How to avoid going on tilt while trading

Nothing's worse for your trading account than going on tilt and letting your emotions take control. In this video, trading psychologist to the world's Most elite traders, Dr. Brett Steenbarger shares his invaluable expertise to avoid going on tilt. I'm Mike Belafuri and we're one of the top proprietary trading firms located in New York City since 2005 and now Miami as well, and proud to have developed number seven and even eight figure per year. Traders, watch, take notes and learn from from a true treasure for the trading community, Dr. Steenbarger, so you can grow your trading account.

Let's go to some individual names though. We have rddt, obviously a pretty recent ipo. Very, very strong earnings. Somebody post in the chat, what did we score the earnings out of 10? Positive 10 being the most positive they possibly could be. Negative 10 being the most negative they could possibly be. I think positive 9 is the lowest rating and 10 is, is the highest. I think it was probably closer to nine, nine and a half. It was very, very positive earnings though. And so you want to be thinking about this as a long. You combine that with the technical setup. So that's the catalyst then. What's the technical setup? You have a really good all time high break out of a really important range. Right. So is that the sort of thing that you could look for, continuation trades to the upside? Absolutely. When you zoom into the price action, particularly from about 8 o' clock till now, you see that run up into the open, you see the big insane volume right on the open and then you get this very long big dog consolidation that sort of occurred. We had the potential and Steve, I believe took this trade and we talked about it. The potential of a Bella fade right off the open when it was just absurd buying and such aggressive buying. We had the potential of a Bella fade.

I'm making fun of myself here because we were offered a chance to buy this at $5 billion valuation pre IPO. Some of the guys in the desk participated in that. I passed on it because I thought 5 billion was about right and I didn't want to do a pre IPO.

Private shares. And I'm looking right now it's $18 billion market cap. So I'm not sure I'm the expert in this stock right now.

Sorry to start with a sore subject.

I thought it was fairly valued at 5 billion. Leaning on good friends of ours who know a lot more about this space than I do. We have a good family friend who is really read into this space. That's what he does for a living.

But you did have a decent Bella fade. You had that first leg lower after the top was put in. There was a clear buyer on the tape they dropped. Very aggressive buyer on the tape they dropped. You have that first wave down, first leg down, second, you know, a little bit of a pop that didn't take out the highs. And then a second leg down, which happened to go right into V wap. And so you have a VWAP continuation trade as well, the Bella fade. Your stops always at the high. When you see the buyer drop, you're short.

And your stop is above that.

When it comes into view up and you see the buyers kick on, that's where you can look for a vwap continuation trade.

You'll watch the stock and you'll say, wow, this is really overextended. Not that it can't trade here by the end of the day, but in this moment of time, it's up too much, too fast, the buying's too aggressive. And then, not only that, a good way to do that is just to see where it is in relation to V wap.

Some people like to look at Bollinger bands and start to play around with that to identify stocks being too far away from median price, even if it's strong. And then, and then, and then, and then you notice not only is it too far away from, let's just, in this example, say, vwap, but.

There are buyers on the bid at levels that are not dropping. They're absorbing the selling.

They're not pulling back the way stocks normally do. They're just aggressively staying there on the bid. They're aggressively staying there at levels. And you can literally see them on the tape.

They're afraid to try and buy a stock lower. They need the stock so badly, they don't feel like they can try and buy this lower. So they just stay there and buy and buy and buy. And then finally, after some time, they will start to drop out. You will see on the level two, the buying change, it's different. They do start to drop the bids and try and maybe buy it a little bit lower. And that is the signal to try the fade trade, the Bella fade trade back to vwap generally, or a level that makes sense to you. It's a scalp trade. This is a scalp trade. This is for scalpers. And scalping is a good way to start at the beginning of your trading career to build your skills. It's the confluence of those three things. Stock in play. It's too far Away again from vwap. And then you can clearly see the buyer who then.

Drops, changes the way he buys. And then it's a scalp. Let's go.

