EP 171: Be Kind to Yourself on Your Journey to Success

This episode of the 5 Year Millionaire podcast is all about being kind to yourself. I've been through some pretty rough times myself - from having free samples be my only meal for the day to being jealous of those eating at fancy, outdoor restaurants. I share with you what helped me pull through these difficult moments and come out stronger than ever. Don't make permanent decisions based off of temporary situations. Take the time to tune in - you might really need to hear this. 

Transcript

Jason Brown [00:00:00]:
So you wanna use TradingView and set up some technical indicators, maybe like moving averages, Bollinger Bands, MACD. But don't worry. I got you. Because in this video, I'm gonna walk you through how to set up your technical indicators and also how to pin them to the top so that you can jump between them very quickly. If you're new around here, I'm stock market coach and option trader, Jason Brown, and I believe a trader alone is a trader at risk, which is why I'm here to help make the stock market simple. And if you haven't checked out the video before this, when I walk you through how to create your settings, then that link will be in the description. Without further ado, let's dive into it. So here, we are looking at a trading view chart.

Jason Brown [00:00:41]:
Now when I say I'm gonna show you how to pin it to the top so you can jump between your technical indicators, I'll walk you through my personal trading setup that I walk my students through inside of Powertrades University. And if you're a student of Powertrades University, well, this is how we set it up. So up here, 1st, n stands for naked chart. So I like a naked chart, meaning no technical indicators on the screen, just the price action and the volume below with the ticker symbol embedded into the chart, which, again, I showed you how to do that in the previous video. Next, I like to move between the 3 technicals that I like to use. So let's start with the far end, Bollinger Bands and MACD. So I can just click that, and I immediately have my Bollinger Bands screen set up with volume below and then the MACD down here below as the lower pain indicator. If I move one indicator back, I can quickly jump into my moving averages indicators where I have the 20, the 50, and the the 10, 20, the 50, and the 200 day moving average.

Jason Brown [00:01:46]:
Then I can go back again to a naked chart or I can go back to my last one, which is stochastics, which I also tend to use from time to time. So first, let's start with a blank or naked chart, and let's start to build some indicators from here. So if you don't know how to add indicators to your chart, it's very simple. You go up here to the top, you click indicator, and then these are different types of indicators. You got financial, you have community indicators, which may be indicators that other people wrote or came up with, and then there are your personal indicators, if you wrote any scripts to search and find find things while I was playing with writing my own Bollinger Band script, for example. So we're just gonna stick with technical indicators for the regular average trader. So let's first build out a Bollinger Band indicator. We're just gonna type Bollinger Band, but if you don't know how to spell it or you're just not sure, you can also clear that out, and you can just scroll down until you see Bollinger Bands here.

Jason Brown [00:02:52]:
So there's different types of Bollinger Bands. You're gonna click the first one. This first one is going to give you the Bollinger Bands right here on the chart. So let's talk about how to customize the Bollinger Bands. So now that we have them on the chart, we go over here to our left, and if you hover over it, you'll see a little bit eyeball. That's where you can turn the indicator off or turn it back on. Next to that is going to be your settings button. So if you click the settings, here is where we can change the style of this Bollinger Band.

Jason Brown [00:03:27]:
So I like to use a 18 moving average or 18 length Bollinger Bands with the 2 standard deviations. So that's the only thing that I'm gonna change there. But if you want to customize this even further based on the type of trading that you do, feel free to do that. 2nd tab right here is going to be the style. So if you want your upper band and your lower band to be the same, which I like them to be all the same color. I don't like the top to be red and the bottom to be green, so I'm gonna come in here and change my well, that's the middle band. That's your bassist. And then your upper band right here, we're gonna change that to be blue.

Jason Brown [00:04:09]:
And then our lower band, I'm gonna change that to be blue as well. So now I have this Bollinger band looking like the all the same color. The background, I do not like to have this light color background, but you can if it helps you identify it a little easier. If you just uncheck that, you now have a pure Bollinger Band setup. Now let me go back up here for a moment, because what you can do, with with your line is if you like a thicker line, just click on that and you can say, hey. I want it to be a little bit thicker in the middle. Click here and say, hey. I want it to be a little bit thicker up top, and then you can go to your final line and come down here and make it a little bit thicker as well.

Jason Brown [00:04:55]:
So it just makes it a little easier to see. You can also adjust your opacity, if you want to, if you want it to be a more faint of a looking line, but I like to leave mine at about 100. So that will get you this view on your Bollinger Band setup. Again, you can customize it how you want, and then your labels of your price, it kinda lets you know that your upper band, your middle, and your lower is there. I don't necessarily need that on my chart because it just clutters up the price, pane over here And then values in the status line, I'm not exactly sure what that does, but you can leave those off because, again, this just kind of clutters up the sidebar. So don't need that on. If you go over here to visibility, this, I typically leave on default, weeks, 1 to 52 weeks. Days, 1 to 366 if there's a leap year.

