5 Types of Traders Who Fail and Why

Learn the top 3 trade setups we are using on the desk here: smbu.com/lance
#smbcapital #stockmarket #daytrading
SMB Disclosures www.smbtraining.com/blog/smb-...

[@warwicknexus160]

This is the ultimate trading video that I have seen - trust me, I have watched countless hours of trading videos for the past 2 years. Thank you Lance - appreciate all your videos.

[@TheOneLanceB]

Thanks for the kind words! Keeps me motivated to make more!

[@JLfpv]

​@TheOneLanceB would love to see some live trades you've made. You are an absolute legend! Keep it up.

[@Bravenheart_]

Ripping the dollar bill was my favorite part of your ramble. 😂😂😂

[@TheOneLanceB]

Haha maybe I should rip more of them then

[@lockvegas05]

He is 100 percent correct about burning the ship! I did it like 6 years ago. It is the sure way to succeed in trading as you can’t run a from any tough problems. You have to problem solve or starve.

[@JoeBarrett74]

Awesome stuff! I'm excited to see your Project MO = Magnum Opus. I just read about it today!

[@user-vd4kr5cl6c]

One of the best lessons in trading.Your videos are always very clear and to the point.Thanks Lance

[@MbXcxlVJmrSByiozOR47]

Great video Lance! Very insightful. Thank you

[@gomesdiogo]

great list, thanks Lance

[@SindriKr]

Great video. I remember in the market wizards that someone said that everyone gets what they want in the markets. I remember one guy who needed help wiht gambling (and he probably needed), but he could be telling the other gamblers how he was leveraging, that is something higher than just a lottery addiction. He could get some respect from his friends there. I am not making money now on trading but I have learned alot. I think that those who have something else to go to might give up on it, that is if it is something that is better for them. Its not for everybody.

[@ErikPepping]

Lance, thanks for this. It helps. Especially the part about real money and p&l and somehow make a difference between those two.

[@TheOneLanceB]

Thanks for watching!

[@BrotherK-ex2co]

I like the idea of making it a video game.

[@MrFOX-uj2ex]

Thank You, Lance! Appreciate Your lessons a lot.

[@84766T]

Thank you for sharing guys. I'm looking to make the jump and I quite liked the burn the boat concept.

[@Tom_Mroz]

Thank you Lance. Always great value 👍🏻

[@rewritereality394]

Thank you

[@blackdiamondoffthegrid8703]

Awesome Tip! Many so call traders don’t want to hear the faulty side of trading, it’s reality! Trading is hard! Accept defeat! Be humble. Thanks for sharing.

[@TheOneLanceB]

Thanks for watching!

[@2321brendan]

Yes . Probably the hardest thing I have attempted in my 49 years. Along with trying to get to 3hcp at golf while being self employed,with a family,renovating a house ....etc and starting the game at 30 yo

[@Jaysnipes]

Great video! I enjoy hearing from Lance.

[@TheOneLanceB]

Thanks for watching!

[@Rcrc88]

Great video, thanks Lance!

[@aaronstrudwick]

Thanks Lance, as always good content cheers mate

[@RogueTrading]

Wow, love this video guys! Definitely top 5 for sure! Pretty much anyone can learn TA and trade setups and strategies, but most cannot recognize their mistakes, much less fix them in order to be successful. If trader's can't fix their mistakes, their pros will be outweighed by their cons... Lance B. where "B" stands for "BEST!" One of the best hands down. 💪🏼💪🏼 Thanks again!

[@TheOneLanceB]

Thank you for the feedback! 🙏

[@shinsuo9943]

Great video! Again thanks for sharing! You guys are legend!

[@cameronjohn604]

As a former professional firefighter turned trader, I know these types of people well. These character traits would get your head taken off in a fire station. You could always tell who wanted to get the job because they watched one too many episodes of Chicago Fire and thought they would look real sexy in a uniform. (For the record I did look sexy in a uniform, but that's besides the point). I competed against 1500 hundred candidates for 12 job openings. The hiring process took 6 months to try and weed out precisely these types of personalities. On a trading desk those types of people will lose you money, in a burning building they could get you killed. Adapt or die. Excellent video.

[@donalmadden7019]

Great vid, this is now my new trading plan. Thanks.

[@gregstewart8281]

Thanks for the video, I appreciate it

[@gavnonadoroge3092]

finally a video where the true Lance came out

[@joshuatan9002]

Thank you for the videos!

[@Stockafella]

Amazing Video as always!

[@robertbreaux7043]

Thanks Lance

[@vernonmcdaniel5714]

Excellent video...trying to break the groundhog in me.

[@chilatelover]

Truth be told we are probably all an amalgamation of sorts of all the above. Thanks Lance and SMB. Great content. Best ever

[@Zeusifer123]

Great video!

[@waheed7288]

Respect my man ,you rock it, thanks for gold advice

[@chr971]

Found the cause of recession, Lance ripping $20 bill! Thanks for the insightful video Lance and Bella

[@2321brendan]

The Butterfly Effect!

