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Version 1.1 by Drunk Monkey on 2020-11-20 17:10
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3 ICT: Okay, folks, welcome back, there is a growing community
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7 of reviewers, of educators and service providers on the
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11 YouTube platform. And I think it's, in many ways good. And
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15 then there's other things about it that I don't necessarily
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19 like. And it's not because I'm afraid or concerned about
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23 anyone's opinion about me or what I do. Because I've been
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27 doing free education for over 20 years. And this YouTube
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31 channel is a collection of things that everyone in the
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35 trading community can come to this YouTube channel, and
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39 investigate the things that I claim, they can look at some
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43 of the things I talked about in terms of repeating
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47 phenomenon in the marketplace as it relates to foreign
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51 exchange. And then you as the constant reader, determine
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55 whether or not there's any value here, and or dig into it
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59 deeper, and start applying it to your own studies. Now,
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63 everyone that comes to this channel, invariably, we'll be
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67 inundated with the level of concepts, the the depth of and
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71 direction, your studies can take you that many times is very
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75 intimidating. And sometimes people come here, and they see
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79 that and they think, right right away that there's no
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83 trading plan here, or there's no way to, to make this work.
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87 When in fact, there's a myriad of ways of making it work.
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91 But it allows you as the viewer, to make it uniform and
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95 unique to you. So I'm just going to introduce that as an
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99 opening statement. Because while I do have a paid service,
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103 and it's a mentorship that I hold the hand of my students
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107 and kind of like guide them through the market climate, real
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111 time before it happens. And while that's not a signal
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115 service, I do not tell my students to buy here, sell there.
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119 But your stop here, take your profit. That's not what I do.
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123 I'm not licensed to give that level of advice. But I give my
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127 opinion about what I think the marketplace is likely to do
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131 using 20 years of experience, this November 5. So my
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135 community, both on YouTube, and my paid community, both have
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139 a high regard for the things that I teach, and me as a
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143 person, because number one, I put a lot of time and energy
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147 and passion into what I teach nothing forces anyone or twist
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151 the arm of any viewer here to pay me to join my mentorship.
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155 Many times I've had students come and watch this, the videos
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159 I have on this YouTube channel for free. It took multiple
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163 viewings on their part and study. But they found something
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167 that was their personal niche. And they have made a model
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171 out of that. And they can find consistent profitability,
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175 system setups, methodology, whatever you want to call it,
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179 they've made it their own. So I get lots of emails every
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183 month with individuals that are meeting their expectation
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187 and exceeding it just with the free level content here. So
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191 while I will be intermittently talking about periodically
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195 mentioning my mentorship, it's not a plug. Okay, so I want
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199 to draw a little contrast between that because what I've
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203 seen and many of you probably are seeing the same thing that
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207 there is this growing community of other educators becoming
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211 reviewers, other educators. Now, I have always called out
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215 every other educator out there saying hey, look, can you do
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219 what we do? Can you be as accurate as we are in our
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223 analysis, and it's been shocking to see how many especially
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227 in the foreign exchange market for x for short. That's kind
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231 of like where I settled in in 2006. Now prior to 2006, I was
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235 both forex and futures, trading e mini s&p and bond futures.
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239 And before I started dabbling with foreign exchange on the
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243 spot market, I was predominantly just a commodity trader and
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247 I started in 1992. So if
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251 any of you are like me, you probably enjoy a good ribbing.
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255 by someone that really deserves it. And you know, a lot of
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259 people in this community, the trading can be not just for
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263 exchange, they really deserve me tarred and feathered.
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267 Because you just know the things that they're saying are
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271 nonsense. And there's so image oriented to trap individuals
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275 into thinking they're much more profitable, or even
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279 profitable, for that matter, to low viewers into sending
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283 them money. And there are others that get more or less
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287 assaulted, verbally, or, or by way of a review video from an
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291 opinionated educator. And many of the things that are said,
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295 are just opinions. Okay? There's just opinions of other
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299 people. And it's hard to differentiate someone that has a
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303 service or a product, okay for sale. And they're pointing at
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307 other people saying, I think this person is a scam artist,
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311 this person's a scammer. This one's a scammer. And it, it
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315 slowly becomes obvious that these individuals are just
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319 looking to find a way to increase their own platform by
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323 hopefully reducing another person's platform. And I have
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327 been standing here for almost three decades, doing the same
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331 things, saying, look, this is what the markets do. You go in
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335 and investigate based on what I've taught you here. And you
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339 see if it's true or not, because if I'm fake, if the things
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343 I'm talking about aren't true, you're not going to see it in
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347 the marketplace, you're not going to see it repeating,
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351 you're not going to see any similarity whatsoever in the
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355 things I've talked about. Because I know for a fact that
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359 these things are true. They are very generic things that
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363 repeat over and over again. But it is opposed to 99.9% of
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367 everything else, all these other educators are using to
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371 justify why they take a trade. And I'm not talking about
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375 just foreign exchange traders, or educators, I'm talking
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379 about stock traders, stock option traders, and commodity
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383 futures traders, all of them, for whatever reason believe
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387 that their retail tools are the things that make the market
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391 move around their indicators push price, that type of thing.
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395 And me personally, I get a lot of flack because I stand out
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399 here all the time and ridicule everyone else. As soon as
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403 they put an indicator on our chart, you know, you're telling
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407 me that you don't know what you're doing. And that's just
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411 the bottom line. And it really rubs people the wrong way.
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415 Especially if they make money. If they make money, they
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419 swear that that's the reason why the markets moving, when
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423 it's not has nothing to do with why price is going up or
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427 down. Your indicator readings have nothing to do with it. So
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431 while I met in early on, when I was a commodity trader and I
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435 was neck deep in indicators at indicator itis I was always
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439 looking for more indicators to add to my chart. It was
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443 unsettling for me to realize that there's a way of looking
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447 at price and reading just price without any of that stuff
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451 and nonsense, really. And then come to a better, clearer
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455 understanding of what price may do in the future. Now I'm
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459 not perfect, I'm not 100%, I am not going to stand here and
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463 say I'm 100% accurate. But I have a very large community and
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467 they watch me do this every single week, I have to cosign
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471 and basically say what I believe is going to happen in the
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475 marketplace. And I'm only following predominantly the dollar
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479 index, the Euro dollar, and the pound dollar. Now
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483 occasionally I'll go in and I'll talk about other markets
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487 and E mini s&p or maybe the bond market or another pair,
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491 like the Aussie dollar and stuff like that. But I'm mainly
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495 looking at a very small universe of markets to look at,
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499 okay, and many times it's just there's three pairs, or three
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503 markets rather. And it isn't what everyone wants it to be
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507 when they when they sign up with me. Whereas if you look at
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511 my free content, you see me referring to all kinds of things
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515 and all different kinds of pairs and you naturally assume
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519 that I'm in here trading 1820 different pairs I'm not. I
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523 think that a trader should be focused and limiting their
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527 focus on one particular market maybe two at best. But I use
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531 the dollar index as a barometer to kind of like filter
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535 whether or not I should be a buyer or seller of Euro or
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539 pound. Now
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543 I have an opinion like everyone else, okay. And I have been
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547 very strong willed in the past when I was a younger man and
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551 basically stood in front of everyone and beat my chest and
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555 said, Come at me, bro, and see what you can do. And nobody
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559 really did that in the past. And it's still like that today.
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563 And I think majority of the reasons why is because most of
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567 everyone out there on social media aren't really profitable
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571 traders. And because of that Economic turn, because of all
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575 the illness, things in economy, you taking a dive because of
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579 all that people are really looking to do whatever they can
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583 to make money. And on YouTube, it's all about views. It's
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587 not about followers, it's about views. And if you can get
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591 views and you have ad revenue attached to your videos, then
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595 you'll make money. Now admittedly, I put ads on my videos,
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599 and I make a little bit of money. It's not a lot, but it's,
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603 it's something that gets me money to give to my children if
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607 they want video games or, or things to do with each month.
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611 But I certainly couldn't live off of it, let's put it that
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615 way. I don't make it a point to always go after someone else
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619 I have in the past, because I felt it was warranted. And I
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623 could have made this YouTube channel, a, let's expose
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627 everybody else. By contrast, here's what I can do. Let's see
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631 what you can do. And it's just nobody cares, okay? Really,
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635 the people that you're going to call out there, they're not
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639 going to be moved by it, they're not going to be compelled
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643 to, you know, show you their evidence that they can do what
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647 they're doing. And I believe they can't really, I mean,
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651 that's really what it boils down to. But when I see other
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655 people doing this growing trend of, okay, you're an educator
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659 and their videos are predominantly just calling out other
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663 people as a scammer. And they themselves have a service or a
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667 course. And they're not really teaching you anything on your
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671 YouTube channels. They're just basically saying, hey, you
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675 all suck. You are a dumb sheep, you are a loser trader, I
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679 bet you you lose trading, show me your statements. And the
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683 bottom line is, is where is the content in your YouTube
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687 channel that warrants anybody's interest in you at all,
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691 because at some point, it becomes simply a shouting match,
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695 you know, a you, who's, who's bigger than the next. And, to
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699 me, I've always put a lot of my time and effort into
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703 providing content that you as the viewers can come in, look
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707 at it, study it. If it doesn't resonate with you right away,
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711 then Hey, no harm, no foul, you didn't lose any money. And
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715 you found right away, that I'm not your cup of tea, and
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719 there's no real interest in pursuing anything with me.
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723 That's great. I have no problem with that. I've always
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727 openly said I'm not the mentor for everyone. My personality,
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731 my opinions on things are going to be very polarizing. And
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735 sometimes that creates this tribal or team mentality where
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739 it's team ICT against the world. Okay, when it's not the
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743 team, it's me against everyone else. Because what I see out
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747 here in YouTube, what I've seen on Instagram, is a lot of
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750 00:12:48,930 ~-~-> 00:12:53,130
751 phony fakes, okay, and I get called out as a fake a lot.
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754 00:12:53,850 ~-~-> 00:12:57,540
755 Many of times, it's from people that I have called out, they
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758 00:12:57,570 ~-~-> 00:13:00,390
759 create sockpuppet accounts. And they'll go in and they'll
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762 00:13:00,540 ~-~-> 00:13:03,330
763 make comments and make things up about it. You can go on the
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766 00:13:03,330 ~-~-> 00:13:05,640
767 internet and look at pictures, people think I live in
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770 00:13:05,970 ~-~-> 00:13:08,580
771 specific houses that look like the rundown and dilapidated.
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774 00:13:08,820 ~-~-> 00:13:12,870
775 I don't live at these places. But that's the level that
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778 00:13:12,870 ~-~-> 00:13:16,740
779 these people will go to. And as another youtuber out there,
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782 00:13:16,770 ~-~-> 00:13:19,980
783 just recently put a video upset. I'm running from the feds,
784
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786 00:13:20,010 ~-~-> 00:13:22,950
787 that's the reason why I don't show my face. I've tweeted my
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790 00:13:22,950 ~-~-> 00:13:27,480
791 picture. I've tweeted, things that, you know, are clearly
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794 00:13:27,480 ~-~-> 00:13:32,460
795 me, it's, it's me. And I've posted pictures of myself on my
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798 00:13:32,460 ~-~-> 00:13:36,330
799 YouTube community tab. I don't think it's something that
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802 00:13:36,330 ~-~-> 00:13:38,760
803 anybody should be interested in. Who cares what I look like?
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806 00:13:39,960 ~-~-> 00:13:42,360
807 For whatever reason, I guess people get really fascinated
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810 00:13:42,360 ~-~-> 00:13:44,970
811 when they want to know what you look like. But when you make
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814 00:13:45,000 ~-~-> 00:13:48,900
815 malicious comments and say, hey, look, I think this person
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818 00:13:48,900 ~-~-> 00:13:54,330
819 is a scammer, because why you didn't see me show you a Live
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822 00:13:54,330 ~-~-> 00:13:57,930
823 account. Because you don't see me showing you my statements.
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827 I never came out on this platform and said, I'm going to
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830 00:14:00,960 ~-~-> 00:14:05,010
831 show you trade signals. Because if I did that, then I would
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834 00:14:05,010 ~-~-> 00:14:08,550
835 be more or less obligated to do that. Now there are other
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838 00:14:08,580 ~-~-> 00:14:12,480
839 YouTubers out there that sell signals. And they themselves
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841 211
842 00:14:12,660 ~-~-> 00:14:17,010
843 don't prove that they can call trades before they happen. So
844
845 212
846 00:14:17,040 ~-~-> 00:14:19,770
847 here's the thing. And this is going to connect my
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850 00:14:21,270 ~-~-> 00:14:23,700
851 call to arms for all of you out there that are doing these
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854 00:14:23,700 ~-~-> 00:14:26,790
855 YouTube channels that have a course and a service of your
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858 00:14:26,790 ~-~-> 00:14:32,280
859 own. But you're also more active as a scam alert, okay, this
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862 00:14:32,280 ~-~-> 00:14:35,100
863 person is a scammer. This person's a scammer. So, you're
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866 00:14:35,100 ~-~-> 00:14:37,050
867 basically trying to make a name for yourself by calling
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870 00:14:37,080 ~-~-> 00:14:41,940
871 other people fake. Now I can go out and say, Hey, this is
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874 00:14:41,940 ~-~-> 00:14:43,770
875 what the markets going to do. This is where it's going to go
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877 220
878 00:14:43,800 ~-~-> 00:14:46,380
879 to it's going to help it's going to trade there and call
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882 00:14:46,380 ~-~-> 00:14:49,080
883 that before it happens. I can do that every single week.
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885 222
886 00:14:49,920 ~-~-> 00:14:52,890
887 every single week, I can do that. Now, I cannot do that
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890 00:14:52,980 ~-~-> 00:14:56,580
891 every single day with 100% accuracy. But I know when I can
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894 00:14:56,580 ~-~-> 00:15:00,660
895 pull that trigger and do it. I have learned That all these
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898 00:15:00,660 ~-~-> 00:15:03,540
899 other channels, and while they may say here, I'll show you
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902 00:15:03,540 ~-~-> 00:15:07,560
903 my broker sign in into my login, and here's my TD
904
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906 00:15:07,560 ~-~-> 00:15:11,850
907 Waterhouse, here's my tasty trades account, whatever. That's
908
909 228
910 00:15:11,850 ~-~-> 00:15:14,850
911 not the same as saying, here's what I think the markets
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914 00:15:14,850 ~-~-> 00:15:18,270
915 going to do, and then watch and see what happens. That's
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918 00:15:18,270 ~-~-> 00:15:21,270
919 what I do in front of thousands of people every single week.
