Verified 8-Figure Trader Gives Master Class, Scalping Strategies, Edge, SMB Capital
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- Опубликовано: 9 мар 2024
- In this episode of The Way of the CPT we have Lance Breitstein ( @TheOneLanceB ). A verified 8-figure trader who worked at Trillium, one of the longest standing prop firms where he broke multiple all time profit records. He led their Chicago office for years and trained several classes of traders. He is known for transforming traders from good to great, and elevating those who are great to elite. He is currently an advisor for the prestigious SMB Capital and the Founder of the Impact Competition. Lance shares how he made millions from the 2-min intraday chart, how to find edge in different markets, and how elite traders are made. Without further ado let’s talk to Lance.
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Help me get Lance on for a part 2. Like this comment and the main video. Let’s get this comment to +1,000 likes.
Send this interview to BERN, he is currently shitting on scalpers saying they cant trade with large capital, and more so saying scalping is not trading
I hope this happens I love interviews with Lance. He gives a lot of advice for free. Gold nuggets for everybody.🎉
The problem is. He is no Lamborghini Dubai kind of guy. And the serious traders like me, I know him for a while and learned from him, we know the value he can give.
But will not get the likes. He is not „interesting“ enough.
How many of your viewers read books? How many of your viewers see it „as a hobby“.
That’s why it’s sad that people like Lance will not interviewed enough.
Please Abdullah keep people like him coming. I do not watch all these podcasts anymore paladine etc.
although I watched many interviews. But no new value. And want to learn from experienced traders. Not traders profitable for short time.
No hate. It’s ok to interview these ICT traders( I am also) but everything’s the same story.
Thanks for Lance.
@@only1moyan809 that is not true. I have never said that anywhere. Scalping is an amazing method of trading and I did tons of scalps and have seen tons of traders transform their trading from scalping. It is a fact though that shorter timeframes you can not scale as large as on bigger timeframes.
A man could be convinced!
i make seven figures scalping. Its easy when you know how. Listen to no one find your own way.
What’s your insta
What do you scalp?
Lies
Agreed. Everything you truly know seems easy, because you know it. Noone said it will be easy to get to the point when it feels easy.
The same day I learned how to make thousands a day scalping, I learned what a complete crock of shit everything I had ever been told truly was.
lance is the definition of "standing on business."
💪🏾💪🏾💪🏾💪🏾
🙏
quit my job 2 months ago. trading for 6 years. my edge is sma´s and rsi on forex. i focus on taking a trend that rides the MA at a good position (last week yen pairs were very successful for me and followed my strategy perfectly). this simple strategy took me 4 years to "come up with and make sense, click" and it works for me. i make between -100€ to +500€ a trade right now. i can find a good trade every 1-2 days. i usually stopped watching any trading content becuase i think at some point it confuses, distracts more than it helps. you should know the basics and find ur own way. however i do know smb content, especially by lance, this is as always well appreciated. nice video
Props to you my friend.
@@j._7054 thank you. everything is possible!
What are your entry conditions using SMAs and the RSI? That’s my biggest issue; I can’t seem to come up with entry conditions for a trade that I can use repeatedly in order to be consistently profitable.
@rishenmoodley8964 listen my friend. Never ever say "i am not profitable" again. As long as u keep saying this and believing this, ur incredible smart subconscious mind will find ways to sabotage you to make your beliefs a reality. I want you to believe. As dumb as this sounds, this may be your only issue. It was my main isssue for years. I dont know what you trade but i trade forex and to be precise EUR/JPY, so take everything i say with a grain of salt. The key, to me, is money-managment! The reality is that you can not check all boxes. You have to compromise as soon as you prioritize a field. For example if you trade supply and demand, you simply have to sacrifice your risk to reward, simply because the next demand or supply zone is your TP or SL. So a strict "i only go for 3R moves" wont work if you prioritize S&D. I hope you understand this logic. Understanding this i completely prioritize MONEY MANAGMENT! Its the only thing you are in control of so why not be the best at it and i can tell you, its the only thing keeping me profitable. However i do follow a simple TA strategy in respect to fundamentals! You can not enter a trade if the feds are about to release some news, lol. I have on my screen a simple rsi, macd with 10/14 and on my chart screen SMA 10/14/50/200. You should see some obvious patterns. But all this is the easy part. Having the mindset to do it is something else. After i quit my job to become a trader i felt daily panic for 2 months and i did not sleep at all. I also have family so the pressure of that alone will test you! Everyone sees the glamorous life of a trader. Trust me you will lose hair. There were days where i was crying at my desk. Its a tough business. But hey, you are your own boss and the money can be great. It must be your passion or it will eat you. Good luck i been typing too much already
When "traders" hear of scalpers making millions doing what they do, many of them assume that they too are camped out on the lower time frames. Unaware or not wanting to accept that scalpers still use the higher time frames, because if they weren't aware of the higher time frame direction they'd get obliterated over a large enough sample size of trades.
