ICT YT - 2021-02-11 - What Trading Books Influenced ICT Early On.srt

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ICT: Okay, folks, welcome back. This is going to be a little bit of a different

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type of video, I get a lot of questions over the years, pointing to like, where

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where's my influences early on? What was I inspired by? What helps me become the

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analyst that you see me today. And it all started with this particular mentor of

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mine. This was my, quote, unquote, first mentor, but nothing that I learned from

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him profited, except for the respect that those things are being taught. People

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believe it, and they're going to fall victim to it. So I reversed my opinion,

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and view on the things that I'm going to show you in this book. All of these

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books are not meant to be a sales pitch for you to buy, you'll take notice that

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there is no affiliate link very easily set up an affiliate link with Amazon and

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such and receive some kind of a kickback. That's not what I'm trying to do here.

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So I'm trying to show you that these books that I'm including are just

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milestones in my early development. And I'll talk a little bit about each book,

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what I gleaned from them, and how it impacted who I am as a trader. But it all

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starts on November 5 1992. It was a Thursday evening at nine o'clock, I had come

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home late from work. And my package that I ordered, came in the mail. And I

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remember hurrying up eating, running upstairs, getting washed up, had a shower.

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And I was living with my aunt at the time. I was paying room board with the

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uncle that first introduced me to trading and I was 16. And really wasn't all

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that interested. But in 1992 I responded to a classified ad in the back of a

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Entrepreneur Magazine and little time classified ad said real money real people

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and hadn't money 100 number. So that's all it said it just simply information

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like anybody else would look at that and say, Well, I'm not going to call that

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phone number. But I was bored. And I called it and it gave you a little audio,

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talking about how some people can take $500, turn it to 35,000. Some people take

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12 $100 turn into 6000, you know, that type of thing. So I was hungry for money

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back then I wasn't making a lot of money, I was working a lot. And I replied to

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the information package that they get your phone number and your mailing

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address, and then they send you out a mailer. And when I got it, it was this

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little tiny little pamphlet and I wish I could find it still, it's probably

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packed away in something somewhere. But it was actually very well done. It made

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me feel motivated to buy the guy's course. And the gentleman's name was Ken

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Roberts. And if you do a Google search on him, he actually still has a YouTube

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channel, on YouTube, it has nothing really to do with trading anymore. He was

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probably the most influential person to bring new people into trading

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commodities than any other person at that time. And I was one of those people, I

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bought his course. And you got a handful of cassette tapes. And and you had a

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couple little pamphlets and you had this main main book or manual. And it's

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basically this one here. And if you go to Open Library dot o RG, this has

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actually been made available. So it's like when a borrow basis, as you'll see in

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a minute. It lets you borrow it for like an hour. And my advice to you because

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you can't really find this in print anymore. At least not for sale. Okay, you

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know, you can buy a used copy of it. And it isn't a book that was bound very

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well. So mine's in very, very delicate condition. Like I don't want to mess with

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it more than I already do. Because of me, it's meaningful to me, it doesn't mean

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that I made any money with it. And it's also probably a question in your mind,

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like, why am I even talking about it? Because I get a lot of questions as to

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where I started. What was the origin of the ICT? Where did inner circle trader

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begin? Originally, it was my Uncle, uncle Stan. And he actually made money in

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the 80s and made money in sugar and bought a condominium in Ocean City,

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Maryland. And everybody saw him do it. And we were all like, Well, that was

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pretty neat. But nobody really was interested because it was basically the stock

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market. So stock market is gambling. So nobody else in the family was really

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actively trying to pursue it.

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But later in my life I was working for a vending company and gentlemen that I

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was working for had an Entrepreneur Magazine on his desk. And I would always

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stay after work after working 13 hours. And I've watched him count the money,

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and it would just be inspiring. And I asked him if I could borrow the

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Entrepreneur Magazine, so you can keep it. And that was fate. Because by buying

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this guy's book, or I guess course, it was the beginning of all of my journey,

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because buying this course actually put me on the mailing list of my real first

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mentor. Now this is technically my first mentor. When it comes to trading

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techniques. I was first introduced to trading by my uncle, Stan Crites. And this

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guy here, Ken Roberts. This is the book that you end up getting. Now I'm not

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going to go through for copyright purposes and such, but I think what I'm going

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to show you here is within fair use, but I'm going to take you right to the page

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that started the whole thing with optimal trade entry. So this is actually the

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the book that I actually have, it looks exactly like it. This is actually the

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print of the book cover exactly, it doesn't look any different. It's a little

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bit more vibrant, I think in color, but I purchased mine in 1992. And it took a

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couple weeks to get to me. But it was November 5, Thursday at 9pm. I sat down,

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cracked open the package. And I literally sat there from cover to cover and

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absorbed it. Because it was something that was simple, but yet intriguing. It

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you're gonna see that the way it's written, it's not very intellectual. It's not

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snobbery in print, it's just an average guy putting to paper, some ideas that he

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was given by someone else, and say, Well, I'm gonna make a course with this. And

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he made lots of money selling this. And a lot of people reportedly made a lot of

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money. And of course, there's a lot more people that said that they lost money.

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Long story short, the Commodity Futures Trading Commission ended up tapping him

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saying, hey, look, you know, you're, you're promising people, they're gonna make

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money. And he had to really, really go into paper trading as the basis of his

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education. So I learned that also from him that every time I talk about trading

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or education, it's in the scope of demo, demo demo demo, because there's a legal

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threshold that I don't want to cross and open myself up to liability. So I wear

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the crown demo baller as an educator, because I don't want the responsibility of

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having someone else's losses. And having them try to put that on me, because

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it's not my responsibility. If you put that trade on, I didn't put your finger

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on there, I didn't tell you to get in that trade and put it at that price. But

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that stop loss or not have a stop loss, or hold for that particular target. I

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didn't do that. So he would have a hotline that came with this, and it gave you

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I think like a month or two of just free access. And then you had to pay if you

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wanted to have more access to it, which I found wasn't all that accurate or even

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interesting. And in fact, it made me feel like I wasted my money. But this is

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the book. And I'm gonna take you to the page. If I can do it without showing too

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much, but you are welcome to go on this website. And you'll see it yourself.

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Alright, so here is what the book looks like on the inside. Okay, and it's this

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chart right here. That first started framing the idea of the optimal trade

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entry. Now, what is optimal trade entry? Now, over the years, people have seen

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me talk about this. And it's like, oh, yeah, he's saying he invented the

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Fibonacci retracement. Now, I didn't say that. Okay, every time I've ever talked

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about it, I credited this pattern as the original idea behind it. But like

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everyone else that bought this course and ever tried to trade 123 tops and 123

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bottoms. Okay, that proved to be somewhat difficult, because how do you know if

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it's really going to go up or down based on that pattern. So what frustrated me

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and I'm gonna zoom in here a little bit. So if you look at this little area in

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here, I'm gonna zoom in a little bit more. So we can see it because these are

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not candlesticks. They're open high low close bars.

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And this is what I cut my teeth on as a trader, back in 1992. All of my charts

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looked like these. Now it's a little harder on the eye and can appreciate now

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the benefit of using A candlestick, which I reluctantly went to initially, but

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I'm so thankful I did, because my eyes probably would have deteriorated even

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even more than he did over the years. So what is a 123? bottom. And that's

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what's being shown here. Well, the idea is this course this book, and Ken would

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teach that every time we made a new 12 months low, if it created a low of fresh,

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brand new 12 month low, if it's done that and starts to trade up, you're waiting

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for that to happen. And then it trades down. So you're looking for a point to

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buy when it goes to the point number two, so you're buying strength. Now, for

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those that are fans of beat the market maker system, or course, a lot of the

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ideas that I taught as my entry strategy was actually wrapped around this

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particular pattern right here that I was first introduced to by Ken Roberts,

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okay. Everything in beat the market maker is buying it late. Okay, it's really

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based on this here. Now, you can look at this here and say, Well, you know, I

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can see this as 123, easy as 123. What I later learned and did not teach my

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students when I was teaching in America Online, because greed, okay, I was

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admittedly very greedy, very prideful, very arrogant, very self centered, very

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stingy, you get what I'm saying here, like it was all about me. I did not want

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to teach how I was finding point number three. I was teaching buying it up here.

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And if you look at all of the water down, ideas that are in other courses that

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are quote, unquote, market maker, they're always buying it after it's done

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moved. And I was in private, doing the trade entries that are down in here,

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which are based on the low, the high. And then when it retraces most of you that

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are familiar with me already know that this right here is a fair guy you got

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this is an order block. All these down close candles here consecutively, one

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two, with a fair value gap stand out in time, bam. That's what I was buying.

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That's what I was dealing. In 1994 1995, I really refined it. And I had eight

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months behind me where it was consistent and phenomenal. And then I opened up

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myself to private mentorship one on one. And those individuals were the only

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ones that were learning this. Okay. So all of the things that you see in this

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book, are really Elementary. I mean, just it's not a lot of highly technical

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things. The only thing that I got out of this book was the little expression

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that I've used many times when I was on baby pips, I was on Twitter, I was

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posting things on my timeline on social media wherever I was at. And it would be

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this little thing which said, opportunity is nowhere. And I got that from this

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book. And I don't know exactly which page it's on, I'm not going to use you

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scroll through it to find it. But it was all one word, no separations. And if

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you give that little expression, opportunity is nowhere. If you give that to

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someone and ask them read that out loud what they see, usually pessimistic

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people will see opportunities nowhere. But optimistic people tend to see

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opportunity is now here. So I thought that was clever. Maybe it wasn't original

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with him. But I adopted that. And I've always credited him as the the reasons

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why I got that just like when you hear me close my video. Good luck, good

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trading. That's a fingerprint by my first real mentor, which we'll talk about in

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a moment, Larry Williams, his books and his teachings. When he was talking, he

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would always end and he still does, you know, I wish you good luck and good

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trading. That always felt sincere to me. You know, as a young man in 1995, when

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I was placed on a mailing list by buying this course here by Ken Roberts, it put

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me on a mailing list. And les Williams must have purchased that mailing list and

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had my name and information and anybody else that was on that mailing list

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received a flyer from Larry Williams, you know, this is what I'm teaching. And

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at the time, it was the futures millionaires confidential trading course by

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Larry Williams. It was a four VHS tape

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course. And many of you have been with me for a long time know about this. I've

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talked about it many, many times. When I watched those videos, I literally could

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not sleep. Because here's the guy that made million dollars in a year 1987, it

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was documented, you can actually pull up his statements on the internet, if you

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look hard enough, his statements are on the internet still. But nobody else was

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the more talk of the town, then Larry, back in the late 80s and early 90s. Like

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he was the man, nobody could touch that type of return. And it was documented,

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it was in everybody's face. And obviously, he was perfectly set up to do

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teaching circuits and writing books and, and what have you, and courses and you

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know, all kinds of systems and such. And he took advantage of that as he should

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have. But I was on this mailing list. And I started receiving all kinds of other

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literature and books of this nature. And I started buying everything. And it

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soon became, like 80% of my pay. every single week, I was going to the traders

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library, which is a store in Maryland, I'm not sure if it's still there. But it

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was in like Columbia, Maryland. And I would drive like 45 minutes to go there

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one direction. And I would spend like 80% of my paycheck, which at the time

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wasn't much. I was making $273 a week, and $51 bills that my boss would give me

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as extra he was paying me under the table. And my check was $273. And then I'd

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50 ones. So 80% of that I was wasting that on buying books every single week.

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Because I felt this insatiable desire to be buying more and learning and

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learning and learning. Looking back, I can see how that was a terrible waste of

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money, and time. So don't take this video as an inspiration for you to go out

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there and do this because you don't need to. There's so many things made

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available to you just on YouTube. And I'm not talking just about my YouTube

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channel. Because obviously, I'm biased, I think I'm going to put out the best

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content that's useful to you, am I the only one that puts out useful content.

