Stock Market Wisdom: Get Profitable Quicker

Today’s trading education focuses on simple steps that you can take to grow your trading account with predictable results. Sometimes it is not about the best stocks to buy now but rather how you manage your position size. 

When to trade bigger, when to protect capital, and how to recognize those stock market scenarios in the moment.

Outline

I. Introduction

  • A. Overview of discussing trading education and improving results  

II. Recap of Coaching Session 

  • A. Frustration with recent choppy market conditions
  • B. Mistake of taking full size positions regardless of conditions
  • C. Need to assess conditions and adjust risk accordingly

III. Evaluating Market Conditions

  • A. Looking at relative strength of major indexes  
  • B. Researching leading stocks in strongest sectors
  • C. Identifying optimal entries through order flow
  • D. Accepting upside is unlikely when reward potential is low

IV. Implications for Growth

  • A. Making time for research builds conviction  
  • B. Following your plan when market acts as expected
  • C. Accepting some great trades will lose money
  • D. Stop wanting each trade to be profitable
  • E. Using your knowledge to adjust risk  
  • F. Stepping up when conditions are perfect

V. Managing a Trading Business

  • A. Can’t be aggressive every moment the market is open
  • B. Preserving capital when market is choppy
  • C. Pushing winners when opportunity is fantastic  
  • D. Fewer trades produce the majority of gains
  • E. Don’t get frustrated, get better at assessing conditions

VI. Conclusion

  • A. Challenge yourself on mindset and ability to act
  • B. Focus on what is holding you back from progress
  • C. Review key lessons on adjusting to market conditions

Hey, everybody. It’s Pete Renzulli. Welcome to Stock Trading pro.

Today we got a bunch of stuff we’re going to talk about. We’re going to focus on trading education today. And we’re going to ask you a big question.

Raise your hand if you want to make more money when the market’s good. Raise your money. Raise your money.

Raise your hand if you want to lose less when the market’s frustrating. That’s a big part of what we’re going to talk about today. We’re actually going to do a little bit of a deep dive into a coaching session from yesterday.

It’s one of our higher tier coaching programs. It’s our order flow pro membership. And this is where we really get raw.

If you ever happen to be on a coaching session with me, I kind of get loud. Not because I’m New York, not because I’m Italian, but because I recognize when a trader is about to go through something really big and take their trading to the next level. And I kind of get excited about it because I went through that as well, and especially myself, but also coaching people when I had my trading firm in New York City.

So today we’re going to really discuss the topic of what makes the difference between somebody who knows everything about trading but can’t get paid. That’s really what we’re going to talk about today. So you don’t need to know more about software.

You don’t need to have the biggest, best computer, 25 monitors, all of that kind of stuff. Today we’re going to talk about what actually makes a trader. And I think one of the biggest things that is so confusing for a lot of people is that for some reason everybody thinks that there’s this linear distribution where just all the time your account is just going to kind of go like this and it’s going to be this nice, smooth ride to the upside.

Look, you ran and you are running a trading business. So today we’re going to talk about how to run a trading business, both from a capital allocation process as well as a mindset process. And I think the mindset might actually be a little bit of a strong word.

We might even want to call it philosophy. What is the right philosophy to run a trading business so that you actually enjoy it? So the stock market is fun and you see your account go up steadily over time. We’re going to tackle that today because we kind of had a little bit of a hot button yesterday when somebody said that they were frustrated about the recent price action.

And I kind of twisted what they said into a different path of the coaching session area that we went down. So just stick around. I’ll be right back in just 1 second.

I just got to put this disclaimer up and we’re going to get right into it, okay? So thank you so much for being here with me today, everybody. I really appreciate it. We have a bunch of stuff we’re going to comment on.

If you did not watch the options trading webinar that we had two days ago, it was really good. I think after an hour, I think it was 90 minutes worth of trading. But I think after an hour and a half into the session, we still had about 90% of the people who started with us.

That’s how action packed it was. So if you did not happen to watch the webinar, it’s actually here. You can see it’s an hour and 23 minutes.

John actually walks through a trade on how to actually, from start to finish, john goes over from beginning to end how to build a trade. And I think he actually uses McDonald’s, if I’m not mistaken, as an example. So I’m actually going to post that link, make sure you watch that this weekend.

