ICT YT - 2022-07-30 - ICT Mentorship 2022 - Ends Series Vol 1.srt

Last modified by Drunk Monkey on 2022-08-06 11:11
1 00:00:11,639 --> 00:00:25,949 ICT: Welcome back, folks. So obviously, this is our new teaching series, it's a four part series is probably going to be not the type of series that you're
2 00:00:25,949 --> 00:00:36,779 expecting, it's probably not going to be a riveting series where it gets you excited, or quickly back into the charts looking for specific patterns that I
3 00:00:36,779 --> 00:00:47,249 teach. This is kind of more or less the along the lines that you've already studied. And you've adopted this model that I've provided for free on 2022 ICT
4 00:00:47,249 --> 00:01:00,269 mentorship on the YouTube channel. And now that you have that model, and you're growing in your understanding with it, I want to provide the community a more
5 00:01:00,269 --> 00:01:11,429 practical approach to using the information. When I came up, I had lots of books, a lot of authors and teachers and lecturers that would say, this is how
6 00:01:11,429 --> 00:01:22,709 you go into the marketplace and find setups. This is how you go in and you look for patterns to profit. And, yes, the books provided a lot of insight gave me
7 00:01:22,769 --> 00:01:32,339 things to look for. But it didn't really give me a roadmap or blueprint to attack the real root problems that I had, which brought me to trading in the
8 00:01:32,339 --> 00:01:41,069 beginning. And that's kind of like what this series is going to open up with. And I'm going to hopefully walk you through a transitional state of mind from
9 00:01:41,069 --> 00:01:51,599 thinking like everybody does, when they first come into this industry, and hopefully align you properly so that way, you'll have the best advantage to use
10 00:01:51,599 --> 00:01:57,059 the information provided in this mentorship this year. This series is ends.
11 00:02:04,170 --> 00:02:12,570 Alright, so here's an overview real quick. So I know some of you are going to be excited to know where we go, what do we do, what is going to be covered, there's
12 00:02:12,570 --> 00:02:24,660 gonna be a four part series. And the first in the series is obviously this episode here. And we're gonna tackle the problem. And the problem is ends need
13 00:02:24,660 --> 00:02:36,360 to be met. I want to teach you how to look past the image lifestyle. And that's always been my approach as a mentor. I have seen many people in this industry
14 00:02:36,390 --> 00:02:51,720 well before me. And still today even more. So today. They entice they dangle the carrot of a fluence fast cars, luxury lifestyle. And unfortunately, that's what
15 00:02:51,720 --> 00:03:05,580 caught me up in the beginning and caused me to stumble. But I want you to understand that the problem making ends meet. That's not an impossible task. So
16 00:03:05,580 --> 00:03:17,340 I want you to understand that that problem everybody has, I have ends that must be met every single month to maybe not to the degree of stress inducing ends,
17 00:03:17,340 --> 00:03:28,290 like most of you in the world. But I had that stuff, too. I have children. And this series is aimed at one of my older sons, because I want him to have this
18 00:03:28,290 --> 00:03:42,120 approach going forward, thinking about how he needs to make his ends meet. Sa two is going to be the solution. And the idea is obviously to secure an
19 00:03:42,120 --> 00:03:51,960 additional income source. And I'm going to cover how you need to be approaching your life as a business and running your life as a business. And understanding
20 00:03:51,960 --> 00:04:04,470 that the task of making ends meet may feel impossible at times. You got to change that state of mind to I'm possible. That means you as the student, you as
21 00:04:04,470 --> 00:04:12,900 the operator with this information, you're possible, it's possible for you to succeed, it's possible for you to change the direction of your life, it's
22 00:04:12,900 --> 00:04:21,300 possible for that to happen. If you don't believe that, then all the things you've learned either from me or other people are not going to help you. You
23 00:04:21,300 --> 00:04:28,650 have to have that state of mind that transitional state of mind from understanding there's a problem, there's ends to be met, then there's a solution
24 00:04:28,650 --> 00:04:40,470 I'm going to provide for you. But then you have to understand that that solution is possible for you. Episode Three, the plan. I'm going to teach you how to go
25 00:04:40,470 --> 00:04:48,630 in and determine the starting point for you. Everybody's different. Everybody has this content in their hands now but they're all going to do something
26 00:04:48,630 --> 00:04:56,910 differently with it. So what is it that you're going to be doing differently from the next guy or gal? I'm going to cover that in episode three. But I'm
