This Mistake DESTROYS Trading Accounts
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- เผยแพร่เมื่อ 2 มิ.ย. 2024
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Warrior Trading // Ross Cameron // Day Trade Warrior - บันเทิง
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This is and should be #1 advice to any active day trader. I have experienced and still experiencing till this day. Had $5000 profit on a day and giving more than that in the very next day. If I have had the discipline and patience to control my emotions I would be sitting with thousands of dollars profit YTD. Greed and over trading will destroy any trader. Still in the process of becoming a disciplined trader. 😊
Such a good teacher. Not only do you know the process but I feel like you understand beginners and really care about our success. Your apprkach us way more attractive than showing a flashing car to motivate people to buy your system and then win loose or draw. Thank you.
Man this hits home. Thank you for the advice and helping me to keep going despite setbacks.
Thank for the video, Ross!
It's actually quite timely, for me.
Because I just traded outside of my strategy on a stock doing a Swing Trade (and I don't Swing Trade often, or have a proven pattern that I've tested),
and so I lost above my max loss by a good margin (around 40% of my investment).
I knew when I jumped into the trade that it was outside of my tested strategy.
I should not have done it.
But you know what?
I'm happy that I did.
Because I think it's better that I make a big mistake now rather than later, so that I can learn from the mistakes while they are still small.
I even asked God to let me make mistakes now, while they don't hurt me as much (with a smaller account), than later when it would make a bigger difference.
They say that if you beat a tree with wind throughout it's life, it becomes stronger.
And I think that is what is happening to us now, who are letting our mistakes teach us.
Thanks Ross!
I enjoyed the video!
I like your driving videos!
It's a nice atmosphere!
:)
that's really the key! it's actually very simple but very hard to understand yourself
Ross -- I love this scaling strategy! I used it this morning. Did a few small trades, was RED (small red) and decided it was not a day for me. Walked away with a scratch and not a wound. Even though Friday was a big red day, I was proud of myself for not giving into the trading demons today. Thanks for sharing your thoughts and strategies -- you are truly speaking for all of us!
Couldn't agree more. Thank you Ross!
I totally get that, "green day streak" trap! Saying it as a "successful" red day changes the psychology to me. Thanks for the video :)
Thank you for your work !!! Great info in every single one of your vids ! ❤❤❤
absolutely agree about the successful red days.
i am at a stage where i have zero problems finding good setups or entries and i have also not really a problem (anymore) with overtrading after getting green for the day after a few trades.
but holy smokes i still have a BIG problem with stopping my trading when i start the day with lets say 3-4 red trades.
i would say a year or so ago i would continue trading until the account was blown up or at least considerably diminished.
slowly but surely i tried to stop every time a bit earlier and while i am still not there to say "this was a successful red day", the amount i lose on red days is nowhere close anymore to what i once was.
so i guess thats still "progress" right? :))
So true Ross! Thank you, I needed this conversation.
Bro, AMAZING advice. I was red and ended up doubling down a few times on my second day, ended up in green and profit, its scary and risky af though, definitely don't want to do that again, we need to constantly remind ourselves to not get emotional.
Your channel has thousands of worth of information, yet you give this for free, THANK YOU! Truly blessed.
Thank you!!
I was up $30 on MLEC.... and then it tanked. Should've sold off. Now I'm down $57 on it. My only loss today, thank god. Never hold once it shoots up.
Love the thumbnail bro!!
This video came out perfect timing. I was down and got up. Small red day. That "voice" said KEEP GOING! BUT,... I stopped and called it a good Red day!
Thank you Ross very much!!!
Very helpfull. Thank you 🙏
This doubling down effect is the number one trait of gamblers that takes them down permanently. I've seen this thousands of times and is the number one reason i don't gamble. The bookies count on this trait more than anything else. This is why we as humans need guard rails. How each person implements guard rails is up to them but they are crucial and they must work. 90%+ of humans don't have the necessary restraint to just walk away time and again. It is a discipline for sure. In the heat of the moment we are just not wired to give up and walk away. that's why we have rules, guard rails, methodologies, etc to combat this effect. many people utilize a routine or a discipline to stay true to your guard rails during the heat of the moment. the biggest thing is to break the pattern when it is occurring. the pattern (call it demon dialogue if you want) needs interruption so u can think for a moment. step 1 awareness is the key. u have to recognize when it happens. step 2 have a plan for when you recognize it. step 3 practice makes perfect. long term relationships go through this a lot as well. if u notice you always seem to have the same fights with your significant other. it's a cycle and a pattern. once you realize this you have awareness. only then can you start catching it when it happens. sometimes u just agree to disagree and revisit later but either way u now have a chance to break the pattern. awareness, steps to break cycle, trying over and over again to use the steps to break the cycle. eventually it becomes easier to do.
