007-ict-tw-spaces-20220705-Post-Holiday-Trade-Routine-original
Last modified by Drunk Monkey on 2022-12-29 08:26
Outline
00:49 - How do you deal with the holiday volume?
03:03 - What does it mean when the market is risk off?
05:06 - Is the dollar at risk off or risk on?
06:48 - The morning opening on equities -.
08:13 - Do you think Amazon cares about everyone else’s opinion about how they do business?
10:52 - Is the price action clean? Is there opportunity?
12:24 - What’s going on with the Dollar.
14:28 - Your opportunity doesn’t necessarily mean it’s my opportunity, and vice versa.
16:40 - How many different timeframes can you do?
Transcription
| 1 | 00:00:49,560 --> 00:01:01,110 | ICT: Bailey's at my feets trying to get my attention. So you're probably hearing her in the background. Have you ever I had a nice fourth July holiday here in |
| 2 | 00:01:01,110 --> 00:01:14,490 | the States. Nice weekend for those across the pond and have sore. So I'm gonna talk a little bit about post-holiday trade routines, I get a lot of questions as |
| 3 | 00:01:14,490 --> 00:01:29,010 | to how do I treat the market? I come back to analysis, how do I deal with the holiday volume that comes in or out of the marketplace? And obviously, most of |
| 4 | 00:01:29,010 --> 00:01:40,680 | my audience may or may not be I don't know that the demographics home such but you may not be American, you may not celebrate the Fourth of July. But any |
| 5 | 00:01:40,680 --> 00:01:56,430 | holiday that causes like a bank holiday, specifically with the dollar I like to wait and see how the market digests the break. Okay, or the the lower volume |
| 6 | 00:01:56,460 --> 00:02:09,270 | that comes into the market just ahead of the holiday. Or if there's a abbreviated trading session. I don't really look at that as noteworthy or |
| 7 | 00:02:10,020 --> 00:02:24,210 | pressing in terms of the analysis. So this morning, what I do is I go through and look at charts. I see what did we do last week? How did we close last week? |
| 8 | 00:02:25,710 --> 00:02:36,090 | Now look at any kind of headlines that came out over the weekend. Was there anything geopolitical, was there anything that would have been unexpected? You |
| 9 | 00:02:36,090 --> 00:02:48,930 | know, war related that type of thing, terrorist attacks, ICT opening on our mentorship front for funds and payments, which I'm not conspiracies, though the |
| 10 | 00:02:49,770 --> 00:03:01,380 | looking for a rhyme or reason as to why the market should do a specific thing. And obviously, we know that the dollar index had a nice big run up overnight. |
| 11 | 00:03:02,520 --> 00:03:16,530 | And we've been bullish on dollar that means it is risk off. So risk off means that other asset classes of the markets are going to have pressure placed on |
| 12 | 00:03:16,530 --> 00:03:30,090 | them not selling pressure, but pressure in the sense that sentiment will evaporate for bullishness Case in point Euro dollar, case in point British Pound |
| 13 | 00:03:30,090 --> 00:03:45,210 | versus US dollar. And if we see a market that kind of feeds that underlying tone, and what does that mean? Well consider stock index futures. Now the market |
| 14 | 00:03:45,210 --> 00:03:56,580 | has traded up, we rallied after an SMT divergence at the lows and compared the NASDAQ and E Mini s&p. You'll see that initial drops lower. We had a failure to |
| 15 | 00:03:56,580 --> 00:04:00,600 | go lower in NASDAQ. That is my s&p divergence. So |
| 16 | 00:04:02,580 --> 00:04:10,140 | when I was asked this morning, if I was going to be trading, my interest was predominantly in the pm session. But I'm always watching to see what is likely |
| 17 | 00:04:10,140 --> 00:04:20,160 | to occur. Does the morning session give me reasons to justify why I want to stay on the sidelines until pm session or this creates some kind of specialty |
| 18 | 00:04:20,160 --> 00:04:30,120 | conditions, some kind of circumstance or setup that would otherwise trip other traders up. Even the retail traders, the street money, what are they going to be |
| 19 | 00:04:30,120 --> 00:04:37,890 | expecting? What are they looking for? And I kind of weigh that out with my expectations on what I believe the market's going to try to do. And that doesn't |
| 20 | 00:04:37,890 --> 00:04:47,940 | mean I'm always right. Obviously, you've seen a few times where I've been wrong. But there are times where if I'm sitting on the sidelines, if I'm waiting for a |
| 21 | 00:04:47,940 --> 00:04:58,710 | particular condition to occur, or form in the afternoon, you're probably asking well, what is it you're trying to avoid them from for what was the initial |
| 22 | 00:04:59,130 --> 00:05:09,480 | apprehension What was the cause? For me to not want to be so interested in the morning? Initially? Well, it's because we had that big run up in dollar. And |
| 23 | 00:05:10,410 --> 00:05:18,450 | that is a risk off scenario. So again, to folks that have answered incorrectly when I asked on Twitter, if the dollar is going higher like that is at risk on |
| 24 | 00:05:18,450 --> 00:05:33,480 | risk off is risk off. That means they're not willing to trade in foreign assets. So they run to flight to quality. I'm not going to defend the dollar, in terms |
| 25 | 00:05:33,480 --> 00:05:43,020 | of being quality. Okay, but it's considered a safe havens. And I'm not going to try to defend that stance either. But that's commonly referred to as the flight |
| 26 | 00:05:43,020 --> 00:05:55,140 | to quality or safe haven. So if there's uncertainty if there is no interest in taking on risk, and that would be in the form of buying Euro, buying pound, |
| 27 | 00:05:55,320 --> 00:06:06,510 | buying equities, that type of thing that is being risk on. So you're willing to assume that risk. And when that occurs, that's when you'll see the dollar tend |
| 28 | 00:06:06,510 --> 00:06:16,680 | to trade lower, or it could be held in consolidation, while other asset classes rally. That's still a risk on scenario is not as strong as when we see dollar |
| 29 | 00:06:16,680 --> 00:06:25,650 | going lower and foreign currencies and equities going higher, that's definitely risk going. That's a strong risk on environment. But if we have in the cation |
| 30 | 00:06:25,650 --> 00:06:37,920 | that we're likely to go lower on a particular market, whether it be forex pair, or an index futures. If we see a very strong dollar, like it's performed |
| 31 | 00:06:37,920 --> 00:06:53,970 | overnight, and my private mentorship, high five, our objective, it's traded into our premium array. And the moment the morning opening on equities, if you look |
| 32 | 00:06:53,970 --> 00:07:04,950 | at what has transpired so far in NASDAQ and E Mini s&p, it started going lower, drifting a little bit lower. And but then it didn't quite get down at at 3740 |
| 33 | 00:07:04,950 --> 00:07:16,170 | Did it got real close to it, and then it created an s&p divergence. And then once it starts to rally higher, that is the very thing I try to avoid in the |
| 34 | 00:07:16,170 --> 00:07:21,840 | morning sessions for that very reason. Because it can go against the grain a little bit. |
| 35 | 00:07:23,100 --> 00:07:34,620 | It can lead people astray. I've fallen victim to that stuff before. And I've learned this as a reason for me to have rules of engagement, things that would |
| 36 | 00:07:34,920 --> 00:07:43,320 | limit my engagement, or at least frame it in the context where I least I know what I'm doing and why I'm not doing something. And if you don't have those |
| 37 | 00:07:43,320 --> 00:07:52,170 | things built into your model, you really don't know what you're doing. Much like a stoploss. If you don't use a stop loss, you don't know what you're doing. I |
| 38 | 00:07:52,170 --> 00:07:58,920 | don't care if you're saying you're profitable. And you'd have a broker statement says, look at this, I've made XYZ percent in the last two weeks, three months, |
| 39 | 00:07:58,920 --> 00:08:08,400 | whatever, playing that game, will eventually burn you. So you have to have a stoploss, you have to have rules to know when you're not going to be doing |
| 40 | 00:08:08,400 --> 00:08:17,220 | something and it doesn't matter who agrees with it. It's your business you're running. Do you think Amazon cares with everybody else's opinion to how they do |
| 41 | 00:08:17,220 --> 00:08:24,660 | their thing. There's a lot of people that are very opinionated about how Amazon runs as a company, they don't pay their people enough, they don't do this, they |
| 42 | 00:08:24,660 --> 00:08:32,400 | don't pay enough to offshore, whatever. They're not concerned about it. So you shouldn't be concerned about anybody else, having their opinion about how you |
| 43 | 00:08:32,400 --> 00:08:42,600 | should be trading your business. Stay in your lane, let them worry about themselves. Because I can tell you this, I've discovered the majority of people |
| 44 | 00:08:42,600 --> 00:08:52,830 | on the internet to have a high opinion of other people, or low opinion about other people, they generally are freed up with a lot of time because they're not |
| 45 | 00:08:52,830 --> 00:09:02,460 | actually trading themselves. So if you see these talking heads out there, they're very opinionated about you or someone you're following. It kind of begs |
| 46 | 00:09:02,460 --> 00:09:10,170 | the question, if they're so interested in me or you or what you're doing, what are they doing in their own trading, they're not minding their own business, |
| 47 | 00:09:10,170 --> 00:09:18,150 | they're not minding their own craft, so that in my mind indicate that they have no idea what they're doing in their own funds. They're not making money, they're |
| 48 | 00:09:18,150 --> 00:09:26,760 | not counting their own stacks. So they're what you're they're trying to mind your business. So you have to have rules. So that way you stay in your own lane. |
| 49 | 00:09:27,210 --> 00:09:34,020 | And you don't worry about anybody else. You don't care about what I make. You don't care about what anybody else makes or loses. It's irrelevant. Because |
| 50 | 00:09:34,020 --> 00:09:43,470 | you're not going to spend my money. You're not going to feel the pain and suffering if I take a loss, so why bother with it? And don't invite other people |
| 51 | 00:09:43,470 --> 00:09:49,980 | to do that in your own trading either because they're not going to be sympathetic to you. They may appear on face value, believe me, they're down |
| 52 | 00:09:50,370 --> 00:10:00,150 | there loving the fact that you're suffering just like they are. Although yours might be a very momentary drawdown or a stop loss being hit and you lose in |
| 53 | 00:10:00,150 --> 00:10:10,470 | trade, the high opinionated people, they generally aren't profitable. And they're usually the ones that are very critical of other people, not just one |
| 54 | 00:10:10,470 --> 00:10:23,880 | person or one teacher or guru. But these ideas permeate this industry because 90% Plus failed to be profitable. So it's easy for them to look for an out, lead |
| 55 | 00:10:23,880 --> 00:10:35,130 | to discharge themselves. So, to prevent yourself from having all those pitfalls, where you feel like you got to do those types of things, start being critical of |
| 56 | 00:10:35,130 --> 00:10:42,060 | other people or yourself in your own journal, what you shouldn't do, you have to have rules, you have to have limitations, you have to have some kind of |
| 57 | 00:10:42,060 --> 00:10:56,100 | structure as to why and when you do or do not engage in price. Now, back to the discussion with the index futures. If you compare the NASDAQ with the E Mini |
| 58 | 00:10:56,100 --> 00:11:06,540 | s&p, as I mentioned, you can see that the NASDAQ failed to make lower lows as s&p did. And then we had a little bit of a lift. And then s&p rallied, NASDAQ |
| 59 | 00:11:06,540 --> 00:11:16,710 | rallied and created a short term premium. And the market traded above its short term highs cleared out by side liquidity. And we have since drift a little bit |
| 60 | 00:11:16,710 --> 00:11:33,330 | lower. Now. Did it go higher to a premium to go lower? Yes. Has it gone to 3740 yet? No. is there opportunity in here? Or was there? Yes? Is the price action |
| 61 | 00:11:33,510 --> 00:11:44,940 | clean? No. So contrast, what you're seeing in the index futures this morning versus other market days where we're looking for a particular level of draw on |
| 62 | 00:11:44,940 --> 00:11:54,630 | liquidity above or below. And the market just delivers a very nice little break and stretch, break and structure, and then returned back to a fair value gap. |
| 63 | 00:11:55,260 --> 00:12:04,650 | And then it runs off and chases to the liquidity pool that we're looking for. That's a clean market. That's a symmetrical market. We're not having that |
| 64 | 00:12:04,650 --> 00:12:13,650 | because we're coming off the heels of what a holiday. And we had a big overnight run in dollar. So what's actually happening is the markets being allowed to |
| 65 | 00:12:13,650 --> 00:12:22,980 | digest and develop market sentiment. That's what's occurring. Okay. So because that sentiment is evolving. |
| 66 | 00:12:24,390 --> 00:12:33,780 | Now, I'm not saying that the sentiment that dollar went bullish like it did last night, is the continuation of that very effect. In other words, I'm not |
| 67 | 00:12:33,780 --> 00:12:43,110 | suggesting this just because we had a big up day overnight in dollar, that means it's going to continue higher, because obviously it can be rejected today are |
| 68 | 00:12:43,110 --> 00:12:52,770 | going into tomorrow. What I'm saying is because of the holiday, because we came off of a weekend. Yes, we had abbreviated trading yesterday, but I don't look at |
| 69 | 00:12:52,770 --> 00:13:03,270 | that as again, noteworthy. I could care less what it did yesterday. I treat it like it didn't happen. So I'm looking at Friday's data. Not even concerned with |
| 70 | 00:13:03,270 --> 00:13:16,200 | what we did on an abbreviated session on fourth July. Now, some of you may be hissing, and say, what, what a noob? Well, you do what you want, okay, I'm gonna |
| 71 | 00:13:16,200 --> 00:13:27,360 | do what I believe serves me best, okay. And everybody's gonna have a different opinion about what's. And I'm not subscribing to other people to learn how to |
| 72 | 00:13:27,360 --> 00:13:37,470 | trade, I'm not looking to other people to get a better feel for what I should do as a trader, but to the audience members that come here or my YouTube channel, |
| 73 | 00:13:37,470 --> 00:13:45,210 | and they want to at least look into what it is that I do whether you want to subscribe to the ideas or not, I make that available to those that are inclining |
| 74 | 00:13:45,210 --> 00:13:55,350 | their ear to it. It doesn't mean you should, it just means that I'm answering the call for those individuals to ask, What do I do after holidays? How do I |
| 75 | 00:13:55,350 --> 00:14:09,030 | treat the market? The other reason why I'm posting I posted on Twitter that I'm more interested in the pm session this morning. Because we have non farm |
| 76 | 00:14:09,030 --> 00:14:16,560 | payrolls this Friday. And I know a lot of folks that have been trading for a while they see me make that remark or they hear me make that remark. And I'm |
| 77 | 00:14:16,560 --> 00:14:24,720 | like, Dude, why is he not wanting to trade Non Farm Payroll, picks opportunities, opportunity every single day. There's all the time. But your |
| 78 | 00:14:24,720 --> 00:14:35,700 | opportunity doesn't necessarily mean it's my opportunity. And vice versa, if my opportunity, maybe perf perfect for me, may not necessarily be the opportunity |
| 79 | 00:14:35,700 --> 00:14:45,030 | for you even as my student. So that's why it's important for you to bring your own individual unique personality into this because if you don't do that, if you |
| 80 | 00:14:45,030 --> 00:14:52,590 | fail to do that, you're going to be frustrated because you're trying to align yourself with the person you're trying to copy. And you don't know what I'm |
| 81 | 00:14:52,590 --> 00:15:00,690 | thinking. You don't know what concerns I have. You don't have the time constraints that keeps me from staying with a trade because Maybe I'm getting |
| 82 | 00:15:00,690 --> 00:15:10,200 | ready to go on vacation. Or maybe my wife said, you spent too much time in front of these charts. And you owe me some time. Or my kids say, hey, and this is what |
| 83 | 00:15:10,200 --> 00:15:18,510 | it's going to be like that we got things to do. For something else that's unexpected comes up. So it's important for you to have what it is you're trying |
| 84 | 00:15:18,510 --> 00:15:27,930 | to do. As a unique, individual, independent thinker, it's fine that you're learning from me or anyone else that's profitable and consistent has a sound |
| 85 | 00:15:27,930 --> 00:15:38,370 | logic. But you still have to, at some point, make it your own. And there's nothing inherently wrong about that. You're not trying to reinvent the wheel, |
| 86 | 00:15:38,370 --> 00:15:45,270 | you're not trying to repackage the person. Now, I don't view it as someone repackaging what I teach, I don't like it, when they rename things and try to |
| 87 | 00:15:45,270 --> 00:15:57,780 | sell it. That's obvious then, but for you to learn from me. And it's okay. He taught this, this, this, this, but he didn't put it in this order, or refer to |
| 88 | 00:15:57,780 --> 00:16:09,480 | it on this timeframe in this type of condition, and this economic climate with the calendar, but I see this repeating over and over and over again. So should I |
| 89 | 00:16:09,480 --> 00:16:18,390 | ignore that because he didn't mention it as my mentor or because I see something going on there. Should I log that and continuous in that to see if it's going to |
| 90 | 00:16:18,390 --> 00:16:29,310 | be something fruitful? If you do the latter, you're cheating yourself. Have your own individual model that brings in your own personal personality. And that's |
| 91 | 00:16:29,310 --> 00:16:33,420 | making it your own. I mentioned that a comment. |
| 92 | 00:16:34,710 --> 00:16:43,530 | I think the last stream or Twitter live thing, whatever you call it here, spaces. I made a remark that I could make a model every single week the rest of |
