WEBVTT 00:00:00.000 --> 00:00:02.000 The essential risk parameters 00:00:02.000 --> 00:00:03.833 that Trade The Pool is giving us 00:00:03.833 --> 00:00:04.866 are also gonna keep 00:00:04.866 --> 00:00:07.766 the risk to reward in play here. 00:00:08.000 --> 00:00:09.066 Because the number one thing 00:00:09.066 --> 00:00:10.533 that I talk about with those traders 00:00:10.533 --> 00:00:12.166 that are in that losing stage 00:00:12.166 --> 00:00:13.933 also they're not focusing 00:00:13.933 --> 00:00:15.500 in probabilities. 00:00:15.500 --> 00:00:16.666 They're not even keeping 00:00:16.666 --> 00:00:18.400 probability mathematics 00:00:18.400 --> 00:00:20.000 in their favor. 00:00:20.433 --> 00:00:21.833 And this is where I think 00:00:21.833 --> 00:00:23.533 I’ve adjusted it. 00:00:23.666 --> 00:00:24.600 And how do you know 00:00:24.600 --> 00:00:25.966 that you've adjusted? 00:00:25.966 --> 00:00:26.566 You're going to start 00:00:26.566 --> 00:00:29.133 taking a look into your plan 00:00:29.133 --> 00:00:30.700 and the results. 00:00:30.900 --> 00:00:31.333 Right? 00:00:31.333 --> 00:00:32.766 and i think that this is what 00:00:32.766 --> 00:00:34.133 every trader 00:00:34.133 --> 00:00:36.166 needs to look at to see 00:00:36.166 --> 00:00:37.133 if they're doing things 00:00:37.133 --> 00:00:38.733 the right way 00:00:38.733 --> 00:00:40.066 or the wrong way, 00:00:40.066 --> 00:00:42.066 because you can have the right plan 00:00:42.066 --> 00:00:44.500 and not execute the right trades. 00:00:54.366 --> 00:00:55.366 How's it going everybody? 00:00:55.366 --> 00:00:56.866 First of all, I love it. 00:00:56.866 --> 00:00:59.866 You know, the fact that you as, 00:01:00.133 --> 00:01:02.700 presenter, as the host of the live 00:01:02.700 --> 00:01:03.933 trading show 00:01:03.933 --> 00:01:06.900 actually passed the evaluation, got funded. 00:01:06.900 --> 00:01:08.166 That's incredible to see. 00:01:08.166 --> 00:01:10.633 And this is also a great confirmation 00:01:10.633 --> 00:01:13.266 to everyone that listening and watching, 00:01:13.266 --> 00:01:15.600 you know, this guy is real. 00:01:15.600 --> 00:01:16.333 You did it. 00:01:16.333 --> 00:01:17.400 You did a few attempts 00:01:17.400 --> 00:01:19.133 right? Before passing. Yeah. Right. 00:01:19.133 --> 00:01:19.400 Yeah. 00:01:19.400 --> 00:01:20.100 It took me 00:01:20.100 --> 00:01:22.533 it took me quite a few evaluations 00:01:22.533 --> 00:01:23.233 right in the in 00:01:23.233 --> 00:01:24.800 the thing was getting close. Right. 00:01:24.800 --> 00:01:26.600 One of the things that I tried to show 00:01:26.600 --> 00:01:27.966 on the show every day, 00:01:27.966 --> 00:01:29.200 and I think it's important 00:01:29.200 --> 00:01:30.733 because I live by it, right, 00:01:30.733 --> 00:01:33.733 is just trying to find consistency 00:01:33.833 --> 00:01:34.966 because I feel like everyone can, 00:01:34.966 --> 00:01:36.833 you know, just hit a home run. 00:01:36.833 --> 00:01:38.366 But the truth is, we're trying 00:01:38.366 --> 00:01:39.900 to find some kind of consistency. 00:01:39.900 --> 00:01:40.433 Because 00:01:40.433 --> 00:01:42.900 even if I do get to the funded stage, 00:01:42.900 --> 00:01:44.466 I mean, that's not my goal either. 00:01:44.466 --> 00:01:45.700 My goal is to get paid. 00:01:45.700 --> 00:01:47.133 I think that's what everyone's looking 00:01:47.133 --> 00:01:48.033 for, right? 00:01:48.033 --> 00:01:49.366 Sure. For sure. 00:01:49.366 --> 00:01:50.100 And so 00:01:50.100 --> 00:01:52.266 maybe Mitch, let's start from the beginning, 00:01:52.266 --> 00:01:52.833 you know, 00:01:52.833 --> 00:01:54.133 for for the guys that 00:01:54.133 --> 00:01:55.100 are listening right now 00:01:55.100 --> 00:01:55.700 and maybe 00:01:55.700 --> 00:01:57.000 also later on 00:01:57.000 --> 00:01:59.000 as we will upload this video, 00:01:59.000 --> 00:02:01.466 I mean, where did you start? Right. 00:02:01.466 --> 00:02:02.400 How long ago? 00:02:02.400 --> 00:02:04.066 The journey, the journey of trading. 00:02:04.066 --> 00:02:04.366 Right. 00:02:04.366 --> 00:02:05.333 Well, the journey of trading 00:02:05.333 --> 00:02:06.533 really started back in 00:02:06.533 --> 00:02:10.166 kind of like 2017, 2018 for me, guys, 00:02:10.533 --> 00:02:12.200 even before the pandemic, of course, 00:02:12.200 --> 00:02:14.633 I went to school at UCF for finance 00:02:14.633 --> 00:02:16.066 and that's where it started, right? 00:02:16.066 --> 00:02:17.533 I always viewed myself 00:02:17.533 --> 00:02:19.300 as being the stock broker 00:02:19.300 --> 00:02:21.633 on the New York Stock Exchange floor. 00:02:21.633 --> 00:02:22.300 As a kid 00:02:22.300 --> 00:02:23.233 at fifth grade, 00:02:23.233 --> 00:02:24.866 I ended up, taking the stock 00:02:24.866 --> 00:02:26.566 exchange competition. 00:02:26.566 --> 00:02:28.133 And I was buying Apple back 00:02:28.133 --> 00:02:29.033 then, two 00:02:29.033 --> 00:02:29.933 that weren't that good, 00:02:29.933 --> 00:02:32.433 IBM and Exxon Mobil. 00:02:32.433 --> 00:02:33.633 But Apple back 00:02:33.633 --> 00:02:36.033 then was what got me excited, right? 00:02:36.033 --> 00:02:37.500 How did I find that trade idea? 00:02:37.500 --> 00:02:38.933 I looked around, right? 00:02:38.933 --> 00:02:42.766 I saw in the library those colored Macs. 00:02:42.766 --> 00:02:43.900 Remember the Big Macs 00:02:43.900 --> 00:02:46.066 with like the big background 00:02:46.066 --> 00:02:47.166 and things like that? 00:02:47.166 --> 00:02:48.166 And I saw that 00:02:50.933 --> 00:02:54.566 versus go on to the IBM's 00:02:54.566 --> 00:02:56.400 and the Dell machines. 00:02:56.400 --> 00:02:58.966 And that got me interested in trading, 00:02:58.966 --> 00:03:01.166 which brought me to UCF finance, 00:03:01.166 --> 00:03:03.800 which eventually got me into options. 00:03:03.800 --> 00:03:05.933 And I learned a lot about options 00:03:05.933 --> 00:03:07.433 from different resources. 00:03:07.433 --> 00:03:08.066 And then I learned 00:03:08.066 --> 00:03:09.900 that options wasn't for me. Right? 00:03:09.900 --> 00:03:11.300 Because the truth is 00:03:11.300 --> 00:03:13.633 that it was very complex, 00:03:13.633 --> 00:03:15.633 complicated to learn. 00:03:15.633 --> 00:03:17.433 And another thing that I realized, 00:03:17.433 --> 00:03:20.166 I wasn't just battling traders, 00:03:20.166 --> 00:03:22.433 I was battling different market makers. 00:03:22.433 --> 00:03:23.166 I was battling 00:03:23.166 --> 00:03:26.066 different complex strategies. Right. 00:03:26.066 --> 00:03:27.733 And whether I was going to be 00:03:27.733 --> 00:03:29.566 buying or selling options, 00:03:29.566 --> 00:03:30.933 I felt that selling options 00:03:30.933 --> 00:03:31.766 made the most sense. 