[LIVE] Day Trading | Beware of Your Own Trader Psychology (it's dangerous...)
good morning it's clay at claytrader.com this will be a live trade video where i try to capture some of my trades as they play out live market opens up here in about five minutes now real quick if you are new to these videos what do i mean when i say live well what i mean here is that this is not a situation where everything's already been recorded and now i'm coming back and doing a recap or some sort of post commentary or voiceover nothing like that i'm recording myself seeing the information for the very first time so if you want raw thoughts raw reactions raw emotions you're gonna get that with the video if you want a nicely edited nicely scripted well put together video you won't find that here but if you just want a nitty-gritty look into what it's like to be a day trader how day trading can play out then you will find that here with the video right now gonna be watching or i think i'm gonna be watching tesla out of the opening gates again i say think because uh i don't know something can change given this is live and there's still five minutes before the market opens so maybe something else pops about and pulls my attention away from tesla but gonna be watching this one right now uh pretty bearish headed into the open it is a gap up but things have been kind of bleeding all pre-market long so you know we'll see if that continues on or not uh but as right now that's what i'll be watching and we'll see what happens with it but i'm gonna go ahead and pause all right well my attention has now been pulled away market opens up here in a little over a minute but riot looking very interesting and 53 that interesting area for flush point meaning wanting to see the price go down and for those of you that are new out there you can make money when prices go down that is known as shorting a stock going short um and again in those situations you want to see the price go down and if that happens you make money now if the price goes up you actually lose money but that is what is known as going short is and then this also uh for those of you that are maybe not familiar i do offer a private community at the claytrader.com and this is just part of it so watching tesla 695 flush point mention that riot 53 flush point so we'll see what happens with it but yeah market opens up here in less than one minute but yeah as of right now looking like riot it's probably gonna be the more yeah yup cause tesla still could be interesting if it drops back down to that 706.50 mark
but riot and that 53 mark i think i'll go with that but i'm gonna keep a close eye on tesla too so i'll go ahead and pause all right the markets are now open curious to see what right wants to do here not a whole lot actually so let's go back over to tesla it's getting down to that 706 area which i'd like to see it bounce from there good very interested at 706. makes sense why it bounced there both from the pre-market standpoint and from that moving average standpoint and back up it goes so now tesla not really in play riot not in play uh so okay well both of those that i talked about neither of them are really in play right now but yeah still 706 if that can come back in a play that could be very interesting maybe even 7 12. that's really a question do i think the price wants to come back down and re well too late now too late now is it turn around too quickly on me all right well i'm gonna go ahead and pause and if i find another setup because the first two that i was looking at really have not played out although riot now is just going very impressively and let's try to throw out some shares short at 57.50 that may be
a bit optimistic on my end fsr what's going on with this one here tesla booming now and riot going the opposite direction whoops cc iv big drop on this one 33.75 is actually a pretty significant level but i can't take that now it's way too overextended right now well this is becoming very disappointing because please bounce just nope yeah i just can't take that that's way too overextended and 33 and yeah there's probably some frustration in my voice because that was truly a great setup in fact talked about it in my live webinar that i did last night but yeah you just can't take it on that sort of candle all right well now it's bouncing back upwards so this is good let's see if it wants to bounce back up and then come back down to 33.75 but i can't take it on this candle here but if this candle wants to stay green and then come back down we can definitely that starts to look much better but like i said this candle has got to stay above it nope and it goes down below it frustrating well let's see get back above 34. there we go i was definitely trying to consolidate out here a little bit which is good would like to see it bounce up a little bit more if i get up there to 33 or excuse me 34 30ish area that would be great and then come back down good good i like 33.85 now actually
