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3		-ICT: MacBooks This is going to be a four
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	2	+|1 |00:00:13,139 ~-~-> 00:00:23,939 |ICT: Welcome back, folks, this is going to be a four part series. And right away, let me get your expectations in alignment. This first installment or Part
	3	+|2 |00:00:23,939 ~-~-> 00:00:35,999 |one is basically one of those commuter episodes going back and forth to work. You can listen to it that way, because there's not really anything in this one
	4	+|3 |00:00:35,999 ~-~-> 00:00:45,479 |that's going to be graphic intensive numbers, no charts, nothing like that no market makers secret concepts being revealed on some charts. It's basically a
	5	+|4 |00:00:45,479 ~-~-> 00:00:56,789 |hypothetical conversation with my younger self, I get questioned a lot by email, if I could go back in time, you know, what I like to do differently. And I kind
	6	+|5 |00:00:56,789 ~-~-> 00:01:08,189 |of like twisted that whole idea to come up with this perspective. And if I could go back and tell myself what I know now. And this is basically a hypothetical
	7	+|6 |00:01:08,189 ~-~-> 00:01:09,719 |conversation with my younger self.
	8	+|7 |00:01:18,570 ~-~-> 00:01:29,190 |If I could go back to the start of it all, knowing what I know now, said, everyone. How many times have you looked at a circumstance in your life, not
	9	+|8 |00:01:29,190 ~-~-> 00:01:38,640 |just in trading, but in anything, that every facet of your life you wish you could go back knowing what you know, now, I used to hear my grandparents say
	10	+|9 |00:01:38,640 ~-~-> 00:01:51,570 |things like that. And I was like, I couldn't relate with it at all to it. But being 47 about to turn 48 years old. There is a laundry list of things, I wish I
	11	+|10 |00:01:51,570 ~-~-> 00:02:01,980 |could go back and change not just in my trading journey, but in all facets of my life. So I shared a bunch of those personal things today on my Twitter feed. If
	12	+|11 |00:02:01,980 ~-~-> 00:02:10,290 |you haven't been over there, you can take a look at that and see my my open discussion about many of the frailties in my personal life coming up as a
	13	+|12 |00:02:10,290 ~-~-> 00:02:25,980 |younger man into where I am today. I want to talk a little bit about some of the things that I wish I could go back in time and tell my younger self. Now, the
	14	+|13 |00:02:25,980 ~-~-> 00:02:39,240 |way you can use this for yourself is take what I'm saying with a great deal of appreciation, because I weathered a lot of storms, financially and personally,
	15	+|14 |00:02:39,930 ~-~-> 00:02:53,700 |to get to what I know now. And you may be a very young person, and or an older person just now getting involved in the markets, you're going to have the same
	16	+|15 |00:02:53,940 ~-~-> 00:03:02,670 |growing pains that everyone else has. And some of these things are going to be things you probably read in books, heard other people talk about. But I'm going
	17	+|16 |00:03:02,670 ~-~-> 00:03:12,270 |to give you my personal spin on some of them and how it applied to me. So it's kind of like a little bit of a little history book of what I was plagued with in
	18	+|17 |00:03:12,270 ~-~-> 00:03:25,140 |my first six years. And the first six years of my trading development, the first six years of my trading, development is plagued with everything you could have
	19	+|18 |00:03:25,140 ~-~-> 00:03:37,500 |possibly done wrong. And I want to kind of like use this discussion to kind of like go through some of the major hurdles that I had. And again, since I have
	20	+|19 |00:03:37,530 ~-~-> 00:03:51,150 |children, adult children now they can hopefully listen to this, and mine. The, I guess the experience portion of it. Because a lot of the things that I've put on
	21	+|20 |00:03:51,150 ~-~-> 00:04:04,230 |my YouTube channel, and I've taught over the years, it's heavily technical. There's a lot of things that are going on in the chart. And I am always accused
	22	+|21 |00:04:04,230 ~-~-> 00:04:12,780 |of being long winded. And again, if you're not into you really understanding what is most likely going to plague you if you just want to go through it
	23	+|22 |00:04:12,780 ~-~-> 00:04:21,390 |yourself and have all that experience. Have at it and don't even listen to this video. And there's no harm and you're not listening to this part. You could
	24	+|23 |00:04:21,420 ~-~-> 00:04:32,220 |really just say, Oh, come on, it's gonna wait the part too, but it's meant to be a resource for you to glean experience from without having to go through the
	25	+|24 |00:04:32,220 ~-~-> 00:04:45,930 |suffering portion of it. So if I were to go back in time, and I could sit at a table and talk to my younger self, what would I tell him or me where to focus?
	26	+|25 |00:04:46,260 ~-~-> 00:05:00,330 |What should I as a younger person, focus on in my development as a trader. First thing, don't seek the approval from others right away. That's the number One
	27	+|26 |00:05:00,330 ~-~-> 00:05:10,920 |characteristic of a successful trader. Now, you might not agree with the things I'm going to say in this episode, I'm just speaking from my own personal walk,
	28	+|27 |00:05:11,310 ~-~-> 00:05:25,620 |and the things that I had to endure. When I first started, the first people that I looked to get approval with, with my family. And I love my family, both my
	29	+|28 |00:05:25,620 ~-~-> 00:05:35,820 |immediate and extended family. But none of them shared in my excitement, they gave me all the reasons why it was a poor decision, it was a bad idea to get
	30	+|29 |00:05:35,820 ~-~-> 00:05:44,040 |involved in it, I'm going to just lose money, and just accept working for the rest of your life. And it's simply not in the cards for me, I didn't want to do
	31	+|30 |00:05:44,040 ~-~-> 00:05:51,690 |that. So you don't want to seek approval from your family, because they're not going to understand what you're trying to do. They're going to give you all of
	32	+|31 |00:05:51,690 ~-~-> 00:05:59,250 |the heartfelt reasons why they're going to try to protect you from yourself, when they don't really understand what it is that you're trying to do or learn.
	33	+|32 |00:06:01,470 ~-~-> 00:06:07,980 |Don't seek the approval of your friends. Number one, your friends are only going to be interested, once you start making money, when they start seeing the
	34	+|33 |00:06:07,980 ~-~-> 00:06:19,500 |changes in your life, Then, and only then weird friends be on board with it. Your friends, much like your family, really don't feel comfortable with you
	35	+|34 |00:06:19,530 ~-~-> 00:06:30,240 |being successful. Because if you tell them what you're going to do, and you get to the point where you succeed at it, you act like a mirror for them. And they
	36	+|35 |00:06:30,240 ~-~-> 00:06:43,860 |will always look to you, as of a reminder of what they failed to pursue in their own life. So again, don't try to seek the approval of others, Family First, and
	37	+|36 |00:06:43,860 ~-~-> 00:06:45,780 |friends, because it doesn't work out.
	38	+|37 |00:06:47,160 ~-~-> 00:06:47,700 |Third,
	39	+|38 |00:06:48,270 ~-~-> 00:06:58,800 |don't go to work, and tell your co workers that you're going to be quitting your jobs. And I made all those errors, okay. And many, many times I've shared the
	40	+|39 |00:06:58,830 ~-~-> 00:07:12,630 |low income high our heavy workload job that I was doing, as a young man, when I was beginning this journey. And I just don't think that it's a good practice for
	41	+|40 |00:07:12,630 ~-~-> 00:07:21,360 |anyone to go to work and tell their co workers number one, they're going to be given you again, all the worst feedback you're ever gonna hear. Yeah, right,
	42	+|41 |00:07:21,360 ~-~-> 00:07:31,230 |you'll be here with me the rest of your life, you're going to retire from here, all those things, okay. So when you get this feedback from your co workers,
	43	+|42 |00:07:31,260 ~-~-> 00:07:38,550 |you're going to hate going to work even more, because you might have liked going to work it to some degree and hanging out with the people you work with. Talking
	44	+|43 |00:07:38,550 ~-~-> 00:07:52,410 |about sports, looking up movies, talking about the opposite sex, all these things that you had a common, I guess agreement on or an interest in, will start
	45	+|44 |00:07:52,410 ~-~-> 00:08:01,620 |having a great divide, because you're going to look at them as a source of annoyance. And they're just gonna look at you as your pipe dreaming. And you're
	46	+|45 |00:08:01,620 ~-~-> 00:08:10,290 |not going to get to where you're going. And it's going to be fun for them to watch, you fail. And you don't want to have someone constantly poking you every
	47	+|46 |00:08:10,290 ~-~-> 00:08:19,140 |day. It looks like you're still here, I guess I'll see you to work tomorrow. No types of things is what I had to endure. So don't tell your co workers what
	48	+|47 |00:08:19,140 ~-~-> 00:08:28,530 |you're going to be doing. Don't tell your boss, what you're going to be doing. You're going to basically fire your boss and fire your co workers when the time
	49	+|48 |00:08:28,530 ~-~-> 00:08:39,300 |is right. But you don't want to broadcast it. Because all it's going to do is provide them a timeline when they think you should be doing it and teach you the
	50	+|49 |00:08:39,300 ~-~-> 00:08:48,480 |entire time. So your family is going to constantly give you heartfelt advice of why you shouldn't do it. Your friends are going to say I'm not really
	51	+|50 |00:08:48,480 ~-~-> 00:08:57,240 |interested. But if you get successful, I might be interested in so what why tell them, your co workers are going to give you every negative thing because they
	52	+|51 |00:08:57,240 ~-~-> 00:09:09,030 |hate their life too. They're at the same place you're at you're trying to escape. So why would you want them to pump you up? That's what we do as humans,
	53	+|52 |00:09:09,030 ~-~-> 00:09:20,700 |we want to have our peers say Yeah, that's a good idea. But how many times in your life? Have you ever had that experience? I can tell you, unless it was my
	54	+|53 |00:09:20,700 ~-~-> 00:09:32,880 |fifth grade teacher, Mr. lorber. Or it was my uncle that talked to me about commodities when I was 16 years old. And taught me about narrow sideways
	55	+|54 |00:09:32,880 ~-~-> 00:09:41,310 |channels and 123 tops and bottoms and head and shoulders and all those bull flags and things. At 16 years old, I was looking at it and it was going in one
	56	+|55 |00:09:41,310 ~-~-> 00:09:49,590 |ear and out the other. Okay, so when you tell all your family, your friends and your co workers, that's what's happening, and they're not going to say you know
	57	+|56 |00:09:49,590 ~-~-> 00:09:58,320 |what, that's brilliant. I wish I would have thought of that. That's the real that's the reaction you're expecting, right? It never works out that way. But
	58	+|57 |00:09:58,320 ~-~-> 00:10:08,610 |yet we all do it as humans. We want to Have that that's a good idea, response and it never comes. So what does it do? It causes deflation. You don't want to
	59	+|58 |00:10:08,610 ~-~-> 00:10:18,300 |be around these people, because now you're like, I wish I would have ever said anything. But once you put it out there, it's done. And lastly, strangers. As a
	60	+|59 |00:10:18,300 ~-~-> 00:10:28,200 |young man, when I was doing my job would finish off, you know, filling up the candy machines and the soda machines and coffee machines and such. And I used to
	61	+|60 |00:10:28,200 ~-~-> 00:10:43,830 |do a vending route ended a long day, 13 hours or so. And during my route, I felt this an unreasonable desire to tell other people that I don't even know. Yeah,
	62	+|61 |00:10:44,010 ~-~-> 00:10:52,950 |I'm looking at a market and hope it goes up. And then bah, bah, bah, what? What are you talking to me about that for? So when you tell strangers or if you meet
	63	+|62 |00:10:52,950 ~-~-> 00:11:02,820 |someone in the pub, okay, are you at a club or? Well, right now, it's hard to go to those places right now. Because of all the things that's been impacted by the
	64	+|63 |00:11:02,820 ~-~-> 00:11:15,690 |illnesses being spread around the social circles. When you run into people, they'll ask you, Hey, you know, so what do you do yourself? That's not the
	65	+|64 |00:11:15,690 ~-~-> 00:11:22,170 |invitation to say, Well, I'm looking to start trading commodities. They're gonna like, what? Yeah, I'm
	66	+|65 |00:11:22,170 ~-~-> 00:11:28,050 |trading the foreign exchange market right away, they're gonna be like, What is that, and that's what you want to ask you. And then when you start talking
	67	+|66 |00:11:28,050 ~-~-> 00:11:35,880 |about, they're like, Oh, yeah, that's like the stock market, you're not interested, or they're interested, anyone know how much money you made, and you
	68	+|67 |00:11:35,880 ~-~-> 00:11:43,350 |can't tell them that you made any money, you're just now starting. So really, you're a startup, and they're not really interested in the conversation anymore.
	69	+|68 |00:11:43,530 ~-~-> 00:11:51,240 |So you're not going to get that feedback, again, what you're looking for. So don't seek the approval from others, you have to pursue this on your own steam
	70	+|69 |00:11:51,240 ~-~-> 00:12:03,210 |your own energy. And if you have any dependency on an outside source, be at any one of these four groups, family, friends, co workers or strangers to give you
	71	+|70 |00:12:03,750 ~-~-> 00:12:16,050 |that, nudge, that little bit of a pat on the back, that you're doing the right thing for yourself, you're going to struggle, because in trading, you got to be
	72	+|71 |00:12:16,050 ~-~-> 00:12:26,010 |there to make the decisions whether anyone agrees with you or not. And when you make money, you reap the rewards of that. But when you lose it, and you will,
	73	+|72 |00:12:26,850 ~-~-> 00:12:35,010 |you have to be able to endure that and not feel the compulsion to go to someone and say, hey, look, you know, I just lost a lot of money, it's the same thing.
	74	+|73 |00:12:35,490 ~-~-> 00:12:44,010 |Don't turn to anyone else and say, I made a mistake today help me feel better, you have to endure that. And if you're going to start your journey with this
	75	+|74 |00:12:44,190 ~-~-> 00:12:54,450 |mindset of seeking approval, or support outside of yourself, this is going to be a very hard journey for you. So you have to prepare yourself to seek your own
	76	+|75 |00:12:54,450 ~-~-> 00:13:03,360 |approval, by your own study in your own development. reward yourself when you do it, right. And when you do it wrong, give yourself permission to be wrong. And
	77	+|76 |00:13:03,360 ~-~-> 00:13:18,540 |allow yourself to grow. Next, learn risk management well, and make that your initial very first thing that you want to master. So you're controlling your
	78	+|77 |00:13:18,540 ~-~-> 00:13:27,600 |impulses to stop telling everybody your business, okay? It's your business, it's not their business, stop giving your business to someone else. Next in line,
	79	+|78 |00:13:27,720 ~-~-> 00:13:36,780 |it's the risk, you have to understand what you're getting involved in. If you're gonna be treated with live funds, you are losing money, that's a 100% guarantee,
	80	+|79 |00:13:36,960 ~-~-> 00:13:48,270 |you are losing money, there is never, ever going to be a trader that starts and never has a loss. My very first trade was a loss, I lost 50% of my account
	81	+|80 |00:13:49,170 ~-~-> 00:14:01,800 |overnight. And orange juice option. I had no idea what I was doing. I was baptized, thrown in the water and drown. Okay, it was just that short and sweet.
	82	+|81 |00:14:02,340 ~-~-> 00:14:13,140 |And I closed the account asked for the remainder of my account. And that was the end of my Fox investments. Career that was the brokerage firm I use at the time.
	83	+|82 |00:14:14,310 ~-~-> 00:14:23,850 |And I had to go and discover how to actually look at charts and learn a little bit more about the risks. So I didn't understand risks. When I got into trading.
	84	+|83 |00:14:23,940 ~-~-> 00:14:31,980 |I thought that it should work right away because I saw the book. The book said it does this. So therefore, when I looked at the chart, aren't you should have
	85	+|84 |00:14:31,980 ~-~-> 00:14:42,660 |performed the same way. Because that's what this guy said in the book. You know, this guy told me in at least three pages that the market when it does this
	86	+|85 |00:14:42,660 ~-~-> 00:14:56,190 |wiggle and waggle didn't ask you to expect it to move this particular way. And where does he get off? telling me this? And then it not being true. You see
	87	+|86 |00:14:56,220 ~-~-> 00:15:06,570 |where the disconnection is? That was how I looked at it. Because I didn't want to take the responsibility of the risks. And I figured, well, I'm gonna add an
	88	+|87 |00:15:06,570 ~-~-> 00:15:17,010 |option, what's the worst that could happen? All of my money could have been gone. That's the worst. And in one day, overnight, while I was sleeping, woke up
	89	+|88 |00:15:17,070 ~-~-> 00:15:28,890 |expecting to see I'm going to be in, I'm gonna be in the profits. Yeah, I wasn't expecting that down 50% Welcome to trading Michael. And it was a shock. And I
	90	+|89 |00:15:28,890 ~-~-> 00:15:38,220 |just completely collapsed, said give me my money, I'm worn out. And that money couldn't get back to me fast enough. And back then they'd sent it in a check.
