In this video learn the 4 keys to a junior prop firm trader profiting better than he ever has before. This junior trader shares one of his best trades ever but more importantly what has propelled him to trade as well as he ever has.
View Video Transcriptimagine how you would feel to trade and
profit as well as you ever have finally
well in this video learned the four keys
to a jr. prop firm trader profiting
better than he ever has before
hi I’m Mike bellifiore co-founder of SME
capital and we’re a proprietary trading
firm located in midtown Manhattan and
I’m also the author of the trading
classic one good trade and the playbook
click our subscribe button so you don’t
miss any of the videos they’re producing
for you in the trading community in this
video a junior trader shares one of his
best trades ever but more importantly
what has propelled him the trade as well
as he ever has I’m going to be talking
about an all day wedge breakout trade
and Tesla that I made a couple days ago
last week so dr. Schneeberger and I
after marches historic performance on
the desk got together and said hey how
do we leverage the great performance
that our guys had and one of the ideas
that he had was why don’t we have all of
the traders present to all of the other
traders a best trade from the month of
March and the the key best practices
that led there’s death so it’s not just
what did they trade well but it’s why
they traded well and so you know one of
the things to know from you that doing a
lot better you came in with a ton of
experience prior to that relative to the
typical SM trader and have tried a bunch
of different things you have one of the
great mentors anyone could possibly have
your own sharks team sharks one of the
great active traders on the street and
you have a bunch of resources but it
does take some time and then even after
take some time there’s been a really
Navigant uptick in your trading any
reasons for that yeah so I think that
you know for a little bit of background
without digressing too much a lot of my
previous experiences come in trading S&P
500
most of my work has been developing you
know how to trade high beta momentum
stocks off the open kind of in tandem
with the spies and the futures and and
building my levels using market profile
and and having certain momentum driven
indicators that I use and that’s kind of
been the formation of my system but you
know what really never clicked for me
was how to make those you know
psychological shifts managing risk
choosing going to be selective and
really you know ironing out a bunch of
non you know chart pattern type things
that are way more important in trading
in my opinion so you know with the
uptick in volatility I I certainly felt
that there was maybe a little bit of
pressure on me given the fact that you
know I have spy trading experience that
you know make it a point to do that when
it’s in play and you know now we have
this historic volatility it’s really my
time to step up and see whether or not I
can I can trade consistently in this
type of environment where there’s so
much opportunity so really you know I
had to make the decision I really needed
to double down and triple down on you
know specific parts of my process that
could really bring that trading you know
to the next level for me the biggest one
you know with this whole quarantine and
trading remote I’ve been in st. Louis
you know for eight weeks no six weeks
seven weeks something like that can’t
even keep track anymore but something I
really dialed in on was having rigidity
in my routine so that I could recognize
when I wasn’t necessarily in what I
would consider like a flow State
you know when am I gonna be trading well
when am I not gonna be trading well am I
until all those different you know
variables and your psyche it’s a lot
easier to iron in on those when day to
day there’s extreme consistency in your
routine I wake up at the same time every
day I drink my coffee at the same time
every day like you know things that kind
sound of robotic and and silly or
actually so important for me because I
need to be able to recognize when I’m
not doing well based off of some other
type of psychological trigger I don’t
think this is silly at all and that is
why dr. Stein Berger and I crafted this
exercise for the desk which is this
stuff really matters it’s not just what
you’re trading well but why are trading
well that you need to
study and I wrote a tweet over the
weekend that could have been talking
about you where I said the trader
trading the best that are from this
month
considering experience is up about 25
grand for the month this is about 1
million less P&L than the best trader we
know who that is
who would acknowledge and that traitor
you know who’s up about a million
dollars more would acknowledge that that
trader should be up more given his
abilities you’re competing against your
best and so this stuff isn’t silly at
all I mean you experienced or
experienced pound-for-pound trader 4
