Jared’s 7 Steps to Maximise your Day Trading Profits

Jared is one of the trader that I listen to regularly. He is more like a mental coach where he constantly advises you on the psychological part to being a very good profitable trader. This is his daily 7 steps in the morning to optimizing your day trading profits.

1. Prepare your trading plan before you go into market
2. Have an initial market bias from the Daily Futures
3. Find any stock-moving News Reports especially the ones on your favorite list
4. Gather your basket of stocks you are interested to trade in according to your strategy.
5. Prioritize these stocks in order of importance
6. Put those stocks into stock chart for active monitoring
7. Wait for your setup to trigger

What he is saying

hey guys jared wesley right here of live
traders and it’s
that time of this it’s lecture time week
and this week’s topic guys is preparing
your trading day
for maximum profits what i’m finding is
a lot of you guys are form of tongue
Twisted and tied you are like pretzel
tied
you do not really know very well what’s anticipated of
you when it is expected of you
throughout the trading so today day
we’re going to talk about that
as an example you want to get in front of
your trading desk at least
30 moments ahead of the market opens
preferably 45 to 60 minutes
Before you are opened by the market desire to open
up your trading platform and right after
that you need to have a review that is quick cheat sheet if you can expect to of the trading plan
why because that’s your guide that is
your roadmap to success so review your
trading plan briefly
then you’re going to take a look at the
market right and you also say could be the market
gapping up today is it gapping down
today could it be today that is flat’s my bias do i think it’s higher do i think it’s
lower et cetera why
because this is going to impact
regarding the kinds of stocks which you trade
relative energy stocks relative
weakness stocks etc and so forth
take a look that is quick the financial
calendar have a look for
possible fomc have a look for petroleum or normal fuel reports
then you definitely’re planning to take out your
dollar gainers dollar losers list and
you are going to scan
down that list to get 10 or 15 or 20 of
top ideas out there
once you’ve done all that you’re right
around 920
925 give or take the marketplace’s going to
be starting soon
and then what you want doing is you would like
to build what i call a
favorites list okay so you have got your gap
list from the dollar gainers and losers
then you’re going to dwindle it down seriously to
your favorites list so out of those 15 gaps you may pick three or four of
your absolute ideas that are top
draw a trend line on them draw your
help and opposition line put price
points where you want to enter the
stock
if it has a pattern that is good so then
You are opened by the market do your trading you make use of your pre-market maps to kind of
allow you to out along with that stuff and
as soon as you’re completed your trading you need to do what your follow-up your
record keeping how many of you guys
actually do that be truthful
how many of a trade is had by you tracking
spreadsheet that you fill out
how lots of you actually trading journal
your stocks and trades that you took
that
have a picture place it on powerpoint
whatever its mark up those maps
most likely not many of you it’s this that
i’m getting at most of you around are
hacking around you’re not
Taking this continuing company seriously enough
well think about it for the second
don’t sports groups monitor each of their data
they after all appearance at baseball with
sabermetrics it’s an entire business
within a company just monitoring
statistics
fine companies do it for marketing
obviously pepsi thought it was smart to
pay beyonce millions of dollars why due to the return on the
investment by spending that money why how’d this analytics are known by them
record keeping
tracking your trades you need to be
doing the exact same thing figuring out just what
is working for you what exactly isn’t working
for you possibly you’re better on long
trades than brief trades perhaps you’re better on fridays than you
are on tuesdays maybe you are better with
zero to 20 dollar stocks than you are
with 200
stocks you won’t know some of these
things unless you track them
so today’s lecture dudes is talking about
all of those things
it’s about 45 minutes long fine and it’s likely to talk about whatever you need
Day to do throughout your trading
to maximise your maximize that is potential your
talents minimize your weakness and
ultimately
maximize your investment returns as well alright so
jared wesley of live traders let us get
to it
all right this week’s topic is preparing
your trading day for
optimum profit i get a lot of e-mails
about a complete large amount of different topics but one
regarding the things i get frequently is just how do
you set up
pre-market how can you proceed through
basically the first
hour or two of your trading day so i’ve
done a lecture on pre-market charts and
even a bit that is little of scanning
today I will form of tie it all
together so we’re going to talk a little
bit about
pre-market charts a bit that is little
pre-market scanning a bit that is little
when you ought to be getting in front of your desk and all the plain things that go
into preparing your trading day however
also transition a bit that is little
into the actual trading day after which
what you additionally must be doing whenever your
trading day is done so basically kind of
beginning to end
um just how your trading should look if day
you want to be profitable because we’ve noticed some people are cutting lots of
corners inside their trading they truly are missing
important things like a pre-trade
list or they’re waking up only a little
bit far too late and i know this may sound
crazy but i’m even finding some social people are
waking up too early right there’s actually this kind of thing as
too early if with regard to scanning if you’re scanning you realize the market
opens at 9 30 and also you’re scanning it
like 7am
630 not large amount of the gappers are on the
list yet some of them are but you’re
going to miss a few so
excuse me um therefore you definitely want to
recheck that list later but that’s
Day today’s topic preparing your trading
for maximum
profit however before we have to that particular
we have to do when will the insanity
stop the answer is
never all right because long as there are
human beings these days
and the ones beings that are human to
become traitors this may never stop
therefore i expect this to happen forever because
long as i’m doing these lectures
um here is one i just have one today
uh and i’ll be truthful with you I am
regurgitating that one i can’t i cannot
stay here and lie for your requirements
this really is a redo why i had three
i had three people send me when will the
insanity stop
um emails the other day i put them in A i and folder deleted the folder by
accident so i had three excellent ones one was
ridiculous like one that would like make
you your shiver a little bit
uh and i removed them and i had been like oh
um so
I am doing a little regurge because i
feel you need to keep consitently the insanity
going right here so anyhow i have an urgent
concern i simply
started checking out trading three day
weeks ago
as usual i had really good gains on some
days and made some decisions that are bad
ended up with big losses
point here guys is you’re discussing
