hey guys Jarrod Wesley here of live
traders and back for another weekly
trading lecture and a short weekly
trading review as you guys know I've
been away in Japan for the last couple
weeks or so I haven't had an opportunity
to really upload anything of high
quality so what I thought I would do
this week because I just got back and I
had an opportunity to talk to the
chatroom and do what I consider to be a
very powerful and very important lecture
and today's lecture topic is on building
a trading plan see a lot of you don't
think that's a very sexy topic because
well you're going through a lot of
information and not a lot of it is
charts so many of you guys focus on
charts charts charts and trust me charts
are important but money management and
trade management and building a trading
plan is far more important than those
charts so it's a little bit longer of a
lecture it's about 45 minutes to an hour
okay and it goes through the topics and
discusses the things that you need to
consider when building a trading plan a
lot of people think you can just slop
some words on paper and magically you
have a trading plan but one of the
things that a lot of traders forget is
that a trading plan is a very personal
thing you can't just copy somebody
else's plan and expect it to work for
you because you're different than that
person a trading plan is a very
individualized thing and to be honest
with you it's not something you can
fully accomplish when you're brand new
okay so it's going to take a little bit
of trading under your belt to really
tweak your plan so you'll put a plan
together before you ever start to trade
with some of your ideas and thoughts but
then as you start to trade and learn and
experience and understand yourself
better than you can tweak the trading
plan and I go through that in this
lecture okay it's a very very very
important topic so many of you out there
are trading without a plan all right
could you imagine walking into a bank
asking for a business loan and they say
hey where's your business plan you go oh
I don't have one but hey can you give me
two hundred fifty thousand dollars to
start a business they would laugh you
out of the building
okay many of you traders out there are
actually gamblers because you don't have
a plan I get it all the time in the chat
room people will get into a trade and
they'll say hey Jared where should my
target be I sit there and wait a second
you're already in the trade uh-huh well
how did you get in that trade without
knowing what your target would be or at
least how you're going to get to that
target sorry if it's an all-time high
you don't know what the target is fine
but maybe it's a pivot management a bar
by bar management and moving average
management and all-or-nothing management
something like that these are the things
that you have to know and understand how
long it's going to take you to succeed
what are your entry rules what are your
exit rules what is your money management
rules what is your plan for raising your
risk or lowering your risk what's your
continuing education are you tracking
your trades in a spreadsheet do you have
a trading journal guys this is a serious
serious business you want to know why
everybody thinks traders day trading is
a joke and then it's not a real business
because most day traders are a joke and
don't treat it like a real business if
you actually watch them you'd think they
were just a bunch of gamblers in Las
Vegas so I understand why the general
public has no respect for this industry
because most of you don't respect this
industry either this is a systemic way
to make money and building a trading
plan is how you get to the point where
you want to be it's your road map to
success okay
so it's about a 45 minutes to an hour
lecture before that I wanted to quickly
go over a couple trades I took the last
couple days guys one is on mmm I'll put
it on the screen right now this is a pre
market break down off of a good gap the
reason I'm bringing this trade up on mmm
and I'll bring up a trade on Tesla in a
minute is because so many of you have to
think I only trade the three bar play
this is not true I love the three bar
play encompasses of probably half of the
trades I take but I do trade other
things break downs and pull backs and so
on and so forth so you can see here on
mmm it was a pre market breakdown when
them when the stock broke the low of the
pre market we got in right around 166
the stop loss was 167 the full target
was 164 unfortunately we didn't get the
full target which would have been like
700 bucks or so we ended up making five
or so
hundred bucks on mmm because of the nice
gap the relative weakness to the market
and of course the pre market breakdown
now on Tesla a little bit different it's
a long play okay and it's a one-minute
break out again on a decent gap but I'm
showing you again the versatility here
it's not a three-bar play we got in at
235 dollars we had about a dollar 50 on
the stop-loss 23350 unfortunately on
this one guys I tried to add back to my
position over to 35 there was a great
opportunity to add to Tesla in my
platform had a glitch something went
wrong and I was unable to add so I was
only able to to manage out a few hundred
shares on this instead of five or six
hundred that I really really wanted we
were gonna add and then tighten the stop
and we would have ended up making about
a thousand bucks ultimately I end up
making five or six hundred bucks on it
it is what it is guys
so I just wanted to show you those two
trades guys they happen in the last
couple days just to show you that I
don't just trade three bar plays I trade
a pre market pattern sometimes right
when the market opens I trade breakouts
intraday on the 1 minute 2 minute 5
minute chart I trade pullbacks versatile
you guys when you're new you should be
taking one or two patterns and mastering
them and I go over that in this trading
plan lecture so don't think just because
it's a trading plan lecture then it's
not valuable it might end up being the
single most valuable lecture that I've
ever put out there ok so I hope you
enjoy the lecture as always guys if you
want a 30 day $1 $1 trial to the chat
room email info I nf0 at live traders
dot-com $1.00 30-day trial come watch me
trade with my real account number open
my fills all that not some charlatan BS
where somebody's all I turned 500
dollars into six figures in 48 days no
you didn't ok real stuff guys
alright $1 30 days info at live traders
dot-com you'll come in there you'll
understand that we use trading very
seriously we take trading very seriously
guys I'm not there to push the button 58
times
they were there to take one two three
maybe four trades a day make our money
and move on in an hour or two a day
okay that's a professional approach to
trading professional trading strategies
and help you out and also go to the
website and download our free ebook all
right
so enjoy the lecture on how to build a
trading plan and I'll see you guys again
next time
[Music]
trading plans are a very very important
part of success in this particular
business and I'll take it one step
further business plans in any business
are a very important part of success so
I've done something here that I haven't
done in a very long time and what that
is is I've actually used a decent amount
of slides from from professional trading
trader usually when I do a lecture I add
maybe one to three slides from
professional trading strategy there's
about 10 in here there's 525 pages in
professional trading strategy so to get
10 slides in one lectures the first time
I've ever done it I don't like I said I
usually use one two maybe three slides
so hopefully this will be a good
experience for you guys some of the some
of you who have taken professional
trading strategies will will recognize
some of these and some of you haven't
will well you're lucky they're in here
so a trading plan guys is your roadmap
to success
it's your guide to success it's
something you have to have to be
successful and unfortunately many of you
out there I dare I say most of you out
there are actually trading without a
plan and it boggles my mind and one of
