ICT YT - 2024-08-26 - ICT 2024 Mentorship - Lecture 17
Last modified by Drunk Monkey on 2024-08-31 09:36
| 1 | 00:00:47 --> 00:00:58 | ICT: Good morning, folks. I've been fighting on OBS for the last 20 minutes. I'm not sure why this thing is so fickle. It just does not want to cooperate with |
| 2 | 00:00:58 --> 00:01:08 | me. I don't know why, but either it doesn't want to show my screen or it doesn't want to show an audio, or not showing all the I guess, pick up my audio. So good |
| 3 | 00:01:08 --> 00:01:27 | morning. Good morning. Today. We have the market opening up just really close to where we settled that here, so I'll show you. Let's see if I can do an audio |
| 4 | 00:01:27 --> 00:01:44 | check here first. Yep, I hear myself all right. So the regular trading hours. If you go down here right now, it's on electronic trading hours. So we go to |
| 5 | 00:01:44 --> 00:01:57 | regular trading hours, and this is where we settled previous session, and this is where we opened. So to open at this level here, we have a small little |
| 6 | 00:01:57 --> 00:02:04 | discount gap. So this is the low. |
| 7 | 00:02:10 --> 00:02:25 | Now it's opening range, gap, low and settlement is when I label it, until we get the actual open. It with real close to it, pre market before 930 as I'm watching |
| 8 | 00:02:25 --> 00:02:37 | it, I have this already annotated, so opening range gap high, because this is higher than when we opened up already trading session hours. Okay, ready? So |
| 9 | 00:02:37 --> 00:02:48 | let's go back into electronic trading hours. And initially I like to see if it makes any attempt to want to grab T back up into here, because he left that |
| 10 | 00:02:48 --> 00:03:06 | really smooth. Hey, just upset the the sell side here. So here's buy side, because we had a really small gap. I'm not all that excited about the initial |
| 11 | 00:03:06 --> 00:03:08 | morning session, like I'm not |
| 12 | 00:03:13 --> 00:03:22 | overly bullish, overly bearish, I'm just indifferent. Right now. I just want to wait and see what the market gives me. I |
| 13 | 00:03:27 --> 00:03:37 | This week, the focus on the lectures Caleb is to highlight areas that are going to be problematic. And one of those things is obviously today, where we have a |
| 14 | 00:03:37 --> 00:03:49 | very small, minor gap, and larger gaps that we open up with, they tend to kind of like invite larger volatility and a lot more protection in the marketplace. |
| 15 | 00:03:53 --> 00:04:09 | And then we always just did this area down here. Got a lot of feedback from Friday's live stream. I appreciate that a lot of folks never saw someone call |
| 16 | 00:04:09 --> 00:04:23 | the daily high in the daily low and show a $200,000 framework in one trade. But we're just getting started. Hope you had a good weekend. I did very good |
| 17 | 00:04:23 --> 00:04:38 | weekend. All right, so now we have worked the sell side here. The market has gap lower with a lower gap opening. We traded above the opening of I'm sorry, the |
| 18 | 00:04:38 --> 00:04:47 | opening range gap high, which is previous settlement. So Friday's day session, settlement price. That's what this is. Here. We're working inside of the old new |
| 19 | 00:04:47 --> 00:04:50 | week opening gap on August 25 2024 |
| 20 | 00:04:57 --> 00:05:08 | Okay, and what I want to see is, do we. Have the ability to work one more time, taking up this low, because it was a little shallow doing that. So if I were to |
| 21 | 00:05:08 --> 00:05:18 | kind of force myself to give you, if I had to anticipate right now what I thought was likely to occur, I think we're going to bang around between New Day |
| 22 | 00:05:18 --> 00:05:31 | opening gap of August 21 and the opening range gap low until we this, you know, discern what it wants to do. So I'm sitting still. I'm relaxing. I'm not worried |
| 23 | 00:05:31 --> 00:05:44 | about trying to be right about what I think it's going to do initially. My tendency is to look at what we have left over here. So these relative equal |
| 24 | 00:05:44 --> 00:05:54 | highs are just really, really, really smooth. Do they need the romp here today? No, can't do it. Sure. I'd like to get the invitation to outline some kind of |
| 25 | 00:05:54 --> 00:06:03 | framework to get to that level. But focusing on the lecture premise this week is looking for things that are going to be problematic for your trade. In other |
| 26 | 00:06:03 --> 00:06:16 | words, what, what makes the idea of looking for setups harder or once you have an opinion, okay? What makes it difficult to hold on to it, and what challenges |
| 27 | 00:06:16 --> 00:06:28 | will you find in doing that, sticking to a bias, or arriving at a bias. Okay, that's kind of like one of the primary hurdles for most of you. And my son's no |
| 28 | 00:06:28 --> 00:06:38 | different, and it was the same thing for me when I first started learning to do this in the 90s, knowing where it's likely to go, and also trying to push away |
| 29 | 00:06:38 --> 00:06:45 | that impulse to I gotta know right now, because the market's trading. So I have to get in it, because your fear of missing something, there's no reason for you |
| 30 | 00:06:45 --> 00:06:52 | to fear missing anything, because the market's going to trade tomorrow. The market's going to trade on Wednesday, and in perpetuity, until the markets are |
| 31 | 00:06:52 --> 00:07:03 | no longer available to us. So don't worry about that. We have bigger problems if we can't trade. Right? So we've worked the new week opening gap here. I liked |
| 32 | 00:07:03 --> 00:07:15 | how we've done this business in here, and any movement above here, I want to watch and see, does it use the new day? Opening gap on August 21 someone would |
| 33 | 00:07:15 --> 00:07:23 | trade above it, come back down, and then aggressively run into this area in here, it's really smooth. |
| 34 | 00:07:28 --> 00:07:35 | Now, I was looking at a two minute chart over here. Because you're probably wondering, why on a two minute chart? ICT, why? Why are you not talking about |
| 35 | 00:07:35 --> 00:07:47 | that? I was looking at the gap right in here. I was studying, do they use this as inversion? Initially they did, but they hammered the constant encouragement |
| 36 | 00:07:47 --> 00:07:57 | of the new week, opening gap of the 25th and then we have the previous settlement. So it's returned back to that then drop down, displaced below |
| 37 | 00:07:57 --> 00:08:07 | throughout, to be cool lows. So sell sides been disturbed. It's it's all messed up now, and the market's seeking buy side, which is already done by taking this |
| 38 | 00:08:07 --> 00:08:19 | one here, and this is a little smooth in here. They've already disrupted that. And in here, up to this high, that's where the short term minor buy side |
| 39 | 00:08:19 --> 00:08:27 | liquidity is. I'm watching this candle or the next to see if we can trade down into consequent encroachment. Don't look at this opening range gap high, |
| 40 | 00:08:27 --> 00:08:34 | thinking that's consequent crochet, because you can see it's a little this. It's different from the low to midpoint between that high um annotating the opening |
| 41 | 00:08:34 --> 00:08:44 | range gap high or previous settlement. So coming down and touching that, if it's bullish, that's something we want to see. Think about what I was outlining when |
| 42 | 00:08:44 --> 00:08:57 | I was showing you opening range gaps. Let me show you what it looks like, like this. Think about it like the opening is here. Previous settlement is here. |
| 43 | 00:08:57 --> 00:09:06 | That's the wrong color. So Don't, don't think too much about that orange, because I was looking at as inversion fair value gap, studying at pre market, |
| 44 | 00:09:10 --> 00:09:23 | and then the opening up to the previous settlement, which is there. Okay, so see 4:14pm at the bottom chart, 414 and then the opening price here today at 930 so |
| 45 | 00:09:23 --> 00:09:28 | that's your regular trading hours. So now if we go over to electronic trading hours, |
| 46 | 00:09:33 --> 00:09:45 | trading above coming back down into the opening range gap, because we opened again, opened little unchanged. Little unchanged to me is less than 30 to 40 |
| 47 | 00:09:45 --> 00:09:54 | handles. So if it's if it can't even muster a difference between previous day settlement price and 30 to 40 handles beyond that or away from that, at the |
| 48 | 00:09:54 --> 00:10:03 | opening bell at 930 I'm right away going to sit on my hands and wait till 10 o'clock. That that is one of the things that I want Caleb to do is discern |
| 49 | 00:10:03 --> 00:10:11 | whether or not there's a lot of excitement, a lot of anticipation. A lot of things have happened over the Middle East, and they're starting to heat up over |
| 50 | 00:10:11 --> 00:10:20 | there. So there's a little bit of trepidation right now in the marketplace. So they're, they're going to be probably very fickle, and delivery of price today, |
| 51 | 00:10:20 --> 00:10:31 | because they want people's sentiment shown like they want to see what traders are doing after waiting all weekend long. Now here we are. The bells rang. The |
| 52 | 00:10:31 --> 00:10:38 | gates are open. The horses are off the race, yeah. And how? How is everyone going to plunk down their money? How are they going to bet? Are they looking for |
| 53 | 00:10:38 --> 00:10:49 | lower prices? Are you looking for higher prices. I think that initially they've offered some selling here to entice traders to want to do that very thing, sell |
| 54 | 00:10:49 --> 00:10:59 | short. I'm not all that terribly excited about doing that right now. I do think if things heat up in the Middle East and with over in Russia and Ukraine and |
| 55 | 00:10:59 --> 00:11:10 | China and Taiwan, all those things will be catalysts to spur on more excitement in the marketplace. Right now, I'm kind of weighing out what it's wanting to do |
| 56 | 00:11:10 --> 00:11:18 | initially. So I don't want to have a hard opinion. I like an area which is the buy side. I want to see if it could give some kind of framework to get there. |
| 57 | 00:11:18 --> 00:11:28 | But it's in no hurry to give me a market structure to work within back and forth choppiness in here. So the first thing Caleb in your your rules are the rules of |
| 58 | 00:11:28 --> 00:11:38 | engagement for anticipating a really easy morning session is, are we opening significantly higher or significantly lower than previous settlements? So |
| 59 | 00:11:38 --> 00:11:47 | obviously today, you know Monday, we know that Friday is where we settled. So when we're looking at the previous day settlement price, it's Friday's 4:14pm |
| 60 | 00:11:49 --> 00:12:01 | Eastern Standard times. Price, when we pull up the regular trading hours, toggling that down here, that price is the 4:14pm Friday session, regular |
| 61 | 00:12:01 --> 00:12:11 | trading hours. Now, obviously it trades for another 46 minutes and then closes for the weekend. If it was not Friday, it would be closing for the day and then |
| 62 | 00:12:11 --> 00:12:21 | reopening an hour later at 6pm Eastern, Standard Time. So because we had a very small gap, very, very minor gap, that is indicative of a market that's going to |
| 63 | 00:12:21 --> 00:12:33 | be very reluctant to run, and you have to wait, let the market give you more intel, so it helps you control fear and greed. You know the FOMO, if you're |
| 64 | 00:12:33 --> 00:12:43 | missing something, every little initial move shouldn't make you feel like I'm I gotta be in here. It's doing something, and it gives you a sense of relaxation |
| 65 | 00:12:43 --> 00:12:53 | and not having to be impulsive, which is very, very important as a trader. So if you notice that we have had no diff, we have had difficulty, rather, and it |
| 66 | 00:12:53 --> 00:13:02 | wasn't easy for it to get to the new day opening gap of the 21st so it's banging up close to it, but then fails aggressively. So now we're back on the southern |
| 67 | 00:13:02 --> 00:13:18 | end of that opening range gap. So think about that blue box there. It can work back up in. There's a small little volume of bounce right there. Watch that, |
| 68 | 00:13:19 --> 00:13:28 | because if we can get back up in to retest the opening range gap low. That means the opening price at 930 if it can trade up into that, it might want to go into |
| 69 | 00:13:28 --> 00:13:43 | that little area here if it wants to go lower. But because there is a very, very weak or anemic gap from previous settlement on Friday to where we opened up at |
| 70 | 00:13:43 --> 00:13:54 | I've already elected the protocol is I have to wait till 10 o'clock. I want that full 30 minute opening range, not opening range gap 30 minutes. So 930 to 10 |
| 71 | 00:13:54 --> 00:14:01 | o'clock, we're sitting still. There's nothing for you to do. I don't care if there's a fair value gap. I don't care if there's something exciting that |
| 72 | 00:14:01 --> 00:14:11 | appears in the chart, because we opened very anemically. It's just, it's weak. It hasn't it doesn't have a whole lot of movement. Now we were initially earlier |
| 73 | 00:14:11 --> 00:14:22 | on. We had a really nice potential higher gap opening, but they completely erased that, you know, got real close to this previous settlement by the time |
| 74 | 00:14:22 --> 00:14:36 | you opened at 930 notice that. So one of the things that you're going to combat most is the want to be in some kind of trading and especially if you're on |
| 75 | 00:14:36 --> 00:14:43 | social media, watching people like me or watching other people talk about what they are doing in the marketplace. If you're watching live streamers to have |
| 76 | 00:14:43 --> 00:14:55 | chats, you can see that other people are chomping at the bit. They're saying, I'm long, I'm short, whatever. And I I weigh a lot of sentiment with those types |
| 77 | 00:14:55 --> 00:15:03 | of tools, and I view that as a retail indicator. So watching other people's live stream. Teams seeing their level of excitement, or if they're not all that |
| 78 | 00:15:03 --> 00:15:12 | excitement, if they're not excited about something, and I might see a directional setup. I may see something that forms or forming that is maybe |
| 79 | 00:15:12 --> 00:15:20 | bullish or bearish, and then I see a lot of comments and other live streamers saying and it's not just that. It's other social media venues where, if people |
| 80 | 00:15:20 --> 00:15:30 | that are very chatty, they like to share their opinion. The more I have that is the other side of my perspective, the better I feel about the idea. And right |
| 81 | 00:15:30 --> 00:15:40 | now, because of the technicals we opened, you know, week, it wasn't that big of a gap. I'm not interested in trying to form a hard opinion right away, and it'll |
| 82 | 00:15:40 --> 00:15:50 | help Caleb. And if all of you are watching, that'll also be a solid foundation to build on, using the gap, because they can't hide the gap. Obviously, as soon |
| 83 | 00:15:50 --> 00:15:59 | as at 930 we open up. Look at the difference between the previous day's settlement price at 414 you find that on the lower time frames. But I was using |
| 84 | 00:15:59 --> 00:16:09 | the two minute chart here, and I was watching how they were using this gap here to see if we could open up with a higher gap. If we would have opened up here, |
| 85 | 00:16:09 --> 00:16:20 | maybe at this new day opening gap, or a little bit higher, I would have looked for the move to drop down into the new date, sorry, new week opening gap on the |
| 86 | 00:16:20 --> 00:16:33 | 25th maybe using consequent crochet, and then try to get along up into this buy side here. But they took it away and opened us with a really, really weak |
| 87 | 00:16:34 --> 00:16:45 | discount gap. That means it's a lower gap opening. So because of that, the the amount of range, and what does I have? One of the students ask me, What does a |
| 88 | 00:16:46 --> 00:17:04 | 20 handle move look like? So see that price here at 19,007 32 so all the up to 7052 even that is a 20 handle price mover fluctuation. Okay? And you can see |
| 89 | 00:17:05 --> 00:17:15 | it's not much more than that for the opening range gap. So whenever I see a gap like that, I'm immediately protocol is, sit still. Wait till 10 o'clock. Wait |
| 90 | 00:17:15 --> 00:17:21 | for silver bullet. Wait for something that's more obvious. Wait for the first 30 minutes to get in there. The algorithm is going to do what it's going to do in |
| 91 | 00:17:21 --> 00:17:29 | the first 30 minutes. And if I get into minutes. And if I get into a trade, or if I try to elect a liquidity I want to target, I'll tend to be wrong, and I've |
| 92 | 00:17:29 --> 00:17:41 | seen that over 25 years of using opening range gaps and forcing that so I just am real comfortable letting them have the first 30 minutes. And if it's a big |
| 93 | 00:17:41 --> 00:17:50 | day that I don't want to be a participant in early on, other traders might be positioned for a better, shorter, long that may be beneficial for them holding |
| 94 | 00:17:50 --> 00:18:03 | for the rest of the day. That's okay. I'm not worried about that. I'm not forcing myself to be, to be right. And if you look at this low over here on the |
| 95 | 00:18:03 --> 00:18:13 | 15 inch tiny frame, their cell side resting just below that. So if they want to get real animated, they can take it down there. |
| 96 | 00:18:22 --> 00:18:33 | Lot of feedback, very, very positive feedback, which I appreciate. Thank you for that. So I'll drop back into one minute chart, which is standard for us, so you |
| 97 | 00:18:33 --> 00:18:42 | can see right away. It's a little disorganized this morning. It's not real clean. It's a little sloppy. It has a lot of porous price action in it. That is |
| 98 | 00:18:42 --> 00:18:53 | just like the volume imbalance here. We had a volume imbalance there, which you already offered several times. No real gap in here, except for the wick and all |
| 99 | 00:18:53 --> 00:19:03 | this spotty delivery taking us down below the initial sell side that would have been to the left of us at the opening bell falling short of the new day. Opening |
| 100 | 00:19:03 --> 00:19:18 | gap high on August 21 so when I'm looking at price, and I know that it's moving and I'm not in a trade, when I was a younger man in my 20s, I used to panic |
| 101 | 00:19:18 --> 00:19:27 | about that, because I thought every run was going to be 100 point run and be a big blast off move. Because, just like you, when you learn something new from |
| 102 | 00:19:27 --> 00:19:37 | me, you think that it's going to appear in every you know, next candle, because now you're keyed up on it. And I felt that way about everything that I was |
| 103 | 00:19:37 --> 00:19:47 | learning from Larry Williams and his books and his videos. And I thought for sure that, okay, you know, he's my hero. I'm looking for this. Almost got the |
| 104 | 00:19:47 --> 00:20:03 | word that well, the the pursuit of finding the new toy in the market, so that way I can play with it. I can, I could use it to make money. And one of the |
| 105 | 00:20:03 --> 00:20:12 | biggest things you can do is learn to go slow, really, really slow in the beginning, because you're you're not going to be able to retain some very |
| 106 | 00:20:12 --> 00:20:23 | valuable insights about how you think. And if you go in there trying to chase making money right away, you're not going to pick up on the clues that tell you |
| 107 | 00:20:23 --> 00:20:33 | that you're about to go and tilt that means you're going to abandon the trading idea that you went into initially. You'll either over leverage or over trade, do |
| 108 | 00:20:33 --> 00:20:44 | more than what's necessary. And it all stems from not having a plan, not having a process of what the you follow. And it needs to be very finite, very specific |
| 109 | 00:20:44 --> 00:20:54 | rules. And the first element to that needs to be, when are you going to do something time? Okay, so the market's going to deliver based on time, and you |
| 110 | 00:20:54 --> 00:21:06 | aren't going to execute unless you're in a time period, some little envelope in time with a macro the first 30 minutes, mean it may have to transpire. A few of |
| 111 | 00:21:06 --> 00:21:13 | you actually mentioned you thought that I was making a mistake and you were correcting me in the comment section. And while I appreciate your enthusiasm |
| 112 | 00:21:13 --> 00:21:24 | about that, the fair value gap that I was annotating on Friday, it did not displace lower from it. So it's not a reclaimed, bearish, fair value guy. That's |
| 113 | 00:21:24 --> 00:21:33 | why, if you saw the color of it, it was gray, because I wanted to see, does it send price down? Once it went below, initially, it just traded down with wicks. |
| 114 | 00:21:33 --> 00:21:43 | It didn't trade up to it, and then displaced lower. It went higher, it made a higher high. And then I was, I was, I was calling out, why that LMC the bottom |
| 115 | 00:21:43 --> 00:21:52 | of that be used as like a resistance, a premium array, and leave the upper half open. So, no, I'm not mistaken. No, you're not correcting me. And I don't mean |
| 116 | 00:21:52 --> 00:22:03 | that to be condescending, but it was a inversion fair value gap, because I was anticipating it to do what I was looking for, the market, to press up into that |
| 117 | 00:22:03 --> 00:22:10 | event horizon and go into a turtle suit, and I wanted to see it fail at that new day open gap. And right now, I was telling you, that's it. I'm not going to go |
| 118 | 00:22:10 --> 00:22:18 | long in here, but I'm waiting for it to press up into I said, if it's good, if it's really bullish, it will go up and hit that New Day opening gap, but we are |
| 119 | 00:22:18 --> 00:22:28 | pressing into that balance price range, which is going to be more formidable, and when the break, when the market broke below that gap, I outlined it real |
| 120 | 00:22:28 --> 00:22:36 | time to you all that it should act as an inversion fair value gap. So no, I wasn't mistaken, but there's logic behind this. Is why I said anybody talks |
| 121 | 00:22:36 --> 00:22:46 | about inversion, fair value gaps or very bad gaps at all. Every gap with three candles does not make it a fair value gap in the context that you think it is, |
| 122 | 00:22:47 --> 00:22:55 | you don't have all the other tools and resources and experience of reading what the narrative and price action is. Go back and watch Friday's live stream again, |
| 123 | 00:22:55 --> 00:23:04 | okay, and you'll hear there's a lot of things going on with the least amount of speaking. I've already talked more today than I did Friday's whole session. You |
| 124 | 00:23:24 --> 00:23:33 | I'm watching the volume and balance here. We've already had one tap into it. There's a second one. I |
| 125 | 00:23:44 --> 00:23:54 | now, when you go through each one of these live streams with me, whether you're watching whether you're watching it rather live, or if you're watching it later |
| 126 | 00:23:54 --> 00:24:07 | on, I want you to really spend a lot of time writing in your journal and you're taking screenshots that the difference, compare the differences of the first 30 |
| 127 | 00:24:07 --> 00:24:20 | minutes of trading with every other day, and when I when I really make a big glowing remark and you start gushing about how pretty And clean prices versus |
| 128 | 00:24:20 --> 00:24:29 | days where it's spotty, a little disorganized. Those are real key things to annotate in your journal, because those are the things that's going to be much |
| 129 | 00:24:29 --> 00:24:41 | more paramount for you as a day trader. We just swept that that lower here on the fifth event time frame, and we're inside. We traded inside of an old bots, |
| 130 | 00:24:41 --> 00:24:53 | out of balance, no sign of deficiency, which is right here. Okay, so I'm still working with one one laptop. I don't have anything in front of me. I don't have |
| 131 | 00:24:53 --> 00:25:01 | any other screens, I promise in Jesus name. I'm not looking at any. I'm literally in my bedroom right now. So my office is upstairs. I have not used |
| 132 | 00:25:01 --> 00:25:10 | that one time since I started doing the 2024 mentorship, because I'm trying to help the individuals to have one device, one monitor, because they think that, |
| 133 | 00:25:10 --> 00:25:20 | you know, it only works because I have so many monitors. And that's not true. It's just, I like to look at a very immersive perspective on the marketplace, |
| 134 | 00:25:20 --> 00:25:29 | and I'm also looking at other markets sometimes when I'm using all my screens. So I'm not leaning on that stuff initially for you, Caleb, because you're |
| 135 | 00:25:29 --> 00:25:38 | supposed to be watching price action to get a feel for how price delivers around time. So it's not about picking the right decisions, of getting in the right |
| 136 | 00:25:38 --> 00:25:46 | fair value gap and where your stop loss needs to be perfect and short, not have a lot of risk. All those things are later. The first thing is, you got to submit |
| 137 | 00:25:46 --> 00:25:54 | to this process of reading price being in front of the charts, retaining the information as it's being presented. Every single candle, what is it doing? |
| 138 | 00:25:54 --> 00:25:55 | How's it behaving? |
| 139 | 00:26:02 --> 00:26:11 | So I'm watching this wick here, if you can overtake consequence of that and then come back down, and if it starts showing any kind of support there, that'd be |
| 140 | 00:26:11 --> 00:26:19 | interesting as you get back to the opening range, gap low. Otherwise, this is a premium right half of that wick, if you can go up and touch it, or if it fails |
| 141 | 00:26:19 --> 00:26:29 | to even go there and starts to break lower. That's indicating it's very weak. Again, we're not even in 10 o'clock yet, so I'm not interested in framing any |
| 142 | 00:26:29 --> 00:26:38 | trades at all. These are all things that you're observing. Caleb, you're trying to make references to these as you watch price. You want to screenshot these |
| 143 | 00:26:38 --> 00:26:48 | things. Every time I point to something I'm saying. I'm watching this screen. That's a keyword. I may not say the term, you know, screenshot it as a prompt, |
| 144 | 00:26:48 --> 00:26:56 | because I'm trying to talk about something while price is ticking and booking price. But anytime I make a special reference to something, okay, if you go back |
| 145 | 00:26:56 --> 00:27:05 | and you watch the recording and you hear me do that, that is a time for you to screenshot it, and then you annotate what your observations are and what |
| 146 | 00:27:05 --> 00:27:19 | actually happened afterwards. And by doing that, it provides you a way of referencing logging and building a understanding of what these things will do in |
| 147 | 00:27:19 --> 00:27:29 | the future, when you're watching price action, for instance, like immediate rebalances, okay, where you have a run in price. Perfect example, we have the |
| 148 | 00:27:29 --> 00:27:38 | market stop with a low right here. Then we have a big candle that went lower than the previous candles. Low, okay, it doesn't matter where we're going next. |
| 149 | 00:27:38 --> 00:27:47 | Okay. What I'm saying is, is things that key up on your attention that you're saying, Okay, there's something going on here. I'm monitoring this. The very |
| 150 | 00:27:47 --> 00:27:55 | next candle is a large candle down, and then we have this candle open and it trades all the way back up and touches the previous candles low. So all of this |
| 151 | 00:27:55 --> 00:28:09 | down candle, the Black Candle here, that range, is completely redelivered with buy side. So if we're looking at it like this, make it a bit wider. The |
| 152 | 00:28:09 --> 00:28:19 | separation between this candle is low here and then the big, long, Black Candle that goes down. If this would have opened here and traded lower this, this would |
| 153 | 00:28:19 --> 00:28:30 | have been a fair value gap, but it opens and trades all the way back up and touches that. That is called immediate rebalance. If it does that when you're |
| 154 | 00:28:30 --> 00:28:41 | bearish, that's one of the best indications that you are entering at a like if you want to trade imbalances where it completely closed. Now I just found a guy |
| 155 | 00:28:41 --> 00:28:49 | on the internet, on YouTube, trying to teach imbalances and fair value gaps, and saying that fair value gaps are a renaming of of an imbalance. No, it's actually |
| 156 | 00:28:49 --> 00:28:59 | a very specific signature where it is not filling in. I don't want to see it fill in. That is the superior form of trading price action. If you're going to |
| 157 | 00:28:59 --> 00:29:08 | look for these inefficiencies, the highest order of trading them is you want to see them not close in. And I've proven this in live sessions with real trades |
| 158 | 00:29:08 --> 00:29:17 | with real money. So if we're looking at the price delivering back up to that level, there that mechanism right there. It matters not if it goes higher or |
| 159 | 00:29:17 --> 00:29:26 | lower. What I'm saying is this right now, and when it does that as soon as it touches that candles low, when this candle it delivered down and the next candle |
| 160 | 00:29:26 --> 00:29:38 | opens and rolls right back over top of all of the down move from this candle's low right there to where we opened. All of this has been redelivered back to |
| 161 | 00:29:38 --> 00:29:46 | that price. So this is efficient. If it's bearish that's really strong, or if you're in a trade and it starts creating these types of things, and it goes |
| 162 | 00:29:46 --> 00:29:56 | right back up, then you can say, all right, I expect it to trade aggressively lower. It's done what it needs to do, to rebalance reprice, and it need to do it |
| 163 | 00:29:56 --> 00:30:05 | real quick and sudden. It's kind of like showing a hand of. A winning card hand in poker, if you're partnered, you're at the table with and they flash their |
| 164 | 00:30:05 --> 00:30:15 | hand to you, and they're sitting with a full house, four aces and a king spade, like it's gonna be hard to beat that, right? So this, that's what the algorithm |
| 165 | 00:30:15 --> 00:30:24 | is doing. It's kind of like tipping its hand saying, you know, I'm getting ready to do something really stunning. One directional and an immediate rebalance is |
| 166 | 00:30:24 --> 00:30:34 | one of the purest forms of reading it in price action. So when you see that, it kind of like promotes large range, it promotes speed. It gives you a lot of |
| 167 | 00:30:34 --> 00:30:44 | indication the market wants to behave a certain way and a certain characteristic. And you can see it happening here that way. So it did it there, |
| 168 | 00:30:44 --> 00:30:53 | and boom. We talked about the low That in itself might be your model. This guy's like, the canyon is all this stuff all the time, just boom. And he says it, and |
| 169 | 00:30:53 --> 00:31:01 | it happens in real time. What else do you want? What else do you need? I got lots of stuff. I got stuff that you're going to fall in love with, that you |
| 170 | 00:31:01 --> 00:31:11 | didn't think you didn't think you knew you wanted. Alrighty, let's go and we have the complete closure of this buy side and balance cell sign and efficiency. |
| 171 | 00:31:11 --> 00:31:24 | So I want to annotate that so you can see where we were at in relationship to the one minute chart. And we'll do this. We'll do a weird little color like |
| 172 | 00:31:24 --> 00:31:33 | that, and we'll extend it to the right, and you see how we are behaving like that. So look over here in a 15 minute time frame. It's this big up close |
| 173 | 00:31:33 --> 00:31:44 | candle, the previous candles high, which is this one, right? That's the problem with having all these different charts. It's going to aggravate me when I'm |
| 174 | 00:31:44 --> 00:31:53 | trying to look at certain things, and it didn't quite get down to that. That's enough. So your model might be, let's say you're bearish, and you you feel |
| 175 | 00:31:53 --> 00:32:01 | comfortable being short, you want to look for sell side, wonderful. One of the strongest indications of you're about to see a price run. That's one, one |
| 176 | 00:32:01 --> 00:32:12 | direction, and it's going to be nice, quick, sudden, big candles, as we were outlining here, big down, closed candle, immediate rebalance, right there. Now, |
| 177 | 00:32:12 --> 00:32:19 | what happens if this candle that opens right here after this big down, closed candle, when that forms? What happens if the next one doesn't go right back to |
| 178 | 00:32:19 --> 00:32:31 | that? Candle is low, right there. It's valid if it does it on the next candle, but after that, it's not so immediate. Rebalance is this single candle that |
| 179 | 00:32:31 --> 00:32:41 | creates a big range, lower and a lower close the candle must be larger, larger than what? Well, what's look at the other ranges. Once this has formed. This |
| 180 | 00:32:41 --> 00:32:50 | stands out against all the other creepiest ranges, right? It works on all time frames. So if you're a very short term scalper, or if you're in a trade and |
| 181 | 00:32:50 --> 00:32:59 | you're waiting for price to give you that last little bit of movement, and you get a candle like this, if you're short and you want to get short or add to a |
| 182 | 00:32:59 --> 00:33:09 | pyramid soon as you anticipate this candle closing. As soon as it closes, watch where we open on the next one. Anticipate, feel comfortable with it running |
| 183 | 00:33:09 --> 00:33:18 | right back up to that candle as well. If you're short already from some higher place, this is not a reversal, but you'll see so many people, so many people |
| 184 | 00:33:18 --> 00:33:26 | online that are sharing their observations live, or if they'll, they'll share their sentiment about what the market has just done. They'll be trying to |