00:03:31.766 --> 00:03:32.700 And that required 00:03:32.700 --> 00:03:35.733 what even more capital guys 00:03:35.733 --> 00:03:37.900 that I didn't have in my college days. 00:03:37.900 --> 00:03:38.500 Right? 00:03:38.500 --> 00:03:40.833 So I stuck to what I felt could work. 00:03:40.833 --> 00:03:42.200 I went to equities. 00:03:42.200 --> 00:03:44.800 I started to learn more and more about, 00:03:44.800 --> 00:03:46.866 trying to learn about underlining asset 00:03:46.866 --> 00:03:48.533 and relationships building. 00:03:48.533 --> 00:03:50.166 And that's when I first just started. 00:03:50.166 --> 00:03:51.266 I started with the penny 00:03:51.266 --> 00:03:52.233 stock, the gurus, 00:03:52.233 --> 00:03:54.533 the ones that everybody watches right? 00:03:54.533 --> 00:03:56.033 I mean, I can't blame you. 00:03:56.033 --> 00:03:57.533 I know Timothy Sykes. 00:03:57.533 --> 00:03:58.466 We all know him. 00:03:58.466 --> 00:04:00.300 We've all heard of him. Right? 00:04:00.300 --> 00:04:01.933 That's where I started. 00:04:01.933 --> 00:04:03.700 And I think that it really got me 00:04:03.700 --> 00:04:06.866 to dig in deep into the education 00:04:07.133 --> 00:04:09.866 so that I could understand the markets, 00:04:09.866 --> 00:04:12.866 not just for one strategy, 00:04:12.966 --> 00:04:13.966 but understanding 00:04:13.966 --> 00:04:16.266 what strategy making involves. 00:04:16.266 --> 00:04:19.233 What does risk management involve, right. 00:04:19.233 --> 00:04:21.200 And then trying to find the sweet spot 00:04:21.200 --> 00:04:22.800 because that's really where it takes. 00:04:22.800 --> 00:04:25.166 It's it's not just about trading. 00:04:25.166 --> 00:04:26.100 Right. 00:04:26.100 --> 00:04:27.566 And I want to touch, 00:04:27.566 --> 00:04:29.500 you know a few painful points 00:04:29.500 --> 00:04:30.000 maybe points. 00:04:30.000 --> 00:04:31.966 So tell us a little bit 00:04:31.966 --> 00:04:33.366 about the losing part, 00:04:33.366 --> 00:04:34.866 because there is a path 00:04:34.866 --> 00:04:36.600 along the way that you're learning. 00:04:36.600 --> 00:04:37.800 You're trying, 00:04:37.800 --> 00:04:40.700 you know, a lot of, failures or errors. 00:04:40.700 --> 00:04:41.433 Tell us a little bit 00:04:41.433 --> 00:04:43.566 about those kind of elements. 00:04:43.566 --> 00:04:44.766 I think it's so important 00:04:44.766 --> 00:04:47.133 I talk about this in stages. Right. 00:04:47.133 --> 00:04:48.100 Because I think that this 00:04:48.100 --> 00:04:50.233 is what all traders go through, right? 00:04:50.433 --> 00:04:52.166 we'll talk about it in four stages 00:04:52.166 --> 00:04:53.233 here, guys. 00:04:53.233 --> 00:04:54.133 Let's go to the first. 00:04:54.133 --> 00:04:55.800 Just a losing stage. Right. 00:04:55.800 --> 00:04:57.166 We're all going to go through this. 00:04:57.166 --> 00:04:58.566 I feel like a lot of traders 00:04:58.566 --> 00:04:59.633 and beginner traders. 00:04:59.633 --> 00:04:59.933 Yes. 00:04:59.933 --> 00:05:01.000 You'll find those few 00:05:01.000 --> 00:05:03.900 that just immediately do well. 00:05:03.900 --> 00:05:05.700 And that's could be beginner's luck. 00:05:05.700 --> 00:05:06.100 Right. 00:05:06.100 --> 00:05:07.833 But the truth of the matter is, 00:05:07.833 --> 00:05:08.933 a lot of the beginners 00:05:08.933 --> 00:05:10.233 are going to struggle. 00:05:10.233 --> 00:05:11.100 They're going to lose, 00:05:11.100 --> 00:05:12.566 lose, lose, lose, lose. 00:05:12.566 --> 00:05:14.966 I was in that camp, too. At first. 00:05:14.966 --> 00:05:17.166 I wanted to trade high fliers, 00:05:17.166 --> 00:05:18.900 high day breaks 00:05:18.900 --> 00:05:19.666 and I felt like 00:05:19.666 --> 00:05:22.666 I just was like facing this mountain. 00:05:22.766 --> 00:05:25.700 And I kept losing, losing, losing. 00:05:25.700 --> 00:05:29.133 Then I realized, okay, stop trying to 00:05:29.166 --> 00:05:32.166 just lose. Just try to survive. 00:05:32.433 --> 00:05:33.566 That brings us to what I call 00:05:33.566 --> 00:05:34.833 the survivor stage, right? 00:05:34.833 --> 00:05:36.033 The survivor stage 00:05:36.033 --> 00:05:37.833 is that trader they can trade, 00:05:37.833 --> 00:05:40.266 but be break even, right? 00:05:40.266 --> 00:05:41.900 Probably not even making money, 00:05:41.900 --> 00:05:43.633 but not losing 00:05:43.633 --> 00:05:45.566 and blowing up accounts anymore. 00:05:45.566 --> 00:05:46.833 I think that's the first stage 00:05:46.833 --> 00:05:48.033 to get out of. Right? 00:05:48.033 --> 00:05:49.333 And if you're struggling, 00:05:49.333 --> 00:05:51.133 that's the first one to do. 00:05:51.133 --> 00:05:52.466 Then as you get into that 00:05:52.466 --> 00:05:53.600 survivor stage, 00:05:53.600 --> 00:05:54.366 you move into what 00:05:54.366 --> 00:05:56.400 I call the lunch trader. 00:05:56.400 --> 00:05:57.833 What's the lunch trader? 00:05:57.833 --> 00:05:58.233 The lunch 00:05:58.233 --> 00:05:59.700 trade is the guy that can just 00:05:59.700 --> 00:06:00.933 pay for some lunch, 00:06:00.933 --> 00:06:02.733 at least with his trading, right? 00:06:02.733 --> 00:06:05.233 Can just buy a good meal, right? 00:06:05.233 --> 00:06:06.533 Maybe not going to do something 00:06:06.533 --> 00:06:07.533 life changing, 00:06:07.533 --> 00:06:08.966 but at least starts to 00:06:08.966 --> 00:06:10.566 get into the positive. 00:06:10.566 --> 00:06:13.033 Understand some strategy, 00:06:13.033 --> 00:06:14.266 finding some problems, 00:06:14.266 --> 00:06:16.333 probably with consistency here. 00:06:16.333 --> 00:06:17.300 On sizing 00:06:17.300 --> 00:06:18.766 majority of the times for me 00:06:18.766 --> 00:06:19.666 that's what that's 00:06:19.666 --> 00:06:22.000 what was hurting me in this case. 00:06:22.000 --> 00:06:22.633 Then we got to get 00:06:22.633 --> 00:06:24.133 into the thriving stage. 00:06:24.133 --> 00:06:24.600 That's what 00:06:24.600 --> 00:06:26.400 all traders are looking to do. 00:06:26.400 --> 00:06:27.766 And I think that sometimes 00:06:27.766 --> 00:06:29.700 you're going to be in that thriving stage 00:06:29.700 --> 00:06:32.033 and move back to the lunch trader stage. 00:06:32.033 --> 00:06:33.233 So the key 00:06:33.233 --> 00:06:34.966 is just not moving back so far 00:06:34.966 --> 00:06:36.900 that you're back into that losing stage. 00:06:36.900 --> 00:06:37.733 Right. 