27 00:04:56,910 --> 00:05:07,170 going to teach you how to specifically attack one financial end One thing that has to be overcome each month for you, because that's the thing that's plaguing
28 00:05:07,170 --> 00:05:17,370 you. It's causing you to do things. That is derailing your progress. And it's also focusing on casting forth a vision, you have to be able to see where you're
29 00:05:17,370 --> 00:05:26,100 going, where's your objective, where's your goal, whatever that is, it's going to be unique for you. Not all of us have the same goals, or aspirations. But you
30 00:05:26,100 --> 00:05:38,070 have to have something and begin there. And finally, I'll close this series out with episode four, the process, making ends meet, putting it into action. What
31 00:05:38,070 --> 00:05:46,830 is it you're specifically going to go into the charts looking for? What's your routine? What's the daily routine, your weekly routine? What do you do when you
32 00:05:47,010 --> 00:05:56,250 find an obstacle? When you're met with drawdown? How do you overcome that? So that way you can pursue the goal and overtake
33 00:06:03,420 --> 00:06:17,250 the problem? In this episode, I want you to think about what it is that you feel pressured about. That means you have to focus in on what is the catalyst that
34 00:06:17,250 --> 00:06:26,280 makes your decisions, what causes you to do things? Well, you have bills set means you get out of bed, you get prepared for work, and you take your hind
35 00:06:26,280 --> 00:06:36,240 sight there and you do what you have to do to get that money. That money. That's your income. Now, whether you have a business or if you're employed, that's your
36 00:06:36,240 --> 00:06:47,490 income, that is the only source of money that you have to work with every single month. Now, unless you have additional income streams, that's it. So each month,
37 00:06:47,970 --> 00:06:58,500 you have ends meet. In the United States, we have an expression, ends, ends or bills, okay, so the expression is, man, I have to make ends meet, I have to make
38 00:06:58,500 --> 00:07:10,770 my bills this month, okay. And most time, it is more weeks in a month with bills attached to them, then there is weeks with additional surplus income. So when
39 00:07:10,770 --> 00:07:21,900 you have that problem, and it's not limited to those individuals in the United States, income is your only working resource. So unless you increase that
40 00:07:21,900 --> 00:07:35,520 income, that's the only source to draw from to make ends meet. The living expenses that you have to spend from that income, many times are not really well
41 00:07:35,520 --> 00:07:45,180 thought out. And then pass those living expenses. You have lifestyle, some individuals in the United States and probably in other countries, too. But in
42 00:07:45,180 --> 00:07:56,970 the US, we are the country of access. And many times we'll have income, and then we'll live above our income, and try to put on a facade and live a specific
43 00:07:56,970 --> 00:08:08,040 lifestyle that really isn't conducive for us to be well, financially successful. So the lifestyle being placed over top that living expense is number one problem
44 00:08:08,040 --> 00:08:17,640 United States. That also is the number one problem in the trading industry. Because the lifestyle, that's the image, that's the thing that everyone gets
45 00:08:17,640 --> 00:08:27,240 caught up in. You have not seen me do those things. And I do that for a reason. Because I want to be practical. I want to be able to sit down with the students
46 00:08:27,240 --> 00:08:33,840 or those individuals that want to spend time with me and incline their ear to what it is I'm teaching. I want them to understand that there is a way to do
47 00:08:33,840 --> 00:08:46,890 this, and not trying to be well over the top. Now, can you build wealth in trading? Absolutely. But nobody starts there. And the problem with this
48 00:08:46,890 --> 00:08:58,830 industry, educators, mentors, influencers, many times they push the image of wealth right away real quick. And that is very intoxicating, to someone that is
49 00:08:58,830 --> 00:09:10,290 in a state of mind that they have to make ends meet. It's more practical for you to understand that that income source has to be increased. There's all kinds of
50 00:09:10,290 --> 00:09:18,990 business opportunities and scams and things that are out there that will try to lure your attention and money to do these things to hopefully increase your
51 00:09:18,990 --> 00:09:30,960 income. My job is to show you how to do this and it cost you nothing. It's going to be an investment in time and effort. But this series is a transitional series
52 00:09:30,960 --> 00:09:40,560 where it helps you take what you've learned so far in the mentorship and apply it to your real life. Not your social media life where you're pretending to be
53 00:09:40,560 --> 00:09:48,750 somebody you're not. If you're doing that stop. This is your wake up call for that. This is the reality check. You can waste time pretending to be something