trader or trading as well as anybody at
the firm and these are some changes that
you’ve made and so it’s not just about
it’s not just about hey I like this set
up I trade this set up well let me go
look for those setups and trade them
more that’s important trade you playbook
but it’s also what gets you trading
those PlayBook trades for you at your
best
so rigidity and routine mm-hmm I think
they’re helpful from there you know as
you know for me I’ve been during this
time like rapidly increasing my buying
power in my risk and in that process
I’ve been doing it very methodically a
set percentage increase every single
time you know obviously working with
Carlton every 10 days net positive if
I’m happy with the trading over the
course of the 10 days enough to bump my
risk I bump it up methodically I mean
trade a relative basket of stocks that
doesn’t change too much and because of
that you know going back to the routine
and and having a feel for the certain
things that you’re trading to you know I
know what type of size I need to be
trading at Apple Tesla and video all
these high beta momentum stocks on
trading and because I know that I can
very easily say okay I just bumped up my
risk 25% in these setups I need to be
increasing my risk 25% and when you’re
when you
some type of methodical way to increase
your size it becomes much easier to just
think about it as numbers and you know
not really let the P&L affect you too
much and that’s really been how I’ve
been able to size up I think rather
quickly with the volatility as well and
you know capitalizing on both of those
opportunities to get bigger and make
more money and and you’re sort of in
quarantine with with Tom who I know you
mentioned a lot as your as one of your
trading mentors yeah definitely so you
know so we got to give him we got to
give him a shot and it’s with Joe Fahmy
those guys are crushing it yeah it’s fun
to watch so who are you and so who you
in house quarantine with he’s here his
wife’s here their four kids my
girlfriend one of them and then the
other girlfriends of some of the boys
have been stopping by as well so it’s
been a full house a lot of nights and it
will have seven eight nine people here
but he won’t let you into his trading
death no it’s it’s I’d say it’s a
two-way street
he doesn’t want me in there and
sometimes it’s not as good for me to be
in there either you know we both have
while we trade the same kind of
methodology and you know most of the
things I’m doing or set in stone exactly
the same way he’d approach them you know
at the end of the day you still got to
be the one to click the button and and
deal with your own psychology which is
that you know hidden variable that is so
important and that I think that he
taught me really well to harp on
immediately you know I need to recognize
that that’s the bigger thing you know
all these chart patterns and everything
the system can be developed pretty
easily that actually kind of leads me
really well into my next point and this
is something you actually talked about a
lot when I when I first started in if
you want to learn three real world
setups that our traders use including
the simple setup that we teach all of
our new traders and the setup that
turned one of our traders into a
seven-figure big money earner check out
the free webinar that we’re currently
running just go ahead and click the link
that should be appearing right now at
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that’s going to open up this free
registration page in the new window so
don’t worry you’re not going to lose
this video you’re gonna learn more in a
couple of hours from this trade
workshop than from years of online
education I believe you said look back
into your past and try and find areas of
personal success or no academic success
professional success athletic success
and look to kind of replicate that in
trading and capitalize on your own
mentality so I thought about that for a
lot and know what really made sense to
me was sobs an offensive player and
lacrosse you know all through high
school basically from the time I was in
sixth grade until I played a little bit
in college the whole time I was an
offensive player and you know in high
school all I remember is just taking
shot after shot after shot after shot
and you’re probably familiar with
basketball too like having a short
memory you know if you miss a couple
shots you still have to have the courage
and the confidence to take the next set
up take the next shot
so that really I kind of like have
adapted that as my own mo I’d guessing
you know capitalizing on I might have an
idea and until I’m really wrong on the
idea or until I lose my set amount of
risk on that trade you know I have to
keep attacking it and putting in the the
effort that it deserves and reminding
myself that I might make mistakes along
the way but if the next setup comes up I
still have to be able to capitalize that
yeah I mean I think that’s super
important I stole that from dr.