00:06:37.733 --> 00:06:40.266 So once you're in that thriving stage, 00:06:40.266 --> 00:06:41.700 you start to really start 00:06:41.700 --> 00:06:43.733 honing in on your consistency 00:06:43.733 --> 00:06:46.666 and trying to hone in on what 00:06:46.666 --> 00:06:48.433 it's trying to stay in the zone. 00:06:48.433 --> 00:06:49.533 Because as traders, 00:06:49.533 --> 00:06:50.900 I believe in the in a thing 00:06:50.900 --> 00:06:52.066 called the present, right, 00:06:52.066 --> 00:06:53.900 and focusing on what's happening. 00:06:53.900 --> 00:06:54.266 Right. 00:06:54.266 --> 00:06:55.466 But a lot of times 00:06:55.466 --> 00:06:57.333 emotions and different things 00:06:57.333 --> 00:06:58.233 come into here. 00:06:58.233 --> 00:07:00.266 But we lose train of thought, 00:07:00.266 --> 00:07:03.266 we lose that focus and we fall off 00:07:03.266 --> 00:07:04.066 into a rut, 00:07:04.066 --> 00:07:05.700 probably moving us back to the lunch 00:07:05.700 --> 00:07:07.333 trader stage. Right? 00:07:07.333 --> 00:07:10.066 So there was somewhere in between there 00:07:10.066 --> 00:07:11.166 where I felt like 00:07:11.166 --> 00:07:12.833 I've really started to make the change 00:07:12.833 --> 00:07:14.466 between Lunch Trader 00:07:14.466 --> 00:07:16.166 and that thriving stage. 00:07:16.166 --> 00:07:17.800 And a lot of this was starting 00:07:17.800 --> 00:07:20.366 to separate the accounts. Right. 00:07:20.366 --> 00:07:21.300 And then the account 00:07:21.300 --> 00:07:22.500 that I was able to make happen 00:07:22.500 --> 00:07:23.966 here was actually 00:07:23.966 --> 00:07:24.366 the one 00:07:24.366 --> 00:07:26.900 that I didn't expect to make happen, 00:07:26.900 --> 00:07:29.033 which was the small cap area 00:07:29.033 --> 00:07:31.600 which some view as the toughest trades 00:07:31.600 --> 00:07:33.900 in the market. Yeah. 00:07:33.900 --> 00:07:34.866 And and you know, 00:07:34.866 --> 00:07:37.433 I always compare it to basketball. Right. 00:07:37.433 --> 00:07:39.333 The what you mentioned about 00:07:39.333 --> 00:07:41.266 going from lunch to thrive 00:07:41.266 --> 00:07:43.233 and then maybe go back right. 00:07:43.233 --> 00:07:43.833 It's like, 00:07:43.833 --> 00:07:47.500 team that, you know, get a nice, range. 00:07:47.500 --> 00:07:48.666 And all of a sudden 00:07:48.666 --> 00:07:50.000 they lose the momentum 00:07:50.000 --> 00:07:50.966 and go back 00:07:50.966 --> 00:07:52.800 and the other team is winning 00:07:52.800 --> 00:07:53.933 and so forth. 00:07:53.933 --> 00:07:56.233 And, I want to talk to you about 00:07:56.233 --> 00:07:58.600 also something that you mentioned there 00:07:58.600 --> 00:07:59.866 where basically, 00:07:59.866 --> 00:08:00.233 you know, 00:08:00.233 --> 00:08:02.366 you moved from those stages, right? 00:08:02.366 --> 00:08:05.033 From, from losing into survival mode. 00:08:05.033 --> 00:08:06.533 What was the change in that, 00:08:06.533 --> 00:08:07.366 you think 00:08:07.366 --> 00:08:08.633 maybe like 2 or 3 00:08:08.633 --> 00:08:10.400 for the guys that listening, 00:08:10.400 --> 00:08:12.500 you know, that got you from survivor 00:08:12.500 --> 00:08:14.366 or from losing to survivor, at least 00:08:14.366 --> 00:08:17.300 because most traders will stay on that. 00:08:17.300 --> 00:08:19.100 You know, most important stage. Right. 00:08:19.100 --> 00:08:20.266 It's the one that starts to build 00:08:20.266 --> 00:08:21.700 confidence also. Right. 00:08:21.700 --> 00:08:22.900 Because I think that's 00:08:22.900 --> 00:08:23.666 the number one thing 00:08:23.666 --> 00:08:26.133 that the loser stage brings, right? 00:08:26.133 --> 00:08:29.133 It can instantly break your confidence 00:08:29.133 --> 00:08:30.600 as a trader. Right? 00:08:30.600 --> 00:08:32.866 I think we all can get to that point. 00:08:32.866 --> 00:08:34.733 What was my determinant 00:08:34.733 --> 00:08:36.833 was I wasn't going to stop 00:08:36.833 --> 00:08:39.833 if it took trading one share, 00:08:40.300 --> 00:08:42.066 I would do that right. 00:08:42.066 --> 00:08:42.866 And that's why I talk 00:08:42.866 --> 00:08:43.800 sometimes of 00:08:43.800 --> 00:08:46.066 just downsizing into learning. 00:08:46.066 --> 00:08:46.633 And I think that's 00:08:46.633 --> 00:08:48.233 one of the best things that Trade 00:08:48.233 --> 00:08:49.633 The Pool can give you 00:08:49.633 --> 00:08:52.966 is just the ability to work on your craft 00:08:53.266 --> 00:08:54.766 as a trader. 00:08:54.766 --> 00:08:55.833 It's not necessarily 00:08:55.833 --> 00:08:57.400 only for those traders 00:08:57.400 --> 00:08:57.966 that are trying 00:08:57.966 --> 00:09:00.733 to just make big sums of money. 00:09:00.733 --> 00:09:01.933 It's also for the trader. 00:09:01.933 --> 00:09:03.100 The beginner trader 00:09:03.100 --> 00:09:04.900 is trying to get out of that stage 00:09:04.900 --> 00:09:07.533 and not just lose a ton of money 00:09:07.533 --> 00:09:09.400 because trust me, I was there, 00:09:09.400 --> 00:09:11.900 I was there, I even sold my car. 00:09:11.900 --> 00:09:15.100 Michael, I sold my car for trading. 00:09:15.566 --> 00:09:18.833 I rode a long board for two years. 00:09:19.166 --> 00:09:19.466 Wow. 00:09:19.466 --> 00:09:22.133 Because I wanted to make this happen. 00:09:22.133 --> 00:09:23.866 Did I make that money work? No. 00:09:23.866 --> 00:09:24.500 Believe it or not, 00:09:24.500 --> 00:09:26.833 I lost it all in a small account 00:09:26.833 --> 00:09:29.000 in a regular broker. Right. 00:09:29.000 --> 00:09:29.700 And it and it 00:09:29.700 --> 00:09:31.933 and it didn't make me run away. 00:09:31.933 --> 00:09:33.333 Made me push more. 00:09:33.333 --> 00:09:34.800 And what did I start doing? 00:09:34.800 --> 00:09:35.633 Started honing 00:09:35.633 --> 00:09:36.633 in on strategies 00:09:36.633 --> 00:09:38.633 that I felt truly worked, 00:09:38.633 --> 00:09:40.800 that I backed tested that I did. 00:09:40.800 --> 00:09:42.466 I did the research to see 00:09:42.466 --> 00:09:43.833 what was doing well. 00:09:43.833 --> 00:09:46.133 And then I stopped trying to win. 00:09:46.133 --> 00:09:49.133 I just tried to simply stop losing. 00:09:49.333 --> 00:09:50.800 I think that's where a lot of traders 00:09:50.800 --> 00:09:51.766 get it wrong. 00:09:51.766 --> 00:09:53.333 Their mentality is just focused 00:09:53.333 --> 00:09:54.266 on winning 00:09:54.266 --> 00:09:54.966 versus 00:09:54.966 --> 00:09:57.033 I'm just going to protect myself 00:09:57.033 --> 00:09:57.900 and trades 00:09:57.900 --> 00:10:00.966 and focus in on making small base hits. 00:10:01.266 --> 00:10:03.866 To get into that at least survivor stage. 00:10:03.866 --> 00:10:06.066 Amazing Mitch. Lots of knowledge here. 00:10:06.066 --> 00:10:07.533 I'm sure the guys that listening 00:10:07.533 --> 00:10:07.900 right now, 00:10:07.900 --> 00:10:09.266 a lot of them are trapped 00:10:09.266 --> 00:10:10.433 between those lines 00:10:10.433 --> 00:10:12.233 of losing and survivor. 