038-2023-08-12-Trader-Round-Up-Becoming-a Professional-ICT-only
Last modified by Drunk Monkey on 2023-08-15 10:33
Outline
00:00 - How to become a professional trader.
- Listen to everyone submit their opinions and their experiences and what they've been struggling with. Listen to people in other industries, high yield, paying industries.
- The floor is yours.
- Treat the early years of trading as an internship, and treat it as an unprofitable venture in the beginning.
- The profitability of a professional trader is without measure.
03:38 - How did you get into the trucking business?
- My uncle was a stockbroker allowed to talk to anybody about buying or selling any shares. He started with pitching a company called action staffing garbage stock.
- The brokerage firm was shut down.
- One skill set per day. The first skill set is straight line backing, staying between two lines moving five miles an hour maximum.
- The most problematic time is when backing up into a dock.
- The monotonous task of doing one thing over and over again all day long, and how that got him interested in becoming a professional commercial driver.
- His goal was to go through the process that was required for him to get that skill set to get behind the wheel.
10:03 - The process of getting into trading.
- Trading is the hardest thing, because you are competing with yourself. As a truck driver, you can't control the traffic.
- Everything worth doing has some kind of internship.
- Listen to people who are pillars in the industry and teaching other people how to do it, and the fruits of their work is being noticed.
- Homework assignments.
13:09 - Working as an intern is very difficult.
- The best traders are the ones that fall in love with the process, the continuity, the level of continuity and the quirky little things that may seem like arrogance, but it's an emotional stimuli that is charging your memory on that very moment when it does exactly what was expected.
- Back testing is conditioning expectations on a repeating phenomenon, and the professional trader is doing that very thing. They are looking for that repeating phenomenon that they are conditioning themselves to look for.
- The only experience that is transferable and usable is when Michael is pointing something out in advance.
18:33 - Learning how to trade is not enough.
- Just learning how to trade is not enough. There are two separate things to learn, how to conduct yourself as a business person and how to be a trader.
- You have to learn how to become a good money manager, not just a trader, but a businessperson.
- Trading is not about what's about to happen in the chart. It's about understanding who you are and what you're going to do to derail yourself.
- The importance of back testing.
- The number one complaint from her paid students was that they didn't know if it was going to work for them.
- She teaches an excellence in mindset about how to be diligent about keeping risk very very small, removing all the emotion and being right.
25:37 - The importance of backtesting your trading.
- In the last 20 days, how many times in the last 40 days and 60 days it happened, and what is preventing you from doing the next 60 days.
- Trading models are highly demanding in terms of what needs to be there before a trade can be taken.
- The benefit of having one trading model to start with.
28:50 - Exposure to uncertainty in the safest format.
- Michael is the new ceo. He accidentally muted people and didn't mean to.
- The last thing he heard was the last pattern recognition back-testing data going through the old data and finding the model in the back-test data.
- How to pick the right path for you, the path that has the highest degree of difficulty, in a corrupt industry that is absolutely 100% manipulated and controlled to the smallest degree.
- Nobody gets to walk out of the first round on their first round and say they own the world.
33:33 - The difference between a professional and a liar.
- Stop listening to people who say they can trade, and spend time with someone who knows what they're doing.
- Any business is not calling themselves a professional trader.
- How to avoid the fear or uncertainty of feeling like everything is collapsing on you, and how to overcome it with backtesting.
- Professional traders have an edge mentally.
37:46 - The mental hurdles of trading.
- The CEO, analyst and trader all have different personalities, but it is you having to do it all.
- Nobody has a long-term career going into this industry, trying to wing it is not going to happen. You have to go through the processes.
40:57 - Can you set a schedule every day?
- Set a schedule every day to do 45 minutes of back testing on one market, not 20 different pairs over here and different pairs in different markets.
- Professionalism is keeping a schedule and a routine and sticking to it. Anything that upsets that schedule needs to be paramount.
- You have to learn early on in an environment that is a safe bet. You can't lose money. You don't want to discover with a live account that you are impatient, prone to be impulsive and a gambler.
- Internships are sought after because you can't replace that with a college degree.
46:29 - It’s all avoidable but it’ll take more time.
- All of these things are avoidable, but they're not learned real quick. There's no shortcut to it. It's going to take a lot more time and energy in the beginning stages, but every single one of his profitable students submitted themselves to this.
- The level of competence is unrivaled.
49:28 - Why are you looking at all that stuff?
- Don't waste time explaining all of this to someone who doesn't understand what you're trying to do. Don't waste your time explaining something that they're not going to understand.
- It's more important right now before you learn how to trade, you need to master your time.
- This industry right now is all about toxic competition, who can take the most from the other person who can make more often more often.
- The steepest learning curve one will ever go through, and it's hard to worry about how long it will take.
55:49 - Learning how to do something is hard.
- How many people in your friends and family circle makes 2500 hours in a week, and how many people don't make that much in a month.
- How to be a digital nomad and make whatever you want to do.
- What it means to be a professional trader, moneymaker, risk manager, speculator, and professional trader.
- The secret weapon that gives you confidence to keep doing it and sticking to it.
- Professional traders know exactly what they're looking for when it's supposed to be there, and how to manage it, and not put on large risk.
- Compound interest.
01:02:32 - Understanding the concept of liquidity.
- Business owners are losing money every day that they go to work and pay taxes, and when they spend their money, that is not a write-off.
- The silver bullet model.
- Your bias is established with the weekly chart. Every session and every day bias needs to be in alignment with that for high probability.
- Take notes, not just write down a note.
01:06:00 - The importance of having a routine.
- The importance of having a target and a routine that you adhere to. It is next to impossible to find consistency without consistency.
- There are so many times when he felt that he was wanting to quit when he was 20 and wanted to do it more than he ever did.
- Be diligent, forge responsibility, self-control and schedule in your day. Be in front of charts at this time, submit yourself that time, and keep yourself on a schedule.
- Remove all the excuses. It's going to take a lot of time and well-discipline, and you may not have it yet.
01:12:39 - The risks of not taking the time to prepare.
- There is no excuse why any of you can't get here. The trails have been blazed ahead of you. All you have to do is show up and put the work in.
- You have a whole lot of time ahead. There is no shortcut.
- Listen to the wide degree of unique experiences, observations, growth and how you feel about where you are and where you're learning.
- Listen to all of you today. Listen to your unique experiences because they are all treasures to me.
- There are people out there that don't like you finding yourself. Don't let them disrupt your progress and growth.
- There is too much evidence out there now that what you're dealing with is profitable and there's a way for you to do this.
Transcript
| 1 | 00:00:00,420 --> 00:00:17,970 | ICT: Can you guys hear me? Yes, sir. So I've had a very enjoyable time, listen to everyone submit their, their opinions and their experiences and what they've |
| 2 | 00:00:17,970 --> 00:00:30,120 | been struggling with. And this is not like my first time listening to it. It's just been a wonderful experience to see how your community is so receptive to |
| 3 | 00:00:30,120 --> 00:00:41,070 | one another, encouraging one another. And I'd like to just spend a couple minutes in and share a few opinions of my own about becoming a professional |
| 4 | 00:00:41,070 --> 00:00:45,000 | trader. And if I could have a couple of minutes who would not be allowed to do that? |
| 5 | 00:00:46,799 --> 00:00:49,919 | Unknown: Absolutely, brothers, the floor is yours, my man. |
| 6 | 00:00:51,479 --> 00:01:07,199 | ICT: Oh, man, I don't need permission. So what we listen to folks in other industries, high yield paying industries, many times, folks are willing to go |
| 7 | 00:01:07,199 --> 00:01:18,269 | through this level of internship. And for some of you that may not understand what that is, it's basically working your rear end off for nothing. Because |
| 8 | 00:01:18,269 --> 00:01:28,259 | you're just looking for an opportunity to get in the door. And before you can even begin thinking about being a professional trader, you have to treat your |
| 9 | 00:01:28,469 --> 00:01:38,909 | early years as development as something much like an internship, you're not going to get paid, no one's going to thank you, no one's going to really |
| 10 | 00:01:38,909 --> 00:01:48,719 | appreciate what you're doing, the person that you learned from, they get all the accolades and such because you're just a grunt, trying to learn what they |
| 11 | 00:01:48,719 --> 00:02:01,499 | produce. And I'm using myself as an example. But I try to encourage the students that are willing to go through that process, they need to be reminded that it's |
| 12 | 00:02:01,499 --> 00:02:09,359 | going to be hard. It's going to be thankless in the beginning, you're not going to get a lot of support from your friends and your family and your spouse. And |
| 13 | 00:02:09,359 --> 00:02:21,119 | if you make the mistake of sharing this journey, or this pursuit, with your co workers, you're going to be the brunt of most punch lines and ridicule, because |
| 14 | 00:02:21,119 --> 00:02:30,569 | you're chasing a pipe dream that may not actually come to fruition. So when you're you're first starting out, you have to really warm up to the idea that |
| 15 | 00:02:30,569 --> 00:02:41,759 | this is going to take a whole lot more time than you probably think it will. And going through that stage of learning about yourself. How do you do that? Back |
| 16 | 00:02:41,759 --> 00:02:52,499 | testing, looking at old moves, thinking about what it is that you resonate with? What type of setup, what type of setup that you find in all price action? Get |
| 17 | 00:02:52,499 --> 00:03:04,259 | your gears going. And spending time with that collecting data, collecting information that supports the idea of that particular model being viable for |
| 18 | 00:03:04,259 --> 00:03:14,009 | you? And does it really match your personality. And all the while you haven't even pressed the button to enter a trade yet, not even on a demo. So your |
| 19 | 00:03:14,039 --> 00:03:25,829 | internship as a professional trader is an unprofitable venture in the beginning, not in the sense of going out and spending money. That's not where it's at. But |
| 20 | 00:03:25,829 --> 00:03:36,359 | the profitability that you find in the understanding and the learning and the grooming that you put yourself through. It's without measure. There's no way of |
| 21 | 00:03:36,359 --> 00:03:49,499 | putting a price tag on that type of experience. Because most people are not willing to go through that. My uncle was a stockbroker allowed to talk to |
