Changes for page ICT - If I Knew Then - Part 1 of 4 - Where Would I Focus.srt

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3	3	ICT: MacBooks This is going to be a four
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7	7	part series. And right away, let me get
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11	11	your expectations in alignment. This
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15	15	first installment or Part one is
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19	19	basically one of those commuter episodes
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22		-00:00:30,299 --> 00:00:32,819
	22	+00:00:30,299 ~-~-> 00:00:32,819
23	23	going back and forth to work. You can
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25	25	7
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	26	+00:00:32,819 ~-~-> 00:00:34,319
27	27	listen to it that way because there's
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29	29	8
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	30	+00:00:34,319 ~-~-> 00:00:36,119
31	31	not really anything in this one there's
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35	35	going to be graphic intensive, no words,
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39	39	no charts, nothing like that. No market
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43	43	makers secret concepts being revealed on
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	46	+00:00:43,349 ~-~-> 00:00:45,479
47	47	some charts. It's basically a
48	48
49	49	13
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	50	+00:00:45,479 ~-~-> 00:00:46,919
51	51	hypothetical conversation with my
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55	55	younger self. I get questions a lot by
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59	59	email. If I could go back in time. You
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63	63	know what I like to do differently and I
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67	67	kind of like twisted that whole idea to
68	68
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	70	+00:00:59,369 ~-~-> 00:01:02,789
71	71	come up with the perspective. And if I
72	72
73	73	19
74		-00:01:02,789 --> 00:01:04,979
	74	+00:01:02,789 ~-~-> 00:01:04,979
75	75	could go back and tell myself what I
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	78	+00:01:04,979 ~-~-> 00:01:07,619
79	79	know now, and this is basically a
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81	81	21
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	82	+00:01:07,619 ~-~-> 00:01:08,999
83	83	hypothetical conversation with my
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87	87	younger self.
88	88
89	89	23
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91	91	If I could go back to the start of it
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95	95	all, knowing what I know now, said,
96	96
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99	99	Everyone, how many times have you looked
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103	103	at a circumstance in your life not just
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107	107	in trading, but in anything, every facet
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109	109	28
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111	111	of your life you wish you could go back
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115	115	knowing what you know now, I used to
116	116
117	117	30
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	118	+00:01:37,199 ~-~-> 00:01:39,149
119	119	hear my grandparents say things like
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123	123	that. And I was like, What? I couldn't
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127	127	relate with it and or to it, but being
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129	129	33
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131	131	47 about the term 48 years old. There is
132	132
133	133	34
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	134	+00:01:49,169 ~-~-> 00:01:51,719
135	135	a laundry list of things. I wish I could
136	136
137	137	35
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	138	+00:01:51,719 ~-~-> 00:01:53,429
139	139	go back and change not just in my
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141	141	36
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143	143	trading journey, but in all facets of my
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147	147	life. So I shared a bunch of those
148	148
149	149	38
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151	151	personal things. Today on my Twitter
152	152
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	154	+00:02:01,049 ~-~-> 00:02:02,849
155	155	feed, if you haven't been over there you
156	156
157	157	40
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	158	+00:02:02,849 ~-~-> 00:02:04,589
159	159	can take a look at that and see my my
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	162	+00:02:04,589 ~-~-> 00:02:06,539
163	163	open discussion about many of the
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167	167	frailties in my personal life coming up
168	168
169	169	43
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171	171	as a younger man into where I am today.
172	172
173	173	44
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175	175	I want to talk a little bit about some
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177	177	45
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179	179	of the things that I wish I could go
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181	181	46
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	182	+00:02:22,169 ~-~-> 00:02:24,899
183	183	back in time and tell my younger self.
184	184
185	185	47
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187	187	Now, the way you can use this for
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191	191	yourself is take what I'm saying with a
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193	193	49
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195	195	great deal of appreciation because I
196	196
197	197	50
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	198	+00:02:36,029 ~-~-> 00:02:38,429
199	199	weathered a lot of storms, financially
200	200
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	202	+00:02:38,429 ~-~-> 00:02:41,099
203	203	and personally, to get to what I know
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205	205	52
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207	207	now. And you may be a very young person
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209	209	53
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	210	+00:02:46,079 ~-~-> 00:02:49,199
211	211	and or an older person just now getting
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	214	+00:02:49,199 ~-~-> 00:02:52,649
215	215	involved in the markets. You're going to
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217	217	55
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	218	+00:02:52,649 ~-~-> 00:02:55,019
219	219	have the same growing pains that
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221	221	56
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	222	+00:02:55,079 ~-~-> 00:02:56,879
223	223	everyone else has, and some of these
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225	225	57
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	226	+00:02:56,879 ~-~-> 00:02:58,529
227	227	things are going to be things you
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231	231	probably read in books heard other
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235	235	people talk about, but I'm going to give
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237	237	60
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	238	+00:03:02,849 ~-~-> 00:03:04,889
239	239	you my personal spin on some of them and
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243	243	how it applied to me. So it's kind of
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	246	+00:03:07,769 ~-~-> 00:03:09,389
247	247	like a little bit of a little history
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	250	+00:03:09,389 ~-~-> 00:03:12,389
251	251	book of what I was plagued with in my
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255	255	first six years. The first six years of
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257	257	65
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	258	+00:03:15,419 ~-~-> 00:03:17,789
259	259	my trading development, the first six
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263	263	years of my trading, development is
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	266	+00:03:21,989 ~-~-> 00:03:25,109
267	267	plagued with everything you could have
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271	271	possibly done wrong. And I want to kind
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	274	+00:03:28,649 ~-~-> 00:03:31,229
275	275	of like use this discussion to kind of
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	278	+00:03:31,229 ~-~-> 00:03:32,909
279	279	like go through some of the major
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283	283	hurdles that I had. And again, since I
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285	285	72
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	286	+00:03:37,139 ~-~-> 00:03:41,489
287	287	have children, adult children now they
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	290	+00:03:41,879 ~-~-> 00:03:44,399
291	291	can hopefully listen to this and mine.
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295	295	The, I guess the experience portion of
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	298	+00:03:48,899 ~-~-> 00:03:50,759
299	299	it, because a lot of the things that
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	302	+00:03:50,759 ~-~-> 00:03:52,259
303	303	I've put on my YouTube channel and I've
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	306	+00:03:52,259 ~-~-> 00:03:53,159
307	307	taught over the years
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	310	+00:03:54,600 ~-~-> 00:03:55,290
311	311	it's
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	314	+00:03:57,240 ~-~-> 00:04:00,990
315	315	heavily technical There's a lot of
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317	317	80
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	318	+00:04:00,990 ~-~-> 00:04:02,700
319	319	things that are going on in the chart.
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321	321	81
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	322	+00:04:03,150 ~-~-> 00:04:04,830
323	323	And I am always accused of being long
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	326	+00:04:04,830 ~-~-> 00:04:08,370
327	327	winded. And again, if you're not into
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329	329	83
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	330	+00:04:08,760 ~-~-> 00:04:10,680
331	331	you really understanding what is most
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333	333	84
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	334	+00:04:10,680 ~-~-> 00:04:12,240
335	335	likely going to plague you, if you just
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337	337	85
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	338	+00:04:12,240 ~-~-> 00:04:13,560
339	339	want to go through it yourself and have
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341	341	86
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	342	+00:04:13,560 ~-~-> 00:04:16,260
343	343	all that experience. Have at it, don't
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345	345	87
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	346	+00:04:16,260 ~-~-> 00:04:19,500
347	347	even listen to this video. And there's
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349	349	88
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	350	+00:04:19,500 ~-~-> 00:04:20,880
351	351	no harm and you're not listening to this
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353	353	89
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	354	+00:04:20,880 ~-~-> 00:04:22,380
355	355	part, you could really just so Kevin's
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357	357	90
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	358	+00:04:22,380 ~-~-> 00:04:24,480
359	359	going to wait to part two, but it's
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361	361	91
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	362	+00:04:24,480 ~-~-> 00:04:29,400
363	363	meant to be a resource for you to glean
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365	365	92
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	366	+00:04:30,150 ~-~-> 00:04:32,010
367	367	experience from without having to go
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369	369	93
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	370	+00:04:32,010 ~-~-> 00:04:34,950
371	371	through the suffering portion of it. So
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373	373	94
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	374	+00:04:35,310 ~-~-> 00:04:37,680
375	375	if I were to go back in time, and I
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377	377	95
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	378	+00:04:37,680 ~-~-> 00:04:39,600
379	379	could sit at a table and talk to my
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381	381	96
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	382	+00:04:39,600 ~-~-> 00:04:43,440
383	383	younger self, what would I tell him or
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385	385	97
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	386	+00:04:43,440 ~-~-> 00:04:47,460
387	387	me? Where to focus? What should I as a
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389	389	98
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	390	+00:04:47,460 ~-~-> 00:04:50,670
391	391	younger person, focus on in my
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393	393	99
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	394	+00:04:50,670 ~-~-> 00:04:54,900
395	395	development as a trader. First thing,
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397	397	100
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	398	+00:04:55,200 ~-~-> 00:04:57,060
399	399	don't seek the approval from others.
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403	403	Right away. That's the number one One
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	406	+00:05:00,330 ~-~-> 00:05:02,490
407	407	characteristic of a successful trader.
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	410	+00:05:03,270 ~-~-> 00:05:05,310
411	411	Now, you might not agree with the things
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	414	+00:05:05,310 ~-~-> 00:05:08,520
415	415	I'm going to say in this episode, I'm
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419	419	just speaking from my own personal walk,
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	422	+00:05:11,310 ~-~-> 00:05:14,160
423	423	and the things that I had to endure.
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	426	+00:05:14,490 ~-~-> 00:05:17,520
427	427	When I first started, the first people
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	430	+00:05:17,670 ~-~-> 00:05:20,490
431	431	that I look to get approval with, with
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	434	+00:05:20,490 ~-~-> 00:05:25,620
435	435	my family. And I love my family, both my
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437	437	110
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	438	+00:05:25,620 ~-~-> 00:05:28,680
439	439	immediate and extended family, but none
440	440
441	441	111
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	442	+00:05:28,680 ~-~-> 00:05:31,230
443	443	of them shared in my excitement. They
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	446	+00:05:31,230 ~-~-> 00:05:33,090
447	447	gave me all the reasons why it was a
448	448
449	449	113
450		-00:05:33,090 --> 00:05:35,820
	450	+00:05:33,090 ~-~-> 00:05:35,820
451	451	poor decision. It was a bad idea to get
452	452
453	453	114
454		-00:05:35,820 --> 00:05:37,290
	454	+00:05:35,820 ~-~-> 00:05:37,290
455	455	involved in it, I'm going to just lose
456	456
457	457	115
458		-00:05:37,290 --> 00:05:40,260
	458	+00:05:37,290 ~-~-> 00:05:40,260
459	459	money, and just accept working for the
460	460
461	461	116
462		-00:05:40,260 --> 00:05:42,600
	462	+00:05:40,260 ~-~-> 00:05:42,600
463	463	rest of your life and simply not in the
464	464
465	465	117
466		-00:05:42,600 --> 00:05:44,010
	466	+00:05:42,600 ~-~-> 00:05:44,010
467	467	cards for me, I just didn't want to do
468	468
469	469	118
470		-00:05:44,010 --> 00:05:46,380
	470	+00:05:44,010 ~-~-> 00:05:46,380
471	471	that. So you don't want to seek approval
472	472
473	473	119
474		-00:05:46,380 --> 00:05:47,460
	474	+00:05:46,380 ~-~-> 00:05:47,460
475	475	from your family because they're not
476	476
477	477	120
478		-00:05:47,460 --> 00:05:49,530
	478	+00:05:47,460 ~-~-> 00:05:49,530
479	479	going to understand what you're trying
480	480
481	481	121
482		-00:05:49,530 --> 00:05:51,660
	482	+00:05:49,530 ~-~-> 00:05:51,660
483	483	to do. They're going to give you all of
484	484
485	485	122
486		-00:05:51,660 --> 00:05:53,880
	486	+00:05:51,660 ~-~-> 00:05:53,880
487	487	the heartfelt reasons why they're going
488	488
489	489	123
490		-00:05:53,880 --> 00:05:55,260
	490	+00:05:53,880 ~-~-> 00:05:55,260
491	491	to try to protect you from yourself,
492	492
493	493	124
494		-00:05:55,950 --> 00:05:57,300
	494	+00:05:55,950 ~-~-> 00:05:57,300
495	495	when they don't really understand what
496	496
497	497	125
498		-00:05:57,300 --> 00:05:59,250
	498	+00:05:57,300 ~-~-> 00:05:59,250
499	499	it is that you're trying to do or learn
500	500
501	501	126
502		-00:06:01,470 --> 00:06:03,120
	502	+00:06:01,470 ~-~-> 00:06:03,120
503	503	Don't seek the approval of your friends.
504	504
505	505	127
506		-00:06:03,150 --> 00:06:04,950
	506	+00:06:03,150 ~-~-> 00:06:04,950
507	507	Number one, your friends are only going
508	508
509	509	128
510		-00:06:04,950 --> 00:06:06,540
	510	+00:06:04,950 ~-~-> 00:06:06,540
511	511	to be interested once you start making
512	512
513	513	129
514		-00:06:06,540 --> 00:06:07,980
	514	+00:06:06,540 ~-~-> 00:06:07,980
515	515	money. When they start seeing the
516	516
517	517	130
518		-00:06:07,980 --> 00:06:10,380
	518	+00:06:07,980 ~-~-> 00:06:10,380
519	519	changes in your life, then and only then
520	520
521	521	131
522		-00:06:10,380 --> 00:06:12,000
	522	+00:06:10,380 ~-~-> 00:06:12,000
523	523	will your friends be on board with it.
524	524
525	525	132
526		-00:06:12,600 --> 00:06:15,030
	526	+00:06:12,600 ~-~-> 00:06:15,030
527	527	Your friends, much like your family,
528	528
529	529	133
530		-00:06:15,960 --> 00:06:19,500
	530	+00:06:15,960 ~-~-> 00:06:19,500
531	531	really, don't feel comfortable with you
532	532
533	533	134
534		-00:06:19,530 --> 00:06:20,910
	534	+00:06:19,530 ~-~-> 00:06:20,910
535	535	being successful because if you tell
536	536
537	537	135
538		-00:06:20,910 --> 00:06:23,100
	538	+00:06:20,910 ~-~-> 00:06:23,100
539	539	them what you're going to do, and you
540	540
541	541	136
542		-00:06:23,760 --> 00:06:25,200
	542	+00:06:23,760 ~-~-> 00:06:25,200
543	543	get to the point where you succeed at
544	544
545	545	137
546		-00:06:25,200 --> 00:06:30,090
	546	+00:06:25,200 ~-~-> 00:06:30,090
547	547	it, you act like a mirror for them. And
548	548
549	549	138
550		-00:06:30,090 --> 00:06:32,880
	550	+00:06:30,090 ~-~-> 00:06:32,880
551	551	they will always look to you as a
552	552
553	553	139
554		-00:06:33,120 --> 00:06:36,090
	554	+00:06:33,120 ~-~-> 00:06:36,090
555	555	reminder of what they failed to pursue
556	556
557	557	140
558		-00:06:36,090 --> 00:06:39,000
	558	+00:06:36,090 ~-~-> 00:06:39,000
559	559	in our own life. So again, don't try to
560	560
561	561	141
562		-00:06:39,930 --> 00:06:42,510
	562	+00:06:39,930 ~-~-> 00:06:42,510
563	563	seek the approval of others, Family
564	564
565	565	142
566		-00:06:42,510 --> 00:06:45,300
	566	+00:06:42,510 ~-~-> 00:06:45,300
567	567	First, and friends because it doesn't
568	568
569	569	143
570		-00:06:45,300 --> 00:06:49,860
	570	+00:06:45,300 ~-~-> 00:06:49,860
571	571	work out. Third, don't go to work until
572	572
573	573	144
574		-00:06:49,860 --> 00:06:51,120
	574	+00:06:49,860 ~-~-> 00:06:51,120
575	575	your co workers that you're going to be
576	576
577	577	145
578		-00:06:51,120 --> 00:06:54,360
	578	+00:06:51,120 ~-~-> 00:06:54,360
579	579	quitting your jobs and I made all those
580	580
581	581	146
582		-00:06:54,360 --> 00:06:57,900
	582	+00:06:54,360 ~-~-> 00:06:57,900
583	583	errors, okay, and many, many times I've
584	584
585	585	147
586		-00:06:57,900 --> 00:07:01,410
	586	+00:06:57,900 ~-~-> 00:07:01,410
587	587	shared the low income I our heavy
588	588
589	589	148
590		-00:07:01,410 --> 00:07:04,920
	590	+00:07:01,410 ~-~-> 00:07:04,920
591	591	workload job that I was doing as a young
592	592
593	593	149
594		-00:07:04,920 --> 00:07:07,470
	594	+00:07:04,920 ~-~-> 00:07:07,470
595	595	man when I was beginning this journey.
596	596
597	597	150
598		-00:07:08,670 --> 00:07:11,940
	598	+00:07:08,670 ~-~-> 00:07:11,940
599	599	And I just don't think that it's a good
600	600
601	601	151
602		-00:07:11,940 --> 00:07:14,160
	602	+00:07:11,940 ~-~-> 00:07:14,160
603	603	practice for anyone to go to work and
604	604
605	605	152
606		-00:07:14,160 --> 00:07:15,390
	606	+00:07:14,160 ~-~-> 00:07:15,390
607	607	tell their co workers number one,
608	608
609	609	153
610		-00:07:15,960 --> 00:07:17,370
	610	+00:07:15,960 ~-~-> 00:07:17,370
611	611	they're going to be giving you again,
612	612
613	613	154
614		-00:07:17,490 --> 00:07:20,010
	614	+00:07:17,490 ~-~-> 00:07:20,010
615	615	all the worst feedback you're ever gonna
616	616
617	617	155
618		-00:07:20,010 --> 00:07:22,170
	618	+00:07:20,010 ~-~-> 00:07:22,170
619	619	hear. Yeah, right, you'll be here with
620	620
621	621	156
622		-00:07:22,170 --> 00:07:24,180
	622	+00:07:22,170 ~-~-> 00:07:24,180
623	623	me the rest of your life. You're going
624	624
625	625	157
626		-00:07:24,180 --> 00:07:26,640
	626	+00:07:24,180 ~-~-> 00:07:26,640
627	627	to retire from here, all those things,
628	628
629	629	158
630		-00:07:26,760 --> 00:07:30,540
	630	+00:07:26,760 ~-~-> 00:07:30,540
631	631	okay. So when you get this feedback from
632	632
633	633	159
634		-00:07:30,540 --> 00:07:32,640
	634	+00:07:30,540 ~-~-> 00:07:32,640
635	635	your co workers, you're going to hate
636	636
637	637	160
638		-00:07:32,640 --> 00:07:34,440
	638	+00:07:32,640 ~-~-> 00:07:34,440
639	639	going to work even more, because you
640	640
641	641	161
642		-00:07:34,440 --> 00:07:36,270
	642	+00:07:34,440 ~-~-> 00:07:36,270
643	643	might have liked going to work it to
644	644
645	645	162
646		-00:07:36,270 --> 00:07:37,350
	646	+00:07:36,270 ~-~-> 00:07:37,350
647	647	some degree and hanging out with the
648	648
649	649	163
650		-00:07:37,350 --> 00:07:38,760
	650	+00:07:37,350 ~-~-> 00:07:38,760
651	651	people you work with. Talking about
652	652
653	653	164
654		-00:07:38,760 --> 00:07:40,770
	654	+00:07:38,760 ~-~-> 00:07:40,770
655	655	sports, talking about movies, talking
656	656
657	657	165
658		-00:07:40,770 --> 00:07:44,910
	658	+00:07:40,770 ~-~-> 00:07:44,910
659	659	about the opposite sex. All these things
660	660
661	661	166
662		-00:07:44,910 --> 00:07:49,380
	662	+00:07:44,910 ~-~-> 00:07:49,380
663	663	that you had a common, I guess agreement
664	664
665	665	167
666		-00:07:49,380 --> 00:07:52,650
	666	+00:07:49,380 ~-~-> 00:07:52,650
667	667	on or an interest in, will start having
668	668
669	669	168
670		-00:07:52,650 --> 00:07:54,390
	670	+00:07:52,650 ~-~-> 00:07:54,390
671	671	a great divide, because you're going to
672	672
673	673	169
674		-00:07:54,390 --> 00:07:55,950
	674	+00:07:54,390 ~-~-> 00:07:55,950
675	675	look at them as a source of
676	676
677	677	170
678		-00:07:57,600 --> 00:07:59,730
	678	+00:07:57,600 ~-~-> 00:07:59,730
679	679	annoyance and they're just gonna look at
680	680
681	681	171
682		-00:07:59,730 --> 00:08:01,620
	682	+00:07:59,730 ~-~-> 00:08:01,620
683	683	you as You're pipe dreaming, and you're
684	684
685	685	172
686		-00:08:01,620 --> 00:08:04,140
	686	+00:08:01,620 ~-~-> 00:08:04,140
687	687	not going to get to where you're going,
688	688
689	689	173
690		-00:08:04,140 --> 00:08:05,220
	690	+00:08:04,140 ~-~-> 00:08:05,220
691	691	and it's going to be fun for them to
692	692
693	693	174
694		-00:08:05,220 --> 00:08:07,290
	694	+00:08:05,220 ~-~-> 00:08:07,290
695	695	watch, you fail. And you don't want to
696	696
697	697	175
698		-00:08:07,290 --> 00:08:08,850
	698	+00:08:07,290 ~-~-> 00:08:08,850
699	699	have someone constantly, you know,
700	700
701	701	176
702		-00:08:09,630 --> 00:08:11,640
	702	+00:08:09,630 ~-~-> 00:08:11,640
703	703	poking you every day. It looks like
704	704
705	705	177
706		-00:08:11,640 --> 00:08:13,260
	706	+00:08:11,640 ~-~-> 00:08:13,260
707	707	you're still here. I guess I'll see you
708	708
709	709	178
710		-00:08:13,260 --> 00:08:16,200
	710	+00:08:13,260 ~-~-> 00:08:16,200
711	711	to work tomorrow. No types of things is
712	712
713	713	179
714		-00:08:16,200 --> 00:08:18,450
	714	+00:08:16,200 ~-~-> 00:08:18,450
715	715	what I had to endure. So don't tell your
716	716
717	717	180
718		-00:08:18,450 --> 00:08:19,530
	718	+00:08:18,450 ~-~-> 00:08:19,530
719	719	co workers which you're going to be
720	720
721	721	181
722		-00:08:19,530 --> 00:08:22,200
	722	+00:08:19,530 ~-~-> 00:08:22,200
723	723	doing. Don't tell your boss, what you're
724	724
725	725	182
726		-00:08:22,200 --> 00:08:24,120
	726	+00:08:22,200 ~-~-> 00:08:24,120
727	727	gonna be doing. You're going to
728	728
729	729	183
730		-00:08:24,120 --> 00:08:26,970
	730	+00:08:24,120 ~-~-> 00:08:26,970
731	731	basically fire your boss and fire your
732	732
733	733	184
734		-00:08:26,970 --> 00:08:29,130
	734	+00:08:26,970 ~-~-> 00:08:29,130
735	735	co workers when the time is right, but
736	736
737	737	185
738		-00:08:29,130 --> 00:08:32,250
	738	+00:08:29,130 ~-~-> 00:08:32,250
739	739	you don't want to broadcast it. Because
740	740
741	741	186
742		-00:08:32,250 --> 00:08:35,520
	742	+00:08:32,250 ~-~-> 00:08:35,520
743	743	all it's going to do is provide them a
744	744
745	745	187
746		-00:08:35,520 --> 00:08:37,440
	746	+00:08:35,520 ~-~-> 00:08:37,440
747	747	timeline when they think you should be
748	748
749	749	188
750		-00:08:37,440 --> 00:08:39,960
	750	+00:08:37,440 ~-~-> 00:08:39,960
751	751	doing it in teach you the entire time.
752	752
753	753	189
754		-00:08:40,260 --> 00:08:42,300
	754	+00:08:40,260 ~-~-> 00:08:42,300
755	755	So your family's gonna constantly give
756	756
757	757	190
758		-00:08:42,300 --> 00:08:44,520
	758	+00:08:42,300 ~-~-> 00:08:44,520
759	759	you heartfelt advice of why you
760	760
761	761	191
762		-00:08:44,520 --> 00:08:47,070
	762	+00:08:44,520 ~-~-> 00:08:47,070
763	763	shouldn't do it. Your friends are going
764	764
765	765	192
766		-00:08:47,070 --> 00:08:49,560
	766	+00:08:47,070 ~-~-> 00:08:49,560
767	767	to say, I'm not really interested. But
768	768
769	769	193
770		-00:08:49,560 --> 00:08:51,690
	770	+00:08:49,560 ~-~-> 00:08:51,690
771	771	if you get successful, I might be
772	772
773	773	194
774		-00:08:51,690 --> 00:08:53,790
	774	+00:08:51,690 ~-~-> 00:08:53,790
775	775	interested in then. So what why tell
776	776
777	777	195
778		-00:08:53,790 --> 00:08:55,920
	778	+00:08:53,790 ~-~-> 00:08:55,920
779	779	them and coworkers are going to give you
780	780
781	781	196
782		-00:08:55,920 --> 00:08:57,420
	782	+00:08:55,920 ~-~-> 00:08:57,420
783	783	every negative thing because they hate
784	784
785	785	197
786		-00:08:57,420 --> 00:08:59,310
	786	+00:08:57,420 ~-~-> 00:08:59,310
787	787	their life. They're at the same place
788	788
789	789	198
790		-00:08:59,310 --> 00:09:01,830
	790	+00:08:59,310 ~-~-> 00:09:01,830
791	791	you're at your job. To escape, so why
792	792
793	793	199
794		-00:09:01,830 --> 00:09:06,120
	794	+00:09:01,830 ~-~-> 00:09:06,120
795	795	would you want them to pump you up?
796	796
797	797	200
798		-00:09:06,390 --> 00:09:09,780
	798	+00:09:06,390 ~-~-> 00:09:09,780
799	799	That's what we do as humans, we want to
800	800
801	801	201
802		-00:09:09,780 --> 00:09:13,800
	802	+00:09:09,780 ~-~-> 00:09:13,800
803	803	have our peers say, Yeah, that's a good
804	804
805	805	202
806		-00:09:13,800 --> 00:09:15,540
	806	+00:09:13,800 ~-~-> 00:09:15,540
807	807	idea. But how many times in your life
808	808
809	809	203
810		-00:09:15,540 --> 00:09:17,730
	810	+00:09:15,540 ~-~-> 00:09:17,730
811	811	Have you ever had that experience? I can
812	812
813	813	204
814		-00:09:17,730 --> 00:09:21,240
	814	+00:09:17,730 ~-~-> 00:09:21,240
815	815	tell you, unless it was my fifth grade
816	816
817	817	205
818		-00:09:21,240 --> 00:09:25,530
	818	+00:09:21,240 ~-~-> 00:09:25,530
819	819	teacher, Mr. lorber. Or it was my uncle
820	820
821	821	206
822		-00:09:25,920 --> 00:09:27,630
	822	+00:09:25,920 ~-~-> 00:09:27,630
823	823	that talked to me about commodities when
824	824
825	825	207
826		-00:09:27,630 --> 00:09:30,780
	826	+00:09:27,630 ~-~-> 00:09:30,780
827	827	I was 16 years old. And taught me about
828	828
829	829	208
830		-00:09:32,040 --> 00:09:34,440
	830	+00:09:32,040 ~-~-> 00:09:34,440
831	831	narrow sideways channels and 123 tops
832	832
833	833	209
834		-00:09:34,440 --> 00:09:36,390
	834	+00:09:34,440 ~-~-> 00:09:36,390
835	835	and bottoms and head and shoulders, and
836	836
837	837	210
838		-00:09:36,390 --> 00:09:39,210
	838	+00:09:36,390 ~-~-> 00:09:39,210
839	839	all those bull flags and things. At 16
840	840
841	841	211
842		-00:09:39,210 --> 00:09:40,650
	842	+00:09:39,210 ~-~-> 00:09:40,650
843	843	years old, I was looking at it and it
844	844
845	845	212
846		-00:09:40,650 --> 00:09:42,540
	846	+00:09:40,650 ~-~-> 00:09:42,540
847	847	was going in one ear and out the other.
848	848
849	849	213
850		-00:09:42,840 --> 00:09:44,970
	850	+00:09:42,840 ~-~-> 00:09:44,970
851	851	Okay, so when you tell all your family,
852	852
853	853	214
854		-00:09:44,970 --> 00:09:47,310
	854	+00:09:44,970 ~-~-> 00:09:47,310
855	855	your friends and your co workers, that's
856	856
857	857	215
858		-00:09:47,310 --> 00:09:49,020
	858	+00:09:47,310 ~-~-> 00:09:49,020
859	859	what's happening, and they're not going
860	860
861	861	216
862		-00:09:49,020 --> 00:09:50,910
	862	+00:09:49,020 ~-~-> 00:09:50,910
863	863	to say, you know what, that's brilliant.
864	864
865	865	217
866		-00:09:51,390 --> 00:09:52,710
	866	+00:09:51,390 ~-~-> 00:09:52,710
867	867	I wish I would have thought of that.
868	868
869	869	218
870		-00:09:52,770 --> 00:09:54,330
	870	+00:09:52,770 ~-~-> 00:09:54,330
871	871	That's the reality. That's the reaction
872	872
873	873	219
874		-00:09:54,330 --> 00:09:57,240
	874	+00:09:54,330 ~-~-> 00:09:57,240
875	875	you're expecting, right? It never works
876	876
877	877	220
878		-00:09:57,240 --> 00:09:59,130
	878	+00:09:57,240 ~-~-> 00:09:59,130
879	879	out that way. But yet we all do it as
880	880
881	881	221
882		-00:09:59,130 --> 00:10:01,980
	882	+00:09:59,130 ~-~-> 00:10:01,980
883	883	humans. We want to Have that that's a
884	884
885	885	222
886		-00:10:01,980 --> 00:10:04,470
	886	+00:10:01,980 ~-~-> 00:10:04,470
887	887	good idea, response and it never comes.
888	888
889	889	223
890		-00:10:04,740 --> 00:10:07,650
	890	+00:10:04,740 ~-~-> 00:10:07,650
891	891	So what does it do? It causes deflation.
892	892
893	893	224
894		-00:10:07,800 --> 00:10:09,990
	894	+00:10:07,800 ~-~-> 00:10:09,990
895	895	You don't want to be around these
896	896
897	897	225
898		-00:10:09,990 --> 00:10:11,340
	898	+00:10:09,990 ~-~-> 00:10:11,340
899	899	people, because now you're like, I wish
900	900
901	901	226
902		-00:10:11,340 --> 00:10:12,300
	902	+00:10:11,340 ~-~-> 00:10:12,300
903	903	I would have ever said anything. But
904	904
905	905	227
906		-00:10:12,300 --> 00:10:13,860
	906	+00:10:12,300 ~-~-> 00:10:13,860
907	907	once you put it out there, it's done.
