Video Transcript: Trick Trades Review Part 1
Pat “Trick” Mitchell (TrickTrades) :
“Hey everybody over the course of my trading career spanning almost over a decade. I’ve developed and perfected a day trading strategy that works in any market. And is proved consistent over and over; day after day.”
Karl Domm:
Okay so looking over this. There’s some things in here that I like. Watch and learn while I take trades while they’re happening in real time. That’s interesting. Actionable trade plans before they trigger. Trade recaps in the private and Facebook group and on the website. So those are some of the things that will be interesting. So I’m going to go ahead here and sign up.
The first thing I did was go to the members area and the ‘start here video section’; and what stuck out to me was when Pat said there are four key videos to watch and these videos were all I needed to become a successful trader. Those videos were lesson #151 for 20 minutes; lesson #139, 11 minutes lesson; # 134, 18 minutes; and lesson # 82 for 14 minutes. But first there was an area called the bare bones needed to start trading. And he goes over things like minimum computer hardware, required charting software, chart setup, different candles, how to place trades, a little bit about options, and well-known technical analysis trading patterns.
So I watched four videos for 2 hours and 50 minutes and there was nothing actionable as far as a trade plan there in that section. Now he only trades a small set of stocks and studies each one’s personality. They play by certain rules because they have high floats. And I think this is good because I believe others that trade low float stocks can take advantage of their followers through front running. Now one thing I quickly noticed was that Pat throws a few cuss words out here and there. And I personally have no problem with it, but if you’re sensitive to this I’m just giving you a heads up.
Now after watching the ‘start here videos’, I wanted to find Pat’s performance results. I signed up for the forum and asked if anyone could send me Pat’s trade results. Someone in the chat sent a couple links for me. one was to a channel in the page and the other was a Facebook page. So the chat room channel had videos broken down by the day and are supposed to be trade results. They were not trade results they were just charts with little markers of entries and exits. And also note here that I could not see any trades being executed or anything close to P&L. And this area was restricted as far as posting anything like a question. All the posts were done by Pat and were in read only mode. So maybe there’s some other area to see trades and to watch them as they’re happening in real time and this was definitely not it.
So I asked to join the Facebook group and I waited a little bit got approved and in the Facebook group I see a trader cap area where there are videos posted that are a recap of the day from Pat. And these posts are sporadic. I mean like only once every month or so. And he mentioned that he post his recaps every day so I’m looking for those recaps and hopefully I’ll find them and see some real trades. And as I searched for the website actually did find the recap area on the website and it shows periodic posts like one or two videos a month.
So I focused in on one of the recaps and I noticed he took a full size entry at a time or an area on the chart where he has stated to take small size and wait for confirmation. So I’m guessing he just made an exception for that particular trade. Now also he shows charts and markers where he entered and exited but again I don’t see any trade execution in a brokerage account or anything about P&L anywhere. He did mention that he makes calls in the chat so I’ll look at those calls in the future. Now I found the pre-market plan of attack where posts are made daily. And watching the pre-market videos, I can see some clear commitment at certain trade prices for different stocks. I don’t see anything on when to exit for profits though and I also watched a video on standard sizing which helps with sizing for execution. Now one thing I noticed is that on every training video–these are what I would call an update video–Pat talks about a service or an upgrade (basically an upsell) so there are a lot of up sales.
So next I’m going to get into the four main videos that Pat mentioned and he said that they’re the only ones that I need to be a successful trader. And the way I break them down is how they define the trading rules. So when it comes to directional trading rules I’m looking for the following five key variables: #1, entry rules, #2 stock levels, #3 profit target levels, #4 trade execution (which is mainly just money management), and #5 exceptions to any of the above rules.
So what I’ve done is taken all four videos combined and applied them to the five variables and here are the results that I found. As far as entry he talked about when to go short and when to go long and he was very well defined on when to enter a trade. That was done nicely. Now as far as the stop, the second variable, he defined that pretty good also; he has a risk he calls a standard risk that he’s defined really well. So that was done really well. As far as the profit target–you know–when to get out and take your profits, he didn’t mention that in any of those four videos. I couldn’t find that anywhere so I’m not sure when to get out once I get into a trade. And then trade execution; he talks about how to get in how to how to do the entry. And sometimes he’ll say to do one way and sometimes he’s said to do it a different way. So for the most part it’s pretty well defined but it’s a little bit up in the air. Now the exceptions. So there are some exceptions when it comes to entry. He’s got one, two, three, four; four different exceptions. Now when do I… I don’t really want to say what those exceptions are because I think it could be considered proprietary and stuff behind the paywall. But I can just tell you that there’s four exceptions and I’m not sure when to apply any of them. Like there’s no definition as to when to apply the exception. Now there’s also exceptions to how to place your stop. There’s two of them. Those seem to be a little more defined. And then as far as exceptions to profit target I couldn’t even find when where where the profit target is. He did mention about how to find support and resistance and he showed seven different areas that show support and resistance other than the entry criteria. But I’m not sure what to do with those so if it is a support or resistance area i’m not sure what i’m supposed to do with it; it doesn’t say what to do with it.
So far this has been very challenging as far as trying to define specific roles. And there seems to be either an exception to every rule or just no rule at all. And I’ve spent over six hours going through the material and I have not found any exit-based rules on taking profits. And I would think this would have been in one of Pat’s top four videos.
Now another thing is he always talks about what he is going to talk about rather than just talking about it. He says what he’s trying to say is hard to explain and he struggles with it. And I think he’s really trying to figure out how he can say that he’s going to say something significant without actually saying anything significant. That’s the impression I’m getting so far. He also says this is not hard to his students. He says the students are just making it hard even though there’s no clear-cut rules. For some reason he says this is all easy. Now if I’m continuously hunting for specific rules how am I going to be successful. And maybe it is the keep on trying, keep on buying, business model that’s being applied here. I’m not sure
Yet but maybe as I get further into the review I’ll find a more specific trade plan.
Also I want to let you know real quick that I have a new options course for beginners. It’s called Options From Day 1 and I left a link in the description below. Also if you’re interested in a proprietary black and white trade plan–which I believe is the best way to trade–options I’ve provided this course for free and you can see a link in the description below.
LINKS MENTIONED:
Link to my FREE Proprietary Trading Course: https://real-pl.com/landing-page-1/
Link to my FREE Beginners Option Course: https://real-pl.com/free-basic-options-course/