Yep. And we used to laugh. I got to sit next to Bella pretty early on in my time here. And Bella would always be talking to himself. We will talk about this more later about your self talk. But Bella always be like, you guys, this is bad buying. You can buy it so much lower. Why aren't they buying it so much lower? And he would just be sitting there watching it, and then he'd see the bidder drop, and he goes, I'm short. And then it would be cover down. Pops up a little bit. Cover some more down. And then Bella would be like, okay, the buyer's back. And like, it was just like one of those things where it was a really interesting thing to see exactly what he just talked about. What Bella just talked about with that buyer is so aggressive that it's almost. There's, like this fear that they're never gonna be able to buy it lower. But if they just stop buying it.

That aggressively, I mean, they don't really know what they're doing from an execution standpoint. And Dr. Steenbarger keys us into this quite a bit, which is, look, there are different market participants, and there are going to be certain market participants on certain days that are not expert in order execution. They just want to own the stock. They're not trading for today. They're trading for the next three years, perhaps five years, perhaps 50 cents doesn't really. It's just not what they do.

They're also probably long from $5 billion valuation.

In all fairness.

Whereas we're experts in today's price action. And we'll spot and be like, why is that guy buying that there? They're playing a different game.

Yep. And that's where some of the edges come in. And it's not a trade you have to take. It's a trade we want to highlight because we're presented with that opportunity. If you're saying this is a 9 out of 10 earnings or 9.5 out of 10 earnings, and I really only want to be long. This is. Then you're actually looking for that Bella fade to come in and looking for the VWAP continuation trade, which is another trade where it comes into vwap. You see the change in the tape, you see the buyers, and everybody can see that after you have that big red candle, you have that green candle that starts to rebid at V WAP and you're always just targeting high of day. It's a very clean, simple trade. Right. The third trade that we can highlight here, your stop goes below the low of that, wherever that that low was made, right below V wap and you're targeting the high of day. Right. That's very straightforward every single time. The third trade that you can make here is after it's been holding up through what we call price discovery or the market open. And especially if it's holding up in the high end of the range like this was, you can wait for that range to break and ideally that range is going to break with volume and you don't predict when that range is going to break. But when it does start to break and you could see that very clear move, it looks like it's right after about 10.

You can see that's where this could start to trend.

And let me jump in here and if I can circle back to that Belafay trade and I can circle back to you politely.

I believe, intimating that there are certain times where you're going to. I might get frustrated. Huffy. We call it being huffy. And we have Dr. Steenbarger here and I think this is a really great time to talk about this, which is for this Bella scalp trade. It's actually better the more frustrated I get. It's actually better the more huffy that I get for this trade. And I've learned that that frustration, that huffiness is setting up a better trade. And I've learned over the years that as I recognize that I'm huffy and frustrated and maybe muttering. These guys don't know how to execute trades. Aren't they professional traders? Things I admittedly have said that on the desk, like, how can these guys be buying up here? Why are they not professional traders? No professional trader would ever buy this up here.

But that's, but I've learned that that's a really good for my edge. The huffier and the more frustrated I get, the more vertical it's going, the better for me because it's setting up a potential for me to make more money. But I've also learned that I learned this in sports and I learned this and I carry this into trading, which is when I get frustrated or angry. What was my reaction when I observed myself being frustrated and angry? What was my reaction? My reaction is something that. And look, you should always work to not be as huffy and frustrated as you can. And there are techniques to do that. But when I was huffy and frustrated in sports or in trading.

I turned on a switch, I communicated to myself I needed to do something next to make this better. And I think it's a valuable lesson for traders, which is I switched onto hyper focus. Hyper focus. I hyper focus on what I need to see. In this case, I need to see the buyers change.

I need to hyper focus on observing the buyer's change, that buying pattern change. And when I see it now, I'm going to put my short in and I'm going to make a. And again, this is just a scalp trade, a great.

Bella fade scalp trade. And I learned this in sports. When I would get frustrated and huffy pitching.

I would hyper focus and specifically I would throw high inside fastballs. All of my focus would be on throwing really hard, really accurately high and in because that was my best pitch as a trader in this trade. I would hyper focus on observing and recognizing the buying pattern change and when it did, then pouncing.