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Now there's a lot of people out there that don't even trade like me, have very

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good trade psychology videos, money management videos, things of that nature, or

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how they themselves trade their own method or model. I'm inspired by watching

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other people even though I may not agree with their retail logic, I'm inspired

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by their ability to stay disciplined with what they're trading with. And they're

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comfortable with the ebb and flow of the given take profitability and

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profitability, you know, as interest or trade history, they're not deviating

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that they themselves are following or believing. And you have to have a strong

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conviction in this industry. Because if you don't have faith in what you're

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doing, it doesn't make a difference, you know, if it's liked by other people, or

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if you make a million dollars, because if you can find just something that makes

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a profit that's consistently profitable, doesn't have to make a lot. If you

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apply money management to that, that you can turn that small little thing into

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something enormous. And that's the real key, like you need to understand how to

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manage your money. Because if you can find something that gives you a positive

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return. And for me, I needed something simple. I was freshly out of school

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trying to get a computer science degree, specializing in Information Systems.

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And I was in my head, I was writing code every week, I'm writing code, I'm

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writing code. And when I saw this pattern, it just allowed me to see something

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that was very easy, very visually obvious in the chart. The problem was, every

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time I was trying to trade this number two point, if it traded up there, I would

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get in on a on a nearby stop. So it would trip me in the marketplace buying

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long. But my stop loss would have to be below this number three point. And

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sometimes the trades would be too big. And it opened me up to ideas like Well, I

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don't need to use a stop loss. So it started all the bad habits that everybody

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has fallen victim to over the years as a as a trader. And they

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really stunted my growth. But when I first started saying, I don't want to be a

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buyer up here, I want to be the guys that buy down here. This to me were the

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smart people, I want to be like them. Why should I wait to get up here? Because

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that's what this book was teaching. Trust that once it goes up here and it

)))

(((

110

00:19:38,850 ~-~-> 00:19:46,200

766

breaks out, you want to be a holder of that and catch these big moves. And

767

you'll see a lot of these examples in this book, if you go through it, that it's

)))

(((

111

00:19:46,200 ~-~-> 00:19:55,110

773

just one of those. Here's where it works type thing, and no real discussion is

774

down here. And that's the real, that's the real secrets, okay, and I actually

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00:19:55,110 ~-~-> 00:20:06,510

780

teach you this on my YouTube channel. So that was my first mentor that The first

781

thing you can actually find this again on the Open Library on the internet. So

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00:20:06,630 ~-~-> 00:20:16,410

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it doesn't cost anything, I think you got Krita, screen name or whatever, just

788

create a email address that you don't want to get spammed by and use that to

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00:20:16,410 ~-~-> 00:20:28,920

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subscribe to this. And you can actually have access to this something of you

795

that are actually crafty, you may want to have a screen capturing application

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(((

115

00:20:28,920 ~-~-> 00:20:38,010

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and you can record and just cycle through the pages, you know, like one or two

802

seconds at a time. And then you'll have a recording of it. And you can just

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(((

116

00:20:38,010 ~-~-> 00:20:44,670

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pause the video and watch it and read it at your own leisure. But you can't get

809

it in print anymore. It's it's no longer in print, another guy bought the

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(((

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00:20:44,670 ~-~-> 00:20:56,400

815

company's rights to teach. And I think he's created another version of this

816

book, it's updated. But it's not really all that I wouldn't buy it. So that's

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00:20:56,400 ~-~-> 00:21:05,010

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where I started. That was the original beginnings of optimal trade entry. And

823

you're probably asking yourself, how does this relate to optimal trade entry?

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119

00:21:05,040 ~-~-> 00:21:13,020

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Well, this is the framework that starts it now he doesn't teach in this book,

830

and no one else really teaches it anywhere else either. Unless they must mean

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00:21:13,080 ~-~-> 00:21:24,840

836

they talk about it. But optimal trade entry is when you see this pattern at a

837

specific time and a specific day. So if you get that pattern within a specific

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00:21:24,840 ~-~-> 00:21:36,360

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time and day, with a bias that's already predisposed to you see prices going

844

higher. That's optimal. The optimal trade entry is what is classically shown

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00:21:36,360 ~-~-> 00:21:45,600

850

here, as point three, I want to be in three not getting in after it's already

851

moved, that's chasing price to me. Now, you can use strategies like this if you

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00:21:45,600 ~-~-> 00:21:56,010

857

are not a day trader, or if you have no ability to be in London trading or New

858

York trading. This type of style trading can still be done using intraday

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00:21:56,010 ~-~-> 00:22:05,100

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charts, where you're using a buy stop or a sell stop to enter. And there's

865

nothing wrong with that if you're framing it with the right narrative and logic.

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00:22:07,080 ~-~-> 00:22:14,730

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It depends on what you want to do. But the idea of framing of February top of

872

this, and then using what you see here, the imbalance and the order block.

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00:22:14,760 ~-~-> 00:22:24,030

878

That's what makes the optimal trade entry. See, there's no but no one's talked

879

about that stuff. Prior to me that this never, it never happened. But it came by

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00:22:24,030 ~-~-> 00:22:33,450

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looking at charts like this open high, low and close, not candlesticks, and

886

seeing where all these classic turning points in these big moves back in the 90s

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00:22:33,450 ~-~-> 00:22:42,990

892

for me, and I was thinking myself, you know, all these books are writing about

893

stuff. But I can't make it work. Like I can't make these indicators line up. It

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(((

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00:22:42,990 ~-~-> 00:22:52,350

899

just didn't make sense to me. And the reason why is because I didn't understand

900

narrative. And I didn't understand where the market was being drawn to. So when

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00:22:52,350 ~-~-> 00:23:00,540

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we look at price charts, and you're trying to draw horizontal lines for support

907

and resistance ideas, or you know these patterns and such harmonic, this and

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00:23:00,540 ~-~-> 00:23:10,320

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Fibonacci, that moving average crossovers, they all are supposed to be doing

914

something. And it's unfortunate that many times they aren't doing what they're

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00:23:10,320 ~-~-> 00:23:19,020

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expected to do, which is give you peace of mind about knowing where the markets

921

going. That's why I teach on this channel, that absence of indicators is a

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00:23:19,020 ~-~-> 00:23:30,390

927

benefit to you, you'll see things clear, if you're not being distracted by the

928

output of mathematically derived number crunching the indicators do all you're

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(((

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00:23:30,390 ~-~-> 00:23:38,580

934

doing is taking what's already happened, and compiling it into a number and then

935

spitting that out into a visual representation of something that you should

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135

00:23:38,580 ~-~-> 00:23:46,620

941

already see in price Anyway, you need a moving average that tell you this

942

markets going up. What's the chances of a moving average crossover in this area

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136

00:23:46,620 ~-~-> 00:23:53,550

948

here giving you the indication is going to cross over and be bullish, you're not

949

going to see that until it's over here. Anyway, I'm not interested in that. I

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137

00:23:53,550 ~-~-> 00:24:03,450

955

want to see what down here at point one is likely to cause that initial run up.

956

Because I'm anticipating this run here. I'm not waiting for a new 12 month low.

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138

00:24:03,960 ~-~-> 00:24:16,530

962

I'm looking at every new week low or new week high. Now, I'm trying to trade

963

above the previous high of the week or trade below the previous weekly low.

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00:24:17,190 ~-~-> 00:24:28,590

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That would set up this scenario for me to looking at previous day's high and

970

low. Not a 12 month higher low being traded to okay. The idea was if this works

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140

00:24:28,590 ~-~-> 00:24:38,970

976

on daily charts, and he's framing it on the yearly how many opportunities are

977

going to get a year, not many. So I need to be doing something. So I started

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141

00:24:38,970 ~-~-> 00:24:47,460

983

thinking about hourly charts. And I said okay, well, what happens if I look at

984

the last five days trading? What happens if I look at the last four weeks

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00:24:47,460 ~-~-> 00:24:57,930

990

trading? And then what happens if I look at the last three months trading? And

991

then you'll see this pattern here is always there and every three months that's

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143

00:24:57,930 ~-~-> 00:25:06,180

997

a quarterly shift. That's what I Teach in my mentorship, how to go in and hunt

998

those types of moves. And you don't necessarily have to be in point number

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144

00:25:06,180 ~-~-> 00:25:17,490

1004

three, you know, as the only entry, it sets the stage for a, maybe as many as

1005

four months sometimes where the market will continuously move off of this

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145

00:25:18,150 ~-~-> 00:25:30,270

1011

retracement in the sense that you know how I teach it optimal trade entry. And

1012

then ride that out with a long term position or short term trade it every time

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146

00:25:30,270 ~-~-> 00:25:43,350

1018

it gives you a short term buy or swing trade it in here. So there's lots of

1019

different ways but the mentality that I adopted from this really simple book

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147

00:25:43,350 ~-~-> 00:25:57,780

1025

that doesn't do a whole lot for improving your ability as a trader, it just for

1026

a brand new trader that's never traded the markets, this book was comfortable

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00:25:57,780 ~-~-> 00:26:12,540

1032

for me to read, not because I'm not versed in like mathematics. And my strong

1033

points are math. So I don't think that I'm an average intellect, I think I'm a

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149

00:26:12,540 ~-~-> 00:26:21,390

1039

little bit above average intellect. I'm not a mental giant by no means. But

1040

nonetheless, this book, you'll see is so much that it's simplistic to a fault.

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150

00:26:22,410 ~-~-> 00:26:35,040

1046

It makes it seem too easy. And I fell victim to that, and I wasted money. So

1047

when I went into the orange juice market, and I bought an option, I lost 50% of

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151

00:26:35,040 ~-~-> 00:26:45,870

1053

the value of that option the very next day. So that was very sobering for me.

1054

And I've since learned how I messed that up. But I didn't know what I was doing.

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00:26:45,930 ~-~-> 00:26:55,470

1060

And I was baptized in the fires of real market loss. And it taught me that I

1061

wasn't ready yet. So I had to go back to paper trading, not demonstrating

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153

00:26:55,470 ~-~-> 00:27:04,020

1067

because we didn't have demo accounts back then, in 1992, you had paper trading

1068

and every one of these charts here something else. When you're updating these

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154

00:27:04,020 ~-~-> 00:27:12,960

1074

charts, here, you're doing it by hand. And you're roughly estimating where the

1075

high and the low is, with two dots, you're drawing a line with a ruler, and then

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155

00:27:12,960 ~-~-> 00:27:27,660

1081

put a little dash to the left for the open a little dash to the right, for the

1082

close. That's what we did back then. And then in 1994, I had purchased a couple

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156

00:27:27,660 ~-~-> 00:27:38,070

1088

different platforms. One was like Mehta stock, which was really good trading

1089

platform, where it allows you to download an ASCII format, open high, low and

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(((

157

00:27:38,070 ~-~-> 00:27:46,830

1095

close data. So every day, at the end of the day, when the markets closed, you

1096

would subscribe to your little service, and you download the information, you

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(((

158

00:27:46,830 ~-~-> 00:27:54,510

1102

gotta wait for it to pull the information down. And then sometimes if the

1103

decimal point was off, or if the number didn't download, right, your charge will

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159

00:27:54,510 ~-~-> 00:28:08,040

1109

be all screwed up. You have a high way up here. And it was it was so hard

1110

compared to what you have today. Like we had so many disadvantages. And the

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160

00:28:08,040 ~-~-> 00:28:17,040

1116

collection of data, the management of your charts was just ridiculous. So you

1117

really had to be in love with what you're trying to do, or you gave up real easy

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161

00:28:17,220 ~-~-> 00:28:24,510

1123

today, it's amazing to see how some of you go into this. And you have all of

1124

these applications like trading view, even meta stock. I mean, it's got a bad

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(((

162

00:28:24,510 ~-~-> 00:28:32,310

1130

rap in recent years. But as long as you're not an educator, you know, there's

1131

nothing wrong with meta stock. If you're trading that with your life account.