| 185 | 00:33:26 --> 00:33:34 | influence live streamers that are actually taking the time to trade in front of other people. The people in the chat will say, Oh, it's reversing, because it's |
| 186 | 00:33:34 --> 00:33:44 | done something like this, because they've read Steve Nielsen's books, or they have read some other kind of retail logic, and they think, Okay, this is, this |
| 187 | 00:33:44 --> 00:33:52 | is going to reverse. Now the only thing it's doing is exactly what you want to see it do when, when you're bearish, you want to see it run right back up, |
| 188 | 00:33:52 --> 00:34:00 | rebalance that. And if it didn't do it on this candle, the next candle, if it went and touched it, then I would expect speed and delivery to the downside. |
| 189 | 00:34:00 --> 00:34:12 | Okay, so when I'm prompting you in the live stream, and I'm making specific reference to watch this inefficiency, watch this fair value gap, pay attention |
| 190 | 00:34:12 --> 00:34:21 | to this wick. Those are prompts. That's me prompting you. Caleb, too. This is what I want to go back in and look at what it did later on, at the end of the |
| 191 | 00:34:21 --> 00:34:28 | day, or at the end of the session, not for you, it's for the end of the session, so by 11 o'clock, or something to that effect, all right, so we're in five |
| 192 | 00:34:28 --> 00:34:33 | minutes into the 10 o'clock hour. So we've had 35 minutes or so of opening range. |
| 193 | 00:34:40 --> 00:34:47 | We could not get all the way down to this run here on the 15 minute buy side and balance cell sound efficiency. So we took out relative equal lows. This low. I |
| 194 | 00:34:47 --> 00:34:56 | gotta make sure I slow down that way. You can see what I'm pointing to. I make this mistake, awesome, this low and this low. Upper left hand corner chart. So |
| 195 | 00:34:56 --> 00:35:07 | those two are relative equal. Those we have traded down through that, but we didn't close in the entirety of that buy side and balance sales on efficiency. |
| 196 | 00:35:07 --> 00:35:18 | Which is this candle right there? This big 15 minute candle, so that is seen with this little area down here. So let's say we're anticipating a turn in the |
| 197 | 00:35:18 --> 00:35:26 | marketplace. How can you study that? Well, we have an indication that it couldn't get all the way down to the buy side of downside inefficiencies low on |
| 198 | 00:35:26 --> 00:35:35 | the 15 time frame, we are seeing an initial run back to but look where the bodies are. So it hasn't proven anything yet. Even though we had a little wick |
| 199 | 00:35:35 --> 00:35:43 | here, the bodies are saying, No, it's not there yet. So sit still, relax. Don't try to catch the turn. Don't try to catch the bottom. Don't try to pick the |
| 200 | 00:35:43 --> 00:35:58 | bottom. It's you know, yet they say if you try to pick your bottom, you're going to get stinky fingers. So now watch the wick here. That's consequent |
| 201 | 00:35:58 --> 00:36:14 | encroachment right there at that 19,007 01, so I just leaned over. He said, as he did, so he gets Thank you fingers. This guy is jokes. |
| 202 | 00:36:19 --> 00:36:28 | So far, we're only working with the rejection block, which is the lowest down closed candle price, closing price. It swept that here, but we're still inside |
| 203 | 00:36:28 --> 00:36:37 | that 15 minute discount buy sign of balance, sales and efficiency, not trying to pick the bottom, not trying to pick the top, not we're not in any position right |
| 204 | 00:36:37 --> 00:36:46 | now. We're just watching and observing price, real relaxed, taking in information. If there's going to be something obvious, it'll be obvious, right |
| 205 | 00:36:46 --> 00:36:54 | now it's not. There's nothing in here that I would have expected my son to see and capitalize on. So that's the main takeaway from this. Caleb, is, while |
| 206 | 00:36:54 --> 00:37:01 | you're watching this, you might be looking to say, Man, I don't see anything. And that's normal. That's exactly what I want you to have that perspective, |
| 207 | 00:37:01 --> 00:37:04 | because nothing is there yet for your model, |
| 208 | 00:37:09 --> 00:37:20 | having a model, having a context, if you will, of what you're watching price for, if it's not in the price action, if the thing that You're trying to |
| 209 | 00:37:20 --> 00:37:30 | capitalize on trade on frame, a setup around, if it's not obvious in price action, why are you worrying? It's just indicating you're impatient. You're |
| 210 | 00:37:30 --> 00:37:37 | fearing a missed move, that someone else is going to probably come back later and say, This is what I did. And maybe they did do it most of the time. They |
| 211 | 00:37:37 --> 00:37:47 | probably didn't, all right, so we finally snapped through the 15 minute time frame. Dot 7000 efficiency. So now this inefficiency that we just traded through |
| 212 | 00:37:48 --> 00:37:57 | offer the opportunity for this to act as an inversion fair value gap. So now we can watch the lower end of this here. So that would look like this. We can take |
| 213 | 00:37:57 --> 00:38:08 | the, yeah, that's the midpoint on that level over here. So this level here is half of this shaded area. If it wants to return back in it's bearish. As long as |
| 214 | 00:38:08 --> 00:38:19 | it does not go back above that midpoint, it can wick to it and through it, but it's better for it just trades back up into here and falls from that not return |
| 215 | 00:38:19 --> 00:38:30 | to the upper half of it. I'm it. So you can see where we have a lot of the new day opening gap and new week opening gap. That's a big, big draw, because it's |
| 216 | 00:38:30 --> 00:38:41 | layered. They're all nested together. We have that new day opening gap from the 23rd and we have the night notice that 18th of August, new week opening gap. So |
| 217 | 00:38:41 --> 00:38:50 | a real nice setup would be something like watching it trade up into that 15 minute fair value gap that we traded finally through. And notice that |
| 218 | 00:38:50 --> 00:38:58 | milestonia, we were back here. Think I said, nothing's happened yet. You can't try to pick the bottom yet. Anybody tried to capture it along here, they got |
| 219 | 00:38:58 --> 00:39:05 | stinky fingers. Now you pick your bottom, you're gonna get shit on your hands, basically. So you have the body's telling you, no, we have not turned around |
| 220 | 00:39:05 --> 00:39:13 | yet. What is it respecting the fair value gap on that 15 minute time frame that I've been drawing your attention to? So while we did have that immediate |
| 221 | 00:39:13 --> 00:39:23 | rebalance here, and it rolled down, it came right back up to the high end of that 15 minute fair value gap, but did not close out of it. The bodies are |
| 222 | 00:39:23 --> 00:39:32 | saying, watch me. Hello. Neon sign. Nothing's happened yet. Everything is still in motion, going lower. So if that's the case, what are you looking for? What's |
| 223 | 00:39:32 --> 00:39:44 | below this 15 minute fair value gap? Well, we can have the new week opening gap and New Day opening gap. These levels in here, like I said last Friday, they're |
| 224 | 00:39:44 --> 00:39:54 | like a big black hole when they're nested together like that, like it's it's such a huge influence on drawing price to them. So, like I said, it would have |
| 225 | 00:39:54 --> 00:40:02 | been nice for it to offer a return back into that 15 minute fair value gap, or get into this sippy here, because. In this candles high and that candle is low, |
| 226 | 00:40:03 --> 00:40:10 | get up to that halfway point there. Say it fails to even touch that well, then it means it never would touch this. They will probably aggressively run down |
| 227 | 00:40:10 --> 00:40:13 | with large ranges and very sudden, quick delivery. |
| 228 | 00:40:19 --> 00:40:28 | Then you had to sell side below here on that low, which is 591 and three quarters. |
| 229 | 00:40:38 --> 00:40:41 | So that's an old low right here. |
| 230 | 00:40:46 --> 00:40:56 | Okay, you can see that price in the upper left hand corner. I'm gonna put the cursor Just underneath it. 19,591.75 I'm |
| 231 | 00:42:06 --> 00:42:19 | a mosquito in here, I'm trying to let it out the door. It's fine everywhere but the door that's wider than when I get to heaven, I'm gonna ask God, why did he |
| 232 | 00:42:19 --> 00:42:30 | create mosquitoes volume syringes to male they don't like but still, I don't mind them. |
| 233 | 00:42:35 --> 00:42:46 | That's something that would have been edited out of recorded video, by the way, or live. So that needs to be left in here, I guess. So so far, it's respecting |
| 234 | 00:42:46 --> 00:42:53 | the lower level of this wick here. I |
| 235 | 00:43:03 --> 00:43:14 | And I can tell you, and I said it last week, these lectures that I gave you this week are going to be the less, the less the least loved, liked or appreciated |
| 236 | 00:43:14 --> 00:43:22 | lessons. But when you go out and you try to use this information, and you don't study with the things I'm talking about in these you're going to have problems |
| 237 | 00:43:22 --> 00:43:30 | that are going to rise, and you're not going to be able to pull the information out with successful trades or ideas, or you're going to rush to try to make |
| 238 | 00:43:30 --> 00:43:38 | money before you really understand how to use the stuff. And later on, you're going to come back later on, probably months, years later, because you're going |
| 239 | 00:43:38 --> 00:43:46 | to try other stuff, and you're not going to do well with that. And you're going to think that, well, let me just see what I do. If I go back and listen to and |
| 240 | 00:43:46 --> 00:43:55 | you're going to think, wow, he said these things, and I fell victim of all that stuff. If I just would have listened to those lectures focused on slowing down |
| 241 | 00:43:56 --> 00:44:06 | demand, that price is giving you something that's obvious. Obviously you you don't have the information that you should have as a profitable trader or |
| 242 | 00:44:06 --> 00:44:15 | someone that's consistently able to do it correctly. So when I'm making annotations or talking to them about them, as we're talking about here, with the |
| 243 | 00:44:15 --> 00:44:22 | immediate rebalance, and then when it was traded just outside of that, I told you, look, nothing's happened yet. It hasn't turned we're not trying to pick the |
| 244 | 00:44:22 --> 00:44:31 | bottom yet. And this is telling you that we have proven with the bodies. It's telling you the narrative that nothing has changed. So the momentum and the |
| 245 | 00:44:31 --> 00:44:42 | delivery of price is lower. So all it's doing is returning to a premium level, which is the high of that 15 minute fair Vega, which we want to see it behave as |
| 246 | 00:44:42 --> 00:44:54 | an inversion fair value gap. It's showing that it's shown at signs here. But when we outlined this larger discount array being in the chart, when we brought |
| 247 | 00:44:54 --> 00:45:04 | it up like this, this is a target, but if you would leave. For it to trade to that level, that could be a model for you. But this right here is not indicating |
| 248 | 00:45:04 --> 00:45:12 | that we were turning us go back and listen to the stream, but those are the things that you have to watch that are problematic. So if you're looking for |
| 249 | 00:45:12 --> 00:45:22 | setups, if you ignore what price is doing, and you're not taking in the intel that it's providing to you, information that's going to be helpful to you, or |
| 250 | 00:45:22 --> 00:45:31 | canceling, if it nullifies any interest in the marketplace, you have to be thankful that you can take that out of price action and not look at it well, I |
| 251 | 00:45:31 --> 00:45:44 | missed a move. I hate that I missed a move. It's so frustrating. Why? If you're if you're brand new and you're trying to learn how to do this. It's normal for |
| 252 | 00:45:44 --> 00:45:53 | you to feel like it's not easy. It's normal for you to feel like it's never going to happen for you. That's a normal thing when you're trying to say, I |
| 253 | 00:45:53 --> 00:46:04 | should already be trading with real money profitably, sure. I mean, if someone picks up a golf club me because I eat golf it would be unrealistic for me to |
| 254 | 00:46:04 --> 00:46:13 | say, you know, I'm going to pick up a golf club and be able to putt or drive a golf ball like Tiger Woods, because I've watched Tiger Woods so many times on TV |
| 255 | 00:46:13 --> 00:46:20 | in the highlight reel, so therefore I should know how to do what he does and be able to do the same thing, because I've watched him do it so many times. And |
| 256 | 00:46:20 --> 00:46:27 | that's, unfortunately, the same misconception that a lot of students have because they've watched lots of ICT videos. And that's the that's not the same |
| 257 | 00:46:27 --> 00:46:37 | thing as watching Real Time price action and looking for the things that I teach as PDA, raise signatures in price how the characteristic of that price run is |
| 258 | 00:46:37 --> 00:46:46 | indicative of a sustained run, or is it just reaching for the next inefficiency or liquidity to make a reversal. There's a lot of things that you have to |
| 259 | 00:46:46 --> 00:46:56 | discern, and in the natural progression of going through that by watching price and not rushing yourself to know something you're you're learning every single |
| 260 | 00:46:56 --> 00:47:04 | time you're in front of charts. If you're watching price action with me live, or you're watching price without me, but you're just watching price, as long as you |
| 261 | 00:47:04 --> 00:47:14 | are managing your expectations and you're not trying to force the the idea of I need to be in a trade. I need to be in a trade. So therefore the outcome is the |
| 262 | 00:47:14 --> 00:47:24 | make it or break it, or success or failure. That's the grading of it. And if you're trying to grade yourself on that premise, you're going to be very hard to |
| 263 | 00:47:24 --> 00:47:36 | encourage to keep going forward. And it's not just my material that that mindset usually is adopted to whatever else they go and chase. So whatever method or |
| 264 | 00:47:36 --> 00:47:44 | whatever school of thought for trading they sit down in front of and they try to trade with they're going to fail at that too, because they first have to have |
| 265 | 00:47:44 --> 00:47:50 | the proper mindset. And that's what I'm trying to do at you Caleb, is relax. You remind you that you're not expected to trade like me. You're not expected to |
| 266 | 00:47:50 --> 00:47:59 | know every little fluctuation and be able to determine what it's going to do and how it's going to behave. That's not realistic. What is your what is your |
| 267 | 00:48:02 --> 00:48:13 | priority? Right now is number one to move slow. Let anything that becomes important to you manifest itself. It's gotta, it's gotta show itself in a chart |
| 268 | 00:48:13 --> 00:48:22 | and say, Okay, I see this, and this is causing me a concern or question, and I'm curious, or I have a doubt about something being there that maybe I should be |
| 269 | 00:48:22 --> 00:48:29 | looking at, that's all normal. And you write those questions down in your journal, and then when we sit down with each other on Saturdays, you'll be able |
| 270 | 00:48:29 --> 00:48:36 | to tell me, this is what it is. This is what's on my mind right now. And now I'll tell you, Well, this is what you do with this question or concern, or I'll |
| 271 | 00:48:36 --> 00:48:44 | answer it for you, or I'll tell you that's not even something that you should be worrying about, because there's going to be a lot of that stuff in the |
| 272 | 00:48:44 --> 00:48:53 | beginning, you know, worrying about the things are not important and beginning as a huge time waster. And while I do have a lot of content, and my videos tend |
| 273 | 00:48:53 --> 00:49:03 | to be long, it's meant to save you years of doing stuff that's not fruitful versus listening to a lecture. And if you were in college, say, I was a college |
| 274 | 00:49:03 --> 00:49:14 | professor, and I wasn't teaching trading, I was teaching, you know, economics, or I was teaching psychology, you'd have to hear me drone on and on and on. So |
| 275 | 00:49:14 --> 00:49:23 | why are you trying to short, you know, shortcut it all. You're here to learn it. You're trying to get a PhD in price action. So every time you sit down with me, |
| 276 | 00:49:23 --> 00:49:30 | that's what we're doing. We're focusing on the things that are going to be very important, things that you don't think are important right now. But when you |
| 277 | 00:49:30 --> 00:49:41 | start watching your trades in the future, like, for instance, you may have when we're looking like this, I guarantee you somebody out there was seeing this low, |
| 278 | 00:49:42 --> 00:49:48 | this low and this low, and they're thinking, Okay, that's a three drives pattern. And then they saw this big run like this, I say big, but it's not |
| 279 | 00:49:48 --> 00:49:55 | really, but it was sudden run right up in here. And then when this candle was bullish, it looked like it was a reversal to them, and they probably already had |
| 280 | 00:49:55 --> 00:50:03 | a trade being recorded. Sit and Go on social media and say, I did this against ICT. And they're doing all the wrong things too. They're trying to look right, |
| 281 | 00:50:03 --> 00:50:12 | instead of staying here and learning how to reprice action correctly. But I told you, the bodies were telling you, nothing has changed. Nothing has changed. And |
| 282 | 00:50:12 --> 00:50:20 | the only thing we've done is we've left this small little portion open down here on the 50 minute time frame, and we want to see that shaded area become a |
| 283 | 00:50:20 --> 00:50:30 | inversion fair value guy. So that means you use the high in the midpoint. It trades up to it. It rejects it goes to the lower half at that time. You don't |
| 284 | 00:50:30 --> 00:50:41 | ever want to see it go back above the midpoint. Ideally you want to see a trade. And once it leaves it here, go up and bump that wick into it and whip just below |
| 285 | 00:50:41 --> 00:50:50 | the midpoint, or consequent encroachment, and then leave in the very next fair value gap. Because we're on a one minute chart right now, if it were do |
| 286 | 00:50:50 --> 00:50:59 | something like that on a 15 second 32nd chart, 45 second chart, the first fair value gap, once it leaves the inversion fair value gap and it displaces outside |
| 287 | 00:50:59 --> 00:51:11 | of it, the very next 15/32 or 45 second fair value gap, once it trades into that institutional order for entry, drill, use that and then target the next sell |
| 288 | 00:51:11 --> 00:51:21 | side liquidity or inefficiency. And I told you last week that this is like a huge black hole, and we were up here and I said, it's going to draw into that. |
| 289 | 00:51:21 --> 00:51:34 | It's a very large magnet. Okay? It's gonna it's gonna suck price in. It's gonna gravitate to it. And there's nothing that you're gonna find in in retail logic |
| 290 | 00:51:34 --> 00:51:43 | that's gonna tell you that, but you you're learning it. And Caleb needs to target New Day, opening gaps and new week opening gaps for his draw on |
| 291 | 00:51:43 --> 00:51:53 | liquidity. So while we're not pressing a button today, we're not taking any trades today. We're not engaging price. We're observing, and you're watching how |
| 292 | 00:51:53 --> 00:52:06 | price behaves with a very weak gap, a very, very small, weak gap, and that's back here. So it's not, it's not all that terribly influential for me. The frame |
| 293 | 00:52:06 --> 00:52:15 | of bias around what I'm building for my son, is there other things that I have to trade with that information? Yes, but if I start pulling out every tool and |
| 294 | 00:52:15 --> 00:52:29 | every other thing I know, is he really learning that model? No, but having the expectation of navigating conditions that his model is not going to be excelling |
| 295 | 00:52:29 --> 00:52:44 | in. In other words, there isn't a trade for him yet. There's there's nothing for him yet, the breakdown out of this inversion fair value gap on the 15 minute |
| 296 | 00:52:44 --> 00:52:54 | time frame, there is no gap in here. 10 o'clock is here, right there. Okay, so he has to find a fair value gap. |
| 297 | 00:52:56 --> 00:53:05 | No fair value gaps. Small one there, nice one. It could have been there. I even talked about it live with you. I said it'd be nice to see it go up in there, |
| 298 | 00:53:05 --> 00:53:12 | because that would be a real nice model for it to shoot from here down to the new week opening gap, New Day opening gap that's nested here before it traded |
| 299 | 00:53:12 --> 00:53:24 | down there. Look at the bodies right on that high of The New Day opening gap from August 23 your support resistance lines aren't going to tell you that. |
| 300 | 00:53:24 --> 00:53:39 | Okay, your pitchforks, they're not going to tell you. They're not going to tell you that, okay? The the model that he's being pushed into like a mold, okay? |
| 301 | 00:53:39 --> 00:53:46 | He's my son. I can do that, but I am realistic, and I know that millions of you out there watching this are not going to be pressed in the same old It doesn't |
| 302 | 00:53:46 --> 00:53:55 | work that way. But for him, I have to give him a baseline Foundation. And I said to him, I said it to you openly, he may not stay with the fair value gap as his |
| 303 | 00:53:55 --> 00:54:06 | model, but it has to give him something to start with, and it makes him familiar with reading price action, so it gives him I gave the analogy, if I take, you |
| 304 | 00:54:06 --> 00:54:14 | know, five red apples and one green apple, and your challenge is to stand up, your eyes closed, and I throw all of them up in the air, and then you're told, |
| 305 | 00:54:14 --> 00:54:21 | open your eyes up and just grab the green one. Your eyes are going to open up and see all these things moving around, and you're not going to have the |
| 306 | 00:54:21 --> 00:54:32 | experience, the time and the skill level to go rates, rate for the green one, because our I go race goes right to movement. And we're watching price action |
| 307 | 00:54:32 --> 00:54:40 | all the time. If you're looking at live price action, you're you're constantly distracted with fluctuations in price, and you're like a dog in a in a meat |
| 308 | 00:54:40 --> 00:54:47 | market, where the first thing that can dangle within your distance of being able to bite it and eat it, that's what they're going to go after. It doesn't care if |
| 309 | 00:54:47 --> 00:54:55 | there's filet mignon. Over to the right, if there's a strip of bacon just hanging down long enough close enough of their snout that's sniffing almost lick |
| 310 | 00:54:55 --> 00:55:04 | it, they're going to go for that, the Wagyu beef. Okay. To the left. To them. They don't care about that. It's their first chomp. And I'm going to get |
| 311 | 00:55:04 --> 00:55:13 | something that's retail perspective. So the way you remove that and say, Okay, I want a choice cut of meat I'm going in to eat today. That's the intention. I'm |
| 312 | 00:55:13 --> 00:55:21 | going to go in and I want to take something, and I want to take my pound of flesh, but I don't want to go out there and just chase everything. So now, if I |
| 313 | 00:55:21 --> 00:55:31 | teach you to have the perspective of close your eyes, you only have been studying the green apple. That's your PDA, that's your not your PDA, your PD, |
| 314 | 00:55:32 --> 00:55:41 | your PD array. You want to have your focus keyed up your reticular activating system by doing what we're doing here, which is watching price action. You can |
| 315 | 00:55:41 --> 00:55:50 | see this by watching my recordings. You don't have to have real time data. Watch my old video recordings that I'm doing in live stream and study what price is |
| 316 | 00:55:50 --> 00:55:59 | doing. You don't even have to listen to me talk. Just study what price is doing and when it does certain things. Pause the video and then go into your charts |
| 317 | 00:56:00 --> 00:56:09 | and annotate that, dress that up so that way it's in your charts. It's in there. And you keep a running log of a template that has your observations every single |
| 318 | 00:56:09 --> 00:56:16 | day they're there. And as long as, long as you go back in time and you zoom out your chart that shows you this much information, your annotations will be there, |
| 319 | 00:56:16 --> 00:56:24 | and you refer to how it behaved in the delivery and building of the weekly range, and that's what you do on the weekend. But when the market is not |
| 320 | 00:56:24 --> 00:56:33 | providing your model, you don't feel any regret. You don't think. You don't say, Well, I'm throwing this model out because it didn't give me a setup today. Oh, |
| 321 | 00:56:33 --> 00:56:41 | this. This model is better. Trading inversion, fair value, gaps are better. I'm going to do that because that's what worked today in live stream for ICT, and |
| 322 | 00:56:41 --> 00:56:52 | Kayla's model doesn't have a setup yet, so doesn't that mean it's better than Kayla's model? No, that's a that's a myopic, toxic thought. You're trying to cut |
| 323 | 00:56:52 --> 00:57:04 | corners. You're trying to force your model to be in every day, every instant, every session. No, that's the problem. That's a problem within the way you're |
| 324 | 00:57:04 --> 00:57:14 | thinking, and you have to relax yourself and say, I'm only interested in price if it shows me what I'm looking for, and if it's not going to give it to me, |
| 325 | 00:57:14 --> 00:57:23 | that means I have to wait. And there's nothing wrong with that. You can't act like a child that sees the big sucker in the store aisle, and yes, it convinced |
| 326 | 00:57:23 --> 00:57:30 | its mother or father to buy it for them, but just because they have it now in the cart doesn't mean they get to eat it right now. So it's a matter of managing |
| 327 | 00:57:30 --> 00:57:40 | your expectations, controlling your impulsive nature that you want to do something and you're willing to break your model and abandon your plan just to |
| 328 | 00:57:40 --> 00:57:51 | be a part of something, and that is not conducive for consistently profitable. In fact, it creates such a huge matter of anxiety, second guessing yourself |
| 329 | 00:57:51 --> 00:57:59 | because you're not submitting yourself to watching price and say, this is the model I'm looking for, and I'm going to wait for that. And if it doesn't do it, |
| 330 | 00:57:59 --> 00:58:12 | guess what that means? I had no losing trade today. I didn't spend commission. I didn't have losing trade, but I had gained much more experience in patience, a |
| 331 | 00:58:12 --> 00:58:23 | lesson learned in patience, forging patience, fighting off Fear Of Missing Out FOMO, fighting off with the greed fighting off the the natural tendency to feel |
| 332 | 00:58:23 --> 00:58:37 | like you belong here. One of the ladies that have recently been commenting on the the content mentioned that I believe I don't want to say your name, because |
| 333 | 00:58:37 --> 00:58:51 | I'm afraid that they'll bring you know who you are, but the she said that she had folks being highly critical of her, and because it's more or less viewed as |
| 334 | 00:58:51 --> 00:59:00 | a man's industry. And I'm going to say this again, and I know the young men don't like this. They they say, I'm simply look that up. I didn't know. I'm 52 |
| 335 | 00:59:01 --> 00:59:14 | I'm usually I'm pretty close to what's going on, but I had to look up what something is. But my best students are women. My most profitable students are |
| 336 | 00:59:14 --> 00:59:23 | women. They have a vagina, okay? If that hurts you, if that bothers you, oh, that's your problem, okay? But they are more inclined to think like I'm trying |
| 337 | 00:59:23 --> 00:59:32 | to teach my son here is to not rush. They're not out there trying to, you know, show it to the, you know, the girls club, the Women's Club, the girls night out, |
| 338 | 00:59:32 --> 00:59:40 | The First Wives Club, okay? They're not out there saying, Look what I did today. Look how much more I did better than all of you. They're not doing that. They're |
| 339 | 00:59:40 --> 00:59:48 | trying to get good at it, because they want to be able to be independent. They want to be able to hold on to the ideas that they can do this without anyone |
| 340 | 00:59:48 --> 01:00:00 | else doing it for them. And weak minded men don't like that. They don't like that, and it's too much competition. And I'm telling you, okay, you. Women have |
| 341 | 01:00:00 --> 01:00:11 | a built in advantage in trading and investing, because they don't take silly risks and they don't trade with ego. That's why my best students are women, and |
| 342 | 01:00:11 --> 01:00:21 | that's why my best profitable students that have been longer term profitable than the males, because they are not trying to look smart on the internet. And |
| 343 | 01:00:21 --> 01:00:29 | you can borrow that logic gentlemen from them, the way they're thinking in terms of not trying to be aggressive, they're not trying to be better than everybody |
| 344 | 01:00:29 --> 01:00:37 | else. They're just trying to do it well enough that they are comfortable in their own skin as a trader. And it's hard for women to do this industry, because |
| 345 | 01:00:38 --> 01:00:53 | there you go. Look at the almost hit her. I always hated it. There. It is perfect. So when you have women trying to do this, and they're met with |
| 346 | 01:00:53 --> 01:01:04 | opposition from the very toxic male attitude that we're better than you, were barbarians, and you should be knitting. You should be making me a sandwich, like |
| 347 | 01:01:04 --> 01:01:16 | the lady said in the comment, which I thought was funny, the you have to relax and to say, there might be a woman out there that's going to be better than you, |
| 348 | 01:01:17 --> 01:01:30 | even at the highest form of your trading, where you think you've met the highest peak of your next one living and then got down here. And if that wrecks you |
| 349 | 01:01:30 --> 01:01:38 | mentally or psychologically, that as a woman out there is so much better than you, and you can't even do what they're doing, you have some growth there for |
| 350 | 01:01:38 --> 01:01:48 | you. That's an opportunity. But I don't ever see any ladies out there, you know, flexing and saying, I'm I'm better than this one. Well, that's not entirely |
| 351 | 01:01:48 --> 01:01:56 | true. I did see one. I did see one on Twitter last year, but, you know, I muted her, not physically, but I shut her down the way she was at because it wasn't |
| 352 | 01:01:56 --> 01:02:05 | ladylike and it was just toxic. But you don't usually see that, but the men absolutely and this is why I'm trying to tell my son, when you get good at this, |
| 353 | 01:02:06 --> 01:02:14 | you're you're literally going to feel like you want to go out there and smack people around, because maybe you saw something was said about me or the or what |
| 354 | 01:02:14 --> 01:02:19 | it is I've done my entire life. And women aren't usually like that, |
| 355 | 01:02:21 --> 01:02:32 | and that's why they make the most money. That's why they're better traders. They have far less executions. They have far less fluctuations in their PNL, and |
| 356 | 01:02:32 --> 01:02:42 | their equity curve is much, much smoother because they're not they're not impulsive in a manner like a maintenance because we have to show that we can do |
| 357 | 01:02:42 --> 01:02:50 | it. We have to do it. It's in our nature. We have to prove it. We have to prove that we can do it where women generally, because of their their mindset and the |
| 358 | 01:02:50 --> 01:03:02 | way they're wired, they want stability. They want continuity. Think like they're they're naturally. They're naturally made and created as the person between us, |
| 359 | 01:03:02 --> 01:03:11 | the two sexes, and there's only two of them. When they're birthing a child, they have the the miracle in them that they can produce that and produce another |
| 360 | 01:03:11 --> 01:03:19 | person, and before that child is born, they're nesting. And I know this by experience, because I've had multiple children. I have five kids, and I've seen |
| 361 | 01:03:19 --> 01:03:29 | how a woman changes, and there's a level of responsibility that kicks in, that when I was a young dad, I didn't have that. I was I was scared. I was like, Am I |
| 362 | 01:03:29 --> 01:03:36 | ready for this? She's not worried about this. She's like, I gotta get the house ready. I gotta get this ready. We gotta do this. We gotta do it. And she knew |
| 363 | 01:03:36 --> 01:03:43 | exactly what needed to be done, how it needed to be done. And my mind was just swirling around. Am I really ready for this? See, that's the thing. And in |
| 364 | 01:03:43 --> 01:03:52 | trading, it's the same thing that happens when price is moving around, gyrating, delivering price. Men are like, what's going on, what's going on? And the woman |
| 365 | 01:03:52 --> 01:04:01 | is saying, is there something for me to do right here? Because I'm not trying to do things that are outside of what's my responsibility right here. My |
| 366 | 01:04:01 --> 01:04:11 | responsibility is my model, and women tend to and I've trained a lot of people over the years, women tend to be more responsible. They're more principle |
| 367 | 01:04:11 --> 01:04:20 | oriented. They're much more acclimated to following rules and procedures and sticking to them where men are like, I'm going to try to reinvent the wheel. I |
| 368 | 01:04:20 --> 01:04:27 | don't want to listen to this other guy. I want to make it my own. I'm going to change it a little bit, and the women don't do that. And if you look at the |
