It was the last hour of the final day when the perfect first green day setup forced my hand…
The 2019 T&I Summit turned out to be one of the best we’ve ever done. In this edition of the update, I’ll…
- Give you a roundup of the conference.
- Share my best trade in years. (Yes, this was the perfect first green day setup.)
- Explain why I gave up all my cars. Yes, you read that correctly…
It was fantastic seeing everybody, putting real-world names and faces to screen names. If you attended the conference — please remember to share your photos on Twitter. Tag me, use the hashtag #TISummit, and I’ll retweet.
Table of Contents
- 1 Best Young Penny Stock Traders in the World
- 2 Why I Sold My Cars
- 3 T&I Summit: The Big Takeaway
- 4 TISummit Student Questions
- 4.1 My TISummit Trade: Ignite International Brands Ltd (OTCQX: BILZF)
- 4.1.1 A Perfect First Green Day Setup
- 4.1.2 Moving Pieces: Understanding the Nuances of Individual Trades
- 4.1.3 Why I Love Penny Stocks
- 4.1.4 “Newbies need to trade to figure out their process and best setups. How do I balance the need to gain experience with the need for patience and focusing only on great setups?”
- 5 Millionaire Mentor Market Wrap
Best Young Penny Stock Traders in the World
It was cool to see how several of the speakers used to be in the audience one, two, or three years ago. That’s how quickly this stuff can change your life. These young traders are making $100K, $200K … getting on track to a million.
Keep in mind, their results are not typical. They’ve all worked their asses off to gain the exceptional knowledge and skills necessary to be successful.
I wanna give props to Huddie, Dominic, Jack, and Kyle — all first-time presenters who nailed it. They really inspired the crowd with their stories.
Oh, and ALL these young traders are members of my Trading Challenge. It’s a comprehensive program … but I’ll warn you up front, you’re gonna have to work your tail off. So only apply for the Trading Challenge today if you’re willing to work.
(Want to see their presentations in full? Take advantage of the conference DVD pre-sale.)
Michael Goode also gave another great presentation peppered with dry humor. Roland nailed it explaining his go-to setup. Grittani hit us with a video Q&A from home. And StocksToTrade lead trainer Tim Bohen acted as conference MC. (When he wasn’t out hunting innocent animals.)
Why I Sold My Cars
For years I’ve collected supercars. When I was a boy, I dreamed of owning a Ferrari or a Lambo. I always wanted to have a Rolls. And for years making money and getting cars was my driving motivation.
At past conferences, I showed off whatever my newest car was as a way to inspire students. Last year it was the Rolls.
Well, I just sold my cars. Every. Single. One. I liked surprising everybody with that.
Some people were disappointed I didn’t show off a new car. Instead, I called an Uber and announced to everyone that’s my new car. I think you should focus on more than just money and cars. You gotta adapt. Cars and money — they’re nice. But they don’t motivate me as much anymore.
I’m not saying you shouldn’t get your dream car. If that helps drive you to study and gain your freedom, then use it. But keep in mind that money won’t make you happy. And all the material stuff … it’s just stuff. Ultimately you have to find more meaning to life than cars.
Giving back, teaching, and leading by example … all that means more to me.
T&I Summit: The Big Takeaway
This is real. And it can happen quicker than you realize when you focus on good habits day in and day out. It’s not a get-rich-quick scheme. But I find that many of my top students really can potentially make six or seven figures within three, four, or five years.
It’s very front-end loaded with studying. You gotta put in the time.
Look, my results aren’t typical. Nor are my top students’ results typical. But we all have something in common: the decision to create good habits, study hard, and follow our rules.
One more thing…
Every presenter at the conference talked about making a decision. What was it? To take trading seriously. For many of them, it was a huge turning point.
Now for a few student questions coming out of the conference…
TISummit Student Questions
“Which would be more ideal now: (a.) a market crash, or (b.) a massive breakout to new highs?”