Steinberg our fairness to me I always
give an accreditation for stealing his
idea I thought about this myself in the
past and I thought about why I’ve been
successful quiet why I was successful as
an athlete as well and I had never
really thought about it before until he
challenged me to think about it
we were in a room one day and he
challenged everybody to think about it
and I was taking notes as I always do
when he talks and left the room and went
back and thought about you know I’d
always you always know knew growing up
that you were successful athlete but I
had never really taken the time to
understand why it was a good athlete and
and what specifically I was so good at
and I thought about it and and I’ve
written a little bit about this and then
that is a good example right there and I
thought about in other parts of my life
you know why did I do well in school and
why did I do well in business
and that has to go into you building
your trading business because we do have
we do have these strengths and sometimes
just don’t take the time to really
understand what our strengths are and
how powerful how powerful they can be to
our trading career we do really well
when we’re playing the game on our terms
weeds that orally when we’re not playing
the game on our own terms and you know
there’s just gonna be certain things
that were not particularly good at but I
was teasing Tom this weekend that when
you talk about your trading mentor you
always talk about Tom mm-hmm
who I know has been very influential in
it and and and rightfully so and I was
teasing him that you know your mentor at
the team at the firm is shark huh but
yet I don’t think I’ve ever actually
heard you say that shark is my mentor
but you vote you always say Tom is your
mentor and so I always teach I was
teasing Tom that yeah you have so much
respect for Tom that he forgets this as
good as it gets so well make a quick
note on that too I guess that that
really ends up coming down to one just
you know he has such a vested interest
in me for obvious reasons and to a lot
of the individual mechanical setups that
I’m trading that if you know led to my
consistency are right out of his
playbook and not necessarily sharks
playbook I think could take a lot more
from shark in terms of specific ways to
manage risk you know anyone who’s
studied his trading knows he’s just
incredibly good at you know bandwidth
moving his risk around knowing what to
attack and and how to really just throw
massive size a really really good ideas
and also how to manage drawdown so those
I kind of get a lot of you know
profession
type mentalities that you know for all
Tom meters excellent trader but he’s an
emotional being and he’ll be the first
one to tell you that but a lot of like
the mechanical ways to really excel I’ve
taken from shark for sure let’s okay so
now I guess we’ll dive into the specific
setup so this is my top trade actually
so far in my career you know in straight
terms of P&L I think that there’s a lot
of arguments that could be made for you
know me trading this a lot better but
we’ll get into that so in terms of the
big picture you know how the market
currently is sitting you know we put
that spy in that low in spy in at 2:18
we were in full-blown liquidation mode
global economic shutdown you know
everyone’s experiencing experiencing
this at home you guys know what we’re
dealing with and since then we’ve had a
v-shaped recovery forming off of those
lows we’re back in a range between two
seventy to eighty volatilities
collapsing from you know unseen levels T
VIX was nearly at a thousand
once again we shift into a stock pickers
market as you know institutional
participants are trying to figure out
what to do the interesting thing that
you see like sentiment wise if you you
know well-versed in financial twitter or
doing anything like that there’s a lot
of people doubting the up move
you know fantasizing or planning for the
coming downturn well you know with that
March low there’s no way many countries
have peaked in cases but the fact is
that you know there is footprints of
institutional money being put into many
growth and momentum names which again
just leads me to my previous point that
it’s currently a stock pickers market
and we need to follow up volume relative
volume daily chart patterns etc yeah and
you know harping on that point what was
working in March is not necessarily
what’s working currently in April for me
high beta momentum names need to be
breaking daily and hourly chart patterns
to really give the best potential to
capitalize in a market like that and
those are kind of the setups that I’m
leaning towards and what kind of led me
into this potential setup in Tesla it’s
a quick snapshot at spy daily you know
fresh no you maze or anything on this
you know you purely price point alone
basically almost or traced I think the
high from today actually was nearly
61.8% retracement its entire down move