| 22 | 00:03:49,499 --> 00:04:01,229 | anybody about buying or selling any shares of anything. He had do so much cold calling. He used to sit next to low end brokers that cannot even talk to them, |
| 23 | 00:04:01,619 --> 00:04:13,859 | potential buyer of the shares, and just listen to their pitches. And I used to go to school at the time computer science and he was at that job. And |
| 24 | 00:04:13,859 --> 00:04:24,809 | eventually, after getting through that internship, he got to the part where he can now start making money. Now he started with he started with pitching a |
| 25 | 00:04:24,809 --> 00:04:34,949 | company called Action staffing. Garbage stock. He even told me this is a company that's never gonna make any money. And they're trying to get us to promote this |
| 26 | 00:04:34,949 --> 00:04:48,569 | to the people. And he had a real issue with it. And he was getting a few $100 a week. That's it. Now imagine everybody's expectation when they would hear him |
| 27 | 00:04:48,749 --> 00:04:57,449 | Yeah, I'm I'm a stockbroker who you're thinking man, this is Michael. Michael Douglas Charlie Sheen level stuff and you're very sure Porsche where's your |
| 28 | 00:04:57,599 --> 00:05:06,509 | Bentley at? Where's your where's your yacht and your man's And, and he was literally making less than 350 hours a week. But he was willing to go through |
| 29 | 00:05:06,509 --> 00:05:18,329 | that, if it was going to get him to the outcome, and that professional status as a stockbroker, with a high yielding pay. Ultimately, much like his own trading, |
| 30 | 00:05:18,359 --> 00:05:31,139 | he was not successful. That brokerage firm that he was working through, actually was shut down. When I was younger man, I went through the process of getting a |
| 31 | 00:05:31,139 --> 00:05:40,799 | commercial driver's license. And one of the things he had to do was, once you go through the process of getting the paperwork and permits to do so, you join a |
| 32 | 00:05:40,799 --> 00:05:50,879 | Trucking School. And this is the route I went through, there's two ways of going about it. One, you join with a company and they put you through the mill, or you |
| 33 | 00:05:50,879 --> 00:05:58,709 | go through the process of getting out on a range, and you go through one skill set per day. And the first skill set that they teach you is straight line |
| 34 | 00:05:58,709 --> 00:06:09,809 | backing. That means you get into the tractor trailer to combination vehicle. And they teach you how to stay between two lines moving five miles an hour maximum. |
| 35 | 00:06:10,949 --> 00:06:18,599 | So you had to make sure that your tractor and trailer stayed within these two define lines, back and forth, back and forth, you had to do 10 repetitions of |
| 36 | 00:06:18,599 --> 00:06:25,949 | that, then you would slip seat with the next student and they would do the same thing. And it was groups of four or five of us. And we did that all day long. |
| 37 | 00:06:26,699 --> 00:06:36,869 | That's monotonous, right? But a drivers most problematic time is when he's backing up into a dock or receiving dock. You don't see very well with it. You |
| 38 | 00:06:36,869 --> 00:06:47,969 | have issues with blind spots. And you have to learn how to navigate that. When you are looking for things in that mirror as a truck driver, that's much like |
| 39 | 00:06:47,969 --> 00:06:59,279 | the drawl and liquidity. That premise of looking for where should I be taking this tractor trailer? Where should I put the IBC bumper right to some specific |
| 40 | 00:06:59,279 --> 00:07:08,879 | location behind the vehicle. And I have to do it's in a controlled manner. It has to be at a pace that's safe. That's like leverage. Don't speed you know, |
| 41 | 00:07:09,059 --> 00:07:19,169 | push the accelerator, make the tractor move fast and you can safely handle it. And you do this skill set for the entire day. And the next day, they put you in |
| 42 | 00:07:19,169 --> 00:07:27,899 | a tractor trailer, a different one. Sometimes it was a kennel work that was Kenworth, sometimes it was a Peterbilt. Sometimes it's a Mac. So it was given |
| 43 | 00:07:27,899 --> 00:07:41,249 | you experience with changing and shifting gears, and not just one tractor, but different ones. You would do alley docking, you would do three point turns, |
| 44 | 00:07:41,729 --> 00:07:49,919 | things of that nature, serpentine turn, which actually don't even require truck drivers to do that anymore now, but imagine the monotonous task of doing just |
| 45 | 00:07:49,919 --> 00:07:58,019 | one thing over and over and over again, all day long. And you're thinking back then I was thinking man, I thought it'd be a really high paying truck driver, if |
| 46 | 00:07:58,019 --> 00:08:06,959 | I get my own truck, you know, I can make six figures. And that was one of the things that got me interested in wanting to be a truck driver. And once I got |
| 47 | 00:08:06,959 --> 00:08:19,319 | the CDL no company wanted to hire me, except for the over the road drivers. So I had to submit myself to a company that I drove over the road with them, and they |
| 48 | 00:08:19,319 --> 00:08:28,619 | have a trainer. So what they do is they put you behind the wheel, the tractor trailer and as much as you legally can drive with the hours of services allowed |
| 49 | 00:08:28,619 --> 00:08:40,319 | for a commercial driver. That's you doing all that driving, and the trainer's getting all the load pay. And guess what I was making $250 a week, how much I |
| 50 | 00:08:40,319 --> 00:08:55,169 | was home, Sunday, six hours. But my goal was to be a professional, commercial driver, go through the process, get through it. Because my company driver get |
| 51 | 00:08:55,169 --> 00:09:06,539 | experience, learn the ins and outs of the industry. I'd make a couple 100 hours more week, and maybe maybe get to the point where I'd have enough experience to |
| 52 | 00:09:06,539 --> 00:09:14,369 | be able to go out and get my own tractor. And I can do my own business. Okay. So I was thinking like, over the top Sylvester Stallone, that was the whole |
| 53 | 00:09:14,369 --> 00:09:24,749 | beginning of all that business, I want to Yeah, this is really cool. I want to do that. Something like that. And the long the short of it is everybody was |
| 54 | 00:09:24,749 --> 00:09:34,619 | trying to talk me out of it. Now you're never gonna make money doing that you can't do this. You can't do that. But my goal was, I had to go through that |
| 55 | 00:09:34,619 --> 00:09:43,169 | process. I had to go through the process that was required for me to get that skill set. I can still get in behind the wheel of a tractor trailer, and one |
| 56 | 00:09:43,169 --> 00:09:53,129 | that has doubles and triples. I can do all that stuff. If I had to go back to working class hero, I could do that. I had those skill sets. I don't carry a |
| 57 | 00:09:53,129 --> 00:10:03,449 | full CDL anymore. But I had one that dropped down to four minute Barbie but now I have a class Sa, that's no air brakes, I don't really need a CDL anymore. So I |
| 58 | 00:10:03,449 --> 00:10:13,859 | gave it both No, no common Class C license. But imagine all of these, these ideas, I mean, some of you probably listen to me. And you think, Man, this guy's |
| 59 | 00:10:13,859 --> 00:10:20,879 | like, he's never got his hands dirty. He's the, I've done all those types of things. And they're all the same type of process, you go through the beginning |
| 60 | 00:10:20,879 --> 00:10:31,199 | stages with next to nothing in terms of money. But the outcome, the destination that you're aiming for, once you complete it, what you go through to get to that |
| 61 | 00:10:31,199 --> 00:10:41,009 | level, that passion, that pursuit of it needs to be greater than the adversities that you're going to indeed endure. And no outside interference, this is going |
| 62 | 00:10:41,009 --> 00:10:43,559 | to cause you to deviate from what's required to go through it. |
| 63 | 00:10:44,910 --> 00:10:55,740 | Of all the things I've ever done, trading is the hardest thing. Because you are competing with yourself. See, as a truck driver, it's traffic, you can't control |
| 64 | 00:10:55,740 --> 00:11:05,010 | that. You can't control that you're in there, you had you do the job of getting that truck to the load, whatever it was, that you had to do. To get from point A |
| 65 | 00:11:05,010 --> 00:11:12,540 | to point B, you had to your route yourself, they didn't give you directions. Okay, nowadays, you they have navigation systems and such, I mean tell you this |
| 66 | 00:11:12,540 --> 00:11:19,530 | is the best way, this is the optimal way to get to this location, shortest miles best gas mileage, and they govern the vehicle, so it can't go over 65 mile an |
| 67 | 00:11:19,530 --> 00:11:30,840 | hour, all these industry standards are being implemented. For cost saving, you have to be willing to submit yourself to that. Everything that's worth doing has |
| 68 | 00:11:30,840 --> 00:11:41,340 | some kind of internship. And trading is no exception. It's an industry where you have no ceiling, you can make as much money as you want to make. But if you're |
| 69 | 00:11:41,340 --> 00:11:46,770 | not willing to go through the beginning stages, where you aren't going to make anything, that means you're back testing, that means you're doing what you're |
| 70 | 00:11:46,770 --> 00:11:54,570 | doing right here, right now you're listening for insight from people that have done it, that are doing it, what they're encountering, how they're overcoming |
| 71 | 00:11:54,570 --> 00:12:02,970 | it, how they dealing with it on a personal level, how they keep themselves encouraged, listen to people that are pillars in the industry, and are teaching |
| 72 | 00:12:02,970 --> 00:12:14,970 | other people how to do it. And the fruits of their their work is being noticed, not just me, there's other people out there doing it. And the long and short of |
| 73 | 00:12:14,970 --> 00:12:27,960 | it is you got to be willing to put yourself through whatever is required. And you might not, you might not see the benefits of doing it at the time. And it |
| 74 | 00:12:27,960 --> 00:12:37,770 | needs to be encouraged along the way. Which is why I talked to you and Twitter space. Which is reason why I talk to you and encourage you with homework |
| 75 | 00:12:37,770 --> 00:12:51,450 | assignments, do this one little task focus on this, do this very thing here. Look at that one particular thing in the price action, top my mentorship. I |
| 76 | 00:12:51,450 --> 00:13:04,230 | could have did what I did us up there at one time. But if you would have saw all that. And there's more videos than that. But if I throw in all that up here, for |
| 77 | 00:13:04,230 --> 00:13:21,390 | anyone that was joining, you would have been intimidated by all that. Because it's too much. It's too much information. And it's very intimidating. So in, in |
| 78 | 00:13:21,390 --> 00:13:37,500 | an intern like that, in a way, do a lot of work to focus on because they want to they want to push to this and not make any money doing it and get the experience |
| 79 | 00:13:37,500 --> 00:13:47,100 | of being around people, they're actually doing it themselves and making lots of money. The people that really are set in mind, it's in their heart to do it. |
| 80 | 00:13:48,300 --> 00:13:55,290 | They're willing to go through that. That means on the weekends, you're sitting in front of your charts, making time separating yourself from the weekend |
| 81 | 00:13:55,290 --> 00:14:06,870 | warrior, the pub life, the club life, the recreational sports, all those things. That stuff's still gonna be there, folks. It's all still going to be there, when |
| 82 | 00:14:06,870 --> 00:14:17,100 | you arrive at professionalism that you are aspiring to get to as a traitor. But you got to be going through a lot of stuff. That's not going to lead to |
| 83 | 00:14:17,130 --> 00:14:25,650 | immediate gratification. It's not going to give you things that make you feel good because their moves, it's already happened. But you're collecting data. |
| 84 | 00:14:25,860 --> 00:14:35,040 | You're collecting experience and information that you're gonna lean on when you put those real live trades on. But unless you have the ability to sit through a |
| 85 | 00:14:35,040 --> 00:14:47,370 | whole nap and go through the process of conditioning yourself deferring immediate gratification, deferring the need to be profitable to need to be |