| 369 | 01:04:27 --> 01:04:37 | statistics, the women are making more money, the women are better traders. And that might hurt you if you're a meme, if you're a young, 20 year old, or if |
| 370 | 01:04:37 --> 01:04:48 | you're a teenager, and you feel like, well, I couldn't learn from a woman. Well, when I bought street smarts book, I recognized that that was a woman that co |
| 371 | 01:04:48 --> 01:04:57 | authored that book. I didn't know who she was. I just noticed that that was a woman that wrote that book. I didn't have any initial trepidations about that |
| 372 | 01:04:58 --> 01:05:09 | and her. Four comments in that book helped me understand stop runs and stop hunts that because I didn't understand before, and I could be out here saying, |
| 373 | 01:05:09 --> 01:05:18 | Oh, I never learned from one. But that woman gave me one of the biggest insights I've had about reading why I was losing in trades. I didn't understand that that |
| 374 | 01:05:18 --> 01:05:27 | was a thing. I just thought I was just doing it wrong, and that's the all there was to it. So you have to be real careful Caleb in the beginning, by trying not |
| 375 | 01:05:27 --> 01:05:35 | to mold an expectation on yourself that you have to be better than the next person. You don't have to live up to Dad's ability. You don't have to even do |
| 376 | 01:05:35 --> 01:05:48 | one percentage of of it. It's your progress is important, and where you go as a trader, you you could be better than me, because I'm teaching you these lessons |
| 377 | 01:05:48 --> 01:05:58 | where so many people don't realize they waste time worrying about stuff like this. And if you don't build those toxic thoughts, and if you don't build these |
| 378 | 01:05:58 --> 01:06:09 | Olympic level feats that you have to live up to because you want to be able to be looked at in the community as a pillar, as a Titan, as a as a legend. Don't |
| 379 | 01:06:09 --> 01:06:17 | worry about those things. Those things are not important. They're not going to make you more money. They're not going to make you trade better. In fact, if you |
| 380 | 01:06:17 --> 01:06:23 | look at those types of things, it makes it harder for you to trade, because you have to live up to the expectation. The women in this industry, they're not out |
| 381 | 01:06:23 --> 01:06:29 | there trying to live up to any expectations. They're not trying to be superheroes. They're not trying to be Wonder Woman of trading. But think about |
| 382 | 01:06:29 --> 01:06:38 | how every man wants to be Superman. They all want to be impervious to losing. Never happens to them. They never call it wrong. They don't have a kryptonite. |
| 383 | 01:06:39 --> 01:06:45 | But if you're Superman, you're always going to have a lux Luthor. You're always going to have a villain. You're going to have a Legion of doom that's going to |
| 384 | 01:06:45 --> 01:06:53 | be coming after you. And if you entice enough people to pay that much attention to you and make it about image, they're going to troll you. They're going to |
| 385 | 01:06:53 --> 01:07:01 | cause you to second doubt certain things. And then when you do anything in the future, it's going to be measured on what are they going to think about me |
| 386 | 01:07:01 --> 01:07:13 | versus what does my model say? Should I be doing anything here? Should I be trading at all today? That's the right perspective, and women tend to do that |
| 387 | 01:07:13 --> 01:07:30 | better than men. So in my opinion, women are better traders, period. Convince me otherwise. So is 1038 All right, I'll talk for two more minutes, and I'm going |
| 388 | 01:07:30 --> 01:07:41 | to close this one. What I want you to do in this Caleb, is go through all the delivery on the one minute chart, the five and the 15 minute time frame. Match |
| 389 | 01:07:41 --> 01:07:50 | up everything that any kind of retracement, any up close candle, every up close candle, rather on a one and five minute chart, you want to find the reference |
| 390 | 01:07:50 --> 01:08:01 | point on the 15 in relationship to where it's reaching, where it's trade to here. I want you to know every inefficiency, all the ones that stayed open. And |
| 391 | 01:08:01 --> 01:08:13 | I want you to know where we close at noon, with the closing prices at noon and everything prior to that is the am session run. I want you to study all that and |
| 392 | 01:08:13 --> 01:08:22 | share with me this evening your observations. Tell me what you see, and obviously those things will be shared with the folks on your on your YouTube |
| 393 | 01:08:22 --> 01:08:36 | channel, but nothing in here should have caused you to feel like I need to chase it. It should have been fun watching it gravitate down to this new day. Opening |
| 394 | 01:08:36 --> 01:08:46 | gap, nested with the new new weak opening gap. We had a level here, and we outlined on the 15 minute time frame. Old low, they traded at and accelerated |
| 395 | 01:08:46 --> 01:08:58 | down through next candle opens, wicks up, overlaps, the new day, opening gap, and then the acceleration to the downside. So in closing, let's take a quick |
| 396 | 01:08:58 --> 01:09:02 | look at the five minute I'm |
| 397 | 01:09:18 --> 01:09:34 | I don't like these kind of lessons. ICT, okay, you won't do well. Then you want to take a screenshot like that, annotate your observations and sell side here. |
| 398 | 01:09:37 --> 01:09:47 | If it's in a time frame, you want to annotate your observations on this with that chart like that, I. |
| 399 | 01:10:00 --> 01:10:11 | And just for my own personal taste, I want to see what it looks like on a 60 minute chart for our |
| 400 | 01:10:16 --> 01:10:25 | right here, into the afternoon and to overnight, going into tomorrow, you want to have this, |
| 401 | 01:10:32 --> 01:10:40 | that sell side and then this buy side, and balance cell sign efficiency, what is going to be important for me? Now this is me taking tailor out of the equation, |
| 402 | 01:10:40 --> 01:10:51 | just for the sake of him and all of you watching this delivery here, on that one single candle overlaps this single candle right there. Normally, this would be |
| 403 | 01:10:51 --> 01:11:03 | viewed as a balanced price range, because it's offered sell side and then over here starts at the same level here, here buy sides and offered. So this range is |
| 404 | 01:11:03 --> 01:11:15 | sent lower and back up. So it's offered both sides. If it starts to go into this and it's filling it with speed, then we have changed in in a degree that's going |
| 405 | 01:11:15 --> 01:11:24 | to start sending us lower for weeks, not just a day or two. So that's what I'm using this information here. I want to see if we can get into this area. Is it |
| 406 | 01:11:24 --> 01:11:33 | doing it fast? Because it should not do it fast. So you look at this and say, Oh yeah, this is one of those areas where it's open traffic. Okay, it's gonna be |
| 407 | 01:11:33 --> 01:11:40 | easy for price to get down into that, not if you're looking at it at the same time there's delivered like that. If it does it quick, if it trades down in |
| 408 | 01:11:40 --> 01:11:50 | here. It does it quick. That's indicating that we have turned the corner up here. And then we're probably going to want to trade lower. I want to low on a |
| 409 | 01:11:50 --> 01:11:59 | higher Time Frame. There's a lot of interest, especially with all the stuff that's going around the world. There's a lot of W, A, R, U, paying attention |
| 410 | 01:11:59 --> 01:12:13 | going on. And right below here, I see that getting attacked before we get to the holidays. And that's a, you know, it's a big move, so kind of like showing you |
| 411 | 01:12:13 --> 01:12:25 | my cards, if you will. But it has to do about this outlined, moments ago. So we traded below there. Next sell side of any importance is here, because this is |
| 412 | 01:12:25 --> 01:12:34 | already upset those relative equal those as well. So that is key. Sell side liquidity, this inefficiency, we have to watch going forward, if we can get into |
| 413 | 01:12:34 --> 01:12:47 | that. And let's just put it on the charts table. It's there. And then I'm done for today, all right? And then change that to like, Luca, that's a discount, |
| 414 | 01:12:51 --> 01:13:02 | right? And that's the business for today. I promise you, these lectures this week won't feel sexy. They won't be like, Wow, that was a barn burner, like |
| 415 | 01:13:02 --> 01:13:12 | we've been doing for the first three weeks. But these are the parts that are going to help you the most, because me coming out here demonstrating ability and |
| 416 | 01:13:12 --> 01:13:21 | crowds and calling trades out. There's lots of things I could show that are not in his model today, and I would look great, and people would leave comments, and |
| 417 | 01:13:21 --> 01:13:35 | it'd be a sugar Fest in coma inducing, you know, loving comments all over the place. I had three or four of them. I said, you know, one of us, stfu, some |
| 418 | 01:13:35 --> 01:13:43 | punk, and he you get to say something at one time. But the the majority was, everything else is really, really nice. And a couple other people are like, you |
| 419 | 01:13:43 --> 01:13:51 | know, it's they're still confused. Well, if you just sat down and started learning it, that's a normal feeling. No one learns how to do it right away. |
| 420 | 01:13:51 --> 01:14:03 | It's not something that's going to be easily learned. But we don't have a time limit on this, because it's my son, so I'm putting him through the ropes the way |
| 421 | 01:14:03 --> 01:14:12 | it should be, how it should be done, and I'm giving him all of the reminders that it's normal for you to sometimes feel like you didn't get something out of |
| 422 | 01:14:12 --> 01:14:21 | this, but if you look at it, that you're not trading with real money before you should have and you didn't lose anything. So what are you doing? You're keeping |
| 423 | 01:14:21 --> 01:14:31 | yourself from picking up toxic thinking. You're looking at it properly. You're observing price. We had objectives. We were watching price and it delivered. |
| 424 | 01:14:31 --> 01:14:44 | That's how you should feel about it. You should feel that we were able to see where it could gyrate to where it could reach to that was here, from here, soon |
| 425 | 01:14:44 --> 01:14:52 | as we saw that this, the bodies were not indicating that we were going to leave the fair value gap on the 15 minute time frame, bullishly, leaving it going |
| 426 | 01:14:52 --> 01:15:03 | higher. Your eye is still looking for sell side liquidity. Your eye is looking for discount arrays. You're looking for. Discount inefficiencies, that's all |
| 427 | 01:15:03 --> 01:15:14 | this stuff here. And when you're new, you don't have the ability to find a trade right away. And before that, you don't even know where it's going. Where can it |
| 428 | 01:15:14 --> 01:15:25 | likely draw to? How do you know that? How do you know when the market's not likely to continue running as I indicated in here, 123, drives. Or in the book |
| 429 | 01:15:26 --> 01:15:39 | street smarts, they call it three, three Indians. Why are they not getting chasing police to tell them that they renamed a three drives pattern, right? But |
| 430 | 01:15:40 --> 01:15:47 | there's logic in reading price action like this in a relaxed state where you're not trying to impress anybody, not trying to press a button, you're taking |
| 431 | 01:15:47 --> 01:16:00 | information, you're collecting it, and you're observing. You're going to look back at this price run here, 3456, months from now, if you've done it, if you |
| 432 | 01:16:00 --> 01:16:09 | took the time to go through and look at the observations you make today, and make that in your journal, and then when you look at it half a year from now, |
| 433 | 01:16:09 --> 01:16:18 | six months from now, next summer, when you're looking at price action, you're going to see so many things that you don't see right now, and it's going to be |
| 434 | 01:16:18 --> 01:16:29 | so obvious to you that it's there, but you can't recognize it right now, and it may be your second or third model that you see. You don't have to have just one. |
| 435 | 01:16:30 --> 01:16:40 | I have models that I work within in markets that are choppy, listless, type lethargic price action, and I have models that will do very, very well in that, |
| 436 | 01:16:41 --> 01:16:52 | but they won't work well in trending models. If I know the market's likely to trend, I got three or four models that do very, very well at that. I have models |
| 437 | 01:16:52 --> 01:17:00 | that are focusing on reversals. I have models that trade the market maker buy and sell models. I have models that simply trade intraday volatility, and I'm |
| 438 | 01:17:00 --> 01:17:08 | buying and selling all day long, up down, up down, up down, up down. That's enigma. I don't need a bias for that. I don't need long term draws on it. I |
| 439 | 01:17:08 --> 01:17:20 | don't need anything. I don't need any PD arrays. I don't need any of that stuff for that. But to communicate in a language, for you, My children, to understand |
| 440 | 01:17:20 --> 01:17:27 | it, and for anyone that wants to make themselves available, to learn it with them, this is the language I've created, so that way you can see it, learn it, |
| 441 | 01:17:28 --> 01:17:37 | and then go into price action using that language, and then you will see what your model is. And it's not me pushing you to it. Think about what we show so |
| 442 | 01:17:37 --> 01:17:47 | far, we have the optimal trade entry, which was the longest running flagship setup on my YouTube channel. And then you had my daughter's model, 2022 then you |
| 443 | 01:17:47 --> 01:17:55 | had silver bullet, which is Cameron's model. And now you're seeing that the new day opening got new week opening gap with a fair value gap. The first |
| 444 | 01:17:55 --> 01:18:07 | presentation of that, that's Caleb's model. So silver bullet's always there. Every single day, silver bullet's there. I've seen a couple people putting |
| 445 | 01:18:07 --> 01:18:17 | videos out saying they don't work anymore. They changed it again. I don't want to have the conversations anymore, because, number one, it's obviously |
| 446 | 01:18:17 --> 01:18:28 | discounted. And you can discard that logic by simply going in with the right way of looking at what it's doing. But they want it to be perfectly easy, and |
| 447 | 01:18:28 --> 01:18:35 | because they can't do it, they want to put the message out there, because that way, their followers don't expect them to try to be able to do it effectively, |
| 448 | 01:18:35 --> 01:18:44 | because they're saying it's changed. It's not changed. Nothing's changed. The date is changing. Your calendar date is changing the logic of making these |
| 449 | 01:18:44 --> 01:18:52 | markets go up and down. That's never changing, and you should be comfortable, comfortable accepting that it doesn't mean that you're going to be able to |
| 450 | 01:18:52 --> 01:19:01 | engage with price action every single day with your model. You might see a setup form, and you might second guess it and not take it and it runs. How are you |
| 451 | 01:19:01 --> 01:19:12 | going to feel about that? Caleb? Are you going to be mad that you doubted yourself? And then it ran, and you could have made money, you could have done |
| 452 | 01:19:12 --> 01:19:19 | something to impress dad. You could have said, Look at this, dad, but you didn't do anything, and now you're thinking, I don't have anything to show him, |
| 453 | 01:19:20 --> 01:19:30 | and I'm releasing that for you right now. You do not do that. What's impressive to me is you didn't feel comfortable taking the trade, even though you saw it, |
| 454 | 01:19:30 --> 01:19:39 | you didn't feel comfortable with it. Something about it didn't feel right, and you didn't press into it. You've monitored price, and it delivered. The takeaway |
| 455 | 01:19:39 --> 01:19:48 | is you controlled yourself. You didn't break the model. You didn't chase price after it started moving after your model spoke. That's what I'm impressed by. |
| 456 | 01:19:48 --> 01:19:57 | I'm impressed by that you saw that it was there. I'm impressed by that that's normal progress. That's the thing that you should be focusing on. But |
| 457 | 01:19:57 --> 01:20:04 | unfortunately, we as humans, we do not want. See it like that. We look at it as we missed money, we missed an opportunity, and I'm an idiot because I couldn't |
| 458 | 01:20:04 --> 01:20:12 | take my model, and that's what you don't and you beat yourself up verbally. You're driving to and from work thinking about what you could have did right |
| 459 | 01:20:13 --> 01:20:22 | versus the things I'm telling you that dad sees that you will be doing right, and I'm pleased by because that's the stuff that keeps you in this industry long |
| 460 | 01:20:22 --> 01:20:30 | enough for you to get the experience to be consistently profitable, and the experience that you glean over time will help you fare it out picking the right |
| 461 | 01:20:30 --> 01:20:38 | ones that you want to be a part of. There's going to be times when your model is going to say, Yep, it's a it's a time that's right, it's there, and you're going |
| 462 | 01:20:38 --> 01:20:45 | to say, You know what the daily chart, what it's been doing, what we got in that kind of calendar later today or later in the week. I'm not touching this one. |
| 463 | 01:20:45 --> 01:20:53 | I'm just going to watch it, and if it moves great, I'm entertained by that. It just gives me one more little nudge of for surety that I know what I'm doing and |
| 464 | 01:20:53 --> 01:21:01 | what I'm looking for. But if you make every fluctuation in every single time you sit in front of charts about making money before you know how to make money, |
| 465 | 01:21:01 --> 01:21:12 | you're going to lose money, and that will repeat all the time, and the only thing you're going to get from that is regret, toxic What if thinking? And |
| 466 | 01:21:12 --> 01:21:21 | you're going to be fearful to take setups in the future. You're going to be fearful that it won't work because you are forcing inexperience to deliver |
| 467 | 01:21:21 --> 01:21:32 | Olympic feet results. And that doesn't ever work. It never works. So when dad tells you this, relax, don't look for these things to be I have to show that I |
| 468 | 01:21:32 --> 01:21:41 | can call it. When it got to the right fair value gap, and it went to where I thought I was going to go, that will come. I know that will come, but that will |
| 469 | 01:21:41 --> 01:21:51 | come as a result of you doing this. Relax. Watch price. It reaches to the levels we understand we are looking for the gravitate. How did you feel as price was |
| 470 | 01:21:51 --> 01:21:59 | dropping down here, some of you watching that are eavesdropping in our conversation. Here, you've been invited, nonetheless, but you're still |
| 471 | 01:21:59 --> 01:22:07 | eavesdropping. How did you feel as price was dropping? Did you think, Wow, I can't drop any more than that. Oh, it's probably done. It's it's probably done |
| 472 | 01:22:07 --> 01:22:13 | now it's going to start going. Did you have any moments like that? They're wonderful opportunities to go in and annotate that's what you thought was |
| 473 | 01:22:13 --> 01:22:26 | happening at the time, and then study what price actually did, what signatures were there to indicate that nothing had changed. Nothing changed. We went down |
| 474 | 01:22:26 --> 01:22:40 | and stopped with the bodies here. We went outside of the new week, opening gap right into a up close candle that right there, that little retracement and break |
| 475 | 01:22:40 --> 01:22:50 | down right there soon as you cross over. That that's an that's another indication that liquidity is being offered to the downside. That means we're |
| 476 | 01:22:50 --> 01:22:59 | still in a cell program. That means that sell side is still the mode of delivery. Lower prices, in other words, and the market just simply goes right |
| 477 | 01:22:59 --> 01:23:11 | back up to that one more time, when anybody looking at this, maybe, if you put an indicator like RSI or CCI or MACD, any kind of momentum indicator, I bet you |
| 478 | 01:23:11 --> 01:23:21 | that there is some measure of bullish divergence with these lows. And if you're watching indicators like that, stochastic, something to that effect, you get |
| 479 | 01:23:21 --> 01:23:28 | tricked into thinking, Okay, it's done. Look how much it's moved so and you start seeing divergence and momentum indicators like that, then, oh, it's, it's |
| 480 | 01:23:28 --> 01:23:42 | definitely done. And I lost so much money doing it in 1992 1993 1994 trading with divergences, thinking that it's, it's done because it's diverging. It's, I |
| 481 | 01:23:42 --> 01:23:50 | mean, it has to follow what the indicator says, right? And it doesn't, it doesn't respect it at all. Okay? But if you start looking for trend following |
| 482 | 01:23:51 --> 01:23:58 | type two divergences, that means on your momentum indicator, if you look at the high here, in the high that's made in your indicator, I'm telling you how to use |
| 483 | 01:23:58 --> 01:24:07 | retail logic with my stuff behind it. My stuff makes your retail stuff work, because this is the market, and it's going to very it's going to sound very |
| 484 | 01:24:07 --> 01:24:13 | condescending and arrogant. Did you just hear this guy? Yeah, I said, what? I said, go back and Rowling, didn't listen to it. But the short term high here and |
| 485 | 01:24:13 --> 01:24:21 | this lower high here, you're going to see your momentum indicators are going to have a higher high reading here versus that one. And that's a type two trend |
| 486 | 01:24:21 --> 01:24:30 | filing, or which is called as a hidden divergence. And Nick van nice was the author and creator, and he's the one that gave it to this trading industry. It |
| 487 | 01:24:30 --> 01:24:37 | was not George lane, and George Lane didn't invent stochastics. Okay, so these are all things that are promoted in books. And just people here and they read in |
| 488 | 01:24:37 --> 01:24:43 | other books, they think, Well, this is That's the history. This is what it really was. And you don't know anything when you have that stuff. And that's |
| 489 | 01:24:43 --> 01:24:51 | what you're seeing. You're seeing a wave of smart money concept books being written by clueless individuals on Amazon trying to get their little mark in |
| 490 | 01:24:51 --> 01:24:59 | history, and they're just basically going to be a shit stain in the underwear of trading. They're literally out there making fools of themselves, because when. |
| 491 | 01:25:00 --> 01:25:07 | And the real logic is shared. It's going to be a glaring, obvious spotlight placed on their ignorance, but it's a cash grab. They gotta pay their credit |
| 492 | 01:25:07 --> 01:25:14 | cards off. They got student debt. I get it. You gotta pay your bills. I got it, but you're not going to be a pillar in the industry. You're not going to be a |
| 493 | 01:25:14 --> 01:25:26 | giant. No one's going to care about your book, because it's going to be toilet paper and rushing to do things like that, versus sitting down with a notepad and |
| 494 | 01:25:26 --> 01:25:39 | listening to the old man, listen to me. My goal is for you to do well and learn it correctly. Casper, SMC, young man, I think you probably put more ICT content |
| 495 | 01:25:39 --> 01:25:53 | out than anybody else besides myself and you've recently made a video like all the streets of ICT trade setups in 19 minutes, you're teaching something in your |
| 496 | 01:25:53 --> 01:26:03 | diagram the change in a state of delivery. You have that on the lowest down, close candle. That's wrong. It needs to be on the highest succession down, close |
| 497 | 01:26:03 --> 01:26:10 | candle. So that's wrong. Even in your diagram, you can see prices right to the opening price of the second highest down, close candle. That's the change in the |
| 498 | 01:26:10 --> 01:26:18 | state of delivery. Okay, that's the order block. So fix that, re upload your video, or make a overlay and correct yourself, because that's not right. But I |
| 499 | 01:26:18 --> 01:26:27 | was going to leave the comment, but I thought that would be rude, but this way everybody can go and watch you and get some ad revenue off of it, but correct it |
| 500 | 01:26:27 --> 01:26:38 | because it's not right. So the the main takeaway is for the lecture today is for you to slow down, observe price when it's not obvious and your model's not |
| 501 | 01:26:38 --> 01:26:47 | speaking to you. Caleb, don't force anything. Don't try to reverse it. Don't try to force a setup. Don't try to chase something else. Don't reach for another PD |
| 502 | 01:26:47 --> 01:26:56 | array of dad, well, I can't find my model today, so I'm going to I'm going to trade order box, or I'm going to trade optimal trade entry, or I'm going to use |
| 503 | 01:26:56 --> 01:27:05 | something else. Don't do that. That's one of the biggest things that my paid students made the mistake of trying to do they don't have the wherewithal to |
| 504 | 01:27:05 --> 01:27:14 | stick with the model. That means being comfortable with their model, not giving them a setup. Today, it's not an everyday make money when you're brand new and |
| 505 | 01:27:14 --> 01:27:24 | you don't know what you're doing. That is not the right mindset. And people that tell you that they're fools, they're absolute fools. And if they get lucky, to |
| 506 | 01:27:24 --> 01:27:35 | force something in those environments, what they have done is they've rewarded bad thinking. They've rewarded impulsiveness. And that's exactly what a gambler |
| 507 | 01:27:35 --> 01:27:44 | feels when he goes to the casino and he thinks he's lucky and he goes home without money, he goes home with regret, but guess what? He's going to get |
| 508 | 01:27:44 --> 01:27:52 | comped a free room so he can go back out there again and give them more money. And he's going to take that as an indication to the universe is telling me, I'm |
| 509 | 01:27:52 --> 01:28:00 | lucky. Look at this. They gave me a really good comp, and I even got a show ticket too. I got to fly out there again, not realizing that they haven't made |
| 510 | 01:28:00 --> 01:28:08 | any changes that's going to make them better at gambling. They just think that everything's going to work out for them. And that's exactly what people do when |
| 511 | 01:28:08 --> 01:28:16 | they're watching price action. They zone out like a deer in headlights, and they think, Well, you know, my model's not here, so what else do I do? You sit still |
| 512 | 01:28:17 --> 01:28:30 | and you log how difficult it was for you to sit still and at the end of the day, you didn't lose money. That's the win. That's the takeaway. You're never going |
| 513 | 01:28:30 --> 01:28:41 | to hear profitable traders that teach emphasize the importance of that. You're not going to hear it because it's all about getting into a move so that way you |
| 514 | 01:28:41 --> 01:28:51 | can high five each other. Look at my certificate. I got a funded account. Look at my payout. High five. That's what it's about. The engagement traffic, about |
| 515 | 01:28:51 --> 01:28:58 | how I have lots of people that are making money. I have lots of people passing funded accounts. I have lots of people getting payouts. I have lots of people |
| 516 | 01:28:58 --> 01:29:06 | trading real money accounts. And that's going on all day long, all the time. But I'm not cheerleading that |
| 517 | 01:29:08 --> 01:29:17 | the folks that come here, while that might be great for them, that they are making money, there's nothing that they can do by seeing someone else's success |
| 518 | 01:29:17 --> 01:29:26 | like that. It might inspire you like, wow, I want to be able to do that too, but I'm going to tell you the real behind the scenes feelings are, I can't get |
| 519 | 01:29:26 --> 01:29:37 | there, and I want to rush to get to that. That's what always happens my students that have been honest when they see other people in our groups be successful and |
| 520 | 01:29:37 --> 01:29:48 | they made money, it's almost like resentment. It's resentment, and it's easy to see why my community, the people that follow me, are the most abrasive and |
| 521 | 01:29:48 --> 01:29:57 | called toxic, because they're so in a race to keep up with the ones that are successful in my community, and when they can't get there as fast as they want |
| 522 | 01:29:57 --> 01:30:07 | to, they become very toxic and critical of everything. And it stems from not doing what I'm teaching this week. You have to relax. My results are not your |
| 523 | 01:30:07 --> 01:30:17 | results. You've never seen someone outline a $200,000 trade live ever. You've never seen that before, but you've seen it Friday. You saw that Friday. But |
| 524 | 01:30:17 --> 01:30:33 | there's some people that say it doesn't work. He called those sides of market. No, I did not. I did not. But you that are demanding, I need to know every day. |
| 525 | 01:30:34 --> 01:30:42 | I need to know the right ones that work only when it makes me money. And I need to know how to use a stop loss that's never going to get hit if you have that |
| 526 | 01:30:42 --> 01:30:49 | framework right now, this is the week that you want to spend the most time in, because you have a lot of character flaws that are going to and they're normal. |
| 527 | 01:30:49 --> 01:30:55 | Don't get me wrong. I'm not I'm not trying to beat anybody up that thinks like this, and I'm not trying to make you feel stupid. It's an opportunity to |
| 528 | 01:30:55 --> 01:31:06 | recalibrate, or to initially calibrate yourself with the right mindset. Because if you go into trading, if you go into trading with these things in your head |
| 529 | 01:31:06 --> 01:31:15 | that you're that you're putting so much emphasis on my model has to be executed every single day. I have to make money every single day. I got to be able to see |
| 530 | 01:31:15 --> 01:31:26 | my model when it presents itself. You might have a model of choosing, and it might not be this one here I have for Caleb. You might see a day where you |
| 531 | 01:31:26 --> 01:31:34 | didn't see it form, and then it starts running. Oh, I missed it. You know what that is? That's progress, but it isn't going to feel like progress when you |
| 532 | 01:31:34 --> 01:31:42 | first do it. It's going to feel like you failed, and you're going to feel like I don't want anybody to ask me how I did today. I don't want to go on social |
| 533 | 01:31:42 --> 01:31:49 | media. I'm not going to talk. I'm not leaving comments on my favorite friends, because if I stay on the radar, they're never going to ask me how was your day |
| 534 | 01:31:49 --> 01:31:59 | today. And you don't want to have to lie, but you will forced into a corner. You're going to say, Yeah, you know, my model did this. I did this. My model |
| 535 | 01:31:59 --> 01:32:09 | gave this many points, okay, but that's not trading it, and you know that. And now what you just they you just laid down scar tissue. You inflicted wounds on |
| 536 | 01:32:09 --> 01:32:22 | yourself. Your ego and your intellect has now been bruised. You did something with a transaction with people that don't care about you. They don't care about |
| 537 | 01:32:22 --> 01:32:28 | you. If you make money, they don't care if you lose money. They're going to be there to laugh about but after that, they're done. They're looking for something |
| 538 | 01:32:28 --> 01:32:39 | else, because it's all stimuli. So you have to have the right perspective what you're doing, why you're doing it. The outcome is not the goal, the process, and |
| 539 | 01:32:39 --> 01:32:47 | following that process that is the goal, because if you do those things correctly, the results will do what they're supposed to do. Keep stacking up in |
| 540 | 01:32:47 --> 01:32:57 | in positive the column. But if you don't have the right mindset going in and observing, okay, there's nothing for me to do right now. So sit still and be |
| 541 | 01:32:57 --> 01:33:06 | okay, and be comfortable knowing that that's fine, that's that's realistic for you to feel, well, you know, I'm looking for something, and it might not present |
| 542 | 01:33:06 --> 01:33:17 | itself today, or you just aren't on your game today. You're not dialed in, and it it runs, and it doesn't do anything to get you in. That's wonderful. You |
| 543 | 01:33:17 --> 01:33:27 | didn't lose money. That's, that's someone with 32 years of experience telling you that that's okay, it's good. It's good for you to not have lost money doing |
| 544 | 01:33:27 --> 01:33:37 | things that were silly. But if you've ever traded with real money, how many times have you done silly things like that? And you knew, wow, I wish I could |
| 545 | 01:33:37 --> 01:33:44 | just go back in time. I knew it wasn't anything in the market just, I just gave into that impulsiveness. I just want to push the button. Guess what? Women tend |
| 546 | 01:33:44 --> 01:33:55 | to do that less. Now, I do have students that are female, that have admitted that they've done that, but not to the degree that men do. I have so many |
| 547 | 01:33:55 --> 01:34:05 | students over the last 20 years that it's almost like the same person's writing them. They're not. I've received payments from a lot of them, and they're not |
| 548 | 01:34:05 --> 01:34:15 | same person, and their initial stages were very similar. I don't even know why I pushed the button. I was just I sat there. I don't know if it was being being |
| 549 | 01:34:15 --> 01:34:22 | bored or what it was. I just felt like something came over me, and I just pushed a button to get in. And I knew as soon as I pushed it, I should have never done |
| 550 | 01:34:22 --> 01:34:30 | it, but then it started working in my favor. I was like, Well, what? Yeah, wow, it's, it's really doing something, and it comes back on, and they lost money, |