the reasons I think people do this and
we've talked about this before is
there's nobody guiding you there's no
boss
to tell you you have to do this it's
important and if you don't do it I'll
fire you and that's probably the single
most challenging part about the trading
business or the trading industry is that
you're self reliant on being honest with
yourself you're self reliant on being
good and not everybody is a good self
manager let's be frank about it not
everybody is a good self manager so
building a trading plan is paramount to
your success okay so what I call this
here is a planning cycle of success and
you're gonna go over this wheel over and
over and over again and it's gonna start
with planning you're gonna write some
notes down on paper now remember when
you're a new trader okay but brand new
greenhorn all right you are not going to
be able to create the world's best
trading plan because you simply don't
have the knowledge and experience
to be able to do that so your plan is
going to be a malleable flexible
experience really forever but that first
year is where you will make the most
progress in your trading plan and the
hardest part about improving your
trading plan which we'll get to as the
last phase is being honest with yourself
you're gonna come into this business
with preconceived notions not only about
the business but about yourself right
you're gonna come into this business I
always use this analogy so maybe you've
heard before is you may feel like you're
a very patient person a calm person in
quote the real world outside of the
trading game right you might come in and
go yeah I can wait for two hours for a
ride at Disneyland I'm good and yet then
you find yourself trading and you're on
a one minute chart and you can't hold
for 35 seconds and you go wait how can I
wait for two hours for a ride at
Disneyland but I can't hold a trade for
more than 35 seconds because trading is
different than what you experience
day-to-day okay so it preys on your
emotion so your original plan will be
something that changes dramatically
changes and the reason it will
dramatically change is because when you
go through the implementation process
it's not going to end up likely end up
the way you thought it would so you'll
plan and you'll put stuff on paper and
you'll think you know you're you know
the greatest gift to mankind and you'll
put together this awesome trading plan
and you're gonna go out and have 10-hour
targets and blob of all of this and that
then you'll try to implement it really
it should say try to in parentheses and
then you're gonna measure the
implementation assess those results and
then go about improving upon it this is
the area you're gonna shock yourself see
you'll measure it which is what a
trading plan and what the trade tracking
spreadsheets for and then you make an
assessment you're gonna look back and go
oh my gosh in fact we just had this
happen right somebody in the room here
last week just said unball was talking
about it just said had I followed my
trading plan to the letter of the law I
would have made something like five or
ten times more money I think they said
nine times more
funny or something so after you measured
it and you go back and assess it you go
holy schnikeys my plan really does make
money but I'm having trouble making
money within my plan and believe me it's
challenging it's more challenging than
you think because most people lie to
themselves it's like when you ask
somebody you've never met oh you know I
play tennis too you play tennis oh yeah
are you any good oh yeah I'm good then
you meet them in there like a 1.5 player
and you're a 5.0 play now yeah okay
maybe amongst your friends you're good
but in the real world generally speaking
you're not that good well in your mind
you're really good but when you measure
those results that will tell you if
you're actually good and this is the
single hardest part for people is to
admit I'm just not as good as I thought
and then you'll have to go about making
adjustments and improvements and here is
the problem okay believe me guys we have
a lot more slides to get there I hope I
can get through this in 30 minutes I
really hope I can get through this in 30
minutes most people think they know what
they're good at they're usually wrong
more often people know what they're not
good at and even then more people are
wrong than right okay so now you think
you put a plan together you implement it
you measured it you assess it and you go
upon the improving stage most of you
think the improving stage means
meditating more or telling yourself to
be more patient think about what I'm
saying it's happened to some of you you
look at it you go well geez my plan
makes money my plans good my plan
doesn't need to change I need to change
right this is what most of you are
saying my plan doesn't need to change I
need to change wrong I'm not saying you
don't need to change okay I'm not saying
you don't need to change or be better
but more than likely you're gonna have
to make some adjustments to your plan so
that you're able to follow it I almost
lost out on this business in the sense I
almost quit
because I was so rigid with my plan when
I started I didn't realize that month
after month it wasn't me that
necessarily needed to change it was my
plan that needed changing because I
couldn't ever follow it and if you've
tried for a couple months and you're not
making progress you need to back off on
the plan for example guys for those of
you that are you know 80s and 90s kids
you know Mike Tyson's punch-out right
you don't start with Mike you start with
glass Joe imagine if you if you got Mike
Tyson's punch-out and everyday you start
it with Mike Tyson how frustrated are
you gonna be for months at a time months
at a time you need to learn the buttons
and how how you move and all that others
I was in a Mac in there and then you
start with glass Joe you build a little
bit of confidence then you move on to
the next guy and you move on to the next
guy right and finally by the time you
get to Mike you're actually ready and
even then he probably still knocks you
out the first time that you you face him
even then even when you've beaten ten
guys prior he'd probably still get you
to imagine if you started with him first
every time it will be an unbelievably
frustrating experience and this is what
most of you are doing you're putting a
plan together that might be okay and
then you're saying you need to be better
not the plan needs to change it happens
to be both both things have to happen
you need to be better and your plan
needs to make some adjustments to help
you be better okay it's like putting a
center in basketball at the point guard
position it's not that the center is a
bad basketball player it's that they're
at the wrong position okay and this is
for most of you true all right okay so
you need a sensible approach to this
business I'm not gonna spend as much
time on some of these slides guys
because we'll be here for four hours
all right there's about 13 slides I need
to get through all right we have about
30 minutes to do it
so assumptions xx expectation now you're
thinking yourself what does this have to
do with building a trading specific plan
it has everything to do with it
because you won't be around long enough
to implement your plan if you don't
listen to these things all right your
beliefs won't enter
the trading business why is this
question here what are your beliefs when
entering the trading business there
probably unrealistic beliefs because
you've listened to some marketing pitch
or spiel somewhere that made you think
you're gonna be successful in three to
six months and you're gonna be you know
making six figures a year in your first
year wrong if that happens you'll be
like the one tenth of one percent okay
and yet some of you still think you'll
be that all right so I'm telling you
asking this question what are your
beliefs when entering the trading
business because those beliefs will have
a dramatic impact on whether or not you
succeed what do I mean by this if you
come in thinking this is a three month
business and it takes you six you're