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922 00:15:21,840 ~-~-> 00:15:24,180
923 Now, if I was a scam artist, and I didn't know what I was
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926 00:15:24,180 ~-~-> 00:15:26,910
927 talking about, and I failed, and I was fake, I would not
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930 00:15:26,910 ~-~-> 00:15:31,260
931 know what the future's gonna likely do. And I'm in a 90%
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933 234
934 00:15:31,260 ~-~-> 00:15:36,540
935 bracket with my analysis. I'm not operating as a signal
936
937 235
938 00:15:36,540 ~-~-> 00:15:39,210
939 provider, I don't tell everyone where to get in where to get
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941 236
942 00:15:39,210 ~-~-> 00:15:43,470
943 out where that's not what I do. As a mentor in my mentorship
944
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946 00:15:43,470 ~-~-> 00:15:47,280
947 program, I use what is fastly becoming three decades of
948
949 238
950 00:15:47,280 ~-~-> 00:15:52,110
951 experience. I help my viewers and students in my mentorship,
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953 239
954 00:15:52,950 ~-~-> 00:15:57,630
955 navigate where the markets likely to go to next, they are
956
957 240
958 00:15:57,630 ~-~-> 00:16:02,880
959 taught these price action setups, conceptually, and they're
960
961 241
962 00:16:02,880 ~-~-> 00:16:07,110
963 given rules. And they're given criteria to anticipate these
964
965 242
966 00:16:07,110 ~-~-> 00:16:10,980
967 types of setups to form in specific market conditions,
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969 243
970 00:16:11,190 ~-~-> 00:16:14,280
971 whether it be bullish or bearish. But if the market is in an
972
973 244
974 00:16:14,280 ~-~-> 00:16:17,790
975 uncertain period, where it's most likely not going to go
976
977 245
978 00:16:17,790 ~-~-> 00:16:23,520
979 anywhere, or it's highly unlikely that a high probability
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981 246
982 00:16:23,520 ~-~-> 00:16:27,330
983 trade would form, then I lean on my experience and tell my
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985 247
986 00:16:27,330 ~-~-> 00:16:29,520
987 community, hey, I don't think this is something we should be
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989 248
990 00:16:29,520 ~-~-> 00:16:32,910
991 messing with right now. That's this sit on our hands. But in
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993 249
994 00:16:32,910 ~-~-> 00:16:39,210
995 case it does move, this is what I believe it will do. And in
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998 00:16:39,210 ~-~-> 00:16:42,660
999 those instances, I'm more apt to be wrong. And I tell them
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1002 00:16:42,690 ~-~-> 00:16:45,270
1003 up front, this is an area where I'm probably going to be
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1006 00:16:45,270 ~-~-> 00:16:48,840
1007 wrong. But I have to cosign every single time, two times a
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1010 00:16:48,840 ~-~-> 00:16:54,090
1011 week when I sit with my community, but I see all this
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1014 00:16:54,390 ~-~-> 00:17:00,030
1015 growing interest in calling everybody else out. And it's
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1018 00:17:00,030 ~-~-> 00:17:03,150
1019 like these YouTube channels that came up years ago, then you
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1021 256
1022 00:17:03,150 ~-~-> 00:17:05,940
1023 still have them today. But they'll watch other people's
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1026 00:17:05,940 ~-~-> 00:17:09,600
1027 video and put their mug on the screen. Like we want to see
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1030 00:17:09,600 ~-~-> 00:17:12,450
1031 who they are and what they're doing. And their reaction they
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1034 00:17:12,450 ~-~-> 00:17:15,510
1035 call reaction videos. And I can't stand it. That was one of
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1038 00:17:15,510 ~-~-> 00:17:19,290
1039 the things about YouTube I hate. Okay, I can't stand that.
1040
1041 261
1042 00:17:19,440 ~-~-> 00:17:22,680
1043 Because what you're basically saying is, I have no skills, I
1044
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1046 00:17:22,680 ~-~-> 00:17:27,780
1047 have no talent, I have no reason to be on YouTube. But let's
1048
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1050 00:17:27,780 ~-~-> 00:17:31,110
1051 just watch another video and watch me carry on like a full.
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1054 00:17:32,190 ~-~-> 00:17:35,580
1055 To me, that's what I see when I see other educators and
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1058 00:17:35,580 ~-~-> 00:17:38,850
1059 other signal providers, point fingers at other people.
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1061 266
1062 00:17:39,330 ~-~-> 00:17:43,380
1063 Because if you are that good, people are going to recognize
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1066 00:17:43,380 ~-~-> 00:17:48,630
1067 you on their own merit. I don't advertise. I don't go around
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1070 00:17:48,780 ~-~-> 00:17:52,380
1071 and making YouTube videos about other YouTube videos. Okay,
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1074 00:17:52,380 ~-~-> 00:17:56,760
1075 or YouTubers. I go on social media in the past and went
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1078 00:17:56,760 ~-~-> 00:17:59,400
1079 right to their account says hey, can you do this? Can you do
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1082 00:17:59,400 ~-~-> 00:18:03,930
1083 that? That I've done that. But for YouTube to do that, it
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1086 00:18:03,930 ~-~-> 00:18:07,560
1087 just seems really low brow. And this is my opinion. And I'm
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1090 00:18:07,680 ~-~-> 00:18:09,330
1091 I'm certainly welcome to it just like everyone else, I'm
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1094 00:18:09,330 ~-~-> 00:18:12,090
1095 Welcome to look at what I'm saying here and say this is
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1097 275
1098 00:18:12,180 ~-~-> 00:18:15,090
1099 nonsense and waste of my time. But this video is really just
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1103 for the people that are constant viewers of my work for
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1106 00:18:19,620 ~-~-> 00:18:22,200
1107 someone new, maybe this is the first video you watch them in
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1110 00:18:22,200 ~-~-> 00:18:23,820
1111 your price, and I ain't got time for this guy.
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1114 00:18:25,829 ~-~-> 00:18:30,509
1115 It's not a big deal for someone to have an opinion. Okay,
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1117 280
1118 00:18:30,509 ~-~-> 00:18:33,929
1119 but to make your entire video library all about calling
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1122 00:18:33,929 ~-~-> 00:18:37,079
1123 everybody else a scammer. And then when you see other
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1126 00:18:37,079 ~-~-> 00:18:41,459
1127 scammers calling other people scammers, you don't want to
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1130 00:18:41,459 ~-~-> 00:18:43,679
1131 have that heat on you. And you say well, I believe that
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1134 00:18:43,679 ~-~-> 00:18:47,459
1135 person is highly intelligent. I believe this person is a
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1138 00:18:47,459 ~-~-> 00:18:54,179
1139 good orator. When everything indicates that there's a
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1142 00:18:54,179 ~-~-> 00:18:57,929
1143 contrary view that's easily grasped, then they believe that.
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1145 287
1146 00:18:58,889 ~-~-> 00:19:02,039
1147 And that's what I'm saying. So I'm waiting for this next
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1150 00:19:02,039 ~-~-> 00:19:07,379
1151 YouTuber, to put their opinion out about me. But I would
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1154 00:19:08,069 ~-~-> 00:19:10,919
1155 counsel you all if you all have that interest in me, you
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1157 290
1158 00:19:10,919 ~-~-> 00:19:13,859
1159 want to do something like that. Go through all of these
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1162 00:19:13,859 ~-~-> 00:19:17,219
1163 videos. Because if you don't go through every single one of
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1166 00:19:17,219 ~-~-> 00:19:20,309
1167 them and watch every single minute of them, your opinion
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1169 293
1170 00:19:20,309 ~-~-> 00:19:24,599
1171 doesn't matter. Because you're talking about something you
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1173 294
1174 00:19:24,599 ~-~-> 00:19:27,689
1175 don't even know. Namely myself, you have no idea what I talk
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1177 295
1178 00:19:27,689 ~-~-> 00:19:32,039
1179 about. You have no idea what I teach. So why should your
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1181 296
1182 00:19:32,039 ~-~-> 00:19:35,669
1183 opinion about me or the asset class that I prefer? Because
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1185 297
1186 00:19:35,669 ~-~-> 00:19:38,159
1187 I've done stock options. I've done stocks, I've done
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1190 00:19:38,159 ~-~-> 00:19:42,089
1191 commodities, I've traded bonds, I've traded metals, I've
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1193 299
1194 00:19:42,089 ~-~-> 00:19:45,989
1195 traded coffee, cocoa, corn, soybeans, soybean oil, soybean
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1197 300
1198 00:19:45,989 ~-~-> 00:19:55,589
1199 meal, lumber, copper, cotton, sugar, orange juice, futures,
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1202 00:19:55,859 ~-~-> 00:19:58,229
1203 pork bellies, when we used to have them but you can't trade
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1205 302
1206 00:19:58,229 ~-~-> 00:20:02,699
1207 them anymore. I've done all this stuff. Okay, I've done all
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1210 00:20:02,699 ~-~-> 00:20:07,229
1211 of it. I've been around the block for a long, long time. I
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1213 304
1214 00:20:07,229 ~-~-> 00:20:16,289
1215 prefer forex, for one specific reason. It allows you to form
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1217 305
1218 00:20:16,289 ~-~-> 00:20:22,049
1219 fit risk management. Now, what does that mean? every asset
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1221 306
1222 00:20:22,049 ~-~-> 00:20:25,289
1223 class, no matter whether you're a stock options trader guru,
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1225 307
1226 00:20:25,979 ~-~-> 00:20:30,629
1227 okay, or if you are a commodity trader, or an index futures
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1230 00:20:30,629 ~-~-> 00:20:36,449
1231 trader, a crypto trader, foreign exchange trader, it does
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1234 00:20:36,449 ~-~-> 00:20:41,429
1235 not matter. Every single one of these asset classes incur
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1238 00:20:41,459 ~-~-> 00:20:45,989
1239 risk. If you put your money at risk, in my opening a trade,
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1241 311
1242 00:20:46,169 ~-~-> 00:20:51,869
1243 there is a vacuum of risk free trading, there's always risk,
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1245 312
1246 00:20:52,439 ~-~-> 00:20:57,629
1247 always risk. There's no way to put a trade on and not have
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1249 313
1250 00:20:57,689 ~-~-> 00:21:02,519
1251 it at some point, some initial measure of risk. So as a
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1253 314
1254 00:21:02,519 ~-~-> 00:21:05,039
1255 speculator, whether you're trading any of these asset
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1257 315
1258 00:21:05,039 ~-~-> 00:21:08,489
1259 classes I've mentioned or the one I settled in on, you
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1261 316
1262 00:21:08,489 ~-~-> 00:21:17,219
1263 always have to deal with risk. So what I use as a medium is
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1266 00:21:17,249 ~-~-> 00:21:22,619
1267 forex. Now, it's got a bad name. It's got a rat bad rap
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1269 318
1270 00:21:22,619 ~-~-> 00:21:25,979
1271 because years ago, when foreign exchange became popular, you
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1273 319
1274 00:21:25,979 ~-~-> 00:21:29,129
1275 had bucket shops open up, and they were doing some really
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1278 00:21:29,129 ~-~-> 00:21:31,739
1279 unscrupulous things. They just we're just running the gamut
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1282 00:21:31,739 ~-~-> 00:21:35,669
1283 on everyone. Opening the spread 2030 pips, I mean, it was
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1285 322
1286 00:21:35,669 ~-~-> 00:21:41,249
1287 madness. Okay. And admittedly, I got caught in some of those
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1289 323
1290 00:21:41,969 ~-~-> 00:21:46,889
1291 bucket shops, okay, because when it's first introduced, you
1292
1293 324
1294 00:21:46,889 ~-~-> 00:21:49,019
1295 think, Wow, this, I'm gonna go with that broker. I'm gonna
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1298 00:21:49,019 ~-~-> 00:21:51,449
1299 go with that, because everybody was new. At that time, no
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1302 00:21:51,449 ~-~-> 00:21:57,569
1303 one had a track record. And I got hurt with FX cm. And they
1304
1305 327
1306 00:21:57,569 ~-~-> 00:22:00,989
1307 ended up paying out a settlement to other people, and
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1310 00:22:00,989 ~-~-> 00:22:03,929
1311 clients of theirs and in the US kicked them out. Because we
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1313 329
1314 00:22:03,929 ~-~-> 00:22:06,569
1315 can't use you in here. You got you can't operate in us.
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1317 330
1318 00:22:06,929 ~-~-> 00:22:08,759
1319 While they're still operating in other countries, they're
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1321 331
1322 00:22:08,759 ~-~-> 00:22:13,499
1323 not allowed to be here in the US. So all of that helps paint
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1325 332
1326 00:22:13,499 ~-~-> 00:22:22,649
1327 this tapestry of forex is impossible. It's impossible to
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1329 333
1330 00:22:22,649 ~-~-> 00:22:26,519
1331 make money. everybody loses money trading forex? Well, I got
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1333 334
1334 00:22:26,519 ~-~-> 00:22:29,819
1335 news for you. everybody loses trading stock options.
1336
1337 335
1338 00:22:29,879 ~-~-> 00:22:33,419
1339 everybody loses trading stocks, everybody loses commodities.
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1341 336
1342 00:22:33,629 ~-~-> 00:22:38,489
1343 everyone loses forex futures index trading, every asset
1344
1345 337
1346 00:22:38,489 ~-~-> 00:22:46,379
1347 class loses money. everyone loses money. Everyone, as a new
1348
1349 338
1350 00:22:46,379 ~-~-> 00:22:49,379
1351 trader is typically going to blow their account in any asset
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1353 339
1354 00:22:49,379 ~-~-> 00:22:53,549
1355 class. So it's kind of myopic, to go out and to say, all
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1357 340
1358 00:22:53,549 ~-~-> 00:23:00,089
1359 foreign exchange or Forex day traders lose money. Okay, and
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1361 341
1362 00:23:00,089 ~-~-> 00:23:02,999
1363 hear someone say, I have scientific it's been scientifically
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1365 342
1366 00:23:02,999 ~-~-> 00:23:06,299
1367 proven that foreign exchange day traders lose money
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1369 343
1370 00:23:08,519 ~-~-> 00:23:12,989
1371 that's supposes that you have access to every account on the
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1373 344
1374 00:23:12,989 ~-~-> 00:23:17,399
1375 planet. And folks, that's not happening. It's like the
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1377 345
1378 00:23:17,399 ~-~-> 00:23:19,919
1379 presidential election, you know, and all these suppose at
1380
1381 346
1382 00:23:19,919 ~-~-> 00:23:24,179
1383 polls, who's ahead, who's not? It doesn't matter what these
1384
1385 347
1386 00:23:24,179 ~-~-> 00:23:30,089
1387 polls say, what matters is you the trader. So if you're
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1389 348
1390 00:23:30,179 ~-~-> 00:23:34,469
1391 thinking that foreign exchange is impossible, into never
1392
1393 349
1394 00:23:34,469 ~-~-> 00:23:37,019
1395 consider doing it, okay, and you haven't gone through my
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1398 00:23:37,019 ~-~-> 00:23:41,279
1399 YouTube videos, just do that. Because I promise you, I
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1401 351
1402 00:23:41,279 ~-~-> 00:23:45,509
1403 guarantee you, if you go through them, you're going to see
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1405 352
1406 00:23:45,509 ~-~-> 00:23:49,469
1407 things taught that other educators simply just don't know
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1410 00:23:49,469 ~-~-> 00:23:51,329
1411 about. They're becoming fast learners, because they're
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1413 354
1414 00:23:51,329 ~-~-> 00:23:53,939
1415 taking the things that I teach here, and in my mentorship,
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1417 355
1418 00:23:54,119 ~-~-> 00:23:56,519
1419 and revamping and renaming them. So that looks like
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1421 356
1422 00:23:56,519 ~-~-> 00:23:59,579
1423 something that they came up with, but have been around
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1425 357
1426 00:23:59,579 ~-~-> 00:24:01,379
1427 enough people are starting to see it and they can call them
1428
1429 358
1430 00:24:01,379 ~-~-> 00:24:08,009
1431 out. Now. You are the only person that matters. in this
1432
1433 359
1434 00:24:08,009 ~-~-> 00:24:11,969
1435 industry, there are opportunities for you to test the theory
1436
1437 360
1438 00:24:12,869 ~-~-> 00:24:17,129
1439 without putting any money at risk. And you can do that with
1440
1441 361
1442 00:24:17,129 ~-~-> 00:24:20,339
1443 paper trading, which is hypothetically saying I would do
1444
1445 362
1446 00:24:20,339 ~-~-> 00:24:22,259
1447 this, I would do that I think the mark is going to go up
1448
1449 363
1450 00:24:22,259 ~-~-> 00:24:24,599
1451 here, or it's going to go down here. And it costs you
1452
1453 364
1454 00:24:24,599 ~-~-> 00:24:28,019
1455 nothing. There's no risk in that. And it's valuable insight.
1456
1457 365
1458 00:24:28,709 ~-~-> 00:24:31,259
1459 Then the next stage is to go to a demo account. And you
1460
1461 366
1462 00:24:31,259 ~-~-> 00:24:33,809
1463 trade with a demo account. And you use the things that you
1464
1465 367
1466 00:24:33,809 ~-~-> 00:24:39,749
1467 learn conceptually and practice in paper trading without
1468
1469 368
1470 00:24:39,749 ~-~-> 00:24:43,169
1471 actually entering pseudo or simulated entries, but a demo
1472
1473 369
1474 00:24:43,169 ~-~-> 00:24:47,429
1475 account, and you train yourself to view the marketplace to
1476
1477 370
1478 00:24:47,429 ~-~-> 00:24:49,769
1479 submit to the amount of time that it takes for these
1480
1481 371
1482 00:24:49,769 ~-~-> 00:24:54,299
1483 formations to complete. And also when they fail. You need to
1484
1485 372
1486 00:24:54,299 ~-~-> 00:24:56,849
1487 learn a lot about yourself. That's the unfortunate thing
1488
1489 373
1490 00:24:56,849 ~-~-> 00:24:59,699
1491 that most educators because they lack experience, real
1492
1493 374
1494 00:24:59,699 ~-~-> 00:25:04,649
1495 experience. They don't have a clear understanding of the
1496
1497 375
1498 00:25:04,949 ~-~-> 00:25:09,119
1499 huge chasm of experience that you're going to need the
1500
1501 376
1502 00:25:09,119 ~-~-> 00:25:12,029
1503 bridge from the beginning, first day, when you sit down,
1504
1505 377
1506 00:25:12,029 ~-~-> 00:25:15,269
1507 say, Hey, I'm going to be a trader of whatever asset class.