so obviously we bounced quite a bit from
you know and one of the steepest down
moons in history
so fundamentals for Tesla obviously
well-known company high beta Tesla’s an
automotive company electric powered
vehicles I think it’s safe to say it’s
widely considered to be the leader
globally in this space in late 2019 and
early 2020 Tesla experienced a parabolic
move I went nearly to a thousand a share
from 350 in just two months during this
time there was a massive amount of short
interest leading into the move that
accrued over years in the stock that
essentially capitulated into that up
move and then it collapsed as well with
the overall market all the way back to
350 a share basically as quickly as it
had originally resin however since the
markets v-bottom
Tesla’s followed and has basically
doubled again off the March low and is
now above 700 bucks a share
so you know the reason I highlight that
the purpose of really recognizing you
know the larger picture deal with the
stock is that you have to have the
foresight to recognize it just because
it capitulated like that the short
interest begins to build it again
instantly I think that the sentiment on
the company like there’s some permit
Tesla Bears and things like that
you have to recognize that on an
intraday timeframe a stock that so often
traps shorts is capable of doing that
all the time just because of that up
moving I don’t think anything really has
fundamentally changed too much with the
company and that process is still in
play all the time you see the short
flicks still 13.7 6 so no not like
astronomically high like it used to be
but it’s still prevalent ATR is enormous
you know 52 points and average daily
volume 17 million shares quick snapshot
of the daily kind of what I just you
know went through parabolic upmove
collapse put in a lower high and
basically just you know cracked with
almost everything at the market
broad-based market sell-off led us all
the way down here and then since then
it’s kind of retraced a good portion of
this move back up to these see what this
volume came in he’s like historic levels
and then since then it’s just been in a
really really tight consolidation
between 775 and you know basically 675
700 bucks on the hourly you can kind of
see this entire consolidations being
fueled by this power gap right there
here a really strong up trending day
gaps up and has held this entire range
so it kind of you know leading forward
into the power point underneath 700 like
this kind of bottom end of the range
becomes important on the day where we
make this trade so here’s how I kind of
go through generating the idea to trade
Tesla in this specific way for me it’s
one of my favorite momentum scalping
stocks you know just for I guess a
little aside my average winning trade is
about 30 minutes long so I’m not really
holding anything for all day but this
particular trade ended up being a swing
that was based off of scalping entries
it has a tendency to drive with price
with directionality and really break
away from breakout points with momentum
and that’s kind of like a scalpers dream
so following a week close on April 23rd
and then a slight gap up I wanted to see
how it dealt with green to red and
eventually if it helped to debut at and
that’ll be much clearer when I show the
charts the idea was a short for a short
set up to show itself early in the
morning you know some early selling get
some sorts eager to you know follow
through if they held overnight and had
that gap go against them to be happy did
you know now we’re back at breakeven
from the previous day and we’ll see if
this has any type of continuation maybe
it breaks the range on 8,700 who knows
that’s all playing into the minds of all
the participants in this stock and then
once that pattern began to show I was
looking to see if Tesla can do basically
what it always does and get back up into
the highs of the day and break back into
the
I’m the morning range from the previous
session and that’ll make more sense to
in a second and like I said 30 minutes
of so on average winning trades I knew
that this trade was gonna take a little
longer if it held the prices I liked
because to the upside it basically had
like a half a TR of range that it needed
to digest so it would likely take a
little bit of patience for that move to
play out so quickly going over the
mechanics of the setup I kind of did
touch on most of this early selling off
a slight gap up and early green to red
move ideally it would flush the $700
which is kind of like a psychological
level and then rebid very quickly it
would pop back above into green maybe
even above view AB and then wherever it
drives out from that price I want to see
if a pullback and hold not necessarily
view app but really just holding the
morning lows so once I determine that
the pullback would hold and stock would
stay green then I start to look you know