54 00:09:48,750 --> 00:09:53,730 that you're not and never really arrive at what you started the whole journey for
55 00:10:01,140 --> 00:10:10,710 What are your ends? This is the part where it's uncomfortable. And you'd be surprised how many people, especially Americans, and my daughter is guilty of
56 00:10:10,710 --> 00:10:25,350 this, okay? So I raised this woman, and she still is not very good with managing her finances. And admittedly, Dad has to come sometimes to the rescue. I'm not
57 00:10:25,350 --> 00:10:38,580 proud of that. It is a work in progress with her. But, but I'm not exempt from all the things that you as parents, as employees of average, Joe, or average,
58 00:10:38,580 --> 00:10:50,220 Jane, those things that you're dealing with, I deal with in other ways. And I've dealt with them too, before I became who I am today. But you have to sit down
59 00:10:50,220 --> 00:11:00,180 and go through what it is that your life costs each month. That means you have to come up with a budget, figure out what it is that you're having to spend each
60 00:11:00,180 --> 00:11:09,420 month is there things that you have to reconsider whether you should be paying that every month, because if you have excess expenses that you really don't
61 00:11:09,420 --> 00:11:18,660 need, that is a stress. And those things are going to have an impact on your trading, they're going to make you want to do things that you otherwise wouldn't
62 00:11:18,660 --> 00:11:29,280 feel inclined to do, or pressure to do, because that end isn't there dangling, that needs to be met. So you have to do what you have to write down the things
63 00:11:29,280 --> 00:11:34,800 that you have to spend each month and then determine what it is that's really required versus excess.
64 00:11:40,980 --> 00:11:52,260 Income, the monthly expenses. Obviously, on the left hand side, this is our income, whether it comes through a business that you're running, whether it's a
65 00:11:52,320 --> 00:12:04,410 successful business or barely profitable, a startup, that income has to be counted, obviously, and or your job or employment income, that's it, that's your
66 00:12:04,410 --> 00:12:16,080 working source. So out of that the ends that have to be met. Top of the list most times is mortgage payments for your home, or a rent payment. Then
67 00:12:16,080 --> 00:12:30,810 transportation, that's usually an automobile or automobiles with insurance, and gas premiums. Utilities, what keeps the lights burning in your home? What heats
68 00:12:30,810 --> 00:12:40,080 your dwelling place, what cools it down in the summertime, those are expenses that are going to be static, I have to pay them you have having a fluent income
69 00:12:40,080 --> 00:12:48,090 source doesn't exempt me from having utilities, it doesn't exempt me from transportation. In fact, I have a larger transportation expense than the average
70 00:12:48,090 --> 00:12:57,900 person because I have lots of vehicles and I own more vehicles than I really technically need. But I'm a car person. So these costs, these are the top three,
71 00:12:58,710 --> 00:13:09,120 everybody is going to have this in some degree. Now, while I don't have a mortgage, on properties, I don't have rent on dwelling places. I do have
72 00:13:09,720 --> 00:13:20,760 property taxes, they have to be met. So that's an end I have to meet every single year. For Uncle Sam says, we're going to take the place that you own. If
73 00:13:20,760 --> 00:13:26,970 you don't pay the government, its rent and taxes. Your things don't belong to you anymore, and they seize it, which doesn't really make any sense when you
74 00:13:26,970 --> 00:13:36,870 think about that ownership is an illusion, folks. So after we get through these top three, then you have the expense, which is really concerning these days
75 00:13:36,930 --> 00:13:48,990 health care. It's supposed to be affordable. But it doesn't seem like it's so affordable anymore, does it? This one recently has become really expensive. And
76 00:13:48,990 --> 00:14:01,200 it's probably going to get even more expensive. So right here, this is the majority of where most of your money is probably going. If you are sound about
77 00:14:01,230 --> 00:14:17,130 not being excessive in lifestyle. For those of your parents, childcare, daycare expenses, diapers, formula, doctor visits, clothing for the child that has to
78 00:14:17,130 --> 00:14:28,860 continuously be updated because they're growing. That's an expense. That's very stressful. This specific end is very emotionally driven. And it'll cause you to
79 00:14:28,860 --> 00:14:40,200 do things that if you didn't have a child, you wouldn't do. This also, anytime is the very end. That makes the women traders do better than men because they
80 00:14:40,200 --> 00:14:48,330 know they have to make sure their children eat. They have to make sure that the lights are still burning the heat still on and they have food in their bellies.