the dax the ftse how come that important as it doesn’t matter what market
you’re exchanging it could be the u.s
markets it might be international markets it
doesn’t matter
okay it does not matter these things
emotions therapy poor money
management afflicts all people from all national countries all walks
of life all traders
okay and this is a trader that is new in
three weeks has very experience that is little
three days it’s down nine thousand
dollars yeah they possessed a fifty thousand
dollar
account that’s almost a twenty percent
loss eighteen percent loss on your
account in three days
that girls and gentlemen that is stupid
straight up idiocy
ok I am maybe not trying to be rude it simply
is dumb
you have three weeks encounter my
goodness gracious what can you do
profitably in this world in three weeks
right perhaps not very much also illegal things
you probably are not excellent at in
three weeks
okay so point take your stop losses
please take your
stop losses use proper money management
i said it this morning
uh to you guys if you are a new comer to the room
or if you’re not used to trading
five buck risk ten dollar risk no
you’re maybe not planning to make money that is much
you’re additionally perhaps not planning to
lose money that is much and there is a
greater probability of being a losing
trader
in your first three six nine year
than there is of being a trader that is winning
i know i know you’re various
you’re
special we understand fine you’re not you aren’t okay you aren’t i understand
everybody thinks that way that
they’re the exception you’re perhaps not ok
you’re likely going to lose money in your first few months of trading so
what’s the objective to lose less money i’ll
repeat it
you’re most likely likely to lose money in
your first few months of trading therefore
use lower risk and you’ll lose less
money magic common sense it’s amazing where common sense can enable you to get in this
globe
okay all right so that’s this edition
this week’s version of when might the
insanity end
nine thousand dollars in three days on
a 50k account awesome
okay all let that is right dig in
so here’s your thing guys don’t worry
there’s a lot of charts in today’s
lecture don’t worry not a lot that is whole of
text slides mostly charts
um you have to really have a trading plan
before you begin period end of
discussion okay you can get trading plan
essentials which can be like a 60 or 70 web page
guide we have at live traders that will
Help a trading is built by you plan
um it’s literally a step by step process
on the best way to build one however if you don’t
have plan you are a gambler and if you are a gambler you are not an investor
okay i know you might be that you think
a trader since you opened a trading
account you’re not you’re a gambler
okay and acknowledge it to yourself you don’t
have to admit it to me
are you currently a gambler probably because what
i find most traders do they’re certainly one of
a few things they either
do not have a plan to start fine we
don’t have even an idea to start
fine or they’ve a plan and so they never
follow it
which is simply the same as not having a
plan
so make sure you put together a trading
plan and never come right here and say well i
do not know where to own we don’t know
where you can build a trading plan well
that’s fine that’s fine
you shouldn’t be trading money that is real
until you have one right
you’ve got to attend hamburger university at
mcdonald’s um and then what is the one at
burger master
whopper universe i can’t keep in mind what
it is called um but anyway the point is is all those
places everywhere you go within the world
requires you to definitely get some kind of
training
some form of apprenticeship some form of
education
right you money to before they will pay
do something somehow in trading individuals
forget that step therefore build
A trading that is defined after you have
your plan you’ve got your road for every single time that you trade
right you have your roadmap for every
day that you trade after that therefore now
when you wake up you understand what the plan
of action
is from then on you will wake up
and also you’re going to develop a market
bias that’s the initial thing you ‘re going to
do once you open your trading up
platform the first thing you ‘re going to
do is take a good look at the spy in the queues the
s p 500 and also the nasdaq 100 you want to look at the iwm
that’s fine okay and also you’re going to
appearance at it plus don’t get me
we’re planning to do this here in an extra
don’t worry and you are going to develop
a market bias
you say okay is the market more likely to get
greater is the market likely to get smaller
is it likely to go sideways or can it be
only a crap shoot there are days today
where you’re really not sure what the
market’s going to complete now why is our
important it is important because it helps you
discern
relative power and weakness that is relative
once you’re trying to find gaps right
if the market includes a big space down maybe
into help as an example and the thing is a
gap
up more than a red club i think wow who has
tremendous
relative strength in market that will most likely
bounce since the market gap to support
right which means you’re just trying to tie in
your gap scanning along with your market bias check any relevant
news reports i
this is i’ll be honest with you this is
a step that i most likely should do more
frequently
the reason why i’m commenting is perhaps
it’s wednesday like today
right and there might be an oil report
right
A gas that is natural something and also you
could have mobil that is exxon your gap list
and it might be 10 30 and you’re perhaps not
even realizing oh my gosh 10 30 11
o’clock the oil report comes out
now your hands caught in a cookie jar plus some random event happens that you
weren’t expecting form of like
do not be in a earnings gap if you’re
swing trading so
check news that is relevant it does not
take that long days that are fomc exactly
all right you don’t want to be exchanging
at two o’clock when fomc happens why it is a crap shoot for approximately five or ten
minutes
okay i know a lot of you are like no no
i’m gonna i’m gonna roll the dice we’re not here to roll the dice
okay develop a focus list of favorite
ideas this is basically what develop a gap list and you also’re to scan for
that gap list and don’t worry guys every
one of these bullet points is likely to
be discussed in just a moment
okay so create a space list a focus
list
stocks that look really good to you
based off of
your trading plan rules okay that’s what
you’re scanning for
also based upon your market bias for the
time
then you prioritize that list when you
create the list that is main might be 10 15
20 a few ideas once you’ve created that list
you prioritize this list in terms of
your top
top favorites like we did now right so
A list was had by me of i think 14 some ideas but we
had five favorite ideas on that list today
okay put those favorites on a thumbnail
watch list with possible entry points
kind of know where you would like to
enter those trades an idea that is rough of
area
okay after which if the market opens be
patient
wait for the pitch do not be in a rush
therefore let’s have a look
developing an industry bias all right so right here’s an example all spy that is right the left cues on the
right
notice we are in a downtrend appropriate lower
highs lower lows lower highs lower lows
okay so we’re in a
downtrend on the daily on the spy in the
queues in this picture
ok in this picture all and that is right