| 93 | 00:16:43,530 --> 00:16:49,620 | my life and it'd be different. And that wasn't an exaggeration. I got some I sent me emails. Why did you say something like that? You know, that's not |
| 94 | 00:16:49,620 --> 00:16:59,850 | possible. It is possible. How many timeframes are there? It's the all kinds of different timeframes. You can do three minute charts and a chart 27 second |
| 95 | 00:16:59,850 --> 00:17:11,130 | chart, you're not limited. And your framework would make sense to you. And the logic behind those things. But you, they may not be critical to me, they may not |
| 96 | 00:17:11,130 --> 00:17:21,270 | be critical to everyone else in this social circle that you're into. That's why I frown upon groups. Okay, I see a lot of folks coming to my comment section, or |
| 97 | 00:17:21,360 --> 00:17:28,500 | they reply to my tweets. And what they're trying to do is they're trying to drum up an audience. Okay, they're trying to get people to come together to |
| 98 | 00:17:28,500 --> 00:17:37,170 | congregate. And then they're gonna come in and pitch ICT mentorship videos, how price when I'm telling you don't waste your money, folks, you have no idea what |
| 99 | 00:17:37,170 --> 00:17:48,720 | I'm teaching it. Don't buy from these goobers. Trust me, okay, trust me and look what I've already given away. I'm going to amplify what I've already given away. |
| 100 | 00:17:49,290 --> 00:17:58,470 | We're getting ready, we're going to be making ends meet. And we're gonna have some PDF study guides and everything starting this weekend. But it's going to be |
| 101 | 00:17:58,470 --> 00:18:11,190 | based on building rules, rules of engagement, when not to engage. And because they have an economic calendar with the Non Farm Payroll this week. I don't like |
| 102 | 00:18:11,190 --> 00:18:20,160 | Non Farm Payroll. Have I made money on Non Farm Payroll with real live trading? Yes. Have I lost a lot of money on Non Farm Payroll with real life trading? Yes, |
| 103 | 00:18:20,910 --> 00:18:33,090 | the latter is more likely to occur and has been in the past over my career. So doesn't it make sense if I know that's an area where I'm prone to do it wrong? |
| 104 | 00:18:33,840 --> 00:18:46,260 | What do you say? Oh, just can't be ICT ICT is too arrogant. He would never say something like that. No. I have found that most of my losses occur in certain |
| 105 | 00:18:46,260 --> 00:18:57,150 | times of the month where the economic calendar, broadcasts it beforehand. And because I was falling victim to everybody else on at the time message boards on |
| 106 | 00:18:57,150 --> 00:19:08,040 | AMS American online. I killed it in Non Farm Payroll. Okay, I didn't see them trade it but I just read what they said they made. But that means I'm missing |
| 107 | 00:19:08,040 --> 00:19:20,460 | out let me go here. And every single time I would regret it and it would be less money in my account as a result. So I came to the conclusion that these people |
| 108 | 00:19:20,580 --> 00:19:28,260 | are full of shit. And I didn't want them trade. They didn't even show me a burqa statement. They just said they made this and I had her on that this is actually |
| 109 | 00:19:28,500 --> 00:19:37,830 | them to themselves and everyone else that would lend their ear reader crap because they want to be coddled they want to be nudged like, wow, you you must |
| 110 | 00:19:37,830 --> 00:19:46,260 | really know what you're doing. And then they've mentally because they really blew their shit. They lost their money and now they're gonna act like they got |
| 111 | 00:19:46,260 --> 00:19:55,680 | it all figured out when they really don't. And that's why this industry sucks in a lot of ways because there's a lot of fakes and they may not come out with the |
| 112 | 00:19:55,680 --> 00:20:04,650 | intent to be a fake or a fraud or trying to scam anyone they may not even be selling saying anything. But if you take the time to listen to other people, and |
| 113 | 00:20:04,650 --> 00:20:11,430 | they're the usually the braggarts, the people that don't really have anything to show for what they're saying, but they're really critical of other people, too. |
| 114 | 00:20:13,380 --> 00:20:24,840 | They aren't profitable. They're not making money. Because believe me, folks, if people are making money in this day and age, believe me, they're going to shove |
| 115 | 00:20:24,840 --> 00:20:31,740 | it down your throat. They're going to prove it even when you're not asking for it. And when you said, you've seen enough, they're going to still shove it down |
| 116 | 00:20:31,740 --> 00:20:42,270 | your throat. Think about this whole world right now. Look, what you're listening to. You're listening to me right now, pontificate about things that probably you |
| 117 | 00:20:42,270 --> 00:20:54,090 | don't feel are useful to you. But they really are, do you have a filter? Are you filtering out all these people that like to get on the internet, on Twitter, and |
| 118 | 00:20:54,090 --> 00:21:04,200 | do things and say things that they can't really back up with any evidence that those things took place. And that's how I fell victim to Non Farm Payroll. I |
| 119 | 00:21:04,200 --> 00:21:08,550 | listened to other people. bloviate about how much they made. |
| 120 | 00:21:10,260 --> 00:21:19,050 | Maybe they made a profitable trade later in the day, but it's six trades in the previous five are losing trades, are only talking about how they made money on |
| 121 | 00:21:19,050 --> 00:21:30,690 | that one trade. And their net loss for today isn't really being talked about. Is that genuine? No. But that's them putting on that mental bandaid. That's what |
| 122 | 00:21:30,690 --> 00:21:44,040 | social media has done. It's allowed people to put social band aids on their character flaws. They virtue signal. Oh, look at me, I'm doing this for the, for |
| 123 | 00:21:44,040 --> 00:21:51,540 | the poor. Look at this, I'm gonna, I'm gonna give a helping hands ministry to people can't afford this and that. Well, if you're doing that, there's your |
| 124 | 00:21:51,540 --> 00:22:03,960 | reward. I don't get on here and talk about what I do for other people. Because I don't want that reward. I don't want that virtue placed on me because I say I'd |
| 125 | 00:22:03,960 --> 00:22:15,150 | done something. The people I helped, they know I help them. And I don't want to be glad hand about it. And the same thing about my trading. I want my students, |
| 126 | 00:22:15,660 --> 00:22:27,240 | my genuine students to come here on YouTube, with a pen and pad with a sincere desire to want to learn and lay down all your mental baggage. That means the |
| 127 | 00:22:27,240 --> 00:22:37,440 | stuff you're bringing in, that's toxic. And also, what your previous educators taught. You put all that stuff down. You can you can pick it up later on. But if |
| 128 | 00:22:37,440 --> 00:22:47,850 | you try to blend all that stuff, like Wycoff, and supply and demand and Elliot wave and harmonics, and this net, anything, all that stuff is going to make it |
| 129 | 00:22:47,850 --> 00:22:58,500 | harder for you to learn what it is I'm teaching because what I'm teaching is very easy. But the complication is, you have to get out of your own way. And |
| 130 | 00:22:58,500 --> 00:23:07,980 | want to get myself out of my own way was make very rigid rules around how I'm going to conduct myself in the marketplace. When am I allowed to do anything? |
| 131 | 00:23:08,760 --> 00:23:22,320 | And here's the hard time. When am I not allowed to do anything? Think about it. The sign says Don't step on the grass. Don't touch wet paint. What are you gonna |
| 132 | 00:23:22,320 --> 00:23:38,400 | do? You're gonna moonwalk across the lawn. And then you're gonna put your initials, fresh paint. ICT was here 2000 going to bite me. I did stupid stuff. |
| 133 | 00:23:38,400 --> 00:23:45,690 | Like I when I was younger, I'm not proud of it. But that's human nature tells me I can't do something. And I'm gonna start thinking about 20 ways I can do it and |
| 134 | 00:23:45,690 --> 00:23:55,590 | not get caught doing it. And then feel like I've done something good when it's not good. That's human nature. That's human nature. All of us have that. That's |
| 135 | 00:23:55,590 --> 00:24:10,950 | inherent in all of us. A child is not taught how to be a hating little being. It just knows it by nature. Well, in trading, all of us are like children. Yeah, |
| 136 | 00:24:11,700 --> 00:24:22,740 | that means what? we contend to do things to get ourselves in harm's way. And you have to have boundaries, you have to set them as the analyst. Because if you |
| 137 | 00:24:22,740 --> 00:24:34,890 | don't do that, as the analyst, the trader in you is going to listen to the gambler just like it did when I was on AOL. Not on payroll man is going to move |
| 138 | 00:24:34,890 --> 00:24:45,180 | around, it's going to do this, it's going to do that. And if you buy this package here, it'll send you a signal. And it's a red box. That means you sell |
| 139 | 00:24:45,180 --> 00:24:53,550 | it and if it's a green box, you buy it. Oh, what the news is going to do we know what the numbers are going to do, man. I wasted money doing it. And I was among |
| 140 | 00:24:53,550 --> 00:25:00,990 | a lot of other people that did that kind of crap. All these systems that said before the news comes out, we're gonna get If you do this, and as soon as the |
| 141 | 00:25:00,990 --> 00:25:11,670 | news comes out, it's going to give you a red or a green box. Well, first of all, you're sitting here, you're waiting for red or green. Think about how that works |
| 142 | 00:25:11,670 --> 00:25:25,470 | when you're at a red light in your automobile. Are you really looking both ways. And see if these oncoming traffic has really stopped on their end before your |
| 143 | 00:25:25,470 --> 00:25:33,390 | green light becomes. Chancellor, you probably don't do it. I know I have to yell at my wife all the time. And yes, I do yell at my wife when she's driving, |
| 144 | 00:25:33,390 --> 00:25:43,410 | because she's not that safe as a driver. And I don't feel comfortable riding shotgun with her. And one of the things that she does is she waits for the light |
| 145 | 00:25:43,410 --> 00:25:52,590 | to turn green, and starts moving. But there's people that just generally think they can get through that light. And that's a lot of what we do as traders when |
| 146 | 00:25:52,590 --> 00:25:54,600 | we don't have limitations. |
| 147 | 00:25:55,980 --> 00:26:04,740 | Just because you have time to be in front of charts, just because you have margin in your account. Just because these candlesticks are painting, and you |
| 148 | 00:26:04,740 --> 00:26:18,780 | have time to be in front of the next session doesn't mean that this is the safest thing for you to do. For instance, look at your chart right now on the E |
| 149 | 00:26:18,780 --> 00:26:28,710 | Mini s&p. Now, probably not as practical for people that are listening to this later on. But it's basically consolidating right now. It had a little bit of a |
| 150 | 00:26:28,710 --> 00:26:39,870 | rally up. After the opening at 9:30am. We started drifting, lower, and now we're consolidating. Okay. There are people out there that can't wait to get in, based |
| 151 | 00:26:39,870 --> 00:26:51,990 | on the last five candles that says printed, because they felt they're going to do what miss something. I don't feel like I'm missing anything. Because we have |
| 152 | 00:26:51,990 --> 00:26:59,160 | Non Farm Payroll conditions. And generally for those who have been keeping up, and for those that have not really listened to this before, or heard me say it, |
| 153 | 00:26:59,550 --> 00:27:06,270 | the way I teach my students is on Non Farm Payroll weeks, what is that? It's when the employment number comes out, usually the first Friday of every Trade |
| 154 | 00:27:06,270 --> 00:27:17,280 | Month, and they'll give you the employment number. I don't care about the data. And whenever these reports come out, when I'm looking at high impact or medium |
| 155 | 00:27:17,280 --> 00:27:27,090 | impact news drivers, I don't care what the data says, I don't care. First of all, if I cared about it, think about what you're expecting, you're going to |
| 156 | 00:27:27,120 --> 00:27:36,000 | wait for the numbers to be released, then open up the data and start reading it is the market sitting still while you're doing that? Hell no ain't doing that. |
| 157 | 00:27:36,240 --> 00:27:46,470 | It's not doing it. And my belief is it's already priced in to the market. And then what they're going to do is, they're going to use that as sentiment. And |
| 158 | 00:27:46,560 --> 00:27:54,240 | people many times will be caught off guard not all the time. But in my experience, I've seen many times where the data suggests that it should go |
| 159 | 00:27:54,240 --> 00:28:02,040 | higher for that particular market, or would be considered beneficial for the currency. Okay, that's how like for expect he will say something like that. And |
| 160 | 00:28:02,040 --> 00:28:10,740 | it goes the other direction. So that was one of the reasons why I stopped trying to decipher all the quote unquote, fundamental data, then I don't think that's |
| 161 | 00:28:10,740 --> 00:28:24,810 | fundamental. That's hindsight. Because all those data points they'd been known about. They've been known about by more intelligent, more vested individuals, |
| 162 | 00:28:24,870 --> 00:28:32,880 | entities that really have a lot more money in this game than you and I and collectively, will ever. And because of that, they're greedy. And they'll pay |
| 163 | 00:28:32,880 --> 00:28:42,240 | for information. And they'll want to be positioned ahead of time, and start fading these types of moves. Because once it gets into the public's hands and |
| 164 | 00:28:42,240 --> 00:28:56,760 | eyes, it's already done. Like it's done, what do you expect it to happen? So it's not the same as if, you know, headline comes out. So and So country was |
| 165 | 00:28:56,760 --> 00:29:08,070 | just bombed, God forbid, in a nuclear fashion, man, that's gonna cause the market to go nuts. You can't you can't expect that you can't know how to |
| 166 | 00:29:09,060 --> 00:29:19,890 | decipher what that's going to do for a marketplace. It's going to be crazy. And that's like a black swan event. Every individual event that's high impact a |
| 167 | 00:29:19,890 --> 00:29:30,480 | meeting in the impact event, I treat that as that very thing just on a very smaller scale. In other words, I'm expecting volatility to be injected into the |
| 168 | 00:29:30,480 --> 00:29:43,770 | marketplace. Something happens by that data being released in the market is either organically or artificially manipulated. And what does that mean? Well, |
| 169 | 00:29:43,770 --> 00:29:50,220 | the algorithms going to do it normally does or manual intervention comes in and they will reprice to a specific level and it usually is immediate, kind of like |
| 170 | 00:29:50,220 --> 00:29:58,740 | an interest rate. announcement coming out by FOMC, something like that. If the Fed comes out, or another country comes out and says okay, we're going to cut |
| 171 | 00:29:58,740 --> 00:30:08,310 | interest rates You buy a few basis points, something unexpected, you know, boom, they reprice immediately. That's not buying and selling pressure, that's a |
| 172 | 00:30:08,310 --> 00:30:15,030 | central bank level. They're saying, it's our currency, it's our commodity, it's our products aren't good. And guess what, who sets the price we do. And we don't |
| 173 | 00:30:15,030 --> 00:30:29,700 | care if you're long or short and too bad, pound St. Those types of events, you can't really predict. So what I like to do is wait for the news to hit the |
| 174 | 00:30:29,700 --> 00:30:42,540 | market, and then basically go in the price and see if there is something that would be manipulated, to match my narrative, my bias, my trading model, |
| 175 | 00:30:43,800 --> 00:30:53,460 | if there's the if there's three things agree, and the event is now been introduced to the marketplace, that being volatility, based on the data that's |
| 176 | 00:30:53,460 --> 00:31:05,040 | being released by the report, then I'll go in and look to engage, but on days after holidays, and if it's like it is here, we had fourth July in the US, it's |
| 177 | 00:31:05,040 --> 00:31:16,140 | a holiday in the US dollar based. And, you know, people are out there doing what they're cooking hot dogs and hamburgers, someone getting sunburns, and doing |
| 178 | 00:31:16,140 --> 00:31:30,180 | things as he probably shouldn't be doing. fun doing it. They're not trading. But the day after that, when we put our thinking caps back on, maybe you are a |
| 179 | 00:31:30,180 --> 00:31:42,570 | little hungover, maybe you're a little tired, maybe you're not really focused in on what's going on. And then you add to it that we have a Non Farm Payroll week, |
| 180 | 00:31:42,960 --> 00:31:53,640 | where I teach my students on those particular weeks on Monday, Tuesday and Wednesday, by 7am, you either have your trade on, or you don't. And you stay on |
| 181 | 00:31:53,640 --> 00:32:04,440 | the sidelines the rest of the week. Come on ICT, that's not fun. I can still find trades on Wednesday. You can you can or not. There's lots of moves, I miss |
| 182 | 00:32:04,440 --> 00:32:20,970 | doing this. But of really big moves. I'm not oblivious to that. But I've also been saved by a lot of noisy, choppy price action. And I want to be where it's |
| 183 | 00:32:20,970 --> 00:32:30,780 | likely to materialize in the scope that it's high probability. There's market symmetry there, everything's lined up, everything's in agreement dollars up, |
| 184 | 00:32:30,780 --> 00:32:39,900 | everything else is going down. I'm going short Eurodollar. And I have correlated pair s&p Divergence supporting the fact that I'm in the weaker of the two |
| 185 | 00:32:39,900 --> 00:32:49,200 | between cable and fiber. So that means Euro dollars, failed to make a higher high, and then it's going lower, more likely to go lower than cable, which is |
| 186 | 00:32:49,200 --> 00:33:00,300 | POUND DOLLAR. So all those things that's a symmetrical market. To me, it's high probability, all things all factors considered, that's high probability. But I |
