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Historical Simulator Plug-in

Day Nine

Video Transcript

Okay, we're back! Ready to trade again! I want to talk to you for a second, here. Are you getting the feeling for a little bit about what it's like to track the markets? I mean, one day at a time. That's really all you get. You know, a lot of people get stuck in the over analyzing markets because of that. You know, it's fun, we enjoy it! We like to do what we're doing. We like to practice, we like to look at our charts, we like to do our analysis, so sometimes we over analyze things because we really do only get 1 tic per day, and then we sit there and we look at that same chart. We watch it grow day by day, one tic at a time. You know, that's the name of the game, you know? Accumulating wealth one tic at a time. That's why we came up with this little slogan. You know, because that's really what you do. You play this game one tic each day for each chart that you're following. It gets kind of laborious sometimes, and you start over-analyzing and start questioning yourself. You're down $2,000.00 the market, and you really start to question whether you're doing the right thing. Whether you studied hard enough, whether, you know, what is it that I did wrong? Why am I here losing money? It's been- I'm on my 11th day of trading, two weeks of trading and I'm down $2,000.00 and you start getting worried, and scared and nervous. And you've been living with that for 2 weeks now.

You know, you're starting to get a little high blood pressure. You stopped by the pharmacy and you stuck your arm in that little thing, and your blood pressure is up, pumping passed the top levels. You're worried, you're not sleeping at night. You're twisting and turning, you're yelling at the kids, you're kicking the cat, you're throwing the dog out. You're going home, you're not cleaning the garage out like you're supposed to, because you're worried and upset about your $2,000.00 that you're losing in the Futures market.

There's a lot of emotion that goes into trading sometimes. You know, we need to be able to separate the emotional side from the technical side of what it is that we're doing. The fear and the greed. It's the reason we're all in the market. We all have greed, Greed is good. Greed is what pushes this world around. Greed is what makes things happen. We're all in the world trying to earn a living, make a living because we're greedy to some degree. Greed is good, you need to be able to have greed so you that can want things. Make your life better! You know, a lot of people think greed is a bad word, but in my opinion it's not a bad word. I think it's a good word. Greed is what makes everything go around. You don't have to be greedy, you know, you don't have to be obsessed with greed, but it makes you want things and makes you have the desire to be a better person, and to be good at what it is that you're doing, and what you do. So let's go through our Corn contract and see if this fear and greed can subside a little bit.

Let's go on. Step our market forward, oh we have a little bit of a rise out of Corn today. I don't know, kind of a weak little rise down here.

Let's go on to Feeder Cattle where we have a little something happening. Step and see..oh, that's good for us, that's coming back down. I was worried that right shoulder was going to keep going up and make a new right, a high head. So I'm glad to see that right shoulder come back down like that. At least it's coming down towards where we were expecting. We want to see it break passed this little area of support, but you know with our 50% tool we could almost predict where that's going to do that, and it did just right. Look at that, it came down started back up, it's going to go up to the 50% level, or there around about's. Then it's going to come back down, but that one hit almost the 50% exactly.

So using the tools that we have available to us, so we can do our market projections help us subside some of that fear and get anxious a little bit. Remember when we were back there counting all of our dollars, and how much greed we had, you know, greed is good we like greed. Look at this, we're going to have motorcycles, $2,290.00 that was a good day. We're feeling good about ourselves, we're happy. We're uplifted, we're looking toward the future. Then the market started going against us a little bit, and we started losing that feeling.

So let's go on to Gold now...and get us our tic. Oh, Gold is going against us again. What are we going to do about that? Gold is going against us. My account, down $720.00 in Gold. So well, we got our Stop Loss up there. This thing, where should we watch for? Let's look at the same thing, let's do a 50% retracement. It's hit the 50% retracement, maybe we're okay, maybe we're alright. Maybe that's going to turn around and come back down, and we'll be alright, it's going to keep coming right on down off of this nice little peak. Maybe that's what we're seeing here, it's just forming this nice little trendline right here. Maybe that's what is happening, we're okay, we're not going to panic about our Gold trade yet. Okay?

So, let's go on to Lean Hogs...Step..Oh, look at that! I'm happy now! Lean Hogs, that dropped back down below our line. Lean Hogs doing good things for us here. My Account- oh, I'm still down $340.00 in Lean Hogs, though. At least it came back in my favor, it just closed above where I got into it with 3 contracts. I started thinking, maybe I should have only gotten into it with 1 contract. That would've been safer. I wouldn't have lost so much money.

Of course, if you think like that then you have to think about the other side. What if this goes in our favor and does just what we think it might do, and what we're hoping it will do. That little head and shoulders formation, drop down passed that area of support and resistance, go down and fill all those orders. What if we only had 1 contract, then we wouldn't make as much money, either. So you know, you have to look at it from both sides.

Yeah, you're right. 1 contract, you wouldn't lose as much, but 1 contract wouldn't make as much either.

So let's go ahead and look at the next day. The next contract, here's where we're doing our Live Cattle, we're going to step down, step, oh, nice one! Come back down, so this little head and shoulders is forming really nice here for us. We're still kind of anticipating it to come all the way down and hit all these orders. Maybe from here to you know, six months from now before it gets down there, but we're ready for it if it is.

Step, oh, it's still going up through that little channel. Do I hear anybody out there who wants to place an order on this Oats contract yet? No, silence.

Silver- step, still going sideways through this little channel.

Wheat- step, popping back up on us. Don't see anything on this Wheat contract that I want to do yet. Don't see anything on the Silver contract I want to do yet. Nobody is anxious to trade that Oats contract, yet. I don't know, I don't know.

We could play with our charts and analyze a little bit more. We're kind of going into a backwards triangle here now.

Umm...I guess that's it. I guess I'm going to go bed now. See you tomorrow!

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