 Today I'm going to lecture on conviction and the reason I'm going to do this is I got the idea from a person from another trader Las Vegas trader is he here he might have signed out because oh Vegas trader. Yeah, he is here to do a lecture on conviction and Going into everything what I when I teach you stuff like koala where I want you to do it It's not I don't I don't want I don't want you to get what if I say that I'm I'm upset when people lose because I don't want anyone to lose But if you take trains or you do things that I didn't teach you then you know That's on you Okay, it's it's really on you. You have to take some level of personal responsibility for that So I say I don't care what you do meaning I care what you do I want you to follow the system, but I'm not gonna never talk to you again if you do something that's on your own You know, sometimes it may work, but in general if you want to stick to the game plan here You should just be doing gaps in my system The benefit of doing things that is on your own is that you may learn something from it To bring you back around again to doing the correct action with me in other words Let's just say for example, you go off on your own It's it this is an individual sport. We discussed that last week. It's not a team sport trading So you go off on your own. You did my class You think you can get better results using my system with somebody else's or combining it or doing something different or whatever Whatever it is. I don't even know any any kind of thing. You could think of you go off on your own with something and You then you end up doing worse instead of doing better It may bring you back around again to the stuff that I'm telling you anyways So it's I don't I don't want people to be upset or angry with me If I say you shouldn't do something because we're all adults and you can make your own choices with your own risk and cash And sometimes it will benefit you to then be more disciplined and come back around again and listen to the things I say So everyone has their own process that they have to go through. I Could map out for you to what to do exactly, but you still wouldn't all do it Why we're all independent people and we're all free thinkers and this is an independent activity And I did talk about this like I said last week the idea of you know community in reference to trading I think doesn't foster a strong individual You know the what I teach you is to empower yourself because that's the only way you're going to be able to do it Well for the rest of your life so part of being independent is sometimes you will go and explore other things and Sometimes then that is experience for you that will bring you back around again to do better with me Even if that thing didn't work and maybe the thing will work Maybe we'll make you better in conjunction. Maybe maybe you read fundamentals And and that works with what I taught you and then you use it all together. I don't know I'm not saying my system is the only system out there that works But I am saying my system does work and you don't need anything else. So why do anything else like? corrections or whatever But if you if you feel that you have to or feel that you need to explore to want to then I'm I'm not gonna I'm not gonna stop you. That's what I meant That's what I really meant qualifier because I can't stop you anyways because everyone's an adult and everyone's an independent person So sometimes you go through that process yourself and you will come back around to me and realize that you should have stuck with it and So anyways getting back to the topic of discussion Which is which I want to talk about today, which Las Vegas trader gave me the ideas conviction So I was sick last week Thursday. I did a crappy job because I was sick and felt like crap and really shouldn't have traded Even though the one trait continued the Friday They were the one loser Verizon and the second one worked and I just didn't get out of it, right? The the the thing is though that having a day like Friday to trade on your own And you guys just got it spoon fed to you from the market, which was this mat without me is Is is good experience sometimes for you guys to do things on your own So I'm gonna ask you a question in an ideal world. What's your what's your ideal world to trade today trade? gaps trading alone Trading with me in the room Which is your ideal world and I'd like some participation for people who are here to answer the question And an ideal world. What's your ideal world to trade trade alone or trade with me here in the room? And and I'm doing this for you guys and and I'm doing it for everyone So answer and participate some of you always write stuff. Some of you never write anything While weasels is trading alone. Dubai says with you in the room Susanna says trading with you mountain girl says alone during women says trading gaps alone Barry says in the room and it says trading with you do Bods. I keep learning Frisco dad with me in the room Came a dude trade with me in the room Galli had to trade with me big fudge says you like trading with the group New York City Bob says learn how to fish alone Well, I don't that was if I had to count everybody was like 50 50 not everybody answered But of the answers we got it was like 50 50 in an ideal worlds. I believe that The perfect world is You get up in the morning. Oh wait, hold on. We have another answer room. He says I trade both start with you As you learn your system over and over after you trade on your own Qualifier says one with me then alone then experience and one and two could flip God says some time is good to be alone. Yeah So in an ideal world, I believe Okay, that the best of both worlds is What you could do every day right now if you're in the room, which is what you get up in the morning You rate gaps yourself alone before you come in the room or or I don't I don't even talk anymore 830 so you could just get up and come into the room rate your own gaps then See what I do see what I like See if it matches up to me then You will what trade and if you like the same thing and I like the same thing it helps your conviction now What are you