Lance Breitstein 🇺🇸🌎

Ex-@TRLM Top Trader | Market Wizard 🧙‍♂️ Course: YouTube: Advisor @SMBCapital | Founder @Impact_Comp

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

My 5 Best Moments of My Trading Career

https://t.co/R0SRkOUewz

[Dr. Arthur Brooks @arthurbrooks]

There is a difference between eliminating unhappiness and creating happiness. Money can eliminate sources of unhappiness. But once your basic needs are met, it doesn't automatically make you happier.

You're more likely to create happiness by using your money to:

-Buy experiences, especially with the people you love.
-Buy time and use it well.
-Give to causes you care about.
-Save for the future.

[James Muninn @Muninn]

AI + unprecedented access to good role models and other traders like @RealSimpleAriel @AT09_Trader @TheOneLanceB @Qullamaggie @TedHZhang @jfsrev @MoistMango12 et al makes making it as a trader far more achievable than just 5 years ago for anyone

Still gotta do the work though

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@aRobotNamedSnax @maverickmitch @madaznfootballr A small change but has an incredibly outsized impact on your trading.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@Michael02983326 Why?

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

I spent over a dozen hours making a 45-minute masterclass on risk management, trying to take into account all of your questions and thoughts on the subject.

I explore:
-Why there is no objective “right” answer and instead risk mgmt is a iterative process unique for you.
-Why you don’t always need a stop.
-Why blowing up might be totally rational.
-Why it’s ok to break some risk rules.
-Pros and cons of Kelly criterion.
-Types of stop losses and daily loss limits.
-Offensive risk management and why good risk management sometimes means betting big.
-What to do if a stock gaps past your stop and how to address black swan risk.
-Sample sets of risk rules.
-And more…

It’ll be released Wednesday on my YouTube (https://t.co/UaZQCPJM4l). I hope you all enjoy it and find enough value to justify the time and care I put into it 🙏

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

THOUGHTS ON RISK MANAGEMENT

I started this discussion to make the point that risk management is far more nuanced than most on Twitter makes it seem.

Yes, part of great risk management is having rigid rules, discipline, and structure. But trading is also a game of uncertainty, changing context, and asymmetric opportunity. Not every situation cleanly fits inside a pre-defined box.

Good risk management isn’t just about protecting yourself. Good risk management also allows you to maximize pnl while minimizing unacceptable outcomes. For many conservative traders, the biggest weakness in their trading is actually NOT taking enough risk.

One needs to recognize that risk is inherent in our job. You can’t make money without it. In fact, many overlooked that sometimes even blowup risk should be an acceptable risk.

One question I pushed traders on in this discussion:

If you had a trade with a 98% chance of retiring your family forever… but it violated your risk rules… would you take it?

Many said no.

Personally, I think that for anyone out there grinding, you’d have to be out of your fucking mind not to take that trade.

Because the reality is: most traders already have some probability of blowup regardless. No matter what you think, you already probably have a .5% or 1% or 2% chance of blowing up over the course of a career.

Plus even if you didn’t, for many over the long run, strategies decay and edge disappear. Many traders will NEVER “beat the game” over a long enough horizon.

So if you truly had a massively asymmetric opportunity with overwhelming expected value… are you really going to pass on it because a rulebook said so????? Insanity.

At the same time, history is FULL of incredible traders who got overconfident, oversized, and eventually lost everything. So we also can’t fool ourselves into believing we are objective when emotions are involved.

In fact, the moments where we most NEED risk management are often the exact moments where we are the least capable of accurately handicapping expected value because we’re tilted, euphoric, desperate, exhausted, or emotionally compromised.

IMO, inaccurate handicapping of expected value is the biggest danger of any risk management system in practice.

Also… Risk management should always be subservient to goals. That’s why it’s personal.

If you have a $1,000 account and you’re young, maybe taking aggressive shots and occasionally blowing up is part of the learning curve.

If you’re managing 100% of your family’s net worth, the acceptable risk profile becomes completely different.

This is also where wiring out money and keep safe stashes of acorns is a whole other important discussion.

There is no universal framework. Only tradeoffs.

Many asked me my opinion on these topics. The truth is, I’ve broken risk management rules dozens of times. I’ve taken existential risk dozens of times. Sometimes intentionally so, other times not.

Should one be willing to violate their rules? Probably?

Should one be willing to take on existential risk? Depends the person.

I don’t have the answers, but I do think what is most important is recognizing that good risk management is:
1. Iterative
2. Never perfect.
3. Some level of rule-based.
4. Flexible enough to cover the complexity of trading as @Ksidiii mentioned as well.