| 86 | 00:14:47,400 --> 00:14:59,640 | significant amongst peers, in our industry on social media, to get your report card for approval that you are a cut above the average. All those things are |
| 87 | 00:14:59,670 --> 00:15:10,590 | easy See, to get, but the skill set that has to be there. And if you don't have that, you're gonna have to work your ass off to get it. And you're gonna do a |
| 88 | 00:15:10,590 --> 00:15:22,260 | whole lot of boring stuff. boring stuff, it's boring, the back test, because you can't make money on it. It's not sexy, it's not exciting. But the best traders |
| 89 | 00:15:22,350 --> 00:15:32,370 | are the ones that fall in love with that process. The fact that you can go into a chart and see something that repeats over and over and over again, the level |
| 90 | 00:15:32,370 --> 00:15:43,470 | of continuity. The not surprised that did that? See I do all those types of things. He's quirky little things that may seem like arrogance, but it's an |
| 91 | 00:15:43,470 --> 00:15:54,180 | emotional stimuli that I'm charging your memory on that very moment when price does exactly what we expected it to do. Because otherwise, this is like, well, |
| 92 | 00:15:54,180 --> 00:16:03,570 | no big deal. There was no trade place. That's exactly what back testing is. You can't place a trade there. But you're conditioning your expectations on a |
| 93 | 00:16:03,660 --> 00:16:12,150 | repeating phenomenon. And the professional trader is doing that very thing. He or she is looking for that repeating phenomenon that they've conditioned |
| 94 | 00:16:12,150 --> 00:16:21,180 | themselves. They've activated the reticular activating system, that means they've trained their eye to look for specific things. Many times if people had |
| 95 | 00:16:21,180 --> 00:16:27,450 | the opportunity to sit down and say, Hey, Michael, could you tell me why you didn't look at this fair value gap? And this very vague? Why do you ignore this |
| 96 | 00:16:27,450 --> 00:16:37,080 | order block here? And why do you look at this one? Why don't you do that experience, you can't get that experience in a book. I can't transfer my |
| 97 | 00:16:37,080 --> 00:16:46,320 | experience to you through my videos. The only experience that is transferable and it's usable, is when I'm pointing something out in advance that way, you're |
| 98 | 00:16:46,320 --> 00:16:56,550 | walking it with me Come hell or high water, by hook or by crook, you have to submit to that process. There's no other shortcut, I swear to you there is not |
| 99 | 00:16:56,550 --> 00:17:07,680 | one person walking this planet is going to be able to take their experience and place that into you. You have to work your ass off and get it yourself. And the |
| 100 | 00:17:07,680 --> 00:17:23,880 | way you get that experience, the way you get that confidence to know which one to look for. Which one should you filter out. These things are arrived at by |
| 101 | 00:17:23,880 --> 00:17:32,880 | doing these monotonous tasks in the beginning, that doesn't feel productive. It doesn't feel like you're going to ever get anywhere doing this because the |
| 102 | 00:17:32,880 --> 00:17:41,670 | natural mind says I need to know what the price is going to do on the right side of that chart. Why am I wasting my time looking over here? Instead of your |
| 103 | 00:17:41,670 --> 00:17:51,810 | surgeon? How many times they have to look at textbooks, procedures that they have to follow state and federal guidelines that says they have to do this and |
| 104 | 00:17:51,810 --> 00:18:00,630 | not do these other things for the procedure you're getting ready to have done to you? And do you want that surgeon to just be fresh out of school? Or do you want |
| 105 | 00:18:00,630 --> 00:18:10,590 | that surgeon to be well groomed? They've been doing it a lot? Well, that's what you want to be running your company, right? See a professional trader, you're |
| 106 | 00:18:10,590 --> 00:18:24,480 | running a trading company, you're the CEO of it, you have to have the wherewithal to be diligent and demanding of yourself. Your CEO mindset about |
| 107 | 00:18:24,480 --> 00:18:34,260 | your own trading company needs to be firm in its expectations that you will have a well written trading plan and a business plan. There are two separate things, |
| 108 | 00:18:34,260 --> 00:18:47,250 | folks, there are two separate things. Just learning how to trade is not enough. Just learning how to read price action, not enough. How are you going to conduct |
| 109 | 00:18:47,250 --> 00:18:58,050 | yourself as a business person as a trader? Are you allowing the trader in you? Are you allowing that person inside of you to trade more times, then six times a |
| 110 | 00:18:58,050 --> 00:19:12,180 | day? Are you willing to allow that trade of its own you to risk more than 5% 3% 2%? Whatever it is you have to be in control. There has to be KPIs, there |
| 111 | 00:19:12,180 --> 00:19:19,950 | needs to be standard operating procedures that you are following. And you're holding yourself to. If you don't do those things, nobody else is going to |
| 112 | 00:19:19,950 --> 00:19:31,530 | submit themselves to do the job for you. No one's signing up to be your trading company in turn, to do everything for you for free. And many of you expect |
| 113 | 00:19:31,530 --> 00:19:41,610 | people like me as an educator, to go out here and do things beyond what we're willing to do. When what we're doing is already more than enough. The people |
| 114 | 00:19:41,610 --> 00:19:43,320 | that know how to do this that are teaching. |
| 115 | 00:19:44,940 --> 00:19:53,490 | We're demanding you to do the necessary and required work. And some you don't want to hear that some of you want to just say well, you know there should be |
| 116 | 00:19:53,490 --> 00:20:02,910 | easier way to do this. You've been doing it long enough. make it simpler. Okay. Go through your old data. Go through your old charts, start building a pseudo |
| 117 | 00:20:02,910 --> 00:20:13,650 | experience and collection of all these different case studies. And you repeatedly do this daily, not when you got time to do it, I'll get to it on |
| 118 | 00:20:13,650 --> 00:20:25,470 | Thursday, I'll find something on Sunday or whatever, you know, between the games. No, you're running a business, you're trying to start a new company. But |
| 119 | 00:20:25,470 --> 00:20:34,800 | you have to learn how to become a CEO. You have to learn how to be a business person, not just a trader, you have to be a good money manager. There's so many |
| 120 | 00:20:34,800 --> 00:20:41,280 | things that people walk into this industry thinking, this is going to be easy, all I gotta do is press some buttons, press some buttons, and money just drops |
| 121 | 00:20:41,280 --> 00:20:52,290 | into my account, and I can go out there and live the fast life. This is so easy. I don't know why I waited so long to do this. When it's entirely way beyond what |
| 122 | 00:20:52,290 --> 00:21:02,610 | is expected in terms of what you're gonna have to work your rear end for. And immediately, the beginning, you're not getting that gratification. You're |
| 123 | 00:21:02,610 --> 00:21:11,310 | getting no support from anybody. No one's going to tell you. Good job, you this two and a half hours of back testing, you've put some annotations on some charts |
| 124 | 00:21:11,310 --> 00:21:21,450 | and journal your observations well done. I tell you what, you keep doing this for a couple of months, man, there's no telling how good you're gonna get. But |
| 125 | 00:21:21,450 --> 00:21:28,050 | your educator, if they're worth their salt, they're going to tell you to do that. And they're gonna tell you what you're doing is the right thing. It's not |
| 126 | 00:21:28,050 --> 00:21:35,970 | about what's about to happen in the chart. That's all stuff that's really easy. That stuff's easy when you understand who you are, what you're going to do to |
| 127 | 00:21:35,970 --> 00:21:47,430 | derail yourself. Because having all the right information, and a proof of it is I got it all out there on YouTube right now. But folks that are not willing to |
| 128 | 00:21:47,430 --> 00:21:59,100 | go through the necessary requirements of going through old data, old price charts, old moves and finding their model. Because I can't No, no other educator |
| 129 | 00:21:59,280 --> 00:22:09,060 | can press every single person into a mold that fits everybody's personality. It doesn't work that way. That's my personal belief. And if someone's successful, |
| 130 | 00:22:09,060 --> 00:22:15,390 | and billing, I would love to see it. I wouldn't have anything that say about it. I just know that I personally can't do it. And I've never seen anybody else be |
| 131 | 00:22:15,390 --> 00:22:25,950 | able to do it tradings to, it's too difficult of a task. And it needs to be personal needs to be unique. And it needs to be formed fitted for your |
| 132 | 00:22:25,950 --> 00:22:38,550 | personality. And back testing what that does, it gives you a safe environment to go through, if there's anything that's valid about a model or a methodology, it |
| 133 | 00:22:38,550 --> 00:22:45,990 | should be readily available in terms of going back and look at data and say, okay, there is it's absolutely right there, it's undeniable. You can't argue |
| 134 | 00:22:45,990 --> 00:22:55,830 | with it, it's there. It can't be manipulated, it can't be masqueraded as something else. It's exactly what you expect it to be. And also observing when |
| 135 | 00:22:55,830 --> 00:23:04,200 | that model may not be profitable. Where you may have made a mistake and not look at it in sugarcoats. Well, yeah, I probably would have got out before the stock |
| 136 | 00:23:04,200 --> 00:23:12,900 | lost, I know, use it as an encouragement saying, okay, even if that was the case, and I would have taken a loss there. She said, what many of my students |
| 137 | 00:23:12,900 --> 00:23:23,610 | and these are paid students what they had done early on when I was telling them to do this, starting in 2016, when I did mentorship for the first time, the |
| 138 | 00:23:23,610 --> 00:23:34,110 | number one complaint was I don't know if this is going to work for me, because this is where I like to see it work. But it always fails in other places when I |
| 139 | 00:23:34,110 --> 00:23:39,990 | tried to do it real time. Well, number one you're trying to trade before you know what you're doing. Did you see how many times that your model you're trying |
| 140 | 00:23:39,990 --> 00:23:50,310 | to look for failed in back testing? Well, it never failed in back testing. That's bullshit. That's bullshit. Even one of my best models fails as losing |
| 141 | 00:23:50,310 --> 00:24:00,630 | trades. It's not perfect. And if you compound that difficulty, because you have the uncertainty of not knowing when it's not going to work, which is why you |
| 142 | 00:24:00,630 --> 00:24:07,200 | have to have a stoploss, which is why you have to have impeccable risk management. You have to have these things. You want to be a professional trader, |
| 143 | 00:24:07,230 --> 00:24:16,440 | number one tenant is preserve capital. That's the first and foremost rule you have to be able to do that. If you can't do that, it doesn't matter how good a |
| 144 | 00:24:16,440 --> 00:24:27,120 | trader you are. Because if you're super accurate, doesn't matter super accurate is not perfect. And the imperfect, super accurate trader that over leverages |
| 145 | 00:24:28,050 --> 00:24:36,090 | will draw down. If you're trying to be a professional trader, or professional fund manager. People don't like to see a lot of volatility in their equity |
| 146 | 00:24:36,090 --> 00:24:46,350 | curve. I don't want to see that. Some of you folks out there that share your my effects books and things of that nature. And it's nauseating. If you're going to |
| 147 | 00:24:46,380 --> 00:24:56,040 | view it from the lens of a professional fund manager, you would not stay in business with anyone with those types of equity curves. So what I teach is an |
| 148 | 00:24:56,040 --> 00:25:07,770 | excellence in mindset about how you have to be diligent about keeping Risk, very, very small, removes all the emotion removes all the necessity about being |
| 149 | 00:25:07,770 --> 00:25:19,500 | right. So what you're doing is, you're taking the best environment and beginning and placing yourself in that where it's safe, you can't lose money, you can't |