If you happen to be watching this replay, you can catch that actually below the video, the descriptions below the video. So the big thing I want to talk about today, what I want to walk everybody through right now, is we’re going to talk about this stuff, okay? And I’m going to actually zoom this in just a little bit bigger here so you can actually see where the questions came from. Okay, so the first part here is somebody discussing only swing trade, habitual offender, right? But this is the part that we really want to talk about over here, okay? Habitual offender going in with full share size on my initial entry, but also capping risk at 0.5

total of my account. Okay, now here’s what I want to talk about right here. Everybody talks about you want to make money.

Everybody talks about why isn’t trading easier, right? Well, I got news for you. Some moments in trading, you’re looking at the stock market. You’re looking for the best stocks to buy.

Now, if you make this mistake where every single trade, you have the same risk and you need to break the habit where that initial risk is always your full share size. And now we’re especially talking about swing trading here in the context of this question. So if you always have full share size and if you always have the same amount of risk on each trade, you are not trading good.

You are not recognizing that certain market conditions are absolutely fantastic, and certain market conditions are where you should be going to make another cup of coffee because you shouldn’t be putting your money in harm’s way. So I want to walk you through some of this stuff from yesterday’s coaching session. And then I want to move this over into the second part of where this came from so that’s the first part, full share size and the dollar amount or the percentage of the account is always the same.

I want to work down a little bit deeper down here. We’re over here actually, and we want to start to break this down. Okay.

Starting right here. So a choppy pause. So now we’re assessing the market coming into the week.

The market pretty much gave us what we planned for this week. While it may not have been a terrific week of trading, it’s a great lesson in trading, which even that is a lesson right out of the gate. Every single moment that you are involved in the market, every single trade that you place should be giving you feedback to say, what am I doing right? What am I doing that’s not producing the results that I want? And you have to write that down.

I have a notepad here. Even after 22 years of trading, I am still writing notes to level up my game. There’s a higher level for everybody.

But the point that I’m making is coming into this week we game plan for the fact that a lot of stocks we were looking at, especially the stocks that carried the market higher for the last six weeks industrial. Stocks, financial stocks specifically, and energy stocks all were at a point where they were far from the optimal entry. And the reward potential was not likely.

So that meant that the stocks in the Dow Jones Industrial Average, which is the stronger group of stocks right now, so from a relative strength perspective, if we look at the big three that we call them, I know John A calls them the big three as well. We’re looking at the S and P 500, the Nasdaq and the Dow Jones. So our job, remember, if you’re a regular viewer of our channel, again, make sure you click down and get the updates right.

You got to click subscribe. You know that we spend a lot of time on. We want things to be easy when we’re in the stock market.

We just want to answer to is it obvious and where’s the right spot to get in? Right? So coming into this week, we knew that the stocks and the Dow Jones had much stronger relative strength. Now you might be like, how do I know that? Right? Well, let’s actually do that first, right? So if we’re going to go over to the market and we’re going to take a look so what we’re actually going to take a look at is here. We’re going to start out with the S and P 500.

And remember, I’m about to also walk you through some research concepts and not so much digging deeper into it, but why you need to spend ten minutes it doesn’t even take that long. Look, if you want to come with me, I do all of this for you, but I want to show you how to do it right now. Okay? So we’re going to take a look at the SP.

Now what the goal that we have right now is trying to figure out where the smart money has attention, and where are they putting their money and their research so we can piggyback with them? Right. So you can see where we are in the S and P 500. Impressive, right? Nice rally.

Now we go over to the Nasdaq. Okay, that’s all right, too. Right? So we’re taking a look here compared to some recent price action.

And now you take a look at the Dow Jones Industrial Average. That is dramatic with how strong the stocks in the Dow Jones Industrial Average have been. And you might be coming back and be like, Well, I’m not sure.

Which stocks do I trade? Well, first you need a list of the stocks in the Dow. First you have to recognize that. Then you need to have a list.

Again, something I talked about on our bootcamp coaching session last night, which, again, I kind of get excited. I jump out of my seat. All of the hard work in the stock market happens before the market opens.

