Decided not to trade last Friday because of the string of losses and have decided to take all of next week off and come back strong November 1st. Trading is a lot more than just having a good strategy. The last couple weeks have been user error’s with me specifically. Although I don’t use a lot of Tim’s strategies- the mentality he has is important to listen to. PROTECT your gains. Don’t trade setups that are not As or at least Bs (since I scalp more). Do NOT get greedy. I got used to the 10k days and wanted more and more and more to the point it got uncomfortable and I was risking more / taking on setups I shouldn’t. I got careless this past week with a SPAC play and a sister stock- didn’t look at all of the news and was quick to get in. DO NOT get complacent. Always remember where you came from- when 1k a day was awesome and 3k a day etc and remember the things trading allows you to do. You can make money (a lot of money!) from your home and in just a few hours a day. It’s truly an amazing thing. I am coming back in November with a green light, yellow light, red light mindset. Everyday starts with a green light- go make your minimum profit goals safely, then yellow light goes on where there’s no need to trade the rest of the day unless the setup is an A. Then red light is after 5:00 pm no trading ever and red light when I’m busy with other things and not 100% engaged with trading. I think this is going to help me grow consistently again and safely moving forward!

Received 7 Karmas
holtzy Oct 28, 21 12:00 AM

Attaboy. Thanks for the post. I am inspired by your transparency. Love it.

BBaccSoon Oct 29, 21 10:13 AM

Been really digging your trade review podcasts with reverselong, you're gonna bounce back from this.

ATXTrader Nov 17, 21 12:53 AM

good for you to take a step back. Some of my biggest losses were when I was trading while preoccupied by household problems that required my attention.

Join now or log in to leave a comment
Received 12 Karmas
taiwan Mar 03, 21 3:13 PM

@SeanLacap Love how you decided to share your aha moment right when it clicks. I've blown up as well and took a 2 year break before finding the challenge. Been tracking my trades by setups in Excel and have narrowed down my trading to 2 setups. I had a small starting capital so my gains have also been small, but you’ve confirmed that my process is correct and I just need more screen time/experience. Thank you for these blog posts, and for answering my question in chat re: $TRTC that led me here

GrandTrades Mar 03, 21 4:52 PM

@taiwan I do remember your question regarding $TRTC. Today was such a slow and red day. We were all searching for plays that were non-existent today. Your process sounds a lot like mine at the moment. Just need more screen time like you say!

avipatel Mar 13, 21 11:15 PM

@SeanLacap hey Sean great post please let me know how can I join Canadian challenge community. I am from Canada as well.

Join now or log in to leave a comment

Important throwback video from Jack for those struggling with cutting losses.

+1 Karma

Received 110 Karmas
brandonkoy Feb 12, 10:30 PM

i hear the pain, a defining moment for sure. i want to hear your thoughts on this trade now that youve come back stronger

JHON25 Feb 22, 10:48 AM

Thanks Jack great lessons.

BobbyQuenzel Aug 27, 5:59 PM

Thanks Kellogg for the valuable lessons from this review!

Join now or log in to leave a comment

Monday motivation

+1 Karma

Received 327 Karmas
LETSWIN16 Nov 29, 22 12:45 AM

great story jack. you had a desire and faith. thats why you did'nt give up. that is a true uncle who supported you and gave you good advice .I am studying hard because one day im going to reach my goal.thanks again for sharing your story.

Garry19 May 29, 9:30 AM

@Jackaroo Clearly this was about 3-31/2 yrs ago. Looks to me like a little confidence of someone believing in you can make all the difference in the world. Congrats on your success Jack! I truly believe we all have it in us & it just takes hard work & 1 person believing in you & believing in yourself. Your uncle is a great man.

redcandles Jun 04, 11:31 PM

In the same boat. My dad doesn't believe this is going to work. He's seen me putting thousands and thousands of hours studying the market every chance I get. He's straight up told me that this will never work and that I will fail. The only way to fail is to stop. That will never happen. At the same time, it's time to put the hammer down. I finally have the $ to trade with again, it's go time!

Join now or log in to leave a comment

Every newbie should watch this. Great lesson on patience and building in and out of a trade.

+1 Karma

Received 26 Karmas
JGayda Nov 13, 21 8:52 AM

Ellis thank you for this video man, this was such a great model trade from the setup, the reading of price action, the add at 1.20 with clear plan, the change order tip, and the exit. Learned a ton from this one and bookmarked for a rewatch later on!

DDT Apr 15, 22 11:18 PM

Thank you Ellis

Join now or log in to leave a comment
reverselong Oct 02, 20 12:35 PM

also, tradervue is best to disect stats and go over trades fyi

BBaccSoon Oct 03, 20 1:29 PM

@reverselong Ye I love Tradervue, definitely worth the money. Sometimes when trading small I like to use gross since commissions might give you a distorted view of your performance.

reverselong Oct 04, 20 8:23 AM

@BBaccSoon yes, that is true. however if you are spending too much on commissions but improving with trading, maybe gotta switch the brokers up. for example, if going long maybe you trade with brokers that have free commissions. Also with shorting Trade zero sucks. if you hold over night with trade zero, its like $300/night. gotta be aware and keep track of slippage as it does eat up unnecessarily.

BBaccSoon Oct 04, 20 10:23 AM

@reverselong Ye I wanted to hop on etrade but unfortunately they don't operate in Canada. Even IB Lite is only for U.S. customers. I will keep that in mind for Trade Zero, thanks. I did open an account there a few months back but was waiting until I had more capital to fund it to short tickers I wouldn't be able to with IB. But based on that it seems best to just wait until I have enough to go with a broker like Cobra or Centerpoint.

Join now or log in to leave a comment
of 4