doing a day if you get up and you like something and I didn't like it or vice versa Well, that's part of the experience then of learning becoming a better trader because You know some days they may work some days may not and you may learn from that experience But you'll go through that process as an individual which will help you become a better trader Because usually the things that I pick for the most part do work. I usually do pick the best one every day but if for some reason You know one day I don't and you had one that worked You could learn something from that or if one day you like something that I didn't and you do it And it fails you'll learn from that too and why didn't you like the one I liked For whatever reason, okay? Anyways, the best of both worlds is that you use my conviction To supplement or strengthen your own conviction not as a substitute so The the thing is that everybody is in a different time zone because I have so many people and so many different time zones in here So if it's not convenient for you or difficult or you're getting home from work And it's late at night or it's early in the morning you get up and you get in to the room late it you some of those people may not rate the gaps at all and So you go with what I go and that's fine But you know in an ideal world You would trade using my conviction to help you I Don't think anyone would trade better alone to be honest with you because I'm so great with calling the entries Now many of you can see the gaps and rate the gaps in the morning But the one thing that I think you get from being in the room is a the entries with me seeing it in live time and B when it comes down to two things that we're watching For me to narrow it down to do the one versus the other one When they both rate close So, you know or seeing something like that something's gonna have a big move or or whatever So I don't think there's any downside in being in the room at all Period the downside is that if you do not rate gaps alone and you rely on me a hundred percent that You are still risking your own money So if you're risking your own money and you're relying a hundred percent on me and You feel like you don't you you don't have maybe the Not the wherewithal because everyone's taking the class but the but the guts are I don't even know what to call it to take as more risk Okay, just on my call without writing it yourself Then you need to be rating them Then it's just that it's just simple then you need to be rating them If you think you'd do better alone the only reason you think that is because you know you're lazy when I'm here But you could you could just be here and not be lazy, so be here and don't be lazy You know, I mean that's the only thing I could say there's no downside to be here with me at all Because you can use my conviction to strengthen yours But if you feel like you're lazy Then there then that's on you anyways because you could still do the work with me in the morning And I don't talk a lot before the room anymore I haven't done that in the last 12 to 16 months Pretty much all of 2016 and I think that's improved our results and my own trading and seeing things So I'll continue in that way and we'll review when we're done But all in all you people have the benefit of both worlds because you have yourself You never not have yourself if you're lazy on your own in the morning because you have me then that's on you But you have me and you so use them both Whereas what do I have no one not that it would matter because I don't want to listen to anything else anyone says and many many times when When Tom would be in here, which he's not right now He would distract me no one in here distracts me but because I knew him on a personal level he did distract me and You know But he's been training for 30 years, maybe 40 maybe 50. I don't even know but he Still would like to come in every day and find out what I'm looking in fact. He emailed me recently I really want to know what your topic is every day So and he does do the work Although he didn't do the class. He doesn't have the rating system He he has experience in looking at charts, but we don't always pick the same thing every day But when I like the same thing he does then he feels really, you know, he feels the conviction. It's gonna work It's like that extra oomph. So you're here every day for me to give you the extra oomph What does that mean? It means you can take more risk than with the confirmation of me But if you're not doing any of the work at all, you're still risking your own money. So, you know It's like, you know, I get I get that that it's good to be here because some of you are busy or the time zone, but If you really really really want to start risking more at some point, you will have to be thoughtful about looking at the ratings I'm not going away. I'm still going to do the room even with all these projects and things that are going on Because we tried an experiment last year and I had someone else help me with the room And it was it was not a good idea and the one thing I learned from that was that no one can call the trades like me So whatever my future happens to hold in different projects or things I will always call the room and I have been closing down the room before 11 o'clock because I just have when we're done with our Trades we get out, but you know, you will have me here to help you with the conviction strengthen the conviction and do the calls You'll just have to work with me when there's days where I'm sick Like last week on Friday because there's no one to replace me, but on those days do the work This was an amazing gap If you don't do the work when you're here, it's not because of me It's because of the view you can do the work alone or with me You've got everybody glad you have me. Okay came and did confidence all of it The the confidence the confidence of the conviction, but it's a conviction the downside is you don't your intuition isn't growing Well, why do you think that is? Journey woman says her intuition isn't growing. Why do you think that is? I mean, why do you think that is? This is going to eat 60 today. I said that 15 minutes ago 30 