 All right, so Let's kind of start off with How the day started how the morning started what I like to do on these recaps is I like to walk everyone through My entire morning so that you kind of get a better idea of my process So that you could take pieces of my process and fit it to your personality, right? So First things first is sleep, right? I didn't get Jack sleep last night. I don't know what the hell happened It was just one of those nights where I was tossing and turning and waking up every single hour And it got to the point where I was just so sick of not being able to sleep I just got out of bed and walked to my desk at like four or five in the morning Not having enough sleep is a very big problem and I know that People don't really talk about this enough But for me personally, I want to kind of make a bigger deal about getting more sleep So when I woke up this morning, and I didn't have enough sleep a trigger went off in my head That said just take it a little bit slower today. Don't fucking go crazy Just relax, you know, it's been a long week. You don't want to over-trade You don't want to let your lack of sleep kind of get to you So basically just sat on my desk for you know a couple hours and What I did to kind of pass time is believe it or not, I was watching my YouTube live from last week So something I was talking to Sam about we went and we smoked some hookah over the weekend or whatever it was Something that we kind of spoke about is how professional athletes rewatch footage of themselves, right? So for example a Professional trader should be recording their screens Watching themselves trade and then reviewing it later, right? so for me personally for me personally what I like to do is These Instagram lives and these YouTube lives are kind of like my trading diary But if you want to take it one step further You could do what I told Sam over the weekend and said start recording your screen start recording your trades And then like a professional athlete go back and rewatch your footage Right because if a professional athlete is rewatching their footage if a professional athlete is going to Psychologists when they're having downs why wouldn't a professional trader do the same? Why wouldn't I want to watch some of my pilots and some of my Bad habits so that I could try to fix it in the future, right? If I notice that every single time I am nailing a specific set up because I keep rewatching my footage I'll know that next time I should be bigger on that set up Or if I know that after watching my footage that I am losing on I don't know on day one shorting That gives me a signal that maybe it's time to stop day one shorting The best screen recorder. It's also free. It's called OBS studio you could download that and you could use that today to start recording your footage and Again, like a professional athlete rewatch your footage so that you could see where you are and how you can improve I don't know how the hell I got on that tangent, but let me kind of get back to the morning, right? so after a long weekend it was Labor Day weekend we had Friday off No, we had Saturday off Sunday off and Monday off, right? We had three-day weekend So any time we have a long weekend the problem is that as traders we love our job We love what we do so much that when we have time off It's kind of like a curse. It kind of sucks and it pisses us off. So when the market reopens we're kind of like a Kid that you know just had Red Bull for the first time someone that's had ten cups of coffee Ready to go go go and sometimes when that happens our judgment gets clouded and our emotions take over so after a long break it is always important to reflect to do some self-talk and Remind yourself that you are a little bit eager and That you should probably take it just a little bit slower So that's where I kind of try to remind everyone in the room today that it's Labor Day Everyone's a little bit over eager over anxious to trade to take it slow so CDTX popped up on the radar and I saw a pre-market and I have a specific rule not to trade pre-market So I just had I was just watching it there and After I was done watching my YouTube live. I still had a couple hours to kill So I watched the believer and I was watching some Dragon Ball Z If anyone knows me I'm a big anime fan, so I was just watching some Dragon Ball Z to kind of past time I was watching the episode when Super Boo was fighting in light in Gohan. I think it's what it's called so I was kind of fun anyway, so As I'm passing time as I'm watching the price action. I'm also researching the stock I'm seeing that the stock has a larger than normal float. It has decent amount of volume pre-market and it has an ATM and Although the company has money There's a possibility that they might not use their ATM or they might just say fuck it wallet top I'll just hit the button right. I'll hit the cash button. So Coming into the morning. I saw a very clear resistance level at 320, right? So what I did is I basically drew my lines I drew my resistance lines and I had a fantasy order set So let's kind of reverse engineer that I said that there was a line at 320 I saw that there was a resistance line at 310 and I saw that there was a resistance line at $3 So if you have a chart in