Jason Brown [00:05:53]:
Months, 1 to 12 months. So I would leave all those ranges, alone just like that. So now we have a Bollinger Band set up on the chart. What you can do is if you wanna add the second indicator below, you can also do that by clicking indicators, and then you could type in, for example, MAC d. And so I don't want a MAC d strategy. I just want moving average conversions, diversions. So when I add the MAC d to the chart here, you can see MAC d is down here in this pane. Now once again, if I wanna customize MAC d, I just scroll over here.

Jason Brown [00:06:36]:
I can hit that eyeball and turn it on or off. I can come in here to the settings, and I can change any inputs that I want. I'm gonna leave those on the default style. Again, I can customize the colors of the histogram. So if I consider green to be summertime and I consider when it falls below or red to be bearish, I could leave it green and red like that. If I want the blue line to stay blue, which is a moving average signal, or if I want the orange one to not be orange, maybe I want it to be purple, or magenta. I kinda like to thicken those lines up like we talked about earlier. And now I have a blue crossing, up, a grid through the purple, and a blue crossing down through the purple.

Jason Brown [00:07:31]:
I don't necessarily like the red on the chart because I believe volume's red and green, so it kinda messes with me when I see too much red or green. So you could come in here and say, take that red and just make it gray. You know, make it a, you know, dark gray, some type of winter time, and same thing with the top. Just make it all green, not this multicolor green, and then you end up with something that looks like this for your Bollinger Bands and your MACD being right here on your chart. So now that you got your chart and your indicators looking how you want to, you can come over here and hit save. So I saved this as a unnamed, layout, but you can rename it from unnamed. So I'm gonna call this test Bollinger Band and MACD. Alright? So once I save that, you now have this predetermined Bollinger Band and MACD chart.

Jason Brown [00:08:34]:
If I switch back to here, it's just a chart, with whatever I have saved, default with volume, moving hours, whatever the case may be. So if I go back here, it switches it back to the Bollinger Bands with MACD. Now here is the, secret sauce to this. Once you create a template, and you can see here, I have my Bollinger Bands tip, my moving average, my naked, my stochastics, and then there are, default templates. So what you can do is you can save this as, a there's 2 ways to do it. This is one way to save your your layout, but the way you pop back and forth through it real quickly is when you click these 4 dots that say implicate indicator template, you can save this template, and now I'm gonna get call it test Bollinger Band bb and MACD is what I'm gonna call it. I'm gonna call it test because I'm gonna delete it after this. I don't wanna remember the symbol because every time I switch to it, it'll switch back to the symbol, so I don't wanna do that, and it doesn't have to remember the interval.

Jason Brown [00:09:45]:
So now when I hit save, what happens is when I go up here, I'll now have test Bollinger Band and MAC d. Then all you have to do is hit this little star, and it puts it up here by the first letter that you called it. So I called it test, which is why when you hover over, it says test b b and mac d. So here's my original one, and then here's the test one that we just created. So you can see, now I can jump back and forth really quickly. So I'm gonna uncheck that test one. And if I wanted to delete it, I would just hover over this garbage can and delete it, but I'm gonna uncheck it. And now it's not up here as part of my favorites.

Jason Brown [00:10:34]:
So let's talk about how to add the moving averages. So let's go back again to a naked chart, and let's just switch to the S and P 500. We're gonna go up to indicators, We're gonna type moving average. Now, this one's gonna be a little bit different, because you're gonna need 3 moving averages. Alright? So we're gonna go exponential, exponential, exponential, and then we're gonna add a simple moving average. You'll understand in a second why I did that. So the first moving average, we're gonna go click the settings button here, and we're gonna change the input to a 10 day moving average. So this is a 10 day moving average.

Jason Brown [00:11:27]:
We're gonna have the smoothing length be 10 days. We're gonna just change everything to 10. The style, we're gonna leave it as blue. And visibility actually, we're gonna make this, maybe make it a little thicker, and then visibility, we're not gonna change. We're gonna go to the second moving average, and we're gonna click on the settings button and input. We're gonna make this a 20 day moving average. We don't really use the smoothing button, but we'll put everything at 20. On the style for this one, we're gonna change this one to green, and then we're gonna make it a little bit thicker.