| 187 | 00:33:00,300 --> 00:33:13,350 | will never frame the day after a holiday is high probability ever, ever. Because that market is ripe, to be manipulated manual basis, that means someone can come |
| 188 | 00:33:13,350 --> 00:33:24,840 | in and do something that you won't expect. And I don't want to be able to look back and say, Well, I usually lose money in that situation. And I took the |
| 189 | 00:33:24,840 --> 00:33:34,770 | chance today, and I lost again, I wish I would have learned my lesson. I don't want to have that again. So what I like to do is, look at the marketplace. |
| 190 | 00:33:36,300 --> 00:33:47,340 | Respect the risk, come up with an idea and opinion and see if it pans out. And then when it doesn't pan out in my journal, those entries are like this. This is |
| 191 | 00:33:47,340 --> 00:33:55,950 | one more instance where I'm glad I have these rules of engagement that keeps me from participating in the marketplace because I expected this and the model |
| 192 | 00:33:55,950 --> 00:34:06,540 | didn't materialize. This is what took it had I not followed my rules, I would have suffered a monetary loss with this idea. Now, in my critiquing myself, Yes, |
| 193 | 00:34:06,600 --> 00:34:17,310 | am I being negative about it? No. I'm re emphasizing the fact that I've done things correctly. But also recording the fact that if I was to follow the model, |
| 194 | 00:34:18,120 --> 00:34:26,970 | or a model, I have lots of models. But if I followed a model that I had in mind beforehand, when I've already adopted the mindset based on rules of engagement, |
| 195 | 00:34:26,970 --> 00:34:36,840 | things that I have to know when I'm going to do something when I can't do something days after holidays, I am likely to sit still. But I'd like to |
| 196 | 00:34:37,260 --> 00:34:47,580 | obviously engage on the mental side of trading. It doesn't mean I'm going and pushing a rival account. But I'm usually going in sometimes with a demo |
| 197 | 00:34:47,580 --> 00:34:56,370 | sometimes I'm making a comment to my son's. I'll say look, this is what that thinks is going to happen. And let's see what happens. They love telling me when |
| 198 | 00:34:56,370 --> 00:35:07,590 | I got it wrong. Much like some of the people out there on YouTube and Twitter They live for that. But when I get it wrong, I sit down with them. And I say, |
| 199 | 00:35:07,590 --> 00:35:17,100 | Look, this is what dad was expecting. And this is what took place. And this is the reason why dad or ICT doesn't want to do these on these types of days, |
| 200 | 00:35:17,400 --> 00:35:27,420 | because I'm more apt to be incorrect. So again, if you know you're likely to have your arm tore off, walking down three streets, to the right from where you |
| 201 | 00:35:27,420 --> 00:35:35,790 | live, and there's a white picket fence, and there's a Rottweiler over there. And every time you walk by there, this dog has taken something from you, whether it |
| 202 | 00:35:35,790 --> 00:35:44,670 | be clothing, flesh, something, how many times you're going to keep walking down there before you realize it's probably not the best path for you to end up where |
| 203 | 00:35:44,670 --> 00:35:45,450 | you're trying to get in |
| 204 | 00:35:45,450 --> 00:35:56,130 | one piece. Now, I don't know where you're from. But I don't need to have decades of that type of experience before I learned my lesson. It took me a couple |
| 205 | 00:35:56,130 --> 00:36:07,680 | years, painfully, but it took me time and pain and loss to come up with these ideas where I'm not going to engage. And I don't care what anybody else thinks |
| 206 | 00:36:07,680 --> 00:36:15,810 | about it. I don't care how anybody else views it, because most of the time, people are going to be judgmental to you, they'll be judgmental to me. And they |
| 207 | 00:36:15,810 --> 00:36:23,400 | have no idea how I trade they don't even know what it is I'm teaching you, they look at something. And because they want to make a name for themselves, or they |
| 208 | 00:36:23,400 --> 00:36:33,180 | want to feel better about themselves. They'll critique some and it's usually by ignorance, and they look like a fool. Don't take other people's opinions about |
| 209 | 00:36:33,180 --> 00:36:43,860 | you not wanting to engage the market as something that should influence you laugh at them. Because they're, they're raising of importance, their self |
| 210 | 00:36:44,370 --> 00:36:53,040 | awareness about themselves. And they equate that you should view them as someone who listened to when they brought nothing to the table as the reason why they |
| 211 | 00:36:53,040 --> 00:37:00,960 | should be listened to. And you're not going to get someone to listen to you. If you start poking at them saying you've done this, you've done this wrong, you do |
| 212 | 00:37:00,960 --> 00:37:10,320 | this wrong. Okay? Show me by contrast, what it is that I should be doing. These jokers don't do that. So when I sit down with you, and I lecture you, I'm |
| 213 | 00:37:10,320 --> 00:37:20,610 | telling you, I've learned these lessons through pain, okay, I didn't learn them from books. I learned these from pain, I learned them from taking an account, |
| 214 | 00:37:20,700 --> 00:37:33,000 | placing it into risk, in that environment, fleecing me, taking from me, not only one time occasion, not on just a handful of occasions, but many instances where |
| 215 | 00:37:33,030 --> 00:37:43,290 | many times equated to me having an account that was blown. I have no reason to hide that. That's the whole reason why I'm teaching the way I teach. I have |
| 216 | 00:37:43,290 --> 00:37:51,270 | suffered those things. So what's in it for you to learn from somebody that has made mistakes before and other things? Sure. What did they do to hurt |
| 217 | 00:37:51,270 --> 00:38:00,660 | themselves? What did they do to help themselves learn better, quicker, without having all these pitfalls and these snares? That's what you want. That's a |
| 218 | 00:38:00,660 --> 00:38:11,130 | mentor, someone that has gone through things, and understands, okay, that's a problem area. And if you don't do these things, and put these controls in place, |
| 219 | 00:38:11,310 --> 00:38:23,220 | you're likely to repeat that same thing in the future. If they're not equipped to see that and come up with a mitigation to it. Some kind of, like I mentioned, |
| 220 | 00:38:23,250 --> 00:38:31,620 | mechanism, that means a filter something that says you are not allowed to trade, you're not allowed to participate. You have to have those things. Think about |
| 221 | 00:38:31,620 --> 00:38:40,020 | it, folks, if if you don't drink and drive, and you stay on your side of the road, and you don't speed, about 85% of the time, you're gonna kind of have a |
| 222 | 00:38:40,020 --> 00:38:50,190 | car accident and the people around you aren't gonna have car accident either. But sometimes there's individuals that say those those rules don't apply to |
| 223 | 00:38:50,190 --> 00:39:02,160 | them. Well, it's the same thing with trading without stop loss. Yeah, I know that. Yeah. That doesn't listen to me, okay. And I know there's people in here |
| 224 | 00:39:02,160 --> 00:39:09,600 | that are teaching other people even have YouTube channels, and they don't use stop losses, and they try to justify why they don't use a stop loss. There is no |
| 225 | 00:39:09,600 --> 00:39:23,910 | justification for it, zero, learn how to mitigate risk. Then go back to teaching. Because if you're not using a stop loss, you are gambling. And the |
| 226 | 00:39:23,910 --> 00:39:37,500 | only thing you're teaching other people is guess what? You're Nostradamus. You know what the markets going to do? Think about it. If you're saying that you |
| 227 | 00:39:37,500 --> 00:39:44,100 | don't need to put a stop loss and because you know where you're gonna get out when your trades wrong. What happens when it reprice as aggressively and you |
| 228 | 00:39:44,100 --> 00:39:56,160 | didn't expect that repricing occur so aggressively? And it moves way beyond what your safe exit point would have been or what you're willing to lose? You're |
| 229 | 00:39:56,160 --> 00:40:09,840 | crushed. And if anybody's watched you trade that way. Which, conveniently, they never let anyone see that those individuals are learning to do that very thing |
| 230 | 00:40:09,840 --> 00:40:22,620 | in their own trading. Now is that, in my opinion, I think you would agree to, is that right kind of leadership, and or mentor or teacher, when it comes to |
| 231 | 00:40:22,650 --> 00:40:34,920 | risking money? I would humbly submit No. Because what they're doing is trading by itself is already in heavy. And you have to have a way to control yourself. |
| 232 | 00:40:35,910 --> 00:40:45,210 | You have to control how much you risk, your leverage, the amount of money per trade, how much of a stop loss you're gonna allow in terms of points or pips. |
| 233 | 00:40:46,350 --> 00:40:55,920 | You have to place a limit on that. What days of the week you're going to trade? Are you gonna trade any old time? I teach what a kill zone. And we're shorten, |
| 234 | 00:40:56,250 --> 00:41:03,420 | we want to see it go up first. That's what instant traders do. They have mechanisms, they have to wait for the market to have an uptick before they go |
| 235 | 00:41:03,420 --> 00:41:12,660 | short. So I adopted that with my perspective and price, I need to see what first it needs to go higher. Okay, so where does it need to go to have some measure of |
| 236 | 00:41:12,660 --> 00:41:23,700 | equilibrium. So I'm having all these rules, and these control mechanisms placed in my logic, because it's an algorithm that's pricing these markets, and it's |
| 237 | 00:41:23,700 --> 00:41:36,660 | booking them. And they have what control mechanisms, filters. So I'm aligning myself with an algorithmic principle oriented trading model. But if you are |
| 238 | 00:41:36,660 --> 00:41:43,080 | teaching, or if you're learning from someone that's not using a stoploss and preaches they don't need the use of stop loss, because they know where they're |
| 239 | 00:41:43,080 --> 00:41:51,960 | gonna get out. What they're saying is they know what the markets going to do. Absolutely. So therefore, they don't need a stoploss. That is the definition of |
| 240 | 00:41:51,960 --> 00:42:06,060 | arrogance. I am not arrogant, I'm confident, probably sometimes, to blisteringly confident for some, but I do have limitations. And to teach or to illustrate |
| 241 | 00:42:06,090 --> 00:42:15,930 | trading without a stop loss, there is no other way to say it, folks, this is the way it is those individuals are doing that are saying they know what the markets |
| 242 | 00:42:15,930 --> 00:42:28,410 | gonna do. Now, they may say it and believe it. But that's not true. I don't know what the markets gonna do. I have to use a stoploss. I know it's likely to do |
| 243 | 00:42:28,410 --> 00:42:40,560 | this or that. But I have to use a stop loss. Why? Because I'm human. I may have done something wrong. I may have shirked a rule of engagement bent the rules a |
| 244 | 00:42:40,560 --> 00:42:51,660 | little bit. I've done in the past. And I'm human. Sometimes I think. Yeah, this looks like it's trying to do this, I want to do that. But it looks like it's |
| 245 | 00:42:51,660 --> 00:43:01,860 | still in this. And I'll just toss in something small. But I'm using a stoploss. Why? Because I don't know what the manual side of intervention is going to do. |
| 246 | 00:43:02,400 --> 00:43:13,410 | It, nobody knows that. That's the risk that is always in the offing, you have to have that aware that awareness of that potentially harming you. And if you're |
| 247 | 00:43:13,410 --> 00:43:25,470 | learning from someone, or if you're trying to do this without using a stoploss, what you're saying is you have no boundaries. That means whatever the market |
| 248 | 00:43:25,470 --> 00:43:34,890 | wants to do to you, you're inviting it. Now there are times when manual intervention comes in. And major repricing in the market basket takes place and |
| 249 | 00:43:34,890 --> 00:43:47,430 | your stop loss necessarily will be of no protection to you. And what does that mean, you might have a 20 handle stop loss on your index futures trade. Now, I'm |
| 250 | 00:43:47,430 --> 00:43:59,490 | not arguing or making the case that 20 handles is the appropriate size. But let's just say for the discussion here, say you have 20 points. Okay. And the |
| 251 | 00:43:59,490 --> 00:44:12,990 | market has some kind of major announcement comes out or someone gets bombed. Boom, the market just gaps. 40 handles, thank you can't do that. Stick around, |
| 252 | 00:44:13,050 --> 00:44:25,320 | because you're gonna see stuff like that real soon. But what happens with your stop loss? Does the market in the broker say, hey, Gene had her stop loss? At |
| 253 | 00:44:25,320 --> 00:44:40,890 | 4250? Okay, but it gapped 4310 Oh, I can't move like that. Either direction it can do that. No problem, given the right circumstance. They're not going to go |
| 254 | 00:44:40,890 --> 00:44:51,450 | back and say, Okay. Jane stock was at 50. So we're going to honor that and get her out. And we're going to mark to market in her Castel net understanding. |
| 255 | 00:44:51,660 --> 00:45:01,680 | They're not going to do that, folks. They're not going to do it. So, yes, you need to stop loss. Yes, sometimes there's Stop Loss doesn't give you the |
| 256 | 00:45:01,740 --> 00:45:14,820 | protection that you hold true that it would likely give you. That's the underlying risk. That's why this is not meant for everyone. And for some of you, |
| 257 | 00:45:14,820 --> 00:45:21,960 | you're probably thinking, this is something I don't, I didn't really think about this, I don't think I can do this. Guess what? That's probably true. And maybe |
| 258 | 00:45:21,960 --> 00:45:29,250 | I've saved you a lot of hardship and monetary loss, because you probably wouldn't learn until you lost a lot of money, that you probably can't do this. |
| 259 | 00:45:30,690 --> 00:45:34,890 | But for those individuals that know that you've been bitten by the bug, and you're not going to take no for an answer, |
| 260 | 00:45:36,720 --> 00:45:43,620 | you have to use that boss, because it's a rule of engagement, you have to have it, you don't know what that market is going to do. You don't know how far |
| 261 | 00:45:43,620 --> 00:45:56,730 | they're going to take it against your idea. And believe me, when I was a 20 year old, I arm wrestled, and I would pretend I was using a stoploss. Like, okay, if |
| 262 | 00:45:56,730 --> 00:46:03,660 | it goes down here, I'm gonna get out of that. And then all of a sudden, they would start going towards it. And that's okay, well, really, you know, I'm |
| 263 | 00:46:03,660 --> 00:46:12,630 | willing to take a little bit bigger risk, I'll sit through 10 More cents, and move in soybeans against me, more than I would have missed stop loss is not in |
| 264 | 00:46:12,630 --> 00:46:26,280 | the market yet. It's this open, I have a target I'm trying to get to. But they'll have to keep you want to push it in. Because that's what you're |
| 265 | 00:46:26,280 --> 00:46:37,920 | essentially doing. And that may sound crude, but that's exactly what it is. If you give the market the opportunity to abuse you, it will gladly do so |
| 266 | 00:46:38,730 --> 00:46:47,850 | repeatedly. Don't believe it, lose and go back and again, lose and go back. And again, it's not gonna feel sorry for you, it's not going to feel sorry that you |
| 267 | 00:46:47,850 --> 00:46:56,880 | didn't put a stop loss and and limit the amount of money that you're gonna lose or could have lost. It's going to punish you. That's what it's there for. It's |
| 268 | 00:46:56,880 --> 00:47:07,770 | not here, for your entertainment. It's not here for you to get better in terms of financial living. It's not for you. This is war. And you have to treat it as |
| 269 | 00:47:07,770 --> 00:47:21,150 | such. When people go out to battle, nation against nation, are they walking out there with wifebeaters? On in shorts and flip flops? Hell no. They're going out |
| 270 | 00:47:21,150 --> 00:47:32,040 | there with helmets, plates, they're trying to get behind barriers, like tanks and things that fortify themselves from, you know, enemy fire, because there's a |
| 271 | 00:47:32,040 --> 00:47:40,350 | risk. So if you're out there trying to do things, and you don't have control methods, mechanisms and measures in place, when should you do something? When |
| 272 | 00:47:40,350 --> 00:47:50,310 | shouldn't you do some apply? So stop loss. I'm willing to take a loss if it goes here. But if it goes here and beyond, I'm probably wrong. That's what everybody |
| 273 | 00:47:50,310 --> 00:47:59,940 | without a stop loss is avoiding that notion of being wrong. And being wrong, folks, you got to warm up to the idea. That's the best thing to know, in this |
| 274 | 00:47:59,940 --> 00:48:09,960 | industry. Are you wrong? Are you wrong about your idea, your outlook on the marketplace. Because if you are wrong, you're going to want to know it. Because |
| 275 | 00:48:09,960 --> 00:48:18,780 | you're not going to keep throwing good money after bad. And as a young man at 20 years old, I didn't know that. I learned it painfully and very expensively, but |
| 276 | 00:48:18,780 --> 00:48:29,190 | I did learn it. Those. And these are the discussions that none of the young hot shots that want to come here, teach me an older block, teach me an older block, |
| 277 | 00:48:29,220 --> 00:48:36,270 | just give me the bias those individuals and you know who you are listening, you're never going to learn how to do this, as long as you hold on to those |
| 278 | 00:48:36,270 --> 00:48:45,150 | mindsets and think that's all it is. There is so much more that's going to be in your way. And you have not been here long enough, not under me but in the |
| 279 | 00:48:45,150 --> 00:48:56,160 | markets long enough to discern where these things are gonna creep up into your development, your trading. And everybody indoors it. You're not going to be the |