81 00:14:49,140 --> 00:14:59,040 That's what separates the women and men in my opinion, learning how to be a mentor over the last 30 years. My students have taught me that the women are
82 00:14:59,040 --> 00:15:09,660 better In discerning risk, because they know that they have that nesting trait about them, you know how it is, gentlemen, if you've ever had a spouse, or
83 00:15:09,660 --> 00:15:17,400 significant other that you impregnated, and you're bringing a child into the world, when they get pregnant, they have this amazing transformation where
84 00:15:17,430 --> 00:15:25,170 they're nesting, they start doing things, and it drives you nuts and drove me nuts. Because I was like, Why is she doing all these things like, she feels like
85 00:15:25,170 --> 00:15:35,340 you gotta have it done. Right now, it's nine months, nine months pregnant, it's right now and yesterday was too late. So those impulses for a woman are going to
86 00:15:35,340 --> 00:15:46,080 be much more impactful for decision making. And that makes them a better money manager than mean. Clothing, obviously, in today's world, everybody wants to
87 00:15:46,080 --> 00:16:00,480 wear the finest threads, the newest brands, the high end, luxury tags, all those things. That's an expense. And then finally, this is where everybody messes it
88 00:16:00,480 --> 00:16:09,960 up in the youth. They want the entertainment, they want, they want to be the life of the party, they want to stand out amongst everyone in the crowd. And
89 00:16:09,960 --> 00:16:17,760 they're going to put more money into that entertainment category every single month. And that's why these young guys in trading, they're really not going to
90 00:16:17,760 --> 00:16:24,630 do very well because they're pouring everything into that. The club lifestyle, Flash,
91 00:16:25,980 --> 00:16:39,450 pop, image, look at me, all those types of things. It's extremely expensive to do those things. And many times the young guys in this industry waste more money
92 00:16:39,450 --> 00:16:49,620 in the entertainment and clothing. those bottom two categories are the ones that most of the money's being spent on. Even if they're profitable. And they are not
93 00:16:49,620 --> 00:16:57,870 becoming a fluent, they're not becoming wealthy. They're just being a slave to image. And that's why I teach the way I do, I want you to understand that I was
94 00:16:57,990 --> 00:17:10,500 a victim of that when I was younger, I spent stupid amounts of money. Doing those two bottom categories. didn't own a home. But I had a real nice car. And I
95 00:17:10,500 --> 00:17:17,430 took everybody out and I paid for everything. And I could buy anything in a store or buy anything that I wanted. And then think about securing a home and
96 00:17:17,430 --> 00:17:27,930 being financially secure and stable. And then having fun doing those other things. So I was the definition of new money. 20 years old, making stupid amount
97 00:17:27,930 --> 00:17:37,500 of money, thinking I knew everything, and I could rule the world. These things that we have listed here, you need to figure out what those expenses are for
98 00:17:37,500 --> 00:17:48,420 you. and trim off the fat, the things that you don't really need. Because if I've bored you so far, in this episode, I want you to understand that whether
99 00:17:48,420 --> 00:17:59,520 you realize it or not this list here on the right hand side, there's something in that list that's causing you to stumble in your learning and endure your
100 00:17:59,520 --> 00:18:13,020 trading. It's in this list. You have to meet this need, whether it be financially because it's inescapable, like rent or mortgage or property taxes,
101 00:18:13,410 --> 00:18:21,030 or transportation costs, everybody has to get somewhere by getting there, not everybody owns a car, they still have public transportation, those that's an
102 00:18:21,030 --> 00:18:29,340 expense may not become a very large expense in that capacity, but it's still an expense. So transportation for those individuals don't have personal vehicles,
103 00:18:29,550 --> 00:18:38,430 that falls lower in the category list here. But it's still an expense, you can't escape it right, everybody has to get from one place to the next point A to
104 00:18:38,430 --> 00:18:49,800 point B, whether it's for job, whether it's for entertainment, for groceries, it's something you can't escape. But something in this list is driving you to
105 00:18:49,800 --> 00:19:01,830 make irrational decisions as a developing student or Trader impulsively. And for the men, it's usually those two bottom categories. They're throwing things at
106 00:19:01,830 --> 00:19:13,020 image when they don't own at home yet, without a mortgage. They don't have car notes paid off. They're spending too much on cars, image in entertainment,