minutes ago. I don't know what time did I say at 935 940 So how many people think that this was the move is the move was too late No, it was too late when I called this trade on April 19th for gala had to take it to do it The move was too late. I called it at 840 830 something too late too late. It only has 30 more points to go It's too late too late for me listen people Journey woman, why do you think? That your intuition isn't growing. Oh My gosh, you just didn't say risk to reward gala had I'm gonna do I'm gonna we're gonna take you to a hospital And they're gonna do a brain surgery and they're gonna pull out that piece of your brain That has that word risk to reward because that that that that that combination of words for some reason We need to delete from your brain. Someone needs to pull that actual piece of your brain out and delete it because that is screwing up you being up trades and not getting out when you're up Not taking trades now. I mean that that those two words in your vocabulary are ruining your life We need to delete those words It's hard for you to see what you might see if you're looking at what I'm looking at Well, you did this on a Friday You did that alone without me You don't need to have my intuition. That's what I'm saying. That's the whole point if you're here you get the benefit of that If if you're not here, you don't do you need it? No, what do you do the system? You rate it You don't need to have the intuition. I do you don't need to you don't need to know that the market is higher You don't need to know or have said today that Google was going to go to 860. You don't need to know it You don't need to you don't need to know that to know where to make money And you have the benefit of being here with me every day and be even if he chose not to or did it in Or can or couldn't you you have the class you've got the information and you just do it You don't need that intuition. I'm trying. I want I would love everyone to have it But I actually know that not everyone will I think I Optimistically I'd like to say that that people will gain this at some point if they continue trading for forever There will be a shift that maybe people will get it it could take one year could take fibers It could take ten years, but then you may never get it, but you still have the system You still use it you still rate it you still do it You know you don't need to you don't need to be me. That's the whole point. I said that I don't even know when I said that I said that last year this year. I said that I know I said it in the last six months You don't need to be me You don't need to try to be me because because I'm me and you know me and you're here And you learn from me and you have the system and you use that you don't have to have my intuition I don't think anyone ever will to be honest with you I've got a head start. I've been doing this for longer than anyone. I made it up myself. I Have a head start. So it's like trying to say It's like if you wanted to You know, I'm just trying to think of something It's like if you it's like if you tennis is coming up It's like if you want to try to be you know Roger Federer You're like I want to beat Roger Federer in 2018 and you never never even played tennis before in your life Well, you got a you got a long way to go. Is it possible? Yes Is it likely? I don't know, you know It's like you're starting from the beginning I've got a head start on you for the intuition Don't worry about it Could you play tennis and be out there and get in some of the rounds and win some money and start your career and and do well and Could it take off for the next few years? Yes, but you know, is it necessary that you you know? Beat Roger Federer in 2018. No, it's not me is full of quotes here today. Success comes when opportunity meets preparation. I Think Oprah said that didn't she? That's that's from Oprah Yeah, I've heard of that before Preparation is in the morning and then you take the trade when the opportunity is there And you don't force it when it isn't which which I do a good job with but some of you still struggle with that and I understand the opportunity is when you get a trade like this and Matt and And and don't beat yourself up if you didn't hold this down to 22. I I highly doubt that I would have I highly doubt that I would have I'm not sure what I would have seen in the morning in this, but I would have loved the guy But you know, you can't fault yourself for not holding this down two dollars for those of you that did it to get a dollar out Of this the stop was good. You know at the end of a week Trading on your own alone without me. It was great Anyways, the point I was trying to make and was emailing back and forth with Las Vegas trader about it is that There's no downside to being here with me unless you find you're lazy, but you don't have to be There will be many days with you trade alone that you will you will feel that you need a support system unless you are unless you are Extremely extremely independent And I find that even strong individuals You know or independent thinkers I should say are You know, it's it's hard because you could be alone and then see something on the internet Or you could be alone and then see you know, just see a tweet or see something in the news or whatever and it can it can set you off Whereas I'm here trying to just drill it into your head like a drill to stay on course and to stay focused It's very easy when you're alone to get distracted by other things and it could be something so small that distracts you and so unless you're extremely independent like almost like you don't give a crap what anyone else thinks about you or What anyone else agrees with you or not? It'll it'll be hard for you to stay on course You know 200 days a year trading alone So just you know if you're if you're not reading stuff in here You have time to do it start to do it so you can take more risk and see things better and get better And that will help gain your intuition, but it's not necessary and not everyone will get it and I'm not saying that to be negative I'm saying it because it's a fact, but it's not necessary And it