for a level of risk against and the
potential for us popping back into that
previous day’s morning range would
either continue to increase then just
for systemic purposes I use a 9 a 21 a
55 and a 200 am an or 1 minute that’s
you know they’re all derivatives at
price of don’t look into it too hard but
it’s the way I kind of gauge trend and
trail my stop and look to add if you
don’t have a system you know it’s gonna
be really hard to be systematic with
sizing and things like that going
forward so I use short-term moving
averages with specific tells for each of
them I mean this has really improved my
consistency overall my selectivity for
me the most important one I like to pick
very specific prices because I do a lot
of reading the tape specifically around
my entries and I oftentimes I’m looking
for like trend reversals to scalp out of
so that $700 level was really important
for me just because I kind of knew that
the entire range off of that gap was
being propped up by that level and I
would really like to see them kind of
spook anybody who’s being sloppy with
their stops or has cell under orders etc
and once that rebid I knew that it had
the potential to you know it’s like some
people out and and potentially move back
higher and squeeze some shorts so often
times you know kind of how I frame that
is that you know institutional
participants like to use certain levels
on the tape that have great liquidity so
oftentimes ought to be whole numbers in
these high beta stocks you know they’re
not gonna drop a bunch of shares in it
like you know 760 27 cents it just
doesn’t really make much sense and it’s
just not the way they go about doing
their business so you can expect them at
major whole numbers to potentially be
moving size for just liquidity purposes
and in these higher beta stocks $100
increments tend to act that way on the
tape so I was interested in seeing if
there was gonna be anything going on
there early let’s check out some charts
so right away I know this is gonna look
like super cluttered if you’ve never
seen any of this stuff before all these
different colors are just short-term
moving averages don’t let them distract
you from the price action for me I’m
just looking for them to kind of gauge
price like if I have let’s say you know
the Reds in nine the Blues of 21 the
yellows the 55 if they’re all kind of
stacked in order it’s pretty obvious
that the stock is trending and then you
know it’s a way to do mean reversion on
pull backs so we extend really far here
and then we pull back in you know so
anyone who trades with moving averages
will have some type of feeling for this
it’s just a way to gauge how prices
moving to look for potential
compressions and entries and for me I
use it to control my risk so the
specific set up like I was talking about
this is kind of the afternoon range that
I was interested in potentially getting
some stop runs through here and bringing
us back up to this you can’t see the
previous part of the day it’s not really
too important this breakdown point
really fueled the sell-off into the
close in this name so I’m kind of
thinking you know if we take out this
afternoon range the potential for us to
stop run up here and fail somewhere up
here is pretty good and if this move
happens later in the day on the day
we’re trading it maybe it has some type
of move which ends up playing out but
maybe has some type of move to kind of
explodes their own price here early on
I’m watching the action you know we got
a sell-off immediately which is exactly
what I wanted kind of flashes up a
little bit and tests this breakdown
point you know
I didn’t really start paying too hard of
attention to it or just kind of
following that checklist instantly see
it rebid 700 after a quick flush I like
that a lot
then it held it pretty cleanly right
here that’s even better
and then we get that move where it goes
back to green on the day and then I kind
of just let this play out I wasn’t
really too interested in it I recognized
that like I said in the plan
this entire bit of volume right here was
likely gonna take some time to digest
and I’m not too interested in any type
of directional blow through here or too
early because I don’t think I ever
really had the steam to break above like
720 I think the better trade is to play
for a move kind of from the bottom of
this range to the top of this range and
I recognize that I really needed to just
kind of be patient and see how this
pullback dealt so at that point comes
down I think I ended up buying a little
bit right here that I ended up getting
stopped out of here which was basically
a break-even trade but after that
happens now I’m starting to think hard
about the plan and one of my favorite
setups you know everything’s kind of
unique to everybody I’m this is kind of
like a false breakdown type setup but we
get a breakdown below view app and then
we kind of digest under view app for a
while especially after we put in a