	91	+|90 |00:15:38,250 ~-~-> 00:15:47,820 |And he had to wait for the check come in the mail. It was, it was awful. So the first thing you want to be focusing on is managing risk and understanding the
	92	+|91 |00:15:47,820 ~-~-> 00:16:02,250 |underlying risks that's available to you, if you trade. You want to appreciate the percent over the dollar gain or loss. When I first started, I was interested
	93	+|92 |00:16:02,250 ~-~-> 00:16:12,930 |in making a specific dollar amount. I didn't understand compound interest, I didn't understand the Kelly criterion, optimal F, none of the advanced money
	94	+|93 |00:16:12,930 ~-~-> 00:16:15,330 |management theories that I adhere to now.
	95	+|94 |00:16:17,040 ~-~-> 00:16:28,140 |And I just looked for dollars, you know, if I can make 500 bucks on this move, that's what I want to make in my stop loss was was the maximum I could take. And
	96	+|95 |00:16:28,140 ~-~-> 00:16:37,620 |that's exactly what I was doing. Because I was afraid I'm gonna get stopped out. So I had this unrealistic stop loss that was just unbelievably wide.
	97	+|96 |00:16:38,010 ~-~-> 00:16:38,550 |Or
	98	+|97 |00:16:38,730 ~-~-> 00:16:48,450 |I didn't have one, I was using a mental stop, which will drive you mental if you're driving in a truck 13 hours a day getting out loading cans, soda, and
	99	+|98 |00:16:49,050 ~-~-> 00:16:55,950 |junk food in the candy machines and going around and fixing machines that aren't right. And you're constantly wondering what the markets doing, and you don't
	100	+|99 |00:16:55,950 ~-~-> 00:17:05,220 |have a stoploss. Yeah, it's already bad enough that you got the time to market and pick the right direction. But now you got to add to it that you're doing it
	101	+|100 |00:17:05,220 ~-~-> 00:17:14,940 |blind, with no stop loss, and anything can happen. And that's what I was doing. I mean, literally, I was like a cowboy out there riding bulls
	102	+|101 |00:17:15,510 ~-~-> 00:17:16,020 |with
	103	+|102 |00:17:16,800 ~-~-> 00:17:25,020 |no experience whatsoever. And if I was thrown off, it was always going to be the worst case, it was really going to be bad. Every single time I took a loss, it
	104	+|103 |00:17:25,020 ~-~-> 00:17:32,490 |was going to be bad. Either I got crushed, and I got out because I couldn't handle the pain anymore. Or if I had to stop, it was running against me taking
	105	+|104 |00:17:32,490 ~-~-> 00:17:42,210 |me out and it was going to be the maximum risk that I could absorb in that trade. So you want to appreciate the percentage of what you are taking on as
	106	+|105 |00:17:42,210 ~-~-> 00:17:51,840 |risk also with your gains. So don't be impressed with a specific dollar amount. Or don't look at a specific dollar amount as well, it doesn't hurt that bad
	107	+|106 |00:17:51,840 ~-~-> 00:18:02,640 |because it's only 300 bucks. But if your account is 3000, that's 10%. That's considerable. You don't want to do that. Because you can't do too many of those
	108	+|107 |00:18:02,640 ~-~-> 00:18:13,050 |and not see your account be lowered to a level where it's a little bit difficult to come back from that as a new trader. So appreciate the percentage over dollar
	109	+|108 |00:18:13,050 ~-~-> 00:18:27,870 |gain or loss. Learn to limit trade frequency. I felt that since the markets were opening up tomorrow, and I had to be in there. So I was over trading. And if I
	110	+|109 |00:18:27,870 ~-~-> 00:18:38,460 |got a profit, and I was able to get out in intraday I was like, Well, that was fun. I want to go on here and do it again. When there was 20 minutes left in the
	111	+|110 |00:18:38,460 ~-~-> 00:18:47,610 |trading session, because I was trading commodities. They had pit hours where it would open at this time and close at this time. And I figured well, it's still
	112	+|111 |00:18:47,610 ~-~-> 00:18:57,570 |open, anything can happen. And if I'm right, I mean, I can make some more money before it closes. I had no idea what I was doing folks, zero idea. I was looking
	113	+|112 |00:18:57,570 ~-~-> 00:19:11,070 |at these these charts, and they were speaking to me. And it was all the wrong things. He was telling me gamble. And that's what I was doing. I had money in
	114	+|113 |00:19:11,070 ~-~-> 00:19:18,900 |the account, there was hours still left in the trading or 20 minutes. In this case, as an example, I pathetically and I was going in here. And if I could get
	115	+|114 |00:19:18,930 ~-~-> 00:19:27,330 |more money before the close, that's what I was doing. And that's what hurt me. Because I didn't understand the risk. When you're getting close to the end of
	116	+|115 |00:19:27,330 ~-~-> 00:19:37,950 |the session, the end of the trading day or the end of the week, you have to know that there's a large degree of risk in the fact that you're probably not going
	117	+|116 |00:19:37,950 ~-~-> 00:19:46,680 |to see any really major move at that point because it's already behind you. And you want to limit the number of trades you take because the more frequency you
	118	+|117 |00:19:46,680 ~-~-> 00:19:56,730 |have in your trades, the more than likely you're going to lose. And if you have a lot of trades, you're going to have a lot more losses and losses mount up and
	119	+|118 |00:19:56,730 ~-~-> 00:20:05,400 |you don't want that to occur, especially as a developing trader. You really don't want that to occur at any time, really. But you have to learn to limit
	120	+|119 |00:20:05,550 ~-~-> 00:20:19,800 |your trade frequency. Avoid short term trading, turning it into long term trading. When I first started, I had no idea what style of trading that I was
	121	+|120 |00:20:19,800 ~-~-> 00:20:29,220 |going to really focus on on, I was being told I wanted to be a position trader, you get on the daily chart, catch a 123, hold it for three, four or five, six
	122	+|121 |00:20:29,220 ~-~-> 00:20:40,110 |months. And I couldn't do it just couldn't do it. And when I started trading with short term strategies, and such, when I was in winners, that started to
	123	+|122 |00:20:40,110 ~-~-> 00:20:50,280 |move a lot for me. If you trade of any length of time, eventually you're going to get lucky with something. And when it starts moving in your favor really
	124	+|123 |00:20:50,280 ~-~-> 00:21:02,100 |explosively. Something happens inside of our brain, it's like, Okay, this was only going to be a trade for a couple hours and maybe make, you know, five or
	125	+|124 |00:21:02,100 ~-~-> 00:21:16,110 |six handles in the s&p, or 100 pips in the Forex, okay, or a $2.50 cent move in the stock that you're trading. But now because it's exploded, you're like, well,
	126	+|125 |00:21:16,110 ~-~-> 00:21:28,560 |this is now a six month trade. And you end up holding on to a winner turn loser. And you changed your strategy from it was gonna be a short term trade, to now a
	127	+|126 |00:21:28,560 ~-~-> 00:21:40,320 |long term trade in that short term gain turns into a now an immediate loss. It's debilitating. stick to what you were trying to do. When it gets to your
	128	+|127 |00:21:40,320 ~-~-> 00:21:51,720 |objectives, scale out and get your target and move to the sidelines, don't change strategies, while you're in a trade that never ever, ever is a good
	129	+|128 |00:21:51,720 ~-~-> 00:22:03,660 |thing. And be content with enough. If you had a profitable week, and it's Thursday, close up shop Who says you have to trade on Friday? What happens if
	130	+|129 |00:22:03,660 ~-~-> 00:22:13,560 |you have a good Monday and Tuesday, and it's way beyond your normal return you return? Why would you want to press your luck, the chances are,
	131	+|130 |00:22:13,559 ~-~-> 00:22:22,739 |you're not going to give some of that back, if not all of it. And when I was younger, I did that a lot in my first six years. But I didn't care. It didn't
	132	+|131 |00:22:22,739 ~-~-> 00:22:33,329 |bother me and didn't have any appreciation for the risk. Because I figured well, I'm gonna be right eventually, in every trade, I was swinging for the fences.
	133	+|132 |00:22:33,779 ~-~-> 00:22:40,709 |And I wanted to make lots and lots of money. But the problem with that is, because I was taking on so much risk, when I had a little bit of a profit, I
	134	+|133 |00:22:40,709 ~-~-> 00:22:50,609 |would close because I just couldn't handle that anymore. It was wearing me down like unexpected to make $1,000 in this trade. Alright, I'm up to 50. I'm just, I
	135	+|134 |00:22:50,609 ~-~-> 00:23:03,269 |just gotta get out, I'm fatigued. That's what the market will do to you. If you have no appreciation for the risk. Don't undermine your trading, by not tackling
	136	+|135 |00:23:03,359 ~-~-> 00:23:18,179 |the first lesson in risk management, you have to understand it, and how you personally engage with the marketplace and how you are, I guess, adversely
	137	+|136 |00:23:19,079 ~-~-> 00:23:27,869 |affected, I guess that's the train of thought I'm trying to communicate here. Because unless you feel the pain of being in a market that's not moving in your
	138	+|137 |00:23:27,869 ~-~-> 00:23:41,819 |favor, or screaming against you. You're not going to fully appreciate what I'm saying here. And as a younger man. I saw lots of equity swings that would make
	139	+|138 |00:23:41,849 ~-~-> 00:23:50,819 |anyone else nauseous. And I just didn't care. I had no appreciation. I had no respect for the marketplace, because I figured I'm going to get it right and
	140	+|139 |00:23:50,819 ~-~-> 00:24:03,029 |eventually. And I went through many accounts, not one or two, many, like 14 individual trading accounts. And I would save up money, save up money. My first
	141	+|140 |00:24:03,059 ~-~-> 00:24:13,169 |account was with a credit card. And then the second account was with another credit card 20 $600 on a nation's bank, credit card visa. And you pay a lot a
	142	+|141 |00:24:13,229 ~-~-> 00:24:24,059 |lot of percentage in terms of interest when you borrow cash. And I just was doing everything wrong, everything wrong, but I was not going to be deterred.
	143	+|142 |00:24:26,879 ~-~-> 00:24:38,639 |Moving on. You want to prevent life imbalances, and this is one of the things that I failed miserably yet. I have a pretty large family of five children. One
	144	+|143 |00:24:38,639 ~-~-> 00:24:48,629 |that was brought into my marriage. I brought one into my marriage, and I had three children or three sons with my present wife. I didn't spend a lot of time
	145	+|144 |00:24:48,629 ~-~-> 00:24:56,759 |with my kids. When I was younger. I was consumed with the marketplace. I was consumed with making money. I was consumed with building businesses. I was
	146	+|145 |00:24:56,789 ~-~-> 00:25:13,019 |consumed with real estate, buying franchises. Just always Money, money, money, money, money, and most of my children's sporting events, I missed them. And it
	147	+|146 |00:25:13,019 ~-~-> 00:25:25,259 |was very hard to see how much time I missed when I look back. And now look at my children as adults, not all of them, I have a 15 year old, and he shouldn't be
	148	+|147 |00:25:25,259 ~-~-> 00:25:37,619 |13 year old, yet still living with me. But my older children, I don't have a lot of memories. Because I allowed the market to steal that. And I chased it more,
	149	+|148 |00:25:37,799 ~-~-> 00:25:48,689 |the faster it ran away from me, the more I would pursue it, because I was telling myself that I'm doing all of this for them. And that wasn't true. I was
	150	+|149 |00:25:48,689 ~-~-> 00:26:04,829 |doing it for me, me, because I hated my job. I hated where I was in life. And I wanted more. And I wasn't satisfied where I was. And every adversity brought on
	151	+|150 |00:26:04,829 ~-~-> 00:26:20,249 |a new sense of urgency that I gotta get this changed right now. And days would pass and turn to weeks, to months to years. And I missed so much time with my
	152	+|151 |00:26:20,249 ~-~-> 00:26:28,589 |wife, I missed so much time with my children. And the greatest lesson, I can tell you right now, if you're new, especially if you're a young man or woman,
	153	+|152 |00:26:29,309 ~-~-> 00:26:43,589 |and you're getting ready to get into this, these markets are vampires, they will suck every drop in the marrow in your bones, if you give it to them. It does not
	154	+|153 |00:26:43,589 ~-~-> 00:26:53,309 |matter how much money you think you can make or eventually make. Because I'm gonna tell you something, I've made a lot of money, millions of real dollars,
	155	+|154 |00:26:53,549 ~-~-> 00:27:02,939 |millions. And I would give it all back. If I could go back in time, and be able to spend the time with my kids and my wife that I missed.
	156	+|155 |00:27:08,849 ~-~-> 00:27:20,639 |I created a prison cell for myself with these markets that I willfully put myself into every single day. And it wasn't enough to be in the daytime,
	157	+|156 |00:27:21,209 ~-~-> 00:27:31,559 |worrying that all day long at work. Was I being a good employee? No. Many times I have asked my job, because I had to get back to the truck where my quote trek
	158	+|157 |00:27:31,559 ~-~-> 00:27:41,969 |was, which was my little quote machine telling me what the soybean market was doing, or what live cattle was doing, or what the bond market was doing. I was
	159	+|158 |00:27:41,969 ~-~-> 00:27:53,309 |more concerned about that. And most of the time I was losing money. So I wasn't a good employee at the time. And when I got home in the evening time, what was I
	160	+|159 |00:27:53,309 ~-~-> 00:28:11,009 |concerned about? family? No, I was concerned about the market. I was wanting to know, what can I do to make more money. And my family will be there when I'm
	161	+|160 |00:28:11,009 ~-~-> 00:28:26,909 |done. And that's a lie. It's a lie. You're going to give up your life if you don't pay attention to it. So how do you avoid it? You have to manage your
	162	+|161 |00:28:26,909 ~-~-> 00:28:37,409 |family time and schedule it. This is the time for your family. No markets, no charts, no TV time looking at reports and news events that would drive the
	163	+|162 |00:28:37,409 ~-~-> 00:28:49,199 |marketplace. No newspapers, no articles and magazines, no internet, no Twitter, none of that stuff. You manage your family time and you schedule it. And then
	164	+|163 |00:28:49,199 ~-~-> 00:29:05,639 |once you have gave your family your time, an ample amount of it, then you'd have to return back to the marketplace. You want to keep a study and trade schedule.
	165	+|164 |00:29:07,949 ~-~-> 00:29:18,239 |That means what time of day, are you gonna be looking at the market trade. And there are specific times of the day or days of the week, months of the year that
	166	+|165 |00:29:18,239 ~-~-> 00:29:25,739 |you want to be focusing on trading. And there are other times when you don't want to be doing that. And you want to be focusing on what they are. And what
	167	+|166 |00:29:25,739 ~-~-> 00:29:33,599 |are you going to study how much time each day are you going to unlock for studying. Because if you don't have that, you're just going to go in there and
	168	+|167 |00:29:33,599 ~-~-> 00:29:42,569 |say, well, it's basically like Netflix. I'm gonna sit down, binge watch and see what happens. Well, if you look at a chart long enough, it's gonna start telling
	169	+|168 |00:29:42,569 ~-~-> 00:29:54,509 |you, you know, if you put some money into me, I might give you some more back and you're going to gamble. How long will a gambler sit in front of a slot
	170	+|169 |00:29:54,509 ~-~-> 00:30:04,799 |machine with a pocketful of quarters before they put all the quarters in there. As fast as they get the next one. And that's what these charts are their slot
	171	+|170 |00:30:04,799 ~-~-> 00:30:13,079 |machines. And you're great, you're being groomed as a gambler and all the books and things that you learn from other people. And it's just an enticement to
	172	+|171 |00:30:13,079 ~-~-> 00:30:26,519 |constantly do that feed that beast. So you have to keep a study and trade schedule, and only operate on that basis. Off, these are off days, on the
	173	+|172 |00:30:26,519 ~-~-> 00:30:35,579 |weekends, I spent more time worrying about the marketplace when I should have been spending it with my family. So you have to absolutely hold yourself hard
	174	+|173 |00:30:35,579 ~-~-> 00:30:46,499 |and fast to when you don't have any market activity. And it's not trading or to holiday, it may impact with lower volume, that's an off day. And you don't look
	175	+|174 |00:30:46,529 ~-~-> 00:30:55,589 |at the charts, you don't concern yourself with looking at what could have happened, none of that stuff you poured into your family that will prevent you
	176	+|175 |00:30:55,589 ~-~-> 00:31:09,059 |from having a life imbalance. And finally, you want to be patient with your development. I was overzealous and unrealistic about what I wanted to do once I
	177	+|176 |00:31:09,059 ~-~-> 00:31:17,579 |started making money. That's what caught fire in me. And I was like, I want more, I want more I want more. And when I saw I could take a very small account
	178	+|177 |00:31:18,659 ~-~-> 00:31:32,369 |1200 15 $100 to $15,000. In less than six weeks, I was like this is exactly what I want to do. Like I want to do this, I want to do anything else. And you don't
	179	+|178 |00:31:32,369 ~-~-> 00:31:45,419 |have to rush, especially if you're younger than 30. Like if you're in your 20s you have so much time to get yourself where you want to be. But you want to take
	180	+|179 |00:31:45,419 ~-~-> 00:31:54,449 |the time to develop yourself and learn a lot about yourself. Because if you're not aware of what you're going to likely do to yourself to throw yourself off
	181	+|180 |00:31:54,449 ~-~-> 00:31:54,989 |the rails.