Perhaps a topic for a future video.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@tomwalkereality You break grammar rules.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

How to fail at trading:

Let the outcome of your last trade, dictate your confidence in the next trade.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

So much free value!

Which is why if you learn anything from these incredible speakers, donate any small little bit that you can! It will add up big given the number of viewers.

Traders can give back. But it starts with YOU! No excuses, you have $1.

[Richard Moglen @RichardMoglen]

Thanks everyone for attending the first weekend of the @TraderLion conference!

Great presentations so far from:

@Upticken
@PeterLBrandt
@PradeepBonde
@RealSimpleAriel
@alphatrends
@Trader_mcaruso
@Crowded_Mkt_Rpt

Watch the Replays Here:

https://t.co/WmyNfSEH8M

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@daytraderpt @nikitabier @X Yes!

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

It’s kinda funny how apparent it is that @nikitabier (Head of Product at @X) knows how toxic/trash most of the content on here is and that the broken engagement incentives ruin the algo.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@MJYeoman1 Sure. But if each one donated 50 cents it would have raised $25k already and would go on to raise $200k+

It’s hard to argue the majority of the audience doesn’t have 50 cents or $1 or $5.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

The viewers, on average, have donated less than 8 cents each (!!!) for incredible trading content from some of the top leaders in the industry.

How can we get those numbers up?? Those are rookie numbers! Quite frankly embarrassing.

This is why content needs to be monetized properly, ESPECIALLY when it’s for charity!

[Richard Moglen @RichardMoglen]

Wow! over 50k Traders have tuned in so far to the @TraderLion Conference!

We've also raised close to 4k for Parkinson's Research

If you haven't yet, watch the replays here: https://t.co/f8moqOpPiN

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@AndrewTradesNQ Facts. Still refuses to verify for obvious reasons.

https://t.co/Fd1Iln69s6

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

EXPOSED: @TRADESBYSCI IS A FRUAD AND I’LL DONATE $1M IF PROVEN WRONG

TradesBySci is one of the biggest scammers in the trading space. In fact, I’m so confident in my analysis that I will donate $500k to charity and $500k to one of his followers if Sci provides a VERIFIABLE independent audit or starts using a REAL broker and verifies his trading via
@Kinfo.

No more talk, no more screenshots, just one independent verification.

As someone whose results have been independently verified and audited, I know how difficult it is to produce elite trading performance. That’s exactly why extraordinary claims require extraordinary evidence.

My video exposé explains:
-Why Sci’s story is BS.
-Why the data he screenshots is fake, proves nothing, and is mathematically impossible (which is obvious to anyone that isn’t a dumbass).
-How Sci uses a sketchy offshore CFD broker to monetize his audience even when he claims he “sells nothing”.
-How Sci uses bot farms to fight the countless scammer accusations.
-Why this harms the young, gullible (mostly black) men that idolize and look up to him.

If I’m wrong, I put my money where my mouth is. If I’m right, the hundreds of thousands of aspiring traders following this fraud deserve to know the truth.

The ball is in Sci’s court.

CC: @imantradingYT @realnouratta

https://t.co/DwY85KK8g7

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@_TurboTrades @SkoolTrading @AndrewTradesNQ @enter_liquidity https://t.co/JkX5TpTmuQ

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

SHOCKER : @TRADESBYSCI AKA TADARRIUS ADAMS FOUND GUILTY OF FRAUDULENT CONDUCT

Guess what happens when you figure out Sci’s real name? Default summary judgement forcing him to pay over $60k in damages. Good sleuthing Twitter! 🕵️‍♂️

“Here, the evidence and argument presented at the hearing showed that Defendant had systematically engaged in the same fraudulent conduct alleged here with many aspiring investors from around the world. The conduct – including the proactive solicitation of money from everyday people, failure to provide the services advertised regarding that money, refusal to respond to inquiries
about that money, refusal to return the money once the challenges were failed, and blocking of individuals who rightfully requested their money be returned – amounts to willful misconduct which
raises the presumption of conscious indifference to consequences, and merits the award of damages2 for the purpose of penalization and deterrence. Accordingly, the Court hereby awards a total of
$60,000.00 in punitive damages, with $30,000.00 awarded to Plaintiff Jaylan Howell, and $30,000.00 awarded to Plaintiff Kamal Lutfi.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@TvRuleBritannia @Wordsofrizdom Personally, I want nothing to do w any entity associated w TJR.