So what you're saying and what we've spoken about over the last couple of weeks and then we'll get Dr. Steenbarger's feedback here. But what we focused on over the last couple of weeks is identifying the emotions that you're feeling. And what I hear you saying is you're using those as a trigger to get back to that center point, that Z axis we've talked about previously of focus or hyper focus. You're not observing your emotions and then trying to correct your emotions. You're observing your emotions and allowing that to be a trigger, a recognition trigger of I feel this way. Time to hyperfocus.

Yeah. And I would say I do try and lower my heart rate a little.

Bit.

When I'm observing hyper focus, but it's, I feel danger. I feel danger and I feel that I need to hyper focus and I need to lower my heart rate and be super concentrated.

And Dr. Steenbarger, if we could bring you in, you laid this idea out for us last week of the first step is being an effective observer of your emotions. If Dr. Steenbacher, you could help us understand the effectiveness of essentially what Bella has laid out as I've recognized this pattern and this pattern is a trigger for me to then get into that hyper focused state. It's not a trigger for me to step up from the desk. It's not a trigger for me to pay less attention. It's actually a trigger for me to recognize in this moment, I need to recognize that it's time to hyperfocus.

Dr. Steenbarger has called the local hospital and there'll be people coming to admit me very soon.

That's what he's thinking.

It's not the local hospital. It's the regional state mental institution.

Yes. Okay.

Yeah.

So I would argue and. And definitely push back here, Bella. If I'm missing something, I would argue that there may be something different between being huffy and being frustrated with oneself.

Kind of frustration that I see leading to tilt is often frustration with oneself.

Which is different than saying, wtf? How could these market participants be buying up here? What are they thinking? Aren't they professional? That that's. That is a kind of frustration, but it's a frustration that is externally directed, not internally directed, and may have different physiological consequences.

So your idea here would be with. With the focus being external and. And being in that observing mindset, it's creating opportunity, but if the focus is internal, it's creating a risk situation.

It could. It could. Especially if the internal focus is not constructive. If I'm pitching and the batter is state standing really far from the plate, almost like they're afraid of the pitch.

I'm thinking, what in the world? How do they expect to hit the ball? You know, that would be kind of a huffy reaction. All right, I'll throw it high and tight, you know, inside corner, and take advantage of that vulnerability. That's different than if I'm on the mound and I've given up some runs and I'm saying to myself, I can't believe I'm doing this again. I'm going to be taken out of the game. What's wrong with me? Et cetera, et cetera, et cetera. There is that email that you passed along, Jeff.

Yeah. Do you want to address that?

Well, I think it's related in part because the person mentions being on tilt.

So Jimmy did some great work where he took on the challenge that we had last week. And remember, the challenge was just identify the different emotions, become an observer of your emotions. And we just heard from, obviously one of the premier people.

In this entire trading space, from Bella, talking about how he's using it as an opportunity. He's using his emotions as indicators and clues to what he should do. And then he's kind of getting himself back into that opportunity focused mindset. He's observing his emotions, and his emotions are occurring. They're related to what he's seeing in the market. And as a result of that, he's got this very distinct pattern of, I recognize this is the time to hyper focus. This is my opportunity. Jimmy was kind enough to share Something a little different, but it's probably similar in this really. I think potentially this could be used as an opportunity to observe the difference between an external focus driving those emotions and an internal focus driving those emotions. And so, Dr. S, I don't know if you've had a good enough chance to look through this, but if you wouldn't mind summarizing what you saw when.

You read this at the very start, notice in the second paragraph, after having two big win days, I became overconfident and started the trading day excited with high energy.

So right away.

There is some awareness of I'm excited, I'm raring to go.

Okay, right there is where you want to start working on yourself.

In other words, the overconfidence and the high energy is just as dangerous as the lack of confidence and a lack of energy.

Because both can lead you to make decisions emotionally, impulsively, reactively.

For the traders on our desk, when we talk about doing your pre market prep.

A lot of doing your pre market prep and a lot of the discussions that we have is you are observing where you are as Jimmy did he high energy in that yellow zone, but then you're grounding yourself with what opportunities do I perceive on the day? A day like today where we had SMCI moving around, we had a lot of different earnings. Is that an okay day to be a little higher energy as you're coming in a little more aware? Well, yeah, most of the traders were a little more locked in today than they have been in other days, especially as of late. If there's a day where there's barely any catalysts, there are very few stocks in play, there isn't a lot of.