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163

00:28:32,310 ~-~-> 00:28:40,260

1137

There's nothing wrong with that, as an educator, you need to change your venue

1138

and go somewhere else and use something like tradingview or go so far as to use

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(((

164

00:28:40,260 ~-~-> 00:28:44,010

1144

your own Live account if you feel so inclined, teach. But the point is

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165

00:28:45,780 ~-~-> 00:28:59,400

1150

you have many advantages now today that folks like myself and even before me

1151

didn't have. So the resources that were made available to us were limited. And

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166

00:28:59,400 ~-~-> 00:29:10,500

1157

you should have no problems finding your way of trading and what model using

1158

what's available to you for free. Like there's so many ways for you to go out

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167

00:29:10,500 ~-~-> 00:29:21,630

1164

there and find your own niche and not have to be buying all these books because

1165

I could literally buy the new car Corvette cash money with the amount of money I

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168

00:29:21,630 ~-~-> 00:29:33,900

1171

purchased in books, like it's a lot of money. And most of them are useless

1172

books. And I'm going to show you the ones at my collection over 2000 books,

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(((

169

00:29:34,500 ~-~-> 00:29:46,200

1178

which ones are the most impactful that I have had the most influence from?

1179

Alright, and we'll go into my first real mentor after Ken Roberts is Mr. Larry

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170

00:29:46,200 ~-~-> 00:29:58,740

1185

Williams. Very first book I purchased after seeing his four video course I

1186

mentioned earlier, which you can't find anymore. I wish there was a digital

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171

00:29:58,740 ~-~-> 00:30:09,150

1192

version of it because I was I just like to have it for sentimental purposes, you

1193

know, for nostalgia. But if we were together, sitting in there, in a room

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172

00:30:09,150 ~-~-> 00:30:18,660

1199

watching those videos, I could tell you what he was going to say verbatim. Like,

1200

I know what he says in these videos, verbatim. I know all his pauses, I know his

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(((

173

00:30:18,660 ~-~-> 00:30:28,800

1206

quirky changes in shifts. That's how much I studied those videos. Now, that

1207

might sound a little creepy, but that's how obsessive I am. And I've always

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174

00:30:28,800 ~-~-> 00:30:40,110

1213

looked to this man since being first introduced to him as a huge influence in my

1214

life, huge influence. And while I don't agree with the majority of the things he

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175

00:30:40,110 ~-~-> 00:30:49,230

1220

teaches, the things that I do subscribe to, I subscribed to wholeheartedly. And

1221

we'll talk a little bit about those and what books I felt were important, and in

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(((

176

00:30:49,230 ~-~-> 00:30:59,640

1227

my influence, and how it impacted me as ICT. But this book here, you've seen me

1228

many times, call this one out as something that everybody should have. And it's

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(((

177

00:30:59,640 ~-~-> 00:31:08,010

1234

how I made a million dollars trading commodities last year, okay, or how I made

1235

a million dollars last year trading commodities by Larry Williams, this book

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178

00:31:08,190 ~-~-> 00:31:19,950

1241

here, I've already did a video on and talked about how chapter four, five and

1242

six, if I'm not mistaken, are the real heart of the book. And those things in

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179

00:31:19,950 ~-~-> 00:31:32,820

1248

that book that those chapters particularly talk about, are still valid today.

1249

And this book was written in 1973. I was one years old when this book was

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180

00:31:32,820 ~-~-> 00:31:44,070

1255

printed, so I'm sure he was writing the book The year prior. And that means

1256

before I was even born, he was writing this book. And to me, if I were to say,

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181

00:31:44,910 ~-~-> 00:31:53,460

1262

apart from the Bible, what's my favorite book in my whole library? It's this one

1263

here. Because I can tell you and I'm feeling a little bit emotional, as I'm

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182

00:31:53,460 ~-~-> 00:32:04,980

1269

talking about it. It gave me so much hope. When I read it, and when I started

1270

seeing what the book would talk about, in my own charts, it was exciting. I was

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183

00:32:04,980 ~-~-> 00:32:19,770

1276

like, man, I am not working when I'm 40 years old. Now think about the idea of

1277

saying, Okay, I'm 20 years old. And I believe that 20 years from now, I'm going

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184

00:32:19,770 ~-~-> 00:32:28,680

1283

to not have to work. Contrast that with today, where people watch a video, or

1284

they watch an infomercial. And they think I'm going to quit my job next week,

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185

00:32:29,340 ~-~-> 00:32:40,980

1290

I'm going to get rich in the next 30 days, I'm going to double my account in the

1291

next four weeks. See the difference? Like it's the expectation in today's world.

)))

(((

186

00:32:41,040 ~-~-> 00:32:55,170

1297

I want it right now. And no matter how fast you get to me, I waited too long.

1298

That sense of entitlement is very, very disturbing to me, because I'm from a

)))

(((

187

00:32:55,170 ~-~-> 00:33:04,320

1304

different error. And we did things at a slower pace. And we had realistic

1305

expectations where people today don't have realistic expectations. And I think

)))

(((

188

00:33:04,320 ~-~-> 00:33:16,980

1311

it's a reason why they feel offended all the time. And truth be told, I can

1312

relate to a lot of the reasons why because they're our culture today, kind of

)))

(((

189

00:33:16,980 ~-~-> 00:33:27,420

1318

like forces that on people and you have a hard time as a trader, if you are like

1319

a millennial, they have this sense of you know, you owe it to me, No, nobody

)))

(((

190

00:33:27,420 ~-~-> 00:33:40,200

1325

owes you anything, you have to work for it. And when I was working my job, every

1326

evening, when I came home, I would read this book again. Every night, I would

)))

(((

191

00:33:40,200 ~-~-> 00:33:45,300

1332

come home, after doing all my chart updates going through all of it, I'll go

back to this book.

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(((

192

00:33:46,020 ~-~-> 00:33:58,230

1339

And I literally wore the dust jacket off of it. The dust jacket is that little

1340

paper covering that's on the outside of hard book texts that you purchase at a

)))

(((

193

00:33:58,230 ~-~-> 00:34:08,310

1346

bookstore. So I don't use dust covers on my books anymore. Because no matter how

1347

delicate you are with your books, they'll always Tatar at some point, so I take

)))

(((

194

00:34:08,310 ~-~-> 00:34:19,740

1353

them off. And I have the very first print edition of this book, and also have

1354

the PDF and Kindle version of it. So no matter what, I have a way of pulling it

)))

(((

195

00:34:19,740 ~-~-> 00:34:28,740

1360

up, because I may be at a time where I'm sitting somewhere and I gotta wait for

1361

something. And it's one of those books that immediately taking me back to a time

)))

(((

196

00:34:29,130 ~-~-> 00:34:38,880

1367

that like time travel, it allows me to go back and watch how it was for me when

1368

I first started looking at specific chapters in this book. And I had told you

)))

(((

197

00:34:38,880 ~-~-> 00:34:50,970

1374

what they were chapters four, five and six, I think we talked about his million

1375

dollar tools and such, those things are so good. And they still work and I use

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198

00:34:50,970 ~-~-> 00:35:03,420

1381

those things as I mentioned in the previous video. That was the basis of how I

1382

called out soybeans as a big run up this year. also used it to talk about the

)))

(((

199

00:35:03,840 ~-~-> 00:35:15,930

1388

corn market. So these are market moves that are not forex, you all knew me

1389

predominantly as a forex guru. But I cut my teeth on commodities. In 1992. I was

)))

(((

200

00:35:16,020 ~-~-> 00:35:23,760

1395

at first a commodity trader. So this book here is really good. I think everybody

1396

should have this book in their library period and a story, you should have it,

)))

(((

201

00:35:23,790 ~-~-> 00:35:30,480

1402

it's just a good read. There's things in this book that I don't subscribe to,

1403

which is like the phases of the moon and things like that. I don't believe in

)))

(((

202

00:35:30,480 ~-~-> 00:35:40,770

1409

all that. I think that's nonsense. I think he does include it as an observation.

1410

But I don't think he trades with it. The other books from him, this is actually

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(((

203

00:35:40,830 ~-~-> 00:35:52,890

1416

a good one here, talks about commitment, traitors, and how you can use some of

1417

it. I got some ideas off of that book here with how I do the hedging program,

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(((

204

00:35:53,220 ~-~-> 00:36:04,350

1423

application of the co2 data. So that idea was inspired, but it's not copied.

1424

It's inspired by this book here. And so that's where I got that idea from. And I

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(((

205

00:36:04,350 ~-~-> 00:36:11,280

1430

kind of went like I wanted to do this video years ago. And the reason why I

1431

didn't want to do it, because I already know what's going to happen. Okay, now

)))

(((

206

00:36:11,310 ~-~-> 00:36:20,820

1437

you watch and see how this doesn't take place. The people out there that say,

1438

they trade smart money, but they're teaching order blocks, breakers, and things

)))

(((

207

00:36:20,820 ~-~-> 00:36:29,850

1444

like that. And market structure as I teach it. There's two forms of market

1445

structure that I teach the market structure that I learned from Larry Williams,

)))

(((

208

00:36:29,970 ~-~-> 00:36:41,280

1451

and that was found in his four VHS tape course, I mentioned the futures

1452

millionaires confidential trading course, on VHS, if you can find it, try to get

)))

(((

209

00:36:41,280 ~-~-> 00:36:51,000

1458

it. But if you can't, and, you know, the next best thing is, I guess, cracking

1459

the money code, I think it's, or something like something like that, or the

)))

(((

210

00:36:51,000 ~-~-> 00:37:01,590

1465

money tree. And like the two courses I think he did, he kind of like us a real

1466

brief view of market structure. But the very simple approach to market

)))

(((

211

00:37:01,590 ~-~-> 00:37:13,110

1472

structure, it's been condensed in this book here long term secrets to short term

1473

trading. This book right here, the only real gem in it, to me, is his discussion

)))

(((

212

00:37:13,110 ~-~-> 00:37:27,150

1479

on market structure. And it's basically a concise little teaching about market

1480

structure through the lens of Larry Williams, and I think it is worth the other

)))

(((

213

00:37:27,150 ~-~-> 00:37:37,680

1486

book purchase. But don't expect more from that book than that. Okay. It's

1487

enough, that makes a whole different approach to looking at the market that you

)))

(((

214

00:37:37,680 ~-~-> 00:37:45,540

1493

wouldn't otherwise have, unless you were introduced to something like I teach

1494

it. But the original framework for market structure, I learned that from here,

)))

(((

215

00:37:45,750 ~-~-> 00:37:53,820

1500

it was not wycoff. And there's a lot of people out there to try to say that, you

1501

know, I learned from like, wycoff, I did not learn from wycoff everything I've

)))

(((

216

00:37:53,820 ~-~-> 00:38:05,220

1507

learned, I had learned and then looked at wycoff and said, Yeah, cuz I used to

1508

make fun of it, because I had an understanding of other things that wycoff

)))

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00:38:05,220 ~-~-> 00:38:18,300

1514

didn't touch on. And to me wycoff talks about and explains, it's more along with

1515

history in price charts, whereas I'm talking about predicting what's gonna

)))

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00:38:18,300 ~-~-> 00:38:27,540

1521

happen with precision. wycoff is more of a, here's what happened in yesterday's

1522

news. I'm telling you what the news headlines are going to be months ahead.

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00:38:27,870 ~-~-> 00:38:35,910

1528

Okay. That sounds arrogant. I know. But I had to spend some time with me. And

1529

you'll see there's a strong contrast. But there's another form of market

)))

(((

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00:38:35,910 ~-~-> 00:38:38,730

1535

structure that I teach, which is institutional market structure.