front of you right now Draw a line from pre-market at $3 draw a line at 310 and draw a line at 320 And I basically told the room at 9 9 20 in the morning that I am setting fantasy orders on this stock And what a fantasy order is it's kind of like what we call fishing or you throw an order out there And if the fish bites it you're gonna have you're filled if it doesn't bite it That's probably better that you didn't get it in the first place. So What I did is I set my fantasy orders at three I think at 299 301 308 309 311 at 312 all of them hit except the 311 as 312 because I think the top tick was like 310 or 309 So my plan to short from 3 to 310 was perfect. That was essentially the top take So here I am with a normal size position nothing crazy nothing abnormal. It's still the front side of the move I'm taking my money, right? I am taking my money From those setups and as soon as it washes out near 280. I'm locking in, you know, 40 cents a game, right? So for example, if I have 5,000 shares, right if I have 5,000 shares, I locked in $2,000 with zero stress, you know, almost a 20% gain on my position or a little bit more a little bit less I mean, but you kind of get the point of it, right? The point of it is that I had my order set and all I had to do was identify the levels of resistance identify the levels that I want to attack Put my orders out there and just wait if they hit I would have had a perfect entry if they didn't hit So be it So I basically got the easier trade of the day locking in my money But my ultimate goal on that setup was the death line, right? So 240 I identified as the death line and my mentality was this scalp the three 310 level with small size Build a cushion build a profit cushion build my confidence up so that when the death line does breach I could size in without being scared, right? so Something that's important to remember on these setups is the power of frontside and the power of backside And you know, we always talk about frontside backs, but no one really ever elaborates on it And the number one thing that I think stuck with a lot of people was in one of Austin's Commentaries where he said frontside shorting requires frontside covers and if you know that the stock is our front side You should not be overpatient. You should not be holding for a home run Can everyone see me? All right, just type something in here if you see me I think this thing kind of glitched out a bugged out. Sorry about that. I don't know what's going on I think I lost my trade thought We were lost for about 30 seconds sounds good now sounds good. All right. Sorry about that I think I walked somewhere that lost internet My bad guys So yeah, that was ELTK, right? That was the only reason I took the short on that is because I identified the resistance levels I identified where I want to attack and my mentality was that if I am going to short this It's going to be with small size. It's going to be with something That's not going to cripple me and if it breaks the pre-market highs, I'm out of it Yeah, the furus are right now sending jammers to block my signal They want to make sure that they continue with their Labor Day sales and shit like that So that was that let's kind of talk about ELTK, right? Let's talk about the other trade of the day So I locked in my money. I had a great day low stress day. Whatever Let's go back to pre-market pre-market every day that I'm setting up my watch list I have members at PM me and say hey, is this a low hanger? Hey, you miss this. Hey, what do you think about that, right? And most of the time if someone just says what do you think about this ticker? I say, what do you think about this ticker? What is your plan? Because at the end of the day at MIC, we're trying to teach you how to become a trader You shouldn't be asking me what my plan is You should see what your plan is and compare it to my plan and if it's the same plan that means that you're on the right track, right so Coming into the morning Some I think there's two members two members PM me and they told me that ELTK looks like a low-hanging fruit What do you think and I was like ELTK. Oh shit. I totally forgot about that one So having the members in the community having the club. Oh ELTK's halted up 1030 zombie times I'm not a genius. I'm not a genius, but zombie times are real. That's crazy It's probably better that I'm walking right now or else I would have been shorting it. So continuing The members PM me and they said ELTK looks like a low-hanging fruit What do you think about it? And I said, oh ELTK. I missed that. Thank you so much for reminding me So the power of the club the power of MIC the power of the community Reminds us that even I forgot about one of these plays. I forgot about the setup I totally forgot but having almost a thousand eyeballs Reminding you and showing you and trading similar things as you got me to put that on my watch list And it was pumped by a chat room early in the morning. It hit my resistance levels It went red. I shorted when it went red and made almost 50 cents a share instantly, right instantly So thank you to the two members that messaged me about it because without you I wouldn't have known and without you I wouldn't have put it in the watch list and other people wouldn't