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Transcript
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What’s going on, guys? So, this is one of those videos that uh a lot of knowledge, not much graphics. Um, but you’re going to want to share it with people because it’s going to drop the knowledge that you want. Before I even get into it, I stream live every single day. Subscribe below. You can watch me trade live. Uh, we do a calculate ways on the stream. We have a lot of fun. And, uh, that’s pretty much it. You know, if
You want to support the stream, use code Cove Trader. In the description, there’s a link to our free Discord as well where we trade at night. And uh let me just jump into it because this exact thing happened to me on Friday. As you know, Apex stopped gold right now. Obviously, I have a lot of other accounts, but I was primarily trading gold for the last month or so, and I’ve yet to have a red day. Now you can see all
My accounts here. These are PA accounts, funded accounts. You can see all my balances. Um, so I basically turned around and I used the same strategy on NQ, but what I found myself doing was getting the FOMO. So when I used my strategy, I literally bought the bottom here, here, here, and I literally caught the bottom here, right? But I was red on the day trading NQ. Why? Because I had freaking FOMO. I had FOMO like up here somewhere. Um, I
Caught FOMO a bunch, right? And my typical strategy is buying on pullbacks. Whether it’s pullbacks to the downside to go up or, you know, pops to short, right? And couple things you got to realize. One, every bad trade you make, you need to make a good trade to go, you know, to make it back, right? It’s not just about making money. It’s about not losing money, protecting the bag, as people like to say. Um, so that’s one thing. Another thing you
Got to realize is say you think it’s going to go up, right? And we’re over here. If you buy right here without it pulling back, it could obviously pull all the way back and still be bullish, but you got to sit through, you know? Well, in this case, that was like a 100 freaking points. But just in general, like you could have pullbacks and you still have a higher low, right? So, there’s plenty of people that bought up here and ended
Up selling down here. Buying the pullback is generally going to help you out. Whether you use my strategy, any strategy, whether it’s if you’re want to go up, just wait for a pullback. If you want to short, wait for that pop. Uh just waiting is key with anything. A lot of people have what I call premature bulation. um you know, they they they feel like they’re missing out, so they buy early and then it ends up pulling back right into their
Buy zone. And that’s kind of what happened to me here. I I did take a loss somewhere around here. Um and I had buy orders down here and I took a loss and sure enough, it ended up hitting my buy order. And that’s why I tell people you should do things on your computer while you’re waiting for your entry, right? You should either have a remote job or a job at home or you’re at a job or you have a game
To play or you’re on our stream hanging out. You should have something that keeps you busy that you’re not feeling the need to get into a trade. You know, you put your buy orders. You’ll see me put my buy orders in plenty of time and I just let it sit. I’m just waiting for it to come down to a zone. And that to me, the waiting part is the hardest because you got to find something to do. So that’s why I
Enjoy doing the stream and everything else because it kind of gives me interaction while I’m waiting for my entry. But that is probably the single biggest thing that kills people in this trading game is not waiting for a good entry. A good entry will keep you in the trade longer. It will keep you um safer because say you buy on a pullback, right? It can continue going down, but the odds are you’re probably going to get a pop before it goes
Down. Something like this. Now, if you watch my stream, I bought right here, right? I sold on the way up. And even if I’m wrong and it continues down, the odds are generally better. If it’s already traveled 200 points, the odds are you’re probably going to get a bounce before it keeps going down. So, you’re probably going to be able to work yourself out of it. Um, you know, this happened to bounce and then it came back uh came back down,
But you know, the odds are just in your favor if you wait for it to come down before going long versus just chasing the trend going up, right? So, that’s what I just want to talk about FOMO. You know, that’s probably going to kill you. You got to think, how many times have you blown an account where you solely followed your strategy and your sizing? Most people blow accounts cuz they’re sizing up. They’re revenge trading. They’re not following their strategy. Um,
You know, and I I did it on Friday. I didn’t blow up, but like I had FOMO. I lost money. And then all of a sudden, I waited and my entries were freaking unbelievable. I had unbelievable entries all on the NQ uh on Friday and it was just making back losses from FOMO and I just figured hey I just put it out there. I just you know it is what it is but I’ve never blown an account where I just follow
My strategies. So um you know just something to think about over the weekend and um you know come back on Monday. I might trade tonight tonight you know Super Bowl. I don’t know, maybe when I get home, I’ll see where the market’s going. But, you know, find something to do to keep you out of the FOMO. And that’s my biggest advice. Put your orders in where you want it to go to and don’t touch it. Let the market come to you.
You don’t come to the market. Any questions, comments, let me know. If not, I’ll see you on the stream
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