It doesn’t matter. Who cares what’s most ideal? It doesn’t matter what I want, and it doesn’t matter what you want.
You need to recognize that there’s no truly great over-arching setup. And…
… a great trade can come up at any time…
My TISummit Trade: Ignite International Brands Ltd (OTCQX: BILZF)
I was perfectly willing to not trade during the conference. And everyone was a little bit disappointed. But if there’s no perfect trade … there’s no perfect trade.
…. in the last hour of the trading day when Dan Bilzerian posted on his Instagram story, it created this informational inefficiency. All he posted was that stock in his company was now available on the U.S. market. Many people who wanted to invest and were waiting just didn’t know it was possible.
A Perfect First Green Day Setup
Take a look at the BILZF chart below. It shows the perfect first green day setup for the overnight hold. Also, look at the supernova I missed and then my late morning dip buy. (Hint: click on the chart to open it in a new browser tab.)
I ended up making just over $5K with BILZF on three trades. And the first one turned out to be one of my best trades — literally — in years. It fit all my indicators perfectly. I sold at roughly $1.90, and it went up another $2 per share. So I could have made around $15K if I’d timed it perfectly.
Now, a few things about the first green day trade because questions came up after the fact…
Moving Pieces: Understanding the Nuances of Individual Trades
My first order got filled in three parts. I was having trouble getting filled, so I put in multiple orders. They all seemed to get executed at once. On the time and sales window, I didn’t see my orders get executed. That’s why I put a circle on the chart — my order got filled somewhere in that five to seven minutes.
There were a lot of moving pieces with this one. Given the situation, the setup, and the price action it was a pretty good buying opportunity in the $1.20s or $1.30s.
I managed to get filled at a $1.32 average. Again, it was tough to get filled — I was trying to get it in the $1.20s. I have a feeling my order got executed right away, but the reporting was delayed. (Which causes a lot of problems because you don’t know if you actually bought or sold the stock.) Due to that, I ended up with a bigger position than I wanted.
One very important aspect of this trade: I was dip buying in the afternoon of a strong first green day. In a way, that provided some protection in case I was wrong. That’s because there was support in the range where I bought.
As usual, I sold too soon. And I never time it perfectly, so I’m very happy with making 43% overnight. And … recognizing that it was a good opportunity. It was kinda cool that everyone could see it in person.
Why I Love Penny Stocks
BILZF was such a nice refresher about the potential for penny stocks. Focusing on ideal setups can help boost confidence and reduce frustration. Most traders face losing odds every day … but when you focus on perfect trading setups … it’s rinse and repeat, baby.
And for the final question…
“Newbies need to trade to figure out their process and best setups. How do I balance the need to gain experience with the need for patience and focusing only on great setups?”
Try crappy patterns … try random patterns … you’ll get frustrated. You’ll inevitably say “Hey, I don’t wanna trade as much. I don’t wanna feel frustrated all the time.”
So you can either follow my instructions or … you can learn the hard way. It’s your choice.
But what you’ll inevitably find, whether through listening to me or your own experience — or a combination of the two — is there’s a good setup every now and then. It was really good in the case of the Bilzerian setup.
But not every day. You don’t have to trade every day. If you do try to trade every day…
… if you want maximum screen time watching live markets…
… you’re not gonna do that well. It leads to confusion and frustration.
As opposed to my plan where if you have patience — it’s not as much fun — but you have more time to study the past. That way you can learn to recognize what a good pattern is.
Millionaire Mentor Market Wrap
That’s another one in the books. For those of you who weren’t able to attend the Trader & Investor Summit, pre-order the DVD here.
If you’re ready to take trading seriously like the badass young traders who spoke at this year’s conference, apply for the Trading Challenge today. They’re all in the Challenge chat room almost every day. Not only do they share their trades, but they also help answer questions from newbies.
Trader? What do you do when there are no perfect setups? New to trading? What’s your plan for overcoming the frustration you will experience as you grow? Comment below, I love to hear from all my readers!