morning high and there’s some type of
supply a little bit higher you get this
compression here you know you can call
it a wedge whatever you want doesn’t
really matter all that really matters is
if you look at this volume on every up
move from these lows big volume coming
in from the Lotus here big volume coming
in these are all coming on the green
candles not the red it’s a big green up
here big green out of these lows and
then once we start to compress really
tightly right around the BU app I like
to see when all these moving averages
kind of stack together you know you can
just think from contraction comes
expansion a lot of people talk about
that on daily charts etc we get an
expansion and price up rate was they’re
starting to compress here’s where I get
long I think I actually front ran it a
little bit as being a little bit cheeky
front Randall a little bit and then
added right as we start to compress then
we get the drive in price directionally
big volume comes in again that’s great
you know we come back up to this
previous breakdown point the high from
the first
five minutes sell a little bit and then
look to see if we can hold view AB hold
view app I’m right around here as we’re
kind of sitting you know see how it
deals in view app and then once it kind
of holds up after kind of stop running
these people I decided to add on a
little bit more and then we eventually
get the break so I want to go over the
specific executions and how it kind of
this is gonna have nothing on it clean
chart this is straight from my log the
compress is kind of what I was talking
about like I said I front right ended a
little bit
I’m usually I would enter around here
but in a stock like Tesla I think that
you know I can trade it well enough
where I can fight for two more points
Bela we’ll talk about that a lot and you
see the setup you have to fight for
price if I’m anticipating this trade you
know I can save myself two bucks get a
little bit more sighs I’m certainly
uncomfortable with the amount of size I
put on which is kind of the idea in
these eight plus type setups because you
know you don’t want to get complacent
and miss an A+ trade with you know half
your size because that’s not gonna pay
out well enough reward wise over the
course of you know hundreds of trades in
your career I mean I guess you know
hundreds of thousands trades even so
it’s important to recognize that and you
could always trade around a core but you
really want to be active and get as big
as you can so on this first up move if I
trimmed half now my risk is covered you
know I just made six bucks off the low
my original risk was against 705 you
know so I was risking three points I
just locked in six you know now on this
next pullback I could be really
aggressive and start to trail my stop to
this breakdown or a breakout point
around 708 as we’re kind of pulling back
into here you know if you draw a little
bit of uptrend I wasn’t really thinking
that as hard as much as I was thinking
there could be the development of like a
much larger in a several several
hour-long wedge and I think that the
higher time frame you go to on any type
of technical patterns the more likely it
is that this can play out and this
specific pattern is kind of like a
classic short squeeze tight pattern you
know we’ve got a pop up here this is
kind of the first pop of a view app
anyone who’s shorted here that’s kind of
under
we’ll add they get spooked a little bit
but then it starts to compress and all
those shorts from early in the morning
are about to get smoked if this breaks
to the upside so kind of held through
that I was like I said I was
uncomfortable with my size but looking
back you know in review I’ll talk about
this at the end this is probably one of
the most textbook editions if not entry
on its own that I’ve seen in a while and
I was kind of thinking that but I was in
so much size at that point I knew how
much I would make if it went and that
number kind of like I said this is the
biggest trade in my career that number
if we went to this area in my head was
kind of like larger than life and if I
had tumbled down here I don’t know what
how well I would have held into this so
you want to get aggressive a size but
not too much that it completely destroys
your process you know but interview
trying to get better really have to add
right here yeah I think also if you can
go back to that so you know you have a
bigger thesis in mind that this is going
to get good and strong and run and so
you do a really good job of taking
profits and locking it in but when you
do that you want to be open-minded to
finding the re-entry areas that are
worth it for you
those reentry errors I think of as a
completely separate rate so you’re in
very looking for a holding go you’re
taking profits you know and then hey how
am I going to make another new trait
that has a different stop and has a
different target maybe it’s the pull
