Anarchy: Day Trading for Rebels

Levi talks about his terrible, horrible, no good, very bad trading week. How will he bounce back, and can you gain any insight from his pain? Taking a Break From Trading Episode: https://open.spotify.com/episode/1VhLE2LlPSbITO9VtX82Yn?si=tn1nY0PrRrKNkdPCZ3y0Vg

A commencement speech by Roger Federer, one of the greatest tennis players of all time, had an insane statistic from his career... one that Jordan and Levi apply to their trading. Learn how Federer's win rate can change how you view success. Key Takeaways: Even the best traders/players lose all the time. Become VERY comfortable with that. Even a SLIGHT edge can be turned into massive wins. This applies in tennis and in trading. WHEN you win matters. The difference between the greats and the rest of the pack, is that the great players/traders win when the pressure is highest. The pressure doesn't make them lose or do anything stupid. Conclusion: Change your mindset from trying to get a ton of wins, to understanding that even the best lose a LOT. You only need a VERY slight edge to be wildly profitable. Win when it matters, and develop the cold, killer instinct that will enable you to thrive under pressure. Resources: Roger Federer Speech: https://www.youtube.com/watch?v=_ILk8Yai3Wo Socials: Website: www.Anarchytrading.com Twitter: @Anarchytrading YouTube: @Anarchytrading

Have you ever taken a trade, only to immediately regret your decision and want out? Jordan and Levi look at whether it's ever a good idea to immediately hop out of a trade, and whether this changes with experience level. Key Takeaways: Beginning traders should avoid getting out of trades immediately, as this can solidify bad habits. Good traders who have traded enough, can trust their instincts and feelings better. They know how taking a good trade feels, and so when they take a trade and it feels wrong, it may be acceptable to jump out early. Taking trades multiple times in a row after getting broken out, is similar to moving your stop loss further away... it is doubling down on a bad trade. Give the market time to reset and give you another look. Conclusion: As a beginner, avoid jumping out of trades too quickly. This can lead to a lot of bad habits, where fear is the driving factor behind your trading. As you gain experience, though, you can begin to trust your feelings more. If you take a trade that is bad, you can begin to trust the fear that originally was keeping you back and turn it into a tool. Socials: Website: www.Anarchytrading.com Twitter: @Anarchytrading YouTube: @Anarchytrading

Some of the most common tools used in day trading are actively slowing down your progress. In this episode, we unmask them! Key Takeaways: There are an infinite number of indicators and indicator settings to use. This makes wading through these as a beginner almost impossible. Indicators simultaneously show you too much information (causing false trade signals), and yet show you nothing new. Every indicator is simply another way of viewing what is already on the chart. Overuse of indicators and fully systematizing a trading strategy actually creates a randomized trading strategy. There is no plug-and-play strategy that can make money or we'd all be millionaires. Because of this randomization, losing traders become breakeven traders and think they made progress. But this creates a cycle that they can never escape, because to do so would mean losing again. If you had a money printer you wouldn't sell it for $20. Neither would that guru online. Do NOT pay for an indicator. Backtesting data is easily fudged by backwards engineering the constants in the indicator itself. Conclusion: Indicators are just a simplified way of viewing what is already on the chart. There is nothing special about them, and there is NO combination of indicators that will ever create a winning plug-and-play strategy. They are distracting you from what will actually make you money. Price action. Remove the indicators from your chart and become intimately familiar with your chart. Resources: Episode on strategy: https://open.spotify.com/episode/1cqIJa3Z0WXrC3whgWyS2A?si=4d41_u4bQTeSihw_Qh5B1Q Overdiagnosing Article: https://www.bu.edu/articles/2011/medical-overdiagnosis-bad-for-you-good-for-business/ Day Trading with Astrology: https://pro.thestreet.com/trade-ideas/yes-you-can-effectively-trade-stocks-using-astrology Socials: Website: www.Anarchytrading.com Twitter: @Anarchytrading YouTube: @Anarchytrading

Revisiting our first ever episode, we discuss why finding a good day trading mentor is nearly impossible, why we don't offer coaching ourselves, and the alternative strategy that every beginning trader should take instead. Key Takeaways: The math behind the entire coaching business is flawed. To be an honest coach, one must be successful, but for most successful traders, coaching is no longer necessary and not a good use of time. There is a very small population of traders who CAN coach. Those who are profitable, but not yet too profitable to the point where it stops making sense. Since trading is discretionary and based on intuition, a mentor can only point you to the correct path. They can't offer you a plug and play system because they don't exist. This reduces the amount of money they should be able to honestly charge. Finding a trading buddy has been far more helpful to us than a mentor. Conclusion: Save your money and don't spend it on a coach. Find an accountability partner who you can go through your trading journey with side by side. The math of the trading guru world simply doesn't add up most of the time, and most successful traders disappear. They're not trying to push some $20 indicator. Resources: Episode on accountability: https://open.spotify.com/episode/7hB5Khiqdu5hUePenBQmfu?si=gwMhTBxrQHWQky5JXzot1g Iman Trading: https://www.youtube.com/@ImanTrading GuruLeaks on Twitter: @GuruLeaks1 Socials: Website: www.Anarchytrading.com Twitter: @Anarchytrading YouTube: @Anarchytrading

In the 2nd episode of the "How to Day Trade" series, discover how a well-established lie about candlestick timeframes is significantly slowing down your progress.

With the AI revolution here to stay, Jordan breaks down how you can use free AI tools and ChatGPT to revolutionize your analysis. You won't want to miss this episode... It's not how you think.

In our 100th episode, we kick off our "How to Day Trade" series. Discover the biggest lie in the day trading world... and how correcting this mindset will set you far ahead of the rest of the pack.

Do you wish there was one place you could go to that would give you all of the most critical information to succeed in day trading? Well, in celebration of our 100th episode, and an amazing year of podcasting, we are introducing a series which will hit all of the highlights and important topics that you should know. These are concise, and easily shareable episodes that we hope you enjoy, and can use as a resource.

We interviewed Bob in Episode 25 of the podcast. He is a long-time trader who had never reached profitability. In the previous interview, he was just becoming aware of our way of viewing learning trading, and now he is 9 months along his journey. What lessons has he learned along the way? What progress has he made? Listen to this awesome interview to find out!