 What's up guys? Happy New Year's. So today I just kind of want to go over a little bit on how to become more successful at trading and how trading sometimes is like a business and in order to be really successful you have to have some of the basic essentials and some of them are you know when you're starting out you want to have a business plan. You want to keep track of your revenue and your losses and one of the other slides is the marathon it's not a sprint so you got to kind of remember that you got to take your time and slowly approach this kind of identify your problems find solutions and then post some recommendations and and you know what you guys can do to become more successful. So I kind of would just cover this because I noticed yesterday we had some people that were you know having issues and a lot of people were were having a problem like we have people reach out to us last year the last couple of weeks saying they were having a hard time just you know being consistent and just being able to to generate profit from trading and I think one of the biggest issue is a lot of people don't realize that when you're when you're trading it's not just like a job it's not just you know it's not just like a secondary thing when you like especially a lot of you guys when you want to you know when you want to become successful in trading you have to really treat it like it's more than a job it's more than just a hobby it's like it's your business you know because you're looking to make money from it and you're looking to generate income from it right wait you guys can't hear me testing testing damn getting troll man messed up so one of the first thing about starting a business is having the business plan right you have to define where you go is what are you looking to achieve with trading is this going to be your side hustle is this going to be your main hustle or is it just feeding your gambling itch right and you have to kind of ask yourself that you have to sit there and you have to ask yourself what are you trying to achieve with that and which one of these are you going to try to do right and after you decide that you need to decide how much time and effort are you going to put into it and how much do you need to survive so these are just some basic goals and basic questions that that you you should ask yourself and to figure out what you want to do and achieve with this business because some of us are perfectly fine doing this is a side business and and some of us are trying to do this as our you know our main hustle and then there are people that are just doing this because they got nothing better to do and we just want to feed our gambling itches right so you got to figure that out and after you figure that out you know you have to figure out your objective objectives how much time you want to spend right so if you really want to be successful with this if this is what you want to do and you want to be doing it well you should spend some time every weekend preparing so you should make some objectives for your business for me i spend about five hours every sunday preparing for the week ahead you know and and one of my other objectives is trying to make five thousand dollar a month that's how much i'm trying to shoot for on the monthly basis i don't really have a daily goal because when you have daily goals sometimes it puts a lot of pressure on yourself and it's very very hard to like to like um to catch up once you start missing that daily goal so number three of your business plan is you just have a strategy how you achieve it and what is going to be your edge in this to beating the the market and beating the casino right do you have a system that you're using do you have a set of indicators of how you're you know that's going to help you in beating the market or are you following a really good um player or mentor that is you know able to to teach you the edge and give you the edge so it doesn't necessarily always have to be a system it doesn't necessarily always be you know a set of indicators it could just be um understanding and following the right analyst to that that will work out for you and help you to find the edge in the market right so one of the other most important thing about being successful is being able to keep track of your revenue and your losses so as with any business every problem you know any new business every problem will be a learning experience but in order to identify your problems quickly and solve them you have to keep track of all your trades and your transactions you know and some of the thing I would recommend you guys to do is that you should you know keep track of when you're entering the trade why you're entering the trade right um and also the ticker that you're playing so you ideally want to think of this like a product or service you want to know you know which product or service they're doing good and which aren't so the reason behind that is because some for some of you guys you know you might be finding that every time you're getting into like a Tesla trade you have a really high chance of losing that trade so if that's a pattern that you identify then maybe you shouldn't be playing that trade anymore right or you could potentially identify that oh you know um you could potentially identify that oh I you know I tend to lose money a lot when I'm playing puts or I tend to lose money a lot when I'm playing like weekly options so things like that you know identify those problems and and and you'll be able to find out how you can you know and make small changes and you might be able to you know completely turn your trading all around because there are a lot of people that just trade weeklies there are a lot of people that are just addicted to trading Tesla or Shopify whatever that may be you know if that's a problem for you change it make small changes and adjust that