00:10:12.233 --> 00:10:14.333 Try to take it to the lunch money, 00:10:14.333 --> 00:10:15.400 as you mentioned, 00:10:15.400 --> 00:10:16.733 and there are tons of, 00:10:16.733 --> 00:10:17.833 tons of 00:10:17.833 --> 00:10:19.933 information and things 00:10:19.933 --> 00:10:21.800 you need to learn along the way. 00:10:21.800 --> 00:10:22.533 But maybe 00:10:22.533 --> 00:10:24.766 one of the most important thing is, 00:10:24.766 --> 00:10:25.500 like you mentioned, 00:10:25.500 --> 00:10:26.600 you blew some of 00:10:26.600 --> 00:10:27.600 previous accounts, right? 00:10:27.600 --> 00:10:30.500 With with a broker instead of doing that. 00:10:30.500 --> 00:10:32.166 And this is something that I, 00:10:32.166 --> 00:10:34.233 I enjoy, represent 00:10:34.233 --> 00:10:36.033 and obviously you as well, 00:10:36.033 --> 00:10:37.900 you know, at Trade The Pool, 00:10:37.900 --> 00:10:39.800 it's a limited risk 00:10:39.800 --> 00:10:41.466 trading platform, right? Yeah. 00:10:41.466 --> 00:10:43.966 You don't have to spend the whole 5k 00:10:43.966 --> 00:10:44.533 or 3k 00:10:44.533 --> 00:10:46.100 that you have on a brokerage account. 00:10:46.100 --> 00:10:47.266 Instead of that, 00:10:47.266 --> 00:10:50.400 you can work with us, learn, craft your, 00:10:50.400 --> 00:10:51.800 your, your trading 00:10:51.800 --> 00:10:53.500 and basically have a, shorter 00:10:53.500 --> 00:10:55.166 learning curve as well. 00:10:55.166 --> 00:10:57.533 Yeah, I think I, I smile about this 00:10:57.533 --> 00:10:58.466 because I don't think there's 00:10:58.466 --> 00:11:00.400 too many people that smile 00:11:00.400 --> 00:11:02.466 when they see that RIP 00:11:02.466 --> 00:11:05.066 The, the rest in peace for the day. 00:11:05.066 --> 00:11:06.500 And you cut me off. 00:11:06.500 --> 00:11:08.066 But the truth is, 00:11:08.066 --> 00:11:10.533 you should be smiling at that moment. 00:11:10.533 --> 00:11:11.333 And why? 00:11:11.333 --> 00:11:12.266 Because I can tell you, 00:11:12.266 --> 00:11:14.533 I've been on the opposite end of that end 00:11:14.533 --> 00:11:15.433 where you got the deer 00:11:15.433 --> 00:11:16.900 in headlights look. 00:11:16.900 --> 00:11:18.500 And if you don't get out, trust me, 00:11:18.500 --> 00:11:20.466 you lose the holy cow. 00:11:20.466 --> 00:11:22.300 I mean, this case is you want to get out. 00:11:22.300 --> 00:11:23.500 So. Yeah. Because. 00:11:23.500 --> 00:11:25.033 Because you're just deer in headlights. 00:11:25.033 --> 00:11:25.366 Right. 00:11:25.366 --> 00:11:26.033 And so the 00:11:26.033 --> 00:11:28.000 the essential risk parameters, 00:11:28.000 --> 00:11:29.800 that Trade The Pool is giving us 00:11:29.800 --> 00:11:30.433 are also going 00:11:30.433 --> 00:11:33.733 to keep the risk to reward in play here. 00:11:34.033 --> 00:11:35.133 Because the number one thing 00:11:35.133 --> 00:11:36.566 that I talk about with those traders 00:11:36.566 --> 00:11:38.200 that are in that losing stage 00:11:38.200 --> 00:11:39.966 also they're not focusing 00:11:39.966 --> 00:11:41.533 in probabilities. 00:11:41.533 --> 00:11:43.200 They're not even keeping problem 00:11:43.200 --> 00:11:46.700 probability mathematics in their favor. 00:11:47.100 --> 00:11:50.200 And this is where I think I’ve adjust it. 00:11:50.333 --> 00:11:52.633 And how do you know that you've adjusted. 00:11:52.633 --> 00:11:53.233 You're going to start 00:11:53.233 --> 00:11:55.800 taking a look into your plan 00:11:55.800 --> 00:11:58.200 and the results. Right. 00:11:58.200 --> 00:11:58.866 And a little bit 00:11:58.866 --> 00:12:00.233 we can go to the dashboard 00:12:00.233 --> 00:12:01.833 and talk a little bit more about this. 00:12:01.833 --> 00:12:02.200 And I think 00:12:02.200 --> 00:12:04.466 that this is what every trader 00:12:04.466 --> 00:12:06.500 needs to look at to see 00:12:06.500 --> 00:12:09.066 if they're doing things the right way 00:12:09.066 --> 00:12:10.400 or the wrong way, 00:12:10.400 --> 00:12:12.400 because you can have the right plan 00:12:12.400 --> 00:12:14.833 and not execute the right trades. 00:12:14.833 --> 00:12:15.866 Right. 00:12:15.866 --> 00:12:16.233 Yeah. 00:12:16.233 --> 00:12:17.400 And and exactly 00:12:17.400 --> 00:12:18.866 I wanted to go to the dashboard. 00:12:18.866 --> 00:12:20.600 So for those of you are not familiar, 00:12:20.600 --> 00:12:22.900 every trader gets his own dashboard. 00:12:22.900 --> 00:12:25.000 And basically you can track your stats 00:12:25.000 --> 00:12:25.600 and of course 00:12:25.600 --> 00:12:26.700 the progress that you're doing. 00:12:26.700 --> 00:12:27.866 So I'm going to share my screen 00:12:27.866 --> 00:12:29.333 for a second and show the guys up 00:12:29.333 --> 00:12:31.000 and how it looks 00:12:31.000 --> 00:12:32.900 like your evaluation account, 00:12:32.900 --> 00:12:35.600 basically the one that you passed. So. 00:12:35.600 --> 00:12:37.266 We'll do it like this. So. Right. 00:12:37.266 --> 00:12:38.033 So basically 00:12:38.033 --> 00:12:40.133 you traded the mini buying power 00:12:40.133 --> 00:12:42.433 $20,000 of buying power. 00:12:42.433 --> 00:12:44.300 You need to reach a certain, goal, 00:12:44.300 --> 00:12:46.333 profit target that you did, 00:12:46.333 --> 00:12:48.100 you have max loss and so on. 00:12:48.100 --> 00:12:49.800 And some of the interesting stats 00:12:49.800 --> 00:12:50.433 that you have here, 00:12:50.433 --> 00:12:51.733 a really interesting one 00:12:51.733 --> 00:12:54.733 is your success rate 44%. 00:12:54.866 --> 00:12:56.366 That's totally fine. 00:12:56.366 --> 00:12:58.233 The risk reward is off the chart. 00:12:58.233 --> 00:13:01.366 I mean, you did greatly 4.1. 00:13:01.766 --> 00:13:02.900 So we'll talk about that. 00:13:02.900 --> 00:13:04.266 And also the chart. 00:13:04.266 --> 00:13:05.400 You managed to go 00:13:05.400 --> 00:13:07.033 very nicely at the beginning 00:13:07.033 --> 00:13:08.700 and then kind of smoothly 00:13:08.700 --> 00:13:10.033 until you reached that target. 00:13:10.033 --> 00:13:11.733 So take me through the risk 00:13:11.733 --> 00:13:12.900 reward kind of thing. How you know. 00:13:12.900 --> 00:13:14.966 So this is my biggest focus right. 00:13:14.966 --> 00:13:16.200 If there's one thing on here 00:13:16.200 --> 00:13:17.933 that I think you should focus on, 00:13:17.933 --> 00:13:18.866 there's really two, right? 00:13:18.866 --> 00:13:21.100 It's the risk reward ratio 00:13:21.100 --> 00:13:23.066 but also the success rate. Right. 