	182	+|181 |00:31:56,880 ~-~-> 00:32:04,650 |It doesn't matter what you're going to learn or what you're going to do or how much money you start with, or how much time you put into it, it just means that
	183	+|182 |00:32:04,650 ~-~-> 00:32:14,940 |you're going to rush to destruction. So you have to give yourself a realistic timeline. When I first started, my plan was I wanted to retire at 40. I want to
	184	+|183 |00:32:14,940 ~-~-> 00:32:27,180 |make $1,000 a month and retire at 40. That was my plan. And I quickly learned that that was a really low objective. What was possible was a lot more than
	185	+|184 |00:32:27,180 ~-~-> 00:32:40,380 |that. But I wasn't prepared to see that type of equity increase. When I started making a lot of money. It's like a drug in it makes you want to do more and more
	186	+|185 |00:32:40,380 ~-~-> 00:32:51,300 |and you throw that in with you didn't care about risk because I didn't it hurt me. And I would see these huge gains and then huge draw downs. So while I'd have
	187	+|186 |00:32:51,510 ~-~-> 00:33:01,830 |really big run up, and it had a roller coaster drop, and it would just put me back in that I gotta go back and spend more time on the charts and who was
	188	+|187 |00:33:01,830 ~-~-> 00:33:13,200 |suffering, my family, my children didn't get to see her family, her father that much. My wife didn't get to see me as much as her husband. And I missed out on a
	189	+|188 |00:33:13,200 ~-~-> 00:33:27,420 |lot. And seeing a couple photographs is not the same as being there to cheer your kid on. When he's up and he hits his first home run. I missed that. When
	190	+|189 |00:33:27,420 ~-~-> 00:33:42,720 |his basketball team wins, and he made that shot great for the last bell. I missed that. But hey, I made money on lean hogs. It doesn't measure up.
	191	+|190 |00:33:48,510 ~-~-> 00:33:58,200 |Stop buying retail logic and tools. You just don't want to be filling your head out with all of this poor thinking, okay, because that's exactly what it is.
	192	+|191 |00:33:58,770 ~-~-> 00:34:08,730 |Everything that you learn in retail books and courses is diametrically opposed to how the actual markets work. So stop wasting money on books. And I've
	193	+|192 |00:34:08,730 ~-~-> 00:34:20,820 |purchased either by electronic format, or actual hardcopy books, over 2000 of them, and I won't buy another book ever again. And I wish I would have stopped
	194	+|193 |00:34:20,970 ~-~-> 00:34:28,650 |the second year that I started buying in my head. In my mind, I was gonna buy as many books as I could, because somebody out there, it's going to have the
	195	+|194 |00:34:28,650 ~-~-> 00:34:37,080 |secret. And I'm gonna tell you after reading over 2000 books, none of them did. And there are some real classics in there. And the ones that I do, like I've
	196	+|195 |00:34:37,080 ~-~-> 00:34:48,150 |mentioned before, and I know some of you are new and you want to know what they are. For money management, I like everything from Ralph Vince and Ryan Jones.
	197	+|196 |00:34:48,210 ~-~-> 00:34:55,740 |They do a lot of optimal F and Kelly criterion. It's a little bit advanced. I'm not saying that everyone that first starts trading should mess with that because
	198	+|197 |00:34:55,980 ~-~-> 00:35:04,380 |it's meant to run your account up pretty quick and You're not going to be prepared for that. And I wasn't either. That's why I couldn't make it work right
	199	+|198 |00:35:04,380 ~-~-> 00:35:15,660 |away. So I did learn a lot about myself, and then tune it for me. How many million dollar trading commodities last year, it's a 1970s book from Larry
	200	+|199 |00:35:15,660 ~-~-> 00:35:27,360 |Williams, that books still is relevant today. Not every little thing in there is but majority of that book is. That was the real first inspiration for me to see
	201	+|200 |00:35:27,360 ~-~-> 00:35:37,500 |how smart money operates in the marketplace. And then that was my pursuit for the rest of my life, I was gonna crack these markets. So that trading for a
	202	+|201 |00:35:37,500 ~-~-> 00:35:52,860 |living buy outs and their elder market wizards wanting to just for inspiration, and street smarts, by Linda raschke. And Larry Connors. That's it. Now, if you
	203	+|202 |00:35:52,860 ~-~-> 00:36:03,210 |want to know what to do the opposite of john Murphy's technical analysis of financial markets book, that's the retail traders Bible. I always recommend that
	204	+|203 |00:36:03,210 ~-~-> 00:36:10,290 |one simply because you want to learn how to do the opposite of everything that's being taught in that book. And if you do that, you're going to quickly see how
	205	+|204 |00:36:10,290 ~-~-> 00:36:23,790 |charts are really, really fun to watch, then, because it's such a high degree of percentage of failing, that, it's more likely if you just fade those moves,
	206	+|205 |00:36:23,910 ~-~-> 00:36:36,990 |you'll probably see the chart, work in your favor. Avoid looking for hot hand gurus, I did this a lot on America Online. I chased everybody, if they had a
	207	+|206 |00:36:36,990 ~-~-> 00:36:47,040 |service, I was trying it out, at least for well back then they would do it by the week. Now everything's by month. And everything was at the time, a
	208	+|207 |00:36:47,040 ~-~-> 00:36:56,400 |newsletter, or a phone number, you had a call and pay a couple of dollars a minute or whatever. And he would tell you what they were trading. And I never
	209	+|208 |00:36:56,400 ~-~-> 00:37:07,710 |made money with that stuff. Even Larry Williams, not to be disrespectful towards him, but I, at one time, was paying for his hotline. And you would just call him
	210	+|209 |00:37:07,710 ~-~-> 00:37:18,030 |up and he would have a recording. And it was basically what he was going to do with the bond market and with the s&p market, and I did those trades, and I lost
	211	+|210 |00:37:18,030 ~-~-> 00:37:25,380 |money. And again, I'm not saying that he's not a profitable trader, I'm not saying is not a good trader. I'm not saying he's not a good teacher. I'm just
	212	+|211 |00:37:25,380 ~-~-> 00:37:34,110 |saying my personal experience dealing that I lost money on every single trade. So avoid looking for hockey and gurus This is the reason why I don't hold
	213	+|212 |00:37:34,110 ~-~-> 00:37:42,510 |people's hands I don't say is that we're gonna do buy here, sell here, stop me, I don't do that. Because all that does is create codependence and you don't want
	214	+|213 |00:37:42,510 ~-~-> 00:37:45,090 |to be a codependent trader, you want to be an independent thinking trader,
	215	+|214 |00:37:47,550 ~-~-> 00:37:56,250 |become your own signal generator. The big thing is always as a new trader, you want to find someone that's good. You don't want to find a mentor, you want to
	216	+|215 |00:37:56,250 ~-~-> 00:38:07,200 |find someone that's going to tell you what they're doing and making money so you can copy them. And I fell victim to that, too. I didn't want to trust my own
	217	+|216 |00:38:07,350 ~-~-> 00:38:15,810 |analysis, I got lazy and thinking, well, I really just wanna make a lot of money. So if I can find someone who's really good, I'll just copy them. And
	218	+|217 |00:38:16,350 ~-~-> 00:38:23,640 |everything they do, I'm going to take the trades, since they're successful. Even if I take a couple losses here and there. I'm just gonna stick with it. So what
	219	+|218 |00:38:23,640 ~-~-> 00:38:34,500 |am I really saying there? I'm saying that I'm going to use them as my system. And I'm accepting losses. I knew they're probably going to come. But I'm holding
	220	+|219 |00:38:34,500 ~-~-> 00:38:43,560 |out that they're going to have more wins than losses. Now, doesn't that make sense? If you apply it to your own strategy, but when you as a new trader start,
	221	+|220 |00:38:43,800 ~-~-> 00:38:55,380 |you don't want to accept losses. That's not acceptable. But when you justify your suspending, when you buy other people's signals, it's somehow brought into
	222	+|221 |00:38:55,380 ~-~-> 00:39:03,690 |the reasoning part of the decision making, that it's something that's acceptable, losing trades, it's acceptable until you take that first loss, and
	223	+|222 |00:39:03,690 ~-~-> 00:39:17,250 |then you're not subscribing anymore. You go back to looking for another hot hand guru. Be willing to lose and lose a lot early on. It's part of it. You don't
	224	+|223 |00:39:17,250 ~-~-> 00:39:31,260 |know what you're doing. And no book, no course even me. If I sat with you every single day, for a month, you would still take losses, you would lose. it's
	225	+|224 |00:39:31,530 ~-~-> 00:39:40,260 |unavoidable. But early on when you are developing, you're going to be wrong a lot. And this is reasonable. I tell people do not trade with my funds until you
	226	+|225 |00:39:40,260 ~-~-> 00:39:47,880 |know exactly what you're doing. And you understand yourself. And that may be longer than six months. It may be longer than a year. For somebody it might be
	227	+|226 |00:39:47,880 ~-~-> 00:39:57,510 |234 years, like a college degree. And you some of you aren't prepared for that. And there's no shame in you saying you know what this thing for me, that's good.
	228	+|227 |00:39:57,510 ~-~-> 00:40:03,690 |That means you're not going to lose money. That means you're not going to have Have imbalances in your life, it means that you're not going to hurt yourself,
	229	+|228 |00:40:04,470 ~-~-> 00:40:15,090 |both financially and psychologically. Because I did that. I caused physical problems with an eating disorder. I developed agoraphobia, which was a fear of
	230	+|229 |00:40:15,090 ~-~-> 00:40:30,810 |being around other people. Because I didn't want them to find out how bad I was losing. And I wish I could go back in time and tell myself losing is normal.
	231	+|230 |00:40:31,560 ~-~-> 00:40:40,620 |it's acceptable, it's part of the business transactions in this industry, you're going to have losses, control them. Over time, you're going to make more money
	232	+|231 |00:40:40,620 ~-~-> 00:40:51,330 |than you lose. I didn't think that way. When I first started, I was trying to avoid losing all together. And then every single loss was a paramount event,
	233	+|232 |00:40:51,360 ~-~-> 00:41:04,500 |like it was huge, it was elevated to some grandiose, painful, just terrible thing that I had been enduring. When it's just, I did it wrong. Simple. You made
	234	+|233 |00:41:04,500 ~-~-> 00:41:12,450 |a mistake, Michael, and you're gonna make lots of them. 27 years from now, you're gonna have so many losing trades, you're gonna look back and say, You
	235	+|234 |00:41:12,450 ~-~-> 00:41:21,600 |know what? It didn't kill me. So be willing to lose a lot and early on in your development. That's why you want to do it on paper. That's why you want to do it
	236	+|235 |00:41:21,600 ~-~-> 00:41:30,570 |on demo, because you need to see what it feels like to be wrong a lot and not have the money taken from you. And then correct those problems before you put
	237	+|236 |00:41:30,570 ~-~-> 00:41:47,460 |real money at work. Stay away from social media drains. Well, in this age, we have a lot of social media. But back when I first started November 5 1992,
	238	+|237 |00:41:47,700 ~-~-> 00:41:58,170 |social media was just starting up with message boards, or bulletin boards they call them. So it's kind of like Twitter. Yeah, not so much Instagram, but
	239	+|238 |00:41:58,200 ~-~-> 00:42:08,130 |basically like Twitter, he just people would just communicate with open emails, basically, as the format was whatever you would look at and see that would be
	240	+|239 |00:42:08,340 ~-~-> 00:42:18,840 |sent by way of an email, it would just be a open source where people could see what everybody was doing a message board, basically. And I would get my feelings
	241	+|240 |00:42:18,840 ~-~-> 00:42:25,920 |hurt back then. Because someone would say, that's a stupid idea what you're doing. And then when I was doing it, right, everybody was like, Man, you are a
	242	+|241 |00:42:25,920 ~-~-> 00:42:35,040 |rock star. I'm taking that trade. And I was like, Yeah, I don't know, I'm making money now. Because he or she thinks it's a good trade. That's stupid. It was
	243	+|242 |00:42:35,040 ~-~-> 00:42:41,910 |dumb. I let other people back then influence my decisions or change the level of
	244	+|243 |00:42:43,800 ~-~-> 00:42:55,020 |that expectation I had on the trade. Because if they said me, that's a good idea. I think it's going to go to 1150. When I was looking at like, 1080, I'm
	245	+|244 |00:42:55,020 ~-~-> 00:43:01,920 |thinking myself, yeah, they're probably right. And I would change my trade to what they're saying, because, man, I don't want them to be right. And we miss
	246	+|245 |00:43:01,920 ~-~-> 00:43:13,410 |out on that extra profit. You see what that trapped is did. It took my trade away from me. And now I took their trade, who's in control there? It wasn't me.
	247	+|246 |00:43:14,040 ~-~-> 00:43:27,030 |I let go on the wheel. don't join trading clubs. Okay. That means circles where everyone has the hive mentality. Because you need to discover who you are as a
	248	+|247 |00:43:27,030 ~-~-> 00:43:40,680 |trader, and it's very, I guess, wasteful for your time. And it stunts your growth. If you start going into a group that has Well, this is the only way of
	249	+|248 |00:43:40,680 ~-~-> 00:43:51,030 |trading. And this is all we do around here. Because what you're trying to do is be part of that. Click, okay. You're trying to take on the hive mentality, and
	250	+|249 |00:43:51,030 ~-~-> 00:44:00,900 |it may not be suited for you. But you can waste more time and unfortunately, money. You don't want to discover that you've been wasting your time and money.
	251	+|250 |00:44:01,170 ~-~-> 00:44:14,070 |Okay? So you want to be solo. trading is a solo sport. It's not a team sport. No matter how good your guru or mentor is. If you're doing everything they say. You
	252	+|251 |00:44:14,070 ~-~-> 00:44:28,260 |aren't in control. You're growing codependent. don't subscribe to alerts, it gets back to signals. You want to be the source or generation of the trade
	253	+|252 |00:44:28,260 ~-~-> 00:44:35,160 |ideas. That way when you're wrong. you're forced to assume the responsibility. You can't say, Well, I just listened to that person. They were wrong. They suck.
	254	+|253 |00:44:36,150 ~-~-> 00:44:46,590 |Oh, well. What are you gonna do about it? Well, I'm gonna find somebody else. That's not responsible. That's gambling. You're going to another slot machine at
	255	+|254 |00:44:46,590 ~-~-> 00:45:02,220 |another casino. That's all that is. Versus I want to learn how to play cards. and manage my risk. Not bet too big. And just be steady Eddie at the table. You
	256	+|255 |00:45:02,220 ~-~-> 00:45:08,790 |want to be the generating source of the signals? don't subscribe to someone else because you have no idea what got them in the trade. You don't know what
	257	+|256 |00:45:08,790 ~-~-> 00:45:20,190 |influences are being imposed on them. Maybe they had a bad day. Maybe they had just recently had a spat with their spouse. And they feel like they have to feel
	258	+|257 |00:45:20,190 ~-~-> 00:45:31,830 |good empowered me. I'm gonna go out there and just tell everybody to buy SMP tomorrow at the open. And if I'm right, I'll feel good. I'll feel better about
	259	+|258 |00:45:31,830 ~-~-> 00:45:44,100 |this whole thing. Because they're human too. Do you want to be subscribing to someone that's like that. You don't know if that's what's going on? They're not
	260	+|259 |00:45:44,100 ~-~-> 00:45:52,170 |going to come out and say, yeah, it's trade worked out. But let me tell you what really was going on. My wife told me I was a bomb. I spent too much time on
	261	+|260 |00:45:52,170 ~-~-> 00:46:02,910 |these charts. And I didn't spend any time with the kids. And I walked the dog in six months. But I knew if I got this right, I'd feel stronger about myself. That
	262	+|261 |00:46:02,910 ~-~-> 00:46:12,450 |never happens, folks, that never happens. Never subscribed to other people's alerts. Don't count other people's money. That's what's popular right? Now
	263	+|262 |00:46:12,450 ~-~-> 00:46:20,010 |everyone wants to know how much money someone else has Instagram? What cars did he drive? What houses did they live in? Where are they having their vacation?