Soo true!
Of corse they use higher time frames, for reference. It's basicly an indicator in itself. It's just a tool. Their actual trading though (entry and exits) are on the 1 amd 2 min that's all
THIS is exactly what most of them don’t realize. We are ALL HTF traders unless you never look at them
This pod is 10x better than words of wisdom pod. Quality guests here so far + quality in-depth questions. Keep em coming.
That’s the difference between a trader and a RUclipsr
Thank you!
CORRECT
He keeps promoting prop owners who are ICT traders so that's all they talk about. It's becoming a bad habit.
@@YusufEbrthey know their audience
Trading is about ONE thing: get the market direction and timing right *consistently*. The rest is only a matter of scale.
You have edge if you can get these two right more often than not.
Cool interview … I must say it tho when he refers to getting news first is very “insider” like … that’s the way the tops guys have a top edge. 🤷🏽♂️
Don't forget emotional control.
Real sh bro 😢😢😢
@@BigBankzSonoh yea just as real sh bro 😢😢😢
Part 2 is definitely needed for the scalp trader.
If we can get him on for part 2, we will do chart break downs if he is ok with it. Please support his non-profit and share this video.
@@abdullahrasheedChart break downs YES please! Thank you!
OK!@@abdullahrasheed
Questions are on the points man! The argument of edge, technical vs funda, timeframe etc.
Lance is such an incredible trader! He really understands the logic behind the scene.
These are just truths of the markets, and you can definitely apply it anywhere, in any forms, to your strength, best fits you.
Incredible interview again!
1:40 obsessed people
9:10 Market Wizards
13:30 Lances first break
19:35 It’s not linear
22:05 What’s consistently profitable
24:45 Edge
30:57 Developing edge
34:35 Sample size for backtesting
37:15 Understanding principles that move the market
40:30 What actually drives the market
41:30 ?Algo to trap retail investors?
44:05 Purely technical trading
46:25 Specialising in one symbol/asset
49:20 Lances tweet about Fx/ effective vs ineffective market
1:14:00 Find the easiest trade and learn catching more of them
I have seen many interviews with Lance and this one seemed to me by far the best, you let him speak and expand on each topic. A lot of knowledge, I almost finished my notebook
Got clarity in terms of thought process, strategy, confirmation from a third person trading superstar is priceless
this is hands down one of the best trading podcasts ive seen as an fx trader. Truly appreciate your work abdullah
I had problem comprehending trading in general. I tried watching other YT trading channels, but they made the concepts more complicated. I was almost giving up until when I discovered your channel. I love the way you break down the content and explain everything in detail. The videos are easy to follow
Lance is the trader I admire the most
He's the one I look up to the most in the industry. It was a blessing to be able to meet him and do this interview.
i agree. i wanna watch him trade lol i feel like i would learn alot
Help me get him back on share with your circle and tell them to like the pinned comment. If we can get 1,000 likes I may be able to convince 😁
Love this show
This is such an iconic duo 🔥🔥🔥this video will be on replay for a while!
Only 20min in and already a huge change in how I am viewing things. Great pod, great questions! 🔥
Great interview. Lance Breitstein is truly inspirational & he is an example of someone you can give to Bernd Skorupinski that you had on a couple of months ago who said scalping was gambling. Skorupinski said he is yet to know of a consistent scalper that can bag large wins (in the order on tens of thousands) & cope with that mental pressure. Well Lance is certainly one example.
