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Midweek Mentoring Session Overview

Introduction and Mood Setting

  • The session opens with a musical reference to "Altar" by Hulvey and Forest Green, setting a reflective mood.
  • The speaker expresses gratitude towards the Father, emphasizing the importance of praise and seeking spiritual cleansing at the altar.

Personal Reflections

  • The speaker shares personal experiences, including turning down financial opportunities to prioritize family time, highlighting values over material wealth.
  • A light-hearted atmosphere is created as the speaker engages with the audience about their well-being and introduces humor through a dad joke.

Humor and Engagement

  • A dad joke is shared: "What do frogs wear on their feet? Open-toed sandals," which elicits laughter from the audience.
  • The speaker hints at introducing a new segment featuring random facts, showcasing an interactive approach to mentoring.

Announcements for Fundraising Initiatives

  • Three key announcements are made regarding upcoming events and initiatives aimed at community engagement.

Fundraiser for Austin Fuller School

  • An update on a fundraising campaign launched for building the Austin Fuller School in Bali, Indonesia. $5,000 has been raised towards a goal of $25,000.

Website Updates and New Content Offerings

  • Announcement of updates to bensturgel.com where users can sign up for free content updates including new evening sessions twice a month.

Interactive Q&A Sessions

  • Plans for an "Ask Me Anything" session are discussed, allowing participants to submit questions beforehand for live answers during future sessions.

How to Set Up Your Trading Charts Like Ben's?

Announcements and Course Offerings

  • Many viewers have inquired about replicating Ben's chart setup. A course will be available on his website, including a setup video and walkthrough sheet for users to achieve the same layout as Ben's charts.
  • The course aims to help users set up their Thinkorswim platform with two charts, a watch list, an active trader section, and internals displayed similarly to Ben’s demo account. This resource will be free of charge.
  • The website is designed to consolidate resources in one place, allowing for quicker updates based on user feedback regarding desired features or tools. There are no products for sale on the site; it focuses solely on providing valuable content.

Upcoming Live Training Event

  • Ben announced plans for a live one-day training event in Florida, likely scheduled for January, with limited attendance (50 participants). The event is intended as an opportunity for personal interaction and learning rather than profit-making.
  • Participants can expect a Friday dinner followed by all-day training on Saturday at the amenity center in Sarasota, Florida. Sunday may include recreational activities like golf after church services. Interested individuals should contact Becca for sign-up details.

Clarifications Regarding Event Costs

  • There will be minimal charges associated with the event primarily to cover expenses such as food and venue rental; it is not intended as a sales pitch or promotional event. Previous attendees can confirm that there are no hidden agendas involved in attending this training session.

Structure of Upcoming Discussions

  • The session will cover three main topics: alpha (market insights), technical setup (charting techniques), and mindset/psychology related to trading strategies. This structure aims to provide comprehensive learning from market analysis through practical application to psychological readiness for trading decisions.
  • Additionally, there will be discussions about options strategies based on previous workshops where extensive notes were provided; these materials aim to enhance understanding of various trading approaches available within options trading contexts.

Training Workshop Overview

Introduction to the Training

  • The speaker introduces a two-day training workshop, questioning its potential value for attendees. A humorous reference is made to Jethro Tell's quote about value.

Workshop Details

  • The workshop is scheduled for December 10th and 11th, from 12:00 PM to 5:00 PM, totaling eight hours of instruction.

Purpose of the Workshop

  • The primary goals are:
  • To share various trading strategies used by the speaker.
  • To provide an opportunity for participants to join these strategies if they choose.
  • To offer a free experience with an option for VIP tickets that include additional benefits.

VIP Ticket Benefits

Exclusive Access

  • Purchasing a VIP ticket grants access to a one-hour meeting on Thursday morning where three pre-market trades will be shared, showcasing the speaker's morning process.

Past Success Stories

  • The speaker highlights successful trades from previous months as evidence of the workshop's value, emphasizing participant satisfaction and profitability.