908	908
909	909	228
910		-00:10:15,450 --> 00:10:18,990
	910	+00:10:15,450 ~-~-> 00:10:18,990
911	911	And lastly, strangers. As a young man,
912	912
913	913	229
914		-00:10:20,070 --> 00:10:22,950
	914	+00:10:20,070 ~-~-> 00:10:22,950
915	915	when I was doing my job would finish
916	916
917	917	230
918		-00:10:23,160 --> 00:10:24,900
	918	+00:10:23,160 ~-~-> 00:10:24,900
919	919	off, you know, filling up the candy
920	920
921	921	231
922		-00:10:24,900 --> 00:10:26,130
	922	+00:10:24,900 ~-~-> 00:10:26,130
923	923	machines and the soda machines and
924	924
925	925	232
926		-00:10:26,130 --> 00:10:28,200
	926	+00:10:26,130 ~-~-> 00:10:28,200
927	927	coffee machines and such. And I used to
928	928
929	929	233
930		-00:10:28,200 --> 00:10:31,020
	930	+00:10:28,200 ~-~-> 00:10:31,020
931	931	do a vending route, and did a long day,
932	932
933	933	234
934		-00:10:31,020 --> 00:10:35,610
	934	+00:10:31,020 ~-~-> 00:10:35,610
935	935	13 hours or so. And during my route, I
936	936
937	937	235
938		-00:10:35,610 --> 00:10:40,680
	938	+00:10:35,610 ~-~-> 00:10:40,680
939	939	felt this unreasonable desire to tell
940	940
941	941	236
942		-00:10:40,680 --> 00:10:42,150
	942	+00:10:40,680 ~-~-> 00:10:42,150
943	943	other people that I don't even know.
944	944
945	945	237
946		-00:10:43,260 --> 00:10:45,120
	946	+00:10:43,260 ~-~-> 00:10:45,120
947	947	Yeah, I'm looking at a market and hope
948	948
949	949	238
950		-00:10:45,120 --> 00:10:46,500
	950	+00:10:45,120 ~-~-> 00:10:46,500
951	951	it goes up and then blah, blah, blah.
952	952
953	953	239
954		-00:10:46,950 --> 00:10:48,990
	954	+00:10:46,950 ~-~-> 00:10:48,990
955	955	What? What do you talk to me about that
956	956
957	957	240
958		-00:10:48,990 --> 00:10:52,590
	958	+00:10:48,990 ~-~-> 00:10:52,590
959	959	for? So when you tell strangers or if
960	960
961	961	241
962		-00:10:52,590 --> 00:10:55,020
	962	+00:10:52,590 ~-~-> 00:10:55,020
963	963	you meet someone in the pub, okay, are
964	964
965	965	242
966		-00:10:55,020 --> 00:10:58,260
	966	+00:10:55,020 ~-~-> 00:10:58,260
967	967	you at a club or? Well, right now it's
968	968
969	969	243
970		-00:10:58,260 --> 00:10:59,730
	970	+00:10:58,260 ~-~-> 00:10:59,730
971	971	hard to go to those places right now
972	972
973	973	244
974		-00:10:59,760 --> 00:11:01,320
	974	+00:10:59,760 ~-~-> 00:11:01,320
975	975	because Of all the things that's been
976	976
977	977	245
978		-00:11:01,530 --> 00:11:05,040
	978	+00:11:01,530 ~-~-> 00:11:05,040
979	979	impacted by the illnesses being spread
980	980
981	981	246
982		-00:11:05,040 --> 00:11:10,410
	982	+00:11:05,040 ~-~-> 00:11:10,410
983	983	around the social circles. When you run
984	984
985	985	247
986		-00:11:10,410 --> 00:11:12,960
	986	+00:11:10,410 ~-~-> 00:11:12,960
987	987	into people, they'll ask you, Hey, you
988	988
989	989	248
990		-00:11:12,960 --> 00:11:15,360
	990	+00:11:12,960 ~-~-> 00:11:15,360
991	991	know, so what do you do yourself? That's
992	992
993	993	249
994		-00:11:15,360 --> 00:11:18,000
	994	+00:11:15,360 ~-~-> 00:11:18,000
995	995	not the invitation to say, Well, I'm
996	996
997	997	250
998		-00:11:18,000 --> 00:11:19,770
	998	+00:11:18,000 ~-~-> 00:11:19,770
999	999	looking to start trading commodities.
1000	1000
1001	1001	251
1002		-00:11:20,610 --> 00:11:22,470
	1002	+00:11:20,610 ~-~-> 00:11:22,470
1003	1003	They're gonna like, What? I'm trading
1004	1004
1005	1005	252
1006		-00:11:22,470 --> 00:11:24,060
	1006	+00:11:22,470 ~-~-> 00:11:24,060
1007	1007	the foreign exchange market right away,
1008	1008
1009	1009	253
1010		-00:11:24,060 --> 00:11:25,470
	1010	+00:11:24,060 ~-~-> 00:11:25,470
1011	1011	they're gonna be like, what is that? And
1012	1012
1013	1013	254
1014		-00:11:25,470 --> 00:11:27,120
	1014	+00:11:25,470 ~-~-> 00:11:27,120
1015	1015	that's what you want them to ask you.
1016	1016
1017	1017	255
1018		-00:11:27,180 --> 00:11:28,260
	1018	+00:11:27,180 ~-~-> 00:11:28,260
1019	1019	And then when you start talking about,
1020	1020
1021	1021	256
1022		-00:11:28,290 --> 00:11:29,880
	1022	+00:11:28,290 ~-~-> 00:11:29,880
1023	1023	they're like, Oh, yeah, that's like the
1024	1024
1025	1025	257
1026		-00:11:29,880 --> 00:11:33,180
	1026	+00:11:29,880 ~-~-> 00:11:33,180
1027	1027	stock market. You're not interested, or
1028	1028
1029	1029	258
1030		-00:11:33,240 --> 00:11:34,710
	1030	+00:11:33,240 ~-~-> 00:11:34,710
1031	1031	they're interested, and you want to know
1032	1032
1033	1033	259
1034		-00:11:34,710 --> 00:11:36,150
	1034	+00:11:34,710 ~-~-> 00:11:36,150
1035	1035	how much money you made, and you can't
1036	1036
1037	1037	260
1038		-00:11:36,150 --> 00:11:37,530
	1038	+00:11:36,150 ~-~-> 00:11:37,530
1039	1039	tell them that you've made any money.
1040	1040
1041	1041	261
1042		-00:11:37,560 --> 00:11:40,080
	1042	+00:11:37,560 ~-~-> 00:11:40,080
1043	1043	You're just now starting. So really,
1044	1044
1045	1045	262
1046		-00:11:40,170 --> 00:11:41,610
	1046	+00:11:40,170 ~-~-> 00:11:41,610
1047	1047	you're a startup and they're not really
1048	1048
1049	1049	263
1050		-00:11:41,610 --> 00:11:43,380
	1050	+00:11:41,610 ~-~-> 00:11:43,380
1051	1051	interested in the conversation anymore.
1052	1052
1053	1053	264
1054		-00:11:43,530 --> 00:11:45,000
	1054	+00:11:43,530 ~-~-> 00:11:45,000
1055	1055	So you're not going to get that feedback
1056	1056
1057	1057	265
1058		-00:11:45,000 --> 00:11:46,470
	1058	+00:11:45,000 ~-~-> 00:11:46,470
1059	1059	again, what you're looking for, so don't
1060	1060
1061	1061	266
1062		-00:11:46,470 --> 00:11:48,780
	1062	+00:11:46,470 ~-~-> 00:11:48,780
1063	1063	seek the approval from others. You have
1064	1064
1065	1065	267
1066		-00:11:48,780 --> 00:11:51,360
	1066	+00:11:48,780 ~-~-> 00:11:51,360
1067	1067	to pursue this on your own steam your
1068	1068
1069	1069	268
1070		-00:11:51,360 --> 00:11:54,360
	1070	+00:11:51,360 ~-~-> 00:11:54,360
1071	1071	own energy. And if you had any
1072	1072
1073	1073	269
1074		-00:11:54,600 --> 00:11:57,810
	1074	+00:11:54,600 ~-~-> 00:11:57,810
1075	1075	dependency on an outside source, be at
1076	1076
1077	1077	270
1078		-00:11:57,810 --> 00:11:59,670
	1078	+00:11:57,810 ~-~-> 00:11:59,670
1079	1079	any one of these four groups, family,
1080	1080
1081	1081	271
1082		-00:11:59,670 --> 00:12:02,880
	1082	+00:11:59,670 ~-~-> 00:12:02,880
1083	1083	friends. coworkers are strangers to give
1084	1084
1085	1085	272
1086		-00:12:02,880 --> 00:12:07,530
	1086	+00:12:02,880 ~-~-> 00:12:07,530
1087	1087	you that, nudge, that little bit of a
1088	1088
1089	1089	273
1090		-00:12:09,300 --> 00:12:10,710
	1090	+00:12:09,300 ~-~-> 00:12:10,710
1091	1091	pat on the back, that you're doing the
1092	1092
1093	1093	274
1094		-00:12:10,710 --> 00:12:13,260
	1094	+00:12:10,710 ~-~-> 00:12:13,260
1095	1095	right thing for yourself, you're going
1096	1096
1097	1097	275
1098		-00:12:13,260 --> 00:12:15,780
	1098	+00:12:13,260 ~-~-> 00:12:15,780
1099	1099	to struggle, because in trading, you got
1100	1100
1101	1101	276
1102		-00:12:15,780 --> 00:12:17,220
	1102	+00:12:15,780 ~-~-> 00:12:17,220
1103	1103	to be there to make the decisions
1104	1104
1105	1105	277
1106		-00:12:17,220 --> 00:12:19,380
	1106	+00:12:17,220 ~-~-> 00:12:19,380
1107	1107	whether anyone agrees with you or not.
1108	1108
1109	1109	278
1110		-00:12:20,040 --> 00:12:22,260
	1110	+00:12:20,040 ~-~-> 00:12:22,260
1111	1111	And when you make money, you reap the
1112	1112
1113	1113	279
1114		-00:12:22,260 --> 00:12:24,330
	1114	+00:12:22,260 ~-~-> 00:12:24,330
1115	1115	rewards of that. But when you lose it,
1116	1116
1117	1117	280
1118		-00:12:25,140 --> 00:12:27,600
	1118	+00:12:25,140 ~-~-> 00:12:27,600
1119	1119	and you will, you have to be able to
1120	1120
1121	1121	281
1122		-00:12:27,600 --> 00:12:30,720
	1122	+00:12:27,600 ~-~-> 00:12:30,720
1123	1123	endure that and not feel the compulsion
1124	1124
1125	1125	282
1126		-00:12:30,720 --> 00:12:32,970
	1126	+00:12:30,720 ~-~-> 00:12:32,970
1127	1127	to go to someone and say, hey, look, you
1128	1128
1129	1129	283
1130		-00:12:32,970 --> 00:12:34,320
	1130	+00:12:32,970 ~-~-> 00:12:34,320
1131	1131	know, I just lost a lot of money. It's
1132	1132
1133	1133	284
1134		-00:12:34,320 --> 00:12:36,450
	1134	+00:12:34,320 ~-~-> 00:12:36,450
1135	1135	the same thing. Don't turn to anyone
1136	1136
1137	1137	285
1138		-00:12:36,450 --> 00:12:38,610
	1138	+00:12:36,450 ~-~-> 00:12:38,610
1139	1139	else and say, I made a mistake today
1140	1140
1141	1141	286
1142		-00:12:38,610 --> 00:12:40,740
	1142	+00:12:38,610 ~-~-> 00:12:40,740
1143	1143	help me feel better. You have to endure
1144	1144
1145	1145	287
1146		-00:12:40,740 --> 00:12:43,080
	1146	+00:12:40,740 ~-~-> 00:12:43,080
1147	1147	that. And if you're going to start your
1148	1148
1149	1149	288
1150		-00:12:43,080 --> 00:12:45,540
	1150	+00:12:43,080 ~-~-> 00:12:45,540
1151	1151	journey with this mindset of seeking
1152	1152
1153	1153	289
1154		-00:12:45,540 --> 00:12:47,730
	1154	+00:12:45,540 ~-~-> 00:12:47,730
1155	1155	approval, or support outside of
1156	1156
1157	1157	290
1158		-00:12:47,730 --> 00:12:50,700
	1158	+00:12:47,730 ~-~-> 00:12:50,700
1159	1159	yourself, this is gonna be a very hard
1160	1160
1161	1161	291
1162		-00:12:50,700 --> 00:12:52,500
	1162	+00:12:50,700 ~-~-> 00:12:52,500
1163	1163	journey for you. So you have to prepare
1164	1164
1165	1165	292
1166		-00:12:52,500 --> 00:12:55,110
	1166	+00:12:52,500 ~-~-> 00:12:55,110
1167	1167	yourself to seek your own approval
1168	1168
1169	1169	293
1170		-00:12:55,440 --> 00:12:56,970
	1170	+00:12:55,440 ~-~-> 00:12:56,970
1171	1171	by your own study and your own
1172	1172
1173	1173	294
1174		-00:12:56,970 --> 00:12:59,400
	1174	+00:12:56,970 ~-~-> 00:12:59,400
1175	1175	development. reward yourself when you do
1176	1176
1177	1177	295
1178		-00:12:59,400 --> 00:13:01,470
	1178	+00:12:59,400 ~-~-> 00:13:01,470
1179	1179	it. Right. And when Do it wrong, give
1180	1180
1181	1181	296
1182		-00:13:01,470 --> 00:13:03,330
	1182	+00:13:01,470 ~-~-> 00:13:03,330
1183	1183	yourself permission to be wrong and
1184	1184
1185	1185	297
1186		-00:13:03,330 --> 00:13:10,410
	1186	+00:13:03,330 ~-~-> 00:13:10,410
1187	1187	allow yourself to grow. Next, learn risk
1188	1188
1189	1189	298
1190		-00:13:10,440 --> 00:13:13,230
	1190	+00:13:10,440 ~-~-> 00:13:13,230
1191	1191	management well, and make that your
1192	1192
1193	1193	299
1194		-00:13:13,230 --> 00:13:15,960
	1194	+00:13:13,230 ~-~-> 00:13:15,960
1195	1195	initial, very first thing that you want
1196	1196
1197	1197	300
1198		-00:13:15,960 --> 00:13:18,540
	1198	+00:13:15,960 ~-~-> 00:13:18,540
1199	1199	to master. So you're controlling your
1200	1200
1201	1201	301
1202		-00:13:18,540 --> 00:13:20,580
	1202	+00:13:18,540 ~-~-> 00:13:20,580
1203	1203	impulses to stop telling everybody your
1204	1204
1205	1205	302
1206		-00:13:20,580 --> 00:13:22,560
	1206	+00:13:20,580 ~-~-> 00:13:22,560
1207	1207	business, okay? It's your business, it's
1208	1208
1209	1209	303
1210		-00:13:22,560 --> 00:13:24,720
	1210	+00:13:22,560 ~-~-> 00:13:24,720
1211	1211	not their business, stop giving your
1212	1212
1213	1213	304
1214		-00:13:24,720 --> 00:13:27,600
	1214	+00:13:24,720 ~-~-> 00:13:27,600
1215	1215	business to someone else. Next in line,
1216	1216
1217	1217	305
1218		-00:13:27,690 --> 00:13:29,910
	1218	+00:13:27,690 ~-~-> 00:13:29,910
1219	1219	it's the risk. You have to understand
1220	1220
1221	1221	306
1222		-00:13:29,910 --> 00:13:31,830
	1222	+00:13:29,910 ~-~-> 00:13:31,830
1223	1223	what you're getting involved in. If
1224	1224
1225	1225	307
1226		-00:13:31,830 --> 00:13:33,210
	1226	+00:13:31,830 ~-~-> 00:13:33,210
1227	1227	you're gonna be trading with live funds,
1228	1228
1229	1229	308
1230		-00:13:33,480 --> 00:13:35,940
	1230	+00:13:33,480 ~-~-> 00:13:35,940
1231	1231	you are losing money. That's a 100%
1232	1232
1233	1233	309
1234		-00:13:35,940 --> 00:13:38,670
	1234	+00:13:35,940 ~-~-> 00:13:38,670
1235	1235	guarantee. You are losing money. There
1236	1236
1237	1237	310
1238		-00:13:38,670 --> 00:13:42,060
	1238	+00:13:38,670 ~-~-> 00:13:42,060
1239	1239	is never ever going to be a trader that
1240	1240
1241	1241	311
1242		-00:13:42,060 --> 00:13:45,570
	1242	+00:13:42,060 ~-~-> 00:13:45,570
1243	1243	starts and never has a loss. My very
1244	1244
1245	1245	312
1246		-00:13:45,570 --> 00:13:47,880
	1246	+00:13:45,570 ~-~-> 00:13:47,880
1247	1247	first trade was a loss. I lost 50% of my
1248	1248
1249	1249	313
1250		-00:13:47,880 --> 00:13:52,380
	1250	+00:13:47,880 ~-~-> 00:13:52,380
1251	1251	account overnight. And orange juice
1252	1252
1253	1253	314
1254		-00:13:52,470 --> 00:13:55,560
	1254	+00:13:52,470 ~-~-> 00:13:55,560
1255	1255	option. I had no idea what I was doing.
1256	1256
1257	1257	315
1258		-00:13:55,860 --> 00:13:58,950
	1258	+00:13:55,860 ~-~-> 00:13:58,950
1259	1259	I was baptized, thrown into water and
1260	1260
1261	1261	316
1262		-00:13:58,950 --> 00:14:01,440
	1262	+00:13:58,950 ~-~-> 00:14:01,440
1263	1263	drowned. gate was just that short and
1264	1264
1265	1265	317
1266		-00:14:01,440 --> 00:14:03,960
	1266	+00:14:01,440 ~-~-> 00:14:03,960
1267	1267	sweet. And I closed the account asked
1268	1268
1269	1269	318
1270		-00:14:03,960 --> 00:14:06,390
	1270	+00:14:03,960 ~-~-> 00:14:06,390
1271	1271	for the remainder of my account. And
1272	1272
1273	1273	319
1274		-00:14:06,570 --> 00:14:08,700
	1274	+00:14:06,570 ~-~-> 00:14:08,700
1275	1275	that was the end of my Fox investments.
1276	1276
1277	1277	320
1278		-00:14:10,590 --> 00:14:12,390
	1278	+00:14:10,590 ~-~-> 00:14:12,390
1279	1279	Career that was the brokerage firm I
1280	1280
1281	1281	321
1282		-00:14:12,390 --> 00:14:16,260
	1282	+00:14:12,390 ~-~-> 00:14:16,260
1283	1283	used at the time. And I had to go and
1284	1284
1285	1285	322
1286		-00:14:16,260 --> 00:14:18,870
	1286	+00:14:16,260 ~-~-> 00:14:18,870
1287	1287	discover how to actually look at charts
1288	1288
1289	1289	323
1290		-00:14:18,870 --> 00:14:20,340
	1290	+00:14:18,870 ~-~-> 00:14:20,340
1291	1291	and learn a little bit more about the
1292	1292
1293	1293	324
1294		-00:14:20,340 --> 00:14:22,140
	1294	+00:14:20,340 ~-~-> 00:14:22,140
1295	1295	risks. So I didn't understand risks.
1296	1296
1297	1297	325
1298		-00:14:22,170 --> 00:14:24,720
	1298	+00:14:22,170 ~-~-> 00:14:24,720
1299	1299	When I got into trading. I thought that
1300	1300
1301	1301	326
1302		-00:14:25,440 --> 00:14:27,030
	1302	+00:14:25,440 ~-~-> 00:14:27,030
1303	1303	it should work right away because I saw
1304	1304
1305	1305	327
1306		-00:14:27,030 --> 00:14:29,130
	1306	+00:14:27,030 ~-~-> 00:14:29,130
1307	1307	the book. The book said it does this. So
1308	1308
1309	1309	328
1310		-00:14:29,130 --> 00:14:30,750
	1310	+00:14:29,130 ~-~-> 00:14:30,750
1311	1311	therefore, when I looked at the chart,
1312	1312
1313	1313	329
1314		-00:14:31,260 --> 00:14:32,460
	1314	+00:14:31,260 ~-~-> 00:14:32,460
1315	1315	aren't you should have performed the
1316	1316
1317	1317	330
1318		-00:14:32,460 --> 00:14:34,260
	1318	+00:14:32,460 ~-~-> 00:14:34,260
1319	1319	same way. Because that's what this guy
1320	1320
1321	1321	331
1322		-00:14:34,260 --> 00:14:35,790
	1322	+00:14:34,260 ~-~-> 00:14:35,790
1323	1323	said in the book. You know, this guy
1324	1324
1325	1325	332
1326		-00:14:35,790 --> 00:14:41,310
	1326	+00:14:35,790 ~-~-> 00:14:41,310
1327	1327	told me in at least three pages that the
1328	1328
1329	1329	333
1330		-00:14:41,340 --> 00:14:43,050
	1330	+00:14:41,340 ~-~-> 00:14:43,050
1331	1331	market when it does this wiggle and
1332	1332
1333	1333	334
1334		-00:14:43,050 --> 00:14:45,690
	1334	+00:14:43,050 ~-~-> 00:14:45,690
1335	1335	waggle, then I should expect it to move
1336	1336
1337	1337	335
1338		-00:14:46,410 --> 00:14:49,800
	1338	+00:14:46,410 ~-~-> 00:14:49,800
1339	1339	this particular way. And where does he
1340	1340
1341	1341	336
1342		-00:14:49,800 --> 00:14:53,490
	1342	+00:14:49,800 ~-~-> 00:14:53,490
1343	1343	get off? telling me this? And then it
1344	1344
1345	1345	337
1346		-00:14:53,490 --> 00:14:56,610
	1346	+00:14:53,490 ~-~-> 00:14:56,610
1347	1347	not being true. You see where the
1348	1348
1349	1349	338
1350		-00:14:56,610 --> 00:14:59,250
	1350	+00:14:56,610 ~-~-> 00:14:59,250
1351	1351	disconnection is? That was how I looked
1352	1352
1353	1353	339
1354		-00:14:59,250 --> 00:15:01,170
	1354	+00:14:59,250 ~-~-> 00:15:01,170
1355	1355	at it. Because I didn't want to take the
1356	1356
1357	1357	340
1358		-00:15:01,170 --> 00:15:05,820
	1358	+00:15:01,170 ~-~-> 00:15:05,820
1359	1359	responsibility of the risks. And I
1360	1360
1361	1361	341
1362		-00:15:05,820 --> 00:15:07,770
	1362	+00:15:05,820 ~-~-> 00:15:07,770
1363	1363	figured, well, I'm an option. What's the
1364	1364
1365	1365	342
1366		-00:15:07,770 --> 00:15:11,040
	1366	+00:15:07,770 ~-~-> 00:15:11,040
1367	1367	worst that could happen? All of my money
1368	1368
1369	1369	343
1370		-00:15:11,040 --> 00:15:12,780
	1370	+00:15:11,040 ~-~-> 00:15:12,780
1371	1371	could have been gone. That's the worst.
1372	1372
1373	1373	344
1374		-00:15:13,230 --> 00:15:16,230
	1374	+00:15:13,230 ~-~-> 00:15:16,230
1375	1375	And in one day overnight while I was
1376	1376
1377	1377	345
1378		-00:15:16,230 --> 00:15:17,850
	1378	+00:15:16,230 ~-~-> 00:15:17,850
1379	1379	sleeping, woke up expecting to see I'm
1380	1380
1381	1381	346
1382		-00:15:17,850 --> 00:15:18,780
	1382	+00:15:17,850 ~-~-> 00:15:18,780
1383	1383	going to be in I'm gonna be in the
1384	1384
1385	1385	347
1386		-00:15:18,780 --> 00:15:22,320
	1386	+00:15:18,780 ~-~-> 00:15:22,320
1387	1387	profits. Yeah, I wasn't expecting that
1388	1388
1389	1389	348
1390		-00:15:22,470 --> 00:15:26,100
	1390	+00:15:22,470 ~-~-> 00:15:26,100
1391	1391	down. 50% Welcome to trading Michael.
1392	1392
1393	1393	349
1394		-00:15:26,490 --> 00:15:29,130
	1394	+00:15:26,490 ~-~-> 00:15:29,130
1395	1395	And it was a shock. And I just
1396	1396
1397	1397	350
1398		-00:15:29,130 --> 00:15:31,470
	1398	+00:15:29,130 ~-~-> 00:15:31,470
1399	1399	completely collapsed, said give me my
1400	1400
1401	1401	351
1402		-00:15:31,470 --> 00:15:33,750
	1402	+00:15:31,470 ~-~-> 00:15:33,750
1403	1403	money. I'm worn out. And that money
1404	1404
1405	1405	352
1406		-00:15:33,750 --> 00:15:35,610
	1406	+00:15:33,750 ~-~-> 00:15:35,610
1407	1407	couldn't get back to me fast enough. And
1408	1408
1409	1409	353
1410		-00:15:35,610 --> 00:15:38,340
	1410	+00:15:35,610 ~-~-> 00:15:38,340
1411	1411	back then they sent it in a cheque and
1412	1412
1413	1413	354
1414		-00:15:38,340 --> 00:15:39,900
	1414	+00:15:38,340 ~-~-> 00:15:39,900
1415	1415	he had to wait for the cheque to come in
1416	1416
1417	1417	355
1418		-00:15:39,900 --> 00:15:43,110
	1418	+00:15:39,900 ~-~-> 00:15:43,110
1419	1419	the mail. It was just, it was awful. So
1420	1420
1421	1421	356
1422		-00:15:43,290 --> 00:15:44,880
	1422	+00:15:43,290 ~-~-> 00:15:44,880
1423	1423	the first thing you want to be focusing
1424	1424
1425	1425	357
1426		-00:15:44,880 --> 00:15:47,700
	1426	+00:15:44,880 ~-~-> 00:15:47,700
1427	1427	on is managing risk and understanding
1428	1428
1429	1429	358
1430		-00:15:47,700 --> 00:15:50,610
	1430	+00:15:47,700 ~-~-> 00:15:50,610
1431	1431	the underlying risks that's available to
1432	1432
1433	1433	359
1434		-00:15:50,610 --> 00:15:55,410
	1434	+00:15:50,610 ~-~-> 00:15:55,410
1435	1435	you if you trade. You want to appreciate
1436	1436
1437	1437	360
1438		-00:15:55,620 --> 00:15:58,890
	1438	+00:15:55,620 ~-~-> 00:15:58,890
1439	1439	the percent over the dollar gain or loss
1440	1440
1441	1441	361
1442		-00:15:59,490 --> 00:16:02,250
	1442	+00:15:59,490 ~-~-> 00:16:02,250
1443	1443	when I first started, I was interested
1444	1444
1445	1445	362
1446		-00:16:02,250 --> 00:16:04,590
	1446	+00:16:02,250 ~-~-> 00:16:04,590
1447	1447	in making a specific dollar amount. I
1448	1448
1449	1449	363
1450		-00:16:04,590 --> 00:16:06,390
	1450	+00:16:04,590 ~-~-> 00:16:06,390
1451	1451	didn't understand compound interest, I
1452	1452
1453	1453	364
1454		-00:16:06,390 --> 00:16:09,450
	1454	+00:16:06,390 ~-~-> 00:16:09,450
1455	1455	didn't understand the Kelly criterion,
1456	1456
1457	1457	365
1458		-00:16:10,200 --> 00:16:12,930
	1458	+00:16:10,200 ~-~-> 00:16:12,930
1459	1459	optimal F, none of the advanced money
1460	1460
1461	1461	366
1462		-00:16:12,930 --> 00:16:14,850
	1462	+00:16:12,930 ~-~-> 00:16:14,850
1463	1463	management theories that I adhere to
1464	1464
1465	1465	367
1466		-00:16:14,850 --> 00:16:18,900
	1466	+00:16:14,850 ~-~-> 00:16:18,900
1467	1467	now. And I just looked for dollars, you
1468	1468
1469	1469	368
1470		-00:16:18,900 --> 00:16:21,300
	1470	+00:16:18,900 ~-~-> 00:16:21,300
1471	1471	know, if I can make 500 bucks on this
1472	1472
1473	1473	369
1474		-00:16:21,300 --> 00:16:23,790
	1474	+00:16:21,300 ~-~-> 00:16:23,790
1475	1475	move, that's what I want to make. And my
1476	1476
1477	1477	370
1478		-00:16:23,790 --> 00:16:26,250
	1478	+00:16:23,790 ~-~-> 00:16:26,250
1479	1479	stop loss was what was the maximum I
1480	1480
1481	1481	371
1482		-00:16:26,250 --> 00:16:28,980
	1482	+00:16:26,250 ~-~-> 00:16:28,980
1483	1483	could take? And that's exactly what I
1484	1484
1485	1485	372
1486		-00:16:28,980 --> 00:16:30,960
	1486	+00:16:28,980 ~-~-> 00:16:30,960
1487	1487	was doing. Because I was afraid I was
1488	1488
1489	1489	373
1490		-00:16:30,960 --> 00:16:33,180
	1490	+00:16:30,960 ~-~-> 00:16:33,180
1491	1491	gonna get stopped out. So I had this
1492	1492
1493	1493	374
1494		-00:16:33,360 --> 00:16:35,940
	1494	+00:16:33,360 ~-~-> 00:16:35,940
1495	1495	unrealistic stop loss that was just
1496	1496
1497	1497	375
1498		-00:16:35,970 --> 00:16:39,510
	1498	+00:16:35,970 ~-~-> 00:16:39,510
1499	1499	unbelievably wide. Or I didn't have one.
1500	1500
1501	1501	376
1502		-00:16:39,960 --> 00:16:41,940
	1502	+00:16:39,960 ~-~-> 00:16:41,940
1503	1503	I was using a mental stop, which will
1504	1504
1505	1505	377
1506		-00:16:41,940 --> 00:16:43,260
	1506	+00:16:41,940 ~-~-> 00:16:43,260
1507	1507	drive you mental if you're driving in a
1508	1508
1509	1509	378
1510		-00:16:43,260 --> 00:16:45,360
	1510	+00:16:43,260 ~-~-> 00:16:45,360
1511	1511	truck 13 hours a day getting out.