I think someone important once said that Philosophy is the beginning to a structured and happy life.
So much value here. Start small and go from there. Thanks Ross
This video came at a great time for me as I gave back my last 3 weeks of progress in one day which was last Friday. I was emotionally hijacked and didn't employ my max loss. I've had at least 3 days prior where I was down and decided to trade bigger and bigger size to make back the loss. Friday was the first day that didn't work and I resulted in 8x my max loss. Thanks for these tips👍
Same thing happened to me smh
That's honestly great to hear though, that means you're on the path to profitability though, you're at like marker 3/6
@@Naisori thanks for saying that. I'm feeling good with my progress. I'm 1.5 years into the journey
Great point of view. Thank you!
Such an EXCELLENT video!! this really hits home for me, & I think is the key for me to consistency. This has given me a whole framework! THANK YOU!
Absolutely love your channel. Im learning so much, ty for everything you are doing.
Thank you sir ,,,,newbie, here struggling with a lot of things wish I seen this awhile ago but thanks again this helps me stay on track
Nice scenery in your area.
Setting a max loss that you hold yourself too (about half my profit target) is probably the most important rule for me
I think this is not as big of a priority when people first start, but in my eyes, this should absolutely be #1 or #2. Ross had mentioned the book "Quit" by Annie Duke. Great read if you have the chance. It's all about cutting your losses in many different situations.
Thank you! Definitely an area I struggle with - not the over trading side, but thinking it will come back and keep the stock. So yeah I have that problem. So far I have been pretty lucky, but I need to change that habit and let the stop hit and take the loss. I have a few stops for downward halts just bad timing there, but areas I need to work on as well. Thanks for the guidance. OFF TO WALK :) I'll take that advice and clear the head for tomorrow.
Best video ever! I felt like this video was made specifically for me. I made those mistakes today and now that I listen to Ross, I see where and why I made those mistakes and what to do about it. Thank you Ross for everything!
Great analysis
Good stuff Ross
Exactly what I needed, thanks again so much. This is a profound topic, much to say.
Thank you, Ross.
Ross, one of your best videos to date. All your points are spot on. Thanks for all you do for the community.
Thank you !!
What kind of car is that ?
Fantastic video Ross, Thank you
Excellent call, the first leg is great, little trick I like in warmer markets, is to change the MACD to 3,10,16. When it goes to the first down side so long as it crosses back to the good over the zero line you can jump back in! Works best in my opinion on the 5 minute chart! You can do the same on the 1 minute with 3,9,5 but it will be more of a solid base hit vs a double or triple. Those grandslams only come for me if I catch with confidence near the beginning of that first leg.
Another great video!!
Great vid and great tips.. as always. Thanks Ross.
PS. The thumbnail for the vid makes you look... scary. Ai ? Take care bud,
Ross, I'm a relatively new subscriber and I've been watching a ton of your videos and read your book because to immerse myself in trading as I plan on signing up for your courses and starting to trade. Now, I don't remember which video it was, but it was one of the first ones I watched and you've repeated the comment several times in other videos. In it you said you should set a 2:1 profit ratio target on your trades. And I've thought about that and about how I would structure my daily goals and what I would need to earn to transition to trading full time. And what made sense to me was if I should aim for a 2:1 profit ratio target, then my daily goal should mirror that as well. And you just confirmed that today. Thanks for the words of wisdom. 🙂👍
one of the best trading psychology video i have heard in a while keep up the good work
Great Video. Currently improved my win rate and for this week cutting losses, accurate position sizing and no (emotional) overtrading are the mental/process goals.
This is exactly what i needed... riding with you in your Landy and getting some advices on exactly these topics. Thanks Ross!
Ive been there and its a very dark side. I'm working on this weakness. Thanks for this video.
at least we know it's not a beginner thing now. I made me a check list to read after a loss to see where my mind is. thanks, a great video..
Great vid as usual. Thanks!!!! Question: How do you determine your max loss/gain?
Thanks Ross. I had a big red day today, for my share size, and this video helped me to understand. It still sucks, but thank you for talking about it. I needed this right now.