00:13:23.066 --> 00:13:24.533 So the comparison here 00:13:24.533 --> 00:13:25.566 is what I was talking about 00:13:25.566 --> 00:13:26.933 the planned approach 00:13:26.933 --> 00:13:29.366 versus actual results. Right. 00:13:29.366 --> 00:13:30.466 So my planned approach 00:13:30.466 --> 00:13:31.066 a lot of the times 00:13:31.066 --> 00:13:32.533 when I'm getting into trades 00:13:32.533 --> 00:13:33.900 is trying to first focus 00:13:33.900 --> 00:13:35.966 on the risk to reward ratio, right. 00:13:35.966 --> 00:13:37.300 Because this is what I mean 00:13:37.300 --> 00:13:40.300 by mathematical probability, right? 00:13:40.366 --> 00:13:43.200 We're all trying to find a way to where 00:13:43.200 --> 00:13:43.833 I don't need 00:13:43.833 --> 00:13:46.166 to focus so much on accuracy, 00:13:46.166 --> 00:13:47.500 but if I can focus on the right 00:13:47.500 --> 00:13:48.966 risk to reward, 00:13:48.966 --> 00:13:51.300 I can still be in the green. 00:13:51.300 --> 00:13:52.200 And I feel like 00:13:52.200 --> 00:13:53.566 when I first started trading, 00:13:53.566 --> 00:13:54.933 I did these like high 00:13:54.933 --> 00:13:56.066 the day breakout 00:13:56.066 --> 00:14:00.233 strategies that you needed to be 80% 90% 00:14:00.233 --> 00:14:03.233 accurate with a 2 to 1 ratio. 00:14:03.233 --> 00:14:03.900 Right? 00:14:03.900 --> 00:14:04.466 So that I'm trying to get $2 for every $1 00:14:04.466 --> 00:14:07.466 So I'm trying to get $2 for every $1 00:14:07.466 --> 00:14:08.866 that I'm risking. Right. 00:14:08.866 --> 00:14:10.333 You can do it as a 1 to 2. 00:14:10.333 --> 00:14:11.000 Just depends 00:14:11.000 --> 00:14:12.166 on where you're putting the risk 00:14:12.166 --> 00:14:13.233 or the ratio. 00:14:13.233 --> 00:14:14.966 I sometimes bring the reward 00:14:14.966 --> 00:14:16.666 first versus the risk, 00:14:16.666 --> 00:14:18.466 but that's what I started to look at. 00:14:18.466 --> 00:14:19.866 Another thing is, 00:14:19.866 --> 00:14:23.100 if I'm setting up for a 4 to 1 return, 00:14:23.100 --> 00:14:25.366 do I actually achieve that? 00:14:25.366 --> 00:14:26.866 So what I like to look at, 00:14:26.866 --> 00:14:27.666 a lot of the times 00:14:27.666 --> 00:14:30.300 is a 3 to 1 or 4 to 1 look. 00:14:30.300 --> 00:14:31.233 Why? 00:14:31.233 --> 00:14:31.933 Because this is going 00:14:31.933 --> 00:14:33.333 to get me to the point where 00:14:33.333 --> 00:14:35.900 I don't even need to be as good 00:14:35.900 --> 00:14:37.400 as a flip of a coin. 00:14:37.400 --> 00:14:38.900 That's the way I think about it. 00:14:38.900 --> 00:14:39.933 And if I can't be 00:14:39.933 --> 00:14:41.300 as good as a flip of a coin, 00:14:41.300 --> 00:14:42.533 I always tell myself, 00:14:42.533 --> 00:14:43.000 well, Mitch, 00:14:43.000 --> 00:14:44.100 you're in the wrong business. 00:14:44.100 --> 00:14:45.033 Then you might need 00:14:45.033 --> 00:14:46.600 you might want to look somewhere else. 00:14:46.600 --> 00:14:46.866 Right? 00:14:46.866 --> 00:14:48.900 And so I started to adapt 00:14:48.900 --> 00:14:50.833 my mathematical probability 00:14:50.833 --> 00:14:53.366 to give me that chance 00:14:53.366 --> 00:14:56.366 where even if I'm 40% accurate, 00:14:56.466 --> 00:14:59.633 I mean, the green if I'm 50% accurate. 00:15:00.033 --> 00:15:02.533 Oh, we're looking great, man. 00:15:02.533 --> 00:15:04.333 It’s not lunch money. 00:15:04.333 --> 00:15:04.900 This is 00:15:04.900 --> 00:15:07.066 this is where I think a lot of traders 00:15:07.066 --> 00:15:08.100 struggle right? 00:15:08.100 --> 00:15:08.833 Their 00:15:08.833 --> 00:15:10.400 Maybe the risk to reward 00:15:10.400 --> 00:15:12.500 their setting is a 2 to 1. 00:15:12.500 --> 00:15:13.700 But then when they look back 00:15:13.700 --> 00:15:15.233 at the dashboard 00:15:15.233 --> 00:15:18.233 it says they're trading at a 1 to 1.1 00:15:18.500 --> 00:15:21.500 or a 1 to even 1.9 00:15:21.700 --> 00:15:23.133 And this just shows 00:15:23.133 --> 00:15:23.933 that you're not willing 00:15:23.933 --> 00:15:26.166 to hold to the reward 00:15:26.166 --> 00:15:28.500 and you're not willing to cut the losers. 00:15:28.500 --> 00:15:31.400 So a lot of traders can cut the losers. 00:15:31.400 --> 00:15:32.900 What a lot of traders struggle with 00:15:32.900 --> 00:15:34.100 is because they've been losing 00:15:34.100 --> 00:15:35.133 for so long, 00:15:35.133 --> 00:15:37.633 their confidence gets depleted 00:15:37.633 --> 00:15:39.400 that they can't hold to the winner. 00:15:39.400 --> 00:15:42.400 They can't take that actual 3 to 1 look, 00:15:42.433 --> 00:15:44.666 and so they run to partial gains, 00:15:44.666 --> 00:15:46.633 or they run to the gains 00:15:46.633 --> 00:15:49.633 because they're just scared of losing 00:15:49.733 --> 00:15:51.733 and that scareness can 00:15:51.733 --> 00:15:52.666 really deter 00:15:52.666 --> 00:15:54.200 you in your trading. 00:15:54.200 --> 00:15:56.433 So you have to look back at your plan 00:15:56.433 --> 00:15:57.300 and seeing, 00:15:57.300 --> 00:15:58.500 am I risking 00:15:58.500 --> 00:16:00.366 and getting the right reward? 00:16:00.366 --> 00:16:02.700 And then when this falls off, 00:16:02.700 --> 00:16:04.700 slowing things down, right. 00:16:04.700 --> 00:16:05.833 Because that's 00:16:05.833 --> 00:16:07.233 what you're going to see here 00:16:07.233 --> 00:16:07.933 in a little bit. 00:16:07.933 --> 00:16:08.833 So of course 00:16:08.833 --> 00:16:11.133 I first started with some good trades 00:16:11.133 --> 00:16:12.800 because I think it's also important 00:16:12.800 --> 00:16:14.333 the end of the evaluations, 00:16:14.333 --> 00:16:15.000 what it gives you 00:16:15.000 --> 00:16:16.333 the ability to do, 00:16:16.333 --> 00:16:18.433 is to take your shots right. 00:16:18.433 --> 00:16:19.366 You're only going to be able 00:16:19.366 --> 00:16:20.900 to lose the evaluation. 00:16:20.900 --> 00:16:22.300 So focusing on this 00:16:22.300 --> 00:16:24.366 at the very beginning is important, 00:16:24.366 --> 00:16:25.933 because what we're all trying to do 00:16:25.933 --> 00:16:27.533 is the same way that I take the approach 00:16:27.533 --> 00:16:28.933 in our competition accounts 00:16:28.933 --> 00:16:30.300 that we have sometimes, 00:16:30.300 --> 00:16:31.033 and I learn this 00:16:31.033 --> 00:16:32.633 from doing more competitions 00:16:32.633 --> 00:16:33.766 and things like this 00:16:33.766 --> 00:16:34.500 right here on 00:16:34.500 --> 00:16:35.333 Trade The Pool, 00:16:35.333 --> 00:16:38.233 which was, hey, build a cushion first. 00:16:38.233 --> 00:16:39.433 Build the cushion. Right? 00:16:39.433 --> 00:16:41.066 Because that's what I need to do. 00:16:41.066 --> 00:16:42.433 And on the first couple of trades 00:16:42.433 --> 00:16:44.400 I was able to do that. Right. 