Doesn’t matter if you’re day trading stocks, doesn’t matter if you’re swing trading stocks. It’s critical that you know what you’re looking for. You have your trading platform and your charts set up properly to read order flow and to do tape reading.

If you are prepared, then the only thing we need to do is say, is what I’m looking for there? If it is, then great, let’s go get it. If it’s not, let’s pull back. Now, we got a perfect chart from the S and P 500 yesterday to illustrate all of the points that we’re about to get across.

Okay, so we already know that stocks in the Dow Jones have been the stocks that have rallied stronger over the last four to six weeks. More about six weeks, right. Since the CPI data came out at the end of October.

Right. She’d be like, well, that’s great. What stocks? How do I identify them? Well, it’s not that hard if you’re doing just, again, just a little bit of work, and even a stock like General Electric, which has not really paused all the way going back to almost a month and a half ago.

All right, so let’s keep with the lesson. Let’s continue with where we’re talking about. Right? So this is actually what we talked about on Sunday and Monday in our game plan sessions, all right? The market pretty much gave us what we planned for this week.

While it might not have been perfect trading, it was a perfect lesson. We called the expected pause last Sunday, and we can actually see that over here. Based on research, our tape reading knowledge of the optimal entry showed us further upside was unlikely.

Let me zoom that in a little bit further. Upside was unlikely. Reward potential was unlikely.

Now, that’s fantastic, right? Everybody’s like, yeah, I know that. Right. But are you acting on it? That’s the big thing.

We actually had somebody on our coaching session yesterday saying they were frustrated based on the way the market was trading this week. Now, first of all, we called it and we were ready for it, which means that we do a lot of PPC this week, which is preserve precious capital. You have to learn to preserve capital just as much as you have to go out and get it when it’s available.

Right? So that’s the first part. So did you actually plan for it and then act accordingly because the reward potential was lower? Remember, let’s ask ourselves the question, why do we choose to accept risk? Why do we choose to buy stocks? Because there’s a likelihood that we’re going to make money. But what if that likelihood is less? Are you actually stopping yourself from trading, waiting for better opportunities? That’s what the coaching session was about and that’s we’re going to talk about right now.

Okay, so if reward potential was unlikely, this means accepting risk was not a great idea. Other than some sector specific plays, this has two deep implications for your growth as a trader and the growth of your trading account. Now, I want to make something super clear here, right? We’re all friends here.

Some of you are in our private discord community. Some of us are in our family here on YouTube, right? Fantastic. I’m very grateful for that.

But what we’re talking about here is not what’s going on on the charts. What we’re talking about here is you saying to yourself, look, I worked really hard for my money. I’ve been at my job for years, and you want to make some extra money in the markets.

What we’re talking about right now is understanding when you should accept risk and when you should be doing nothing and then actually taking that action. More money is lost. And I telling you this for a fact because I’ve been coaching traders since 2003, more money is lost when you trade, when nothing is going on simply because you have a trading account open.

You need to accept risk when the likelihood of your profit target being hit is greater. So the very act of not throwing your money away because you’re bored immediately moves you closer to getting profitable. And that has nothing to do with which stocks you’re trading.

This is just if you should even be involved in the first place. But the level higher than that is. But what if the situation is perfect that’s we’re going to talk about now, all right? And we’re getting back into this part of the conversation here.

Every single trade is a certain percentage of this person’s account that is completely wrong. What if you have everything that you could possibly be looking at in the market and it’s perfect? You got the perfect entry, you got all the perfect headlines, you got the perfect order flow, you got the perfect everything, and you’re still capping yourself out at the same amount? Why? If the deal is absolutely fantastic. You should try and make more.

Not only maybe put a little bit bigger percentage of your account into that idea, but maybe also plan to hold longer and maybe even add shares. Because it’s that good. Because you have the optimal entry, because you have a lot of room to go, because you have the sector and the market all on your side.

Think about it. Now, do you drive the same way all the time? Do you get on the road every single time and say, no matter what, I am always going to do 40 miles an hour. Doesn’t matter if I’m on the Long Island Expressway, like where I grew up, or some major highway.

I’m doing 40 no matter what. Why, if the road is wide open and it’s a good situation, why would you cap how much you could make simply by not recognizing there’s more available? That’s a big thing in trading. So what does that imply? It implies that you need to know what perfect looks like.

