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00:00Let me give you an idea of the kind of technical analysis that I deploy.
00:16I think the odds are high, you'll never have heard of that kind of technical analysis.
00:22So let me give you a sample of the kind of preparation I do ahead of a trading day.
00:30Say for the sake of the argument that it is Sunday night, and I'm preparing for trading on Monday,
00:36or even I'm preparing for trading on Monday,
00:39I have developed a technical analysis that I call scenario analysis.
00:47Scenario analysis is something I invented myself.
00:51I have never heard anyone discuss it, talk it, use it.
00:55Let me give you an idea of what I mean by scenario analysis.
01:01Imagine the scenario in the Dow Jones Index.
01:08It could have been anything that I have researched.
01:11Say the scenario is Friday's trading was unable to trade above the highs on Thursday.
01:21So as you observe over the weekend, how did the market trade on Friday versus how was it trading on Thursday?
01:30And if during Friday, the Dow was unable to get above the highest point that we saw on Thursday,
01:39it has severe ramifications for what you can expect on the Monday.
01:44My research suggests that there is a 95% chance that during Monday,
01:55the Dow will trade down to the lows seen on Friday,
02:01and in most cases will trade lower.
02:06Now, what is that statistics based on?
02:08This is based on manual analysis of the Dow Jones on charts spanning back from 2008 until 2019.
02:22Off the top of my head, over the last year, there has been 24 occurrences
02:29where I, before I went into the trading session on Monday,
02:33could observe that the Dow was unable during Friday's trading session
02:39to trade above the highs of Thursday.
02:44And out of those 24 occurrences,
02:48in 21 of those 24 occurrences,
02:53the market traded below the lows of the Friday.
02:59Now, is that data crunching?
03:02Is it technical analysis?
03:04I don't know. Call it what you want.
03:06But when I go into the trading session on a Monday,
03:10I know technical analysis on par with how you know technical analysis.
03:15I know the patterns.
03:16I know the trend lines.
03:18I know the ratios.
03:20I know the days high, the weeks high,
03:23the days low, the week low.
03:25But armed with the knowledge of how the market has tended to react
03:33based on what has happened in what I call the scenario analysis,
03:38I am in a position to place myself in the market
03:44and hopefully taking advantage.
03:47And if I am being run into one of those free times when it didn't work,
03:54well, then the stop loss will take care of the rest.
03:59The framework that I operate with.
04:03You see, I've accepted with every inch of my being,
04:07every DNA, that I have absolutely no idea
04:12if the next trade will be the best trade of my life
04:15or if it will be a small loss.
04:18No idea.
04:21Perhaps it's the moment now where I tell you
04:24that every single time that I go into a trade,
04:27I will go for the jocular.
04:29However, I will go in thinking this is going to be an amazing trade
04:33and I will want to squeeze it for every point that I can get out of it.
04:40Because I always get quite annoyed and disappointed
04:42when I get stopped out and it turns out to be a nothing.
04:46I know with every fiber in my body
04:50that if I'm not disciplined and prepared mentally,
04:53I can experience what I experienced
04:56during the flash crash of 2010
04:59where I, on paper, was technically broke.
05:04All the money that I have made
05:07over the last decade of trading
05:09were eventually wiped from existence.
05:13And the only reason by the grace of God
05:16or whoever else was looking after me that day,
05:19the broker's automated stop system didn't kick in
05:22and those of you who remember that day
05:25and some of us remember it very vividly,
05:28you'll know that the flash crash
05:31actually only lasted a few seconds,
05:33the really, really bad part of it.
05:37It was still pretty bad,
05:38but it recovered relatively quickly,
05:41followed down by another attempt
05:43and then we started climbing up till near break even.
05:47And on paper, I was wiped,
05:50but when all was said and done,
05:52I had lost 2,000 pounds.
05:54And I assure you, ladies and gentlemen,
05:56that was the happiest 2,000 pounds
05:58I have ever lost.
06:00I'm not a fortune teller,
06:02meaning I don't go into the trading day
06:04thinking I know what's going to happen.
06:07And I get quite annoyed
06:08when I speak to my friends and colleagues.
06:11You know, they're great people,
06:13but it annoys me when people say,
06:15Dow's headed for 30,000.