gonna quit you will you quit this is it
cause it's taken too long I should have
been a millionaire by now it's been
three months
well that's because you came in with
wrong or incorrect beliefs if you come
into the business with a reasonable
sensible approach saying you know it
might take me one two three four years
to get good at this you're not gonna
quit after six months you'll give
yourself a realistic opportunity to
succeed most people in this business
fail for two main reasons their money
management is terrible so they risk too
much too soon
don't take stops and they don't give it
enough time they simply don't give it
enough time okay so it usually in my
opinion takes two to three times longer
than you expect so if you thought it was
gonna take six to twelve months I'd give
it 24 to 36 that's being realistic okay
now I want you to think about where
you're at in life and everybody's at a
different spot right you can go probably
learn how to dig ditches in a day but
you can't learn how to be a NASA
physicist in a day see the difference
trading is much closer to being a NASA
physicist even though it's not that hard
okay my point I'm making is think about
life in general and how long it takes in
general to truly become very good at
something good enough at something that
somebody would pay you for it generally
not three to six months maybe there are
some sales type jobs out there where
people you can learn the ropes quickly
but most jobs take a college degree or
an 18 to 24 month you know internship or
some type of apprenticeship okay more
than likely to be where you're at today
in your career it took you three five
ten years why should trading be
different right if it took the current
job this long when you first start with
a company they don't make you manager
with no experience okay
so I want you to think about being
realistic with your approach is really
really important okay
now as I talk about all the time in here
money management is everything two
simple rules be objective and use common
sense respect and protect your account
guys you earn the right to raise risk
and we're going to talk about risk
levels as we go through this trading
plan okay but money management is your
number one job blowing up a trading
account is not a badge of honor it's not
cool it's not part of the learning
process it's just dumb straight
stupidity okay there's nothing cool
about it alright so money management
protect your account first this means
don't risk lots of money when you're new
five dollars a trade ten dollars or
trade nothing more care if you're Warren
Buffett Jeff Bezos Bill Gates whomever
you are I tell them the same thing
because you're gonna likely lose your
first six months first 12 months you
want to lose less while you're learning
it's your number one job okay every
trade we take guys this is basic stuff
I'm putting it out here for the new
people that might just be stopping by
for a day and don't know how we operate
here at live traders we never ever ever
not ever take a trade okay
without these three things entry stop
and target if you're taking a trade
without any one of those things you're
gambling you're not trading you're
gambling you want to know why most
people think traders are gamblers it's
because most traders are gamblers right
if you watch the average trader trade
might as well just put them at the
blackjack table in Vegas because that's
what they look like because they don't
have an entry stopping a target or a
trading plan which were
discussing today okay so every trade
even if you don't know your exact target
because maybe it's an all-time high you
know what your approach is to getting
there bar by bar trail stopping all or
nothing so pivot management okay you
know you have a plan to get there even
if you don't know the exact number of
your target one of my biggest pet peeve
questions I get in the trading room is
Jarrod what's the target on that like
wait you're in a trade and you don't
know you ask that question before you
take the trade not after you're already
in it right so entry - your stop-loss is
how much you're risking on the trade
that's how you determine your share size
right so if your entries 20 bucks and
your stop-loss is 1980 you want to risk
$200 right well you need a thousand
shares thousand shares times twenty
cents is 200 bucks if you lose you will
lose 200 bucks plus fees maybe a little
slippage okay if you win
maybe you're shooting for two two one
three two one four two one I don't know
maybe you're doing bar barbar management
maybe you're doing pivot management
every trade has an entry stopping at
target now - some of you have been
around for a while you're gonna share
this is really basic stuff I get it
we'll get to the good stuff soon there's
a lot of people that are new that don't
even that don't new that in fact you
know it's even worse there are a lot of
experienced traders that don't do this
without an entry stopping a target
you're just a gambler you're just like
the average trader and the average
trader in this business fails okay money
management's number one and how do you
mitigate with an entry stop at a target
period all right guys here's some
examples this is why you have a stop
loss okay I'm not gonna spend much time
with this is why you have a stop loss
you see this right here it's a beautiful
three bar play wide bar narrow bar oh no
rip right why bar I always say Y bar
narrow bar rip it's not wide bar narrow
bar if it's wide bar narrow bar holy
[ __ ] okay wide bar on the downside
couple small bars and then get crossed
you're in this at $48 and now it's at
$40 okay your stop loss on this was
about 30 40 cents but it's down $8 so
what's that
28:30 $48 dividers at twenty to one loss
that's unacceptable entry stop target
it's why we take our stops guys you
don't believe me you don't believe me
this really happened you see I didn't
make this up it's right off a stock -
it's I took the person's name off
because I felt bad for them okay right I
felt bad for them look at this crap this
is actually how people treat trading I'm
going to have a heart attack I'm down mm
I don't know what to do hold or cut my
losses I'm now down four thousand I'm
down four thousand our what should I I
mean are you kidding me and the sad
thing as many of you listening have had
an experience like this maybe better
maybe worse maybe not this bad may be
way worse than this
this isn't trading this is gambling and
this is why this industry gets such a
bad name okay it gets a bad name because
way too many people do this then they
post it on social media and all the
Guru's out there like well one that's
easy pickins you know they're gonna tell
you how to get rich quick if you just
take my course or the other people that
aren't traders are looking at this going
those traders are a bunch of hackers and
you're right most of them are right
that's it graveyard is full of traders
trying to catch a falling knife amen
it's well said and this is a prime
example of it okay so again one last
reminder before we start building the
plan this was a short trade not a long
trade some of you go wow what a nice
play it wasn't a long trade it was this
short play under 7380 it was a base
breakdown that dropped about ten cents
and then well let's just say what the
other direction you take your stop-loss
you lose your whatever your risk is a
hundred dollars two hundred dollars five
hundred you lose it and you move on but
if you hold on you're gonna be drinking
the hope 'i'm because there's nothing
else you could do at that point right
just is just a friendly reminder take
your stop losses okay take your stop
losses alright so let's talk about
what's in a trading plan things you need
to consider okay
you are building a plan a trading plan
is a written set of rules that defines
how and when you will place trades and
includes the following sections okay you
could add some more markets that will be
traded charts and indicators that will
be used accountant position sizing rules
entry rules exit rules and continuing
education
you could also say follow-up which is in
here journaling and tracking trades so