You’re a great interviewer and Lance is the best guest you’ve had, tons of experience and so many golden nuggets shared! Looking forward to part 2 :)
🙏
Help us get the pinned comment to 1,000 Likes! 🙏
This is great really, it’s been the 5th time I watch this, this is so helpful for new traders.
Interesting when he talked about the smaller time frames and the fact that these are the ones that give you the most edge
This was easily one of the most refreshing interviews in the Forex space. Been a fan of Lance for a while now and by you interviewing him on your podcast I hope this will point more Forex traders in his direction as he’s got amazing content. Well done on the great questions and interview in general!
Thank you! I appreciate you watching this one. Please share with your network,
My pleasure! Already shared ;-) @@abdullahrasheed
Love Lance! Thanks for having him on to share his wisdom ❤
Do you have a time stamp for the secret sauce?
Lance is defo a breath of fresh air to the retail space. Please make part 2 happen!
He is not a retail trader lol
@@anguswett I know he's not a retail trader. My point is that he's educating retail traders through podcast interviews, twitter and his youtube channel, and by consuming his content I've realised how different professional traders approach trading to retail traders.
Wow. This is authentic. I just forgot my problems, regained my self, and learned even more… Honestly this came up on my feed, had no familiarity previous to this video- now I’m a fan! I just want to thank each of you. Subs for all
I love Lance. He had the biggest impact on my trading career.
Same here brother.
I NEVER EVER thought I would use a 1 or 2 minute chart,but boy o boy it has some of the BEST entry points if you set it up right.
I trade daily using 1min 5min…. Insanely profitable BUT.. you MUST have entry models with rules and a strict MM system.
@@miketradesdaily I am not that strict. I exit manually, read tape with discretion. Very similar to higher time frames, just faster. I regularly withdraw more than my job was paying me before I quit. I think we gotta go through periods of getting stricter, and getting more into flow state. If things get too lose, get strict again, learn to focus on what's important again, and then as that becomes muscle memory it becomes more natural. For me right now, it's very easy. It was not easy to get here, but it's easy to take losers, get over things that I miss, etc. There's so much opportunity that I'm ok with missing 99% of it. Just a touch here and there on the NQ futures with 1 or 2 lots is hundreds of dollars. I hold less than 1 minute most of my trades, but I only take maybe 3-8 trades a day on my best days. I use higher time frames (4h, 15m, daily) to find locations and execute on the 1m
agree
@@miketradesdailyCould you share some insight on the entry models and associated rules?
3 minute chart to trade SPY , QQQ, and TSLA options are great. Depending on your time frame for options 50-150% returns happen every day in this market
been waiting for this one 🔥
nobody can beat Abdullah in Pin Point Questioning .... Amazing sense on the spot .... thanks you ... ur content is always more than expected ...
I appreciate that compliment. Please let me know who you want to see next.
@@abdullahrasheedTim Grittani, Tom Dante, John Carter, Mike Bellafiore, Nick Fabrio, Adam Grimes, Ernie Chan.
@@abdullahrasheedand honestly traders we never hear from, the ones at big firms, small shops on Wallstreet, the guys at the top, the ones at the bottom we don't have access too. ICT traders-there's too many of those and they overexposed now and if you want views sure but they becoming exhausted out now, it's all the same traders doing the same things, starting prop firms and funded talks. Not dismissing them. They just get enough airtime.
You need to appear on podcasts as well so get the Podcasters on here? Is this just a traders podcast? Perhaps performance and health enhancements as well. Motivational etc not sure which direction you going with.
Location changes, how Wallstreet traders trade, things we aren't exposed to. Outside the box stuff.
Nice interview. I love when the person making the questions has some respect for the other guy and stays in silence. Very rare in these days. One must put the questions and listen, so that we understand the ideas the notions the feellings, in fact, what's there to listen! Thanks you for this nice interview. Keep up the good work.
Thanks for tuning in 💯. I really appreciate you compliment.✊🏾 Please let me know what else you want to see next.
Lance is the prince of the STREET. Lance, you should do a “train a new guy.. from scratch and watch him become a monster” series! I am your Guinea pig..