06:16I know it.
06:17So, well, then put the position on,
06:20but don't bore me with it.
06:21I want to have a complete free mind.
06:24I don't want to be told what you think
06:26because it will sway me.
06:29I want to have a blank canvas when I trade
06:32because I know that in order for me
06:36to avoid being like the 90%,
06:38I need to think completely the opposite of the 90%.
06:44And then 90% they're engaged with targets.
06:47Oh, the Dow's going to go here
06:49and then it's going to go here.
06:50And Elliott Wave analysis perpetuates those things.
06:53I don't want to do that.
06:56Here's another piece of advice for you.
06:58You know that the vast majority of people,
07:01when they make money,
07:02they'll have a tendency to reduce their trading size
07:05because they want to avoid the pain
07:07of losing some of their gains.
07:09And I swear to God,
07:1199% of the trading population just doesn't get it.
07:15When I win, I don't bet less.
07:18I bet more.
07:21The more I win, the higher I bet.
07:26See, you can think of this in two ways.
07:29You can say,
07:31well, I like to think like the 10%,
07:33or you can turn it on his head and say,
07:35I'd like to not think like the 90%.
07:37And so you almost can do a self-analysis
07:43and say, well, how is it that I tend to think?
07:45And it doesn't matter
07:46whether you trade currencies or commodities.
07:48It doesn't matter whether you're a scalper,
07:50an intraday trader, or an investor.
07:52I participate in a radio program in Denmark
07:55where we're each year given 250,000 Danish kronos,
08:00which is roughly 25,000 pounds.
08:02And our job, there's three of us,
08:04our job is to grow that money
08:06to as much as we can.
08:09And we get to keep the spoils,
08:11but if we lose, well, then the competition,
08:14the people who run the competition,
08:16they're the one that takes the loss.
08:17It's a rather favorable setup.
08:19Some would even say there's an element
08:21of moral hazard in there.
08:22However, I see it slightly differently.
08:25I see it as when I trade in this competition,
08:28which I've won four years out of five,
08:31and the year that I lost was actually this year,
08:33is that when I'm in a position,
08:36I don't sit and congratulate myself
08:38that it's going well.
08:40If I am in a position, be it in some share,
08:43and there we're all always trading physical shares
08:45or ETFs.
08:47If I'm in a winning position,
08:48I don't sit and congratulate myself.
08:51No, I want to get that position bigger and bigger.
08:55And yes, there have been many times
08:57when I've been in a position that it's going well,
08:59and then the market takes an unexpected turn,
09:01as it does, and all of a sudden,
09:03this winning position of 5,000 pounds,
09:05because we're not trading with leverage,
09:07so it's relatively small amounts.
09:09So the years that I've won it,
09:11it's because I've grown the account by 10%, 15%, 20%.
09:14So we're not talking about 200% gains in a year,
09:17but it's because I have compounded my positions.
09:21So when I am in a winning position,
09:23I don't think like the 90%.
09:25I don't sit there and think,
09:26when should I get out?
09:27When should I get out?
09:28Oh, it's getting, oh, did you see that?
09:30The market just turned down a little bit.
09:32I better get out now.
09:32No, I keep thinking,
09:34how the hell can I press this position
09:36so I can make even more?
09:41You see, I want to tell you
09:43what I consider a very interesting story
09:45by one of the greats.
09:47I'm not one of the greats of trading.
09:49He's one of the greats of trading.
09:51His name is Richard Dennis.
09:52He's already been mentioned once tonight,
09:54and now he's going to get another mention.
09:58But it's not what he says,
10:00but it's what people say about him.
10:04You see, Richard Dennis,
10:05he was a soybean pit trader,
10:08and they say about him
10:09that while everyone else was engaged
10:12in reading the crop reports
10:14by the U.S. Agricultural Commission,
10:19Richard Dennis instead,
10:21he said,
10:21I don't care about what the crop reports
10:24are going to be.
10:25You see,
10:26you are far more likely
10:27to find him
10:28with a publication
10:30on the death instinct
10:32or eros and thanatos
10:34than you would
10:35about whether the crop reports
10:37were going to be good or bad.
10:39Because Richard Dennis realized
10:41that once the news is out,
10:44the news is out.
