in this video we'll go trading quotes from Paul Rotter otherwise known as the flipper stay tuned hatred is a very warm welcome to you ok so Paul Rotter otherwise known as the flipper pretty famous day trader scalper very very active high-volume trader had a very specific strategy and I think I'll do another video focusing on his strategy later so make sure you subscribe to get notified about that one but anyway he was making a rumor has it one to five million a month day trading the German bund I think it was or it might have
been I don't know I cover exactly the market was trading anyway he's made he's supposedly making a serious bit of cash anyway here's some quotes from him so if you're a day trader this is probably quite handy for you okay first one number one read market psychology I constantly tried to read the psychology of the market and base my decisions around it perfect makes perfect sense he's not talking here about specific chart pans or technical patterns because he's very an order flow scalper and putting a lot of flow in the book resting orders putting them
in taking them out he is reading the psychology of the market what does he mean by psychology the market he's been saying this and are we in a bullish phase are we bearish are we panicking is everyone chasing the upside is everyone chasing the downside is their fears if you're missing out what is the underlying current and how can I position in that to take some money out of it makes perfect sense a great kind of tape reading price action attribute and skill set to have alright number two as a trader you should have no
opinion the more opinion you have the harder it gets to get out of a losing position this if you've been there you're probably nodding at the screen now saying yes I've been there I know I have been there gonna hold my hands up to this one if you're really wedded to the idea this is the best trade ever is really gonna work having a many loads of money out of its gonna go from here to here it's going to be great it becomes very difficult to pull the plug when it's not working because you've done
so much research and it you're so wedded so you think is gonna work so well and it's so hard to say it's not working so no opinion is great it's a set up strategy it's taking a lot of boxes there's my risk capital oh it's working great take it out oh it's not working great next one no opinion makes perfect sense all right number three no losing month where are we here he had no losing month with the first three years of his trading later on with bigger positions sizes I took occasional hits we verify
that I don't know but there's no reason for him to kind of lie about that situation but that's pretty impressive he did have a very specific strategy though which was verging on it's a little bit dubious is probably on the line of being illegal now but again subscribe because I'm going to do a video on his specific strategy at some point in the future so he had no me losing month in his first three years of trading later on he took a bigger position size into occasional heads what can we take from that maybe it's
possible to to get there and with the right strategy and the right kind of focus have no losing month notice didn't say no losing day so losing month means that he's had some losing days actually he did because we go down to hearing it later we'll talk about those but he had the ability not to let it damaged him too much and come back but still about a second alright number 4 probes the market with lots of orders this is interesting I hear a lot of scalpers heavy aggressive scalp was doing this a lot of
other traders doing as well they have lots of orders in different markets at the same time or he has lots of orders in different market at the same time pretty close to last traded price the resulting trades are usually a zero-sum game but I get a pretty good feeling for what is going on and ultimately can make a decision for a larger straight interesting this it's not my strategy as such but I know people who do this caught a lot they'll probe they'll have a little play they'll they'll go long they'll go short anything does
it across a lot of markets what that does is it give you skidding the game that makes you look and see well actually I've been filled on that one that something on the low bid I've been feeling that one or this and that you started you know start to get a picture and a pattern when you've got orders in the market as opposed to when you don't and then his idea is hey I make a decision based on what's happening so perhaps he's getting filled Lots on the bid and so he thinks well if this
rolls in that row he we'll make a kind of chest kind of decision of this this then that and then the other do this and so that's that's pretty interesting alright number five sudden unexpected event when some sudden unexpected event occurs it could blow out a lot of traders even though their risk models were working just fine for a long period we've seen that a lot of times guys pretty recently as well depending obviously when you're watching this video but if you go back and you scroll back you'll see many times we've had really unexpected
events that have caught people out whether that's kind of big dips down in equities whether that's you know kind of VIX moving into the stratosphere whether that's you know interest rates moving whether that's a currency being devalued D pegged all this kind of stuff comes out of nowhere and people's risk models are based on assumptions and when these unexpected things comes out and people are looking for it throws it all out and a lot of traders are running for the door locked friends getting hit hard alright and so his idea is hey you know be