)))

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00:38:39,120 ~-~-> 00:38:49,680

1541

And that is something altogether different, because you're looking at certain

1542

things and signatures and price action, that are not even lined up with what

)))

(((

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00:38:49,680 ~-~-> 00:39:02,220

1548

Larry Williams teaches is market structure. And it sounds like a total departure

1549

from what you may think you know, and it is because it changes everything you

)))

(((

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00:39:02,220 ~-~-> 00:39:10,920

1555

think you understand about price action, and reverses it. And that's the market

1556

efficiency paradigm that I teach. So understanding the market efficiency

)))

(((

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00:39:10,920 ~-~-> 00:39:21,570

1562

paradigm, which is looking at the market through the lens of where is the

1563

liquidity for me to get positioned or offload my position. As a institutional

)))

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00:39:21,570 ~-~-> 00:39:32,370

1569

trader, I'm not looking at the charts for buying a pattern, I'm looking at

1570

buying somebody liquidity and selling it to someone else that wants to execute

)))

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00:39:32,400 ~-~-> 00:39:42,030

1576

at that area. And I use that liquidity. That's the paradigm shift. Okay, that

1577

that a mark that market efficiency paradigm only takes place when you understand

)))

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00:39:42,030 ~-~-> 00:39:52,380

1583

the markets in that vein, not looking at buy signals and patterns, but you're

1584

looking at from the narrative standpoint that I need execution in deep pools of

)))

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00:39:52,380 ~-~-> 00:40:02,340

1590

liquidity. So these deep pools of liquidity are very easy to find in price

1591

action if you know what you're looking for. It's not just below an old low or

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00:40:02,340 ~-~-> 00:40:11,580

1597

above an old high. I teach that in this channel, because it's easy. Everyone can

1598

see that. But there's other deep pools of liquidity that are internal range. You

)))

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00:40:11,580 ~-~-> 00:40:17,760

1604

are familiar with the concept of external range liquidity pools, because I've

1605

made it very clear, and you can see them. And the easiest one is those are

)))

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00:40:17,760 ~-~-> 00:40:27,420

1611

relatively equal highs, and relatively equal lows that everybody now includes in

1612

their little courses. But this book is good for market structure. And this one

)))

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00:40:27,420 ~-~-> 00:40:38,550

1618

here, the secrets to selecting stocks for immediate and substantial gains. If

1619

you're a stock trader, or an aspiring stock trader, if you read this book, you

)))

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00:40:38,550 ~-~-> 00:40:52,620

1625

will absolutely understand where my SMT divergence came from. Okay, originally,

1626

it's Dow Theory. There's a lot of Dow Theory there. But the idea of using SMT

)))

(((

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00:40:53,730 ~-~-> 00:41:04,050

1632

came right out of this book right here. And to me, if you're a stock trader,

1633

this book with William J. O'Neill's How To Make Money in Stocks, and investment

)))

(((

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00:41:04,050 ~-~-> 00:41:11,880

1639

business daily subscription to that newspaper, you don't necessarily have the

1640

newspaper delivery, because I had it for years, and they don't do a delivery

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00:41:11,880 ~-~-> 00:41:17,880

1646

very well, I think they do it on purpose. Because they don't want to spend the

1647

money on the paper. And they want you to have the electronic format, which is

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(((

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00:41:17,880 ~-~-> 00:41:27,030

1653

fine, because you can actually download the entire newspaper, you know, when

1654

they release it, and it's in a PDF format, which is really convenient. But as a

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00:41:27,030 ~-~-> 00:41:40,680

1660

stock trader, this book here, phenomenal, it doesn't really go into a lot of the

1661

fundamental aspects of it. And there's ways that you can incorporate the IBD or

)))

(((

239

00:41:40,680 ~-~-> 00:41:51,660

1667

Investor's Business dailies approach to fundamentally sorting strong stocks. And

1668

basically, it's the CAN SLIM approach. If I could just Google it, you'll see,

)))

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240

00:41:52,140 ~-~-> 00:42:01,050

1674

but instead of spending 1000s of dollars going through what will William J.

1675

O'Neill's company puts out in terms of their educational material, which I have

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00:42:01,410 ~-~-> 00:42:11,250

1681

gone through and it's, it's good. Is it worth that much money? I don't think so.

1682

But Investor's Business Daily is absolutely a service I subscribe to I have it.

)))

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00:42:11,250 ~-~-> 00:42:26,610

1688

I have had it for years. I've had Wall Street Journal. I've had other I guess,

1689

financial resources. I used to have Barron's, I don't have it anymore. I have

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00:42:26,610 ~-~-> 00:42:34,680

1695

subscription to technical analysis in stocks and commodities magazine. That I

1696

think is a good resource. You don't have to take these things and say, okay, ICT

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00:42:34,680 ~-~-> 00:42:42,600

1702

doesn't I'm going to spend my money on it, too. I'm answering questions that I

1703

get all the time, like, what resources do I use, and these are things that I've

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00:42:42,600 ~-~-> 00:42:49,530

1709

even talked about in my mentorship group, I just want to put it out here because

1710

I know there's a lot of you, they're probably going to want to eventually send

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00:42:49,530 ~-~-> 00:43:01,290

1716

me this email. And with me, not likely replying to it, at least you knew now

1717

that I've covered it. But this book here was the real beginnings of how I

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00:43:01,440 ~-~-> 00:43:14,850

1723

started using SMT. And if you take that book, and you couple it with a chapter

1724

in this book here, where it talks about how I trade charts, or something close

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00:43:14,850 ~-~-> 00:43:25,440

1730

to that effect in that book. Excellent. See if I can pull this up. Alright. So

1731

if you click on this here, and I think it's Chapter

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00:43:25,860 ~-~-> 00:43:40,560

1737

Eight, seven, how I read charts. Okay, if you look at this here, it'll also give

1738

you the ideas I got for relative strength analysis. Now, relative strength

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(((

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00:43:40,560 ~-~-> 00:43:49,710

1744

analysis, when you hear that as a new trader, you think that's the RSI indicator

1745

on your charts. And it's not. Larry Williams taught this in his four VHS course,

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00:43:49,770 ~-~-> 00:44:02,640

1751

I mentioned multiple times in this video so far. And it was how this chapter

1752

here focuses in on, but he really amplified it very well, in his VHS course, he

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00:44:02,640 ~-~-> 00:44:12,450

1758

didn't really touch on it any better anywhere else in any of his works. So

1759

unless you get that four VHS tape course, from him, the futures millionaires

)))

(((

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00:44:12,450 ~-~-> 00:44:22,590

1765

confidential trading course, by Larry Williams, you're not going to get the real

1766

nitty gritty that he shares that's only really available widely in this chapter

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00:44:22,590 ~-~-> 00:44:38,940

1772

here. Okay, so it's just a really, really good book. So back to our list here.

1773

Another one that I have that this is actually a two volume set. Volume One, the

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00:44:38,940 ~-~-> 00:44:52,380

1779

Definitive Guide to futures trading. This is Volume Two. Both of these books

1780

only have one chapter, each that I felt were influential to me. One of them is

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00:44:52,380 ~-~-> 00:45:05,550

1786

in an off the top my head don't recall what they are but one of these volumes

1787

have a topic on zero Balance. And I thought that was part of my trading early

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00:45:05,550 ~-~-> 00:45:19,590

1793

on. But it led to understanding institutional market flow. And while it's not

1794

discussed in his book, it's not even remotely close to what I ended up pursuing

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00:45:19,590 ~-~-> 00:45:32,250

1800

in my studies. The ideas really were inspired by his concept of zero balance.

1801

And I don't know if this book is the one. But we'll take a look at and see what

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259

00:45:32,250 ~-~-> 00:45:46,440

1807

the table contents shows. Let's see if it offers it. There's a chapter in one of

1808

these books, that is zero balance the other book, because this is not in the

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00:45:46,440 ~-~-> 00:45:53,910

1814

same book, that zero balance is covered. But the other book in the series of two

1815

volumes, he talks about how to measure accumulation and distribution and

)))

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00:45:53,910 ~-~-> 00:46:06,750

1821

commodities. That chapter was huge in my development, and they helped me look at

1822

price action differently. Whereas you may be looking at charts and you say,

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00:46:06,750 ~-~-> 00:46:16,590

1828

okay, the market is making higher highs, higher highs, higher highs, I'm looking

1829

at the relationship between the open close and in yesterday's close to

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00:46:16,590 ~-~-> 00:46:28,500

1835

yesterday's open. Because that if you compare the relationships to that now

1836

think about this for those that you can make indicators and, or scientific,

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(((

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00:46:28,920 ~-~-> 00:46:38,220

1842

okay, and, and you want mechanical things and you'd like indicators, I want you

1843

to come up with a indicator that plots the difference on a cumulative line

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(((

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00:46:38,220 ~-~-> 00:46:54,210

1849

basis. If you assess a value, like points between yesterday's close to today's

1850

open, however much difference that is above or below, assess that in points, say

)))

(((

266

00:46:54,210 ~-~-> 00:47:03,420

1856

for instance, say it's 10 pips, okay. 10 pips, but it's negative, so you take

1857

away 10 pips and you start to count up like that, you know, whatever number or

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00:47:03,420 ~-~-> 00:47:14,100

1863

value you want, just use 1000 as a beginning point. And then you add or subtract

1864

based on the next new day's opening from the previous close. Did you can do this

)))

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00:47:14,100 ~-~-> 00:47:21,900

1870

on any timeframe, but I'm just saying on a daily chart do this. And what will

1871

happen is, over time, this cumulative line, if you plot that against price

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00:47:21,900 ~-~-> 00:47:31,650

1877

action, you'll start seeing price making higher, runs higher, but that count of

1878

line will be diverging. And what it's actually measuring is the professional

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00:47:31,650 ~-~-> 00:47:40,560

1884

distribution that's going on. And I never understood, that was even a thing

1885

until I read that chapter, how to measure accumulation of distribution and

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271

00:47:40,560 ~-~-> 00:47:54,600

1891

commodities. He talked about that idea, briefly. But it went over my head in the

1892

four VHS course series that he did, or seminar. But when I went through the

)))

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00:47:54,600 ~-~-> 00:48:00,930

1898

chapter that covers this, and for the life of me, I wish I could have the book

1899

in front of me right now, I'm not going to go upstairs and grab it to do it. So

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00:48:00,930 ~-~-> 00:48:07,590

1905

you just know that one of these volumes have one chapter on zero balance. And in

1906

another volume, the opposite

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00:48:08,849 ~-~-> 00:48:17,699

1912

book in the series is going to have a chapter on how to measure accumulation

1913

distribution and commodities. Those two chapters, one chapter per book is the

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00:48:17,699 ~-~-> 00:48:29,159

1919

only real gem in the book. Okay. But that idea, I used that to create an

1920

indicator in meta stock. And I was able to see real accumulation and

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00:48:29,159 ~-~-> 00:48:38,249

1926

distribution in these markets. And when I was able to go short, finally, because

1927

I didn't understand short selling when I first started and it never made any

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00:48:38,249 ~-~-> 00:48:48,659

1933

sense to me. And no new traders that start trading, they will have the same

1934

problem today, how can I sell something I don't have, but your accumulation and

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00:48:48,659 ~-~-> 00:48:59,249

1940

distribution can be measured in his chapter in this book. And again, I'm saying

1941

this book because it's one of volume one or two, that has it but it's the

)))

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279

00:48:59,249 ~-~-> 00:49:10,199

1947

chapter, how to measure accumulation distribution in commodities. That chapter,

1948

although it's short, it's just rich with ideas. And the way you see professional

)))

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00:49:10,229 ~-~-> 00:49:23,129

1954

accumulation and distribution is you're measuring the cumulative line. And the

1955

effects of yesterday's close or the previous bars close versus the new bars

)))

(((

281

00:49:23,159 ~-~-> 00:49:40,139

1961

open. And usually indicators are plotting the difference between the open and

1962

close. But I want to measure the opening versus yesterday's close. Because

)))

(((

282

00:49:40,349 ~-~-> 00:49:56,339

1968

that's that's the real picture. And here's the real benefit. If you can have two

1969

punitive lines, okay. If you can run the difference between a punitive line of

)))

(((

283

00:49:56,819 ~-~-> 00:50:05,909

1975

the difference between today or this candles open to this candles close,

1976

whatever timeframe you're using, you plot that on a cumulative line basis. And

)))

(((

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00:50:05,909 ~-~-> 00:50:18,209

1982

you plot the same chart with the relationship of the previous candles close to

1983

this new candles opening, when you start seeing the effects of both of those

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285

00:50:18,209 ~-~-> 00:50:27,689

1989

lines together, and you overlay that with a chart, that's like an X ray view.