Thanks Ross, I needed to hear this advice today, it was right on time. I had a few trades not work in my direction this morning. I stuck to the 3 strikes and out rule, and just walked away. In the afternoon, I peeked at the market again and was able to catch a nice ride to the up side to make a little recovery, got out and that felt good., so I tried again with more size and gave it all back plus some. Then I stopped for the day and I'm writing it off as a Red day. Hopefully, the rest of this week will be better for making money. Best of luck to us all.
This was great agree with you on everything excellent
Great animation with the ship :o) that expresses it well.
Thank You
First thanks for all your Insight you share! One question bought some AGBA 1.53 this AM because an article released says a pending merger will make the shares worth $10...if I am reading this right...thinking about taking my $500 now...just not sure how to proceed...any help appreciated.
nice, great idea. I like it. ) lets follow this idea for more post in the future.
Every single word you spoke in this video is so true. Your analysis and feedback of the current market conditions is so priceless. Ross - I am so grateful I found you and I promise once I am profitable I will give some back in the form of a Warrior Pro membership.
Looking forward to having you join!
Underrated message
I’ve blown up my account 2 times because of this reason. It is tough. I will somehow get disciplined, I’m working on it which is also hard to do. Thank you for these videos Ross.
Thank You Ross :)
As others have said, this thumbnail goes hard!! And the advice is good too. LOL
Last Thursday I was 1% away from my goal and knew I should’ve walked away but I wanted to hit that goal. I ended up red for the day after the next trade. Right now, close is good enough.
Thanks for this Ross. after Having trading click and having my biggest day Friday , I decided I was ready for more risk Lol Nope. Need to hold stop loss and build up that risk tolerance that won't hijack me emotionally
Thanks ross
Ross is noticed one thing thats funny, 23:14-23-18 you try to push your glasses back onto your eyes and its not there lmao
I love you so much Ross because you know my wayward ways
Hi Ross….could you make a video explaining what CMEG just did by changing the ADV parameter? How does this change affect people with small accounts?
It just eliminates stocks with super low volume
First day on the paper trader! I made 283 on 3 trades. 2 at 1000 dollars and 1 at 3000. EDBL has good potential rn!!!
My plan is to go 3-5 green weeks in a row before I go real money. Been watching your videos for a week or so. I will be buying your book as an ebook soon and I am considering joining warrior as well.
I’m currently on Webull which kinda sucks but it’s decently easy to navigate
paper trading is completely different when you go live...be careful...
@@wheeliewheelie yep, I only plan on going live with an amount of money that is excess. In other words, I plan on funding out of my recreational budget
@@wheeliewheelie in which ways? I also papertrade for now.
Depending on how many shares you trade in a simulator u can buy thousands of shares at a specific price even though there may only be 300 shares available at that price. So you dont experience slippage like you can in a real account.
@@tunestar there's different emotions that happen when trading with real money that affect your judgment...youll see...
Got distracted by a old childhood memory of the red lion inn @7:06 amazing times
This is what every trader needs to watch, and understand. Thanks Ross.
Learning SO much from you Ross. I've actually become profitable, unreal. I watch every video, ready to learn, with notepad in hand. Thank you!
This is one of my BIG issues, I can't let go, especially when I have been doing well. Thanks Ross, from another Ross ;)
This is probaly the only video I needed to watch today, and any day before this, as my winrate is above 60% but I'm not always cutting my losses and tend to have masive red days. Bookmarked this and going to watch it again...and again. Thank you
It's like "The Voice" from Dune..."GET BACK IN!"
Can trading strategies be used for investing long term?? Also is buying and selling the same stock after a week or month considered trading or investing?? I'm new to trading and investing and I am planning to start soon.
It's funny how we humans remember the loses more than the winners.
This is the BIGGEST advice I can give to my younger trading self. Knowing how to lose gracefully will save you money and make you money in the long term. I think the biggest tool every trader needs to establish is to find some type of activity that can be done while walking away to distract yourself.
The Umomo for frontside to reclaim on give back should situate an emotional threshold that one should heed all concern to.
oh my god, not too much animation in the video. I thought the brown smoke came from your car 😂😂
Top steps new TSX platform allows me to set and lock a Max DD. Once it’s entered and saved, you can’t change it until the next day. Definitely saved my ass more a few times. Maybe one day I’ll be so used to just shutting down that a crutch isn’t needed. Maybe not. It’s definitely changed my style of trading because now every morning is like starting a new static account. I have to take a few quick scalps to give myself some wiggle room. Then I can start looking for setups or sometimes those scalps turn out to be enough to just call it if I’m not into it.