what happens may be the market gaps up on
today
okay so that you’re gapping right into a wide range
red bar
so market that is daily but this is usually a
bullish
gap so you’re taking right out half or seventy
percent of this bar that is red
that’s there’s some shock value there
does this mean that industry’s going
to be rip roaring bullish for the following
fortnight
no but we’re talking about today
o’clock whatever time frame you trade
today okay so for head and micro
trading
temporary trading all day trading day
bullish bias long swing trading long
core trading
not a long bias there’s a positive change but for intraday trading when a gap is seen by me
like this on the queues or perhaps a gap like
this in the spy
deep into a wide range red club I am
searching very long for that
day the reason I am discerning this and
isolating for you dudes is simple
a number of you will look and go but we’re
in a downtrend you told us never ever go
The trend is your against the trend
friend you’re appropriate
but in a time that is micro for a two
minute chart on a five-minute chart also
A chart that is 15-minute
the market is going to be bullish today
very prone to be bullish so
we’ve to deal with it as bullish so i in
this scenario i might be seeking
stocks being even stronger than the
market possibly
this does not mean we will not short stocks
on this day doesn’t mean that at all
it just means the idea that is general the
market should increase okay
now as soon as we have that bias okay once we
have that bias we are going to do what
we’re going to go always check our economic
calendar
Wednesday okay say hey oh my gosh it’s
there is a petroleum status report at 10
30.
there’s fomc minutes at two o’clock i
need to know that now demonstrably this is
older that’s not the purpose
the main point is i need to know what the
relevant news reports
are because i actually don’t desire to be in exxon
mobil or some other petroleum stock
at 10 29 in the morning one minute
before report happens or if i really do trade
it
we want to know that i’m going to get out
of it or i have some form of protection by the time 10 30 comes around okay so
if i get in at 9 45
i have 45 minutes to let that trade
wiggle around but
if i’m not within my target yet I will
be planning to break even on my stopper
doing something to protect myself if i’m in a petroleum or oil based stock
and there’s a petroleum status report
coming away okay
fomc i would escape of all my positions
i’d be flat for fomc
flat okay it’s better to be
safe than sorry this is a mantra that i
want you to repeat to yourself
Every it’s better to be safe than day
sorry
ok sure every now and then the market
will gap in your direction or that oil as default will go in your
direction sure it really is
but what if it generally does not and you simply take
nasty slippage it’s not beneficial
it’s just not worth it alright so after
you’ve done your market bias then you definitely’re going to check on the regular
financial you know reports page
okay for the you’re trading then day
you ‘re going to do this
you are going to pull your dollar up
gainers
you ‘re going to pull your dollar up
losers whatever it really is that you use to
scan for i use tradestation i place it at the most effective
so individuals stop asking me just what
platform i use I take advantage of tradestation okay i take advantage of dollar
gainers and dollar
losers okay and exactly what you are looking for
is individuality relative energy relative
weakness degree one level two level three
gaps and before you ask me what a level
one degree two level three space is it’s in
professional trading strategies
okay it’s in the course expert
trading methods we define it very
very specifically
based off numerous factors where it’s
gapping from where it is gapping to the surprise value it has the quantity it has
how much it’s actually gapping five
percent versus fifty percent
okay there’s countless many many things
that we look at but one of the things
You guys to get in the habit that i want
of doing is taking a look at the volume
okay note in this day that is particular can
see this a bit that is little because
tesla
has become like i don’t know two million
dollars um you can observe on this
particular tesla did 400 day
000 shares in the pre-market pre-market
bynd 350 000 pre-market stocks
what youare going to notice is generally
talking there will be an
exception
generally speaking speaking the more volume
a as default does in the pre-market
the greater institutional commitment that
that stock
has and meaning the institutions are
thinking about it and it’s really a lot more
likely to
exceed its trading range that is average for
that day so let’s say you have got an as default
that ordinarily does a dollar a in day
range
okay that’s the normal range for that
day if you have
10 times normal pre-market volume it
will probably double or triple that
average trading range
that is important to us we wish stocks
which are special
stocks that are unusual stocks that are
going doing things unusual
that particular okay so dollar day
gainers dollar losers again
it’s not necessary to make use of tradestation you
can go and utilize
finvis go use finviz in the event that you want okay
scan pre-market i don’t think they will have
pre-market regarding the free version but the
compensated version they’ve
um pre-market go use trade tips go use
tc2000 if you use thinkorswim there is
lots of scans on thinkorswim in the event that you
use fidelity
ib there is a lot of scans nowadays
do not sit right here and state jared i have to
have tradestation to scan forget you
not do not have to have
tradestation to scan for gaps
there’s a gazillion gap that is different
scanners I have currently done a youtube
video on that since well
all right gap that is different out
there alright so that which you’re going to do
is you’re going to scan that list okay
you will use
into the pre-market you are going to scan
on the 60 and the day-to-day you are going to
glance at the 60-minute chart and the
daily chart
60-minute chart in the chart that is daily
your gap list
fine and also you’re going to truly have a little
tab in the right hand part
and it should be long gaps and brief
gaps long gaps
And gaps that are short’s it and you are
going to fill this this area out right
here on the side that is long you have
scanned the dollar gainers
once you’re finished scanning the buck
gainers
you’re going to go right to the buck losers
ok and you are going to scan here
all right and you alsoare going to fill in
this list and also this is going to be your
quote
general gap list right this might be your
basic gap list
why do i say general because you’re
gonna go back and tune that is fine list
later on
and most likely add one or two and take a
few off you’re gonna tune that is fine
okay and then you’re gonna create a
favorites list from it
okay therefore the go-around that is first just your
fundamental gap list and you’ll miss one or
two things
additionally whenever you scan at 8 30 or 8 45
some things pop up later they appear at
nine o’clock or 9

therefore you should five or six mins
ahead of the market starts go through that
list
real quickly once more the gainers and
losers list go through it again very
quickly
simply to make sure there’s something on
there you
that you didn’t miss okay so it’s gonna
look
A bit that is little this right you say are
some stocks like mu ba appears that always
Do a complete lot of pre-market volume that is
normal
but whenever you see stocks that don’t like
for example