1512	1512
1513	1513	379
1514		-00:16:45,960 --> 00:16:50,310
	1514	+00:16:45,960 ~-~-> 00:16:50,310
1515	1515	Loading cans, soda, and junk food and
1516	1516
1517	1517	380
1518		-00:16:50,310 --> 00:16:51,600
	1518	+00:16:50,310 ~-~-> 00:16:51,600
1519	1519	candy machines and going around and
1520	1520
1521	1521	381
1522		-00:16:51,600 --> 00:16:53,640
	1522	+00:16:51,600 ~-~-> 00:16:53,640
1523	1523	fixing machines that aren't right. And
1524	1524
1525	1525	382
1526		-00:16:53,640 --> 00:16:54,930
	1526	+00:16:53,640 ~-~-> 00:16:54,930
1527	1527	you're constantly wondering what the
1528	1528
1529	1529	383
1530		-00:16:54,930 --> 00:16:56,100
	1530	+00:16:54,930 ~-~-> 00:16:56,100
1531	1531	markets doing and you don't have a
1532	1532
1533	1533	384
1534		-00:16:56,100 --> 00:16:56,670
	1534	+00:16:56,100 ~-~-> 00:16:56,670
1535	1535	stoploss
1536	1536
1537	1537	385
1538		-00:16:58,140 --> 00:17:00,150
	1538	+00:16:58,140 ~-~-> 00:17:00,150
1539	1539	Yeah, it's already bad enough that You
1540	1540
1541	1541	386
1542		-00:17:00,150 --> 00:17:01,530
	1542	+00:17:00,150 ~-~-> 00:17:01,530
1543	1543	got to time the market and pick the
1544	1544
1545	1545	387
1546		-00:17:01,530 --> 00:17:03,480
	1546	+00:17:01,530 ~-~-> 00:17:03,480
1547	1547	right direction. But now you got to add
1548	1548
1549	1549	388
1550		-00:17:03,480 --> 00:17:06,300
	1550	+00:17:03,480 ~-~-> 00:17:06,300
1551	1551	to it that you're doing it blind, with
1552	1552
1553	1553	389
1554		-00:17:06,300 --> 00:17:09,030
	1554	+00:17:06,300 ~-~-> 00:17:09,030
1555	1555	no stop loss and anything can happen.
1556	1556
1557	1557	390
1558		-00:17:09,570 --> 00:17:11,160
	1558	+00:17:09,570 ~-~-> 00:17:11,160
1559	1559	And that's what I was doing. I mean,
1560	1560
1561	1561	391
1562		-00:17:11,160 --> 00:17:13,500
	1562	+00:17:11,160 ~-~-> 00:17:13,500
1563	1563	literally, I was like a cowboy out there
1564	1564
1565	1565	392
1566		-00:17:13,530 --> 00:17:17,790
	1566	+00:17:13,530 ~-~-> 00:17:17,790
1567	1567	riding bulls with no experience
1568	1568
1569	1569	393
1570		-00:17:17,790 --> 00:17:20,310
	1570	+00:17:17,790 ~-~-> 00:17:20,310
1571	1571	whatsoever. And if I was thrown off, it
1572	1572
1573	1573	394
1574		-00:17:20,310 --> 00:17:21,780
	1574	+00:17:20,310 ~-~-> 00:17:21,780
1575	1575	was always going to be the worst case,
1576	1576
1577	1577	395
1578		-00:17:22,230 --> 00:17:24,030
	1578	+00:17:22,230 ~-~-> 00:17:24,030
1579	1579	it was really going to be bad. Every
1580	1580
1581	1581	396
1582		-00:17:24,030 --> 00:17:25,260
	1582	+00:17:24,030 ~-~-> 00:17:25,260
1583	1583	single time I took a loss, it was going
1584	1584
1585	1585	397
1586		-00:17:25,260 --> 00:17:27,510
	1586	+00:17:25,260 ~-~-> 00:17:27,510
1587	1587	to be bad. Either I got crushed, and I
1588	1588
1589	1589	398
1590		-00:17:27,510 --> 00:17:28,560
	1590	+00:17:27,510 ~-~-> 00:17:28,560
1591	1591	got out because I couldn't handle the
1592	1592
1593	1593	399
1594		-00:17:28,560 --> 00:17:31,050
	1594	+00:17:28,560 ~-~-> 00:17:31,050
1595	1595	pain anymore. Or if I had to stop, it
1596	1596
1597	1597	400
1598		-00:17:31,050 --> 00:17:32,760
	1598	+00:17:31,050 ~-~-> 00:17:32,760
1599	1599	was running against me, taking me out
1600	1600
1601	1601	401
1602		-00:17:32,760 --> 00:17:34,800
	1602	+00:17:32,760 ~-~-> 00:17:34,800
1603	1603	and it was going to be the maximum risk
1604	1604
1605	1605	402
1606		-00:17:34,950 --> 00:17:38,550
	1606	+00:17:34,950 ~-~-> 00:17:38,550
1607	1607	that I could absorb in that trade. So
1608	1608
1609	1609	403
1610		-00:17:38,550 --> 00:17:40,860
	1610	+00:17:38,550 ~-~-> 00:17:40,860
1611	1611	you want to appreciate the percentage of
1612	1612
1613	1613	404
1614		-00:17:40,890 --> 00:17:43,530
	1614	+00:17:40,890 ~-~-> 00:17:43,530
1615	1615	what you are taking on as risk also with
1616	1616
1617	1617	405
1618		-00:17:43,530 --> 00:17:46,140
	1618	+00:17:43,530 ~-~-> 00:17:46,140
1619	1619	your gains. So don't be impressed with a
1620	1620
1621	1621	406
1622		-00:17:46,140 --> 00:17:49,200
	1622	+00:17:46,140 ~-~-> 00:17:49,200
1623	1623	specific dollar amount. Or don't look at
1624	1624
1625	1625	407
1626		-00:17:49,200 --> 00:17:51,030
	1626	+00:17:49,200 ~-~-> 00:17:51,030
1627	1627	a specific dollar amount as well. It
1628	1628
1629	1629	408
1630		-00:17:51,030 --> 00:17:52,590
	1630	+00:17:51,030 ~-~-> 00:17:52,590
1631	1631	doesn't hurt that bad because it's only
1632	1632
1633	1633	409
1634		-00:17:52,770 --> 00:17:56,580
	1634	+00:17:52,770 ~-~-> 00:17:56,580
1635	1635	300 bucks. But if your account is 3000
1636	1636
1637	1637	410
1638		-00:17:56,580 --> 00:18:00,750
	1638	+00:17:56,580 ~-~-> 00:18:00,750
1639	1639	that's 10%. That's correct. trouble. You
1640	1640
1641	1641	411
1642		-00:18:00,750 --> 00:18:01,920
	1642	+00:18:00,750 ~-~-> 00:18:01,920
1643	1643	don't want to do that because you can't
1644	1644
1645	1645	412
1646		-00:18:01,920 --> 00:18:03,210
	1646	+00:18:01,920 ~-~-> 00:18:03,210
1647	1647	do too many of those and not see your
1648	1648
1649	1649	413
1650		-00:18:03,210 --> 00:18:06,300
	1650	+00:18:03,210 ~-~-> 00:18:06,300
1651	1651	account be lower to a level where it's a
1652	1652
1653	1653	414
1654		-00:18:06,300 --> 00:18:08,280
	1654	+00:18:06,300 ~-~-> 00:18:08,280
1655	1655	little bit difficult to come back from
1656	1656
1657	1657	415
1658		-00:18:08,280 --> 00:18:10,890
	1658	+00:18:08,280 ~-~-> 00:18:10,890
1659	1659	that as a new trader. So appreciate the
1660	1660
1661	1661	416
1662		-00:18:10,890 --> 00:18:13,950
	1662	+00:18:10,890 ~-~-> 00:18:13,950
1663	1663	percentage over dollar gain or loss.
1664	1664
1665	1665	417
1666		-00:18:16,650 --> 00:18:19,680
	1666	+00:18:16,650 ~-~-> 00:18:19,680
1667	1667	Learn to limit trade frequency. I felt
1668	1668
1669	1669	418
1670		-00:18:19,680 --> 00:18:22,260
	1670	+00:18:19,680 ~-~-> 00:18:22,260
1671	1671	that since the markets were opening up
1672	1672
1673	1673	419
1674		-00:18:22,290 --> 00:18:25,620
	1674	+00:18:22,290 ~-~-> 00:18:25,620
1675	1675	tomorrow, I had to be in there. So I was
1676	1676
1677	1677	420
1678		-00:18:25,620 --> 00:18:29,220
	1678	+00:18:25,620 ~-~-> 00:18:29,220
1679	1679	over trading. And if I got a profit, and
1680	1680
1681	1681	421
1682		-00:18:29,220 --> 00:18:32,190
	1682	+00:18:29,220 ~-~-> 00:18:32,190
1683	1683	I was able to get out in intraday I
1684	1684
1685	1685	422
1686		-00:18:32,190 --> 00:18:35,100
	1686	+00:18:32,190 ~-~-> 00:18:35,100
1687	1687	would like Well, that was fun. I want to
1688	1688
1689	1689	423
1690		-00:18:35,100 --> 00:18:37,200
	1690	+00:18:35,100 ~-~-> 00:18:37,200
1691	1691	go on there and do it again. When there
1692	1692
1693	1693	424
1694		-00:18:37,200 --> 00:18:38,730
	1694	+00:18:37,200 ~-~-> 00:18:38,730
1695	1695	was 20 minutes left in the trading
1696	1696
1697	1697	425
1698		-00:18:38,730 --> 00:18:40,290
	1698	+00:18:38,730 ~-~-> 00:18:40,290
1699	1699	session, because I was trading
1700	1700
1701	1701	426
1702		-00:18:40,290 --> 00:18:43,470
	1702	+00:18:40,290 ~-~-> 00:18:43,470
1703	1703	commodities. They had pit hours where
1704	1704
1705	1705	427
1706		-00:18:43,500 --> 00:18:44,970
	1706	+00:18:43,500 ~-~-> 00:18:44,970
1707	1707	they would open at this time and close
1708	1708
1709	1709	428
1710		-00:18:44,970 --> 00:18:47,400
	1710	+00:18:44,970 ~-~-> 00:18:47,400
1711	1711	it this time. And I figured well, it's
1712	1712
1713	1713	429
1714		-00:18:47,400 --> 00:18:49,890
	1714	+00:18:47,400 ~-~-> 00:18:49,890
1715	1715	still open. Anything could happen. And
1716	1716
1717	1717	430
1718		-00:18:49,890 --> 00:18:51,660
	1718	+00:18:49,890 ~-~-> 00:18:51,660
1719	1719	if I'm right, I mean I can make some
1720	1720
1721	1721	431
1722		-00:18:51,660 --> 00:18:54,060
	1722	+00:18:51,660 ~-~-> 00:18:54,060
1723	1723	more money before it closes. I had no
1724	1724
1725	1725	432
1726		-00:18:54,060 --> 00:18:56,610
	1726	+00:18:54,060 ~-~-> 00:18:56,610
1727	1727	idea what I was doing folks, zero idea.
1728	1728
1729	1729	433
1730		-00:18:57,030 --> 00:18:59,100
	1730	+00:18:57,030 ~-~-> 00:18:59,100
1731	1731	I was looking at these if these charts
1732	1732
1733	1733	434
1734		-00:18:59,100 --> 00:19:04,740
	1734	+00:18:59,100 ~-~-> 00:19:04,740
1735	1735	and They were speaking to me. And it was
1736	1736
1737	1737	435
1738		-00:19:05,220 --> 00:19:07,350
	1738	+00:19:05,220 ~-~-> 00:19:07,350
1739	1739	all the wrong things. He was telling me
1740	1740
1741	1741	436
1742		-00:19:08,070 --> 00:19:10,590
	1742	+00:19:08,070 ~-~-> 00:19:10,590
1743	1743	gamble. And that's what I was doing. I
1744	1744
1745	1745	437
1746		-00:19:10,590 --> 00:19:12,360
	1746	+00:19:10,590 ~-~-> 00:19:12,360
1747	1747	had money in the account, there was our
1748	1748
1749	1749	438
1750		-00:19:12,360 --> 00:19:14,160
	1750	+00:19:12,360 ~-~-> 00:19:14,160
1751	1751	still left in the trading or 20 minutes
1752	1752
1753	1753	439
1754		-00:19:14,160 --> 00:19:15,330
	1754	+00:19:14,160 ~-~-> 00:19:15,330
1755	1755	in this case as an example,
1756	1756
1757	1757	440
1758		-00:19:15,330 --> 00:19:17,700
	1758	+00:19:15,330 ~-~-> 00:19:17,700
1759	1759	hypothetically, and I was going in here,
1760	1760
1761	1761	441
1762		-00:19:18,150 --> 00:19:19,740
	1762	+00:19:18,150 ~-~-> 00:19:19,740
1763	1763	and if I could get more money before the
1764	1764
1765	1765	442
1766		-00:19:19,740 --> 00:19:21,480
	1766	+00:19:19,740 ~-~-> 00:19:21,480
1767	1767	close, so I was doing and that's what
1768	1768
1769	1769	443
1770		-00:19:21,480 --> 00:19:23,910
	1770	+00:19:21,480 ~-~-> 00:19:23,910
1771	1771	hurt me. Because I didn't understand the
1772	1772
1773	1773	444
1774		-00:19:23,910 --> 00:19:26,640
	1774	+00:19:23,910 ~-~-> 00:19:26,640
1775	1775	risk. When you're getting close to the
1776	1776
1777	1777	445
1778		-00:19:26,640 --> 00:19:28,800
	1778	+00:19:26,640 ~-~-> 00:19:28,800
1779	1779	end of the session, the end of the
1780	1780
1781	1781	446
1782		-00:19:28,800 --> 00:19:31,380
	1782	+00:19:28,800 ~-~-> 00:19:31,380
1783	1783	trading day or the end of the week, you
1784	1784
1785	1785	447
1786		-00:19:31,380 --> 00:19:33,810
	1786	+00:19:31,380 ~-~-> 00:19:33,810
1787	1787	have to know that there's a large degree
1788	1788
1789	1789	448
1790		-00:19:33,840 --> 00:19:37,680
	1790	+00:19:33,840 ~-~-> 00:19:37,680
1791	1791	of risk in the fact that you're probably
1792	1792
1793	1793	449
1794		-00:19:37,680 --> 00:19:40,680
	1794	+00:19:37,680 ~-~-> 00:19:40,680
1795	1795	not going to see any really major move
1796	1796
1797	1797	450
1798		-00:19:40,680 --> 00:19:41,670
	1798	+00:19:40,680 ~-~-> 00:19:41,670
1799	1799	at that point because it's already
1800	1800
1801	1801	451
1802		-00:19:41,670 --> 00:19:44,100
	1802	+00:19:41,670 ~-~-> 00:19:44,100
1803	1803	behind you. And you want to limit the
1804	1804
1805	1805	452
1806		-00:19:44,100 --> 00:19:45,810
	1806	+00:19:44,100 ~-~-> 00:19:45,810
1807	1807	number of trades you take, because the
1808	1808
1809	1809	453
1810		-00:19:45,810 --> 00:19:47,610
	1810	+00:19:45,810 ~-~-> 00:19:47,610
1811	1811	more frequency you have in your trades,
1812	1812
1813	1813	454
1814		-00:19:48,150 --> 00:19:49,620
	1814	+00:19:48,150 ~-~-> 00:19:49,620
1815	1815	the more likely you're going to lose.
1816	1816
1817	1817	455
1818		-00:19:49,950 --> 00:19:52,140
	1818	+00:19:49,950 ~-~-> 00:19:52,140
1819	1819	And if you have a lot of trades, you're
1820	1820
1821	1821	456
1822		-00:19:52,140 --> 00:19:53,970
	1822	+00:19:52,140 ~-~-> 00:19:53,970
1823	1823	going to have a lot more losses and
1824	1824
1825	1825	457
1826		-00:19:53,970 --> 00:19:57,750
	1826	+00:19:53,970 ~-~-> 00:19:57,750
1827	1827	losses mount up and you don't want that
1828	1828
1829	1829	458
1830		-00:19:57,750 --> 00:19:59,670
	1830	+00:19:57,750 ~-~-> 00:19:59,670
1831	1831	to occur, especially as a developing
1832	1832
1833	1833	459
1834		-00:19:59,730 --> 00:20:00,870
	1834	+00:19:59,730 ~-~-> 00:20:00,870
1835	1835	trader. You really don't want that to
1836	1836
1837	1837	460
1838		-00:20:01,320 --> 00:20:04,470
	1838	+00:20:01,320 ~-~-> 00:20:04,470
1839	1839	occur at any time really. But you have
1840	1840
1841	1841	461
1842		-00:20:04,470 --> 00:20:06,630
	1842	+00:20:04,470 ~-~-> 00:20:06,630
1843	1843	to learn to limit your trade frequency.
1844	1844
1845	1845	462
1846		-00:20:09,030 --> 00:20:11,790
	1846	+00:20:09,030 ~-~-> 00:20:11,790
1847	1847	Avoid short term trading, turning it
1848	1848
1849	1849	463
1850		-00:20:11,790 --> 00:20:15,420
	1850	+00:20:11,790 ~-~-> 00:20:15,420
1851	1851	into long term trading. When I first
1852	1852
1853	1853	464
1854		-00:20:15,420 --> 00:20:18,840
	1854	+00:20:15,420 ~-~-> 00:20:18,840
1855	1855	started, I had no idea what style of
1856	1856
1857	1857	465
1858		-00:20:18,840 --> 00:20:20,850
	1858	+00:20:18,840 ~-~-> 00:20:20,850
1859	1859	trading that I was going to really focus
1860	1860
1861	1861	466
1862		-00:20:20,850 --> 00:20:24,660
	1862	+00:20:20,850 ~-~-> 00:20:24,660
1863	1863	on on I was being told I wanted to be a
1864	1864
1865	1865	467
1866		-00:20:24,660 --> 00:20:26,520
	1866	+00:20:24,660 ~-~-> 00:20:26,520
1867	1867	position trader, you get on the daily
1868	1868
1869	1869	468
1870		-00:20:26,520 --> 00:20:28,410
	1870	+00:20:26,520 ~-~-> 00:20:28,410
1871	1871	chart, catch a 123, hold it for three,
1872	1872
1873	1873	469
1874		-00:20:28,410 --> 00:20:31,530
	1874	+00:20:28,410 ~-~-> 00:20:31,530
1875	1875	four or five, six months. And I couldn't
1876	1876
1877	1877	470
1878		-00:20:31,530 --> 00:20:34,470
	1878	+00:20:31,530 ~-~-> 00:20:34,470
1879	1879	do it. I just couldn't do it. And when I
1880	1880
1881	1881	471
1882		-00:20:34,470 --> 00:20:35,970
	1882	+00:20:34,470 ~-~-> 00:20:35,970
1883	1883	started trading with short term
1884	1884
1885	1885	472
1886		-00:20:36,300 --> 00:20:39,270
	1886	+00:20:36,300 ~-~-> 00:20:39,270
1887	1887	strategies and such, when I was in
1888	1888
1889	1889	473
1890		-00:20:39,270 --> 00:20:41,100
	1890	+00:20:39,270 ~-~-> 00:20:41,100
1891	1891	winners that started to move a lot for
1892	1892
1893	1893	474
1894		-00:20:41,100 --> 00:20:45,330
	1894	+00:20:41,100 ~-~-> 00:20:45,330
1895	1895	me. If you trade of any length of time,
1896	1896
1897	1897	475
1898		-00:20:45,600 --> 00:20:46,860
	1898	+00:20:45,600 ~-~-> 00:20:46,860
1899	1899	eventually you're going to get lucky
1900	1900
1901	1901	476
1902		-00:20:46,860 --> 00:20:48,720
	1902	+00:20:46,860 ~-~-> 00:20:48,720
1903	1903	with something. And when it starts
1904	1904
1905	1905	477
1906		-00:20:48,720 --> 00:20:51,240
	1906	+00:20:48,720 ~-~-> 00:20:51,240
1907	1907	moving in your favor really explosively.
1908	1908
1909	1909	478
1910		-00:20:52,230 --> 00:20:54,570
	1910	+00:20:52,230 ~-~-> 00:20:54,570
1911	1911	Something happens inside of our brain.
1912	1912
1913	1913	479
1914		-00:20:54,690 --> 00:20:56,850
	1914	+00:20:54,690 ~-~-> 00:20:56,850
1915	1915	It's like okay, this was only going to
1916	1916
1917	1917	480
1918		-00:20:56,850 --> 00:20:59,280
	1918	+00:20:56,850 ~-~-> 00:20:59,280
1919	1919	be a trade for a couple hours, and maybe
1920	1920
1921	1921	481
1922		-00:20:59,280 --> 00:21:03,630
	1922	+00:20:59,280 ~-~-> 00:21:03,630
1923	1923	make You know, five or six handles in
1924	1924
1925	1925	482
1926		-00:21:03,630 --> 00:21:08,370
	1926	+00:21:03,630 ~-~-> 00:21:08,370
1927	1927	the SMP or 100 pips in the Forex, okay,
1928	1928
1929	1929	483
1930		-00:21:08,400 --> 00:21:11,640
	1930	+00:21:08,400 ~-~-> 00:21:11,640
1931	1931	or a $2 and 50 cent move in the stock
1932	1932
1933	1933	484
1934		-00:21:11,820 --> 00:21:13,860
	1934	+00:21:11,820 ~-~-> 00:21:13,860
1935	1935	that you're trading. But now because
1936	1936
1937	1937	485
1938		-00:21:13,860 --> 00:21:16,260
	1938	+00:21:13,860 ~-~-> 00:21:16,260
1939	1939	it's exploded, you're like, well, this
1940	1940
1941	1941	486
1942		-00:21:16,260 --> 00:21:20,670
	1942	+00:21:16,260 ~-~-> 00:21:20,670
1943	1943	is now a six month trade. And you end up
1944	1944
1945	1945	487
1946		-00:21:20,670 --> 00:21:23,730
	1946	+00:21:20,670 ~-~-> 00:21:23,730
1947	1947	holding on to a winner turn loser. And
1948	1948
1949	1949	488
1950		-00:21:23,730 --> 00:21:26,640
	1950	+00:21:23,730 ~-~-> 00:21:26,640
1951	1951	you changed your strategy from it was
1952	1952
1953	1953	489
1954		-00:21:26,640 --> 00:21:28,560
	1954	+00:21:26,640 ~-~-> 00:21:28,560
1955	1955	gonna be a short term trade to now a
1956	1956
1957	1957	490
1958		-00:21:28,560 --> 00:21:30,900
	1958	+00:21:28,560 ~-~-> 00:21:30,900
1959	1959	long term trade in that short term gain
1960	1960
1961	1961	491
1962		-00:21:30,900 --> 00:21:35,310
	1962	+00:21:30,900 ~-~-> 00:21:35,310
1963	1963	turns into a now an immediate loss. It's
1964	1964
1965	1965	492
1966		-00:21:35,310 --> 00:21:38,490
	1966	+00:21:35,310 ~-~-> 00:21:38,490
1967	1967	debilitating. stick to what you were
1968	1968
1969	1969	493
1970		-00:21:38,490 --> 00:21:40,320
	1970	+00:21:38,490 ~-~-> 00:21:40,320
1971	1971	trying to do. When it gets to your
1972	1972
1973	1973	494
1974		-00:21:40,320 --> 00:21:44,370
	1974	+00:21:40,320 ~-~-> 00:21:44,370
1975	1975	objectives. scale out and get your
1976	1976
1977	1977	495
1978		-00:21:44,370 --> 00:21:46,650
	1978	+00:21:44,370 ~-~-> 00:21:46,650
1979	1979	target and move to the sidelines. Don't
1980	1980
1981	1981	496
1982		-00:21:46,830 --> 00:21:49,440
	1982	+00:21:46,830 ~-~-> 00:21:49,440
1983	1983	change strategies while you're in a
1984	1984
1985	1985	497
1986		-00:21:49,440 --> 00:21:51,720
	1986	+00:21:49,440 ~-~-> 00:21:51,720
1987	1987	trade that never ever, ever is a good
1988	1988
1989	1989	498
1990		-00:21:51,720 --> 00:21:52,020
	1990	+00:21:51,720 ~-~-> 00:21:52,020
1991	1991	thing.
1992	1992
1993	1993	499
1994		-00:21:54,270 --> 00:21:56,640
	1994	+00:21:54,270 ~-~-> 00:21:56,640
1995	1995	And be content with enough. If you had a
1996	1996
1997	1997	500
1998		-00:21:56,640 --> 00:21:59,730
	1998	+00:21:56,640 ~-~-> 00:21:59,730
1999	1999	profitable week and it's Thursday, close
2000	2000
2001	2001	501
2002		-00:21:59,730 --> 00:22:01,320
	2002	+00:21:59,730 ~-~-> 00:22:01,320
2003	2003	up shop Who says you have to trade on
2004	2004
2005	2005	502
2006		-00:22:01,320 --> 00:22:04,230
	2006	+00:22:01,320 ~-~-> 00:22:04,230
2007	2007	Friday? What happens if you have a good
2008	2008
2009	2009	503
2010		-00:22:04,650 --> 00:22:07,020
	2010	+00:22:04,650 ~-~-> 00:22:07,020
2011	2011	Monday and Tuesday, and it's way beyond
2012	2012
2013	2013	504
2014		-00:22:07,020 --> 00:22:10,950
	2014	+00:22:07,020 ~-~-> 00:22:10,950
2015	2015	your normal return you return? Why would
2016	2016
2017	2017	505
2018		-00:22:10,950 --> 00:22:13,470
	2018	+00:22:10,950 ~-~-> 00:22:13,470
2019	2019	you want to press your luck? The chances
2020	2020
2021	2021	506
2022		-00:22:13,470 --> 00:22:14,430
	2022	+00:22:13,470 ~-~-> 00:22:14,430
2023	2023	are, you're going to give some of that
2024	2024
2025	2025	507
2026		-00:22:14,430 --> 00:22:17,340
	2026	+00:22:14,430 ~-~-> 00:22:17,340
2027	2027	back, if not all of it. And when I was
2028	2028
2029	2029	508
2030		-00:22:17,340 --> 00:22:19,560
	2030	+00:22:17,340 ~-~-> 00:22:19,560
2031	2031	younger, I did that a lot in my first
2032	2032
2033	2033	509
2034		-00:22:19,560 --> 00:22:22,710
	2034	+00:22:19,560 ~-~-> 00:22:22,710
2035	2035	six years. But I didn't care. It didn't
2036	2036
2037	2037	510
2038		-00:22:22,710 --> 00:22:24,390
	2038	+00:22:22,710 ~-~-> 00:22:24,390
2039	2039	bother me, and didn't have any
2040	2040
2041	2041	511
2042		-00:22:24,390 --> 00:22:27,000
	2042	+00:22:24,390 ~-~-> 00:22:27,000
2043	2043	appreciation for the risk. Because I
2044	2044
2045	2045	512
2046		-00:22:27,000 --> 00:22:30,090
	2046	+00:22:27,000 ~-~-> 00:22:30,090
2047	2047	figured, well, I'm going to be right
2048	2048
2049	2049	513
2050		-00:22:30,090 --> 00:22:32,340
	2050	+00:22:30,090 ~-~-> 00:22:32,340
2051	2051	eventually, in every trade, I was
2052	2052
2053	2053	514
2054		-00:22:32,340 --> 00:22:34,290
	2054	+00:22:32,340 ~-~-> 00:22:34,290
2055	2055	swinging for the fences. And I wanted to
2056	2056
2057	2057	515
2058		-00:22:34,290 --> 00:22:36,450
	2058	+00:22:34,290 ~-~-> 00:22:36,450
2059	2059	make lots and lots of money. But the
2060	2060
2061	2061	516
2062		-00:22:36,450 --> 00:22:38,160
	2062	+00:22:36,450 ~-~-> 00:22:38,160
2063	2063	problem with that is, because I was
2064	2064
2065	2065	517
2066		-00:22:38,160 --> 00:22:39,570
	2066	+00:22:38,160 ~-~-> 00:22:39,570
2067	2067	taking on so much risk. When I had a
2068	2068
2069	2069	518
2070		-00:22:39,570 --> 00:22:41,250
	2070	+00:22:39,570 ~-~-> 00:22:41,250
2071	2071	little bit of profit, I would close
2072	2072
2073	2073	519
2074		-00:22:41,250 --> 00:22:42,420
	2074	+00:22:41,250 ~-~-> 00:22:42,420
2075	2075	because I just couldn't handle it
2076	2076
2077	2077	520
2078		-00:22:42,420 --> 00:22:44,730
	2078	+00:22:42,420 ~-~-> 00:22:44,730
2079	2079	anymore. It was wearing me down like,
2080	2080
2081	2081	521
2082		-00:22:45,240 --> 00:22:46,950
	2082	+00:22:45,240 ~-~-> 00:22:46,950
2083	2083	I'm expecting to make $1,000 in this
2084	2084
2085	2085	522
2086		-00:22:46,950 --> 00:22:50,580
	2086	+00:22:46,950 ~-~-> 00:22:50,580
2087	2087	trade. Alright, I'm up to 50 I'm just I
2088	2088
2089	2089	523
2090		-00:22:50,580 --> 00:22:53,520
	2090	+00:22:50,580 ~-~-> 00:22:53,520
2091	2091	just gotta get out, I'm fatigued. That's
2092	2092
2093	2093	524
2094		-00:22:53,520 --> 00:22:54,690
	2094	+00:22:53,520 ~-~-> 00:22:54,690
2095	2095	what the market will do to you. If you
2096	2096
2097	2097	525
2098		-00:22:54,690 --> 00:22:58,470
	2098	+00:22:54,690 ~-~-> 00:22:58,470
2099	2099	have no appreciation for the risk. Don't
2100	2100
2101	2101	526
2102		-00:22:59,490 --> 00:23:03,270
	2102	+00:22:59,490 ~-~-> 00:23:03,270
2103	2103	undermine You're trading by not tackling
2104	2104
2105	2105	527
2106		-00:23:03,360 --> 00:23:06,030
	2106	+00:23:03,360 ~-~-> 00:23:06,030
2107	2107	the first lesson in risk management, you
2108	2108
2109	2109	528
2110		-00:23:06,030 --> 00:23:08,400
	2110	+00:23:06,030 ~-~-> 00:23:08,400
2111	2111	have to understand it, and how you
2112	2112
2113	2113	529
2114		-00:23:08,910 --> 00:23:11,820
	2114	+00:23:08,910 ~-~-> 00:23:11,820
2115	2115	personally engage with the marketplace
2116	2116
2117	2117	530
2118		-00:23:12,000 --> 00:23:18,180
	2118	+00:23:12,000 ~-~-> 00:23:18,180
2119	2119	and how you are, I guess, adversely
2120	2120
2121	2121	531
2122		-00:23:19,110 --> 00:23:21,480
	2122	+00:23:19,110 ~-~-> 00:23:21,480
2123	2123	affected, I guess that's the train of
2124	2124
2125	2125	532
2126		-00:23:21,480 --> 00:23:23,040
	2126	+00:23:21,480 ~-~-> 00:23:23,040
2127	2127	thought. I'm trying to communicate here
2128	2128
2129	2129	533
2130		-00:23:23,040 --> 00:23:25,860
	2130	+00:23:23,040 ~-~-> 00:23:25,860
2131	2131	because unless you feel the pain of
2132	2132
2133	2133	534
2134		-00:23:25,860 --> 00:23:27,750
	2134	+00:23:25,860 ~-~-> 00:23:27,750
2135	2135	being in a market that's not moving in
2136	2136
2137	2137	535
2138		-00:23:27,750 --> 00:23:30,180
	2138	+00:23:27,750 ~-~-> 00:23:30,180
2139	2139	your favor, or screaming against you,
2140	2140
2141	2141	536
2142		-00:23:31,110 --> 00:23:32,850
	2142	+00:23:31,110 ~-~-> 00:23:32,850
2143	2143	you're not going to fully appreciate
2144	2144
2145	2145	537
2146		-00:23:33,840 --> 00:23:36,900
	2146	+00:23:33,840 ~-~-> 00:23:36,900
2147	2147	what I'm saying here. And as a younger
2148	2148
2149	2149	538
2150		-00:23:36,900 --> 00:23:41,370
	2150	+00:23:36,900 ~-~-> 00:23:41,370
2151	2151	man, I saw lots of equity swings that
2152	2152
2153	2153	539
2154		-00:23:41,370 --> 00:23:43,350
	2154	+00:23:41,370 ~-~-> 00:23:43,350
2155	2155	would make anyone else nauseous. And I
2156	2156
2157	2157	540
2158		-00:23:43,350 --> 00:23:45,390
	2158	+00:23:43,350 ~-~-> 00:23:45,390
2159	2159	just, I didn't care. I had no
2160	2160
2161	2161	541
2162		-00:23:45,390 --> 00:23:47,160
	2162	+00:23:45,390 ~-~-> 00:23:47,160
2163	2163	appreciation. I had no respect for the
2164	2164
2165	2165	542
2166		-00:23:47,160 --> 00:23:50,130
	2166	+00:23:47,160 ~-~-> 00:23:50,130
2167	2167	marketplace because I figured I'm going
2168	2168
2169	2169	543
2170		-00:23:50,130 --> 00:23:52,980
	2170	+00:23:50,130 ~-~-> 00:23:52,980
2171	2171	to get it right eventually. And I went
2172	2172
2173	2173	544
2174		-00:23:52,980 --> 00:23:55,620
	2174	+00:23:52,980 ~-~-> 00:23:55,620
2175	2175	through many accounts, not one or two,
2176	2176
2177	2177	545
2178		-00:23:55,650 --> 00:23:59,010
	2178	+00:23:55,650 ~-~-> 00:23:59,010
2179	2179	many like 14 individual trading
2180	2180
2181	2181	546
2182		-00:23:59,010 --> 00:24:02,220
	2182	+00:23:59,010 ~-~-> 00:24:02,220
2183	2183	accounts. I would save up money, save up
2184	2184
2185	2185	547
2186		-00:24:02,220 --> 00:24:04,170
	2186	+00:24:02,220 ~-~-> 00:24:04,170
2187	2187	money. My first account was with a
2188	2188
2189	2189	548
2190		-00:24:04,170 --> 00:24:06,960
	2190	+00:24:04,170 ~-~-> 00:24:06,960
2191	2191	credit card. And then the second account
2192	2192
2193	2193	549
2194		-00:24:06,960 --> 00:24:09,720
	2194	+00:24:06,960 ~-~-> 00:24:09,720
2195	2195	was with another credit card 20 $600 on
2196	2196
2197	2197	550
2198		-00:24:09,720 --> 00:24:12,570
	2198	+00:24:09,720 ~-~-> 00:24:12,570
2199	2199	a nation's bank, credit card visa. And
2200	2200
2201	2201	551
2202		-00:24:12,570 --> 00:24:14,610
	2202	+00:24:12,570 ~-~-> 00:24:14,610
2203	2203	you pay a lot of a lot of percentage in
2204	2204
2205	2205	552
2206		-00:24:14,610 --> 00:24:16,710
	2206	+00:24:14,610 ~-~-> 00:24:16,710
2207	2207	terms of interest when you borrow cash.