Okay, so we’re going to keep going with this, all right? You’re going to want to watch this video more than once because these are life lessons for trading. All right? So this is a big mistake. Two implications from this, right? Number one is that making the time to do some research matters.

So what I’m talking about here is when I did the research, we have our Sunday swing trade session, which is a live meeting that we have on Sundays. And we discussed the possibility and the probability that the market was going to be slow this week. All right? So we made the time to do the research.

The time we spend scanning for order flow, assessing the tape, is where conviction comes from. If you hesitate, it’s because of two things. So I want to talk about that just for 1 second.

Raise your hand if you’ve ever been looking at an idea and you hesitate. You don’t buy it. You’re like, not this time.

Or maybe you wait too long and now you get a really bad entry. So raise your hand. Type yes.

If you’ve hesitated on an idea I used to do that. I don’t do it anymore. And I’m going to explain why, and I’m going to help you with that right now.

Okay? It’s because of two things. You haven’t yet accepted the fact, a fact that we need confidence in our edge over a large sample size of trades, not each trade. Because think about this.

When you hesitate, you’re saying, I don’t think this next trade is going to make money. That is not what you need to think. The very reason we choose to accept risk on a trade is because we believe that our edge, and an edge is defined over a large sample size.

Over a large sample size, our edge will provide us with enough winning trades. So if we can accept that, which is the very definition of an edge in the markets, or any edge, any probabilities. So we have to accept that fact.

That’s literally the definition of edge. That also means some of the trades we’re going to take are not going to make money even if they’re perfect. Let that sink in, because a lot of people missed that last part.

Even perfect trades lose money. But we have to accept the fact that those perfect trades are a part of this system, and it’s simply paying the bills or paying the expenses for when those trades don’t follow through. So right now, this very moment and forever going forward when you’re trading, you have to accept the fact that some great ideas are still not going to move in our favor.

Now this is really where it gets important, okay? And this is all trading philosophy stuff. Stop wanting and expecting each trade to make money. It’s not possible, but more importantly, not necessary to be consistently profitable.

So think about what we just did on this call right now. We just eliminated all of the stress that comes with whether or not the next trade makes or loses money. The individual trade doesn’t matter.

What matters is you traded well and prepared to be in a good position. But when you reduce all of that pressure about whether or not that trade is going to be a loser, you’d stop all of that stress, you put the trade on, and you just manage it. But of course, that’s provided that you understand what good trades look like in the first place.

So the way that we do it, obviously, is order flow and tape reading using the process known as order flow stacking. That’s the way that we put these traits together. So whatever system you’re using, you have to have faith in the system.

And that faith comes from you have an actual profitable track record. If you don’t have the profitable track record, that means you need to tweak the system a little bit. So let’s keep going.

All right. Point number two, and you probably want to screenshot this because it’s that important. Point number two is actually using your knowledge from point number one.

If you assess conditions, create a plan, and then the market actually does what you planned, you need to take the action that you planned. If you plan for easy profits, the road’s wide open, there’s nobody in front of you, and everything looks fantastic. You must step up and get paid.

If you plan for and get a pause or lack of energy candlesticks like we had this week, then you must PPC, which is protect your capital. Think about what we’re saying here. And I’m telling you this, you are so much smarter than you might believe right now when it comes to the market, you probably don’t need to know more.

You probably need to learn how to use it. Both taking action and having the right mindset that I know what I’m doing. I just have to trust the process.

But you also have to trust yourself to follow the process. So now what I’m going to talk about is this, and I’m going to really break this down in a little bit more detail. Both from here, this is last Thursday and Friday, and this is this week.

So right now you can see that we’re actually Monday, Tuesday, Wednesday, Thursday, right? So this is the price action we got this week. You can see it didn’t trend that much. And you got over here.

Okay. Now we’re going to keep going. Last Thursday and Friday, after the PPI data produced two days that you should have made more and pushed your winners, this week, as planned, was lowering risk and protecting your account.

So two very different scenarios. So what am I implying in this particular situation to this particular trader? This particular trader that I’m assessing this question for was I’m frustrated about this week? I’m frustrated the market’s going sideways. I’m taking small losses, maybe a small loss for this entire week.

