 How we doing, lovely people? It's been a while since I've done one of these. So let's get straight into it. The question today is how do you know how much your max loss should be? One thing we teach here at MIC is the max daily loss. And this is a stop that you set at the broker level. And it is a set dollar amount that you choose based on your risk tolerance. Everyone's risk tolerance is different and therefore everyone's max loss is different. And some traders don't even use them. At MIC, we have found that traders that choose to not use the max daily loss on their account have higher tendencies of blowing up. In other words, losing all their money. In this current bear market, we are witnessing this play out in full transparency of some of the biggest traders on Twitter that have preached against the max daily loss who are now down millions of dollars on the year. And those that have education services are still preaching this to their members. And those members that chose to follow their Furu's bad advice are all beaten, bloody and bruised and frankly broke. Well, guess what? Our members are still here. But there is still time to repent. Will you, evil sinner, accept our Lord and savior the max daily loss into your life and vow to cast away evil temptations of the online Furu's? If you chose to accept the savior into your life today, please like and subscribe, keep watching. So we recommend to our members to set a max daily loss at the broker level to prevent themselves from completely capitulating and making some terrible, terrible mistakes when they go on tilt. That is to say when they start placing emotional trades simply because they've taken a stream of losses and are now trying to make back that money as quickly as they possibly can. Without the max daily loss, you're simply playing with fire. And the question from a lot of you has been, how much should I set this max daily loss at? As I said, it's up to you. Let me offer a little guidance for those that are still kind of lost on where to begin. Number one, are you a profitable trader? Most of you watching this are probably not. And that's okay. We all started somewhere. If you're a profitable trader, but you still don't have a max daily loss set or you don't know what yours should be, stick with me. So you're not a profitable trader. Stop right there. You have a problem. And the first step to recovery is admitting you have a problem. Can I get an amen? Amen! Hallelujah. Number two, stop trading with real money right now. Get back on a paper account. Go to the MIC video library and search how to paper trade. If you don't have access to the MIC video library, check the link in the description below for a free mentorship course and heavily discounted introductory rate. After you've been paper trading for let's say about 30 days, take a look at your stats. On the days that you're winning, how much are you winning? On the days that you're losing, how much are you losing? If you don't know that information, it's very easy to find. All you have to do is go download your broker statements as a CSV, put it in a Google sheet or Excel, find the averages of the ones that you lose and the ones that you win. Ba da boom, ba da bang, ba da bang. There you go. Don't go subscribe to TraderView. Save yourself $40 a month or whatever a subscription there is nowadays. You don't need any of that extra stuff. Do it the free way. Let's say this trader is making $100 on the days that they win and $100 on the days that they lose. What we do personally is we set our max daily loss to two times our average daily win. So if on the days that we're winning, we're making $100, our max daily loss is going to be $200. You decide which number works best for you. That's the one that works for us. Basically we don't wanna give back more than two days of work. This is of course trading with real money. While you're paper trading, you have the freedom to choose whatever multiple you want to use. That's the beauty of paper trading. Figure out what works best for you and your trading strategy and then use it after you switch to real money. But first you have to prove to yourself that you're profitable and it works on paper, then you make the switch. If you're a seasoned trader that's been trading for a while, you probably already know these stats. You know what your average win is. You know what your average loss is. So choose a multiple for yourself based on your average wins. Choose whatever X amount of days you don't wanna give back. Set that at your broker level and then if you hit it, the broker locks you out and you can't trade into the next trading day and you can reset. This method is a tough pill to swallow. I can completely relate to this. I personally struggle with triggering my max daily loss and accepting that I have triggered it and that I need to step away for the day. It's an ego thing. You have to humble yourself and accept that you're not gonna win every single day. Trust me when I tell you, it's effective. Adopt it today and you'll save yourself tomorrow. So that's it guys, best of luck to you. Don't forget, check the link in the description below for a free mentorship course. Sign up for that. At the end of the course, there's a heavily discounted introductory rate to join MIC and learn all of our strategies. I look forward to seeing you in there. Have a good one.