00:00I do like the conversation of the losers. What's your last loser? I really think,
00:07and I threw this in the chat earlier, your year can really be defined based on how you manage
00:13the losers. And yes, nobody talks about them on Twitter and so forth. But if you do not have a
00:18good system or a good trading plan, it's the old saying is that you've got to have bigger winners
00:28than losers and you do have to manage the losers. You can't have large losers in this game. You've
00:34got to keep the losers small and you're going to have them no matter what. And it's okay to be,
00:42one of the things too, I'm just throwing a couple of things out there because the conversation of
00:45losers is so important. But you could be wrong all the time. And Dennis talks about this in
00:51his trading and it's a great education to investors. You could be wrong quite frequently.
00:57You just don't want to stay wrong and you don't want to be stubborn. Stubbornness is probably one
01:02of the worst traits that you can have as a trader. So I love the conversation and I love
01:07the transparency that Dennis brings, even though no one on Twitter has any losers.
01:13Well, Christian, do you have any losing traits? Can you tell us about one notable loser or fun
01:18loser? Sometimes they're fun and sometimes you'll learn. Oh no, they're never fun. They're never fun.
01:24Yeah. I mean, I had a loser last week and they do end up being distractions too, because it kind
01:31of messes up your day. I mean, and I like how you're good traders and another really good
01:36trait of good traders is they just get over them really quickly. I was in Chipotle last week when
01:42they announced that the CEO is leaving and there's nothing that you could really do about
01:47an announcement like that. And that's part of the business is that just sometimes,
01:52I'm mostly a swing trader. So from time to time, this sometimes scars traders from they have one
02:00of these and like, oh, I'm never holding a position overnight, but it is what it is. It's
02:05part of the business where you're going to be lucky sometimes, and you're also going to be
02:10unlucky sometimes. And the announcement that the CEO is leaving was such a big reaction in Chipotle
02:17and in Starbucks. I don't think I've ever seen a reaction like that where a CEO leaves one company
02:23and goes to the other. And it shows you what respect that they have for this guy. But yeah,
02:29I mean, I was caught in that name and it ended up being a loser for me. I did add a little bit
02:36to it just for the day. I mean, usually when I'm in a trade, I've got reasons to be in that trade.
02:41And I was looking for a recovery in Chipotle because it had dipped with everything else.
02:47And I was just looking for kind of a reversion trade back a bit. And once that news came out,
02:53I was like, OK, well, that swing trade is gone. I did try to salvage a little bit because I thought
02:58it was an overreaction. And I managed to kind of salvage the not the whole trade, but the
03:06the ad that I did because I added a little bit too early. And so I did get off. I did get out
03:11of the ad for like a dollar gain. But overall, the trade was a loss. And, you know, just really
03:17the last thing I'll say is that it also like when you've got a situation like that, it's often
03:22it's just better to kind of get rid of it because then you're distracted. And that day was a big
03:28rally day for the market. And I was a portion of my day was watching Chipotle. And I was like,
03:33geez, I missed everything else.
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