10:45But how you react afterwards
10:47will make the humongous difference
10:52between you being a winning trader
10:54and a losing trader.
10:56Now, I say it,
10:58and you think,
10:58yeah, it's that Dane
10:59who's coming over here,
11:00blah, blah, blah, blah.
11:01He's giving it the old lippy lippy.
11:03But when one of the best traders
11:05in the world says it,
11:06perhaps then it has
11:07a little bit of validity.
11:09Maybe then you'll sit up
11:10and pay attention.
11:11Because these are not my words.
11:12These are the words
11:13of one of the all-time legends
11:15of trading.
11:16He says,
11:17a little bit less technical analysis
11:19and a little bit more introspection
11:21in what the hell
11:22is going on in your mind.
11:23And it doesn't matter,
11:25as I said before,
11:26whether you're trading
11:26a five-minute chart
11:27or if you are an investor.
11:29If you have bought onto a stock
11:31which is a runner,
11:34why contemplate
11:35where you're going to get out?
11:36Why not add a little bit
11:38to the position?
11:39Why not make the position
11:40a little bit bigger?
11:41Why?
11:42Because you're afraid then
11:43that what the market
11:45has given you
11:45is going to take away?
11:47Well,
11:47hasn't that happened
11:48to all of us?
11:49You see,
11:50adding to winning positions
11:52is one of the best antidotes
11:54to do
11:56to what the 90%
11:58are consistently doing.
11:59The 90% love to add
12:01to their losing trades.
12:02Why?
12:02Well, hey,
12:03if it was a good purchase
12:05at 50,
12:05then it's going to be
12:06an even better purchase
12:07at 40, isn't it?
12:08Because, hey,
12:08we all love a good bargain.
12:09How many of you
12:10go down to the
12:11consumer market
12:12on a Saturday morning
12:13and thinking,
12:14oh, my dear Lord,
12:17fillet is on offer.
12:19Chicken is on offer.
12:20Even tonight,
12:21let's say that you're a man
12:23and you're going to go out
12:24for a bit of food
12:24after this,
12:25if it wasn't good enough here.
12:27And you go,
12:28do you know what?
12:28That restaurant over there,
12:30they got two pizzas
12:31for the price of one.
12:32Whoop!
12:33Let's go over there.
12:34If you had the choice
12:35between buying a pizza
12:37that was twice as expensive
12:38today than it was yesterday,
12:41are you going to go for that?
12:42No, you're not.
12:42You would prefer
12:43the half-price pizza
12:44because that's the way
12:45that we are put together.
12:47We prefer things
12:48where we feel
12:49we are getting a bargain.
12:51But what's perverse
12:53about the industry
12:54that we are trying
12:55to make a living in
12:56is that it makes more sense
12:58to buy something today
13:00because today
13:01it's more expensive
13:02than it was yesterday.
13:03That's called a trend.
13:05But none of us like
13:06to buy a share today
13:07at five pounds
13:08if it was four pound fifty yesterday.
13:10But you love buying a share
13:11at four pounds
13:12if it was yesterday
13:13was four pound fifty
13:14because you feel like
13:15I'm getting a bargain here.
13:17But the sad truth is
13:18that the financial markets
13:21is not a supermarket.
13:23It doesn't work like that.
13:25If it's cheap in a supermarket,
13:27by all means,
13:28you got my blessing
13:28to load up if you want.
13:31But please don't load up
13:32because something
13:33in the financial markets
13:35is cheaper today
13:36than it was yesterday.
13:37Because that's just not
13:38the way that it works.
13:40And for ten years
13:41I sat and watched people
13:43do exactly that.
13:45For ten years
13:46I had to suffer
13:47the audacity
13:48of watching people
13:49buying the Dow
13:51all the way down
13:52and down and down
13:52and down and down.
13:53Why?
13:54Because they were
13:54living under the illusion
13:56that if it was good yesterday
13:58it's got to be
13:58even better today.
13:59Is that really
14:02who you want to be?
14:07I don't think you do.
14:11And he certainly didn't.
14:14He was infamous
14:15for adding to his winning positions.
14:18Infamous!
14:21I'm going to go off script
14:22for a second here
14:23and I'll tell you
14:23a good story.