I'm fairly flexible guys I trade stocks
I don't trade Forex I don't trade e-mini
as I don't trade futures I do not trade
crypto I don't trade binary I just trade
good old-fashioned stocks okay
generally speaking that means 98% of my
trades are Nasdaq or New York stocks
occasionally we'll trade an AMX stock
alright so for many of you this is easy
the markets that were traded you trade
stocks I'm going to trade Nasdaq in New
York because that wool company most of
the stocks in the known universe okay
now if you trade Forex
what currencies are you gonna focus on
so instead of markets that will be
traded you'll focus on the forex market
but maybe you'll trade I don't know
dollar yen or something alright maybe
you'll have three or four currency pairs
that you like to trade all right if
you're trading e-mini is that you're
gonna trade the NQ the ym the es
whatever okay this is pretty simple and
straightforward okay then you go down to
the next and say alright what am I going
to focus on now hear me out on this this
is important are you going to be a scalp
trader where you're gonna trade an hour
a day and focus on two minute five
minute charts are you going to be a core
trader where you're focusing on weekly
and monthly charts and you're holding
stocks for a month two months three
months at a time are you gonna be a
swing trader where you're focusing on
60-minute and daily charts occasionally
a weekly okay you have to decide what
style you feel fits your personality and
your time constraints and your financial
constraints that's it as a slide-in
professional trading strategies that I
didn't put in here right think about
your time constraints can you trade the
market open all right
if so alright what are your personality
traits are you a jittery person if so
you might want to start with a
two-minute chart
if you're a more patient person maybe
you can introduce a with a 15-minute
chart but you need to think about those
things I talked about your personality
traits your time constraints heck even
your financial constraints some people
that are us-based traders don't have 25
grand and that means they can only take
three trades a week well if that's the
case you're probably gonna be a swing
trader all right unless you're trading
with a prop firm or an offshore
brokerage if you're an international
person none of this matters you can do
anything you want okay I don't use trend
lines or really moving averages very
much but you know decide on what types
of indicators you want to use okay
account and position sizing rules what
does this what this means is not just
your risk level but what are the rules
for how you're going to get from A to B
so if you're a ten dollar risk per trade
which you should be when you're new how
you gonna get from ten to say five
hundred dollar risk what are the
parameters you're going to use to get
there make sense for example you might
put a rule in your trading plan that
says if I have three consecutive months
of profitability and profitability needs
to be defined okay so for example if
you're risking $10 you say if I may have
three consecutive months of ten are ten
R would be ten times ten right that
would be $100 in that case I'm using a
just a route of entry case so if you
made $100 for three months in a row on
$10 risk you say I'm allowed to move to
$25 risk and then if I have $25 risk for
three months in a row if I make ten to
one again so that would be two then I
can move to $50 and then 50 to a hundred
and a hundred to 200 etcetera and so
forth you could see how long it would
take you to get from ten dollars to say
two or three or four hundred could take
you two years that's okay it's supposed
to take you that long then you're going
to have the opposite maximum drawdown
rules what if you lose X amount per day
per week per month most of you guys you
don't follow this stuff a lot of people
I've met have a maximum
daily loss defined I'll lose three to
one and if I lose three to one i'm done
so if I'm risking $10 a trade and I lose
$30 I'm finished for the day
but they don't have a maximum weekly
drawdown and they definitely don't have
a maximum monthly drawdown my opinion
for you guys is your maximum daily
should be no more than three to one so
if you're risking $1,000 a trade and you
hit - 3000 you are done for the day
if you're risking $50 a trade and you
hit - 150 you're done for the day your
maximum weekly should be double your
maximum daily so if your maximum daily
is 3 your maximum weekly should be 6
your monthly you could be up to 8 to 10
so your maximum monthly drawdown should
be about triple what your maximum daily
and then the question becomes well what
happens if what happens if two weeks
into the month you hit your maximum
monthly drawdown two weeks in the months
only halfway finished you're done for
the month you go back to simulator at
that point you go back to simulator
because clearly something is wrong you
are missing something to be down 8 9 10
are two weeks into a month something is
wrong that goes back to hold on this
measure and assess you're in the
assessment phase going what is happening
what have I done wrong am I am I not
following the rules of my plan with
regards to needing a bottoming tail or a
green bar or the volume am i not
following those rules but I need to go
back and assess why I could possibly be
down this much in such a short period of
time and while you're assessing that
you're gonna be in simulator you've lost
you've given up your right to trade real
money right because you haven't done a
good enough job with it right so you
earn the right to raise risk well if you
have a bad enough stretch you should
lower risk period I get it most of you
won't do this your egos too big and you
won't do it a prop firm Kumar somebody's
asking what is a proper masseur
pterri trading firm or you have to get a
series 57 license you can usually open
an account for like 3 grand 4 grand but
then you have your fin EUR and SEC
regulated you have to show them other
accounts that you have IRAs 401ks they
get to take a look at that stuff you
have continuing education you got to pay
the broker or the prop firm a percentage
of your of your profits and all that
stuff I'm not gonna get into it now but
that's what it is ok so back to this so
your account position sizing rules are
very very very important because it's
what's gonna keep you solvent if you
don't adhere to this your account will
be severely damaged ok so now we come
into the area I find a lot of traders
are not specific enough entry and exit
rules ok trade filters time pattern
environment liquidity is spread etc I
review trading plans frequently most of
them are far too vague and when you're
new and your plan is too grey or too
vague I find that people take advantage
of themselves ok when something's not
clearly defined you use that you know
they kind of you that expression you
give them an inch they take a mile
exactly what happens particularly with
ourselves so don't let yourself be in
the position to do that
which means be very very specific so
when you take professional trading
strategies these trade filters are
extremely well defined right we call
them pattern boosters for example you
might say ok I'll just give you an
example I will only trade from 9:30 to
10:30 a.m. I will not trade after 10:30
unless I'm in a position I'll manage it
out but I will not take thanks Jenna but
I will not take a new trade after 10:30
I'm not saying this is a rule I'm just
using an example I will trade 9:30 to
10:30 I will only allow myself four
trades per day no matter what okay of
those trades the patterns I'm going to
trade will be for example the 3 bar play
and a buy set up so now we've chosen the
time parameters in which you're gonna
trade 9th
to ten o'clock we've chosen how many
trade you're allowed to take for we've
defined the pattern you're gonna take
three bar play and by setups next level
what defines a 3 bar play well this is
what defines a 3 bar play right wide bar
narrow bar breakout but that's not that
simple what does the wide bar igniting
bar actually mean a wide range igniting
bar actually mean first or second bar of
a move let's look to the one on the