| 280 | 00:48:56,160 --> 00:49:05,490 | guy or gal that this tap dances around these barriers, these pitfalls, these snares, you're going to put your head in the noose just like everybody else |
| 281 | 00:49:05,490 --> 00:49:17,430 | doesn't hang themselves. But Antonia you don't have to do those things to learn the lesson. Learn from my mistakes, learn from the fact that I lost fortunes, |
| 282 | 00:49:17,850 --> 00:49:28,260 | doing stupid stuff, stupid things. And it's not shameful for me to admit these things I would want to learn from someone that's open and honest. This is how I |
| 283 | 00:49:28,260 --> 00:49:34,860 | screwed up in the past. And I lost lots of money. And I believe these things that are out there, they're still being promoted by books and authors and |
| 284 | 00:49:34,860 --> 00:49:47,700 | things. And it's garbage. Because they only talk about this is what you can make. This is the pattern that works and they fixate on those positive outcomes |
| 285 | 00:49:48,420 --> 00:49:59,370 | and not nearly enough on the things they're going to hurt you. That's the reality. You're going to lose money, even trading with what I teach. You're |
| 286 | 00:49:59,370 --> 00:50:08,310 | going To lose money, are you going to keep losing money in the same trading day in the same environment that you keep losing previous weeks in previous months, |
| 287 | 00:50:08,400 --> 00:50:18,750 | most of you probably won't endure that because your money management is lacking. And you'll blow out before that even becomes an issue. Suddenly, some of you are |
| 288 | 00:50:18,750 --> 00:50:29,820 | thinking to yourself, Wow, this trading thing is a little bit more involved than I thought, exactly. It's very easy to do. But it's next to impossible to |
| 289 | 00:50:29,820 --> 00:50:31,830 | accomplish profitably. |
| 290 | 00:50:33,660 --> 00:50:42,600 | Because you get in your own way, you don't have boundaries, you don't have limitations on what you can and can't do. And you expose yourself to risks, |
| 291 | 00:50:43,680 --> 00:50:56,760 | limitless risks without a stop loss, you're saying, take everything in my account and more. And given that opportunity, it can. And will. I have seen that |
| 292 | 00:50:57,960 --> 00:51:07,410 | firsthand, I know that intimately. That's a feeling you don't want to ever have. And I can tell you, in those instances where I was a 20 year old, and I knew |
| 293 | 00:51:07,410 --> 00:51:20,040 | that was going to be the outcome, I still wouldn't close the trade. Think about it. I'm in an account, that account maybe had 17 $18,000.20 $1,000 in it. And |
| 294 | 00:51:20,040 --> 00:51:30,750 | I'm in a position, and I'm holding on to it holding on to it. Live cattle is going to it's going to move it's moving against me. And it's way beyond what |
| 295 | 00:51:30,750 --> 00:51:38,340 | I've been thinking is this is the area, I would like to get out to go down here. But I don't want to be wrong. I don't want to be wrong, man. Come on, I need a |
| 296 | 00:51:38,340 --> 00:51:51,060 | winner. And if I can come back from this, this is like the underdog story. It's thing went against me so far. And I still came out. Well, I came out, I came out |
| 297 | 00:51:51,300 --> 00:52:05,190 | of that trading day with a blown account. So you have to have patience, you have to say, regardless what anybody else thinks about me, regardless of whatever my |
| 298 | 00:52:05,190 --> 00:52:20,010 | mentor might suggest, I have to have my own limitations. These are the rules that adhere to. That's it, he teaches 1% risk, but I can't I gotta do one |
| 299 | 00:52:20,010 --> 00:52:30,780 | quarter of 1%. Because I just can't, I can't tolerate it, I gotta, I gotta use that little bit of money to do it. That's the right way of doing it. If I or |
| 300 | 00:52:30,780 --> 00:52:46,800 | anybody else says, this is the minimum threshold that you should reach in terms of managing and managing risk. It's always there. But if you take that one |
| 301 | 00:52:46,800 --> 00:52:55,680 | degree or more beyond what the educator like myself or anyone else that's teaching sound money management and risk management, and you make it even more |
| 302 | 00:52:57,030 --> 00:53:06,630 | limited. That's actually a good thing. And some of you're like, Oh, well, you can't get rich, I can't make a lot of money, risking one quarter of 1% You don't |
| 303 | 00:53:06,630 --> 00:53:20,760 | know math. Anybody that says you can't get rich, risking one quarter of 1% failed rudimentary math period. Because you can do a whole hell of a lot, |
| 304 | 00:53:21,060 --> 00:53:32,670 | risking one quarter of 1% If you know what you're doing. Let's promise you failed rudimentary math. That's the first problem, too. You don't want to trade |
| 305 | 00:53:33,630 --> 00:53:41,280 | you don't know how to trade because you don't know that these patterns repeat multiple times inside of one week. How many weeks are in a month generally for |
| 306 | 00:53:41,280 --> 00:53:52,800 | more? How many months or in a year 12. How long do you plan on being on this spinning rock? It's uncertain. But as long as you have mental faculties and help |
| 307 | 00:53:52,800 --> 00:54:04,470 | to do so and equity you probably want to keep trading right. So all that is potential opportunity. But you you right now listening are probably looking at |
| 308 | 00:54:04,470 --> 00:54:16,650 | every single individual transaction every trade this is the make it and break it this is the be all end all is has to work or I'm done. Why? Why did you just |
| 309 | 00:54:16,650 --> 00:54:29,010 | make this a summer blockbuster plot where you have to absolutely conquer the biggest boss of the most villainous organization on the planet. Even the X men |
| 310 | 00:54:29,010 --> 00:54:38,070 | wouldn't even mess with this person. Okay, that's you've turned this trade into. It sounds silly when you think about because that's exactly what you've been |
| 311 | 00:54:38,070 --> 00:54:49,170 | doing. You've turned it into an Olympic feat when it's just a simple trade. But you're trading with such a high degree of leverage in an environment where it's |
| 312 | 00:54:49,170 --> 00:55:04,290 | not likely to work in your favor, but you just had to push a button now you're looking for the theme track to Interstellar, John, I'm gonna figure out the |
| 313 | 00:55:04,290 --> 00:55:15,450 | problems of the universe and I'm gonna beat this trade and come on in you doing too much. It's either you're buying it, it's gonna go higher and you get out, or |
| 314 | 00:55:15,450 --> 00:55:23,430 | you're shorting it, you're getting out lower price. If the markets not providing you an atmosphere or environment that provides it in a way where it's |
| 315 | 00:55:24,210 --> 00:55:30,720 | symmetrical, all things being equal risk on risk off, liquidity is obvious. The markets moving very |
| 316 | 00:55:32,010 --> 00:55:40,440 | nice, clean price levels, it means it's great imbalances, it comes back rebounds, and then start to expand into direction you want to see it. Order Flow |
| 317 | 00:55:40,470 --> 00:55:48,180 | is working in your favor. All those things are firing on all cylinders. That's the environment you want to be trading in. And that's what I teach you how to |
| 318 | 00:55:48,180 --> 00:55:55,860 | identify. But I'm also teaching you and some of your kicking and screaming, you don't want to learn the lessons when to stay out. Because guess what, that's |
| 319 | 00:55:55,860 --> 00:56:05,820 | being told, you can't do something by that. A lot of you have daddy issues. You don't want to be told when you can and can't do something. Don't try to trade |
| 320 | 00:56:05,820 --> 00:56:21,780 | with the two pips stop loss. Because you see other people saying they can do it. Listen, I can doesn't mean I do. Do that. I can, but doesn't mean I do. Just |
| 321 | 00:56:21,780 --> 00:56:29,250 | because you see someone else do something. That means that they've said they've done something already, it's hindsight they've done something that's not an |
| 322 | 00:56:29,250 --> 00:56:37,050 | invitation for you to try to replicate that. The circumstances that caused that event, even if it did make money, you can't go back in time and do that with |
| 323 | 00:56:37,050 --> 00:56:45,810 | them. And you can't take every instance of when someone else said something, just like my lessons and my teachings. They're gonna be fractal they littler, |
| 324 | 00:56:45,930 --> 00:56:54,090 | but they're not exactly identical. And some of you like my uncle was, he's very finite, he it has to be black or white, it has to be this or that. And it can't |
| 325 | 00:56:54,090 --> 00:57:04,710 | be close to it, but still worth taking a shot and using a stoploss and see what happens. If you're too analytical, two, things have to be in the fine print |
| 326 | 00:57:04,740 --> 00:57:17,430 | exactly this way, each time, you are going to struggle. And there's no shorter way of saying it and more direct, you're gonna struggle. The markets not gonna |
| 327 | 00:57:17,430 --> 00:57:27,450 | bend. To make it easier for you, you're gonna have to endure and learn that you have to train, you have to trade in the gray, where it looks like something |
| 328 | 00:57:27,450 --> 00:57:34,830 | you've seen before. But because it could be wrong and you as the operator as the trader following the analyst |
| 329 | 00:57:40,500 --> 00:57:52,500 | you have to incur that risk. And you have to keep at bay, the gambler says, Call me Tom, listen, this guy, man. Look, you see the chart, you done 14 other trades |
| 330 | 00:57:52,500 --> 00:58:03,720 | where he wasn't even looking at that pair. And you made money. Don't listen to ICP about everything. Trust your gut. Well, this is one instance where you don't |
| 331 | 00:58:03,720 --> 00:58:12,270 | trust your gut. And you should be listening to me. I'm talking to the analyst in you, not the trader, this is the brain trust inside of you. This is the person |
| 332 | 00:58:12,450 --> 00:58:24,450 | that you're going to place all your trust in not me, not your friends in some chat room. You the person that's really going to push that button to get in and |
| 333 | 00:58:24,450 --> 00:58:32,070 | get out the person that's really going to put the stop loss on and not pretend that I know where I want to get out. There's a lot of trades, I wish I would |
| 334 | 00:58:32,070 --> 00:58:42,330 | have got out where I wanted to get out. And it didn't give me the opportunity to do it. It just roll right over top of it and kept on running. You have to have |
| 335 | 00:58:46,590 --> 00:59:01,710 | well, flexibility in yourself. You're expecting your own performance. But that is also going to have to incorporate hard rules. I cannot take a date when |
| 336 | 00:59:01,710 --> 00:59:13,440 | circumstances are like this. What is that the day after a bank holiday a day after a long weekend? Those things are man, they're snares. There's gonna be |
| 337 | 00:59:13,440 --> 00:59:22,530 | some days where do this really rip and tear off. And this is wonderful to be a part of those moves. But they're not always like that. They're more likely than |
| 338 | 00:59:22,530 --> 00:59:34,740 | not be like that. So is that high probability conditions? No, at least not by my definition isn't. And I know some of you in here don't like to define things as |
| 339 | 00:59:34,740 --> 00:59:41,610 | high probability based on the things I say are high probability. Because you've done something and you maybe done something and you made profits and it's a real |
| 340 | 00:59:41,610 --> 00:59:50,370 | account because you shouldn't be trading with real money yet you're still learning but some of you just want to be doing it. Now, be honest, no one else |
| 341 | 00:59:50,370 --> 01:00:02,790 | can hear your thoughts. When you know you shouldn't be doing something and you made money. Do you really feel good about it? Now, that's the reason why you go |
| 342 | 01:00:02,790 --> 01:00:11,820 | on social media and talk about how you made mine. You're dealing with the guilt, because you knew that that was not skill that was playing Oh, luck. I believe in |
| 343 | 01:00:11,820 --> 01:00:22,770 | luck. I don't believe my results are a result of luck. I believe when I make money, and I knew I shouldn't have done what I did, that is luck. I know it |
| 344 | 01:00:22,770 --> 01:00:37,080 | exists. My ass has been saved many times of doing the wrong thing at the wrong time. But he came my way out of it with a profit. And I believe that goes on a |
| 345 | 01:00:37,080 --> 01:00:48,960 | lot in this industry. And you see it thrown up, regurgitated day after day, with these people posting their empty for results. And they're the same individual to |
| 346 | 01:00:48,960 --> 01:01:01,140 | have 20 trades in the same asset. And they're all different prices by maybe one and a half pips difference 18,000 $20,000 profits on each one of they did not |
| 347 | 01:01:01,140 --> 01:01:09,450 | take that trade and the fact that they have all those little entry points. They didn't know what they're doing. They're just going in placing trades, placing |
| 348 | 01:01:09,450 --> 01:01:18,450 | trades, placing trades. And in there it is. I'm telling you, folks, those individuals are not making real money, period. But these are the same people, |
| 349 | 01:01:18,450 --> 01:01:27,450 | they're going to influence you and tell you don't use a stop loss trade on days where I'm teaching you, it's not likely to be that perfect setup that you're |
| 350 | 01:01:27,450 --> 01:01:38,190 | looking for. Did you just say perfect? Yes, I did. There's a perfect setup that I had in mind that I hunt every single week. Sometimes I miss it. Sometimes it |
| 351 | 01:01:38,190 --> 01:01:48,300 | doesn't form. But in my mind, I have a specific unicorn pattern that I like to see every single week. And I go after that. That's my personal model, I'm not |
| 352 | 01:01:48,300 --> 01:01:57,780 | teaching you, he has a lot of the things that I've shared. But your unique unicorn pattern, that little perfect thing that you're looking for, you'll |
| 353 | 01:01:57,780 --> 01:02:05,490 | develop that on your own, it might be the very model I gave on YouTube. Or if you're a private membership student, and maybe one of the models I taught, or it |
| 354 | 01:02:05,490 --> 01:02:16,410 | might be a hybrid of 12 that I taught. That's where the flexibility has to come in, you have to give yourself the flexibility and invitation to bring your own |
| 355 | 01:02:16,410 --> 01:02:28,320 | individual unique pneus as a person into your trading. It's fine to take what I've taught conceptually. But you have to still work with that, like clay and |
| 356 | 01:02:28,320 --> 01:02:37,800 | mold it around your personality. If it doesn't work. It's not because my concepts don't work. And it's not because you can't be a profitable trader, it's |
| 357 | 01:02:37,800 --> 01:02:49,920 | just you have not formed fitted it to your personal personality, your way of thinking and engaging. But these types of ideas around teaching that you cannot |
| 358 | 01:02:49,920 --> 01:02:59,700 | do something on certain times and the calendar week or month. They have to be hard rules, regardless of what you've done in the past, regardless of who you |
| 359 | 01:02:59,700 --> 01:03:07,110 | respect in this industry. And they tell you differently. I'm telling you folks, if you want longevity, this is one of those keys those secrets that doing it. |
| 360 | 01:03:07,830 --> 01:03:20,220 | You have to know when to say no, I don't care how good it looks. You're watching the chart. It's no, because I can tell you, every time I broke this rule every |
| 361 | 01:03:20,220 --> 01:03:33,270 | single time before I put the trade on, I could justify Oh, it looks good. And as soon as I put the trade on, most of times I regretted it. But I would stay with |
| 362 | 01:03:33,270 --> 01:03:46,230 | it because well, I committed myself. So I can tell you statistically looking back all the times that were harmful to me. The things that were not positive or |
| 363 | 01:03:46,230 --> 01:03:46,920 | profitable, |
| 364 | 01:03:48,180 --> 01:03:57,450 | all generally hinge on doing things when the markets really not likely to even give me the setup I'm even looking for. And when I was younger, if I had a setup |
| 365 | 01:03:57,450 --> 01:04:05,520 | I was looking for many times I was in paid over to hell with it, you know, I'm getting tired of waiting. This cast is then get down to oversold quite yet. And |
| 366 | 01:04:05,520 --> 01:04:16,290 | I'm just going to get in and now because I'm just impatient and tired of waiting. Stupid. And you've probably done things like this before. Everybody |
| 367 | 01:04:16,290 --> 01:04:23,880 | that's ever traded with live money has done that before. And many of you probably still do it. You know what you're looking for a fair value gap after a |
| 368 | 01:04:23,880 --> 01:04:31,050 | shift in market structure and a liquidity pool. There are three things that are very, very clear things that you need to see in the chart. You can't see them |
| 369 | 01:04:31,050 --> 01:04:43,650 | obviously. What are you doing? gambling. If you feel the impulse to gamble, that is the surest sign for you to get the hell out of there. turn the computer off |
| 370 | 01:04:43,680 --> 01:04:51,300 | and go and leave your house. Leave your office, leave your phone and go do something else. physically remove yourself from the opportunity to hurt |
| 371 | 01:04:51,300 --> 01:05:03,240 | yourself. Do it. I promise you if you do that, over the course of one year, look at how much money you would have saved you herself. That's how you convince |
| 372 | 01:05:03,240 --> 01:05:11,790 | yourself of it. But some of you are so new at this, you're not gonna believe what I just said, applies to you. You're the exception to the rule, and you're |
| 373 | 01:05:11,790 --> 01:05:20,310 | not believe me. I didn't think my shits think when I was 20 years old, I thought I figured it out real quick, real fast, and then was like, Oh, the golden child. |
| 374 | 01:05:21,420 --> 01:05:28,710 | And I had no idea what I was doing. And nobody could have told me these lessons right now. And I never would have listened. And I know that going into this |