1508
1509 378
1510 00:25:16,529 ~-~-> 00:25:18,659
1511 And then when you arrive at whatever it is that you're going
1512
1513 379
1514 00:25:18,659 ~-~-> 00:25:21,779
1515 to do as a repeated model that you have faith in, it's not
1516
1517 380
1518 00:25:21,779 ~-~-> 00:25:25,739
1519 100%, nobody has 100% trading model, no one, I don't have
1520
1521 381
1522 00:25:25,739 ~-~-> 00:25:28,919
1523 it, no one else has it where you're 100% accurate, never, it
1524
1525 382
1526 00:25:28,919 ~-~-> 00:25:31,469
1527 won't happen. Because you're going to do something, you're
1528
1529 383
1530 00:25:31,469 ~-~-> 00:25:34,409
1531 going to do something that's ahead of the time, you should
1532
1533 384
1534 00:25:34,409 ~-~-> 00:25:39,059
1535 have done it, do it too late, do it too much. or miss it
1536
1537 385
1538 00:25:39,059 ~-~-> 00:25:42,449
1539 entirely. Because you're human. That's the element of
1540
1541 386
1542 00:25:42,449 ~-~-> 00:25:46,859
1543 trading, that no one can really factor in as an educator,
1544
1545 387
1546 00:25:46,859 ~-~-> 00:25:51,239
1547 because we're all going to do something impulsive, or we're
1548
1549 388
1550 00:25:51,239 ~-~-> 00:25:54,179
1551 going to be very lazy, or we're not going to be responsive
1552
1553 389
1554 00:25:54,179 ~-~-> 00:25:56,249
1555 to the things that the market is telling us at a time when
1556
1557 390
1558 00:25:56,249 ~-~-> 00:26:04,979
1559 it's flashing across the screen. So if you have this test
1560
1561 391
1562 00:26:04,979 ~-~-> 00:26:09,839
1563 run, and proof of concept with it didn't cost you any money,
1564
1565 392
1566 00:26:10,079 ~-~-> 00:26:12,809
1567 it didn't take any money out of your pocket. And it didn't
1568
1569 393
1570 00:26:12,809 ~-~-> 00:26:15,779
1571 have to require you to open up an account with any specific
1572
1573 394
1574 00:26:15,779 ~-~-> 00:26:20,669
1575 broker. You learn right away that there are things that
1576
1577 395
1578 00:26:20,669 ~-~-> 00:26:24,329
1579 repeat, and then it builds your confidence and over a period
1580
1581 396
1582 00:26:24,329 ~-~-> 00:26:27,419
1583 of time, and how long will that be? It's completely unique
1584
1585 397
1586 00:26:27,419 ~-~-> 00:26:32,339
1587 to everyone. It no one has a trading plan, or a course that
1588
1589 398
1590 00:26:32,339 ~-~-> 00:26:36,149
1591 says everybody makes money under my teaching by this day.
1592
1593 399
1594 00:26:36,839 ~-~-> 00:26:39,389
1595 Because if you can prove that I'll pay you a million bucks.
1596
1597 400
1598 00:26:40,229 ~-~-> 00:26:47,489
1599 And I got it. Everybody out here cannot be scammers. Okay,
1600
1601 401
1602 00:26:47,519 ~-~-> 00:26:51,809
1603 everybody out here to as an educator and trader can't all be
1604
1605 402
1606 00:26:51,869 ~-~-> 00:26:56,759
1607 a scam artist. They can't be okay. Now, there may be a
1608
1609 403
1610 00:26:56,789 ~-~-> 00:26:59,969
1611 plethora of them. And I agree that there is but there are
1612
1613 404
1614 00:26:59,969 ~-~-> 00:27:04,769
1615 real people out here that are turning money from the
1616
1617 405
1618 00:27:04,769 ~-~-> 00:27:10,949
1619 markets. And for you to say that person is a scammer. Why?
1620
1621 406
1622 00:27:11,219 ~-~-> 00:27:15,479
1623 Because he's not showing me his personal information. How is
1624
1625 407
1626 00:27:15,479 ~-~-> 00:27:20,039
1627 that relevant to a skill set that's transferable? Because
1628
1629 408
1630 00:27:20,609 ~-~-> 00:27:23,309
1631 what you're saying is, unless I provide to you something
1632
1633 409
1634 00:27:23,309 ~-~-> 00:27:25,319
1635 that you're not entitled to see anyway,
1636
1637 410
1638 00:27:26,640 ~-~-> 00:27:29,790
1639 your opinion is paramount to everything else. And since you
1640
1641 411
1642 00:27:29,790 ~-~-> 00:27:34,590
1643 say that they're a scammer. Therefore, it must be true. That
1644
1645 412
1646 00:27:34,590 ~-~-> 00:27:39,600
1647 is a really distorted perception of reality. Because I
1648
1649 413
1650 00:27:39,600 ~-~-> 00:27:43,920
1651 believe, if someone knows how to do anything in trading, and
1652
1653 414
1654 00:27:43,920 ~-~-> 00:27:48,720
1655 they can do it with a pseudo or simulated account, they are
1656
1657 415
1658 00:27:48,720 ~-~-> 00:27:54,780
1659 proving a concept. Now how much money that person he or she
1660
1661 416
1662 00:27:54,780 ~-~-> 00:27:58,770
1663 may make with that skill set. I don't care about that.
1664
1665 417
1666 00:27:59,160 ~-~-> 00:28:03,690
1667 Because I understand mathematics. And if I can see a
1668
1669 418
1670 00:28:03,690 ~-~-> 00:28:05,850
1671 reoccurring pattern that repeats over and over and over
1672
1673 419
1674 00:28:05,850 ~-~-> 00:28:08,250
1675 again, whether it be in forex, or whether it be in stocks,
1676
1677 420
1678 00:28:08,640 ~-~-> 00:28:11,640
1679 or whatever. And the things that I teach are price action
1680
1681 421
1682 00:28:11,640 ~-~-> 00:28:14,460
1683 related. That means you can take this to a stock market
1684
1685 422
1686 00:28:14,460 ~-~-> 00:28:17,280
1687 chart, you can take it to the commodity markets, you can
1688
1689 423
1690 00:28:17,280 ~-~-> 00:28:20,400
1691 trade it in foreign exchange, some of my students swear by
1692
1693 424
1694 00:28:20,430 ~-~-> 00:28:23,490
1695 working in crypto, I don't personally have faith in crypto.
1696
1697 425
1698 00:28:23,880 ~-~-> 00:28:28,110
1699 So I have been very vocal about that asset class. And it's
1700
1701 426
1702 00:28:28,110 ~-~-> 00:28:30,810
1703 going to require a lot of things for me to ever really warm
1704
1705 427
1706 00:28:30,810 ~-~-> 00:28:35,730
1707 up to it. But I have a strong opinion about that. And I can
1708
1709 428
1710 00:28:35,730 ~-~-> 00:28:39,480
1711 see why other people still hold on to the idea that is very
1712
1713 429
1714 00:28:39,480 ~-~-> 00:28:43,890
1715 similar to how I view crypto. I have had times where my
1716
1717 430
1718 00:28:43,890 ~-~-> 00:28:46,710
1719 analysis and I've been public about it. I talked about the
1720
1721 431
1722 00:28:46,710 ~-~-> 00:28:50,040
1723 crypto market crash of Bitcoin at 20,000. Right before it
1724
1725 432
1726 00:28:50,040 ~-~-> 00:28:53,190
1727 went there. You know, the day before I said it's not going
1728
1729 433
1730 00:28:53,190 ~-~-> 00:28:56,010
1731 to 20,000 it's going to crash is going to go down to 6000.
1732
1733 434
1734 00:28:56,070 ~-~-> 00:28:59,820
1735 And it went there. Everybody saw I was getting laughed that
1736
1737 435
1738 00:29:00,030 ~-~-> 00:29:04,680
1739 okay, but it is what it is. But I had been wrong more times
1740
1741 436
1742 00:29:04,710 ~-~-> 00:29:09,420
1743 in my analysis with crypto. So therefore, it doesn't fit the
1744
1745 437
1746 00:29:09,420 ~-~-> 00:29:13,560
1747 models that I use to trade real currencies or fiat
1748
1749 438
1750 00:29:13,560 ~-~-> 00:29:17,790
1751 currencies. So until it does those similar things, I'm not
1752
1753 439
1754 00:29:17,790 ~-~-> 00:29:20,760
1755 going to touch it. If it ever does, then I'll probably be
1756
1757 440
1758 00:29:20,760 ~-~-> 00:29:23,970
1759 very active talking about crypto, but until then, that's the
1760
1761 441
1762 00:29:23,970 ~-~-> 00:29:29,490
1763 reason why I don't touch that or discuss it. I can see the
1764
1765 442
1766 00:29:29,490 ~-~-> 00:29:34,740
1767 opinions of other people that trade the futures market and
1768
1769 443
1770 00:29:34,740 ~-~-> 00:29:39,090
1771 say I would never touch forex, because it's it's scammy
1772
1773 444
1774 00:29:39,450 ~-~-> 00:29:44,580
1775 Okay, or it's this, it's that. And it's not that it's any
1776
1777 445
1778 00:29:44,580 ~-~-> 00:29:47,490
1779 different than the foreign exchange and futures You know,
1780
1781 446
1782 00:29:47,490 ~-~-> 00:29:50,610
1783 they're basically the same. They're basically the same. The
1784
1785 447
1786 00:29:50,610 ~-~-> 00:29:55,200
1787 only difference is the futures market have a expiration,
1788
1789 448
1790 00:29:55,470 ~-~-> 00:29:58,890
1791 their contract month expires, whereas the spot market just
1792
1793 449
1794 00:29:58,890 ~-~-> 00:30:02,220
1795 is always Right now what's the market right now, that's your
1796
1797 450
1798 00:30:02,220 ~-~-> 00:30:05,790
1799 cash price. So, for instance, if you're looking at this
1800
1801 451
1802 00:30:05,790 ~-~-> 00:30:07,920
1803 chart here, this is the year ago, you probably thought your
1804
1805 452
1806 00:30:08,190 ~-~-> 00:30:14,130
1807 chart was frozen. But I gave you a lot of introductory
1808
1809 453
1810 00:30:14,310 ~-~-> 00:30:20,160
1811 jawboning just to make the case for why I think the way I
1812
1813 454
1814 00:30:20,160 ~-~-> 00:30:23,550
1815 think about what I'm about to say, and then you as the
1816
1817 455
1818 00:30:23,550 ~-~-> 00:30:26,970
1819 viewer can go along with what I'm saying, or disagree with
1820
1821 456
1822 00:30:26,970 ~-~-> 00:30:30,030
1823 it, or agree with some of the things and disagree with other
1824
1825 457
1826 00:30:30,030 ~-~-> 00:30:33,210
1827 parts of it, it's up to you. And I really don't really care.
1828
1829 458
1830 00:30:33,510 ~-~-> 00:30:36,480
1831 Because this is one of those videos where it's just an
1832
1833 459
1834 00:30:36,480 ~-~-> 00:30:39,870
1835 opinion. And it's not something that I'm trying to, can
1836
1837 460
1838 00:30:40,140 ~-~-> 00:30:43,560
1839 convince anybody to do this or do that. Because ultimately,
1840
1841 461
1842 00:30:44,160 ~-~-> 00:30:47,910
1843 I teach how to trade price. And I tell my students don't
1844
1845 462
1846 00:30:47,910 ~-~-> 00:30:51,900
1847 trade forex. If you want to trade futures, if you're more
1848
1849 463
1850 00:30:51,900 ~-~-> 00:30:54,450
1851 comfortable trading with what I'm teaching you in forex, if
1852
1853 464
1854 00:30:54,450 ~-~-> 00:30:56,580
1855 you're comfortable with it in the futures market, then by
1856
1857 465
1858 00:30:56,580 ~-~-> 00:31:00,420
1859 all means do that. If you'd like what you've learned under
1860
1861 466
1862 00:31:00,420 ~-~-> 00:31:03,750
1863 my tutelage, and you think that you're more apt to being
1864
1865 467
1866 00:31:03,900 ~-~-> 00:31:07,020
1867 successful and comfortable, which is important, you have to
1868
1869 468
1870 00:31:07,020 ~-~-> 00:31:10,170
1871 be comfortable with the asset class, you cannot be a mentor
1872
1873 469
1874 00:31:10,170 ~-~-> 00:31:13,290
1875 or teacher and grab everybody out there that comes under
1876
1877 470
1878 00:31:13,290 ~-~-> 00:31:17,430
1879 your wing and say, I'm going to press you into my mode. And
1880
1881 471
1882 00:31:17,430 ~-~-> 00:31:20,880
1883 my mode is the best mode, nobody's going to be able to beat
1884
1885 472
1886 00:31:20,880 ~-~-> 00:31:25,050
1887 you, if you get pressed into my mode. I have lots of modes,
1888
1889 473
1890 00:31:25,380 ~-~-> 00:31:33,900
1891 okay. But their models, not modes, they're just foundations
1892
1893 474
1894 00:31:33,930 ~-~-> 00:31:36,900
1895 that you're gonna have to bring your own unique personality
1896
1897 475
1898 00:31:36,900 ~-~-> 00:31:40,650
1899 to. And it has to match also. And if it doesn't, you're
1900
1901 476
1902 00:31:40,650 ~-~-> 00:31:43,020
1903 going to have to keep studying my concept until you find the
1904
1905 477
1906 00:31:43,020 ~-~-> 00:31:45,690
1907 thing that matches. And I have lots of them have a lot of
1908
1909 478
1910 00:31:45,690 ~-~-> 00:31:49,920
1911 moving parts. But not every model, or trading approach has
1912
1913 479
1914 00:31:49,950 ~-~-> 00:31:53,160
1915 every facet that I teach in it, because then it's impossible
1916
1917 480
1918 00:31:53,160 ~-~-> 00:31:56,970
1919 to make a decision. But if you are learning from someone
1920
1921 481
1922 00:31:56,970 ~-~-> 00:32:00,720
1923 like me that I am well versed in all these asset classes, I
1924
1925 482
1926 00:32:00,720 ~-~-> 00:32:03,030
1927 know exactly what I'm talking about, I know what I'm looking
1928
1929 483
1930 00:32:03,030 ~-~-> 00:32:05,880
1931 for. And I know how to educate other people and transfer the
1932
1933 484
1934 00:32:05,880 ~-~-> 00:32:07,920
1935 information I know about them to them.
1936
1937 485
1938 00:32:09,180 ~-~-> 00:32:14,070
1939 But I'm also a realist, I know that I can't press someone
1940
1941 486
1942 00:32:14,070 ~-~-> 00:32:18,030
1943 that is really geared towards trading stock, even in the
1944
1945 487
1946 00:32:18,030 ~-~-> 00:32:21,090
1947 share capacity, not the option, just the shares alone. I
1948
1949 488
1950 00:32:21,090 ~-~-> 00:32:23,790
1951 have students that want to do that, and don't want to trade
1952
1953 489
1954 00:32:23,790 ~-~-> 00:32:26,820
1955 forex. I have other people that came to me as stock traders
1956
1957 490
1958 00:32:26,820 ~-~-> 00:32:29,220
1959 and said, you know, what I prefer forex, it makes more
1960
1961 491
1962 00:32:29,220 ~-~-> 00:32:36,210
1963 sense, are either one of those students slash traders, right
1964
1965 492
1966 00:32:36,210 ~-~-> 00:32:41,010
1967 or wrong. They're neither wrong. And they're both right.
