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Transcript
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What’s going on, guys? So, this is one of those videos you’re going to want to share with anyone that’s struggling, anyone that’s jumping around stream the stream, trying strategy to strategy. I’m going to explain something that you should know about. Um, before I get into that, I stream live every single day. If you want to come on, ask questions. Uh, if you want to support the stream, use code Cove Trader. And there’s a link to our free Discord in the description
Of this video. So, only because it was brought up on my live stream multiple times this week, I am going to get into it. So, basically, I’m getting into the idea of people copying streamer trades, guru trades, and things like that. And I’m going to explain why a lot of stuff is not obtainable for the average person. So me myself, I have blown two funded accounts all month. Both those accounts were being copy traded. So it was one trade. Um I
Just got caught in a massive I guess it was like a news dump. I did not have a stop on and it was kind of against my rules and I blew one or two funded accounts in one trade. So that’s really the only damage I’ve taken all month, right? But I’m also showing my account numbers, my balances every day. Everything’s out in the open. Right now, somebody told me that they were trying to copy somebody else. Right? If you don’t see
That person’s account numbers, balances, or they’re not streaming during the day and then just showing you, oh, I made money. That’s not obtainable for the average person because we’re going to go over the math. Say this person blows 15 accounts. Each account is call it 80 bucks. Most people do not have 15 accounts. They maybe have one to five. So if you followed this person as they were blowing accounts, you were out of the game. And then all of a sudden
On account 16, they take it to a $4,000 payout, right? Yes, they are profitable. Yes, they have something that works for them, right? It works for them. They’re profitable. Whatever. They are turning accounts. They’re burning them, but it works for them. They’re profitable. But you as somebody who’s following this person most likely is not going to be profitable. So, for you to follow somebody that’s not going to be open and honest about all their accounts and and their trades during the
Day, it’s never going to work for you. That’s the honest truth about this. I saw so, you know, like it’s just not I saw a bunch of people saying, you know, this week, oh, I follow this guy and I follow Well, that guy is not on the majority of the day. you know, they’re on for an hour and then all of a sudden they make a lot of money. Like for that hour that you’re following them, the the sample size is
So small and if they’re not making that money and then showing you gains, like it’s never going to work out for you. And I’m one of those people that say do not follow anybody in general. You should be creating your own strategy. But this is just to show you that, you know, if somebody has, you know, the ability, it works for them. But if they’re blowing 14 accounts to pass or get payouts in five other accounts, it’s probably not going to
Work for the average person. And I’m just being real with you, you know, and I’m not saying I’m the guy. There’s plenty of people out there that are just slowly building accounts up. And that’s probably where the newer people should not follow, but you should learn whatever strategy they’re doing. And that’s the truth. Um, this was brought up on the stream. Uh, somebody said that he literally has no strategy and he just follows streamers. And I’m just telling you, it’s never
Going to work if you’re following anybody. Yes, you might have a sample size of success because like anything, you know, you can roll a dieice a five times and maybe every time you get a four or above, but the odds are you’re going to start hitting the other numbers, you know. So, you might have a sample size where you are following these, you know, somebody’s trades and they’re doing well and they’re not showing you everything and you just happen to get
A sample size, it’s great. But if they’re not on the majority of the time, they’re just giving you a highlight reel at the end of the day being, “Hey, here’s my highlights. Here’s how much money I made.” And then you’re on trying to copy that for an hour where they might not make money. And then they’ll give you a highlight reel. And if you’re new and struggling, I’m not saying this is the place, but you should probably find a place where
There’s other traders sharing information and helping each other out and you have some type of strategy where you’re not blowing accounts. You’re not sizing up. Somebody also said they were trying to make the same amount of money as I do during the day. I I always said you should start small. Start with one account, get a payout, then take the money from that account, pay back whatever it cost you, and then grow from there, you know, and you just slowly build
It up over time. If you built up one account to a payout, and then you went from one to three to six to 10, by the time six months comes, I mean, you might have 30 40 accounts. You know, you don’t need to start at 30. If you can’t manage one account, you’re not going to be able to manage 40 accounts, guys. That’s the truth. That’s the truth. And I just want to let you know that that’s the reality of things.
Um, you know, if you’re sizing up and you’re trading too minis just to pass and then you’re blowing accounts all the time, it’s you’re sizing up. Everybody wants to get to the finish line fast. And the reality of it is this is just a slow grind. I’ve been doing this for a very long time. It’s a slow grind. Anybody who’s trying to make money fast is just going to lose it all. And that’s the honest truth. Take it slow. Build accounts.
Don’t just keep buying accounts. Take the money from the payout from the original account and build. That is my piece of advice. Do not follow anybody. Ask a lot of questions though. You should be asking questions about strategy. You should be asking questions about risk management, what they’re doing. You know, if somebody loses $30,000 in a day, how can you relate to that? If you’re, you know, if you’re trading, you know, $100 a day, like, it’s just not relatable. You know,
Find people who are relatable and scale up with them. Yes, it’s great that this other guy is maybe losing 30 grand and then making 150,000. I get it. Awesome. That’s not going to help you out. Just being honest with you. You should, you know, ask a lot of questions to everybody. Ask about strategies, ask the mental side of the game. You guys should be a sponge just learning and learning and learning every single day. Um, rather than following and you should
Just be grabbing as much knowledge as possible and then creating your own formula to to earn gains every day. And that’s that’s the honest truth. Um, if you want, share this with somebody that really needs to know. And, um, yeah, that’s it.
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