1990

And you can literally see the institutions that work they're buying when they're

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(((

286

00:50:27,689 ~-~-> 00:50:36,239

1996

making these lows, and they're selling short when they're making the highs, it's

1997

so phenomenal to see it, it's really fascinating when you see it like that, and

)))

(((

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00:50:36,239 ~-~-> 00:50:45,149

2003

I have never shared it, my mentorship doesn't see it, because it's something

2004

that I inspire you, and I'm giving it to you for free right here, I talk about

)))

(((

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00:50:45,149 ~-~-> 00:50:54,239

2010

it in mentorship, I've never showed them a chart, I don't ever show them, my

2011

personal charts, or my screens or anything, I only show them what I mark up in

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(((

289

00:50:54,239 ~-~-> 00:51:06,119

2017

my trading view. But I just gave you the absolute best way to see an x ray view

2018

behind price action. Some of you aren't gonna be able to have that. Okay, and I

)))

(((

290

00:51:06,119 ~-~-> 00:51:14,699

2024

know some of you're gonna want to send me an email, can you can you? No, no, no,

2025

I'm not going to do that. Somebody is going to hear me in this video, and

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(((

291

00:51:14,699 ~-~-> 00:51:21,419

2031

they're gonna make a indicator, and they're gonna make it available for free. On

2032

trading view, I already know that because there's a lot of my tools that they've

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292

00:51:21,419 ~-~-> 00:51:31,919

2038

already made as a trading view indicator. And I think that's kind of cool. I

2039

don't have any problem with that. And I'm actually inspiring you all that can do

)))

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293

00:51:31,919 ~-~-> 00:51:42,989

2045

it. To do that. Listen to the video instructions again. And you'll see if you

2046

can get your hands on Larry Williams formula for his accumulation distribution

)))

(((

294

00:51:42,989 ~-~-> 00:51:53,099

2052

formula, use that as like a model to make it. But comparing the difference

2053

between yesterday or the previous candles close and where the new candle opens.

)))

(((

295

00:51:53,669 ~-~-> 00:52:06,779

2059

If you plot that against his new, other indicators, you can see real

2060

accumulation and distribution and price action. And it's unbelievable. And you

)))

(((

296

00:52:06,779 ~-~-> 00:52:15,269

2066

can really see it like it's visually there. But you don't see it in the

2067

candlesticks, you don't see it in open high low close bars, you have to see it

)))

(((

297

00:52:15,269 ~-~-> 00:52:24,749

2073

as a cumulative line basis. So you're looking through price. And that's one of

2074

the things I talk about when I facetiously say, I'm focused on the things that

)))

(((

298

00:52:24,749 ~-~-> 00:52:33,599

2080

are not in the chart, I'm looking at things outside the chart, what I mean by

2081

that, a lot of other things, but one of them is what I just said here, and you

)))

(((

299

00:52:33,599 ~-~-> 00:52:42,449

2087

got it for free. And it's also an exercise for those that know how to make

2088

indicators. And you're going to see it's you are going to fall off your chair

)))

(((

300

00:52:42,449 ~-~-> 00:52:53,489

2094

when you see it. Because it works in stocks. It works in commodities, it works

2095

in bonds. And I don't know if it works in crypto, but it's something that you

)))

(((

301

00:52:53,489 ~-~-> 00:53:04,319

2101

can use on all asset classes as long as they have a chart. So it's something

2102

that's tradable. And we have data on it, I'm thoroughly convinced that you're

)))

(((

302

00:53:04,319 ~-~-> 00:53:07,019

2108

going to see these patterns of

)))

(((

303

00:53:07,320 ~-~-> 00:53:20,280

2114

accumulation and distribution. So you'll end up with a chart that has two

2115

overlays, basically. And one's basically plotting the human to change on the

)))

(((

304

00:53:20,280 ~-~-> 00:53:30,330

2121

relationship of the open and close have the same candle. And then the

2122

relationship of the previous candles close and the new candles open. And the

)))

(((

305

00:53:30,330 ~-~-> 00:53:40,650

2128

difference between that visually. As you compare the new highs that form and

2129

price action, or the new lows in price action, you will see real meaningful

)))

(((

306

00:53:40,650 ~-~-> 00:53:56,160

2135

divergence that has narrative based not mathematically derived nonsense, you're

2136

seeing the real works of algorithms in play working in this area. Now, it's not

)))

(((

307

00:53:56,160 ~-~-> 00:54:04,200

2142

useful when it's trending. So don't think that that's something that's you know,

2143

going to communicate anything to you. It's only useful when you're at extremes,

)))

(((

308

00:54:04,620 ~-~-> 00:54:12,540

2149

where it's been trading up to a you know, period where that's creating, you

2150

know, a topping type formation where you suspect there's some topping, or maybe

)))

(((

309

00:54:12,540 ~-~-> 00:54:23,640

2156

it's trying to find a bottom, it'll generally like confirm your suspicions, it's

2157

probably making an important higher low. Alright, so that's that one. And I'm

)))

(((

310

00:54:23,640 ~-~-> 00:54:30,090

2163

gonna try to get through this because this is already becoming a really long

2164

video. And I know some of you want to thumbs down because it's too long. But

)))

(((

311

00:54:30,090 ~-~-> 00:54:38,370

2170

this is actually kind of fun going over this stuff. See this one here? Sure

2171

thing commodity trading. This book got me really inspired even though it has low

)))

(((

312

00:54:38,370 ~-~-> 00:54:49,230

2177

ratings, and it's because it's outdated in the sense that there's a lot of

2178

markets in this that don't exist anymore. One pork bellies, pork bellies is a

)))

(((

313

00:54:49,260 ~-~-> 00:54:59,070

2184

commodity that if you'd like to eat bacon, that's where it came from. So that

2185

market was very, very thinly traded. It didn't have a whole lot of activity but

)))

(((

314

00:54:59,070 ~-~-> 00:55:08,280

2191

when it would really run, it would be crazy. Like it would be limit up days and

2192

limit down days where you were forced, you couldn't get out of the market. And

)))

(((

315

00:55:08,280 ~-~-> 00:55:17,340

2198

if you were making money, that's scary, but it's also really fun. But if you're

2199

on the wrong side, you cannot get out, you're stuck losing the maximum that the

)))

(((

316

00:55:17,340 ~-~-> 00:55:26,250

2205

market will be allowed to take from you. And it can do it for days on end.

2206

That's kind of scary. But if you're on the right side, man, oh, man, it's, it's

)))

(((

317

00:55:26,250 ~-~-> 00:55:36,510

2212

fun. It's really fun. It's like winning the lottery every day, and you have no

2213

choice. It's been thrown at you. But this book opened my eyes to the idea of

)))

(((

318

00:55:36,510 ~-~-> 00:55:47,400

2219

seasonal tendencies. And while some of these seasonal tendencies in this book

2220

still do work, and if you are a purchaser of this book, you'll go through them

)))

(((

319

00:55:47,400 ~-~-> 00:55:54,840

2226

and, like I do is look at the chart, and you'll see that they're not hard to

2227

find. But it opened my eyes up to seasonal tendencies. And at that time, I

)))

(((

320

00:55:54,840 ~-~-> 00:56:04,380

2233

started buying everything. One in particular was everything that Jake Bernstein

2234

put out, and every time I used his stuff, I lost money. So I'm not gonna say

)))

(((

321

00:56:04,380 ~-~-> 00:56:13,620

2240

anything more than be disrespectful. I just never could make his stuff work.

2241

This book here shorting commodity trading, there are seasonal items in here that

)))

(((

322

00:56:13,620 ~-~-> 00:56:26,460

2247

do hold up, not every year, but by foreign large, there's a lot of things that

2248

repeat. And because of the inspiration of this book, and his four VHS course,

)))

(((

323

00:56:27,690 ~-~-> 00:56:35,430

2254

I've been talking about, I don't want to repeat the name of it, because I always

2255

butcher it all off. He talked about seasonal tendencies in his four video

)))

(((

324

00:56:35,430 ~-~-> 00:56:50,940

2261

course. And he mentioned, Steve Moore. More research is the best for seasonal

2262

tendencies. Like if you have any interest whatsoever, with pursuing seasonal

)))

(((

325

00:56:50,940 ~-~-> 00:57:05,610

2268

tendencies, Steve Moore, is the man. Okay, this guy service is unbelievable. The

2269

seasonal tendency graphs that he produces are just they're amazing. Like he has

)))

(((

326

00:57:05,730 ~-~-> 00:57:15,240

2275

collected all the data, he's providing in a way where you can see it was a like

2276

a five year trend against the 10 year trend, and a 20 year trend, some charts

)))

(((

327

00:57:15,240 ~-~-> 00:57:24,360

2282

show 25 year. So you're you're able to compare and contrast if this seasonal

2283

tendency held up over the last five years. And did it hold up over the last 10

)))

(((

328

00:57:24,360 ~-~-> 00:57:33,930

2289

years? does it hold up over the last 20 years or 25 years, and the ones that

2290

show up across all those measurements, they're really strong. If you go into

)))

(((

329

00:57:33,930 ~-~-> 00:57:45,150

2296

your charts, and this look, you'll see it's there. And it's a short term or

2297

swing trader, man, it's nothing better than having a road map like that. And you

)))

(((

330

00:57:45,150 ~-~-> 00:57:54,990

2303

just, it doesn't mean it's gonna happen all the time. It's not a panacea. But it

2304

is such a good resource. And I teach this, and everybody out here

)))

(((

331

00:57:55,440 ~-~-> 00:58:06,030

2310

that has any interest in seasonal tendencies. There are certain individuals out

2311

there that you're going to lose money falling. I am absolutely convinced that if

)))

(((

332

00:58:06,030 ~-~-> 00:58:16,740

2317

you give Steve more your time, and consideration, I don't get paid anything.

2318

There's no paid placement for ads or products in here. None of these people have

)))

(((

333

00:58:16,740 ~-~-> 00:58:27,210

2324

told me to say anything. I'm saying, This is my own experience with them. I've

2325

spent my own money. So I know that these things are meaningful. If I say it, and

)))

(((

334

00:58:27,210 ~-~-> 00:58:34,710

2331

I'm not getting any kickback. He doesn't even know who I am, I'm sure. Okay,

2332

maybe not so much now, because I've sent a lot of people there. But the point

)))

(((

335

00:58:34,710 ~-~-> 00:58:45,570

2338

is, I don't get anything for it. And I'm thoroughly convinced, if you give his

2339

service a chance, you will see that the things he's creating, nobody can touch

)))

(((

336

00:58:45,570 ~-~-> 00:58:56,220

2345

that, like you can google search seasonal tendencies for markets. And you'll get

2346

all these ridiculous line charts that people have created. And they're

)))

(((

337

00:58:56,220 ~-~-> 00:59:07,080

2352

contrived. There's just there's no data to support any of it. Okay. The only

2353

person that I trust, in the form of seasonal tendencies is Steve Moore. Okay, so

)))

(((

338

00:59:07,080 ~-~-> 00:59:20,880

2359

more research. And that was the beginning of seasonal tendencies. My interest in

2360

that and once I found Steve stuff that Larry uses in his own trading, I never

)))

(((

339

00:59:20,910 ~-~-> 00:59:29,550

2366

looked anywhere else. I never dabbled in any kind of other service and never

2367

looked for any cheaper service. It's it meets and exceeds every expectation of

)))

(((

340

00:59:29,550 ~-~-> 00:59:39,420

2373

our head. But it was all inspired by this original book right here. And I think

2374

batting 800 that was also a derivative course that came after the one I was

)))

(((

341

00:59:39,420 ~-~-> 00:59:50,520

2380

talking about. So you can see it's ridiculous to charge that now. trying to

2381

think if there's anything else here, before I go to the next one, cracking the

)))

(((

342

00:59:50,520 ~-~-> 00:59:59,070

2387

money code that was another derivative course that came after the one I

2388

mentioned. And I think that's pretty much it from Larry Williams. So he was my

)))

(((

343

00:59:59,070 ~-~-> 01:00:10,380

2394

original mentor. I never met him in my life. I would love to meet him. But I'm

2395

gonna take this guy's record away when he's no longer with us. I just won't do

)))

(((

344

01:00:10,380 ~-~-> 01:00:21,360

2401

it while he's here at a respect. But I know that sounds arrogant, but it's going

2402

to happen. next book in the influential early stages of my development, this

)))

(((

345

01:00:21,360 ~-~-> 01:00:35,130

2408

book, street smarts 1995, purchase this book. And in this, I will tell you the

2409

chapters that were most meaningful to me and influential. I'm not sure if it's

)))

(((

346

01:00:35,130 ~-~-> 01:00:50,130

2415

going to give me a table of contents. Hopefully it does, yeah. Alright, so the

2416

idea of the turtle soup now, on baby pips, when I started talking about reversal

)))

(((

347

01:00:50,130 ~-~-> 01:01:02,190

2422

patterns and false breakouts and stop hunts. I made an allusion to this pattern

2423

here. And the idea that inspired at all, like I didn't understand stop hunts

)))

(((

348

01:01:02,610 ~-~-> 01:01:12,360

2429

early on until this book, okay, this book made it simple for me to understand,

2430

stop runs, and hit in raids and hitting stops and going the other direction.