1968
1969 493
1970 00:32:42,000 ~-~-> 00:32:45,060
1971 Because they have adopted a mindset about the marketplace
1972
1973 494
1974 00:32:45,060 ~-~-> 00:32:47,940
1975 and what they're going to do to engage with it. And it's in
1976
1977 495
1978 00:32:47,940 ~-~-> 00:32:52,110
1979 an asset class that is comfortable to them. You can't force
1980
1981 496
1982 00:32:52,110 ~-~-> 00:32:56,040
1983 everybody to be a day trader. I know this as an educator, I
1984
1985 497
1986 00:32:56,040 ~-~-> 00:32:58,860
1987 can't force people to use my short term trading models when
1988
1989 498
1990 00:32:58,860 ~-~-> 00:33:02,190
1991 they are really predisposed to be positioned swing traders.
1992
1993 499
1994 00:33:03,540 ~-~-> 00:33:06,960
1995 That's experience. That's something that all of these other
1996
1997 500
1998 00:33:06,960 ~-~-> 00:33:11,850
1999 educators out there are trying to do the opposite of they're
2000
2001 501
2002 00:33:11,850 ~-~-> 00:33:14,640
2003 trying to say, Okay, I have this magic trick, okay, I have
2004
2005 502
2006 00:33:14,640 ~-~-> 00:33:18,090
2007 these lines that you can put on your chart. And this is how
2008
2009 503
2010 00:33:18,090 ~-~-> 00:33:21,930
2011 it works. And if you only do this, you'll be successful in
2012
2013 504
2014 00:33:23,460 ~-~-> 00:33:27,330
2015 summit, sometimes in the past, people have listened to me.
2016
2017 505
2018 00:33:27,330 ~-~-> 00:33:30,600
2019 And in my dialogue. I've said, you know, everything else
2020
2021 506
2022 00:33:30,600 ~-~-> 00:33:33,780
2023 sucks, except for what I teach. And I still I believe that
2024
2025 507
2026 00:33:33,810 ~-~-> 00:33:37,500
2027 wholeheartedly, because I cut out the retail stuff. Because
2028
2029 508
2030 00:33:37,500 ~-~-> 00:33:41,220
2031 all that retail stuff is intended for you to lose money,
2032
2033 509
2034 00:33:41,610 ~-~-> 00:33:44,310
2035 okay, you're going to lose money. If you follow that logic,
2036
2037 510
2038 00:33:44,370 ~-~-> 00:33:46,590
2039 you're going to lose, guaranteed you're going to lose,
2040
2041 511
2042 00:33:47,190 ~-~-> 00:33:50,190
2043 you're going to lose what the things I teach to, but you're
2044
2045 512
2046 00:33:50,190 ~-~-> 00:33:53,610
2047 going to understand when you're likely to lose. So
2048
2049 513
2050 00:33:53,610 ~-~-> 00:33:58,080
2051 therefore, you do nothing. So that was one of the big things
2052
2053 514
2054 00:33:58,080 ~-~-> 00:34:03,780
2055 for me in leaving retail logic is I need to know what makes
2056
2057 515
2058 00:34:03,780 ~-~-> 00:34:09,690
2059 me lose money when I've lost it. And it was always with
2060
2061 516
2062 00:34:09,840 ~-~-> 00:34:13,800
2063 indicators every single time, I can find some route calls to
2064
2065 517
2066 00:34:13,830 ~-~-> 00:34:16,710
2067 that indicator or pair of indicators I was relying more on
2068
2069 518
2070 00:34:16,710 ~-~-> 00:34:20,070
2071 instead of the price action. But you don't have to worry
2072
2073 519
2074 00:34:20,070 ~-~-> 00:34:25,650
2075 about listening to someone like me saying you only trade
2076
2077 520
2078 00:34:25,650 ~-~-> 00:34:30,060
2079 forex. Because I'm a realist. I know that the things I teach
2080
2081 521
2082 00:34:30,060 ~-~-> 00:34:33,540
2083 also work in all these other asset classes, and you are
2084
2085 522
2086 00:34:33,540 ~-~-> 00:34:36,810
2087 welcome to go into any of those asset classes and thrive
2088
2089 523
2090 00:34:36,810 ~-~-> 00:34:41,160
2091 they're not struggle do very, very well. And it doesn't
2092
2093 524
2094 00:34:41,160 ~-~-> 00:34:45,360
2095 diminish forex, it doesn't make another asset class better
2096
2097 525
2098 00:34:45,360 ~-~-> 00:34:50,430
2099 than the other. It just means that that trader has paired up
2100
2101 526
2102 00:34:50,490 ~-~-> 00:34:54,870
2103 a model or trading plan with a an asset class that they're
2104
2105 527
2106 00:34:54,870 ~-~-> 00:34:58,440
2107 very comfortable with or they've grown to be more
2108
2109 528
2110 00:34:58,440 ~-~-> 00:35:03,870
2111 comfortable operating in So if we look at this chart here, I
2112
2113 529
2114 00:35:03,870 ~-~-> 00:35:06,480
2115 know, I got off on a rabbit trail, but I'm gonna make sure
2116
2117 530
2118 00:35:06,510 ~-~-> 00:35:09,180
2119 you understood what I was saying. The This is the Euro
2120
2121 531
2122 00:35:09,180 ~-~-> 00:35:15,270
2123 versus the US dollar. And this is a pair that's trading on
2124
2125 532
2126 00:35:15,270 ~-~-> 00:35:20,070
2127 many platforms out there. Okay. And there's a big push by
2128
2129 533
2130 00:35:21,120 ~-~-> 00:35:24,750
2131 you, people that are opposed to forex, and they're saying
2132
2133 534
2134 00:35:24,750 ~-~-> 00:35:28,650
2135 that everybody that trades forex is scamming. And anybody
2136
2137 535
2138 00:35:28,650 ~-~-> 00:35:32,280
2139 that's teaching is scamming, because they're using empty
2140
2141 536
2142 00:35:32,280 ~-~-> 00:35:35,820
2143 for, well, this is not empty for this is tradingview.com.
2144
2145 537
2146 00:35:36,720 ~-~-> 00:35:43,740
2147 And you as a trader can use platforms like forex.com, which
2148
2149 538
2150 00:35:43,740 ~-~-> 00:35:48,000
2151 is a regulated broker in the United States. Yes, it can be
2152
2153 539
2154 00:35:48,030 ~-~-> 00:35:53,070
2155 traded through mt four. But this is not Mt. Four, you can
2156
2157 540
2158 00:35:53,070 ~-~-> 00:35:55,950
2159 trade with O and O, which is another regulated broker in the
2160
2161 541
2162 00:35:55,950 ~-~-> 00:35:59,910
2163 United States. And they operate through and can be traded
2164
2165 542
2166 00:35:59,910 ~-~-> 00:36:06,930
2167 through mt four. I left empty for to show everybody that
2168
2169 543
2170 00:36:06,930 ~-~-> 00:36:10,890
2171 what I do and what I talk about, doesn't rely on what
2172
2173 544
2174 00:36:10,890 ~-~-> 00:36:13,830
2175 everybody else out there that are real scammers. And the
2176
2177 545
2178 00:36:13,830 ~-~-> 00:36:16,200
2179 list is long, I'm not gonna sit here and go through the list
2180
2181 546
2182 00:36:16,200 ~-~-> 00:36:18,780
2183 of who I believe is a scammer. If you've been with me for a
2184
2185 547
2186 00:36:18,780 ~-~-> 00:36:21,180
2187 while, you pretty much know who it is. But
2188
2189 548
2190 00:36:22,590 ~-~-> 00:36:27,420
2191 I moved away from that. As soon as it was common knowledge,
2192
2193 549
2194 00:36:27,660 ~-~-> 00:36:29,910
2195 everybody seen it for what it is, I mean, we all knew that
2196
2197 550
2198 00:36:29,910 ~-~-> 00:36:32,730
2199 it was likely to occur. But I didn't know how it was done.
2200
2201 551
2202 00:36:32,760 ~-~-> 00:36:38,760
2203 But now, Adam Webb from macro hedged, he made a video series
2204
2205 552
2206 00:36:38,760 ~-~-> 00:36:42,420
2207 or a couple videos and put it out on Twitter. And it's made
2208
2209 553
2210 00:36:42,420 ~-~-> 00:36:47,730
2211 its way and all around the community. And even back then, he
2212
2213 554
2214 00:36:47,730 ~-~-> 00:36:51,630
2215 himself was insinuating that I was doing that same thing.
2216
2217 555
2218 00:36:51,630 ~-~-> 00:36:54,330
2219 And listen, I have never done that, I wouldn't even know how
2220
2221 556
2222 00:36:54,330 ~-~-> 00:36:58,650
2223 to do it. Okay, and to prove that, I moved away from Mt
2224
2225 557
2226 00:36:58,650 ~-~-> 00:37:01,800
2227 four. And I went to tradingview. Because my community, I
2228
2229 558
2230 00:37:01,800 ~-~-> 00:37:03,900
2231 asked them off, they're looking at what's the what's the
2232
2233 559
2234 00:37:04,020 ~-~-> 00:37:07,830
2235 best thing right now, that would be opposed, or as far as I
2236
2237 560
2238 00:37:07,830 ~-~-> 00:37:10,620
2239 can possibly get away from Mt four, and then prove that what
2240
2241 561
2242 00:37:10,620 ~-~-> 00:37:14,340
2243 you're learning here is just price, it doesn't matter. I
2244
2245 562
2246 00:37:14,340 ~-~-> 00:37:18,900
2247 don't need to use something to gimmick, my results. So I do
2248
2249 563
2250 00:37:18,900 ~-~-> 00:37:22,380
2251 executions, and I teach from this platform, this is exactly
2252
2253 564
2254 00:37:22,380 ~-~-> 00:37:24,990
2255 how I teach, you can see it up here and mentorship in
2256
2257 565
2258 00:37:24,990 ~-~-> 00:37:28,050
2259 commentary. That's the template I use. So when I'm teaching,
2260
2261 566
2262 00:37:28,050 ~-~-> 00:37:30,990
2263 and I'm talking to my students, and even when I'm making my
2264
2265 567
2266 00:37:30,990 ~-~-> 00:37:34,140
2267 YouTube videos, this is the platform I'm using. So I'm not
2268
2269 568
2270 00:37:34,140 ~-~-> 00:37:37,950
2271 doing anything with Mt. Four, it's not dependent on that to
2272
2273 569
2274 00:37:37,950 ~-~-> 00:37:42,720
2275 be, quote unquote, successful. But this pair, if we were
2276
2277 570
2278 00:37:42,720 ~-~-> 00:37:47,220
2279 looking at this euro versus the US dollar as a commodity, it
2280
2281 571
2282 00:37:47,220 ~-~-> 00:37:49,980
2283 would be seen as this, okay, and this is the same 15 minute
2284
2285 572
2286 00:37:50,010 ~-~-> 00:37:53,610
2287 timeframe. But this is the Euro futures contract, and it's
2288
2289 573
2290 00:37:53,610 ~-~-> 00:37:57,690
2291 the delivery contract month of december 2020. Now, I want
2292
2293 574
2294 00:37:57,690 ~-~-> 00:37:59,730
2295 you to look at this price action in here, okay, see this
2296
2297 575
2298 00:37:59,730 ~-~-> 00:38:04,500
2299 price run there. This is a pattern that I teach. And you can
2300
2301 576
2302 00:38:04,500 ~-~-> 00:38:07,230
2303 actually find this pattern on this YouTube channel. You
2304
2305 577
2306 00:38:07,230 ~-~-> 00:38:10,350
2307 don't have to pay me for it. It's taught for free right here
2308
2309 578
2310 00:38:10,350 ~-~-> 00:38:15,000
2311 in this YouTube channel. Okay? What makes this futures
2312
2313 579
2314 00:38:15,000 ~-~-> 00:38:24,690
2315 contract any different than this? currency in forex, now,
2316
2317 580
2318 00:38:24,720 ~-~-> 00:38:28,950
2319 you probably don't see the the actual market move that I'm
2320
2321 581
2322 00:38:28,950 ~-~-> 00:38:32,790
2323 showing you on the futures contract chart, I'll get to that
2324
2325 582
2326 00:38:32,790 ~-~-> 00:38:37,620
2327 in a second. But this fluctuating higher and lower. It's
2328
2329 583
2330 00:38:37,650 ~-~-> 00:38:42,780
2331 basically the same underlying market moves. There's a slight
2332
2333 584
2334 00:38:42,780 ~-~-> 00:38:46,830
2335 difference in the delivery, but it's not so gross that I
2336
2337 585
2338 00:38:46,830 ~-~-> 00:38:50,790
2339 would never trade that. For instance, let's just say for
2340
2341 586
2342 00:38:50,790 ~-~-> 00:38:54,390
2343 instance, that this old high here, you felt that, you know,
2344
2345 587
2346 00:38:54,390 ~-~-> 00:38:56,940
2347 price could eventually come back down to that and act as
2348
2349 588
2350 00:38:56,940 ~-~-> 00:38:59,580
2351 what we'll call classic support resistance. Now, I don't
2352
2353 589
2354 00:38:59,880 ~-~-> 00:39:03,510
2355 personally subscribe to that. What I'm about to show you,
2356
2357 590
2358 00:39:03,510 ~-~-> 00:39:05,670
2359 there's other things, and I teach these things in this
2360
2361 591
2362 00:39:05,670 ~-~-> 00:39:09,240
2363 YouTube channel. But we'll just keep it very simple and say
2364
2365 592
2366 00:39:09,240 ~-~-> 00:39:12,420
2367 that that high right there, you're going to view that as
2368
2369 593
2370 00:39:12,960 ~-~-> 00:39:15,840
2371 resistance broken, and maybe it comes back down and gives
2372
2373 594
2374 00:39:15,840 ~-~-> 00:39:19,530
2375 you kind of a reaction to trade off. So we're going to scrub
2376
2377 595
2378 00:39:19,530 ~-~-> 00:39:24,030
2379 forward in time. And you can see that same price action
2380
2381 596
2382 00:39:24,030 ~-~-> 00:39:26,160
2383 move, let me take it off, so you can see it clearly. Okay,
2384
2385 597
2386 00:39:26,190 ~-~-> 00:39:31,410
2387 all of this. This is the foreign exchange pair, Euro versus
2388
2389 598
2390 00:39:31,410 ~-~-> 00:39:35,610
2391 the US dollar. And here's that same move in the futures
2392
2393 599
2394 00:39:35,610 ~-~-> 00:39:39,390
2395 contract for the euro. There's no difference in that. It's
2396
2397 600
2398 00:39:39,390 ~-~-> 00:39:43,260
2399 the same thing there. It is here. It's the same price swing.
2400
2401 601
2402 00:39:44,910 ~-~-> 00:39:50,760
2403 So why do I prefer forex over futures? Well, if you were
2404
2405 602
2406 00:39:50,760 ~-~-> 00:39:55,080
2407 looking at this market here and you were only going to trade
2408
2409 603
2410 00:39:55,410 ~-~-> 00:39:58,620
2411 the futures market, if you're trading with futures, if you
2412
2413 604
2414 00:39:58,620 ~-~-> 00:40:03,420
2415 go over to The Chicago Mercantile Exchange, this
2416
2417 605
2418 00:40:05,130 ~-~-> 00:40:09,510
2419 exchange gives you your margin required to trade the Euro
2420
2421 606
2422 00:40:09,510 ~-~-> 00:40:14,940
2423 futures. to trade that you need to have $2,900 per contract.