	264	+|263 |00:46:20,040 ~-~-> 00:46:31,590 |What did he wear? What kind of shoes they have on? Did he wear socks? What kind of underwear do they have? What jewelry do they have? Come on. All that stuff is
	265	+|264 |00:46:31,590 ~-~-> 00:46:41,160 |a waste. It's a waste, to waste your time, it's a waste of money. And you don't need all those things. If you're trading to do that, you're never going to get
	266	+|265 |00:46:41,160 ~-~-> 00:46:52,290 |there. And I'm gonna repeat that. If you are trading to live like that. You're never going to get there. Because you're looking at money. And you're not
	267	+|266 |00:46:52,290 ~-~-> 00:47:01,320 |looking at the process that's involved, that would eventually lead to profitability. So you're chasing that carrot, that little piece of candy that's
	268	+|267 |00:47:01,320 ~-~-> 00:47:10,350 |dangled in front of a child, you may be a stranger. But if you dangle that candy in front of a child, what's the child gonna do? Reach out for that candy? And
	269	+|268 |00:47:10,350 ~-~-> 00:47:23,010 |that's what all these people do. They dangle all this lavish toys and lifestyle, materialism. All of that is fluff. I've never done those types of things. And
	270	+|269 |00:47:23,010 ~-~-> 00:47:31,800 |it's important to understand that the reason why I don't do it, it's not because of a lack of it. Because I have all those things. But it doesn't do anything to
	271	+|270 |00:47:31,800 ~-~-> 00:47:39,630 |make you a better trader doesn't make you a better student. It will not in any capacity, motivate you. And then
	272	+|271 |00:47:39,660 ~-~-> 00:47:49,470 |that translates into a greater skill set that's derived because you saw that it doesn't work like that. But how many people fall victim to that? Everyone,
	273	+|272 |00:47:50,310 ~-~-> 00:48:00,150 |everyone, the first course I bought from Ken Roberts, that's all he talked about. You want to go on vacations, you want to have enough money to quit your
	274	+|273 |00:48:00,150 ~-~-> 00:48:11,010 |job. You want to buy a yacht, you want to live in a mansion. That's what was sold to me. And I bought that course, in a month one trade the very first trade
	275	+|274 |00:48:11,010 ~-~-> 00:48:21,990 |I lost 50% of what I put in? Well, I can tell you that was never said in the book that didn't get talked about at all. It just said, well, you can take some
	276	+|275 |00:48:21,990 ~-~-> 00:48:35,220 |losses, but you don't want your losses to be too big. Okay. But what happens if it is because options are a little bit different animal. And I found out the
	277	+|276 |00:48:35,220 ~-~-> 00:48:45,750 |hard way. Don't be enticed by other people's money. Don't count other people's money. Don't ask them what they make. Because you can't spend their money.
	278	+|277 |00:48:46,890 ~-~-> 00:48:55,410 |That's why I don't talk about what I'm making. That's why I don't talk about what I have. That's why I don't show you what I own. Because you can't drive my
	279	+|278 |00:48:55,410 ~-~-> 00:49:04,140 |cars. You're not going to spend a night at my house, you're not going to eat dinner, all my dishes. And you're not going to be on my vacations. So what
	280	+|279 |00:49:04,140 ~-~-> 00:49:12,300 |difference does it make? It's not going to make me feel better about myself for doing it. In fact, I'll feel like a slime ball like I did when I was younger.
	281	+|280 |00:49:12,570 ~-~-> 00:49:23,610 |Because I did that stuff to get people interested in me. It's not necessary. Don't feel insignificant by contrast, when you see other people succeeding or
	282	+|281 |00:49:23,820 ~-~-> 00:49:37,200 |supposedly succeeding, don't measure yourself against that. Because if you do, what you're saying is I'm only successful if I get to where they're at. I did
	283	+|282 |00:49:37,200 ~-~-> 00:49:50,850 |that. And when I stopped and said, You know what? I'm going to look at a goal. That's above everyone I've seen out there. I didn't I didn't believe anyone else
	284	+|283 |00:49:50,850 ~-~-> 00:50:00,870 |was more successful than Larry Williams. And he took 10,000 hours or $1.2 million in one year. Actually, it was over $2 million that same year. 1987 but
	285	+|284 |00:50:00,870 ~-~-> 00:50:09,420 |the crash Hardman had to trade it back and got it to 1.2 before the close of the Robins World Cup, that particular year, and you can see he still has the highest
	286	+|285 |00:50:09,780 ~-~-> 00:50:22,350 |percentage gain in that contest. So I said, I'm gonna make more than that. Because that's what that was my measuring stick. And I wanted to do better than
	287	+|286 |00:50:22,350 ~-~-> 00:50:35,130 |that. And I always live my life. With that in mind, I didn't want to say, What am I good is at the time, Jake Bernstein which he got himself in a lot of
	288	+|287 |00:50:35,130 ~-~-> 00:50:47,280 |trouble. And it's questionable of how much money he actually made as a trader. point is I fell victim to that in the beginning. And you don't want to do that.
	289	+|288 |00:50:47,280 ~-~-> 00:50:54,000 |Don't measure yourself against someone else. don't measure yourself against me, don't measure yourself against somebody else you see on social media, Instagram,
	290	+|289 |00:50:54,000 ~-~-> 00:51:06,240 |all that these people 99% of time are fake. They are driving cars they don't own. And they're in homes that they don't sleep in. And the clothes that they
	291	+|290 |00:51:06,240 ~-~-> 00:51:17,490 |have, many times, they're taking them back the next day. So what's the deal in watches, they're all basically fake. All that stuff is lower to make you think
	292	+|291 |00:51:17,490 ~-~-> 00:51:26,700 |they're successful. If they're successful, they'll prove it by showing you. They know what's going to happen in the marketplace. But strangely enough, that's the
	293	+|292 |00:51:26,700 ~-~-> 00:51:39,900 |thing they don't ever do. And that's what I focus on. I've made a reputation on telling you what I believe is the best in terms of market analysis concepts. In
	294	+|293 |00:51:39,900 ~-~-> 00:51:50,130 |1996, I pinned what everybody else is out there now touting as market maker concepts in one capacity or another. It's a watered down version of what I put
	295	+|294 |00:51:50,130 ~-~-> 00:52:03,810 |in lecture notes in 1996. What I started using in 1995, improved was real money. I started teaching one on one sessions. And they have made their way through the
	296	+|295 |00:52:03,810 ~-~-> 00:52:13,110 |internet over time. And now we see even more that people have books about it. They've made courses about it, and then even included some of the things that
	297	+|296 |00:52:13,110 ~-~-> 00:52:21,870 |actually occurred in my personal life, and some of their narratives. And it's all a lie. They didn't have those experiences, but I did. And I'm the only one
	298	+|297 |00:52:21,870 ~-~-> 00:52:31,740 |that can prove that makes this stuff work. Don't feel insignificant by contrast, because majority of the people you see out there, they're fakes. They're frauds,
	299	+|298 |00:52:31,740 ~-~-> 00:52:33,360 |and they aren't what they claim to be.
	300	+|299 |00:52:38,910 ~-~-> 00:52:46,050 |match your style to your personality. This is something I picked up from Larry Williams, who made a lot of sense, and I avoided doing it for a long time, I
	301	+|300 |00:52:46,050 ~-~-> 00:52:55,560 |wish I would have done it sooner. But if you're a scalper, okay, you're going to do very well if you make quick decisions. And that's as simple as that. If you
	302	+|301 |00:52:55,620 ~-~-> 00:53:07,170 |hem and haw about trying to make a decision and you want to be a scalper or a day trader, it's going to be a problem. And if you short term trade, typically
	303	+|302 |00:53:07,170 ~-~-> 00:53:15,060 |you're the type of person that can take a trade and sleep while you're in it. That that is a real good general rule of thumb. If you can sleep while you're in
	304	+|303 |00:53:15,060 ~-~-> 00:53:24,930 |a trade, then you're probably a good short term trader. Don't force yourself into any mold. There's gurus, there's mentors, there's people out there to
	305	+|304 |00:53:24,930 ~-~-> 00:53:36,240 |educate. And unfortunately, they try to take everyone and press them into this mold, this cookie cutter approach and it doesn't work. Avoid doing that. Don't
	306	+|305 |00:53:36,240 ~-~-> 00:53:50,100 |try to copy someone, their style, their image, their forte, their approach their vocabulary, you see where I'm going with this don't. So many people out there on
	307	+|306 |00:53:50,100 ~-~-> 00:54:05,340 |YouTube now sound a lot like ICT. Don't try to copy someone, be original, make your own unique model. Don't change trading approaches. stick to one approach,
	308	+|307 |00:54:06,420 ~-~-> 00:54:19,110 |one method mastered and then see how you work with it. That means you're gonna have to spend some time with it. Most people don't want to do that. Avoid system
	309	+|308 |00:54:19,110 ~-~-> 00:54:26,850 |hopping, okay. And the trap is if you take a trade and it loses, okay, that's reasonable. But if you take another train, you lose that's it. I'm throwing this
	310	+|309 |00:54:26,850 ~-~-> 00:54:34,260 |away. This is stupid, this, this method doesn't work. I did that a lot. And I went through all kinds of trading systems. And that's the reason why I went
	311	+|310 |00:54:34,260 ~-~-> 00:54:42,840 |through all kinds of trading accounts, because I wasn't consistent with anything except for system hopping. That was my only consistency. The baseline and my
	312	+|311 |00:54:42,840 ~-~-> 00:54:55,290 |consistency was all around me not being consistent with one trading approach. Many traders fail. Every model loses. You're gonna have to accept that I
	313	+|312 |00:54:55,290 ~-~-> 00:55:02,040 |mentioned it earlier with the risk. You can't avoid it. It's part of the business. Treat it like a no Normal transaction when you go to work, if you get
	314	+|313 |00:55:02,040 ~-~-> 00:55:10,260 |sick, you miss a day's work. That's a loss. Did you lose your job? No. Did you lose your house? No. Did you have a little less money that week? Yeah, that's
	315	+|314 |00:55:10,290 ~-~-> 00:55:20,850 |life. Well, that's how trading works. losses are inevitable, you're going to have them. Find your unique model and grow from it. Don't tweak it too much,
	316	+|315 |00:55:20,850 ~-~-> 00:55:29,580 |once it's profitable, stick with it. And then what you'll find is, by using a more advanced money management approach, if you have a method that gives you a
	317	+|316 |00:55:29,580 ~-~-> 00:55:38,130 |delivered result that's measurable, and it's consistent enough that it does it more times than it doesn't. If you add impeccable risk management and money
	318	+|317 |00:55:38,130 ~-~-> 00:55:46,680 |management to that, you will become wealthy. And this story, there's no ifs, ands, or buts, that's the way it is. But you cannot get to that point until you
	319	+|318 |00:55:46,680 ~-~-> 00:56:00,570 |go through all these other steps that are very, very boring, admittedly, but they're all part of the process. settle on one trade set up initially. Determine
	320	+|319 |00:56:00,570 ~-~-> 00:56:11,400 |your asset class, pick one market asset class, it's a commodity. It's an index future. It's a forex pair. It's a cryptocurrency. It's a stock, whatever it is,
	321	+|320 |00:56:12,000 ~-~-> 00:56:21,630 |stick to that one asset class. And inside that one asset class, pick one market. Outline when you want to buy, that means what's the criteria that you feel
	322	+|321 |00:56:21,630 ~-~-> 00:56:30,300 |comfortable with when it's a buy, and then outline that and make it as detailed as possible, put it on paper. And the same thing with when you want to go short?
	323	+|322 |00:56:30,720 ~-~-> 00:56:43,410 |What's the characteristics and circumstances that would drive you to believing it's a short and with that, you want to build many study journal cases, none. As
	324	+|323 |00:56:43,410 ~-~-> 00:56:52,050 |I said, not live trades with real money. You want to have a study journal that has a plethora of examples of where this worked in the past and when it didn't,
	325	+|324 |00:56:52,620 ~-~-> 00:57:01,740 |and study them in great lengths. So that way you get familiar with what it looks like by recognition. And then when you see live price action, you'll recognize
	326	+|325 |00:57:01,740 ~-~-> 00:57:16,560 |it as it forms. Now, with all those things, you have something to start with. And now you can plan your beginning. In part two, I promise I won't be so long
	327	+|326 |00:57:16,560 ~-~-> 00:57:26,370 |winded and boring. We're actually gonna give some insights on how you can go into the marketplace and study a very particular thing. And what that is, is the
	328	+|327 |00:57:26,370 ~-~-> 00:57:29,760 |optimal trade entry. And I'll talk to you then I wish good luck and good trading.
4	4
5		-2
6		-00:00:17,669 ~-~-> 00:00:20,129
7		-part series. And right away, let me get
8		-
9		-3
10		-00:00:20,129 ~-~-> 00:00:22,319
11		-your expectations in alignment. This
12		-
13		-4
14		-00:00:22,319 ~-~-> 00:00:25,799
15		-first installment or Part one is
16		-
17		-5
18		-00:00:25,859 ~-~-> 00:00:30,059
19		-basically one of those commuter episodes
20		-
21		-6
22		-00:00:30,299 ~-~-> 00:00:32,819
23		-going back and forth to work. You can
24		-
25		-7
26		-00:00:32,819 ~-~-> 00:00:34,319
27		-listen to it that way because there's
28		-
29		-8
30		-00:00:34,319 ~-~-> 00:00:36,119
31		-not really anything in this one there's
32		-
33		-9
34		-00:00:36,119 ~-~-> 00:00:39,029
35		-going to be graphic intensive, no words,
36		-
37		-10
38		-00:00:39,029 ~-~-> 00:00:41,549
39		-no charts, nothing like that. No market
40		-
41		-11
42		-00:00:41,549 ~-~-> 00:00:43,349
43		-makers secret concepts being revealed on
44		-
45		-12
46		-00:00:43,349 ~-~-> 00:00:45,479
47		-some charts. It's basically a
48		-
49		-13
50		-00:00:45,479 ~-~-> 00:00:46,919
51		-hypothetical conversation with my
52		-
53		-14
54		-00:00:46,919 ~-~-> 00:00:49,979
55		-younger self. I get questions a lot by
56		-
57		-15
58		-00:00:49,979 ~-~-> 00:00:53,009
59		-email. If I could go back in time. You
60		-
61		-16
62		-00:00:53,009 ~-~-> 00:00:56,639
63		-know what I like to do differently and I
64		-
65		-17
66		-00:00:56,639 ~-~-> 00:00:59,369
67		-kind of like twisted that whole idea to
68		-
69		-18
70		-00:00:59,369 ~-~-> 00:01:02,789
71		-come up with the perspective. And if I
72		-
73		-19
74		-00:01:02,789 ~-~-> 00:01:04,979
75		-could go back and tell myself what I
76		-
77		-20
78		-00:01:04,979 ~-~-> 00:01:07,619
79		-know now, and this is basically a
80		-
81		-21
82		-00:01:07,619 ~-~-> 00:01:08,999
83		-hypothetical conversation with my
84		-
85		-22
86		-00:01:08,999 ~-~-> 00:01:09,719
87		-younger self.
88		-
89		-23
90		-00:01:18,539 ~-~-> 00:01:20,279
91		-If I could go back to the start of it
92		-
93		-24
94		-00:01:20,279 ~-~-> 00:01:23,789
95		-all, knowing what I know now, said,
96		-
97		-25
98		-00:01:23,849 ~-~-> 00:01:27,569
99		-Everyone, how many times have you looked
100		-
101		-26
102		-00:01:27,569 ~-~-> 00:01:29,399
103		-at a circumstance in your life not just
104		-
105		-27
106		-00:01:29,399 ~-~-> 00:01:33,359
107		-in trading, but in anything, every facet
108		-
109		-28
110		-00:01:33,359 ~-~-> 00:01:35,069
111		-of your life you wish you could go back
112		-
113		-29
114		-00:01:35,069 ~-~-> 00:01:37,199
115		-knowing what you know now, I used to
116		-
117		-30
118		-00:01:37,199 ~-~-> 00:01:39,149
119		-hear my grandparents say things like
120		-
121		-31
122		-00:01:39,149 ~-~-> 00:01:41,249
123		-that. And I was like, What? I couldn't
124		-
125		-32
126		-00:01:41,249 ~-~-> 00:01:45,449
127		-relate with it and or to it, but being
128		-
129		-33
130		-00:01:45,449 ~-~-> 00:01:49,169
131		-47 about the term 48 years old. There is
132		-
133		-34
134		-00:01:49,169 ~-~-> 00:01:51,719
135		-a laundry list of things. I wish I could
136		-
137		-35
138		-00:01:51,719 ~-~-> 00:01:53,429
139		-go back and change not just in my
140		-
141		-36
142		-00:01:53,429 ~-~-> 00:01:56,339
143		-trading journey, but in all facets of my
144		-
145		-37
146		-00:01:56,339 ~-~-> 00:01:59,399
147		-life. So I shared a bunch of those
148		-
149		-38
150		-00:01:59,399 ~-~-> 00:02:01,049
151		-personal things. Today on my Twitter
152		-
153		-39
154		-00:02:01,049 ~-~-> 00:02:02,849
155		-feed, if you haven't been over there you
156		-
157		-40
158		-00:02:02,849 ~-~-> 00:02:04,589
159		-can take a look at that and see my my
160		-
161		-41
162		-00:02:04,589 ~-~-> 00:02:06,539
163		-open discussion about many of the
164		-
165		-42
166		-00:02:08,129 ~-~-> 00:02:10,109
167		-frailties in my personal life coming up
168		-
169		-43
170		-00:02:10,109 ~-~-> 00:02:13,409
171		-as a younger man into where I am today.