if it can come back down one minute so we got 33.85 mapped out as the flush point there let's see what it wants to do let me double check something oh yeah yep i like 33.85 very much but maybe this is the the actual start of a much bigger bounce if that's the case so be it right now it is looking like a bigger bounce so all right well i started off the morning with a couple of very nice setups didn't quite work out and this is exactly why i didn't take that to trade i mean way too overextended and had i chased it yeah it very well could be a losing trade depending on how i want to play it but yeah i'd be in some pain regardless i'd either be sitting through some pain right now or already experiencing pain because yeah and look at this thing bouncing back upwards that's why you know i wanted to just come down there a little bit slower than what it did so it didn't quite work out 3465 is actually an interesting area yep 34.65 i'm gonna get that updated here actually in the room update 34.65 oh this thing just keeps on moving but tesla and even our right here at that 712 712 down to 708 again that's just seems so overextended the downside i don't like that i'm not getting yeah nothing's really quite cooperating okay 53 what is that 50ish that could definitely be pretty interesting there and there goes tesla but just so overextended you just can't take that as much as i want to chase all these none of these movements are behaving like i want to see them behave they're all overextended so yeah frustrating to start uh no doubt no doubt a very frustrating area this is not easy right now because i mean looking at these things like i could be still making money had i i chased on tesla but that's not there we go look at that right back into that area here so 708 ish does tesla want to come back down through 708 and again it's just this overextended nature has me very hesitant and maybe it'll work out maybe this thing will just keep on falling but and 706 is going to be up and now it got down but that's just too hard of a move you can't just short that like and it's way too overextended very very unfortunate but um okay well a morning of identifying great setups but then not having the setups actually follow through with the way you want to see them behave and yeah it's unfortunate but sometimes that's just how things go and really cciv is this going to be potentially my best chancer 3515 i mean this one is it's really not moving that much well tesla again yeah just look at that move you just can't take that all right well i'm i'm getting frustrated so i need to actually now be very careful that i don't let this frustration turn into me going and forcing a trade um so it's okay to be frustrated as a trader so okay to get emotional but you need to just be sure that you're actually aware of the emotion and right now i am getting emotional i'm getting frustrated and i need to make sure that i don't go you know rush into something that doesn't make sense and there we go look at this the bounce now here on tesla that's why you just can't yeah you got to be very very careful all right i am going to go ahead and pause and once again i'm interested in this 705-ish 704 area but look at this big red candle stretching all the way down here it's just all right there we go now taking a little breath here so 705 you've never come down there 105 704 yeah i'd like to see this bounce up one more time and then come back down it just feels a little too sketchy right now especially given the case tesla is still technically has gapped up yeah 706 interesting here now especially if it's pulling back after that little bounce up that we just witnessed what does it want to do here in that 706 31 looking for this thing to get moving here gone through 705.
there we go and all out there for 422 the patience paid off i was in that trade for all of 15 seconds if you're not familiar how my screen works got in at 9 42 13 out at 9 42 28 so 15 seconds 422 overall it is now 9 42 am so 12 minutes making 420 let's just call it 400 the market is crazy and that is why i wanted it to be a scalp although that 704 it's just i like that little movement right there which is why i took it but i just still don't feel that comfortable with it to have held on for longer but 704 that looks so intriguing fact somebody's already alerted it right there somebody read my mind and there it's going there but yeah i'm not complaining like i said just and you can probably hear it i got frustration i got a little things just aren't quite behaving but hey i'm i'm more than happy with 400 in uh for 15 seconds and 400 dollars for for 12 minutes of work and really i'm gonna go ahead and call it good uh just because i'm not emotionally right um and i i just don't there's something off and what's off is the frustration that you experience during the first basically 10 minutes of the video where things were were looking great and then they didn't behave and then it's just throwing me off and now tesla yeah it is behaving but that just kind of illustrates the exact point here that i'm making is i should probably maybe still be holding some but i decided to make it a scalping trade um and now i'm feeling a little bit frustrated because i should still be holding i should be up you know even more on it uh so i'm just i i'm not quite i've been thrown off and in a you know a bizarre kind of way i i suppose i'm glad that this all happened i decided to make a video because you're seeing you know kind of the psychological aspects of trading here uh where your mind can just get thrown off and you can still make money but i got to be very careful because i still feel like something's off and i i don't want to give away that 400 because then i know and this is from personal experience the step after giving the 400 back is oh my god i'm i got to get that back i was just up 400 and then all of a sudden i'm looking at a big problem account wise and here you see what i mean look at this just now bounces back up so yeah i got to be done but i'll take it i mean let's keep things in perspective i'm emotionally off i'm