right-hand side here we're breaking
below double bottom support okay it's
the widest bar you've seen on the entire
chart so it qualifies as a wide range
bar it's below support okay that's good
and it has what below void below that's
good but that's only the first bar all
right now the second bar has to be what
a narrow range resting bar that cannot
penetrate the low bar number one it has
to be a narrow range resting bar I don't
care what the color of the bar is it
could be red in this case it could be
green in this case it could have a
topping down the bottom I don't care but
it has to be in the lower thirty-one
disqualifies entry will be on the third
bar in this case stop will be above bar
number twos high you have to define
these things very specifically very
specifically otherwise you will start
taking garbage and here's the best way
you can do it don't just define them on
paper define them on paper and then put
a picture of it in your trading plan
I'll repeat define them on papers
specific criteria that you must have
before you take the trade and then put a
picture of it you know why because a
picture is worth a thousand words and I
tell this to you guys every day in the
room don't take the trade unless the
picture in your plan or the picture on
your wall looks exactly like what you're
about
to trade most people don't do this how
do I know this because I get some crazy
questions in here hey Jared check out
this three bar play it looks nothing
like a three bar plot guys do you
realize that pattern recognition picture
recognition is something a five year old
can do true or false I have a six year
old daughter if I put in the room a
triangle that's red a ball that's purple
and a rectangle that's blue and I asked
her to go find the red triangle she
could do it especially wait for it
especially if I printed out a picture of
a red triangle and I said go find this
picture in your bedroom right I have
three toys on the floor one's a red
triangle one's a blue ball one's a
purple rectangle and I gave her a
picture in her hand of a red triangle
and said go to your room and find this
your five year old kid could do it so
why can't you guys do it I tell you why
because you don't do it you don't put a
picture of this on your wall I don't
care if it's an 8 by 11 picture I don't
care if it's poster sized but on your
trading desk there should be a picture
of the patterns that you like to trade
in there perfect ideal form and when you
go to take a trade you glance at the
wall and look at that picture and go is
what I'm looking at on my computer
screen the same as what I'm looking at
on my wall okay and then if the answer
is yes you take it if the answer is no
you move along Oh aha moments rocket
science it's not it's simple pattern
recognition okay I do not have a
preferred time frame for the three bar
play can happen anytime anywhere all day
long and that's true for all trades okay
so we go back to this so now we're
filtering things in to make things as
specific in detail as possible the time
in which we're going to trade how many
we can take the patterns were going to
take three more plays bicep and then in
inside of those patterns what criteria
we need for example I might want to buy
sit-up to have a 50% retracement at
minor support or level to support with a
bottoming tail increased volume up
trending on the daily chart or the
60-minute chart in a market that's
moving higher everything I add not only
makes the trade more specific
it makes the trade more reliable right
it makes the trade more reliable and
don't you want more reliable trades of
course you do
most of you are too lazy to find them
for a year that foam oh oh it's
dangerous fear of missing out I've got
to take it I gotta take know you don't
there will be another one that looks
just like it okay there will be another
one that looks just like it in five
minutes ten minutes tomorrow the next
day next week it doesn't matter
make sure the picture on your wall
matches the picture on your screen it's
real money guys okay liquidity have
volume requirements for your trades I
won't take a trade that's not gonna
that's gonna do less than a million
shares a day and you break it down say
okay by 9:35 a.m. I'd like to see
200,000 shares by 10:00 a.m. I'd like to
see 500,000 shares alright by 10:30 I'd
like to see 700,000 break it down and
that means you can't take it unless it
has that amount of volume spread you
might say here's a rule I have in my
trading plan
I will not cannot take a trade in which
the spread is more than 35% of the size
of the stop-loss what this means is if I
have a trade and let's go back real
quick let's go back entry stop and
target so if my entry is a hundred and
sixty seven dollars hypothetical and my
stop is a hundred and sixty six dollars
that's a one dollar stop-loss one dollar
stop-loss that means the spread on that
trade cannot be bigger than
thirty-five cents and that's a lot I
don't like taking those but the spread
cannot be bigger than 35 cents or else
it's to spread II and I will not take
the trade and preferably I don't even
want it that spread e so even if
everything else checks out the bottoming
tail the buy set up the volume the
support area the market even the
liquidity of the stock meaning it's got
tons of volume on the stock but the
spread is too big I won't take it this
is how we'd Windell down our trades so
that we can be very specific with our
entries and you guys see it happen in
the chat room all the time yeah I like
this about the trade but that's gonna
keep me out of it and here's the here's
the thing I tell people I don't look for
reasons to buy stocks I look for reasons
not to take the trade right the reasons
to buy them become obvious after a while
I need to find the one or two things the
reasons I wouldn't and if I can't come
up with a reason to not take it then I
take it okay now you also need exit
rules okay trade management
considerations what are your profit
targets what are your stop loss levels
time exits some people will literally
have time stops I don't right so your
exit rules are how you're gonna manage
are you gonna do two are all or nothing
are you going to do bar by bar are you
gonna do a hybrid approach I've seen
some traders say all right at one our
one-to-one profit I will sell half my
position and on the back half I'll do
15-minute bar by bar I've seen some
traders say I will trail up on a
2-minute bar by bar my first 1/3 and
then the second third and third third
I'll do on 5-minute pivots ok so all of
these things are very important and you
notice as we go down this checklist and
guys in professional trading strategies
this is an entire chapter it's like 50
pages I'm going over like 5 of these
pages in 45 minutes versus 4 hours ok
I'm telling you this because as we go
down the checklist we're getting morse
cific and what do you do when you get
more specific not only do you become
more accurate but your universe of
stocks goes from like a thousand to like
fifty and then of those fifty you might
only take five of those so you're making
your life so much easier just think of
this silly comment think of those
thousand stocks how many you could just
get off your list filter out just by
volume right yeah say you have a
thousand stocks ego I need at least an
average daily volume of a million shares
well now you just cut half of them out
at least maybe more and then you filter
them out by spread then you filter them
out by price maybe you say I don't want
to take stocks over $100 I don't have
that filter but you might now all of a
sudden that thousand comes down to a
hundred and all of a sudden by the time
you've filtered everything out using
your trading plan rules you're down to
the your best twenty stocks and then of
those twenty now you're waiting for the
perfect entry rule and of those twenty
you might only find three that's how you
become a systematic methodical trader
all right and then at the end of the day
guys you have to track your trades I'm
going to show you this in just a second
okay
Journal your trades and track your
trades okay because that goes back to
how are you going to actually measure