aware for those extreme risk events and I'm probably from his perspective looks to capitalize and profit from those events okay where are we now we're number six Czech news then then level so when he I'll give you the quote before the open I check all the economic reports that are about to be released speeches of central bankers simply anything that can move the market but I tries to find important levels in the market I trade so pretty much that's what I do and if you're a date right that's probably what you should do if you're
not in your new welcome here but if you're new and you're day trading that's pretty much what you do look for the risk that could be present in the day in other words author you can only come on like are there any economic calendar like other any jobs numbers coming out other any it's only economic data is anything coming out I stock that I'm trading without oil inventories if I'm trading oil without this what about that having all that so you know whether you want to be flatter certain timers don't be caught out in a
price spike based on news and then going through defining the key levels that you want to get in well you either want to get involved in or you want to be aware of in the market your trade big resistance level they're bigger one here some support here that kind of stuff shutting it down being prepared for the day number seven stop trading when you're hit at daily loss this is a really good piece of advice okay and he says listen I set daily goals for my P&L whereas the most important thing is the stopping limit
the maximum loss I take before I switch off the screens it's very tempting as a day trader to overrule that you lose a certain amount of money and you think ah I'll just carry on me this is a great setup here it's great and if we know you dig yourself a big hole if there's any rule that you take away from this as a day trader it's this stop trading when you hit a deadly loss if you're a day trader it's the most damaging thing you can do psychologically and for your financial financial well-being if
you like on your account is this not sticking to a daily loss say hey max when you're prepared to lose and when that happens just turn those screens off and get out of there don't be tempted to stick around don't be tempted to kind of place another trade because that loss could be magnified by 10 and it just Ben is just a catastrophe so he's aware of that you should be aware of that every good day trader is aware of that one in prop firms as well you know Dan you lost that's it once you
hit it you're out out the door get out of here or maybe you get pushed onto a demo depending on which firm you're with all right number eight sizes bigger win winning scales back when losing okay let me find this one because this is something that a lot of really good traders do it's something I try to do myself when I'm trading very very well I'll start to get a little bit more aggressive and pushed off in and I'm looking back historically that's when I've done the best is when I've been on Form and I've
really gone aggressive in it and I've known when to scale back when I'm not on Form that's the key I think to long-term success in the game whatever level we're talking about okay if the ability to get more aggressive in winning phase is taking bigger risks and scaling back in losing times this is against human nature so this is it's true you know human nature is why I love try to fail I believe and we've talked about us in few in previous videos when people are trading badly they want to double up because it means
they can get out of the hole they're in quicker or put more size on more sizing because I'll get back to where it was much quicker and it's it's the wrong way of doing it you know when you're trading badly you need to scale back Paul Tudor Jones does this he scaled back when he's not trading well he takes it as a sign that he's not in tune or distress she's not right for market conditions let's dial back the risk let's not get too aggressive on this because this could be damaging long-term damaging to the
account flip it on its head when things are going good rather than scaling back and sing all the way I've made a bit of money that's fantastic let me let me let me protect that no it's men more aggressive putting more chips on the table more more more more aggressive more you know really pushing the throttle down while things are working to make as much money as you can from that phase really in tune with your strategy and your psychology or whatever it may be if it's working press if it's not pull back and that's
a common theme with a lot of good traders guys all right quite some pull Rotter one two three four eight good quotes if you know of any more stick on the comment section below flights kind of stuff and give it a good old thumbs up thank you very much and also don't forget to consider subscribing because I'm gonna do another video on pull Rotter in the future and also other guys on this channel as well and me you might be interested in listening to another day well we're here for is to make ourselves better traders
and investors alright guys take care kit risk manage see the next one goodbye you