not quite feeling right and again it all started off and i didn't start that way i started off very confident i mean tesla riot both of them were looking fantastic and then as you saw you just didn't quite behave cciv was actually a very good example of why you don't want to chase because that thing bounced way back so i mean but that's the other thing is it's amazing how my human mind is like forgetting about cciv where i did the right thing in that you know in that spot but had i chased in teslan right yeah i would have actually made some money but the voice in my head are conveniently pushing aside the fact that yeah but you would about you would have gotten beat up pretty bad on ccib so and then here look at tesla go back up it so that's just what i mean it just these things aren't as necessarily smooth as what i would normally like to see them and that's just and i'm stalling here i'm blabbering right now but i'm trying to i'm i'm enter there's a battle in my mind because i don't want to be done i know i need to be done so now i'm just blabbing to you to wait for something else to give myself an excuse but i need to be done i get if this is like your first ever video i promise i'm only half i'm i promise i'm only half of a psychopath i get it i sound like a psychopath right now but before you judge all i would ask is please at least trade with some of your real money first and then come back and you'll understand that we traders especially as day traders we have all kinds of voices in our head and i'm just battling those voices right now and you're just witnessing that but i i really get it and all i can do is laugh and say i understand that if you never trade with real money and this is one of the first trading videos or one of the videos you've watched of mine i probably sound like a nut case but um anyways i've blabbed on long enough and welcome to the like i said this is live this is raw welcome to the raw look inside of the psychology that goes into it because i i know i need to quit i am going to quit but i also don't want to quit that's why i keep blabbing on and on waiting for you know maybe something to happen but that's all i have uh real quick before i do go though if you do enjoy these videos then they're not the easiest to make because they truly are live so i have to think about what i'm gonna talk to say to you i have to talk to you i have to think about my own trade plans i have to actually execute those trade plans i think about what i'm seeing and make alerts in the chat room and i have to type those alerts so there's just a lot going on and it's totally possible been doing these for years but i always want to be aware of my time i mean i want to make sure that this hassle is actually worth my time so if you do enjoy these videos if you do find them helpful entertaining then two quick things that i would like for you to do hit that like button leave a comment it can be a thumbs up emoji can be the diamond hands emoji but uh thumbs up and then hitting the like button and then uh you know leaving any sort of comment goes a long way and saying hey clay i enjoy these videos and as long as i know that people are enjoying them and getting value out of them i will continue to make them um so like i said just do those couple things and that will communicate to me that this uh this is something that i should still continue to do but yes i'm gonna wrap things up i need to be done i am gonna be done gonna go hang out with my kids and just get myself away from the computer for a little bit because yeah today was a bizarre bizarre day but i'll take it 420 for a 15 second trade overall you know before i started blabbing i was done in like 12 minutes or something like that but thanks for hanging out and uh yeah it's okay to be emotional i'll end on this it's okay to be emotional as traders but the key is are you aware that you're being emotional and then second what is your solution to being emotional and in this situation i need to just be done i need to walk away so no shame in being emotional but just make sure you recognize it first off thanks so much for watching the entire video real quick before you go i want to invite you to a live webinar web class training workshop online event whatever you want to call it but it will be me live revealing to you what i discovered that has allowed me to transform myself from being an employee to being my own boss including how i had only one losing day out of 73 days in total i'm going to cover three keys that have helped me unlock profitable consistency within the markets the first key is super weird but in a productive type of way the second key is super awesome because it quite literally is wired into our dna as humans making it very easy to use but in a cruel way this becomes a pitfall for many traders i'll explain it all though including how to avoid the pitfall that it creates for some and yeah the third key when you hear it sounds way too good way too good to be true but it's not and i'll show you how it all works then at the end i open it up for a question and answer session that is again totally live even if you can't make the live session please still sign up as it will be recorded and you can go back and watch the replay that i will send you click the image on the screen or click the link down in the description box so you can get the date and time and claim your spot which i should note is limited due to the fact that this truly is a live event if you have any questions let me know if not i'll be seeing you soon