd still get You know buck out of it buck 50 Here, this is going to get a 56. That's how I would trade if I trade a big size right now I don't need to worry about that. We just take the trade. I can hit it you can get right in with 3 000 4 000 You can get right in when you take a trade right now, but it's so different It's so different when you trade with size. I still would use stops. So I mean I I and I wouldn't be paper stops It would be real. I would just probably give myself more room I probably would have given it 50 59 50 Anyways, this is going here it goes is anyone still in it 55 60 55 50 55 70 56 dollars I told you it would go there bby. It's not going to set up again. It didn't here it goes My method is highly repeatable. Yes Seven streams what becomes non repeatable you asked me there Yes, I'm recording the structure right now. I did press the button just to record it I should record every day. I was in the habit of doing it and it's now that it has been busy I've gotten out of the habit here bb. Waha That's the biggest bby on the planet in new york It's like you go in there and you're lost you walk around It's like it's like when you go into walmart you're like, where is everything? I can't find anything here You can't go in that store and find anything you have to ask someone. Where is this? Can I help me? It's the one over on the upper west side. It's so big All right, or even the one of the fabanot. That's even bigger and there's more people there You walk around you're like a zombie help save me 5602 56 Thanks, you only need to do one trading week with 20,000 shares. Maybe one a month But if you're wrong barry see we give ourselves more chances I know everyone complains when we don't have certain things to do every day And and I and I can't help that like we did nothing yesterday, but but but here Look at this. I told you. Oh man. What a nice What a beautiful read on this thing today and almost I'm just you know all morning to to see it because this really was not like this at 7 a.m I mean it was up What is a beautiful read? You aren't going to get this to continue down because now it's going to pop up on day traders It did not watch it in the open like we did and they're going to see it now Let's find this little bugger There he is So people will like to scan and look for trades after 10 a.m Which is most day traders will find this here now and say BBY And then they will look for setup in this and this could go all day That's one of the other reasons so people did did not trade this in the morning That went long this in the morning will flip this later now after 10 is clearly down No one buy this here, but in the morning people did or didn't watch it This will have follow through today because people will play it late that missed it in the morning I mean, I'm still watching in here to call a trade I've been though. I don't think one's gonna head New York City Bob got out of 5602 man. That's a good exit. Whoo. Is that a good one? But I think it still keeps going it just broke 56 This could set up at 11 o'clock noon on a five minute 50 minute if it pushes back But I don't even know because again, where are you going to get the pushback shorts covering? You won't get any buying And if I was in this right now at this second And had all day to sit here. I'd say it's still going and it is still going so you wouldn't get out So you don't have any green It's still going Anyways, I just what was I saying? The thing that most people believe that are people and I believe this too when I started But I was really sold a bill of goods from the first place that I got into to do the only class I ever did Is that you can get rich trading? I'm not saying it's impossible. I'm saying it's highly unlikely But you can make money in the market and over your lifetime It can really make a big impact on your life Which is positive, which is good, which is amazing because this is fun and easy when it sets up like today This was very easy today It just it just hit so hard. So I mean the fact is that you know, if people had a different mindset about trading They would do much much better And then what happens is people get into trading and into trading the market and into classes and they've invested money They've invested time and they've lost and they don't know what they're doing And then not and then they go from wanting to get rich and then they go from just trying to make it back to what they spend Do you see how it's it's around it's a cycle. It's like a tornado. It's like a hurricane It's like the hurricane in texas It's how people think Why didn't that governor tell people to get out before that hurricane? Did they not know that it was going to be this bad? I'm just I just I was watching this at tv I'm like this morning. Well, why didn't he tell people to evacuate? I mean, why did they not think it was going to be this bad? Why don't you tell me to leave to know what you can get rich at? You can get rich doing a lot of things some things need no talent some things you need talent Take your pick hard work or luck Hard work talent luck take your pick Luck, which is rare Hard work, which a lot of people do but they don't they don't really know the difference between hard work and pushing yourself to the end of the earth and talent And the talent has to be extraordinary So there you go. I mean not easy in that in that