| 375 | 01:05:28,710 --> 01:05:36,450 | discussion with you, there are some excess, the young men, you're not going to receive this message and you're just putting your fingers in your ears, you're |
| 376 | 01:05:36,450 --> 01:05:45,030 | waiting for me to talk about something else. There is nothing else I'm talking about today. This is it. But you need this lesson, you need to know it. Because |
| 377 | 01:05:45,030 --> 01:05:58,140 | if you don't, if you don't learn it early on, you won't be in this game long. It won't matter. Because you will remove yourself. And you've done it to yourself. |
| 378 | 01:05:58,560 --> 01:06:09,000 | It won't be me, it won't be my fault. It won't be my concepts. It won't be somebody else influencing you, it's you. You. Your broker takes orders from you. |
| 379 | 01:06:10,680 --> 01:06:24,870 | Everybody else around you may have an influence on you. But still bottom line and responsibility solely rests on you. You can't blame anyone else. You. That's |
| 380 | 01:06:24,870 --> 01:06:34,680 | another reason why this industry is difficult. It's so easy. But it's next to impossible. Because everybody wants to have the credit when it works out in |
| 381 | 01:06:34,680 --> 01:06:42,840 | their favor. They want to add a boy or a girl. They want to champion themselves they want only themselves in front everybody look at this. Look at I did. Look |
| 382 | 01:06:42,840 --> 01:06:52,470 | how great I am. But a thumbs up like my comment my post retweet me. I've done something excellent today. Take notice of me. Look what I've done today, I have |
| 383 | 01:06:52,470 --> 01:07:07,080 | done something that isn't is that someone that's grounded in what they're doing? And they don't need someone else to validate them? No. That's a weak minded |
| 384 | 01:07:07,080 --> 01:07:21,000 | person, that someone that's an attention whore. That's what that is. I'm accused of that. But i not i There's a lot of things that I could show you and do. That |
| 385 | 01:07:21,000 --> 01:07:29,910 | would be the definition of that. I don't need to do those things. What I do what I do just enough to inspire my students, I'm interested in what you're showing |
| 386 | 01:07:29,910 --> 01:07:40,530 | me. That's the exchange here. I teach you, I give you examples to show you what it looks like. And then and then you are to go out there and do it. And then you |
| 387 | 01:07:40,530 --> 01:07:51,420 | show me like homework. That's the relationship we have here. I don't view that as attention seeking or cloud chasing, you're giving feedback to your mentor, |
| 388 | 01:07:51,510 --> 01:08:05,790 | I'm looking for that. I want that. And honestly, I have a lot of user groups in my private mentorship. And I don't have one single user group where one group is |
| 389 | 01:08:05,790 --> 01:08:15,450 | this really thriving, and they're doing this like they're afraid. Like they're afraid to be judged by other people in their own group. |
| 390 | 01:08:18,090 --> 01:08:26,790 | In a safe, enclosed little area, like I have in a private mentorship forum, they should feel safe, they are not. And that tells you something about their |
| 391 | 01:08:26,820 --> 01:08:38,340 | psychology, their viewpoint. They're afraid. And you have to conquer that fear. Put it out there, when you send me something on Twitter. Or if you make a video |
| 392 | 01:08:38,430 --> 01:08:44,820 | on YouTube, and you send me the link, and I watch a lot of videos as long as you're not really long. I like to see the videos like I create myself, these |
| 393 | 01:08:44,820 --> 01:08:53,970 | little vignettes. And you probably hear my stomach growling because I haven't seen anything I apologize. But I liked that feedback. Because that means I know |
| 394 | 01:08:54,120 --> 01:09:01,710 | you're doing the work. And you're taking the lessons like this one, and you're applying it to yourself, you're applying it to your trading. And when you do |
| 395 | 01:09:01,710 --> 01:09:10,230 | those types of things repeatedly, you're going to get the results you're looking for, you're not going to get it on the timeline that you want. That's the |
| 396 | 01:09:10,230 --> 01:09:21,000 | problem. You're all subscribing to the fact that yes, these things work. Yes, I can do it and you see other people doing it. But you don't want to subscribe to |
| 397 | 01:09:21,000 --> 01:09:29,220 | the idea that it's going to take you a year to get really a full, solid understanding of what a calendar year looks like in trading. That's why I tell |
| 398 | 01:09:29,220 --> 01:09:39,780 | you, it's going to take you about a minimum of a year, you can learn how to trade in a month and a half, two months. You can learn that part of it. But you |
| 399 | 01:09:39,780 --> 01:09:49,590 | cannot learn to be a trader. Anything less than a year. Now don't give a shit who tells you there's a lot of people out there beating their chests that |
| 400 | 01:09:49,590 --> 01:09:59,550 | they're the best. They're the goat or this nothing. I don't see their students showing shit. I'm waiting. I'm being real patient before the end of the year. |
| 401 | 01:10:00,000 --> 01:10:14,520 | But I'm waiting. And I don't see anybody thinking outside the box or profiting in the box. But I could be wrong, we'll see by and a year. But these guys are |
| 402 | 01:10:14,520 --> 01:10:27,990 | here. They try to influence you. And only thing I'm trying to do is keep you on the right path. Don't do stupid stuff. Don't take unrealistic risk. Don't expect |
| 403 | 01:10:27,990 --> 01:10:42,150 | these models to dance for you. When there's no music playing. That's essentially what's being said here. Don't go in immediately after a bank holiday, and expect |
| 404 | 01:10:42,150 --> 01:10:53,640 | the market to be perfect, symmetrical, everything easy. Because it's not likely to be it can, but it's not likely to be. So don't you really want to focus your |
| 405 | 01:10:53,640 --> 01:11:05,160 | time in market environments that are likely to give you Gangbuster conditions, that means easy salad day trading. So it's really easy, and it's just like low |
| 406 | 01:11:05,160 --> 01:11:11,700 | hanging fruit, the setups is laid out in front of you. But easy placement of where a stop loss should be typical. And where it's likely to go is a draw on |
| 407 | 01:11:11,700 --> 01:11:22,920 | liquidity. That's what I teach my students. And guess what, folks, that is not an everyday condition. Just because we call it day trading, it is not every day |
| 408 | 01:11:23,460 --> 01:11:38,280 | trading. You have to grow comfortable with not needing to be doing something today. And you see these jokers, Twitter, Instagram, I see T says he doesn't |
| 409 | 01:11:38,280 --> 01:11:48,000 | trade on Mondays. Now I can trade on Mondays, I just like to wait and see what Monday does on certain weeks. But they take something I've said in a video or |
| 410 | 01:11:48,030 --> 01:11:55,710 | someone repeats, and then take it to the extreme, oh, he doesn't do this. So therefore he's stupid, or he doesn't work. And he hasn't had a profitable |
| 411 | 01:11:55,710 --> 01:12:04,050 | system. And he doesn't do this and doesn't do that. That's a full speaking, pretending to know something I have no idea what they're talking about. And |
| 412 | 01:12:04,050 --> 01:12:16,620 | again, ask them to show by contrast, crickets. So don't invite these other people, whether they're critical of me as your mentor, or you as a student who |
| 413 | 01:12:16,620 --> 01:12:28,980 | gives a shit. Who gives a shit? Who cares what any of these people think? Are you going to give this stranger who you will never meet? The power, the energy, |
| 414 | 01:12:29,010 --> 01:12:43,650 | the time of day, to even listen to their bullshit. Many of you it's like, it's like flypaper. And you land on it, and you can't get away from it, you'd love |
| 415 | 01:12:43,650 --> 01:12:57,720 | the drama. And you're always chasing that drama. Instead of pouring that energy and time into improving your craft. This is a skill set that you have to work |
| 416 | 01:12:57,720 --> 01:13:08,460 | at, you got to keep working at it. And you have to filter out all the bullshit, you got to take the negative stuff and keep it at bay, don't let it in. If I'm a |
| 417 | 01:13:08,460 --> 01:13:09,810 | fraud, you'll know it. |
| 418 | 01:13:11,190 --> 01:13:20,370 | If this stuff doesn't work, you're gonna know it. You don't need somebody else's opinion. You won't need that you're gonna come away with, wow, this shit really |
| 419 | 01:13:20,370 --> 01:13:33,840 | works or This is bullshit, it doesn't work. This doesn't even hold up. And on asking people that have a genuine sincere interest in themselves, not me. In |
| 420 | 01:13:33,840 --> 01:13:46,770 | themselves, test drive it laid in your hands for free. I tell you what you have to do? What is likely not to work for you. When not to do something. And if you |
| 421 | 01:13:46,770 --> 01:13:56,520 | operate with that in mind, you're still going to lose money. But you're gonna see that it works more times than it doesn't. So if it works more times than it |
| 422 | 01:13:56,520 --> 01:14:08,340 | doesn't. When does it work? That's the discovery you have to find because it's you bringing that into it. What what you're saying is, is your methods perfect. |
| 423 | 01:14:09,000 --> 01:14:17,640 | The algorithm is perfect. The interpretation that you or me are going to bring to the marketplace that given day or trading session. That's where the error |
| 424 | 01:14:17,640 --> 01:14:28,380 | comes in. The markets always right. We are the ones that are incorrect and we suffer the monetary loss when we are wrong. How hard is that to assume in terms |
| 425 | 01:14:28,380 --> 01:14:37,020 | of responsibility? It's something easy, but it's like telling a child you can't have that lollipop right now. You need to eat dinner first. You have to eat your |
| 426 | 01:14:37,020 --> 01:14:46,770 | vegetables. You can't have your pudding until you have your meat. Well, this is one of those lessons that's meat. It's not a milkshake and gumdrops, folks, but |
| 427 | 01:14:46,770 --> 01:14:55,260 | this is the stuff that you have to have. It fortifies you it makes you prepared indoor with this market in any market out there. you're ever going to trade it's |
| 428 | 01:14:55,260 --> 01:15:07,350 | going to give you nothing about you This could be two or three chapters on a book. And you wouldn't want to read these chapters, you'd be going to the parks |
| 429 | 01:15:07,350 --> 01:15:17,850 | that have charts and pictures of order blocks and fair value gaps and volume imbalances, and this season cities and all those good things. And all that stuff |
| 430 | 01:15:17,880 --> 01:15:27,810 | will still cause you to lose money, if you don't listen to things like this. Because you have to have boundaries, you have to have limitations. And |
| 431 | 01:15:27,810 --> 01:15:41,700 | limitations are not a bad thing. They're not. But you have to be told by someone that operates with them. That benefits from them. And then you have to test |
| 432 | 01:15:41,700 --> 01:15:50,490 | drive that to and it gives you a peace of mind, it gives you clarity, it gives you confidence, a confidence level that you can't really, I can't really |
| 433 | 01:15:50,490 --> 01:15:58,830 | articulate because you have to experience it to know, how do you know when not to treat treat a specific setup, even though it may look like there's an optimal |
| 434 | 01:15:58,830 --> 01:16:05,700 | trade entry, a fair value gap, a shift in market structure, it looks like there's relatively equal lows above or below the marketplace. How do you know |
| 435 | 01:16:05,700 --> 01:16:15,150 | not to take those trades? How is he able to not be a participant in those moves? Well, it's this, but I don't beat around the bush and lie and sugarcoat and say, |
| 436 | 01:16:15,570 --> 01:16:24,990 | I'm in every move out there. Because there's a lot of moves that I'm not a participant in, that were perfect. That just wasn't there to do them. Or I did |
| 437 | 01:16:24,990 --> 01:16:33,330 | it wrong. I was looking somewhere else. I paid attention to somebody else's opinion about something I go in and look at. It's why I don't like following |
| 438 | 01:16:33,330 --> 01:16:41,340 | anybody. It's not arrogance. And last last time I was on Twitter at people say, Oh, look at he's so arrogant. He doesn't follow anybody, what kind of mentors |
| 439 | 01:16:41,340 --> 01:16:50,340 | that he doesn't follow anybody? Well, I want a mentor that doesn't look for advice in the field that they're trying to be the mentor in. Because if I'm |
| 440 | 01:16:50,340 --> 01:16:59,190 | looking for advice, that means I don't have it together. I don't know what I'm doing. Now, I'm not saying that everything I do is in, you know, is perfect and |
| 441 | 01:16:59,460 --> 01:17:08,460 | free of imperfection. Because I'm not perfect. My trading results are not perfect, I have losing trades. I can do it wrong, just like anybody else. But |
| 442 | 01:17:08,460 --> 01:17:16,470 | that's the human element in me where I'm thinking outside of the rules I've placed in there. And every single time I do it, invariably, I regret it. But I |
| 443 | 01:17:16,470 --> 01:17:24,240 | don't want to follow anyone else. I don't want to be looking at what they're thinking, because in my mind, and this is gonna sound arrogant, but I want you |
| 444 | 01:17:24,240 --> 01:17:35,160 | to understand why I do it. If someone shares an idea with me on Twitter, number one, if you're if you're a student, what you're basically saying is, if he likes |
| 445 | 01:17:35,160 --> 01:17:41,310 | my post, about what I think is going to happen in the marketplace, he's really basically giving me a nod saying, that's the right way of doing it. And notice |
| 446 | 01:17:41,310 --> 01:17:50,850 | that you do that I don't ever do it. It's not because I don't see you, I see you. It's not because I'm trying to be rude or ignorant. I'm not going to cosign |
| 447 | 01:17:50,850 --> 01:18:01,290 | your trade, because what that's going to do is it's going to build this expectation that, okay, I'm going to rub the magic eight ball, I'm going to open |
| 448 | 01:18:01,290 --> 01:18:10,740 | up Twitter. And I'm going to shake my phone and rub it and ask it this ICT thing that this euro dollar trade is a goodbye, right here. |
| 449 | 01:18:13,680 --> 01:18:24,300 | Yes. If he comments and says otherwise, it's no, if he doesn't like it, it's no an approximate class to trade. Some of you are laughing right now, because you |
| 450 | 01:18:24,300 --> 01:18:33,360 | knew damn, well, that's what you're doing. And I'm not going to like your post. I'm not going to cosign your trade because guess what it becomes my trade. And |
| 451 | 01:18:33,360 --> 01:18:43,500 | if I can't make money off your trade, I don't want to be a part of it. So don't do those things. And you won't feel like I'm ignoring you. And you won't grow |
| 452 | 01:18:43,950 --> 01:18:51,960 | with this measure of expectancy, that I'm going to be the oracle that cosines the validity of your trade setup, because it's not going to happen like that. I |
| 453 | 01:18:51,960 --> 01:19:02,550 | don't do it for my private membership group. And I'm sure as hell not going to do it on Twitter. So I don't follow anyone. And I don't like when people pose |
| 454 | 01:19:02,550 --> 01:19:11,550 | their analysis to me about something that's unfolding. Because I'm immediately what I'm doing is this is what I'm really doing. When you do that. I'm going in |
| 455 | 01:19:11,550 --> 01:19:22,890 | to see what you're doing wrong. Not in the position to correct you because the market is going to correct you and you have to learn that way. It's impossible |
| 456 | 01:19:22,890 --> 01:19:29,310 | for me to field every single question that's ever sent to me by email or even on Twitter or my comment section into videos and says look, I missed too many of |
| 457 | 01:19:29,310 --> 01:19:44,790 | them. Can't keep up with it. But if I am posed a question with this is what I'm doing in trade right now. You know, what do you think about that? Or sometimes |
| 458 | 01:19:44,790 --> 01:19:56,160 | throw a comment in here like learn from the best ICT? Listen, I don't need that kind of stuff. I appreciate it. But I'm still not going to like your post. I'm |
| 459 | 01:19:56,160 --> 01:20:05,370 | not going to highfive it. I'm not going to do that because what I'm doing is good Then you that little nudge that you're not going to get when you're trading |
| 460 | 01:20:05,370 --> 01:20:13,200 | without me around. And that's going to be a day in the future. I don't know when, but it'll happen. And you're going to need to be able to trust yourself. |
| 461 | 01:20:14,430 --> 01:20:23,310 | That's the mentor I'm trying to be, I don't want you pushing me above everyone else, I don't want you worshiping Me, I don't want you call me a goat, or a |
| 462 | 01:20:23,310 --> 01:20:32,130 | king, or any of that crap. Be your own king. You want to be a goat, you'd like being goats and all that stuff, do you be a goat, I don't want to be a good, I |
| 463 | 01:20:32,130 --> 01:20:46,170 | want to be just ICT. And I'm a boring, middle aged guy. That is very, very content with being what I am. And I like being what I am. And I'm not going to |
| 464 | 01:20:46,680 --> 01:20:58,500 | be influenced to change who I am. And when someone sends me something like that, I go in looking for what they're doing wrong. And sometimes, that has caused me |
| 465 | 01:20:58,500 --> 01:21:12,630 | to go in and take trades. Some fading what you guys are sending me. Now you don't see those things, even when they are profitable. But that's what that's |
| 466 | 01:21:12,630 --> 01:21:21,480 | what goes on in my head. That's how I'm wired. When I see other people, and they show their YouTube channel reviews or whatever, maybe they've taken a trade, |
| 467 | 01:21:21,810 --> 01:21:31,980 | maybe that trade was profitable. I'm going in and comparing what I did that day. And I'm measuring myself against that, because that's a character flaw in me. So |