| 150 | 00:25:19,500 --> 00:25:28,050 | lose and you can't make money. And the only thing you're trying to do is teach your new fledgling mine, as a trader to see that these things do in fact, |
| 151 | 00:25:28,050 --> 00:25:37,680 | repeat. You can set your watch to it. At this time, this is what should happen. How many times did that thing happen that you're supposed to be studying? In the |
| 152 | 00:25:37,680 --> 00:25:48,570 | last 20 days? How many times did it occur in last 40 days, how many times it happened in the last 60 days. If you don't have access to that type of, well, |
| 153 | 00:25:48,600 --> 00:25:57,420 | for instance, some of the smaller timeframes, you can access that far back, what's preventing you from doing the next 60 days. Because every day, at the end |
| 154 | 00:25:57,420 --> 00:26:08,700 | of the day, you have a new data, the back test, don't go as far as you can, looking back, but at least have 60 days worth of it. I'm not saying that, that's |
| 155 | 00:26:08,700 --> 00:26:21,150 | all you have, but 60 days, you have the minimum criteria for finding something that I teach you Silver Bullet look at it, it's there. Whether you're trading |
| 156 | 00:26:21,150 --> 00:26:29,460 | the morning session, the morning session, or the afternoon session, there's a silver bullet, every single session, every single session, it's there. And I |
| 157 | 00:26:29,460 --> 00:26:37,740 | read these people that say, oh, there, it failed here, you don't have to trade it. That's all you do know, they're, they're looking at things through a very |
| 158 | 00:26:37,740 --> 00:26:45,840 | short term exposure to it, they think they watched the video, so therefore they know it, they've done no back testing, they've not collected enough sample sets |
| 159 | 00:26:45,840 --> 00:26:59,190 | to prove that what they're looking for exhibit number two, that it fits their personality. Give you a perfect example. I put 12 models out, okay, 12 of these |
| 160 | 00:26:59,190 --> 00:27:09,780 | things in my paid mentorship. All of them make money, all of them. But they're highly demanding in terms of what needs to be there before that trade can be |
| 161 | 00:27:09,780 --> 00:27:19,770 | taken. It's not an everyday trading model. It's an every week trading model. Every one of those trading models speaks and operates on a weekly, you know, on |
| 162 | 00:27:19,770 --> 00:27:29,430 | a week by week basis, at least one trade setup. Well, that's not what I want to do. I've seen you trade multiple times in the same day. Yeah, well, that's me |
| 163 | 00:27:29,430 --> 00:27:40,980 | doing multiple models. You can't start with that in the beginning. I didn't start like that in the beginning. But you need to have one thing that you start |
| 164 | 00:27:40,980 --> 00:27:50,910 | with. And it might not be your end model it might not be the career model that you stick with for the majority of your life as a trader. So what's the benefit |
| 165 | 00:27:50,910 --> 00:27:56,730 | of doing it Mike? Well, if I'm not going to pick the right one in the beginning, because I want to pick the right one I don't want to waste my time doing |
| 166 | 00:27:56,730 --> 00:28:07,320 | something that isn't really meant for me to do well what you're saying is is you don't want to make an investment in yourself and right there that already |
| 167 | 00:28:07,920 --> 00:28:18,120 | reduces your probabilities to less than half in terms of success because if you don't have the mindset that that you're willing to do it number one do what that |
| 168 | 00:28:18,120 --> 00:28:28,230 | test go through old data. See if these things occur and which one do you gravitate to in the beginning it might not be the silver bullet it might be |
| 169 | 00:28:28,230 --> 00:28:39,150 | something else it might be the simple optimal treatment you might be the model swing swing to might be something else that will break our strategy but until |
| 170 | 00:28:39,150 --> 00:28:50,370 | you apply yourself to one thing, looking for it going through old data seeing you will never have the opportunity to see what your personal character flaws |
| 171 | 00:28:50,370 --> 00:28:53,790 | are. Were you the new CEO |
| 172 | 00:29:00,510 --> 00:29:13,860 | Unknown: sorry sorry. press the wrong button. Michael pretty please keep talking. I'm so sorry. I hit the wrong button. That's my fault. You accidentally |
| 173 | 00:29:13,860 --> 00:29:18,180 | muted people and I didn't mean to sorry |
| 174 | 00:29:25,740 --> 00:29:41,220 | I'm sorry. I don't know how I just touched my phone. ICT pretty please keep talking. God I feel like an idiot. Yeah, one meter mic. Who? |
| 175 | 00:29:43,020 --> 00:29:44,190 | ICT: What was the last thing you guys heard? |
| 176 | 00:29:44,700 --> 00:29:51,030 | Unknown: I accidentally that's my fault, buddy. You were talking it was just like the last 10 seconds. I'm so sorry. |
| 177 | 00:29:51,570 --> 00:29:54,930 | ICT: I know. But I need to know what you heard last because I kind of lost my place. |
| 178 | 00:29:58,049 --> 00:29:59,369 | Unknown: About being a CEO |
| 179 | 00:30:00,839 --> 00:30:03,239 | ICT: and give me a little bit more was the last |
| 180 | 00:30:03,270 --> 00:30:15,060 | Unknown: pattern recognition back testing data going through the old data in back testing the back data, the back test data and find your model in the back |
| 181 | 00:30:15,060 --> 00:30:15,810 | tested data. |
| 182 | 00:30:15,839 --> 00:30:26,759 | ICT: Yeah. You have to expose yourself to uncertainty in the safest format. And that means in back testing, where the moves have already happened, you're |
| 183 | 00:30:26,759 --> 00:30:34,589 | conditioning yourself to look for these repeating phenomenon. That way, you can't even you can't even pay per trade it you can't do a demo trade. I mean, I |
| 184 | 00:30:34,589 --> 00:30:40,889 | guess you can if you want to do like Forex back test or something to that effect, or trading views, Market Replay, but I don't even think in the |
| 185 | 00:30:40,889 --> 00:30:47,549 | beginning, you should be touching that. But you feel like that's what you should be doing? Because it looks like a video game. Wow, this is what it looks like |
| 186 | 00:30:47,549 --> 00:30:55,019 | when I'm in here. No, it doesn't look like that at all. It's faster. It's scarier, when you don't know what you're looking for. You've never been here |
| 187 | 00:30:55,019 --> 00:31:02,039 | before. Feels like the first time you got on a roller coaster. You know, it's like, man, what's it going to be? Like? What's it going to feel like? You're |
| 188 | 00:31:02,039 --> 00:31:08,549 | worried about all your potential reactions to what you're going to experience versus this is what I'm supposed to be looking for? And his answers to be |
| 189 | 00:31:08,549 --> 00:31:17,999 | focusing on. You can't train your perception to filter out all the other things. And that's what you don't understand when I tell you. If I'm asked by any of |
| 190 | 00:31:17,999 --> 00:31:28,409 | you, through either trading views, direct message, or tweets or responses in my comment sections of my videos. How did you pick that one? How did you pick that |
| 191 | 00:31:28,409 --> 00:31:35,579 | one right there? How did you know who's going to do that? It's because I went through a long period of conditioning myself looking for very specific things. |
| 192 | 00:31:36,539 --> 00:31:43,199 | And I know that answer doesn't satisfy many of you that are brand new, it feels like they're I'm hiding something from you, but I swear to you, it's because |
| 193 | 00:31:43,199 --> 00:31:52,229 | I've exposed myself to repetition, like exercise and building muscle with with weight training, you have to do it over and over and over again, you can't just |
| 194 | 00:31:52,229 --> 00:31:58,289 | go into a gym, join a membership and and start lifting the heaviest weights you can do and do as many repetitions as you can and walk out into like Arnold |
| 195 | 00:31:58,289 --> 00:32:07,679 | Schwarzenegger, or even in a week, not even 90 days, not 120 days either. Can't even find yourself looking like that in a year. It takes time. But you have set |
| 196 | 00:32:07,679 --> 00:32:16,889 | forth in motion, the expectation that you're going to go through that process to get you to that level of professionalism, whether it be a bodybuilder, you know, |
| 197 | 00:32:17,039 --> 00:32:29,009 | a weight trainer, surgeon, a pilot, you chose to do this. And I'm going to humbly submit that you have chosen the path that has the highest degree of |
| 198 | 00:32:29,009 --> 00:32:41,069 | difficulty that there is you're competing against the shrewdest of minds. In a corrupt industry that's absolutely 100%, manipulated, controlled, to the |
| 199 | 00:32:41,069 --> 00:32:57,569 | smallest degree. And you want to cheat yourself that opportunity. You want to prevent yourself the real opportunity to find your own niche in this by cutting |
| 200 | 00:32:57,569 --> 00:33:08,099 | out the most important stage of your development. The part that feels boring, the part that feels like monotonous tasks, I ain't got time to do journaling, I |
| 201 | 00:33:08,099 --> 00:33:17,639 | don't have any time to look at old data, I need to trade. How's that working out for you. Because it's probably going to become evident that you're going to be a |
| 202 | 00:33:17,639 --> 00:33:27,539 | professional employee for the rest of your life. Unless you make drastic changes in your expectations and what you're willing to put yourself through. It's laid |
| 203 | 00:33:27,539 --> 00:33:36,209 | out there for you. Nobody gets to walk out here on their first round, and say, you know, I own the world. Now, I can do all this easy. And I know what I'm |
| 204 | 00:33:36,209 --> 00:33:47,549 | doing as a trader, and it doesn't work that way. And folks that say that are liars, they're lying. It's easy to fleece, people that are ignorant. And if |
| 205 | 00:33:47,549 --> 00:33:56,309 | you're listening to me, if you're listening to people that have proven they can trade, we all have the same story. Stop listening to the bullshit, the man that |
| 206 | 00:33:56,309 --> 00:34:03,689 | they can trade demand that they can prove it to you. And if they can't do it, tell on the pound sand and get up the road and spend your time with someone that |
| 207 | 00:34:03,689 --> 00:34:14,009 | knows what they're doing. It's willing to spend the time telling you good advice. professional trader, you're a long time away from that. Just because you |
| 208 | 00:34:14,009 --> 00:34:24,719 | make money and you're profitable. That doesn't mean you're a professional trader. You're not. That means right now you're profitable. But a professional |
| 209 | 00:34:24,719 --> 00:34:34,409 | trader, in my opinion, you're doing it least three years or longer, and it's your 100% source of income. Now that doesn't mean that that's all you make. But |
| 210 | 00:34:34,409 --> 00:34:42,569 | you could sustain yourself with just that. That's a professional trader. I read in books when I was younger, that a professional trader and I think if I'm not |
| 211 | 00:34:42,569 --> 00:34:53,159 | mistaken, I think it was Jack Swagger. His view or somebody either jack or Alexander elder, one of the two mentioned that they have to at least make 50% of |
| 212 | 00:34:53,159 --> 00:35:04,709 | your income to be considered a professional trader. No, that's sometimes that's somebody that's a are tired to me. Unless you make 100% of your livable wages. |
| 213 | 00:35:05,939 --> 00:35:12,389 | And you've been doing it for at least three years. I don't think any business is calling yourself a professional trader, you because everything could crash and |
| 214 | 00:35:12,389 --> 00:35:22,619 | burn. I had a period of luck that lasted for nine months when I didn't even know what the hell I was doing. And then suddenly, everything became impossible. Have |
| 215 | 00:35:22,619 --> 00:35:34,319 | you given yourself the flexibility to observe that in your own experience? Think about that for a second there for a second, just think, what happens if what |
| 216 | 00:35:34,319 --> 00:35:49,709 | you're doing in the early stages, just happens to be luck. Are you prepared to deal with that, where everything feels like it's collapsed on you, you know how |