00:16:44.400 --> 00:16:45.466 On the first couple of trades, 00:16:45.466 --> 00:16:46.200 you guys will see 00:16:46.200 --> 00:16:47.300 I took some nice 00:16:47.300 --> 00:16:50.633 big winners and this CHRO 00:16:51.133 --> 00:16:53.733 the first trade that I made 184 00:16:53.733 --> 00:16:55.433 was absolutely done 00:16:55.433 --> 00:16:56.833 every step of the way 00:16:56.833 --> 00:16:59.033 live right here on the show. Right. 00:16:59.033 --> 00:17:00.866 And I think that things like this 00:17:00.866 --> 00:17:01.800 are really where you start 00:17:01.800 --> 00:17:02.866 to make a difference. 00:17:02.866 --> 00:17:03.666 And one of the things 00:17:03.666 --> 00:17:05.233 that the show helps me do 00:17:05.233 --> 00:17:07.600 is keep accountability, guys. 00:17:07.600 --> 00:17:08.200 And that's why 00:17:08.200 --> 00:17:10.200 I'm fully transparent to you guys. 00:17:10.200 --> 00:17:12.566 And I say all traders, be 00:17:12.566 --> 00:17:15.333 fully accountable of your actions. 00:17:15.333 --> 00:17:18.166 Find somebody maybe that keeps you there, 00:17:18.166 --> 00:17:20.133 what I call an accountability partner, 00:17:20.133 --> 00:17:21.666 somebody they can help you, 00:17:21.666 --> 00:17:23.300 someone that you can call up, 00:17:23.300 --> 00:17:24.966 I can call up Michael and I can be like, 00:17:24.966 --> 00:17:25.400 yo, Michael, 00:17:25.400 --> 00:17:27.400 take a look at my stats right quick. 00:17:27.400 --> 00:17:29.633 Tell me what's going on here, Michael, 00:17:29.633 --> 00:17:31.233 because I 00:17:31.233 --> 00:17:33.600 sometimes can't see it for myself. Right. 00:17:33.600 --> 00:17:35.700 You guys keep me honest on the show 00:17:35.700 --> 00:17:36.833 all the time, right? 00:17:36.833 --> 00:17:38.266 If I start just, 00:17:38.266 --> 00:17:41.033 you know, risking, you know, five what? 00:17:41.033 --> 00:17:41.933 5 to 5. 00:17:41.933 --> 00:17:42.533 And I'm risking 00:17:42.533 --> 00:17:44.266 just an insane amount of money. 00:17:44.266 --> 00:17:46.766 That's quickly how we just ruined 00:17:46.766 --> 00:17:47.833 our math, ruined 00:17:47.833 --> 00:17:49.600 the hard work that we do. 00:17:49.600 --> 00:17:51.866 And that's the most important trading 00:17:51.866 --> 00:17:53.933 just don't ruin your hard work. 00:17:53.933 --> 00:17:55.633 I'm going to touch on two points here 00:17:55.633 --> 00:17:56.666 that you mentioned Mitch 00:17:56.666 --> 00:17:57.700 One is, 00:17:57.700 --> 00:17:59.766 the risk reward kind of thing. 00:17:59.766 --> 00:18:02.333 Yeah. It's all start, I guess. 00:18:02.333 --> 00:18:03.333 Like you said, the plan. 00:18:03.333 --> 00:18:05.500 So instead of at the beginning, 00:18:05.500 --> 00:18:06.766 instead of aiming for a 00:18:06.766 --> 00:18:09.700 1 to 2 or 1 to 0.5, whatever it is, 00:18:09.700 --> 00:18:11.033 go bigger, right? 00:18:11.033 --> 00:18:13.466 Because you're aiming for 1 to 5, 00:18:13.466 --> 00:18:14.633 but you will actually 00:18:14.633 --> 00:18:16.166 get 1 to 3. 00:18:16.166 --> 00:18:17.700 And this is also great 00:18:17.700 --> 00:18:19.466 when you have a nice success rate. 00:18:19.466 --> 00:18:22.500 So aim for a bigger, risk reward 00:18:22.500 --> 00:18:23.300 at the beginning 00:18:23.300 --> 00:18:25.233 when you're building that plan. 00:18:25.233 --> 00:18:26.066 And second 00:18:26.066 --> 00:18:26.933 that he touched, 00:18:26.933 --> 00:18:29.200 on, the accountability right. 00:18:29.200 --> 00:18:32.200 As traders we always... it's a lonely game. 00:18:32.466 --> 00:18:33.733 So it's kind of hard 00:18:33.733 --> 00:18:36.733 to find that extra pal to work with. 00:18:37.033 --> 00:18:37.833 In our case, 00:18:37.833 --> 00:18:39.166 you can definitely join 00:18:39.166 --> 00:18:40.533 our discord community. 00:18:40.533 --> 00:18:41.466 And then, 00:18:41.466 --> 00:18:43.233 they also have accountability 00:18:43.233 --> 00:18:44.366 program there. 00:18:44.366 --> 00:18:46.633 And it works great because 00:18:46.633 --> 00:18:48.233 once you it's like, 00:18:48.233 --> 00:18:49.600 you know, trying to lose weight 00:18:49.600 --> 00:18:50.966 or going to the gym, 00:18:50.966 --> 00:18:53.133 if you have someone to go with, 00:18:53.133 --> 00:18:54.766 you automatically give yourself 00:18:54.766 --> 00:18:56.100 that psychology, 00:18:56.100 --> 00:18:58.533 the success psychology that you need. 00:18:58.533 --> 00:18:59.233 I, I agree 00:18:59.233 --> 00:19:01.100 100% and surrounding yourself 00:19:01.100 --> 00:19:03.666 with those types of people too, right? 00:19:03.666 --> 00:19:05.133 You don't want to surround yourself 00:19:05.133 --> 00:19:05.900 with losers. 00:19:05.900 --> 00:19:06.500 I'm sorry, 00:19:06.500 --> 00:19:08.533 but that's just the way it is, right? 00:19:08.533 --> 00:19:09.000 That's why 00:19:09.000 --> 00:19:11.033 I love even doing what we do here. 00:19:11.033 --> 00:19:11.366 Right? 00:19:11.366 --> 00:19:12.433 I, I, 00:19:12.433 --> 00:19:13.933 I can tell you guys right now 00:19:13.933 --> 00:19:16.566 I love being on stream with Michael Nuss. 00:19:16.566 --> 00:19:18.166 He's a craft worker. 00:19:18.166 --> 00:19:20.500 He's a guy that's working on his craft. 00:19:20.500 --> 00:19:22.100 You want to surround yourself 00:19:22.100 --> 00:19:23.600 with those types of people, 00:19:23.600 --> 00:19:25.733 because that's what's really given me 00:19:25.733 --> 00:19:26.900 the ability to learn 00:19:26.900 --> 00:19:28.200 from my mentors, 00:19:28.200 --> 00:19:29.100 different traders 00:19:29.100 --> 00:19:31.000 out there that I talk to. 00:19:31.000 --> 00:19:32.100 And it doesn't need to be something 00:19:32.100 --> 00:19:33.700 that I talk to them every day, 00:19:33.700 --> 00:19:35.200 but I just learn from them. 00:19:35.200 --> 00:19:36.600 I take their wisdom 00:19:36.600 --> 00:19:37.533 and I try to attach it 00:19:37.533 --> 00:19:39.666 to certain things that I can bring. 00:19:39.666 --> 00:19:40.366 Right? 00:19:40.366 --> 00:19:42.666 And that really can make an impact 00:19:42.666 --> 00:19:44.466 on your trading career. 00:19:44.466 --> 00:19:44.900 Amazing. 00:19:44.900 --> 00:19:47.033 Mitch, before we finish, I gotta ask you 00:19:47.033 --> 00:19:48.366 one more technical stuff, 00:19:48.366 --> 00:19:50.133 and then we kind of wrap it 00:19:50.133 --> 00:19:51.700 up, tell us a little bit. 00:19:51.700 --> 00:19:52.066 You know, 00:19:52.066 --> 00:19:53.233 obviously the guys 00:19:53.233 --> 00:19:54.500 that watching our show, 00:19:54.500 --> 00:19:55.933 they know what you're doing. 