| 468 | 01:21:31,980 --> 01:21:44,160 | I had to keep that at bay. And I don't allow it in my teaching. Because if it comes out in my teaching, it's not going to give you any benefit. Because I |
| 469 | 01:21:44,160 --> 01:21:54,000 | struggle with it. Because I believe thing better than everyone else. That's That's my understanding. That's my belief. Okay. Whether anyone else subscribes |
| 470 | 01:21:54,000 --> 01:22:00,120 | to that view or not is irrelevant to me. Because I know I have. And I know what I see, I know what I've been able to work with, throughout the course of my |
| 471 | 01:22:00,120 --> 01:22:14,640 | entire life doing all this stuff. But that is also in a person's hands like mine who is obsessively compulsive, and a control freak. These are issues that I |
| 472 | 01:22:14,640 --> 01:22:25,110 | wrestle with. I'm not going to engage my students like that. Like when I was on baby pips, that was me just doing. But still teaching, it was a social |
| 473 | 01:22:25,110 --> 01:22:35,700 | experiment, I want to see, can I basically create the environment that created me, and nobody ever came out of it like buying. I don't have a student who |
| 474 | 01:22:35,700 --> 01:22:48,810 | doesn't, you know, transformed into a junior ICT. I don't have anything like that. I have a lady, woman to the brother. That is really amazing in trading. |
| 475 | 01:22:49,230 --> 01:22:59,280 | And she works with three different models. And I'm telling you, she is so humble and so modest. She and she's right now she's wishing I wouldn't even bring her |
| 476 | 01:22:59,280 --> 01:22:59,640 | out right now. |
| 477 | 01:23:00,989 --> 01:23:11,069 | But I'm just impressed. Like I'm impressed what she's been able to do. And she never wants to draw any attention to herself. She never goes out in social media |
| 478 | 01:23:11,069 --> 01:23:22,559 | and reps me. She never says anything. And she's extremely modest when she contacts me. So and this is a woman that trades with lots of real money. Okay, |
| 479 | 01:23:23,039 --> 01:23:38,009 | and how many of those types of students you hear me saying I have? Exactly. Most of my students are young guys that have came through. They wanted to do it easy. |
| 480 | 01:23:38,129 --> 01:23:48,089 | They wanted to have it real fast dollar menu, mentorship with Olympics results, gold medal results, because they want to go out and hurry out in social media |
| 481 | 01:23:48,749 --> 01:23:58,769 | and say, Look at me, I'm a beast. Look at me, I'm a goat. I'm this and I'm that look at me worship me. And that's why they're struggling. Not because this stuff |
| 482 | 01:23:58,769 --> 01:24:06,029 | doesn't work, because they're in a rush to be something they're not intended to be. And I am not creating that. That's not my intent of teaching, you know, all |
| 483 | 01:24:06,029 --> 01:24:17,489 | the things I'm teaching. I have a lot of profitable students that are quiet about what they're doing. Not many of them are like, the lady student I refer to |
| 484 | 01:24:17,879 --> 01:24:30,689 | she's, she's, she's cut from a different cloth. And frankly, she's, you know, this is a really amazing person. Not just in her trading, but just a really nice |
| 485 | 01:24:31,079 --> 01:24:44,789 | individual. You would you wouldn't find anything negative to say about this woman. She's very humble. She's very soft spoken. But if you saw you slow what |
| 486 | 01:24:44,789 --> 01:24:55,169 | you could do, oh, man, like, sometimes she's traded better than me. And I don't have any shame in saying that. Like, her entry sometimes was better than mine or |
| 487 | 01:24:55,169 --> 01:25:06,749 | exits were better than mine. And sometimes she traded in a market that I wasn't interested in And I'm flattered that she calls me, her mentor, I'm blessed and |
| 488 | 01:25:06,749 --> 01:25:20,069 | honored that that woman is so aware that what she's learned from came from me, but she doesn't elevate me. And that's exactly what I want from all my students. |
| 489 | 01:25:20,489 --> 01:25:28,889 | And I love champion her. I wish she'd give me permission, I wish she would give me permission. Because I'm telling you right now, I would have her plastered |
| 490 | 01:25:28,949 --> 01:25:39,839 | everywhere. And that's what I want my students to be my students like that. But she knows that's exactly what I intend to do. So she's telling me no, because |
| 491 | 01:25:39,839 --> 01:25:52,739 | she doesn't want that type of energy around her. But the man in me, the teacher, the guy, the testosterone junkie, okay, I want that. I want to be able to shove |
| 492 | 01:25:52,739 --> 01:25:59,909 | that right in the faces of everybody that says, You can't learn anything profitable. And from the men that think they're they're going to be the ones |
| 493 | 01:25:59,909 --> 01:26:14,099 | that rule everything. My best student is a woman. You hear a lady. And man, I'm telling you what, she's done phenomenally well, she's done very well with |
| 494 | 01:26:14,099 --> 01:26:25,919 | articulating what it is that works for her. Not everything resonated with her. But she's found her own way of doing it. And it's amazing to see it, the |
| 495 | 01:26:25,919 --> 01:26:35,009 | transformation was amazing. And there was nothing special about him when she first came to me, nothing that stood out as this was going to be the one that |
| 496 | 01:26:35,009 --> 01:26:46,709 | really stands out. Nothing. Because it was a soft spoken person. Just said, lots of questions. What I what do I do in this situation? How do I avoid this? I'm |
| 497 | 01:26:46,709 --> 01:26:58,409 | afraid of this? How do I conquer that fear. And it's everything I've taught on this YouTube channel. Think about that. All the things that was required for her |
| 498 | 01:26:58,409 --> 01:27:16,469 | to find her niche in this where I taught for free on this YouTube channel before 2020 to think about that. My best. My best came from what's freely available to |
| 499 | 01:27:16,469 --> 01:27:26,279 | you. And I see all these people out there. They're making little videos saying Oh, yes, in my opinion of ICT, don't tell me an opinion, until you show me that |
| 500 | 01:27:26,279 --> 01:27:37,919 | you traded with it. Because if you're not trading with it, then you didn't do enough work to trust it. Who has ever logic? See, you'd like to sit on here and |
| 501 | 01:27:38,339 --> 01:27:43,439 | critique other YouTubers, and you've never really done anything? When they placed themselves out there and said, Hey, look, |
| 502 | 01:27:45,300 --> 01:27:54,270 | this is how I do something, and you're welcome to try to test drive it and see if it works for you. That's all I do. And for those individuals that go out, and |
| 503 | 01:27:54,270 --> 01:28:03,120 | they watch a video or two, I really didn't do as to 2022 mentorship, but this is how I do things differently. I'd look at this way this is my spin on ICT. Don't |
| 504 | 01:28:03,120 --> 01:28:10,410 | even bring my name up. Don't even do that. That's clickbait, okay, usually what's going to happen this is my students gonna come in and rip your comments |
| 505 | 01:28:10,410 --> 01:28:17,460 | section apart. Okay, and which means that sounds like we're a cult, and it's not just these are young men and women that are very, very passionate about who |
| 506 | 01:28:17,460 --> 01:28:24,150 | they're learning from, because they know I'm passionate about them, will encourage you not to do those types of things. Because not, not only does it |
| 507 | 01:28:24,150 --> 01:28:34,890 | look ugly, it looks like I champion that stuff. I don't, I don't I don't want any my students that act like that. It's lessons like this, I want to hopefully |
| 508 | 01:28:34,890 --> 01:28:44,430 | ground you, give you the right perspective. Explain why certain things are beneficial for you, and how conditions and environments are going to be harmful |
| 509 | 01:28:44,430 --> 01:28:57,210 | to you psychologically, emotionally. And traditionally, it's the men, the young guys in here that get themselves in trouble, because they are thinking with an |
| 510 | 01:28:57,210 --> 01:29:08,550 | adversarial, like a gladiator, a person that want to go out there and you rattle sabers with the next guy out there. And sometimes it's because they feel like |
| 511 | 01:29:08,550 --> 01:29:14,700 | they gotta defend me or sometimes they just feel like they want to be a superhero. And they want to go out there and challenge the entire world. You are |
| 512 | 01:29:14,700 --> 01:29:27,720 | invited all the wrong kind of energy. Because here's some folks just like it was for me. When I was looking at baby pips. For almost like a year or so I was |
| 513 | 01:29:27,750 --> 01:29:38,220 | quietly just reading baby pips forms, and to listen to the stuff or really read the stuff that was being talked about on there. It's laughable, like, this stuff |
| 514 | 01:29:38,910 --> 01:29:52,800 | that was being promoted by people is garbage. It's literally trash. But there was people still working very diligently to try to make those things work, and |
| 515 | 01:29:52,800 --> 01:30:00,690 | they never were working. So I literally sat down and said, You know what I'm gonna do I'm gonna I'm gonna do something else that wasn't Got to do anymore, |
| 516 | 01:30:02,070 --> 01:30:09,870 | I'm gonna come out and make myself available to people, but I'm gonna have to get something out of this, I'm gonna have to do a social experiment and see if |
| 517 | 01:30:09,870 --> 01:30:18,210 | there is a way that I can kind of create the same atmosphere that I had when I came up. And I want to see if I can create that, like a laboratory experiment, |
| 518 | 01:30:19,080 --> 01:30:28,770 | give them just the right amount of information I had in the order I got it, and see if they were able to see what I was able to see. And again, not one person |
| 519 | 01:30:28,770 --> 01:30:45,690 | was able to do that. But I wanted to be the person to come out there and help other people. But I'm out with something, I have a chip on my shoulder. I was |
| 520 | 01:30:45,690 --> 01:31:02,820 | told not to do something. And remember what I said earlier in the video or this discussion. The science says they offline. Don't touch wetpaint. When I'm told |
| 521 | 01:31:02,850 --> 01:31:14,730 | I'm not supposed to do something, I'm going to look for 17 different ways to do it. That's just the way I'm wired. I'm not saying it's an admirable |
| 522 | 01:31:14,790 --> 01:31:25,710 | characteristic. It's many times the real reasons why I have anything negative in my life, because I feel like I have to do these types of things out really, some |
| 523 | 01:31:25,710 --> 01:31:38,910 | of you might look at this, oh, your attention seeking No, I'm thinking I gotta get off my chest. And I have it. I have it, where it's very easily disseminated |
| 524 | 01:31:39,090 --> 01:31:56,880 | in the world. But I'm told I can't do certain things. So I try the color outside the lines as much as I possibly can. And then I'm told, Don't do that. Don't do |
| 525 | 01:31:56,880 --> 01:32:07,710 | this. You better not do that. So I backpedal. And I look for different ways to go, again, a different approach a different strategy, but gets me very, very |
| 526 | 01:32:07,710 --> 01:32:22,380 | close to what I feel is an insatiable desire to share. And when I was teaching for free, I'm teaching for free right now want to go back to ever teaching for |
| 527 | 01:32:22,380 --> 01:32:32,580 | money. But I had so many people say, you know, he only wants to do this for money. Well, I prove that I can make millions of dollars teaching. And I proved |
| 528 | 01:32:32,580 --> 01:32:40,650 | that I can put that down because I don't need it. There's a number of individuals out there right now that are teaching, they don't really have a |
| 529 | 01:32:40,650 --> 01:32:44,970 | justification for collecting money, because what they teach doesn't work in the camper, they've done anything with it. |
| 530 | 01:32:47,100 --> 01:32:59,400 | They in this situation like I am in the I'm turning away that type of money. They would never even ever, ever entertain that. And why did I do that? Why did |
| 531 | 01:32:59,400 --> 01:33:10,020 | I go into the paid mentorship group because I know some of this stuff keeps popping up. When I was teaching for free on baby pips, and I was doing a lot |
| 532 | 01:33:10,020 --> 01:33:18,480 | like every day I was putting up something that I loved it. I was like, why are you spending so much time with these people? Like you're spending all that time? |
| 533 | 01:33:19,320 --> 01:33:28,470 | What are you getting out of it? I got a lot out of it. It was an event. It was an outlet for me to plug into and download everything. It's in my head. And I |
| 534 | 01:33:28,470 --> 01:33:37,260 | was really actively trying to see if there was going to be an industry out there that could come up like I did. I wanted to create that that Dr. Frankenstein |
| 535 | 01:33:37,260 --> 01:33:45,870 | scenario. And I was disappointed that it didn't materialize. Like I worked very hard with some individuals on an individual level. And they know who they are. |
| 536 | 01:33:46,020 --> 01:33:55,470 | And some of them actually turned out to be trolls. And that just goes to show that they had the issues not me because they were getting hand delivered things |
| 537 | 01:33:55,500 --> 01:34:06,450 | out above what I was teaching on baby pips in a YouTube channel early on. But I didn't go in with the intent of building an audience to sell. I didn't because I |
| 538 | 01:34:06,450 --> 01:34:14,040 | could have done that right from Jump Street. I had a million views on my threads. Nobody ever had that many of us on baby pips and it's not bragging |
| 539 | 01:34:14,040 --> 01:34:22,620 | folks, I'm just telling you to think about, I had the framework to go right into business that I wanted to. But we went to Ocean City one summer, and I was in |
| 540 | 01:34:22,620 --> 01:34:34,770 | 2016, actually. And I came back and I had all these emails from people saying, there's a Middle Eastern guy in a company that's taking your free YouTube videos |
| 541 | 01:34:35,670 --> 01:34:47,730 | and selling them. And I'm like, what? And I just kept reading all these emails. It was like, everybody discovered that this was going on, and I honestly I ain't |
| 542 | 01:34:47,730 --> 01:34:58,050 | gonna not gonna sugarcoat it. I was fucking pissed off. I got pissed off. It lit a fire under my ass like you son of a bitch. Watch this. You want to do |
| 543 | 01:34:58,050 --> 01:35:07,020 | something like that? Okay, no problem. instantly, I told my wife, I said, I'm about to do something, that's probably going to change a lot of people's opinion |
| 544 | 01:35:07,020 --> 01:35:19,800 | about me. But I don't do this, I'm gonna lose my mind. So I went right to Twitter, I said, I'm not going to teach anything ever again, for free, even |
| 545 | 01:35:19,800 --> 01:35:35,370 | selling my stuff, if anybody's want to collect money on it, I am. And I put the PayPal link up in 24 hours at 80,000 hours, 24 hours i $80,000. And it just came |
| 546 | 01:35:35,370 --> 01:35:49,350 | in wave after wave after wave after wave. Now when my wife saw that, she was like, wow, this is without any advertising at all. I was like, Yeah, it's crazy. |
| 547 | 01:35:49,890 --> 01:36:00,960 | I never advertised. And I got all kinds of threats. And I knew I was ready to read my target. Because why are they gonna buy anything from anybody else? When |
| 548 | 01:36:00,960 --> 01:36:10,500 | the real McCoy is doing it. And that's how I grew. It was not by any fraud, everything I've done, I've done in front of people, I've said, this is where the |
| 549 | 01:36:10,500 --> 01:36:17,040 | markets gonna go, this is what's going to do this is why should work. And this is why people were in my mentorship and stayed, the ones that couldn't do it |
| 550 | 01:36:17,040 --> 01:36:24,180 | couldn't afford it, or they found someone leaking it and selling it to him for cheaper. And that's the reality of it, folks. And no matter what I do, someone's |
| 551 | 01:36:24,180 --> 01:36:31,770 | gonna be out there trying to twist it and make a way for them to make money with it. That wouldn't be an agreement with me. It's like anything, pay per view |
| 552 | 01:36:31,770 --> 01:36:42,900 | events, they, they, they make their little channels on, it used to be like Periscope, and I can't think of other thing that you don't talk about when |
| 553 | 01:36:42,900 --> 01:36:51,390 | people, they can't afford to pay the live event, like it's a boxing event or something like that. Somebody will put it up there and say, Hey, this took me |
| 554 | 01:36:51,390 --> 01:36:58,020 | five bucks, and you can watch it from my stream. That doesn't matter. I mean, that's always gonna go on, I'm not going to be the exception to that. And if I'm |
| 555 | 01:36:58,020 --> 01:37:08,550 | a hot commodity, which in trading forex and such, I am, and I'm not beating my chest, but I did this with the intent of doing it for free forever. But I got |
| 556 | 01:37:09,030 --> 01:37:20,760 | pissed off. I did it. And then I said, Well, you know, I'm not going to advertise. And I did say I'm going to do it, and close it. And then I had all |
| 557 | 01:37:20,760 --> 01:37:26,820 | these other people saying it's join us join us join, I want to join, you didn't give me an opportunity. And for a few years, it just |
| 558 | 01:37:28,079 --> 01:37:37,439 | I felt bad. So I opened it up. And I finally said this is it because it's become it's become too many people. I cannot I cannot imagine having any more people |
| 559 | 01:37:37,469 --> 01:37:44,789 | than I already have. It's next to impossible to manage. And I'm gonna tell you the truth. This is the this is the truth, folks. Okay, and listen to me. This is |
| 560 | 01:37:44,789 --> 01:37:53,669 | why you can trust I am never ever, ever, ever, ever, ever, ever, ever, ever, ever. Putting that PayPal link out there and saying join my mentorship again, |
| 561 | 01:37:54,179 --> 01:38:04,829 | because I can't give the level of service on an individual basis like some of my students already wanting they expect in knew damn well, they would never be able |