107 00:19:13,050 --> 00:19:22,080 because they're trying to draw attention to themselves because they're not really there yet. They're faking it until they make it. And that is an extremely
108 00:19:22,080 --> 00:19:34,260 huge draw on success arriving when it should have. You're delaying that you're deferring that. And you're really holding yourself back by doing those types of
109 00:19:34,260 --> 00:19:44,460 things. All the things you see out there. They're nice. I've had just about everything you could imagine. But I can tell you what I love most is the peace
110 00:19:44,460 --> 00:19:52,860 of mind and the financial solitude that I have because I've done things like I'm teaching you in this series. I did personal reflections. I looked at where I
111 00:19:52,860 --> 00:20:01,140 blew money and wasted money and also focused in on what it was that I was doing that caused me to take trades when I really shouldn't be and taking them. See I
112 00:20:01,140 --> 00:20:10,200 give sound advice in terms of trading, I give sound logic about why the markets going to move, I've given you a model that's absolutely beautiful. It's
113 00:20:10,200 --> 00:20:19,200 consistent. You've tasted that now, you're seeing it, people are making real money. They're getting funded, they're making their accounts grow. I'm not
114 00:20:19,200 --> 00:20:26,580 telling what trades are getting to. So what are they doing, that maybe you aren't doing? While they probably mastered this list that we're here, they're
115 00:20:26,580 --> 00:20:35,400 not being impulsive or reckless, because they have an end problem. They're trying to overcome with flash in the pan, windfall victories, they're not trying
116 00:20:35,400 --> 00:20:40,710 to do those types of things. They're not trying to double their account, every month, they're not trying to double their account every three months, they're
117 00:20:40,710 --> 00:20:58,350 just trying to make ends meet and growing from there. So that list is going to materialize in this. This right here is going to be the battlefield, you're
118 00:20:58,350 --> 00:21:04,470 bringing all of that to this chart, or whatever chart you're looking at. And it's going to cause you
119 00:21:05,490 --> 00:21:16,710 to put things in motion, that's going to cause you to have stress, uncertainty, fear, anxiety, because you need what you need an escape, you need to be able to
120 00:21:16,710 --> 00:21:27,660 get out of that rut that you're in. Everybody's in a rut. Everybody has a rut, I have expenses, because of a lot of big things, big ticket items. And that costs
121 00:21:27,660 --> 00:21:38,820 money to keep them to maintain them. So having lots of money doesn't remove having financial obligations and problems, I have ends just like anybody else,
122 00:21:39,990 --> 00:21:50,880 you are not going to escape the rut problem, the rat race, you can leave, that takes time. But you cannot allow the ends that you have to meet every single
123 00:21:50,880 --> 00:22:02,370 month to play your decision making when it comes to trading. Because when you look at the market, you're gonna be thinking I gotta get out of this house, I
124 00:22:02,370 --> 00:22:13,200 have a baby on the way we don't have enough room. That might be an impulsive feeling that a woman may have nesting. They may feel pressured to tell their
125 00:22:13,200 --> 00:22:23,820 husband or spouse, hey, we got to make a change here. And they feel inspired to go into the marketplace and say, Okay, if I could just, I could just make 50% on
126 00:22:23,820 --> 00:22:32,370 my account this month, and maybe do 25%, the first week of that next week here, I'll have enough money to do this or that. And it's usually the men saying,
127 00:22:32,400 --> 00:22:41,670 Well, I don't feel like I'm significant enough. Because the job I'm working, they don't appreciate me. My wife isn't really impressed with me recently. And
128 00:22:41,730 --> 00:22:54,270 it's grown stale. So if I spice up my relationship with this, I feel like I'm significant. And I need to feel like I'm escaping that rut of just making the
129 00:22:54,270 --> 00:23:04,920 bills, and not having any excitement, or any success in life. This is it, I got a good job, I got a mortgage, you got to pick a fence, I got a dog. This is
130 00:23:04,920 --> 00:23:13,290 life, this is the American dream, then you realize that you're paying sometimes two, three times more than the house because you're carrying a mortgage, which
131 00:23:13,290 --> 00:23:23,130 means basically, it's a Death Note. In Latin. That's what mortgage means. So that's not an American dream. That's an American lie. So you want to be able to
132 00:23:23,130 --> 00:23:34,500 get a home and pay it off. That's what you want. That's what you want. Now, we're not taught this in school. We're not taught how to be a business owner.