)))

(((

349

01:01:13,650 ~-~-> 01:01:29,100

2436

There are lots of different ways of looking at the idea. And for the life of me,

2437

there's so many different names, you know, false breakout fakie, the, this

)))

(((

350

01:01:29,100 ~-~-> 01:01:39,180

2443

here's a turtle soup. And if you read this book, you'll see that what I teach,

2444

and even when I was doing in my free free teachings, we use the name turtle

)))

(((

351

01:01:39,180 ~-~-> 01:01:48,990

2450

suit, because it was a it was a way for me to communicate the idea, because it

2451

didn't have a really good name for it. Like, is this a friggin stop run? That's

)))

(((

352

01:01:48,990 ~-~-> 01:02:01,170

2457

all it is. It's nothing more than just that. But the name was clever. And even

2458

though I don't teach the last 20 days, okay, high and low. Initially, I outlined

)))

(((

353

01:02:01,170 ~-~-> 01:02:11,490

2464

it on baby pips saying this is the pattern that this book talks about. I don't

2465

personally trade that. Is it a pattern that's valid? Yes. But it taught me as a

)))

(((

354

01:02:11,490 ~-~-> 01:02:21,870

2471

trader in 1995, the real mechanics of stop hunts, and how often that takes

2472

place. Whereas I was looking for continuation patterns, you know, reversal,

)))

(((

355

01:02:21,870 ~-~-> 01:02:33,210

2478

pattern head and shoulders type thing. I didn't think about the market as

2479

hunting stops. And then everything changed. In 1995, where everything started

)))

(((

356

01:02:33,540 ~-~-> 01:02:43,770

2485

coming together, where I could see liquidity pools, I can start seeing trends, I

2486

could see smart money in large moves with seasonal tendencies, and quarterly

)))

(((

357

01:02:43,770 ~-~-> 01:02:49,680

2492

moves, the head Commitment of Traders behind it and seasonal tendency supporting

2493

it in the year of 1995.

)))

(((

358

01:02:50,190 ~-~-> 01:03:02,970

2499

So it really started to come together for me, and I had something to really work

2500

at. And I pushed really, really hard in the year 1995. And things clicked. And I

)))

(((

359

01:03:02,970 ~-~-> 01:03:14,310

2506

implemented a lot of things that you knew me now as the author of a lot of the

2507

HIPAA concepts that people use today. I'm in fact, the author of it all, the

)))

(((

360

01:03:14,310 ~-~-> 01:03:31,860

2513

idea of looking for the specific signatures and price that work within the grand

2514

scheme of the delivery on a daily chart that was carved out from my experience

)))

(((

361

01:03:31,860 ~-~-> 01:03:44,430

2520

in this 1995 year. It all started with these chapters here, turtle soup and

2521

turtle soup plus one. I like the anti pattern down here. You know, when I was

)))

(((

362

01:03:44,430 ~-~-> 01:03:52,140

2527

when America Online, I was really pushing this one because it was basically

2528

around the stochastics indicator, and I was really fascinated with stochastics

)))

(((

363

01:03:52,140 ~-~-> 01:04:00,450

2534

back then. And all this is is like a little hook against the underlying

2535

direction of the stochastic indicator. And if you get the book, you can probably

)))

(((

364

01:04:00,450 ~-~-> 01:04:09,960

2541

google it really and see somebody has done some kind of discussion about this

2542

pattern. And the ante and the turtle suit was my favorite topics in this book.

)))

(((

365

01:04:11,790 ~-~-> 01:04:24,390

2548

The overall approach to teaching little patterns, little setups, little

2549

criteria, you know, these one shot, little, pick them off when it creates it in

)))

(((

366

01:04:24,390 ~-~-> 01:04:34,140

2555

a chart type opportunities, patterns, basically. That really resonated with me

2556

because what I was trying to have is a kitchen sink approach. Like I wanted to

)))

(((

367

01:04:34,140 ~-~-> 01:04:44,640

2562

bring all my tools with me every single time I went into the marketplace. Every

2563

tool was with me and helped me become a minimalist. Now, when you hear that it

)))

(((

368

01:04:44,640 ~-~-> 01:04:55,950

2569

sounds like Well, it sounds like you're lazy. No, it is taking away things that

2570

you don't need. And this book helped me do that. I was only looking for one

)))

(((

369

01:04:56,130 ~-~-> 01:05:08,640

2576

setup, one setup per week. It was framed on the things I've learned from those

2577

two particular chapters. I think the whole book is good. But the really gems for

)))

(((

370

01:05:08,640 ~-~-> 01:05:18,990

2583

me and my development were those chapters here. Chapters four, five, and I guess

2584

it's nine is it? Make sure I'm telling you the right ones here, the turtle soup,

)))

(((

371

01:05:19,200 ~-~-> 01:05:28,950

2590

the turtle soup plus one and in the ante, so it looks like chapter nine, four

2591

and five. Okay, so that's that for that book. And I'm gonna try to go through

)))

(((

372

01:05:28,950 ~-~-> 01:05:41,940

2597

these a little bit quicker now. This one was inspirational to me both Volume One

2598

and two. The rest of them sucked. This book here, I liked Marcus's interview.

)))

(((

373

01:05:42,360 ~-~-> 01:05:56,760

2604

It's Dakota's interview, William J. O'Neill's interview. And in market wizards,

2605

or the new market wizards book, I liked Linda raschke interview, where she draws

)))

(((

374

01:05:56,760 ~-~-> 01:06:05,850

2611

an analogy of reading, sheet music and the price charts. I thought that was a

2612

really clever analogy, because I don't have to read music. I wish I could play

)))

(((

375

01:06:05,850 ~-~-> 01:06:17,220

2618

the guitar I've been trying for years. I don't know how to read it. But I

2619

thought to her analogy, and the observations that she shared was the the gem in

)))

(((

376

01:06:17,220 ~-~-> 01:06:26,790

2625

that one. Apart from that, you know, I'm really don't care about the other guys

2626

not to be ignored or anything. But those are the interviews that were inspiring

)))

(((

377

01:06:26,790 ~-~-> 01:06:44,430

2632

to me. And this guy here, Georgia and Joe, he had a seminar, and he taught his

2633

trading methodology called Spyglass. And Spyglass was a SMP trading system. And

)))

(((

378

01:06:44,430 ~-~-> 01:06:57,300

2639

he taught the mechanics behind it, where he used specific tools and indicators

2640

and things in tried to predict the morning trend, the afternoon trend of the SMP

)))

(((

379

01:06:57,300 ~-~-> 01:07:11,790

2646

market. And it's real hard to get any of that Spyglass stuff anymore. But I was

2647

introduced to his SMP trading. And he was actually a floor trader, on the floor

)))

(((

380

01:07:11,820 ~-~-> 01:07:26,160

2653

when, I guess right before these books and things were produced, but it opened

2654

my eyes up to intraday trading. And also price vacuums, which is what everybody

)))

(((

381

01:07:26,160 ~-~-> 01:07:37,020

2660

refers to now today as an inefficiency or a imbalance. They have always been

2661

referred to as a price vacuum before me. Before Chris Laurie

)))

(((

382

01:07:38,039 ~-~-> 01:07:45,179

2667

did a lot of people like to say he invented that. And if you ever asked him

2668

intimately, he'll tell you that he learned from a trader that he never names. He

)))

(((

383

01:07:45,179 ~-~-> 01:07:55,649

2674

never gives you the person's name, nobody would know him. And the sort of

2675

conversations I had with him as well. But imbalances and liquidity voids, these

)))

(((

384

01:07:55,649 ~-~-> 01:08:08,399

2681

are all names that people have attributed to, but they've always been referred

2682

to as a price vacuum. And this guy was the first one to introduce that idea. To

)))

(((

385

01:08:08,399 ~-~-> 01:08:17,309

2688

me, now, it's been obviously in the industry longer than even him. But they

2689

understood where they were, because when they are operating on the floor, they

)))

(((

386

01:08:17,309 ~-~-> 01:08:24,959

2695

just had a notepad in front of them, they have the high the low, the last couple

2696

days, the previous week's high and low, and then they write down every time it

)))

(((

387

01:08:24,959 ~-~-> 01:08:31,439

2702

creates a new high, they're writing down that new high, because they know what's

2703

interesting about that new high as it starts to drop down to handles three

)))

(((

388

01:08:31,439 ~-~-> 01:08:42,719

2709

handles, it's probably gonna expand up and run through the high again. So as a

2710

floor trader, they can make the money for the day, running out that earlier

)))

(((

389

01:08:42,869 ~-~-> 01:08:52,499

2716

morning high or running out that early morning low if they're bearish. And they

2717

run pivot numbers. So that's the floor numbers. When you see the end, it's been

)))

(((

390

01:08:52,499 ~-~-> 01:09:02,339

2723

around for a long time, the pivot numbers or pivot points? Well, they they were

2724

floor traders numbers, that's where they originated from. And while they still

)))

(((

391

01:09:02,339 ~-~-> 01:09:10,409

2730

have a little bit of influence traders like myself where I like to use them,

2731

because I know people are going to look at the market and think that they see

)))

(((

392

01:09:10,409 ~-~-> 01:09:17,669

2737

something because of those lines. If I see something in the price action that is

2738

contrary to what I think retail is going to anticipate with using pivot points

)))

(((

393

01:09:17,669 ~-~-> 01:09:26,189

2744

or moving averages or indicators. I'm really fascinated with that. And I'm going

2745

to probably take the trade more so because of that because I know I'm

)))

(((

394

01:09:26,189 ~-~-> 01:09:39,659

2751

armwrestling the weak handed Mark market participants. But this guy here his

2752

approach to using the intraday charts and the idea of equilibrium, equilibrium.

)))

(((

395

01:09:40,259 ~-~-> 01:09:49,319

2758

And looking at ranges like that. I got that from Georgia and Jill. And I started

2759

to mention a little bit ago in this video i said i was a little reluctant to

)))

(((

396

01:09:49,319 ~-~-> 01:09:58,379

2765

make this kind of video. I've been wanting to do it for years. But I started to

2766

say, you know people that study under me, and then you want to go out and

)))

(((

397

01:09:58,379 ~-~-> 01:10:06,779

2772

rebrand it or repackage it. And they know that wycoff is going to come out of

2773

the grave and start talking about doing lawsuits against them for plagiarizing

)))

(((

398

01:10:06,779 ~-~-> 01:10:16,439

2779

and, and copyright infringement and everything else. they elect to use him,

2780

they'll say, young using wycoff, when really they're learning from me. And

)))

(((

399

01:10:16,439 ~-~-> 01:10:24,389

2786

they're using wycoff as a smokescreen to hide behind for legal purposes. But

2787

anybody who ever studies, anything I teach, it's completely different. It's

)))

(((

400

01:10:24,389 ~-~-> 01:10:34,499

2793

absolutely night and day different. And we're predicting before it happens.