| 562 | 01:38:04,829 --> 01:38:13,259 | to get that from me. You can't nobody has enough time in the day to be able to do that. Let's just say you had 500 students and I have shit tons more than |
| 563 | 01:38:13,259 --> 01:38:27,689 | that. The say at 500 students. And all of them are emailing you two or three way. And believe me, that's low end. How much time do you have in a day? Doing |
| 564 | 01:38:27,689 --> 01:38:37,319 | everything else you do as a husband or wife, father than employee? Because most of you probably have a job or if you have a business? Or if you're in school? |
| 565 | 01:38:37,619 --> 01:38:47,879 | How much time? Do you have to sit down and just 1500 replies, now you're not just right away, giving them reply, you got to listen to them, you got to read |
| 566 | 01:38:47,879 --> 01:38:56,819 | it, you got to figure out where they're coming from, in an articulate a manner, response to them that is going to be meaningful and useful to them. Now, do that |
| 567 | 01:38:57,059 --> 01:39:10,109 | with hundreds of 1000s of people. Think about that. Do you know anybody? It could easily sit down and say, Yeah, that's accomplished with this, that other |
| 568 | 01:39:10,109 --> 01:39:19,889 | thing. I could do that. I could have a team of people. And it still wouldn't help me because the brain trust is me. I can't I can't give the responsibility |
| 569 | 01:39:19,889 --> 01:39:28,469 | to answering their questions to someone else. So I can tell you this, this is the reality of it all. They are part of a community that I outline beforehand |
| 570 | 01:39:28,469 --> 01:39:38,159 | where I think the markets gonna go. That's the only benefit that they have. You cannot join that in the YouTube on the mentorship stuff that I'm doing on |
| 571 | 01:39:38,159 --> 01:39:49,139 | YouTube, that's for free. I'm teaching you what it is that I used to give them that insight. They have already been taught that. But the advantages, I'm |
| 572 | 01:39:49,139 --> 01:40:00,119 | cosigning before it happens. I tell them where it's going. Now a lot of you want that, but I'm telling you, you don't need it. You don't need that. There So a |
| 573 | 01:40:00,119 --> 01:40:08,279 | lot of people that wishes they didn't join my paid mentorship and knew I was going to do what I was doing right now. Because they wouldn't have spent the |
| 574 | 01:40:08,279 --> 01:40:15,389 | money. And it would be a lot easier for them to be lazy. And say, well, at least I didn't pay for it. And I can just do it whenever I want to, and they're on |
| 575 | 01:40:15,389 --> 01:40:27,239 | YouTube. You're not going to hear mentor talk like that about their own service. But I'm honest. But I'm also that same mentor, that could easily come in there |
| 576 | 01:40:28,319 --> 01:40:40,679 | and start making millions of dollars every single month. Yeah, month. And I don't want it. I don't need it. And it doesn't motivate me. What motivates me is |
| 577 | 01:40:40,679 --> 01:40:51,419 | the people that are still listening, you that didn't turn off, because you want to listen, and learn. Because you know, there's something different about me, I |
| 578 | 01:40:51,419 --> 01:41:04,529 | love what I'm doing. I'm not getting paid to do this. There's no ads playing. There's no pop up saying, skip this video in five seconds. I love this. I love |
| 579 | 01:41:04,529 --> 01:41:17,249 | doing it. I care about your results. And I know I'm never going to meet you. But I know that the students that are really resonating with what I'm doing, your |
| 580 | 01:41:17,249 --> 01:41:26,759 | life is going to change in a way that you can't even imagine. And it's not just going to be for trading. It's going to give yourself control over yourself, it's |
| 581 | 01:41:26,759 --> 01:41:34,919 | going to give you a means of focusing on a task and seeing it through sticking to it and understanding there's going to be hard, there's going to be problems |
| 582 | 01:41:34,919 --> 01:41:48,539 | that come up unexpected twists of events, that doesn't really help the cause that you're trying to go after. But you endure it and you grow from it. And when |
| 583 | 01:41:48,539 --> 01:41:55,469 | things do happen outside of what your expectations were, you don't go in with a negative mindset of beat yourself up with that, oh, wish I would have done this, |
| 584 | 01:41:55,619 --> 01:42:05,339 | oh, I wish I would have done that. Oh, I wish this wouldn't have happened to me. It's this is what happened. What can I take away from that for learning |
| 585 | 01:42:05,339 --> 01:42:17,099 | experience and how to prevent and mitigate it from ever occurring to this level again. That is how you live, that's life. Life is not promising you ease. And |
| 586 | 01:42:17,099 --> 01:42:23,369 | just because you're learning from me, I'm not promising you, you're going to have profitability that's going to come to you easily. There are some of you |
| 587 | 01:42:23,369 --> 01:42:27,629 | that right now feel strongly about what you're learning, and yet you still will fail. |
| 588 | 01:42:29,760 --> 01:42:38,250 | And I'm not going to pull that punch. I'm not trying to sell you the books. I'm not trying to sell you a future mentorship, and that chance to sell you a |
| 589 | 01:42:38,250 --> 01:42:48,660 | subscription on my YouTube channel. And I don't care if you follow me here. I'm being honest with you. But those same individuals that would encounter that |
| 590 | 01:42:48,960 --> 01:42:59,130 | failure, you can change that too. But you have to put work into it. And you have to put the work that nobody wants to talk about in their courses. They just want |
| 591 | 01:42:59,130 --> 01:43:10,680 | you believe in their bullshit, subscribing to their worship session. And you have to be your own cheerleader. So if you want to worship somebody and |
| 592 | 01:43:10,680 --> 01:43:18,510 | cheerlead on somebody and raise somebody's name up, do it when you feel like you need it. And guess what? There's nothing wrong with that, folks. You got to |
| 593 | 01:43:18,510 --> 01:43:27,930 | preach to yourself, sometimes you gotta say, You know what? Is is hard. And guess what? If it was easy, everybody else will be doing it. But I deserve this. |
| 594 | 01:43:28,200 --> 01:43:34,980 | I'm working towards this, it ain't gonna be gifted to me, it ain't gonna just fall into my lap. I'm earning this so nobody can talk bad about what I'm doing. |
| 595 | 01:43:35,160 --> 01:43:43,260 | I'm working towards it. Just like a college degree like a master's degree. Like a doctorate you're going to be. I don't know what you're trying to be in. Some |
| 596 | 01:43:43,260 --> 01:43:59,130 | of you are in school. That's admirable. The tenacity that's required to stick with that is admirable. But in this, it's got to be even more than that. See in |
| 597 | 01:43:59,130 --> 01:44:12,150 | this, it's not just tuition and trying to get the passing grade. It's survival here. And when you don't survive, it weighs heavily. It's not like, I'll go to |
| 598 | 01:44:12,150 --> 01:44:19,230 | college, I went to college, I went the things I'm supposed to do to become a systems analyst in computer programming. And I did all that. I had really high |
| 599 | 01:44:19,230 --> 01:44:30,960 | math, really high science. And I was advanced as a child because I was pouring myself into these things before school would ever consider it a sixth grade, I |
| 600 | 01:44:30,960 --> 01:44:46,710 | was making my own video games with basic human language. I stayed after school, and stayed in my math teacher's classroom to work on coding. Because I wanted to |
| 601 | 01:44:46,710 --> 01:44:58,170 | be better than everybody else. And nobody else wanted to do what I was doing in class. But I wanted to be on computers, every opportunity I could. And I cut |
| 602 | 01:44:58,170 --> 01:45:08,070 | grass. I save that money. And I got my own personal computer. And that's what I was doing when everybody else was playing football, and playing baseball, and |
| 603 | 01:45:08,070 --> 01:45:17,790 | doing soccer and all the other stuff that normal kids would do. I was in there coding. I didn't know what the what the markets them. But that's where I was. |
| 604 | 01:45:18,660 --> 01:45:28,560 | That's happening. So I've been different. And I'm a mentor to could meet Nixon mil can be making millions of dollars every single month, doing what I've been |
| 605 | 01:45:28,560 --> 01:45:41,490 | doing for six years. And I want you to just take it, take a step back and listen. Who else would do that? I'm not trying to virtue signal. I'm not trying |
| 606 | 01:45:41,490 --> 01:45:50,310 | to say, Look at me, I'm the goat because I'm doing it. I want you to understand what my motivations are. And don't lose sight of what I've been telling |
| 607 | 01:45:50,310 --> 01:46:00,390 | everybody. Shit is about to get really hard. And I don't feel comfortable. saying you know what, you're gonna need to make more money and different ways of |
| 608 | 01:46:00,390 --> 01:46:11,850 | making money. It's gonna get hard. Here, pay me and I'll teach you how to do that. That's disingenuous. But because I'm willing to do that doesn't entitle |
| 609 | 01:46:11,850 --> 01:46:24,210 | you to the same level of analysis that my private group gets. The beforehand. They earned that because they trusted me and they paid for it, frankly. Here, I |
| 610 | 01:46:24,210 --> 01:46:32,850 | do way above what would be reasonable and expected in terms of free education. And I love doing works. Look around, there's people that are doing all these |
| 611 | 01:46:32,850 --> 01:46:42,540 | things that are now making money. They're not solicited, I don't pay these people to do that. I don't have any affiliate relationship with any of these |
| 612 | 01:46:42,540 --> 01:46:48,060 | funded accounts. And believe me, they'll tell you if you ask them, because some of them reach out to me all the time. Hey, can you know I'm not? I'm not |
| 613 | 01:46:48,060 --> 01:46:59,340 | repping? Any of you? To sit back, my students will probably be using your service and then they can rep you. What other mentor? Let me say it this way, |
| 614 | 01:46:59,340 --> 01:47:10,650 | because they're the careful. What other concepts do you see all these funded account? People getting their accounts and then getting withdrawals? What other |
| 615 | 01:47:10,650 --> 01:47:12,750 | concepts do you see outside of mine? |
| 616 | 01:47:15,659 --> 01:47:24,419 | They may have their own little twist of their name and what they're teaching my stuff. But they're learning what I have authored. Now, I don't like how they did |
| 617 | 01:47:24,419 --> 01:47:34,949 | it. But the students have done well. I'm happy for the people that are trying to get credit for themselves. Like they learned it on their own. They're the ones I |
| 618 | 01:47:34,949 --> 01:47:42,749 | have an issue with, because they're doing all the wrong ways. And I understand they're trying to kind of they have a hustle. But their hustle, their hustle is |
| 619 | 01:47:42,989 --> 01:47:50,249 | really flawed. Because they're really not going to have the credit. Once people wake up to who they are and what they're doing. They'll start smacking around |
| 620 | 01:47:50,249 --> 01:47:58,439 | and they don't care. They want that fast money right now. But the people that are learning what it is that I've released into the world, that stuff that's |
| 621 | 01:47:58,439 --> 01:48:11,429 | making them real money. You can argue against that. There's a lot of people out there teaching all kinds of stuff. But where's the proof that this stuff works? |
| 622 | 01:48:12,599 --> 01:48:20,369 | That was the proof I've always wanted. I wanted that proof. I want to be that mentor. I don't want to be the person that says Oh, no, you know, I make lots of |
| 623 | 01:48:20,369 --> 01:48:31,169 | money. Because I've taught No, I am the mentor you want to have because I'm not going to lie to you about happy for you, all of you. But I'm also the mentor |
| 624 | 01:48:31,169 --> 01:48:43,649 | that's going to be able to say I could be getting rich off of you. But I don't want to in my eyes coming up the way I did. That's the person I would have |
| 625 | 01:48:43,649 --> 01:48:53,579 | latched on to. That's the person I would say you know what? I may not agree with everything they say, I may not agree with their delivery method. He may not say |
| 626 | 01:48:54,359 --> 01:49:05,879 | the things I want to hear. But I know what he's saying is impactful. He endured something he'd learned from that. So I might not feel that it's applicable right |
| 627 | 01:49:05,879 --> 01:49:12,719 | now in my own development. But I know it's noteworthy because he is talking about it. And now I'm talking about a lot longer than I wanted to when I first |
| 628 | 01:49:12,719 --> 01:49:24,179 | sat down with this space. If you were here with me one on one, like I was doing in the 90s this is exactly what majority of the time was going to be like, This |
| 629 | 01:49:24,179 --> 01:49:35,879 | is not one of those individuals ever sat up and said, You know what? I gotta go. This was a waste. This was the things that they leaned on afterwards, when they |
| 630 | 01:49:35,879 --> 01:49:44,699 | started engaging, pushing a button. These are the things they said you know what that conversation we had about this or that conversation, that session we had |
| 631 | 01:49:44,699 --> 01:49:52,319 | about that. That really came to fruition and resonated with me today because I leaned on that logically as I needed it. And I can't imagine how it would have |
| 632 | 01:49:52,319 --> 01:50:06,119 | been able to endure had it not took place and I was a participant in that conversation. See, I'm talking to my children right now. You just had the |
| 633 | 01:50:06,119 --> 01:50:18,539 | benefit of thinking, I'm talking to you, My children, that's what this message is for. So when I talk to them, I absolutely love them enough, the poor |
| 634 | 01:50:18,539 --> 01:50:30,899 | everything I have, about knowing what they should and shouldn't do. And that's why it's genuine to you. Because it's meant to be genuine. It's real. I'm doing |
| 635 | 01:50:30,899 --> 01:50:44,129 | this out of love. But you have the benefit of being permitted to listen to it. That's why I'm different. That's why when you listen to me, I sound sincere, |
| 636 | 01:50:44,159 --> 01:50:54,449 | because I am. My audience is my children. All those videos I made on YouTube, all the videos I made in mentorship. They're not for you. They're for them. And |
| 637 | 01:50:54,449 --> 01:51:03,539 | I say it multiple times throughout the years, I've been doing it. But that's why it feels like I'm talking to you. And it feels like we have a relationship like |
| 638 | 01:51:03,539 --> 01:51:13,469 | that. Because you are coming to me with an expectation. You want to be taught, and you want me to care about your results I do. As a student, I want you to do |
| 639 | 01:51:13,469 --> 01:51:25,979 | very, very well. But have in mind also, that when I'm speaking, I have my children's faces in mind. I'm talking sometimes to one specific child about |
| 640 | 01:51:25,979 --> 01:51:33,689 | certain things that they're wrestling with, or I know they're about to wrestle with money, I'm going after that, in our in our conversation, I'm gonna finally |
| 641 | 01:51:33,689 --> 01:51:47,429 | get a conversation about the job earning session like this. So I understand the unique position I'm in. I'm not oblivious to how some of you can take that out |
| 642 | 01:51:47,429 --> 01:51:59,789 | of context and lift me up as a hero or look at me as someone that's not worth having the attention placed on. I don't care either way. I don't like when I'm |
| 643 | 01:51:59,789 --> 01:52:13,829 | worshipped. But I don't care when people disagree with what I say, I don't think I teach appropriate things. But you have to know where are your boundaries? I |
| 644 | 01:52:13,829 --> 01:52:17,399 | know where mine are. The you know where yours are. |
| 645 | 01:52:19,260 --> 01:52:30,210 | I know that this morning wasn't going to give me the conditions that would be the ideal model conditions. I'll leave it up to you to discern whether or not it |
| 646 | 01:52:30,210 --> 01:52:41,700 | was offering very clean, symmetrical price action. Sure markets gyrated around, it's moved around on all kinds of things. But has it done with this model calls |
| 647 | 01:52:41,700 --> 01:52:55,740 | for? No. Should you be upset about that? Some students would be ICT, you said this repeats every day. It repeats every day in some asset. It's there every |
| 648 | 01:52:55,740 --> 01:53:05,130 | single day. But your market might not be the market that creates this setup it and you have to know that. It's fine. It'll come when it's supposed to. But |
| 649 | 01:53:05,130 --> 01:53:17,790 | here's the wonderful thing. I didn't fall victim to anything today, because I have a rule. After bank holidays, I watch observe. Is the market still booking |
| 650 | 01:53:17,790 --> 01:53:31,740 | price in the manner I would expect? dollar went higher. So does the s&p sell off? Not so much after it ran up initially? Yeah. But it has yet to take out |
| 651 | 01:53:31,740 --> 01:53:48,240 | that 3740 level. That's my interest. That's the level I'm interested in this week. How is that useful? Well, if I don't have a setup, come Wednesday, seven |
| 652 | 01:53:48,240 --> 01:53:58,740 | o'clock in the morning, I have to pull all interest in taking entries. That's how I operate. Doesn't mean it won't pan out. Like it won't deliver on Thursday |
| 653 | 01:53:58,740 --> 01:54:07,230 | or lately, maybe even Wednesday afternoon. That will be a missed opportunity for me. I'm okay with it. You're probably not going to have that comfort or |
| 654 | 01:54:07,620 --> 01:54:15,690 | willingness to say okay, I missed that move. You'll probably go crazy because it went down to 3740. On a level that was obvious it was framework was there. But |
| 655 | 01:54:15,690 --> 01:54:24,750 | that's not a trade I would take because outside the rules that I've placed on myself for this particular week, Non Farm Payroll week. Why do I operate like |