this if you don't track them
why do professional football teams have
so many people on their analytics that
why does baseball use sabermetrics now
whether you like it or not why because
it's proven that it works well if you're
not measuring anything
how can you assess it you can't just say
winner loser you need to Assessor and so
as you need to measure those things
within the confines of when you took the
trade the market environment in which
you took the trade okay
did you take the trade at 1:00 p.m. or
10:00 a.m. and you might find trades
don't work as well at 1:00 p.m. as they
do at 10:00 a.m. so what do you do stop
trading at 1:00 p.m. that would be one
example all right one example of
improving your trading using
measurements assessing the measurements
then making adjustments to improve okay
that's part of continuing education
which happens at the end of the day then
you want to talk to other traders read
books review your manuals take courses
and then relax when you need to go blow
the stink off go play golf go out with
your friends drink and go watch a
football game do whatever it is that you
need to do when you need a break because
we all need a break the business can be
stressful right it can be stressful but
continuing education is just as
important as everything else spend an
hour or two a day doing this okay and
remember take a picture of those trades
guys put them on your wall and when you
go to take a trade make sure it matches
the picture make sure it matches the
picture all right now journaling this is
really important the goal of a journal
trading journal like a diary so to speak
is to capture the thought process I'm
not as interested necessarily in what
happened I'm interested in why it
happened so you may have taken a really
bad trade I just want to know why you
took a bad trade the fact that you took
a bad trade isn't that bad in and of
itself one bad trade we all do it but
why what was going through your mind to
allow you to take that trade okay I want
to know your emotional state of mind for
example you may have had a stock that
almost hit target and went completely
against you and stopped you out
and before that trade you might have had
a stock that triggered you in by a penny
and then failed so now you're pissed off
and then you go and take a really crappy
trade why because you're upset at the
previous two trades and now you're in
the somewhat revenge trading business I
need to get my money back so that would
help explain why you took such a bad
trade on trade number three now you're
going to sass me and we'll chair it so
what it's important because now you can
be
we call mindful mindfulness is being
aware of your emotions in real time as
they happen why is this important it's
important because if you see a pattern
of yourself doing stupid things after
losses it will help you become more
mindful of that scenario when it happens
so let's say you took a good trade and
it didn't work now you know you're more
susceptible to being stupid your
emotional state of mind is not as clear
because the first trade loss has messed
with your mental game so now if you're
mindful you're more aware of this and
you're less likely to do it again but if
you're not tracking that what your
thought process is in the middle of a
trade jotting some notes down or
recording yourself you'll never know see
where we're getting at guys this
business is no joke man
it's like it's pretty serious you need
to treat it that way so then at least
later you can go back and assess your
psychological strengths and weaknesses
and you're also gonna see trigger points
I hate that word I got triggered at some
safe spaces nowadays for college kids
it's pathetic but that's a different
topic but you'll see trigger points for
example another trigger point you take
one winning trade in the first five
minutes of the day you make your 500 a
thousand bucks you never take another
trade that's being mindful that you
become complacent on after winning
trades and after a losing trade you push
the button more than you should you're
assessing your psychological strengths
and weaknesses and why is that important
so we can go back to our planning cycle
and assess what has happened so we can
make improvements upon it okay starting
to see how this is becoming more and
more and more and more like a business
right okay so one last or not last thing
I forgot to add this slide in earlier
objectives your trading plan should have
objectives okay what your batting
average what you're hoping your batting
average will be
and what that batting average and sharp
ratio will turn into sharp ratio guys is
basically the same as win-loss ratio I'm
not gonna get into it right now but it's
basically you take your average winner
divided by your average loser and that's
your Sharpe ratio if your average
Lueders is $100 and your average winner
is $200 you have a 2.0 sharp-edged your
average winner is two times your average
loser if your average loser is $50 and
your average winner is $75 and your
Sharpe ratio is about 1.5 okay never
risk more than 1% of your account even
though you should be only risking $10
when you're new blah blah blah I'm not
even gonna get in this right now I got
more stuff to do so daily journal you
can use a notebook a binder I think
nowadays you should just use PowerPoint
in my opinion so you'd have to waste so
much paper just use Microsoft PowerPoint
okay winning trades losing trades and
other trades you can make a binder if
you want print them out if you want it's
always good to look at this stuff when
you're traveling right print out your
last 30 trades take a look at them
because this is what they should look
like you mark them up you take the
pattern on the timeframe in which you
took it then the higher time frame and
then you should also include I don't
have it here but you should also include
the market so hear me out we use the
top-down approach right which means we
always look at the 60 minute chart or
the daily chart before we take an
intraday trader on a 2 minute or a 5
minute we always look at the 16 a daily
so what do you want to do in your
journaling you want to put on the daily
chart of the stock you traded in lay it
over top of the timeframe you took in
this case it's a 5-minute chart so you
took a 5-minute trade in lay the daily
chart I want to know what the daily
looks like and if you have space in lay
the market on a 5-minute like the Q's or
the spy I want to know was the market
going against me was the market helping
was a market hurting me those three
things are important the timeframe in
which you took the trade in this case
five-minute the daily chart of the stock
and the 5-minute of the market so we
have a base breakout here cool looks
good
daily looks good no issues entry was
7901 the stop was 70 80 85 the target
one was 1.5 R and a target 2 is 5-minute
pivots shares 3,100 shares risk $500 ok
those are the those are just the
empirical
data that's the entry that's the stop
that's what the intended target is
that's how many shares you bought and
that's the risk so you're gonna type
that all in good could you print it out
and literally use a pencil to mark it up
sure you could okay and then the
comments are more important beautiful
pattern made possible by the nice daily
gap in times with the market proper
entry proper share size anticipated to
get filled ok that's good enough if you
want to be more specific like it was a
consolidation back to the rising moving
average you know add a reversal time or
whatever you could do all that depends
on how much how detailed you want to be
sold the back half and $80 or 6 are
before my plan says to because I've
never been up three thousand dollars on
an intraday trade before and the wide
range bar scared me hmm interesting I
was very nervous about giving back any
money see the green lines are where you
should be raising your stop because it
says target 2 is 5-minute pivots and
we're talking about the back half here
so you should have managed this out on
pivots moves up pulls back moves up
raise your stop pulls back moves up
raise your stop pulls back a little
raise your stop you should have been