| 551 | 01:34:30 --> 01:34:39 | and then that you're losing money when you follow your model. It's, it's measured risk, and it's something that you should be comfortable with if you |
| 552 | 01:34:39 --> 01:34:50 | lose if you're not ready to accept that. And I'm going to repeat it again, because it probably went right over your head. If you're not ready to follow a |
| 553 | 01:34:50 --> 01:35:02 | model, trust that this is the framework in which you're going to engage. Price place, a stop loss, a real stop loss, not a two. Handle stop loss something |
| 554 | 01:35:02 --> 01:35:11 | that's reasonable, that based on the structure in the marketplace you're in engaging with, it's reasonable for it to fluctuate around, but if it goes to |
| 555 | 01:35:11 --> 01:35:21 | that stop you're definitely wrong. That's why most people don't want to use a stop loss because what are they doing? They're defining a moment in price where |
| 556 | 01:35:21 --> 01:35:31 | they're wrong, and that just cut real deep right now, didn't it? You're uncomfortable. You want to turn the video off. You want to stop watching the |
| 557 | 01:35:31 --> 01:35:41 | stream right now, because I just pushed you into a corner like a bully and said, Give me your fucking lunch money. But you got to recognize that. You got to say, |
| 558 | 01:35:41 --> 01:35:53 | You know what, that's true. So that's an opportunity. How can I correct that? Well, I'm glad you asked. You have to learn how to read price action and know |
| 559 | 01:35:53 --> 01:36:02 | what your model is suggesting is likely to occur in price. And you cannot figure that out by watching my videos. You're just getting familiar with it, but you |
| 560 | 01:36:02 --> 01:36:10 | have to watch price action. You have to study it. You have to back test it. You have to log it and get comfortable seeing it. Many, many, many times. I take |
| 561 | 01:36:10 --> 01:36:20 | losing trades, folks, it's, it's, it's going to happen to you too, but I don't go into a market and think, man, what if I get stopped out all this stuff's |
| 562 | 01:36:20 --> 01:36:27 | going to go out the window if this trade fails, if this one stops me out, I might as well just throw all this stuff away and just start trading bollinger |
| 563 | 01:36:27 --> 01:36:40 | bands. That's never going to happen. But the point is, is when you're when you're forced to come to the root decision making catalysts of using a stop |
| 564 | 01:36:40 --> 01:36:52 | loss, a trader without a model, without experience that should not be trading with real money yet to implement and use a stop loss, which is what you always |
| 565 | 01:36:52 --> 01:37:00 | should do. You should never be trading without stop loss, ever. I don't care what anybody tells you, you're an idiot. If you're trading without a stop loss, |
| 566 | 01:37:01 --> 01:37:12 | you're literally saying, I don't care how much it wants to hurt me, I'm here for it. That's what you're saying. And that's not somebody that's managing risk, |
| 567 | 01:37:12 --> 01:37:22 | right? And that, to me, is crazy, but if you're saying to yourself, I'm going to implement a stop loss on my trade using the model that I'm trying to engage |
| 568 | 01:37:22 --> 01:37:33 | price with, I'm placing my stop at this price level, whatever it is. When you do that, you're essentially saying I am wrong if it goes here, and I'm okay with |
| 569 | 01:37:33 --> 01:37:45 | being wrong and I'm okay paying for this experience. I'm going to college in this trade. I'm going to a seminar that I had to pay a fee for listening to a |
| 570 | 01:37:45 --> 01:37:55 | professional. Okay, you're using the same logic there. It's costing you something, but that stop loss is doing a whole lot more in it. It's defining the |
| 571 | 01:37:55 --> 01:38:08 | very moment that you as a man or woman, a trader in the pursuit of success, that you're wrong, and some of you think that you're going to be the person that |
| 572 | 01:38:08 --> 01:38:21 | never does it wrong. So how do you avoid it? Don't use a stop loss. I'm never wrong then, but you're always blowing out. You're always failing your |
| 573 | 01:38:21 --> 01:38:29 | challenges, and you're always losing your funded account. That's what keeps happening. Because you don't want to lose use a stop loss. You don't want to |
| 574 | 01:38:29 --> 01:38:36 | admit that you're wrong about that trade idea, and you don't want to use a leverage that is reasonable, that if you do get stopped out, yeah, you're wrong |
| 575 | 01:38:36 --> 01:38:44 | on that trade, and it didn't take more from you, so you can still take another one that could yield easily, three to 410, times what you just took as a stop |
| 576 | 01:38:44 --> 01:38:44 | loss. |
| 577 | 01:38:46 --> 01:38:52 | But you're not thinking that way initially. You're thinking, I'm going to make money. I want to get a payout. I want to pass the final account challenge. I |
| 578 | 01:38:52 --> 01:39:00 | want to show everybody my certificate. I want to get handshakes from everybody and out of boys and out of girls on social media. That's what you're trading for |
| 579 | 01:39:01 --> 01:39:10 | versus I want to protect my equity. I want to be in this longer than just today or next week or this month or this summer or this year. And my goals are, I want |
| 580 | 01:39:10 --> 01:39:20 | to be able to replace my income. I want to be able to pay my car note every month on this I want to be able to pay grocery bill, not I want somebody else to |
| 581 | 01:39:20 --> 01:39:27 | tell me I'm I'm doing good, because doing things in trading for those types of results, you're going to break rules, you're not going to follow your model, |
| 582 | 01:39:27 --> 01:39:35 | you're going to over leverage because you're trying to impress and I don't want you thinking like that. Caleb, that's why your rules are. You can only trade |
| 583 | 01:39:35 --> 01:39:42 | with one contract. That's why you're going to be trading with a micro contract first, because you're not trying to impress me with how much you're making. I |
| 584 | 01:39:42 --> 01:39:53 | got plenty of money. You know that I impressed by money. I'm impressed by skill set, following rules and being responsible and honest with what you're trying to |
| 585 | 01:39:53 --> 01:40:02 | do. So when you get stopped out and you start trading, I'm not going to ever look at you and say, What a failure. I'm going. Thankful that you use the stop |
| 586 | 01:40:02 --> 01:40:11 | loss. I'm going to be thankful that you, at that moment, decided that you are wrong and you're comfortable in your own skin. At that moment, should you be |
| 587 | 01:40:11 --> 01:40:19 | stopped out and it doesn't take enough to hurt you. It doesn't change your trust in the model. It doesn't take enough from the account that you can't take |
| 588 | 01:40:19 --> 01:40:28 | another trade. You see what I'm forming for you, son, I'm giving you a shield first, because if you have a really good shield, and you can stay on your own |
| 589 | 01:40:28 --> 01:40:38 | two feet, the market can slap you around a lot, and you can take a lot of those shots, and you're still there. You haven't got your sword and spear yet. You |
| 590 | 01:40:38 --> 01:40:49 | haven't got that stage yet, okay, you're just learning how to stay on your two feet and hold that fucking sword later on to stab it in its heart right now, you |
| 591 | 01:40:49 --> 01:40:58 | just have to hold on to that shield and keep yourself in the game. By doing it that way, you're learning more about your footing. You're learning about how you |
| 592 | 01:40:58 --> 01:41:07 | have to navigate and parry when the market does things you didn't expect. You're still in it. It doesn't change, and wreck your whole perspective on I'm never |
| 593 | 01:41:07 --> 01:41:16 | going to get it. And that's what happens with everybody. Everybody feels that initially, no one has ever walked out there and had straight success, and they |
| 594 | 01:41:16 --> 01:41:28 | never doubted whether they're going to be able to do this consistently. No one's not ever had that moment of doubt. And the more you involve yourself, initially, |
| 595 | 01:41:28 --> 01:41:38 | we're trying to chase the money, the sooner that moment's going to come. And you don't have enough experience to say that's not realistic for me. Think that way. |
| 596 | 01:41:38 --> 01:41:46 | But while you're at work, when you're with your girlfriend and your boyfriend, when you're eating, you're going to be disgusted because you're thinking that |
| 597 | 01:41:46 --> 01:41:52 | way, and that's going to consume that private time that you're away from the market. You're going to be obsessively thinking about the market. And what are |
| 598 | 01:41:52 --> 01:41:59 | you going to be obsessively thinking about how good you've been trading? No, you're going to think about the things that you are doing wrong, and you're |
| 599 | 01:41:59 --> 01:42:11 | laying down more scar tissue, and it's going to make it harder for you to learn to do this thinking that way. Once you have scar tissue that's toxic thinking |
| 600 | 01:42:12 --> 01:42:20 | that means you're fearful of the outcome of the trade. You're fearful of the model working for you, and you want to stop using that model. And it's going to |
| 601 | 01:42:20 --> 01:42:27 | be easier for you. It's going to be painless for you to just say, I'm not using this one. It doesn't work for me. I want to use something else. Or you'll take a |
| 602 | 01:42:27 --> 01:42:36 | leap and completely say, I don't want to even use any of this logic. Give me an indicator. And you're hiding from the root cause that you are not doing what |
| 603 | 01:42:36 --> 01:42:45 | you're supposed to be doing. You're not sticking to a process. You haven't form, you haven't formed a model that you can stay with to see the results are there. |
| 604 | 01:42:45 --> 01:42:56 | I literally could flip a coin. Flip a coin heads, I'll buy tails. I'll sell the first return to the opening range gap, and if I'm not risking but one quarter of |
| 605 | 01:42:56 --> 01:43:05 | 1% by the end of the year, that's profitable. That's a challenge for someone to run the numbers on. Use your system tester to do that, rewind it, listen to the |
| 606 | 01:43:05 --> 01:43:14 | logic. It's simple. Use the other end of the opening range as your stop loss. At the end of the year, you're making money. I just gave you something that's |
| 607 | 01:43:14 --> 01:43:28 | completely mechanical, literally completely commanded. It doesn't even have a bias. It's simple, but that's demanding too much of you. Just like staying on |
| 608 | 01:43:28 --> 01:43:35 | the right side of the road is too demanding for most people. Just like the sign that says don't go faster than the speed limit, they're not suggestions. That's |
| 609 | 01:43:35 --> 01:43:45 | the law, but I break the law a lot. I want to see how fast I can get above that speed limit from a red light if I have nobody in front of me and it's open road, |
| 610 | 01:43:45 --> 01:43:55 | my cars sometimes get asked to do things that they legally are not allowed to do, but I'm not doing that. 195 trying to be Speed Racer and risk everybody's |
| 611 | 01:43:55 --> 01:44:05 | lives in my own personal property. I know that that stop loss might get hit, and then it's a risk there, but I want a back road, and it's a straight shot, it's |
| 612 | 01:44:05 --> 01:44:17 | all farmland. Worst thing can happen is the deer jumps in front of me, and that would suck. So everything has to be measured in risk, and you're gravitating |
| 613 | 01:44:17 --> 01:44:29 | towards understanding how to define that risk, but you're doing it in a way where you're not focusing on the results of monetary wins or losses. That's not |
| 614 | 01:44:29 --> 01:44:39 | the that's not the report card. We're not even there yet. We're not there yet for you. And seeing a move that, oh, I could have made, no, don't if you say I |
| 615 | 01:44:39 --> 01:44:50 | coulda, you just replace it well, I don't need to do that right now. I didn't need to do it right now. That's how you replace that logic. And it's, it's a way |
| 616 | 01:44:50 --> 01:45:03 | of replacing and recalibrating your mindset about the outcomes you're rushing to get to a I am Prof. Will, and I'm going to be able to go out and make more money |
| 617 | 01:45:03 --> 01:45:11 | today in the afternoon, I go out there and do it tomorrow, because I have a model. Until you get good at trusting the model and identifying it, that's that |
| 618 | 01:45:11 --> 01:45:21 | part's never going to be there. And people don't put themselves through the proper time required to get to that mindset. And that's why they system hop. |
| 619 | 01:45:21 --> 01:45:30 | That's why I system top as a young man, I have no shame in the game telling you that's exactly what was going on in my mind. Because I wanted immediate results. |
| 620 | 01:45:30 --> 01:45:40 | I wanted immediate feedback that it works all the time, all the time. I wanted everything to be perfect and easy and fast for me, and that's why I talk to all |
| 621 | 01:45:40 --> 01:45:50 | of you that are listening in that and unset and that delivery of criticism, because I went through the same thing. I'm not trying to talk down to you like I |
| 622 | 01:45:50 --> 01:45:58 | didn't go through I went through the same stuff. I just didn't have somebody trying to kick me in the rear and say, This is wrong. I had to lose a lot of |
| 623 | 01:45:58 --> 01:46:08 | money many times to learn the lessons that I'm doing this wrong because I kept repeating the same stuff, expecting a different result, and some of you simply |
| 624 | 01:46:08 --> 01:46:15 | want to go through the same things I went through, because it's like a like, we're sitting around like, remember after I've used this before? I love the |
| 625 | 01:46:15 --> 01:46:27 | movie Jaws, the original one, and Roy Schneider and the two other guys are sitting on in they start comparing their scars, how they got hurt, and like, Oh |
| 626 | 01:46:27 --> 01:46:38 | yeah, look at this. That's typical of men. That's, that's a classic man thing. Try to one up the next guy. Oh, you did that. Well, look at mine. I got some. |
| 627 | 01:46:38 --> 01:46:45 | Or, you know, the guy, you're the guy, or you have a friend. It's always done something bigger, faster, better. That's a man characteristic. You don't see |
| 628 | 01:46:45 --> 01:46:51 | that women. That's why they're better traders. That's why they're better traders. They focus on what they got to do, what do I got to do? How do I do it? |
| 629 | 01:46:51 --> 01:47:01 | And leave everything else extra out of it. And when they get there, they're not parading it around with a peacock, peacocks. It's a male thing. I'm open. I tell |
| 630 | 01:47:01 --> 01:47:10 | you, that's what I do. I go to my wife saying, look at that. You know, you're married to woman, look at this. You got, you get all this. All this is yours. |
| 631 | 01:47:10 --> 01:47:25 | Girl, high five, that's right. But you want to go through it. Sometimes, most of you men, you want to go through that same process. Yeah, I came through a |
| 632 | 01:47:25 --> 01:47:37 | battlefield. ICT was just like you, brother, yeah, I went through the same stuff. Why? When I talk like this and I teach this way, it's the intended |
| 633 | 01:47:37 --> 01:47:51 | purpose for you to avoid it. You become better by not going through those things. I can recognize that some of you will be smarter than I am, and say, You |
| 634 | 01:47:51 --> 01:48:03 | know what this man was, honest enough to say where his shortcomings are, what he focused on too much early on that caused him to make this learning curve longer, |
| 635 | 01:48:04 --> 01:48:13 | taking more time than it's necessary, trying to do stupid things instead of just saying, these are the these are rules. These are the model parameters I gotta |
| 636 | 01:48:13 --> 01:48:19 | operate in. This is the time it's going to be there or it's not going to be there, it's not going to be there. Guess what? I didn't lose any money, and I've |
| 637 | 01:48:19 --> 01:48:29 | gained more experience, I've bolstered the confidence in myself that I didn't recklessly plunge ahead without doing a model. I didn't go in impulsively and |
| 638 | 01:48:29 --> 01:48:40 | just chase price action, and I didn't execute and pay commissions on a losing trade. On top of it, that's all winning. That's winning |
| 639 | 01:48:41 --> 01:48:51 | because costs of trading. If you're a reckless and you just go nuts, you can have trades that mathematically look profitable, but because you've over |
| 640 | 01:48:51 --> 01:49:05 | leveraged and trade so much, the commission costs and fees eased it all up. And there's so many people that don't realize that until they start doing it. Yeah, |
| 641 | 01:49:05 --> 01:49:14 | man, our trades add up to $1,000 today. I mean, $1,000 Yeah, what'd you pay in commission? Well, you know, I had to pay $1,200 of commission because I traded a |
| 642 | 01:49:14 --> 01:49:23 | lot, but that's all right, I made $1,000 No, you didn't. No, you didn't. You spent $1,200 and now you have less money in your account. That's not a winning |
| 643 | 01:49:23 --> 01:49:39 | day. When's the last time your mentor told you that that's the reality of trading without a model, without rules, commission costs and fees are like |
| 644 | 01:49:39 --> 01:49:47 | piranha. They're just waiting for you to get into the marketplace because they're getting those commission costs and fees, whether you make money or not. |
| 645 | 01:49:48 --> 01:50:02 | So you have to only engage when it's more likely that you're going to see your model pan out. Watch the buy side here. Note that one. Okay. Uh, just for the pm |
| 646 | 01:50:02 --> 01:50:09 | session. So even if it wants to go lower, I'd like to see it trade up there bump that, because that would be where anybody short would have trailed their stop |
| 647 | 01:50:09 --> 01:50:21 | loss. But I've went over today a little bit more than I wanted to. I wanted to try to keep it at like 1030 but these lectures are meant to calibrate your |
| 648 | 01:50:21 --> 01:50:34 | mindset Caleb to remind you what you're doing, to avoid chasing things that are not important right now. That's the main takeaway. Is because, if you go in |
| 649 | 01:50:35 --> 01:50:45 | thinking unlike the things, I'm trying to shape your mindset around focusing on the important things and filtering and all the other stuff. It's going to be |
| 650 | 01:50:45 --> 01:50:54 | harder for you to learn this and also to be comfortable in your own skin if you don't want to listen to these lectures. I promise the outcome is going to be |
| 651 | 01:50:54 --> 01:51:00 | this, and I mean this entirely. It won't be for Kayla, because I'm going to put him through the woodshed. He's going to have to do this. And this this way it |
| 652 | 01:51:00 --> 01:51:12 | is. But for all of you listening, the outcome is going to be this doesn't work. There's too many moving parts. I don't like it. It doesn't work because it |
| 653 | 01:51:12 --> 01:51:24 | doesn't give me enough trades. If you have one good trade a week, you have more than 99% of retail traders because they have no idea what they're doing, but |
| 654 | 01:51:24 --> 01:51:34 | they're taking lots of trades. So having more of a frequency of trade is not a that's not a plus for anyone that doesn't have a trade, unless you know how to |
| 655 | 01:51:34 --> 01:51:47 | do something really, really well that you can wait all week for, all week. One of the exercises I forced myself is I had to take a time based trade on a Friday |
| 656 | 01:51:48 --> 01:52:01 | in the pm session. That means I was not allowing myself to take any setups while I watched price, lots of opportunities, and it was agonizing for me. I wanted to |
| 657 | 01:52:01 --> 01:52:10 | push the button everything but to teach myself patience and self control, which I needed a lot of in the beginning, I didn't have that. I was like a cowboy, |
| 658 | 01:52:10 --> 01:52:22 | literally just gun slinging everything. Bye, bye, bye, bye. If, if Kramer would have been around, then I would have been broke faster. But crane was a guy on |
| 659 | 01:52:22 --> 01:52:33 | CNBC. It's, he's a perfect indicator. When he says something's going up, it's going down. And, you know, just look at his data. It's crazy. But I had to force |
| 660 | 01:52:33 --> 01:52:45 | myself to don't trade until the afternoon session. That means two o'clock to four o'clock on that Friday, I that was the only time I could take a trade. And |
| 661 | 01:52:45 --> 01:52:55 | every single day it was like my skin was crawling. I was going through withdrawal, like, man, like, I don't know if I can do this. And so many times I |
| 662 | 01:52:55 --> 01:53:04 | would have my platform opened up thinking, Okay, I'm going to call the broker and I'm going to put this trade on. I I'm watching Metastock. That was my play. |
| 663 | 01:53:04 --> 01:53:17 | That was my that was my trading view chart program, metast. And I had super charts, I had trade station. And it was very, very hard for me to sit still. And |
| 664 | 01:53:17 --> 01:53:31 | to be honest with you, sometimes I gave in. And guess what happened? I would lose, and that loss was multiplied so many times over because I did not listen |
| 665 | 01:53:31 --> 01:53:44 | to the rules. I crossed the yellow line, I went over the speed limit, and I drive. I drove under the influence of greed. So should I be surprised that I |
| 666 | 01:53:44 --> 01:53:55 | wrecked? I shouldn't be, but I was at the time like, How'd this happen? How could this happen to me? I didn't deserve that. Yes, you did, Michael, you |
| 667 | 01:53:57 --> 01:54:06 | didn't follow the rules. You impulsively traded you were supposed to wait until Friday, the afternoon session between two o'clock, four o'clock, because you're |
| 668 | 01:54:06 --> 01:54:17 | not controlling yourself. You don't have self control, and you're trading impulsively. So I had to force myself with these things. Maybe it's not that |
| 669 | 01:54:17 --> 01:54:30 | extreme for you. Maybe you you you're thinking that you're exempt from that okay, well, what are you going to do to overcome that impulsive nature? It's |
| 670 | 01:54:30 --> 01:54:41 | only fixed by doing less and growing comfortable with less. And I found that I could do one trade in the bond market, and that one trade in the bond market |
| 671 | 01:54:41 --> 01:54:56 | could yield me more than my whole monthly income. And I'm like, wow, this is a whole lot less than I thought it's going to require. And that was an astonishing |
| 672 | 01:54:56 --> 01:55:06 | moment for me. It was an epiphany where I thought. Well, you had to trade every single day, because the markets are trading, I gotta find a trade. And I |
| 673 | 01:55:06 --> 01:55:18 | realized that less is more. Less is less to worry about. If you have four trades a month, your commissions are going to be the lowest it can be. I mean, think |
| 674 | 01:55:18 --> 01:55:30 | about it, your commission costs are going to be extremely light. And if you're profitable, Wow, your your net profitability is through the through the roof. |
| 675 | 01:55:31 --> 01:55:42 | But no one's telling you that. As educators, no one's telling you that. They're telling you, go, go, go, baby. And all these funding account companies, they |
| 676 | 01:55:42 --> 01:55:49 | love it because that's more commission costs or fees that they're collecting, and more likely you're gonna blow the account and then start up all over again. |
| 677 | 01:55:49 --> 01:56:02 | And I'm telling you, Caleb, you're not feeding them that. You're not fattening their wallets. You're going in just enough to take what you need. That's it. |
| 678 | 01:56:02 --> 01:56:11 | Don't make a little bit of money off of you. That's that's a given. But you're only in there to make a couple grand once you get the $5,000 that $5,000 is |
| 679 | 01:56:11 --> 01:56:20 | going to come out of there, and you will never open up another transaction with that funded account company ever again. And that $5,000 is going to go into amp |
| 680 | 01:56:20 --> 01:56:32 | global, in amp global, you're going to trade a micro contract, and you're going to build that up slowly until you can get to one standard lot. How are you going |
| 681 | 01:56:32 --> 01:56:41 | to know when you can trade one standard lot when you're trading with one and a half times the full exchange margin? Man, that's going to take. I don't care |
| 682 | 01:56:41 --> 01:56:50 | what anybody else says about how long it's going to take you're in this to have a career. You're going to get bored with doing this. So that way, when you are |
| 683 | 01:56:50 --> 01:56:57 | trading with the standard lot, you're going to be making more than everybody else out there that's going to criticize. If you give them a stage for it, |
| 684 | 01:56:57 --> 01:57:07 | they're going to be working their jobs. When you're making Doctor salaries in a month, they're going to be regretting not doing the things that you're going |
| 685 | 01:57:07 --> 01:57:22 | through when you're making more money than they ever imagined, they'll still be where they're at, toxic thinking, being critical of other people when you have |
| 686 | 01:57:22 --> 01:57:30 | done the work, and when you take trades, you're not going to be anxious. You're not going to be worrying about to get stopped out, because the leverage that |
| 687 | 01:57:30 --> 01:57:41 | you're using is the minimum, and the risk you're placing on the trade cannot take your account from you. And when you have one winning trade for today, |
| 688 | 01:57:41 --> 01:57:54 | you're done. If you have a losing trade, you're done. There's no question, there's no conversation, there's no doubts about it. This is the way it is, and |
| 689 | 01:57:54 --> 01:58:05 | you will make millions of dollars as a result of that. It just takes the time element that nobody else wants to put themselves through. They don't want to go |
| 690 | 01:58:05 --> 01:58:16 | through this process of forging ahead with the right mindset and slow and steady giving yourself a chance to understand yourself and how you're going to derail |
| 691 | 01:58:16 --> 01:58:26 | yourself, because it's my roles that you're following those rules will keep you from derailing. You cannot blow that account. Trading like that. You cannot, |
| 692 | 01:58:26 --> 01:58:28 | absolutely cannot blow the account. |
| 693 | 01:58:30 --> 01:58:39 | It's not, it's not possible. But invite more than one trade a day, and invite and invite trading with a standard lot versus a micro before you're able to |
| 694 | 01:58:39 --> 01:58:54 | really afford it, because with AMP global, you can trade a standard lot with 300 bucks, and that is reckless. So many people have gone into very, very low |
| 695 | 01:58:54 --> 01:59:06 | commission brokers. I'm gonna be honest with you, I've I've let the Live account be pushed with the expectations of my children, to show them the results of |
| 696 | 01:59:06 --> 01:59:18 | money going up, money going down, and they've watched that, and to see them smile and think, wow, when it was real money in profit, and then watching their |
| 697 | 01:59:18 --> 01:59:29 | face, when, yeah, that was a real $8,000 loss, and they're like, $8,000 Wow. Yeah, it's sobering, isn't it? But see, when you go in, you're thinking that |
| 698 | 01:59:29 --> 01:59:38 | it's always going to be perfect, and you're shielding yourself and putting blinders on, thinking it's not going to be that way for you. You're going to do |
| 699 | 01:59:38 --> 01:59:47 | it differently, and you'll be able to walk through and they'll just just be easy. You're lying to yourself, and you're filling yourself up with expectations |
| 700 | 01:59:47 --> 01:59:58 | that can't be met. So you're making trader trading harder than it needs to be. You're making learning how to trade harder than it needs to be, versus finding |
| 701 | 01:59:58 --> 02:00:09 | comfort and. Fun in reading price action, if you make that your first stage and bloom there, everything you do in profitable trading that's consistently |
| 702 | 02:00:09 --> 02:00:21 | profitable is going to stem from you doing this part right? But nobody wants to spend the time here doing this. They'll go to the golf range, pay the fees to be |
| 703 | 02:00:21 --> 02:00:29 | on a golf course and hit balls out there like they're going to be the next Tiger Woods, knowing full well. They're not going to be on any PGA tournaments, |
| 704 | 02:00:29 --> 02:00:38 | they're not going to be on TV, but they're going to be out there, damn it, every weekend when the weather's good, I gotta be out there on the green. That's not |
| 705 | 02:00:38 --> 02:00:44 | going to make them any money. They're going to put all the emphasis on getting out there in the woods to get that deer when they got food in their |
| 706 | 02:00:44 --> 02:00:51 | refrigerator. I gotta go out there with the boys. It's gotta happen. The fish are biting hunting. I gotta get up early tomorrow. I don't know what time I'm |
| 707 | 02:00:51 --> 02:01:05 | coming home, but me and Rick, we're out there. We're going to boat whatever your pour your time and effort and energy and all these other things, and you'll |
| 708 | 02:01:05 --> 02:01:16 | spend your money chasing women in the club on Fridays and Saturday night and on Monday regretting it and having nothing to show for it, and then, but you'll do |
| 709 | 02:01:16 --> 02:01:24 | the same thing work all week to do that same thing on the weekend. Raise up your another week of girl money and women, I'm not trying to be mean to you, but |
| 710 | 02:01:24 --> 02:01:30 | that's just what men do. And some of you women are smart. They want to drink for free. You know how to work that system. You ain't going home with nobody, but |
| 711 | 02:01:31 --> 02:01:41 | you're drinking for free. And men simply just don't see it. They can be rooked easily, and that's why you suck as traders, because you want to throw your money |
| 712 | 02:01:41 --> 02:01:52 | away. And these markets are a cruel lover. They'll shake its ass at you, bat its eyelashes at you, and say, Come on, honey, you got a chance, but you're going |
| 713 | 02:01:52 --> 02:02:08 | home alone, broke. She had a great time. She had a great time. You paid for a wonderful experience for her to take it from you, and that's why you suck as a |
| 714 | 02:02:08 --> 02:02:22 | traitor, because you think that way. And instead of saying, I want to know where I'm likely to make bad choices, and I need to fortify those areas, I don't want |
| 715 | 02:02:22 --> 02:02:30 | to get drunk. That's why I don't drink alcohol, because if I get drunk, I'm already an impulsive creature. I swing from one spectrum to the next. Very |
| 716 | 02:02:30 --> 02:02:41 | rarely Am I in the middle. So if I intoxicate myself, or if I take drugs, I would be one extreme or the other. And I've never been in an environment where |
| 717 | 02:02:41 --> 02:02:51 | like that, I don't want to give myself that opportunity. So if I know that, that would take me out of my mental faculties, I won't be able to make decisions |
| 718 | 02:02:51 --> 02:03:02 | Well, I avoid that. I have abstained from those things all my life. Trading. You have to think about the same way. This is what like the best part of Alexander's |
| 719 | 02:03:03 --> 02:03:13 | book, Alexander elder trading for a living, is the first half where it has nothing to do with charts. That's where that book really shines, because of it |
| 720 | 02:03:13 --> 02:03:24 | talks about persons that have alcohol addiction. And I grew up in an alcohol addicted household. My family members were all drunks or druggies, and my |
| 721 | 02:03:24 --> 02:03:35 | father, who's about to come out in the real world after 40 plus years in prison as a contract murderer, Michael, Joe Hamilton, 155634, that's his inmate number |
| 722 | 02:03:35 --> 02:03:47 | the cut. The cut is the Jessup house of corrections. Okay, he's been paroled, and were waiting for him to be released. He picked up a drug addiction over in |
| 723 | 02:03:47 --> 02:03:57 | Vietnam, got addicted to heroin, came home, and the only way he could meet that expense was to do things illegally, and got wrapped up in the wrong people and |
| 724 | 02:03:58 --> 02:04:06 | started doing things he shouldn't have done, and ended people's lives for money. I'm not bragging about that. He deserved to be where he was. He deserved that. |
| 725 | 02:04:07 --> 02:04:22 | And I know that book Alexander wrote, It resonated with me. I could see how, if I'm not careful, while I was a teenager, I kept myself in drugs, I kept myself |
| 726 | 02:04:22 --> 02:04:31 | in alcohol, and I did not allow myself to have my my mind clouded by that stuff. And when I read that book, it really resonated with me, because I was like, Wow, |
| 727 | 02:04:33 --> 02:04:46 | I'm glad I'm choosing to do this young, because maybe later in life, I could have had a midlife crisis and became an alcoholic or a drug addict because I |
| 728 | 02:04:46 --> 02:04:58 | wasn't successful in life and I made bad choices, and then there it is, I go into a tailspin, but that book really it helped me focus on the most important |
| 729 | 02:04:58 --> 02:05:06 | factors. It's how. We think what causes this impulsive nature? If you've never read the book, if you don't have the book, go buy it. I don't have an affiliate |
| 730 | 02:05:06 --> 02:05:13 | link on Amazon. I'm not going to make any money off of it. Balancing on their elder is not going to give me a kickback for you buying his book, but the first |
| 731 | 02:05:13 --> 02:05:23 | half of that book, honestly, that's the real problems why people can't make money. It's not that they don't have a good system for technical stuff. The |
| 732 | 02:05:23 --> 02:05:35 | technical stuff is absolutely, completely not important at all. I can trade without a chart. I don't need a chart. But the things that we think about the |