tiffany’s 1.9 million pre-market stocks
that’s insane okay that’s insane
spotify 67 000 at the time which was a
large amount of volume
okay roku doing 55 000. therefore I’m not
saying
just look at volume that is not what i’m
saying you still have actually to check at the
chart you still
need certainly to look at the chart that is 60-minute
still have to go through the chart that is daily
right but volume gives you a huge
indication of what the hot stocks are
for that day
likely exactly what the movers and shakers are
going to be sure sure sure there’s going
to be one or two stocks out here that
didn’t do much amount and they end up
moving huge
that’s going to happen but we talked
about it shows a degree of institutional
dedication
which often means above average
trading ranges but we nevertheless
have to have a good gap we nevertheless have to
have a good gap
so the next question would simply be
just what does what is a gap that is good like
ok we’ll get to that in a second
somebody’s asking a question i presume
it’s good one
you have a float that is minimum a minimum
stock price for me
we won’t look at a as default that’s doing
less than 5 000 shares
into the pre-market if a as default is doing
less than 5 000 stocks i will not even look
at we’ll simply flat skip it
now note look how numerous shares we would
skip I might skip this one
this one this one this one this 1 this
one this one this one this in fact let’s
just take more look at which ones i
would actually look at
so on this list there is 39 stocks on
this list I might look at one
two three four
five six seven eight nine ten of those
and here’s the scrub i won’t look at even
all ten sock soles and etf i generally
don’t trade etfs
A look would be taken by me at nine among these 39
stocks so just around 20
just over 20 percent of this list i
would really click
on and check and when i click on it
it’s going to populate my chart
right we go back for this when i click on
it
it’s going to populate my chart and i’m
going to have a look at the chart
after which if it is adequate the amount
matches
the gap fits it’s going to obtain put on
This list that is long
right here alright all right
So now the relevant question then becomes well
what just what does a gap that is decent like
you wish to be looking for something
like this okay
a thing that has shock that is really good
value here is a stock that’s clearly in
an uptrend right
stock moves higher places in a bit that is little
of the bullish triangle or ascending
triangle over here it
rips higher again consolidates out in a
relatively
bullish manner sloppy but bullish and
you’re and it’s holding the trend line
right
it’s literally greater highs higher lows
higher highs higher lows and this
thing looks higher which means that your basic
opinion of this stock would be
bullish bullish bullish and you then
get up
and also you go whoa what just happened
so up to today you’re thinking
bullish bullish bullish bullish that is bullish
and you ought to be thinking bullish
bullish bullish bullish
and then out of the blue the stock gaps
down right this bar that is red
gaps down under a wide range bar that is green
under multiple pivots with room
to drop below down to the 950 or nine
dollar area
this might be what we call a shock value gap
this might be a professional space
and this as default was demonstrably in a uptrend
it was clearly bullish and today you
wake up and
growth it gaps down there’s a great deal of shock
value here
fine a lot of shock value if you owned a
stock at 11.50
or 11.75 and you woke up the day that is next
had been at 10.50 you wouldn’t feel excellent
it’s gapping down
10 against you generally there’s a complete great deal of
people that wish to get out of that
position
why because fear is stronger than greed
And a complete lot of individuals are fearful
fine in addition they desire to dump it so they
dump the stock and it goes lower
Right it is sold by them off gives you an
possibility to short the stock for all
of you that are not familiar or aren’t
Aware because this question is got by me
frequently
yes yes yes yes it is possible to make money when
the stock goes lower
it is called shorting watch the big short
google the word
shorting stocks you could make money when
a stock goes lower
okay all right so this would have been a great
example look at the huge
increased volume consider the increased
range
therefore big gap down will probably set the high
for a number of years to come
and now we’re searching for an entry somewhere
under 10.50 but that’s
only the first step that is only step
one you have the gap does not mean you’re
going to blindly short it you have the
gap
great then exactly what well we have to
fine-tune this
refine this using pre-market charts
and utilizing our trading plan which will
have patterns in it three bar plays
breakdowns
cell setups climactics etc okay
so getting a gap that is good only step one
All let that is right take a peek
here’s an example all right so it was
from yesterday okay this was from
So here’s pii from yesterday yesterday
all at this time granted i took a
screenshot of this later in the time
to make certain that’s why the volume is indeed crazy
okay on all the stocks i took a
screenshot of this
dollar gainers later in the all day
right so anyway
pii ended up being on the dollar gainers list
yesterday
so we clicked on it and said oh wow it’s
gapping up over a pivot that is prior
is this a perfect space no why because
it’s gapping from
a green bar not a red bar it’s not
terrible does not mean we can’t trade it
but I am going to reduce my expectation a
little bit
because the as default doesn’t have shock
value it is gapping from an already
bullish move
yesterday okay therefore it is gapping from a
bullish move but here’s the good
you’re taking right out one pivot right here
you’re taking right out another pivot over
here
this is excellent so it is not a
perfect space
you will find other gaps that are better
like the gap you just saw
but do you know what you’re not going to get a
perfect gap every day it’s simply
perhaps not going to happen that way
so we have exactly what we call level 2 and
level 3 gaps so not every gap
every day you’re going to get an even 1
gap sometimes you need to wait for a
level two or level three
to make certain that’s where this comes into play
it’s still a gap that is good you just have actually
to wait a little longer for a little
additional confirmation
okay therefore over this pivot over this pivot
i like it i like it over that area
so it will continue the space list
so i would decrease this list i go click
click click click oh
pii appears form of nice put it on the gap
list all right
Next let that is oh move to the
short gap list from right from yesterday
yesterday
and again i apologize i took the
screenshot later in the day i took the
screenshot later on in the day but
I am going down the list i’m going down
the list i glance at mmm i’m like oh
this is really a pretty damn nice space why it is
gapping
under quite a decent sized bar that is green
and that green bar closed at the high of
the time
and now it’s gapping under one bar that is green
two three green bars and a pivot
plus the pivot gives us room down to
roughly 150 so these two red lines here
gives us room from about 156
down to 150. so i have actually six dollars worth
of room to trade this stock
because the target has to be 150 because
there’s triple
bottom help stock came to 150 bounced
came to 150 again bounce retested for a
third time
bounce so it’s most likely planning to bounce
at 150.