[@user-vz4fm9uo9q]

The video game analogy is exactly what i tell myself so the fact that you think of it the exact same way just clarifies and boosts my ego. 💯

[@TheOneLanceB]

Glad I could ego boost for you haha

[@arvindsarai]

keep up the videos Lance greatly appreciated

[@birdsnest69]

I would love to be given a chance to work for SMB, to be taught the right way by the right people! 🙏

[@loumanotti]

I like the video game analogy 😮

[@bigmax1559]

What books do you recommend to start trading?

[@thomascarter8817]

-Trading in the Zone -Controlled Trading

[@couloir1]

No books ..just start doing. Jump on a sim account and start making trades. Look at charts and see what setups pop out. Then read up on risk management and position sizing. After you've done all that and you've struggled for a bit then read Trading in the Zone or Best Loser Wins. If you read those books first you won't be able to relate to it unless you've gone to battle.

[@bullforcetrading9995]

Trading in the Zone The Disciplined Trader One good Trade The Talent Code Mindset Atomic Habits

[@vt1707]

Oh man I’m a groundhog, can you please expand on this one? I’m after two years of day trading, finally in break even stage last 4 months, but I keep doing same small stupid mistakes like tight stop, taking quick profits, taking trades outside of the playbooks, and I’m so angry at myself, like wtf why why I keep doing it

[@mariodimitroff5343]

Hello, Lance, I love literally all your videos, I would like to know a little bit why you consider that you have to always be scaling up. Yes it is true we can do much more, but I'm from Eastern Europe and some traders that are able to to make like 1000 dollars per month very, very consistently - it is decent income in poor countries. I understand that in Manhattan 1000 dollars won't last you even a week. Also most traders here aren't geniuses and if they have found a non scalable strategy that nets them a lot more than the average salary here, then why risk some of your consistent profits for setups you don't really understand? I'm not saying I agree with this, in fact I don't, but I'm just saying there are other view points. Thanks and keep up the awesome content.

[@elviswilliams3393]

Good bro

[@dmitriytimofeyev5018]

👍

[@noelalam9731]

whatsup evrryone. burning the boats is the way to do it. i dumped my gf for this. spent every hour of each day in feb cutting tape, watching it and writing down my approach and end performances. couldn’t be happier with my results. took two grand flipped it into 20 that month shorting gold. i was in. and out of positions every single day covering hedging sizing up and down every fsingle day. gave myself 8 grand took the twelve grand and made another 12 the next month. took some time off because i felt so burnt out went back in a month later and pulled another 2 2.5 gs which could have been 8 had i not chickened out pulling the trigger. i was coming off of vaca so didnt wanna screw myself if i was rusty, thats pissing me off a little. 2 months of non stop work, one month of relaxation. and best believe i called her back. cheers

[@derekwfrazier]

Earnings setups?

[@jle92708]

Then why would you begin hiring an individual like that? There needs to be a steady track record with risk management.

[@jasondillon2567]

Wow, those guys are foolish. If I could learn from you directly I'd sit down, shut up, and do as I'm told. 😂

[@joefeinstein6804]

= Be Coachable.

[@FatCatsOfWallStreet]

I like how Lance ripped up the $20 to make a point. That’s straight gangster

[@TheOneLanceB]

Hahah I will keep on tearing up dolla billz then

[@revshareglobal7334]

Im over here doin pattern analysis on the weekly charts. lol

[@kennysiu-HK]

7:45 If you could do it, I can do it "better". The point is, as always, why + how.

[@oceanblue2386]

Mike, can we see you just once with a big gold chain, waving stacks of cash, on the hood of your Lambo yelling BOOYAHAA!!! 😄

[@mbellafiore19]

I drive a Honda Pilot. Rides great.

[@johnthomasii943]

Can I Join?

[@lisan7775]

You are smiling too much as you talk about firing :)

[@AngelRodriguez-dz8yd]

If 98% of traders give a bad rep, i’d be more than happy to toss the bad ones too.

[@TheOneLanceB]

I’m always smiling! That said… firing in this industry often means helping someone move closer to the job or role that will better suit them and their strengths. Everyone I employed was young and had safety net and minimal responsibilities still in life. The ideal time to try to make a career at this and earn the pride of trying even if it doesn’t work out.

[@bullforcetrading9995]

When newbies come in thinking they're hot shots they deserve to get humbled in the most humiliating way possible. The lesson they can take away from it their ego wasn't there amigo

[@JenMarco]

Would you rather he be mad or sad? Teachers and speakers can’t deliver facts and get emotional

[@lisan7775]

@@TheOneLanceB No worries - just finding a little humor. Not a swipe at you. I've hired, trained and fired more than I can remember. It can be very frustrating when so much time and effort is put into training, etc. The ones who work out are the reward. It's never easy to help someone move on and that happens in every industry :)

[@razzy1476]

Research Analyst piss me off!

[@oceanblue2386]

Lance, It appears you're hiring statistics are not good. Let's improve that.

[@TheOneLanceB]

You need to normalize it for the industry. If 99% of retail fail, retaining 25% or 30% is actually pretty great. No matter how you slice it, this is a tough job.

[@hansonwiredu7849]

I'm the first person to view this video

[@Stefan-vc2ef]

🤪

[@paulsteen2092]

Crap

[@SJ_Dubai]

I am Number 4. 😢