| 733 | 02:05:35 --> 02:05:46 | catalyst for why we make decisions, and then when you put a cause and effect for making or losing money behind these impulses, if you've never identified what |
| 734 | 02:05:46 --> 02:05:57 | they are in yourself, and we all have it, folks, nobody walks around with clean laundry, okay? Everybody has a dirty shirt. Somehow, somebody has two day old |
| 735 | 02:05:57 --> 02:06:09 | underwear. Okay, something about us isn't right as a trader, and that small little you rocking in your shoe is going to cause you to walk differently. You |
| 736 | 02:06:11 --> 02:06:23 | won't be able to do as much as you could unless you fixed it first, and by watching price action and studying how you internalize everything that that |
| 737 | 02:06:23 --> 02:06:34 | market's doing for men. It's a gladiator type thing. I'm going to battle. It's MMA fight. You know, I'm slaying a dragon. I'm Rambo going in and vanquishing |
| 738 | 02:06:34 --> 02:06:43 | all the enemies behind enemy lines with three bullets in my gun. I'm going to kill everybody with, you know, with the least setting themselves up for failure, |
| 739 | 02:06:43 --> 02:06:55 | not realizing it, placing so much emphasis on the cheerleaded after the fact moment that is likely never to come. And women don't think that way. They think, |
| 740 | 02:06:55 --> 02:07:06 | I have to nest. I have to get my resources together, and I'm I have to make sure that everything is how it needs to be. That's process and protocol oriented men |
| 741 | 02:07:06 --> 02:07:15 | are. I'm swinging my sword, I'm emptying my clip, I'm literally going to go out there and remove the head of everything in front of me. I'm going to get the |
| 742 | 02:07:15 --> 02:07:26 | touchdown. I'm going to be the Super Bowl winner. I'm going to be the World Series winner. That's how men think, and that that thought process is the very |
| 743 | 02:07:26 --> 02:07:41 | thing that holds men back as traders and allows women to excel. Think about it, if you're a woman, it makes a whole lot more sense now, even if you aren't |
| 744 | 02:07:41 --> 02:07:52 | profitable yet, you know that you are doing things that are process oriented, principle oriented, organized. Everything you're doing is organized, not |
| 745 | 02:07:52 --> 02:08:05 | impulsive. Men watch them. We are creatures of impulse, but when it comes time to defend the family and the home, that's what we shine on. That's what we're |
| 746 | 02:08:05 --> 02:08:13 | designed to do. We are absolutely the right thing for that. That's why we were designed to be bigger, stronger, faster, |
| 747 | 02:08:15 --> 02:08:28 | but intellectually, sometimes we miss the mark, and that is exasperated and highlighted with a bright spotlight in trading. And if you're weak minded little |
| 748 | 02:08:28 --> 02:08:36 | dick energy, you look at this and say, Oh, I can't listen this guy. Or you take as a personal insult. Instead of saying, You know what, this makes a whole lot |
| 749 | 02:08:36 --> 02:08:48 | of sense. And I am holding myself back, because I think this way I had to do the same stuff. Folks. It was hard for me as a young man who thought he figured out |
| 750 | 02:08:48 --> 02:08:57 | a lot of stuff and how everything works and everybody is going to be impressed. Nobody was impressed. And it didn't matter how much money I made, they were not |
| 751 | 02:08:57 --> 02:09:08 | impressed. They didn't worry about learning what I was doing, they wanted to be around me and let me spend money on them. So while I was not going to bars and |
| 752 | 02:09:08 --> 02:09:18 | giving the girls my money through alcohol, they were getting things from me and my personal back then, friends that are not my friends. Now they were just |
| 753 | 02:09:18 --> 02:09:27 | mooching off me. So I lied to myself and said, yeah, they respect me because they want to hang around with me. No, they wanted the gifts that I was giving |
| 754 | 02:09:27 --> 02:09:38 | them for hanging out and I was spending the money because it made me feel like a big shot. So who's smarter there? It wasn't me, it wasn't me, it was them. They |
| 755 | 02:09:38 --> 02:09:46 | were the market. Then they were taking from me, and I was lying to myself, saying, I'm happy. I'm happy doing this, when eventually it got to the point |
| 756 | 02:09:46 --> 02:09:55 | where, you know, this is dumb. What are they really bringing to me? What are they making? What deposits are they making into my life? Because I don't even |
| 757 | 02:09:55 --> 02:10:03 | feel good when I'm spending money on them anymore, and that's what you have to do. You have to take inventory while you're watching price action and |
| 758 | 02:10:03 --> 02:10:13 | discovering what makes you tick, what makes you fearful, what makes you feel like you have all the things figured out, and then when it doesn't work out like |
| 759 | 02:10:13 --> 02:10:25 | that, what were those catalysts? Because that's your problem areas, the things that make you impulsive, you get angry real quick. Do you feel scared at a note |
| 760 | 02:10:25 --> 02:10:32 | out of nowhere for no reason? Have anxiety attacks. You're watching price action, and you're like, Oh man, I'm having heart palpitations, and you don't |
| 761 | 02:10:32 --> 02:10:42 | even know why it just happened. I'm telling you how it happened. In the last 30 seconds, you just thought of something, and you don't have an answer for it, and |
| 762 | 02:10:42 --> 02:10:49 | it scared you, and you're trying to throw it away like it didn't happen, but it's telling you, with your body symptoms, that you absolutely have something |
| 763 | 02:10:49 --> 02:10:58 | that you need to resolve. And if you're in the market trading, chances are you have more leverage on than you should, or you just took a trade impulsively, and |
| 764 | 02:10:58 --> 02:11:05 | you don't know what you're doing, and you're just like the person at the casino that laid down their chips on a hand that they don't know is going to win or |
| 765 | 02:11:05 --> 02:11:13 | not, or they just put in money maximum bet on the slot machine and pulled the handle down, and you know that that's either going to be the last one you did, |
| 766 | 02:11:13 --> 02:11:23 | or you're going to get lucky. And your hearts are palpating. People put themselves through that every single day, and if you feed yourself that as a |
| 767 | 02:11:23 --> 02:11:35 | steady diet, not knowing what you're doing, over leveraging, over trading, eventually, eventually, your body is going to stop working properly, and you |
| 768 | 02:11:35 --> 02:11:42 | will have a heart attack, you will have a stroke. The things that you think you're about to feel have. I have many times like that in my years, I just went |
| 769 | 02:11:42 --> 02:11:53 | through vertigo for the first time, and at vertigo attack made me feel like I was having a stroke. I thought I was dying. And for weeks after that, I was |
| 770 | 02:11:53 --> 02:12:06 | expecting a heart attack, a stroke, but it was just anxiety around not knowing what I had experienced, and then later found it. It's where we go. So now my |
| 771 | 02:12:06 --> 02:12:14 | blood pressure is fine, but when I'm in a constant state of, oh, it's going to happen again. It's a mess, like it was messing up my blood sugar, it was messing |
| 772 | 02:12:14 --> 02:12:25 | up my blood pressure, like I had wild high blood pressure, dizzy spells, and then finally, when I was shown that it was just vertigo, it's a small, little |
| 773 | 02:12:25 --> 02:12:34 | calcium deposit that went into my inner ear and tricked my brain thinking that I was spinning when I really wasn't. It's a terrible thing, but there are |
| 774 | 02:12:34 --> 02:12:43 | exercises you can do to mitigate that, and it can come back. My mother's had it one time in her life and never had it again. I've had one episode with it. I |
| 775 | 02:12:43 --> 02:12:49 | hope and pray in Jesus name. I never have another one of them. But if I do have it, I know it's not a stroke, I know it's not a heart attack, but when you have |
| 776 | 02:12:49 --> 02:12:58 | it for the first time, it's terrifying. When you're in a trade and you're over leveraged. Caleb, you will feel like that. You feel like the weight of the |
| 777 | 02:12:58 --> 02:13:07 | world's crushing down on you, and you're literally standing still, but wishing you could run away. If someone tries to talk to you, even if they're the |
| 778 | 02:13:07 --> 02:13:15 | sweetest tone and well intended purposes and trying to console you, you will think they're cussing you out and calling you the worst possible names and |
| 779 | 02:13:15 --> 02:13:26 | spitting in your face. Get away from me, because this is one more thing that's causing more stimuli in your brain because you're overloaded, you have taken on |
| 780 | 02:13:26 --> 02:13:36 | too much risk, and you've done something impulsively. You know what you should be doing, which is, get out of the trade. That's the correct measure, the Stop |
| 781 | 02:13:36 --> 02:13:51 | it. You have to feel comfortable stopping a transaction, even if it's a losing trade, I have traded as a 20 year old in panic, driving a truck and drove |
| 782 | 02:13:51 --> 02:14:03 | recklessly and took risks and hit signs on the road because I was rushing to get to a payphone, sliding on ice, nearly tearing off the passenger side mirror of |
| 783 | 02:14:03 --> 02:14:12 | my employer's truck because I wanted to hurt him get out of a trade that I just couldn't hold on to anymore. In soybeans, I was losing my ass, and I was hoping |
| 784 | 02:14:12 --> 02:14:21 | and hoping and hoping all day they was going to turn around, and I had literally seven or six minutes left until I can get out of the trade. I tore the mirror |
| 785 | 02:14:21 --> 02:14:30 | almost completely off the truck rushing turning into a road that didn't even look to see if there's a car coming. I could have ended up hitting someone, and |
| 786 | 02:14:31 --> 02:14:43 | the only thing I cared about was getting out of that painful feeling of I'm not in control. And I ran into a company called Kelco on Baltimore Street. I'm not |
| 787 | 02:14:44 --> 02:14:51 | sure if even there anymore. I hated going to that stop, but I went there on a day I'm not even supposed to service it, but that was the first place I could go |
| 788 | 02:14:51 --> 02:14:59 | to that had a phone that I didn't have to put a quarter into it. I just want to run to it, grab it, pick it up, and dial the number. And I got out of the trade. |
| 789 | 02:15:01 --> 02:15:08 | Right? And soon as I got out of the trade, even though the mirror was tore off and I had to go and tell my boss I messed that up. I hadn't had any accidents |
| 790 | 02:15:08 --> 02:15:19 | prior to that, you would think I'd be scared that I'm gonna lose my job. Oh, I'm gonna, because I got out of the trade in 10 minutes of driving, my breathing was |
| 791 | 02:15:19 --> 02:15:30 | regulated. Panic was gone. Yes, I took a loss. Yes, my mirrors tore up, and yes, I'm probably gonna get in trouble and go back to talk to my boss and tell him |
| 792 | 02:15:30 --> 02:15:41 | what I did. But I was able to take it. My mind wasn't clouded. I wasn't in a state of disorientation, which is what you're going to feel in these markets, if |
| 793 | 02:15:41 --> 02:15:50 | you let yourself trade like this, not knowing what you're doing without a model, over leveraging, over trading, you're you're you're placing too much on your |
| 794 | 02:15:50 --> 02:16:03 | system, expecting a lottery result to come in and save you. And people that don't have a model or know how to trade, they repeat this over and over and over |
| 795 | 02:16:03 --> 02:16:13 | again. And there's people that are pretending to be mentors, and they have no idea what they're doing. They have no they don't even touch on these topics, |
| 796 | 02:16:14 --> 02:16:27 | panic, anxiety. I lived with it for years. Years with it, and the first thing you have to control is how you think. |
| 797 | 02:16:29 --> 02:16:38 | And you won't know how you're going to derail yourself until you go through the exercises of watching price, recording what you feel, how you feel, do you feel |
| 798 | 02:16:38 --> 02:16:47 | elated? Do you feel invincible. When do those things manifest themselves? When you're watching price, what does it look like in the chart? Because it's going |
| 799 | 02:16:47 --> 02:16:54 | to happen again, and it's going to happen sometimes for you that are impatient, when you're in a trade with real money, and you're going to feel invincible, and |
| 800 | 02:16:54 --> 02:17:00 | then all of a sudden, the road gets pulled out from underneath you. The market does what it's really going to do, and you're not looking for those things. |
| 801 | 02:17:01 --> 02:17:08 | You're looking for further evidence that you're perfect, you're you're looking for further evidence that you can't wait to go show everybody on social media |
| 802 | 02:17:08 --> 02:17:16 | how much money you just made, but you're not going to talk about how you had heart palpitations, you nearly pissed yourself, you feel like you're going to |
| 803 | 02:17:16 --> 02:17:23 | shit your pants. You feel like you're going to pass out die. You're not going to share those results it was you had no problem doing it. This is a everyday thing |
| 804 | 02:17:23 --> 02:17:32 | for you, and that, in itself, is a problematic because you're lying to yourself if you do those things, and you're making your progress harder because you're |
| 805 | 02:17:32 --> 02:17:42 | saying that it's easy for you right now when you're struggling to go through it, young man, listen, it is not shameful for you to say I am really struggling |
| 806 | 02:17:42 --> 02:17:50 | right now to get this under my grasp. I'm a wreck emotionally and psychologically when I'm studying this stuff and I'm taking trades. I know I |
| 807 | 02:17:50 --> 02:17:57 | shouldn't do it, but I can't stop myself. You're the same thing as a gambler going to a casino. You're the same thing as that young man that takes all of his |
| 808 | 02:17:57 --> 02:18:05 | money that's worked all week and sees the pretty girl at the end of the bar or across the club and says, You know what, I'm going to spend everything in my |
| 809 | 02:18:05 --> 02:18:14 | pocket with the expectation that I'm going to get that take profit of going home with her, and she's just going to run your stop. She's going to margin call you, |
| 810 | 02:18:14 --> 02:18:29 | but you're going to do it the same way next week with a different girl, when when is the end? When are you going to stop doing those things? Think about it. |
| 811 | 02:18:30 --> 02:18:38 | What is going to be the catalyst that says I'm not going to do those things because in the marketplace, blowing the account and not having any more money to |
| 812 | 02:18:38 --> 02:18:50 | refund it? Guess what? That's the outcome that's coming. It's going to happen. It will absolutely happen to you. So you have to know what are these things |
| 813 | 02:18:50 --> 02:18:59 | that's going to trigger that? So that way you can recognize them and say, I'm not going to recklessly plunge ahead. I'm not going to meet a uncomfortable |
| 814 | 02:18:59 --> 02:19:09 | drawdown of a losing trade today, I'm not going to feed that with more losses. Yes, it's not fun going home with a losing trade. But you know what's worse, |
| 815 | 02:19:09 --> 02:19:23 | blowing the account, making a small less than 1% loss turn into 10% drawdown, or maximum drawdown for the day, and you can't trade your account. That sucks. |
| 816 | 02:19:23 --> 02:19:35 | That's recklessness. And not enough is said about these types of things. And the closest I've ever heard Mark Douglas is doesn't he doesn't even come close. He |
| 817 | 02:19:35 --> 02:19:43 | doesn't even come close. Not to be disrespectful, the book is essential. Everybody should have it in library. They should read it, but it still doesn't |
| 818 | 02:19:43 --> 02:19:58 | pair with the logic of knowing what you're doing is wrong and someone telling you how to fix it and you ignoring it. You may have read Mark Douglas's book, |
| 819 | 02:19:58 --> 02:20:07 | but are you implementing it? Hey, I read it, man. I'm an OG, just like everybody else, I've read that book and but how are you trading? You're not using anything |
| 820 | 02:20:07 --> 02:20:19 | from that book. You're doing everything that he says that it's going to be a problem. Think about you know, what you're doing many times is not what you |
| 821 | 02:20:19 --> 02:20:30 | should be doing. And you, you shun that conscious in you, that little inside voice, that's yours. It's your conscience saying, I shouldn't, I shouldn't press |
| 822 | 02:20:30 --> 02:20:41 | the button. And you think, oh, wait a minute. And then something comes over top of you, and you press it because you just can't sit comfortably in a in a |
| 823 | 02:20:41 --> 02:20:53 | position of self control, so you let yourself do what your impulsive nature wants to do, and then you lose money. And it doesn't happen quick. It's going to |
| 824 | 02:20:53 --> 02:21:01 | be a long, drawn out process, a painful lesson that should be used as a means of saying, You know what, I don't want to do this again. But that's not enough. |
| 825 | 02:21:02 --> 02:21:13 | That's not enough, young man, you have to have more of it to see that there's a problem here, that you need to identify what is it you're doing? Are you angry |
| 826 | 02:21:13 --> 02:21:23 | because something just happened and you want to have a feel good moment? Or are you impatient and you want to get there faster, knowing full well that you're |
| 827 | 02:21:23 --> 02:21:35 | not ready. That's what you have to identify. You have to identify your impulsive nature, your recklessness and impatience. And what are those catalysts that |
| 828 | 02:21:35 --> 02:21:43 | promote that decision making or that thought process at the time when you're taking these impulsive decisions and place them in the marketplace is that that |
| 829 | 02:21:43 --> 02:21:58 | part's for the people that are already trading. Not you, Caleb, but this, this is an area that is rich for people to write books on. If you have experiences |
| 830 | 02:21:58 --> 02:22:08 | where you've made money, but you've gone through painful experiences like that. You want to write a book. I'm buying your book. I'm buying that because that's |
| 831 | 02:22:08 --> 02:22:18 | someone that had to wrestle demons that they made relationships with, that they protected. So you're protecting all those bad decision making catalysts. You're |
| 832 | 02:22:18 --> 02:22:27 | protecting them instead of saying it's time to go, it's eviction day, you got to get out of here. What I'm trying to do, there's no room for you here. I'm |
| 833 | 02:22:28 --> 02:22:38 | building an enterprise, and there's no positions open for detractors, derailers, things that's going to cause me to not find my success and reach my |
| 834 | 02:22:38 --> 02:22:56 | opportunities and my threshold of success, you have to identify them as soon as you can, and it's scary to do that, because it makes you feel frail. When |
| 835 | 02:22:56 --> 02:23:07 | frailness In the beginning is a strength. It doesn't feel that way, but it really is a superpower that you are not going to let your ego and your pride |
| 836 | 02:23:08 --> 02:23:20 | mask what is going to be the biggest barriers for you to succeed. All you have to do is recognize what they are and do everything you can to not feed them |
| 837 | 02:23:22 --> 02:23:30 | what's the success rate for guys that go to the bars and spend all their money? Are they finding their wife? No, in the ones that they end up probably marrying |
| 838 | 02:23:30 --> 02:23:41 | in those conditions. Do they marriages work out? Probably not. So why would you expect it any different in the marketplace when you're competing with the |
| 839 | 02:23:41 --> 02:23:49 | smartest people in the world that have control over everything, and they're tying strings to you like a marionette, and they're going to make you dance when |
| 840 | 02:23:49 --> 02:23:57 | they want you to. All they gotta do is make the market run a little bit and, oh, wait for this movie all morning. Let me get in there. I know it's probably not |
| 841 | 02:23:57 --> 02:24:03 | the best time to buy it, but I got I gotta get in here because I don't want to miss it, and I won't use a stop loss, because I don't know how much is going to |
| 842 | 02:24:03 --> 02:24:12 | be trades. Does that sound like someone that has a sound logic and a model that makes sense to trade on? No, it doesn't. But at the time, you're going to |
| 843 | 02:24:12 --> 02:24:23 | convince yourself, you know, it's my model, it's my right now model, and right now model is the model that always blows out. That wasn't your model 20 minutes |
| 844 | 02:24:23 --> 02:24:31 | ago. It wasn't the model last Friday. It wasn't what you were starting to trade with, and this is what you settled in on. It's your right now model. It's your |
| 845 | 02:24:31 --> 02:24:38 | right now decision process that has absolutely nothing to do with why you're trying to trade. It just means that you feel like you're going to get something |
| 846 | 02:24:38 --> 02:24:53 | out of the move. You're trying to milk it. And many times you're not milking a female cow, you're milking a bull. And you know what you get from that? So you |
| 847 | 02:24:53 --> 02:25:02 | have a lot of work in the early stages of your development that you have to force yourself to be honest about you. You have to recognize character flaws |
| 848 | 02:25:02 --> 02:25:12 | that once you identify them and you build in coping skills, like I had to learn lots of skills to manage anxiety and agoraphobia. I had fear of being around |
| 849 | 02:25:12 --> 02:25:29 | other people. I could not have done what I'm doing today. When I was 20, I couldn't have done it. I was I was so afraid of other people's view of me |
| 850 | 02:25:29 --> 02:25:43 | because I was trying so hard to make myself into something to impress my grandfather. So I had this deep rooted sense of wanting to shield myself from |
| 851 | 02:25:43 --> 02:25:55 | criticism, and then eventually it led to agoraphobia. I didn't want to be around with people. I didn't want to be around with people where they would say, Hey, |
| 852 | 02:25:55 --> 02:26:05 | how's your trading going? Because I blew that account then, and I didn't want to lie because I didn't want didn't want to lie because it's, it's not easy to |
| 853 | 02:26:05 --> 02:26:13 | manage a lot of lies. Once you start lying, you gotta remember everything. So I would avoid all those things. I would avoid meeting out with people. If we had |
| 854 | 02:26:13 --> 02:26:23 | handling functions I was sick, if, if we have a cookout, I've already ate, I'm not going. And I just stayed away from everybody because I didn't want the |
| 855 | 02:26:23 --> 02:26:30 | invitation of friends and family to ask me how I was doing, because I didn't want them to say haha, we told you. |
| 856 | 02:26:31 --> 02:26:41 | So it caused anxiety, and then that anxiety exasperated to levels of agoraphobia, which is fear of being around other people, and your world shrinks |
| 857 | 02:26:41 --> 02:26:54 | down to what was at that time, just my bedroom, and it started this toxic cycle of everything about myself. I hated everything that I did was wrong, and I |
| 858 | 02:26:54 --> 02:27:02 | punished myself and punished myself and punished myself, and I was just in this small, little world that I created for myself with fear, anxiety and depression, |
| 859 | 02:27:03 --> 02:27:15 | and then it grew into an eating disorder. And I was very, very well built as a young man, I was working out. I had a very amazing upper body. I didn't work |
| 860 | 02:27:15 --> 02:27:21 | out. I was the guy that didn't do leg day. And I ain't gotta shame and tell you I was like a ice cream cone, but it is what it is. I ain't gonna lie to you, I |
| 861 | 02:27:21 --> 02:27:31 | didn't want to do my legs. It sucked. So I wore big baggy pants, Zubaz Pants Back then, like warriors, the wrestlers. You know, it was big baggy pants, and |
| 862 | 02:27:31 --> 02:27:43 | then muscle tees or tight T shirts, and showed everything. And I went down from 195 pounds, which was stacked with no juice. I was going to start taking |
| 863 | 02:27:43 --> 02:27:53 | steroids because I wanted to be a wrestler, WWF wrestler, and this agoraphobia and anxiety and eating disorder brought me all the way down to 150 pounds, and I |
| 864 | 02:27:53 --> 02:28:02 | might even show a picture of it the next time we do a live stream. I was emaciated. I looked a mess. I looked like a cancer patient before chemo, like it |
| 865 | 02:28:02 --> 02:28:14 | was bad and my bones and my joints hurt because I was malnourished and I put myself through that the market didn't do that to me. I did. I did that to |
| 866 | 02:28:14 --> 02:28:23 | myself, and it caused so many problems. I was developing an ulcer in my stomach. I had irritable bowel syndrome and colitis a lot, which are all terrible, |
| 867 | 02:28:23 --> 02:28:32 | terrible feelings of not being able to go to the bathroom the right way. And because I was constantly pumping acid in my stomach through stress and barely |
| 868 | 02:28:32 --> 02:28:41 | eating anything, I couldn't even drink water because it was painful. I was going to the emergency room severely dehydrated, and they'd have to put IV bags on me, |
| 869 | 02:28:41 --> 02:28:53 | and I had to spend time there getting rehydrated, and I was doing it all the time, and that wasn't enough to say, You better stop before you kill yourself. I |
| 870 | 02:28:53 --> 02:29:05 | was trapped in this loop of constantly feeding the demons protecting them. I was protecting them, and I needed someone to say, hey, you need help. You need to |
| 871 | 02:29:05 --> 02:29:16 | stop thinking like you're thinking and you're doing it to yourself. And a lot of my students that have been upfront, honest, and please don't take this as an |
| 872 | 02:29:16 --> 02:29:24 | invitation to reach out to me email, because it's barely ever an opportunity for me for to get back to some of you that send me emails, and you end up sending me |
| 873 | 02:29:24 --> 02:29:34 | emails month later, saying you're a jerk, you don't ever answer my emails. Look how many people follow me. If just 5% of that ever sends me an email, I would |
| 874 | 02:29:34 --> 02:29:46 | never get through them. So it's not that I don't want to. I just if so many of you, but I want Caleb to understand that this is a wonderful opportunity for you |
| 875 | 02:29:46 --> 02:29:56 | to carve out a lifestyle, a life for yourself, and it need not be millionaire status. You could just do really, really well making less than six figures, but |
| 876 | 02:29:56 --> 02:30:11 | high 90s and be comfortable not have to work your job. Up not have to commute two hours. You know, it that sucks, working 12 hour days. That's replaceable. |
| 877 | 02:30:11 --> 02:30:20 | You don't need to do months to get that replaced. But you can also Chase unrealistic expectations and have high, lofty goals on yourself and paint |
| 878 | 02:30:20 --> 02:30:26 | yourself in a situation where you've told friends and family that you're going to do this and you're going to do that and now you just made it harder for |
| 879 | 02:30:26 --> 02:30:37 | yourself, which is why I tell you in those Twitter spaces last year and the year before, when I was doing them that love your friends and family from a distance |
| 880 | 02:30:37 --> 02:30:45 | and keep your business out of their attention. Don't tell them what you're doing. Let them recognize what you're doing, because your lifestyle has changed. |
| 881 | 02:30:46 --> 02:30:54 | Telling people that you're going to be successful trading you're making lots of money, all you have done now is given them the fuel in the ammo to shoot you in |
| 882 | 02:30:54 --> 02:31:02 | your face, until you I told you you weren't ready to do that, versus if you just keep it to yourself, you're not elevating the risks. You're not making it more |
| 883 | 02:31:02 --> 02:31:08 | complicated, you're not making it more emotional, you're not making it harder for yourself to live up to expectations that are outside of your own. And as |
| 884 | 02:31:09 --> 02:31:17 | soon as you invite other people to give you their opinion, you're now trying to appease what they think, and they don't even know what a chart's telling them, |
| 885 | 02:31:17 --> 02:31:26 | but they're going to have an opinion about trading. Nobody makes money in trading Well, it's hard for people to make money, and it's when it's like that, |
| 886 | 02:31:26 --> 02:31:35 | when you're complicating it with all these emotional, psychological barriers that you're going to place up inside your mind. And it's a normal thing, it's |
| 887 | 02:31:35 --> 02:31:45 | it's more prevalent than you realize. Most people are really good at hiding it. They're they're ashamed of it. They think they're not a man. They think they're |
| 888 | 02:31:45 --> 02:31:58 | not mentally fit when it's just you keeping yourself in a very stressful environment and not identifying the exits. You choose to stay there. You're in a |
| 889 | 02:31:58 --> 02:32:07 | cell in a prison, but the cell doors open and you can leave anytime you want, but you're you're making your bed there. You're staying there because you you |
| 890 | 02:32:07 --> 02:32:14 | feel more comfortable in that pain than the pain you think is going to happen, because other people will be able to say, I told you you couldn't do it. So |
| 891 | 02:32:14 --> 02:32:22 | you're going to keep doing all these things, making decisions on things that are not rooted in sound logic, because you want to be able to say I did it my way, |
| 892 | 02:32:22 --> 02:32:29 | in that way wasn't even scientifically laid out as a process. This is what I'm going to do when I do this. If I have a losing trade, then I'm going to react |
| 893 | 02:32:29 --> 02:32:36 | this way. I'm not going to trade. I'm not going to look at the charts. I'm going to go back in. I'm going to same model tomorrow. When I find a setup, if the |
| 894 | 02:32:36 --> 02:32:43 | setups there, I'm going to execute on it. I'm not going to increase my risk. I'm not going to trade more contracts. And once I get my win for the day, I'm done. |
| 895 | 02:32:43 --> 02:32:58 | I'm turning my charts off. I have to control myself. You have to think this way and live it. Stay in a rule based mindset. If you do, you're going to have a |
| 896 | 02:32:58 --> 02:33:06 | whole lot less anxiety. You'll still feel stress. I mean, stress is normal. Stress is a proof that you're living your heart speeds up a little bit. Guess |
| 897 | 02:33:06 --> 02:33:13 | what? That's good. You're excited. That's not fear. You're excited because you're following your model and you're doing everything right. See what I just |
| 898 | 02:33:13 --> 02:33:26 | did there when I was 20? Oh, I wish this thing will start moving faster. It hasn't. I haven't overcome the commission cost yet. My commission cost back then |
| 899 | 02:33:26 --> 02:33:39 | was $100 for one contract. Think about that. Now you guys are complaining and saying, Oh, I mean, commission costs up. I was paying $100 that's what |
| 900 | 02:33:39 --> 02:33:54 | everything cost back then. It wasn't until Lynn waldock and other brokers that came out and they had discount brokerage firm fees $35 roundturn. But even that |
| 901 | 02:33:54 --> 02:34:06 | $35 per contract is still exorbitant compared to today. So you're paying when you're doing a 25 lot trade, you're paying a lot of money, and you're not |
| 902 | 02:34:06 --> 02:34:19 | guaranteed to even overcome the spread and commission. You want to talk about stress. That's stressful, but if you have a process that you're following and |
| 903 | 02:34:19 --> 02:34:29 | you've already identified what you are going to think in certain conditions when the market does what you thought was going to be. How do you feel? Do you feel |
| 904 | 02:34:29 --> 02:34:39 | like you want to go to social media and parade it around? You have insecurity issues. You need to be validated. Well, you're going to do a whole lot of things |
| 905 | 02:34:39 --> 02:34:47 | in your trading to seek that versus filing a model that makes money and controlling risk, you'll be more likely to take big, impulsive trades over |
| 906 | 02:34:47 --> 02:34:57 | leveraged just to impress. Because as soon as you start that problem, that mistake of taking your wins and your results that made money, and you show it on |
| 907 | 02:34:57 --> 02:35:08 | social media, you throw it out there in the eth. It, and you're waiting for the confirmation from the sky above. You are the chosen one. You are the one we've |
| 908 | 02:35:08 --> 02:35:16 | all been waiting for. We're all going to follow in a single file line behind you and bow down to worship kiss your ass. That's that's what you really want. And |
| 909 | 02:35:16 --> 02:35:23 | when they don't do it enough for you, you're going to have to think, Well, I gotta over leverage, because the last time I made a $5 win, nobody really gave |
| 910 | 02:35:23 --> 02:35:34 | two shits about so I have to now do something to make over $1,000 so what are you gonna do? What needs to change your leverage? In your eyes, that's what you |
| 911 | 02:35:34 --> 02:35:42 | think needs to change. But I'm telling you that doesn't need to happen, because if you make the same trade tomorrow, using your model, and all you make is $475 |
| 912 | 02:35:44 --> 02:35:55 | you made $475 that's a win. You close the charts, and you've got more experience, and you've managed yourself. You've controlled that impulsive |
