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5 KEYS TO BEING A GREAT DAY TRADER! RULES OF 36 YEAR VETERAN TRADER! - YouTube
Channel: Patrick Wieland
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our S&P is taken out this 85 in the I'm
Stephen clay G and I'm the chief market
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strategist of ticker talker and
co-founder I've been trading for 36
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years I settled on the floor the
American Stock Exchange then went over
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to the New York Stock Exchange and then
went to the Comex and then to the Board
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of Trade well I have five key words that
I tell anyone who's trading I don't care
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if you're a novice trader or even if
you're a top professional where I come
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from it's very simple it's got to be
about consistency
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number one is consistency I learned a
great story about consistency from a guy
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who was trading in the gold pit he was a
clerk making $100 a week and he just got
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married and he was having a baby and he
knew that this was the only time in his
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life that he could go from being a clerk
to going into the gold pit to actually
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become a trader in the gold pit on the
Comex and as a clerk he was making $100
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a day so a $500 a week back then and he
then took the same philosophy into the
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gold pit goal was to make a hundred
dollars a day after one month he would
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then bump it up to 200 so if he lost the
hundred he stopped if he made a hundred
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he stopped no matter what time of the
day it was he took his trading cards put
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in his pocket and that was the end of it
so when I started trading upstairs and
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for an individual at the time I decided
tighten it up a little bit so I would
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try to make a hundred dollars a day
every week then bump it up and then bump
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it up each and every week so after the
first week 100 the second week 200 the
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third week 300 and continually moving
forward so to me that's the most
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important thing as a trader you don't
want to make a hundred dollars on a
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Monday a hundred dollars on a Tuesday
lose 500 on a Wednesday lose 200 on the
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Thursday make a hundred on a Friday and
overall your net net in the red for the
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week and if you continue to do that you
you know you'll just eat up all your
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capital the second word that I tell
everyone that's super important is about
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discipline so the greatest story I have
about discipline is I had three thousand
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dollars to my name the first trade they
ever did was an option that was on the
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floor the American Stock Exchange and
there was a stock that was right behind
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me called American can it was a Dow
stock and the stock was trading above 51
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and changed I believe something like
that and I bought an option it was I
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think
October and I bought a Feb 50 Cal so
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call option is that you're hoping that
by the time the some time between then
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and February that the stock price would
go higher and the Kuril option that I
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bought at two and three quarters would
be higher than what I purchased to that
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the stock started tanking over the next
couple weeks and then months and I think
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it traded all the way down to forty one
dollars a share and my three thousand
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dollar investment was actually worth
pennies because I kept on buying all the
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way down utilizing the whole three
thousand dollars and I would never
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forget about a couple weeks before the
option expired standing on the floor my
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head in my hands and a guy patted me on
the back and said hey kid go home you
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can't turn the machines back on a week
before expiration the stock remember
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correctly my best recollection went from
41 to like 54 and at 3:45 in the
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afternoon right before the markets were
gonna close my father walked over to me
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who was a floor broker he was a member
and he said to me are you out and I said
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I'm out because the stock was trading
higher and I sold all my options out for
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a pretty nice profit he said to me when
I came on the floor the exchange on
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Monday I found a penny face stop and I
said oh okay he said what did you learn
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from this I said whenever you have a
losing trade you look for a penny face
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up and he said no you never average down
so to me that was again the fact that
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preservation of capital I learned the
hard way I got very very lucky and you
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basically do not want to average down
when you're wrong you're out and you go
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back in you can always make it back up
again and that was probably the greatest
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lesson I ever learned my first trade I
learned about discipline the third key
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word is confidence that to me is like
wake up every single morning and you do
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this and trade the my own money for
particularly my my whole life you don't
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think about it you just go in and you're
confident based upon the skills and the
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tools that you have in front of you and
that's what I built ticker talker for I
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built ticker talker and I built all the
technology here that's within ticker
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talker to give the novice traders the
retail trader is the most sophisticated
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traders the proper tools within
platform that I created the fourth word
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is patience as you saw today there are
some lows in the day and I'm very
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patient waiting for the opportunity to
address and wait patiently for those
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patterns to set off and then the fifth
key word is that you have to have the
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passion the passion to do this every
single day I'm 56 years old I have more
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passion in me now than I did when I
first started there's nothing greater
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than at the end of the day talking to
people and hearing you know their
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comments and the trades that they did
and how well they did and moreso how
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they're learning and how they're fully
understanding everything that I designed
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in this room and then on the ticker
talker platform so to me these five key
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words are essential to be able to become
a great trade
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