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This is exactly what I should have done today

Hey everyone, As you already might be aware we kicked off our first live "Workshop Wednesday" this week with the Topic Trading a Small account. We have plenty of more scheduled for the following weeks. These will be held every Wednesday at noon EST in our Classroom chatroom. Check your Dashboard calendar to see what topic is next. If you missed it no worries, we do have it recorded and available for you in the Education Center under Workshop Wednesday! We have a few exciting topics like Hotkeys, Journaling your Trades and Trading Rules scheduled but we want to hear from you what you are interested in having a live discussion. Feel free to post it here or also email it to [email protected]. Thanks!

Here are my opinions on what Andrew saw. Aug 5th opening of MU - Pre-market conditions of MU were a continuous fade. Showing weekness. Perhaps short biast on it to begin with - SPY on the low (influence) - on open (9:30) there was attempt to break the high of the previous (pre-market) green candle. It failed to break that. - In addition, it failed to break/hold V-WAP as well as 9 and 20 EMA - Once the first minute candle closed, the price popped up just touching the V-WAP however fell easily/quickly indicating a short potential (this happens quickly remember) - with anticipation of the price continuing to fall, Andrew place his short orders anticipating the break of the previous candle body and wick - Andrew scalped his profits at multiple stages as it continued to go lower, 20-30 cent scalp range. Very nice. I'm not sure based on your screen grabs if Andrew closed his entire position on the second minute candle or if he held into the 3rd minute candle which would have rendered him another potential 30 cents on remaining balance of shares. Hope you and others agree with what I have to say above. If not, please share your ideas.

Tuesday August 6th, 2019 sleep: 6.5 hours. Mood: good, ready to trade. a little tired. no trades today. didn't like anything for ORBs and i almost too ACB on an ABCD but after making a new 2min high, it didn't have the momentum to move higher so i didn't get in. like SQ for an ORBD but i didn't like the 200 and 50 MA on the 5 minute chart at the time but looking back i could have used those as profit target. i thought the price would just bounce around the two. missed two more short entries at pullbacks to the MAs in SQ. oh well.

8-6-19 Overall I feel rested, 4.5 hrs sleep, woke at 7:30 SSS coffee and toast Today I will try something, If I take a trade either with a very bad entry or false setup I will come here to log and then continue giving myself a few minutes to reflect and make improvements. I will also attempt to keep up with a P&L +AMD for a scalp, entry a little late then tried again on 1min but it was just a pull back. (8.00) -TTWO I did not have defined stop or profit targets and ended up out too early. (67.00) -ACB 6.94 again late should have been in at 7.00 A hotkey mistake I thought I covered when I seen a change in the pattern at 6.85 +45.00 -ROKU 99.89 (I programmed the hot key wrong and instead of partialing out 25% I was adding 800 shares same as above) I did exit early on a pull back when I should have read the level 2 that Andrew called after my exit but would have ended up the same way after looking at the charts +87.00 / with my hotkey mistakes it did come out to a loss ...... my hotkey was a program error on my end.......... +MU 42.01 s/ 41.95 yesterday close t/42.18 MA, 50% out at 42.12 and stopped at BE +27.50 +BABA took it as a pull back but ended up making a double bottom and then I scared myself into not trading the double bottom and thinking that I may be revenge trading. I did stop at my stop loss for minimal damage (32.00) Pros: I did obey my stop losses and took a break in between my trades that I did not feel good with Cons: Did what I said I would not do, I took trades for early scalps and did not have any good patterns that I recognized early on. I also did not have clear R/R targets on a couple of the trades Note to Self: Stop trading in the first 5 min......... make sure I have clear stops and profit targets ......... P&L Target 50.00 +52.50

Agreed!! Now I need to conjure up the courage to take a trade like that.

Van Tharp Institute Peak Performance Course for Traders Vol 1: How to use Risk Chapter 3 The most important trait that a winning trader can have? Personal responsibility. Ed Sakota in Market Wizards said, ”people get exactly want they want out of the markets.” This chapter has two stories describing the above statement. One who got rich and lost it in the dot-com bubble and who still blames everyone else. The other example is the author who got into a car accident. A witness would clearly see it was the other driver’s fault. But was it? The author hated the car he drove and was actually receptive to have the car destroyed. He was shocked to realize that yes he was likely also at fault for the accident. Then it became clear how one totally creates their world. Personal responsibility is the most important characteristic for the person who wanted to transform himself or herself into a good trader or anything else for that matter. If you believe in personal responsibility, you could change. The author plays a marbles game with his traders “in training”. The marbles are randomly picked and are labeled as winners and losers of different degree. It is designed to give the player an average return of 0.45R. So it would be a really good trading system. 1/3 of the class go bankrupt. 1/3 lose money and about 1/3 get rich. The unusual differences has to do with position sizing and is not the point of the course yet. The point here is some of the losers blame the person who picked the marbles from the bag and had a losing streak. Thus not taking personal responsibility. They did not recognize their mistakes and thus will not learn from them. So they will repeat their mistake over and over. The best thing a trader can do, when things go wrong, is to determine how he or she produced those results. Then determine what the choice point was and give yourself other options to take when you encounter a similar choice point in the future. Daily debriefing (journaling): Acknowledge the mistake, determine the circumstances that caused the mistake, then mentally rehearse an alternative (more useful behavior). Assignment: listen to Rhonda Byrne’s The Secret. It took a few days for my request through the local library to go through. I have listen to some of it already. When I finish I will come back to this page and update it. The secret is the “law of attraction,” Which is essentially positive thinking gets positive results. But it pushes two thoughts with that. One is negative thoughts attract negative results as well and that this law of attraction has some new age “power” to it. Forgetting about the latter for the moment I have seen the former in action. I meant one of the luckiest people and worked with him in graduate school then the cooperate world for about 12 years. It’s amazing how luck is always on his side and he always makes the assumption that luck will be on his side. After 12 years I see how it actually works. It’s two major traits. One there must be dozens (or more) little decisions made every day that are very binary. He will always lean to making the decision that may bring something positive, though the odds are very small. I will tend to do the opposite and make decisions that may cause something negative to happen. After say a week, a few hundred of these choices have occurred. One or two pan out or a combo of several and something reasonable go his way and the opposite for me. Since it is impossible to follow the repercussions of all these choices, it looks like good or bad luck. The second trait is an open mind to different possibilities. If you think that something positive may happen, when an opportunity, though it may be outside the box, crosses your path, he would see it and act. I would be close minded and not see it. There is actually some data for this. I once read about an experiment where volunteers were gathered. One set of people considered themselves usually the lucky type and the second group considered themselves unlucky. Everyone was given a newspaper and asked to count the number of pictures in the newspaper. The unlucky group usually took 2 or 3 minutes to count all the pictures. The lucky group usually took around 10 seconds. Because the lucky group all noticed a big sign on page two stating, “there are 46 pictures in the newspaper.” The unlucky group were focused on just looking for pictures and never noticed the sign. You can imagine how that applies to day trading. So you need to make yourself luckier by using the power of attraction.