Michael | Hypergrowth
@itsmichaelluu
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Day-trader, father & content creator | hypermarkets
Joined February 2023
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If you are struggling with cutting your losses quickly, try this 🧵:
(interactive mini-course)
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The hardest part to day-trading is selling.
Here's the ultimate cheatsheet for the perfect exit👇:
*(includes advanced strategy)
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Vanish for 6 months,
Work on these 10 trading skills (using FREE resources),
To become a profitable and consistent trader 🧵
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Get ready to spot the reversal entry single time $SPY
Here's 5min step-by-step guide for you to try 🧵:
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Most traders give back the gains they make.
Apply my 8 trading secrets, I guarantee you'll keep your gains next week :
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If you're struggling with your entries read this 👇
With practice you should increase accuracy 80%-100%
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If you are trading SPY tomorrow, then read this:
Tuesday at 11am EST (market sold off)
Today at 1pm EST (market sold off)
This is the reason why 🧵
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There are 6 months left in 2023,
If you focus on these 8 trading habits.
You'll be unrecognizable in 2024 👇
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This took me 8 years to learn, I'll teach it to you in 8 minutes 👇
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$SPY Breakdown:
On a technical analysis level here:
(strategy for July at the bottom)
• It has broken out of the ascending triangle at the end of May.
• This was a years long consolidation from May 2022 to May 2023.
• The longer the consolidation the bigger the breakout.
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This student turned $1500 into $30,000+ in 365 days.
Here's exactly how to grow your trading account consistently 👇:
(for beginners to intermediate level)
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Time is the most precious thing on earth.
24 Laws of Time⏰:
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Loss Aversion:
- If you're holding on to losers too long & selling winners too early.
- Too painful to take losses & you don't value gains enough to hold them.
- Overcome it by letting go of attachment you have to money.
- If you're in too heavy you'll be too emotional.
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18 hand-drawings that will improve your trading skills + life:
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SPY SPX chart with explaination for week of June 2 📈
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10 years ago, my father told me the truth.
My family was broke and Christmas was spent at the food bank.
I felt dead inside and humiliated.
It was the best lesson I'd ever learn:
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Advanced Trading Tip:
• Only increase your position size everytime you 2x or 4x your account. Then you can double your position size.
• If you increase your position size too soon you typically will give back the profits.
• Learn to use a "trailing stop loss!"
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4 pro-trading strategies for price targets use:
(1) key support and resistance levels
(2) key areas of supply and demand zones
(3) Fibonacci levels and ratios
(4) Risk/Reward ratios
(5) Moving averages
**I'll make separate🧵for each make sure to follow
@themichaelluu
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1. Master technical analysis and candlestick analysis
- Memorize all candlestick patterns and sequences
- Learn 2 indicators (both strengths and weaknesses)
- Learn "rules" to play game
FREE resources:
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Chart Analysis for July 2th - 7th 👇
1. SPY
2. RSP
3. QQQ
4. GUSH
5. XLK
6. XLY
7. IWM
8. TSLA
9. NKE
10. NFLX
11. NVDA
12. MSTR
13. AMD
14. RIVN
15. UPST
16. OSTK
Comment which ticker should I do?
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There is a critical bond auction tomorrow at 1pm EST so you will need to pay attention to this time. The volatatility will increase.
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5. Build a trading system, process and routine.
- More time you put with process that works for you better you can stick to routine
Ex:
- Wake up at 830 go for a run
- 9am prep the market
- 930 to 10 watch for set-up
-10-11 execute 2 trades max
- 6pm review trades
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10 trading mistakes you need to fix but you don't even know you are making:
1. Using a strategy that is not even profitable.
(Bookmark this list then check it off 1-by-1 once you have mastered)
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Reasons why you can't stop out
- fear of losing
- can't handle another loss
- tired of cutting only to see it rip
- in shock
- in state of panic
- in too heavy
- too much stress
- too much anxiety
- too much confidence
- lacking confidence
- not sure when to cut
- poor execution
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Pretend you are in 2 trades:
1. You are up $500.
2. You are down $500.
You will sell the $500 profit too early and hold on the $500 loser too long.