| 217 | 00:35:49,709 --> 00:35:55,469 | to avoid that fear or uncertainty about that, because I know some of your cringing and ethic and shit. That's what I've been afraid of the whole time. I |
| 218 | 00:35:55,469 --> 00:36:04,679 | don't want to waste all this time and then find out I can't do it. You remove all that uncertainty and fear with back testing. See, I already know I already |
| 219 | 00:36:04,679 --> 00:36:14,639 | know like I told you last week before this previous week came, I already know making money are you know I'm making money, period. And a story I know these |
| 220 | 00:36:14,639 --> 00:36:23,759 | news are going to be there, I know these models are going to be there. So you don't have the conviction and confidence to trust these things. You haven't |
| 221 | 00:36:23,759 --> 00:36:37,829 | conditioned yourself yet. Professional traders have an edge man mentally, that they are willing to submit themselves to processes, protocols and procedures and |
| 222 | 00:36:37,829 --> 00:36:48,899 | routines. That leads to a measurable outcome that repeats over time, not every time not 100%. But more times than not. And if you combine that with impeccable |
| 223 | 00:36:48,899 --> 00:37:03,479 | risk management, sound, money management, not over trading, not over leveraging, not trying to push that's well beyond what's reasonable in terms of results. |
| 224 | 00:37:06,239 --> 00:37:19,829 | Trading can become very enjoyable. The emotion that you get from doing it will be devoid of fear and greed, but a sense of satisfaction. Just like a real |
| 225 | 00:37:19,829 --> 00:37:30,089 | profitable business owner that has a well oiled engine. Everybody's doing their job, everybody has been properly trained, there's a place for everything. And |
| 226 | 00:37:30,089 --> 00:37:39,179 | nothing is disorganized, a CEO and a company like that. They're content, they're happy, they're satisfied or fulfilled, that employees that want to work for |
| 227 | 00:37:39,179 --> 00:37:49,019 | them, because they are appreciated and are not being asked to do menial job tasks for a little bit of money. That's how you have to treat you, because |
| 228 | 00:37:49,019 --> 00:37:58,529 | you're the CEO, you're the analyst, and you're the trader, you have to manage all of those internal personalities, they're their different roles, but it's you |
| 229 | 00:37:58,529 --> 00:38:07,919 | having to do it all. And see it and think about that when you got involved in this, you thought, Oh, this is clicking some buttons. And there's so many things |
| 230 | 00:38:07,919 --> 00:38:15,749 | that you have to go through that are mental hurdles that you can't fully appreciate. I mean, I'm sure you probably read some trading books, and they |
| 231 | 00:38:15,749 --> 00:38:29,459 | probably said, you know, hey, trains us again, Game of probabilities. And nobody does. everything perfect. And you can do this, if you have this many are |
| 232 | 00:38:29,459 --> 00:38:37,799 | multiples behind your trade, and you risk this much money per trade. And this is what the spreadsheet says you should make. But all that goes out the window. As |
| 233 | 00:38:37,799 --> 00:38:50,249 | soon as you go in with real money. What have you conditioned yourself to expect the way you navigate the uncertainty and the emotions and psychological turmoil |
| 234 | 00:38:50,639 --> 00:39:04,619 | that you put yourself through. As you lean on the experiences that you gleaned from old data, then taking that old data? Start tape reading, you're not pushing |
| 235 | 00:39:04,619 --> 00:39:14,519 | a demo, you're not entering a paper trade and you're not even doing the stage of Market Replay. You tell me I got a backpack then I got to look at tape reading. |
| 236 | 00:39:14,519 --> 00:39:23,729 | I haven't even done a trade yet. I need to be inspired ICT if you're not inspired by doing the right procedures. Nothing else I'm gonna say to you is |
| 237 | 00:39:23,729 --> 00:39:35,759 | going to help you. Remember your surgeon they didn't give them a scalpel and say hey, man, you look exactly like George Clooney on ER, man. Let me let me just |
| 238 | 00:39:35,759 --> 00:39:42,119 | give you the scalpel right now. Because you're going to turn these patients into trust and you don't worry about if you make mistakes, where we got insurance. |
| 239 | 00:39:42,629 --> 00:39:52,829 | That's not how they do things, folks. And that's the same mentality you're trying to apply to trading. You know, I'll just wing it. Nobody has a long term |
| 240 | 00:39:52,829 --> 00:40:03,449 | career, going into this industry trying to wing it doesn't happen. You have to go through the processes Same thing that that surgeon had to go through textbook |
| 241 | 00:40:03,449 --> 00:40:13,589 | examples, textbook examples. And then he put them in front of a cadaver. Watching someone, |
| 242 | 00:40:15,239 --> 00:40:22,229 | they do the, the process in front of them, because they want to see you, you have the stomach to do it. Because there's a whole lot of people that are |
| 243 | 00:40:22,229 --> 00:40:30,749 | talking a good game. But then as soon as they see something like that, they lose their lunch. Well, how can you be a surgeon? You can't do it. And in back |
| 244 | 00:40:30,749 --> 00:40:43,409 | testing, and then tape reading, you'll know if you can't do this. That's not to convince you early on to quit before you should. But you know who you are. You |
| 245 | 00:40:43,409 --> 00:40:53,999 | know what your limitations are? If you're not disciplined, if you are not responsible? You're going to see that in your back testing, are you able to keep |
| 246 | 00:40:53,999 --> 00:41:07,739 | a routine? Here's a perfect illustration. Listen, folks, listen. Can you set a schedule? Every day, this time, I do 45 minutes of back testing on one market. |
| 247 | 00:41:10,889 --> 00:41:22,829 | Not 20 different pairs over here and different there. One market, back tested on every timeframe, 45 minutes. I think that if you go from the weekly down to a |
| 248 | 00:41:22,829 --> 00:41:32,249 | one minute chart, it should take you about 45 minutes, if you really being diligent about recording your observations, staring at the chart looking for |
| 249 | 00:41:32,249 --> 00:41:45,449 | things that may have been taught by me or maybe someone else and having that annotated and logged. And then the very next day, you get to those charts the |
| 250 | 00:41:45,449 --> 00:42:01,529 | same time. And you spend that same 45 minutes. Can you do that? For a month? Can you do that for two months. So you can't even do that. But you expect to beat |
| 251 | 00:42:01,529 --> 00:42:11,069 | this business, this industry, with real professionals on the other side of your trade. I'm not trying to be demeaning or talk down to you. But I want you to |
| 252 | 00:42:11,069 --> 00:42:22,769 | understand that that's the the reality of this. There are people out here that know exactly what the hell they're doing. And if you have asked this, you're |
| 253 | 00:42:22,769 --> 00:42:29,909 | gonna get results that you don't want. And then you're not going to have an enjoyable experience doing it. You're gonna be scared, regretful that you did |
| 254 | 00:42:29,909 --> 00:42:41,969 | it. And you're going to know that you rushed into it before you're ready. Professionalism is keeping a schedule and a routine and adhering it to it. It |
| 255 | 00:42:41,969 --> 00:42:55,829 | sticking to that schedule and that routine. Anything that upsets that schedule needs to be paramount, big, huge things. Because the market had very specific |
| 256 | 00:42:55,829 --> 00:43:08,819 | timings. And if you're not willing to be able to be in front of those charts at that time. You're gonna miss it. You'll chase her fear of missing out your week |
| 257 | 00:43:08,819 --> 00:43:18,269 | for what you're going to call confirmation. Oh, I miss the actual time I was messing around with PlayStation I was on Xbox Live. I was doing this and doing |
| 258 | 00:43:18,269 --> 00:43:28,829 | that. Well, if I would have saw that trade right there, I definitely would have got in right there. So it looks like about 10 More handles still movement. I |
| 259 | 00:43:28,829 --> 00:43:42,869 | mean, just get in here, right here. No, you blew it, you messed up, you have to do it all over again, the next session or the next day, you'll discover that you |
| 260 | 00:43:42,869 --> 00:43:51,839 | don't have the patience that you think you're going to have, you'll discover that you're not as organized as disciplined. And that's the important things to |
| 261 | 00:43:51,839 --> 00:44:00,809 | learn early on in an environment that's safe bet you can't lose money. You don't want to discover with a live account that you are impatient, you're prone to be |
| 262 | 00:44:00,809 --> 00:44:10,559 | impulsive, and you're a gambler. Because your account will show you in terms of monetary loss. And now you've just compounded the difficulty in learning how to |
| 263 | 00:44:10,559 --> 00:44:23,039 | do this. And you're pushing that level of professionalism as a target, further down the road. There's ways to do this correctly. And there's a whole lot more |
| 264 | 00:44:23,039 --> 00:44:31,859 | ways to do it incorrectly. In the beginning, you have to accept the fact that you are an intern. You are an intern at a trading company that you're going to |
| 265 | 00:44:31,859 --> 00:44:42,089 | start later on. You're working for no wages right now. You're in it for the experience, just like an intern is what's it like to be in this industry? What's |
| 266 | 00:44:42,089 --> 00:44:52,049 | it like to be around people, the movers and shakers that get things done that everybody wants to listen to? And it's experience where you're willing to put |
| 267 | 00:44:52,049 --> 00:45:03,689 | yourself through all of that just for the sake of getting and garnering that experience. You can't buy that folks. That's why internships are sought after. |
| 268 | 00:45:05,249 --> 00:45:13,139 | Because you can't replace that with a college degree, you can't, you can't express that level of understanding of being in the industry. Unless you were |
| 269 | 00:45:13,139 --> 00:45:25,079 | there doing it. It can't be transferred, nobody can give it to you. You go through it, and you glean it by being there and being present. And if you're an |
| 270 | 00:45:25,079 --> 00:45:35,129 | intern, and you're not on time, they get rid of you. There's a lot of people that want to be in positions that have internships, because the jobs on the |
| 271 | 00:45:35,159 --> 00:45:49,379 | other end of all that are high yielding income jobs. This, you have to be an intern, then you have to set it up like a job, part time job in the beginning, |
| 272 | 00:45:49,619 --> 00:45:57,209 | eventually, you want to transition to the equivalent of a full time job that replaces your full time wages. And then you want to treat it like a business. |
| 273 | 00:46:00,269 --> 00:46:09,809 | Some of you aren't prepared to be a business owner, you're not responsible, you're not organized, you don't get to keep good records of anything. And that's |
| 274 | 00:46:09,839 --> 00:46:18,119 | all going to be problematic, and you need to discover all those things early on, you don't want to find out that you're a poor business owner. Just because you |
| 275 | 00:46:18,119 --> 00:46:28,679 | can make money in trades. If you don't have to manage the money correctly. Keep things in order, pay your taxes, you're gonna find yourself in a lot of trouble. |
| 276 | 00:46:29,789 --> 00:46:40,229 | And it's all avoidable. All these things are absolutely avoidable. But they're not learned real quick, real fast. There's no shortcut to it, there's no fast |
| 277 | 00:46:40,229 --> 00:46:52,139 | tracking to it. It's going to take a lot more time. It's gonna take a whole lot more time and energy in the beginning stages. But every single one of my |
| 278 | 00:46:52,139 --> 00:47:00,419 | profitable students, they submitted themselves to this. And if you ask them, they'll tell you. Yeah, it sucked. In the beginning, I didn't really like it. It |
| 279 | 00:47:00,419 --> 00:47:09,569 | felt like I wasn't getting anywhere. But in suddenly, I started seeing some things in my observations in price, I was picking up on things that I really |