interview up around that 710 7/11 area
maybe it isn’t
maybe that’s it doesn’t go sideways
enough maybe time of day is not good for
you maybe you don’t like the way it
pulled in maybe it is that you know we
have to get a little bit later in the
day we have to get you know into that
230 ish area when big money players can
step into the marketplace into the
clothes and you know we can get a pretty
nificant resistance level intraday that
we clear and maybe maybe it’s a momentum
trade mm-hmm a new momentum trade and so
I like you taking off and I really like
I really like the idea of thinking
what’s the next trade but you don’t have
to you let it come to you
yeah you let it come to you you you know
a good momentum trade it can be a good
trade a good pull on trade and to view
up can be a good trade just let it come
to you yeah I definitely could have
liked considering it and it also ended
up being right so much unrealized P&L I
was like even at this point you know at
this point I was yeah I was already up
like you know significant basically I
was up my stop at this point right here
which is a huge day already and then I
knew if it went that that was probably
gonna you know completely change the
course of the week and you know whatever
all that stuff is real and plays into
your mind even on a one or two minute
chart like you have to recognize the
things that are going through your head
so for me you know maybe I could have
trimmed something off on this first move
up and then once I see the compression
really start to look to attack it right
there but then I like this I like the
SEL so you know sold into strengths sold
when it started building this candle
back up and then on the second up move
basically dumped it into here left a
little trailer on and on this big
reversal candle just kicked it
so besides you know for me being I guess
a little bit too much of a perfectionist
and really but I think I think it’s good
for you to say hey I’m up a lot and for
you to have some caution as to your next
entry I think that makes sense
I do think you want to fight that a
little bit though and I’m not suggesting
that you should throw caution to the
wind I’m actually saying okay I’m I’m
feeling good I’m in the money I’ve got a
good swing trade on I’m gonna I’m gonna
stay in that that’s probably how I’m
gonna make most of my money
I booked some profits but but but but
but if
I can find an another really good trade
to enter it really I I gotta take it no
matter how much I’m up I’ve got to take
it I’ve actually found a really good
trade my piece is it can go higher so
I’ve if I can find that really good set
up I’ve got I’ve got to take it no
matter how much I’m up because if I
don’t that’s really gonna hold me back
from being the type of trader that I
deserve to be yeah definitely yeah for
me I was really thinking like I know
that this is gonna be my I already knew
you know and I think it’s fair to say at
this point like I sent a message to team
shark like I was like guys I think you
know Tesla is about to explode from an
entire like day long wedge and trap
shorts so if I had the confidence you
know to tell my team of like you said my
my mentor makes a lot of money a year I
had the confidence to tell them about
this setup in real time expecting that
they would maybe take the breakout and a
lot of how am I not doing it myself and
that’s kind of what I really think hard
about that could have brought me to this
being you know probably half of my month
instead of being a fifth of my month
that’s my biggest critique with myself
and and then the second critique which I
think is almost as equally strong is you
know the second day play that ended up
coming from this you know everyone saw
Tesla just absolutely ripped the next
day after this got a gap up to 7:35 and
went basically in a straight line 200
bucks you know as I get more
sophisticated with these ideas if you
think about this trade and the amount of
P&L I had made on it now what’s really
stopping me from taking you know a tenth
that the position overnight a 20% of the
position overnight recognizing that we
just smoked the entire previous day’s
range which came from the bottom end of
the hourly range now we’re pressing to
that top end the arrangement we could be
breaking down breaking out on the daily
chart you know I could have been in a
much better position to not have to
chase the next day and you know that’s
really how shark and some of the bigger
traders make a lot of money on these
intraday swings based off of
or I guess multi-day swings based off of
very selective intraday trading that’s
kind of how you bring things to the next
level you know how do I turn this you
know nice 10-point breakout trade into a
bigger picture hundred point move that
you know completely changes my month and
and that’s kind of where I’m I’m
starting to think hard about hey go
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