so we'll also have a link here and you can use this link to get um your free trading journal from xtrace you can edit this yourself as well or you got to do is go here go to files and then you click make a copy and and you can set up you know your own your own your own log so you can write you know um how much your account balance is here you can play around with this you know change your account balance to 5000 once you make a copy over here and you you're making your own you'll own this file and you can do whatever you want with it and you know you can change this percentage here on max position size you know telling you how much you should risk and you you can write down potentially some strategies for yourself that you should ideally follow and remind yourself on a daily basis when you're reading this so this way you know what you should do so this session i'm not going to try to make it too long because i don't want to get you know i don't want to waste everybody's time i don't want to make it too boring so i'm going to keep it a pretty short session and just go over some of the basic stuff the fifth slide is going to talk a little bit about how this is it's a marathon it's not a sprint so kevin which is uh the only in the room he mentioned last year after the gme hype um the game stopped run he said the true winners are the ones who can see this as a marathon and not a sprint one back one bad week won't determine your career unless you allow it to sit on hand when necessary a 38 dollar per month chat membership won't save you from a bad market if you're not properly adjusting and adapting so those are key those are key words because if you're getting wreck just from a bad day like today or a bad week that means you're you're not you're not properly planning for this you're not properly adjusting you're not properly risk managing and and you know you're just you're just throwing a dot at the wall you know dart at the wall and just hoping to succeed so if you really want to succeed you kind of have to you kind of have to take it easy know that it's going to take a while and and it's going to be a learning process and you'll have to continue to learn so so just like any business you need to understand that make take a while to reach true profitability so as soon as you come to terms with that that's going to take you a while to become profitable if you want to be good and you want to be consistent at it it's going to take you a while so you need to consistently identify problems improve your business and generate more profits in this case you need to keep learning finding your edge in the market that works for you you know because if you don't have an edge in the market what's going to set you aside from you and and and some some random bozo that's just walking into the casino right so in order to find your edge you have to test out different concepts there's so many different training strategies in different ways different patterns ideally you want to learn most of them but you want to take time learning them so some of the patterns or strategies are breakout plays when a stock is breaking out you want to you could potentially enter in the breakout looking for it to continues go further or you can trade you know pullback setups where you're you're only buying on like the dips like you're ideally want to buy a breakout that just come back down or ranges um so I'll show you some example of breakouts and pullbacks so right now we're looking at go futures and this is a pullback right here pulling back to support so that was that's an easy entry so if you're just playing pullbacks you're waiting for the pullback to support pullback to support pullback to support and you're playing the bounce from here to here if you're playing breakouts you're looking for this entry here you know you're looking for this entry from when it breaks over here or when it breaks over here you're looking for a new high and then ranges are just like you know um kind of like spy where where spy is trading you know in this like this this zone right here this is this is possibly a range play here here here here here um and here where it validated right so not all play is going to be 100 successful there there's always going to be losses but you have to identify them and properly risk manage for that so there's also you know short squeezes bottom fishing penny stocks option strategies there's so many more but the key is you want to master one setup or concept at a time before you move on you know if you don't know what to master first read them all see which one sounds good see which one is easy for you to comprehend comprehend and and take some time to decide you know by paper trading some of these strategies see which one works best for you right so kind of think of this like uh like sports or martial arts in order to be good you know at at like bazillion jiu jitsu or mui tai or jiconto you need years of practice you know um and and after you practice and master each art then you can do it mix martial arts right and then after you do you know after you achieve and you learn multiple martial arts you can you can become you can become a usc fighter you don't even need to train anymore so just remember that in order to become good at something or successful something you also need to take time to master the concepts and i think that's one of the problem a lot of people have too is that they don't take enough time to properly master all these different type of concepts you know whether it's breakout pullbacks and or just basic support and resistance one of the easiest technical analysis to learn to learn and understand is just a basic support and resistance and and how volume and and rsi drives the stock sometimes or shows you where the stock indicate where it's going so the next slide is identifying problems as we come to term that trading