wouldn't be necessary even if I wasn't here Because you just follow the system find your unique thing that you do very well with this and hone in on that and Make it work for you find something very very Find something that you're really good at about this and just hone in on that and make it work for you yourself Instead of trying to be like me in that regard with the intuition or whatever Chone in on something that you're good at yourself and get good at it and use that as your thing Create your own thing with this like like do bonds is good at holding trades long into the late morning and afternoon That's not my thing But he's good at doing it and he likes doing it and I think he did Matt a couple of times on Friday So that's his thing Gala had I thought options might be your thing, but now you're all off track about this lately But I thought last year that this might be your thing But now you're you're going off the deep end about these corruptions and and risk to reward things But find your thing whatever your thing is and then make that make that yours You know say I'm gonna do every continuation gap or I'm gonna watch I'm gonna track them. I'm gonna watch them like journey woman like this today I didn't think this would fall today. I didn't get at all. I Didn't think it was fall today at all, but journey woman could have watched it Or Verizon on Friday, and I'm not saying this is your thing I'm just saying you could find a thing that's your thing and make it your own and get really good at that part or that piece of chart reading in gaps or the system that I taught you whether it's You know a 15 minute or five minute or one minute or a daily chart or or Whatever or doing the options or doing a swing trade or continuation gap or Something fine find something to make that thing your thing and make make it your thing Then it will be your thing. It won't be my thing. It'll be your thing That's the thing you do and then you can you can contribute if you want to hear in the room You don't have to but you could and they say oh, that's so-and-so has this thing. He's watching It's a good one or whatever Your morning routine you get up at 245 a.m. Pacific time to prep You normally on point with the same calls as me. Good job, Anna 245 a.m. That's a tough one May as well not even go to bed Pro was quoting the Seneca their ancient Roman philosopher That's from chief. Okay. Now we know I didn't know that Yeah, well gala had if this is your thing doing options still that I'm not sure then it's just the risk to reward That's in your head that screw you up once again. Okay, because the big money was here It was waiting to this was stock was waiting to rip and it did it today and somehow last week I saw it so to say that this is late to even still think this was late to do even now when the stock ran up I just have to say I don't know what's going on in your head. It's not that there It's not about the risk to reward It's about whether or not you're willing to pay the price of the option and if that means you take less contracts Then so be it it doesn't mean that the first of all the risk reward was here. It was So for you to even say that it wasn't is wrong. It was the cost of it was expensive to buy Normally the ones that I've called are cheaper sometimes That's why No, it wasn't it was not gala had right now. This is $10 through the strike. I Don't remember exactly the price of it between the ask and the bid on the day that I called it It was it was like it was it was like around nine or ten or something This was still a hundred percent returning your investment even here even paying that much It was a hundred percent returning your investment. I don't know how that isn't good risk to reward Doesn't matter if it was one contract or two contracts or a hundred contracts That's a hundred percent returning your investment How is that not good risk to reward in an options rate? This is where I was trying to help you when you were here and And we did the mr. Perfect video. You don't think that's good risk to reward. I don't know what to say But Vegas trader has a point with the options. You do have to watch them Now that doesn't mean of a city or desk all day, but you do have to watch them You can't be out, you know Cruising around the world and not at least look at your phone You have to look at your phone you have to be in touch with what's happening You can pull up the stock price on your phone You could look at your charts and if you're not at your desk You can call your broker to exit the trades. There were times I had to do that last year When I saw something or I would say what's the price of the ask in the bid? I'd see the price of the stock and I'd say what's the price of the ask in the bid So, you know, that's something else you have to get used to doing to if you're not home every day to watch them But you do have to watch them Find a way around it if you want to do them or don't then don't do them, you know Anyways, getting back to the whole conviction thing here. I think that there's no downside to being in the room You will get that extra thing that I have by being here if you means you don't rate the gaps then Then that's on you But this is an independent thing you're risking your own money When you're doing that The more conviction you have the stronger you feel the more you feel like Taking more risk The trade set up fast having me call them helps a lot Knowing where to put the stop does too Okay Double checking your numbers and the rating is good with me If you're not gaining a sixth sense intuition, don't worry about it Maybe take the pressure off yourself Okay, so 50% what if you bought it at the high and sold sold it now What if you would have made 50% you're telling me that's not good enough And it's actually more than 50% even let's say you bought at the high of the option last week And you got out right now And you get out right now and didn't even hold it till the numbers i'm saying is going to get it You don't think that's good enough money We had this discussion weeks ago And I use the example. I don't even know if I have this here. Oh gosh Did I still let me just see if I kept it