2208	2208
2209	2209	553
2210		-00:24:17,490 --> 00:24:19,950
	2210	+00:24:17,490 ~-~-> 00:24:19,950
2211	2211	And I just was doing everything wrong,
2212	2212
2213	2213	554
2214		-00:24:20,130 --> 00:24:23,430
	2214	+00:24:20,130 ~-~-> 00:24:23,430
2215	2215	everything wrong, but I was not going to
2216	2216
2217	2217	555
2218		-00:24:23,430 --> 00:24:28,590
	2218	+00:24:23,430 ~-~-> 00:24:28,590
2219	2219	be deterred. Moving on, you want to
2220	2220
2221	2221	556
2222		-00:24:28,590 --> 00:24:31,140
	2222	+00:24:28,590 ~-~-> 00:24:31,140
2223	2223	prevent life imbalances, and this is one
2224	2224
2225	2225	557
2226		-00:24:31,140 --> 00:24:32,820
	2226	+00:24:31,140 ~-~-> 00:24:32,820
2227	2227	of the things that I failed miserably
2228	2228
2229	2229	558
2230		-00:24:32,820 --> 00:24:37,290
	2230	+00:24:32,820 ~-~-> 00:24:37,290
2231	2231	at. Have a pretty large family of five
2232	2232
2233	2233	559
2234		-00:24:37,290 --> 00:24:39,420
	2234	+00:24:37,290 ~-~-> 00:24:39,420
2235	2235	children. One that was brought into my
2236	2236
2237	2237	560
2238		-00:24:39,420 --> 00:24:40,950
	2238	+00:24:39,420 ~-~-> 00:24:40,950
2239	2239	marriage, I brought one into my
2240	2240
2241	2241	561
2242		-00:24:40,950 --> 00:24:42,930
	2242	+00:24:40,950 ~-~-> 00:24:42,930
2243	2243	marriage, and I had three children with
2244	2244
2245	2245	562
2246		-00:24:42,930 --> 00:24:47,310
	2246	+00:24:42,930 ~-~-> 00:24:47,310
2247	2247	three sons with my present wife. I
2248	2248
2249	2249	563
2250		-00:24:47,700 --> 00:24:49,350
	2250	+00:24:47,700 ~-~-> 00:24:49,350
2251	2251	didn't spend a lot of time with my kids.
2252	2252
2253	2253	564
2254		-00:24:49,560 --> 00:24:51,210
	2254	+00:24:49,560 ~-~-> 00:24:51,210
2255	2255	When I was younger, I was consumed with
2256	2256
2257	2257	565
2258		-00:24:51,210 --> 00:24:52,680
	2258	+00:24:51,210 ~-~-> 00:24:52,680
2259	2259	the marketplace. I was consumed with
2260	2260
2261	2261	566
2262		-00:24:52,680 --> 00:24:54,600
	2262	+00:24:52,680 ~-~-> 00:24:54,600
2263	2263	making money. I was consumed with
2264	2264
2265	2265	567
2266		-00:24:54,660 --> 00:24:57,600
	2266	+00:24:54,660 ~-~-> 00:24:57,600
2267	2267	building businesses, consumed with real
2268	2268
2269	2269	568
2270		-00:24:57,600 --> 00:25:02,370
	2270	+00:24:57,600 ~-~-> 00:25:02,370
2271	2271	estate, buying franchises. Just always
2272	2272
2273	2273	569
2274		-00:25:02,370 --> 00:25:04,350
	2274	+00:25:02,370 ~-~-> 00:25:04,350
2275	2275	Money, money, money, money, money, and
2276	2276
2277	2277	570
2278		-00:25:04,380 --> 00:25:07,230
	2278	+00:25:04,380 ~-~-> 00:25:07,230
2279	2279	most of my children's sporting events, I
2280	2280
2281	2281	571
2282		-00:25:07,230 --> 00:25:15,930
	2282	+00:25:07,230 ~-~-> 00:25:15,930
2283	2283	missed them. And it was very hard to see
2284	2284
2285	2285	572
2286		-00:25:15,930 --> 00:25:17,730
	2286	+00:25:15,930 ~-~-> 00:25:17,730
2287	2287	how much time I missed when I look back.
2288	2288
2289	2289	573
2290		-00:25:17,880 --> 00:25:20,340
	2290	+00:25:17,880 ~-~-> 00:25:20,340
2291	2291	And now look at my children as adults.
2292	2292
2293	2293	574
2294		-00:25:20,730 --> 00:25:24,360
	2294	+00:25:20,730 ~-~-> 00:25:24,360
2295	2295	Not all of them I have a 15 year old and
2296	2296
2297	2297	575
2298		-00:25:24,360 --> 00:25:27,240
	2298	+00:25:24,360 ~-~-> 00:25:27,240
2299	2299	a shouldn't be 13 year old. It's still
2300	2300
2301	2301	576
2302		-00:25:27,240 --> 00:25:29,820
	2302	+00:25:27,240 ~-~-> 00:25:29,820
2303	2303	living with me, but my older children, I
2304	2304
2305	2305	577
2306		-00:25:29,820 --> 00:25:32,880
	2306	+00:25:29,820 ~-~-> 00:25:32,880
2307	2307	don't have a lot of memories. Because I
2308	2308
2309	2309	578
2310		-00:25:32,880 --> 00:25:36,540
	2310	+00:25:32,880 ~-~-> 00:25:36,540
2311	2311	allowed the market to steal that. And I
2312	2312
2313	2313	579
2314		-00:25:36,540 --> 00:25:38,850
	2314	+00:25:36,540 ~-~-> 00:25:38,850
2315	2315	chased it more, the faster it ran away
2316	2316
2317	2317	580
2318		-00:25:38,850 --> 00:25:40,950
	2318	+00:25:38,850 ~-~-> 00:25:40,950
2319	2319	from me, the more I would pursue it,
2320	2320
2321	2321	581
2322		-00:25:41,280 --> 00:25:43,830
	2322	+00:25:41,280 ~-~-> 00:25:43,830
2323	2323	because I was telling myself that I'm
2324	2324
2325	2325	582
2326		-00:25:43,830 --> 00:25:46,530
	2326	+00:25:43,830 ~-~-> 00:25:46,530
2327	2327	doing all of this for them. And that
2328	2328
2329	2329	583
2330		-00:25:46,530 --> 00:25:51,360
	2330	+00:25:46,530 ~-~-> 00:25:51,360
2331	2331	wasn't true. I was doing it for me. me
2332	2332
2333	2333	584
2334		-00:25:52,170 --> 00:25:55,140
	2334	+00:25:52,170 ~-~-> 00:25:55,140
2335	2335	because I hated my job. I hated where I
2336	2336
2337	2337	585
2338		-00:25:55,140 --> 00:25:58,830
	2338	+00:25:55,140 ~-~-> 00:25:58,830
2339	2339	was in life and I wanted more and I
2340	2340
2341	2341	586
2342		-00:25:58,950 --> 00:26:02,130
	2342	+00:25:58,950 ~-~-> 00:26:02,130
2343	2343	wasn't sad. Despite where I was, and
2344	2344
2345	2345	587
2346		-00:26:02,130 --> 00:26:05,790
	2346	+00:26:02,130 ~-~-> 00:26:05,790
2347	2347	every adversity brought on a new sense
2348	2348
2349	2349	588
2350		-00:26:05,820 --> 00:26:09,360
	2350	+00:26:05,820 ~-~-> 00:26:09,360
2351	2351	of urgency that I gotta get this changed
2352	2352
2353	2353	589
2354		-00:26:09,360 --> 00:26:13,500
	2354	+00:26:09,360 ~-~-> 00:26:13,500
2355	2355	right now. And days would pass in turn
2356	2356
2357	2357	590
2358		-00:26:13,500 --> 00:26:17,970
	2358	+00:26:13,500 ~-~-> 00:26:17,970
2359	2359	two weeks, two months, two years. And I
2360	2360
2361	2361	591
2362		-00:26:17,970 --> 00:26:21,570
	2362	+00:26:17,970 ~-~-> 00:26:21,570
2363	2363	missed so much time with my wife. I
2364	2364
2365	2365	592
2366		-00:26:21,570 --> 00:26:23,280
	2366	+00:26:21,570 ~-~-> 00:26:23,280
2367	2367	missed so much time with my children.
2368	2368
2369	2369	593
2370		-00:26:24,000 --> 00:26:26,010
	2370	+00:26:24,000 ~-~-> 00:26:26,010
2371	2371	And the greatest lesson I can tell you
2372	2372
2373	2373	594
2374		-00:26:26,010 --> 00:26:27,390
	2374	+00:26:26,010 ~-~-> 00:26:27,390
2375	2375	right now, if you're new, especially if
2376	2376
2377	2377	595
2378		-00:26:27,390 --> 00:26:29,490
	2378	+00:26:27,390 ~-~-> 00:26:29,490
2379	2379	you're a young man or a woman, and
2380	2380
2381	2381	596
2382		-00:26:29,490 --> 00:26:31,020
	2382	+00:26:29,490 ~-~-> 00:26:31,020
2383	2383	you're getting ready to get into this,
2384	2384
2385	2385	597
2386		-00:26:32,250 --> 00:26:36,120
	2386	+00:26:32,250 ~-~-> 00:26:36,120
2387	2387	these markets are vampires. They will
2388	2388
2389	2389	598
2390		-00:26:36,120 --> 00:26:39,600
	2390	+00:26:36,120 ~-~-> 00:26:39,600
2391	2391	suck every drop in the marrow in your
2392	2392
2393	2393	599
2394		-00:26:39,600 --> 00:26:43,290
	2394	+00:26:39,600 ~-~-> 00:26:43,290
2395	2395	bones if you give it to them. It does
2396	2396
2397	2397	600
2398		-00:26:43,290 --> 00:26:45,300
	2398	+00:26:43,290 ~-~-> 00:26:45,300
2399	2399	not matter how much money you think you
2400	2400
2401	2401	601
2402		-00:26:45,300 --> 00:26:47,520
	2402	+00:26:45,300 ~-~-> 00:26:47,520
2403	2403	can make or eventually make, because I'm
2404	2404
2405	2405	602
2406		-00:26:47,520 --> 00:26:48,870
	2406	+00:26:47,520 ~-~-> 00:26:48,870
2407	2407	gonna tell you something. I've made a
2408	2408
2409	2409	603
2410		-00:26:48,870 --> 00:26:53,310
	2410	+00:26:48,870 ~-~-> 00:26:53,310
2411	2411	lot of money. Millions of real dollars,
2412	2412
2413	2413	604
2414		-00:26:53,550 --> 00:26:54,570
	2414	+00:26:53,550 ~-~-> 00:26:54,570
2415	2415	millions.
2416	2416
2417	2417	605
2418		-00:26:55,980 --> 00:26:58,470
	2418	+00:26:55,980 ~-~-> 00:26:58,470
2419	2419	And I would give it all back. If I could
2420	2420
2421	2421	606
2422		-00:26:58,470 --> 00:27:00,810
	2422	+00:26:58,470 ~-~-> 00:27:00,810
2423	2423	go back in time and be To spend the time
2424	2424
2425	2425	607
2426		-00:27:00,810 --> 00:27:02,940
	2426	+00:27:00,810 ~-~-> 00:27:02,940
2427	2427	with my kids and my wife that I missed.
2428	2428
2429	2429	608
2430		-00:27:08,849 --> 00:27:12,419
	2430	+00:27:08,849 ~-~-> 00:27:12,419
2431	2431	I created a prison cell for myself with
2432	2432
2433	2433	609
2434		-00:27:12,419 --> 00:27:14,999
	2434	+00:27:12,419 ~-~-> 00:27:14,999
2435	2435	these markets that I willfully put
2436	2436
2437	2437	610
2438		-00:27:14,999 --> 00:27:17,999
	2438	+00:27:14,999 ~-~-> 00:27:17,999
2439	2439	myself into every single day. And it
2440	2440
2441	2441	611
2442		-00:27:17,999 --> 00:27:20,639
	2442	+00:27:17,999 ~-~-> 00:27:20,639
2443	2443	wasn't enough to be in the daytime,
2444	2444
2445	2445	612
2446		-00:27:21,239 --> 00:27:23,189
	2446	+00:27:21,239 ~-~-> 00:27:23,189
2447	2447	worrying that all day long at work Was I
2448	2448
2449	2449	613
2450		-00:27:23,189 --> 00:27:26,519
	2450	+00:27:23,189 ~-~-> 00:27:26,519
2451	2451	being a good employee No. Many times I
2452	2452
2453	2453	614
2454		-00:27:26,519 --> 00:27:29,369
	2454	+00:27:26,519 ~-~-> 00:27:29,369
2455	2455	half assed my job, because I had to get
2456	2456
2457	2457	615
2458		-00:27:29,369 --> 00:27:31,559
	2458	+00:27:29,369 ~-~-> 00:27:31,559
2459	2459	back to the truck where my quote trek
2460	2460
2461	2461	616
2462		-00:27:31,559 --> 00:27:33,149
	2462	+00:27:31,559 ~-~-> 00:27:33,149
2463	2463	was, which was my little quote machine,
2464	2464
2465	2465	617
2466		-00:27:33,959 --> 00:27:35,879
	2466	+00:27:33,959 ~-~-> 00:27:35,879
2467	2467	telling me what the soybean market was
2468	2468
2469	2469	618
2470		-00:27:35,879 --> 00:27:39,269
	2470	+00:27:35,879 ~-~-> 00:27:39,269
2471	2471	doing, or what live cattle was doing, or
2472	2472
2473	2473	619
2474		-00:27:39,299 --> 00:27:41,969
	2474	+00:27:39,299 ~-~-> 00:27:41,969
2475	2475	what the bond market was doing. I was
2476	2476
2477	2477	620
2478		-00:27:41,969 --> 00:27:43,739
	2478	+00:27:41,969 ~-~-> 00:27:43,739
2479	2479	more concerned about that. And most of
2480	2480
2481	2481	621
2482		-00:27:43,739 --> 00:27:46,559
	2482	+00:27:43,739 ~-~-> 00:27:46,559
2483	2483	the time I was losing money. So I wasn't
2484	2484
2485	2485	622
2486		-00:27:46,559 --> 00:27:49,919
	2486	+00:27:46,559 ~-~-> 00:27:49,919
2487	2487	a good employee at the time. And when I
2488	2488
2489	2489	623
2490		-00:27:49,919 --> 00:27:53,279
	2490	+00:27:49,919 ~-~-> 00:27:53,279
2491	2491	got home in the evening time, what was I
2492	2492
2493	2493	624
2494		-00:27:53,279 --> 00:27:59,009
	2494	+00:27:53,279 ~-~-> 00:27:59,009
2495	2495	concerned about? family know I was
2496	2496
2497	2497	625
2498		-00:27:59,009 --> 00:28:03,179
	2498	+00:27:59,009 ~-~-> 00:28:03,179
2499	2499	concerned about The market. I was
2500	2500
2501	2501	626
2502		-00:28:03,179 --> 00:28:07,379
	2502	+00:28:03,179 ~-~-> 00:28:07,379
2503	2503	wanting to know, what can I do to make
2504	2504
2505	2505	627
2506		-00:28:07,379 --> 00:28:10,739
	2506	+00:28:07,379 ~-~-> 00:28:10,739
2507	2507	more money. And my family will be there
2508	2508
2509	2509	628
2510		-00:28:10,739 --> 00:28:16,919
	2510	+00:28:10,739 ~-~-> 00:28:16,919
2511	2511	when I'm done. And that's a lie. It's a
2512	2512
2513	2513	629
2514		-00:28:16,919 --> 00:28:20,609
	2514	+00:28:16,919 ~-~-> 00:28:20,609
2515	2515	lie. You're going to give up your life
2516	2516
2517	2517	630
2518		-00:28:21,419 --> 00:28:24,599
	2518	+00:28:21,419 ~-~-> 00:28:24,599
2519	2519	if you don't pay attention to it. So how
2520	2520
2521	2521	631
2522		-00:28:24,599 --> 00:28:26,879
	2522	+00:28:24,599 ~-~-> 00:28:26,879
2523	2523	do you avoid it? You have to manage your
2524	2524
2525	2525	632
2526		-00:28:26,879 --> 00:28:30,059
	2526	+00:28:26,879 ~-~-> 00:28:30,059
2527	2527	family time and schedule it. This is the
2528	2528
2529	2529	633
2530		-00:28:30,059 --> 00:28:32,489
	2530	+00:28:30,059 ~-~-> 00:28:32,489
2531	2531	time for your family. No markets, no
2532	2532
2533	2533	634
2534		-00:28:32,489 --> 00:28:36,029
	2534	+00:28:32,489 ~-~-> 00:28:36,029
2535	2535	charts, no TV time looking at reports
2536	2536
2537	2537	635
2538		-00:28:36,029 --> 00:28:37,409
	2538	+00:28:36,029 ~-~-> 00:28:37,409
2539	2539	and news events that would drive the
2540	2540
2541	2541	636
2542		-00:28:37,409 --> 00:28:40,289
	2542	+00:28:37,409 ~-~-> 00:28:40,289
2543	2543	marketplace. No newspapers, no articles
2544	2544
2545	2545	637
2546		-00:28:40,289 --> 00:28:43,349
	2546	+00:28:40,289 ~-~-> 00:28:43,349
2547	2547	and magazines, no internet, no Twitter,
2548	2548
2549	2549	638
2550		-00:28:43,649 --> 00:28:46,439
	2550	+00:28:43,649 ~-~-> 00:28:46,439
2551	2551	none of that stuff. You manage your
2552	2552
2553	2553	639
2554		-00:28:46,469 --> 00:28:49,049
	2554	+00:28:46,469 ~-~-> 00:28:49,049
2555	2555	family time and you schedule it. And
2556	2556
2557	2557	640
2558		-00:28:49,049 --> 00:28:52,319
	2558	+00:28:49,049 ~-~-> 00:28:52,319
2559	2559	then once you have gave your family your
2560	2560
2561	2561	641
2562		-00:28:52,319 --> 00:28:57,539
	2562	+00:28:52,319 ~-~-> 00:28:57,539
2563	2563	time, an ample amount of it. Then you
2564	2564
2565	2565	642
2566		-00:28:57,539 --> 00:28:59,009
	2566	+00:28:57,539 ~-~-> 00:28:59,009
2567	2567	have to return back to the marketplace.
2568	2568
2569	2569	643
2570		-00:29:01,019 --> 00:29:05,099
	2570	+00:29:01,019 ~-~-> 00:29:05,099
2571	2571	Do you want to keep a study and trade
2572	2572
2573	2573	644
2574		-00:29:05,099 --> 00:29:09,689
	2574	+00:29:05,099 ~-~-> 00:29:09,689
2575	2575	schedule? That means, what time of day?
2576	2576
2577	2577	645
2578		-00:29:09,719 --> 00:29:11,069
	2578	+00:29:09,719 ~-~-> 00:29:11,069
2579	2579	Are you gonna be looking at the market
2580	2580
2581	2581	646
2582		-00:29:11,399 --> 00:29:14,219
	2582	+00:29:11,399 ~-~-> 00:29:14,219
2583	2583	trade. And there are specific times of
2584	2584
2585	2585	647
2586		-00:29:14,219 --> 00:29:17,339
	2586	+00:29:14,219 ~-~-> 00:29:17,339
2587	2587	the day, days of the week, months of the
2588	2588
2589	2589	648
2590		-00:29:17,339 --> 00:29:19,079
	2590	+00:29:17,339 ~-~-> 00:29:19,079
2591	2591	year that you want to be focusing on
2592	2592
2593	2593	649
2594		-00:29:19,079 --> 00:29:20,489
	2594	+00:29:19,079 ~-~-> 00:29:20,489
2595	2595	trading. And there are other times when
2596	2596
2597	2597	650
2598		-00:29:20,489 --> 00:29:21,809
	2598	+00:29:20,489 ~-~-> 00:29:21,809
2599	2599	you don't want to be doing that. And you
2600	2600
2601	2601	651
2602		-00:29:21,809 --> 00:29:23,849
	2602	+00:29:21,809 ~-~-> 00:29:23,849
2603	2603	want to be focusing on what they are.
2604	2604
2605	2605	652
2606		-00:29:24,569 --> 00:29:26,969
	2606	+00:29:24,569 ~-~-> 00:29:26,969
2607	2607	And when are you going to study how much
2608	2608
2609	2609	653
2610		-00:29:26,969 --> 00:29:28,439
	2610	+00:29:26,969 ~-~-> 00:29:28,439
2611	2611	time each day are you going to unlock
2612	2612
2613	2613	654
2614		-00:29:28,499 --> 00:29:31,469
	2614	+00:29:28,499 ~-~-> 00:29:31,469
2615	2615	for studying? Because if you don't have
2616	2616
2617	2617	655
2618		-00:29:31,469 --> 00:29:33,449
	2618	+00:29:31,469 ~-~-> 00:29:33,449
2619	2619	that, you're just going to go in there
2620	2620
2621	2621	656
2622		-00:29:33,449 --> 00:29:35,699
	2622	+00:29:33,449 ~-~-> 00:29:35,699
2623	2623	and say, well, it's basically like
2624	2624
2625	2625	657
2626		-00:29:35,699 --> 00:29:38,039
	2626	+00:29:35,699 ~-~-> 00:29:38,039
2627	2627	Netflix. I'm going to sit down, binge
2628	2628
2629	2629	658
2630		-00:29:38,039 --> 00:29:40,319
	2630	+00:29:38,039 ~-~-> 00:29:40,319
2631	2631	watch and see what happens. Well, if you
2632	2632
2633	2633	659
2634		-00:29:40,319 --> 00:29:41,999
	2634	+00:29:40,319 ~-~-> 00:29:41,999
2635	2635	look at a chart long enough, it's going
2636	2636
2637	2637	660
2638		-00:29:41,999 --> 00:29:43,919
	2638	+00:29:41,999 ~-~-> 00:29:43,919
2639	2639	to start telling you, you know, if you
2640	2640
2641	2641	661
2642		-00:29:43,919 --> 00:29:45,779
	2642	+00:29:43,919 ~-~-> 00:29:45,779
2643	2643	put some money into me, I might give you
2644	2644
2645	2645	662
2646		-00:29:45,779 --> 00:29:49,829
	2646	+00:29:45,779 ~-~-> 00:29:49,829
2647	2647	some more back and you're going to
2648	2648
2649	2649	663
2650		-00:29:49,829 --> 00:29:53,729
	2650	+00:29:49,829 ~-~-> 00:29:53,729
2651	2651	gamble. How long will a gambler sit in
2652	2652
2653	2653	664
2654		-00:29:53,729 --> 00:29:55,529
	2654	+00:29:53,729 ~-~-> 00:29:55,529
2655	2655	front of a slot machine with a pocketful
2656	2656
2657	2657	665
2658		-00:29:55,529 --> 00:29:57,809
	2658	+00:29:55,529 ~-~-> 00:29:57,809
2659	2659	of quarters before they put all the
2660	2660
2661	2661	666
2662		-00:29:57,809 --> 00:30:00,809
	2662	+00:29:57,809 ~-~-> 00:30:00,809
2663	2663	quarters in there. As fast as they get
2664	2664
2665	2665	667
2666		-00:30:00,809 --> 00:30:03,239
	2666	+00:30:00,809 ~-~-> 00:30:03,239
2667	2667	the next one. And that's what these
2668	2668
2669	2669	668
2670		-00:30:03,239 --> 00:30:06,179
	2670	+00:30:03,239 ~-~-> 00:30:06,179
2671	2671	charts are their slot machines. And
2672	2672
2673	2673	669
2674		-00:30:06,179 --> 00:30:07,949
	2674	+00:30:06,179 ~-~-> 00:30:07,949
2675	2675	you're great you're being groomed as a
2676	2676
2677	2677	670
2678		-00:30:07,949 --> 00:30:09,779
	2678	+00:30:07,949 ~-~-> 00:30:09,779
2679	2679	gambler and all the books and things
2680	2680
2681	2681	671
2682		-00:30:09,779 --> 00:30:11,729
	2682	+00:30:09,779 ~-~-> 00:30:11,729
2683	2683	that you learn from other people. And
2684	2684
2685	2685	672
2686		-00:30:11,729 --> 00:30:13,889
	2686	+00:30:11,729 ~-~-> 00:30:13,889
2687	2687	it's just an enticement to constantly do
2688	2688
2689	2689	673
2690		-00:30:13,889 --> 00:30:17,549
	2690	+00:30:13,889 ~-~-> 00:30:17,549
2691	2691	that feed that beast. So you have to
2692	2692
2693	2693	674
2694		-00:30:17,549 --> 00:30:19,829
	2694	+00:30:17,549 ~-~-> 00:30:19,829
2695	2695	keep a study and trade schedule, and
2696	2696
2697	2697	675
2698		-00:30:19,829 --> 00:30:24,479
	2698	+00:30:19,829 ~-~-> 00:30:24,479
2699	2699	only operate on that basis. off days are
2700	2700
2701	2701	676
2702		-00:30:24,479 --> 00:30:28,229
	2702	+00:30:24,479 ~-~-> 00:30:28,229
2703	2703	off days. On the weekends, I spent more
2704	2704
2705	2705	677
2706		-00:30:28,229 --> 00:30:30,359
	2706	+00:30:28,229 ~-~-> 00:30:30,359
2707	2707	time worrying about the marketplace when
2708	2708
2709	2709	678
2710		-00:30:30,359 --> 00:30:31,499
	2710	+00:30:30,359 ~-~-> 00:30:31,499
2711	2711	I should have been spending it with my
2712	2712
2713	2713	679
2714		-00:30:31,499 --> 00:30:34,589
	2714	+00:30:31,499 ~-~-> 00:30:34,589
2715	2715	family. So you have to absolutely hold
2716	2716
2717	2717	680
2718		-00:30:34,589 --> 00:30:37,679
	2718	+00:30:34,589 ~-~-> 00:30:37,679
2719	2719	yourself hard and fast to when you don't
2720	2720
2721	2721	681
2722		-00:30:37,679 --> 00:30:40,049
	2722	+00:30:37,679 ~-~-> 00:30:40,049
2723	2723	have any market activity and it's not
2724	2724
2725	2725	682
2726		-00:30:40,049 --> 00:30:42,659
	2726	+00:30:40,049 ~-~-> 00:30:42,659
2727	2727	trading or it's a holiday, it may impact
2728	2728
2729	2729	683
2730		-00:30:42,929 --> 00:30:45,959
	2730	+00:30:42,929 ~-~-> 00:30:45,959
2731	2731	with lower volume. That's an off day and
2732	2732
2733	2733	684
2734		-00:30:45,959 --> 00:30:47,489
	2734	+00:30:45,959 ~-~-> 00:30:47,489
2735	2735	you don't look at the charts you don't
2736	2736
2737	2737	685
2738		-00:30:47,489 --> 00:30:50,579
	2738	+00:30:47,489 ~-~-> 00:30:50,579
2739	2739	concern yourself with looking at what
2740	2740
2741	2741	686
2742		-00:30:50,579 --> 00:30:52,319
	2742	+00:30:50,579 ~-~-> 00:30:52,319
2743	2743	could have happened. None of that stuff.