2424
2425 607
2426 00:40:15,750 ~-~-> 00:40:21,180
2427 Now, that's a standard lot. So you're looking at controlling
2428
2429 608
2430 00:40:21,180 ~-~-> 00:40:26,580
2431 $125,000 worth of the currency, or what we would see in
2432
2433 609
2434 00:40:26,580 ~-~-> 00:40:31,530
2435 forex, the equivalent of $12 and 50 cents per Pip. Now they
2436
2437 610
2438 00:40:31,530 ~-~-> 00:40:39,120
2439 do offer minis, and the leverage goes down to 1450. But even
2440
2441 611
2442 00:40:39,120 ~-~-> 00:40:43,770
2443 then, it's still sometimes out of the reach of developing
2444
2445 612
2446 00:40:43,800 ~-~-> 00:40:50,160
2447 traders. So and I also state when it's appropriate, and when
2448
2449 613
2450 00:40:50,160 ~-~-> 00:40:53,220
2451 is it appropriate when the student decides I never tell
2452
2453 614
2454 00:40:53,220 ~-~-> 00:40:55,830
2455 someone, you're ready to be trading live funds, because,
2456
2457 615
2458 00:40:56,160 ~-~-> 00:40:59,430
2459 frankly, that's financial advice. And I don't give financial
2460
2461 616
2462 00:40:59,430 ~-~-> 00:41:03,750
2463 advice, I give price action education. Now, there's a strong
2464
2465 617
2466 00:41:03,750 ~-~-> 00:41:06,870
2467 difference between that, okay, if I made this YouTube video,
2468
2469 618
2470 00:41:07,800 ~-~-> 00:41:11,790
2471 or this YouTube channel, or I sold my mentorship as a
2472
2473 619
2474 00:41:12,360 ~-~-> 00:41:17,550
2475 trading signal, providing service, okay, or follow me type
2476
2477 620
2478 00:41:17,550 ~-~-> 00:41:22,200
2479 trading, then yes, I would absolutely be obligated to
2480
2481 621
2482 00:41:22,200 ~-~-> 00:41:24,750
2483 provide a track record to show it with live funds and have
2484
2485 622
2486 00:41:24,750 ~-~-> 00:41:27,480
2487 to be licensed to do so and be a commodity trade advisor.
2488
2489 623
2490 00:41:28,200 ~-~-> 00:41:30,750
2491 None of those things I'm interested in because not because I
2492
2493 624
2494 00:41:30,750 ~-~-> 00:41:35,370
2495 can't do it, because it's such a tedious thing. And also, I
2496
2497 625
2498 00:41:35,370 ~-~-> 00:41:39,120
2499 have introduced an element that I am completely opposed to
2500
2501 626
2502 00:41:40,470 ~-~-> 00:41:44,220
2503 just look at the world today, everybody's blaming everybody
2504
2505 627
2506 00:41:44,310 ~-~-> 00:41:47,820
2507 for something going wrong. And nobody takes personal
2508
2509 628
2510 00:41:47,820 ~-~-> 00:41:52,170
2511 responsibility. So in trading, if you've been in this
2512
2513 629
2514 00:41:52,170 ~-~-> 00:41:55,110
2515 industry at any length of time, for ever traded with live
2516
2517 630
2518 00:41:55,110 ~-~-> 00:41:57,750
2519 money, you know exactly what I'm referring to when it comes
2520
2521 631
2522 00:41:57,750 ~-~-> 00:42:01,500
2523 to responsibility. When you lose, you want to blame the
2524
2525 632
2526 00:42:01,500 ~-~-> 00:42:04,470
2527 broker, you want to blame the report that came out, you want
2528
2529 633
2530 00:42:04,470 ~-~-> 00:42:07,260
2531 to blame the platform, you want to believe the methodology
2532
2533 634
2534 00:42:07,260 ~-~-> 00:42:09,570
2535 that you're using, you want to blame the person that taught
2536
2537 635
2538 00:42:09,630 ~-~-> 00:42:13,560
2539 you or you bought the book from, or the course from, or the
2540
2541 636
2542 00:42:13,560 ~-~-> 00:42:16,350
2543 person you copied and had no idea why you're taking the
2544
2545 637
2546 00:42:16,350 ~-~-> 00:42:19,350
2547 trade. But they got a big following on social media. They
2548
2549 638
2550 00:42:19,350 ~-~-> 00:42:21,480
2551 said they were buying this, they were selling that. So
2552
2553 639
2554 00:42:21,480 ~-~-> 00:42:24,600
2555 therefore you did it. And when it doesn't work out, who owns
2556
2557 640
2558 00:42:24,600 ~-~-> 00:42:28,860
2559 the responsibility in net? Now think if you were honest,
2560
2561 641
2562 00:42:28,860 ~-~-> 00:42:34,080
2563 you'd be saying you have in the past, look to other outside
2564
2565 642
2566 00:42:34,080 ~-~-> 00:42:37,260
2567 sources for responsibility. You don't want to take the
2568
2569 643
2570 00:42:37,260 ~-~-> 00:42:42,030
2571 responsibility for that. But when you when, if all those
2572
2573 644
2574 00:42:42,030 ~-~-> 00:42:45,660
2575 things were equal, and you looked at other things to
2576
2577 645
2578 00:42:45,660 ~-~-> 00:42:48,360
2579 influence you taking that trade, it wasn't your decision,
2580
2581 646
2582 00:42:48,360 ~-~-> 00:42:52,830
2583 something else made you take that trade. When you have that
2584
2585 647
2586 00:42:52,860 ~-~-> 00:42:55,890
2587 happen, and it wins. Who gets the responsibility for that
2588
2589 648
2590 00:42:55,920 ~-~-> 00:43:00,360
2591 trade? Well, naturally you do. Because guess what, you've
2592
2593 649
2594 00:43:00,360 ~-~-> 00:43:03,570
2595 made money. And the people that you've copied, or the people
2596
2597 650
2598 00:43:03,570 ~-~-> 00:43:06,690
2599 that gave you inspiration, or told us basically what to do,
2600
2601 651
2602 00:43:07,110 ~-~-> 00:43:10,200
2603 they don't get the credit. They don't deserve that credit,
2604
2605 652
2606 00:43:10,410 ~-~-> 00:43:13,350
2607 because you made money. So your subconscious is saying,
2608
2609 653
2610 00:43:13,530 ~-~-> 00:43:16,230
2611 You're smart. You made that money. You deserve all the
2612
2613 654
2614 00:43:16,230 ~-~-> 00:43:23,220
2615 respect and adoration. And you own that responsibility. If I
2616
2617 655
2618 00:43:23,220 ~-~-> 00:43:27,150
2619 was an educator that said, Whoa, we're going to do this with
2620
2621 656
2622 00:43:27,150 ~-~-> 00:43:30,840
2623 live funds. And someone does something wrong, because it's
2624
2625 657
2626 00:43:30,840 ~-~-> 00:43:33,390
2627 going to happen. I mentioned earlier in the video, you're
2628
2629 658
2630 00:43:33,390 ~-~-> 00:43:35,940
2631 going to hemin Hall, you're going to wait, you're going to
2632
2633 659
2634 00:43:35,940 ~-~-> 00:43:38,460
2635 think oh, he said he's buying Let me see if it's really
2636
2637 660
2638 00:43:38,460 ~-~-> 00:43:40,860
2639 going to start going up and it shoots up 20 pips and then
2640
2641 661
2642 00:43:40,860 ~-~-> 00:43:45,390
2643 then you buy. And then once you get in, there's a natural
2644
2645 662
2646 00:43:45,390 ~-~-> 00:43:49,860
2647 retracement of 12 to 15 pips. And that can happen and that's
2648
2649 663
2650 00:43:49,860 ~-~-> 00:43:53,550
2651 perfectly normal. But you start freaking out and you can't
2652
2653 664
2654 00:43:53,550 ~-~-> 00:43:55,770
2655 stay in it, you get out of the trade, you lost it in the
2656
2657 665
2658 00:43:55,770 ~-~-> 00:43:59,790
2659 trade goes in the intended direction. Who are you going to
2660
2661 666
2662 00:43:59,790 ~-~-> 00:44:02,940
2663 fault who's going to get the responsibility late in their
2664
2665 667
2666 00:44:02,940 ~-~-> 00:44:08,790
2667 lap when you lost money? The person that taught you and I am
2668
2669 668
2670 00:44:08,790 ~-~-> 00:44:11,700
2671 not subjecting myself to that, because human beings by
2672
2673 669
2674 00:44:11,700 ~-~-> 00:44:16,200
2675 nature are pathetic individuals, okay? They're just nasty
2676
2677 670
2678 00:44:16,290 ~-~-> 00:44:21,240
2679 creatures. They don't take responsibility for anything. They
2680
2681 671
2682 00:44:21,240 ~-~-> 00:44:26,340
2683 aren't considered by nature. And we are all monsters,
2684
2685 672
2686 00:44:26,580 ~-~-> 00:44:32,130
2687 pretending to be pleasant. So I would never open myself up
2688
2689 673
2690 00:44:32,130 ~-~-> 00:44:35,130
2691 again, to telling people because I've done this in the past.
2692
2693 674
2694 00:44:36,150 ~-~-> 00:44:40,020
2695 But I would never do that again. And that's the reason why I
2696
2697 675
2698 00:44:40,020 ~-~-> 00:44:43,620
2699 make it very clear to my community, that what I teach is
2700
2701 676
2702 00:44:43,620 ~-~-> 00:44:46,650
2703 price action. That's it. I'm not going to give you trades.
2704
2705 677
2706 00:44:46,650 ~-~-> 00:44:48,870
2707 I'm not going to tell you when to buy and sell. And I want
2708
2709 678
2710 00:44:48,870 ~-~-> 00:44:53,190
2711 the people that don't like that to scoff and walk away
2712
2713 679
2714 00:44:53,190 ~-~-> 00:44:56,340
2715 immediately because that's exactly what I want because that
2716
2717 680
2718 00:44:56,340 ~-~-> 00:44:58,500
2719 mindset I can't help people like that.
2720
2721 681
2722 00:44:59,640 ~-~-> 00:45:02,580
2723 The people that come to me and they say, you know what, he
2724
2725 682
2726 00:45:02,580 ~-~-> 00:45:06,870
2727 understands risk. Because for me to operate as a trade
2728
2729 683
2730 00:45:06,870 ~-~-> 00:45:10,080
2731 advisor, when I'm not licensed to do so, is considerable
2732
2733 684
2734 00:45:10,080 ~-~-> 00:45:14,460
2735 risk. And I like my students. In fact, I love them, I care
2736
2737 685
2738 00:45:14,460 ~-~-> 00:45:17,160
2739 about them. And I'm not talking about just the mentorship
2740
2741 686
2742 00:45:17,160 ~-~-> 00:45:19,920
2743 people that pay me, I'm talking about all of my students,
2744
2745 687
2746 00:45:19,920 ~-~-> 00:45:24,660
2747 because you trust me enough to give me your time. And time
2748
2749 688
2750 00:45:24,660 ~-~-> 00:45:29,760
2751 is extremely expensive. And I'm honest, and I tell you, all
2752
2753 689
2754 00:45:29,910 ~-~-> 00:45:33,630
2755 right, from Jump Street, this is going to take you more time
2756
2757 690
2758 00:45:33,630 ~-~-> 00:45:38,520
2759 to learn than you want it to, it's going to be more time
2760
2761 691
2762 00:45:38,520 ~-~-> 00:45:43,860
2763 involved, and more work than you ever imagined. But if you
2764
2765 692
2766 00:45:43,860 ~-~-> 00:45:47,340
2767 stick to it, you will be able to operate in these markets
2768
2769 693
2770 00:45:47,610 ~-~-> 00:45:52,230
2771 with a level of precision that is an unrivaled, and I don't
2772
2773 694
2774 00:45:52,230 ~-~-> 00:45:57,960
2775 care who tells you otherwise. Now, does that equate to
2776
2777 695
2778 00:45:58,020 ~-~-> 00:46:02,280
2779 making money? Truthfully, no, that's not the same as
2780
2781 696
2782 00:46:02,280 ~-~-> 00:46:06,270
2783 profitable trading. But you cannot reasonably expect to
2784
2785 697
2786 00:46:06,270 ~-~-> 00:46:10,140
2787 trade profitably without having a model that is well
2788
2789 698
2790 00:46:10,170 ~-~-> 00:46:14,760
2791 written, designed, that you understand front, the back, you
2792
2793 699
2794 00:46:14,760 ~-~-> 00:46:16,950
2795 know exactly what it is that you would be doing when you
2796
2797 700
2798 00:46:16,950 ~-~-> 00:46:20,580
2799 won't be doing something, when you have to wait, how you are
2800
2801 701
2802 00:46:20,580 ~-~-> 00:46:24,060
2803 going to manage risk all these factors, they cannot be
2804
2805 702
2806 00:46:24,060 ~-~-> 00:46:27,720
2807 minimized to a couple hour video course, you can't do that,
2808
2809 703
2810 00:46:27,720 ~-~-> 00:46:31,320
2811 folks, you need to see what it's like to be in a setting
2812
2813 704
2814 00:46:31,320 ~-~-> 00:46:35,310
2815 where the markets are not likely to do anything. Or, as I
2816
2817 705
2818 00:46:35,310 ~-~-> 00:46:37,740
2819 teach at Seek and Destroy, where it just goes up and down,
2820
2821 706
2822 00:46:37,740 ~-~-> 00:46:40,470
2823 chops everything up. And it may look like there's setups
2824
2825 707
2826 00:46:40,470 ~-~-> 00:46:46,440
2827 there. But it's not. And that's experience. And that's what
2828
2829 708
2830 00:46:46,440 ~-~-> 00:46:51,330
2831 I present as mentorship, I am a guide. everybody learns my
2832
2833 709
2834 00:46:51,330 ~-~-> 00:46:54,960
2835 concepts and tools. And then I say, this is what the markets
2836
2837 710
2838 00:46:54,960 ~-~-> 00:46:58,770
2839 likely to go to next. So therefore, you immediately remove
2840
2841 711
2842 00:46:58,800 ~-~-> 00:47:02,130
2843 the idea of half of the things you learn and only focus in
2844
2845 712
2846 00:47:02,160 ~-~-> 00:47:05,280
2847 on that side of the marketplace. And then you look for the
2848
2849 713
2850 00:47:05,280 ~-~-> 00:47:09,300
2851 pattern that you like most. And I can show you dozens of
2852
2853 714
2854 00:47:09,300 ~-~-> 00:47:14,280
2855 ways to get in the same price action move. It doesn't mean
2856
2857 715
2858 00:47:14,280 ~-~-> 00:47:18,540
2859 one's better than the other, it just means that you're I, as
2860
2861 716
2862 00:47:18,540 ~-~-> 00:47:21,840
2863 a developing student is going to be drawn to one particular
2864
2865 717
2866 00:47:21,840 ~-~-> 00:47:25,860
2867 approach to trading the same price action move that's
2868
2869 718
2870 00:47:25,860 ~-~-> 00:47:29,130
2871 occurring in everybody's charts all around the world, we
2872
2873 719
2874 00:47:29,130 ~-~-> 00:47:32,040
2875 have different ways to interpret that price action and get
2876
2877 720
2878 00:47:32,040 ~-~-> 00:47:34,890
2879 in, we don't have to be in the lowest low, we don't have to
2880
2881 721
2882 00:47:34,890 ~-~-> 00:47:39,630
2883 be in you at any one particular level, or we've missed it,
2884
2885 722
2886 00:47:39,630 ~-~-> 00:47:43,140
2887 like many other ways of trading is like if you miss their
2888
2889 723
2890 00:47:43,140 ~-~-> 00:47:46,080
2891 setup, then you have to sit on the sidelines, we don't have
2892
2893 724
2894 00:47:46,080 ~-~-> 00:47:50,130
2895 that problem. And we're not chasing price to do it either.