sense because you you only have three picks You can get rich by luck, which is rare although can happen right time right place Hard work, which you think you know what I mean, but you don't really It's more than you think you will have to do To the end of the earth kind of work And then talent and there's a lot of talented people There's many many talented people in sports that will not don't have you know millions and millions of dollar contracts In every sport you can name So what do you want to do? You want to get rich? You got to have them all you got to have talent A little bit of luck and you got to work your ass off. Actually, I just described my life. So there you go You got to have it all Trader Lexi some marry someone with money Who knows maybe one day I will but I think if I was going for that option, I'd be you never would have met me Those options were available I did not take those options I can't see myself taking them now at this point in my life when I didn't take them, you know earlier in my life They were there I was raised too well. I'm not gonna marry someone for money. I believe in love I believe in love as rare as it is I wonder who I will marry. I hope you people still know me when I meet that man I hope that you do because he's gonna be one of a kind. Let me tell you that I mean You're gonna want to meet the guy that I marry because he's not gonna be any dodo 55 23 55 76 I'm still watching it You think in 2005 that area ordered to evacuate People died and were trapped in the roads In 2005 you're saying he didn't order them to evacuate because people died on the roads Well, that would make sense. I guess but you know, I don't know Maybe they didn't know it enough in advance for people to get out quickly As late as Tuesday was not predicted to hit Texas. It developed very quickly with only three days notice Wow, it's terrible seeing the pictures. Okay. Here's the bounce on the bby And then when you see the pictures of the pets the people are carrying the pets in these cages. Oh my god, the poor pets Probably a lot of pets died But when you see the pictures where they were trying to carry and save the pets It's heartwarming 55 79. This isn't this is just gonna fall. All right. Let's look at this stuff So here we have the market holding holding holding set up on a five minutes set up in a 15 minute I don't think it goes anywhere lower, but let's find out it has to flip over the high again And then we'll really know no we need to see no follow through in the five minute Which hit in the market and then it has to go over the high for us to hold today Which is going to take a lot of strength a lot of strength See Oh, they were ordered to evacuate, but it was tough to get people off the roads. Yeah, I don't know Still going on. I guess it's still raining in there, huh? bby 50 minute chart is amazing Anyways, we got completely off topic about what I was talking about somehow Oh, we were talking about getting rich Oh, I was going to figure out how much buying power I would have needed to take 20 000 shares of this Let's just figure it out just to make myself Laugh and laugh. All right, here we go Now this will be with a retail account Here hold on. Oh, it's actually not as much as I thought. Hold on 58 12 Oh, it's not as much as I thought. Is that right? 20 000 times 58 12 Well, 1 million 1624 and BP It's not as much as I thought Divided by four. It's only 290 grand. Is that right? I think it is It's not as much as I thought Yeah, but then with, you know 41 BP it's less than 300 thousand dollars Barry's saying 120 000 he had a prop account I don't think they'd let you take this I don't I don't know any prop place. It would let you take 20 000 shares something even if you had 100 grand. I think that they would It would be on the phone with you. I don't know if you'd be able to take it You could sneak it in You might be able to sneak in by taking four trades of 5 000 but somebody would notice you Somebody might flag you out. Okay, this is dropping the low again. Yeah, it's not gonna set up It's just selling off here 55 50 BBY I don't think anyone is in it at all Here it goes. Here this is doing everything I said and more Yeah, look at this sucker. So this flew flew up over the high went over eight BBY was the one No entry here though at all just fell and collapsed and was beautiful Really nice I don't even know where it goes now, but 55 50 it looks like it's close to Anyways, the point I was trying to make Oh, did you see that invisible tick? Look look 58 70 Look There it that wasn't a real print though. Did everybody just see that that stuck on it for a long time Look, it's still there and now it's gone Um The point I was trying to make is that I think a lot of individuals think about trading the stock market Is something to make them rich and I'm not saying you can't have these one hit wonder things Where you sometimes have some massive trade and by massive trade I mean you risk a certain amount of money And it's 10 20 hours or something whether it's an option trade whether it's a day trade something something crazy And the trades are there. It's just the likelihood of you holding it is rare Um CMG went to the sick number that I said 300 went 30 bucks through the strike more than that and no one held it Which why would you have I mean you get you know It's just you wouldn't have you didn't because