2744	2744
2745	2745	687
2746		-00:30:52,859 --> 00:30:54,929
	2746	+00:30:52,859 ~-~-> 00:30:54,929
2747	2747	You pour it into your family and that
2748	2748
2749	2749	688
2750		-00:30:54,929 --> 00:30:56,609
	2750	+00:30:54,929 ~-~-> 00:30:56,609
2751	2751	will prevent you from having a life
2752	2752
2753	2753	689
2754		-00:30:56,609 --> 00:30:59,879
	2754	+00:30:56,609 ~-~-> 00:30:59,879
2755	2755	imbalance and finally want to be patient
2756	2756
2757	2757	690
2758		-00:30:59,879 --> 00:31:05,939
	2758	+00:30:59,879 ~-~-> 00:31:05,939
2759	2759	with Development. I was overzealous and
2760	2760
2761	2761	691
2762		-00:31:05,939 --> 00:31:08,759
	2762	+00:31:05,939 ~-~-> 00:31:08,759
2763	2763	unrealistic about what I wanted to do
2764	2764
2765	2765	692
2766		-00:31:08,759 --> 00:31:10,529
	2766	+00:31:08,759 ~-~-> 00:31:10,529
2767	2767	once I started making money. That's what
2768	2768
2769	2769	693
2770		-00:31:10,739 --> 00:31:12,929
	2770	+00:31:10,739 ~-~-> 00:31:12,929
2771	2771	caught fire in me. And I was like, I
2772	2772
2773	2773	694
2774		-00:31:12,929 --> 00:31:15,179
	2774	+00:31:12,929 ~-~-> 00:31:15,179
2775	2775	want more, I want more, I want more. And
2776	2776
2777	2777	695
2778		-00:31:15,179 --> 00:31:17,129
	2778	+00:31:15,179 ~-~-> 00:31:17,129
2779	2779	when I saw I could take a very small
2780	2780
2781	2781	696
2782		-00:31:17,129 --> 00:31:22,829
	2782	+00:31:17,129 ~-~-> 00:31:22,829
2783	2783	Count 1200 1500 dollars to $15,000 in
2784	2784
2785	2785	697
2786		-00:31:22,829 --> 00:31:26,099
	2786	+00:31:22,829 ~-~-> 00:31:26,099
2787	2787	less than six weeks, I was like, This is
2788	2788
2789	2789	698
2790		-00:31:26,159 --> 00:31:27,899
	2790	+00:31:26,159 ~-~-> 00:31:27,899
2791	2791	exactly what I want to do. Like I want
2792	2792
2793	2793	699
2794		-00:31:27,899 --> 00:31:29,579
	2794	+00:31:27,899 ~-~-> 00:31:29,579
2795	2795	to do this, I want to do anything else.
2796	2796
2797	2797	700
2798		-00:31:30,509 --> 00:31:34,259
	2798	+00:31:30,509 ~-~-> 00:31:34,259
2799	2799	And you don't have to rush, especially
2800	2800
2801	2801	701
2802		-00:31:34,259 --> 00:31:38,159
	2802	+00:31:34,259 ~-~-> 00:31:38,159
2803	2803	if you're younger than 30. Like if
2804	2804
2805	2805	702
2806		-00:31:38,159 --> 00:31:41,159
	2806	+00:31:38,159 ~-~-> 00:31:41,159
2807	2807	you're in your 20s you have so much time
2808	2808
2809	2809	703
2810		-00:31:42,209 --> 00:31:43,739
	2810	+00:31:42,209 ~-~-> 00:31:43,739
2811	2811	to get yourself where you want to be.
2812	2812
2813	2813	704
2814		-00:31:44,459 --> 00:31:47,789
	2814	+00:31:44,459 ~-~-> 00:31:47,789
2815	2815	But you want to take the time to develop
2816	2816
2817	2817	705
2818		-00:31:47,789 --> 00:31:49,919
	2818	+00:31:47,789 ~-~-> 00:31:49,919
2819	2819	yourself and learn a lot about yourself
2820	2820
2821	2821	706
2822		-00:31:49,919 --> 00:31:51,899
	2822	+00:31:49,919 ~-~-> 00:31:51,899
2823	2823	because if you're not aware of what
2824	2824
2825	2825	707
2826		-00:31:51,899 --> 00:31:53,459
	2826	+00:31:51,899 ~-~-> 00:31:53,459
2827	2827	you're going to likely do to yourself to
2828	2828
2829	2829	708
2830		-00:31:53,459 --> 00:31:57,269
	2830	+00:31:53,459 ~-~-> 00:31:57,269
2831	2831	throw yourself off the rails. It doesn't
2832	2832
2833	2833	709
2834		-00:31:57,269 --> 00:31:59,729
	2834	+00:31:57,269 ~-~-> 00:31:59,729
2835	2835	matter what you're going to learn or
2836	2836
2837	2837	710
2838		-00:31:59,729 --> 00:32:00,899
	2838	+00:31:59,729 ~-~-> 00:32:00,899
2839	2839	what you're Gonna do or how much money
2840	2840
2841	2841	711
2842		-00:32:00,899 --> 00:32:01,289
	2842	+00:32:00,899 ~-~-> 00:32:01,289
2843	2843	you start
2844	2844
2845	2845	712
2846		-00:32:01,290 --> 00:32:03,090
	2846	+00:32:01,290 ~-~-> 00:32:03,090
2847	2847	with, or how much time you put into it,
2848	2848
2849	2849	713
2850		-00:32:03,810 --> 00:32:06,270
	2850	+00:32:03,810 ~-~-> 00:32:06,270
2851	2851	it just means that you're going to rush
2852	2852
2853	2853	714
2854		-00:32:06,270 --> 00:32:09,060
	2854	+00:32:06,270 ~-~-> 00:32:09,060
2855	2855	to destruction. So you have to give
2856	2856
2857	2857	715
2858		-00:32:09,060 --> 00:32:11,670
	2858	+00:32:09,060 ~-~-> 00:32:11,670
2859	2859	yourself a realistic timeline. When I
2860	2860
2861	2861	716
2862		-00:32:11,670 --> 00:32:13,680
	2862	+00:32:11,670 ~-~-> 00:32:13,680
2863	2863	first started, my plan was I wanted to
2864	2864
2865	2865	717
2866		-00:32:13,680 --> 00:32:15,750
	2866	+00:32:13,680 ~-~-> 00:32:15,750
2867	2867	retire at 40. I want to make $1,000 a
2868	2868
2869	2869	718
2870		-00:32:15,750 --> 00:32:18,150
	2870	+00:32:15,750 ~-~-> 00:32:18,150
2871	2871	month and retire at 40. That was my
2872	2872
2873	2873	719
2874		-00:32:18,150 --> 00:32:21,600
	2874	+00:32:18,150 ~-~-> 00:32:21,600
2875	2875	plan. And I quickly learned that that
2876	2876
2877	2877	720
2878		-00:32:21,600 --> 00:32:25,170
	2878	+00:32:21,600 ~-~-> 00:32:25,170
2879	2879	was a really low objective. What was
2880	2880
2881	2881	721
2882		-00:32:25,170 --> 00:32:28,890
	2882	+00:32:25,170 ~-~-> 00:32:28,890
2883	2883	possible was a lot more than that. But I
2884	2884
2885	2885	722
2886		-00:32:28,890 --> 00:32:31,080
	2886	+00:32:28,890 ~-~-> 00:32:31,080
2887	2887	wasn't prepared to see that type of
2888	2888
2889	2889	723
2890		-00:32:31,080 --> 00:32:33,330
	2890	+00:32:31,080 ~-~-> 00:32:33,330
2891	2891	equity increase. When I started making a
2892	2892
2893	2893	724
2894		-00:32:33,330 --> 00:32:39,090
	2894	+00:32:33,330 ~-~-> 00:32:39,090
2895	2895	lot of money. It's like a drug it makes
2896	2896
2897	2897	725
2898		-00:32:39,090 --> 00:32:40,800
	2898	+00:32:39,090 ~-~-> 00:32:40,800
2899	2899	you want to do more and more and you
2900	2900
2901	2901	726
2902		-00:32:40,950 --> 00:32:43,320
	2902	+00:32:40,950 ~-~-> 00:32:43,320
2903	2903	throw that in with he didn't care about
2904	2904
2905	2905	727
2906		-00:32:43,320 --> 00:32:46,590
	2906	+00:32:43,320 ~-~-> 00:32:46,590
2907	2907	risk because I didn't it hurt me and I
2908	2908
2909	2909	728
2910		-00:32:46,590 --> 00:32:49,140
	2910	+00:32:46,590 ~-~-> 00:32:49,140
2911	2911	would see these huge gains and then huge
2912	2912
2913	2913	729
2914		-00:32:49,140 --> 00:32:52,170
	2914	+00:32:49,140 ~-~-> 00:32:52,170
2915	2915	draw downs. So while I'd have really big
2916	2916
2917	2917	730
2918		-00:32:52,170 --> 00:32:54,330
	2918	+00:32:52,170 ~-~-> 00:32:54,330
2919	2919	run up, and I'd have a roller coaster
2920	2920
2921	2921	731
2922		-00:32:54,330 --> 00:32:58,020
	2922	+00:32:54,330 ~-~-> 00:32:58,020
2923	2923	drop, and it would just put me back in
2924	2924
2925	2925	732
2926		-00:32:58,020 --> 00:33:00,690
	2926	+00:32:58,020 ~-~-> 00:33:00,690
2927	2927	that I gotta go back in Spend more time
2928	2928
2929	2929	733
2930		-00:33:00,690 --> 00:33:03,120
	2930	+00:33:00,690 ~-~-> 00:33:03,120
2931	2931	on the charts and who was suffering my
2932	2932
2933	2933	734
2934		-00:33:03,120 --> 00:33:05,310
	2934	+00:33:03,120 ~-~-> 00:33:05,310
2935	2935	family. My children didn't get to see
2936	2936
2937	2937	735
2938		-00:33:05,310 --> 00:33:07,050
	2938	+00:33:05,310 ~-~-> 00:33:07,050
2939	2939	their family or their father that much.
2940	2940
2941	2941	736
2942		-00:33:07,470 --> 00:33:10,380
	2942	+00:33:07,470 ~-~-> 00:33:10,380
2943	2943	My wife didn't get to see me as much as
2944	2944
2945	2945	737
2946		-00:33:10,380 --> 00:33:13,530
	2946	+00:33:10,380 ~-~-> 00:33:13,530
2947	2947	her husband. And I missed out on a lot.
2948	2948
2949	2949	738
2950		-00:33:14,520 --> 00:33:19,080
	2950	+00:33:14,520 ~-~-> 00:33:19,080
2951	2951	And seeing a couple photographs is not
2952	2952
2953	2953	739
2954		-00:33:19,080 --> 00:33:20,760
	2954	+00:33:19,080 ~-~-> 00:33:20,760
2955	2955	the same as being there to cheer your
2956	2956
2957	2957	740
2958		-00:33:20,760 --> 00:33:22,680
	2958	+00:33:20,760 ~-~-> 00:33:22,680
2959	2959	kid on. When he's up here and he hits
2960	2960
2961	2961	741
2962		-00:33:22,680 --> 00:33:27,420
	2962	+00:33:22,680 ~-~-> 00:33:27,420
2963	2963	his first home run. I missed that. When
2964	2964
2965	2965	742
2966		-00:33:27,420 --> 00:33:30,150
	2966	+00:33:27,420 ~-~-> 00:33:30,150
2967	2967	his basketball team wins, and he made
2968	2968
2969	2969	743
2970		-00:33:30,150 --> 00:33:33,510
	2970	+00:33:30,150 ~-~-> 00:33:33,510
2971	2971	that shot, great for the last bell. I
2972	2972
2973	2973	744
2974		-00:33:33,510 --> 00:33:38,760
	2974	+00:33:33,510 ~-~-> 00:33:38,760
2975	2975	missed that. But hey, I made money on
2976	2976
2977	2977	745
2978		-00:33:38,790 --> 00:33:42,720
	2978	+00:33:38,790 ~-~-> 00:33:42,720
2979	2979	lean hogs. It doesn't measure up.
2980	2980
2981	2981	746
2982		-00:33:48,510 --> 00:33:50,790
	2982	+00:33:48,510 ~-~-> 00:33:50,790
2983	2983	Stop buying retail logic and tools. You
2984	2984
2985	2985	747
2986		-00:33:50,790 --> 00:33:53,130
	2986	+00:33:50,790 ~-~-> 00:33:53,130
2987	2987	just don't want to be filling your head
2988	2988
2989	2989	748
2990		-00:33:53,130 --> 00:33:56,970
	2990	+00:33:53,130 ~-~-> 00:33:56,970
2991	2991	up with all of this poor thinking, okay,
2992	2992
2993	2993	749
2994		-00:33:56,970 --> 00:33:58,200
	2994	+00:33:56,970 ~-~-> 00:33:58,200
2995	2995	because that's exactly what it is.
2996	2996
2997	2997	750
2998		-00:33:58,770 --> 00:34:01,110
	2998	+00:33:58,770 ~-~-> 00:34:01,110
2999	2999	Everything you learn in retailed books
3000	3000
3001	3001	751
3002		-00:34:01,110 --> 00:34:03,240
	3002	+00:34:01,110 ~-~-> 00:34:03,240
3003	3003	and courses is diametrically opposed to
3004	3004
3005	3005	752
3006		-00:34:03,240 --> 00:34:06,660
	3006	+00:34:03,240 ~-~-> 00:34:06,660
3007	3007	how the actual markets work. So stop
3008	3008
3009	3009	753
3010		-00:34:06,660 --> 00:34:08,730
	3010	+00:34:06,660 ~-~-> 00:34:08,730
3011	3011	wasting money on books. And I've
3012	3012
3013	3013	754
3014		-00:34:08,730 --> 00:34:11,550
	3014	+00:34:08,730 ~-~-> 00:34:11,550
3015	3015	purchased either by electronic format or
3016	3016
3017	3017	755
3018		-00:34:12,000 --> 00:34:16,110
	3018	+00:34:12,000 ~-~-> 00:34:16,110
3019	3019	actual hardcopy books. I have over 2000
3020	3020
3021	3021	756
3022		-00:34:16,110 --> 00:34:18,570
	3022	+00:34:16,110 ~-~-> 00:34:18,570
3023	3023	of them, and I won't buy another book
3024	3024
3025	3025	757
3026		-00:34:18,570 --> 00:34:20,280
	3026	+00:34:18,570 ~-~-> 00:34:20,280
3027	3027	ever again. And I wish I would have
3028	3028
3029	3029	758
3030		-00:34:20,280 --> 00:34:22,950
	3030	+00:34:20,280 ~-~-> 00:34:22,950
3031	3031	stopped. The second year that I started
3032	3032
3033	3033	759
3034		-00:34:22,950 --> 00:34:24,390
	3034	+00:34:22,950 ~-~-> 00:34:24,390
3035	3035	buying them I had in my mind, I was
3036	3036
3037	3037	760
3038		-00:34:24,390 --> 00:34:27,120
	3038	+00:34:24,390 ~-~-> 00:34:27,120
3039	3039	gonna buy as many books as I could,
3040	3040
3041	3041	761
3042		-00:34:27,120 --> 00:34:28,410
	3042	+00:34:27,120 ~-~-> 00:34:28,410
3043	3043	because somebody out there, it's gonna
3044	3044
3045	3045	762
3046		-00:34:28,410 --> 00:34:30,120
	3046	+00:34:28,410 ~-~-> 00:34:30,120
3047	3047	have the secret. And I'm gonna tell you
3048	3048
3049	3049	763
3050		-00:34:30,120 --> 00:34:32,190
	3050	+00:34:30,120 ~-~-> 00:34:32,190
3051	3051	after reading over 2000 books, none of
3052	3052
3053	3053	764
3054		-00:34:32,190 --> 00:34:34,170
	3054	+00:34:32,190 ~-~-> 00:34:34,170
3055	3055	them did. And there are some real
3056	3056
3057	3057	765
3058		-00:34:34,170 --> 00:34:36,030
	3058	+00:34:34,170 ~-~-> 00:34:36,030
3059	3059	classics in there. And the ones that I
3060	3060
3061	3061	766
3062		-00:34:36,030 --> 00:34:38,760
	3062	+00:34:36,030 ~-~-> 00:34:38,760
3063	3063	do, like I've mentioned before, and I
3064	3064
3065	3065	767
3066		-00:34:38,760 --> 00:34:40,530
	3066	+00:34:38,760 ~-~-> 00:34:40,530
3067	3067	know some of you are new and you want to
3068	3068
3069	3069	768
3070		-00:34:40,530 --> 00:34:43,950
	3070	+00:34:40,530 ~-~-> 00:34:43,950
3071	3071	know what they are. For money
3072	3072
3073	3073	769
3074		-00:34:43,950 --> 00:34:45,660
	3074	+00:34:43,950 ~-~-> 00:34:45,660
3075	3075	management, I like everything from Ralph
3076	3076
3077	3077	770
3078		-00:34:45,660 --> 00:34:49,110
	3078	+00:34:45,660 ~-~-> 00:34:49,110
3079	3079	Vince and Ryan Jones. They do a lot of
3080	3080
3081	3081	771
3082		-00:34:49,230 --> 00:34:51,900
	3082	+00:34:49,230 ~-~-> 00:34:51,900
3083	3083	optimal F and Kelly criterion. It's a
3084	3084
3085	3085	772
3086		-00:34:51,900 --> 00:34:53,100
	3086	+00:34:51,900 ~-~-> 00:34:53,100
3087	3087	little bit advanced. I'm not saying that
3088	3088
3089	3089	773
3090		-00:34:53,100 --> 00:34:54,390
	3090	+00:34:53,100 ~-~-> 00:34:54,390
3091	3091	everyone that first starts trading
3092	3092
3093	3093	774
3094		-00:34:54,390 --> 00:34:57,510
	3094	+00:34:54,390 ~-~-> 00:34:57,510
3095	3095	should mess with that because it's meant
3096	3096
3097	3097	775
3098		-00:34:57,510 --> 00:34:59,910
	3098	+00:34:57,510 ~-~-> 00:34:59,910
3099	3099	to run your account up pretty quick and
3100	3100
3101	3101	776
3102		-00:35:00,000 --> 00:35:01,140
	3102	+00:35:00,000 ~-~-> 00:35:01,140
3103	3103	You're not gonna be prepared for that.
3104	3104
3105	3105	777
3106		-00:35:01,290 --> 00:35:03,600
	3106	+00:35:01,290 ~-~-> 00:35:03,600
3107	3107	And I wasn't either. That's why I
3108	3108
3109	3109	778
3110		-00:35:03,600 --> 00:35:06,120
	3110	+00:35:03,600 ~-~-> 00:35:06,120
3111	3111	couldn't make it work right away. So I
3112	3112
3113	3113	779
3114		-00:35:06,120 --> 00:35:08,010
	3114	+00:35:06,120 ~-~-> 00:35:08,010
3115	3115	did learn a lot about myself and then
3116	3116
3117	3117	780
3118		-00:35:08,610 --> 00:35:12,090
	3118	+00:35:08,610 ~-~-> 00:35:12,090
3119	3119	tune it for me. How many million dollar
3120	3120
3121	3121	781
3122		-00:35:12,090 --> 00:35:14,100
	3122	+00:35:12,090 ~-~-> 00:35:14,100
3123	3123	strain commodities last year? It's a
3124	3124
3125	3125	782
3126		-00:35:14,100 --> 00:35:16,290
	3126	+00:35:14,100 ~-~-> 00:35:16,290
3127	3127	1970s book from Larry Williams. That
3128	3128
3129	3129	783
3130		-00:35:16,290 --> 00:35:19,170
	3130	+00:35:16,290 ~-~-> 00:35:19,170
3131	3131	book still is relevant today. Not every
3132	3132
3133	3133	784
3134		-00:35:19,170 --> 00:35:22,170
	3134	+00:35:19,170 ~-~-> 00:35:22,170
3135	3135	little thing in there is but majority of
3136	3136
3137	3137	785
3138		-00:35:22,170 --> 00:35:25,140
	3138	+00:35:22,170 ~-~-> 00:35:25,140
3139	3139	that book is. That was the real first
3140	3140
3141	3141	786
3142		-00:35:25,140 --> 00:35:28,230
	3142	+00:35:25,140 ~-~-> 00:35:28,230
3143	3143	inspiration for me to see how smart
3144	3144
3145	3145	787
3146		-00:35:28,230 --> 00:35:30,150
	3146	+00:35:28,230 ~-~-> 00:35:30,150
3147	3147	money operates in the marketplace. And
3148	3148
3149	3149	788
3150		-00:35:30,150 --> 00:35:31,830
	3150	+00:35:30,150 ~-~-> 00:35:31,830
3151	3151	then that was my pursuit press my life.
3152	3152
3153	3153	789
3154		-00:35:31,860 --> 00:35:35,010
	3154	+00:35:31,860 ~-~-> 00:35:35,010
3155	3155	I was going to crack these markets. So
3156	3156
3157	3157	790
3158		-00:35:35,670 --> 00:35:38,460
	3158	+00:35:35,670 ~-~-> 00:35:38,460
3159	3159	that trading for a living buyouts and
3160	3160
3161	3161	791
3162		-00:35:38,460 --> 00:35:41,610
	3162	+00:35:38,460 ~-~-> 00:35:41,610
3163	3163	their elder market wizards wanting to
3164	3164
3165	3165	792
3166		-00:35:42,000 --> 00:35:47,010
	3166	+00:35:42,000 ~-~-> 00:35:47,010
3167	3167	just inspiration and street smarts by
3168	3168
3169	3169	793
3170		-00:35:47,070 --> 00:35:50,220
	3170	+00:35:47,070 ~-~-> 00:35:50,220
3171	3171	Linda raschke and Larry conners. That's
3172	3172
3173	3173	794
3174		-00:35:51,000 --> 00:35:53,790
	3174	+00:35:51,000 ~-~-> 00:35:53,790
3175	3175	it. Now if you want to know what to do
3176	3176
3177	3177	795
3178		-00:35:53,790 --> 00:35:57,300
	3178	+00:35:53,790 ~-~-> 00:35:57,300
3179	3179	the opposite of john Murphy's technical
3180	3180
3181	3181	796
3182		-00:35:57,300 --> 00:35:59,100
	3182	+00:35:57,300 ~-~-> 00:35:59,100
3183	3183	analysis of financial markets book,
3184	3184
3185	3185	797
3186		-00:35:59,100 --> 00:36:02,370
	3186	+00:35:59,100 ~-~-> 00:36:02,370
3187	3187	that's the retail Traders Bible. I
3188	3188
3189	3189	798
3190		-00:36:02,370 --> 00:36:03,960
	3190	+00:36:02,370 ~-~-> 00:36:03,960
3191	3191	always recommend that one simply because
3192	3192
3193	3193	799
3194		-00:36:03,960 --> 00:36:06,030
	3194	+00:36:03,960 ~-~-> 00:36:06,030
3195	3195	you want to learn how to do the opposite
3196	3196
3197	3197	800
3198		-00:36:06,030 --> 00:36:07,380
	3198	+00:36:06,030 ~-~-> 00:36:07,380
3199	3199	of everything is being taught that book.
3200	3200
3201	3201	801
3202		-00:36:07,920 --> 00:36:09,570
	3202	+00:36:07,920 ~-~-> 00:36:09,570
3203	3203	And if you do that, you're going to
3204	3204
3205	3205	802
3206		-00:36:09,570 --> 00:36:11,340
	3206	+00:36:09,570 ~-~-> 00:36:11,340
3207	3207	quickly see how charts are really,
3208	3208
3209	3209	803
3210		-00:36:11,340 --> 00:36:14,820
	3210	+00:36:11,340 ~-~-> 00:36:14,820
3211	3211	really fun to watch then, because it's
3212	3212
3213	3213	804
3214		-00:36:15,630 --> 00:36:19,560
	3214	+00:36:15,630 ~-~-> 00:36:19,560
3215	3215	such a high degree of percentage of
3216	3216
3217	3217	805
3218		-00:36:19,560 --> 00:36:22,440
	3218	+00:36:19,560 ~-~-> 00:36:22,440
3219	3219	failure failing, that it's more likely
3220	3220
3221	3221	806
3222		-00:36:22,440 --> 00:36:24,180
	3222	+00:36:22,440 ~-~-> 00:36:24,180
3223	3223	if you just fade those moves, you'll
3224	3224
3225	3225	807
3226		-00:36:24,180 --> 00:36:26,370
	3226	+00:36:24,180 ~-~-> 00:36:26,370
3227	3227	probably see the chart, work in your
3228	3228
3229	3229	808
3230		-00:36:26,370 --> 00:36:31,980
	3230	+00:36:26,370 ~-~-> 00:36:31,980
3231	3231	favor. Avoid looking for hot hand gurus.
3232	3232
3233	3233	809
3234		-00:36:32,220 --> 00:36:34,620
	3234	+00:36:32,220 ~-~-> 00:36:34,620
3235	3235	I did this a lot on America Online. I
3236	3236
3237	3237	810
3238		-00:36:34,620 --> 00:36:37,620
	3238	+00:36:34,620 ~-~-> 00:36:37,620
3239	3239	chased everybody. If they had a service,
3240	3240
3241	3241	811
3242		-00:36:38,100 --> 00:36:39,720
	3242	+00:36:38,100 ~-~-> 00:36:39,720
3243	3243	I was trying it out, at least for a
3244	3244
3245	3245	812
3246		-00:36:39,780 --> 00:36:41,010
	3246	+00:36:39,780 ~-~-> 00:36:41,010
3247	3247	while back then they would do it by the
3248	3248
3249	3249	813
3250		-00:36:41,010 --> 00:36:43,920
	3250	+00:36:41,010 ~-~-> 00:36:43,920
3251	3251	week. Now everything's by month, and
3252	3252
3253	3253	814
3254		-00:36:44,700 --> 00:36:47,040
	3254	+00:36:44,700 ~-~-> 00:36:47,040
3255	3255	everything was at the time, a
3256	3256
3257	3257	815
3258		-00:36:47,040 --> 00:36:49,800
	3258	+00:36:47,040 ~-~-> 00:36:49,800
3259	3259	newsletter, or a phone number that you
3260	3260
3261	3261	816
3262		-00:36:49,800 --> 00:36:52,380
	3262	+00:36:49,800 ~-~-> 00:36:52,380
3263	3263	had to call and pay a couple dollars a
3264	3264
3265	3265	817
3266		-00:36:52,380 --> 00:36:54,030
	3266	+00:36:52,380 ~-~-> 00:36:54,030
3267	3267	minute or whatever. And he would tell
3268	3268
3269	3269	818
3270		-00:36:54,030 --> 00:36:56,370
	3270	+00:36:54,030 ~-~-> 00:36:56,370
3271	3271	you what they were trading, and I never
3272	3272
3273	3273	819
3274		-00:36:56,370 --> 00:36:59,100
	3274	+00:36:56,370 ~-~-> 00:36:59,100
3275	3275	made money with that stuff. Even Larry
3276	3276
3277	3277	820
3278		-00:36:59,100 --> 00:37:00,540
	3278	+00:36:59,100 ~-~-> 00:37:00,540
3279	3279	Williams, not to beat disrespectful
3280	3280
3281	3281	821
3282		-00:37:00,540 --> 00:37:03,750
	3282	+00:37:00,540 ~-~-> 00:37:03,750
3283	3283	towards him. But I, at one time was
3284	3284
3285	3285	822
3286		-00:37:04,230 --> 00:37:07,140
	3286	+00:37:04,230 ~-~-> 00:37:07,140
3287	3287	paying for his hotline. And you would
3288	3288
3289	3289	823
3290		-00:37:07,140 --> 00:37:08,820
	3290	+00:37:07,140 ~-~-> 00:37:08,820
3291	3291	just call him up and he would have a
3292	3292
3293	3293	824
3294		-00:37:08,820 --> 00:37:12,330
	3294	+00:37:08,820 ~-~-> 00:37:12,330
3295	3295	recording. And it was basically what he
3296	3296
3297	3297	825
3298		-00:37:12,330 --> 00:37:14,190
	3298	+00:37:12,330 ~-~-> 00:37:14,190
3299	3299	was going to do with the bond market and
3300	3300
3301	3301	826
3302		-00:37:14,280 --> 00:37:16,620
	3302	+00:37:14,280 ~-~-> 00:37:16,620
3303	3303	what the SMP market and I did those
3304	3304
3305	3305	827
3306		-00:37:16,620 --> 00:37:19,800
	3306	+00:37:16,620 ~-~-> 00:37:19,800
3307	3307	trades, and I lost money. Again, I'm not
3308	3308
3309	3309	828
3310		-00:37:19,800 --> 00:37:20,880
	3310	+00:37:19,800 ~-~-> 00:37:20,880
3311	3311	saying that he's not a profitable
3312	3312
3313	3313	829
3314		-00:37:20,880 --> 00:37:22,830
	3314	+00:37:20,880 ~-~-> 00:37:22,830
3315	3315	trader. I'm not saying he's not a good
3316	3316
3317	3317	830
3318		-00:37:22,830 --> 00:37:24,540
	3318	+00:37:22,830 ~-~-> 00:37:24,540
3319	3319	trader. I'm not saying he's not a good
3320	3320
3321	3321	831
3322		-00:37:24,540 --> 00:37:26,760
	3322	+00:37:24,540 ~-~-> 00:37:26,760
3323	3323	teacher. I'm just saying, my personal
3324	3324
3325	3325	832
3326		-00:37:26,760 --> 00:37:29,100
	3326	+00:37:26,760 ~-~-> 00:37:29,100
3327	3327	experience doing that. I lost money on
3328	3328
3329	3329	833
3330		-00:37:29,100 --> 00:37:32,280
	3330	+00:37:29,100 ~-~-> 00:37:32,280
3331	3331	every single trade. So avoid looking for
3332	3332
3333	3333	834
3334		-00:37:32,280 --> 00:37:33,600
	3334	+00:37:32,280 ~-~-> 00:37:33,600
3335	3335	hockey and gurus This is the reason why
3336	3336
3337	3337	835
3338		-00:37:33,600 --> 00:37:35,580
	3338	+00:37:33,600 ~-~-> 00:37:35,580
3339	3339	I don't hold people's hands. I don't say
3340	3340
3341	3341	836
3342		-00:37:35,610 --> 00:37:37,530
	3342	+00:37:35,610 ~-~-> 00:37:37,530
3343	3343	is that we're going to do buy here, sell
3344	3344
3345	3345	837
3346		-00:37:37,530 --> 00:37:40,230
	3346	+00:37:37,530 ~-~-> 00:37:40,230
3347	3347	here, stop. Don't do that. Because all
3348	3348
3349	3349	838
3350		-00:37:40,230 --> 00:37:42,240
	3350	+00:37:40,230 ~-~-> 00:37:42,240
3351	3351	that does is create codependence and you
3352	3352
3353	3353	839
3354		-00:37:42,240 --> 00:37:43,500
	3354	+00:37:42,240 ~-~-> 00:37:43,500
3355	3355	don't want to be a codependent trader,
3356	3356
3357	3357	840
3358		-00:37:43,500 --> 00:37:44,670
	3358	+00:37:43,500 ~-~-> 00:37:44,670
3359	3359	you want to be an independent thinking
3360	3360
3361	3361	841
3362		-00:37:44,670 --> 00:37:45,090
	3362	+00:37:44,670 ~-~-> 00:37:45,090
3363	3363	trader.