Well, I got news for you. This has been a tough week of trading, but we planned for it last week. First of all, you can’t get mad or frustrated at the market.

It is what it is, which goes back to what we just talked about. It’s our job to assess the market conditions and then decide if we should accept risk and what kind of risk to accept. So I’m going to pull this back up, and I just want to show you this for a second.

Being frustrated about the market and having this kind of price action unfold this week, yeah, I can understand you want to make some more money, but the question that I posed to this trader is, did you make more last week in these even just two days of price action? You can see it closed down here, opened here, and traded for two full days, whereas almost, I think it was a $15 rally, a $16 rally in just the S and P 500 in two days. So here’s the point that I want to get across. Do you have a system in place which obviously members of our community do? Do you have a system in place where when the market is fantastic, you have a plan to put a little more money into that deal because the reward potential and the likelihood of making money is strong.

So, in other words, are you risk, like this particular trader, are you risking 0.5% on okay, trades, normal trades, but what are you risking and putting in harm’s way when it’s amazing. Last Thursday, economic numbers came out and the market rocketed higher.

Pre market, 830 in the morning. So an hour before the market opens, we had our pre market meeting at 830. Watching it unfold every day, we have that meeting at 830.

And we literally discussed on the meeting. This is fantastic. If this happens and holds.

So in other words, the gap happened and we mapped out if what we’re looking for is X, Y, and Z, then we have to belly up to the bar and get paid as long as this is still valid. So we were preparing for this an hour before it happened. Again, we’re talking about a little bit shorter time frame.

That’s completely okay because you could do the same exact thing with sector rotation and longer term trades and that kind of stuff. But here’s the deal. You need to recognize you have the responsibility as the money manager of your account to say, I understand great situations and I understand mediocre situations and I understand crappy situations, and I have a plan for allocating money for all three of those situations.

Now, what’s super exciting is just yesterday, I’m going to use a five minute chart from yesterday to really illustrate this point because again, the S and P 500, the spy ETF, gave us an absolutely textbook illustration of what I’m talking about right now. And you’re going to want to screenshot this because it’s just amazing. And we’re going to use General Electric as well as an example.

We’re going to head on over to the charts here, and we’re going to take a look at the S and P 500, and we’re going to take a look on the five minute chart. Now, you can clearly see here during the day, in the first couple of hours of the day, the market was literally doing nothing. Literally.

We’re talking about all the way up until 12:00 yesterday. Now, I know there’s a few people here in our community right now, and you heard me saying this yesterday morning. This is a big part of being with an experienced trader, somebody who’s been through different conditions.

To tell you, I must have said yesterday morning between 930 and 1130. I must have said it ten times. I’m reducing my position size.

I’m reducing my risk because the current market conditions are not good. So it’s not crazy. Share size, aggressive trading every single day, every single moment the market’s open, whether it’s a day trading or swing trading, I was literally coaching everybody through right now, the market conditions are not good.

PPC preserve Your Precious Capital 2 hours. Two and a half hours. There was nothing going on.

So what were we talking about? We were talking about Twitter. We were talking about Elon Musk. We were drinking more coffee.

We were preserving capital because that was the smart thing to do, while at the same time assessing the tape, looking at stocks that have relative strength, relative weakness, and all of a sudden, the bullish market that we’ve been in woke up. So now you’re talking about being prepared. And we had a nice smooth 90 minutes, two hour run.

Now, again, don’t let the fact that these are five minute charts matter because this could be a daily chart and going for three weeks. The point is more about market conditions. So here’s the thing.

Do you recognize when your stock looks like this and do nothing or pull back dramatically? Do you recognize when this happens and make what you’re supposed to and trade a little bit bigger while it’s unfolding? Now let’s go to General Electric. We talked about General Electric being a stock that has really been on fire for the better part of the last six weeks, literally. You can probably see it a little better on the weekly chart here, but the daily chart so the beginning part of the day, the stock did absolutely nothing, but then the buying pressure that came into that stock kicked in.

And we already know now, this is the thing. We already know that GE is a good deal right now. We already know that.

So both from a day trading and a swing trading perspective, this is one of the deals. This is one of the stocks that needs to be in our watch list. So we’ve already did the research, and we’ve been actively trading this stock.