Although $500 is the same for both, the loss is more painful then pleasure of winning trade so you early.
This is loss aversion.
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Are you finding this helpful to your trading career?
Yes, it is helpful.
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No, it is not helpful.
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I learned something new.
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Risk Management:
- Sooner you figure out risk profile and are comfortable with it the sooner you can conquer risk management
- Risk profile is the level of money you're willing to lose (comfortably) on any given trade
- Every person's risk profile is unique to their own life.
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The ultimate wealth life hack:
Marry the right person.
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Step 2: You need to reset your brain & expectations.
How:
- Talk to therapist or mentor
- Talk to spouse openly
- Write in your journal
- Learn to start all over
- Have courage to forge a new path.
- The earlier you start the better it is.
Create a new you! Be transformative.
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Step 3: You can't be scared to lose money.
How:
- Save more money
- Pay off debt
- Its best to trade while having a job. It takes away stress & fear.
- Get a second source of income.
- If you can't pay for rent, you can' trade.
Don't rush this process. Give it time.
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4 things will hold you back from everything you want in life:
1. Self-doubt
2. Lack of confidence
3. Your insecurities
4. Your network
Here’s how I overcame each 🧵:
(It was not easy)
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7. Master Psychology and mindset
- It takes 66 days to form a habit
- Make sure to overcome "Loss Aversion"
- This is selling winners too early and holding on to losers too long
- Overcome fear of trading and build trust in your system
Listen to this:
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6. Know to read volume properly
• This is the most important thing you to need
• Notice how selling pressures decreases before buying pressure increases
• This is common sense
Super Rule:
• Buy at support with volume and sell at resistance if you see big sellers
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I asked my 90-yr old grandma for life advice on her birthday.
Here's the life advice everyone needs to hear:
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Remember perfection is not the goal here, consistency is the ultimate goal.
If you learned something here:
• ♻️FIRST post to share with your audience.
• Follow me
@themichaelluu
I'm inspired to help you improve in this aspect of your life!
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In this lesson 🧵you'll learn
• about loss aversion & how to overcome it
• figuring out your risk profile tolerance
• how to determine exit price and price target
• 4 technical strategies
• build trust & confidence in exits
🔑 End: Takeaways
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4. Watch and Finish all 4 of Mark Douglas's Videos on Trading Psychology
Here's the First 1 out of 4:
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8 FREE tools for beginner traders👇 in 8 mins:
(cheat-sheets, videos & websites are all you need)
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Whichever strategy you decide to choose stick with it for at least 20x-50x trades!
- No strategy is perfect and market is random.
- As soon as you get in a trade, it can go against you. Losing is a natural part of trading.
- Being able to cut losses quickly is a skill.
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In the end,
being poor inspired me to work hard,
starting with 0 pushed me to be a somebody,
having nothing at all became my advantage,
being broke and desperate made me hungry.
And that drive led me to my successes today.
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SPY trendline for first week of October. When this level breaks down then $560 is the target.
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4. Master your exits on trades:
(I'll be writing up an entire thread)
- You will only know where to exit after you take 20-30 trades on the same set-up and write down notes
- Use support and resistance, supply and demand zones to map out key levels
Spend time on this! A lot.
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🔑Takeaways:
• It is not common to sell at tops & bottoms of move.
• So learning to stay calm and remain focused after each trade no matter what is key
• Practice scaling out 1/2 or 1/3 of position after first target is hit then 2nd target.
• Protect entry with a stop loss
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Step 1: Walk away from trading for 2-4 weeks (especially if you're losing)
Reason:
- You need a fresh start.
- Erase the pain from losing.
- Erase accumulated emotion of defeat.
- Open a brand new account $500-$2000 if you must.
You must be logical stop bleeding right away.
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1. Don't increase position size too early
• Practice same position size for 30x-50x trades
• You'll give back gains quickly if you are in too heavy
• Greed will kick in and you'll get emotional
Rule of Thumb
• Increase portfolio 4x before you increase position size 2x.
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7. Improve on your trading psychology each day.
