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Another way you can manage your trading is what's called using setup Trenner set of trades, you're
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basically looking for a certain setup and you're striking and you're acting fast.
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You're acting quickly.
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Once you see a certain indicator set up happening, is the idea behind it and stop trading is we'll
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learn and we'll learn the mechanics of it here.
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But just understand that.
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So trading is real popular with like a day and swing traders.
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You know, people trade very quickly.
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Certainly folks that might be called arbitrage or scalping where they're making quick moves in and out.
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Real popular with that.
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It's also very popular with very, very, very volatile securities, things like penny stocks, you
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know, these low priced, not well known companies that, you know, that might be trading for, you
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know, 50 cents.
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And it goes up a little bit.
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All of a sudden it's a big move.
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Right.
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So very volatile areas like penny stocks and old coins or alternate coins in the cryptocurrency world,
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for example, less so it can be blessed with like, let's say, bitcoin, very established, but more
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of a newer, let's say, ultra coin.
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And so the idea behind why it's popular with these types of folks to trade these types of securities
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or this types of methods is the frequently buying and selling aspect of a set up trade or frequently
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buying and selling.
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So if you think about that, you probably are getting idea that you might need to be comfortable with
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risk and uncertainty.
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But if you follow a plan, you're taking a lot of the risk out and you learn and develop your your your
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plan, your ideas, your own set of training, you're actually going to pull risk out.
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But it is something that is a little bit more for the if you're the individual who loves to trade and
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go fast and get lots of little profits all along the way and build up to big profits, well, this lesson
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might be for you or this may sound very interesting.
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So let's look at instead of trading a little bit more detail now.
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So how works?
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Kind of you know, you identify a specific price for common configuration.
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You're looking for something.
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You see, once this happens, you know, then that's an indicator for me.
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And I'm going to take action, let's say, off of candlesticks.
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For example, you might be looking at a good candlestick combination with a short time frame, 20 minutes,
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maybe hours for you, even short, like more like minutes in.
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You're looking for, you know, that certain setup, a certain situation.
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And you can still have a confirming indicator, possibly.
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As for something else confirming it, RSI, whatever it might be, something else, conferment Fibonacci
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might be a good one to help in this case, to help confirm.
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And you're looking for that setup.
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And once you see that setup, the point is you want to see the setup.
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And the sooner you can see the setup and become an expert in your primary, you're going to be an expert
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in that.
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Once you're an expert in your setup and you see it happen, boom, then you take action and let's say
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you buy it.
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You know, you buy it then.
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And then once things change quickly, you sell it fast, too.
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And this is all happening within minutes or certainly by the end of the day is the idea.
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That's why, of course, it's popular with people trade frequently like scalper's arbitrage or certainly
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traders that will close other positions.
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Classically, the trader close all their positions by the end of the day.
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So you're looking for the pattern and you're getting in fast and then you'll actually get out fast.
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So if we look a little closer of that, let's say, for example, you identified a candlestick setup,
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whatever you decide, look at the lessons around candlesticks, for example, on.
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So you're really looking for certain setups.
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And then once what happens is other people see these setups, too, right?
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You're not the only trader out there who knows how to trade.
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You're better because it's the course, but you're not the only one out there.
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And that's a good thing, because what will happen is they'll be once the setup happens, once the pattern
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happens, let's say with these candlesticks, there'll be a big move in the first few minutes.
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Right.
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People are buying in.
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They see it happen, and then, boom, they're acting and they're buying in early.
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And then what happens or what we hope to happen.
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Not everything's perfect, of course, but so followed by additional move in the same direction, at
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least a short term trend there that will be occurring and others are coming in.
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And that keeps the demand keeps rising.
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Right, because they're starting to see the pattern, too.
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But they may not see it as fast as you because that's not their expertise or they haven't moved as quick
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as you.
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So you're moving fast.
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You see the center fast, you move fast.
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The price keeps rising, even though you bought in early.
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So you're seeing your profit now rise because others are following in.
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And instead of waiting for other types of signals or waiting for other things to happen, you're selling
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fast, right?
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You're getting, you know, getting in early and you're getting out early.