14:24You see,
14:25he hired traders.
14:27He had a dispute.
14:29He had a dispute
14:30with one of his colleagues
14:32called William Eckhart.
14:33William Eckhart,
14:34he's a professor
14:34in mathematics.
14:36Brilliant trader.
14:37Brilliant mind.
14:39And they had this bet.
14:40Trading?
14:41No, you're born a trader.
14:43You can't teach trading.
14:44No, you're born a trader.
14:46You're not a trader.
14:47And I don't know
14:48which one of them said,
14:49no, it can be taught.
14:51They said, right.
14:52Let's bet.
14:53Let's find out.
14:54Let's hire some traders
14:56and settle this bet
14:58once and for all.
14:59We are going to get
14:59some people in.
15:00We're going to train them
15:01in our money management
15:02and our entry techniques
15:04and the techniques they had.
15:06They were very complicated.
15:08Extremely complicated.
15:10That's sarcasm, by the way.
15:12Their entry technique was
15:13if the market trades
15:15at its highest
15:15for the last 20 days,
15:17then that's your buy signal.
15:19Yeah, that,
15:20it doesn't get simpler
15:21than that, does it?
15:22I.e., if the market sits
15:24at its highest
15:25for the last 20 days,
15:27buy.
15:28And if the market sits
15:29at its lowest
15:30for the last 20 days,
15:31sell short.
15:33So, they got the 10 people in
15:35and I happened to get
15:37to know one of them.
15:38Russell was a world-class
15:42backgammon player
15:44and that's why he got hired.
15:46Richard and William Eckhart,
15:48they thought,
15:49well, guys like that,
15:50they all know statistics,
15:51they all know odds.
15:53And I happened to get
15:54to know Russell
15:55when he was in London
15:56and he said,
15:58do you know what
15:58the worst thing
15:59about being
16:01a turtle trader was?
16:03It was that you were
16:04not allowed
16:05to take your profit.
16:07You could be long
16:09soya beans or wheat
16:10and it would be climbing,
16:12climbing and climbing
16:13and climbing
16:13and you would be making
16:15$1 million,
16:15$2 million,
16:16$10 million,
16:17$20 million,
16:18$30 million,
16:18but you were not allowed
16:19to guess where the top was
16:21and it was unbearable.
16:23You sat there
16:24and that money
16:25was burning a hole
16:26in your pocket.
16:27You were just not allowed
16:28because what Richard Dennis
16:30advocated was that
16:32out of 100 trades
16:34you execute,
16:3597 of them
16:36are going to be,
16:37nah,
16:38but three of them
16:39are going to be,
16:40ka-ching!
16:42And you never know
16:43which one of the hundreds
16:44it is.
16:45So you just had to sit there
16:47on your bottom.
16:51Sit on your hands
16:52and I swear to you,
16:55he says,
16:55the hardest thing
16:57in the world
16:57is to sit on your hands
16:59and just let the market
17:00do what the market does.
17:02And in the end,
17:03he bowed out,
17:04he just couldn't hack
17:06that way of trading anymore.
17:09Now,
17:09would you agree with me
17:10that there was nothing
17:11on paper,
17:13there was nothing difficult
17:14about the entry system,
17:15there was nothing difficult
17:16about adding to the winning positions,
17:18they had a mathematical formula.
17:20Ladies and gentlemen,
17:21you can look that formula up
17:22on Google if you want to.
17:24It's not a secret anymore,
17:25but the system still works,
17:27it's efficient,
17:29it's just very difficult
17:31to trade.
17:32Not because it's difficult
17:33to understand,
17:35but because sitting on your,
17:38it's very difficult.
17:40Would you agree with me,
17:41young man?
17:42Very difficult to do nothing
17:44in the face of a winning position,
17:45or you want to tinker
17:47a little bit with it,
17:47or maybe take a little bit of profit.
17:49But leaving a winning position alone,
17:52poof!
17:53That's why trading is difficult.
17:56It's not difficult to understand
17:57Fibonacci and stochastics
17:58and all these things.
18:00No.
18:01Fighting our natural urges
18:02is what makes trading difficult.
18:09And he knew it.