• Watch all 4 Mark Douglas Videos
• Read
@jaredtend1ler
"Mental Game of Trading"
• Read
@annacoull
"A Complete Guide to Volume Price Analysis"
• Read
@TomHougaard
"Best Loser Wins"
You are a knife, sharpen the blade each day.
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3. Trade less
• Take 1-3 trades maximum each day.
• This prevents you from overtrading.
• Ideal trade time is 930am to 11am
Bonus trick:
• Make a mental note to finish the day strong.
• A strong day means you executed really well & followed your rules.
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Step 4: Time & Money
Reason:
- By building a bigger cushion of money you'll feel secure.
- You won't be attached to your money.
- You will act and trade with better judgment.
- Be realistic about your goals.
Nothing can stop you if you truly desire something.
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Example:
- These would all be considered very critical price targets for $SPY at the beginning of May 2023.
- Notice how many times market tests $408 making it a key level on chart.
- 20SMA & 50SMA are price targets because many buyers & sellers have their cost basis there!
The stock market will crash 5%-10%
• FOMC today was hawkish
• A mild recession is coming
• Inflation is sticky at 4%
• Borrowing money is going to be harder
👇 For key levels on $SPY $AAPL $TSLA make sure to watch this:
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You can't wake up one day and all of a sudden just know to cut your losses.
This is impossible.
This is a bad habit that needs to be reversed.
You must go through a deep process and set a realistic expectation.
Especially if the root cause of why you can't cut is emotional.
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Step 5: Decreasing fear of losing money
How:
- Start taking small loses when trades don't work
- Trade less if you have to.
- Only take A+ set-ups you know
- Never average down
- Celebrate your small losses too.
Hack: Use twitter as your live journal and be accountable
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The best way to determine your risk profile:
- What level of account are you comfortable trading with $1000-$5000?
- How much can you lose per trade that won't make you upset?
- Are you single or have a family to take care?
Ask all these questions determine your risk tolerance.
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1/ confirmation with volume
• always wait for a big buyer to step in first (big green bar) then selling pressure to weaken
• once you see buyers come in to confirm support then you can take the entry
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comment "educate" & ♥️ this post if you are interested in my future threads!
• risk management & building confidence
• more set-ups and exits
• mastering trading psychology
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Its okay to be down, lose confidence, be afraid and be uncertain.
The road to success is long & hard, challenges can be overwhelming.
Use others as inspiration but be grateful not everyone has the opportunity you have.
Days it is the hardest are also days we must stay hungry.
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2. Master a trading set-up:
- Find a trading set-up you are comfortable with, suits your personality and have the time to trade.
- Learn to find it, take entry and what it looks like when the trade isn't working anymore!
This will take 8 minutes to learn so be ready.
8 set-ups for beginner and intermediate $SPY
Included charts & when to take enter the trade 👇
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Takeaway
• Successful traders must be able to take loss & cut a trade.
• Don't worry if one trade runs without you.
• Trading is a game of large numbers. There is another trade coming.
• Shake it off. Stay focused.
• The gains will compound once you have the skill.
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2/ confirmation with buyers at support
• always take an entry where you can clearly see buyers are entering
• this is confirmation this area should hold for now
• the explosion happens when sellers are weak and buyers are strong! This is the breakout point
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3. Master your entries on trades:
- It should be the exact same every day.
- Some days the set-up doesn't happen so you don't trade.
- This is a test of discipline.
Use guideline here for entries:
If you're struggling with your entries read this 👇
With practice you should increase accuracy 80%-100%
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What is the best exit price or target for me?
- Assuming you have found the set-up you like to trade!
- Now you need to paper at least 20x-30x and know how it moves.
- How high does it go and how low does it go?
Key:
What price or level does your trade become invalidated?
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In this lesson you'll learn [5] types of entries
• confirmation with volume
• confirmation with buyers at support
• buyers stepping on tape
• same set-up same execution
• the retest entry
Takeaways at the end!🍕
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Takeaway:
- It will take at least 6 months - 1 year to get the trading process right
- It could take another 1 year to get consistent.
- Learn from mistakes, constantly adapt
- Ask yourself what trading means to you? Write it down.
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Any trade you take there is a chance of loss.
If the loss is bigger then what is normal or natural.