3364	3364
3365	3365	842
3366		-00:37:47,550 --> 00:37:50,010
	3366	+00:37:47,550 ~-~-> 00:37:50,010
3367	3367	become your own signal generator. The
3368	3368
3369	3369	843
3370		-00:37:50,010 --> 00:37:52,950
	3370	+00:37:50,010 ~-~-> 00:37:52,950
3371	3371	big thing is always as a new trader, you
3372	3372
3373	3373	844
3374		-00:37:52,950 --> 00:37:54,870
	3374	+00:37:52,950 ~-~-> 00:37:54,870
3375	3375	want to find someone that's good. You
3376	3376
3377	3377	845
3378		-00:37:54,870 --> 00:37:56,250
	3378	+00:37:54,870 ~-~-> 00:37:56,250
3379	3379	don't want to find a mentor. You want to
3380	3380
3381	3381	846
3382		-00:37:56,250 --> 00:37:57,570
	3382	+00:37:56,250 ~-~-> 00:37:57,570
3383	3383	find someone that's going to tell you
3384	3384
3385	3385	847
3386		-00:37:57,570 --> 00:37:59,160
	3386	+00:37:57,570 ~-~-> 00:37:59,160
3387	3387	what they're doing and making money so
3388	3388
3389	3389	848
3390		-00:37:59,160 --> 00:38:02,460
	3390	+00:37:59,160 ~-~-> 00:38:02,460
3391	3391	you can copy them. And I fell victim to
3392	3392
3393	3393	849
3394		-00:38:02,460 --> 00:38:07,200
	3394	+00:38:02,460 ~-~-> 00:38:07,200
3395	3395	that, too. I didn't want to trust my own
3396	3396
3397	3397	850
3398		-00:38:07,350 --> 00:38:10,620
	3398	+00:38:07,350 ~-~-> 00:38:10,620
3399	3399	analysis, I got lazy and thinking, well,
3400	3400
3401	3401	851
3402		-00:38:10,710 --> 00:38:11,700
	3402	+00:38:10,710 ~-~-> 00:38:11,700
3403	3403	I really just want to make a lot of
3404	3404
3405	3405	852
3406		-00:38:11,700 --> 00:38:13,410
	3406	+00:38:11,700 ~-~-> 00:38:13,410
3407	3407	money. So if I can find someone really
3408	3408
3409	3409	853
3410		-00:38:13,410 --> 00:38:15,810
	3410	+00:38:13,410 ~-~-> 00:38:15,810
3411	3411	good, I'll just copy them. And
3412	3412
3413	3413	854
3414		-00:38:16,380 --> 00:38:17,610
	3414	+00:38:16,380 ~-~-> 00:38:17,610
3415	3415	everything they do, I'm going to take
3416	3416
3417	3417	855
3418		-00:38:17,610 --> 00:38:19,470
	3418	+00:38:17,610 ~-~-> 00:38:19,470
3419	3419	the trades, since they're successful.
3420	3420
3421	3421	856
3422		-00:38:19,920 --> 00:38:21,210
	3422	+00:38:19,920 ~-~-> 00:38:21,210
3423	3423	Even if I take a couple of losses here
3424	3424
3425	3425	857
3426		-00:38:21,210 --> 00:38:22,890
	3426	+00:38:21,210 ~-~-> 00:38:22,890
3427	3427	and there, I'm just going to stick with
3428	3428
3429	3429	858
3430		-00:38:22,890 --> 00:38:24,870
	3430	+00:38:22,890 ~-~-> 00:38:24,870
3431	3431	it. So what am I really saying there?
3432	3432
3433	3433	859
3434		-00:38:25,470 --> 00:38:28,290
	3434	+00:38:25,470 ~-~-> 00:38:28,290
3435	3435	I'm saying that I'm going to use them as
3436	3436
3437	3437	860
3438		-00:38:28,290 --> 00:38:32,130
	3438	+00:38:28,290 ~-~-> 00:38:32,130
3439	3439	my system. And I'm accepting losses. I
3440	3440
3441	3441	861
3442		-00:38:32,130 --> 00:38:33,840
	3442	+00:38:32,130 ~-~-> 00:38:33,840
3443	3443	know they're probably going to come, but
3444	3444
3445	3445	862
3446		-00:38:33,870 --> 00:38:35,340
	3446	+00:38:33,870 ~-~-> 00:38:35,340
3447	3447	I'm holding out that they're going to
3448	3448
3449	3449	863
3450		-00:38:35,340 --> 00:38:36,930
	3450	+00:38:35,340 ~-~-> 00:38:36,930
3451	3451	have more wins and losses. Now, doesn't
3452	3452
3453	3453	864
3454		-00:38:36,930 --> 00:38:39,720
	3454	+00:38:36,930 ~-~-> 00:38:39,720
3455	3455	that make sense? If you apply it to your
3456	3456
3457	3457	865
3458		-00:38:39,720 --> 00:38:42,750
	3458	+00:38:39,720 ~-~-> 00:38:42,750
3459	3459	own strategy, but when you as a new
3460	3460
3461	3461	866
3462		-00:38:42,750 --> 00:38:44,940
	3462	+00:38:42,750 ~-~-> 00:38:44,940
3463	3463	trader start, you don't want to accept
3464	3464
3465	3465	867
3466		-00:38:45,000 --> 00:38:48,690
	3466	+00:38:45,000 ~-~-> 00:38:48,690
3467	3467	losses. That's not acceptable. But when
3468	3468
3469	3469	868
3470		-00:38:48,690 --> 00:38:51,690
	3470	+00:38:48,690 ~-~-> 00:38:51,690
3471	3471	you justify your spending, when you're
3472	3472
3473	3473	869
3474		-00:38:51,690 --> 00:38:54,660
	3474	+00:38:51,690 ~-~-> 00:38:54,660
3475	3475	by other people's signals, it's somehow
3476	3476
3477	3477	870
3478		-00:38:54,690 --> 00:38:57,090
	3478	+00:38:54,690 ~-~-> 00:38:57,090
3479	3479	brought into the reasoning part of the
3480	3480
3481	3481	871
3482		-00:38:57,090 --> 00:38:58,980
	3482	+00:38:57,090 ~-~-> 00:38:58,980
3483	3483	decision making, that it's something
3484	3484
3485	3485	872
3486		-00:38:58,980 --> 00:39:01,650
	3486	+00:38:58,980 ~-~-> 00:39:01,650
3487	3487	that's acceptable. losing trades, it's
3488	3488
3489	3489	873
3490		-00:39:01,650 --> 00:39:03,000
	3490	+00:39:01,650 ~-~-> 00:39:03,000
3491	3491	acceptable until you take that first
3492	3492
3493	3493	874
3494		-00:39:03,000 --> 00:39:04,560
	3494	+00:39:03,000 ~-~-> 00:39:04,560
3495	3495	loss, and then you're not subscribing
3496	3496
3497	3497	875
3498		-00:39:04,560 --> 00:39:07,140
	3498	+00:39:04,560 ~-~-> 00:39:07,140
3499	3499	anymore. You go back to looking for
3500	3500
3501	3501	876
3502		-00:39:07,140 --> 00:39:11,910
	3502	+00:39:07,140 ~-~-> 00:39:11,910
3503	3503	another hot hand guru. Be willing to
3504	3504
3505	3505	877
3506		-00:39:11,910 --> 00:39:15,900
	3506	+00:39:11,910 ~-~-> 00:39:15,900
3507	3507	lose and lose a lot early on. It's part
3508	3508
3509	3509	878
3510		-00:39:15,900 --> 00:39:18,120
	3510	+00:39:15,900 ~-~-> 00:39:18,120
3511	3511	of it. You don't know what you're doing
3512	3512
3513	3513	879
3514		-00:39:18,120 --> 00:39:21,600
	3514	+00:39:18,120 ~-~-> 00:39:21,600
3515	3515	and no book, no course even me. If I sat
3516	3516
3517	3517	880
3518		-00:39:21,600 --> 00:39:25,080
	3518	+00:39:21,600 ~-~-> 00:39:25,080
3519	3519	with you every single day, for a month,
3520	3520
3521	3521	881
3522		-00:39:26,430 --> 00:39:29,670
	3522	+00:39:26,430 ~-~-> 00:39:29,670
3523	3523	you would still take losses, you would
3524	3524
3525	3525	882
3526		-00:39:29,670 --> 00:39:33,870
	3526	+00:39:29,670 ~-~-> 00:39:33,870
3527	3527	lose. it's unavoidable. But early on
3528	3528
3529	3529	883
3530		-00:39:33,870 --> 00:39:35,940
	3530	+00:39:33,870 ~-~-> 00:39:35,940
3531	3531	when you are developing, you're going to
3532	3532
3533	3533	884
3534		-00:39:35,940 --> 00:39:37,770
	3534	+00:39:35,940 ~-~-> 00:39:37,770
3535	3535	be wrong a lot. And this is reason why I
3536	3536
3537	3537	885
3538		-00:39:37,770 --> 00:39:39,480
	3538	+00:39:37,770 ~-~-> 00:39:39,480
3539	3539	tell people do not trade with my funds
3540	3540
3541	3541	886
3542		-00:39:39,540 --> 00:39:41,100
	3542	+00:39:39,540 ~-~-> 00:39:41,100
3543	3543	until you know exactly what you're
3544	3544
3545	3545	887
3546		-00:39:41,100 --> 00:39:43,800
	3546	+00:39:41,100 ~-~-> 00:39:43,800
3547	3547	doing. And you understand yourself. And
3548	3548
3549	3549	888
3550		-00:39:43,800 --> 00:39:45,360
	3550	+00:39:43,800 ~-~-> 00:39:45,360
3551	3551	that may be longer than six months, it
3552	3552
3553	3553	889
3554		-00:39:45,360 --> 00:39:47,520
	3554	+00:39:45,360 ~-~-> 00:39:47,520
3555	3555	may be longer than a year. For some of
3556	3556
3557	3557	890
3558		-00:39:47,520 --> 00:39:50,370
	3558	+00:39:47,520 ~-~-> 00:39:50,370
3559	3559	you it might be 234 years, like a
3560	3560
3561	3561	891
3562		-00:39:50,370 --> 00:39:52,680
	3562	+00:39:50,370 ~-~-> 00:39:52,680
3563	3563	college degree. And some of you aren't
3564	3564
3565	3565	892
3566		-00:39:52,680 --> 00:39:55,140
	3566	+00:39:52,680 ~-~-> 00:39:55,140
3567	3567	prepared for that. And there's no shame
3568	3568
3569	3569	893
3570		-00:39:55,140 --> 00:39:56,250
	3570	+00:39:55,140 ~-~-> 00:39:56,250
3571	3571	in you saying you know what, this ain't
3572	3572
3573	3573	894
3574		-00:39:56,250 --> 00:39:57,960
	3574	+00:39:56,250 ~-~-> 00:39:57,960
3575	3575	for me. That's good. That means you're
3576	3576
3577	3577	895
3578		-00:39:57,960 --> 00:39:59,400
	3578	+00:39:57,960 ~-~-> 00:39:59,400
3579	3579	not going to lose money. That means
3580	3580
3581	3581	896
3582		-00:39:59,400 --> 00:40:00,690
	3582	+00:39:59,400 ~-~-> 00:40:00,690
3583	3583	you're not going to have In bounces your
3584	3584
3585	3585	897
3586		-00:40:00,690 --> 00:40:02,670
	3586	+00:40:00,690 ~-~-> 00:40:02,670
3587	3587	life, it means that you're not going to
3588	3588
3589	3589	898
3590		-00:40:02,670 --> 00:40:05,490
	3590	+00:40:02,670 ~-~-> 00:40:05,490
3591	3591	hurt yourself, both financially and
3592	3592
3593	3593	899
3594		-00:40:05,490 --> 00:40:08,970
	3594	+00:40:05,490 ~-~-> 00:40:08,970
3595	3595	psychologically. Because I did that. I
3596	3596
3597	3597	900
3598		-00:40:08,970 --> 00:40:11,460
	3598	+00:40:08,970 ~-~-> 00:40:11,460
3599	3599	caused physical problems with an eating
3600	3600
3601	3601	901
3602		-00:40:11,460 --> 00:40:14,460
	3602	+00:40:11,460 ~-~-> 00:40:14,460
3603	3603	disorder. I developed agoraphobia, which
3604	3604
3605	3605	902
3606		-00:40:14,460 --> 00:40:16,200
	3606	+00:40:14,460 ~-~-> 00:40:16,200
3607	3607	was a fear of being around other people.
3608	3608
3609	3609	903
3610		-00:40:16,800 --> 00:40:18,990
	3610	+00:40:16,800 ~-~-> 00:40:18,990
3611	3611	Because I didn't want them to find out
3612	3612
3613	3613	904
3614		-00:40:18,990 --> 00:40:25,410
	3614	+00:40:18,990 ~-~-> 00:40:25,410
3615	3615	how bad I was losing. And I wish I could
3616	3616
3617	3617	905
3618		-00:40:25,410 --> 00:40:29,880
	3618	+00:40:25,410 ~-~-> 00:40:29,880
3619	3619	go back in time and tell myself losing
3620	3620
3621	3621	906
3622		-00:40:29,880 --> 00:40:33,390
	3622	+00:40:29,880 ~-~-> 00:40:33,390
3623	3623	is normal. it's acceptable. It's part of
3624	3624
3625	3625	907
3626		-00:40:33,390 --> 00:40:34,770
	3626	+00:40:33,390 ~-~-> 00:40:34,770
3627	3627	the business transactions in this
3628	3628
3629	3629	908
3630		-00:40:34,770 --> 00:40:36,840
	3630	+00:40:34,770 ~-~-> 00:40:36,840
3631	3631	industry. You're going to have losses,
3632	3632
3633	3633	909
3634		-00:40:37,230 --> 00:40:40,050
	3634	+00:40:37,230 ~-~-> 00:40:40,050
3635	3635	control them. Over time, you're gonna
3636	3636
3637	3637	910
3638		-00:40:40,050 --> 00:40:43,260
	3638	+00:40:40,050 ~-~-> 00:40:43,260
3639	3639	make more money than you lose. I didn't
3640	3640
3641	3641	911
3642		-00:40:43,260 --> 00:40:44,850
	3642	+00:40:43,260 ~-~-> 00:40:44,850
3643	3643	think that way. When I first started, I
3644	3644
3645	3645	912
3646		-00:40:44,850 --> 00:40:46,770
	3646	+00:40:44,850 ~-~-> 00:40:46,770
3647	3647	was trying to avoid losing all together.
3648	3648
3649	3649	913
3650		-00:40:47,250 --> 00:40:49,170
	3650	+00:40:47,250 ~-~-> 00:40:49,170
3651	3651	And then every single loss was a
3652	3652
3653	3653	914
3654		-00:40:49,170 --> 00:40:53,070
	3654	+00:40:49,170 ~-~-> 00:40:53,070
3655	3655	paramount event like it was huge. It was
3656	3656
3657	3657	915
3658		-00:40:53,070 --> 00:40:56,490
	3658	+00:40:53,070 ~-~-> 00:40:56,490
3659	3659	elevated to some grandiose, painful,
3660	3660
3661	3661	916
3662		-00:40:56,640 --> 00:40:58,410
	3662	+00:40:56,640 ~-~-> 00:40:58,410
3663	3663	just terrible thing that I had been
3664	3664
3665	3665	917
3666		-00:40:58,440 --> 00:41:02,130
	3666	+00:40:58,440 ~-~-> 00:41:02,130
3667	3667	enduring When it's just, I did it wrong.
3668	3668
3669	3669	918
3670		-00:41:03,180 --> 00:41:05,910
	3670	+00:41:03,180 ~-~-> 00:41:05,910
3671	3671	Simple. You made a mistake, Michael, and
3672	3672
3673	3673	919
3674		-00:41:05,910 --> 00:41:08,850
	3674	+00:41:05,910 ~-~-> 00:41:08,850
3675	3675	you're gonna make lots of them. 27 years
3676	3676
3677	3677	920
3678		-00:41:08,850 --> 00:41:11,070
	3678	+00:41:08,850 ~-~-> 00:41:11,070
3679	3679	from now, you're gonna have so many
3680	3680
3681	3681	921
3682		-00:41:11,070 --> 00:41:12,180
	3682	+00:41:11,070 ~-~-> 00:41:12,180
3683	3683	losing trades, you're gonna look back
3684	3684
3685	3685	922
3686		-00:41:12,180 --> 00:41:14,640
	3686	+00:41:12,180 ~-~-> 00:41:14,640
3687	3687	and say, You know what? It didn't kill
3688	3688
3689	3689	923
3690		-00:41:14,640 --> 00:41:18,210
	3690	+00:41:14,640 ~-~-> 00:41:18,210
3691	3691	me. So be willing to lose a lot early on
3692	3692
3693	3693	924
3694		-00:41:18,330 --> 00:41:20,100
	3694	+00:41:18,330 ~-~-> 00:41:20,100
3695	3695	in your development. That's why you want
3696	3696
3697	3697	925
3698		-00:41:20,100 --> 00:41:21,360
	3698	+00:41:20,100 ~-~-> 00:41:21,360
3699	3699	to do it on paper. That's why you want
3700	3700
3701	3701	926
3702		-00:41:21,360 --> 00:41:23,100
	3702	+00:41:21,360 ~-~-> 00:41:23,100
3703	3703	to do it on demo, because you need to
3704	3704
3705	3705	927
3706		-00:41:23,100 --> 00:41:26,370
	3706	+00:41:23,100 ~-~-> 00:41:26,370
3707	3707	see what it feels like to be wrong a lot
3708	3708
3709	3709	928
3710		-00:41:26,610 --> 00:41:27,990
	3710	+00:41:26,610 ~-~-> 00:41:27,990
3711	3711	and not have the money taken from you.
3712	3712
3713	3713	929
3714		-00:41:28,410 --> 00:41:30,180
	3714	+00:41:28,410 ~-~-> 00:41:30,180
3715	3715	And then correct those problems before
3716	3716
3717	3717	930
3718		-00:41:30,180 --> 00:41:36,330
	3718	+00:41:30,180 ~-~-> 00:41:36,330
3719	3719	you put real money at work. Stay away
3720	3720
3721	3721	931
3722		-00:41:36,330 --> 00:41:41,460
	3722	+00:41:36,330 ~-~-> 00:41:41,460
3723	3723	from social media drains. Well, in this
3724	3724
3725	3725	932
3726		-00:41:41,490 --> 00:41:43,890
	3726	+00:41:41,490 ~-~-> 00:41:43,890
3727	3727	age, we have a lot of social media. But
3728	3728
3729	3729	933
3730		-00:41:43,890 --> 00:41:46,290
	3730	+00:41:43,890 ~-~-> 00:41:46,290
3731	3731	back when I first started November
3732	3732
3733	3733	934
3734		-00:41:46,290 --> 00:41:50,040
	3734	+00:41:46,290 ~-~-> 00:41:50,040
3735	3735	5 1992, social media was just starting
3736	3736
3737	3737	935
3738		-00:41:50,040 --> 00:41:53,070
	3738	+00:41:50,040 ~-~-> 00:41:53,070
3739	3739	up with message boards, or bulletin
3740	3740
3741	3741	936
3742		-00:41:53,070 --> 00:41:54,360
	3742	+00:41:53,070 ~-~-> 00:41:54,360
3743	3743	boards they call them so it's kinda like
3744	3744
3745	3745	937
3746		-00:41:54,360 --> 00:41:58,080
	3746	+00:41:54,360 ~-~-> 00:41:58,080
3747	3747	Twitter. Yeah, not so much Instagram,
3748	3748
3749	3749	938
3750		-00:41:58,080 --> 00:42:00,750
	3750	+00:41:58,080 ~-~-> 00:42:00,750
3751	3751	but I see like Twitter. He just People
3752	3752
3753	3753	939
3754		-00:42:00,750 --> 00:42:04,800
	3754	+00:42:00,750 ~-~-> 00:42:04,800
3755	3755	would just communicate with open emails
3756	3756
3757	3757	940
3758		-00:42:04,830 --> 00:42:06,600
	3758	+00:42:04,830 ~-~-> 00:42:06,600
3759	3759	basically is the format was whatever you
3760	3760
3761	3761	941
3762		-00:42:06,600 --> 00:42:08,700
	3762	+00:42:06,600 ~-~-> 00:42:08,700
3763	3763	would look at and see that would be sent
3764	3764
3765	3765	942
3766		-00:42:08,700 --> 00:42:10,800
	3766	+00:42:08,700 ~-~-> 00:42:10,800
3767	3767	by way of an email. It would just be a
3768	3768
3769	3769	943
3770		-00:42:10,800 --> 00:42:13,020
	3770	+00:42:10,800 ~-~-> 00:42:13,020
3771	3771	open source where people could see what
3772	3772
3773	3773	944
3774		-00:42:13,020 --> 00:42:15,090
	3774	+00:42:13,020 ~-~-> 00:42:15,090
3775	3775	everybody was doing a message board
3776	3776
3777	3777	945
3778		-00:42:15,090 --> 00:42:18,840
	3778	+00:42:15,090 ~-~-> 00:42:18,840
3779	3779	basically. And I would get my feelings
3780	3780
3781	3781	946
3782		-00:42:18,840 --> 00:42:20,670
	3782	+00:42:18,840 ~-~-> 00:42:20,670
3783	3783	hurt back then. Because someone would
3784	3784
3785	3785	947
3786		-00:42:20,670 --> 00:42:21,900
	3786	+00:42:20,670 ~-~-> 00:42:21,900
3787	3787	say, that's a stupid idea what you're
3788	3788
3789	3789	948
3790		-00:42:21,900 --> 00:42:24,060
	3790	+00:42:21,900 ~-~-> 00:42:24,060
3791	3791	doing. And then when I was doing it,
3792	3792
3793	3793	949
3794		-00:42:24,060 --> 00:42:25,890
	3794	+00:42:24,060 ~-~-> 00:42:25,890
3795	3795	right, everybody was like, Man, you are
3796	3796
3797	3797	950
3798		-00:42:25,890 --> 00:42:28,440
	3798	+00:42:25,890 ~-~-> 00:42:28,440
3799	3799	a rock star. I'm taking that trade. And
3800	3800
3801	3801	951
3802		-00:42:28,440 --> 00:42:29,850
	3802	+00:42:28,440 ~-~-> 00:42:29,850
3803	3803	I was like, Yeah, no, I'm making money
3804	3804
3805	3805	952
3806		-00:42:29,850 --> 00:42:31,740
	3806	+00:42:29,850 ~-~-> 00:42:31,740
3807	3807	now because he or she thinks it's a good
3808	3808
3809	3809	953
3810		-00:42:31,740 --> 00:42:36,120
	3810	+00:42:31,740 ~-~-> 00:42:36,120
3811	3811	trade. And it's stupid. It was dumb. I
3812	3812
3813	3813	954
3814		-00:42:36,120 --> 00:42:38,100
	3814	+00:42:36,120 ~-~-> 00:42:38,100
3815	3815	let other people back then influence my
3816	3816
3817	3817	955
3818		-00:42:38,100 --> 00:42:41,910
	3818	+00:42:38,100 ~-~-> 00:42:41,910
3819	3819	decisions or change the level of
3820	3820
3821	3821	956
3822		-00:42:43,830 --> 00:42:46,410
	3822	+00:42:43,830 ~-~-> 00:42:46,410
3823	3823	expectation I had on the trade because
3824	3824
3825	3825	957
3826		-00:42:46,440 --> 00:42:48,120
	3826	+00:42:46,440 ~-~-> 00:42:48,120
3827	3827	if they said, Man, it's a good idea. I
3828	3828
3829	3829	958
3830		-00:42:48,120 --> 00:42:52,380
	3830	+00:42:48,120 ~-~-> 00:42:52,380
3831	3831	think it's going to go to 1150 when I
3832	3832
3833	3833	959
3834		-00:42:52,380 --> 00:42:55,230
	3834	+00:42:52,380 ~-~-> 00:42:55,230
3835	3835	was looking at like, 1080 I'm thinking
3836	3836
3837	3837	960
3838		-00:42:55,230 --> 00:42:56,580
	3838	+00:42:55,230 ~-~-> 00:42:56,580
3839	3839	myself, yeah, they're probably right.
3840	3840
3841	3841	961
3842		-00:42:56,970 --> 00:42:58,260
	3842	+00:42:56,970 ~-~-> 00:42:58,260
3843	3843	And now I change my trade to what
3844	3844
3845	3845	962
3846		-00:42:58,260 --> 00:43:00,420
	3846	+00:42:58,260 ~-~-> 00:43:00,420
3847	3847	they're saying because many I don't want
3848	3848
3849	3849	963
3850		-00:43:00,420 --> 00:43:02,130
	3850	+00:43:00,420 ~-~-> 00:43:02,130
3851	3851	them to be right. And we miss out on
3852	3852
3853	3853	964
3854		-00:43:02,130 --> 00:43:04,410
	3854	+00:43:02,130 ~-~-> 00:43:04,410
3855	3855	that extra profit. You see what that
3856	3856
3857	3857	965
3858		-00:43:04,410 --> 00:43:08,460
	3858	+00:43:04,410 ~-~-> 00:43:08,460
3859	3859	trap just did. It took my trade away
3860	3860
3861	3861	966
3862		-00:43:08,460 --> 00:43:10,110
	3862	+00:43:08,460 ~-~-> 00:43:10,110
3863	3863	from me. And now I took their trade.
3864	3864
3865	3865	967
3866		-00:43:10,710 --> 00:43:14,190
	3866	+00:43:10,710 ~-~-> 00:43:14,190
3867	3867	who's in control there? It wasn't me. I
3868	3868
3869	3869	968
3870		-00:43:14,190 --> 00:43:18,090
	3870	+00:43:14,190 ~-~-> 00:43:18,090
3871	3871	let go on the wheel. don't join trading
3872	3872
3873	3873	969
3874		-00:43:18,090 --> 00:43:21,870
	3874	+00:43:18,090 ~-~-> 00:43:21,870
3875	3875	clubs. Okay? That means circles where
3876	3876
3877	3877	970
3878		-00:43:21,870 --> 00:43:25,350
	3878	+00:43:21,870 ~-~-> 00:43:25,350
3879	3879	everyone has the hive mentality. Because
3880	3880
3881	3881	971
3882		-00:43:25,350 --> 00:43:27,030
	3882	+00:43:25,350 ~-~-> 00:43:27,030
3883	3883	you need to discover who you are as a
3884	3884
3885	3885	972
3886		-00:43:27,030 --> 00:43:32,820
	3886	+00:43:27,030 ~-~-> 00:43:32,820
3887	3887	trader, and it's very, I guess, wasteful
3888	3888
3889	3889	973
3890		-00:43:32,850 --> 00:43:35,130
	3890	+00:43:32,850 ~-~-> 00:43:35,130
3891	3891	for your time. And it stunts your
3892	3892
3893	3893	974
3894		-00:43:35,130 --> 00:43:38,580
	3894	+00:43:35,130 ~-~-> 00:43:38,580
3895	3895	growth. If you start going into a group
3896	3896
3897	3897	975
3898		-00:43:38,880 --> 00:43:40,680
	3898	+00:43:38,880 ~-~-> 00:43:40,680
3899	3899	that has Well, this is the only way of
3900	3900
3901	3901	976
3902		-00:43:40,680 --> 00:43:42,420
	3902	+00:43:40,680 ~-~-> 00:43:42,420
3903	3903	trading and this is all we do around
3904	3904
3905	3905	977
3906		-00:43:42,420 --> 00:43:44,250
	3906	+00:43:42,420 ~-~-> 00:43:44,250
3907	3907	here. Because what you're trying to do
3908	3908
3909	3909	978
3910		-00:43:44,250 --> 00:43:48,450
	3910	+00:43:44,250 ~-~-> 00:43:48,450
3911	3911	is be part of that, click, okay. You're
3912	3912
3913	3913	979
3914		-00:43:48,450 --> 00:43:50,370
	3914	+00:43:48,450 ~-~-> 00:43:50,370
3915	3915	trying to take on the hive mentality,
3916	3916
3917	3917	980
3918		-00:43:50,820 --> 00:43:53,880
	3918	+00:43:50,820 ~-~-> 00:43:53,880
3919	3919	and it may not be suited for you. But if
3920	3920
3921	3921	981
3922		-00:43:53,880 --> 00:43:55,710
	3922	+00:43:53,880 ~-~-> 00:43:55,710
3923	3923	you waste more time and unfortunately
3924	3924
3925	3925	982
3926		-00:43:55,710 --> 00:43:59,430
	3926	+00:43:55,710 ~-~-> 00:43:59,430
3927	3927	money you don't want to discover that
3928	3928
3929	3929	983
3930		-00:43:59,430 --> 00:44:00,900
	3930	+00:43:59,430 ~-~-> 00:44:00,900
3931	3931	you've been wasted Your time and money.
3932	3932
3933	3933	984
3934		-00:44:01,170 --> 00:44:04,260
	3934	+00:44:01,170 ~-~-> 00:44:04,260
3935	3935	Okay? So you want to be solo trading is
3936	3936
3937	3937	985
3938		-00:44:04,260 --> 00:44:06,930
	3938	+00:44:04,260 ~-~-> 00:44:06,930
3939	3939	a solo sport. It's not a team sport, no
3940	3940
3941	3941	986
3942		-00:44:06,930 --> 00:44:09,930
	3942	+00:44:06,930 ~-~-> 00:44:09,930
3943	3943	matter how good your guru or mentor is.
3944	3944
3945	3945	987
3946		-00:44:10,350 --> 00:44:14,070
	3946	+00:44:10,350 ~-~-> 00:44:14,070
3947	3947	If you're doing everything they say, you
3948	3948
3949	3949	988
3950		-00:44:14,070 --> 00:44:16,710
	3950	+00:44:14,070 ~-~-> 00:44:16,710
3951	3951	aren't in control, you're growing
3952	3952
3953	3953	989
3954		-00:44:16,710 --> 00:44:21,330
	3954	+00:44:16,710 ~-~-> 00:44:21,330
3955	3955	codependent. don't subscribe to alerts,
3956	3956
3957	3957	990
3958		-00:44:21,720 --> 00:44:25,380
	3958	+00:44:21,720 ~-~-> 00:44:25,380
3959	3959	it gets back to signals. You want to be
3960	3960
3961	3961	991
3962		-00:44:25,830 --> 00:44:28,260
	3962	+00:44:25,830 ~-~-> 00:44:28,260
3963	3963	the source or generation of the trade
3964	3964
3965	3965	992
3966		-00:44:28,260 --> 00:44:30,090
	3966	+00:44:28,260 ~-~-> 00:44:30,090
3967	3967	ideas. That way when you're wrong,
3968	3968
3969	3969	993
3970		-00:44:30,570 --> 00:44:31,740
	3970	+00:44:30,570 ~-~-> 00:44:31,740
3971	3971	you're forced to assume the
3972	3972
3973	3973	994
3974		-00:44:31,740 --> 00:44:33,360
	3974	+00:44:31,740 ~-~-> 00:44:33,360
3975	3975	responsibility. You can't say, Well, I
3976	3976
3977	3977	995
3978		-00:44:33,360 --> 00:44:34,440
	3978	+00:44:33,360 ~-~-> 00:44:34,440
3979	3979	just listened to that person. They were
3980	3980
3981	3981	996
3982		-00:44:34,440 --> 00:44:37,230
	3982	+00:44:34,440 ~-~-> 00:44:37,230
3983	3983	wrong. They suck. Well, what are you
3984	3984
3985	3985	997
3986		-00:44:37,230 --> 00:44:38,730
	3986	+00:44:37,230 ~-~-> 00:44:38,730
3987	3987	gonna do about it? Well, I'm gonna find
3988	3988
3989	3989	998
3990		-00:44:38,730 --> 00:44:41,160
	3990	+00:44:38,730 ~-~-> 00:44:41,160
3991	3991	somebody else. That's not responsible.