2896
2897 725
2898 00:47:50,640 ~-~-> 00:47:52,800
2899 There are things that are very logical, and I explained
2900
2901 726
2902 00:47:52,800 ~-~-> 00:47:57,120
2903 this, but you can't learn it all in a couple videos. And you
2904
2905 727
2906 00:47:57,120 ~-~-> 00:48:03,660
2907 can't learn and rely on your infancy as a trader and expect
2908
2909 728
2910 00:48:03,660 ~-~-> 00:48:06,690
2911 the results that you want by joining a service. In other
2912
2913 729
2914 00:48:06,690 ~-~-> 00:48:12,030
2915 words, I can give you an A ar 15 and say, Hey, here you have
2916
2917 730
2918 00:48:12,090 ~-~-> 00:48:17,490
2919 an AR 15 you are loaded and deadly. But it would be
2920
2921 731
2922 00:48:19,020 ~-~-> 00:48:23,100
2923 irresponsible for me to do that with any of you. And that
2924
2925 732
2926 00:48:23,100 ~-~-> 00:48:25,290
2927 you run around. Because you'd be shooting yourself or
2928
2929 733
2930 00:48:25,290 ~-~-> 00:48:29,940
2931 shooting other people and not hit your target. Many of you
2932
2933 734
2934 00:48:29,940 ~-~-> 00:48:32,820
2935 would be afraid to pull the trigger that the recoil of it
2936
2937 735
2938 00:48:32,820 ~-~-> 00:48:36,480
2939 would scare you. So you have to work with knowing what it
2940
2941 736
2942 00:48:36,480 ~-~-> 00:48:40,950
2943 feels like to hold the firearm without any ammunition,
2944
2945 737
2946 00:48:42,150 ~-~-> 00:48:45,510
2947 holding it, cleaning it taking care of it, setting it up,
2948
2949 738
2950 00:48:45,660 ~-~-> 00:48:48,930
2951 and then getting used to that. And then at some point, you
2952
2953 739
2954 00:48:48,930 ~-~-> 00:48:51,450
2955 get ammunition. And under some of your probably anti gun,
2956
2957 740
2958 00:48:51,450 ~-~-> 00:48:53,340
2959 you're thinking well, this is probably not the best, you
2960
2961 741
2962 00:48:53,340 ~-~-> 00:48:56,820
2963 know, example or analogy. But it's the first thing I went
2964
2965 742
2966 00:48:56,850 ~-~-> 00:49:02,640
2967 with books and give me a break. The point is this. If you
2968
2969 743
2970 00:49:02,640 ~-~-> 00:49:03,540
2971 are a trader,
2972
2973 744
2974 00:49:05,190 ~-~-> 00:49:08,730
2975 in the making or aspiring to be you have to be under the
2976
2977 745
2978 00:49:08,730 ~-~-> 00:49:11,610
2979 tutelage of someone that knows number one how to do it, and
2980
2981 746
2982 00:49:11,610 ~-~-> 00:49:18,240
2983 has a ability to be more right than wrong. And if they can't
2984
2985 747
2986 00:49:18,240 ~-~-> 00:49:24,390
2987 show you any substance, to why they believe the things that
2988
2989 748
2990 00:49:24,690 ~-~-> 00:49:30,720
2991 they do, and teach our number one true, there's some
2992
2993 749
2994 00:49:30,720 ~-~-> 00:49:34,440
2995 substance to it. There's it's proven valid. It's not a
2996
2997 750
2998 00:49:35,550 ~-~-> 00:49:39,750
2999 conjecture, it's something that can be seen, back tested,
3000
3001 751
3002 00:49:39,780 ~-~-> 00:49:44,220
3003 measured, how often it creates forms. That's what I've
3004
3005 752
3006 00:49:44,310 ~-~-> 00:49:47,220
3007 basically posed to everyone in this YouTube channel. I've
3008
3009 753
3010 00:49:47,220 ~-~-> 00:49:50,700
3011 put out content I put courses together and it's information
3012
3013 754
3014 00:49:50,700 ~-~-> 00:49:53,880
3015 that every single person that's ever really went into and
3016
3017 755
3018 00:49:53,880 ~-~-> 00:49:57,000
3019 roll their sleeves up said I'm going to get into this. They
3020
3021 756
3022 00:49:57,000 ~-~-> 00:50:00,870
3023 have become addicted because it's something They can see in
3024
3025 757
3026 00:50:00,870 ~-~-> 00:50:03,480
3027 their charts Now, that doesn't mean that they're in there
3028
3029 758
3030 00:50:03,480 ~-~-> 00:50:06,060
3031 buying and selling and killing it right away, it just means
3032
3033 759
3034 00:50:06,060 ~-~-> 00:50:10,410
3035 that they understand what's likely to happen next. And
3036
3037 760
3038 00:50:10,410 ~-~-> 00:50:13,530
3039 they're developing more of an experience and an
3040
3041 761
3042 00:50:13,530 ~-~-> 00:50:16,590
3043 understanding of what it is that should take place. That's
3044
3045 762
3046 00:50:16,590 ~-~-> 00:50:20,460
3047 that submission to time. And it's going to be different from
3048
3049 763
3050 00:50:20,490 ~-~-> 00:50:25,290
3051 all of you. And many times people just are completely
3052
3053 764
3054 00:50:25,290 ~-~-> 00:50:27,630
3055 opposed to that. And they are just like, you know, I want to
3056
3057 765
3058 00:50:27,630 ~-~-> 00:50:30,810
3059 learn how to trade I want to get through all of ICT videos.
3060
3061 766
3062 00:50:31,020 ~-~-> 00:50:33,660
3063 And the common thing is these lazy folks, okay? They sit
3064
3065 767
3066 00:50:33,660 ~-~-> 00:50:36,270
3067 around and chat rooms. They're all like, Hey, can you just
3068
3069 768
3070 00:50:36,270 ~-~-> 00:50:38,760
3071 show me the video? Or what's the where's the video on what
3072
3073 769
3074 00:50:39,120 ~-~-> 00:50:43,350
3075 part of the video ICT talks about mitigation blocks? I just
3076
3077 770
3078 00:50:43,350 ~-~-> 00:50:47,040
3079 need to know where the order blocks are. That's those people
3080
3081 771
3082 00:50:47,040 ~-~-> 00:50:51,510
3083 will never make it. And it to me, I think that that's what
3084
3085 772
3086 00:50:51,540 ~-~-> 00:50:55,920
3087 most of these reviewers, okay, that are dealing with their
3088
3089 773
3090 00:50:55,920 ~-~-> 00:50:59,370
3091 failed traders, okay, they're traders that aren't doing very
3092
3093 774
3094 00:50:59,370 ~-~-> 00:51:03,570
3095 well. And or they may modestly make money here and there.
3096
3097 775
3098 00:51:04,080 ~-~-> 00:51:06,690
3099 But they're trying to push their service. Because if their
3100
3101 776
3102 00:51:06,690 ~-~-> 00:51:10,740
3103 service was any good, it would grow organically. And if
3104
3105 777
3106 00:51:10,740 ~-~-> 00:51:13,320
3107 you're trying to make a case to say, hey, look, this person
3108
3109 778
3110 00:51:13,320 ~-~-> 00:51:15,270
3111 is fake. That person is a scammer. And that person is a
3112
3113 779
3114 00:51:15,270 ~-~-> 00:51:18,030
3115 scammer. And oh, yeah, by the way, I do have something for
3116
3117 780
3118 00:51:18,030 ~-~-> 00:51:21,510
3119 sale, too. But you're not giving anything to the community
3120
3121 781
3122 00:51:21,510 ~-~-> 00:51:27,660
3123 to weigh that out of any value. It just looks poor, it looks
3124
3125 782
3126 00:51:27,660 ~-~-> 00:51:31,110
3127 really bad. And it's not my opinion, it's just common sense
3128
3129 783
3130 00:51:31,170 ~-~-> 00:51:34,980
3131 how many times you need to be saying someone else sucks, and
3132
3133 784
3134 00:51:34,980 ~-~-> 00:51:39,180
3135 you not provide anything to prove there's any real reason to
3136
3137 785
3138 00:51:39,180 ~-~-> 00:51:47,280
3139 listen to you. So I just pose that as a, a means of personal
3140
3141 786
3142 00:51:47,280 ~-~-> 00:51:49,260
3143 reflection for everybody out there that's doing these types
3144
3145 787
3146 00:51:49,260 ~-~-> 00:51:55,080
3147 of things. If we were looking at trading this same euro
3148
3149 788
3150 00:51:55,080 ~-~-> 00:51:59,310
3151 trade, okay, and we wanted to do it with foreign exchange, I
3152
3153 789
3154 00:51:59,310 ~-~-> 00:52:03,690
3155 don't require and a trader out there would not require
3156
3157 790
3158 00:52:03,690 ~-~-> 00:52:07,410
3159 $1,450, let's say the person doesn't have that much money.
3160
3161 791
3162 00:52:08,280 ~-~-> 00:52:11,640
3163 They're on a very low budget, but they want to slowly add to
3164
3165 792
3166 00:52:11,640 ~-~-> 00:52:14,280
3167 their account, maybe they made up a budget where they can
3168
3169 793
3170 00:52:14,310 ~-~-> 00:52:18,840
3171 add new $25 a week, or maybe, you know, $25 a month, because
3172
3173 794
3174 00:52:18,840 ~-~-> 00:52:21,720
3175 they're just simply not in a position where they can afford
3176
3177 795
3178 00:52:21,720 ~-~-> 00:52:23,790
3179 to do it. Let's be honest, folks. I mean, look at the state
3180
3181 796
3182 00:52:23,790 ~-~-> 00:52:28,320
3183 of 2020 right now, a lot of people lost their jobs. A lot of
3184
3185 797
3186 00:52:28,320 ~-~-> 00:52:32,040
3187 people lost hours of their jobs, they still keep. So
3188
3189 798
3190 00:52:33,540 ~-~-> 00:52:37,500
3191 everybody's been affected by this. You know, I'm I have an
3192
3193 799
3194 00:52:37,500 ~-~-> 00:52:39,960
3195 affluent lifestyle, but I still have been affected. I'm
3196
3197 800
3198 00:52:39,960 ~-~-> 00:52:43,470
3199 taking care of family members that I didn't normally have to
3200
3201 801
3202 00:52:43,470 ~-~-> 00:52:47,700
3203 take care of. And I'm not complaining, I'm I'm honored to be
3204
3205 802
3206 00:52:47,700 ~-~-> 00:52:50,490
3207 able to do so. And I'm glad the Lord has blessed me. So I
3208
3209 803
3210 00:52:50,490 ~-~-> 00:52:56,070
3211 could do that. But not everybody can afford to trade these
3212
3213 804
3214 00:52:56,070 ~-~-> 00:52:59,970
3215 full futures contracts. Not everybody can afford to meet the
3216
3217 805
3218 00:52:59,970 ~-~-> 00:53:04,350
3219 minimum thresholds of these brokerages. You know, everybody
3220
3221 806
3222 00:53:04,350 ~-~-> 00:53:07,290
3223 says, Yeah, you got to be on a regulated platform. Well,
3224
3225 807
3226 00:53:07,290 ~-~-> 00:53:10,200
3227 forex.com is a regular platform, it's regulated by the
3228
3229 808
3230 00:53:10,200 ~-~-> 00:53:12,780
3231 Commodity Futures Trading Commission, how much more
3232
3233 809
3234 00:53:12,780 ~-~-> 00:53:16,740
3235 regulated you gotta get. I mean, they're regulated. let
3236
3237 810
3238 00:53:16,770 ~-~-> 00:53:20,160
3239 forex.com do the things that FX cm did, and see how long
3240
3241 811
3242 00:53:20,160 ~-~-> 00:53:23,670
3243 they stay in business. It just isn't gonna happen. They
3244
3245 812
3246 00:53:23,670 ~-~-> 00:53:27,030
3247 understand. And they made it an example of FX cm as a forex
3248
3249 813
3250 00:53:27,030 ~-~-> 00:53:29,820
3251 bucket shop. So if
3252
3253 814
3254 00:53:30,750 ~-~-> 00:53:33,750
3255 you spent the time to learn how to do the things that I
3256
3257 815
3258 00:53:33,750 ~-~-> 00:53:36,690
3259 teach on this YouTube channel, or even in the mentorship,
3260
3261 816
3262 00:53:37,200 ~-~-> 00:53:39,780
3263 but you don't have the money to pony up to do a trade like
3264
3265 817
3266 00:53:39,780 ~-~-> 00:53:42,600
3267 this in the futures market, what can you do? Well,
3268
3269 818
3270 00:53:42,600 ~-~-> 00:53:46,500
3271 forex.com, if you just simply google this, I'll put this on
3272
3273 819
3274 00:53:46,500 ~-~-> 00:53:48,990
3275 the screen so you can see it. Okay. It's amazing how many
3276
3277 820
3278 00:53:48,990 ~-~-> 00:53:52,920
3279 people have all these ideas or opinions, but they never even
3280
3281 821
3282 00:53:52,920 ~-~-> 00:53:56,640
3283 used Google. Okay, it's crazy. But you know, what's the
3284
3285 822
3286 00:53:56,640 ~-~-> 00:54:00,450
3287 minimum deposit for forex.com? Well, then the minimum
3288
3289 823
3290 00:54:00,450 ~-~-> 00:54:04,110
3291 initial deposit required is at least 100 of your selected
3292
3293 824
3294 00:54:04,110 ~-~-> 00:54:06,960
3295 base currency. So if you had $100, in the United States, you
3296
3297 825
3298 00:54:06,960 ~-~-> 00:54:09,540
3299 can open up an account with forex.com. And I know right away
3300
3301 826
3302 00:54:09,540 ~-~-> 00:54:13,530
3303 some of you're like, ah, what's $100 gonna do? Well, first
3304
3305 827
3306 00:54:13,530 ~-~-> 00:54:16,890
3307 of all, if you ever make the transition from trading paper,
3308
3309 828
3310 00:54:17,460 ~-~-> 00:54:22,680
3311 to demo to live trading, that's a huge jump in mindset,
3312
3313 829
3314 00:54:22,950 ~-~-> 00:54:27,210
3315 whatever you've done in your demo account, that's just
3316
3317 830
3318 00:54:27,210 ~-~-> 00:54:29,880
3319 preparing you to follow rules, but now you're going to
3320
3321 831
3322 00:54:29,880 ~-~-> 00:54:33,240
3323 really start learning because there's money involved. And
3324
3325 832
3326 00:54:33,240 ~-~-> 00:54:37,050
3327 what happens is, you want to use the least amount of money
3328
3329 833
3330 00:54:37,050 ~-~-> 00:54:40,980
3331 as possibly can, period and the story that's, that's the way
3332
3333 834
3334 00:54:40,980 ~-~-> 00:54:45,810
3335 it is. Now, I think, personally, if anybody ever traded with
3336
3337 835
3338 00:54:45,810 ~-~-> 00:54:50,910
3339 live funds, they should do so with about $300 $300 is three
3340
3341 836
3342 00:54:50,910 ~-~-> 00:54:55,110
3343 times when the minimum is and why 300 because you're gonna
3344
3345 837
3346 00:54:55,110 ~-~-> 00:54:57,930
3347 make a lot of mistakes. You're gonna you're gonna look at
3348
3349 838
3350 00:54:57,930 ~-~-> 00:55:00,690
3351 taking a trade and say the first trade you take And you're
3352
3353 839
3354 00:55:00,690 ~-~-> 00:55:06,660
3355 only trading at 10 cents per Pip. Okay? If it moves 30 pips
3356
3357 840
3358 00:55:07,080 ~-~-> 00:55:11,190
3359 in your favor, you've made $3. Now that $3 is not going to
3360
3361 841
3362 00:55:11,190 ~-~-> 00:55:15,180
3363 change your lifestyle. But if you lose $3, it's not going to
3364
3365 842
3366 00:55:15,180 ~-~-> 00:55:16,860
3367 change your lifestyle either. But guess what it's going to
3368
3369 843
3370 00:55:16,860 ~-~-> 00:55:19,980
3371 do internally, you're going to hate the fact that you lost.