so from 155 to 150 that’s the product range i
can trade this stock but i enjoy it
because it’s gapping under a good
Size bar that is green under a pivot so mmm
would
make the gap list we’re going to place it
on the list
okay put it in the list now once we have
the list
i’m going to get in i’m not planning to show
it right here but I will go fully into the
pre-market chart
and I also’m going to check out what pre-market
charts look the best
which ones have the nicest cleanest
pre-market
patterns and then i’m likely to take
those shares
and i’m going to put them on my
thumbnail watch list my favorite
favorite stocks are going in order to make my
thumbnail watchlist now
i frequently get asked well exactly how numerous
shares do you watch jared
this will depend on exactly how stocks that are many find
suitable for me the optimum long shares
i’ll watch is 12.
the maximum brief shares i watch is 10.
why i have two little slots down here on
the bottom right for the market i want
to see just what the market’s doing as well
so
i won’t view more than 12 longs or 10
shorts why because i feel like this’s as
numerous as i can reasonably watch 22 stocks
great deal of stocks to look at
now do i watch 22 stocks every heck day
no
maybe one a month do i actually have day
a space list who has 20 stocks on it less
than it’s less than that
okay so my point i’m making is
you only want to watch as many stocks as
you’ll reasonably watch without
getting distracted without lacking
trades that’s key
watch as much as you’ll without missing
the trade
okay when you can just only watch four
stocks only watch four shares if you’ll
only watch 10 stocks only watch 10
shares
i place these on two time that is minute
the reason i put them on two time that is minute
frames is
i love to trade from 9 30 to 10 15. it’s
my bread and butter time of the day to
trade
the best timeframe i in my opinion you
can utilize for 9 30 to 10 o’clock 9 30
is two mins one minute’s a bit that is little
fast five minutes a bit that is little
two moments perfect now this does not
mean we do not take one minute trades
it doesn’t mean i don’t take five minute
trades it simply means for my thumbnails
the two moment is the one i view the
Most and it is kept by me static
all right after 10 a.m i would alter
this to five minute charts
all i need to do is click one and most of
them will populate on a five time that is minute
frame but i like the two minute because
I believe it’s most productive and
conducive
from 9 30 to 10 o’clock now that which you’ll
see here guys is
listed here is the gap list very long watches brief
watches
and then note beneath the gap list this is
posted on stock twits okay
underneath the space list you will see my
favorites favorites tech d over 91
keys over 56 dollar tree under 88 dg
under 90.