133 00:23:34,740 --> 00:23:44,910 We're taught to be good working slaves, and be thankful that we have a good job. Jobs are required in the beginning, I had lots of them. But jobs are not the
134 00:23:44,910 --> 00:23:57,000 answer. Ends must meet. But you can't take the fear and uncertainty about your ends into the marketplace. You have to disconnect from that. So when you put a
135 00:23:57,000 --> 00:24:09,120 trade on, you're not looking at, I have to make all my bills by this time. versus what is the least of your expenses. So when you make your list of what's
136 00:24:09,120 --> 00:24:17,970 the smallest expense that you have to have that you can't turn away so that I'm not talking about like Netflix. I'm not talking about Amazon Prime. I'm talking
137 00:24:17,970 --> 00:24:28,050 about what is the least expensive you have to meet every single month, whatever that is. That's the one you go in looking to trade for the entire month. Your
138 00:24:28,050 --> 00:24:39,810 goal is to meet that end. So if it's $300 you go and you spray that $300 across four weeks, and then figure out how much do you have to do to get that 300
139 00:24:39,810 --> 00:24:47,640 hours? It's gonna sound silly to most of you, especially the young guys. Oh, this is boring. Me I can make so much I've done so many things in a demo
140 00:24:47,640 --> 00:25:00,810 account. But how have you done that in a live account? It's a different world, folks. So how do you get good at trading $500 per tick in forex How do you get
141 00:25:00,810 --> 00:25:13,230 good at $2,000 a handle in s&p futures, you don't do it by having more money in a funded account. Just because you have the margin to be able to do those types
142 00:25:13,230 --> 00:25:27,510 of things, doesn't mean you have the wherewithal and the psychological makeup that has been developed over time doing very little trade, very little margin,
143 00:25:27,780 --> 00:25:38,100 very little leverage over time. So you have to condition yourself for that. Nobody just simply learns how to do a simple pattern or approach to trading and
144 00:25:38,100 --> 00:25:47,730 goes out there and kills it monetarily. Because you have no idea what that impulsive. Nature feels like, when you do a heavily leveraged trade, and you
145 00:25:47,730 --> 00:25:50,400 make that money. It's a scary and exciting feeling.
146 00:25:50,430 --> 00:25:57,840 But then what happens is you have that losing trade, because you want to have that fix, again, everybody starts out in this industry the same way they want to
147 00:25:57,840 --> 00:26:09,750 get out of that pressure of stress, they can't make their bills, they can't make their ends meet. But you cannot bring that to trading. You can't. Now how do you
148 00:26:09,750 --> 00:26:19,530 do it soberly. You take the least amount of money in terms of end or expense each month, and make that your target for the month. And you do that for a few
149 00:26:19,530 --> 00:26:30,660 months. You Tom tell me, I got a trade and just try to make $300 for the month? Yes, that's exactly what I'm saying. And then once you do that, then it's okay.
150 00:26:31,680 --> 00:26:42,090 What's the next expense that I can add to it? And you start doing that over time. And you transition from learning a model, which is what you've been doing
151 00:26:42,090 --> 00:26:50,310 this year? You all know the model right now. You're still practicing? Maybe you're back testing, maybe you're forward testing. But now some of you are at
152 00:26:50,310 --> 00:26:57,570 the stage where what is it that I'm supposed to be doing with this information? Because I'm ready to start trading with real funds? Because you determine that
153 00:26:57,570 --> 00:27:06,600 not because I said you should do it. But you decided that's what you want to do? How do you do it? This is what you do, you go in with this type of target. And
154 00:27:06,600 --> 00:27:17,670 if you've been very successful, and consistent, maybe it's a matter of picking three or four or the lowest cost expense or end for each month, and make that
155 00:27:17,670 --> 00:27:30,450 your target goal. The ideal scenario is for you to aim for that top of the list, mortgage rent, there's top three things in four things. And if you can cover 50%
156 00:27:30,450 --> 00:27:41,760 of that, folks, listen, that is a huge weight off of anyone's back. You won't feel suffocated or strangled anymore. And eventually you want to replace the
157 00:27:41,820 --> 00:27:53,160 cost. So there's top four things in that list. And over time, completely cover every single months. And then once you can do that consistently, try to aim for
158 00:27:53,160 --> 00:28:00,930 doubling that. Once you get to the point where you can double that and you're consistently doing it, then and only then if you're properly funded, what does
159 00:28:00,930 --> 00:28:14,520 that mean? About $100,000 $100,000 or more? Then I think trading for a living is probably considered for anything prior to that. You're not ready, I guarantee