I think I’ve traded this stock every day, give or take, for the last five weeks, that this is a stock that should have our attention. So when a stock that has good opportunity also has your attention and it does what it should, you need to get paid. So even on a day like yesterday, where the market was pretty much, you really need to be stock specific.

A stock that we’ve been watching and trading every day has this kind of move intraday, right? This is the move over the last five weeks. And then this is the move that it has, let’s say 83 to almost 86. That’s a big move in a stock that is only $80.

It’s almost a $3 move in basically a couple of hours. Now, this is not about day trading. This is not about swing trading.

This is about, do you know when good deals are in front of you? Do you know when tough conditions are in front of you and do you take the right action? We’re not even talking about bull flags, bear flags, moving averages, VWAP and any of that kind of stuff. That’s how you make those decisions to assess if it’s a good idea or not. We’re talking about one level higher where you are now making a decision, do I step on the gas or are we in stop and go traffic? And that’s how you put your money into the market.

Making that distinction between this is fantastic and I have to step up a little bit and actually doing it, versus what the heck is going on, it’s a choppy mess. And being okay with doing nothing or reducing your risk quite a bit. Right.

Knowing that and doing it is not the same thing. We get a lot of people. Last night was.

Our boot camp coaching call, the first one of the current boot camp right now, we spent a lot of time saying, you know what, you might know all this, but you’re here for a reason. Something’s missing. That’s how I want to give you the customized help on these calls.

And I challenged everybody on those calls to literally tell me, don’t ask me what I think about Apple. Let’s talk about what’s holding you back. What Apple is going to do the next week is not your major roadblock.

What’s stopping you from losing less? And what is stopping you? Or what don’t you know yet about learning how to make more? Which brings me up to one of the final points that I want to make, and I think this is really important. One of the things that you learn when you get to the other side of profitability in the markets is that the greater distribution of your profits for the month come from a smaller handful of trades. Now, I’m not going to exactly say 80 20.

Everybody knows Pareto principle, the 80 20 rule, right? I would say personally, it’s probably more 60 40 somewhere in that area. And I just want to really explain what that means because it’s tying everything we just talked about all into one big nice package, right? If you understand better situations and you put more into those trades and you hold longer and you make more on those trades and you understand when it’s not perfect, maybe reduce a little bit of exposure, maybe take quicker profits, and you end up having most, if not all of those trades kind of wash each other out. So 60% of the trades can kind of wash each other out.

Small profits, small losses. And the other 40%, when you recognized, wow, let’s go get it, and you do, you can have 60% of your trades not produce positive results, but the other 40% can give you astronomical monthly and quarterly gains because you understood what we’re talking about. Now let’s wrap this up.

Okay? I want to really get into the final part of this. Don’t get mad. The market isn’t screaming higher this week and that you haven’t made money.

You should be asking why you didn’t make more last week. Again, just to give some context here, your focus is wrong. And then coming to the coaching sessions asking for customized help to help you improve right here, right now, you have to accept the fact that you’re running a trading business.

And like any business, it’s not busy every day. Some days a weeks, the profits pay the expenses. Some days a weeks, the profits pay us and grow our account.

Don’t get frustrated. Get better. So what I want to leave you with here today is I want to challenge you.

Our next live session here on YouTube is Monday. Ask yourself this weekend, what’s holding you back? And we’ll have some conversations about that next week, and we’ll see what we can do about helping you get to the point where you know exactly what a great situation is and making sure you’re taking advantage of it and having the patience and the long term view of your trading account. To say that when it’s not perfect, I’m okay with pulling back or even doing nothing, because that’s the right thing to do.

Watch this video more than once and take notes. We covered a lot of really advanced topics here today. Have an awesome day, everybody.

Thank you for joining me. I really appreciate it. Make sure you click down, hit subscribe.

I’d really appreciate that as well.

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https://www.youtube.com/watch?v=JHzX3A-niF4 Today’s trading education focuses on simple steps that you can take to grow your trading account with predictable results. Sometimes in not about the best stocks to buy now but rather how you manage your position size. When to trade bigger, when to protect capital, and how to recognize those stock market scenarios in…

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