Movement occurring and you come in and because you're on a winning streak, you're coming in super high energy. It's where the opportunity doesn't really match your energy level at all. And those tend to be the days that we'll see traders struggle with the most. When their opportunity level is say 6 out of 10 or 5 out of 10, but their energy levels are 7 or 8 out of 10. That is a really challenging spot to be at because you're getting more and more locked into less and less opportunity. So it's that combination of EV and eq and you really want to make sure that those are matching or close to matching as much as possible. What I've observed from the desk when we've started this Emotional Awareness Week is the best traders are actually just below the EV on the day. So if it's really high Ev they're actually just a little bit below that. From an EQ, an emotional awareness perspective, if the opportunity sets a 9 out of 10, they're like an 8 out of 10 coming into the day where the biggest threat typically exists is low opportunity, high emotions. And you know, anytime you have a big skew there where there's not a lot of opportunity that you perceive coming into the day and your high emotions, they, that's where you really need to have that self talk to say, oh, okay, I'm really gonna be patient. I recognize I'm a little excited. I've been trading really well. But as we'll say on the pre market calls, you really want to let the opportunity fall into your lap.

I agree. I would take it one step further, Jeff. I would say the awareness kicks in. I'm aware that I'm excited with high energy.

This is the state I'm in when I get.

Period. Period. Yep, yep. In other words, it's awareness that this is dangerous. Let's say that I'm. That's a technical term. Yeah, let's say. Excuse me, I'm, I'm in the military. I'm in the marines and I'm sent over to Iraq and my job is to scan for improvised explosive devices, IEDs, bombs that are in the ground.

And so I have to, I work with a detection dog and I have to detect these bombs in the ground.

And I'm just super excited to be doing this work. And I'm high energy and I'm going out in the field, I'm going to find these bombs. What's going to happen to me?

Well, you go find the bombs.

Yeah, I would find the bombs in a very personal way. Boom. Yeah, that's right. Nowhere dog. No, no, me. Yeah. You would go into the field extra carefully because you're aware of the bombs. So in trading we have this interesting dual mindset of awareness of opportunity, but awareness of the bombs, awareness of the potential to blow up.

And we want to be in full focus to be able to tell us with unfolding price action is this more of a dangerous environment, Is this more of an opportunity environment? And that's where that coming to the center of the the mood grid comes in, being focused. So right away when I see them too excited or if I see that I'm depressed and really discouraged from the last few days results, boom. That's a warning sign. I'm really going to mess up if I stay with that.

And this is a little different than when we set out for using this emotional awareness grid and the language specifically. What we're observing here is a overarching pattern. If you're entering the day a little more amped up, a little more high energy, how volatile are your emotions going to be associated with any specific trade? We had started this talking about very specific trades with Edge, but this email helped me understand probably one of the overarching challenges that easily can come into our trading and it really does seep into our trading at interopportune times. This trader was on a really nice run. He said, and you're thinking I'm really, you know, maybe your self talk is I'm doing well, I'm seeing the market well. The opportunities seem to be falling into my lap. I'm feeling very good, I'm high energy. And you're approaching the day as if it's all about you and not approaching the day as if it's all about the market.

This is a baseline as a developing trader, as a professional trader, as an elite level trader, you should be approaching the day as if it is all about the market and you should be aware of where you're falling on maybe this emotional grid. But it is all about the market. Before the opportunities ever get presented, it has to be about the market.

And Jeff, I would argue as far as pre market preparation, you've been doing well and making money, you've been doing poorly and losing money. The mantra when you're focused is this too shall pass.

I'm not going to do infinitely well, I'm not going to do infinitely poorly, but I'm not going to get overly identified with what's happened recently. Go back to the analogy we used last time, Jeff, the surgeon doing the appendectomy. I'm coming in as a surgeon to do the appendectomy, excited with high energy.

Because I've done 15 other appendectomies that went perfectly well.

Damn, they've gone super roll baby. I'm gonna take this out in record time.

No, I don't think so. In fact, just the opposite. Everything's gone so well. I'm going to extra prepare myself for how I would respond if something doesn't go well.

And so that baseline of this too shall pass can be a really good grounding mechanism to get us back to that opportunity focused central point.