| 913 | 02:35:55 --> 02:36:02 | nature, that intrusive thought about I want to do more so I can impress other people that you don't really care about you. Just want them to tell you you're |
| 914 | 02:36:02 --> 02:36:12 | better than you really are. You want some person to lie to you with a limited perspective of what you've given them. They only can see what you've just shown |
| 915 | 02:36:12 --> 02:36:22 | them, but you've not been fully transparent. And said that you were terrified while you're taking that trade. You see, you see where this is a problem, and |
| 916 | 02:36:22 --> 02:36:30 | then take a step back and think about everybody you talk to on social media, how this is actually happening behind the scenes, and you probably never thought |
| 917 | 02:36:30 --> 02:36:38 | about it, and how you're doing it too, and now they're all thinking the same thing about you, and you wonder why I'm laughing at all of you, because I did |
| 918 | 02:36:38 --> 02:36:50 | that same stuff. And you think that this is what you're supposed to do, and it's not. Women aren't doing that. Women are not doing that. But all of you men are, |
| 919 | 02:36:51 --> 02:37:00 | all of you are. It's a measuring competition. I'm not impressed by showing me one trade or one broker statement where you did something where you need a |
| 920 | 02:37:00 --> 02:37:09 | little bit of money. I'm more impressed when I see someone that's making it available to other people in a live stream. They let it all hang out. Come hell |
| 921 | 02:37:09 --> 02:37:16 | or high water, it's a good day or it's a bad day. They're just out there doing it. That doesn't mean I agree with their trading method. There isn't anybody out |
| 922 | 02:37:16 --> 02:37:26 | there that's trading on the live stream that I agree with any of their methodology, but I'm impressed with their ability to put themselves out there in |
| 923 | 02:37:26 --> 02:37:37 | that fishbowl for other people to watch. And it's a wonderful opportunity to study human psychology, both in their audiences and how they think about price |
| 924 | 02:37:37 --> 02:37:50 | and how they worship or troll the results of these people, but also, when they show their face, look at their face, read their face. Are they able to stare at |
| 925 | 02:37:50 --> 02:38:01 | the chart? How often are they looking away from the charts? That's them hiding. It's called point of indication in magic, I mentioned this in Friday the I know |
| 926 | 02:38:01 --> 02:38:15 | I'm going on and on, but I promise I'll say this, and I'm stopping in magic. When you do a trick as a performer, magicians that are not refined, they will |
| 927 | 02:38:15 --> 02:38:22 | close their eyes at the moment a sleight of hand is being done, because what they're doing is they're closing their eyes because they don't want to see |
| 928 | 02:38:22 --> 02:38:30 | themselves. Flash in magic. It's called like if you have a coin or a card in your hand, you're trying to make it appear to the spectator. It's vanishing. |
| 929 | 02:38:30 --> 02:38:39 | You're actually hiding it and copying it in certain handheld but because they know that they're not really good enough to be doing what they're doing, they |
| 930 | 02:38:39 --> 02:38:52 | will close their eyes at the very moment a slut of hands being done. So when I studied under Jeff McBride, he's one of the best today, car manipulators, and he |
| 931 | 02:38:52 --> 02:38:59 | taught on this principle, and it was, it made very, very good sense to me as someone that was an educator, I was like, You know what? That's not just |
| 932 | 02:38:59 --> 02:39:14 | happening in magic. It happens in everything, and it's a tell. So if you aren't careful, you're going to ignore these point of indications in your character, |
| 933 | 02:39:15 --> 02:39:22 | and you'll put band aids on them. You'll close your eyes to the things you're doing wrong, never sharing it with the public, but the public that can see you |
| 934 | 02:39:22 --> 02:39:30 | doing them like, for instance, when a live streamer is in a trade, they didn't say they bought it or sold it yet, but all of a sudden they were talking real |
| 935 | 02:39:30 --> 02:39:38 | talkative. They get real quiet, and they're not looking at the charts a lot. They'll look down. They'll bite their fingernail, they'll look at the car behind |
| 936 | 02:39:38 --> 02:39:46 | themselves. Think they probably pay too much money for it. How many people care about that car anymore? Or they'll look at another chart, or they'll start |
| 937 | 02:39:46 --> 02:39:57 | nodding their head to a song they're listening to, or, even worse, listen because some of them are basically eating their microphone. Their breath will |
| 938 | 02:39:57 --> 02:40:11 | become erratic. I. Uh, okay, it's getting real annoying here. They're indicating to you, that's point of indication. That's them not comfortable in the trade, |
| 939 | 02:40:11 --> 02:40:19 | not trusting the logic. They're just hoping it's going to pan out for them. You need to do and I'm not, don't take I'm not trolling anybody by doing this. I'm |
| 940 | 02:40:19 --> 02:40:27 | telling you, that's why I appreciate and I have a great deal of respect for everyone that live streams, especially the ones that show their face because |
| 941 | 02:40:27 --> 02:40:40 | they're literally laying themselves out there to be analyzed, seriously analyzed with psychology and humanistic characteristics that are going to manifest |
| 942 | 02:40:40 --> 02:40:50 | themselves in what they're doing. You need to do the same thing while you're learning how to read Christ action, because you don't understand the the |
| 943 | 02:40:50 --> 02:41:02 | magnitude and the depth and the impact that these things that you're trying to mask and hide in yourself. If you don't recognize what those things are, those |
| 944 | 02:41:02 --> 02:41:14 | being what makes you feel overconfident, what triggers that? What made you feel so overconfident that you're now going to trade maximum leverage? What was it? I |
| 945 | 02:41:14 --> 02:41:21 | guarantee you, it's something you're trying to get as a result that it's external to trading in the external to the market. You're trying to trade. |
| 946 | 02:41:21 --> 02:41:29 | You're trying to cope and compensate for something. Someone made you mad, someone hurt your feelings. You're in a relationship that maybe you're arguing |
| 947 | 02:41:29 --> 02:41:36 | with them, and you feel like you know what I gotta be, I gotta make myself a lot of money today, because that way I know I don't have to be codependent with |
| 948 | 02:41:36 --> 02:41:48 | them, that sometimes, ladies, you're not on the straight and narrow entirely. The thing I see in the women traders is that they will quietly over leverage |
| 949 | 02:41:48 --> 02:41:57 | their account when they're in relationships that they're in codependency with. That means the man makes the money in their home. And they're housewives, they |
| 950 | 02:41:57 --> 02:42:06 | take care of the children, or they homeschool the children, the characteristics and traits and trends that I've seen in my students are the ones that the |
| 951 | 02:42:06 --> 02:42:15 | females are like that. If they're in an abusive relationship, they will over leverage sometimes, and then they use this for once. And I'm thankful, and I'm |
| 952 | 02:42:15 --> 02:42:25 | never saying your name, so please, if you know who I'm talking about, you're not the only one I've I've a dozen of the women in my my community, that have been |
| 953 | 02:42:25 --> 02:42:34 | honest with me and told me these things, and I hope you can appreciate me sharing this in context that it doesn't, it doesn't out them. But I want you to |
| 954 | 02:42:34 --> 02:42:43 | understand that women will over leverage when they're in those conditions, and why it's not for greed sake. They're not trying to take it to social media. |
| 955 | 02:42:44 --> 02:42:51 | They're doing the opposite. They're hiding it from their spouse because they don't want them to know that they're building up enough money to leave that |
| 956 | 02:42:51 --> 02:43:00 | toxic relationship because they don't have the resources to do it right now. So they're quietly doing it, and then when they get abused, physically or verbally. |
| 957 | 02:43:01 --> 02:43:10 | They end up taking larger trades because they want to reassure themselves that I am in a position that I can replace him. He's toxic. He's not good for my |
| 958 | 02:43:10 --> 02:43:20 | children. He's not good for me. We can't resolve this, but I can't leave. I can't escape this right now. I have no family members, no friends that can lean |
| 959 | 02:43:20 --> 02:43:28 | on. So I'm by myself, so I'm going to do something that I know I shouldn't do, but I'm at my wit's end, so I'm going to over leverage. You need to recognize |
| 960 | 02:43:28 --> 02:43:43 | that, because that is not an invitation for a faster exit. That's you doing something incorrectly, and that's not making you a good trader. If you get |
| 961 | 02:43:43 --> 02:43:50 | rewarded with a big win, you're going to feel more inclined to do it again the next time he hits you, the next time he talks down you, the next time he abuses |
| 962 | 02:43:50 --> 02:44:00 | the kids, the next time you feel like you should be out of that relationship and you can't stand anymore. You just want to jump out your own skin. Those are |
| 963 | 02:44:00 --> 02:44:09 | those triggering moments. Those are the triggering moments, and you have to recognize that in yourself. So that way, when you start feeling that impulsive |
| 964 | 02:44:09 --> 02:44:18 | nature start rising up in you and you're trading with real money, turn the charts off. Go do something else. Go exercise, go run, go read a book. Go hang |
| 965 | 02:44:18 --> 02:44:30 | out with friends. Go meet Hey. You got time to meet me for lunch. Take yourself away from the marketplace. I'm telling you, this is the real reality of how |
| 966 | 02:44:30 --> 02:44:39 | you're going to have to deal with this stuff. It's not just going in every day, finding a setup and making money. That's not how this is at all. There's so many |
| 967 | 02:44:39 --> 02:44:49 | things that you're going to have to wrestle with, and you don't even realize what they are, and 99% of them are in your head or in your personal life. There |
| 968 | 02:44:49 --> 02:44:57 | is they're either physical things that you're coping with in the relationship or a lack of relationship, and you're lonely and you have somebody that you're |
| 969 | 02:44:57 --> 02:45:08 | interested in in. You want to get her attention, you want to drive up in a nice car, and you're thinking, All I got to do is split my account this many times. |
| 970 | 02:45:08 --> 02:45:16 | Have 20 accounts linked together, and I can get $100,000 in the next couple months. If I just do this, build my account up now to go and get a Lamborghini |
| 971 | 02:45:16 --> 02:45:26 | leased, all I got to pay $3,700 a month. I can make that. It's easy. And you're going to do stupid stuff to try to win the attention of some person you don't |
| 972 | 02:45:26 --> 02:45:31 | even know. You don't know what they're going to do when they find out that you drive that |
| 973 | 02:45:33 --> 02:45:41 | Lamborghini. You're doing all the wrong things. And I did all the wrong things as a 20 year old, and I'm telling you as a 50 year old, I can tell you that I |
| 974 | 02:45:41 --> 02:45:50 | wish I could go back in time and talk to myself. I did a I did a series in this YouTube channel, literally, if I could go back and tell myself these things and |
| 975 | 02:45:50 --> 02:45:59 | everything I'm talking about in there, look at every influencer today. It flies in the face of everything they do, because it's all about engagements, getting |
| 976 | 02:45:59 --> 02:46:08 | worked up into a frenzy about trading, pushing buttons and making money, and nobody's talking about the realities of what you're going to feel while trying |
| 977 | 02:46:08 --> 02:46:17 | to learn how to do that and what happens when you get into a winning trade. None of you have any coping skills for that. You think you've ever felt excited and |
| 978 | 02:46:17 --> 02:46:28 | like short of breath because you're losing money when you have a really big, fast, running winner, it's worse. It's worse than losing money your very first |
| 979 | 02:46:28 --> 02:46:40 | winning trade that's large, and did you didn't have a limit order to get out at and it's just running for you. It's impossible for me to outline and explain |
| 980 | 02:46:40 --> 02:46:50 | what it feels like. It is a terrible feeling, because you don't know what to do if you get out. What if it kept running? What if I stay in it? Because it |
| 981 | 02:46:50 --> 02:47:03 | reverses as fast as it ran in my favor, and it becomes hugely lost. You have no idea what you're going to feel, which is why I teach you have partials, have |
| 982 | 02:47:03 --> 02:47:12 | limit orders, because it prepares you for that inevitable moment when you have your first runner that you didn't have a limit order on. It keeps you from ever |
| 983 | 02:47:12 --> 02:47:23 | having that fearful moment. Everything I teach is sound logic. It's rooted on real world experience, how I hurt myself, how I built myself back from it, how I |
| 984 | 02:47:23 --> 02:47:29 | learned from mistakes that you don't need to make for yourself. You don't need to do these things Caleb, you don't need to go through all these painful |
| 985 | 02:47:29 --> 02:47:41 | lessons. You don't need that you can do it far faster than I did. You can be so much better than me, because I have scar tissue that every single time I get |
| 986 | 02:47:41 --> 02:47:50 | into a trade, I have dozens of other instances where I remember. I remember taking a trade in iron nine copper, and I was like, I ought to get in here and |
| 987 | 02:47:51 --> 02:47:59 | do something different, because I felt like this the last time. And I gotta tell myself, what does the model say? I'm supposed to be trading price action. I'm |
| 988 | 02:47:59 --> 02:48:09 | supposed to be trading the model, not I remember the last time I hurt myself, 25 years ago. I've done it a lot when I was younger, and those scar tissue, it's |
| 989 | 02:48:09 --> 02:48:17 | like a bad relationship. You punish the people that you're in relationship with now for the things that they did to you, but they didn't do anything to you, but |
| 990 | 02:48:17 --> 02:48:26 | you're punishing that person. You're punishing them for the things in the scar tissue that you've carried into a previous relationship. That's the same thing |
| 991 | 02:48:26 --> 02:48:32 | that trading is going to do, because you don't even see it. You don't even think about you don't even think about those things, because these 20 year old |
| 992 | 02:48:32 --> 02:48:39 | chairmans of multi level marketing don't know how to trade, can't make any money. They're out there trying to tell you how to be an enterprise by doing |
| 993 | 02:48:41 --> 02:48:55 | market level marketing, not trading, getting people to be a sucker, to buy in behind you. I don't do those things. I'm telling you in a manner that is not |
| 994 | 02:48:55 --> 02:49:05 | sugar coated at all, and it's uncomfortable. These lectures are not comfortable. They don't make you feel good, but they make you take personal inventory. And a |
| 995 | 02:49:05 --> 02:49:13 | lot of people are going to sign I don't know. I don't even want to look at it. I'll look at when I'm done, I'll look at the analytics and see what the watch |
| 996 | 02:49:14 --> 02:49:21 | numbers are on it. But I told you last week I expect them to be low. They didn't change the fact that I'm telling my son these things this week, he needs to know |
| 997 | 02:49:21 --> 02:49:29 | these things, so that way, it calibrates his mindset and says, You know what, I don't need to impress that by doing this, this, this, I'm going to follow a |
| 998 | 02:49:29 --> 02:49:39 | model, and by default, dad will be pleased that I'm only doing what is expected of me. I'm not trying to present more evidence that I have learned more than I |
| 999 | 02:49:39 --> 02:49:50 | should have right now, because Dad's not expecting me to have that, and it's liberating. Contrast that with Go, go, go, get out there and start trading. |
| 1000 | 02:49:50 --> 02:49:58 | Start with a real count, couple 100 bucks. You'll learn how to trade when you do that. That's an idiot's mentality, I promise you. That's the same person that's |
| 1001 | 02:49:58 --> 02:50:07 | they're afraid to take straight. Is every single trade they take, they're fearful of it. They're fearful of taking the trades like that. And they can lie |
| 1002 | 02:50:07 --> 02:50:16 | all they want, but come out here and let's see it. They won't do it. Oh, you're a demon. They'll just cop out doing it that way. But I'm telling you the real |
| 1003 | 02:50:16 --> 02:50:25 | stuff. This is the real things that matter most, because this is the stuff that's going to allow you to be successful, or it's going to make you tap out. |
| 1004 | 02:50:25 --> 02:50:36 | You're going to do something that causes you to blow out, and you won't want to do whatever it takes you to refund an account or take a week or two off and then |
| 1005 | 02:50:36 --> 02:50:44 | go back in, do a fund an account challenge, if that's what you want to do. I'm not saying that's what you should do, but you have to give yourself flexibility |
| 1006 | 02:50:45 --> 02:50:53 | and time. And how much time is it going to take for you? I don't know how much baggage you have. How much baggage have you brought into this? How much are you |
| 1007 | 02:50:53 --> 02:51:02 | hiding to your friends and your family, they may never know the depths of the anxiety and depression you're wrestling with, because you got real good at |
| 1008 | 02:51:02 --> 02:51:15 | hiding it, but you won't be able to hide it in trading. I promise you, it is like a scrying mirror. Okay? A scrying mirror is a bowl that's painted black, |
| 1009 | 02:51:15 --> 02:51:23 | and people used to stare into it and meditate, and sometimes they would see visions about what it is they feel they should be doing whatever, but it is a |
| 1010 | 02:51:23 --> 02:51:35 | sprying mirror. It will show you the ugliest parts of you, and you will not be able to mask it. You will not be able to hide it. It will manifest itself in |
| 1011 | 02:51:35 --> 02:51:44 | stunning fashion. You're impulsive, greedy. Well, guess what? You're going to blow your account in stunning fashion, in such amazing speed, it's going to |
| 1012 | 02:51:44 --> 02:51:58 | happen so fast your head is going to spin and you're going to act like you're surprised. Wow. How did this happen so quick? And I'm telling you why. I'm |
| 1013 | 02:51:58 --> 02:52:12 | telling you why the things that you hold inside that are repeating, toxic things that make you less of a success than you would be if you overcome them, but you |
| 1014 | 02:52:12 --> 02:52:20 | can't overcome them until you recognize them, right? And everybody wants to stay comfortably hiding. They don't want the friends and family. They don't want |
| 1015 | 02:52:20 --> 02:52:32 | social media people to know that, hey, maybe I'm not entirely perfect. When we walk around pretending that we are, social media is a wonderful opportunity for |
| 1016 | 02:52:32 --> 02:52:41 | everybody to pretend there's nothing wrong with them. They do everything right? I don't hide that. That's why I'm very polarizing. People say, wow, you're |
| 1017 | 02:52:41 --> 02:52:48 | you're bipolar, you know, you start ranting and cussing. I'm a Christian. You say you're a Christian, and you talk in that language. Let me tell you |
| 1018 | 02:52:48 --> 02:52:56 | something. Let me spend one week with you, and I'll show you how you're a Christian too, right? You're never walking on water. Okay? Everybody makes |
| 1019 | 02:52:56 --> 02:53:04 | mistakes, and I repent for everything I do. I don't claim to be perfect, but I'm not going to get out here and pretend that I don't have these real experiences |
| 1020 | 02:53:04 --> 02:53:14 | that I had to go through and the coping mechanisms that had to go through to fix them, but I had to identify that I had them, and I hid them for a long time |
| 1021 | 02:53:14 --> 02:53:23 | because I built myself up in front of my family, in front of my friends, and they all said that This was never going to manifest itself and be successful. I |
| 1022 | 02:53:23 --> 02:53:30 | would never know how to be able to beat the markets. They said, it's never going to happen. Nobody can beat the market. Nobody can. Nobody knows how to time the |
| 1023 | 02:53:30 --> 02:53:41 | market. That was constantly said on CNBC and FNM back then, before CNBC, nobody can time the market, and they still try to save nobody can time the market well, |
| 1024 | 02:53:42 --> 02:53:52 | you know better than that now, but you can't time to market until you learn how to do it. And you won't learn how to do it properly until you remove these big |
| 1025 | 02:53:52 --> 02:53:59 | barriers. They're like rocks in your shoe. And you might think that, oh, it's not a big deal, you know, I'm going to keep doing this, but if you try to run |
| 1026 | 02:53:59 --> 02:54:08 | before you get that rock out, you're not going to run as long and without pain, and you won't fatigue as soon as you would if you had a rock in your shoe. Think |
| 1027 | 02:54:08 --> 02:54:20 | about it. If you had a if you had a rock in your shoe and you're expected to run 10 miles or even walk it. As a younger man, I used to be frustrated. I would get |
| 1028 | 02:54:20 --> 02:54:28 | a rock in my shoe, and I like, I ain't stopping untying my shoe, taking my shoe off to get this rock out, and then have to put the shoe back on at the tie the |
| 1029 | 02:54:28 --> 02:54:37 | whole time. It's aggravating. That's a man. I'm not gonna pull over and ask for directions. I'm gonna figure it out and waste the gas tank. Yeah, that's what |
| 1030 | 02:54:37 --> 02:54:43 | men do. What does the woman want to do? Well, let's pull over and ask this person? No, I ain't doing that. He's doing they're going to think I'm stupid if |
| 1031 | 02:54:43 --> 02:54:50 | I ask for directions. She's not thinking that. They're going to think that she's she's stupid. She's thinking I need to get somewhere. I have a process. I'm |
| 1032 | 02:54:50 --> 02:54:58 | getting somewhere with the with the most efficient direction and pathway. There it is. I don't want to be in this car with you. That's what she's thinking. But |
| 1033 | 02:54:58 --> 02:55:06 | the husband's like, I don't. To look stupid the other man, and that's what trading is. You don't want to make mistakes, because you think everybody's |
| 1034 | 02:55:06 --> 02:55:13 | sitting in your trading room with you, seeing everything you're doing while you're in every fluctuation of that trade, and you're making your trade harder |
| 1035 | 02:55:13 --> 02:55:14 | because you think that way. |
| 1036 | 02:55:16 --> 02:55:25 | Think about it. It's funny, but it's also uncomfortable, isn't it? You might you were laughing at first, and you start thinking, you just nailed me. He literally |
| 1037 | 02:55:25 --> 02:55:34 | just nailed me through the wall. That's me. He's talking about me right now. I'm talking about me. You just, you just resonate with it because you're like, I'm |
| 1038 | 02:55:34 --> 02:55:43 | doing that same stuff. I did all that stuff too. I did all that stuff too. But there's a way to get past all that, but you got to make changes, and you have to |
| 1039 | 02:55:43 --> 02:55:51 | identify what they are, and you have to take advantage of this time in your development, this stage in your development, this is the most critical time. |
| 1040 | 02:55:51 --> 02:56:00 | This is the foundation everything is going to be built upon. If you rush it, you will only go so far. You might be able to make some money, but you're not |
| 1041 | 02:56:00 --> 02:56:09 | retiring. You're not living on your trading. I guarantee you that that's not going to happen. Nobody lives on their trading and makes a huge enterprise out |
| 1042 | 02:56:09 --> 02:56:18 | of their success in trading. When they have not overcome these demons, you need to recognize what they are. Some of you are going to have all the box checked, |
| 1043 | 02:56:19 --> 02:56:31 | anxious, fearful, impatient, just everything, greed. You'll have every box checked, but there's a coping mechanism I'm going to teach you this week that |
| 1044 | 02:56:31 --> 02:56:37 | overcomes all of them. And I'm not talking about going into the Bible, but that's, well, that's the best one, really. But that's all I'm going to say on |
| 1045 | 02:56:37 --> 02:56:46 | that. I had to, I had to slide that in there. Okay, but there are physical things that you can do. Anxiety attacks. I'm going to teach you how to overcome |
| 1046 | 02:56:46 --> 02:56:56 | an anxiety attack, how to prevent one. I'm going to teach you how to fix heart palpitations when you start having, you know, rapid heartbeats when you're when |
| 1047 | 02:56:56 --> 02:57:05 | you're trading I'm going to tell you how to fix all that stuff. But when you start feeling those physical symptoms, if you're any bit of a hypochondriac, |
| 1048 | 02:57:06 --> 02:57:15 | it'll scare you, and it revs up into full panic. In full panic, you're not in control yourself. So you never want to be in full panic when you're in a trade, |
| 1049 | 02:57:16 --> 02:57:26 | because you won't know when to pull the plug. You won't know when to get out of the trade. You won't see it. You everything's moving so fast, your your your |
| 1050 | 02:57:26 --> 02:57:37 | brain's processing so fast, because you're in fight or flight, and you will have a clouded mind, because everything is standing still. You're not doing anything |
| 1051 | 02:57:38 --> 02:57:46 | but your brain saying we're going 100 miles an hour, and we have something to do. What is it we want me to do? I'm ready. I have the adrenaline. I'm ready. We |
| 1052 | 02:57:46 --> 02:57:56 | gotta run. I'm ready. If we have to fight, I'm ready. But you're standing still, and if you're standing still, you're going to feel the physical effects of |
| 1053 | 02:57:56 --> 02:58:03 | adrenaline being in your body, which is going to increase your heart rate, and you're not doing anything to burn the adrenaline off, and then you start feeling |
| 1054 | 02:58:03 --> 02:58:11 | cortisol. And cortisol is your stress hormone, and you will literally start feeling things that are uncomfortable, if you've never felt them before, |
| 1055 | 02:58:12 --> 02:58:19 | tingling in in spots in your face. When I would have it, it would be in my left eyebrow. My left eyebrow would start tingling, and they would drift underneath |
| 1056 | 02:58:19 --> 02:58:29 | my left eye and go into where my left nostril was, and I'm thinking, I'm having a stroke. I'm stroking out. And then I started thinking that, and thinking I am |
| 1057 | 02:58:29 --> 02:58:38 | stroking out. Let me check my pulse. Well, now you're doing the wrong thing. Look for other symptoms. Michael, of course, my heart rate's over 150 beats a |
| 1058 | 02:58:38 --> 02:58:47 | minute. I'm tacking like crazy. What does that do? Speeds it up even more. And then 10 minutes later, paramedics are at my house telling me, bear down, or I'm |
| 1059 | 02:58:47 --> 02:58:56 | gonna have to give you something to stop you, because your heart rate's 220 beats a minute. Do you want to go through these experiences, or do you want to |
| 1060 | 02:58:56 --> 02:59:06 | listen to me? Because given the enough opportunity, some of you will go through that or worse, if you're not healthy. If I was not healthy, going through all |
| 1061 | 02:59:06 --> 02:59:15 | that stuff, I probably would have had a heart attack. I probably would have had a real stroke. Even if you're healthy, if you keep putting yourself in that |
| 1062 | 02:59:15 --> 02:59:26 | condition, you wear your arteries down and that stress hormone cortisol, the way your body fights that is, it lays down cholesterol in your arteries. What is |
| 1063 | 02:59:26 --> 02:59:38 | that going to do? It's going to further increase the likelihood that you're going to eventually pop. So it's important for you to make this boring. You do |
| 1064 | 02:59:38 --> 02:59:51 | not want it. I'm on a boat. T pain in the background. You know, it ain't about all that, okay, it's about I am following a boring model, and that boring model |
| 1065 | 02:59:51 --> 02:59:59 | can make as much as I want it to, and I don't have to elevate the excitement or fear. Let the money management do the heavy lifting. But. |
| 1066 | 03:00:00 --> 03:00:12 | ICT: Are just doing the same boring things that are not hidden from you on the chart. Be forgiving. Give yourself permission to be infallible. No, I said that |
| 1067 | 03:00:12 --> 03:00:21 | wrong. Fallible. You don't want to be walking around like you're infallible, and that's what men try to do. They try to walk around like they're a Man of Steel, |
| 1068 | 03:00:21 --> 03:00:31 | Superman. Women, they are. They always ask me the right questions. I've never had a female student ever asked me a question that sound like a man's |
| 1069 | 03:00:31 --> 03:00:42 | perspective. It's never happened. It is never ever happened. Men always are looking for ways to keep their ego from being bruised. Women are looking for a |
| 1070 | 03:00:42 --> 03:00:55 | way to focus on what matters most, for the model to be equipped in their hands appropriately, not faster, so they don't do it wrong. Men, how can I run my |
| 1071 | 03:00:55 --> 03:01:04 | account up and how can I pyramid? That's a man's question. How can I go out and win the Super Bowl? I've never worn pads before and I've never had a football in |
| 1072 | 03:01:04 --> 03:01:14 | my hand. Good luck with that. Good luck with that. It's funny when you really sit back as I've had a very unique perspective as an educator, having so many |
| 1073 | 03:01:14 --> 03:01:28 | people come through the fold, it's astonishing to see the same things repeating based on the female perspective, in the male perspective, and I have lesbian |
| 1074 | 03:01:28 --> 03:01:38 | students, I have gay students, and it's still the same thing. Men that are living gay lives. They don't think like women. They still have the same thought |
| 1075 | 03:01:38 --> 03:01:49 | processes of the man. It's they want to do more, the women, even though they may live a gay lifestyle, they're still thinking like a woman. And to me, that's |
| 1076 | 03:01:49 --> 03:01:58 | astonishing as well, because you can't escape who you are, and that's the problem with trading. If you come in with toxic thinking, if you come in with |
| 1077 | 03:01:58 --> 03:02:07 | flawed logic or high expectations that are unrealistic for you to meet. No wonder you're going to want to quit so soon you've made it harder for yourself. |
| 1078 | 03:02:08 --> 03:02:17 | You don't need any extra help. It's going to be a very daunting task, because you have to overcome yourself first. And everybody that's in a 90% bracket that |
| 1079 | 03:02:17 --> 03:02:26 | quits and loses money and never does it anymore, it's because they lost to themselves. Look at how many times they traded. You know, that doesn't fit me. |
| 1080 | 03:02:26 --> 03:02:34 | ICT, I've been doing this for 12 years. I've never been profitable. You don't know me. Man, how many times have you really traded? You probably took three or |
| 1081 | 03:02:34 --> 03:02:41 | four trade and blew the account. That's not enough experience. You just did things impulsively and You wrecked yourself, and you had to wait and talk |
| 1082 | 03:02:41 --> 03:02:50 | yourself into getting more money or whatever, sell some stuff in the garage. Now with funded accounts. Now you gotta do is you wait a little while and the wife |
| 1083 | 03:02:50 --> 03:03:00 | won't know about and then pay for it, get yourself a prepaid credit card off the bank or whatever aisle food line, and I'll just pay with that. She won't know. |
| 1084 | 03:03:01 --> 03:03:10 | That's a problem. That is a problem. So you know enough that you know that you're not going to follow the rules and you're going to hide it from her. If |
| 1085 | 03:03:10 --> 03:03:18 | you're married, if you're in a serious relationship, you need to explain to them that you're pursuing this and you're not expecting to make any money soon. But |
| 1086 | 03:03:18 --> 03:03:28 | this has now become a major focus for you, like, like a college pursuit. That way you're not feeding them bullshit in the beginning, like, Oh, we're going to |
| 1087 | 03:03:28 --> 03:03:35 | be able to quit our jobs and mobile Don't. Don't tell your spouse that. Don't tell your spouse that, because you now elevated it to a level of expectation |
| 1088 | 03:03:35 --> 03:03:43 | that they're going to hold you to. And why wouldn't they? You took it upon yourself to tell them that stuff, they love you and they trust you. So why would |
| 1089 | 03:03:43 --> 03:03:52 | you think that they're not going to expect it? You're going to live up to that, and when you don't in your eyes, you're going to fan you're going to manifest |
| 1090 | 03:03:52 --> 03:04:00 | all the stress indicators. You're going to be grumpy. You're not going to be paying attention when conversations taking place, and when you start seeing |
| 1091 | 03:04:00 --> 03:04:08 | these things in your personal life, you need to take inventory of that, recognize them, don't try to hide from it, because all of that's going to do |
| 1092 | 03:04:08 --> 03:04:18 | what it's going to manifest itself in these candlesticks, just like a scrying mirror. You're going to see things that's going to show you your ugly side. And |
| 1093 | 03:04:18 --> 03:04:25 | what are you going to do? You're going to feel uncomfortable, and as a man, you're going to do what. You're going to plow ahead. You're going to draw your |