and so I take the very best of the best the top 1
of all naval aviators all right name
that movie
anyway gap list starts out with
10 or 20 ideas drill down to a favorites
list
of perhaps three to five ideas okay
that is exactly how it really works you want to
literally be trading
the greatest of the best okay we will make you
better
all right so once we do that
after we’ve examined our news reports we
are basically exactly what
we’re ready for the open so
we reviewed our trading plan we got in
front of our desk around 8 30 to 8 45
new york time okay for a 9 30 available so we
got in front of our desk between 45 and
60 minutes early
if you are a really good trader you can
get in front of one’s desk 15 minutes
early
30 minutes earlier 15 minutes early but
for newer traders give yourself a little
additional time
so we got in the front of our desk
thing we did always check our trading plan simply
review the plan which means you understand what the
plan is
2nd thing check out the market bias
what is the market today gapping that is doing
up gapping down sideways whatever
then check news reports what relevant
reports are happening now particularly
from 9 30 to 10 30 if that’s when you
trade I love to trade the open
scan dollar gainers and dollar losers
it is possible to use this on tc2000
tradestation finvis trade ideas whatever
you would like
fine whatever you want build your basic
space set of 10 to 15 ideas generally speaking
talking some days it’s just five tips
some times it’s 25 ideas
okay then dwindle that down and drill it
down to
your top three to five favorites with
price points and the price point simply
Means this is an certain area i’d like to
trade this as default
Okay that’s an certain area i would prefer to
trade these things
so regardless and this is important
regardless
okay of just how good a gap is or how much we
estimate like something we never ever
randomly buy it
this is exactly what pisses me off about a lot
of men and women on social news or stock twits
like haha jared you had been totally wrong
Today on that idea
just what do you mean I happened to be incorrect on it i
posted a place
in which i want to trade this doc
if it gave me a pattern
like oh well you stated over 56 and that
as default tanked all time very long well it didn’t
give us an entry so
no harm no foul this is the reason you never
blindly follow anybody anybody
okay regardless of how good a gap is
or how much we like it we never ever randomly
buy it we have
to have a pattern and that pattern has
to be predefined in your trading plan
and preferably
a photo of it on your wall i’m not
kidding an image of it on your wall
most people fare better with visual helps
than they do with mental aids okay if
you are a very person that is good
things in your head
awesome but most people do better with a
picture in front side of these
pilots and checklists take that image
have actually a list below the picture and
say i need this this this this and this
is there a bottoming tail does it
have volume
is it at support is it near a moving
average is it a 50
retracement check check check check
check if it checks all of the containers and
looks like the picture on your wall
simply take the trade if it doesn’t do not take
the trade
how many of you skipped that step you
need not answer me because i know
it is most of you
the majority of that you do not but but but but jared
I am gonna miss the trade if I actually do that
well in cases where a pilot
didn’t check the aircraft out and go
Through his checklist you may die
so do you want your pilot to go through
their checklist before he takes off uh
yeah jared
well what we might leave if he said but
five minutes late
and you might arrive a tiny bit late
but i’ll get you there safe if i go
through the checklist
do you believe you’d wait the five mins
to truly have the pilot feel the
checklist
we’m guessing you would i’m guessing you
would why
because the consequence is grave serious
consequences
you are looking at trading as the
consequence isn’t that great it is
its you are either going to blow up
your trading account because maybe you
didn’t do your money management
checklist
maybe you didn’t do your stop-loss
checklist or worse yet
you’re gonna have to return and work
for that boss that is crappy you hated to
start with
since you don’t go during your
checklist so what if you miss a trade or
two it is gonna happen
i i missed one it’s going to today
happen oh well
i’d rather be safe than sorry that’s the
Theme you are wanted by me to take from us i’d
instead be
safe than sorry missed money is better
Than lost money there will be always
another trade
always ok this may be the problem with
this industry everyone’s teaching you a
couple of crap
crap crap crap let us go have a cent
Today stock that was that kodk
it went from like five dollars to fifty
dollars I am gonna get rich quick no
you are perhaps not
you are going to offer it all back at some
point when certainly one of those gaps against you
fine be smart man i know
commonsense is quite uncommon therefore here
would be a good example guys
okay here is an instance
of the pre-market chart that i will be
interested in all right so
fedex gaps up okay you see the prior
day’s close is right around 160 150
the following
okay right where my cursor is right
there that’s where it closed the
previous time
ok now it gaps up this morning
to approximately 165 but notice the pre-market
appropriate here where my cursor is right
there this is pre-market
okay that’s pre-market wow
look at that beautiful pre-market
consolidation it’s beautiful
Now what i don’t here have on could be the
60-minute chart to i overlay and
apologize for that but i don’t have it
so this is a decent space
up how can I know it’s on my favorites
list it couldn’t make the favorites list
if it absolutely wasn’t a gap that is good but again i
apologize for not having the 60 or the
daily on here
so i’m saying hey guys i like really
mcrn
And i like i and fedex like fedex over
165 now why where would i get that
number from
the pre-market chart right here right
there
i’m going i don’t really want to purchase it
into the pre-market so let’s wait till the
market opens
and us a pattern we’ll take if it gives
it well
now we used the market open
as well as the pre-market to give us a
breakout pattern
so 165 is the entry 164 30 is a stop oh
examine that
9 31 in the fedex 165 by 164 30 morning.
nothing rips we visited 168 within 30
minutes
so this is the way you are taking your trading
plan
all the way through to the finish to where
The execution is seen by you associated with the trade
so all that work you did within the
pre-market
enables you to take this trade and here is
the beauty
it doesn’t imply that you can’t be
aggressive
With certain trades if a level is had by you
one gap and you have a really good
pre-market chart
you are allowed to get in at 9 31 or 9

now
granted this didn’t actually trigger
until a bit that is little right this was
called at 9 31
of course you take a look at the bars it
didn’t actually trigger to like 9.55
Right take a look at the volume be seen by it
at the end 10 o’clock is
right where this bottoming tail could it be
actually triggered around 10 o’clock
okay at 9 25 so i liked it.
