AllenMorelock

I've never added anything on here before, but hopefully what I'm going to say will resonate with a few of you and maybe help out. The Vegas conference was my first, but definitely not my last. I arrived, honestly embarrassed of my trading. I'm coming up on 3 years and my numbers are nowhere near where I want them to be. I only trade a couple of hours in the morning and then have to shift my focus to my current business that I own and operate. Finding time to study is difficult, finding time to trade is difficult. It's all damn difficult! lol. After talking with Tim, Matt, Bryce... and listening to everyone, I feel much better about where I am! The best of the best were still struggling at my point and they were putting in 10, 12, 14 hour days... I guess I should feel proud for not (to this point, I sure don't take it for granted) blowing up my account and being on a steady incline on my profit chart. My numbers are nowhere near where I want them, but they're going in the right direction! I'm definitely going to start studying more and reading some of the books that are recommended to us! I've already started reading The Psychology Of Trading, and have Reminiscences Of A Stock Trader, and Beyond Greed And Fear on hand to read next. Meeting Jayray_68 (Jay Racine) really kicked me in the ass too! He also owns his own business, tells me about how he’s still working at 1am, and he’s crushing it with his trades! NO. MORE. EXCUSES! Just effing do it! Learn something every day, put effort in when others won’t, and good things will happen. Hearing Ellis lit a fire under my ass as well! Trade like a pro! Prep like a pro! Just be a pro! Year one, to the day, I broke even. Year two, I made 1k profit. This year I’m coming up on 5K profit while still trading very small. Next year I plan on having some lofty goals and hopefully hiring someone to help run my business so I can put more time into trading. Hopefully the market provides. If it does I want to be ready! Cheers!

Received 3 Karmas
Jayray_68
Jayray_68 Oct 31, 23 5:20 PM

Strategy+seat time+risk reward+patienc+hard work = success . Let’s get it🤘🏻

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Jayray_68

Super awesome to put some faces to some names finally, pretty awesome to answer some really in depth questions at the 2023 conference as well. Lots of traders with a desire to become better. That’s a good thing. It takes a ton of trial and error in this industry to find out what works for you my biggest take away from the conference is everyone sitting on stage capitalized on the mania when it presented itself and worked on perfecting their strategies in the slow time. This is important for me and it ties into seasonality. As the market presumes to be bearish. I’ll focus on doing what I’m doing and not feel obligated to necessary push my size as I was beginning to. And wanting to, there’s a time and there’s a place for pushing size and capitalizing on my strategy’s and current market conditions are telling me take what I can get for now and just be prepared to push size when the opportunity finally presents itself. So far I’m staying pretty locked in and comfy with these $300-$400 losses in our current market. It’s not a cookie cutter approach everyone’s strategy , comfort, account etc is totally different so defining what you’re willing to lose in your strategy will be different than mine. My goal for 2023 was to not let my account take any big hits and proud to say I’m only a couple months away from succeeding this goal thanks to 2 golden rules. Rule number 1. Never add to a loser. Number 2. Always have a predetermined dollar loss in mind per setup and size in so I’m not risking more than that dollar amount. This has allowed my winners to almost always outweigh my losers and has been a huge push forward in 2023. If I complete my annual goal for 2023 I can set a new once in 2024 and I already know it’s going to consist of letting my winners run and having more patience. Trading is like stacking blocks. One at a time and in uniform is the best way to build the tallest and strongest wall. Happy to say 2023 has been a great year of profitability especially in such a slow market where other traders have been simply trying to survive. But it’s not luck it was hard work dedication and the thirst for financial freedom. There’s no expiration to become a successful trader just know that, everyone’s pace everyone’s life style is totally different. It’s up to your dedication on how fast you want to speed up that learning curve. I do have to say met some great people at this conference probably the funnies response was “Jayray you’re not at all what I thought you were, you’re a lot more hillbilly than I imagined” literally will be laughing at that comment for years to come. Great meeting you all. Never forget it’s strictly business out here. The second you get comfy is when you get run over. Every day is the chance to learn something new no matter how far along in your career you are. God bless and trade on! If we met at the conference let me know what your favorite thing was would love to hear it🤘🏻

Received 11 Karmas
Hirtz
2
Hirtz Oct 29, 23 1:05 PM

You are a hillbilly! Try to avoid elevators for a while! Best part of the conference was putting faces with the names and discussing different viewpoints/strategies.

brandonkoy
1
brandonkoy Oct 29, 23 11:32 PM

you the man jayray fav thing was everything

AllenMorelock
1
AllenMorelock Oct 31, 23 1:40 PM

Hirtz summed up what I was going to say...lol You've been crushing it this year! Keep it up! My favorite thing was definitely meeting everyone and hearing their stories, good or bad.

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TroyMan

I am not a good one to ask about risk as I'm currently in a 1-year experiment where I don't care about risk generally because I only trade OTC former runners as they usually run again and I'll always get out for a profit. I have 467 consecutive wins with the strategies outlined in my 10/31 & 2/27 blogposts. I also have 47 open positions! When I learned that Jack Kellogg had 60 open positions, it made me not worry. What I've learned from Sykes and other mentors over the past year, if buying a dip buy, you might commonly cut if it goes below LOD. What I've learned is that, as long as I'm buying former runners as daily Big % Gainers with Volume, if it goes lower I'll usually do another dip buy and then hold. My trading weakness isn't cutting losers... I proved I could do that quite well as I lost $15k in my first 15 months as a trader ($7.5k to start in Tim's Challenge). My weakness is greed and that's what I'm focused on until Sep... learning how to shoot winners before they fall back below me. Back to your question, another way I've learned from Sykes and the mentors to cut losses is when the price falls below a strong support price. You can always find those by looking back at the 2-mo, 3-mo, & 6-mo charts. You'll see me in Challenge Chat calling out the support prices because if I'm up 10% profit or more, that's how I decide to get out is when the support prices break... then I get out on the very next bounce.... this helps me with my greed problem.

Received 3 Karmas
felix77
felix77 Jun 22, 21 2:55 AM

nice analogy for one year with Sykes, I'm around the same time as you now , but still figuring it out, good post thx

JJJackson
1
JJJackson Jul 09, 21 12:07 PM

I have no idea how I have not been following you all this time.

AllenMorelock
AllenMorelock Apr 06, 22 11:07 AM

I just came to check your trades after you told me about PUGE today, 4/6/22. I wondered how you were able to hold through a roughly 15% at one point. Interesting concept! I'm definitely going to look further into this! Thanks.

greenthumbjohnny
greenthumbjohnny Jul 21, 22 2:48 PM

Hi Troyman I got a work day off figured look at the market. Had not been trading in a while but my co worker got me started and looking again. Had some expensive plays not and some OTCS. Overall some wins and losses but nothing to major. Two decent wins on VAPR. Since I work 9 to 5:30 hard to trade but I do what i can. Thank you for the karma.

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