Then you made a trading error:
• Poor Risk/Reward Trade
• Entered Too Soon/Entered Too Late
• Exited Too Soon/Exited Too Late
• Too Large Position/Too Small Position
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6. Build confidence and trust in trading system
This is the part everyone misses and overlooks but its so important.
- Take 20-30 trades and review them well
- Learn from mistakes and minimize them
- What triggers emotions?
Spend the most time learning to trust process.
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9. Start small first so $1000-$2000 account
- Take 2-3/week if you have to.
- Focus on the process not the profits
- Risk about $50-$100 per trade
- Webull or TOS cash account is okay to start.
This is the time when you need to focus and invest in yourself.
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Review this lesson a few times and ask questions if you don't understand a concept!
If you learned something valuable today:
1. Follow me
@themichaelkluu
for more compelling content
2. RT the tweet below to share 🧵 with your audience
The hardest part to day-trading is selling.
Here's the ultimate cheatsheet for the perfect exit👇:
*(includes advanced strategy)
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How to build confidence in your trading and trust your process?
- Spend most time focus on reviewing your trades and improving system.
- Start small with $1000-$2000 and focus on consistency & execution.
- Minimize mistakes each day. The profits will come later.
Vanish for 6 months,
Work on these 10 trading skills (using FREE resources),
To become a profitable and consistent trader 🧵
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8. Trading is stressful
Part of being a discipline trader requires you to be discipline throughout your life.
- Learn to take a loss (part of equity curve).
- Learn to move on from a loss
- Learn to know when a trade is losing
- Find hobby to distress
- This is part of process
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Step 6: Rebuilding (increasing) your confidence
How:
- Practice 1-2 set-ups.
- This time do things differently review your trades.
- Learn from your mistakes.
- Celebrate small wins.
- Don't gamble
Trick: Don't give back gains & allow yourself to be happy into the weekend.
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On this exact trade: $TSLA buy at $200 stop $190 target is $240+ (swing multiple days)
- 2 people with different risk profile can execute trade differently and have different results.
- They will have different position size and unique stop loss because of their risk profile
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3/ buyers stepping in on tape
• as a daytrader, I always watch my time & sales this is where I can see the buyers start to buy in big volume
• this will increase my confidence this is an area where bulls should defend it
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5. Disciplined Trading
• If you want to be a disciplined trader, you have to be disciplined in all aspects of your life.
• Exercising, sleeping well, staying focused, eating well, not drinking,
Be a better person in life you'll be a better trader.
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Step 7: Build a system to monitor progress & mistakes
- Do one big review at the end of 20x-50x trades and evaluate progress.
- Are you cutting your losses better?
- How can you improve?
- How do you know you are making a trading error?
- Create a checklist!
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In the end, what matters in life is not:
- what your job was
- who you married
- where you travelled
- why you did it
What matters most is how you did those things:
- how you helped others
- how you achieved your goals
- how much you loved your family
- how you treated others
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Follow me
@itsmichaelluu
for more powerful lesson on trading psychology and risk management.
• DM me if you need to discuss your trading and need some guidance.
• Retweet this to share with your audience. I greatly appreciate it.
There are 6 months left in 2023,
If you focus on these 8 trading habits.
You'll be unrecognizable in 2024 👇
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Follow me
@michaelkluu
for more powerful lessons and tips on trading! I write 1-2 threads per week.
I write about:
• trading, finance and economics
• personal life & personal growth
• things that make people happy!
• interesting stories and lessons about life
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Being able to cut your losses and be proud of it each time is a skill you can learn with time.
Be confident & have courage to change!
1. Follow me
@themichaelluu
for trading content and powerful lessons
2. RT the tweet below to share with others
3. DM me if you have questions.
If you are struggling with cutting your losses quickly, try this 🧵:
(interactive mini-course)
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2. Write down notes during trading
• Write notes as you finish every trade
• Focus your notes on how you exited
• Did you sell too early or how did you feel?
Trade Hack:
• Rank trades in terms of how well you executed 1-5
• Seeing your notes with ranks will change you
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You give it your all and give it your best.