172		-
173		-44
174		-00:02:17,489 ~-~-> 00:02:19,829
175		-I want to talk a little bit about some
176		-
177		-45
178		-00:02:19,829 ~-~-> 00:02:22,169
179		-of the things that I wish I could go
180		-
181		-46
182		-00:02:22,169 ~-~-> 00:02:24,899
183		-back in time and tell my younger self.
184		-
185		-47
186		-00:02:25,679 ~-~-> 00:02:27,449
187		-Now, the way you can use this for
188		-
189		-48
190		-00:02:27,449 ~-~-> 00:02:32,339
191		-yourself is take what I'm saying with a
192		-
193		-49
194		-00:02:32,339 ~-~-> 00:02:36,029
195		-great deal of appreciation because I
196		-
197		-50
198		-00:02:36,029 ~-~-> 00:02:38,429
199		-weathered a lot of storms, financially
200		-
201		-51
202		-00:02:38,429 ~-~-> 00:02:41,099
203		-and personally, to get to what I know
204		-
205		-52
206		-00:02:41,099 ~-~-> 00:02:45,659
207		-now. And you may be a very young person
208		-
209		-53
210		-00:02:46,079 ~-~-> 00:02:49,199
211		-and or an older person just now getting
212		-
213		-54
214		-00:02:49,199 ~-~-> 00:02:52,649
215		-involved in the markets. You're going to
216		-
217		-55
218		-00:02:52,649 ~-~-> 00:02:55,019
219		-have the same growing pains that
220		-
221		-56
222		-00:02:55,079 ~-~-> 00:02:56,879
223		-everyone else has, and some of these
224		-
225		-57
226		-00:02:56,879 ~-~-> 00:02:58,529
227		-things are going to be things you
228		-
229		-58
230		-00:02:58,529 ~-~-> 00:03:00,599
231		-probably read in books heard other
232		-
233		-59
234		-00:03:00,599 ~-~-> 00:03:02,849
235		-people talk about, but I'm going to give
236		-
237		-60
238		-00:03:02,849 ~-~-> 00:03:04,889
239		-you my personal spin on some of them and
240		-
241		-61
242		-00:03:04,889 ~-~-> 00:03:07,769
243		-how it applied to me. So it's kind of
244		-
245		-62
246		-00:03:07,769 ~-~-> 00:03:09,389
247		-like a little bit of a little history
248		-
249		-63
250		-00:03:09,389 ~-~-> 00:03:12,389
251		-book of what I was plagued with in my
252		-
253		-64
254		-00:03:12,389 ~-~-> 00:03:15,419
255		-first six years. The first six years of
256		-
257		-65
258		-00:03:15,419 ~-~-> 00:03:17,789
259		-my trading development, the first six
260		-
261		-66
262		-00:03:17,789 ~-~-> 00:03:20,879
263		-years of my trading, development is
264		-
265		-67
266		-00:03:21,989 ~-~-> 00:03:25,109
267		-plagued with everything you could have
268		-
269		-68
270		-00:03:25,109 ~-~-> 00:03:28,649
271		-possibly done wrong. And I want to kind
272		-
273		-69
274		-00:03:28,649 ~-~-> 00:03:31,229
275		-of like use this discussion to kind of
276		-
277		-70
278		-00:03:31,229 ~-~-> 00:03:32,909
279		-like go through some of the major
280		-
281		-71
282		-00:03:32,909 ~-~-> 00:03:37,139
283		-hurdles that I had. And again, since I
284		-
285		-72
286		-00:03:37,139 ~-~-> 00:03:41,489
287		-have children, adult children now they
288		-
289		-73
290		-00:03:41,879 ~-~-> 00:03:44,399
291		-can hopefully listen to this and mine.
292		-
293		-74
294		-00:03:44,999 ~-~-> 00:03:48,899
295		-The, I guess the experience portion of
296		-
297		-75
298		-00:03:48,899 ~-~-> 00:03:50,759
299		-it, because a lot of the things that
300		-
301		-76
302		-00:03:50,759 ~-~-> 00:03:52,259
303		-I've put on my YouTube channel and I've
304		-
305		-77
306		-00:03:52,259 ~-~-> 00:03:53,159
307		-taught over the years
308		-
309		-78
310		-00:03:54,600 ~-~-> 00:03:55,290
311		-it's
312		-
313		-79
314		-00:03:57,240 ~-~-> 00:04:00,990
315		-heavily technical There's a lot of
316		-
317		-80
318		-00:04:00,990 ~-~-> 00:04:02,700
319		-things that are going on in the chart.
320		-
321		-81
322		-00:04:03,150 ~-~-> 00:04:04,830
323		-And I am always accused of being long
324		-
325		-82
326		-00:04:04,830 ~-~-> 00:04:08,370
327		-winded. And again, if you're not into
328		-
329		-83
330		-00:04:08,760 ~-~-> 00:04:10,680
331		-you really understanding what is most
332		-
333		-84
334		-00:04:10,680 ~-~-> 00:04:12,240
335		-likely going to plague you, if you just
336		-
337		-85
338		-00:04:12,240 ~-~-> 00:04:13,560
339		-want to go through it yourself and have
340		-
341		-86
342		-00:04:13,560 ~-~-> 00:04:16,260
343		-all that experience. Have at it, don't
344		-
345		-87
346		-00:04:16,260 ~-~-> 00:04:19,500
347		-even listen to this video. And there's
348		-
349		-88
350		-00:04:19,500 ~-~-> 00:04:20,880
351		-no harm and you're not listening to this
352		-
353		-89
354		-00:04:20,880 ~-~-> 00:04:22,380
355		-part, you could really just so Kevin's
356		-
357		-90
358		-00:04:22,380 ~-~-> 00:04:24,480
359		-going to wait to part two, but it's
360		-
361		-91
362		-00:04:24,480 ~-~-> 00:04:29,400
363		-meant to be a resource for you to glean
364		-
365		-92
366		-00:04:30,150 ~-~-> 00:04:32,010
367		-experience from without having to go
368		-
369		-93
370		-00:04:32,010 ~-~-> 00:04:34,950
371		-through the suffering portion of it. So
372		-
373		-94
374		-00:04:35,310 ~-~-> 00:04:37,680
375		-if I were to go back in time, and I
376		-
377		-95
378		-00:04:37,680 ~-~-> 00:04:39,600
379		-could sit at a table and talk to my
380		-
381		-96
382		-00:04:39,600 ~-~-> 00:04:43,440
383		-younger self, what would I tell him or
384		-
385		-97
386		-00:04:43,440 ~-~-> 00:04:47,460
387		-me? Where to focus? What should I as a
388		-
389		-98
390		-00:04:47,460 ~-~-> 00:04:50,670
391		-younger person, focus on in my
392		-
393		-99
394		-00:04:50,670 ~-~-> 00:04:54,900
395		-development as a trader. First thing,
396		-
397		-100
398		-00:04:55,200 ~-~-> 00:04:57,060
399		-don't seek the approval from others.
400		-
401		-101
402		-00:04:57,840 ~-~-> 00:05:00,330
403		-Right away. That's the number one One
404		-
405		-102
406		-00:05:00,330 ~-~-> 00:05:02,490
407		-characteristic of a successful trader.
408		-
409		-103
410		-00:05:03,270 ~-~-> 00:05:05,310
411		-Now, you might not agree with the things
412		-
413		-104
414		-00:05:05,310 ~-~-> 00:05:08,520
415		-I'm going to say in this episode, I'm
416		-
417		-105
418		-00:05:08,520 ~-~-> 00:05:10,920
419		-just speaking from my own personal walk,
420		-
421		-106
422		-00:05:11,310 ~-~-> 00:05:14,160
423		-and the things that I had to endure.
424		-
425		-107
426		-00:05:14,490 ~-~-> 00:05:17,520
427		-When I first started, the first people
428		-
429		-108
430		-00:05:17,670 ~-~-> 00:05:20,490
431		-that I look to get approval with, with
432		-
433		-109
434		-00:05:20,490 ~-~-> 00:05:25,620
435		-my family. And I love my family, both my
436		-
437		-110
438		-00:05:25,620 ~-~-> 00:05:28,680
439		-immediate and extended family, but none
440		-
441		-111
442		-00:05:28,680 ~-~-> 00:05:31,230
443		-of them shared in my excitement. They
444		-
445		-112
446		-00:05:31,230 ~-~-> 00:05:33,090
447		-gave me all the reasons why it was a
448		-
449		-113
450		-00:05:33,090 ~-~-> 00:05:35,820
451		-poor decision. It was a bad idea to get
452		-
453		-114
454		-00:05:35,820 ~-~-> 00:05:37,290
455		-involved in it, I'm going to just lose
456		-
457		-115
458		-00:05:37,290 ~-~-> 00:05:40,260
459		-money, and just accept working for the
460		-
461		-116
462		-00:05:40,260 ~-~-> 00:05:42,600
463		-rest of your life and simply not in the
464		-
465		-117
466		-00:05:42,600 ~-~-> 00:05:44,010
467		-cards for me, I just didn't want to do
468		-
469		-118
470		-00:05:44,010 ~-~-> 00:05:46,380
471		-that. So you don't want to seek approval
472		-
473		-119
474		-00:05:46,380 ~-~-> 00:05:47,460
475		-from your family because they're not
476		-
477		-120
478		-00:05:47,460 ~-~-> 00:05:49,530
479		-going to understand what you're trying
480		-
481		-121
482		-00:05:49,530 ~-~-> 00:05:51,660
483		-to do. They're going to give you all of
484		-
485		-122
486		-00:05:51,660 ~-~-> 00:05:53,880
487		-the heartfelt reasons why they're going
488		-
489		-123
490		-00:05:53,880 ~-~-> 00:05:55,260
491		-to try to protect you from yourself,
492		-
493		-124
494		-00:05:55,950 ~-~-> 00:05:57,300
495		-when they don't really understand what
496		-
497		-125
498		-00:05:57,300 ~-~-> 00:05:59,250
499		-it is that you're trying to do or learn
500		-
501		-126
502		-00:06:01,470 ~-~-> 00:06:03,120
503		-Don't seek the approval of your friends.
504		-
505		-127
506		-00:06:03,150 ~-~-> 00:06:04,950
507		-Number one, your friends are only going
508		-
509		-128
510		-00:06:04,950 ~-~-> 00:06:06,540
511		-to be interested once you start making
512		-
513		-129
514		-00:06:06,540 ~-~-> 00:06:07,980
515		-money. When they start seeing the
516		-
517		-130
518		-00:06:07,980 ~-~-> 00:06:10,380
519		-changes in your life, then and only then
520		-
521		-131
522		-00:06:10,380 ~-~-> 00:06:12,000
523		-will your friends be on board with it.
524		-
525		-132
526		-00:06:12,600 ~-~-> 00:06:15,030
527		-Your friends, much like your family,
528		-
529		-133
530		-00:06:15,960 ~-~-> 00:06:19,500
531		-really, don't feel comfortable with you
532		-
533		-134
534		-00:06:19,530 ~-~-> 00:06:20,910
535		-being successful because if you tell
536		-
537		-135
538		-00:06:20,910 ~-~-> 00:06:23,100
539		-them what you're going to do, and you
540		-
541		-136
542		-00:06:23,760 ~-~-> 00:06:25,200
543		-get to the point where you succeed at
544		-
545		-137
546		-00:06:25,200 ~-~-> 00:06:30,090
547		-it, you act like a mirror for them. And
548		-
549		-138
550		-00:06:30,090 ~-~-> 00:06:32,880
551		-they will always look to you as a
552		-
553		-139
554		-00:06:33,120 ~-~-> 00:06:36,090
555		-reminder of what they failed to pursue
556		-
557		-140
558		-00:06:36,090 ~-~-> 00:06:39,000
559		-in our own life. So again, don't try to
560		-
561		-141
562		-00:06:39,930 ~-~-> 00:06:42,510
563		-seek the approval of others, Family
564		-
565		-142
566		-00:06:42,510 ~-~-> 00:06:45,300
567		-First, and friends because it doesn't
568		-
569		-143
570		-00:06:45,300 ~-~-> 00:06:49,860
571		-work out. Third, don't go to work until
572		-
573		-144
574		-00:06:49,860 ~-~-> 00:06:51,120
575		-your co workers that you're going to be
576		-
577		-145
578		-00:06:51,120 ~-~-> 00:06:54,360
579		-quitting your jobs and I made all those
580		-
581		-146
582		-00:06:54,360 ~-~-> 00:06:57,900
583		-errors, okay, and many, many times I've
584		-
585		-147
586		-00:06:57,900 ~-~-> 00:07:01,410
587		-shared the low income I our heavy
588		-
589		-148
590		-00:07:01,410 ~-~-> 00:07:04,920
591		-workload job that I was doing as a young
592		-
593		-149
594		-00:07:04,920 ~-~-> 00:07:07,470
595		-man when I was beginning this journey.
596		-
597		-150
598		-00:07:08,670 ~-~-> 00:07:11,940
599		-And I just don't think that it's a good
600		-
601		-151
602		-00:07:11,940 ~-~-> 00:07:14,160
603		-practice for anyone to go to work and
604		-
605		-152
606		-00:07:14,160 ~-~-> 00:07:15,390
607		-tell their co workers number one,
608		-
609		-153
610		-00:07:15,960 ~-~-> 00:07:17,370
611		-they're going to be giving you again,
612		-
613		-154
614		-00:07:17,490 ~-~-> 00:07:20,010
615		-all the worst feedback you're ever gonna
616		-
617		-155
618		-00:07:20,010 ~-~-> 00:07:22,170
619		-hear. Yeah, right, you'll be here with
620		-
621		-156
622		-00:07:22,170 ~-~-> 00:07:24,180
623		-me the rest of your life. You're going
624		-
625		-157
626		-00:07:24,180 ~-~-> 00:07:26,640
627		-to retire from here, all those things,
628		-
629		-158
630		-00:07:26,760 ~-~-> 00:07:30,540
631		-okay. So when you get this feedback from
632		-
633		-159
634		-00:07:30,540 ~-~-> 00:07:32,640
635		-your co workers, you're going to hate
636		-
637		-160
638		-00:07:32,640 ~-~-> 00:07:34,440
639		-going to work even more, because you
640		-
641		-161
642		-00:07:34,440 ~-~-> 00:07:36,270
643		-might have liked going to work it to
644		-
645		-162
646		-00:07:36,270 ~-~-> 00:07:37,350
647		-some degree and hanging out with the
648		-
649		-163
650		-00:07:37,350 ~-~-> 00:07:38,760
651		-people you work with. Talking about
652		-
653		-164
654		-00:07:38,760 ~-~-> 00:07:40,770
655		-sports, talking about movies, talking
656		-
657		-165
658		-00:07:40,770 ~-~-> 00:07:44,910
659		-about the opposite sex. All these things
660		-
661		-166
662		-00:07:44,910 ~-~-> 00:07:49,380
663		-that you had a common, I guess agreement
664		-
665		-167
666		-00:07:49,380 ~-~-> 00:07:52,650
667		-on or an interest in, will start having
668		-
669		-168
670		-00:07:52,650 ~-~-> 00:07:54,390
671		-a great divide, because you're going to
672		-
673		-169
674		-00:07:54,390 ~-~-> 00:07:55,950
675		-look at them as a source of
676		-
677		-170
678		-00:07:57,600 ~-~-> 00:07:59,730
679		-annoyance and they're just gonna look at
680		-
681		-171
682		-00:07:59,730 ~-~-> 00:08:01,620
683		-you as You're pipe dreaming, and you're
684		-
685		-172
686		-00:08:01,620 ~-~-> 00:08:04,140
687		-not going to get to where you're going,
688		-
689		-173
690		-00:08:04,140 ~-~-> 00:08:05,220
691		-and it's going to be fun for them to
692		-
693		-174
694		-00:08:05,220 ~-~-> 00:08:07,290
695		-watch, you fail. And you don't want to
696		-
697		-175
698		-00:08:07,290 ~-~-> 00:08:08,850
699		-have someone constantly, you know,
700		-
701		-176
702		-00:08:09,630 ~-~-> 00:08:11,640
703		-poking you every day. It looks like
704		-
705		-177
706		-00:08:11,640 ~-~-> 00:08:13,260
707		-you're still here. I guess I'll see you
708		-
709		-178
710		-00:08:13,260 ~-~-> 00:08:16,200
711		-to work tomorrow. No types of things is
712		-
713		-179
714		-00:08:16,200 ~-~-> 00:08:18,450
715		-what I had to endure. So don't tell your
716		-
717		-180
718		-00:08:18,450 ~-~-> 00:08:19,530
719		-co workers which you're going to be
720		-
721		-181
722		-00:08:19,530 ~-~-> 00:08:22,200
723		-doing. Don't tell your boss, what you're
724		-
725		-182
726		-00:08:22,200 ~-~-> 00:08:24,120
727		-gonna be doing. You're going to
728		-
729		-183
730		-00:08:24,120 ~-~-> 00:08:26,970
731		-basically fire your boss and fire your
732		-
733		-184
734		-00:08:26,970 ~-~-> 00:08:29,130
735		-co workers when the time is right, but
736		-
737		-185
738		-00:08:29,130 ~-~-> 00:08:32,250
739		-you don't want to broadcast it. Because
740		-
741		-186
742		-00:08:32,250 ~-~-> 00:08:35,520
743		-all it's going to do is provide them a
744		-
745		-187
746		-00:08:35,520 ~-~-> 00:08:37,440
747		-timeline when they think you should be
748		-
749		-188
750		-00:08:37,440 ~-~-> 00:08:39,960
751		-doing it in teach you the entire time.