| 1094 | 03:04:25 --> 03:04:34 | sword, throw your shield down, you're going to draw your sword and run head on to meet that thing, and you're ill equipped, and it's going to take your head |
| 1095 | 03:04:34 --> 03:04:42 | off. The women in that same circumstance, they're going to sit still and do nothing, and they'll be paralyzed, and they won't take a trade. That's the |
| 1096 | 03:04:42 --> 03:04:54 | dynamic with man and female. That's how they think as a trader, that's how they engage price in this stage. That's what they do. I have the data to support |
| 1097 | 03:04:54 --> 03:05:08 | that. I have a million plus students, and I've had several decades of teaching. And I have said to the same talking points I'm giving you here. I've had more |
| 1098 | 03:05:08 --> 03:05:20 | people say I can't do that. I don't want to, I don't want to think about the things I'm doing wrong. So I just try to power through it. As a man or a woman |
| 1099 | 03:05:20 --> 03:05:33 | will say, I'm just not going to take the initiative to make that change. So they either sit still and do nothing, or the man does too much. And that's the |
| 1100 | 03:05:33 --> 03:05:41 | repeating phenomenon that comes for the people that are spinning the wheels that never find their way in this stuff. I promise you, it's not just because it's my |
| 1101 | 03:05:41 --> 03:05:52 | content, they would have those same things in any other discipline trading, it's because it's, it's, it's in them, that's the that's the problem. When I was |
| 1102 | 03:05:52 --> 03:06:00 | losing money and blowing accounts as a 20 year old, none of it had anything to do with the trading, because the moves I was blowing my account on, they weren't |
| 1103 | 03:06:00 --> 03:06:08 | even that big of a move, there was just small little retracements that I was over leveraged on, and I would try to make big positions with very, very, very |
| 1104 | 03:06:08 --> 03:06:17 | small stop losses, and those cuts would display and then the accounts gone. And I was right that the market was going to go up to those levels I was aiming for, |
| 1105 | 03:06:18 --> 03:06:29 | but I was not allowing myself to trade with just one contract and use a reasonable stop loss and just let it happen. I was trying to maximize as much as |
| 1106 | 03:06:29 --> 03:06:37 | I could because I wanted to leave working. I wanted to be able to turn to my family and friends and say, You were wrong about me. So what was I trading for? |
| 1107 | 03:06:38 --> 03:06:49 | Everything outside of being successful. I was training to impress people that really looking back now, they had no impact on me, whether whether I did it or |
| 1108 | 03:06:49 --> 03:06:59 | didn't. They didn't have any power over me, but I was giving them power by what I was doing. And you don't see it that way when you're going through it and all |
| 1109 | 03:06:59 --> 03:07:06 | these other things. It may not be that for you, it may be something else. There's so many things I don't want to list everything, because I've already |
| 1110 | 03:07:06 --> 03:07:18 | longer than I was supposed to again. But this is such a rich topic that I was going to write a fourth book and let it be about these types of things. But I |
| 1111 | 03:07:18 --> 03:07:30 | just don't feel comfortable writing it. I think sharing my stories, letting you hear me, hear me, tell you what I went through, it means more, and it's also |
| 1112 | 03:07:30 --> 03:07:40 | therapeutic, therapeutic for me because it allows me to detox myself. Because there are some times when I think about how I could have done things better for |
| 1113 | 03:07:40 --> 03:07:51 | myself if I would have done things to fix my personal issues, address certain things in insecurities. When I had my first wife, you know, I was telling her |
| 1114 | 03:07:51 --> 03:07:58 | when we were together, I said, I'm going to be rich, I'm going to be a trader, and I'm going to live a different lifestyle, and your parents just don't |
| 1115 | 03:07:58 --> 03:08:07 | understand. And she nodded and gave me a case of use yet, you know, we'll see, but that's not saying I believe you. That was like dismissing it, and I still |
| 1116 | 03:08:07 --> 03:08:19 | feel that today, and I've not been with that woman for decades now. We're talking about when I was 19 years old, I would feel pain that's rooted not not |
| 1117 | 03:08:19 --> 03:08:26 | that one, because I didn't start trading till 20. But I have things that I can go back to, and you have it too, and you have to journal that. You have to put |
| 1118 | 03:08:26 --> 03:08:40 | that in your journal and say, These are my scars. This is what makes me feel insecure. And when my wife left me for a 40 year old man, that was embarrassing |
| 1119 | 03:08:40 --> 03:08:52 | for me, and it scarred me, and it made me take crazy risks, because he drove my dream car, a Corvette, and bought it with a with a winning lottery ticket that |
| 1120 | 03:08:52 --> 03:09:00 | she paid for, and he spent it, bought a bet, and I had to wrestle with Do I really like vets anymore because he did that? I love vets. Fuck him. He can do |
| 1121 | 03:09:00 --> 03:09:11 | whatever he wants to do, but I own two of them now, and when I drive them, I don't think about them. I think about my car. This is my dream car. Everybody |
| 1122 | 03:09:11 --> 03:09:20 | else can have their dream car. When I was a little boy, the Corvette was my dream car, and I could afford anything else out there. But I like that car. It's |
| 1123 | 03:09:20 --> 03:09:35 | It's always been my thing. You have something that is deeply rooted inside you that causes you pain. Mine was embarrassment and shame that my first wife, who I |
| 1124 | 03:09:35 --> 03:09:43 | never wanted to be with anybody else with, and she's the one I lost my virginity to, I could tell you the date. Okay, I can tell you the time that it happened. |
| 1125 | 03:09:43 --> 03:09:52 | Ask any other man, they probably can't tell you that, but that's what it meant for me. It was it was important for me, and I didn't want to be with anybody |
| 1126 | 03:09:52 --> 03:09:56 | else. So when she left me, I was scarred, cut deeply, and the |
| 1127 | 03:09:56 --> 03:10:07 | whole neighborhood knew about it. They knew about. Before I did. So I was shamed, I was embarrassed and but it was something I didn't I didn't cause it, |
| 1128 | 03:10:08 --> 03:10:20 | but she didn't live with me in a marriage that she thought that we were going to bloom in anything. Looking back now, I think she made the wrong decision, but |
| 1129 | 03:10:20 --> 03:10:32 | it's okay. I wasn't meant to be with her, but I still carry all of that scar tissue, but that same scar tissue doesn't make me get into a trade. When it was |
| 1130 | 03:10:32 --> 03:10:41 | doing it back then, when I was 20 year old, I was racing to make money to impress her, to win her back. And I wasn't supposed to be with her. I'm supposed |
| 1131 | 03:10:41 --> 03:10:52 | to be with my wife I'm with now, with the children and the family I have now, but I have that same scar tissue that does have no influence on me now. But when |
| 1132 | 03:10:52 --> 03:11:01 | you go through your personal life and you write down the things that make you feel invincible, are you lying to yourself? Are they really things that make you |
| 1133 | 03:11:01 --> 03:11:09 | feel strong, or are you masking something, compensating for something else? Because that's the thing that's going to hurt you, the thing that you're |
| 1134 | 03:11:09 --> 03:11:17 | guarding and hiding from yourself and everyone else, that is the very thing that's going to motivate you when you are weak. And you're going to get weak, |
| 1135 | 03:11:17 --> 03:11:25 | you're going to feel impatient, you're going to feel like you're missing out on something. You're going to just need to feel like you matter, or that you're |
| 1136 | 03:11:25 --> 03:11:36 | successful, or you can do this, and at that moment, you're going to tap into I'm going to do this because I have to prove to myself that that can't hurt me. And |
| 1137 | 03:11:37 --> 03:11:44 | you're going to take larger risk. You're going to trade more frequently, and you're going to trade when there isn't a setup there, because you want to |
| 1138 | 03:11:44 --> 03:11:53 | replace that feeling of what you feel all the time, but you pretend it's not there. It wells up inside you. You're shamed, you're embarrassed. Someone hurt |
| 1139 | 03:11:53 --> 03:12:05 | you, someone physically hurt you, someone took something from you. You couldn't arrive at a level in your relationship, and you lost them, or you left some |
| 1140 | 03:12:05 --> 03:12:15 | money, and then you know that you left them by mistake, and now they're with somebody else, and you can't win them back. How heartbreaking is that? And I |
| 1141 | 03:12:15 --> 03:12:24 | have students that say that they would do anything to impress them, to get them away from the person they're with now, that's not likely to happen, but they |
| 1142 | 03:12:24 --> 03:12:33 | carry that stuff in them, and then they go into the trades and they say, I need to feel better because I can't escape that. You gotta let let go of it. A lot of |
| 1143 | 03:12:33 --> 03:12:43 | the stuff that you're holding on to, you're gonna have to put it down. You're choosing to hold on to it. You're choosing to protect it and nurture it, because |
| 1144 | 03:12:43 --> 03:12:55 | it's become your your new normal. And how would you feel if you weren't feeling like this every day? It's scary, it's uncertain to you, so it's easier for you |
| 1145 | 03:12:55 --> 03:13:04 | to hold on to this. And you live with the depression and you live with the anxiety, and you live with the guilt and you live with the anger and fear, and |
| 1146 | 03:13:04 --> 03:13:16 | all of that's going to manifest itself in these little candlesticks. They're going to be perfect little excuses for you to vent into. And when they don't do |
| 1147 | 03:13:16 --> 03:13:28 | what you want them to do, it's worse. It will cut you deeper. It'll make you fear taking anything further steps forward. They'll say, is, this doesn't work |
| 1148 | 03:13:28 --> 03:13:38 | and but you're lying to yourself. You're not even using it right. It's just like the next bottle of booze that alcohol reaches for. I usually drink Johnny |
| 1149 | 03:13:38 --> 03:13:48 | Walker. I get drunk every Friday night, I can't stand it, but they didn't have any Johnny Walker, so I just started drinking whatever I don't know. I know |
| 1150 | 03:13:48 --> 03:13:56 | Johnny Walker. I don't know what that is. I know it's an alcohol, but I don't know enough to know what another alcohol drink is embarrassing, even though I |
| 1151 | 03:13:56 --> 03:14:05 | shouldn't be embarrassed by it. But the king of analogies just fell flat on his face. I just don't have another like Budweiser. That doesn't probably mean it's |
| 1152 | 03:14:05 --> 03:14:16 | probably not the same thing. I think John Walker's a liquor in it, but maybe vodka. I know there's another thing, but you're going to pick your vice, okay, |
| 1153 | 03:14:16 --> 03:14:27 | and you're going to do whatever you can to do it because you're trying to escape pain, and you're self medicating. And lot of us self medicate by tamping down |
| 1154 | 03:14:27 --> 03:14:35 | pain. That means swallowing it and pushing it down deeper. But you can't keep doing that when you're a trader, because it's going to materialize and manifest |
| 1155 | 03:14:35 --> 03:14:46 | itself in your trades, and then, because you're having to deal with it again, and it's taking from you hope about success. It's taking money from you that you |
| 1156 | 03:14:46 --> 03:14:54 | can't really afford to lose, and now you've made this little tiny Gremlin, this little rock in your shoe, a mountain in front of you with a troll that's |
| 1157 | 03:14:54 --> 03:15:06 | standing on top, saying you're never going to get up this high. You've given it. Power it's never had before. It's got more influence and power to keep you from |
| 1158 | 03:15:06 --> 03:15:24 | being happy, successful and well better. You've given it a power over you, and you're going to feel that, and you're going to personify the trade when it's |
| 1159 | 03:15:24 --> 03:15:32 | just doing what it's going to do, regardless of whether you're in a trade or not. But now you've person personalized it and personified it, and now you're |
| 1160 | 03:15:32 --> 03:15:45 | wrestling with this thing, and you can't talk about it anybody, because how embarrassing would that be? So in the privacy of your own journal, not with |
| 1161 | 03:15:45 --> 03:15:53 | someone on the social media, not in an email to me, some of you probably already sitting down writing emails this, this right here, you just nail me and I, I'm |
| 1162 | 03:15:53 --> 03:16:02 | so thankful. Don't, don't even worry about doing it. Don't just find out what it is for you. What are these little things that you're hiding in yourself, that |
| 1163 | 03:16:02 --> 03:16:13 | are scary, they're hurtful, they hold a lot of animosity, and they are always things that you would never want anybody to know about. That's what I'm talking |
| 1164 | 03:16:13 --> 03:16:24 | about, the things that you are ashamed of, the things that you are fearful that other people might find out about you. You're a man. I wouldn't want anybody to |
| 1165 | 03:16:24 --> 03:16:36 | think that I have regrets about how I handle myself as a young man, but I've, I've openly shared that in my YouTube channel. I don't hide it. I had |
| 1166 | 03:16:36 --> 03:16:47 | relationships with married women, and I am not proud of that. I mean, nobody's nobody's perfect. I'm not making excuses for it, but these are things that I |
| 1167 | 03:16:47 --> 03:16:59 | have to live with. I have to live with these decisions. And when I was younger, they they were barriers for me. They caused me to do things impulsively because |
| 1168 | 03:16:59 --> 03:17:10 | I didn't like my own skin. I wasn't comfortable in my own skin. I didn't reconcile the problems I created for myself. I just put a band aid and hide |
| 1169 | 03:17:10 --> 03:17:18 | them. Just pushed it down, tamped them down deep, long as I don't talk about it, bring it up, nobody knows about it, and it's just in my head, and I'll wrestle |
| 1170 | 03:17:18 --> 03:17:26 | with them as I wrestle with them, not realizing that that stuff would manifest in my personal relationships with my friends. When I had to have a job, it would |
| 1171 | 03:17:26 --> 03:17:34 | manifest in my performance at work. I was unmanageable. I would basically cuss everybody out and tell them, Look, you, screw you. And I had lots of jobs. I |
| 1172 | 03:17:34 --> 03:17:45 | knew I would eventually get fired if I stayed there. So I would quit because I couldn't want to have them have that victory that they took me out of my job. So |
| 1173 | 03:17:45 --> 03:17:52 | I would cuss them out, threaten them, I'll beat your ass. And there it is. And I would, you know, lose interest in being there, because I knew now I've done |
| 1174 | 03:17:52 --> 03:18:04 | showed my ass, so I have to leave. But that was a result of me not addressing the deep rooted things in my body and my mind that I had to reconcile with. And |
| 1175 | 03:18:04 --> 03:18:14 | everybody has it. Everybody has a skeleton in their closet. Everybody has things like this. Some of them are more significant than others, but doesn't diminish, |
| 1176 | 03:18:14 --> 03:18:21 | even the ones the least of significance that anybody else might would look at and think that's not that big of a deal, but to them that went through it and |
| 1177 | 03:18:21 --> 03:18:31 | had to live with and carry it around, it's huge. And they they think that no one would understand enough. So therefore, I would never want to see a counselor. I |
| 1178 | 03:18:31 --> 03:18:38 | would never want to talk about it. I would never try to rectify it. I just have to bear it and carry it and keep it with me all the time, but never make it |
| 1179 | 03:18:39 --> 03:18:51 | known to anyone but you let it. It sneaks out all the time in your moments of weakness. It usually comes out in bursts of anger, small little things magnified |
| 1180 | 03:18:51 --> 03:19:03 | into some monumental explosion, and something that would another never been an argument or a fight or an altercation, is now been thrown gas on top of it, |
| 1181 | 03:19:03 --> 03:19:12 | because it's really this thing you're guarding and protecting or afraid now it's been manifesting, and you're not wrestling the person you're arguing arguing |
| 1182 | 03:19:12 --> 03:19:19 | with your spouse, your family or your child, your boss, your co workers. You're wrestling with the guilt that you did not fix this sooner, and you have to |
| 1183 | 03:19:19 --> 03:19:29 | wrestle it back down deep so no one can see it. And that's what's happening in your trades. That's what's going to keep happening in your trades, and it will |
| 1184 | 03:19:29 --> 03:19:38 | not stop until you fix the root cause. That means you have to identify what they are, and most people don't want to. I guarantee you, the viewership of this |
| 1185 | 03:19:38 --> 03:19:47 | video has gone down precipitously because it ain't timing the market. I'm not telling you where the market's going. I'm telling you you will not be able to |
| 1186 | 03:19:47 --> 03:19:51 | find the right direction, let alone take a trade if you're wrestling with these things. |
| 1187 | 03:19:54 --> 03:20:03 | Some of my best students are individuals that were in prison or had substance abuse problems. Problems, and they fixed it before they tried to become a |
| 1188 | 03:20:03 --> 03:20:14 | traitor. I had students that are substance abusers, that are trying to get clean, and they're struggling because they have not fixed themselves. Yet. You |
| 1189 | 03:20:14 --> 03:20:25 | won't be successful at this until you fix that party. I don't want to say anything more than that, because I don't want to be negative, but that's the |
| 1190 | 03:20:25 --> 03:20:39 | reality. Individuals that have gone through incarceration and they paid for their crimes, they know that this world's different now, like my father, he's |
| 1191 | 03:20:39 --> 03:20:52 | getting ready to come out here, he's not going to recognize any of this stuff. And if he was younger, what skill could he bring forward to to be a gainful |
| 1192 | 03:20:52 --> 03:21:04 | employee? Nothing. The last thing he did productive was shoot at Vietnamese in the Vietnam War. That's that's in his mind, that's that, that's it. So he has no |
| 1193 | 03:21:04 --> 03:21:14 | work skills. He has nothing he's not used to the way the world is right now. And he's admitted to my mom that he's he's scared now. Imagine that 40 years here's |
| 1194 | 03:21:14 --> 03:21:25 | a contract murderer, Mr. Billy badass. He's admitted to my mother. He's terrified coming out. So what is he going to have when he stepped out into the |
| 1195 | 03:21:25 --> 03:21:36 | road, this same thing, and he's not careful, he will let that thing manifest itself, and he could very easily make a mistake and violate and have to go right |
| 1196 | 03:21:36 --> 03:21:48 | back in again. How's it any different? We're talking about the same thing. I'm teaching you how to live, how to live. It's not about just making money. You |
| 1197 | 03:21:48 --> 03:21:58 | have to wrestle this stuff, keep it in subjection, and then only then you have all of the advantages of doing everything that's in front you. If you think |
| 1198 | 03:21:58 --> 03:22:04 | you're just going to walk out here and carry all that stuff, and you're not going to have any adversities, and it's going to be easy for you. Or if you're |
| 1199 | 03:22:04 --> 03:22:14 | wondering why it's so hard, it's the internal stuff that you're wrestling with. And it's always that this stuff isn't complicated, the people that say, Oh, it's |
| 1200 | 03:22:14 --> 03:22:21 | just too this is too hard. Trading is too hard. You're just giving up because you don't want to, you don't want to put down those demons you're nurturing |
| 1201 | 03:22:21 --> 03:22:33 | them, these things that you're hiding in yourself, that are problems that you know, if I was, if I was a counselor, and you felt comfortable talking to me, |
| 1202 | 03:22:34 --> 03:22:44 | these are the things that you're wrestling with. And you would say these, this is what I'm going through. It's those things that are going to be the problems |
| 1203 | 03:22:44 --> 03:22:52 | that cause you to think this is too hard. It's too hard for you to keep wrestling with them. Demons are given opportunity to manifest themselves, see, |
| 1204 | 03:22:52 --> 03:23:03 | when you're just tamping them down and drinking and doing the things that you do, smoking reefer, dumbing yourself down, calming yourself down, medicating |
| 1205 | 03:23:03 --> 03:23:15 | yourself you're hiding from those things. And weed heads generally don't do very well in trading either and but they'll be the same ones that will champion their |
| 1206 | 03:23:15 --> 03:23:28 | wins and go online. Yeah, look at this. Show me everything you're blocked, and that's just, that's the reality of all this stuff. And you can make this easier |
| 1207 | 03:23:28 --> 03:23:33 | for yourself, or you can make it harder, and it doesn't make sense for you to make it harder. |
| 1208 | 03:23:40 --> 03:23:51 | There's so many things I want to talk about still, but I have plenty of time the rest of the week. I've had a lot to say today. I I believe wholeheartedly the |
| 1209 | 03:23:51 --> 03:24:03 | things I've talked about. I think if you take a moment to think about what that means for you, really dial in on the things that you know, what you try to hide, |
| 1210 | 03:24:03 --> 03:24:11 | that are terrible things that you don't like about yourself. And I'm not talking about your weight or how you look in the mirror. That's not what I'm talking |
| 1211 | 03:24:11 --> 03:24:21 | about. Okay? I'm talking about the things that cause you to behave and think the way you think. Something scarred you, something made you angry, or something |
| 1212 | 03:24:21 --> 03:24:39 | scared you so bad that you have not reconciled that, or it's a physical dependency on alcohol or drugs. That's it. That's it, because if you have the |
| 1213 | 03:24:39 --> 03:24:47 | mental faculties, it doesn't matter if you're in a wheelchair, you could be an amazing trader better than me. You being in a wheelchair or handicap has |
| 1214 | 03:24:47 --> 03:24:56 | absolutely no bearing on how you can trade, because it's your mind. You could literally be a quadriplegic and tell the person next to you, all right, press |
| 1215 | 03:24:56 --> 03:25:04 | the buy button. Put the stop off. So here and there it is. Who's doing the trade you are. You don't need your body to do it. You need your mind. Because trading |
| 1216 | 03:25:04 --> 03:25:16 | is one in the battlefield of your mind. Your trade's a winning trade before it's realized in that chart, and your take profit is hit before that happens. It's |
| 1217 | 03:25:16 --> 03:25:24 | already a winning trade in your mind. Because if you can't see it, believe it, it's going to deliver like that. It's never going to go there. So how do you |
| 1218 | 03:25:24 --> 03:25:33 | have a clear mind to get to that point? You have to get rid of all your baggage. Gotta get rid of all that toxic stuff, toxic thinking, all the online drama |
| 1219 | 03:25:33 --> 03:25:42 | stuff, all Are you someone that constantly goes to drama stuff on the internet, not just in the trading industry, but everywhere? Are you a Jerry Springer |
| 1220 | 03:25:42 --> 03:25:51 | trader? You just can't wait to get in somebody else's business to see what they're doing wrong, because chances are you'd love that, because you are hiding |
| 1221 | 03:25:51 --> 03:26:04 | so much more in yourself that just hurt somebody's feelings, right there, too. Drama, marketing, drama, this drama that people flock to that stuff because it's |
| 1222 | 03:26:04 --> 03:26:12 | a perfect excuse to hide the very things that they don't like about themselves. Because they're like, they're thinking, Well, I hate living with this every day. |
| 1223 | 03:26:12 --> 03:26:20 | But you know what? This is a beautiful distraction that I'm not the only one out there that's a train wreck, and I have a chance to laugh at that person like |
| 1224 | 03:26:20 --> 03:26:29 | everybody else, and I'm guarded. I'm protected. They don't know the things I'm wrestling with, because look what they would do if they knew this about me. And |
| 1225 | 03:26:29 --> 03:26:40 | that's exactly what you're going to experience in trading. That stuff is going to well up. It's going to boil up over top and spill over into your trades until |
| 1226 | 03:26:40 --> 03:26:48 | you reconcile them. You have to fix what they are. I have to identify I have to identify them first, right? And that's scary. It's uncomfortable, but nobody |
| 1227 | 03:26:48 --> 03:27:00 | needs to know what they are. You have power over this stuff. You have power over it. And you place it in your journal, you identify it. I feel insecure because |
| 1228 | 03:27:00 --> 03:27:17 | this happened to me. Okay, release it. It doesn't define who you are. Don't give it any more power. Acknowledge it. Say Yeah, it's real for you to feel hurt when |
| 1229 | 03:27:17 --> 03:27:24 | things happen to you. You're You're a human being with emotions. It's normal for you to feel that way, but social media has made it feel like we shouldn't have |
| 1230 | 03:27:24 --> 03:27:40 | any emotions. We shouldn't care about nothing. Say things to people that they would never hear you say to their face, divisiveness. You have to just let all |
| 1231 | 03:27:40 --> 03:27:48 | that stuff go. And if you invite other people into this experiment, of you going through the process of learning how to trade in the early stages, you have made |
| 1232 | 03:27:48 --> 03:28:04 | it so much harder, you have now increased the level of difficulty to expert level. And you're not an expert, you're a neophyte. You're just starting, and |
| 1233 | 03:28:04 --> 03:28:12 | that's why Caleb will not have comments open on this YouTube channel, because what's going to happen is he's going to read them, and in a moment of weakness, |
| 1234 | 03:28:12 --> 03:28:21 | he's going to say, Yeah, this person said this, and this, this, and then I'm going to hear it, I'm going to see it, and then I'm going to have to tell him |
| 1235 | 03:28:21 --> 03:28:29 | I'm angry that that this did that, and I'm going to go out online and I'm going to say this, that, and the other thing, and they're going to clam up, and |
| 1236 | 03:28:29 --> 03:28:36 | they're going to do nothing, but I'm going to react to that because I'm like, whack a mole. I like smacking trolls around. I love that. It's a sport for me. |
| 1237 | 03:28:38 --> 03:28:47 | So to keep him from getting that recreational sport in his own thinking. He's not allowed to have the comments, he's not allowed to have interactions with any |
| 1238 | 03:28:47 --> 03:28:55 | of you, because he's learning. But I've already told him. I said, the other day, when we're driving around, went to the gun range. I said, once you get to the |
| 1239 | 03:28:55 --> 03:29:00 | point where you don't need that to tell you anything, you know your model, you know what you can do, and you're carving out your own money, and it's |
| 1240 | 03:29:00 --> 03:29:09 | significant amount of money, if you want to go out there and act like a fool and spar with these people online because they're idiots, I'm not going to be in |
| 1241 | 03:29:09 --> 03:29:20 | your way about it. I'm not, but I just think it's dumb to do it, because, as the world's changing, people that have a following like myself and other people, |
| 1242 | 03:29:20 --> 03:29:33 | okay? I might say something about someone's discipline and make fun of it. Okay? In reality, sometimes I backpedal and I think to myself, You know what the state |
| 1243 | 03:29:33 --> 03:29:44 | of the world is right now? In the way it's so com, we're in a combustible state globally. All it takes is the right little spark, and everybody can easily blow |
| 1244 | 03:29:44 --> 03:29:52 | up. And that's what social media has cultivated. That's exactly why it was instigated. It was started for that very reason, and now it's festering in |
| 1245 | 03:29:52 --> 03:29:59 | everybody like they can't wait to get online. Think about how many times you're looking at your phone. Your face is in the phone like a zombie all the time. |
| 1246 | 03:29:59 --> 03:30:07 | You. You have a four inch universe that you're spending more time in than you are in the real world, looking for everybody else to give you a dopamine hit, |
| 1247 | 03:30:07 --> 03:30:16 | like your post, or you get to like somebody else's post, hoping that they liked it. You liked it. Again. You're doing all the wrong things, and you're trying to |
| 1248 | 03:30:16 --> 03:30:26 | apply that same logic to trading. You want an emotional response. You want a dopamine hit. You want an immediate tick tock experience where you did something |
| 1249 | 03:30:26 --> 03:30:35 | in the market, you enter the trade. So now you want to see 100 handle run just like that. And when it doesn't happen or it's slowly moving, you're |
| 1250 | 03:30:35 --> 03:30:50 | uncomfortable. I'm trying to prevent that kind of stuff with Caleb. I don't, I don't want him doing the toxic things I've done. I'm trying to be the best |
| 1251 | 03:30:50 --> 03:31:01 | guide, but still be his dad. And I have to admit, it's very challenging, because in the past, and I had a little bit of it last Thursday, I had a blast, but I |
| 1252 | 03:31:01 --> 03:31:12 | had to get that out of me. But I'm trying very hard to be balanced, because he knows what I'm capable of. He also has seen me in the real world when I had to |
| 1253 | 03:31:12 --> 03:31:22 | do things, when people were making threats to me or our family, like I am not afraid of things like that. If something's in front of me, I'm going to run it |
| 1254 | 03:31:22 --> 03:31:31 | over. I'm going to be a bulldozer and run it over. I don't cower from nothing. I don't hide from nothing. I'm in your face immediately. I want to neutralize |
| 1255 | 03:31:31 --> 03:31:41 | whatever is the problem. I'm neutralizing it. It's not going to hang around. It's not going to fester that. Let's go. You want to go? Let's go. That's not |
| 1256 | 03:31:41 --> 03:31:49 | his mentality. And I told him, I said, when you start making money, I do not want the biggest thing if you want to impress that and you want to live up to my |
| 1257 | 03:31:49 --> 03:32:02 | hopes for you, I told him, I said, I want you to have more control over yourself than I have. I want you to be able to say nothing that anything in the Internet |
| 1258 | 03:32:02 --> 03:32:15 | has ever bothered you, because the way you live your life, once you get acclimated to this and you're successful, when you get to that point, the |
| 1259 | 03:32:15 --> 03:32:24 | thoughts and opinions of others should never be a reason To punish yourself, because when you entertain other people's opinion about you or me, or whatever |
| 1260 | 03:32:24 --> 03:32:33 | it is, you're learning how to do when you're making money, what does it matter? Does it really matter what people think when you are living on your own money |
| 1261 | 03:32:33 --> 03:32:45 | that you earn using this information, why would you punish yourself for other people's opinions, because that's what you're doing when you get mad about that |
| 1262 | 03:32:45 --> 03:32:54 | stuff. That's why I try to tell everybody you think I'm mad. I'm not mad. I'm not a mad person. Now I'm mad when people say they tried to do this stuff and |
| 1263 | 03:32:54 --> 03:33:05 | they haven't really put a real good effort into it, that's fake. That's false. It's, it's, it's a lie, and I'm forcing my son in this test tube where he has |
| 1264 | 03:33:05 --> 03:33:15 | absolutely no latitude to be able to say, well, I couldn't do it because no that we don't, we don't have any room for that. You are in the pressure cooker with |
| 1265 | 03:33:15 --> 03:33:15 | me, |
| 1266 | 03:33:17 --> 03:33:26 | and you're in front of the entire world, and they're watching this. You asked for it, and now you got it, but you're going to do it the way it needs to be |
| 1267 | 03:33:26 --> 03:33:39 | done, and you have to make sure that you don't fall victim into finding dopamine sense of accomplishment by having other people tell you, Wow, you are a good |
| 1268 | 03:33:39 --> 03:33:47 | trader. You know what? Tells you you're a good trader, you don't have to go to work. That's better than anybody telling you a message they could have all the |
| 1269 | 03:33:47 --> 03:33:59 | emojis in the world. That ain't the same thing as getting up and saying, Well, I ain't gotta go in traffic today and make in one trade what you would earn in |
| 1270 | 03:33:59 --> 03:34:11 | gross income over 346, months of your job. That's how you feel success as a trader, not I need somebody outside of myself to tell me I'm a good trader. Oh, |
| 1271 | 03:34:11 --> 03:34:21 | you're ICT Junior. Oh, you're going to be the next best thing. You know, don't think that way, son. Don't even have expectations to have that. I am impressed, |
| 1272 | 03:34:21 --> 03:34:34 | I am pleased, and I am proud of you, son, if you just do what's laid in front of you, and you find contentment in that, that you don't have to do more than that, |
| 1273 | 03:34:35 --> 03:34:45 | the world is your oyster. You'll be able to do whatever you want to do once you figure out yourself, but just do what I'm laying down in front of you. If you |
| 1274 | 03:34:45 --> 03:34:58 | just do that, you have you've done far more than I ever hoped for, and you don't never have to impress me. You have already done everything I've expected of you, |