Let’s
Go! 🙏🏼🙏🏼
Much love to the prince of the stock game.
I've seen a lot of trading podcasts, this is one of the best. Great interviewer, asking great questions, LOVED the quote at the beginning. I knew this would be a good one within the first couple of minutes. Saving this.
Wow just seen this man or heard about him for the first time. Wonderful gems dropped here, Lance. The interviewer was superb 👌🏽
I really enjoy listening to Lance, , he has a lot of practical wisdom to offer and a blessing to aspiring traders 💞🔥💯
Lance is a genius. Absolutely the best interview on this channel 😊
💪🏾💯
The podcast that brings professionals ❤...thanks abdulla I've learnt a lot from your channel
Thank you for supporting the channel brother!
Amazing video. You looked as though you were so amazed by what Lance was saying, that you just let him cook! Lance gave a lot of good information. Thank you for this video!
First time listener to your podcast, you both provided a great hub for growth and knowledge, thank you guys 🔥🔥
✊🏾💯 - Your'e Welcome. Thanks for tuning in.
As a pre2020 equities trader myself (NQ) everything he says we learned and found on RUclips prior to the big distraction tha5 came from fake traders post2020. Especially when he speaks about how to back test your ideas and strategies. Well known advice. Great guy Lance.
Every trade, they're never identical, but they rhyme that hit me i love it
Yessir! Lot of underlying principles remain the same.
considering you are the person who mentions SMB and professional trading the most in the forex industry, i can only imagine how much this particular interview meant to you. Great episode, probably the best matchup for an interview like this
It amazing what doors open up when you put your mind to it. I thank God and I’m thankful that Lance accepted.
great interview and questions for Lance. I have been following Lance ever since he was interviewed by Chat with Traders back in the day. These questions are priceless - thanks for asking them.
Thanks for the support. Please let me know what other questions you have and help us get him back on for part 2 by sharing with your circle.
Man, this is a gem for any trader. Amazing podcast.
Man Ab, love how you’re changing the game brutha keep it going G
Great interview man- I love how it pulls people away from the basic retail bubble BS everyone's subjected to everyday.
What's your win rate Brian
Amazing Interview … massive breakthroughs … thanks Abdullah 🔥🙏🏾
Just found this channel because of this Lance interview. Excellent questions and very good discourse. Subbed. Keep up the good work, brotha.
I love scalping. Had this video in my watch later list for a min and finally watching now. Cant wait 😊
One of the best trading interviews ever done. Great job Abdullah!
💪🏾💯
One of the best interviews I have seen regarding trading 🙏
Had to come back and thank you again for this interview. Literally applied the knowledge gained and also was reassured that “The Way I am Perceiving Things” is right. Ended up making money before I was even done watching this video. Thanks again man🙏
This is a great channel. Thank you for adding value to others.❤
Just discovered Lance. Another interview he's done is the best, clearest, most concise hour of trading advice I've seen. No hype, just strategy. RUclips is full of hype/emotional charge/FOMO and I will definitely watch and share if you have him back on here. Please get him back on.
This is going to be EPIC!!
💪🏾💯 Thanks for joining and sharing
Great interview. Thanks for the information. Definitely worth rewatching
I'll be personally rewatching as well.
This is one of the best interviews I’ve seen on this subject.
As long as humans are invoived in the markets the primal psychology factors of greed and fear will rule. At the end of the day it's all about these 2. Great interview with absolutely excellent and insightful and VALUABLE questions!
Awesome video to start a new week of trading. Honestly, this was the best interview of successful trader videos for 2024 for me.
This is a very insightful interview. I saved it to watch it again. Thanks Abdullah for bringing such distinctive personalities with a lot of experience for us to learn from. We would normally not meet such people in everyday life if not for your platform. Please keep up the good work. Thanks.
Thank you for the kind words and support. My aim is to bring real truth and professional knowledge to the independent at-home trader.
I love your content bro. You are bringing true knowledge and making it cool to learn about financial literacy. So much of this stuff is not available to the younger generations. I wish I had access to it when I was younger, my life would be very different today. Keep it up, man.