Trading Insights and Strategies

Key Trading Concepts

  • The discussion shifts towards "alpha," which refers to trade ideas. An example provided is silver options with specific strike prices and expiration dates.

Trade Rationale

  • The importance of understanding why trades are taken is emphasized, focusing on processes rather than just patterns or profitability metrics.

Indicators in Trading

Types of Indicators

  • Two main types of indicators are discussed:
  • Leading Indicators: These signal potential future movements (e.g., smart money activity).
  • Lagging Indicators: These confirm trends after they occur (e.g., chart setups).

Technical Setup Analysis

Trade Setup Details

  • Specific details about buying calls at certain price points are provided along with stop-loss levels based on technical analysis using the 50 SMA (Simple Moving Average).

Chart Patterns

  • Discussion includes identifying bullish patterns such as bull pennants and higher lows that indicate favorable trading conditions.

Market Confirmation Signals

Smart Money Activity

  • Emphasis on observing significant smart money trades as confirmation signals for potential market moves, highlighting aggressive buying behavior in specific call options.

Final Thoughts

  • A rhetorical question posed regarding whether all presented data convinces participants of the trade’s validity underscores the importance of thorough analysis in decision-making.

What is the Million-Dollar Question in Trading?

Understanding Market Setups

  • The speaker introduces the concept of a "million-dollar question" that traders often ponder when they identify a promising market setup.
  • Emphasis on "smart money" and aggressive buying patterns, indicating significant interest from large investors in specific trades.
  • A practical example is provided with SPY (S&P 500 ETF), suggesting potential call options based on observed breakout patterns.

Key Considerations Before Making Trades

  • The speaker draws an analogy to purchasing a car, highlighting that beyond cost, traders must consider critical questions before making decisions.
  • The primary question for traders: "Where should I buy it?" This reflects the importance of strategic entry points in trading.
  • Caution against using the word "should," as it can lead to indecision; instead, focus on actionable insights.

Risk Management in Trading

  • The discussion shifts to risk management as a fundamental aspect of trading; understanding where to enter helps manage risk effectively.
  • Highlighting the balance between waiting for optimal entry points and acting quickly enough not to miss opportunities.

Analyzing Silver's Price Movements

  • The speaker discusses silver's price movements and identifies key support levels such as the 50 SMA (Simple Moving Average).
  • Observations about how silver has respected certain moving averages during its upward trend, providing insight into potential buying opportunities.

Practical Trading Insights

  • Encouragement to wait for pullbacks at established support levels rather than chasing prices higher without proper risk management.
  • Reference to a successful trade (FCX), illustrating the benefits of following a structured trading process and recognizing fear-based decision-making among traders.

Identifying Your Trader Profile

  • The speaker prompts self-reflection among traders regarding their experience level—novice, comfortable, or professional—to tailor their approach accordingly.

Understanding Trading Psychology and Strategies

The Importance of Self-Assessment in Trading

  • The speaker emphasizes the need for honesty about one's current trading position, suggesting that most traders are at different levels of expertise.
  • Acknowledges that reaching higher levels in trading requires time, practice, study, and preparation.
  • Confidence is identified as a crucial element for growth in trading, which stems from repeated positive experiences.

Effective Trading Setups

  • The best technical setup discussed is the "breakout to pullback buy," which fosters patience and discipline among traders.
  • This strategy lowers risk while simultaneously building confidence through successful trades.

Recommendations for Struggling Traders

  • Encourages traders who feel overwhelmed to focus solely on specific setups that have proven effective.
  • Highlights the psychological aspect of trading where excitement can lead to impulsive decisions; thus, maintaining discipline is essential.

Analyzing Recent Trades

  • The speaker shares insights from recent trades made on Google and Tesla, illustrating how they align with the discussed strategies.
  • Describes a successful trade on Google involving a breakout-pullback strategy supported by previous resistance levels and moving averages.

Key Takeaways from Trade Analysis

  • Discusses how Tesla's price action respected key support levels before making upward movements, reinforcing the importance of following established patterns.
  • Emphasizes waiting for ideal setups rather than forcing trades; this approach leads to better outcomes based on market conditions observed during analysis.