getting out of this thing no earlier
than 8020 which is a dollar 20 okay but
you got out of the back half at $80 why
a wide range bar scared you right you're
sitting at home in I've never been out
more than 6 to 1 so what are you doing
here you're learning about yourself
you're learning the thought the thought
process which led to you getting out too
soon why is this important so that you
can go back let's do it one more time
and assess and make approvement
improvements because of the assessment
you made go okay well it seems to me
that five or six are is a tough spot
therefore perhaps add something in here
instead of doing half and half this is
just a suggestion maybe take one-third
at one point five
and when you get to five or six are take
another third off and guess what it'll
make holding that last third a lot
easier on those pivots won't it it'll
make it a lot easier so that would
potentially be a small adjustment you
could make to your plan not a major
adjustment a small adjustment it says
okay I'm gonna sell a third at one and a
half R but if I do get up five or six R
in this case I know previously I got
nervous
therefore to mitigate the nervousness
I'm gonna take a little bit more off in
that area and let at least one third run
now this is what's important here guys
it's not perfect because your plan says
to hold half on pivots but you're not
doing that you're selling before you're
supposed to be selling so how do we
bridge the gap we find a balance and the
balance is selling a third so now even
though we should be holding a half to a
bigger target we know that we're not
capable of doing this because we've
tried and we failed therefore instead of
going from glass Joe to Mike Tyson we're
gonna go from glass Joe to soda pop in
ski that's a reasonable compromise for
now and then as you become more
comfortable holding for bigger targets
over time and learning and patience and
discipline you might say I'm not I don't
need to sell one third at five or six
are anymore I'm gonna actually hold that
back half do you see what we're getting
at we're making slow progress to get to
the ultimate goal but we're learning
along the way so I'm not gonna get half
to that full target without selling a
third somewhere in the middle and you
know this so that's your compromise
selling third loss instead of half plus
a third at one and a half are a third at
five or six our net a third on pivots
boom that's a fair compromise so in this
case though you realize well not
following my plan cost me three or
$1,500 once it said I need to add a rule
in my plan about five our moves for how
let's go to bar bar bar five are still
adjusting to the new risk level so in
the future instead of giving up 1500 we
might give up 700 it's better than 1500
isn't it it's not perfect but it's a
compromise we so this case we gave up
1500 next time we might give up
700 we still improved upon our plan by
800 hours didn't we
that's it now what you're gonna do with
all this empirical data the empirical
data is here you're going to put this in
a trade tracking spreadsheet okay guys
you can buy these online I think there's
if you just google trade tracking
spreadsheets I think it's what's called
trading spreadsheets com they make some
really nice ones I made this one years
ago for myself probably 10 years ago now
and you'll see it tracks a lot of things
the whole spreadsheets not actually on
here but what you're gonna see it I'm
gonna go over it quickly cuz well I'm
running out of time I got about four
more slides three more slides I want to
get through and I'm already ten minutes
past okay note the report range I can do
anything I want can do one day two days
ten days whatever you just type in the
range and they'll give you the data for
that range during this particular range
you can see it's me and unball okay
there were eleven trades there were nine
winners and two losers the average
winner was about 1400 in the average
loser was a thousand the risk is a
thousand so the average loser this is
about right I suppose it could be a
little less but sometimes there's
slippage and the average winner is 49 so
our Sharpe ratio here is 1.4 to 1
gross the net Sharpe ratio is 1.3
actually now it's right 1.3 because the
average loser is a little more than a
thousand okay but the batting average is
82% so you can get away with a really
mediocre Sharpe ratio if your batting
average is 50% 1.3 Sharpe ratio is not
that good that's your win-loss ratio
Sharpe ratio simply is your average
winner divided by your average loser
okay so remember the lower the Sharpe
ratio the higher the batting average has
to be the higher the Sharpe ratio the
lower the pay if you have a 3.0
sharp-edged you have a 35% batting
average and make money but anyway so you
have the month/day/year the source
meaning who took it the stock symbol the
time you got in you could also have the
time you got out if you want whether it
was long or short LRS long or short how
many shares you took the entry price the
stop-loss how many shares you sold the
exit price now for some of you you're
gonna have two or three exits okay and
you'll type that in the size of the
stop-loss the risk on the trade how many
points you made how much money you made
in the argument basic basic information
okay basic information but where we get
more detailed is the next slide now all
the sudden we have a report you're not
gonna see it today but this report is
three pages long this is only one page
there's two more pages to this so what
does it tell us a more detailed look
inside what we did one trading day
eleven trades nine wins two losses this
is the total amount the winners made the
average winners right there the best
winner was right there this is the total
amount of the losses the average loss
and the worst loss so it tells you all
in all gross profit was ten thousand
four hundred fifty three dollars average
gross profit was 915 means all trades if
you took all trades winners and losers
you made nine hundred fifty dollars for
every time you push the button that
confuses some of you that means every
time when every one of those eleven
trades made nine hundred fifty dollars
even though we lost on some of them you
took the the winners and the losers put
together you made nine fifty every trade
batting average 82% sharpish and now
let's go deeper how do we do on Long's
vs. shorts well we took ten Long's in
one short okay we had an 80% batting
average on the lungs 100% patterns in
the shorts now guys this is one day on
eleven trades imagine how useful this
information becomes when you have a
thousand trades and what if you find
that your batting average on short
trades is 24% and your batting average
on long trades is 64% well in and of
itself that might be very significant
we'd have to take a look at the market
environment but if the market
environment during that time was flat or
mediocre you have to figure out why you
don't do well on short trades
we doing we're refining our trading
we're getting better we're trying to
maximize our strengths and minimize our
weaknesses you might come to a point
where you say I'm just not very good at
short trades I'm gonna eliminate all
short trades from my plan not saying you
should I'm just saying that you that
might be your hypothesis when you're
done time frame 1 minute 2 minute 5 15 s
ago so notice two of those eleven trades
were on one minute charts a to The [ __ ]
2 minute charts one of them was a 5
minute and it has the same information
batting average so we didn't do as well
on the 1 minute charts 50% we did really
well in the 2 minute chart 88% on a
trades we're refining it by setups sell
setups ok 3 bar plays right there it is
bull 3 bar play bear 3 bar play high as
low as retest climactic reversals which
took four buy setups three break outs
three highs one retest how do we do you
might find out that you do really well
in three bar plays but really poorly on
buy setups we're refining our trading
each level we go deeper then personal
statistics how I did versus how unball
did on wall did way better than I did
right in this particular case I made
1,500 bucks he made 80 800 bucks on the