752		-
753		-189
754		-00:08:40,260 ~-~-> 00:08:42,300
755		-So your family's gonna constantly give
756		-
757		-190
758		-00:08:42,300 ~-~-> 00:08:44,520
759		-you heartfelt advice of why you
760		-
761		-191
762		-00:08:44,520 ~-~-> 00:08:47,070
763		-shouldn't do it. Your friends are going
764		-
765		-192
766		-00:08:47,070 ~-~-> 00:08:49,560
767		-to say, I'm not really interested. But
768		-
769		-193
770		-00:08:49,560 ~-~-> 00:08:51,690
771		-if you get successful, I might be
772		-
773		-194
774		-00:08:51,690 ~-~-> 00:08:53,790
775		-interested in then. So what why tell
776		-
777		-195
778		-00:08:53,790 ~-~-> 00:08:55,920
779		-them and coworkers are going to give you
780		-
781		-196
782		-00:08:55,920 ~-~-> 00:08:57,420
783		-every negative thing because they hate
784		-
785		-197
786		-00:08:57,420 ~-~-> 00:08:59,310
787		-their life. They're at the same place
788		-
789		-198
790		-00:08:59,310 ~-~-> 00:09:01,830
791		-you're at your job. To escape, so why
792		-
793		-199
794		-00:09:01,830 ~-~-> 00:09:06,120
795		-would you want them to pump you up?
796		-
797		-200
798		-00:09:06,390 ~-~-> 00:09:09,780
799		-That's what we do as humans, we want to
800		-
801		-201
802		-00:09:09,780 ~-~-> 00:09:13,800
803		-have our peers say, Yeah, that's a good
804		-
805		-202
806		-00:09:13,800 ~-~-> 00:09:15,540
807		-idea. But how many times in your life
808		-
809		-203
810		-00:09:15,540 ~-~-> 00:09:17,730
811		-Have you ever had that experience? I can
812		-
813		-204
814		-00:09:17,730 ~-~-> 00:09:21,240
815		-tell you, unless it was my fifth grade
816		-
817		-205
818		-00:09:21,240 ~-~-> 00:09:25,530
819		-teacher, Mr. lorber. Or it was my uncle
820		-
821		-206
822		-00:09:25,920 ~-~-> 00:09:27,630
823		-that talked to me about commodities when
824		-
825		-207
826		-00:09:27,630 ~-~-> 00:09:30,780
827		-I was 16 years old. And taught me about
828		-
829		-208
830		-00:09:32,040 ~-~-> 00:09:34,440
831		-narrow sideways channels and 123 tops
832		-
833		-209
834		-00:09:34,440 ~-~-> 00:09:36,390
835		-and bottoms and head and shoulders, and
836		-
837		-210
838		-00:09:36,390 ~-~-> 00:09:39,210
839		-all those bull flags and things. At 16
840		-
841		-211
842		-00:09:39,210 ~-~-> 00:09:40,650
843		-years old, I was looking at it and it
844		-
845		-212
846		-00:09:40,650 ~-~-> 00:09:42,540
847		-was going in one ear and out the other.
848		-
849		-213
850		-00:09:42,840 ~-~-> 00:09:44,970
851		-Okay, so when you tell all your family,
852		-
853		-214
854		-00:09:44,970 ~-~-> 00:09:47,310
855		-your friends and your co workers, that's
856		-
857		-215
858		-00:09:47,310 ~-~-> 00:09:49,020
859		-what's happening, and they're not going
860		-
861		-216
862		-00:09:49,020 ~-~-> 00:09:50,910
863		-to say, you know what, that's brilliant.
864		-
865		-217
866		-00:09:51,390 ~-~-> 00:09:52,710
867		-I wish I would have thought of that.
868		-
869		-218
870		-00:09:52,770 ~-~-> 00:09:54,330
871		-That's the reality. That's the reaction
872		-
873		-219
874		-00:09:54,330 ~-~-> 00:09:57,240
875		-you're expecting, right? It never works
876		-
877		-220
878		-00:09:57,240 ~-~-> 00:09:59,130
879		-out that way. But yet we all do it as
880		-
881		-221
882		-00:09:59,130 ~-~-> 00:10:01,980
883		-humans. We want to Have that that's a
884		-
885		-222
886		-00:10:01,980 ~-~-> 00:10:04,470
887		-good idea, response and it never comes.
888		-
889		-223
890		-00:10:04,740 ~-~-> 00:10:07,650
891		-So what does it do? It causes deflation.
892		-
893		-224
894		-00:10:07,800 ~-~-> 00:10:09,990
895		-You don't want to be around these
896		-
897		-225
898		-00:10:09,990 ~-~-> 00:10:11,340
899		-people, because now you're like, I wish
900		-
901		-226
902		-00:10:11,340 ~-~-> 00:10:12,300
903		-I would have ever said anything. But
904		-
905		-227
906		-00:10:12,300 ~-~-> 00:10:13,860
907		-once you put it out there, it's done.
908		-
909		-228
910		-00:10:15,450 ~-~-> 00:10:18,990
911		-And lastly, strangers. As a young man,
912		-
913		-229
914		-00:10:20,070 ~-~-> 00:10:22,950
915		-when I was doing my job would finish
916		-
917		-230
918		-00:10:23,160 ~-~-> 00:10:24,900
919		-off, you know, filling up the candy
920		-
921		-231
922		-00:10:24,900 ~-~-> 00:10:26,130
923		-machines and the soda machines and
924		-
925		-232
926		-00:10:26,130 ~-~-> 00:10:28,200
927		-coffee machines and such. And I used to
928		-
929		-233
930		-00:10:28,200 ~-~-> 00:10:31,020
931		-do a vending route, and did a long day,
932		-
933		-234
934		-00:10:31,020 ~-~-> 00:10:35,610
935		-13 hours or so. And during my route, I
936		-
937		-235
938		-00:10:35,610 ~-~-> 00:10:40,680
939		-felt this unreasonable desire to tell
940		-
941		-236
942		-00:10:40,680 ~-~-> 00:10:42,150
943		-other people that I don't even know.
944		-
945		-237
946		-00:10:43,260 ~-~-> 00:10:45,120
947		-Yeah, I'm looking at a market and hope
948		-
949		-238
950		-00:10:45,120 ~-~-> 00:10:46,500
951		-it goes up and then blah, blah, blah.
952		-
953		-239
954		-00:10:46,950 ~-~-> 00:10:48,990
955		-What? What do you talk to me about that
956		-
957		-240
958		-00:10:48,990 ~-~-> 00:10:52,590
959		-for? So when you tell strangers or if
960		-
961		-241
962		-00:10:52,590 ~-~-> 00:10:55,020
963		-you meet someone in the pub, okay, are
964		-
965		-242
966		-00:10:55,020 ~-~-> 00:10:58,260
967		-you at a club or? Well, right now it's
968		-
969		-243
970		-00:10:58,260 ~-~-> 00:10:59,730
971		-hard to go to those places right now
972		-
973		-244
974		-00:10:59,760 ~-~-> 00:11:01,320
975		-because Of all the things that's been
976		-
977		-245
978		-00:11:01,530 ~-~-> 00:11:05,040
979		-impacted by the illnesses being spread
980		-
981		-246
982		-00:11:05,040 ~-~-> 00:11:10,410
983		-around the social circles. When you run
984		-
985		-247
986		-00:11:10,410 ~-~-> 00:11:12,960
987		-into people, they'll ask you, Hey, you
988		-
989		-248
990		-00:11:12,960 ~-~-> 00:11:15,360
991		-know, so what do you do yourself? That's
992		-
993		-249
994		-00:11:15,360 ~-~-> 00:11:18,000
995		-not the invitation to say, Well, I'm
996		-
997		-250
998		-00:11:18,000 ~-~-> 00:11:19,770
999		-looking to start trading commodities.
1000		-
1001		-251
1002		-00:11:20,610 ~-~-> 00:11:22,470
1003		-They're gonna like, What? I'm trading
1004		-
1005		-252
1006		-00:11:22,470 ~-~-> 00:11:24,060
1007		-the foreign exchange market right away,
1008		-
1009		-253
1010		-00:11:24,060 ~-~-> 00:11:25,470
1011		-they're gonna be like, what is that? And
1012		-
1013		-254
1014		-00:11:25,470 ~-~-> 00:11:27,120
1015		-that's what you want them to ask you.
1016		-
1017		-255
1018		-00:11:27,180 ~-~-> 00:11:28,260
1019		-And then when you start talking about,
1020		-
1021		-256
1022		-00:11:28,290 ~-~-> 00:11:29,880
1023		-they're like, Oh, yeah, that's like the
1024		-
1025		-257
1026		-00:11:29,880 ~-~-> 00:11:33,180
1027		-stock market. You're not interested, or
1028		-
1029		-258
1030		-00:11:33,240 ~-~-> 00:11:34,710
1031		-they're interested, and you want to know
1032		-
1033		-259
1034		-00:11:34,710 ~-~-> 00:11:36,150
1035		-how much money you made, and you can't
1036		-
1037		-260
1038		-00:11:36,150 ~-~-> 00:11:37,530
1039		-tell them that you've made any money.
1040		-
1041		-261
1042		-00:11:37,560 ~-~-> 00:11:40,080
1043		-You're just now starting. So really,
1044		-
1045		-262
1046		-00:11:40,170 ~-~-> 00:11:41,610
1047		-you're a startup and they're not really
1048		-
1049		-263
1050		-00:11:41,610 ~-~-> 00:11:43,380
1051		-interested in the conversation anymore.
1052		-
1053		-264
1054		-00:11:43,530 ~-~-> 00:11:45,000
1055		-So you're not going to get that feedback
1056		-
1057		-265
1058		-00:11:45,000 ~-~-> 00:11:46,470
1059		-again, what you're looking for, so don't
1060		-
1061		-266
1062		-00:11:46,470 ~-~-> 00:11:48,780
1063		-seek the approval from others. You have
1064		-
1065		-267
1066		-00:11:48,780 ~-~-> 00:11:51,360
1067		-to pursue this on your own steam your
1068		-
1069		-268
1070		-00:11:51,360 ~-~-> 00:11:54,360
1071		-own energy. And if you had any
1072		-
1073		-269
1074		-00:11:54,600 ~-~-> 00:11:57,810
1075		-dependency on an outside source, be at
1076		-
1077		-270
1078		-00:11:57,810 ~-~-> 00:11:59,670
1079		-any one of these four groups, family,
1080		-
1081		-271
1082		-00:11:59,670 ~-~-> 00:12:02,880
1083		-friends. coworkers are strangers to give
1084		-
1085		-272
1086		-00:12:02,880 ~-~-> 00:12:07,530
1087		-you that, nudge, that little bit of a
1088		-
1089		-273
1090		-00:12:09,300 ~-~-> 00:12:10,710
1091		-pat on the back, that you're doing the
1092		-
1093		-274
1094		-00:12:10,710 ~-~-> 00:12:13,260
1095		-right thing for yourself, you're going
1096		-
1097		-275
1098		-00:12:13,260 ~-~-> 00:12:15,780
1099		-to struggle, because in trading, you got
1100		-
1101		-276
1102		-00:12:15,780 ~-~-> 00:12:17,220
1103		-to be there to make the decisions
1104		-
1105		-277
1106		-00:12:17,220 ~-~-> 00:12:19,380
1107		-whether anyone agrees with you or not.
1108		-
1109		-278
1110		-00:12:20,040 ~-~-> 00:12:22,260
1111		-And when you make money, you reap the
1112		-
1113		-279
1114		-00:12:22,260 ~-~-> 00:12:24,330
1115		-rewards of that. But when you lose it,
1116		-
1117		-280
1118		-00:12:25,140 ~-~-> 00:12:27,600
1119		-and you will, you have to be able to
1120		-
1121		-281
1122		-00:12:27,600 ~-~-> 00:12:30,720
1123		-endure that and not feel the compulsion
1124		-
1125		-282
1126		-00:12:30,720 ~-~-> 00:12:32,970
1127		-to go to someone and say, hey, look, you
1128		-
1129		-283
1130		-00:12:32,970 ~-~-> 00:12:34,320
1131		-know, I just lost a lot of money. It's
1132		-
1133		-284
1134		-00:12:34,320 ~-~-> 00:12:36,450
1135		-the same thing. Don't turn to anyone
1136		-
1137		-285
1138		-00:12:36,450 ~-~-> 00:12:38,610
1139		-else and say, I made a mistake today
1140		-
1141		-286
1142		-00:12:38,610 ~-~-> 00:12:40,740
1143		-help me feel better. You have to endure
1144		-
1145		-287
1146		-00:12:40,740 ~-~-> 00:12:43,080
1147		-that. And if you're going to start your
1148		-
1149		-288
1150		-00:12:43,080 ~-~-> 00:12:45,540
1151		-journey with this mindset of seeking
1152		-
1153		-289
1154		-00:12:45,540 ~-~-> 00:12:47,730
1155		-approval, or support outside of
1156		-
1157		-290
1158		-00:12:47,730 ~-~-> 00:12:50,700
1159		-yourself, this is gonna be a very hard
1160		-
1161		-291
1162		-00:12:50,700 ~-~-> 00:12:52,500
1163		-journey for you. So you have to prepare
1164		-
1165		-292
1166		-00:12:52,500 ~-~-> 00:12:55,110
1167		-yourself to seek your own approval
1168		-
1169		-293
1170		-00:12:55,440 ~-~-> 00:12:56,970
1171		-by your own study and your own
1172		-
1173		-294
1174		-00:12:56,970 ~-~-> 00:12:59,400
1175		-development. reward yourself when you do
1176		-
1177		-295
1178		-00:12:59,400 ~-~-> 00:13:01,470
1179		-it. Right. And when Do it wrong, give
1180		-
1181		-296
1182		-00:13:01,470 ~-~-> 00:13:03,330
1183		-yourself permission to be wrong and
1184		-
1185		-297
1186		-00:13:03,330 ~-~-> 00:13:10,410
1187		-allow yourself to grow. Next, learn risk
1188		-
1189		-298
1190		-00:13:10,440 ~-~-> 00:13:13,230
1191		-management well, and make that your
1192		-
1193		-299
1194		-00:13:13,230 ~-~-> 00:13:15,960
1195		-initial, very first thing that you want
1196		-
1197		-300
1198		-00:13:15,960 ~-~-> 00:13:18,540
1199		-to master. So you're controlling your
1200		-
1201		-301
1202		-00:13:18,540 ~-~-> 00:13:20,580
1203		-impulses to stop telling everybody your
1204		-
1205		-302
1206		-00:13:20,580 ~-~-> 00:13:22,560
1207		-business, okay? It's your business, it's
1208		-
1209		-303
1210		-00:13:22,560 ~-~-> 00:13:24,720
1211		-not their business, stop giving your
1212		-
1213		-304
1214		-00:13:24,720 ~-~-> 00:13:27,600
1215		-business to someone else. Next in line,
1216		-
1217		-305
1218		-00:13:27,690 ~-~-> 00:13:29,910
1219		-it's the risk. You have to understand
1220		-
1221		-306
1222		-00:13:29,910 ~-~-> 00:13:31,830
1223		-what you're getting involved in. If
1224		-
1225		-307
1226		-00:13:31,830 ~-~-> 00:13:33,210
1227		-you're gonna be trading with live funds,
1228		-
1229		-308
1230		-00:13:33,480 ~-~-> 00:13:35,940
1231		-you are losing money. That's a 100%
1232		-
1233		-309
1234		-00:13:35,940 ~-~-> 00:13:38,670
1235		-guarantee. You are losing money. There
1236		-
1237		-310
1238		-00:13:38,670 ~-~-> 00:13:42,060
1239		-is never ever going to be a trader that
1240		-
1241		-311
1242		-00:13:42,060 ~-~-> 00:13:45,570
1243		-starts and never has a loss. My very
1244		-
1245		-312
1246		-00:13:45,570 ~-~-> 00:13:47,880
1247		-first trade was a loss. I lost 50% of my
1248		-
1249		-313
1250		-00:13:47,880 ~-~-> 00:13:52,380
1251		-account overnight. And orange juice
1252		-
1253		-314
1254		-00:13:52,470 ~-~-> 00:13:55,560
1255		-option. I had no idea what I was doing.