It was called by me at 9 31 and it took nearly
30 minutes before it really triggered
however it was a painless winner fine and
this is exactly what it seemed like
all right there it is okay
five minute chart 15 minute one minute
Two minute and here’s the plain thing what if
just what if what if you didn’t check the
pre market
you’d think I recently took a a two
moment high or something of that nature
fine
you simply think oh he just took a random
pattern or a trade that is random no
pattern no
that’s not true i i took a real pattern
okay i took a genuine pattern
And there’s the total outcome we did well on
this you know we made I really don’t know 700
bucks on
okay once more
same situation this is how i want you
guys to get this done
we want you in the first place the and that is daily
Go look that is wow that gap
up it’s gapping over two bars that are red a
pivot it’s room back once again to about
I really don’t understand 1870 yeah there is just a little
bit of junk in route up a bit that is little
we’ll provide that
generally speaking the dual top is
exactly what we’re most concerned about
but i do like the gap within the two red
pubs over the pivot and on volume so
what’s my work
find an entry find an entry i’ve done my
job ahead of the market exposed
i’ve located and discovered the best gap
available
now my job is to have patience and wait for
my pitch
okay so i’ve done all my pre-game prep
right
you’ve trained you’ve worked hard it’s
training camp it is game time now
I acquired my gap list so after the gap list
i’m just waiting
waiting so view it gaps up and then
type of goes red the first two minutes
then goes green the second two moments
then bottoming says so so far in the
first
five six moments of the day nothing
actually happened
and then it starts to set a pattern up
and that pattern concludes up being a five
minute
three bar play or perhaps a mini a couple of
minute breakout
we get in at 17 the stop is 16.75 rip
dudes it visited 1880. it’s really a dollar
eighty on a 25 cent stop
dollar it is like seven to one on your
money here it is seven to one on your
cash
just how did this happen it started with all the
gap
it actually started with your trading
plan knowing things to scan for
fine and you then get the space then you
wait
and you wait and you wait and where are
we waiting what exactly are we doing we are doing
our
guys i’m not kidding with you we’re just
sitting here
and observing your thumbnail charts
simply staring there simply
do boring boring boring boring oh oh
whoa what is that oh yeah look at that
pattern
let’s enter that that looks awesome
and that’s this that’s how
good trading works it isn’t all up in
your face crazy action all the time
good trading is relatively boring it’s
like watching on maul drive a ferrari
Really boring that is freaking 10 miles an
hour beneath the speed limitation
ok but he extends to the same place that
i get to
okay i simply get there a quicker that is little
anyway
all right my point is could it be is boring
but it’s productive and it creates money
that’s good trading that’s what good
trading looks like
okay see it once more let’s see it one more
time
this time around i don’t have the gap but you
have the market you have the spy
multiple concepts converging pulling
back to support
bottoming tail rising moving average 50
retracement
right here’s your entry here’s your end rip i
again i apologize
well actually no i do i have the daily
as default in there i apologize there is the
daily stock gapping more than a pivot at 55
bucks
okay pulling back and then today gapping
up and there is the market gapping up
okay so multiple time structures converging
multiple
ideas converging all right
here is another instance okay on facebook
i try to get yourself a bigger picture of our
but my historic data ended up beingn’t working
Properly but again yesterday
go through the excuse me it is extremely small
i apologize
i understand it’s difficult to see i have it i get
It it is got by me ok
but look at this breakout here in the
pre-market
pre-market okay so you do have a one-minute
breakout after the market opens
but take a look at the 15 minute what is
happening here
take a good look at the 15 minute we’re
breaking over this area like 199 to 200
dollars give or simply take
okay pivot pivot pivot pivot higher low
higher low extreme or low you might argue
it is a bull triangle
a really one that is subtle it’s really a bull
triangle an triangle that is ascending
therefore I’m looking at it going wow i like
facebook over 200 that is in the
pre-market
right pre-market i’m commenting wow
facebook over 200 looks really good
so 199.75 by 199.15 boom we’ll make 800
dollars about it
next to the open maybe not right off it it
triggered about six minutes into your day
so how exactly does this work how does this take place
we begin with our trading plan
our market bias news reports scanning
thumbnail watch list after which we stare
at the thumbnails till we have a pattern
pretty simple ok this can work with
higher time frames too
so here’s an example guys of a stock
that don’t
gap up so not every one of the shares
needs to result from a space
possibly it’s really a carryover list maybe you
have a watch that is daily that you actually
really like
Right a universe should be had by you of
stocks anyway so this stock didn’t
gap up it exposed relatively flat
But you may have this on a carryover
list you may have this for a daily
watch list
and you’re thinking wow whenever we will get
over 92.50 this thingwill be
awesome why because that’s where it’s
been stopping
right pivot pivot pivot pivot 92.50 all
give or simply take the same area so the next
time it gets over 92.50 i’m interested
therefore it finally gets over 92.50 now
could you have got bought this at 92.50 for
a swing trade
solution yes if you desired to just
buy this being a swing trade at 92.50 with
a stop at 91. you’re good
there’s nothing wrong with this because long
as you’re
treating it as a swing trade never purchase
it at 92.50 and phone it a day trade
because it’s not a day trade at 92.50
unless there’s a pattern at 92.50
On a lower time frame in this full case there
had beenn’t
all right so 92.50 you can have bought
it being a swing trade with a stop at 91.