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That's the key in early and you're out early and you do that over and over again to basically, you
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know, build a profitable strategy around this.
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Again, you got like that fast trading, maybe a little bit risk.
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Sometimes it doesn't go the direction you hoped it would or thought it would.
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But the idea is it should because you're seeing the setup and you know, your indicator is going to
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work for you more times than not for sure.
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So getting in early.
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So the key identify set of fast byerly way for others to join growth price up, get out early, do it
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over and over.
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Now how do you one thing you want to do along the two is you want to have these predetermined trading
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rules because you want to do a lot of thinking, you want to do a lot of fast acting.
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Right.
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So you want ahead of time established whatever rules you might have around.
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Some classy ways you can look, that is you would buy, let's say, once established price range in
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the first X minutes of trading, right.
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So you're looking at a price range and you're seeing it in that price range.
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Let's say in this case, a hundred one hundred five dollars.
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So there's an established price range happening and you get in when you're above that range at a predetermined
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target.
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So let's say you don't do any trading for the first, let's say, hour of the day.
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It was classic way to do it.
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You see, the security is trading between one on one hundred and one five.
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You're looking at a target that once it hits one or seven or there might be a certain, let's say,
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candlestick set up, you know, that happens.
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Then you buy and then you sell right away as it goes up.
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Right.
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You may not get a cell signal at all.
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This might be a sort of a longer trend.
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When you're doing this type of set of trading, you don't care.
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You're trying to get out and, you know, maximize the profit that way.
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And so you may not get to sell single and you may stay in it for a few minutes to a few hours or maybe
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to the end of the day.
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And where you want to kind of set that up is with you maybe have a predetermined profit amount.
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Right.
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So let's say I want to make five percent per trade or 10 percent or whatever the number is.
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You would then just figure out what your exact price is, too, and then you might have some Stop-Loss
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and things to protect your downside as well.
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But the whole idea is that you're seeing something that's got some momentum behind it.
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You're seeing the prices rise.
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You've gotten above the trading range.
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This is real small looks, that individual candles, you're getting above the trading range, let's
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say in this example to 107, you're buying.
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You're watching it go up a little bit further, a predetermined amount.
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You sell, you take your profit, you get up.
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So set up trading, not for everybody.
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And there are some definitely downsides to trading, too, you know, so setup's may not appear every
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day or every month.
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As for some of the downsides, you know, it's something you're watching for that kind of more perfect
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setup.
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You might need to follow more securities as part of that, too, because they don't appear as often
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and learn you want to really kind of learn a more set of conditions to recognize.
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The more you recognize, the more opportunities you'll have.
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So you need to become a little bit more of an expert in these setups, in these different types of conditions,
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set up situations compared to more common primary indicators, you know, that you could be waiting
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for, like moving average crossover, some things that that you're looking for these price setups.
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And it does take a good amount of concentration during the trading day.
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It's a little harder for a part time trader because remember, you're really watching or moving quickly.
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You can do some automated things with the orders you place, of course, like stop loss, you know,
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targeting certain buy level so you can kind of automate that more.
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And when we get into the how to place your orders part, we'll actually talk about how to automate that
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more.
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But either way, it's still going to take a little bit more intense concentration in the trading day.
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Again, that's harder for a part time trader, possibly, but for those who want to trade more frequently
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or in certain sections when they're in session, trading a session, they're going to really concentrate
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and do that and they're going to enjoy it and they love it.
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So one other aspect of that, too, is you'll you'll never really maximize the profit on one trade since
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you're getting out in and out so fast.
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But you're protecting your downside, too, by getting in and out fast as well.
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And the whole goal of set up trading in this manner is that you're going to have these many small little
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profits add up to some big overall profits.
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That's the big idea behind it.
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So start trading again.
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You might, as you watch, just less than some people are saying, that sounds like me.
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I want to do that.
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And other people are like, oh, that's not for me at all.
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OK, that's fine.
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But now you at least understand how it works and you can do that, but you don't absolutely don't have
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to do it.
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No more trading style.
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And if you really want to do some trading, like get real crazy with it, then you could do gorilla
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trading, which is in the next lesson.
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