Yes.

Before the market even start, before the market even opens, before the opportunities ever get presented. And so this was an overarching theme that we hadn't really expected to encounter. But based on the chats and the emails we received, this does seem to be something that we should have addressed previously that we didn't. We were approaching this from the perspective of EV within a trade or trades with high EV and how you respond to those. That is a key element of what we are working on every day to improve through insight, access, improve when we're taking scalps on the scalp radar, improve when we're learning new trades, trades with edge, with high EV or good enough EV for us to take them. How are we responding or what observations are we making specifically about the language that we can associate with our emotions. That's where we started this with. But recognizing that we need to take a step back and approach the entire day in the appropriate way before we ever get into the trades. If we haven't approached the entire day in the appropriate way, we don't really have a good opportunity of coming in and staying balanced in our emotions because our emotional volatility is going to be too attached. So if you're saying I'm struggling with my P and L focus, I would view that very similarly almost basket that argument with, or that, that, that observation with what we're seeing here. If I'm coming in with a P and L focused, I am so high energy. And then if my P and L is bad, I'm going to be low energy. And then if a trade doesn't work out, I might cut it early because I'm so worried about this overarching theme. And I'm not just focused on the market.

I'm not focused on the opportunities that are being presented and then my ability to execute those. I'm focused entirely on my performance, which is, okay, that's a part of what we do, but it's a part of what we do that really needs to get balanced out. And we all observe those things, particularly in that period during pre market prep or an after hours prep. You'll observe those thoughts. We're not saying don't have those thoughts, don't have those feelings, don't feel like, hey, I'm trading really well. Use them the way Bella was discussing. Use those emotions, those feelings of self talk, admit that those are there, use very specific language about what those mean to you. But then you can adopt that, that, that approach that Dr. Steenbarger just said of this too shall pass. And my job is to come in and be a traitor today.

It's to look for those high EV opportunities for me today. So where might those be focused? Where might those show up?

And that alone puts us into the appropriate mindset to be a trader Today.

If I could just jump in. Jeff, One technique that I write about in the book that I'm currently working on.

Is, and it's something actually in a literature review that I wrote with some colleagues at the medical school, it's using emotion.

As a lever for change. It turns out in the psychology research that emotion is a gateway to change. If we can shift our emotional state, then we open up the possibility to new ways of thinking and new ways of acting. So let's say that I'm excited with high energy in that yellow zone. Per the example, one approach is I could step away from the desk and try to calm myself down. In other words, get out of an emotional state. And that could be useful. But what if, however, I use a different technique? And this is what I talk about in the book. Suppose I purposely invoke the opposite emotional state.

So I'm feeling excited and high energy. So I purposely sit back and mentally rehearse the recent periods where I've been discouraged and where I've taken losses.

So what's happening is that I'm shifting my emotional state from overexcitement to an awareness of risk and downside.

By shifting the state.

I open the door to acting in a different way. So I mentally rehearse. Yeah, Think Again is an excellent book. I mentally rehearse the opposite state, and then the awareness kicks in. Ouch. I remember how that feels. I don't want to let myself get overconfident and go through those kind of losses.

So there are a few different ways that we can balance our emotional state in real time before it ever gets to tilt. That's really the key here. Yes, we're becoming aware as it's occurring, shifting to a different state so that our emotional state never drives our trading decisions.

And as we're pulling up this grid, let's envision this electric fence around the entire grid. Let's imagine there's an electric fence around this entire grid, around the exterior, the perimeter of this entire grid, and that electric fence, probably we could call tilt. We heard from Bella, as he gets further up into that red zone, that's a reminder to himself that he needs to come back into that center point, that, that target, that bullseye of opportunity, focus. So as he strays out to the outside and he gets closer to that edge of. Of tilt, he's actually reminding himself to come back to that center. And we have a different example in a pre market, you know, showing up on the day as you get further, further towards the edge of confidence and overconfidence and exuberance, you're actually running into that, that fence, that electric fence of tilt. Now the question is, are you going to let it expand or are you going to come back to that center bullseye of opportunity focus?

If you let it expand, you're likely to, once you get outside, to bounce all over that entire fence and be on the outside of all of these emotions. But if you stay within it and then come back to that focus, you're kind of in that safe zone.