have nailed it So this is the power of the community, right? So Just to recap just to recap what we've talked about so far is CDTX why did I short it? I Put the resistance lines out there I drew it out and I had my fantasy orders ready if they hit they hit if they did hit they didn't hit and The fact that I avoided a pre-market Gave me the mental strength to be able to see it clearly to be able to attack it Right. So let me give you another example, right? So I talk to traders every single day all different types of levels beginners intermediate expert So, you know, I'm talking to James right James a fantastic trader fantastic He is he is exactly what a trader should be right? He is disciplined He is motivated. He is an entrepreneur. He has another business. He understands discipline He understands everything we understand the mental aspect of trading But you know, he tells me that he's been training a little bit too much pre-market and he feels himself getting sloppy So the first thing is he already recognizes that there's a small problem with his pre-market trading So we reached out to me said, what do I do? How do I fix this? Nice and look If you have FOMO and you're gonna trade pre-market The best thing you should do is for the love of God size down to use a tenth of your size If your max size is five thousand shares give yourself only five hundred shares pre-market Yeah, you're not gonna fucking nail it every day. Yeah, you're not gonna get rich But you are building good habits and eliminating that FOMO out of your system, right? So another one Sam is a fantastic trader, right Sam is making thousands and thousands dollars a day But his problem is greed, right? He finds himself being too greedy, you know he took a couple losses and You know, he said that When he was trading that he's trading to make back the money Rather than trading the setup, which is also a problem So that's kind of toxic mindset the mindset of trading to make back the money is going to kill you, right? It's going to kill you So what I suggest if you do and I hope to God you fucking did it or else I'm gonna kick your ass is I told him to take this week off from training I said take the next four days off from training Recollect your thoughts Reflect on your trading and remind yourself that you are a great trader You know how to make money the problem right now is your mindset You are being too greedy trying to make back your losses in one day spend the next four days Not trading Remember what it feels like to fall in love with trading rather than trading to make money Right because that's that's kind of like the hidden secret in trading is you don't want to be trading to make money Because when you focus on the money That's the only thing on your head and it'll kill you if you focus on setup and focus on taking the money and leaving at zombie times Which he told me he used to do all the time and now he's not doing it try because he's trying to make extra money It's suicide These YouTube lives Instagram lives not only help me they also help a lot of other people because it reminds us that Everyone is kind of going through the similar things right everyone is kind of going through a similar shit, you know Trading is like a chart You're gonna have your ups and you're gonna have your downs But all that matters is how much higher you have to repeat all that matters is making more than you lose on those Down on those downtrends right so again every trader has their own issues and The thing that's really important is that the mechanics of trading could be taught to anyone You could learn charting. You could learn fundamentals. You could learn everything But if your mind is not properly trained you have zero chance Why do you think me and bow to these videos talking about the mental aspect of trading? Why do you think that we focus on talking about how important it is to master your mindset because The mindset is going to dictate how profitable of a trader You're going to be if you are greedy if you are an egomaniac if you are too prideful You will not make it in this in this trading business The traders that I know that are making the most amount of money the traders that I know that are making millions of dollars a year Even the traders. I know that are making six figures here. Let me tell you something they are the most humble people in the world and That is because the market has humbled them so much that they respect other opinions They see things from two different angles, right? They realize and recognize that they will not always be right so It's actually crazy because if you become you know a six-figure trader or seven-figure trader You need to become a very humble person. You need to become someone that is Not greedy or someone that is not Emotional too much and that could kind of help you in the real world as well You know imagine not being greedy in the real world Imagine not buying a second house when you can't afford it or a second car when you can't afford it Imagine being humble enough to realize that sometimes you are wrong in a conversation or an argument so Becoming the best trader requires you to master your emotions and Recognize that hey sometimes you're gonna be wrong on itself, and that's okay Sometimes you are going