1256		-
1257		-315
1258		-00:13:55,860 ~-~-> 00:13:58,950
1259		-I was baptized, thrown into water and
1260		-
1261		-316
1262		-00:13:58,950 ~-~-> 00:14:01,440
1263		-drowned. gate was just that short and
1264		-
1265		-317
1266		-00:14:01,440 ~-~-> 00:14:03,960
1267		-sweet. And I closed the account asked
1268		-
1269		-318
1270		-00:14:03,960 ~-~-> 00:14:06,390
1271		-for the remainder of my account. And
1272		-
1273		-319
1274		-00:14:06,570 ~-~-> 00:14:08,700
1275		-that was the end of my Fox investments.
1276		-
1277		-320
1278		-00:14:10,590 ~-~-> 00:14:12,390
1279		-Career that was the brokerage firm I
1280		-
1281		-321
1282		-00:14:12,390 ~-~-> 00:14:16,260
1283		-used at the time. And I had to go and
1284		-
1285		-322
1286		-00:14:16,260 ~-~-> 00:14:18,870
1287		-discover how to actually look at charts
1288		-
1289		-323
1290		-00:14:18,870 ~-~-> 00:14:20,340
1291		-and learn a little bit more about the
1292		-
1293		-324
1294		-00:14:20,340 ~-~-> 00:14:22,140
1295		-risks. So I didn't understand risks.
1296		-
1297		-325
1298		-00:14:22,170 ~-~-> 00:14:24,720
1299		-When I got into trading. I thought that
1300		-
1301		-326
1302		-00:14:25,440 ~-~-> 00:14:27,030
1303		-it should work right away because I saw
1304		-
1305		-327
1306		-00:14:27,030 ~-~-> 00:14:29,130
1307		-the book. The book said it does this. So
1308		-
1309		-328
1310		-00:14:29,130 ~-~-> 00:14:30,750
1311		-therefore, when I looked at the chart,
1312		-
1313		-329
1314		-00:14:31,260 ~-~-> 00:14:32,460
1315		-aren't you should have performed the
1316		-
1317		-330
1318		-00:14:32,460 ~-~-> 00:14:34,260
1319		-same way. Because that's what this guy
1320		-
1321		-331
1322		-00:14:34,260 ~-~-> 00:14:35,790
1323		-said in the book. You know, this guy
1324		-
1325		-332
1326		-00:14:35,790 ~-~-> 00:14:41,310
1327		-told me in at least three pages that the
1328		-
1329		-333
1330		-00:14:41,340 ~-~-> 00:14:43,050
1331		-market when it does this wiggle and
1332		-
1333		-334
1334		-00:14:43,050 ~-~-> 00:14:45,690
1335		-waggle, then I should expect it to move
1336		-
1337		-335
1338		-00:14:46,410 ~-~-> 00:14:49,800
1339		-this particular way. And where does he
1340		-
1341		-336
1342		-00:14:49,800 ~-~-> 00:14:53,490
1343		-get off? telling me this? And then it
1344		-
1345		-337
1346		-00:14:53,490 ~-~-> 00:14:56,610
1347		-not being true. You see where the
1348		-
1349		-338
1350		-00:14:56,610 ~-~-> 00:14:59,250
1351		-disconnection is? That was how I looked
1352		-
1353		-339
1354		-00:14:59,250 ~-~-> 00:15:01,170
1355		-at it. Because I didn't want to take the
1356		-
1357		-340
1358		-00:15:01,170 ~-~-> 00:15:05,820
1359		-responsibility of the risks. And I
1360		-
1361		-341
1362		-00:15:05,820 ~-~-> 00:15:07,770
1363		-figured, well, I'm an option. What's the
1364		-
1365		-342
1366		-00:15:07,770 ~-~-> 00:15:11,040
1367		-worst that could happen? All of my money
1368		-
1369		-343
1370		-00:15:11,040 ~-~-> 00:15:12,780
1371		-could have been gone. That's the worst.
1372		-
1373		-344
1374		-00:15:13,230 ~-~-> 00:15:16,230
1375		-And in one day overnight while I was
1376		-
1377		-345
1378		-00:15:16,230 ~-~-> 00:15:17,850
1379		-sleeping, woke up expecting to see I'm
1380		-
1381		-346
1382		-00:15:17,850 ~-~-> 00:15:18,780
1383		-going to be in I'm gonna be in the
1384		-
1385		-347
1386		-00:15:18,780 ~-~-> 00:15:22,320
1387		-profits. Yeah, I wasn't expecting that
1388		-
1389		-348
1390		-00:15:22,470 ~-~-> 00:15:26,100
1391		-down. 50% Welcome to trading Michael.
1392		-
1393		-349
1394		-00:15:26,490 ~-~-> 00:15:29,130
1395		-And it was a shock. And I just
1396		-
1397		-350
1398		-00:15:29,130 ~-~-> 00:15:31,470
1399		-completely collapsed, said give me my
1400		-
1401		-351
1402		-00:15:31,470 ~-~-> 00:15:33,750
1403		-money. I'm worn out. And that money
1404		-
1405		-352
1406		-00:15:33,750 ~-~-> 00:15:35,610
1407		-couldn't get back to me fast enough. And
1408		-
1409		-353
1410		-00:15:35,610 ~-~-> 00:15:38,340
1411		-back then they sent it in a cheque and
1412		-
1413		-354
1414		-00:15:38,340 ~-~-> 00:15:39,900
1415		-he had to wait for the cheque to come in
1416		-
1417		-355
1418		-00:15:39,900 ~-~-> 00:15:43,110
1419		-the mail. It was just, it was awful. So
1420		-
1421		-356
1422		-00:15:43,290 ~-~-> 00:15:44,880
1423		-the first thing you want to be focusing
1424		-
1425		-357
1426		-00:15:44,880 ~-~-> 00:15:47,700
1427		-on is managing risk and understanding
1428		-
1429		-358
1430		-00:15:47,700 ~-~-> 00:15:50,610
1431		-the underlying risks that's available to
1432		-
1433		-359
1434		-00:15:50,610 ~-~-> 00:15:55,410
1435		-you if you trade. You want to appreciate
1436		-
1437		-360
1438		-00:15:55,620 ~-~-> 00:15:58,890
1439		-the percent over the dollar gain or loss
1440		-
1441		-361
1442		-00:15:59,490 ~-~-> 00:16:02,250
1443		-when I first started, I was interested
1444		-
1445		-362
1446		-00:16:02,250 ~-~-> 00:16:04,590
1447		-in making a specific dollar amount. I
1448		-
1449		-363
1450		-00:16:04,590 ~-~-> 00:16:06,390
1451		-didn't understand compound interest, I
1452		-
1453		-364
1454		-00:16:06,390 ~-~-> 00:16:09,450
1455		-didn't understand the Kelly criterion,
1456		-
1457		-365
1458		-00:16:10,200 ~-~-> 00:16:12,930
1459		-optimal F, none of the advanced money
1460		-
1461		-366
1462		-00:16:12,930 ~-~-> 00:16:14,850
1463		-management theories that I adhere to
1464		-
1465		-367
1466		-00:16:14,850 ~-~-> 00:16:18,900
1467		-now. And I just looked for dollars, you
1468		-
1469		-368
1470		-00:16:18,900 ~-~-> 00:16:21,300
1471		-know, if I can make 500 bucks on this
1472		-
1473		-369
1474		-00:16:21,300 ~-~-> 00:16:23,790
1475		-move, that's what I want to make. And my
1476		-
1477		-370
1478		-00:16:23,790 ~-~-> 00:16:26,250
1479		-stop loss was what was the maximum I
1480		-
1481		-371
1482		-00:16:26,250 ~-~-> 00:16:28,980
1483		-could take? And that's exactly what I
1484		-
1485		-372
1486		-00:16:28,980 ~-~-> 00:16:30,960
1487		-was doing. Because I was afraid I was
1488		-
1489		-373
1490		-00:16:30,960 ~-~-> 00:16:33,180
1491		-gonna get stopped out. So I had this
1492		-
1493		-374
1494		-00:16:33,360 ~-~-> 00:16:35,940
1495		-unrealistic stop loss that was just
1496		-
1497		-375
1498		-00:16:35,970 ~-~-> 00:16:39,510
1499		-unbelievably wide. Or I didn't have one.
1500		-
1501		-376
1502		-00:16:39,960 ~-~-> 00:16:41,940
1503		-I was using a mental stop, which will
1504		-
1505		-377
1506		-00:16:41,940 ~-~-> 00:16:43,260
1507		-drive you mental if you're driving in a
1508		-
1509		-378
1510		-00:16:43,260 ~-~-> 00:16:45,360
1511		-truck 13 hours a day getting out.
1512		-
1513		-379
1514		-00:16:45,960 ~-~-> 00:16:50,310
1515		-Loading cans, soda, and junk food and
1516		-
1517		-380
1518		-00:16:50,310 ~-~-> 00:16:51,600
1519		-candy machines and going around and
1520		-
1521		-381
1522		-00:16:51,600 ~-~-> 00:16:53,640
1523		-fixing machines that aren't right. And
1524		-
1525		-382
1526		-00:16:53,640 ~-~-> 00:16:54,930
1527		-you're constantly wondering what the
1528		-
1529		-383
1530		-00:16:54,930 ~-~-> 00:16:56,100
1531		-markets doing and you don't have a
1532		-
1533		-384
1534		-00:16:56,100 ~-~-> 00:16:56,670
1535		-stoploss
1536		-
1537		-385
1538		-00:16:58,140 ~-~-> 00:17:00,150
1539		-Yeah, it's already bad enough that You
1540		-
1541		-386
1542		-00:17:00,150 ~-~-> 00:17:01,530
1543		-got to time the market and pick the
1544		-
1545		-387
1546		-00:17:01,530 ~-~-> 00:17:03,480
1547		-right direction. But now you got to add
1548		-
1549		-388
1550		-00:17:03,480 ~-~-> 00:17:06,300
1551		-to it that you're doing it blind, with
1552		-
1553		-389
1554		-00:17:06,300 ~-~-> 00:17:09,030
1555		-no stop loss and anything can happen.
1556		-
1557		-390
1558		-00:17:09,570 ~-~-> 00:17:11,160
1559		-And that's what I was doing. I mean,
1560		-
1561		-391
1562		-00:17:11,160 ~-~-> 00:17:13,500
1563		-literally, I was like a cowboy out there
1564		-
1565		-392
1566		-00:17:13,530 ~-~-> 00:17:17,790
1567		-riding bulls with no experience
1568		-
1569		-393
1570		-00:17:17,790 ~-~-> 00:17:20,310
1571		-whatsoever. And if I was thrown off, it
1572		-
1573		-394
1574		-00:17:20,310 ~-~-> 00:17:21,780
1575		-was always going to be the worst case,
1576		-
1577		-395
1578		-00:17:22,230 ~-~-> 00:17:24,030
1579		-it was really going to be bad. Every
1580		-
1581		-396
1582		-00:17:24,030 ~-~-> 00:17:25,260
1583		-single time I took a loss, it was going
1584		-
1585		-397
1586		-00:17:25,260 ~-~-> 00:17:27,510
1587		-to be bad. Either I got crushed, and I
1588		-
1589		-398
1590		-00:17:27,510 ~-~-> 00:17:28,560
1591		-got out because I couldn't handle the
1592		-
1593		-399
1594		-00:17:28,560 ~-~-> 00:17:31,050
1595		-pain anymore. Or if I had to stop, it
1596		-
1597		-400
1598		-00:17:31,050 ~-~-> 00:17:32,760
1599		-was running against me, taking me out
1600		-
1601		-401
1602		-00:17:32,760 ~-~-> 00:17:34,800
1603		-and it was going to be the maximum risk
1604		-
1605		-402
1606		-00:17:34,950 ~-~-> 00:17:38,550
1607		-that I could absorb in that trade. So
1608		-
1609		-403
1610		-00:17:38,550 ~-~-> 00:17:40,860
1611		-you want to appreciate the percentage of
1612		-
1613		-404
1614		-00:17:40,890 ~-~-> 00:17:43,530
1615		-what you are taking on as risk also with
1616		-
1617		-405
1618		-00:17:43,530 ~-~-> 00:17:46,140
1619		-your gains. So don't be impressed with a
1620		-
1621		-406
1622		-00:17:46,140 ~-~-> 00:17:49,200
1623		-specific dollar amount. Or don't look at
1624		-
1625		-407
1626		-00:17:49,200 ~-~-> 00:17:51,030
1627		-a specific dollar amount as well. It
1628		-
1629		-408
1630		-00:17:51,030 ~-~-> 00:17:52,590
1631		-doesn't hurt that bad because it's only
1632		-
1633		-409
1634		-00:17:52,770 ~-~-> 00:17:56,580
1635		-300 bucks. But if your account is 3000
1636		-
1637		-410
1638		-00:17:56,580 ~-~-> 00:18:00,750
1639		-that's 10%. That's correct. trouble. You
1640		-
1641		-411
1642		-00:18:00,750 ~-~-> 00:18:01,920
1643		-don't want to do that because you can't
1644		-
1645		-412
1646		-00:18:01,920 ~-~-> 00:18:03,210
1647		-do too many of those and not see your
1648		-
1649		-413
1650		-00:18:03,210 ~-~-> 00:18:06,300
1651		-account be lower to a level where it's a
1652		-
1653		-414
1654		-00:18:06,300 ~-~-> 00:18:08,280
1655		-little bit difficult to come back from
1656		-
1657		-415
1658		-00:18:08,280 ~-~-> 00:18:10,890
1659		-that as a new trader. So appreciate the
1660		-
1661		-416
1662		-00:18:10,890 ~-~-> 00:18:13,950
1663		-percentage over dollar gain or loss.
1664		-
1665		-417
1666		-00:18:16,650 ~-~-> 00:18:19,680
1667		-Learn to limit trade frequency. I felt
1668		-
1669		-418
1670		-00:18:19,680 ~-~-> 00:18:22,260
1671		-that since the markets were opening up
1672		-
1673		-419
1674		-00:18:22,290 ~-~-> 00:18:25,620
1675		-tomorrow, I had to be in there. So I was
1676		-
1677		-420
1678		-00:18:25,620 ~-~-> 00:18:29,220
1679		-over trading. And if I got a profit, and
1680		-
1681		-421
1682		-00:18:29,220 ~-~-> 00:18:32,190
1683		-I was able to get out in intraday I
1684		-
1685		-422
1686		-00:18:32,190 ~-~-> 00:18:35,100
1687		-would like Well, that was fun. I want to
1688		-
1689		-423
1690		-00:18:35,100 ~-~-> 00:18:37,200
1691		-go on there and do it again. When there
1692		-
1693		-424
1694		-00:18:37,200 ~-~-> 00:18:38,730
1695		-was 20 minutes left in the trading
1696		-
1697		-425
1698		-00:18:38,730 ~-~-> 00:18:40,290
1699		-session, because I was trading
1700		-
1701		-426
1702		-00:18:40,290 ~-~-> 00:18:43,470
1703		-commodities. They had pit hours where
1704		-
1705		-427
1706		-00:18:43,500 ~-~-> 00:18:44,970
1707		-they would open at this time and close
1708		-
1709		-428
1710		-00:18:44,970 ~-~-> 00:18:47,400
1711		-it this time. And I figured well, it's
1712		-
1713		-429
1714		-00:18:47,400 ~-~-> 00:18:49,890
1715		-still open. Anything could happen. And
1716		-
1717		-430
1718		-00:18:49,890 ~-~-> 00:18:51,660
1719		-if I'm right, I mean I can make some
1720		-
1721		-431
1722		-00:18:51,660 ~-~-> 00:18:54,060
1723		-more money before it closes. I had no
1724		-
1725		-432
1726		-00:18:54,060 ~-~-> 00:18:56,610
1727		-idea what I was doing folks, zero idea.