is more than a long term business is more of a long term business you need to identify problems within your business model and how to improve it so some of the common issues i know a lot of people have are usually poor risk management you know they're going all in the one tray or some some sometimes people are already in the hole and and they just want to get out of this trading you know trading loss hole right they just want to recruit all the trading losses and they're they're they're like extremely bullish on one ticker once they see that one ticker alerted they're like you know that i'm going all in apple never goes down going all in this tray and and and then doesn't go your way and what happens you just end up digging the hole further right or the other issue is um you know sometimes people get into a tray and the tray is so great it's going so well it's going 100% 200% but they have no clue when to sell because last time they saw um at 100% or last time they saw a 20% the ticker ran to 200% um and then the other time they didn't sell the ticker went back down to zero you know so it's all these a lot of these common issues where you gotta you gotta realize this is a problem and you need to get better at that risk management some of the other issues that um i have heard people have are locations environments you know if you're trading if you're running your business you should you know you should make sure you're not in a noisy environment you know or if you have that into the service or if you're trading with a 12 inch laptop you know that's that's no bueno gotta gotta gotta you know move away from that and and try to improve their environment um another issue I hear a lot is just stress and emotions you know people that are juggling multiple things and once having issues with spouses or bosses or problem at work um and then there there are just some people saying you know they they don't understand technical analysis or that people just thinks technical analysis of witchcraft and they might also better follow astrology but at the end of the day if you understand technical analysis you'll know that you know those astrology charts and or you know are just uh is just just like just market fundamentals because a lot of the astrology dates that that you know that kind of aligns in the middle of the month and and those are usually when monthly options expire so usually when monthly options expire around the 21st or the 18th or whatever those dates are um they usually have a big move within the market so it's super common just like how Wednesdays um tend to be FOMC days and and Wednesdays tend to be a big move days on FOMC days as well but a lot of people don't don't understand that those are all market fundamental dynamics that you have to get better understanding and you'll be able to you know understand how that plays into the technical analysis as well and then sometime we hear people don't have enough time to learn new stuff so go over some of the solutions for those if you have poor risk management you need to have a plan go into every trade stay consistent with the amount of money you're risking in each trade so that you'll have a control result when you log these trades so every time you go into trade you should have a plan on whether you're exiting 100% or you're going to exit at 50% you know and and if you're going to exit at 50% 100% then you should know what your stop loss is you know whether it's 50% or 25% you need to define that plan and you need to execute it and then you need to test it to see how well works so these are some super easy basics that you can do just to have proper risk management the other thing is you know it's just staying consistent with the amount of money that you're going to risk in each trade so this could be something as simple as like I'm going to risk a thousand dollars per every options trade or I'm going to risk only a thousand dollars per every stock trade or penny stock trade you know very simple things just stay consistent so that when you're logging these trades you know you'll have a control result and it will show you how and why and where you are super successful at so the second one was location environment so as all businesses they have startup costs so just like your location environment you need to spend money on a good trading setup ideally two screens and design a good environment to trade you know if you don't have space in house try to make space or try to make that make make room available where it's quiet you know without distraction and you have to let your your spouse or your roommate know that hey you know this and that's time I'm going to be trading I want to be able to focus you know can you not like you give me that space and ideally you also want to have some notebook you know have some some stuff on screen or like your trading rules and stuff and things like that that can you know assist you better in your trades or a logbook too just for like all these market environment situations I think the other problem is stress emotions so most people don't operate well on the stress so if your head isn't in the right place take a break come back another day and the market will always be here you know just remember that the market is always going to be here so if you're not in the right situation if your head is not in the right space don't take trades because you're going to be emotionally you know you're going to be like all over the place emotionally and that's not going to help you in making another trading decision that is high pressure as well don't understand technical analysis so TA is only technical analysis only as a trader doing it that's why a lot of times when people see like they can see five different technical analysis on one ticker you know on five different directions or whatever so and and they're like you know what like one of these