3372
3373 844
3374 00:55:20,850 ~-~-> 00:55:22,560
3375 And then you're going to be tested because you're now you're
3376
3377 845
3378 00:55:22,560 ~-~-> 00:55:26,910
3379 losing, you're losing real money, but you're losing two. And
3380
3381 846
3382 00:55:26,910 ~-~-> 00:55:31,800
3383 now you don't have $300. In your account. You have $297 in
3384
3385 847
3386 00:55:31,800 ~-~-> 00:55:37,380
3387 your account. And there's the first test, can you assume a
3388
3389 848
3390 00:55:37,380 ~-~-> 00:55:41,940
3391 loss in it not with you out? Are you losing your mind having
3392
3393 849
3394 00:55:41,940 ~-~-> 00:55:45,330
3395 a conniption fit, because you'd lost on that same trade that
3396
3397 850
3398 00:55:45,330 ~-~-> 00:55:47,160
3399 you would have lost on a demo account, but it didn't feel
3400
3401 851
3402 00:55:47,160 ~-~-> 00:55:51,270
3403 like anything. But the role, say, take the next setup with
3404
3405 852
3406 00:55:51,270 ~-~-> 00:55:54,900
3407 this, this, this and this. But when you now have money in
3408
3409 853
3410 00:55:54,900 ~-~-> 00:55:58,020
3411 there, it becomes very competitive, where it's not
3412
3413 854
3414 00:55:58,020 ~-~-> 00:56:01,980
3415 competitive as a demo trader, it's highly dependent on you
3416
3417 855
3418 00:56:01,980 ~-~-> 00:56:05,940
3419 performing exceedingly well, when now there's money. And
3420
3421 856
3422 00:56:05,940 ~-~-> 00:56:09,780
3423 that's why I don't believe that people learn conceptually,
3424
3425 857
3426 00:56:10,170 ~-~-> 00:56:13,290
3427 and get to the point where they're so bored with finding the
3428
3429 858
3430 00:56:13,290 ~-~-> 00:56:18,810
3431 setups in demo, that to me, I think is the deciding factor
3432
3433 859
3434 00:56:18,810 ~-~-> 00:56:22,710
3435 when someone would ever consider taking a leap from demo to
3436
3437 860
3438 00:56:22,710 ~-~-> 00:56:26,220
3439 live fun trading, when you can consistently find setups
3440
3441 861
3442 00:56:26,220 ~-~-> 00:56:29,490
3443 every single week, not every day, because day trading is not
3444
3445 862
3446 00:56:29,490 ~-~-> 00:56:32,610
3447 every day trading. But when you can find setups that repeat
3448
3449 863
3450 00:56:32,640 ~-~-> 00:56:34,800
3451 over and over and over again, and you're able to find a few
3452
3453 864
3454 00:56:34,800 ~-~-> 00:56:37,470
3455 of them each week, and you're bored while you're waiting for
3456
3457 865
3458 00:56:37,470 ~-~-> 00:56:39,750
3459 them. And when you engage them, you're just you're not,
3460
3461 866
3462 00:56:39,990 ~-~-> 00:56:42,900
3463 you're indifferent to whether it works for you or not. You
3464
3465 867
3466 00:56:42,900 ~-~-> 00:56:44,910
3467 believe that's going to work, but you're indifferent to the
3468
3469 868
3470 00:56:44,910 ~-~-> 00:56:48,660
3471 outcome, you don't really have an opinion, whether it's a
3472
3473 869
3474 00:56:48,660 ~-~-> 00:56:51,330
3475 good thing or a bad thing, it's just another transaction.
3476
3477 870
3478 00:56:51,960 ~-~-> 00:56:55,560
3479 It's just like going to work. You doing it because this is
3480
3481 871
3482 00:56:55,590 ~-~-> 00:56:58,800
3483 the process, you go there, do your task, and you come home
3484
3485 872
3486 00:56:58,800 ~-~-> 00:57:01,470
3487 safely. And you do that for five days in a row. Generally,
3488
3489 873
3490 00:57:01,710 ~-~-> 00:57:04,470
3491 you get a paycheck at the end of the week. Okay, it's that
3492
3493 874
3494 00:57:04,470 ~-~-> 00:57:07,470
3495 process that mindset, but you just don't have that when you
3496
3497 875
3498 00:57:07,470 ~-~-> 00:57:11,640
3499 go from demo into Live account trading, even no matter how
3500
3501 876
3502 00:57:11,640 ~-~-> 00:57:15,540
3503 small the account balance may be at the initial start, that
3504
3505 877
3506 00:57:15,540 ~-~-> 00:57:20,430
3507 transition creates a competitive switch in your mind that
3508
3509 878
3510 00:57:20,430 ~-~-> 00:57:25,470
3511 hey, now it's game time. And we may laugh and snicker and
3512
3513 879
3514 00:57:25,470 ~-~-> 00:57:28,920
3515 think you know, we're talking about 10 cents per Pip. It's
3516
3517 880
3518 00:57:28,920 ~-~-> 00:57:33,330
3519 nothing, it's insignificant. Wait till you do it. Wait till
3520
3521 881
3522 00:57:33,330 ~-~-> 00:57:37,380
3523 you do it, that 10 cents per PIP is going to feel like $100
3524
3525 882
3526 00:57:37,380 ~-~-> 00:57:42,420
3527 to you in terms of being right or wrong. You want it to be
3528
3529 883
3530 00:57:42,420 ~-~-> 00:57:44,820
3531 right all the time. Because what's going to happen in your
3532
3533 884
3534 00:57:44,820 ~-~-> 00:57:47,610
3535 brain, okay, all these little chemical responses gonna start
3536
3537 885
3538 00:57:47,610 ~-~-> 00:57:50,820
3539 firing off. And when it's moving in your favor, even if it's
3540
3541 886
3542 00:57:50,820 ~-~-> 00:57:54,840
3543 only up $1 50 or whatever, you're gonna Yeah, because if
3544
3545 887
3546 00:57:54,840 ~-~-> 00:58:00,660
3547 this was $10 per Pip, that's the stuff that people go
3548
3549 888
3550 00:58:00,660 ~-~-> 00:58:06,000
3551 through. And they rush through that part. And they blow
3552
3553 889
3554 00:58:06,000 ~-~-> 00:58:10,410
3555 their account. And they're part of the statistics that most
3556
3557 890
3558 00:58:10,440 ~-~-> 00:58:14,820
3559 traders not all most traders blow their account in the first
3560
3561 891
3562 00:58:14,820 ~-~-> 00:58:19,350
3563 90 days, most of them actually in the first 30 days. Because
3564
3565 892
3566 00:58:19,560 ~-~-> 00:58:23,130
3567 they're not equipped to deal with the competitive nature of
3568
3569 893
3570 00:58:23,130 ~-~-> 00:58:26,010
3571 live fund trading. Who are they competing with? By the way?
3572
3573 894
3574 00:58:26,850 ~-~-> 00:58:28,800
3575 If you trade with live funds, who are you competing with?
3576
3577 895
3578 00:58:29,490 ~-~-> 00:58:31,740
3579 They'll say, oh, you're competing with the broker, or you're
3580
3581 896
3582 00:58:31,740 ~-~-> 00:58:34,830
3583 competing with the smart money. You're competing with
3584
3585 897
3586 00:58:34,830 ~-~-> 00:58:39,090
3587 yourself. Because you can do everything right. But if you
3588
3589 898
3590 00:58:39,090 ~-~-> 00:58:42,330
3591 don't have the mindset correct, and you think about what
3592
3593 899
3594 00:58:42,330 ~-~-> 00:58:45,510
3595 you're doing correctly, you'll, it'll be self defeating,
3596
3597 900
3598 00:58:45,570 ~-~-> 00:58:49,080
3599 you'll destroy yourself and blow the account out. You have
3600
3601 901
3602 00:58:49,080 ~-~-> 00:58:53,820
3603 to have a very clear idea about what it is you're doing. And
3604
3605 902
3606 00:58:53,910 ~-~-> 00:58:58,020
3607 do so responsibly, in starting with the least amount of
3608
3609 903
3610 00:58:58,020 ~-~-> 00:59:03,690
3611 money. And while this example and suggest in my part of $300
3612
3613 904
3614 00:59:03,690 ~-~-> 00:59:07,080
3615 is not the minimum because it's three times out here just
3616
3617 905
3618 00:59:07,080 ~-~-> 00:59:11,820
3619 gives you wiggle room. Okay, but let's go back and look at
3620
3621 906
3622 00:59:11,820 ~-~-> 00:59:17,610
3623 this for x pair here. And I'll add the annotations back. And
3624
3625 907
3626 00:59:17,610 ~-~-> 00:59:20,550
3627 let's just say you were using my optimal trade entry pattern
3628
3629 908
3630 00:59:20,550 ~-~-> 00:59:25,050
3631 it's taught freely on this YouTube video channel. This level
3632
3633 909
3634 00:59:25,050 ~-~-> 00:59:27,780
3635 here, optimal trade entry between 62 and 70 retracement
3636
3637 910
3638 00:59:27,780 ~-~-> 00:59:32,310
3639 level and you add to spread to it. We added five pips For
3640
3641 911
3642 00:59:32,310 ~-~-> 00:59:36,630
3643 this example, buying here using a 15 PIP stop loss. your
3644
3645 912
3646 00:59:36,630 ~-~-> 00:59:40,080
3647 $300 account if you got stopped out went down here would be
3648
3649 913
3650 00:59:40,080 ~-~-> 00:59:46,080
3651 sitting at $297. But if it goes to your swing objective of
3652
3653 914
3654 00:59:46,080 ~-~-> 00:59:49,200
3655 negative three on the fib and you learn this also on this
3656
3657 915
3658 00:59:49,200 ~-~-> 00:59:52,530
3659 YouTube channel for free, they get to that level it does so
3660
3661 916
3662 00:59:52,530 ~-~-> 01:00:02,340
3663 here you would have 4.5% For a little bit above that, so
3664
3665 917
3666 01:00:03,660 ~-~-> 01:00:08,640
3667 that might not be a whole lot to see $13 and 72 cents on one
3668
3669 918
3670 01:00:08,640 ~-~-> 01:00:13,470
3671 trade. But that is four and a half percent folks, you
3672
3673 919
3674 01:00:13,470 ~-~-> 01:00:17,400
3675 realize that if you just did that every single month, you
3676
3677 920
3678 01:00:17,400 ~-~-> 01:00:21,720
3679 would be killing it by all industry standards. But that's
3680
3681 921
3682 01:00:21,720 ~-~-> 01:00:25,470
3683 not what's taught to people in trading. That's not what is
3684
3685 922
3686 01:00:25,470 ~-~-> 01:00:28,350
3687 taught by forex gurus, they're taught that you have to
3688
3689 923
3690 01:00:28,350 ~-~-> 01:00:30,810
3691 double and triple your account, you got to flip your account
3692
3693 924
3694 01:00:30,810 ~-~-> 01:00:37,110
3695 weekly, monthly. And while that is possible, it can be done.
3696
3697 925
3698 01:00:38,730 ~-~-> 01:00:42,180
3699 It's not something that you should aspire to do. Because if
3700
3701 926
3702 01:00:42,180 ~-~-> 01:00:46,200
3703 you can consistently build this type of return, using
3704
3705 927
3706 01:00:46,470 ~-~-> 01:00:48,960
3707 relatively low risk, I mean, if you look at what's being
3708
3709 928
3710 01:00:48,960 ~-~-> 01:00:59,100
3711 shown here, the risk is 1%. The entry price is this. The
3712
3713 929
3714 01:00:59,100 ~-~-> 01:01:07,140
3715 stop losses this in a target is here, 300 hours of the
3716
3717 930
3718 01:01:07,140 ~-~-> 01:01:10,410
3719 account balance assumed using 1% risk, I think anyone
3720
3721 931
3722 01:01:10,410 ~-~-> 01:01:15,990
3723 starting out trading with 2% is nuts. Because you're
3724
3725 932
3726 01:01:15,990 ~-~-> 01:01:18,210
3727 assuming that you're way better than you really are. And
3728
3729 933
3730 01:01:18,210 ~-~-> 01:01:20,730
3731 then maybe in this example, here, 1% is probably still too
3732
3733 934
3734 01:01:20,730 ~-~-> 01:01:25,290
3735 high. In fact, it really is if you're a new trader, but you
3736
3737 935
3738 01:01:25,290 ~-~-> 01:01:31,710
3739 have to grow accustomed to seeing risk, you have to see it
3740
3741 936
3742 01:01:33,630 ~-~-> 01:01:43,230
3743 and handle it, work with it. And it might not be exciting to
3744
3745 937
3746 01:01:43,230 ~-~-> 01:01:47,850
3747 see it like this. But this is how you grow. This is how you
3748
3749 938
3750 01:01:47,850 ~-~-> 01:01:51,810
3751 build it. And this same four and a half percent. If you get
3752
3753 939
3754 01:01:51,810 ~-~-> 01:01:54,870
3755 to the point where you can grow to $100,000 account, that's
3756
3757 940
3758 01:01:54,870 ~-~-> 01:02:00,330
3759 4.5% or 40 $500 for that month. And if you do that
3760
3761 941
3762 01:02:00,360 ~-~-> 01:02:04,620
3763 consistently, every single month, or net that afterwards, in
3764
3765 942
3766 01:02:04,620 ~-~-> 01:02:07,590
3767 order that you go through your your win and lose winning
3768
3769 943
3770 01:02:07,590 ~-~-> 01:02:12,540
3771 loose cycle that everybody goes through your results would
3772
3773 944
3774 01:02:12,540 ~-~-> 01:02:19,200
3775 be way above standard expectations. This industry, you know,
3776
3777 945
3778 01:02:19,200 ~-~-> 01:02:25,290
3779 they would consider 20 25% a year a banner year. Like that's
3780
3781 946
3782 01:02:25,290 ~-~-> 01:02:28,830
3783 it, that's a phenomenal rate of return. And to put down
3784
3785 947
3786 01:02:28,830 ~-~-> 01:02:32,970
3787 something like this, when it's just one intraday day trade
3788
3789 948
3790 01:02:34,110 ~-~-> 01:02:38,130
3791 it a level that makes logical sense to get a bounce, you're
3792
3793 949
3794 01:02:38,130 ~-~-> 01:02:41,250
3795 not trying to, you know, call the bottom of the marketplace,
3796
3797 950
3798 01:02:41,250 ~-~-> 01:02:44,520
3799 you're not trying to capture 1000 pips, you're trying to get
3800
3801 951
3802 01:02:44,520 ~-~-> 01:02:51,270
3803 in there take a surgical strike in and get out. Who could
3804
3805 952
3806 01:02:51,270 ~-~-> 01:02:55,440
3807 complain that this would be a bad return or rate of return.
3808
3809 953
3810 01:02:57,300 ~-~-> 01:03:01,080
3811 It's at a time of the day I teach, which is London open, it
3812
3813 954
3814 01:03:01,080 ~-~-> 01:03:03,360
3815 creates the higher the low of the day there. If it's a
3816
3817 955
3818 01:03:03,360 ~-~-> 01:03:05,820
3819 bullish likely scenario, then it's probably gonna perform
3820
3821 956
3822 01:03:05,820 ~-~-> 01:03:08,460
3823 the low the day, don't take my word on that folks, don't
3824
3825 957
3826 01:03:08,460 ~-~-> 01:03:10,470
3827 take my word, go into the videos, and you'll hear me teach
3828
3829 958
3830 01:03:10,470 ~-~-> 01:03:20,160
3831 that it length in detail. But to listen to other people say
3832
3833 959
3834 01:03:20,340 ~-~-> 01:03:23,370
3835 their asset classes the best and everybody else's sucks or
3836
3837 960
3838 01:03:23,370 ~-~-> 01:03:27,000
3839 specifically forex, that's too myopic of a view. And that,
3840
3841 961
3842 01:03:27,000 ~-~-> 01:03:30,240
3843 to me, this speaks volumes about number one them as a
3844
3845 962
3846 01:03:30,240 ~-~-> 01:03:35,730
3847 trader, and immediately raises the question of what's the
3848
3849 963
3850 01:03:35,730 ~-~-> 01:03:38,490
3851 ulterior motive here, okay, because if I hear someone that's
3852
3853 964
3854 01:03:38,490 ~-~-> 01:03:41,580
3855 highly opinionated like that, they're selling something.