I was so proud of myself last Friday. BPTH was starting to go higher, but I waited for the VWAP cross to make sure. Got in and it was going going going but not extremely fast.... then here comes the HALT... it totally blew it up for me and I then had a major loss. Really takes you back.... kapow! My fault... didn't put in a stop loss...............................arg learning learning learning
I needed this after MLEC. Max loss for the day. I'm done
Dang where was your entry? That was my best trade all month
2.98. Right after open. Went up to about 3.25 then what I thought was a slight pullback turned into a .50 drop. I just got out. Didn't have a stop loss.
Managed to win just before it dropped on opening
Same.. I recorded it too just watched it back and i completely hesitated on cutting the loss
@@richiemacc right at the open?? Dang. You have more cajones than me
Don't have time to watch yet but the thumbnail is awesome lol
it seems obvious to hear it but you have to repeat it every day, to be profitable the most important rule is not to lose money, cut your losses immediately. for me it is the first week after two months in simulation with good consistency, and I have come across strong emotions in real management recording losses. now I'll take a few days' break and I'll start again with a smaller size until I reach adequate management of my emotions, the battle is with myself and not with the market.
This is called ‘trading in the zone’. Hyper focus during the trading session and attempting to make more money when unsucessful is chasing. In my oppinion mark douglas goes both ways and everyone does it.
I really needed this today, I got emotionally triggered Monday and hit 4x max loss after having a small loss and making it back. I just wanted a green day. I now have to wait to fund my retail account and will practice all these techniques trading in my Roth. Thank you so much for your insight.
Great video. But with a small account (say $1000), you can’t size down much, otherwise the commissions eat away your profits, right? I feel like it’s tough with a $1000 account and setting stop losses lower than 1% to make money as the commissions are big
You could Sim trade or use a commission free broker with one share
I have almost 24 years of trading. My trading changed when I stoped to think about yesterday, or the day before or how many winning days in a row I had. I stoped using journals and all that crap. How cares what are my trading performance metrics. They are useless for me. Every day is a new day. If you ask me how many winning days I had this week, I don't know. How much I made yesterday? Or maybe I lost? I don't know. I only interested in the long run.
Just a thought... what if when you have a red day, instead of buying long, you start shorting on that day?
Setting a max loss with my broker where it’ll liquidate my position if it hits it is the only thing that’s saved me from myself. Kind of sad I can’t control my emotions but hey, use the tools we are given.
Sorry please if I may ask this
What’s your capital that made you use $5k as a maximum loss
Please I ask this so I can apply it to mine or if you can just tell me the percentage %
Right now I have $300k in my account, but I started the year with $100k and the $5k max loss is unchanged. So I guess i'd say at most 5% of the account.
@@DaytradeWarrior okay thanks a lot this very helpful
And I just understood something that my account increases does not mean I should increase my maximum loss
Thanks 😊
Awesome thumbnail Ross
dang, today destroyed me. gave back just over half my previous week gains today. Back to square one! Thank for the video ross
Giving yourself a chance or chances intraday. The intraday chance to success is such a real thing.
The graphic for capitulating is hilarious!
Nice thumbnail Ross lol.
Ross is turning into an actual TH-camr these days
Asside from real money and emotions, what are the differences between paper trading and live trading? What is the likelyhood that orders don't get filled on command?
Hard to say as it varies based on your routing/broker and the liquidity of the stock you're trading.
Although I understand where Ross is coming from, I find it difficult in the scenario where you made 1000 with a few good trades, scale up and then give it all back in 1 trade and going down 1000. Had the initial trades been at full size then the final scaled up trade may not even been necessary as daily profit target would be hit.
I love the fact that you’re talking to us as though we are in the driver seat!
I like the aesthetic of this video
Man, I love tools that are interchangeable from real life to trading, such as meditation. Something that can make you a better trader will ultimately help you lead a happier life.
Ross, can you go back to your TraderVue records and 're-set' your max loss from $5k to $3k, and (using the MAE part of trader view) see if you would have been better off? So for days where MAE was >=$3k, you must book that day as a (possibly 'only') $3k red day (even if in reality you 'came back to make money'). For days where MAE was < $3k you book those days' actual; P/L. You know what I mean?
Chasing bad trades to keep a green streak going...
Totally understandable. But ask yourself this...
What prize do I win by keeping a green streak going? None. You don't get any extra bonus by keeping a green streak alive. If it's not happening, today's not a good day to trade. I traded MLEC today and had it dump on me right after the open for a small loss. Also traded NIVF for a small loss. Walked away for the day.
I would give 6 hours of typing in limit orders with a headache... to keep that green streak.🎉