18:11And that's why he spent
18:13all his mental resources
18:15on handling that side of trading,
18:18because he thought,
18:18you know what?
18:19It can't be that hard.
18:20The market's moving higher.
18:21I need to buy it.
18:23Oh.
18:26We had a little bet
18:27before this show started
18:28on how many times
18:29I would trip over this.
18:31That was number two.
18:35So this might be
18:36a little bit new age for you,
18:38and I appreciate that,
18:39but I make sure
18:40to the best of my ability
18:42that I look after myself.
18:43Make sure I'm rested,
18:45have a strong body.
18:47I also have a belief
18:49that you can't have
18:50a standard attitude
18:51about money
18:53and do well in this business.
18:55It is absolutely no good
18:56if I'm in a winning position
18:58and I'm beginning to think,
19:00you know what?
19:01I've just lost
19:02the same as buying a new car.
19:07Or,
19:08as my ex-wife would say,
19:09you just lost me
19:101,500 pairs of Le Boutin.
19:15It's a shoe.
19:18Well, I didn't know what it was
19:20until I was told.
19:22Or, even worse,
19:24if you take your profit now,
19:25you can buy so-and-so
19:27and so-and-so.
19:29It is a death sentence
19:31to a good position
19:32to begin to equate
19:34your open profit
19:35to what you can,
19:39yes,
19:40that you can buy for it.
19:45So,
19:45how do you become friends
19:46with those fears
19:47that we have,
19:48those uncomfortable feelings
19:51that we have?
19:51Well,
19:52I'm going to show you
19:53a picture now,
19:54and I'm just going
19:55to let that sit
19:56for 30 seconds.
19:57I'm going to time it.
19:58And I want you
19:59to imagine you're there.
20:01Are you okay with that?
20:02It's not a horrible picture.
20:08Imagine that's you.
20:11Can you feel that
20:12in your stomach?
20:14There you are.
20:15Oh yeah,
20:16that's vertical.
20:17That's not a film trick.
20:19That's not trick photography.
20:22That's real.
20:24That is Alex
20:25Hannan
20:27Klein El Cap
20:28in Yosemite National Park.
20:34I don't know how you feel about it,
20:37but looking at those pictures
20:39is part of my preparation.
20:41And then the next step
20:45in my preparation,
20:46and this is preparation
20:47I do in the morning.
20:48And if I have the choice
20:49between looking at charts,
20:52preparing,
20:54you know,
20:55doing my ratios,
20:56all these things,
20:57or
20:58I just have time
20:59for mental analysis,
21:01mental analysis
21:02wins 100 out of 100.
21:05And the way I do it,
21:07this is an example
21:08of a trade sheet for me.
21:09I'm going to come out here
21:10just to explain.
21:12What you're seeing here
21:13is the,
21:13I believe it's the DAX
21:14during the day.
21:15I can do it very quickly.
21:17Ah, do you know what?
21:18I can't even,
21:18ah, it must be the DAO
21:19because it's in the 23,000.
21:21What you're seeing here
21:23are my profits
21:24and losses during the day.
21:25So there's some
21:26minus 25,000 pounds,
21:29minus 10,000 pounds,
21:32plus 57,000 pounds,
21:35plus 20,000 pounds,
21:37plus 20,000 pounds.
21:38So there's some whopping
21:39profits in there,
21:40some whopping losses.
21:41But more interestingly was,
21:43is this one here,
21:44for example,
21:44is I was plus 20,000 pounds,
21:47but I only made
21:488,000 pounds out of it.
21:49So I have a,
21:52a print house
21:55where I live
21:56that have taken of these.
21:59And if I have been allowed
22:00to show you my laptop,
22:04you will see that
22:04I have a PowerPoint presentation
22:06with approximately 1,300 slides.
22:09All of those slides
22:10show my past trades
22:11with handwritten notes
22:13that I've then scanned.
22:15So I've got a print house
22:16to then print those trades up
22:18in, I think you call it,
22:20A3 size.
22:22So I will select
22:2420, 30 of those slides.
22:25It's a rather large pile
22:27I can choose from.
22:28So I'll just take
22:2920 or 30 of these
22:30in the morning
22:31as I mentally prepare.
22:32and I'll remind myself
22:34what it is
22:35that I'm trying to achieve.