3856
3857 965
3858 01:03:42,870 ~-~-> 01:03:45,780
3859 They're selling something, they have something that they
3860
3861 966
3862 01:03:45,780 ~-~-> 01:03:53,700
3863 want you to think is superior to that. And the folks that I
3864
3865 967
3866 01:03:53,700 ~-~-> 01:03:58,740
3867 have brought into forex, by, you know, bringing their
3868
3869 968
3870 01:03:58,740 ~-~-> 01:04:03,510
3871 interest into forex, the majority of them would never
3872
3873 969
3874 01:04:03,510 ~-~-> 01:04:06,660
3875 consider listening to anyone else, because the things that
3876
3877 970
3878 01:04:06,660 ~-~-> 01:04:10,980
3879 they see me teach them, they're easy to spot. They're
3880
3881 971
3882 01:04:11,040 ~-~-> 01:04:13,500
3883 generic, they repeat over and over again, because it's based
3884
3885 972
3886 01:04:13,500 ~-~-> 01:04:17,820
3887 around the market themselves, you are not going to find the
3888
3889 973
3890 01:04:17,820 ~-~-> 01:04:23,700
3891 signatures in price to the level of that is found in forex,
3892
3893 974
3894 01:04:23,910 ~-~-> 01:04:27,420
3895 forex has these characteristics are very, very, very
3896
3897 975
3898 01:04:27,570 ~-~-> 01:04:33,510
3899 specific. Now, a lot of the generic macro elements are
3900
3901 976
3902 01:04:33,510 ~-~-> 01:04:40,080
3903 applicable to stocks, commodities, crypto, you know, metals
3904
3905 977
3906 01:04:40,080 ~-~-> 01:04:44,130
3907 and all that in oil. But forex has these little signatures
3908
3909 978
3910 01:04:44,130 ~-~-> 01:04:47,280
3911 in price that repeat over and over again that are very
3912
3913 979
3914 01:04:47,280 ~-~-> 01:04:51,420
3915 specific to it. And when my students see this, and then they
3916
3917 980
3918 01:04:51,420 ~-~-> 01:04:55,500
3919 start testing it in hindsight, and then they find going
3920
3921 981
3922 01:04:55,500 ~-~-> 01:04:59,130
3923 forward using the rules that it just like it supposed to be.
3924
3925 982
3926 01:04:59,130 ~-~-> 01:05:03,270
3927 It's like it's going pletely scripted, because it is, all of
3928
3929 983
3930 01:05:03,270 ~-~-> 01:05:09,600
3931 these markets are scripted, they're controlled 100%. That's
3932
3933 984
3934 01:05:09,600 ~-~-> 01:05:12,780
3935 unsettling that bothers people when they hear it, and they
3936
3937 985
3938 01:05:12,780 ~-~-> 01:05:16,380
3939 think, oh, he's full of mess. It's $5 trillion industry, how
3940
3941 986
3942 01:05:16,380 ~-~-> 01:05:19,230
3943 could it possibly be controlled? Well, my counter argument
3944
3945 987
3946 01:05:19,230 ~-~-> 01:05:22,680
3947 would be, why would any country leave it up to speculators
3948
3949 988
3950 01:05:22,680 ~-~-> 01:05:24,810
3951 whether or not the currency is going to stay where it's at?
3952
3953 989
3954 01:05:27,030 ~-~-> 01:05:30,330
3955 Think about it, folks. It's just common sense. And maybe
3956
3957 990
3958 01:05:30,330 ~-~-> 01:05:31,920
3959 this is something that would have came up if we were
3960
3961 991
3962 01:05:31,920 ~-~-> 01:05:33,810
3963 friends, and you came over to my house, or I came over to
3964
3965 992
3966 01:05:33,810 ~-~-> 01:05:37,170
3967 your house. And it was this conversation about what people
3968
3969 993
3970 01:05:37,170 ~-~-> 01:05:42,690
3971 think, and how my opinion fits in all of that. And my
3972
3973 994
3974 01:05:42,690 ~-~-> 01:05:46,530
3975 opinion, let's just be honest, my opinion doesn't matter. My
3976
3977 995
3978 01:05:46,530 ~-~-> 01:05:51,270
3979 opinion, is my own. My belief is people should have an
3980
3981 996
3982 01:05:51,270 ~-~-> 01:05:55,950
3983 objective view, and a certain measure of tolerance. Okay,
3984
3985 997
3986 01:05:56,040 ~-~-> 01:05:59,640
3987 why I believe everybody else trading what they trade is
3988
3989 998
3990 01:05:59,640 ~-~-> 01:06:02,940
3991 something that I would never ever do. Like, I would not rely
3992
3993 999
3994 01:06:02,940 ~-~-> 01:06:06,600
3995 on any retail logic, I would not trade certain asset classes
3996
3997 1000
3998 01:06:06,600 ~-~-> 01:06:11,220
3999 like crypto. But I understand and respect those people that
4000
4001 1001
4002 01:06:11,220 ~-~-> 01:06:15,270
4003 do it, because they have found some way of doing it. And who
4004
4005 1002
4006 01:06:15,270 ~-~-> 01:06:18,630
4007 am I to say, if they're making money, or they found a niche
4008
4009 1003
4010 01:06:18,630 ~-~-> 01:06:23,910
4011 in that? What business do I have saying, they're stupid for
4012
4013 1004
4014 01:06:23,910 ~-~-> 01:06:27,360
4015 doing so or they suck or they're a scammer? I'm not spending
4016
4017 1005
4018 01:06:27,360 ~-~-> 01:06:31,350
4019 their money. I can't spend their money. And I know that
4020
4021 1006
4022 01:06:31,350 ~-~-> 01:06:34,890
4023 they're not going to spend money. So what difference does it
4024
4025 1007
4026 01:06:34,890 ~-~-> 01:06:38,400
4027 make? If someone has anything of value, and you have a
4028
4029 1008
4030 01:06:38,400 ~-~-> 01:06:42,600
4031 YouTube channel, share that good stuff. Now, you don't have
4032
4033 1009
4034 01:06:42,600 ~-~-> 01:06:45,930
4035 to give all your secrets if you have a service, but put out
4036
4037 1010
4038 01:06:45,930 ~-~-> 01:06:49,470
4039 there, you know, a little bit to let people see that your
4040
4041 1011
4042 01:06:49,470 ~-~-> 01:06:53,880
4043 opinion should be even considered. Because in this industry,
4044
4045 1012
4046 01:06:54,540 ~-~-> 01:06:57,930
4047 we all know that it's toxic as a lot a lot of fraudulent
4048
4049 1013
4050 01:06:58,140 ~-~-> 01:07:02,520
4051 activity, people pretending to be profitable or not. And I
4052
4053 1014
4054 01:07:02,520 ~-~-> 01:07:06,150
4055 stand on the basis of price action. That's it. That's what I
4056
4057 1015
4058 01:07:06,150 ~-~-> 01:07:10,920
4059 do. And sometimes that completely rubs people the wrong way.
4060
4061 1016
4062 01:07:11,220 ~-~-> 01:07:13,830
4063 If you're so good, why don't you show me your bank accounts?
4064
4065 1017
4066 01:07:13,830 ~-~-> 01:07:15,990
4067 Why don't you show me your statements? And why don't you
4068
4069 1018
4070 01:07:15,990 ~-~-> 01:07:18,720
4071 show me a Live account? And once you do this? How about you
4072
4073 1019
4074 01:07:18,720 ~-~-> 01:07:23,850
4075 just watch me call the markets. Okay? If I couldn't outline
4076
4077 1020
4078 01:07:23,850 ~-~-> 01:07:27,270
4079 something, or anyone for that matter, couldn't outline in
4080
4081 1021
4082 01:07:27,270 ~-~-> 01:07:31,080
4083 detail with specific concepts, why it should do this or that
4084
4085 1022
4086 01:07:31,080 ~-~-> 01:07:35,670
4087 in charts. And it doesn't come to fruition? Doesn't that
4088
4089 1023
4090 01:07:35,670 ~-~-> 01:07:39,270
4091 pretty much say? What it is that people would need to know
4092
4093 1024
4094 01:07:39,510 ~-~-> 01:07:42,270
4095 that there is no validity to the things that you're
4096
4097 1025
4098 01:07:42,330 ~-~-> 01:07:47,700
4099 peddling. And that's why I put so much effort into my
4100
4101 1026
4102 01:07:47,700 ~-~-> 01:07:51,240
4103 videos, before I created this mentorship, I wasn't selling
4104
4105 1027
4106 01:07:51,240 ~-~-> 01:07:56,880
4107 anything. I was just trading. But when I saw people around
4108
4109 1028
4110 01:07:56,880 ~-~-> 01:07:59,400
4111 the world, taking my free lessons, and then selling them to
4112
4113 1029
4114 01:07:59,400 ~-~-> 01:08:05,310
4115 people that really got under my skin. And I have a lot more
4116
4117 1030
4118 01:08:05,310 ~-~-> 01:08:09,900
4119 to teach. And I just didn't want anybody else getting credit
4120
4121 1031
4122 01:08:09,900 ~-~-> 01:08:14,010
4123 for something that was gifted to me. And it took a lot for
4124
4125 1032
4126 01:08:14,010 ~-~-> 01:08:16,680
4127 me to get this to learn how to do it.
4128
4129 1033
4130 01:08:17,520 ~-~-> 01:08:20,910
4131 And I've been blessed to receive it. But nobody deserves the
4132
4133 1034
4134 01:08:20,910 ~-~-> 01:08:25,710
4135 credit. Apart from me, because when people come to me, I may
4136
4137 1035
4138 01:08:25,710 ~-~-> 01:08:29,730
4139 say, I believe I'm the best trader. But when I say that, I
4140
4141 1036
4142 01:08:29,730 ~-~-> 01:08:34,590
4143 want you to clearly Listen to me, okay? When I say on the
4144
4145 1037
4146 01:08:34,590 ~-~-> 01:08:39,180
4147 best, it's not because I myself made myself the best. I
4148
4149 1038
4150 01:08:39,180 ~-~-> 01:08:44,730
4151 believe I'm equipped by God. I believe everything that we
4152
4153 1039
4154 01:08:44,730 ~-~-> 01:08:47,760
4155 receive in our lives that is good comes from him. Now you
4156
4157 1040
4158 01:08:47,760 ~-~-> 01:08:51,660
4159 may not believe in God, and that's fine. But I do. And I
4160
4161 1041
4162 01:08:51,660 ~-~-> 01:08:55,770
4163 don't go after people that say they don't believe in him. I
4164
4165 1042
4166 01:08:55,770 ~-~-> 01:09:00,420
4167 believe it's a personal relationship that, you know, either
4168
4169 1043
4170 01:09:00,420 ~-~-> 01:09:05,070
4171 you have it or you don't. And I know that there's no way on
4172
4173 1044
4174 01:09:05,100 ~-~-> 01:09:08,340
4175 Earth, that I would have figured this stuff out. It would
4176
4177 1045
4178 01:09:08,340 ~-~-> 01:09:12,960
4179 have not ever happened, had he not intervened. And he's
4180
4181 1046
4182 01:09:12,960 ~-~-> 01:09:16,320
4183 continuously intervened. And every time I sit down with my
4184
4185 1047
4186 01:09:16,320 ~-~-> 01:09:20,040
4187 students, before I do so, I pray and I say look, you know,
4188
4189 1048
4190 01:09:20,100 ~-~-> 01:09:23,220
4191 give me wisdom, help me guide them so they don't get hurt.
4192
4193 1049
4194 01:09:23,970 ~-~-> 01:09:27,150
4195 And let them receive something that you know is intended for
4196
4197 1050
4198 01:09:27,150 ~-~-> 01:09:32,100
4199 them. And that's how I do everything. And if it doesn't fit
4200
4201 1051
4202 01:09:32,130 ~-~-> 01:09:35,160
4203 your expectations, or if you don't like that type of thing,
4204
4205 1052
4206 01:09:35,550 ~-~-> 01:09:38,580
4207 or it doesn't resonate with you, you know, God bless you
4208
4209 1053
4210 01:09:38,580 ~-~-> 01:09:40,980
4211 anyway. You know, I'm sure if you look hard enough, you'll
4212
4213 1054
4214 01:09:40,980 ~-~-> 01:09:43,710
4215 find somebody out there. And I do it all the time. If you
4216
4217 1055
4218 01:09:43,710 ~-~-> 01:09:48,120
4219 don't like me, look at Chris Laurie. You know, he, he
4220
4221 1056
4222 01:09:48,120 ~-~-> 01:09:50,790
4223 teaches price action. He doesn't teach what I teach, but I
4224
4225 1057
4226 01:09:50,820 ~-~-> 01:09:54,120
4227 seen some of the things that he does. And I think it's
4228
4229 1058
4230 01:09:54,150 ~-~-> 01:09:58,410
4231 noteworthy. So you can look at a lot of his stuff. It's for
4232
4233 1059
4234 01:09:58,410 ~-~-> 01:10:01,380
4235 free too. He has something that paid. I don't know
4236
4237 1060
4238 01:10:01,380 ~-~-> 01:10:05,220
4239 everything he teaches in this paid stuff. But there are
4240
4241 1061
4242 01:10:05,220 ~-~-> 01:10:07,890
4243 other people out there besides ICT that can make money and
4244
4245 1062
4246 01:10:07,890 ~-~-> 01:10:11,340
4247 can also teach. And just because they don't dance to your
4248
4249 1063
4250 01:10:11,340 ~-~-> 01:10:15,870
4251 drum beat doesn't make them a scammer. If they're certainly
4252
4253 1064
4254 01:10:15,870 ~-~-> 01:10:19,530
4255 willing to show you things in great detail before you even
4256
4257 1065
4258 01:10:19,560 ~-~-> 01:10:22,920
4259 pay them a penny, then maybe they have something that's
4260
4261 1066
4262 01:10:22,920 ~-~-> 01:10:26,670
4263 worth listening to. Maybe you learn something from this
4264
4265 1067
4266 01:10:26,670 ~-~-> 01:10:30,000
4267 video, maybe you didn't. But I answered the question is why
4268
4269 1068
4270 01:10:30,000 ~-~-> 01:10:33,510
4271 I think forex is better because you can frame it and make
4272
4273 1069
4274 01:10:33,510 ~-~-> 01:10:40,950
4275 the risk specific to you. And having 20 cents per Pip. Okay,
4276
4277 1070
4278 01:10:40,950 ~-~-> 01:10:43,560
4279 that's what this equates to 20 cents per Pip. You can't
4280
4281 1071
4282 01:10:43,560 ~-~-> 01:10:46,650
4283 really frame that with futures market. It doesn't allow you
4284
4285 1072
4286 01:10:46,650 ~-~-> 01:10:50,700
4287 to do that. Okay. So I think that's a benefit by trading
4288
4289 1073
4290 01:10:50,700 ~-~-> 01:10:54,450
4291 forex, because you can scale your money management more
4292
4293 1074
4294 01:10:54,450 ~-~-> 01:10:57,420
4295 appropriate to your equity base. And you can do that
4296
4297 1075
4298 01:10:57,450 ~-~-> 01:11:01,140
4299 throughout your career. Where you as you're a trader in
4300
4301 1076
4302 01:11:01,140 ~-~-> 01:11:05,640
4303 forex, or if you're a stock option trader, you have to pay
4304
4305 1077
4306 01:11:05,640 ~-~-> 01:11:09,690
4307 the premiums and use the vehicles. In the multipliers for
4308
4309 1078
4310 01:11:09,690 ~-~-> 01:11:12,180
4311 the option lower. It's like it's a multiplier of 100. So
4312
4313 1079
4314 01:11:12,180 ~-~-> 01:11:15,300
4315 whenever you pay the premium, say the premium was 4.5. That
4316
4317 1080
4318 01:11:15,300 ~-~-> 01:11:19,020
4319 option costs you $450 plus commission. What if you don't
4320
4321 1081
4322 01:11:19,020 ~-~-> 01:11:21,480
4323 have that? What if that's basically 90% of your account
4324
4325 1082
4326 01:11:21,480 ~-~-> 01:11:23,580
4327 balance, you can't do the trade you got to do something
4328
4329 1083
4330 01:11:23,580 ~-~-> 01:11:26,580
4331 else. Wait for something else. Well, with forex, you can
4332
4333 1084
4334 01:11:26,580 ~-~-> 01:11:29,970
4335 find setups a couple times a week. And it doesn't matter as
4336
4337 1085
4338 01:11:29,970 ~-~-> 01:11:32,850
4339 long as you have what I'm outlining here, in terms of acuity
4340
4341 1086
4342 01:11:32,850 ~-~-> 01:11:36,600
4343 bass as low as $300. You can still find setups and build the
4344
4345 1087
4346 01:11:36,600 ~-~-> 01:11:40,170
4347 account. And you know it takes time, but you're learning how
4348
4349 1088
4350 01:11:40,170 ~-~-> 01:11:43,890
4351 to do it appropriately. Till Talk to you next time. wish
4352
4353 1089
4354 01:11:43,890 ~-~-> 01:11:45,060
4355 good luck and good trading.