And Jeff, this is a great point that you're making. One way of moving away from the fence toward the center point of focus, again, is to invoke the opposite emotional state. If I'm in that red zone and I'm enraged and I'm frustrated, and then I purposely evoke, I purposely focus on recent occasions where I have felt gratified by my trading, where I appreciate the good trading I've done, I've been satisfied with what I've done. I purposely evoke that state to balance out the negative one. And the act of evoking the opposite state is focusing me, is bringing me toward that center point.

We heard it from Bella where he said, I'm calming my heart rate down, I'm slowing my heart rate down. So let's imagine he was up in the top right quadrant, that red quadrant, as he's observing this opportunity in the market. So he said, I'm purposely recognizing that I want to slow my heart rate down. So he's coming down that scale a little bit, but then also zoning in more. So he's moving across as well. So he's all of a sudden just pre programming himself to go from that red state, that threat state, kind of back to the middle. Dr. Steenbarger just talked about how if you're feeling overconfident by focusing on the times that you weren't trading well, or remembering the opportunities that weren't working out, you're doing the same thing. You're just bringing yourself back to that center. It's a very simple thing, but you could probably write out four different ways that you could do that, or four different examples, perhaps even from your own trading. You could pull up four different charts that say, I'm feeling really angry frustrated. But I remember that feeling of angry frustrated led to a really good trading opportunity that either executed or didn't execute. It doesn't really matter. But, but remembering in that state, I felt this way. But this is the opportunity. Then you can kind of naturally bring yourself down and bring yourself back to center Same thing in that overconfidence. We have an example here that you could pull up this email anytime you start to recognize you're feeling overconfident. And you have a wonderful example of. I remember this. And as Dr. Steenbarger said, this is the state in which I. And I'll let his terminology, his official terminology, pass, but this is the state in which I get blanked. And if you remember that, you are naturally going to be pulling yourself back to that center. The same could be said for any of these quadrants. If you're observing your emotions within a trade and you recognize this is exactly how I'm feeling. Specific language. So you're observing specific language. You now have a very distinct pattern to pull yourself back to that center, to get back to that opportunity. Focused mindset, that bullseye that will put right in the center of all of this. And you're avoiding the extremes, which. That is where tilt lies. On the extreme of all of this is where tilt lies. It doesn't lie anywhere on the middle of this grid. You might move from the center of this grid to tilt very, very quickly, but you have to pass through all of those emotions.

And Jeff, if I can just quickly mention one other technique and we could get into this next time.

If you think it would be helpful.

We talked about state dependent learning. Our behaviors are dependent upon the state that we are in.

The technique from NLP Neuro linguistic programming is called anchoring.

And what we can do.

When we are practicing our trading.

When we are reviewing our best trades.

We purposely keep ourselves in a very calm, focused, positive mindset.

So we are doing our trade reviews and we are going over our playbooks and our best trades when we are in the zone, when we're in an ideal mindset.

And we repeat that again and again and again and again with each daily practice. Every time we practice, we're in this positive state. Every time we practice, we're in this positive state.

What happens is our good trading becomes associated with our good state.

We anchor those. That's the technique. And so then in real time.

What do we do? We're watching the market. It looks like it might break out.

We see a possible opportunity. We purposely get ourselves into that ideal state. We purposely calm ourselves, focus ourselves.

And everything we've anchored to that state. All the best trading practices, everything that's in our playbook comes back to us because it's associated with that state.

This takes a good amount of practice and repetition, but is a powerful technique for applying trading psychology in real time.

If we have about five minutes left or four minutes left. And. And I wanted to bring this point up because when I was prepping for this meeting after last week, one thing occurred to me. In the conversations that I was having on the desk, traders were talking about stress and the stress of the performance pressure, the stress of idea generation, the stress associated with it, with this into everything that we do as traders. I was interacting with somebody that literally stopped me on the street yesterday and was like, hey, I know all that. They were like, how do you handle the stress of this job? And I think it occurred to me that there's a big difference. And Dr. S, you've talked about this, and this is what I want to hit at anywhere in this zone, it's appropriate to feel stress. Stress is where I believe stress is where learning really accelerates. You have to have an appropriate amount of stress. You have to be challenging yourself. So you want to feel that stress. But if you're feeling distress.