| 656 | 01:54:24,750 --> 01:54:33,690 | this? Because Thursday and going into Friday, Non Farm Payroll release 830 the market can be very choppy, aimless, and just do things that are uncharacteristic |
| 657 | 01:54:33,690 --> 01:54:42,150 | to what it is I'm looking for in price action. So if I know that these climates in the economic calendar for that particular week, every single month are likely |
| 658 | 01:54:42,150 --> 01:54:53,850 | to bring those adversities why would I want to risk money in that? When I know there's times when it's not like that? And I'm looking for those instances where |
| 659 | 01:54:54,330 --> 01:55:05,520 | the markets almost inviting me. Hey, look, I'm going to do that thing you're used to saying Come over here and get this versus what the hell's going on? Why |
| 660 | 01:55:05,520 --> 01:55:16,590 | is it doing that when I should be doing this, I'm gonna arm wrestle you. That was 20 year old ICT it was an invitation to go out into the arena, bring my |
| 661 | 01:55:16,620 --> 01:55:25,860 | sword, leave my shield. Because I was better than the average bear, I don't need to worry about defending myself, it was just get out there and buy it and expect |
| 662 | 01:55:25,860 --> 01:55:41,790 | limited moves and Blue Ribbon results. And I was the one being carried out on a stretcher. Every single time I was like that, that's what was the result. So you |
| 663 | 01:55:41,790 --> 01:55:51,210 | either live long enough to learn the lessons and be better because of it, or it takes you out of the game entirely. And I was fortunate enough to not ever want |
| 664 | 01:55:51,210 --> 01:56:01,680 | to lose my passion for this. And even though I had early on adversities that would have otherwise took the average person out of this interest, completely |
| 665 | 01:56:01,680 --> 01:56:10,020 | remove it, I still wouldn't let go. And I think that's the reason why the Lord gave me obsessive compulsive. Because if I didn't have that, I don't think I |
| 666 | 01:56:10,020 --> 01:56:19,830 | would have stayed in this. Like it would have been too painful for me to endure all the times where I lost my accounts, even doing it to myself, as a 20 year |
| 667 | 01:56:19,830 --> 01:56:30,600 | old, I would have never had the wherewithal to stay with it, I would have given up way earlier than the dozens of times I said I was going to quit but really |
| 668 | 01:56:30,600 --> 01:56:42,360 | was just me saving up money that could another account started. So there's a lot of lessons that you know, an experienced individual can give you but they're |
| 669 | 01:56:42,360 --> 01:56:51,090 | going to be in the flavor that isn't going to be the most palatable when you're young or new. Because you feel like they're not going to be useful to you until |
| 670 | 01:56:51,090 --> 01:56:57,780 | you start losing money. And then you're gonna want to know the answers to those questions that are very pressing at that time. How do I stop the hemorrhaging? |
| 671 | 01:56:58,650 --> 01:57:08,430 | How do I stop myself from doing this to myself? See, many of you have never even traded outside of a demo yet. You don't even know what that feels like yet. Your |
| 672 | 01:57:08,430 --> 01:57:18,600 | first trade is going to be full of heart palpitations, your palms are going to be sweating. And it doesn't matter how little risk you're putting on. It's real |
| 673 | 01:57:18,600 --> 01:57:18,960 | now. |
| 674 | 01:57:20,279 --> 01:57:31,529 | It's a report card that none of you want to get the results for. You scared? What if your first trade is a losing trade? How embarrassing would that |
| 675 | 01:57:31,530 --> 01:57:44,970 | be? Every single time I've ever opened up an account since I was 27 years old. I purposely throw the first trade to do something, just to put it on there. And I |
| 676 | 01:57:44,970 --> 01:57:56,430 | close it after it puts a loss. And I do that, you know I do that. It cancels out the necessity for me to be perfect. I'm sure that sounds silly in some of your |
| 677 | 01:57:56,430 --> 01:58:07,950 | ears, it's why would you want to do that. Because that's something I have to do. Or I will wrestle with perfection. So if I start a new account, so I open up |
| 678 | 01:58:07,950 --> 01:58:15,990 | with a broker open up and all of a sudden boom, you know, I'm ready to go there, I'm starting to trade, the first thing I do is throw one trade. I just toss it |
| 679 | 01:58:15,990 --> 01:58:27,840 | in. And that completely discharges my ego, it completely discharges my expectation on myself. And it frees me up to just focus on what it is I'm doing |
| 680 | 01:58:27,840 --> 01:58:40,170 | it for naught. I can't have a losing first trade. I mean, worry about I make it the first trade, losing trade. There it is done. I have mastered my ego. By |
| 681 | 01:58:40,170 --> 01:58:54,390 | doing that very one thing. Whenever Whenever I start a new month, I do the same thing. Why it's a rule for me. And I'm not saying I'm losing 1000s and 1000s of |
| 682 | 01:58:54,390 --> 01:59:08,460 | dollars. But I am taking a loss. And it's something I want to do. Because it sets me up in the right mindset that perfection is unrealistic. So if I can take |
| 683 | 01:59:08,460 --> 01:59:16,920 | that loss, knowing I'm going into it, taking that losing trade, guess what that's doing. It's reminding me that this business is all about managing losing |
| 684 | 01:59:16,920 --> 01:59:24,960 | trades, because every single trade is a losing trade until you close it in profit. When you open up a trade, you're under spread, you're underneath the |
| 685 | 01:59:24,960 --> 01:59:35,070 | Commission's you got to come out of that you have to trade your way out of every trade, because they're all losing trades. Very, very rarely do you ever get in a |
| 686 | 01:59:35,070 --> 01:59:44,220 | trade right away from entry to no drawdown whatsoever they happen. But largely majority of them are going to be you got to overcome some kind of initial under |
| 687 | 01:59:44,220 --> 01:59:53,400 | the water type threshold, whether it be caused by commission or spread or initial draw down from the entry. So one of the most freeing things I could have |
| 688 | 01:59:53,400 --> 02:00:02,820 | done for myself as a young man was the myself permission to do that very thing. And I got the idea from George and Joe, which is also the guy that taught me |
| 689 | 02:00:03,240 --> 02:00:12,330 | that if I don't have a real good feel for the marketplace, but I know that the market is going to be moving. And I'm just a little unsure about my bias, or I |
| 690 | 02:00:12,330 --> 02:00:19,200 | don't have a bias, but I'm expecting a lot about till the Fed day, because the reports coming out something to that effect, I will just put on a small |
| 691 | 02:00:19,200 --> 02:00:28,200 | position, I'll just toss something in the water and see how I react to that. If I put a short one, for instance, and back then the 90s is to say I went in and I |
| 692 | 02:00:28,470 --> 02:00:38,430 | put two contracts short. Okay, I'm watching the sea, how do I feel in that trade? Do I feel confident it's going to move in my favor, or my starting to |
| 693 | 02:00:38,430 --> 02:00:47,430 | feel like it's gonna go against me and widen the loss? And that immediately gets me alignment with the marketplace? Some of you would never even think to do |
| 694 | 02:00:47,430 --> 02:00:57,750 | that, because you think that's wasted money? No, no, no, I'm just paying a premium for Intel. When I first read that, in his books, I was like, the hell is |
| 695 | 02:00:57,750 --> 02:01:05,910 | this guy smokin, you're telling me, You're putting real money in the markets, knowing that you don't know what the hell you're doing. And you're just going to |
| 696 | 02:01:05,940 --> 02:01:16,860 | get a feel for what's going on. Look, I can do that by watching price. You can't, you cannot, it's not the same, you have a perspective that is much more |
| 697 | 02:01:16,860 --> 02:01:27,600 | meaningful, when you put something on the line. And for instance, I you trade in forex, put in the smallest leverage your broker will point you to do. And see |
| 698 | 02:01:27,600 --> 02:01:40,170 | how much insight it gives you stop thinking about that MT four, screenshot being blue only? It doesn't matter. If you have a little bit of red in there. What |
| 699 | 02:01:40,170 --> 02:01:51,240 | matters is are you hemorrhaging money when you're losing it? Or are they controlled losses? Are those losses inside the boundaries that you've outlined |
| 700 | 02:01:51,360 --> 02:02:04,170 | for them? You have to have boundaries. In every asset and facet of trading, the way you engage the way you think, while you're doing something, while you're not |
| 701 | 02:02:04,170 --> 02:02:13,470 | going to be doing something, what prevents you from engaging a certain way or certain time of the day or calendar week. And when you have those rules, stick |
| 702 | 02:02:13,530 --> 02:02:23,040 | to them. It doesn't matter what anybody else thinks about them, who have to adhere to them. When you're driving your car, how often you to go over the other |
| 703 | 02:02:23,040 --> 02:02:31,530 | side of the road. Make it a practice to build on time, right? Hopefully? How about drinking and driving? Do you make it a practice to get up every morning to |
| 704 | 02:02:31,530 --> 02:02:34,290 | have to go to work and drive to work? Hopefully not? |
| 705 | 02:02:37,319 --> 02:02:44,819 | Speeding, I'm guilty of this one. So I'm going to be real careful how I say this one to how many times you want to go over the speed of 100 mile an hour. |
| 706 | 02:02:46,889 --> 02:03:00,239 | Probably not very often. But I can tell you, it's on occasion happened. But I'm being honest, folks, those rules are there for our protection and everyone |
| 707 | 02:03:00,239 --> 02:03:08,669 | else's protection. But your broker is not there to protect you. I'm not going to be there to save you, your spouse isn't going to help you, your children aren't |
| 708 | 02:03:08,669 --> 02:03:19,379 | going to certainly do anything to get you out of that situation. And those people in that chat room that you think are your friends, they don't give a shit |
| 709 | 02:03:19,649 --> 02:03:30,479 | about you or your results. They don't care. They don't care folks. They're in there to get a withdrawal from all of you around them. They're not in there |
| 710 | 02:03:30,479 --> 02:03:41,429 | depositing anything good. They're in there to fluff themselves up or to cope. They're in here to get a dose of opium because they're losing. And they want to |
| 711 | 02:03:41,429 --> 02:03:48,599 | be around other people that they can see are losing to and they can talk down to you. Even if it sounds like they're doing something admirable and saying oh, |
| 712 | 02:03:48,599 --> 02:03:56,849 | don't worry, stick to it, stick to it, you'll be you'll do you'll do better. Meanwhile, they're blown out their account. There between accounts, they don't |
| 713 | 02:03:56,849 --> 02:04:04,589 | have money to back in an account. But they're giving you advice, know what they're doing. And you might feel this person is really nice. He talks to me or |
| 714 | 02:04:04,589 --> 02:04:13,289 | she talks to me encourages me, this person is probably a losing trader. That's why I got rooms. That's why I don't like discord rooms. That's why I don't like |
| 715 | 02:04:13,289 --> 02:04:25,049 | all those types of things because they feed negatively, it doesn't give you a benefit of being there. Now, there are times where there are individuals that |
| 716 | 02:04:25,049 --> 02:04:33,749 | are genuinely interested in helping other people. And they're showing their prowess they're calling a move, they outline a move, they explain what's going |
| 717 | 02:04:33,749 --> 02:04:43,769 | on why it should take place. If you're in an environment where it's like that, and you don't have the opinions of others also, like if it's a free for all |
| 718 | 02:04:43,769 --> 02:04:53,699 | everybody can talk, then I think that's a bad place for you to be. But if you're amongst someone that has a skill set that they're showcasing and they're walking |
| 719 | 02:04:53,699 --> 02:05:03,269 | you through the marketplace in their proving prowess, then that's not a wasted environment, that's something that could be beneficial to you. But |
| 720 | 02:05:03,269 --> 02:05:15,329 | unfortunately, there isn't a whole lot of that going on. And they do exist. But largely, it's not like that. Usually, it's some kind of a forum where everybody |
| 721 | 02:05:15,329 --> 02:05:25,169 | can chit chat. And I know when you're new, this is what I thought too. I'm gonna say this, I'm gonna close this session, when I was on America Online, I would |
| 722 | 02:05:25,169 --> 02:05:41,369 | join so many message boards and forums online, because I was looking for that person that I am today. And I never found them. So I couldn't find them. So I |
| 723 | 02:05:41,369 --> 02:05:51,899 | became the person I was looking for. When you join these chat rooms, you're thinking that someone's going to be very nice and help you out. And they're |
| 724 | 02:05:51,899 --> 02:06:00,809 | going to do it out the kindness of their heart. And I never found that to be true. I got the same regurgitate crap, advice, that in all the books I'll waste |
| 725 | 02:06:00,809 --> 02:06:18,749 | the money on. I stopped buying books 2016 Books. I never ever, ever bought another financial book. After that one. That was it done. The books that I say |
| 726 | 02:06:18,779 --> 02:06:28,739 | that are beneficial, I put on a video on my YouTube channel. That's it. They're the only ones and I have just about every book you're going to ever come up |
| 727 | 02:06:28,739 --> 02:06:41,159 | with, until unless it was released after 2016. I probably have it. And I've read some of them multiple times. And most mostly it's because it's sentimental |
| 728 | 02:06:41,159 --> 02:06:55,289 | value, that I went through that crap. But if someone's stolen from me, I wouldn't care. What I buy the books that I mentioned on my YouTube channel, |
| 729 | 02:06:55,289 --> 02:07:05,969 | again, if my books were stolen, yes, I think they're valuable. I think there's useful information in them. There is no book out there, that's going to give you |
| 730 | 02:07:05,999 --> 02:07:17,669 | everything. There isn't an author update, it's gonna give you all the pieces. And I try to teach with that mindset, I try to cover everything. And a lot of |
| 731 | 02:07:17,669 --> 02:07:28,589 | that is going to be the things that you don't feel are valuable right now. Managing losing trades, how to avoid market trading environments that aren't |
| 732 | 02:07:28,619 --> 02:07:36,179 | going to be favorable. Because you're wired to think what? Go go go Lee, push the button, push the button, push the button. |
| 733 | 02:07:37,890 --> 02:07:48,510 | Well, I believe I'm better than the average bear. But if I go in every single day one, just simply push the button, I'm not going to have the results that I |
| 734 | 02:07:48,510 --> 02:07:59,280 | want. And that would otherwise be expected of someone in my position. So hopefully, in the closing this Twitter space, you can see why I will be talking |
| 735 | 02:07:59,280 --> 02:08:06,510 | about these types of things. Because it's important for you to know where your limitations should be. Why it's beneficial for you to not want to do something |
| 736 | 02:08:06,510 --> 02:08:17,130 | every single day. Because it's more profitable to do that. If you can avoid the times when you're likely to have adverse results, you are ahead of the game. And |
| 737 | 02:08:17,130 --> 02:08:29,910 | I mean, across the board, because everybody has a way of making money. You can make money with Elliott Wave, you can make money with supply and demand. You can |
| 738 | 02:08:29,910 --> 02:08:41,370 | make money with black box garbage. Okay, sharp patterns and that patterns and all this other nonsense. There's always a gimmick that you can use to justify |
| 739 | 02:08:41,370 --> 02:09:04,170 | why you made money. But nobody has a system where it says, avoid this. Our daily life has all of that. One way, don't enter. Wrong way. Speed limit. Here's the |
| 740 | 02:09:04,170 --> 02:09:17,010 | yellow line don't cross it. If it's dashed, you can cross it. But if it's double sided line, don't cross it. No U turns here. Are you cussing at every sign? You |
| 741 | 02:09:17,010 --> 02:09:25,170 | probably do when you need to make a U turn. Or if you're in a hurry, and you know that signs this suggesting that's probably the safest speed to go into. But |
| 742 | 02:09:25,170 --> 02:09:32,580 | you're not worried about that because you're late for work. Because you didn't do something beforehand. You stayed up too late. You call it outside the lines. |
| 743 | 02:09:32,970 --> 02:09:44,430 | You broke your rules. You didn't set the alarm, you didn't make sure that alarm was set for why it happens. And you have to have a way of mitigating those |
| 744 | 02:09:44,430 --> 02:09:53,040 | circumstances in trading, preventing the opportunity for managing majority of your losses. You're going to lose but the times you're going to blow your |
| 745 | 02:09:53,040 --> 02:09:59,670 | account are going to be in times where you knew damn well. You should not have done that. And you want to fix it right away because you don't want to go home |
| 746 | 02:09:59,670 --> 02:10:09,660 | without losing Trade and then you parlay that little booboo. That little mistake into something that completely blows your account. I can tell you every single |
| 747 | 02:10:09,660 --> 02:10:18,180 | time I blew an account, they always were on the heels of one little booboo I wish I wouldn't have done and I tried to fix it. And that became a paper cut |
| 748 | 02:10:18,240 --> 02:10:31,230 | into an open wound. Even stitches couldn't be handled. So I'll leave it up to you whether you decide this was a beneficial space or not. It's not a feel good |
| 749 | 02:10:31,230 --> 02:10:42,360 | moment. It's not a discussion. It is a happy one. It doesn't make you feel empowered. It makes you take inventory. Are you dealings? Are you thinking |
| 750 | 02:10:42,360 --> 02:10:49,140 | correctly? And are you avoiding when you're likely to lose? Until next time, be safe? |