'I don't care your average price, if something is over extended and the expected value is that it is going to go down, it makes no sense to hold a long. You need to always reflect, in this moment in time, if there's really good positive expected value I want to be holding, if there is really bad expected value I want to be out of it.'

A book that taught me this is “Thinking in Bets” by Annie duke. Amazing book that teaches positive/negative expected value

I know exactly who Lance is talking about, and it's just sad. So happy you're fighting this misinformation Lance/ SMB

There's just a lot of noise out there. Sit down, read charts, study, seat time, do it over and over and succeeding in the market won't be so hard. Good video all 5 myths are true and its super funny because you see all this misinformation everyday on the internet.

You are a breath of fresh air, Lance. You are transparent, logical, wise, data-centric, and have depth beneath the words you say. I empathize deeply with your frustration with the misinformation and shallow content floating around the trading community. I have become extremely selective about who I listen to in pursuit of my trading goals this year, and you are on my shortlist.

i actually read through that thread of that lady claiming no on makes 1 mil a year and saw countless reputable traders willing to put their money where the mouth is and she would just insta block them as well. BUT I LOVE SEEING LACE FIRED UP WITH SOME GOOD STUFF.!!!!!!

4:20 truncating profits = exit with small profits. 6:55 win rates and RRR. Success demands that you understand your probability of winning rather than fixing a specific RRR. 10:00 hold if expected value is positive. INTERESTING. 14:00 no days off. If markets are not showing setups then tape read in real time. Always seek to improve especially if you are in a slump.

Great Sunday trader church session Lance ! As a novice trader that embarked on my trading journey solo in self learning mode I really appreciate all the content you and SMB provide . This was a great video thats gunna help a lot of serious traders reach new plateaus including me .🙏

This was so important!! I wish you made this video in 2021 before I took in all this bad advice and had to learn the hard way.

Thanks Lance! Your example about never go broke taking profits resonates with me the sure! I am working on not hitting out to quick to to get profit instead of letting the trade show when to get out. Also would love to see some videos on the high 80-90% win rate on the intraday scalp trades. Thank you !!

Awesome stuff Lance. One that drives me nuts is when traders correlate their performance for the day to their P&L, or on losing days say 'the market just didn't cooperate'. OMG people!

Thanks a lot for this SMB & Lance. This needed to be heared.

One of your best Lance. So nuts and bolts + seeing you a little ticked off about some of these things drives home the points.

Thanks again for the extraordinary amount of free and accurate information that you guys provide us beginners.

thanks a lot for posting

Such a great video! Thank you Lance, Bella and SMB,

One statement I hear alot that I disagree with, is the "low Time Frame, interday bars (ie: 5 min bars) are just noise." This came from a old futures Floor trader who recently passed (not trying to speak ill of him ). He was an absolutist about only trading the Daily/weekly/monthly charts and scoffed at low timeframe charts. He was successful, but I think he closed many people's minds off and didnt do anyone a service with his personal ethic. I like the mindset of another futures trader/scalper who states "all information the market provides, every tick of the day is useful information. There is no "noise" in the market." Great video Lance!

Great video. Thanks for sharing!

My favorite old-time trader saying " Never confused brains for a bull market"

Thank you lance/smb. This is very helpful

Excellent video Lance-especially clearly breaking down day trading versus swing trading and the win rates/size constraints advatanges and disadvanteges of the 2 strategies

Thanks Lance I like to remember that if somebody is trying to make a living out of telling me how to trade, thats the big red flag to reverse that position.

Great info as usual SMB and Lance…

You are the last piece of my puzzle Lance. I did pass my assessment fast by dissecting your videos in the whole internet. Thank you so much.

Solid advice I’d not heard before, thanks

Market might not care about the average price but the average price does effect trader psychology in that trade. And that's not easy to overcome.

Thank you!

WELL SAID!!!

Thanks n good clip Lance. For sure, when ppl make stmts, they have to properly qualify them to provide full meaning n understanding. Data is truth....