| 1275 | 03:34:59 --> 03:35:09 | because then. If I have to lay my head down for the last time, and I don't have any more time here, I can rest my head knowing that I have left this with you |
| 1276 | 03:35:09 --> 03:35:21 | and your brothers and your sister and your mother, they're okay. It doesn't matter what happens. You can do it. That's how I think about this. I don't want |
| 1277 | 03:35:21 --> 03:35:33 | you being another ICT. ICTs run its course. I've already said that I'm putting it down the end of this year. I'm doing that my own way. I don't want people |
| 1278 | 03:35:33 --> 03:35:43 | hanging on me. I don't want people thinking I'm a celebrity. And honestly, I see all of the mentions that happen, like if I go on the YouTube channel, it'll say |
| 1279 | 03:35:43 --> 03:35:53 | comments, which I see all of them, the ignorant ones. I just banned a person. I don't ever see them again. You don't realize that you're banned, but you are |
| 1280 | 03:35:53 --> 03:36:01 | your comment. When you look at the video, you'll see your comments still there. I never see it. Anything past that. I'll never see it again. I don't have time |
| 1281 | 03:36:01 --> 03:36:11 | for you. You're insignificant to me. You're not even an ant. You're not even a gnat. But there's also this little thing mentions. So there's comments and |
| 1282 | 03:36:11 --> 03:36:22 | there's mentions, and once a week, I'll go through it and I'll hit it and I'll scroll through. I want to comment on everybody, but when I do leave comments on |
| 1283 | 03:36:22 --> 03:36:32 | individual channels, generally, they treat me like a celebrity, and I don't like that. Otherwise, if I wasn't treated that way, I would be just like one of the |
| 1284 | 03:36:32 --> 03:36:40 | guys, and I would comment like everybody else does. But you know what I'm talking about, if I've left a comment like immediately it gets pinned and then |
| 1285 | 03:36:40 --> 03:36:48 | there's 1500 people comes behind there. Oh, it's ICT. It's Michael. He left a comment like, I'm some fucking Elvis or something, like I'm literally nobody. |
| 1286 | 03:36:48 --> 03:37:03 | I'm nobody, and it makes me uncomfortable. And I don't want you aspiring to do that. Caleb, I don't want you to have that aspiration to be that's your goal. |
| 1287 | 03:37:04 --> 03:37:13 | Your goal should be, I don't need to work for money, and money is a tool. I don't have to wrestle with employers. I don't have to go and go through the rat |
| 1288 | 03:37:13 --> 03:37:28 | race and have them steal any more time. You're in your 20s, you're young, you literally could carve this out and by the time you're 30, be ridiculously rich. |
| 1289 | 03:37:30 --> 03:37:41 | Freaking ridiculously rich. Okay, and you can do whatever you want to do. If you want to get on here and trade live in front of other people. Go ahead. I would, |
| 1290 | 03:37:41 --> 03:37:52 | well, I would, I would love that. I would love that Viagra all day long, that would absolutely I would love it. Do I want you to do it. I'm not asking you to |
| 1291 | 03:37:52 --> 03:38:04 | do that, so don't think that you have to live up to that. But if you choose to do that, man, that would be amazing. That would be awesome, but that's not what |
| 1292 | 03:38:04 --> 03:38:13 | I hope for you. I hope for you to not have to work for your money. That's what I want. I want you to feel comfortable knowing that you can pay your way through |
| 1293 | 03:38:13 --> 03:38:25 | this world and not have to ask somebody if you can have a day off or a vacation and they ain't paying you too little for your time. You do that. You have met |
| 1294 | 03:38:25 --> 03:38:36 | every expectation I have for you. My goal is for you to not have to work, and you live on your own steam, your own efforts, and you don't get reckless with |
| 1295 | 03:38:36 --> 03:38:47 | it. You don't try to be a high roller. Don't try to be a show off, don't brag, don't talk down to people like I did when I was 20 years old. I was new money, |
| 1296 | 03:38:47 --> 03:38:56 | and that was me coping with the uncomfortable state of I wanted to flex on everybody, because if they knew all the things I was wrestling with and the |
| 1297 | 03:38:56 --> 03:39:05 | embarrassment and shame I had because my wife left me for a 40 year old man, that was embarrassing, that was shameful to me, so I hid it by being a jerk to |
| 1298 | 03:39:05 --> 03:39:13 | other people and the people that I loved and that were friends of mine, I lavished them with money and gifts because I didn't want them to walk away from |
| 1299 | 03:39:13 --> 03:39:22 | me. I wanted them to make me feel wanted and liked and appreciated, but I had to pay for it to feel it is that genuine? No. So I don't want you to fall in the |
| 1300 | 03:39:22 --> 03:39:32 | trap, because as soon as you start making big money and people that know you see it, you need to be aware of who your real friends are, because your real friends |
| 1301 | 03:39:32 --> 03:39:41 | won't change. They won't ask you for anything, and they won't increase the intensity about wanting to be around you. The ones that do that, that's the ones |
| 1302 | 03:39:41 --> 03:39:53 | that's going to stab me in the back. That's the ones that are going to try to take you for a ride and take advantage of you. And I'll reserve the rest of the |
| 1303 | 03:39:53 --> 03:40:01 | stuff tomorrow when we talk more price. I've said enough. We've been here for a while, and I'm probably going to delete a lot of the. Members comments that were |
| 1304 | 03:40:01 --> 03:40:11 | complaining about today. That's okay, but this is the stuff that you're going to wrestle with as a trader, okay? And the sooner you identify what they are and |
| 1305 | 03:40:11 --> 03:40:21 | you journal them, and we work through coping skills this week on how to overcome all them. If you're a viewer, you're eavesdropping in this lecture I'm holding |
| 1306 | 03:40:21 --> 03:40:30 | with my son, I don't and say, I don't cover the thing you're wrestling with. Say, we get to Friday, and then say, sometime over the weekend, you feel like |
| 1307 | 03:40:30 --> 03:40:40 | you have a unique experience, and you feel comfortable trusting me, that in an enemy in anonymity, rather where you don't have to reveal yourself, you can |
| 1308 | 03:40:40 --> 03:40:50 | create a burner email address and leave a comment to me, like saying, This is what I wrestle with. I won't know your name, but I would love the opportunity to |
| 1309 | 03:40:50 --> 03:40:59 | have something that I don't cover here, and if I have a way of mentioning what I would do to deal with it. You know, I would love to have the opportunity to do |
| 1310 | 03:40:59 --> 03:41:08 | that. I would never say who said it. I would never, you know, pretend to be a counselor or psychologist. I'm not claiming to be that. I'm not out there fix |
| 1311 | 03:41:08 --> 03:41:16 | it. But the ones I'm going to cover this week, I think, are the most paramount ones, and a lot of them are going to be very similar to the ones I'm going to |
| 1312 | 03:41:16 --> 03:41:27 | talk to and speak on. But the main thing is, is not to be fearful of identifying those problem characteristics and traits within yourself, because if you're |
| 1313 | 03:41:27 --> 03:41:41 | insecure as a person, and mine was insecurity, it will manifest itself in your traits, and then you'll beat yourself up protecting that demon of insecurity or |
| 1314 | 03:41:41 --> 03:41:52 | hurt or fear or anxiety about something, or you're in a problem relationship, whatever that is, you're going to guard that thing and you're going to beat |
| 1315 | 03:41:52 --> 03:41:59 | yourself up. Oh, you're stupid. You don't have a trade. You can't learn how to do this, or this stuff doesn't work. You're going to externalize all of the |
| 1316 | 03:41:59 --> 03:42:08 | results, instead of saying, See, this is further evidence that I'm manifesting all this toxic stuff I'm holding on to because I'm making decisions based on |
| 1317 | 03:42:08 --> 03:42:18 | periods when I lean on that stuff in a state of normalcy. You punish yourself every day. You don't realize it, but you are and just think about how many times |
| 1318 | 03:42:18 --> 03:42:31 | you think you think or say toxic things all day. The average person says over 300 negative things per day. No way, no way. Well, I can tell you what I can do |
| 1319 | 03:42:31 --> 03:42:43 | about 15 times after I talk too much, right? But the average person thinks and says over 300 negative things a day. It could be self centered, attacking |
| 1320 | 03:42:43 --> 03:42:52 | themselves, or doubt, perfect example, I was telling Caleb, I know we're supposed to end the video, but I got it just jumped on my head. I was explaining |
| 1321 | 03:42:52 --> 03:43:01 | this to my son. I said, Listen, the channel will grow and alleviate some of the pressure you're feeling while you're learning, okay, |
| 1322 | 03:43:03 --> 03:43:11 | it'll probably be around $10,000 a month when we get to Thanksgiving, or just after Thanksgiving. And he shook his head like, No way, no way. Now I'm like, |
| 1323 | 03:43:11 --> 03:43:20 | Are you nuts? Like I already know, as soon as I start putting videos up there, all of the members here that watch on this channel, just morbid curiosity is |
| 1324 | 03:43:20 --> 03:43:27 | going to take their attention over there. And even if they just there. And even if they just watch it for a few minutes, they're watching it. Okay, so they'll |
| 1325 | 03:43:27 --> 03:43:37 | see what it's all about, whether they stay or not, it's not important. But people will watch it because they, most of the people, want to see how you're |
| 1326 | 03:43:37 --> 03:43:43 | evolving in it, and then they're going to feel comfortable about their self, because they're going to see that you're going through the same things that |
| 1327 | 03:43:43 --> 03:43:55 | they're going through, because they look at you as my child, like my son should not have any adversity because he's ICT. Son, his dad is ICT, so therefore it's |
| 1328 | 03:43:55 --> 03:44:07 | unreasonable to expect him or any of his offspring to have any hardship in learning how to do this, because he's ICT son like that's somehow an advantage. |
| 1329 | 03:44:07 --> 03:44:15 | We're all human beings. We all wrestle with stuff. We all wrestle with stuff. And they're going to have the unique perspective, because you said you were |
| 1330 | 03:44:15 --> 03:44:25 | willing to do this, which I'm astonished by. But you said you were willing to do it, and you're going to be very candid about what you're feeling, what you're |
| 1331 | 03:44:25 --> 03:44:34 | fearful of, what you're making a big deal out of, that may or may not be valid, and they're going to take a whole lot of solace in that, because they are going |
| 1332 | 03:44:34 --> 03:44:42 | to be able to see that. Wow, this is the same shit I'm thinking. I've been thinking the whole time. I'm stupid for feeling this way. And here's ICT son |
| 1333 | 03:44:42 --> 03:44:50 | even doing the same things, thinking and worrying about the same things, but they're they'll see this is how I'm going to coach and teach you how to go |
| 1334 | 03:44:50 --> 03:44:59 | through that, and then they can apply that same logic to themselves, whether or not it works for them. I'm not promising that, but you're my son, so I'm giving |
| 1335 | 03:44:59 --> 03:45:10 | you. This is the solution I'm supposing that you should use. Or if it's something I went through, this is how I overcame it, or this is what you should |
| 1336 | 03:45:10 --> 03:45:20 | do to work around it, till you get better at it, and then your success will counter a lot of the things that you have as a problem. The problem is, is, he's |
| 1337 | 03:45:20 --> 03:45:32 | a male, and I've seen a few times where, as a young man, especially as a little boy, given enough rope, he'll run wild like he'll, he'll, he'll go wild. Out of |
| 1338 | 03:45:32 --> 03:45:40 | all my kids, I'm impressed that he's the one that's wanting to do this. I thought for sure it's going to be Cody. It's not. And I thought Cameron, because |
| 1339 | 03:45:40 --> 03:45:51 | he's very competitive in sports, but it's not. And now he's, well, he made it. He's the only one that said, I want a second chance at it, that because they |
| 1340 | 03:45:51 --> 03:46:01 | found out that it's not easy and it's easy say, You know what, I'm just gonna let them. I got dad. You know, he's always here whenever I want to. He'll, |
| 1341 | 03:46:01 --> 03:46:10 | he'll, he'll gladly want to teach me. And I've been frustrated because I've been wanting them, just one of them, just go through the ropes, find your model and |
| 1342 | 03:46:10 --> 03:46:20 | make money, and your brothers and your sister be like, oh, I want to do that. Now. It's like anything else you give one kid an ice cream or a toy, they're all |
| 1343 | 03:46:20 --> 03:46:26 | going to get. They're all going to want to listen. I'm a good girl, Mommy, I'm a good girl, Daddy, what do you want me to do? I clean my room. They're going to |
| 1344 | 03:46:26 --> 03:46:38 | do all the things that you want a kid to do when one child is given a reward. So you're going to see what it's like for him. You're going to hear it. You're |
| 1345 | 03:46:38 --> 03:46:50 | going to see the struggles. You can see all that stuff. But I told him, I don't want him to get cocky. I don't want to see arrogance. I told him. I said, if I |
| 1346 | 03:46:50 --> 03:47:00 | see you do that, I'm done. I told him. I said, how you conduct yourself in the real world when I'm not around you? Because right now you don't even have a |
| 1347 | 03:47:00 --> 03:47:09 | video in there, and already there's 20,000 people subscribe to your channel. When you start seeing more traffic and there's more interest around you, people |
| 1348 | 03:47:09 --> 03:47:16 | will want to befriend you. They're gonna be like, Oh, they're gonna say everything to blow smoke up your ass, to make you feel like that you're you |
| 1349 | 03:47:16 --> 03:47:29 | know, you're something you're not. Don't allow that. Don't allow it. You just stay who you are. You're humble. Caleb, that's it. You're not trying to be. ICT, |
| 1350 | 03:47:29 --> 03:47:40 | 2.0 Mr. Ego, kid. Ego, you're not trying to do all that stuff. If you never set that mark that high, nobody will expect you to live up to it. And guess what |
| 1351 | 03:47:40 --> 03:47:51 | that means you're liberated from all that stuff. Everybody wants me to go out there and do the impossible things. If you never, ever do those things, they |
| 1352 | 03:47:51 --> 03:48:00 | will never hold you in that regard. In anything that you share publicly, as long as it's a person with common sense, they'll they'll say, Well, you know, it's |
| 1353 | 03:48:01 --> 03:48:10 | that's an interesting experience that you've you've shared. It may or not may not, be an invitation for other people to mimic what you're doing and try to |
| 1354 | 03:48:10 --> 03:48:21 | copy it, and say, well, that's the path. That's the path I'm going to go, but they'll be morbidly curious to see what it is and the pressure that you're |
| 1355 | 03:48:21 --> 03:48:31 | feeling from your job, that will reduce a little bit. And then that deficit in stress and pressure you feel while you're working will give you more energy, and |
| 1356 | 03:48:31 --> 03:48:40 | it'll stoke the fires for you to study more. Which does what? It shifts all the concern and pressure away from what everybody's used to doing, which is the nine |
| 1357 | 03:48:40 --> 03:48:54 | to five rat race, and then it'll you'll start feeding that secondary hustle, which is learn how to trade. This is why I tell all of you as my students, once |
| 1358 | 03:48:54 --> 03:49:05 | you learn your model, once you learn it, I don't have a problem with you going out there and doing YouTube channels and running up, you know, a subscriber base |
| 1359 | 03:49:05 --> 03:49:16 | where people are watching you use it. I encourage that. Number one, it's further solidifies with more testimonial and proof that I have profitable students using |
| 1360 | 03:49:16 --> 03:49:24 | what I taught. It doesn't just work in my hands. It works in the students that put the effort into it. But you also, while you're growing because you're not |
| 1361 | 03:49:24 --> 03:49:30 | going to be a millionaire overnight, some of you may never become a millionaire. You might just make a couple $1,000 here and there a couple times a year. And |
| 1362 | 03:49:30 --> 03:49:37 | hey, it's better than not having money at all. Right, let's be real. Not everybody's going to be rich from it. I don't claim you're going to be rich from |
| 1363 | 03:49:37 --> 03:49:48 | it, but you have the potential to make as much as you want, but while you're learning how to get better at it, and until you can arrive at I don't need to |
| 1364 | 03:49:48 --> 03:49:59 | work anymore, it would be foolish for you, not if you have the disposition and personality to live stream. I don't believe I do. It may seem like I do, but I. |
| 1365 | 03:50:00 --> 03:50:10 | Don't I don't believe I do. I I like to talk in pre recorded sessions, because I've already said certain things in this live stream that I would have liked to |
| 1366 | 03:50:10 --> 03:50:19 | edit out because I felt like I was being too personal, or maybe mentioning things that may upset people that are wrestling with certain things. I would |
| 1367 | 03:50:19 --> 03:50:26 | have cut that stuff out, like substance abuse and stuff like that. Like, I wish I could go back and take that party out. That's what I'm I'm thinking in my head |
| 1368 | 03:50:26 --> 03:50:34 | as I'm talking to you, I would, I would have edited that part out. And some of you been like, young glad you said it. But there's a lot of people that were |
| 1369 | 03:50:34 --> 03:50:41 | would come forward and say, I wish you wouldn't have said that. Or they'll claim you stop trying to be a psychologist. You're a crackpot. Anybody anyway, you're |
| 1370 | 03:50:41 --> 03:50:54 | always going to have some kind of, it's going to be argumentative. But I want, I want Caleb to know that he doesn't have to live up to high, lofty expectations. |
| 1371 | 03:50:55 --> 03:51:08 | And I'm helping him lay down a foundation of what is reasonable, what is now in an area where it's going to be problematic, and he has to conduct himself now as |
| 1372 | 03:51:08 --> 03:51:10 | a public figure, because |
| 1373 | 03:51:13 --> 03:51:22 | I've been in public, and people have seen me in public, and sometimes they get out of their cars, they're walking around with their phone and they're filming |
| 1374 | 03:51:22 --> 03:51:31 | me and taking pictures of me and my wife and wow. ICT you know, can you know like and it is ridiculous. It's absolutely ridiculous. I hate it. I don't like |
| 1375 | 03:51:31 --> 03:51:37 | it. I don't want to be like that, and I don't want, I certainly don't want my son like that. And it's uncomfortable. You don't know what these people are |
| 1376 | 03:51:37 --> 03:51:45 | going to do. They may pretend like they're want to take a picture with you, just get close enough to hurt you or your family, you know, and I don't want those |
| 1377 | 03:51:45 --> 03:51:55 | problems. So I told Caleb, you're not a celebrity. You're not trying to be a celebrity. And as soon as you start carrying yourself arrogantly, I'm done. |
| 1378 | 03:51:55 --> 03:52:07 | You'll know as much as you know, and it'll be it. And that's that's what I want for him. And if he lives humbly, and he learns to make a good living, he can, he |
| 1379 | 03:52:07 --> 03:52:20 | can do whatever he wants to do online and not be his celebrity status. The problem is, I've invited listeners to feel like I'm approachable, like you feel |
| 1380 | 03:52:20 --> 03:52:29 | like you really know me, and unfortunately, some people have taken a step too far thinking I really like Michael. He's a nice person. He's going to appreciate |
| 1381 | 03:52:29 --> 03:52:38 | me going up and meeting him. I don't feel comfortable with that, that that makes me scared, because I don't know why you're coming up to me, what your intent is, |
| 1382 | 03:52:39 --> 03:52:47 | and it may not be a good intention. So that's why I handle these situations the way I do. And I may not come across in a manner that seems like that nice guy on |
| 1383 | 03:52:47 --> 03:52:57 | the internet, that mild mannered Mister Rogers voice, or whatever you hear, given enough time in a live setting where I can go off the rails, and if I'm |
| 1384 | 03:52:57 --> 03:53:06 | with my family and you're coming up to me, I'm not Mr. Rogers, okay, I'm literally not Mr. Rogers. I'm ready to do something to you because I don't know |
| 1385 | 03:53:06 --> 03:53:16 | what your intentions are. So this is a little reminder for folks that take it upon themselves that go too far. I love all of you as my students, I do, but |
| 1386 | 03:53:16 --> 03:53:26 | that's not an invitation to encroach on my personal and private space and my family, and I'm reminding Caleb of that, because social media has a wonderful |
| 1387 | 03:53:26 --> 03:53:37 | element to it, but also has a weird dark side, where people think that they can say things, make up, things, lie, do things that are not true for the sake of |
| 1388 | 03:53:37 --> 03:53:50 | selling some storyline. Okay? And also, because of that, people that like you to have an unhealthy level of adoration towards you are willing to do things that |
| 1389 | 03:53:50 --> 03:54:00 | are not same, just to defend your honor, and you've never asked them to do it. So you're not a celebrity. I'm not a celebrity, I'm not a hero. I'm the anti |
| 1390 | 03:54:00 --> 03:54:09 | guru. I'm doing everything a guru wouldn't do. I'm pouring myself out here where I could be making millions of dollars dealing it. I'm doing it for free, and I'm |
| 1391 | 03:54:09 --> 03:54:18 | sharing the most intimate, private lectures that I would give to my son. You all have the ability to sit and listen to it or ignore it. You don't have to. You |
| 1392 | 03:54:18 --> 03:54:29 | don't have to be here. But if it wasn't for him saying he wants this, I'm like I said, I'm pouring myself into it, and I'm going to do what I believe he needs to |
| 1393 | 03:54:29 --> 03:54:38 | know how to learn how to do this, but he has to learn to the way I believe it's done best, and I don't want anybody else's opinion about because if you haven't |
| 1394 | 03:54:38 --> 03:54:47 | made millions of dollars, you don't have a you don't have a soapbox to stand on, so don't tell me he's my kid. My intentions are better than yours, and if he |
| 1395 | 03:54:47 --> 03:54:57 | fails, I have other things I can do without giving him money to make sure he's successful. So it's not it's not dependent on him learning how to trade. He |
| 1396 | 03:54:57 --> 03:55:06 | doesn't have to be a good trader. That makes an. Millions of dollars, if he just makes a little bit of money, okay, just that little bit of money he can do a lot |
| 1397 | 03:55:06 --> 03:55:18 | with, in the right hands, with other people. So in that discussion, I'll be covered when we get into later points of his progress. But using a YouTube |
| 1398 | 03:55:18 --> 03:55:28 | channel to augment, and, you know, provide an income and vision while you're learning. As a student, that's not my son, okay? If you want to have a crutch |
| 1399 | 03:55:28 --> 03:55:36 | while you're learning, there's a lot of people that are interested in other other traders. And it's not just ICT traders, right? It's anybody that wants a |
| 1400 | 03:55:36 --> 03:55:45 | live stream, if you're good at what you're doing, you know, I'm a trader that is set in my ways. I don't want to learn anything else, but I love watching other |
| 1401 | 03:55:45 --> 03:55:56 | people trade like I love it like, to me, there's nothing else better than that. I'm not a sports fan, and to watch someone that would execute, use a stop, |
| 1402 | 03:55:56 --> 03:56:03 | manage their stop loss and take profit and kind of like, reveal what they feel while they're in a trade, and what they think, how they're thinking about the |
| 1403 | 03:56:03 --> 03:56:14 | trades. When I'm more interested in I watch that kind of stuff, and unfortunately, there isn't enough of it. And I'm trying to foster this mindset |
| 1404 | 03:56:14 --> 03:56:25 | in my own community where I can't watch everybody, obviously, but I'm Hope, I'm hoping that the things I'm teaching here will inspire some of you to do do more |
| 1405 | 03:56:25 --> 03:56:33 | of that. And if you make an income or a secondary hustle where you're getting a little bit of ad revenue while you're doing what you're doing, and I'm not |
| 1406 | 03:56:33 --> 03:56:42 | saying teach my stuff. I've already said that none of you should be even teach because you don't know. But if you want to reveal how you use what I taught, |
| 1407 | 03:56:42 --> 03:56:50 | you're not trying to be a mentor. You're saying, I'm not trying to teach it. I'm just saying, This is what I do, how I is how I trade with it. There you go. |
| 1408 | 03:56:50 --> 03:56:58 | There's nothing wrong with that, because you're not trying to do something you're not equipped to do, but you're doing something that you're used to, using |
| 1409 | 03:56:58 --> 03:57:05 | the information with that's not teaching. You're just demonstrating prowess with it. And to me, that's a better thing to do, because anybody can repeat what I've |
| 1410 | 03:57:05 --> 03:57:13 | said and sound smart, but when you're actually doing it, you got a nod from me, like that. That's that's the real one. The people that are out there teaching |
| 1411 | 03:57:14 --> 03:57:23 | they're behind the wall of safety, because they can talk about conceptually, but when you're out there just trading again, and that's your whole thing. Like, I'm |
| 1412 | 03:57:23 --> 03:57:31 | just trading. There's no shame in that. And nobody can say anything bad about it. Nobody can because you're out there doing it, you're making or breaking in |
| 1413 | 03:57:31 --> 03:57:42 | front of everybody. And if you're making money, people are going to come here and watch you. And it's easy. It's very, very easy to get 1015, $20,000 a month |
| 1414 | 03:57:42 --> 03:57:53 | with just a steady live stream of this is what I'm doing. And who wouldn't want to do that, because the tax treatment that Caleb can use while he's working a |
| 1415 | 03:57:53 --> 03:58:02 | job. He can't write off his car insurance right now, but with a YouTube channel he can, so he's got to pay that regardless. So why not get a tax write off and |
| 1416 | 03:58:02 --> 03:58:10 | lowest taxable income? Because his job income, he can't write that stuff off just like you. You can't do it either. When he buys food, he can't write that |
| 1417 | 03:58:10 --> 03:58:18 | off. His cell phone bill, he has to pay it regardless. So why not be able to use it as a write off? When you have a YouTube channel, there's a lot of things that |
| 1418 | 03:58:18 --> 03:58:29 | a youtuber's tax treatment can do that a trader can't do. You don't know that because you're not financially literate, okay? The fact that he can have this as |
| 1419 | 03:58:29 --> 03:58:38 | a business, before he starts making big money in trading, he can start taking this money and put it into a Roth IRA up to $50,000 a year, and he can trade |
| 1420 | 03:58:38 --> 03:58:50 | that $50,000 that's in a tax deferred investment vehicle. So all the money he's making, instead of having to pay taxes every year on it, he can compound that |
| 1421 | 03:58:50 --> 03:59:00 | bigger, and inside of five years, you can have 1020, $15 million and not even work hard to do it. But you don't know that because you're financially |
| 1422 | 03:59:00 --> 03:59:10 | illiterate. So I get it. You know, you have your preconceived notion, because you're all intellectually smart, because you've read other people's opinion |
| 1423 | 03:59:10 --> 03:59:18 | about me or anybody else, but you have no idea what he's about to step into. And I'm reminding him that when I throw these numbers at him, he shakes his head. |
| 1424 | 03:59:18 --> 03:59:27 | He's like, Nah, it gonna happen. Like, literally, what makes you think that you have no experience to say anything that said that can't be possible, but because |
| 1425 | 03:59:27 --> 03:59:37 | he's never handled that money, he's never had that money in his hands that he's earned, it seems impossible to him, and that's the very thing that keeps most |
| 1426 | 03:59:37 --> 03:59:47 | people from ever want to learn how to do this from me or anyone else, because it thinks they think that you can't happen. He can take vacations that he's going |
| 1427 | 03:59:47 --> 03:59:58 | to take anyway, so now he can write that stuff off. All he has to do is do one YouTube video, one YouTube video while he's on vacation, quote, unquote, and |
| 1428 | 03:59:58 --> 04:00:10 | it's a complete write off. You. It, anything he eats, is 50% right off. So why aren't you all doing it? Why are you doing it? More people would love to see |
| 1429 | 04:00:10 --> 04:00:19 | other students doing this, but it's not for everyone. It's absolutely not for everyone. And you have to have a thick skin, because if you allow the chat |
| 1430 | 04:00:19 --> 04:00:25 | window to be open, in the comment section, open. You know you're going to lot of trolls, and if you wear your heart on your sleeve out there, or if you take |
| 1431 | 04:00:25 --> 04:00:36 | everything as an attack, it's going to make it hard, but you can literally build a channel and progress be shown to other people that you want to make it known. |
| 1432 | 04:00:36 --> 04:00:46 | I'll watch it, I'll see it, but it'll help you meet your ends while you're getting better at it. There's no shame in that, man. There's literally no shame |
| 1433 | 04:00:46 --> 04:00:55 | in that. And you'll see the people that are willing to do it, some people will progress faster than others, and you'll understand what I mean by you have to be |
| 1434 | 04:00:55 --> 04:01:04 | comfortable with allowing it to happen at your own pace, your own pace. And if you try to force it, it makes it harder, and it takes it makes it longer. You |
| 1435 | 04:01:04 --> 04:01:13 | think working harder and longer will shorten it. It's not. You have to budget your time doing it, because you burn out quick. It's a lot of stuff. It's very |
| 1436 | 04:01:13 --> 04:01:14 | technical. |
| 1437 | 04:01:15 --> 04:01:25 | And if you have a lot of baggage that you wrestle with you already, should make allowances for it taking a lot longer, because it's going to be hard for you to |
| 1438 | 04:01:25 --> 04:01:34 | put down these things that you live with, that you wrestle with every day, that cause you problems in your personal life. You're either an angry person, or |
| 1439 | 04:01:34 --> 04:01:43 | you're an insecure person, someone that clams up real quick and shuts down immediately, or you have trust issues, all these things, they manifest |
| 1440 | 04:01:43 --> 04:01:51 | themselves. So I'm coaching Caleb like like that, because when he was younger, he had to have counseling, he had to have that kind of stuff, because he has |
| 1441 | 04:01:51 --> 04:02:04 | bipolar episodes as well, and it's it's hard for a child to wrestle that, and a parent can't fill that void, because they see the parent as this is my guardian, |
| 1442 | 04:02:04 --> 04:02:15 | this is my caretaker, and it's also my dad and my mom. So where do you draw the line with discipline, and also how to grow with the proper mindset and not feel |
| 1443 | 04:02:15 --> 04:02:27 | like everything's abuse or neglect? It's hard. It's very hard. So I'm proud that he's made this decision like I thought when he was, like, ain't worried about |
| 1444 | 04:02:27 --> 04:02:34 | it, that was the end of it. He was gonna have to be one of the other kids. Because I honestly didn't think he would want to do this, or had the attitude. |
| 1445 | 04:02:35 --> 04:02:43 | And, I mean, he's my son, I can say that, but I didn't think he was gonna have the aptitude to do it, because he's, out of all my kids, he's, he's, he's |
| 1446 | 04:02:43 --> 04:02:54 | different, he's different and but he was wild as a little boy, like he was like 100 mile an hour, all like he had to have a short chain on him, because he |
| 1447 | 04:02:54 --> 04:03:05 | literally was all over the place, 100 mile an hour. But intellect wise, he's capable of doing it, but focus wise, that was my concern. But now, in the last |
| 1448 | 04:03:05 --> 04:03:14 | couple years, he's he's slowed down and matured. I think he's found himself as an adult, so I think he's equipped now to do it. So I'm anxious to see where he |
| 1449 | 04:03:14 --> 04:03:25 | goes with it. I'm excited to see it. I'm all in, like I'm all in, and I'm hoping that he has the the endurance to go through it, because once he has a little bit |
| 1450 | 04:03:25 --> 04:03:36 | of success, he will, like me, obsessively leech onto that and suck it marrow out in life's blood, and it'll feed him into his next stage of development, success. |
| 1451 | 04:03:36 --> 04:03:43 | And then that's exactly what it's like. You find your footholds, and you climb up that mountain one step at a time. Nobody walks up to the mountain, looks at |
| 1452 | 04:03:43 --> 04:03:54 | the top, says, this is going to be easy, fast climb. You have to plan your route and make allowances for things not being exactly as you thought so. With that, |
| 1453 | 04:03:54 --> 04:04:04 | probably got about 200 people watching still that that was enough for today. Caleb and I will touch base with you this evening, once you get home and get |
| 1454 | 04:04:04 --> 04:04:09 | settled, and we'll go over to charts, and so I'll talk to you, then be safe. Bye. |