Understanding Trading Setups and Psychology

Importance of Support Levels

  • The speaker emphasizes the significance of identifying strong support levels in trading, noting that when a price holds at these levels over multiple days, it indicates robust support.

Waiting for the Right Setup

  • New traders are encouraged to wait for specific setups and patterns before making trades, as jumping in prematurely can lead to losses due to market volatility.

Risk Management Strategies

  • The discussion highlights the importance of managing risk by buying near support levels, which allows traders to set tighter stop-loss orders and potentially achieve favorable risk-to-reward ratios.

Technical Analysis and Alerts

  • The speaker shares their approach to setting alerts for trades, specifically mentioning a target price for Google stock while reinforcing the need for technical analysis in decision-making.

Building Confidence Through Practice

  • Emphasizing that becoming a successful trader requires time and practice, the speaker notes that confidence is built through repeated experience with specific setups rather than trying various strategies without commitment.

Common Pitfalls for New Traders

  • Many new traders tend to switch between different trading strategies too quickly without giving themselves enough time to understand or master any single setup, leading to frustration and lack of confidence.

The Necessity of Repeated Practice

  • To truly evaluate a trading setup's effectiveness, it's suggested that traders should aim for at least 100 practice trades with one strategy before moving on; this helps solidify understanding and comfort with the method.

Misconceptions About Learning to Trade

  • The speaker challenges the notion that practicing something until you get it right is sufficient; instead, they argue that true mastery comes from practicing until you cannot get it wrong. This mindset shift is crucial for developing proficiency in trading techniques.

Learning to Trade: The Sushi Analogy

Understanding the Learning Process in Trading

  • Learning to trade is compared to acquiring a taste for sushi, emphasizing that it requires time and exposure to different elements (e.g., soy sauce, wasabi).
  • Just as sushi has various types, trading involves multiple strategies; one must find what works best for them.
  • The speaker encourages traders not to jump from strategy to strategy but instead focus on mastering one approach at a time.

Commitment and Focus in Trading

  • Traders often struggle with consistency, bouncing between setups without giving any single method enough attention or practice.
  • New traders are advised to concentrate on one setup until they can manage it confidently before exploring other options.

Building Confidence Through Practice

  • It’s crucial for traders to give their chosen setup sufficient time and effort to build confidence in their ability to spot, verify, enter, manage, and review trades.
  • Without this commitment, traders risk becoming frustrated and may blame external factors for their failures rather than recognizing their lack of dedication.

The Importance of Consistency

  • Achieving goals like weight loss or trading success requires long-term commitment rather than quick fixes; understanding this principle is vital for growth.
  • Repeated practice of the right techniques leads to mastery; the speaker emphasizes consistent effort over time.

Transitioning from Novice to Pro Trader

  • To gain confidence as a trader, individuals should aim for at least 100 well-managed trades—this includes spotting, verifying, entering, managing, and reviewing each trade.
  • Once several successful trades across different market conditions are achieved, traders can transition from novice status towards becoming proficient professionals.

Commitment to Trading Success

The Importance of Commitment

  • Emphasizes the necessity of commitment in trading, stating that one must repeatedly affirm their dedication to mastering the skill until it becomes second nature.
  • Highlights that trading can be approached on any timeframe, and day trading is not mandatory for success.

Analyzing Trade Setups

  • Discusses a recent trade example with Walmart, illustrating how post-earnings movements can provide strong opportunities for traders.
  • Describes the ideal setup involving a pullback to the 8 EMA after an earnings report, emphasizing risk/reward management in trades.

Building Confidence as a Trader

  • Stresses the importance of developing confidence through practice and learning one skill at a time before expanding into more complex strategies.
  • Quotes Nietzsche to underline that growth in trading requires starting from basic steps and gradually advancing through experience.

Final Thoughts

  • Concludes with encouragement for traders to embrace their journey, acknowledging that while it takes time and effort, commitment is key to navigating various market conditions.