2794

Whereas wycoff does a really good job of explaining history. I didn't want to do

)))

(((

401

01:10:34,499 ~-~-> 01:10:43,409

2800

this type of video before because I know somebody and this is what I challenge

2801

you all and didn't quite finish my thought on the process. You're gonna start

)))

(((

402

01:10:43,409 ~-~-> 01:10:53,909

2807

seeing people using the same sources, and say they learned from here, because I

2808

did a video before. And it was mentors, and basically the people I'm showing you

)))

(((

403

01:10:53,909 ~-~-> 01:11:09,539

2814

here, and everybody that was in IML, that are still trying to teach my stuff and

2815

can't trade. But they use all those same, quote unquote, mentors that they

)))

(((

404

01:11:09,539 ~-~-> 01:11:20,699

2821

supposedly learn from. And they didn't, they learn from me. And all I did was

2822

parrot to people I said, were influential in my trading. So I'm actually taking

)))

(((

405

01:11:20,699 ~-~-> 01:11:28,949

2828

you in this video to the very books and things and some of the courses,

2829

obviously, I can't pull up because they're not available anymore. For instance,

)))

(((

406

01:11:28,949 ~-~-> 01:11:45,869

2835

like this one here, I have a first edition of this book here, you can't even get

2836

it anymore. A diligent seeker will find this book in a PDF format. On the

)))

(((

407

01:11:45,869 ~-~-> 01:11:55,649

2842

internet, it's pretty widely shared out there. And you may not even find any

2843

value in it. But to me, as a short term intraday trader, the ideas that this

)))

(((

408

01:11:55,649 ~-~-> 01:12:10,529

2849

book, put in me, helps me crack the idea that Larry Williams mentioned in his

2850

material, he didn't quite understand how to buy the low or be below the opening

)))

(((

409

01:12:10,529 ~-~-> 01:12:20,789

2856

price, he was always still buying strength. And that was like the thing back

2857

then in the 90s, like, everybody wanted to be a buyer of strength. And to me, it

)))

(((

410

01:12:20,789 ~-~-> 01:12:29,969

2863

just made no sense. Like, if it's going to go up, why not try to buy it at the

2864

lowest point. And because Larry, I had such an I still have such a high respect

)))

(((

411

01:12:29,969 ~-~-> 01:12:37,319

2870

for the man. And he's, he didn't have to talk about the things he used to make

2871

money, he could have kept it to himself. And

)))

(((

412

01:12:38,280 ~-~-> 01:12:43,860

2877

there's lots of people that have made money with his stuff. And if lots of

2878

people that will report and give him bad review, saying they sucked us to trader

)))

(((

413

01:12:43,950 ~-~-> 01:12:54,720

2884

using what he's doing, what's the difference? The difference is the person

2885

that's using it. And if you read a book like this one here, it is very data

)))

(((

414

01:12:54,720 ~-~-> 01:13:09,750

2891

heavy, it's very, very dry. It's very, the word escapes me, but it's not going

2892

to be fascinating to anyone that's used to seeing visual charts of overlays and

)))

(((

415

01:13:09,750 ~-~-> 01:13:26,430

2898

indicators and things like that. This is all data driven, like, what's the

2899

likelihood of the difference between the open and the close on being up or down?

)))

(((

416

01:13:26,490 ~-~-> 01:13:37,470

2905

That type of thing? Okay, measuring the probabilities of what the closing price

2906

is going to do in relationship to the opening price. A lot of the ideas I got on

)))

(((

417

01:13:37,470 ~-~-> 01:13:46,770

2912

how to crack the mystery that Larry said he had in his trading, like he wanted

2913

to be able to do that. And that's why he teaches buying one strength. Now, does

)))

(((

418

01:13:46,770 ~-~-> 01:13:55,950

2919

he mean that in secret, he's just not going to be bothered by people asking,

2920

because he's never going to teach it? Does he really buy the low? I don't know.

)))

(((

419

01:13:56,250 ~-~-> 01:14:05,370

2926

I mean, I'd like to believe if he did. He was facetiously to say, well, you're

2927

not going to get that because in one of his courses, he said, when when being

)))

(((

420

01:14:05,370 ~-~-> 01:14:12,870

2933

asked, Hey, can you teach us this or that he goes, I'm teaching you right, here

2934

he goes, will you ever gonna put this in a book? He's No, it's too good to be in

)))

(((

421

01:14:12,870 ~-~-> 01:14:22,020

2940

a book. So like, I hold back things, even though intership knows that I'm never

2941

going to teach my Enigma model that's not going to ever happen. You don't need

)))

(((

422

01:14:22,020 ~-~-> 01:14:33,990

2947

that the things I teach on this YouTube channel can be profitable. But that

2948

question of how do you know when to be buying bulldozing price, a lot of the

)))

(((

423

01:14:33,990 ~-~-> 01:14:42,870

2954

ideas were inspired by the things I read in this book. Now, this book does not

2955

teach how to do that. Now, this is again, one of those things where I'm trying

)))

(((

424

01:14:42,870 ~-~-> 01:14:54,210

2961

to remind you folks, that these were all inspirations to what led me to finding

2962

the things in my own studies that you all have the benefit of having as a lesson

)))

(((

425

01:14:54,210 ~-~-> 01:15:05,220

2968

in a video. But it takes years of going through these books and trial and error.

2969

Putting real money trades on making money losing money, why did I lose money

)))

(((

426

01:15:05,550 ~-~-> 01:15:13,560

2975

going in and figuring out what I was doing wrong and what things were working.

2976

Okay, that's the benefit that you all have. You don't have to worry about going

)))

(((

427

01:15:13,560 ~-~-> 01:15:25,140

2982

into here and losing fortunes, to see if this stuff works. I did all that. So

2983

this book here, to be credible is an excellent book for someone that's really

)))

(((

428

01:15:25,140 ~-~-> 01:15:37,620

2989

fascinated with intraday trading, and probabilities and how to go back through

2990

and do case studies and build confidence around your model. Alright, and here is

)))

(((

429

01:15:37,860 ~-~-> 01:15:51,420

2996

the next guy here. The trading game, it says Ryan Jones, he is basically a

2997

disciple of Ralph Vince, which we'll talk about next. Ryan Jones is a little bit

)))

(((

430

01:15:51,420 ~-~-> 01:16:04,950

3003

easier to read than Ralph, Vince, Ralph ences, little bit more math based,

3004

whereas Ryan Can, can be a little bit more wordier, but makes it a little bit

)))

(((

431

01:16:04,950 ~-~-> 01:16:15,390

3010

more palatable, you can kind of like get what he's getting to without having all

3011

the dry pneus of railfans. Like, you got to get through it. Like if you're a

)))

(((

432

01:16:15,390 ~-~-> 01:16:24,930

3017

math person, you'll have no problem. But if you are not a math person, you're

3018

gonna have a real hard time getting through references works. I think they're

)))

(((

433

01:16:24,930 ~-~-> 01:16:34,740

3024

fascinating, like I've read them multiple times, but it is impactful to your

3025

trading if you already have something that is measurable in terms of

)))

(((

434

01:16:34,740 ~-~-> 01:16:46,380

3031

profitability. So you don't need to have a system that makes a lot of money. So

3032

let's use forex as as a instance. We're having an expectation that our model

)))

(((

435

01:16:46,440 ~-~-> 01:16:58,080

3038

tries to capture 10 pips. Okay 10 pips big deal, nobody makes a big deal about

3039

10 pips. But that 10 pips, if it's consistently done, can make millions. And

)))

(((

436

01:16:58,080 ~-~-> 01:17:13,410

3045

that's what an algorithm does. And high frequency trading algorithm can take

3046

that same 10 PIP model, and destroy the subjective trading analysis trader that

)))

(((

437

01:17:13,410 ~-~-> 01:17:20,370

3052

goes out there and just looks and says, Well, I'm gonna trade this pattern here.

3053

If the algorithm can operate on a

)))

(((

438

01:17:22,830 ~-~-> 01:17:33,570

3059

high probability basis, that mark is going to move in one direction for 10 pips,

3060

and it can capitalize on that. It doesn't matter if that 10 pips is initially

)))

(((

439

01:17:33,570 ~-~-> 01:17:47,220

3066

starting with 10 cents per Pip. Because if you're making $1, essentially,

3067

because it's 10 cents per Pip, and you're capturing 10 pips, that's $1 anyone

)))

(((

440

01:17:47,220 ~-~-> 01:17:57,030

3073

listening to this right now that's full of themselves, and they think that it

3074

takes 200 pips or 300 pips a week or day. And that's a real trader, okay? You're

)))

(((

441

01:17:57,030 ~-~-> 01:18:08,550

3080

fooling yourself. Because the real geniuses in his industry know that as little

3081

as five pips. They can make algorithms that do that and wipe the floor with you.

)))

(((

442

01:18:09,750 ~-~-> 01:18:23,820

3087

Like, you can design this stuff to be ridiculous, and not require a whole lot.

3088

Now, think about that. If you have a result that consistently, but not all the

)))

(((

443

01:18:23,820 ~-~-> 01:18:39,480

3094

time, but consistently delivers 10 pips. How much money can you make if you

3095

apply money management to that? Theoretically infinite. Now, I'm not saying that

)))

(((

444

01:18:39,480 ~-~-> 01:18:57,840

3101

you're all going to be billionaires trading with 10 PIP models. I'm saying that

3102

this book helped me change and shift my ideas about making money with big moves.

)))

(((

445

01:18:58,410 ~-~-> 01:19:11,730

3108

And I changed and started applying a lot of algorithmic ideas with what he

3109

helped convey in his book and what Ralph Vince also included in his treatise on

)))

(((

446

01:19:12,480 ~-~-> 01:19:26,310

3115

money management. And finally, Ralph Vince. Alright, so this is basically his

3116

library. I have all of these books here. And the one that has the least impact

)))

(((

447

01:19:26,340 ~-~-> 01:19:37,770

3122

is this one here. And you'll be not surprised when you see the stars on it,

3123

because much like the reviews will tell you. It's basically a watered down

)))

(((

448

01:19:37,770 ~-~-> 01:19:51,780

3129

rehash of the things he's already said in nice, okay. The books, again, like I

3130

said, are very, very dry. And it's really designed for someone that is

)))

(((

449

01:19:53,490 ~-~-> 01:20:06,300

3136

profitable has a model that does well, but they want to tweak it and supercharge

3137

it. With gaming theory, and how to structure your price action models that will

)))

(((

450

01:20:06,780 ~-~-> 01:20:24,780

3143

incorporate the highest level of output for profits, but also trying to balance

3144

the risk aspect. And he teaches optimal F, and how you can parlay small, small

)))

(((

451

01:20:24,780 ~-~-> 01:20:36,000

3150

accounts into large accounts used in the money management plan that Larry

3151

Williams used in 1987, when he won the World Cup in Robins trading contest. So

)))

(((

452

01:20:36,000 ~-~-> 01:20:45,660

3157

he took $10,000 to $1.2 million, but a lot of people don't realize is that he

3158

had actually over $2.2 million at one time, but got hurt in the crash and then

)))

(((

453

01:20:45,660 ~-~-> 01:20:58,950

3164

traded it back. But he was using a lot of the ideas that came from Ralph fence.