3992	3992
3993	3993	999
3994		-00:44:41,700 --> 00:44:44,910
	3994	+00:44:41,700 ~-~-> 00:44:44,910
3995	3995	That's gambling. You're going to another
3996	3996
3997	3997	1000
3998		-00:44:44,910 --> 00:44:48,510
	3998	+00:44:44,910 ~-~-> 00:44:48,510
3999	3999	slot machine at another casino. That's
4000	4000
4001	4001	1001
4002		-00:44:48,540 --> 00:44:53,040
	4002	+00:44:48,540 ~-~-> 00:44:53,040
4003	4003	all that is. Versus I want to learn how
4004	4004
4005	4005	1002
4006		-00:44:53,040 --> 00:44:57,360
	4006	+00:44:53,040 ~-~-> 00:44:57,360
4007	4007	to play cards. and manage my risk. Not
4008	4008
4009	4009	1003
4010		-00:44:57,360 --> 00:44:59,640
	4010	+00:44:57,360 ~-~-> 00:44:59,640
4011	4011	bet too big. And just be steady Eddie at
4012	4012
4013	4013	1004
4014		-00:44:59,640 --> 00:45:03,210
	4014	+00:44:59,640 ~-~-> 00:45:03,210
4015	4015	the table. You want to be the generating
4016	4016
4017	4017	1005
4018		-00:45:03,240 --> 00:45:05,430
	4018	+00:45:03,240 ~-~-> 00:45:05,430
4019	4019	source of the signals? don't subscribe
4020	4020
4021	4021	1006
4022		-00:45:05,430 --> 00:45:06,780
	4022	+00:45:05,430 ~-~-> 00:45:06,780
4023	4023	to someone else because you have no idea
4024	4024
4025	4025	1007
4026		-00:45:06,780 --> 00:45:08,490
	4026	+00:45:06,780 ~-~-> 00:45:08,490
4027	4027	what got them into the trade. You don't
4028	4028
4029	4029	1008
4030		-00:45:08,490 --> 00:45:11,940
	4030	+00:45:08,490 ~-~-> 00:45:11,940
4031	4031	know what influences are being imposed
4032	4032
4033	4033	1009
4034		-00:45:11,940 --> 00:45:14,610
	4034	+00:45:11,940 ~-~-> 00:45:14,610
4035	4035	on them. Maybe they had a bad day. Maybe
4036	4036
4037	4037	1010
4038		-00:45:14,610 --> 00:45:17,370
	4038	+00:45:14,610 ~-~-> 00:45:17,370
4039	4039	they had just recently had a spat with
4040	4040
4041	4041	1011
4042		-00:45:17,370 --> 00:45:19,620
	4042	+00:45:17,370 ~-~-> 00:45:19,620
4043	4043	their spouse. And they feel like they
4044	4044
4045	4045	1012
4046		-00:45:19,620 --> 00:45:22,620
	4046	+00:45:19,620 ~-~-> 00:45:22,620
4047	4047	have to feel good, empowered, man. I'm
4048	4048
4049	4049	1013
4050		-00:45:22,620 --> 00:45:23,460
	4050	+00:45:22,620 ~-~-> 00:45:23,460
4051	4051	gonna go out there and just tell
4052	4052
4053	4053	1014
4054		-00:45:23,460 --> 00:45:27,840
	4054	+00:45:23,460 ~-~-> 00:45:27,840
4055	4055	everybody to buy SMP tomorrow at the
4056	4056
4057	4057	1015
4058		-00:45:27,840 --> 00:45:30,720
	4058	+00:45:27,840 ~-~-> 00:45:30,720
4059	4059	open. And if I'm right, I'll feel good.
4060	4060
4061	4061	1016
4062		-00:45:31,170 --> 00:45:32,460
	4062	+00:45:31,170 ~-~-> 00:45:32,460
4063	4063	I'll feel better about this whole thing.
4064	4064
4065	4065	1017
4066		-00:45:33,300 --> 00:45:39,090
	4066	+00:45:33,300 ~-~-> 00:45:39,090
4067	4067	Because they're human too. Do you want
4068	4068
4069	4069	1018
4070		-00:45:39,090 --> 00:45:40,620
	4070	+00:45:39,090 ~-~-> 00:45:40,620
4071	4071	to be subscribing to someone that's like
4072	4072
4073	4073	1019
4074		-00:45:40,620 --> 00:45:43,290
	4074	+00:45:40,620 ~-~-> 00:45:43,290
4075	4075	that. You don't know if that's what's
4076	4076
4077	4077	1020
4078		-00:45:43,290 --> 00:45:44,490
	4078	+00:45:43,290 ~-~-> 00:45:44,490
4079	4079	going on. They're not going to come out
4080	4080
4081	4081	1021
4082		-00:45:44,490 --> 00:45:46,890
	4082	+00:45:44,490 ~-~-> 00:45:46,890
4083	4083	and say, yeah, it's trade worked out.
4084	4084
4085	4085	1022
4086		-00:45:46,890 --> 00:45:48,060
	4086	+00:45:46,890 ~-~-> 00:45:48,060
4087	4087	But let me tell you what really was
4088	4088
4089	4089	1023
4090		-00:45:48,060 --> 00:45:51,180
	4090	+00:45:48,060 ~-~-> 00:45:51,180
4091	4091	going on. My wife told me I was a bum. I
4092	4092
4093	4093	1024
4094		-00:45:51,180 --> 00:45:52,740
	4094	+00:45:51,180 ~-~-> 00:45:52,740
4095	4095	spent too much time on these charts and
4096	4096
4097	4097	1025
4098		-00:45:52,740 --> 00:45:54,030
	4098	+00:45:52,740 ~-~-> 00:45:54,030
4099	4099	I didn't spend any time with the kids.
4100	4100
4101	4101	1026
4102		-00:45:54,420 --> 00:45:57,360
	4102	+00:45:54,420 ~-~-> 00:45:57,360
4103	4103	And I walk the dog in six months. But I
4104	4104
4105	4105	1027
4106		-00:45:57,360 --> 00:45:59,730
	4106	+00:45:57,360 ~-~-> 00:45:59,730
4107	4107	knew if I got this right, I'd feel
4108	4108
4109	4109	1028
4110		-00:45:59,730 --> 00:46:03,210
	4110	+00:45:59,730 ~-~-> 00:46:03,210
4111	4111	strong. about myself. That never
4112	4112
4113	4113	1029
4114		-00:46:03,210 --> 00:46:05,040
	4114	+00:46:03,210 ~-~-> 00:46:05,040
4115	4115	happens, folks, that never happens.
4116	4116
4117	4117	1030
4118		-00:46:05,190 --> 00:46:06,690
	4118	+00:46:05,190 ~-~-> 00:46:06,690
4119	4119	Never subscribed to other people's
4120	4120
4121	4121	1031
4122		-00:46:06,690 --> 00:46:10,230
	4122	+00:46:06,690 ~-~-> 00:46:10,230
4123	4123	alerts. Don't count other people's
4124	4124
4125	4125	1032
4126		-00:46:10,230 --> 00:46:12,420
	4126	+00:46:10,230 ~-~-> 00:46:12,420
4127	4127	money. That's what's popular right now
4128	4128
4129	4129	1033
4130		-00:46:12,420 --> 00:46:13,680
	4130	+00:46:12,420 ~-~-> 00:46:13,680
4131	4131	everyone wants to know how much money
4132	4132
4133	4133	1034
4134		-00:46:13,680 --> 00:46:16,590
	4134	+00:46:13,680 ~-~-> 00:46:16,590
4135	4135	someone else has Instagram. What cars do
4136	4136
4137	4137	1035
4138		-00:46:16,590 --> 00:46:18,630
	4138	+00:46:16,590 ~-~-> 00:46:18,630
4139	4139	they drive? What houses do they live in?
4140	4140
4141	4141	1036
4142		-00:46:18,660 --> 00:46:20,040
	4142	+00:46:18,660 ~-~-> 00:46:20,040
4143	4143	Where are they having their vacation?
4144	4144
4145	4145	1037
4146		-00:46:20,040 --> 00:46:21,780
	4146	+00:46:20,040 ~-~-> 00:46:21,780
4147	4147	What do they wear? What kind of shoes
4148	4148
4149	4149	1038
4150		-00:46:21,780 --> 00:46:24,390
	4150	+00:46:21,780 ~-~-> 00:46:24,390
4151	4151	they have on? Do they wear socks? What
4152	4152
4153	4153	1039
4154		-00:46:24,390 --> 00:46:26,400
	4154	+00:46:24,390 ~-~-> 00:46:26,400
4155	4155	kind of underwear they have? What
4156	4156
4157	4157	1040
4158		-00:46:26,430 --> 00:46:30,300
	4158	+00:46:26,430 ~-~-> 00:46:30,300
4159	4159	jewelry do they have? Come on. All that
4160	4160
4161	4161	1041
4162		-00:46:30,300 --> 00:46:34,440
	4162	+00:46:30,300 ~-~-> 00:46:34,440
4163	4163	stuff is a waste. It's a waste, to waste
4164	4164
4165	4165	1042
4166		-00:46:34,440 --> 00:46:37,650
	4166	+00:46:34,440 ~-~-> 00:46:37,650
4167	4167	your time. It's a waste of money. And
4168	4168
4169	4169	1043
4170		-00:46:37,650 --> 00:46:38,850
	4170	+00:46:37,650 ~-~-> 00:46:38,850
4171	4171	you don't need all those things. If
4172	4172
4173	4173	1044
4174		-00:46:38,850 --> 00:46:40,830
	4174	+00:46:38,850 ~-~-> 00:46:40,830
4175	4175	you're trading to do that, you're never
4176	4176
4177	4177	1045
4178		-00:46:40,830 --> 00:46:42,720
	4178	+00:46:40,830 ~-~-> 00:46:42,720
4179	4179	gonna get there. And I'm gonna repeat
4180	4180
4181	4181	1046
4182		-00:46:42,720 --> 00:46:45,960
	4182	+00:46:42,720 ~-~-> 00:46:45,960
4183	4183	that. If you are trading to live like
4184	4184
4185	4185	1047
4186		-00:46:45,960 --> 00:46:48,810
	4186	+00:46:45,960 ~-~-> 00:46:48,810
4187	4187	that. You're never going to get there.
4188	4188
4189	4189	1048
4190		-00:46:49,560 --> 00:46:51,900
	4190	+00:46:49,560 ~-~-> 00:46:51,900
4191	4191	Because you're looking at money. And
4192	4192
4193	4193	1049
4194		-00:46:51,900 --> 00:46:53,640
	4194	+00:46:51,900 ~-~-> 00:46:53,640
4195	4195	you're not looking at the process that's
4196	4196
4197	4197	1050
4198		-00:46:53,640 --> 00:46:56,070
	4198	+00:46:53,640 ~-~-> 00:46:56,070
4199	4199	involved, that would eventually lead to
4200	4200
4201	4201	1051
4202		-00:46:56,070 --> 00:46:58,710
	4202	+00:46:56,070 ~-~-> 00:46:58,710
4203	4203	profitability. So you're chasing that
4204	4204
4205	4205	1052
4206		-00:46:58,710 --> 00:47:01,290
	4206	+00:46:58,710 ~-~-> 00:47:01,290
4207	4207	carrot little piece of candy that's
4208	4208
4209	4209	1053
4210		-00:47:01,290 --> 00:47:03,750
	4210	+00:47:01,290 ~-~-> 00:47:03,750
4211	4211	dangled in front of a child, you may be
4212	4212
4213	4213	1054
4214		-00:47:03,750 --> 00:47:05,700
	4214	+00:47:03,750 ~-~-> 00:47:05,700
4215	4215	a stranger. But if you dangle that candy
4216	4216
4217	4217	1055
4218		-00:47:05,700 --> 00:47:07,080
	4218	+00:47:05,700 ~-~-> 00:47:07,080
4219	4219	in front of a child, what's the child
4220	4220
4221	4221	1056
4222		-00:47:07,080 --> 00:47:10,350
	4222	+00:47:07,080 ~-~-> 00:47:10,350
4223	4223	gonna do? Reach out for that candy? And
4224	4224
4225	4225	1057
4226		-00:47:10,350 --> 00:47:12,480
	4226	+00:47:10,350 ~-~-> 00:47:12,480
4227	4227	that's what all these people do. They
4228	4228
4229	4229	1058
4230		-00:47:12,480 --> 00:47:16,440
	4230	+00:47:12,480 ~-~-> 00:47:16,440
4231	4231	dangle all this lavish toys and
4232	4232
4233	4233	1059
4234		-00:47:16,440 --> 00:47:17,670
	4234	+00:47:16,440 ~-~-> 00:47:17,670
4235	4235	lifestyle, materialism.
4236	4236
4237	4237	1060
4238		-00:47:18,960 --> 00:47:21,450
	4238	+00:47:18,960 ~-~-> 00:47:21,450
4239	4239	All of that is fluff. I've never done
4240	4240
4241	4241	1061
4242		-00:47:21,450 --> 00:47:23,160
	4242	+00:47:21,450 ~-~-> 00:47:23,160
4243	4243	those types of things. And it's
4244	4244
4245	4245	1062
4246		-00:47:23,160 --> 00:47:25,290
	4246	+00:47:23,160 ~-~-> 00:47:25,290
4247	4247	important to understand that the reason
4248	4248
4249	4249	1063
4250		-00:47:25,290 --> 00:47:26,640
	4250	+00:47:25,290 ~-~-> 00:47:26,640
4251	4251	why I don't do it, it's not because of
4252	4252
4253	4253	1064
4254		-00:47:26,640 --> 00:47:29,220
	4254	+00:47:26,640 ~-~-> 00:47:29,220
4255	4255	lack of it. Because I have all those
4256	4256
4257	4257	1065
4258		-00:47:29,220 --> 00:47:31,770
	4258	+00:47:29,220 ~-~-> 00:47:31,770
4259	4259	things. But it doesn't do anything to
4260	4260
4261	4261	1066
4262		-00:47:31,770 --> 00:47:34,080
	4262	+00:47:31,770 ~-~-> 00:47:34,080
4263	4263	make you a better trader doesn't make
4264	4264
4265	4265	1067
4266		-00:47:34,080 --> 00:47:37,050
	4266	+00:47:34,080 ~-~-> 00:47:37,050
4267	4267	you a better student. And it will not in
4268	4268
4269	4269	1068
4270		-00:47:37,050 --> 00:47:39,900
	4270	+00:47:37,050 ~-~-> 00:47:39,900
4271	4271	any capacity, motivate you and then that
4272	4272
4273	4273	1069
4274		-00:47:39,900 --> 00:47:41,760
	4274	+00:47:39,900 ~-~-> 00:47:41,760
4275	4275	translates into a greater skill set
4276	4276
4277	4277	1070
4278		-00:47:42,030 --> 00:47:44,850
	4278	+00:47:42,030 ~-~-> 00:47:44,850
4279	4279	that's derived because you saw that it
4280	4280
4281	4281	1071
4282		-00:47:44,850 --> 00:47:46,770
	4282	+00:47:44,850 ~-~-> 00:47:46,770
4283	4283	doesn't work like that. But how many
4284	4284
4285	4285	1072
4286		-00:47:46,770 --> 00:47:49,470
	4286	+00:47:46,770 ~-~-> 00:47:49,470
4287	4287	people fall victim to that? Everyone,
4288	4288
4289	4289	1073
4290		-00:47:50,310 --> 00:47:53,700
	4290	+00:47:50,310 ~-~-> 00:47:53,700
4291	4291	everyone, the first course I bought from
4292	4292
4293	4293	1074
4294		-00:47:53,700 --> 00:47:55,710
	4294	+00:47:53,700 ~-~-> 00:47:55,710
4295	4295	Ken Roberts, that's all he talked about.
4296	4296
4297	4297	1075
4298		-00:47:56,070 --> 00:47:59,070
	4298	+00:47:56,070 ~-~-> 00:47:59,070
4299	4299	You want to go on vacations. You want to
4300	4300
4301	4301	1076
4302		-00:47:59,070 --> 00:48:01,260
	4302	+00:47:59,070 ~-~-> 00:48:01,260
4303	4303	have enough money to quit. Your job, you
4304	4304
4305	4305	1077
4306		-00:48:01,260 --> 00:48:03,660
	4306	+00:48:01,260 ~-~-> 00:48:03,660
4307	4307	want to buy a yacht, you want to live in
4308	4308
4309	4309	1078
4310		-00:48:03,660 --> 00:48:06,900
	4310	+00:48:03,660 ~-~-> 00:48:06,900
4311	4311	a mansion. That's what was sold to me.
4312	4312
4313	4313	1079
4314		-00:48:07,440 --> 00:48:09,720
	4314	+00:48:07,440 ~-~-> 00:48:09,720
4315	4315	And I bought that course. And in month
4316	4316
4317	4317	1080
4318		-00:48:09,810 --> 00:48:11,340
	4318	+00:48:09,810 ~-~-> 00:48:11,340
4319	4319	one trade the very first trait I lost
4320	4320
4321	4321	1081
4322		-00:48:11,340 --> 00:48:15,540
	4322	+00:48:11,340 ~-~-> 00:48:15,540
4323	4323	50% of what I put in. Well, I can tell
4324	4324
4325	4325	1082
4326		-00:48:15,540 --> 00:48:19,500
	4326	+00:48:15,540 ~-~-> 00:48:19,500
4327	4327	you that was never said in the book that
4328	4328
4329	4329	1083
4330		-00:48:19,500 --> 00:48:21,180
	4330	+00:48:19,500 ~-~-> 00:48:21,180
4331	4331	didn't get talked about at all. It just
4332	4332
4333	4333	1084
4334		-00:48:21,180 --> 00:48:22,290
	4334	+00:48:21,180 ~-~-> 00:48:22,290
4335	4335	said, well, you can take some losses,
4336	4336
4337	4337	1085
4338		-00:48:22,290 --> 00:48:23,370
	4338	+00:48:22,290 ~-~-> 00:48:23,370
4339	4339	but you don't want your losses to be too
4340	4340
4341	4341	1086
4342		-00:48:23,370 --> 00:48:23,700
	4342	+00:48:23,370 ~-~-> 00:48:23,700
4343	4343	big.
4344	4344
4345	4345	1087
4346		-00:48:25,380 --> 00:48:25,950
	4346	+00:48:25,380 ~-~-> 00:48:25,950
4347	4347	Okay.
4348	4348
4349	4349	1088
4350		-00:48:27,420 --> 00:48:29,910
	4350	+00:48:27,420 ~-~-> 00:48:29,910
4351	4351	But what happens if it is because
4352	4352
4353	4353	1089
4354		-00:48:29,940 --> 00:48:32,100
	4354	+00:48:29,940 ~-~-> 00:48:32,100
4355	4355	options are a little bit different
4356	4356
4357	4357	1090
4358		-00:48:32,100 --> 00:48:35,670
	4358	+00:48:32,100 ~-~-> 00:48:35,670
4359	4359	animal. And I found out the hard way.
4360	4360
4361	4361	1091
4362		-00:48:37,500 --> 00:48:38,970
	4362	+00:48:37,500 ~-~-> 00:48:38,970
4363	4363	Don't be enticed by other people's
4364	4364
4365	4365	1092
4366		-00:48:38,970 --> 00:48:40,590
	4366	+00:48:38,970 ~-~-> 00:48:40,590
4367	4367	money. Don't count other people's money.
4368	4368
4369	4369	1093
4370		-00:48:40,620 --> 00:48:43,920
	4370	+00:48:40,620 ~-~-> 00:48:43,920
4371	4371	Don't ask them what they make, because
4372	4372
4373	4373	1094
4374		-00:48:44,190 --> 00:48:47,310
	4374	+00:48:44,190 ~-~-> 00:48:47,310
4375	4375	you can't spend their money. That's why
4376	4376
4377	4377	1095
4378		-00:48:47,310 --> 00:48:48,870
	4378	+00:48:47,310 ~-~-> 00:48:48,870
4379	4379	I don't talk about what I'm making.
4380	4380
4381	4381	1096
4382		-00:48:49,350 --> 00:48:50,490
	4382	+00:48:49,350 ~-~-> 00:48:50,490
4383	4383	That's why I don't talk about what I
4384	4384
4385	4385	1097
4386		-00:48:50,490 --> 00:48:52,770
	4386	+00:48:50,490 ~-~-> 00:48:52,770
4387	4387	have. That's why I don't show you what I
4388	4388
4389	4389	1098
4390		-00:48:52,770 --> 00:48:55,890
	4390	+00:48:52,770 ~-~-> 00:48:55,890
4391	4391	own. Because you can't drive my cars.
4392	4392
4393	4393	1099
4394		-00:48:56,220 --> 00:48:57,420
	4394	+00:48:56,220 ~-~-> 00:48:57,420
4395	4395	You're not going to spend a night in my
4396	4396
4397	4397	1100
4398		-00:48:57,420 --> 00:48:58,890
	4398	+00:48:57,420 ~-~-> 00:48:58,890
4399	4399	house. You're not going to eat dinner.
4400	4400
4401	4401	1101
4402		-00:48:58,890 --> 00:49:01,890
	4402	+00:48:58,890 ~-~-> 00:49:01,890
4403	4403	All my dishes. You're not going to be on
4404	4404
4405	4405	1102
4406		-00:49:01,890 --> 00:49:04,770
	4406	+00:49:01,890 ~-~-> 00:49:04,770
4407	4407	my vacations. So what difference does it
4408	4408
4409	4409	1103
4410		-00:49:04,770 --> 00:49:07,620
	4410	+00:49:04,770 ~-~-> 00:49:07,620
4411	4411	make? It's not going to make me feel
4412	4412
4413	4413	1104
4414		-00:49:07,650 --> 00:49:09,450
	4414	+00:49:07,650 ~-~-> 00:49:09,450
4415	4415	better about myself for doing it. In
4416	4416
4417	4417	1105
4418		-00:49:09,450 --> 00:49:11,490
	4418	+00:49:09,450 ~-~-> 00:49:11,490
4419	4419	fact, I'll feel like a slimeball like I
4420	4420
4421	4421	1106
4422		-00:49:11,490 --> 00:49:13,170
	4422	+00:49:11,490 ~-~-> 00:49:13,170
4423	4423	did when I was younger, because I did
4424	4424
4425	4425	1107
4426		-00:49:13,170 --> 00:49:15,090
	4426	+00:49:13,170 ~-~-> 00:49:15,090
4427	4427	that stuff to get people interested in
4428	4428
4429	4429	1108
4430		-00:49:15,090 --> 00:49:20,220
	4430	+00:49:15,090 ~-~-> 00:49:20,220
4431	4431	me. And it's not necessary. Don't feel
4432	4432
4433	4433	1109
4434		-00:49:20,220 --> 00:49:22,140
	4434	+00:49:20,220 ~-~-> 00:49:22,140
4435	4435	insignificant by contrast, when you see
4436	4436
4437	4437	1110
4438		-00:49:22,140 --> 00:49:24,540
	4438	+00:49:22,140 ~-~-> 00:49:24,540
4439	4439	other people succeeding or supposedly
4440	4440
4441	4441	1111
4442		-00:49:24,540 --> 00:49:27,030
	4442	+00:49:24,540 ~-~-> 00:49:27,030
4443	4443	succeeding, don't measure yourself
4444	4444
4445	4445	1112
4446		-00:49:27,030 --> 00:49:30,120
	4446	+00:49:27,030 ~-~-> 00:49:30,120
4447	4447	against that. Because if you do, what
4448	4448
4449	4449	1113
4450		-00:49:30,120 --> 00:49:33,030
	4450	+00:49:30,120 ~-~-> 00:49:33,030
4451	4451	you're saying is I'm only successful if
4452	4452
4453	4453	1114
4454		-00:49:33,030 --> 00:49:37,530
	4454	+00:49:33,030 ~-~-> 00:49:37,530
4455	4455	I get to where they're at. I did that.
4456	4456
4457	4457	1115
4458		-00:49:38,310 --> 00:49:40,110
	4458	+00:49:38,310 ~-~-> 00:49:40,110
4459	4459	And when I stopped and said, You know
4460	4460
4461	4461	1116
4462		-00:49:40,110 --> 00:49:43,770
	4462	+00:49:40,110 ~-~-> 00:49:43,770
4463	4463	what? I'm going to look at a goal.
4464	4464
4465	4465	1117
4466		-00:49:44,010 --> 00:49:46,650
	4466	+00:49:44,010 ~-~-> 00:49:46,650
4467	4467	That's above everyone I've seen out
4468	4468
4469	4469	1118
4470		-00:49:46,650 --> 00:49:50,700
	4470	+00:49:46,650 ~-~-> 00:49:50,700
4471	4471	there. I didn't, I didn't believe anyone
4472	4472
4473	4473	1119
4474		-00:49:50,700 --> 00:49:51,960
	4474	+00:49:50,700 ~-~-> 00:49:51,960
4475	4475	else was more successful than Larry
4476	4476
4477	4477	1120
4478		-00:49:51,960 --> 00:49:54,990
	4478	+00:49:51,960 ~-~-> 00:49:54,990
4479	4479	Williams. And he took $10,000 of $1.2
4480	4480
4481	4481	1121
4482		-00:49:54,990 --> 00:49:58,830
	4482	+00:49:54,990 ~-~-> 00:49:58,830
4483	4483	million in one year, actually was over
4484	4484
4485	4485	1122
4486		-00:49:58,830 --> 00:50:00,990
	4486	+00:49:58,830 ~-~-> 00:50:00,990
4487	4487	$2 million that same year. 1987 but that
4488	4488
4489	4489	1123
4490		-00:50:00,990 --> 00:50:02,700
	4490	+00:50:00,990 ~-~-> 00:50:02,700
4491	4491	crash hurt him and had to trade it back
4492	4492
4493	4493	1124
4494		-00:50:02,700 --> 00:50:05,190
	4494	+00:50:02,700 ~-~-> 00:50:05,190
4495	4495	and got it to 1.2 before the close of
4496	4496
4497	4497	1125
4498		-00:50:05,190 --> 00:50:07,290
	4498	+00:50:05,190 ~-~-> 00:50:07,290
4499	4499	the Robbins World Cup that particularly
4500	4500
4501	4501	1126
4502		-00:50:07,290 --> 00:50:08,880
	4502	+00:50:07,290 ~-~-> 00:50:08,880
4503	4503	here, and you can see he still has the
4504	4504
4505	4505	1127
4506		-00:50:08,880 --> 00:50:12,240
	4506	+00:50:08,880 ~-~-> 00:50:12,240
4507	4507	highest percentage gain in that contest.
4508	4508
4509	4509	1128
4510		-00:50:13,560 --> 00:50:15,600
	4510	+00:50:13,560 ~-~-> 00:50:15,600
4511	4511	So I said I'm gonna make more than that.
4512	4512
4513	4513	1129
4514		-00:50:17,130 --> 00:50:19,980
	4514	+00:50:17,130 ~-~-> 00:50:19,980
4515	4515	Because that was that was my measuring
4516	4516
4517	4517	1130
4518		-00:50:19,980 --> 00:50:22,350
	4518	+00:50:19,980 ~-~-> 00:50:22,350
4519	4519	stick. And I wanted to do better than
4520	4520
4521	4521	1131
4522		-00:50:22,350 --> 00:50:25,380
	4522	+00:50:22,350 ~-~-> 00:50:25,380
4523	4523	that. And I always live my life. With
4524	4524
4525	4525	1132
4526		-00:50:25,410 --> 00:50:27,930
	4526	+00:50:25,410 ~-~-> 00:50:27,930
4527	4527	that in mind, I didn't want to say, What
4528	4528
4529	4529	1133
4530		-00:50:27,930 --> 00:50:31,050
	4530	+00:50:27,930 ~-~-> 00:50:31,050
4531	4531	am I good is at the time, Jake Bernstein
4532	4532
4533	4533	1134
4534		-00:50:33,000 --> 00:50:35,130
	4534	+00:50:33,000 ~-~-> 00:50:35,130
4535	4535	which he got himself in a lot of
4536	4536
4537	4537	1135
4538		-00:50:35,130 --> 00:50:38,790
	4538	+00:50:35,130 ~-~-> 00:50:38,790
4539	4539	trouble. And it's questionable of how
4540	4540
4541	4541	1136
4542		-00:50:38,790 --> 00:50:40,350
	4542	+00:50:38,790 ~-~-> 00:50:40,350
4543	4543	much money he actually made as a trader.
4544	4544
4545	4545	1137
4546		-00:50:41,460 --> 00:50:46,020
	4546	+00:50:41,460 ~-~-> 00:50:46,020
4547	4547	point is I fell victim to that in the
4548	4548
4549	4549	1138
4550		-00:50:46,020 --> 00:50:47,280
	4550	+00:50:46,020 ~-~-> 00:50:47,280
4551	4551	beginning and you don't want to do that.
4552	4552
4553	4553	1139
4554		-00:50:47,280 --> 00:50:49,650
	4554	+00:50:47,280 ~-~-> 00:50:49,650
4555	4555	Don't measure yourself against someone
4556	4556
4557	4557	1140
4558		-00:50:49,650 --> 00:50:50,970
	4558	+00:50:49,650 ~-~-> 00:50:50,970
4559	4559	else. don't measure yourself against me.
4560	4560
4561	4561	1141
4562		-00:50:50,970 --> 00:50:52,290
	4562	+00:50:50,970 ~-~-> 00:50:52,290
4563	4563	Don't measure yourself against somebody
4564	4564
4565	4565	1142
4566		-00:50:52,290 --> 00:50:54,000
	4566	+00:50:52,290 ~-~-> 00:50:54,000
4567	4567	else you see on social media, Instagram,
4568	4568
4569	4569	1143
4570		-00:50:54,000 --> 00:50:56,340
	4570	+00:50:54,000 ~-~-> 00:50:56,340
4571	4571	all that. These people 99% of time are
4572	4572
4573	4573	1144
4574		-00:50:56,340 --> 00:50:58,980
	4574	+00:50:56,340 ~-~-> 00:50:58,980
4575	4575	fake. They are driving cars, they don't
4576	4576
4577	4577	1145
4578		-00:50:58,980 --> 00:51:02,550
	4578	+00:50:58,980 ~-~-> 00:51:02,550
4579	4579	own They are in homes that they don't
4580	4580
4581	4581	1146
4582		-00:51:03,150 --> 00:51:06,240
	4582	+00:51:03,150 ~-~-> 00:51:06,240
4583	4583	sleep in. And the clothes that they
4584	4584
4585	4585	1147
4586		-00:51:06,240 --> 00:51:09,660
	4586	+00:51:06,240 ~-~-> 00:51:09,660
4587	4587	have. Many times, they're taking them
4588	4588
4589	4589	1148
4590		-00:51:09,660 --> 00:51:13,260
	4590	+00:51:09,660 ~-~-> 00:51:13,260
4591	4591	back the next day. You know, what's the
4592	4592
4593	4593	1149
4594		-00:51:13,260 --> 00:51:15,480
	4594	+00:51:13,260 ~-~-> 00:51:15,480
4595	4595	deal and watches are all basically fake.