| 280 | 00:47:09,569 --> 00:47:18,299 | wasn't expecting to see. And then they fell in love with it. Because now they're no, they're they're knowing beforehand, before they sit down from the charts, |
| 281 | 00:47:18,449 --> 00:47:27,209 | they know that model is going to be in the price charts. They just don't know how much it's going to move. That's uncertainty. What's the magnitude of the |
| 282 | 00:47:27,209 --> 00:47:36,869 | move is it going to be a larger move that's part of a weekly range run? Or is it going to be just the session run. But that model is going to be there, my model |
| 283 | 00:47:36,869 --> 00:47:48,569 | is going to be there next week, every single day, my models plural are going to be in price action next week, it's going to happen. I don't need to be convinced |
| 284 | 00:47:48,569 --> 00:47:57,029 | by anybody else, I don't need to lie about it, I don't need to worry about I don't have any anxiety that I know those things are going to be there. That's a |
| 285 | 00:47:57,029 --> 00:48:07,169 | level of confidence that comes by way of doing this for a very long time. And it has conditioned me to expect and appreciate the fact that it's continuous, which |
| 286 | 00:48:07,169 --> 00:48:18,089 | is why I have a slogan every week every day. And it won't stop. I do that to remind you also. And the folks that put themselves through this. They discover |
| 287 | 00:48:18,089 --> 00:48:29,879 | that is true. And nothing can shake them. Their level of competence is unrivaled. Which can be on learned the uninitiated it seems like arrogance. It's |
| 288 | 00:48:29,879 --> 00:48:39,929 | not it's just extreme levels of competence. You don't worry about being being made redundant your job, you don't care what the economy is, Who cares how much |
| 289 | 00:48:39,929 --> 00:48:50,699 | gas costs, who cares? Who cares? How much groceries are gonna cost. If you have a skill set like this, you can outpace all of that stuff. And the things that |
| 290 | 00:48:50,699 --> 00:49:01,949 | you worry about right now. They're minuscule things that you won't even worry about those things at all price tags are not a factor. There's so many levels to |
| 291 | 00:49:01,949 --> 00:49:12,749 | this journey that you're going to go through. And you got to make it pleasant. Enjoy the whole process, don't make it harder than it needs to be because it is |
| 292 | 00:49:12,749 --> 00:49:21,089 | hard. It's very, very difficult. It's hard to stay focused, it's hard to stay motivated to begin because you're not making any real money. And if you have a |
| 293 | 00:49:21,089 --> 00:49:29,909 | spouse or significant other, they're really not gonna understand how much level of commitment you need to place on this. Why are you looking at that stuff? Why |
| 294 | 00:49:29,909 --> 00:49:35,999 | keep doing this? What if you made by doing all that? Have you made any money yet? Well, you know, I gotta do this and do that. Don't Don't, don't waste your |
| 295 | 00:49:35,999 --> 00:49:46,019 | time. Don't waste your time explaining all that stuff. Because all it's going to do is further spur on the likelihood of you quitting because you love who you're |
| 296 | 00:49:46,019 --> 00:49:53,309 | with. You don't want them to be unsettled by what you're doing. And you love them so much that you're willing to let go of your dreams. |
| 297 | 00:49:56,010 --> 00:50:07,140 | And I don't want you to do that. Because you can be married to someone that you love, and living a monogamous relationship, by all standards looking like you're |
| 298 | 00:50:07,140 --> 00:50:16,680 | the model, spouse. But if you didn't do this, and you really want to do it, and you gave it up, because they didn't want you to do or they couldn't understand |
| 299 | 00:50:16,680 --> 00:50:28,950 | it, you're gonna be miserable, you're going to be thinking, our lives could be so much better and different, and significantly easier. If I just would have dug |
| 300 | 00:50:28,950 --> 00:50:37,890 | my heels in and spent less time trying to explain something that they're not going to understand my wife literally is 12 feet from me. And she still thinks |
| 301 | 00:50:37,890 --> 00:50:50,430 | this is like a video game. She doesn't understand what it is that we do, she has no comprehension of whatsoever. What this is all about. I had in our |
| 302 | 00:50:50,430 --> 00:51:00,270 | relationship early on, I try to explain she an interesting, Okay, done. But if I'm doing this, just understand that while I'm doing it, I can't be distracted. |
| 303 | 00:51:01,800 --> 00:51:12,570 | Let me do what I have to do. And when I'm done, then it's family time. And I wasn't doing very well at that. So I failed as a father and a husband in that |
| 304 | 00:51:12,570 --> 00:51:23,100 | regard. So you have all the advantages right now, by hearing someone that made all the wrong moves, to schedule, all that stuff. You have to be very diligent |
| 305 | 00:51:23,100 --> 00:51:33,450 | about managing your time. 1440 is a video on my YouTube channel. It's not about trading. But it's more important. Right now, before you learn how to trade, you |
| 306 | 00:51:33,450 --> 00:51:42,330 | need to master your time, because that's something that you don't get more of. And you have to schedule it and be diligent about how you spend your time. And I |
| 307 | 00:51:42,330 --> 00:51:52,350 | want to commend all of you that are sitting here right now listening to other people and listening to me. The folks that spend their weekends pursuing this, |
| 308 | 00:51:52,410 --> 00:52:02,970 | wanting to learn more about it, and being around people that do it. That is it. That is one of the biggest testimonies that you have exactly what's required to |
| 309 | 00:52:02,970 --> 00:52:16,680 | do this. Everybody else is out there chasing tail want to get drunk, Blaze up. Now, you're here being a part of something that is encouraging, that has a |
| 310 | 00:52:16,890 --> 00:52:30,690 | community vibe that is, in my opinion, the best. I didn't build this kit. And every one of you, you built this. And I'm so really amazed to see the honesty |
| 311 | 00:52:30,990 --> 00:52:38,340 | from everybody coming forward and sharing their observations, their their hardships, and encouraging one another. I think that's amazing. Because this |
| 312 | 00:52:38,340 --> 00:52:48,360 | industry right now, because of social media and the competition between gurus and mentors, and who can trade better than this one, it's all bullshit. When you |
| 313 | 00:52:48,360 --> 00:52:57,780 | start making money, you're not going to worry about what I'm doing and what I'm going to eventually put out in a book, or a video, if I ever do it again, you |
| 314 | 00:52:57,780 --> 00:53:05,490 | don't give a shit. Nobody gives a shit about that. And that's exactly how it should be. You're living your life, you're here to get a skill set. So that way |
| 315 | 00:53:05,490 --> 00:53:15,930 | you can live your life the way you want it on your own terms. There's nothing wrong with that. But everything in this industry right now is all about toxic |
| 316 | 00:53:15,930 --> 00:53:28,470 | competition. Who can take the most from the other person who can make more often. More often, though, that one ability to this one. And you need to be |
| 317 | 00:53:28,470 --> 00:53:36,330 | placing yourself in the presence of other people that want to build you up and lift you up. And claim that this is one of those types of things here in this |
| 318 | 00:53:36,330 --> 00:53:46,740 | community. I think it's very admirable but held together here and maintained. And I told him when we were having our discussion, unfortunately, the the |
| 319 | 00:53:46,740 --> 00:53:58,320 | bandwidth didn't allow for a real nice video playback. But I told him, I said you're doing is awesome. And I want to see what you do with it. I want to see it |
| 320 | 00:53:58,320 --> 00:54:10,050 | grow, it should grow. And it shouldn't just be about me or the things that I taught. And I was wonderfully pleased to hear how there was another person here |
| 321 | 00:54:10,110 --> 00:54:23,700 | today that doesn't trade with what we trade with. And you were very accepting to them. It was very disarming to hear how you said, you don't discriminate against |
| 322 | 00:54:23,700 --> 00:54:30,810 | anybody else that may trade differently, because there's lots of ways to make money and disclose. What I've taught and what I do is not the only way to skin, |
| 323 | 00:54:30,810 --> 00:54:41,730 | this cat. There's lots of ways to do it. But it's important that you learn from somebody that actually can do it. And they break it down and explain to you this |
| 324 | 00:54:41,730 --> 00:54:51,120 | is the process. This is the order of what you should be focusing on right now. In the beginning. It's not about making money. Everything has a learning curve. |
| 325 | 00:54:51,240 --> 00:54:59,250 | And this is one of the steepest learning curves you'll ever put yourself through. And it's hard. It's a whole lot of uncertainty, things to worry about. |
| 326 | 00:54:59,250 --> 00:55:04,980 | Will you be able to do But how long is going to take? When am I going to be profitable? How do I know this? And how do I know that you all those questions |
| 327 | 00:55:05,160 --> 00:55:17,730 | get answered by the process of going through everything that's been prescribed to you. And the unfortunate thing is, you're not willing to make the investment. |
| 328 | 00:55:19,020 --> 00:55:33,570 | Some of you, you're scared, man, what if I put in all this time, it worked for me. Put in a little bit more time. Because when you learn this, when you look |
| 329 | 00:55:33,570 --> 00:55:43,140 | back, and you think to yourself, and I almost talked myself out of this, what the hell was I thinking, look at this, look what I'm able to do right now, I |
| 330 | 00:55:43,140 --> 00:55:51,330 | could walk out there on Monday, and I can make myself $2,500 And not even over leverage, and make it and stop trading. And I'm done. How many people do you |
| 331 | 00:55:51,330 --> 00:55:55,470 | know in your friends and family circle makes 2500 hours in a week? |
| 332 | 00:56:00,810 --> 00:56:14,490 | Think about it. There's some people that don't make that in a month you're learning how to do something is hard as it may seem right now, when you get this |
| 333 | 00:56:14,490 --> 00:56:26,880 | skill set, it's something that no one can take from you. Nobody can take it from you. And now because you'll learn how to do it yourself, you'll get experienced |
| 334 | 00:56:26,880 --> 00:56:37,740 | and you can share it with your children. And then help them remove themselves from slavery. Because that's exactly what your job is. They've convinced you |
| 335 | 00:56:39,060 --> 00:56:46,170 | that that wage that you're going after, and at 40 hours a week. Or if you're a manager and you're in salary, 50 6070 hour work week, you're probably putting |
| 336 | 00:56:46,170 --> 00:56:59,250 | in, they've convinced you that that amount of money was worth prostituting your time for them. Really, you're willing to put yourself through that bullshit. |
| 337 | 00:57:00,720 --> 00:57:10,350 | Just to get bread on a plate. be told when you can and can't. And you'd better show up on time, or you're gonna get written up and potentially lose your job. |
| 338 | 00:57:11,490 --> 00:57:24,000 | You're willing to put yourself through that. But not this, when this has a higher potential yielding income. And a schedule you can make whatever you want |
| 339 | 00:57:24,000 --> 00:57:33,240 | it to be. You can live wherever you want to live, dry, whatever the fuck you want to drive, do whatever you want to do. And nobody's telling you otherwise. |
| 340 | 00:57:35,340 --> 00:57:44,970 | There's nothing better than this. Nothing, not one thing out there better than this. I'm an entrepreneur, ITT, I want to do this and do that. That's wonderful. |
| 341 | 00:57:45,480 --> 00:57:52,170 | I think personally, many of you that want to have other businesses and things like that. When you start making serious money doing this, you're gonna be like, |
| 342 | 00:57:52,200 --> 00:57:58,350 | Ah, fuck this, I don't want to have employees. I don't want to have a brick and mortar building to worry about I don't want to worry about all that stuff. I |
| 343 | 00:57:58,350 --> 00:58:05,610 | want to be a digital nomad. I'm gonna bounce around who the hell I want to do fly around here to visit this one. Do that and live your life fast and loose. |