00:19:55.933 --> 00:19:58.933 But for those not familiar yet, 00:19:58.933 --> 00:20:00.233 what is it that you're looking for. 00:20:00.233 --> 00:20:01.833 You trading penny stocks mostly 00:20:01.833 --> 00:20:03.233 like small caps. 00:20:03.233 --> 00:20:04.866 Tell us a little bit about the ins 00:20:04.866 --> 00:20:06.566 and outs of your strategies. 00:20:06.566 --> 00:20:07.033 Gotcha. 00:20:07.033 --> 00:20:08.333 I think this is, 00:20:08.333 --> 00:20:09.733 as important as it is 00:20:09.733 --> 00:20:11.033 taking the trades right now. 00:20:11.033 --> 00:20:11.733 I'll give you guys 00:20:11.733 --> 00:20:12.900 the gold that I like to do. 00:20:12.900 --> 00:20:14.400 Well, one of the things that I like to do, 00:20:14.400 --> 00:20:16.666 of course, is use one of our partners. 00:20:16.666 --> 00:20:17.166 Right? 00:20:17.166 --> 00:20:18.300 I think it's so important 00:20:18.300 --> 00:20:20.433 that we offer different partners 00:20:20.433 --> 00:20:22.533 and that Trade The Pool has for you guys. 00:20:22.533 --> 00:20:23.066 So I'll show 00:20:23.066 --> 00:20:24.700 you guys really quickly here. 00:20:24.700 --> 00:20:26.800 A scanner that I use on Benzinga Pro, 00:20:26.800 --> 00:20:27.500 which is, of course, 00:20:27.500 --> 00:20:28.333 one of our partners 00:20:28.333 --> 00:20:29.700 that you guys can be getting 00:20:29.700 --> 00:20:31.366 and you can use different scanners 00:20:31.366 --> 00:20:32.066 to find this. 00:20:32.066 --> 00:20:32.800 What I'm doing in 00:20:32.800 --> 00:20:33.333 the morning 00:20:33.333 --> 00:20:34.700 is a lot of the times I'm 00:20:34.700 --> 00:20:35.633 looking at the change 00:20:35.633 --> 00:20:36.933 in the pre-market, right. 00:20:36.933 --> 00:20:38.933 You're going to find some big movers 00:20:38.933 --> 00:20:39.600 here, right? 00:20:39.600 --> 00:20:41.366 But what I'm specifically trying to find 00:20:41.366 --> 00:20:41.666 But what I'm specifically trying to find 00:20:41.666 --> 00:20:44.466 is five minute change percentage 00:20:44.466 --> 00:20:46.266 and 15 minute change percentage. 00:20:46.266 --> 00:20:47.466 So I want to find that 00:20:47.466 --> 00:20:48.500 there's a stock here 00:20:48.500 --> 00:20:49.566 that has, let's say 00:20:49.566 --> 00:20:53.333 maybe 15 to 20 or higher percentage 00:20:53.333 --> 00:20:54.366 in the morning 00:20:54.366 --> 00:20:55.766 and then just kind of starting 00:20:55.766 --> 00:20:57.166 to stumble out right, 00:20:57.166 --> 00:20:58.300 starting to pull back, 00:20:58.300 --> 00:20:59.233 starting to 00:20:59.233 --> 00:21:01.133 give me a nice little setup 00:21:01.133 --> 00:21:02.366 on the charts. 00:21:02.366 --> 00:21:03.866 Then I'll be looking for it 00:21:03.866 --> 00:21:07.266 to show up quickly on the 5% change, 00:21:07.266 --> 00:21:08.933 but usually it's going to be like 00:21:08.933 --> 00:21:10.833 2% or 3% or 4%. 00:21:10.833 --> 00:21:11.633 But you see that 00:21:11.633 --> 00:21:13.333 the stock is going up big, right? 00:21:13.333 --> 00:21:14.966 Like this one that just popped up. 00:21:14.966 --> 00:21:16.366 That ENV 00:21:16.366 --> 00:21:18.000 it just went off really quickly. There. 00:21:18.000 --> 00:21:18.500 There you goes. 00:21:18.500 --> 00:21:19.933 ENVB. 00:21:19.933 --> 00:21:21.900 It's up 134%. 00:21:21.900 --> 00:21:22.566 But right now 00:21:22.566 --> 00:21:25.866 it's only it's only change like 0.5%. 00:21:26.433 --> 00:21:27.833 Those are ones that you want to watch. 00:21:27.833 --> 00:21:29.700 Another thing to look at is the volume. 00:21:29.700 --> 00:21:31.200 I'm trying to make sure that I'm 00:21:31.200 --> 00:21:33.366 trying to trade the ones in the morning 00:21:33.366 --> 00:21:34.500 that are closer towards 00:21:34.500 --> 00:21:37.233 at least a million shares traded, right. 00:21:37.233 --> 00:21:38.666 And that's going to give me the ability 00:21:38.666 --> 00:21:39.600 to do what? 00:21:39.600 --> 00:21:41.000 So essentially scan 00:21:41.000 --> 00:21:42.500 the pre-market action, 00:21:42.500 --> 00:21:45.233 trying to jump on a lot of these trades 00:21:45.233 --> 00:21:46.833 in the early pre-market 00:21:46.833 --> 00:21:49.433 and make some quick moves higher. 00:21:49.433 --> 00:21:50.666 The important part 00:21:50.666 --> 00:21:53.333 is taking smaller trades in pre-market. 00:21:53.333 --> 00:21:53.633 Right. 00:21:53.633 --> 00:21:55.100 And that's where I think a lot of traders 00:21:55.100 --> 00:21:56.266 do things wrong. 00:21:56.266 --> 00:21:57.600 They want to take a bigger swing 00:21:57.600 --> 00:21:58.566 because the stocks make 00:21:58.566 --> 00:22:00.200 bigger moves in pre-market. 00:22:00.200 --> 00:22:02.100 But I'm trying to use that bigger move 00:22:02.100 --> 00:22:04.466 to give myself risk to return. 00:22:04.466 --> 00:22:04.800 Right. 00:22:04.800 --> 00:22:07.733 That for that 4 to 1 outlook or 1 to 4. 00:22:07.733 --> 00:22:08.333 Right. 00:22:08.333 --> 00:22:09.233 So where I can go 00:22:09.233 --> 00:22:11.933 ahead and risk maybe $0.20. Right. 00:22:11.933 --> 00:22:14.400 But I have to make $0.80. Right. 00:22:14.400 --> 00:22:16.166 So the stock needs to boom 00:22:16.166 --> 00:22:17.833 a lot of these times. Right. 00:22:17.833 --> 00:22:20.833 So with you know, the smaller size, 00:22:20.900 --> 00:22:22.466 that's what's going to help me there. 00:22:22.466 --> 00:22:22.700 Right? 00:22:22.700 --> 00:22:25.466 Because then I can take multiple haircuts 00:22:25.466 --> 00:22:28.366 and wait until I run into the runner. 00:22:28.366 --> 00:22:28.866 Right? 00:22:28.866 --> 00:22:30.000 And that's why a lot of times 00:22:30.000 --> 00:22:30.900 is going to happen. 00:22:30.900 --> 00:22:31.733 You're not going to know 00:22:31.733 --> 00:22:32.933 it's going to be a runner. 00:22:32.933 --> 00:22:33.600 You're going to take it 00:22:33.600 --> 00:22:34.933 based on the setup, 00:22:34.933 --> 00:22:36.066 take the trade 00:22:36.066 --> 00:22:38.800 and look to see if it gets that boom. 00:22:38.800 --> 00:22:39.900 Another thing is 00:22:39.900 --> 00:22:41.533 I don't jump on these 00:22:41.533 --> 00:22:43.766 after they're breaking out, right. 00:22:43.766 --> 00:22:45.766 That's what a lot of traders like to do. 00:22:45.766 --> 00:22:46.566 They catch the 00:22:46.566 --> 00:22:48.333 they use momentum scanners, 00:22:48.333 --> 00:22:50.400 they wait for the boom to come, 00:22:50.400 --> 00:22:52.300 and then they try to get in. 00:22:52.300 --> 00:22:53.566 That's where I feel like it's 00:22:53.566 --> 00:22:55.800 the hardest trade to jump on. 00:22:55.800 --> 00:22:58.433 It's like trying to jump on a moving 00:22:58.433 --> 00:22:59.533 train, right? 