3165

And I took what I learned from railfans, in how Larry Williams used what he

)))

(((

454

01:20:58,950 ~-~-> 01:21:11,100

3171

learned from Robbins, and I tweaked some of that and created my own money

3172

management approach. And it's not for the faint of heart. It takes a lot of

)))

(((

455

01:21:11,100 ~-~-> 01:21:27,120

3178

conviction to trust what you're doing. And if you do it, you will see crazy,

3179

crazy equity increases. But when you have your first loss, that first loss is

)))

(((

456

01:21:27,930 ~-~-> 01:21:40,500

3185

painful, but then you immediately adjust and you dial it back. Now I teach some

3186

parts of that in my mentorship, and how to basically weather periods of drawdown

)))

(((

457

01:21:40,500 ~-~-> 01:21:50,220

3192

that would otherwise take a couple years in the marketplace. This here, this

3193

collection of books is not meant for everyone. In fact, it's probably not meant

)))

(((

458

01:21:50,220 ~-~-> 01:22:02,310

3199

for 99% of you. But these books were very influential in my view of money

3200

management, it helps me get very serious about that aspect. Because when I first

)))

(((

459

01:22:02,310 ~-~-> 01:22:12,420

3206

started in 1992, I didn't care. Like I figured, you know, I'm going to lose a

3207

lot anyway. So I had already adopted the mindset that, you know, if I lose,

)))

(((

460

01:22:12,630 ~-~-> 01:22:15,330

3213

that's okay, I still have plenty of time before I'm 40.

)))

(((

461

01:22:16,590 ~-~-> 01:22:24,300

3219

So if I have to work a second job to put money back in the account, I will that

3220

was the that was the mindset I had, like, I knew it was going to be hard. And I

)))

(((

462

01:22:24,300 ~-~-> 01:22:32,610

3226

knew there's probably gonna take me more work than I'm already anticipating to

3227

get there. Whereas most people coming to me and other people that educate, they

)))

(((

463

01:22:32,610 ~-~-> 01:22:41,460

3233

want it right now. And like I always say, you know, they want it nailed last

3234

week is too late. Like they they want to immediately and that's unrealistic. So

)))

(((

464

01:22:43,590 ~-~-> 01:22:53,970

3240

again, I'm going to close this video with the idea that I want you to understand

3241

that these are books that were influential to me in my development, they are not

)))

(((

465

01:22:54,000 ~-~-> 01:23:06,030

3247

framing out the things that I teach verbatim, the ideas of market structure.

3248

When I'm talking about microstructure, I'm absolutely using what I was taught

)))

(((

466

01:23:06,030 ~-~-> 01:23:15,210

3254

through the mediums that Larry Williams produced. I've always credited him, I've

3255

always stated that. But he does not. And none of these people talk about

)))

(((

467

01:23:15,240 ~-~-> 01:23:29,400

3261

algorithms, none of these people that I've talked about as a mentor, we're

3262

forex. inspirations to me, none of them, not one of them. The ideas that I got

)))

(((

468

01:23:29,430 ~-~-> 01:23:40,680

3268

from using their books and insights, they were stepping stones, to me seeing

3269

what I see. And that's why I have people that have been in this industry for a

)))

(((

469

01:23:40,680 ~-~-> 01:23:52,200

3275

long time when they sit under me. They see things totally different now. And

3276

it's exciting. It's, it's a pioneering work on my part, because I already know

)))

(((

470

01:23:52,230 ~-~-> 01:24:02,220

3282

by sharing these things and ideas. It's gonna, it catches fire inside the minds

3283

of the traders that are learning from me, because they see something that's

)))

(((

471

01:24:02,220 ~-~-> 01:24:12,900

3289

different. And a lot of people that are just very jealous, very envious. They

3290

love to come to circles where I'm being discussed, okay, or my concepts are

)))

(((

472

01:24:12,900 ~-~-> 01:24:25,260

3296

being discussed. And they'll say, I copied this person, I renamed this so that

3297

you just heard the real facts of all that stuff. Okay. There's nothing else that

)))

(((

473

01:24:25,260 ~-~-> 01:24:38,760

3303

talks about that's not entirely true. Chris Laurie. He has the Asian range.

3304

Okay. I took what he says about the Asian range, and supercharged that and you

)))

(((

474

01:24:38,760 ~-~-> 01:24:52,530

3310

can go and chase all that. I didn't learn how I used Asian range from anyone.

3311

Live is something I did. That's completely me. No one takes those Asian ranges

)))

(((

475

01:24:52,770 ~-~-> 01:25:02,220

3317

and projects them above or below and gets in alignment with a deviation at lines

3318

out with a pdra like you, Larry I don't even know what that is. Chris Laurie

)))

(((

476

01:25:02,220 ~-~-> 01:25:09,930

3324

doesn't even know what that is. Okay. rapids certainly doesn't know what that

3325

is. Ryan Jones doesn't know what that is George and Joe. I mean, I'm sure he's

)))

(((

477

01:25:09,930 ~-~-> 01:25:20,370

3331

alive anymore. He wouldn't know what that is. Ken Roberts, he's not even a

3332

trader anymore. So you're kind of stuck, you know, cuz wycoff didn't talk about

)))

(((

478

01:25:20,370 ~-~-> 01:25:37,020

3338

it either. Where'd I get it from? Well, there's another book. And it is 66 books

3339

written by about 40 different authors. Okay, and they were inspired by one

)))

(((

479

01:25:37,020 ~-~-> 01:25:51,600

3345

person. The greatest inspiration I had coming up, and motivation, and clarity,

3346

when everything was falling apart around me. All of the struggle and the stress,

)))

(((

480

01:25:51,990 ~-~-> 01:26:03,420

3352

and the fear and anxiety was quieted by reading one book. Now, I already know

3353

some of you atheists are already flipping out and ready to turn the video off,

)))

(((

481

01:26:03,420 ~-~-> 01:26:15,360

3359

and you're welcome to do that. But most of the clarity and inspiration I had,

3360

and the way I see things and the way I live my life, the way I teach, is all

)))

(((

482

01:26:15,360 ~-~-> 01:26:27,090

3366

patterned from the Bible. I do things that I learned from the Bible, and I try

3367

to pattern my life as much as I can. I am not a poster boy for Christianity.

)))

(((

483

01:26:27,750 ~-~-> 01:26:38,970

3373

Okay, I'm not perfect. I'm a human being. Do I lose control my tongue sometimes

3374

and cuss? Yes, I do. Do I get angry and say things? I shouldn't say? Yes, I do.

)))

(((

484

01:26:39,780 ~-~-> 01:26:51,660

3380

You don't see it. But I feel convicted later. And I apologize, and I repent. But

3381

that book is the best investment book you're ever gonna find. You won't see it

)))

(((

485

01:26:51,660 ~-~-> 01:27:01,380

3387

as such, because you think it's a book I've written 1000s years ago, years ago,

3388

about myths and fairy tales and Invisible Man in the sky. I don't believe in an

)))

(((

486

01:27:01,380 ~-~-> 01:27:06,240

3394

invisible man in the sky. I believe in a creator. And that

)))

(((

487

01:27:06,240 ~-~-> 01:27:17,250

3400

book, to me is your life's instruction manual. And it teaches you everything you

3401

need to know about yourself about others how to interact, and how to interact

)))

(((

488

01:27:17,250 ~-~-> 01:27:28,140

3407

with the person that put us here? And what's the purpose of being here? How

3408

should we interact with one another? And how should we be good stewards of the

)))

(((

489

01:27:28,140 ~-~-> 01:27:36,360

3414

things that were given? If you're not a good steward with the things you have?

3415

Why would you be reasonably expected receive more for little effort? Nothing,

)))

(((

490

01:27:36,480 ~-~-> 01:27:49,440

3421

you didn't do anything to get it? And why should you be expecting or entitled to

3422

something that you didn't earn or work for? So there's a way to get through this

)))

(((

491

01:27:49,740 ~-~-> 01:28:02,280

3428

journey. And there's a way to go through it very stressed out. And I tried it

3429

the first way, stressed out with no support structure behind me. And there was

)))

(((

492

01:28:02,280 ~-~-> 01:28:15,900

3435

no ICT talking to me, in videos on a click in demand. It's right there, you're

3436

on there talking to you. I was on my knees crying, praying that the trade I'm

)))

(((

493

01:28:15,900 ~-~-> 01:28:31,950

3442

about to blow my account on isn't going to hit my stop loss. And it did. And I

3443

can look back now and say, I was being trained. In that moment, at the height of

)))

(((

494

01:28:31,950 ~-~-> 01:28:44,280

3449

me feeling all that pain and blowing another account. If I could enter the

3450

world, I was never going to learn how to do this. But the Bible says, we endure

)))

(((

495

01:28:44,280 ~-~-> 01:28:54,990

3456

suffering so that way other people can see our faith carries us through and just

3457

because we have problems, stress and things don't work out like we want them to

)))

(((

496

01:28:56,100 ~-~-> 01:29:06,060

3463

you don't lose faith in it. You came into this industry because you want to be

3464

successful. Well, guess what? it's gonna cost a lot. And you're gonna fail all

)))

(((

497

01:29:06,060 ~-~-> 01:29:17,430

3470

along the way. And that's all part of it. You're gonna get there with bumps and

3471

bruises and scratches and scars. And I try to do my best to try to make sure

)))

(((

498

01:29:17,430 ~-~-> 01:29:28,920

3477

that those things are not terribly debilitating, because there's no way for me

3478

to cause you to avoid every adversary in every adversity, and everything that

)))

(((

499

01:29:28,920 ~-~-> 01:29:37,710

3484

causes you pain and discomfort. That's where you're going to learn. But to

3485

completely take you out of the game. If you listen, I will help you in that

)))

(((

500

01:29:37,710 ~-~-> 01:29:47,610

3491

regard. And I'll keep you in there long enough for you to see the things I teach

3492

will get you where you want to go. But these books are not sales pitches. I

)))

(((

501

01:29:47,610 ~-~-> 01:29:55,890

3498

don't want really any of you to think you got to go out and buy any of them. But

3499

these are the books out of the 2000 plus that I have. We're the only important

)))

(((

502

01:29:55,890 ~-~-> 01:30:05,580

3505

ones that I think are worth their print. Everything else is a waste. And I don't

3506

want to throw them away. Because, number one spend a lot of money to the lessons

)))

(((

503

01:30:05,580 ~-~-> 01:30:16,320

3512

I learned from that stuff helped me become who I am. I look at all those books.

3513

And I reverse the logic they have in them. And it works. This does not work

)))

(((

504

01:30:16,350 ~-~-> 01:30:25,860

3519

based on the way they produced, wrote and outlined the logic in them, because

3520

it's all retail. So again, probably a boring video for you probably didn't learn

)))

(((

505

01:30:25,860 ~-~-> 01:30:35,490

3526

anything from it, and probably just the waste of your time. But for the few

3527

people that were asking for years for me to touch on this subject matter, here

)))

(((

506

01:30:35,490 ~-~-> 01:30:47,670

3533

it is. There is no other books that I would say are useful. The only other one

3534

that would have made this list is john Murphy's technical analysis of financial

)))

(((

507

01:30:47,670 ~-~-> 01:30:58,380

3540

markets. That book is only useful in the sense that it's all retail logic. In

3541

other words, if the retail universe of traders had a Bible, it's john Murphy's

)))

(((

508

01:30:58,380 ~-~-> 01:31:11,850

3547

book. That one is absolutely perfect. Because if you trade like I trade, and you

3548

see retail lining up, the way they see their trades in that idea, or that book,

)))

(((

509

01:31:13,110 ~-~-> 01:31:22,920

3554

you got it like a 90% accuracy rating when it comes to things like that, because

3555

you're wrestling with strong, smart money on your side against the weak handed

)))

(((

510

01:31:22,920 ~-~-> 01:31:35,850

3561

street money, and who's gonna win in that instance? Well take a look at the

3562

GameStop stock. You see who won that one, didn't you? There's no shortcuts here,

)))

(((

511

01:31:35,850 ~-~-> 01:31:41,700

3568

folks. So that I'll talk to you next time. Wish you good luck and good trading.

3569

)))

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