160 00:28:14,520 --> 00:28:21,630 you, you are not ready. And if you want to challenge me with that idea, come back to me in a year. And tell me you did it, improve it because I can tell you
161 00:28:21,630 --> 00:28:32,430 right now, that won't happen. It won't happen. Because you will wreck yourself. You'll do things stupidly, you'll be impulsive. And NS will catch up with you in
162 00:28:32,430 --> 00:28:40,950 the negative aspects. They'll cause you to do things irrationally in these markets and don't want to do that. You don't really realize it maybe you're
163 00:28:40,950 --> 00:28:47,190 probably thinking yourself, well, I never really considered this. But this is exactly what's the problem. The root cause that everyone reckon themselves in
164 00:28:47,190 --> 00:28:56,310 these markets is because the money is not enough in their personal life. Think about it. That's why this country in every other country around the world, they
165 00:28:56,310 --> 00:29:07,380 have medication in the form of alcohol and drugs, those self medicating rituals that people put themselves through. That's an escape mechanism. Well, these
166 00:29:07,380 --> 00:29:16,260 markets are no different than that. There's no difference between these markets for a new trader that had that Impulsive Desire to escape the stress and pain of
167 00:29:16,260 --> 00:29:26,070 their real life. They go and they self medicate. And he put a trade on because it feels good. Because if it wins, what's that going to do? It's going to cause
168 00:29:26,070 --> 00:29:37,470 them to feel that this is the right thing to do. And it felt great for the moment in that wears off fast. You don't have a headache with a hangover. You
169 00:29:37,470 --> 00:29:49,320 don't have withdrawals. Like with drugs, you have impulsive, chasing, pursuing characteristics that make you want to go back in right away. Like it's going to
170 00:29:49,320 --> 00:29:59,700 happen to you again in the next 10 minutes. And you want that hit of dopamine. That feel good. I'm doing the right thing. And this is proof that I can escape
171 00:29:59,700 --> 00:30:08,760 the rat race faster than anybody else says I can. And that's a trap. That's a pitfall. And I went through that multiple times, and I blew accounts multiple
172 00:30:08,760 --> 00:30:19,680 times. It never happens like that, folks. And I know some of you, if you're young, and you're male, you're hearing this, and you're saying, oh, yeah, watch
173 00:30:19,680 --> 00:30:27,090 me, I'm gonna be the one I'm telling you. If there was anybody on the planet that was ever going to do it, it would have been me, because I was literally
174 00:30:27,090 --> 00:30:37,350 giving everything up, friends, family, everything was poured into this, and I still could not do it. Because that emotional and psychological impact of having
175 00:30:37,380 --> 00:30:47,940 pressure of the real world, making ends meet those bills, not having enough that feeling of not having enough, or maybe just not having enough.
176 00:30:50,130 --> 00:31:00,810 That's going to force you to do decisions in these charts that are not rational, you're going to abandon the rules, you're going to over leverage, you're going
177 00:31:00,810 --> 00:31:18,750 to enter before you should and or not stick with the model and hope for your profit objectives. Because what ends ends. Not specifically because you're going
178 00:31:18,750 --> 00:31:26,580 in and trying to make those ends meet, because you probably never sit down and think this is how much money my expenses are each month. If I could just go and
179 00:31:26,580 --> 00:31:36,780 take a piece of that from trading, that's progress. Contrast that with, here's this course I'm teaching you, or watch my videos, or buy my course, or come to
180 00:31:36,780 --> 00:31:46,920 my workshop, and learn how to make 50. Our 20 are, how's that equate to your ends. These individuals don't know how to make money, they're not making money,
181 00:31:47,310 --> 00:31:54,750 I promise you, they're not. Because if they did, they will be proving it. And the adult, all I'm trying to do here is be a voice of reason, and give you
182 00:31:54,750 --> 00:32:01,920 practical ideas how to apply what I've taught you. Because you could still go out there and hurt yourself financially, if you don't watch what it is, I'm
183 00:32:01,950 --> 00:32:13,200 teaching you here and guard your mind, guard it because it's easy to sit in a demo account and think, wow, I don't need to be at my job six months from now,
184 00:32:13,200 --> 00:32:22,860 because I've learned this skill set. And you have no idea what it feels like to be trading with a $10,000 account and watch it grow to a $50,000 account, and
185 00:32:22,860 --> 00:32:34,380 then trade from 50,000 to $100,000 in equity. That's a growing stage that none of you if you've never done it, understand what that feels like. And the
