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Kind of a captain obvious thing to say, but NQ is down 10% off the highs.
I hope everyone is OK in this. If you follow me or watch my streams you all should be VERY prepared for this. If you watch or follow me you should be short ES or NQ and short Gold. Be careful picking bottoms, the low is NOOOOT in!
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Did youse all see the velocity logic circuit breakers in NQ around 29480~
"Who are we? We were a bunch of guys who were hungry. We were traders to whom it did not matter---whether it was eggs or gold, bellies or the British Pounds, Turkeys or T-Bills. We were babes in the woods, innocents, in a world we did not understand, too dumb to be scared. We were audacious, brazed, raucuous pioneers--too unworldly to know we could not win. That odds againts us were too high; That the banks would never trust us; That the goverments would never let us; That Chicago was the wrong place." Leo Melamed(the father of financial futures) at the 10th anniversary of currency trading. I have known Leo a long time and am very close to his son @Jordanmelamed. This quote is from Mickey Nortons book called "Game Changer" Mickey was the first woman trader on any trading floor. She is 94 or 95 like Leo. She is an owner of both the White Sox and the Bulls. She still trades and she attends EVERY home game of both the Sox and the Bulls. You should ALL know who Leo Melamed is and you should also learn who Mickey Norton is.
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There are 2 maybe 3 generations of traders that have no idea how to trade a real bear market.
Sister Mary Jo is going to bring the win. Lets go!!
The best part of my involvement with @NTLiveMedia is bridging the gap between pit trading and screen trading, to innovators like Leo Melamed, Jack Sander and the incomperable Terry Duffy to innovators like my dear friend and brother @AnthonyCrudele under the truly innovative leadership of Ninja Trader CEO Marty Marchi. Also, I love @salmaogs. She is a great young person on her way to becoming a great trader. I am blessed.
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I have more chins than a……. Oh nevermind.
I have talked to 2 traders this week that lost huge amounts of money. I know every feeling that goes into it. You are not alone, any of you. Being a long term profitable trader is not a straight line. I made millions by 35, by 43-44 I was driving Uber 7 days a week to feed my wife & 5 kids. I took a hard look at who I was & how I lived. I took a deep dive into what worked for me trading & what I did to blow up. I was a very well known & experienced CME pit trader. I set about to develop a process of trading that fullfilled 3 requirements, it had to be consistent, repeatable & scalable. At 58 I am healthier, happier, stronger in spite of heart issues and prostate cancer. I have deep and meaningful relationships with people of all ages and all over the world. This is a marathon not a sprint. There are no shortcuts, no easier softer way. Do the work. It is worth it.
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