Fantastic interview with Lance. I definitely enjoyed it thanks 🤝🏼
Glad you enjoyed it! Thanks for supporting the channel. Please support his non-profit if you enjoyed the podcast.
Amazing pod!
💯thanks for stopping through and supporting the pod!
Great interview Rasheed. You asked all the right questions. You are a great interviewer.
Great episode! Lance is such an inspiration!
Thank you for this! this is what we need more, people on podcast with verrified track records. not some guy saying oh yeah i made millions last year just words no proof
Instead of interviewing a lot of traders, I'm going to focus on 3rd party verified traders. Thanks for the consistent support.
The Way of the CPT with the gems as usual
Great interview man!!! So man gems !💎
I definitely stopped and googled trillium and that smb capital 😂 this guy just sounds like he knows what he’s talking about! I’m intrigued 🎉
We've been waiting akhy... Ramadan Mubarak ❤
💪🏾💯 - Ramadan Mubarak
Factsss! I still backtest too, but forward testing has DEFINITELY leveled up my trading!
❤🔥❤🔥❤🔥❤🔥❤🔥
How do forward test?
@@VicDamoneJr82use a demo account
@@VicDamoneJr82By trading as price is moving (In demo)
Yeah how do you forward test?
Man this podcast is reallyy good, I have been trying to think of trading as a probabilistic game in the past months, and the poker analogy with proper risk management is great 📊👌🏾
Listening to Lance is always inspiring and humbling. Amazing mintor
I feel the same way brother. It was an honor to sit down with him.
Lance =The Peoples Champ 🏆
great interview. what a smart dude
Amazing interview. Thank you both!
Excellent interview! Thanks for sharing.
Best podcasts in forex industry so far.
💪🏾💯
Amazing Pod!
You nailed it with the great questions, my brother, I thank both of you guys for sharing knowledge wisdom, so I could gain understanding.
Great talk. Thanks so much for putting this out! So many good nuggets of information in here.
I’m glad you enjoyed it. Thanks for tuning in.
New to the channel, good job btw 👏 do you verify guests? If so, how?
I can't wait 🎉🎉
Thanks for the support! ✊🏾
great interview . thanks for sharing mate
BRUH I’ve been thinking about this concept of trading in lower timeframes since the market is fractal, This guy just proved my opinion right and I am ready for this change!
One of the keys that people miss is that they trade instruments that are moving big. So you want to develop a system of grading the potential volatility of your symbol to have an indication that it will move aggressively in one direction.
42:45 every ICT trader CRUSHED 😂
SPX bottom at exactly 666 in 2009
@@Valholm well.. I guess that settles it
@@xavier_bernard 😆
@@xavier_bernard "there is no algo driving the market. Every stock has different players." Blackrock, Vanguard, State Street, Fidelity combined are just about 25 trillion dollars AUM. Yup. No "algo" tho. Just rooms full of day traders pushing buy/sell buttons, making decisions based on RSI and stochastic readings lmao. No SLPs using HFTAs that execute hundreds and thousands of orders per second. No Citadel-like funds where human traders don't even have keyboards in front of screens. None of this exists. Some guy on the internet said it doesn't exist, so it doesn't exist. 🤣🤣 I mean, you can believe whatever you want, dude. As long as your model and strategy make you money, who am I to judge. But in an age where I can get a Van Gogh-like painting to be generated from a 5 word prompt in mere seconds, it is hard to imagine what the justification is to assume that this same technology is not being used to trade trillions of dollars of capital.
Blackrock, Vanguard, State Street, and Fidelity combined AUM is 25 trillion USD. But no algo though. Just RSI and stochastic lmao
Yo, he is my trading twin when he explains himself... i promise you gonna shock the industry. Remember this post.
😆🤣🤣🤣😆 🤡🤡
😂😂
Great work with this Abdullah. Appreciate you doing this.
This sooo great- thank you Lance the inspiration!! 😍🙏🏻🚀
Thank you for this !!!! 🎉
💪🏾💯 - Thank you for the support!
Great work. Is there an opportunity for you to have chapters for your interviews including this one?