same number of trades why weighed the
same batting average okay but his Sharpe
ratio was triple mine well if I'm
looking remember it's one day but if I'm
seeing the same trend over a thousand
trades I'm gonna go why are you selling
so soon Jared go back and take a look at
guys this is three pages long you're
only seeing one page of it these are the
things you need to do to improve and
fine-tune your trading okay all right so
let's get to the end here guys couple
more slides I gotta wrap this up general
trading rules this is a slide you
probably want to look at in detail or
copy it every trade must have an entry
stop at a target before entry every
trade has a predefined risk level that
must remain consistent this means if
you're risking 10 dollars on the first
trade you're gonna risk 10 dollars on
every trade okay
week or month or year until you meet
those criteria where you're allowed to
raise your risk we don't change the risk
okay just because you feel like it I
will always be objective if I feel
myself becoming emotional I will take a
walk or I will walk away from my
computer I will not take a trade unless
it has a clearly defined strategy as
outlined in this plan right when a trade
is clear and meets my plans requirements
I will take it without hesitation
assuming my money management threshold
has not been met so if your minus three
are for the day and you see a perfect
pattern that meets your plan and it's
perfect guess what can't take it why you
hit your max loss for the day if you're
down three are three to one for the day
because you were you know didn't do well
doesn't matter how perfect the next
trade is you can't take it but if you're
having a good day maybe you're up to are
and you see another trade you take it
take it
I will first master the strategies in
this plan before experimenting with new
ones guys start with two patterns start
with two patterns and when you become
outstanding at those you can add to your
toolbox okay you know you'll learn how
to change the oil on a car before you
learn how to rip the engine apart baby
steps okay
become a master of one or two things
rather than a jack of all trade in the
master of nothing I will strictly adhere
to my money management rules laid forth
in his plan money management is your
number one goal I will not take a trade
unless it has to to one wrist reward
right if it can't give me at least two
to one on the chart if there's not
enough room to get two to one I won't
take it okay I will not trade after 3:30
p.m. now remember I don't trade after 11
o'clock 10:30 but these are just general
rules I will sit on hands when the odds
are against me and there's nothing to
trade I won't do anything I won't force
a trade is what this is saying if I
can't find something that looks like the
picture on my wall and meets my plans
requirements I will not take it I will
faithfully track all my trades and learn
from my mistakes we just showed you how
to track your trades I will never make
excuses for my shortcomings rather I
will embrace them and learn from them
guys you know what this is called
the victim mentality when you make
excuses for stupid stuff you do or you
think it's the universe that's against
you or them
market that's against your society
that's against your the government
you're a victim there are no victims in
the United States of America period now
I know I'm talking to people from all
over the world but there are no victims
you make your own lot in life some
people start ahead of you in terms of
having a better family structure or
being in a different country I get all
that but you can become alright you can
be great
alright just don't be a victim take
responsibility for your own actions okay
I will never violate my trading plan
rules okay
all right I will never violate my
trading plan rules guys read this every
day recite it to yourself every day okay
and last but not least well there's
actually one more slide that says
psychology guys is 99% of success in
this business if you can't manage
yourself you'll never succeed I'll
repeat it if you can't manage yourself
you'll never succeed all right
you must be objective at all times and
the key to being objective and managing
yourself is discipline and how you get
discipline by building a trading plan
that complements your personality and
does not go directly against your
personality okay if you're an impatient
trader don't try to hold for 15 minute
pivots try to make money on two minute
charts in 30 minutes by using smaller
targets with higher accuracy what are
you doing for example I'm a really good
stock picker
I'm a terrible trade manager that's
that's a fact I am NOT a good trade
manager on walls a better trade manager
than I am but I'm a really good stock
picker you guys notice I'm not wrong as
often as maybe some other people but my
management stinks I'm maximizing a
strengths of picking stocks to minimize
a weakness so I don't shoot for big
targets you have to do the same okay
you do the same and last comment in
closing you're not special okay you're
not special I know everyone reasons and
we're all God's special children maybe
but in trading you're not don't come in
and think you're gonna get this in three
to six months you will not there's gonna
be one out of a thousand that proves me
wrong the rest of you won't and it's not
you okay you're not different okay
assuming so is very very dangerous it's
gonna take you 1 2 3 years to get good
at this be conservative when planning
okay be very concerned plan for the long
haul keep your day job statistically
speaking guys less than 8 percent of
people in the United States of America
make $100,000 per year or more household
income it's more than eight but
individually about 8% of people in this
country make eight percent trading
numbers are even lower what's the point
in saying all this that's people with
college degrees and training from
high-level businesses and still
92% don't get there Wow what does this
mean you're not different swimming so is
very dangerous give yourself the proper
time it takes to succeed all right
compared to other businesses guys the
startup cost in this business or cheap
man
they really are cheap go try to open up
a chick-fil-a or a McDonald's or a
subway go open up a construction
business you need trucks you need
hammers you need tools go open up a car
shop a repair shop go buy a gas station
go buy a car care center ask gunmo how
that goes it's pain in the ass
1012 $15 an hour employees breaking
stuff taking customers cars on joyrides
insurance taxes property taxes you're
doing this from your house most likely
sweet it's the greatest business there
is on the planet but because it's that
great it's also that challenge and the
start-up costs are cheap all right be
reasonable with yourself guys use common
sense ten twenty percent a month great
returns right and last
don't let your expectations exceed your
experience so go back one last comment
before I end this up use this planning
cycle to fine-tune your plan and
remember don't force a plan upon
yourself that does not consider your
personality first when they repeat this
don't force a plan upon yourself that
doesn't consider your personality first
now you may not know that when you
haven't traded yet right you'll learn
that as you push the button more and
more times but don't ignore that stuff
you sit there go man I keep selling too
soon all right let's work on that let's
work on how we can not sell too soon
maybe set a bracket order and walk away
maybe have somebody review my trading
maybe record my trading maybe have
somebody sit next to me when I'm trading
or maybe I'll just shoot for smaller
targets there's ways around these things
nobody's perfect guys ok so I hope you
guys enjoyed that lecture on building a
trading plan I think there are some
valuable information in there what about
30 minutes pass what I expected to do
but I hope it will help you guys build
more detailed more
here at trading plans which will in turn
make you more money and give you a
better opportunity to succeed in this
business okay to get more great
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