Jason Brown [00:12:13]:
So now we have a 20 day moving average. The next one we're gonna go through is the 50. So we're gonna have a 50 day moving average, so we're gonna put that at 50. Again, we don't have to change the smoothing because we don't use that portion of this, but for accuracy, we'll just change it to 50, and we will make the 50 actually, let's make the 50 blue. I usually like my 20 to be more green or turquoise, so we'll make the 50 blue. Alright. And let's go back to the 20. Okay.

Jason Brown [00:12:55]:
20 is green. 10 is turquoise, and, well, let's make the 50 turquoise. So we'll scroll down here. We'll go 50. Let's make that more of a turquoise. Alright. And then we're gonna input 50, and under style, we're just going to make this a little bit thicker as well. So now you have a I'm gonna hover over again.

Jason Brown [00:13:27]:
You have a 10 day moving average, you have a 20 day, and you have a 50. Now I'm gonna come down here to the 200, and I'm gonna change this to a 200 day moving average, and typically, I like the 200 day to be red, so I'm gonna change this under style, gonna go to color, gonna make it red. Again, I'm gonna improve the thickness of it. And so, voila, what you end up with is a moving average 10, 20, 50 day moving average with a 200 day moving average on your chart. On the 200, I like to use the simple moving average, but let me just, double check. Let's go ahead and save this first, so let's click into our indicators. Not our indicators, I'm sorry, the 4 squares here. Let's go ahead and hit save, and we're gonna say test moving average.

Jason Brown [00:14:30]:
Now remember, if you call if you put an extra if you call this one test, it's gonna put a t up here. So if you call Bollinger Band's test, you'll have 2 t's up there, and it'll be hard to understand which one is which. I'm gonna hit test moving average and just save it. So first, let me go back to my original moving average, and you see I have the tan is blue, the 20 is turquoise, the green is the 50 day moving average. So let me make sure those colors are in alignment. So let's go to the indicator we just created. We are going to click indicate not indicators. We'll click before here, and we're gonna go to test moving average.

Jason Brown [00:15:12]:
So now it brings this up as a test, and we could easily jump back to it. And also what we can do is for this test, we can add it as a favorite. So now you have Bollinger Band moving average, which we already have, but now we have it as this test one, as well. And I hit the wrong test. This is the Bollinger Band test. This is why you don't wanna make them essentially. I'm gonna unstar that, and I'm gonna star this one, and now that should be the right t to test to pull up your moving average. So that is how you can quickly add these custom indicators to your chart and be able to quickly jump between them through that way, or you can come over here and jump between your saved layouts.

Jason Brown [00:16:05]:
I don't necessarily like to use the layouts to save. I like to use leave the layout the same and then switch between adding the separate indicators on the chart. Last but not least, let's just show you how to add stochastics. So if we have, again, a naked chart, we're just gonna go back up here to indicators, click on technicals, I'm gonna type the word stochastics, and it is the regular stochastics. I wouldn't do strategy and momentum index or RSI. I just would add the regular stochastics down here, and then you can scroll over the stochastics technical indicator. You could turn it on or off. You can hit settings.

Jason Brown [00:16:52]:
So if you don't like that blue kind of, background, you could uncheck that. You don't have to have a background on there. If you don't care about the middle band, which I typically don't, I usually just have the upper and lower band on, so the 80 and the 20, and you just have those lines there, and then you can modify it and change it to whatever color you want your percent k and your percent d to be. And once again, you're gonna click the 4 dots. You're gonna hit save indicator. I'm gonna call this test stochastics, and then hit save. And so what will happen now is if I were to go into my indicators not my indicators, I keep hitting that. If I were to go into my 4 squares, you'll see I have a test bollinger band, test macd, test stochastics.

Jason Brown [00:17:45]:
Here's what I'll do. I'm gonna check them all, and you'll see now I have 3 t's up here. So one is to test moving averages, one is to test Bollinger Bands, one is to test stochastic. So that's how I can easily jump back and forth between those 3, and then if I wanna remove them, I can just uncheck them, and if I wanna delete them completely, I can just hover over this trash can, and I can throw those away in the trash can. Alright? And so that is I customize my technical indicator so that I can jump between them very easily. I just showed you the 3 most popular ones that I use and that we use with our traders inside Powertrades University. Feel free to build out whatever indicator that you want to use because now that you know where they're at, how you can customize them, how you can save them, and how you can jump back to them as a favor. I hope this video has been helpful for you.

Jason Brown [00:18:43]:
If it was, please give it a thumbs up. Help the YouTube algorithm, share this and know with other people that it was a positive video and a positive experience for you. Also, to check out some of the other videos with respect to TradingView, just look at the suggested videos on this page or click the links in the description to check out some additional videos on trade review. I'll see you on the next one.