You'Re very likely to go to the outside of that zone and get into tilt. So stress is this beautiful, powerful thing that we should not necessarily avoid.

We should actually invite it or be open to it when it's. When it's there. But we have to be very aware that stress and distress are very, very different things.

And distress is often the result of how we channel stress.

Oh, interesting. Okay. That's what I was curious about.

So we want to think about how am I channeling the normal, natural stress of trading? Am I channeling it against myself? Am I channeling it constructively? And of course, if you're doing the anchoring technique, you're practicing and in your reviews and outside of market time, you're practicing, practicing, practicing channeling it constructively. Can I say one other thing before we go, please?

So I talk with a lot of hedge fund managers.

Everyone that I've been speaking with expects a red sweep at Election Day.

They expect Trump to win, and they expect the Republicans to win in the House and Senate.

An interesting measure of.

Voting sentiment has been the djt, Trump stock, Trump Media stock. Today the market is up nicely. And what is DJT doing?

When I left, it wasn't up.

Well, look at it now.

Dumping down 17%.

Oh, it's down more.

Oh, wow.

Oh, we had that VWAP continuation short because it was a very similar trade to what we had yesterday. And that happened right before I came into the meeting. So I didn't get to see it. That's.

It's put in a backside.

It does look that way now. I Certainly don't want to get into political commentaries. We all have our predilections. However, you have a lot of big players who have been assuming that.

The.

Republicans are going to win this and now you have a situation where the stock that has been expressing that sentiment seems to be tanking. So it's just something to have on the radar because if in these last days before the election, if voting sentiment and voting voting preferences change.

There are going to be big market players who have to move positions and we could see some real volatility, real action. There could be real opportunity for people who are able to read markets in.

Real time for the next week. We do want to challenge people to keep working through this. The first goal is to become an effective observer of your emotions with specific language. That is the first objective here. Observe your emotions that are occurring intraday or pre market or while you're in a trade. Observe them with very specific language.

We will continue in these meetings to talk about some of the patterns that we've observed. When it goes from this trade is working, I feel great to oh no, what if this trade stops me out to seeing that buying kick back in and the examples that we've used and that sense of relief triggering an actual better trading opportunity. That's just a pattern. We'll continue to talk about these patterns as they come up. But I'm so excited about where we're headed altogether. So thank you everybody very much. Thank you Dr. S. So you're an.

Active trader, not doing as well as you want, not doing as well as you deserve. And you just can't figure out why you, you can't become profitable no matter how hard you try. Well, let me show you why this is your competition. The traders in this room, this room right here is full of elite traders, some of whom are making seven and even eight figures a year. In fact, our top guys have made nearly 20 million each in net trading profits in a single year. Let's head to my office so I can share more. So you're probably used to seeing videos of like lavish trader lifestyles, trading gurus trading off of a laptop for an hour a day, heck maybe even 15 minutes a day, and then them relaxing on some secluded beach for the rest of the day. Well, all I can tell you is that our traders train like pro athletes. They live and breathe the markets and are continually working on their trading skills. Because at our firm that's what we found it really takes to make it in this game. I'm Mike Belafury, co founder and Managing partner of S and P Capital, one of the world's top proprietary trading firms located in Midtown Manhattan. And we're always looking for trading talent to hire and develop. And not just to trade in house on our desk, but also to trade from their own home entirely using our firm's capital. And we have numerous traders doing just that, allowing them to make upwards of seven figures trading the firm's capital without risking their own money. But to even get a shot at something like that, you need to have the right training. That's why we're doing a new free online presentation in which we share how you can get an interview with SMB to become an in house or remote trader trading firm capital without risking yours and gaining access to all of our firm's coaching and and resources. And the best part, you don't have to be a profitable trader yet. In fact, we prefer to mold profitable traders with our methods and our techniques. That's why we have just three simple criteria that can earn anyone an interview. We're looking for highly ambitious and determined traders who fit our culture first and foremost. So if you believe that could be you, sign up for the free one hour online presentation by clicking the link that's in your top right corner of your screen. Now.