186 00:32:34,380 --> 00:32:44,820 leverage of putting on large positions versus what you start with. See, most of you're probably looking at these funded account companies out there and
187 00:32:44,820 --> 00:32:53,430 thinking, Okay, it's only a couple 100 hours to get that if I pass the challenge, and you just blow it. Because you're doing what I'm teaching you not
188 00:32:53,430 --> 00:33:05,520 to do in this series, you're playing the lottery. So who's the real fool here is that the people that work all week, and they pour money into like tonight,
189 00:33:06,600 --> 00:33:16,740 there's a big game out there, that's a billion dollars. The lottery, Mega Millions, okay, there's people out there that work all week long, and you pour
190 00:33:16,740 --> 00:33:27,330 money into that kind of stuff. I don't do those things. I don't think that it's a practical approach to using your money wisely. But there's people that do
191 00:33:27,330 --> 00:33:38,310 that, who is more of a fool someone that goes out and spends $10 or 50 hours a month in lottery, or the people that think I'll save up, put up enough money to
192 00:33:38,310 --> 00:33:46,140 get these funded account challenges, couple 100 hours here, 600 hours or five hours, whatever it is, I don't even know. But whatever that is, and you're going
193 00:33:46,140 --> 00:33:54,690 in there, and you're rolling the dice, not really doing what it is that you should be doing. Thinking soberly about the risk, making sure that you're trying
194 00:33:54,690 --> 00:34:02,460 to do everything you can to protect your access to that fund that account. That prop firm has rules that you have to stick to, if you don't stick to those
195 00:34:02,460 --> 00:34:12,240 rules, what happens? You no longer have access to that account. Now you can argue and say, Well, you don't really have that money. But I'll tell you what,
196 00:34:12,810 --> 00:34:21,360 what happens when a student does these things, and they get withdrawals and checks that now they're spending the money. That kind of cancels out any
197 00:34:21,360 --> 00:34:29,880 argument whether they have really 100,000 IRA account or a $50,000 account or a $14,000 account. I'm not here to argue that that to me is irrelevant. The people
198 00:34:29,880 --> 00:34:38,010 that are doing it and getting money from these companies, they're going to be the counterparty to the argument that you really don't have that money. You
199 00:34:38,010 --> 00:34:44,760 think these people care whether you think that they have that money or not when they're having checks and withdrawals, and that's money that they're actually
200 00:34:44,760 --> 00:34:56,070 spending and they have access to nobody cares, whatever else is thinking when you're doing it. So I want you to go through your personal finances. I want you
201 00:34:56,070 --> 00:35:05,520 to be diligent about writing down everything that you spend and how much money If you have coming in and out, you may have a job, like a waitress or waiter,
202 00:35:06,060 --> 00:35:13,470 and you do tips, that's going to be a variable amount when I used to deliver pizza, and many of you probably don't know this new, but I worked as a pizza
203 00:35:13,470 --> 00:35:25,590 delivery guy in the late 80s and early 90s. I managed a Domino's those were real jobs that I did. So I came up from that.
204 00:35:27,120 --> 00:35:36,540 If you've done things like that, you know that there isn't really any consistent number of what it is you're making, because tips or tips, the variable, just get
205 00:35:36,540 --> 00:35:45,090 a baseline low end. And then anything above that is just a bonus. Okay? But you got to write down what it is that you're having to spend each month and remove
206 00:35:45,090 --> 00:35:54,960 those things that you don't need right now. You're not going to miss Netflix, I'm sure you probably have a friend that would lend you access to it. And now
207 00:35:54,960 --> 00:36:07,530 I'm not saying cheat them. But you know, it is i i know that that stuff goes on just like you do. Those things can be trimmed off, okay? Besides, how much time
208 00:36:07,530 --> 00:36:17,220 are you pouring into other things that are not going to build you up. If you chose this path for your life, this needs to be second in line next to your
209 00:36:17,220 --> 00:36:27,750 family. So it's family. And then this because this is going to require a lot of time learning. It's going to require a lot of energy and effort. And it's going
210 00:36:27,750 --> 00:36:39,180 to be a very, very cruel lover. If you do not give it its time that it demands. It will not yield the love and tenderness that you're hoping it will. So
211 00:36:39,180 --> 00:36:46,200 hopefully this has been inspiring to you that that think about what it is that you're doing and maybe have done to yourself. And I'll be back with you in
212 00:36:46,200 --> 00:36:49,890 episode two to help you conquer. Making ends meet