how could you you're up so much So the likelihood of you holding these things is rare because if you held every single solitary trade You would not make out So the likelihood of the people that did this option trade that I called And holding it all the way down Is is less than one percent Which no one held it So, you know You're up so much money There are trades that are there and some that I call and some that we do but the likelihood of you holding them Even this today no one is in this deal and why would you be why would you be why would you I mean You know this dropped two dollars. It's dropped more than that. It's a great. It's great. It's amazing. Looks beautiful. The market's green Um, you know a holiday week you would not still be in this So the likelihood of you of you getting those trades meaning get exiting them at those low levels Some you know these huge massive moves is you know the likelihood is not high Because if you did it in every trade as a regular thing then you would not make out So that's that's the other thing your goal should not be to do that That's why your goal is not to get up out of every trade at the low or out of every trade at the high Because you won't make out in the end. It's not there You play the move which we absolutely 150 percent do So, you know, you play the moving to get out the move in a core was 40 cents boom out Fennel never set up today. This set up twice. It broke very very hard. Wherever anybody get out of this It didn't matter. You made money Now cng i'm not calling anything else in here right now because there's nothing to call here that I could see that It's going to go to a number when I call that trade. I could see it would go to that number There's nothing else to do in this right now. If there is I'll call it In fact, Ulta, what did that do today? Who did Ulta write it in the room? I called this as a put yesterday The scat down the day looks like it went through the one strike That was another nice call too Did anybody do it and get out this morning? Actually, I've been talking talking talking You could have gotten out of some of that this morning Would that be George Shura's betting big shorting the lb sterling back whenever What are you talking about quala bear? I don't know the whole story about that but I don't think he was poor even at that point so to You know and and I'm making out completely making a total generalization here, but I'm I'm gonna write I'm gonna put this in the article. I'm making a complete internal generalization here But I'm saying in general people that have more money do better Investing in the market than people that don't why do you think why do you think that is? Somebody answer me gala had answered me. You're not going to give the right answer But you know, this is where you have to change what's going on in your mind Why do people that have more money do better than people? In the market than people that don't why just right off the top of your head. Why do you think that is? Seven stream says they're already rich. I want to hear more answers Because they don't need the money less emotion All of those things are exactly true All of those things are exactly true, but it's not even what I was thinking even though that's all true More risk that's true, too, but that's not what I was thinking either They're better able to take the hit that's true, too, but that's not what I was thinking either Barry because they can control the market to get the inside scoop not everybody can it's not everybody has good stockbrokers But that could be true too mark mobile is right, but I'm not going to say his answer man able you're on your way, buddy How what are you again? I don't think I asked you that one bit able is doing amazing and he's got the right mindset, which is probably why he's doing so well He so far right the right answer. I'm not gonna say it yet the super big guys Their mindset. Yes. All of that's true. I wanted my mind read here bbby to zero Here see no one's in this, but why would you be why would you be in this? Is anyone in it if you are congratulations? Tell me if you are I'll give you a round of applause Mark mobiles 27 So you have plenty of time to be rich Okay, so mark mobiles has said the answer galahad you didn't answer Mark mobile said the answer the answer is They take lower risk People that are wealthy tend to be more conservative. Why? They're not in desperation need for money They take less risk They don't need one big hit. They're happy if they can make They're happy to have more They don't they're happy just to have more they don't need one big hit They're slightly slight. I'm completely generalizing here, but based on my knowledge. I think it's pretty accurate. They take Less risk more conservative in general. Oh sonny that I misunderstood what you said You said more risk. I didn't get what you were trying to say And sonny sonny had the same idea too But yeah, that's so see they're not looking to take one one trade in bitcoin To get a 400 move or something. Do you know what I mean? Right? They don't need a grand slam But that's not to say that regular people can't make money trading that can enhance their life and make money doing something That's fun doesn't take them much time of the day and eventually can build on that So you build on that over time But the problem is that people want everything right now and