guys is right but the other the other two or three is going to be wrong so it's just all wishcraft it doesn't work but that's not true a lot of them is just like you need to understand the dynamics or the person doing them needs to understand the dynamics of the market and how to like properly use them if you don't understand that it's not going to work you know there's so many things from our side there's so many things from volume you know candlestick patterns you know chart patterns all these different stuff that some people might be missing while others aren't and and that can influence how that trade setup is going to go so you have to learn how interest indicator works and be mindful of catalysts so catalysts are things that that you know that can be affected in the news so one of the recent example of that was um what's Tesla so we had Tesla on Friday right it was over here trading at December was it December 34th December 31st I mean it was trading in this trend line naturally this is a bearish trend line you know it could it could be both it's a breakout or a bearish so it looks like it could potentially reject like the last three times this time it was getting really weak some of the indicators of pointing to our rejection as the volume was selling off but really it didn't matter what the chart set here it just mattered what the catalyst was going to say so for those of you that that were paying attention to Tesla you would know that on Sunday you know uh they were going to release their delivery numbers and if they did really really really really well in the delivery numbers the stock was going to kick off if they did poorly on the delivery numbers the stock was going to come back down to like 900 all levels so these were were catalysts that could potentially affect the direction of this technical analysis so we had an error going up an error going down it literally could go either way there was no one direction so here are some recommendations if you guys are new we're so we're coming to the end of here we're wrapping up to about 23 minutes so if you guys are new you guys haven't seen this post here I post this in our account challenge in an ER challenge section so some of the recommendations especially for new traders that aren't in tune with their emotions and that doesn't know how to train the zone yet it doesn't have a sort of rule in everything yet I highly recommend you to read Trading in the Zone by Mark Douglas he's an old trader I really all do but a lot of the rules and the the stuff that he talks about in this book still you know still applies to the market very very well and applying to the mindset of the trader very well so another thing you can do is like recommend you know go to so you can find that post here so another thing I recommend you to do is go to Investopedia site and learn more about technical analysis so there's this link over here Investopedia trading slash support resistance so they they do a really good job of explaining the basics of support resistance and all these other indicators that you can use and you know they give you a little bit of basic understanding of it but of course just like anything you got to play around with it just to understand it even more and then if you if you achieve those then you got to develop the next thing you got to do is you got to make your own strategies you know and make your own rules of how how you can apply yourself and and how you're going to be successful at it so if but if you're not a self-learned kind of person another thing you can do is you can also pick up a mentoring package as well by reaching out to some of our staff members whether it's Youngbowl or Brickin and you know you tell them that you want to set up some mentoring sessions with some of us whether it's me or Youngbowl or any of our top trader and analyst I think this is probably one of the only few trade rooms where we have a lot of mentors available at you know pretty reasonable prices per hour as well and I think we have a package for five hours too so that these are you know if you if you're serious about your business think of it like consulting fee or start-up fee you know think of it as just like just helping you get a nice jumpstart in it having somebody mentor you and giving you the foundation the basics that's going to help your business out a lot so if but if you're not willing to you know if you're not willing to invest in yourself if you're if you're not serious enough then you need to consider your decisions right so we'll come into the end here so I want to thank you guys for being a member of our community subscribing and I hope this session was helpful so if you guys have any you know if you guys appreciate it or have any questions please go to our survey let us know you know what we can do better and if you appreciate it please give us a thumbs up both for us and survey oh let me show you this thing uh I forgot to show you that's thing that Tommy sent me if you don't have enough motivations right so one of the other thing was a lot of people said they don't have enough time to learn new stuff so if you think you don't have enough time to learn new stuff hold up why isn't this link working so if you don't have enough time to look at new stuff just go watch this video you know it says have you ever heard a crack say I have no money I'm not going to smoke today no they always find a way are you gonna let a crack it out hustle you today so every time you think you don't have enough time any time you think you don't have enough motivation just remember somewhere someplace at some point a crack is out hustling you today don't let a crack it out hustle you man but that's pretty much it guys I hope that was helpful and I hope you guys have a good night and start working toward your new year resolutions man let's get it 2022 thank you and have a good night