00:22:59.533 --> 00:23:00.700 You're not going to catch it 00:23:00.700 --> 00:23:01.933 while it's moving, 00:23:01.933 --> 00:23:03.433 but you might catch it 00:23:03.433 --> 00:23:06.033 at the stop before. Right? 00:23:06.033 --> 00:23:07.366 That's where I like to 00:23:07.366 --> 00:23:08.666 look at patterns, 00:23:08.666 --> 00:23:11.533 use my patterns, use my approaches 00:23:11.533 --> 00:23:12.866 to psychology. 00:23:12.866 --> 00:23:13.500 And another thing 00:23:13.500 --> 00:23:14.733 that we've been working on during 00:23:14.733 --> 00:23:15.133 the live 00:23:15.133 --> 00:23:15.733 stream 00:23:15.733 --> 00:23:18.933 is looking for psychological strategies 00:23:18.933 --> 00:23:21.733 more than just technical strategies. 00:23:21.733 --> 00:23:24.666 Combining the technical strategy 00:23:24.666 --> 00:23:26.066 and then looking for things 00:23:26.066 --> 00:23:27.366 like a psychological 00:23:27.366 --> 00:23:28.600 washout, liquidity 00:23:28.600 --> 00:23:31.600 pools, things like this are so important 00:23:31.700 --> 00:23:33.400 to try to catch the momentum 00:23:33.400 --> 00:23:34.633 of traders right? 00:23:34.633 --> 00:23:35.700 The end of the day, 00:23:35.700 --> 00:23:36.833 there's not one 00:23:36.833 --> 00:23:38.133 recipe of success 00:23:38.133 --> 00:23:39.366 that I can tell you guys. 00:23:39.366 --> 00:23:41.100 You just need to trade this way 00:23:41.100 --> 00:23:43.066 because if it was that way, 00:23:43.066 --> 00:23:44.333 tell you guys right now 00:23:44.333 --> 00:23:45.600 I get the heck out of here 00:23:45.600 --> 00:23:47.400 and go make $1 million. 00:23:47.400 --> 00:23:48.433 But the truth is, 00:23:48.433 --> 00:23:50.133 that's not the way trading works. 00:23:50.133 --> 00:23:53.600 It ebbs and flows in the way things work. 00:23:53.900 --> 00:23:55.066 Sometimes strategies 00:23:55.066 --> 00:23:57.166 are going to be working more than others, 00:23:57.166 --> 00:23:58.400 and then sometimes the strategy 00:23:58.400 --> 00:23:59.633 is going to go down. 00:23:59.633 --> 00:24:00.666 So you have to find 00:24:00.666 --> 00:24:02.033 what's working with 00:24:02.033 --> 00:24:04.600 penny stocks and small caps even more. 00:24:04.600 --> 00:24:05.266 There's times 00:24:05.266 --> 00:24:06.933 when we got to hit the gas pedal. 00:24:06.933 --> 00:24:07.500 There's times 00:24:07.500 --> 00:24:09.533 when we got to hit the brake pedal right, 00:24:09.533 --> 00:24:10.133 and I think that 00:24:10.133 --> 00:24:11.833 this is where the hard part 00:24:11.833 --> 00:24:14.100 goes of these small caps. 00:24:14.100 --> 00:24:16.033 There's moments when you can find 00:24:16.033 --> 00:24:18.966 five six runners in one day. 00:24:18.966 --> 00:24:19.966 There's moments 00:24:19.966 --> 00:24:22.500 when there's not a single one in play. 00:24:22.500 --> 00:24:25.966 So keep remembering that small pre-market 00:24:25.966 --> 00:24:26.600 look. 00:24:26.600 --> 00:24:27.666 Quick trades 00:24:27.666 --> 00:24:31.400 then in the intraday have do have to see 00:24:31.400 --> 00:24:32.766 those washouts 00:24:32.766 --> 00:24:34.466 before I go into the trade. 00:24:34.466 --> 00:24:35.266 And I love the fact 00:24:35.266 --> 00:24:37.033 that you have a sale and buy. 00:24:37.033 --> 00:24:38.333 So you got long position 00:24:38.333 --> 00:24:41.333 short positions so you can style 00:24:41.466 --> 00:24:42.733 and and it's important 00:24:42.733 --> 00:24:44.100 because always tell 00:24:44.100 --> 00:24:46.233 especially to our penny stock traders. 00:24:46.233 --> 00:24:47.733 And we got plenty of those 00:24:47.733 --> 00:24:49.866 because we don't have hard to borrow 00:24:49.866 --> 00:24:52.566 and other amazing features 00:24:52.566 --> 00:24:53.933 that you always need 00:24:53.933 --> 00:24:56.833 to look for the long side as well. Right. 00:24:56.833 --> 00:24:59.533 The stock before it drop it pops. Right. 00:24:59.533 --> 00:25:01.300 So, so you gotta find ways 00:25:01.300 --> 00:25:02.666 to maybe catch that 00:25:02.666 --> 00:25:04.533 instead of just waiting for it to drop 00:25:04.533 --> 00:25:06.566 and then go for the short side. 00:25:06.566 --> 00:25:09.133 So, so that's important as well. 00:25:09.133 --> 00:25:10.133 Mitch, first of all, 00:25:10.133 --> 00:25:12.333 thanks for the interview. It was amazing. 00:25:12.333 --> 00:25:14.566 And I'm sure the guys that listened, 00:25:14.566 --> 00:25:15.133 you know, 00:25:15.133 --> 00:25:16.666 got tons of information 00:25:16.666 --> 00:25:18.333 and knowledge from this. 00:25:18.333 --> 00:25:19.633 And for those of you 00:25:19.633 --> 00:25:20.433 who want to check us out, 00:25:20.433 --> 00:25:22.600 go to TradeThePool.com. 00:25:22.600 --> 00:25:25.600 Maybe you will be the next funded trader. 00:25:25.966 --> 00:25:26.933 Thanks so much Mitch 00:25:26.933 --> 00:25:28.833 and best of luck on your funded account. 00:25:28.833 --> 00:25:29.866 Let's go. 00:25:29.866 --> 00:25:31.200 Yeah, thanks a lot man. 00:25:31.200 --> 00:25:32.033 And I appreciate 00:25:32.033 --> 00:25:33.766 Trade the Pool giving me the opportunity. 00:25:33.766 --> 00:25:34.600 And I would say 00:25:34.600 --> 00:25:36.166 for all you guys listening in, 00:25:36.166 --> 00:25:37.266 come over to the live 00:25:37.266 --> 00:25:39.100 stream, come talk with me. Right. 00:25:39.100 --> 00:25:40.400 Because at the end of the day, 00:25:40.400 --> 00:25:41.833 if I can't help you guys, 00:25:41.833 --> 00:25:44.266 I'm not doing what I expect to do, right? 00:25:44.266 --> 00:25:45.000 At the end of the day, 00:25:45.000 --> 00:25:46.633 I can't give you guys the answer. 00:25:46.633 --> 00:25:48.100 But one thing's for certain. 00:25:48.100 --> 00:25:49.466 I'm here for the journey, 00:25:49.466 --> 00:25:51.400 and I'm here to battle with you guys. 00:25:51.400 --> 00:25:52.433 Wins and losses. 00:25:52.433 --> 00:25:54.066 You guys can learn from my wins 00:25:54.066 --> 00:25:54.766 and my stakes. 00:25:54.766 --> 00:25:55.666 I always talk about 00:25:55.666 --> 00:25:57.000 how every trader 00:25:57.000 --> 00:25:59.033 has strengths and weaknesses 00:25:59.033 --> 00:26:01.033 that we can learn from. 00:26:01.033 --> 00:26:03.400 So come learn with me also on the live, 00:26:03.400 --> 00:26:04.766 trading stream. 00:26:04.766 --> 00:26:05.233 You know, it's 00:26:05.233 --> 00:26:07.366 not about acting like a guru. 00:26:07.366 --> 00:26:09.300 It's more about showing you guys 00:26:09.300 --> 00:26:10.700 a profession or approach. 00:26:10.700 --> 00:26:11.700 So come on over. 00:26:11.700 --> 00:26:13.166 We'll see you guys over there.