| 344 | 00:58:10,200 --> 00:58:22,500 | Some of you think that's unobtainable. As long as I can make 1000 hours here and there. We're thinking too small. You think thinking too small, how far you want |
| 345 | 00:58:22,500 --> 00:58:41,970 | to go. What defines professional to you, professional trader, your professional moneymaker, your professional risk manager, your professional speculator. You're |
| 346 | 00:58:41,970 --> 00:58:50,100 | embracing the uncertainty of you might get it you might have it wrong once in a while. But you're not freaking out when you do it. Some of you aren't prepared |
| 347 | 00:58:50,100 --> 00:58:59,130 | for that right now. You don't want that you're trying to hide yourself from that inevitable losing streak, that losing trade, losing streak, multiple losing |
| 348 | 00:58:59,130 --> 00:59:09,570 | trades. Oh my goodness, what am I going to do? If it happens? You're going to reduce risk and unify your model. How hard is that? See how fast that is to |
| 349 | 00:59:09,570 --> 00:59:17,610 | remove all this way of thinking. So you can't appreciate that because you don't know what that model is for you yet. You have no experience and seeing how many |
| 350 | 00:59:17,610 --> 00:59:28,050 | times it presents itself in old data. That's the key. That's the very thing that's your secret weapon that gives you the confidence to keep doing it and |
| 351 | 00:59:28,050 --> 00:59:35,400 | sticking to it. And it's the same thing you're going to apply in the charts that's forming live, real time you're expecting those same things to unfold. |
| 352 | 00:59:36,660 --> 00:59:46,740 | Candlestick by candlestick, whatever timeframe you're using. Because you've seen it so many times before, because you study a very specific model, your reticular |
| 353 | 00:59:46,740 --> 00:59:54,720 | activating system is being keyed up. That means that you're seeing something that you have grown an affinity for you want to see something in price action |
| 354 | 00:59:54,720 --> 01:00:05,310 | that you believe is your model. And because that's your model, everything thing else in the chart is filtered out in the thing that you're looking for. As soon |
| 355 | 01:00:05,310 --> 01:00:19,440 | as it manifests itself in price. It's like illuminated. It's standing out in a spotlight, boom, here I am. And you're on time, let's get the work. And that's |
| 356 | 01:00:19,440 --> 01:00:27,780 | dynamite. That's exactly what professional traders, do. They know exactly what the fuck they're looking for when it's supposed to be there. And they're showing |
| 357 | 01:00:27,780 --> 01:00:39,960 | up on time to engage it. They manage it. They don't put on large risk. They don't do the maximum 15 contracts because they're funded account company says |
| 358 | 01:00:39,960 --> 01:00:51,330 | they can. How much can you? How much? Can you the trader, the professional trader, the CEO of you incorporated trading? How much can you take on as risk |
| 359 | 01:00:51,420 --> 01:01:02,550 | and not feel any emotion, but I can't get rich ICT don't that bullshit. That's bullshit. Because apparently, you don't know what compound interest is because |
| 360 | 01:01:02,640 --> 01:01:13,680 | you don't need a large rate of return. To get rich, you need something that repeats over and over and over again, there has to be consistency, that cookie |
| 361 | 01:01:13,680 --> 01:01:24,030 | cutter approach that needs to be applied to your trading. That's your model, that's the thing, that's the edge. And then compound interest is a very small |
| 362 | 01:01:24,030 --> 01:01:34,560 | rate of return. Very, very small rate of return can compound over time. I got time ICT, really, you got the rest of your life to fucking slave for that job. |
| 363 | 01:01:35,880 --> 01:01:42,120 | You're impatient about that are you I gotta get out of this job, I gotta do something else not gonna your content there. You'd like to flavor the bullshit, |
| 364 | 01:01:42,120 --> 01:01:52,650 | they feed you. You love it. Because if you didn't love it, he'd be making changes about doing it. And guess what? You're here, doing that very thing. |
| 365 | 01:01:53,400 --> 01:02:05,670 | You're looking for a way out. So you stay in that cell that's unlocked, willfully. I just kicked the door open again, reminding you all you have to do |
| 366 | 01:02:06,000 --> 01:02:22,080 | is step out here is a big world out here waiting for you. Huge, boundless opportunities. But you have blinders on. And you're holding them, you won't put |
| 367 | 01:02:22,080 --> 01:02:30,750 | them down, you're trying to talk yourself out of it, because you're scared. You've been conditioned, you're all institutionalized. And it's scary to step |
| 368 | 01:02:30,750 --> 01:02:37,260 | out here and try to do something on your own. And you might lose money. But guess what, you're losing money every day that you go to work, you're paying |
| 369 | 01:02:37,260 --> 01:02:50,550 | taxes. And when you spend your money. That's not a write off. You can't you can't do anything with that. As a business owner, you can do all kinds of things |
| 370 | 01:02:50,550 --> 01:03:01,890 | that the average person can. As a business owner, I get paid to drive the vehicles that I own. I get paid to go on vacations and spend money living, the |
| 371 | 01:03:01,890 --> 01:03:11,160 | highlife. All those things are write offs, gas and my cars, even their eight cylinders, I don't care. It's a write off that that lowers my taxable income. |
| 372 | 01:03:12,870 --> 01:03:24,630 | When I was in school, I wasn't taught that. They don't want you to know these types of things. They want you to have ignorance. In this industry is so |
| 373 | 01:03:24,630 --> 01:03:32,490 | competitive, they're going to tell you this is too complicated. It's fucking not complicated. I literally just did a tweet earlier today, while listening to all |
| 374 | 01:03:32,490 --> 01:03:45,600 | of you. Very simple approach to doing one model. And when you understand that language, it's the silver bullet model, by the way, but in a text format, that |
| 375 | 01:03:45,600 --> 01:03:55,470 | can fit in a small little segment of price, or not price, but of paper like a business card. But there's difficulty in someone seeing that for the very first |
| 376 | 01:03:55,470 --> 01:04:02,610 | time and understanding what does that mean, right? What does drawing liquidity mean? It means that the markets gonna gravitate towards that liquidity. What's |
| 377 | 01:04:02,610 --> 01:04:11,220 | one ICT because I see relatively equal highs and relatively equal lows? Which one do you look for? Where do you think the weekly charts going to expand? Your |
| 378 | 01:04:11,220 --> 01:04:24,750 | bias is established with the weekly chart, then every session and every day bias needs to be in alignment with that, then you have high probability. So you're |
| 379 | 01:04:24,750 --> 01:04:33,300 | saying that I can see low resistance liquidity runs, if both of those are in agreement? Yep, that's it. There you go. It's done. What are you worrying about? |
| 380 | 01:04:33,990 --> 01:04:42,930 | Why are you complicating it? I say all this stuff in the videos. I didn't hide it from you. But you're looking for something that you have a preconceived |
| 381 | 01:04:42,930 --> 01:04:51,060 | notion about. This is what I need to hear if he says this. It'll make it easier. Instead of just listening to everything that I'm educating you with, or anybody |
| 382 | 01:04:51,060 --> 01:04:59,730 | else that can prove they can trade if they're teaching you something, a well defined approach to doing it. Listen, don't have selective hearing. Listen, if |
| 383 | 01:04:59,730 --> 01:05:11,190 | they're too Taking the time to spend on you, teaching you educating you. It's worth it for you to be taking notes, not just write down a note and never refer |
| 384 | 01:05:11,190 --> 01:05:20,850 | back to them again, wait a day come back to and read them again. And what does it mean? Does he do you feel any different in terms of what you were taking down |
| 385 | 01:05:20,850 --> 01:05:33,780 | in terms of notes, go back and listen to the medium that they'd educators, me or other anyone else have produced for you. And you'll be surprised what you think, |
| 386 | 01:05:34,560 --> 01:05:39,720 | is now new. It was added after the fact what it is because you just, it's a lot of information. |
| 387 | 01:05:41,010 --> 01:05:49,710 | There's a lot of things going on between high and low today. There's a lot of things that are going on. But here's the wonderful thing. You don't need to |
| 388 | 01:05:49,710 --> 01:05:56,790 | worry about every single aspect of what it is that I know about the marketplace. And what I'm able to teach you using the fine ones small little segment of |
| 389 | 01:05:56,790 --> 01:06:09,300 | process and that repeats that you can see easily that you can time. This is what fits my personal life, I can do this because it fits my life. When you focus on |
| 390 | 01:06:09,300 --> 01:06:20,250 | that, and you put yourself in that situation, it allows you to groom your expectations as a future professional trader. But if you if you don't have a |
| 391 | 01:06:20,250 --> 01:06:30,660 | target, and a routine that you adhere to, you're not going to get there, it's going to be next to impossible for you to find consistency, it's not gonna give |
| 392 | 01:06:30,660 --> 01:06:41,160 | you the confidence to stick with it. Because you have no baseline, you have no way to evaluate your progress. But as you do more back testing, as you do more |
| 393 | 01:06:41,160 --> 01:06:51,480 | things that repeat over and over again, seeing how these things, repeat. You find that this was a lot less complicated than you thought it was going to be. |
| 394 | 01:06:52,800 --> 01:07:03,030 | You find that, wow, this is something that I made more scary than it really is. And I almost talked myself out of it. And I think about that myself, I'm gonna |
| 395 | 01:07:03,030 --> 01:07:16,440 | say this, and I'm gonna close it. There's so many times where I've felt that I was wanting to quit when I was 20. And every single time I put it down, I wanted |
| 396 | 01:07:16,440 --> 01:07:33,750 | to do it more. And each time I needed a break, I put it down, I'd want it more, more than I ever did. If you feel that way, stop resisting it. You are a trader. |
| 397 | 01:07:34,980 --> 01:07:44,970 | If you feel that way you are. You just haven't groomed yourself into a highly efficient, profitable trader. And that's something that someone with your |
| 398 | 01:07:44,970 --> 01:07:57,030 | mindset if you feel that way that is obtainable. But you have to do a lot of things and prune that tree each day of the things that are time wasting things |
| 399 | 01:07:57,030 --> 01:08:09,390 | that are focusing your attention on the world of thinking that is negative, hanging around people that are not going to be encouraging to you. Think about |
| 400 | 01:08:09,390 --> 01:08:23,010 | your friends. Where are they at in life. They have professional careers they have solid family lives are the drama that they drain you and when you get away |
| 401 | 01:08:23,010 --> 01:08:34,470 | from them, you feel like, Hey, I'm glad to be away from that person. If that's like that for you, and I had a lot of that when I was younger, cut that stuff |
| 402 | 01:08:34,470 --> 01:08:48,690 | off. Learn how to do this. And then once you learn how to do this, and you're consistently profitable, maybe if it's in your interest, go and try to try to |
| 403 | 01:08:48,690 --> 01:08:56,580 | talk them into trying to do it yourself. They're trying to get them to do it. If they don't want to do it, that's fine. But if they're holding you back, and |
| 404 | 01:08:56,580 --> 01:09:04,020 | there's many times that friends and family are going to do that very thing. Don't go if you're new, don't go and start telling your mentee I'm gonna go |
| 405 | 01:09:04,020 --> 01:09:13,590 | ahead trade about a watch this guy, he does this and you know, it's free. So it's nearly no risk and such. Don't do that. Because their career workers |
| 406 | 01:09:14,340 --> 01:09:22,890 | chances are they're going to tell you, Oh, don't do that. Don't do that you might actually get somewhere. And then they got to feel bad about having never |