New to the channel. Such an awesome podcast and interview! Got me taking notes and igniting ideas! 💡 Thanks! Let's get that Part #2 with Lance!
damn that was an amazing episode with so many truth bombs. must watch for traders. amazing guest and content
Turned $300 into $2000 trading UJ on 1 minute charts last week.
Turned $200 into $2000 trading US100 US500 during FOMC this week.
Constantly bagging 10x. Preparing for my run up to be one of the best forex traders ever.
This has been an 8 year journey so far. My entires are almost pin point. I am catching hundreds of pips, with incredible precision, swinging trades for days and using stop losses less than 20 pips.
This year i quit my job. I will travel the world and trade forex.
I'm definitely seeing a trend now. All these top traders have their own philisophy and they believe in it strongly.
I remember when you interviewed Bernard he said that he doesn't believe you can put massive size on a 1 minute candle and go to the batbroom come back and be down $10,000.
Then you've got Lance here saying the opposite essentially. All of these top traders believe their own opinions pretty strongly and trade them with conviction.
I have just realise those thing when i read two books written by 2 great trader. One by mark minervini and one by Tom hoougard. Mark believe that you can not let a profit turn into a loss while Tom believe you have to embrace the pain if you want to succeed including let the profit run even sometimes the profit can turn into a loss. My conclusion is every trader is unique , what works for me it maybe not works for the other . We Just need to find what works for us
Did you just compared a scammer with a dude who is recomended by a legit prop firm from NY with millions banked from trading ? or your joking right ?
This is underwrites many of the basic conclusions I got to while researching and training myself to become a trader: 1 - short timeframes are workable, 2 -FOREX trading is mostly a scam, becasue the divergence from the mean is so small you're inevitably end up just being a gambler there.
Really great interview with tons of valuable insight, thank you!
Yeah, its pretty easy to do, I scalp myself. Its like getting money for a house investment, I put down 100k on nasdaq x 3 at the bottom of the MACD curve with RSI preferably at 30 then let it rally. Depending on the macro environment the NASDAQ usually is bullish so it can be left for a week or more.
I've only watched the first 30 seconds lol but he said using the 2-minute timeframe and getting that edge. It's very true. I replaced a IT professional income with using this timeframe. One day worth of trading a 2 minute chart was equivalent to what I'd make in 2 weeks at my job. I quit in 2019 to do it fulltime. I own my home ($1M+) and car, retired my wife, don't owe anybody and we're comfortable, thank God.
Use a simple overbought and oversold, simple momentum and even HA candles to ensure the movement. Roll your money in and out on that period. If you've got enough capital and volume, yeah, you can easily make $600 to $3K to $5K a day depending on the movements/volume/news on the day. Simple works. Oh and VWAP is great
How long did it take for you to become profitable, I'm an IT person myself
@@anthonyho4860 I'm going to answer your question but I'm also going to discuss a few things and hopefully you can take some benefit.
How long did it take for me to become consistently profitable.. well, that's a good question lol
I had a system... a very simple system using very simple indicators and it seemed kind of... too good to be true? I think because we've convoluted the idea of what the market is and how basic economics work (or that we have no understanding of that), we "think" the market is random. Inflationary-based market, interest/usury-based market has to go up across time. This is by design. It goes through a correction and then continues its upward trend until it will inevitably break. Anyway, it's still here so let me say a few more things.
My "system" isn't a real "system" at all. A system makes it sound complicated when it's actually quite simple. I use simple, standard indicators with the default settings to 1) help me understand a pattern and 2) help to predict future movement. I did chartschool at stockcharts.com and just learned the indicators. Then, you make your observations on charts. Here is the market, it is low, it reversed and went high, what were the indicators doing?
I tested hundreds of systems and eventually, came right back to my original system after I understood a few basic things. For me, there are 3 kinds of trades: momentum reversals (my favourite), momentum continuations (my dread) and scalp reclaims (where most people lose money). Scalp reclaims are the moves where price has reversed trend and moved, reclaimed some meaningful value (moving average or short-term support) and continues. You see it moving and try to enter, it may continue to go up and then it reverses on you and if your exits aren't right or if you're greedy, you'll lose.
Anyway, I can talk much more about this but to answer your question, I was always profitable. I've made bad trades and just hold them until they're up again. I've had losers but nothing ground-breaking. I tend to buy oversold and ride the wave. If you want to discuss this in length, provide a contact and I can give you some real meaningful input.