Great stuff

Great video as always Lance and team SMB.👏🙏

lancelot of trading! Thanks for your time

last one is my favorite, like how u have explaine

Head spinning stuff. Thank you Lance and SMB

Expected value determination

Thanks, Lance. I really need to work on capitalizing larger gains on my positions..I usually sell too early and start reducing my position sizes when they hit 4 percent 8 percent 15 to 20 percent and then leave a little left for the rest of the ride. I've gotten better at understanding how free float effects a potential squeeze and how important volume inflow rate is on news among other variables. I keep calling out all these 100-plus percent gainers when they are in the 20 to 40 percent zone but like always I sell too early.

Thank you Lance!

THANK YOU!!!

Really great clip.

I’m with You Lance ! News ..price action ..and the Tape is King!!

Thanks for sharing, always bringing great information

Thanks for sharing. Great content!

Thank you Lance!! Your vast knowledge and honesty is very much appreciated! Absolutely gratefully for you and SMB for taking some of your valuable time and effort to help and share.

Totally agree. From experience.

thank you for the great information

ty lance

Thank you for the videos!

Needed this 🔥

One stupid idea I've heard is to risk 100% of your daily stop, or go all-in, on every single trade regardless of setup quality. They reason that if the setup has edge, then you should maximize your bet in order to maximize your growth.

Pure gold!!!! thanks a lot!

Here is one I see a lot: wait for a red day to sell puts, and, wait for a green day to sell calls. Bad advice. Especially because you could get a weeks worth of green days or a weeks worth of red days and those shorted calls and puts now run you over. Another one: it is impossible for wheel strat to beat the S&P. There are always horrible straw man arguments for that. Sure if you try to do the wheel without doing your homework and trading like a robot you will do bad but if you put in the work...

Thank you one love bro❤

You are so awesome! Love your personality bro!!

Thanks very much! 😊

The average price fallacy might well be _the_ single most important concept in trading and investing.

Very very goooood. Hats off to you sir

Thanks

Be careful guys, Lance is pissed! Haha thanks for the great video.

These truths require a deeper understanding of math and sales statistics. Great stuff.

Nice job Lance!

Thank you lance for sharing valuable information and destroying these myths very important to the community we appreciate you

Quality content here. Thank you for the insight and helping us normies filter out the junk.

The edge in position and swing trading is slower chart movement imo. More time to make the right decisions.

If scale is part of a swing traders edge in making huge profits, then it is the biggest edge.

I guess SMB is somehow making bank by arbing out this inside info so, er, _props_ to them for finding even yet more edge, but it's really a new era when something like this is free to watch on KZfaq. As a dinky retail guy it's just gold. Loved the poker analogy--perfect!

Thank you

Lance, one topic I'm sure a lot of us would love to see you cover is different methods of bet sizing. I've seen your bet sizing video but do most pro traders you work with use that method or are there other valid methods to consider? I am trying out different bet sizing methods but find myself gravitating towards the method described in your video due to its simplicity.

Man that you can't go broke taking profits has always driven me crazy!

Excellent as usual. On the topic of average price, too many people treat their unrealized gains as the "house's money" and aren't diligent about risk control. I ask them "If you are down on a trade, do you think of the loss as the house's loss"? Unrealized gains are your money. Does it make sense to risk those gains going forward on the trade?

I thought for sure that you would include the one where a trader should call it a day if they are green after a trade or two, so that they don't give back their profits. This is usually espoused by youtubers who are trying to promote the trader lifestyle to reel people in...where you "aren't staring at a screen all day," and can "spend the rest of your day doing whatever you want" etc. Although they don't understand that they're basically implying that the profits you made were just luck, if you should cut and run once you're green. If you have an edge, you should go as long as you can keep up discipline and not succumb to fatigue. It's not like you hear of casinos deciding to shut down early once they've taken in some profits.

What drives me nuts? "Always risk 1% of your Trading Capital in each trade." Why should I do that If I'm holding the nuts (to stay in Poker lingo)?

This drives me absolutely nuts. Not just in trading but in general. Too many are naive

It's very true

This question may be applicable to our current environment... How about the age old phrase, "Don't fight the FED." The reason why I'm asking is that sometimes it seems people are wanting to fight the FED left right and center. At the same time, telling the FED how wrong and dumb they are whilst yolo'ing into tech stocks hand over fist. Just curious. Thank you Lance, you're awesome man

SO tTRUE, I struggle taking taking profit early & not collecting full potential profit and it really messes up my overall RR

he's fired up and rightfully so

I have a question: I wondered what your premarket routine is? Is it just looking for stocks that run well, or how do you spend your time in premarket, to be properly prepared for the trading day? I always struggle with that. Thanks!