Can’t speak for Riz and his involvement.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

Well, it truly is another day in the life for TJR. Promoted another funded trader co that ends up rugging its users while he walks away w his influencer money in the bank.

How could anyone have ever seen this coming!? Easy. Ethics matter. TJR is a racist fraud yet people still attach their companies and brands to him in pursuit of dollars. Followers do NOT equal credibility.

Capital backing, brand, and reputation are everything. Because once trust is gone, it’s really hard to get back.

There is so much nonsense that goes on in the funded trader space. Be careful what you’re being sold and by who. Feels like a lot of musical chairs these days.

[Alpha Futures @Alpha_Futures_]

Please read below for some very important announcements

Firstly, Alpha and NinjaTrader (Tradovate) are parting ways. Since the launch of AlphaTrader, our partnership with NinjaTrader has been difficult due to the view that we now own and operate a competing platform, throughout discussions over the past 3 months we have not been able to come to an adequate agreement regarding
1) signing our platform AlphaTrader onto the NinjaTrader back end
2) their concerns that we would promote both platforms fairly and equally.
They have ultimately decided to terminate our contract effective 12th July, this further results in us not being able to issue new accounts on the ninja trader platform from the 12th (today)

This termination was ninjas decision, whilst this was not the outcome we wanted, we also respect their decision in putting their business and platform interests first as we have also done.

Next, the Premium Plan: we launched a plan that was a requested style as popular among the industry- we paid out more than $25m on this plan alone over the last two months, and at a significant loss.

As you have all seen, we were making tweaks to try to continue to offer this plan sustainably, however paired with this termination of our contract with ninja trader and the fact that the majority of premium plan accounts are on the Tradeovate platform, it is simply not possible to continue to run a plan that was already at a loss without this popular platform choice.
This would have only accelerated this plans losses over the coming weeks and months.

As a result, All active Premium Accounts will be refunded and closed. This includes all pending/unpaid payouts on the premium plan beyond the $25m + paid already on this plan.

All we can do is deeply apologise and refund users that have an active account on the premium plan.

We made a mistake launching a plan we thought would be great, and unfortunately it was not.

We are going back to our roots that made us a successful and leading futures firms for 2 years.

We are the first firm to ever payout $100m + in CFDs and $100m in Futures, we did not want it to come to this, but it is truthfully the best path forward to make sure we payout another $100m to our traders.

All other plans and accounts remain unaffected - service will resume as normal but with a change in platform.
All existing Zero, Advanced, and Direct Accounts on Ninja Trader /Tradovate will be transferred to AlphaTrader this week.
We will be getting back to same day payouts, our typical 5 star services, continuing to invest in our own ecosystem and support our healthy partnerships with other third party platforms.

We had every intention to continue the partnership with NinjaTrader as a typically offered 3rd party platform, but we respect their decision and wish them the best in future endeavors.

We will follow up with several updates throughout the week confirming successful completion of migrated accounts which we will aim to do fast in the coming days along with refunding active accounts on the premium plan (no need to create a ticket and request a refund, this will be automatic)

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@RichardMoglen @Tricks1232 I think he was attempting to take a dig at my non-profit.

We gona get some dollars raised during my session! The conference offers so much value to viewers, it’s crazy! Literally shouldn’t be free.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@Tricks1232 Over 80%.

Orgs obvi need staff to run though. Will never be 100%.

[Lance Breitstein 🇺🇸🌎 @TheOneLanceB]

@BanditTradez That’s a win!

[Valckrie @Valckrie]

Premarket options trading on 20 megacap stocks starts tomorrow.

Most traders are totally unaware.

Cboe Options Exchange (C1) adds two sessions for select single-stock options:

- A morning GTH session from 7:30am to 9:25am ET
- An afternoon Curb session from 4:00pm to 4:15pm ET. Order acceptance starts 7:15am.

About 20 names at launch:

$AAPL, $AMD, $AMZN, $AVGO, $BABA, $GOOG, $GOOGL, $HOOD, $INTC, $META, $MSFT, $MU, $NFLX, $NVDA, $ORCL, $PLTR, $TSLA

→ Eligibility: 150k contracts ADV, $50B+ market cap, 10M+ shares ADV, over the prior six months. Rebalanced semi-annually. Capped at 100 classes.

→ Limit orders only. Market orders, stops, and stop-limits are rejected in both new sessions.

→ Trades print with an extended-hours "v" condition, are not last-sale eligible, and do not count toward the daily high/low.

Equities went to 24x5 first. Options are catching up. Broker support will be uneven on day one.

Source: https://t.co/m2C53V0sRB