I learned the indicators within about 2 hours and just tried to test them in production. You don't need any fancy indicators or fancy settings; use the indicators everybody is using. Find a way to REALLY understand PRICE ACTION. I'd recommend the VWAP. Find an overbought/oversold, a reliable momentum indicator and MOST people will tell you volume but I don't give AF about volume. Trend, momentum... and yes, that's about it.
How do you use VWAP? Similar to the pull back strategy mentioned at the end of the video?
@@anthonyho4860 Sorry! I didn't even get a notification for your message.
To answer your questions, honestly, you need to KNOW your strategy. You need to understand IF you make losing trades, WHY are you making losing trades.
I can only speak from my own experience so I'll just tell you what I know. Entering and having your money grow is FAIRLY EASY .. the Problem lies in your EXIT. Isn't this true?
Our markets are inflationary-based (for the most part) meaning that your money, depending in what you're investing, SHOULD grow over time. So, why are you losing?
Okay, let me just say a few more things that helped me lol there are too many things to say but I'll say a bit and if you have questions, I can try to be more specific.
CLEARLY DEFINE YOUR STRATEGY. I've been using 1 strategy since 2013 and it clearly has an edge. Nearly ALL of my entries are perfect (perfect in my book) but the problem was my exits. So, how did I fix this? I have 3 potential exit positions in place (not automated but manual triggers in my head).
For 1, I developed a way of dynamically casting support and resistance lines on ALL of my charts without having to replicate it for every equity. I've never really seen anyone do anything like this so I'll just chalk that up to my genius (it's stupid simple btw) so I use those lines for potential exists. These are called areas of value. Or you can set a tighter stop with "first red candle" basically exiting as soon as the trade turns against you. The problem with that is that you can potentially leave a lot of money on the table. And the third is the 9/21 strategy which I see A LOT of people using. If you don't know what it is, look it up.
If you enter a trade and it isn't immediately moving in the direction you expect, you've likely made a mistake. Clearly establish your exits even before you enter. And by that, you should have CLEARLY established your entry conditions even before you enter.
With all that said, your question was: how long did it take me to become profitable. My strategy was always profitable. I was making bad trades because my exits were not clearly defined. Once I fixed this, it helped.
Let me recap
I literally have my strategy written down on a cue-card in front of me (thought I haven't looked at it in a very long time).
My exits are clearly defined.
Before I enter a trade, I know
- my profit target
- if I'm going to potentially have a tight stop just in case
- if I have the confidence to let it run
Honestly, since I wrote this post, I leveled up my game by switching markets (went from Canada to the US market). From last monday until today, Tuesday, honestly, I've made ABOUT/nearly $170K CAD. I can't fricken believe it myself. It was the stupid simple things that changed the way I look at the market.
Here's some advice, look for SMB capital videos here on RUclips. Go through them. I was listening to their manager speak and this guy was literally saying all of the things I know from years ago. I'm like wait, I KNOW I was doing the right thing but hearing someone else say it.. really gave me the confidence in my system. I wrote it down and the rest is history. I honestly think I'll break $1M this year. It's fucking insane. I can't believe the Americans haven't broken their market yet. I think I'm going to do it.
@@zachplaysdrums The VWAP is a tool that MANY MANY MANY traders use and I simply used it to compliment my system.
If you can calculate certain ATR levels based on the VWAP, you'll find what I call the -1, -2 and -3 levels of the VWAP which are levels BELOW the VWAP and +1, +2 and +3 which are levels ABOVE the VWAP.
Basically, I think this is what most traders do which is:
- trade out of areas of value with momentum.
VWAP and those levels I mentioned are essential AOVs (areas of value) thus, if there is good momentum, I just trade away from those levels. I hope that was clear.
I got tons of value out of this. Great questions with even better responses. Thank you!
I’d love if you could put all of your podcasts on Apple Podcasts so I can listen to them all in a playlist while driving and getting around. Love you work man!
42:19 “there is no algo out there that says: okay I’m going to study that one retail trader and then screw him each time” 😂
amazing content