22:37Am I sour
22:38that I only got
22:398,000 pounds
22:40out of the position?
22:41No, because that's
22:42part and parcel
22:43of the game.
22:44I need to remind
22:46my mind
22:46in the morning
22:47ahead of game,
22:49of the trading game
22:50starting,
22:51that it is perfectly okay
22:53to see a big profit
22:54turn into a small profit
22:56because how else
22:57are you going to get
22:58an even bigger profit?
22:59And you might think,
23:00oh, I'm never going to trade
23:00200 pounds a point
23:01or 300 pounds a point.
23:03I did this
23:04when I was trading
23:045 pounds a point.
23:06And if I hadn't done it
23:07trading 5 pounds a point,
23:09I would have never
23:09gotten to 6 pounds a point
23:11and 7 pounds a point
23:14and so forth.
23:16It's not the size,
23:18the number of digits
23:19that you are trading.
23:21It's about trading
23:21the right way.
23:24And ladies and gentlemen,
23:25do you now understand
23:26why this has got
23:27nothing to do
23:28with technical analysis?
23:32Well, technical analysis
23:33is an inferior
23:35way of getting money
23:37out of the market.
23:39And mind
23:40is be all, end all.
23:42It is paramount
23:44to think the right way
23:45because otherwise
23:46you are going to be
23:48emotionally
23:49robbed
23:51of your greatest opportunity.
23:54And my preparation
23:55is not like
23:57an expensive course
23:58that I had to take
23:59or a book
24:00that I had to read
24:02or anything like that.
24:03No, young man.
24:04It was just,
24:05oh, Emma.
24:05It was basically
24:06just printing it out
24:08and be accountable.
24:10so trying to avoid
24:11it next time
24:12just like
24:13the mayonnaise.
24:16So next time
24:17you offer me
24:18a portion of chips,
24:20sure, I'll take the chips
24:21but I'll probably
24:22hold the mayonnaise
24:23because I don't want
24:23to add
24:24another 300 calories
24:25because I'd like
24:27to spend them
24:28on something else
24:29like ice cream
24:30which is better
24:31than mayonnaise
24:31in my book.
24:33And I spend
24:34just as much time
24:36mentally preparing
24:37myself
24:38incidentally
24:41the gentleman
24:45climbing this wall
24:47here
24:47Alex Hannon
24:48when he
24:52climbed
24:53El Cap
24:53first of all
24:56the feat
24:57is captured
24:58in a movie
24:59called Free Solar
24:59which won
25:00an Oscar
25:01for Best Documentary
25:02by National Geographic
25:03just watching it
25:05is worse
25:07than watching
25:08Friday the 13th
25:09times 10.
25:11I mean
25:12this is fear
25:13on an entirely
25:14different scale.
25:16But what I find
25:17incredibly interesting
25:18is his preparation.
25:20Sure he did
25:20his push-ups
25:21and sit-ups
25:21and all of these
25:22things
25:22and climbing
25:23but he spent
25:24two years
25:25preparing for it
25:26going over it
25:27planning the routes
25:29but his
25:29mental preparation
25:31was as
25:33thorough
25:34as his
25:35physical
25:36preparation
25:36because you
25:37know what
25:38now is not
25:41a good time
25:41to be in doubt
25:42now is not
25:44a good time
25:44to think
25:44whether you
25:45left the stove
25:45on
25:46now this
25:49is a world
25:50class example
25:51of someone
25:52being in the
25:53present
25:53right here
25:54right now
25:55and when I'm
25:56in big positions
25:57the worst thing
25:59that I can
26:00begin to do
26:01is to entertain
26:01the idea of
26:02hey
26:04who got
26:04if you take
26:05your profit
26:06now
26:06you can wipe
26:07that loss
26:07you had
26:08from yesterday
26:08what has
26:10yesterday
26:11got to do
26:11with today
26:12do you
26:13follow me
26:14this idea
26:15of an
26:16emotional reset
26:17well I don't
26:18play for
26:19emotional reset