Years later, I finished university with 2 degrees,
bought a house at 23, traveled the world, quit my corporate
job at 29. I made my first million at 31.
Today, I am fearless.
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- Follow me
@itsmichaelluu
for powerful lessons on trading psychology, risk management and technical analysis.
- RT the tweet below to share with others
- DM me if you have any questions!
Most traders give back the gains they make.
Apply my 8 trading secrets, I guarantee you'll keep your gains next week :
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Takeaways 🍕
• Trading is extremely hard & 95% lose their money in the first year. 70% lose in their 2nd year.
• Always use a stop loss and manage risk
• Every trade the outcome is random & unpredictable
• These will increase accuracy but there is no guarantees in trading
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5/ the retest entry
• after a big breakout with buyers
• the market usually comes back to test that key resistance level
• this test we are looking for low sellers and big buyers to step back in
• if you miss the breakout look for the retest entry
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7. Only take trades if they set-up
Example:
9:30am watch for $SPY reversal into $424 level. If I see buyers come in to confirm support.
I'll take calls: June 2 $424 calls for $2 stop at $1.70 aiming for $3-$4+
If I don't see buyers then Ill pass on trade then write notes.
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8. Position sizing too heavy for your risk tolerance.
9. Focusing on only 1 trade at a time instead of thinking its series
10. Having too much debt or too much pressure so you can't take a loss.
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2. Not reviewing trades after market closes for 15min-30min
3. Taking trades you didn't plan or don't understand.
4. Not protecting your capital
5. Overtrading
6. Not repeating the same trade over and over again.
7. Picking the wrong options to scalp vs swing.
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I’m sure there are more things that can hold you back from the life you want like money or cancer.
These are mine. What are yours?
I have a daughter now so I’d like to share these with her when she grows up.
I hoped you found this helpful.
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8. Increase confidence and decrease fear each day.
• Be a profitable trader by learning to be fearless.
• You can't fear losing money and you can't fear taking profits.
• Do this by evaluating yourself each trade and each day.
• Increase confidence by learning from mistakes.
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In the end, no one cares about:
- what cars you owned or where you live
- what you ate and how many followers you had
The only thing that will matter in the end is your health.
So no matter what you do:
- eat well
- sleep well
- play well
- exercise well
- enjoy nature well
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1. Do the exact same routine 30 minutes before market open every day.
• Drink a glass of water and eat a tiny bit of carbs (this helps with focus).
• Review your trading mistakes and set-ups for the day.
• Visualize your success and trading.
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Don't let anything get in the way of your dreams.
The higher the odds are against you, the more you have to believe in yourself.
1. Follow me
@themichaelluu
for stories from my life, my failures and how I overcame them.
2. RT the tweet below to share 🧵 with your audience
10 years ago, my father told me the truth.
My family was broke and Christmas was spent at the food bank.
I felt dead inside and humiliated.
It was the best lesson I'd ever learn:
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8. Overconfidence
• You've made money ask if you can repeat trade tomorrow?
• Ask what would you do if trade goes against you!
• How would you react & do you stop out?
• How much do you lose?
Pro-tip:
• Know before what you'd lose, you'd be more comfortable taking loss.
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4/ same set-up and same execution
• your confidence starts to build the more you practice the same set-up
• build confidence with a set-up you are familiar with and understand
• start with an easy set-up and master it!
Learn this set-up in 5 mins:
Build your small account by making up to $500-$1000/day using this $SPY set-up.
Here is the 5min step-by-step guide👇
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Review this lesson here when you have time!
Trading requires a lot of time and focus.
And you must be comfortable with uncertainty.
Vanish for 6 months,
Work on these 10 trading skills (using FREE resources),
To become a profitable and consistent trader 🧵
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3. Your goal each day isn't to make money but to become consistent.
• Learn to stop out of losing trades that are not working.
• Not every trade will be a winner so if its a loser take a loss quickly.
• Do this without even thinking.
• Take a loss and move on.
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Follow the logic:
• A big buyer steps in to buy
• Selling pressure starts to fade (bears weak)
• Then bulls start to take control of the move
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Finally passed 1000+ followers in less than 30 days.
My favorite 8 🧵I learned the most from:
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