4596	4596
4597	4597	1150
4598		-00:51:15,600 --> 00:51:17,310
	4598	+00:51:15,600 ~-~-> 00:51:17,310
4599	4599	All that stuff is lower to make you
4600	4600
4601	4601	1151
4602		-00:51:17,310 --> 00:51:18,660
	4602	+00:51:17,310 ~-~-> 00:51:18,660
4603	4603	think they're successful. If they're
4604	4604
4605	4605	1152
4606		-00:51:18,660 --> 00:51:20,790
	4606	+00:51:18,660 ~-~-> 00:51:20,790
4607	4607	successful, they'll prove it by showing
4608	4608
4609	4609	1153
4610		-00:51:20,790 --> 00:51:22,650
	4610	+00:51:20,790 ~-~-> 00:51:22,650
4611	4611	you. They know what's going to happen in
4612	4612
4613	4613	1154
4614		-00:51:22,650 --> 00:51:25,140
	4614	+00:51:22,650 ~-~-> 00:51:25,140
4615	4615	the marketplace. But strangely enough,
4616	4616
4617	4617	1155
4618		-00:51:26,250 --> 00:51:29,190
	4618	+00:51:26,250 ~-~-> 00:51:29,190
4619	4619	that's the thing they don't ever do. And
4620	4620
4621	4621	1156
4622		-00:51:29,190 --> 00:51:31,770
	4622	+00:51:29,190 ~-~-> 00:51:31,770
4623	4623	that's what I focus on. I've made a
4624	4624
4625	4625	1157
4626		-00:51:31,770 --> 00:51:35,430
	4626	+00:51:31,770 ~-~-> 00:51:35,430
4627	4627	reputation on telling you what I believe
4628	4628
4629	4629	1158
4630		-00:51:35,460 --> 00:51:37,770
	4630	+00:51:35,460 ~-~-> 00:51:37,770
4631	4631	is the best in terms of market analysis
4632	4632
4633	4633	1159
4634		-00:51:37,770 --> 00:51:42,270
	4634	+00:51:37,770 ~-~-> 00:51:42,270
4635	4635	concepts. In 1996, I penned what
4636	4636
4637	4637	1160
4638		-00:51:42,270 --> 00:51:44,520
	4638	+00:51:42,270 ~-~-> 00:51:44,520
4639	4639	everybody else is out there now touting
4640	4640
4641	4641	1161
4642		-00:51:44,520 --> 00:51:47,100
	4642	+00:51:44,520 ~-~-> 00:51:47,100
4643	4643	as market maker concepts in one capacity
4644	4644
4645	4645	1162
4646		-00:51:47,100 --> 00:51:49,380
	4646	+00:51:47,100 ~-~-> 00:51:49,380
4647	4647	or another. It's a watered down version
4648	4648
4649	4649	1163
4650		-00:51:49,380 --> 00:51:51,630
	4650	+00:51:49,380 ~-~-> 00:51:51,630
4651	4651	of what I put in lecture notes in 1996.
4652	4652
4653	4653	1164
4654		-00:51:52,170 --> 00:51:55,350
	4654	+00:51:52,170 ~-~-> 00:51:55,350
4655	4655	What I started using in 1995, improves
4656	4656
4657	4657	1165
4658		-00:51:55,350 --> 00:51:58,920
	4658	+00:51:55,350 ~-~-> 00:51:58,920
4659	4659	with real money. I started teaching one
4660	4660
4661	4661	1166
4662		-00:51:58,920 --> 00:52:01,530
	4662	+00:51:58,920 ~-~-> 00:52:01,530
4663	4663	on one sessions. And they have made
4664	4664
4665	4665	1167
4666		-00:52:01,530 --> 00:52:04,470
	4666	+00:52:01,530 ~-~-> 00:52:04,470
4667	4667	their way through the internet over
4668	4668
4669	4669	1168
4670		-00:52:04,470 --> 00:52:06,990
	4670	+00:52:04,470 ~-~-> 00:52:06,990
4671	4671	time. And now we see even more of it.
4672	4672
4673	4673	1169
4674		-00:52:06,990 --> 00:52:09,600
	4674	+00:52:06,990 ~-~-> 00:52:09,600
4675	4675	People have books about it. They've made
4676	4676
4677	4677	1170
4678		-00:52:09,600 --> 00:52:12,450
	4678	+00:52:09,600 ~-~-> 00:52:12,450
4679	4679	courses about it and even included some
4680	4680
4681	4681	1171
4682		-00:52:12,450 --> 00:52:13,860
	4682	+00:52:12,450 ~-~-> 00:52:13,860
4683	4683	of the things that actually occurred in
4684	4684
4685	4685	1172
4686		-00:52:13,860 --> 00:52:15,630
	4686	+00:52:13,860 ~-~-> 00:52:15,630
4687	4687	my personal life as some of their
4688	4688
4689	4689	1173
4690		-00:52:15,630 --> 00:52:18,270
	4690	+00:52:15,630 ~-~-> 00:52:18,270
4691	4691	narratives. And it's all a lie. They
4692	4692
4693	4693	1174
4694		-00:52:18,270 --> 00:52:19,920
	4694	+00:52:18,270 ~-~-> 00:52:19,920
4695	4695	didn't have those experiences, but I
4696	4696
4697	4697	1175
4698		-00:52:19,920 --> 00:52:22,350
	4698	+00:52:19,920 ~-~-> 00:52:22,350
4699	4699	did. And I'm the only one that can prove
4700	4700
4701	4701	1176
4702		-00:52:22,350 --> 00:52:26,670
	4702	+00:52:22,350 ~-~-> 00:52:26,670
4703	4703	that makes this stuff work. Don't feel
4704	4704
4705	4705	1177
4706		-00:52:26,670 --> 00:52:28,500
	4706	+00:52:26,670 ~-~-> 00:52:28,500
4707	4707	insignificant by contrast, because
4708	4708
4709	4709	1178
4710		-00:52:28,530 --> 00:52:30,000
	4710	+00:52:28,530 ~-~-> 00:52:30,000
4711	4711	majority of the people you see out
4712	4712
4713	4713	1179
4714		-00:52:30,000 --> 00:52:31,740
	4714	+00:52:30,000 ~-~-> 00:52:31,740
4715	4715	there, they're fakes. They're frauds,
4716	4716
4717	4717	1180
4718		-00:52:31,740 --> 00:52:33,360
	4718	+00:52:31,740 ~-~-> 00:52:33,360
4719	4719	and they aren't what they claim to be.
4720	4720
4721	4721	1181
4722		-00:52:38,910 --> 00:52:40,500
	4722	+00:52:38,910 ~-~-> 00:52:40,500
4723	4723	match your style to your personality.
4724	4724
4725	4725	1182
4726		-00:52:41,400 --> 00:52:42,570
	4726	+00:52:41,400 ~-~-> 00:52:42,570
4727	4727	This is something I picked up from Larry
4728	4728
4729	4729	1183
4730		-00:52:42,570 --> 00:52:44,430
	4730	+00:52:42,570 ~-~-> 00:52:44,430
4731	4731	Williams, who made a lot of sense and I
4732	4732
4733	4733	1184
4734		-00:52:44,430 --> 00:52:46,200
	4734	+00:52:44,430 ~-~-> 00:52:46,200
4735	4735	avoided doing it for a long time. I wish
4736	4736
4737	4737	1185
4738		-00:52:46,200 --> 00:52:48,960
	4738	+00:52:46,200 ~-~-> 00:52:48,960
4739	4739	I would have done it sooner. But if
4740	4740
4741	4741	1186
4742		-00:52:48,960 --> 00:52:51,300
	4742	+00:52:48,960 ~-~-> 00:52:51,300
4743	4743	you're a scalper Okay, you're going to
4744	4744
4745	4745	1187
4746		-00:52:51,300 --> 00:52:52,470
	4746	+00:52:51,300 ~-~-> 00:52:52,470
4747	4747	do very well if you make quick
4748	4748
4749	4749	1188
4750		-00:52:52,470 --> 00:52:54,930
	4750	+00:52:52,470 ~-~-> 00:52:54,930
4751	4751	decisions. And that's as simple as that.
4752	4752
4753	4753	1189
4754		-00:52:55,170 --> 00:52:56,910
	4754	+00:52:55,170 ~-~-> 00:52:56,910
4755	4755	If you hem and haw about trying to make
4756	4756
4757	4757	1190
4758		-00:52:56,910 --> 00:52:58,140
	4758	+00:52:56,910 ~-~-> 00:52:58,140
4759	4759	a decision and you're going to be a
4760	4760
4761	4761	1191
4762		-00:52:59,340 --> 00:53:01,590
	4762	+00:52:59,340 ~-~-> 00:53:01,590
4763	4763	scalper again. Traitor, it's going to be
4764	4764
4765	4765	1192
4766		-00:53:01,590 --> 00:53:04,890
	4766	+00:53:01,590 ~-~-> 00:53:04,890
4767	4767	a problem. And if you short term trade
4768	4768
4769	4769	1193
4770		-00:53:06,720 --> 00:53:07,890
	4770	+00:53:06,720 ~-~-> 00:53:07,890
4771	4771	typically you're the type of person that
4772	4772
4773	4773	1194
4774		-00:53:07,890 --> 00:53:10,500
	4774	+00:53:07,890 ~-~-> 00:53:10,500
4775	4775	can take a trade and sleep while you're
4776	4776
4777	4777	1195
4778		-00:53:10,500 --> 00:53:13,320
	4778	+00:53:10,500 ~-~-> 00:53:13,320
4779	4779	in it. That that is a real good general
4780	4780
4781	4781	1196
4782		-00:53:13,320 --> 00:53:14,880
	4782	+00:53:13,320 ~-~-> 00:53:14,880
4783	4783	rule of thumb. If you can sleep while
4784	4784
4785	4785	1197
4786		-00:53:14,880 --> 00:53:16,110
	4786	+00:53:14,880 ~-~-> 00:53:16,110
4787	4787	you're in a trade, then you're probably
4788	4788
4789	4789	1198
4790		-00:53:16,110 --> 00:53:18,990
	4790	+00:53:16,110 ~-~-> 00:53:18,990
4791	4791	a good short term trader. Don't force
4792	4792
4793	4793	1199
4794		-00:53:18,990 --> 00:53:23,430
	4794	+00:53:18,990 ~-~-> 00:53:23,430
4795	4795	yourself into any mold. There's gurus,
4796	4796
4797	4797	1200
4798		-00:53:23,430 --> 00:53:24,750
	4798	+00:53:23,430 ~-~-> 00:53:24,750
4799	4799	there's mentors, there's people out
4800	4800
4801	4801	1201
4802		-00:53:24,750 --> 00:53:26,610
	4802	+00:53:24,750 ~-~-> 00:53:26,610
4803	4803	there to educate. And unfortunately,
4804	4804
4805	4805	1202
4806		-00:53:26,610 --> 00:53:28,080
	4806	+00:53:26,610 ~-~-> 00:53:28,080
4807	4807	they try to take everyone and press them
4808	4808
4809	4809	1203
4810		-00:53:28,080 --> 00:53:30,030
	4810	+00:53:28,080 ~-~-> 00:53:30,030
4811	4811	into this mold, this cookie cutter
4812	4812
4813	4813	1204
4814		-00:53:30,030 --> 00:53:32,190
	4814	+00:53:30,030 ~-~-> 00:53:32,190
4815	4815	approach and it doesn't work. Avoid
4816	4816
4817	4817	1205
4818		-00:53:32,190 --> 00:53:37,320
	4818	+00:53:32,190 ~-~-> 00:53:37,320
4819	4819	doing that. Don't try to copy someone,
4820	4820
4821	4821	1206
4822		-00:53:38,220 --> 00:53:41,910
	4822	+00:53:38,220 ~-~-> 00:53:41,910
4823	4823	their style, their image, their forte,
4824	4824
4825	4825	1207
4826		-00:53:42,720 --> 00:53:46,470
	4826	+00:53:42,720 ~-~-> 00:53:46,470
4827	4827	their approach their vocabulary. You see
4828	4828
4829	4829	1208
4830		-00:53:46,470 --> 00:53:49,110
	4830	+00:53:46,470 ~-~-> 00:53:49,110
4831	4831	where I'm going with this don't just so
4832	4832
4833	4833	1209
4834		-00:53:49,110 --> 00:53:50,640
	4834	+00:53:49,110 ~-~-> 00:53:50,640
4835	4835	many people out there on YouTube now
4836	4836
4837	4837	1210
4838		-00:53:50,640 --> 00:53:53,670
	4838	+00:53:50,640 ~-~-> 00:53:53,670
4839	4839	sound a lot like ICT. Don't try to copy
4840	4840
4841	4841	1211
4842		-00:53:53,670 --> 00:53:55,770
	4842	+00:53:53,670 ~-~-> 00:53:55,770
4843	4843	someone, be original. Make your own
4844	4844
4845	4845	1212
4846		-00:53:55,770 --> 00:54:01,800
	4846	+00:53:55,770 ~-~-> 00:54:01,800
4847	4847	unique model. Don't change trading
4848	4848
4849	4849	1213
4850		-00:54:01,800 --> 00:54:07,020
	4850	+00:54:01,800 ~-~-> 00:54:07,020
4851	4851	approaches. stick to one approach, one
4852	4852
4853	4853	1214
4854		-00:54:07,050 --> 00:54:11,130
	4854	+00:54:07,050 ~-~-> 00:54:11,130
4855	4855	method, master it, and then see how you
4856	4856
4857	4857	1215
4858		-00:54:11,130 --> 00:54:13,140
	4858	+00:54:11,130 ~-~-> 00:54:13,140
4859	4859	work with it. That means you're gonna
4860	4860
4861	4861	1216
4862		-00:54:13,140 --> 00:54:14,670
	4862	+00:54:13,140 ~-~-> 00:54:14,670
4863	4863	have to spend some time with it. Most
4864	4864
4865	4865	1217
4866		-00:54:14,670 --> 00:54:18,690
	4866	+00:54:14,670 ~-~-> 00:54:18,690
4867	4867	people don't want to do that. Avoid
4868	4868
4869	4869	1218
4870		-00:54:18,690 --> 00:54:21,660
	4870	+00:54:18,690 ~-~-> 00:54:21,660
4871	4871	system hopping, okay? And the trap is if
4872	4872
4873	4873	1219
4874		-00:54:21,660 --> 00:54:23,640
	4874	+00:54:21,660 ~-~-> 00:54:23,640
4875	4875	you take a trade and it loses, okay,
4876	4876
4877	4877	1220
4878		-00:54:23,670 --> 00:54:25,260
	4878	+00:54:23,670 ~-~-> 00:54:25,260
4879	4879	that's reasonable. But if you take
4880	4880
4881	4881	1221
4882		-00:54:25,260 --> 00:54:26,460
	4882	+00:54:25,260 ~-~-> 00:54:26,460
4883	4883	another train, you lose. That's it. I'm
4884	4884
4885	4885	1222
4886		-00:54:26,460 --> 00:54:28,350
	4886	+00:54:26,460 ~-~-> 00:54:28,350
4887	4887	throwing this away. as stupid as this
4888	4888
4889	4889	1223
4890		-00:54:28,350 --> 00:54:30,180
	4890	+00:54:28,350 ~-~-> 00:54:30,180
4891	4891	method doesn't work. I did that a lot.
4892	4892
4893	4893	1224
4894		-00:54:30,570 --> 00:54:32,580
	4894	+00:54:30,570 ~-~-> 00:54:32,580
4895	4895	And I went through all kinds of trading
4896	4896
4897	4897	1225
4898		-00:54:32,580 --> 00:54:34,110
	4898	+00:54:32,580 ~-~-> 00:54:34,110
4899	4899	systems. And that's the reason why I
4900	4900
4901	4901	1226
4902		-00:54:34,110 --> 00:54:35,760
	4902	+00:54:34,110 ~-~-> 00:54:35,760
4903	4903	went through all kinds of trading
4904	4904
4905	4905	1227
4906		-00:54:35,760 --> 00:54:37,710
	4906	+00:54:35,760 ~-~-> 00:54:37,710
4907	4907	accounts, because I wasn't consistent
4908	4908
4909	4909	1228
4910		-00:54:37,710 --> 00:54:39,840
	4910	+00:54:37,710 ~-~-> 00:54:39,840
4911	4911	with anything, except for system
4912	4912
4913	4913	1229
4914		-00:54:39,840 --> 00:54:42,090
	4914	+00:54:39,840 ~-~-> 00:54:42,090
4915	4915	hopping. That was my only consistency,
4916	4916
4917	4917	1230
4918		-00:54:42,120 --> 00:54:44,070
	4918	+00:54:42,120 ~-~-> 00:54:44,070
4919	4919	the baseline and my consistency was all
4920	4920
4921	4921	1231
4922		-00:54:44,220 --> 00:54:47,160
	4922	+00:54:44,220 ~-~-> 00:54:47,160
4923	4923	around me not being consistent with one
4924	4924
4925	4925	1232
4926		-00:54:47,190 --> 00:54:50,160
	4926	+00:54:47,190 ~-~-> 00:54:50,160
4927	4927	trading approach. Many traders failed at
4928	4928
4929	4929	1233
4930		-00:54:52,380 --> 00:54:54,600
	4930	+00:54:52,380 ~-~-> 00:54:54,600
4931	4931	every model loses. You're gonna have to
4932	4932
4933	4933	1234
4934		-00:54:54,600 --> 00:54:56,190
	4934	+00:54:54,600 ~-~-> 00:54:56,190
4935	4935	accept that I mentioned it earlier with
4936	4936
4937	4937	1235
4938		-00:54:56,190 --> 00:54:57,930
	4938	+00:54:56,190 ~-~-> 00:54:57,930
4939	4939	risk. You can't avoid it. It's part of
4940	4940
4941	4941	1236
4942		-00:54:57,930 --> 00:55:00,240
	4942	+00:54:57,930 ~-~-> 00:55:00,240
4943	4943	the business. Treat it like a new Normal
4944	4944
4945	4945	1237
4946		-00:55:00,240 --> 00:55:01,860
	4946	+00:55:00,240 ~-~-> 00:55:01,860
4947	4947	transaction when you go to work, if you
4948	4948
4949	4949	1238
4950		-00:55:01,860 --> 00:55:03,330
	4950	+00:55:01,860 ~-~-> 00:55:03,330
4951	4951	get sick, you miss a day's work. That's
4952	4952
4953	4953	1239
4954		-00:55:03,330 --> 00:55:05,880
	4954	+00:55:03,330 ~-~-> 00:55:05,880
4955	4955	a loss. Did you lose your job? No. Did
4956	4956
4957	4957	1240
4958		-00:55:05,880 --> 00:55:07,770
	4958	+00:55:05,880 ~-~-> 00:55:07,770
4959	4959	you lose your house? No. Did you have a
4960	4960
4961	4961	1241
4962		-00:55:07,770 --> 00:55:09,300
	4962	+00:55:07,770 ~-~-> 00:55:09,300
4963	4963	little less money that week? Yeah,
4964	4964
4965	4965	1242
4966		-00:55:09,840 --> 00:55:11,640
	4966	+00:55:09,840 ~-~-> 00:55:11,640
4967	4967	that's life. Well, that's how trading
4968	4968
4969	4969	1243
4970		-00:55:11,640 --> 00:55:13,350
	4970	+00:55:11,640 ~-~-> 00:55:13,350
4971	4971	works. losses are inevitable, you're
4972	4972
4973	4973	1244
4974		-00:55:13,350 --> 00:55:17,400
	4974	+00:55:13,350 ~-~-> 00:55:17,400
4975	4975	going to have them. Find your unique
4976	4976
4977	4977	1245
4978		-00:55:17,400 --> 00:55:20,460
	4978	+00:55:17,400 ~-~-> 00:55:20,460
4979	4979	model and grow from it. Don't tweak it
4980	4980
4981	4981	1246
4982		-00:55:20,460 --> 00:55:22,590
	4982	+00:55:20,460 ~-~-> 00:55:22,590
4983	4983	too much. Once it's profitable, stick
4984	4984
4985	4985	1247
4986		-00:55:22,590 --> 00:55:25,200
	4986	+00:55:22,590 ~-~-> 00:55:25,200
4987	4987	with it. And then what you'll find is by
4988	4988
4989	4989	1248
4990		-00:55:25,230 --> 00:55:27,000
	4990	+00:55:25,230 ~-~-> 00:55:27,000
4991	4991	using a more advanced money management
4992	4992
4993	4993	1249
4994		-00:55:27,000 --> 00:55:29,220
	4994	+00:55:27,000 ~-~-> 00:55:29,220
4995	4995	approach, if you have a method that
4996	4996
4997	4997	1250
4998		-00:55:29,220 --> 00:55:31,200
	4998	+00:55:29,220 ~-~-> 00:55:31,200
4999	4999	gives you a delivered result that's
5000	5000
5001	5001	1251
5002		-00:55:31,200 --> 00:55:33,150
	5002	+00:55:31,200 ~-~-> 00:55:33,150
5003	5003	measurable, and it's consistent enough
5004	5004
5005	5005	1252
5006		-00:55:33,180 --> 00:55:34,650
	5006	+00:55:33,180 ~-~-> 00:55:34,650
5007	5007	that it does it more times than it
5008	5008
5009	5009	1253
5010		-00:55:34,650 --> 00:55:37,410
	5010	+00:55:34,650 ~-~-> 00:55:37,410
5011	5011	doesn't. If you add impeccable risk
5012	5012
5013	5013	1254
5014		-00:55:37,410 --> 00:55:38,850
	5014	+00:55:37,410 ~-~-> 00:55:38,850
5015	5015	management and money management to that,
5016	5016
5017	5017	1255
5018		-00:55:39,180 --> 00:55:42,660
	5018	+00:55:39,180 ~-~-> 00:55:42,660
5019	5019	you will become wealthy. In this story.
5020	5020
5021	5021	1256
5022		-00:55:42,660 --> 00:55:44,100
	5022	+00:55:42,660 ~-~-> 00:55:44,100
5023	5023	There's no ifs, ands or buts. That's the
5024	5024
5025	5025	1257
5026		-00:55:44,100 --> 00:55:45,990
	5026	+00:55:44,100 ~-~-> 00:55:45,990
5027	5027	way it is. But you cannot get to that
5028	5028
5029	5029	1258
5030		-00:55:45,990 --> 00:55:47,280
	5030	+00:55:45,990 ~-~-> 00:55:47,280
5031	5031	point until you go through all these
5032	5032
5033	5033	1259
5034		-00:55:47,280 --> 00:55:49,380
	5034	+00:55:47,280 ~-~-> 00:55:49,380
5035	5035	other steps that are very, very boring,
5036	5036
5037	5037	1260
5038		-00:55:49,410 --> 00:55:50,910
	5038	+00:55:49,410 ~-~-> 00:55:50,910
5039	5039	admittedly, but they're all part of the
5040	5040
5041	5041	1261
5042		-00:55:50,910 --> 00:55:56,160
	5042	+00:55:50,910 ~-~-> 00:55:56,160
5043	5043	process. settle on one trade set up
5044	5044
5045	5045	1262
5046		-00:55:56,160 --> 00:56:01,530
	5046	+00:55:56,160 ~-~-> 00:56:01,530
5047	5047	initially. Determine your asset class.
5048	5048
5049	5049	1263
5050		-00:56:02,310 --> 00:56:04,710
	5050	+00:56:02,310 ~-~-> 00:56:04,710
5051	5051	Pick one market asset class as Commodity
5052	5052
5053	5053	1264
5054		-00:56:04,740 --> 00:56:07,410
	5054	+00:56:04,740 ~-~-> 00:56:07,410
5055	5055	Index future. It's a forex pair. It's a
5056	5056
5057	5057	1265
5058		-00:56:07,410 --> 00:56:10,890
	5058	+00:56:07,410 ~-~-> 00:56:10,890
5059	5059	cryptocurrency. It's a stock, whatever
5060	5060
5061	5061	1266
5062		-00:56:10,890 --> 00:56:13,980
	5062	+00:56:10,890 ~-~-> 00:56:13,980
5063	5063	it is, stick to that one asset class.
5064	5064
5065	5065	1267
5066		-00:56:14,160 --> 00:56:16,020
	5066	+00:56:14,160 ~-~-> 00:56:16,020
5067	5067	And inside that one asset class, pick
5068	5068
5069	5069	1268
5070		-00:56:16,020 --> 00:56:19,260
	5070	+00:56:16,020 ~-~-> 00:56:19,260
5071	5071	one market. Outline when you want to
5072	5072
5073	5073	1269
5074		-00:56:19,260 --> 00:56:21,210
	5074	+00:56:19,260 ~-~-> 00:56:21,210
5075	5075	buy, that means what's the criteria that
5076	5076
5077	5077	1270
5078		-00:56:21,210 --> 00:56:22,680
	5078	+00:56:21,210 ~-~-> 00:56:22,680
5079	5079	you feel comfortable with when it's a
5080	5080
5081	5081	1271
5082		-00:56:22,680 --> 00:56:24,990
	5082	+00:56:22,680 ~-~-> 00:56:24,990
5083	5083	buy, and then outline that and make it
5084	5084
5085	5085	1272
5086		-00:56:24,990 --> 00:56:26,490
	5086	+00:56:24,990 ~-~-> 00:56:26,490
5087	5087	as detailed as possible, put it on
5088	5088
5089	5089	1273
5090		-00:56:26,490 --> 00:56:29,520
	5090	+00:56:26,490 ~-~-> 00:56:29,520
5091	5091	paper. And the same thing with when you
5092	5092
5093	5093	1274
5094		-00:56:29,520 --> 00:56:31,440
	5094	+00:56:29,520 ~-~-> 00:56:31,440
5095	5095	want to go short. What's the
5096	5096
5097	5097	1275
5098		-00:56:31,440 --> 00:56:33,360
	5098	+00:56:31,440 ~-~-> 00:56:33,360
5099	5099	characteristics and circumstances that
5100	5100
5101	5101	1276
5102		-00:56:33,360 --> 00:56:36,180
	5102	+00:56:33,360 ~-~-> 00:56:36,180
5103	5103	would drive you to believing it's a
5104	5104
5105	5105	1277
5106		-00:56:36,180 --> 00:56:40,650
	5106	+00:56:36,180 ~-~-> 00:56:40,650
5107	5107	short and with that you want to build
5108	5108
5109	5109	1278
5110		-00:56:40,650 --> 00:56:43,890
	5110	+00:56:40,650 ~-~-> 00:56:43,890
5111	5111	many study journal cases. Notice I said,
5112	5112
5113	5113	1279
5114		-00:56:44,250 --> 00:56:46,110
	5114	+00:56:44,250 ~-~-> 00:56:46,110
5115	5115	not live trades with real money. You
5116	5116
5117	5117	1280
5118		-00:56:46,110 --> 00:56:48,240
	5118	+00:56:46,110 ~-~-> 00:56:48,240
5119	5119	want to have a study journal that has a
5120	5120
5121	5121	1281
5122		-00:56:48,240 --> 00:56:50,490
	5122	+00:56:48,240 ~-~-> 00:56:50,490
5123	5123	plethora of examples of where this
5124	5124
5125	5125	1282
5126		-00:56:50,490 --> 00:56:52,050
	5126	+00:56:50,490 ~-~-> 00:56:52,050
5127	5127	worked in the past and when it didn't,
5128	5128
5129	5129	1283
5130		-00:56:52,590 --> 00:56:55,950
	5130	+00:56:52,590 ~-~-> 00:56:55,950
5131	5131	and study them and it great links set
5132	5132
5133	5133	1284
5134		-00:56:55,950 --> 00:56:57,360
	5134	+00:56:55,950 ~-~-> 00:56:57,360
5135	5135	way you get familiar with what it looks
5136	5136
5137	5137	1285
5138		-00:56:57,360 --> 00:56:59,580
	5138	+00:56:57,360 ~-~-> 00:56:59,580
5139	5139	like by recognition and then when you
5140	5140
5141	5141	1286
5142		-00:56:59,580 --> 00:57:01,740
	5142	+00:56:59,580 ~-~-> 00:57:01,740
5143	5143	see like price action, you'll recognize
5144	5144
5145	5145	1287
5146		-00:57:01,740 --> 00:57:08,160
	5146	+00:57:01,740 ~-~-> 00:57:08,160
5147	5147	it as forms. Now, with all those things,
5148	5148
5149	5149	1288
5150		-00:57:08,490 --> 00:57:10,830
	5150	+00:57:08,490 ~-~-> 00:57:10,830
5151	5151	you have something to start with. And
5152	5152
5153	5153	1289
5154		-00:57:10,830 --> 00:57:14,250
	5154	+00:57:10,830 ~-~-> 00:57:14,250
5155	5155	now you can plan your beginning. In part
5156	5156
5157	5157	1290
5158		-00:57:14,250 --> 00:57:16,920
	5158	+00:57:14,250 ~-~-> 00:57:16,920
5159	5159	two, I promise I won't be so long winded
5160	5160
5161	5161	1291
5162		-00:57:17,070 --> 00:57:18,990
	5162	+00:57:17,070 ~-~-> 00:57:18,990
5163	5163	and boring. We're actually gonna give
5164	5164
5165	5165	1292
5166		-00:57:18,990 --> 00:57:21,930
	5166	+00:57:18,990 ~-~-> 00:57:21,930
5167	5167	some insights on how you can go into the
5168	5168
5169	5169	1293
5170		-00:57:21,930 --> 00:57:24,480
	5170	+00:57:21,930 ~-~-> 00:57:24,480
5171	5171	marketplace and study a very particular
5172	5172
5173	5173	1294
5174		-00:57:24,480 --> 00:57:26,640
	5174	+00:57:24,480 ~-~-> 00:57:26,640
5175	5175	thing. And what that is, is the optimal
5176	5176
5177	5177	1295
5178		-00:57:26,640 --> 00:57:28,230
	5178	+00:57:26,640 ~-~-> 00:57:28,230
5179	5179	trade entry. And I'll talk to you then
5180	5180
5181	5181	1296
5182		-00:57:28,320 --> 00:57:29,760
	5182	+00:57:28,320 ~-~-> 00:57:29,760
5183	5183	wish good luck and good trading.
5184		-}}}