| 407 | 01:09:23,430 --> 01:09:38,100 | had the willingness to want to make a change in their personal life either. Just do it, don't talk about it. Just do it. Be diligent forge responsibility, self |
| 408 | 01:09:38,100 --> 01:09:46,860 | control. All those things are scheduled in your day. You do this you got to be in front of charts at this time. And you have to end that day of study at this |
| 409 | 01:09:46,860 --> 01:09:55,020 | time you submit yourself that time. Can you keep yourself on a schedule, that regimen going through the process of going through this very thing every single |
| 410 | 01:09:55,020 --> 01:10:06,540 | day, even on weekends? Can you do that? Chances are some of you may not be at that stage where you can right now. And you're going to have to grind your heels |
| 411 | 01:10:06,540 --> 01:10:16,710 | in and say, Okay, it's uncomfortable. It sucks, because I don't really understand what it is I'm doing but let time do its work. It'll teach you what |
| 412 | 01:10:16,710 --> 01:10:24,000 | it is that you're fearful Well, right now, there's concerns of, I'm not gonna be able to see this, how does he know this? And why does he know that this is going |
| 413 | 01:10:24,000 --> 01:10:31,350 | to be this? Or that? How does he know price is going to be wrecked this this way? Why is the stop loss here there? How can he do this? And how can they do |
| 414 | 01:10:31,350 --> 01:10:40,560 | that? How does how's the student trade this way, and another students are doing that, but they're both making money. All those are answered by you just simply |
| 415 | 01:10:40,560 --> 01:10:49,170 | doing it. And you're going to discover the things that you're making a mountain out of these little tiny concerns. They're like small, wet, like small little |
| 416 | 01:10:49,170 --> 01:10:58,770 | pebbles in your shoe. It's hard to walk a long journey with a rock in your shoe, I get it. I know, just get rid of it right now. Remove all the excuses. Yes, |
| 417 | 01:10:58,770 --> 01:11:08,220 | it's going to take a lot of time, yes, it's going to take a lot of well, discipline, and you may not have it yet. And the only way you get it is you |
| 418 | 01:11:08,220 --> 01:11:19,140 | forge it. And place yourself around people that are supportive. They're either doing what you're doing, or they've been doing what you're trying to do. And |
| 419 | 01:11:19,890 --> 01:11:31,830 | that's a wonderful support structure. I wish I had this. When I was coming up. I wish I had this. You all had advantages that people like me didn't have this |
| 420 | 01:11:31,830 --> 01:11:39,360 | room, really no excuse for you not to be successful at this. Like you have information at your fingertips by me and other people that know how to trade and |
| 421 | 01:11:39,360 --> 01:11:53,430 | it's accessible to you. And less people out there that bitch and complain, instead of just doing the work, sitting in front of your charts, getting used to |
| 422 | 01:11:53,430 --> 01:11:59,280 | doing the very thing that you're gonna spend the rest of your life doing, you won't be a professional trader, okay, except the fact that you're gonna be |
| 423 | 01:11:59,280 --> 01:12:07,110 | staring at charts looking for things that you don't fully understand right now. But you're expecting them to form on time delivery schedule, that's going to be |
| 424 | 01:12:07,110 --> 01:12:20,580 | there every single day. When you go to work on Monday, that menial task that your employer asks you to do. It's the same thing all the time and you do this, |
| 425 | 01:12:21,120 --> 01:12:28,650 | this is what happens. And if it goes off the rails a little bit, you have a protocol that you have to go through. And then everything resumes back to what |
| 426 | 01:12:28,650 --> 01:12:38,370 | you're supposed to do normally, and your workday resumes as it would be. When it's time to go home, you punch out drive home, you have uncertainty, you might |
| 427 | 01:12:38,370 --> 01:12:47,700 | not make it home safely. God forbid. There's risks in everything. But you're not telling yourself now, I can't have this job, I can't work this job anymore. |
| 428 | 01:12:48,990 --> 01:13:02,760 | Going home from that job might get me into a car accident, and I might mess up my new paint job, a new wrap my rims going through Taco Bell. So there's no, |
| 429 | 01:13:02,790 --> 01:13:13,980 | there's really no excuse why any of you can't get here. The trails have been blazed ahead of you, the information has been laid in front of you. All you have |
| 430 | 01:13:13,980 --> 01:13:26,160 | to do is show up, you need to put the work in. And I'm confident that everyone that puts yourself to the task, you will arrive on time, the timing that was |
| 431 | 01:13:26,190 --> 01:13:34,260 | perfect for you. And you can't schedule it. You can't say I need to be profitable. By this time, it doesn't work like that. It's not like a weight loss |
| 432 | 01:13:34,260 --> 01:13:42,600 | program, where you can say okay, in six months, I want to be 20 pounds lighter, whatever it is. That's something that's realistic, this is uncertain, because |
| 433 | 01:13:42,600 --> 01:13:53,400 | you are a real living organism that has a personality. You like what you like you don't like what you don't like. And right now, you don't want to back tests. |
| 434 | 01:13:53,430 --> 01:13:58,800 | You don't want to do these things, because they're uncomfortable in their own profit. And you can't make money with them right now. And nobody on social media |
| 435 | 01:13:58,800 --> 01:14:06,330 | is gonna appreciate you doing it, because they think you should be trading with real money. You think you should be trading with real money. And you can't be |
| 436 | 01:14:06,330 --> 01:14:14,070 | properly trained to prepare yourself for the uncertainty of trading with real money until you do these types of things, to a degree where you're no longer |
| 437 | 01:14:14,070 --> 01:14:26,550 | influenced by the results in tape reading, and then demo. So there's a whole lot of time. There's a whole lot of time ahead of you that you have to do things |
| 438 | 01:14:26,580 --> 01:14:36,630 | apart from pushing the button with a real account. Apart from trying to get a funded account challenge passed. That's not what some of you want to hear. But |
| 439 | 01:14:36,630 --> 01:14:48,870 | that's exactly what you have to hear and you have to accept it. There's no shortcut. I promise you if there was I would honestly sit down and tell you |
| 440 | 01:14:48,870 --> 01:14:56,490 | everything how to avoid all this stuff. But there is no other way. Unless you have something out there that's going to produce a signal that you may not even |
| 441 | 01:14:56,490 --> 01:15:07,260 | fully understand why it's doing it. And if you can do that, then God bless you. You That's not me, I got to know why something works. And I teach that way. So |
| 442 | 01:15:07,260 --> 01:15:14,160 | for the folks that want to learn from me, they have that information. It's not just Well, I think it might do this, because last time I did it, my elbow ached. |
| 443 | 01:15:14,160 --> 01:15:22,950 | And there it is. There's logic behind it. It's measurable, is statistically probable, to repeat in the future more times than not. |
| 444 | 01:15:24,360 --> 01:15:38,370 | So like I said, I've listened to many of you today. And it was very encouraging to listen to the wide degree of unique experiences and your observations and |
| 445 | 01:15:38,670 --> 01:15:47,610 | your growth, and how you feel about where you are, and you're learning and giving yourself an attaboy at a girl, you know, that you're proud of yourself, |
| 446 | 01:15:47,610 --> 01:16:02,130 | and I'm proud of all of you. I'm proud to hear all of you had this measure of community that is really lacking in this industry. It's too toxic. And it's like |
| 447 | 01:16:02,130 --> 01:16:10,470 | an oasis here. And I think more people should be involved in I think they should join it and, and be a part of it, and be honest and in share their own |
| 448 | 01:16:10,470 --> 01:16:21,840 | observations may only ask and request is if I'm listening, please don't draw any special attention to me. And the audience. I'm not the star here. And I thought |
| 449 | 01:16:21,840 --> 01:16:31,560 | about many times, doing this very thing here. But I don't, I don't want a spotlight on me. I'm here listening to all of you. I love listening to all of |
| 450 | 01:16:31,560 --> 01:16:40,770 | your testimonies. I love listening to your experiences. That's exactly the currency I asked for. That's the very thing I asked for. That's the fuel behind |
| 451 | 01:16:40,770 --> 01:16:51,690 | me teaching. I want to hear your unique experiences, because they're all treasures. To me. They're gifts that you can't put a price tag on. And they all |
| 452 | 01:16:51,690 --> 01:17:00,780 | have an impact on me emotionally and psychologically, as a teacher, as educated as a human being. I appreciate all of the time that you have made available. And |
| 453 | 01:17:00,780 --> 01:17:08,340 | sharing what it is that you've gone through and what you're going through. And I'm excited to hear what you're going to do in the future. If this community can |
| 454 | 01:17:08,340 --> 01:17:18,210 | thrive. And I think the folks I listened to today, they seem like they appreciated it too. And there should be more awareness of it. More engagement. |
| 455 | 01:17:19,050 --> 01:17:26,310 | And I promise you, there's people out there that don't like you finding yourself, they're going to do everything they can. That's how the enemy works. |
| 456 | 01:17:26,850 --> 01:17:37,230 | They're gonna do everything they can to disrupt your your progress and your growth. Don't let them don't let them this keep your nose in the charts. Keep |
| 457 | 01:17:37,230 --> 01:17:44,970 | your eyes set on the target, where do you want to be? And you might not know where that is right now. What defines your success? Where do you find |
| 458 | 01:17:44,970 --> 01:17:54,510 | professionalism as a trader, you're going to find that that will change it'll morph, the more time you put into this. And when you discover who you are as the |
| 459 | 01:17:54,510 --> 01:18:03,480 | trader, that you don't even understand who that is right now. You haven't met them yet. You have not met that traitor that you're going to become. So you want |
| 460 | 01:18:03,480 --> 01:18:12,540 | to make sure you feed the insights that you're taking in as information. You want to filter out all that bullshit. You want to filter out the toxicity the |
| 461 | 01:18:12,540 --> 01:18:19,620 | people that don't have any faith in what you're doing, or want to try to derail you or say you're wasting your time, fuck them. You don't want to listen to that |
| 462 | 01:18:19,620 --> 01:18:29,250 | stuff. Nobody wants to be around somebody like that. And don't make allowances for people to step into your developing your journey to do those types of things |
| 463 | 01:18:29,250 --> 01:18:36,090 | and make you feel that you're wasting your time or cause a second guessing of something. There's too much evidence out there now that know that what you're |
| 464 | 01:18:36,090 --> 01:18:47,940 | dealing is profitable. There's a way for you to do this. There's so many people out here, coming from different walks of life, different age brackets, different |
| 465 | 01:18:47,940 --> 01:19:01,290 | cultures. Language barriers don't exist in this. They can find their own model. And once they do, they're set free. You get wings. And you can fly as high as |
| 466 | 01:19:01,290 --> 01:19:10,800 | you want, baby. There's no restrictions on how far you can go. That's the wonderful thing that you can't fully appreciate right now. And I'm excited that |
| 467 | 01:19:10,800 --> 01:19:22,260 | day when you discover, Oh, holy shit. I can literally go out there and make five figures every week. You may tell me that I can make six figures inside of four |
| 468 | 01:19:22,260 --> 01:19:35,250 | weeks. Yeah. Hello. Welcome to the party. So I'm going to turn it back over to all of you. I just want to thank you once again for the opportunity to be able |
| 469 | 01:19:35,250 --> 01:19:47,160 | to share my own opinion, if you will. But I'm very much encouraged by everyone and I wish you all much success and I hope y'all continue doing what you're |
| 470 | 01:19:47,160 --> 01:19:47,460 | doing. |