I and I know that I know that because you know I'm that way too, but I'm easing up on myself I'm really easing up on myself and I guess is you know, that's helping me That's helping me become a better teacher as well. I'm easing up on myself I still have high expectations But you can't always predict the time when things are going to happen It takes time It takes time to build up the money it takes time to build up the skill It takes time to build up where you want to go It doesn't mean you can't get there and I'm not saying you can't make millions of dollars in the market I'm not saying that at all, but this get rich quick thing. It's just not it's just not reasonable And it's not even it's not even accurate because to me when people talk about making xyz amount of money to me That's not even rich. So it's just you know, but I think that that if people would have in their minds That this is something that they can do for more money coming in Every week every month Whatever the every year They'll they'll do better. It's the chunking it out philosophy And that also will help you not do trades when there's not anything good And then you won't do things like this and this is what made me think of it yesterday Here's the market flipping up Look, we're gonna hold today. Wow And we didn't have to do this. I thought he might fall this morning I didn't pay a lot of attention to the market this morning, but it didn't matter for the shorts So congratulations to everyone that did bby Able, did you make out okay in the acorn? This is still not done There's something else I was gonna say Oh, we were talking about the market. We were talking about the overall the overall market. Um When seven streams was talking about it yesterday That's why if you think like that even as a trader You won't try to pick the top in the market You'll just wait If the market breaks and changes trend then you'll sell your longs if you're in any that you feel that are warranted to selling Or you'll short things if you want to too But you won't be so consumed with Worrying about a crash or taking it, you know, are all of those other things like do you know what I'm saying? That was that was what made me think about it even yesterday because I'm like You wouldn't be worried about picking the top like people that this if we would drop Which I don't think we do but if we would okay, it would be a long way to go But you can go as you can still go a long way up As far as we could drop down we could we could rally even farther up So if you think about it, why do people think that want to talk about this? Like it's some big dream if the market falls that they could get a big short move Because if we fall we could fall 50 points, but we can also rally 60 points all the way up to 300 So why don't people see the opportunity to go long? It's it's there's an opportunity to go long in the market every pullback you could be going long Even though that's not how I take or call long positions It's in bullish caps But everyone that was here you could be long and you could be long for a long time the opportunity in here Is not to the downside, but you see people don't see that They think the opportunities to the downside because they see a long way to go But the opportunity is to the upside because actually It's it's more do you see But that's not how the way that I just subscribed is the way that I think but it's not how most people think traders think in a very bizarre way Look at this This was a great call faster to go down that up That's true too, but people miss the rally or got out early and it's still going and I think that that's That's part of the problem for people They don't want to go long here because we're up so much So they're looking to short But why not go long? It's we're still could be higher And I'm not saying go long today, but I'm just saying today just proves the strength of the market You don't worry about it now since the golden got mech it is not really changing the bull by market Yeah, so I wouldn't worry about it either What is amazon doing today one day after the Whole Foods thing? Let's see if this has had any effect on the stock whatsoever at all So good discussion today, man, bby I don't know here. I I don't even want to look at tomorrow. I will see what we get. I was right on point today though I'm glad everybody got the bby Yeah, see this this really this People aren't liking that yet that buy People aren't liking the fact that the amazon bought Whole Foods. You aren't the investors That stock wouldn't look like that. All right. Any questions from anyone about anything today? Everyone should have a good day Happy labor day. There's my labor day gift to you Today Any more questions? Everyone should be good fat and happy So I will see you all tomorrow. I don't know what we get today was a day to do it today was a day and I knew that I knew it Today was a day So I hope we get something Wednesday and Thursday, but I really knew today was it Hope I have a great day. Thank you All right. Have a good day everyone you could watch this set up maybe between 12 and 2 You can't you can't go back into this now. Obviously the morning trade is done This this could set up in one to two hours. I don't even know But if you made the money in this this morning, I don't know why you go back into it You're welcome. All right. Have a good day everyone Okido