to lose and that's okay. So I mean Trading is not easy. It's not designed to be easy If it was easy, I would have an island by now, but just like everyone else. I struggle sometimes just like everyone else I have bad days Something that separates me is I always remember that I am good at making money I know my setups. I know what I have to do I just have to kind of control my emotions better and here I am I think it's almost five or six years Trading and I still feel like I have so much to learn and imagine bow who's been doing this for almost 20 years I'll who has been trading when fractions were still around Still struggles with his emotions. So trading is the never-ending journey Trying to improve yourself and when you become the best version of yourself is when you start to make a shit load of money Then I won't have any questions about that kind of went on tangent there Hope that all made sense Do you guys have any questions for me specifically? Maybe I'll do like a quick Q&A type of thing It's like professional athletes exactly Let's do about 10 minutes of Q&A and then I will wrap this up I want to kind of keep these short and sweet because I know the long video is not a lot of people watch them Short and the better Also, what do you guys think about this YouTube live? Thoughts on AR DX. I'm not by a chart right now. Sorry. What'd you guys trade today? AR DX teleported Alex whoop, which part of New Jersey are you at looks like my friends there? I'm in North Jersey Bergen County Sup Brian When you lose money, how do you manage being scared to pull the trigger again? Okay, great question. So, oh Yeah, New York City meetup. Okay, so let me answer this question Then let me talk about the New York City meetup and then I'll end it. Thank you I totally forgot about the New York meetup. All right when you lose money How do you manage being scared to pull a trigger again? So? First things first is you are going to lose money no matter what in the market anyone that has a 100% win rate is a Fucking flying zebra with a unicorn head and it shits gold right just doesn't exist It just doesn't fucking exist. So anyone that says that first of all laugh at their face because they're frawn number two You have to reverse engineer why you're losing Are you losing because you have no edge? Are you losing because you are not stopping out? Are you losing because you're turning a winner into a loser? So the first things first is reverse engineer why you are losing? So let's say for example, you're losing because you're not cutting your losses all fast enough, right? You are giving yourself a mental stop instead of a hard stop, right? And that is I think one of the most common problems that trade with space is stopping out So number one is reverse engineer the problem find out what the problem is Next is find a solution for that problem if that solution is to use hard stops You better be using hard stops the next time you trade, right? You better be using next hard stops next time you trade because if not if not you are doomed as a trader and you'll probably never make it Next is after a losing day the problem is your confidence your confidence is shot You are not confident in yourself. You are not confident in your setups You feel like you're gonna fuck up every single opportunity you get So What I focus on after a losing day is I need to be green next day It doesn't matter if it's a dollar doesn't matter if it's $5 doesn't matter if it's $100 I just have to be green the next day to get my confidence back and to prove to myself that hey I am actually good at what I do and It's back to basics as usual Focus on sticking to your process Focus on pre-planning your trades focus on Planning your entries your exits focus on your research before the trade get back to basics get back to what got you profitable in the first place right a lot of people what they try to do is change the formula after they find profit to change it because It's an incredible setup that works nine times out of ten But that 10th time that doesn't work out It doesn't mean that the setup is no longer existing or it means that the setup is flawed It just means that trading is a game of probability and that's the one hero see me Your goal after losing money is to just be green the next day That's your goal no matter what be green as small as possible size down scale down and just prove to yourself that you could make one dollar again in the market and that would be your Way to kind of get your confidence back So let me kind of talk about the New York City mean up and then I'm gonna kind of wrap this up So on September 14th, right on September 14th on Saturday at 2 p.m In New York City, we are going to host a meet-up for members and non-members in The city the location is 235th roof top bar We'll go we'll meet up in kind of a lobby area We'll meet up in the the bar area I'll show a photo on Twitter of where I'm at and then we'll all hang out We'll grab some drinks for a couple hours, and then that's basically it So it's gonna be again on September 14th Saturday at 2 p.m at 235th roof top bar in the city So I'll tweet more about it. I'm gonna talk about it on every single recap, but I will see you then so yeah Thanks everyone Tuning in and I'm going to wrap it up