i didn’t do that individuals seemed at it over
here at 93.50
okay yes it was up in regards to a buck but we
possessed a 15 minute three-bar play with a
20-cent stop-loss 93-40
by 93-20 and it popped to 94. went 3-1
in 15 minutes just how is this possible
because of the 60-minute chart was this
as default a little bit extended it was it
was up just more than a dollar
but still within its trading range all
directly on an day that is average as default was
doing about a dollar fifty
right take a look at the average move is
doing about a dollar fifty
so it had been up about a dollar ten dollar
twenty so yeah it was a little bit
concerning
about the range but two things
one twenty cent stop loss when i go to
one r i go to break even when i get one
r we go to split also so it wasn’t a huge
risk because it was nevertheless in its average
rating and two whenever we’re breaking out of
this area on volume
it should exceed its average trading
range you nevertheless have to be careful
you still have become careful if you
purchased at 92.50 hold it instantaneously as
a swing trade
if you bought it as a scalp trade then
trade it as a scalp trade alright
we can speak about intraday swing trades
later but you know that’s a different
Topic where an intraday is taken by you trade
and hold it as being a move trade
okay now therefore we have taken you against the
pre-market
All the real option to the market available and into
the trading day now what goes on
well now it’s 10 o’clock 10 30 11
o’clock 12 o’clock whatever time you
stop dealing
what exactly are you doing with all these items
how are you going to get better right
you are doingn’t start as a trader nobody that is great
does
so how are we planning to enhance
exactly how we may do this we’re going to do a
post-market review
of most of our trades every day that is single
oh my gosh jared but that’s like that’s
like kind of like a lot of work
it is types of like yeah it’s sort of like
A business that is hard
appropriate so when you don’t wish to accomplish the
work simply do not start
I am perhaps not going to sugarcoat it for you personally if
you are doingn’t want to do the work just just
don’t start this isn’t your organization and
that’s there’s no pity in that
hey people like different things there’s
nothing wrong with that it’s why they
Make strawberry and vanilla ice cream
and a lot of other flavors
No shame in not liking this continuing business but
if you’re not planning to put the work with
simply cannot begin
so once you’re done trading trading’s
the fun stuff the same as playing in the
game the game’s the fun stuff
it is the pre-game and the post game that
matter more it’s the pre-game and the
post game
that prepare you for the game if you are
perhaps not likely to do the work just just
do not do this business okay so
everything you’re going doing now is you’re
going to take all your trades take a
screenshot of them
fine printing them down take a screenshot
place them in a online file folder i
often use
Powerpoint powerpoint office that is microsoft
powerpoint whatever it is fine
and I recently copy and paste them in here
and i mark them up exactly the way in which
you are seeing them and then exactly what do you
do
Them up because that’s after you mark
important mark your entry
mark your stop loss because you’re going
to go right back and also you’re going to see
oh my gosh i do not also see the pattern
Day but yet in the middle of the trading
we thought there had been a pattern there
however when you go back later you are like
we don’t see any pattern there and that
takes place often
your goal is to get that to happen
infrequently
therefore when you are right back and glance at the
Trades you were taken by you should be like yeah
Okay it is got by me
it immediately strikes you and goes yeah
that has been that was fine that has been cool
you’re not going getting them all right
okay then once you do that you are
planning to put in the data that are empirical
The empirical in a tracking spreadsheet
data is
The date it was taken by you what the stimulus
The time you got in the right time you got out
long versus short exactly how shares that are many
took the entry cost the stop loss
where you’ve got out of the trade and a
whole slew of other information
okay your batting average your average
size of the size that is average of winning
trade the size that is average of losing
trade
um your win loss ratio or sharp ratio
whatever it’s not a true sharp ratio
it’s a lot more like a win-loss ratio
your profits gross profit net profit and
also you want to know
more more information you need to know
exactly how usually do you go very long versus short
and when you get long versus short
which an individual’s better for you personally have you been going
long in bad environments
do you do better on short trades and
Long trades what’s the right time frame you
most frequently trade one minute two
minute five moment 15 etc
okay and if so might be you great at those
time structures
maybe you will come and find out that you
understand i’m great at the two minute
time frame but i stink at the 15 minute
well you have got a choice have better at the
15 figure out why
or just stop taking 15 minute trades
Vice versa you may be better at the 15
in the 2 moment
are you good at buy setups three bar
plays breakdowns
retest trades what are you good at
okay and this this trading report is
like two pages long three pages long
there’s way more to this for trading
Report the true point i’m simply making is
this is the way that is only’re going to get
better is to find out
that which you’re doing well and what you’re
doing poorly
that’s what every business in the globe
does when they put money into marketing
okay well where is our money well spent
just how can we attract many people well
pepsi believes beyonce draws them to
most people so they are ready to pay
her an incredible number of bucks to perform a pepsi
commercial
okay why because they feel like that is a
good bang for their buck
okay sports teams they’ve analytic
teams baseball sabermetrics
all these items why to have an edge to be
better
what exactly are you doing as a trader to be
better are you reading a trading book do
A trading is had by you buddy are you currently doing
continuing education are you currently studying
your charts can you have a trade monitoring
spreadsheet basically it comes down down to
this
are you carrying this out
plan implement the plan measure the master plan
make an assessment and enhance upon it
and you get round and round and round and
round and round and this may never
stop this might be 24 7 perpetual motion it
never stops
okay resting is rusting right
gotta act such as for instance a sports team plan
implement measure assess improve
and just continue that over and over repeatedly and
over
and over again ok i
bet you 98 of people listeners don’t do
some of this stuff or they do extremely very
really almost no of it if they do any of
it at all
okay you do have a tracking spreadsheet it
basically states yeah you know
and also a hundred dollars minus fifty
dollars and that’s it you’re perhaps not looking
at the changing times of the you trade day
long trades versus short trades just what
your average average that is batting on your
lungs versus your
shorts the full time of the you take day
those longs the of the week day
Maybe that tuesdays are found by you just really
stink for you they’re just terrible
figure out why maybe don’t trade tuesday
because of it
maybe simply enhance on tuesday i don’t
know but this is what i’m getting at
fine tune the information you might find
you are doing really well in stocks between
twenty and one hundred dollars and for
whatever reason you find you don’t do
well in stocks under twenty or stocks
over a hundred
find down why just how is this going to help
you
to help you fine-tune what you’re actually
good at optimize your talents
minimize your weaknesses or enhance upon
your weaknesses
that’s just what it’s all about I am going to
return back to this and I also have not preached
this in some time
and then we’re gonna wrap it up trading
is a
business address it like one stop being an
idiot
stop hacking around and simply because you
can open up an account with 500 bucks or
a thousand or two thousand bucks does not
cause you to a trader
simply because you have actually tens of millions
of bucks and you open a trading hour
does not make that you trader okay it
does it not’s a business that is real’s a
viable business
but you need to treat it like one most
of you aren’t
ok also it comes down seriously to that all right
so
I really hope you guys learned a little bit
about daily routines
what the expectation is how to improve
upon your trading
but most importantly what the routine is
with regards to the pre-market
through the trading time and everything you
Day need to be doing after the trading
because well
no there’s a great deal of information in there
that got kind of glossed over because
well it could just take me all time getting
through every step of that
all right but I am hoping it’ll allow you to at
least become a bit that is little of better
trader i’m jared wesley we’ll get back
at it again
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