26:20yesterday's trade
26:22has got nothing
26:22to do with
26:23today's trade
26:24you've never
26:25done it of course
26:26but other people
26:27lesser mortals
26:29they've been in
26:30a position
26:30where they've
26:31closed the
26:31position
26:32purely because
26:33it would
26:34reset the
26:35account
26:35you have a
26:3710,000 pound
26:37account and
26:38you lost
26:382,000 pounds
26:39and now
26:40you're plus
26:402,000 pounds
26:41I'm just
26:41going to take
26:42the profit
26:42because now
26:43I'm back
26:43to break
26:43even
26:44of course
26:45not you
26:46guys
26:46but other
26:47people
26:47so
26:55my argument
27:02is
27:03that all
27:04of those
27:04people that
27:04lose
27:05they are
27:05really good
27:06at chart
27:07analysis
27:07and they
27:08don't lose
27:09because they're
27:09not good
27:10at chart
27:10analysis
27:11it's because
27:14there's so
27:14much more
27:15to trading
27:16than a
27:17head and
27:18shoulder
27:18pattern
27:18let's take a
27:25look behind
27:26the curtain
27:26of what's
27:26going on
27:27I brought
27:28this picture
27:29in here
27:29because I
27:29thought it
27:30was really
27:30stylish
27:30I love
27:31that picture
27:32and the
27:33villain
27:33was Danish
27:34we were
27:35quite proud
27:36of that
27:36normally
27:37you're not
27:37overly proud
27:38that the
27:38villain
27:39is Danish
27:39but he
27:39was
27:40and we
27:40thought
27:40he made
27:41a fantastic
27:41villain
27:42you know
27:42like
27:43Goldfinger
27:44that kind
27:45of
27:45but when
27:47you look
27:47at it
27:48it also
27:49epitomizes
27:51what trading
27:52is about
27:52there's money
27:53on the
27:53table
27:54and as
27:55they say
27:56in the
27:57movie
27:57when you're
27:58playing poker
27:59you're not
27:59playing your
28:00cards
28:00you're playing
28:02the man
28:02opposite you
28:03so there
28:05are days
28:06when I
28:06look like
28:06this
28:07and
28:08you are
28:09raking
28:09in the
28:10money
28:10and
28:12then
28:12there's
28:12days
28:12when I
28:13look
28:13like
28:13this
28:13despite
28:15my
28:15mental
28:16preparation
28:16things
28:17are
28:17just
28:18not
28:18going
28:18my
28:18way
28:19and
28:20you
28:20are
28:21bleeding
28:21now I
28:24hear
28:24people
28:24who will
28:25stop
28:25trading
28:26because
28:26they've
28:26had
28:26three
28:27losing
28:27trades
28:27in a
28:28row
28:28or five
28:28losing
28:28trades
28:29in a
28:29row
28:29I
28:30never
28:30entertain
28:31that
28:31thought
28:32because
28:33then
28:34what you're
28:34really
28:34saying
28:35is
28:35that
28:35the
28:35trades
28:36are
28:36interconnected
28:36that
28:37somehow
28:38those
28:38three
28:39trades
28:39are
28:39connected
28:39and
28:40that
28:40will
28:40have
28:40an
28:40influence
28:41on
28:41the
28:41fourth
28:41sure
28:42if
28:42I
28:43have
28:43a
28:43throbbing
28:44migraine
28:45then
28:45that's
28:45a good
28:46argument
28:46for
28:46stopping
28:46trading
28:47or
28:48if
28:48there's
28:48a
28:49gas
28:49leak
28:49in
28:49the
28:50environment
28:50and
28:50you
28:50can
28:50smell
28:51gas
28:51and
28:51that's
28:51the
28:51reason
28:52why
28:52you
28:52have
28:52free
28:52losing
28:52trade
28:53by all
28:53means
28:53stop
28:54trading
28:54but
28:55otherwise
28:55if
28:56you're
28:56following
28:56your
28:56strategy
28:57and
28:57you're
28:57doing
28:57everything
28:58right
28:58why
28:59on earth
28:59would
28:59you
28:59stop
28:59trading
29:00it's
29:03a
29:03mental
29:03mindset
29:05thing
29:05so
29:06I
29:07live
29:07and
29:08die
29:08by
29:08I
29:09must
29:09control
29:10my
29:10mind
29:10otherwise
29:12I
29:12can't
29:13control
29:13my
29:13future
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