So Lance...at 11:51 you mention risk-free arbitrage trades with near 100 percent win rates. Do you cover these in a previous video? If not, would sure love to see one. Thanks for another great video!

Question: Being consistent is important, but when do you know that your playbook needs to change because it's a different market? Another words, do i take week of loses for the sake of consistency or do i adjust my playbook for a new market?

Swing trading is where there is the most edge for ME and my strengths, that's all I ultimately care about.

Yeah, can't go broke taking profits, irritate me the heck out of it too

Heheh ...I liked this! Thank you 🙏

From my experience I can say that swing trading is more efficient and profitable than day trading in a TREND market if you take into account the effort/results ratio.

Lance, Could you please cover on stoploss myth for intraday? My SL always hitting on my edge trades , it seems like somebody looking my SL order, then it become wick bounce on EMA, VWAP, Pivot points

My biggest pet-peeve is edge-bigotry. There's a big difference between constructive criticism/advice/tips and telling someone they're just flat out wrong for the way they do something. Too many traders who're successful at one strategy saying other strategies (which they probably tried and weren't good at) are worthless. Intraday vs. Swing, Quant vs. Discretionary, Options vs. Equities vs. Commodities vs. FX, Growth vs. Value, Short vs. Long, VWAP vs. Volume Profile, Clean Chart vs. Messy Chart, etc...I'm a firm believer if you find a way to make money in this game, no matter the strategy: do it (and learn to do it better). And if you can find several strategies that work for you, go balls deep in all of 'em. To hell with the Karate Kid wannabe who tells you your plan is "unprofessional" and "gambling" which makes you second-guess yourself ultimately leading to you missing a chunk of a 3X move in UPST (not to be overly specific or anything).

Anytime people quote warren buffet for on a volatile stock that's being traded. All these 'traders' become bag holders with their diamond hands. Keep your risk managed.

I’m not profitable trader because my Day trades harm my Swing trades! Not give up but i can’t cope with emotional fluctuations that day trades offer!

SMB, what affects does the CBDC have on traders and regulations in regards to forex, options and futures.

I see price action and technicals trump fundamentals every day

I'm an SMB addict.

Trading myth that I get to hear frequently from amateur traders is that one can accurately predict the reversals using the overbought and oversold indicators and oscillators while in reality more often than not, the stocks keep on going up in-spite of being in overbought region on indicator and vice versa, isn't it Lance?

I need to dispel one of his myths. Cutting losses quickly is absolutely a good thing.

Great video. Most advice is bad advice.

❤

🐐

“Trading is like gambling!” That’s what I hear all the time. Drives me nuts. Lol

Reading the tape - Do the “free” brokerage firms give enough data to read the tape or is this information something that retail needs to pay for in order to obtain a more complete picture?

Lance! There is a reason why the trading community lives in ignorance. If traders get more sophisticated then edge will dwindle. Profitable traders do not have a vested interested in enlightening everybody

theres a guy here on youtube that made a very unique trading platform, i been watching for a while and this thing is insanely accurate, but the guy swears up and down any other form of trading is trash, TA is trash, blah blah, noone else does this thing or that thing, proof, etc.(meanwhile this program is another form of TA). i prefer TA to other types, simple MA for context and just read candles, some basic trend lines, more often than not my basic TA lines up with this program, the difference is knowing whats gonna happen at the "line", the program speaks for itself but the weird trash talking just doesnt make sense, theres 1000 ways to do this thing. something else the furu's say is you can do this now, learning time is irrelevant, meanwhile most all these "teachers" are at least 5-10 years into their journey towards being comfortable. if a everyday wage tradie takes 10k hours(5 years) to be a pro, i'd expect the most competitive way to make money to be even harder/take longer.

one of my fav youtubers always says u cant make money trading markets. hes a longterm investor so i get it but come on. 🤣