1728		-
1729		-433
1730		-00:18:57,030 ~-~-> 00:18:59,100
1731		-I was looking at these if these charts
1732		-
1733		-434
1734		-00:18:59,100 ~-~-> 00:19:04,740
1735		-and They were speaking to me. And it was
1736		-
1737		-435
1738		-00:19:05,220 ~-~-> 00:19:07,350
1739		-all the wrong things. He was telling me
1740		-
1741		-436
1742		-00:19:08,070 ~-~-> 00:19:10,590
1743		-gamble. And that's what I was doing. I
1744		-
1745		-437
1746		-00:19:10,590 ~-~-> 00:19:12,360
1747		-had money in the account, there was our
1748		-
1749		-438
1750		-00:19:12,360 ~-~-> 00:19:14,160
1751		-still left in the trading or 20 minutes
1752		-
1753		-439
1754		-00:19:14,160 ~-~-> 00:19:15,330
1755		-in this case as an example,
1756		-
1757		-440
1758		-00:19:15,330 ~-~-> 00:19:17,700
1759		-hypothetically, and I was going in here,
1760		-
1761		-441
1762		-00:19:18,150 ~-~-> 00:19:19,740
1763		-and if I could get more money before the
1764		-
1765		-442
1766		-00:19:19,740 ~-~-> 00:19:21,480
1767		-close, so I was doing and that's what
1768		-
1769		-443
1770		-00:19:21,480 ~-~-> 00:19:23,910
1771		-hurt me. Because I didn't understand the
1772		-
1773		-444
1774		-00:19:23,910 ~-~-> 00:19:26,640
1775		-risk. When you're getting close to the
1776		-
1777		-445
1778		-00:19:26,640 ~-~-> 00:19:28,800
1779		-end of the session, the end of the
1780		-
1781		-446
1782		-00:19:28,800 ~-~-> 00:19:31,380
1783		-trading day or the end of the week, you
1784		-
1785		-447
1786		-00:19:31,380 ~-~-> 00:19:33,810
1787		-have to know that there's a large degree
1788		-
1789		-448
1790		-00:19:33,840 ~-~-> 00:19:37,680
1791		-of risk in the fact that you're probably
1792		-
1793		-449
1794		-00:19:37,680 ~-~-> 00:19:40,680
1795		-not going to see any really major move
1796		-
1797		-450
1798		-00:19:40,680 ~-~-> 00:19:41,670
1799		-at that point because it's already
1800		-
1801		-451
1802		-00:19:41,670 ~-~-> 00:19:44,100
1803		-behind you. And you want to limit the
1804		-
1805		-452
1806		-00:19:44,100 ~-~-> 00:19:45,810
1807		-number of trades you take, because the
1808		-
1809		-453
1810		-00:19:45,810 ~-~-> 00:19:47,610
1811		-more frequency you have in your trades,
1812		-
1813		-454
1814		-00:19:48,150 ~-~-> 00:19:49,620
1815		-the more likely you're going to lose.
1816		-
1817		-455
1818		-00:19:49,950 ~-~-> 00:19:52,140
1819		-And if you have a lot of trades, you're
1820		-
1821		-456
1822		-00:19:52,140 ~-~-> 00:19:53,970
1823		-going to have a lot more losses and
1824		-
1825		-457
1826		-00:19:53,970 ~-~-> 00:19:57,750
1827		-losses mount up and you don't want that
1828		-
1829		-458
1830		-00:19:57,750 ~-~-> 00:19:59,670
1831		-to occur, especially as a developing
1832		-
1833		-459
1834		-00:19:59,730 ~-~-> 00:20:00,870
1835		-trader. You really don't want that to
1836		-
1837		-460
1838		-00:20:01,320 ~-~-> 00:20:04,470
1839		-occur at any time really. But you have
1840		-
1841		-461
1842		-00:20:04,470 ~-~-> 00:20:06,630
1843		-to learn to limit your trade frequency.
1844		-
1845		-462
1846		-00:20:09,030 ~-~-> 00:20:11,790
1847		-Avoid short term trading, turning it
1848		-
1849		-463
1850		-00:20:11,790 ~-~-> 00:20:15,420
1851		-into long term trading. When I first
1852		-
1853		-464
1854		-00:20:15,420 ~-~-> 00:20:18,840
1855		-started, I had no idea what style of
1856		-
1857		-465
1858		-00:20:18,840 ~-~-> 00:20:20,850
1859		-trading that I was going to really focus
1860		-
1861		-466
1862		-00:20:20,850 ~-~-> 00:20:24,660
1863		-on on I was being told I wanted to be a
1864		-
1865		-467
1866		-00:20:24,660 ~-~-> 00:20:26,520
1867		-position trader, you get on the daily
1868		-
1869		-468
1870		-00:20:26,520 ~-~-> 00:20:28,410
1871		-chart, catch a 123, hold it for three,
1872		-
1873		-469
1874		-00:20:28,410 ~-~-> 00:20:31,530
1875		-four or five, six months. And I couldn't
1876		-
1877		-470
1878		-00:20:31,530 ~-~-> 00:20:34,470
1879		-do it. I just couldn't do it. And when I
1880		-
1881		-471
1882		-00:20:34,470 ~-~-> 00:20:35,970
1883		-started trading with short term
1884		-
1885		-472
1886		-00:20:36,300 ~-~-> 00:20:39,270
1887		-strategies and such, when I was in
1888		-
1889		-473
1890		-00:20:39,270 ~-~-> 00:20:41,100
1891		-winners that started to move a lot for
1892		-
1893		-474
1894		-00:20:41,100 ~-~-> 00:20:45,330
1895		-me. If you trade of any length of time,
1896		-
1897		-475
1898		-00:20:45,600 ~-~-> 00:20:46,860
1899		-eventually you're going to get lucky
1900		-
1901		-476
1902		-00:20:46,860 ~-~-> 00:20:48,720
1903		-with something. And when it starts
1904		-
1905		-477
1906		-00:20:48,720 ~-~-> 00:20:51,240
1907		-moving in your favor really explosively.
1908		-
1909		-478
1910		-00:20:52,230 ~-~-> 00:20:54,570
1911		-Something happens inside of our brain.
1912		-
1913		-479
1914		-00:20:54,690 ~-~-> 00:20:56,850
1915		-It's like okay, this was only going to
1916		-
1917		-480
1918		-00:20:56,850 ~-~-> 00:20:59,280
1919		-be a trade for a couple hours, and maybe
1920		-
1921		-481
1922		-00:20:59,280 ~-~-> 00:21:03,630
1923		-make You know, five or six handles in
1924		-
1925		-482
1926		-00:21:03,630 ~-~-> 00:21:08,370
1927		-the SMP or 100 pips in the Forex, okay,
1928		-
1929		-483
1930		-00:21:08,400 ~-~-> 00:21:11,640
1931		-or a $2 and 50 cent move in the stock
1932		-
1933		-484
1934		-00:21:11,820 ~-~-> 00:21:13,860
1935		-that you're trading. But now because
1936		-
1937		-485
1938		-00:21:13,860 ~-~-> 00:21:16,260
1939		-it's exploded, you're like, well, this
1940		-
1941		-486
1942		-00:21:16,260 ~-~-> 00:21:20,670
1943		-is now a six month trade. And you end up
1944		-
1945		-487
1946		-00:21:20,670 ~-~-> 00:21:23,730
1947		-holding on to a winner turn loser. And
1948		-
1949		-488
1950		-00:21:23,730 ~-~-> 00:21:26,640
1951		-you changed your strategy from it was
1952		-
1953		-489
1954		-00:21:26,640 ~-~-> 00:21:28,560
1955		-gonna be a short term trade to now a
1956		-
1957		-490
1958		-00:21:28,560 ~-~-> 00:21:30,900
1959		-long term trade in that short term gain
1960		-
1961		-491
1962		-00:21:30,900 ~-~-> 00:21:35,310
1963		-turns into a now an immediate loss. It's
1964		-
1965		-492
1966		-00:21:35,310 ~-~-> 00:21:38,490
1967		-debilitating. stick to what you were
1968		-
1969		-493
1970		-00:21:38,490 ~-~-> 00:21:40,320
1971		-trying to do. When it gets to your
1972		-
1973		-494
1974		-00:21:40,320 ~-~-> 00:21:44,370
1975		-objectives. scale out and get your
1976		-
1977		-495
1978		-00:21:44,370 ~-~-> 00:21:46,650
1979		-target and move to the sidelines. Don't
1980		-
1981		-496
1982		-00:21:46,830 ~-~-> 00:21:49,440
1983		-change strategies while you're in a
1984		-
1985		-497
1986		-00:21:49,440 ~-~-> 00:21:51,720
1987		-trade that never ever, ever is a good
1988		-
1989		-498
1990		-00:21:51,720 ~-~-> 00:21:52,020
1991		-thing.
1992		-
1993		-499
1994		-00:21:54,270 ~-~-> 00:21:56,640
1995		-And be content with enough. If you had a
1996		-
1997		-500
1998		-00:21:56,640 ~-~-> 00:21:59,730
1999		-profitable week and it's Thursday, close
2000		-
2001		-501
2002		-00:21:59,730 ~-~-> 00:22:01,320
2003		-up shop Who says you have to trade on
2004		-
2005		-502
2006		-00:22:01,320 ~-~-> 00:22:04,230
2007		-Friday? What happens if you have a good
2008		-
2009		-503
2010		-00:22:04,650 ~-~-> 00:22:07,020
2011		-Monday and Tuesday, and it's way beyond
2012		-
2013		-504
2014		-00:22:07,020 ~-~-> 00:22:10,950
2015		-your normal return you return? Why would
2016		-
2017		-505
2018		-00:22:10,950 ~-~-> 00:22:13,470
2019		-you want to press your luck? The chances
2020		-
2021		-506
2022		-00:22:13,470 ~-~-> 00:22:14,430
2023		-are, you're going to give some of that
2024		-
2025		-507
2026		-00:22:14,430 ~-~-> 00:22:17,340
2027		-back, if not all of it. And when I was
2028		-
2029		-508
2030		-00:22:17,340 ~-~-> 00:22:19,560
2031		-younger, I did that a lot in my first
2032		-
2033		-509
2034		-00:22:19,560 ~-~-> 00:22:22,710
2035		-six years. But I didn't care. It didn't
2036		-
2037		-510
2038		-00:22:22,710 ~-~-> 00:22:24,390
2039		-bother me, and didn't have any
2040		-
2041		-511
2042		-00:22:24,390 ~-~-> 00:22:27,000
2043		-appreciation for the risk. Because I
2044		-
2045		-512
2046		-00:22:27,000 ~-~-> 00:22:30,090
2047		-figured, well, I'm going to be right
2048		-
2049		-513
2050		-00:22:30,090 ~-~-> 00:22:32,340
2051		-eventually, in every trade, I was
2052		-
2053		-514
2054		-00:22:32,340 ~-~-> 00:22:34,290
2055		-swinging for the fences. And I wanted to
2056		-
2057		-515
2058		-00:22:34,290 ~-~-> 00:22:36,450
2059		-make lots and lots of money. But the
2060		-
2061		-516
2062		-00:22:36,450 ~-~-> 00:22:38,160
2063		-problem with that is, because I was
2064		-
2065		-517
2066		-00:22:38,160 ~-~-> 00:22:39,570
2067		-taking on so much risk. When I had a
2068		-
2069		-518
2070		-00:22:39,570 ~-~-> 00:22:41,250
2071		-little bit of profit, I would close
2072		-
2073		-519
2074		-00:22:41,250 ~-~-> 00:22:42,420
2075		-because I just couldn't handle it
2076		-
2077		-520
2078		-00:22:42,420 ~-~-> 00:22:44,730
2079		-anymore. It was wearing me down like,
2080		-
2081		-521
2082		-00:22:45,240 ~-~-> 00:22:46,950
2083		-I'm expecting to make $1,000 in this
2084		-
2085		-522
2086		-00:22:46,950 ~-~-> 00:22:50,580
2087		-trade. Alright, I'm up to 50 I'm just I
2088		-
2089		-523
2090		-00:22:50,580 ~-~-> 00:22:53,520
2091		-just gotta get out, I'm fatigued. That's
2092		-
2093		-524
2094		-00:22:53,520 ~-~-> 00:22:54,690
2095		-what the market will do to you. If you
2096		-
2097		-525
2098		-00:22:54,690 ~-~-> 00:22:58,470
2099		-have no appreciation for the risk. Don't
2100		-
2101		-526
2102		-00:22:59,490 ~-~-> 00:23:03,270
2103		-undermine You're trading by not tackling
2104		-
2105		-527
2106		-00:23:03,360 ~-~-> 00:23:06,030
2107		-the first lesson in risk management, you
2108		-
2109		-528
2110		-00:23:06,030 ~-~-> 00:23:08,400
2111		-have to understand it, and how you
2112		-
2113		-529
2114		-00:23:08,910 ~-~-> 00:23:11,820
2115		-personally engage with the marketplace
2116		-
2117		-530
2118		-00:23:12,000 ~-~-> 00:23:18,180
2119		-and how you are, I guess, adversely
2120		-
2121		-531
2122		-00:23:19,110 ~-~-> 00:23:21,480
2123		-affected, I guess that's the train of
2124		-
2125		-532
2126		-00:23:21,480 ~-~-> 00:23:23,040
2127		-thought. I'm trying to communicate here
2128		-
2129		-533
2130		-00:23:23,040 ~-~-> 00:23:25,860
2131		-because unless you feel the pain of
2132		-
2133		-534
2134		-00:23:25,860 ~-~-> 00:23:27,750
2135		-being in a market that's not moving in
2136		-
2137		-535
2138		-00:23:27,750 ~-~-> 00:23:30,180
2139		-your favor, or screaming against you,
2140		-
2141		-536
2142		-00:23:31,110 ~-~-> 00:23:32,850
2143		-you're not going to fully appreciate
2144		-
2145		-537
2146		-00:23:33,840 ~-~-> 00:23:36,900
2147		-what I'm saying here. And as a younger
2148		-
2149		-538
2150		-00:23:36,900 ~-~-> 00:23:41,370
2151		-man, I saw lots of equity swings that
2152		-
2153		-539
2154		-00:23:41,370 ~-~-> 00:23:43,350
2155		-would make anyone else nauseous. And I
2156		-
2157		-540
2158		-00:23:43,350 ~-~-> 00:23:45,390
2159		-just, I didn't care. I had no
2160		-
2161		-541
2162		-00:23:45,390 ~-~-> 00:23:47,160
2163		-appreciation. I had no respect for the
2164		-
2165		-542
2166		-00:23:47,160 ~-~-> 00:23:50,130
2167		-marketplace because I figured I'm going
2168		-
2169		-543
2170		-00:23:50,130 ~-~-> 00:23:52,980
2171		-to get it right eventually. And I went
2172		-
2173		-544
2174		-00:23:52,980 ~-~-> 00:23:55,620
2175		-through many accounts, not one or two,
2176		-
2177		-545
2178		-00:23:55,650 ~-~-> 00:23:59,010
2179		-many like 14 individual trading
2180		-
2181		-546
2182		-00:23:59,010 ~-~-> 00:24:02,220
2183		-accounts. I would save up money, save up
2184		-
2185		-547
2186		-00:24:02,220 ~-~-> 00:24:04,170
2187		-money. My first account was with a
2188		-
2189		-548
2190		-00:24:04,170 ~-~-> 00:24:06,960
2191		-credit card. And then the second account
2192		-
2193		-549
2194		-00:24:06,960 ~-~-> 00:24:09,720
2195		-was with another credit card 20 $600 on
2196		-
2197		-550
2198		-00:24:09,720 ~-~-> 00:24:12,570
2199		-a nation's bank, credit card visa. And
2200		-
2201		-551
2202		-00:24:12,570 ~-~-> 00:24:14,610
2203		-you pay a lot of a lot of percentage in
2204		-
2205		-552
2206		-00:24:14,610 ~-~-> 00:24:16,710
2207		-terms of interest when you borrow cash.
2208		-
2209		-553
2210		-00:24:17,490 ~-~-> 00:24:19,950
2211		-And I just was doing everything wrong,
2212		-
2213		-554
2214		-00:24:20,130 ~-~-> 00:24:23,430
2215		-everything wrong, but I was not going to
2216		-
2217		-555
2218		-00:24:23,430 ~-~-> 00:24:28,590
2219		-be deterred. Moving on, you want to
2220		-
2221		-556
2222		-00:24:28,590 ~-~-> 00:24:31,140
2223		-prevent life imbalances, and this is one
2224		-
2225		-557
2226		-00:24:31,140 ~-~-> 00:24:32,820
2227		-of the things that I failed miserably
2228		-
2229		-558
2230		-00:24:32,820 ~-~-> 00:24:37,290
2231		-at. Have a pretty large family of five
2232		-
2233		-559
2234		-00:24:37,290 ~-~-> 00:24:39,420
2235		-children. One that was brought into my
2236		-
2237		-560
2238		-00:24:39,420 ~-~-> 00:24:40,950
2239		-marriage, I brought one into my
2240		-
2241		-561
2242		-00:24:40,950 ~-~-> 00:24:42,930
2243		-marriage, and I had three children with
2244		-
2245		-562
2246		-00:24:42,930 ~-~-> 00:24:47,310
2247		-three sons with my present wife. I
2248		-
2249		-563
2250		-00:24:47,700 ~-~-> 00:24:49,350
2251		-didn't spend a lot of time with my kids.
2252		-
2253		-564
2254		-00:24:49,560 ~-~-> 00:24:51,210
2255		-When I was younger, I was consumed with
2256		-
2257		-565
2258		-00:24:51,210 ~-~-> 00:24:52,680
2259		-the marketplace. I was consumed with
2260		-
2261		-566
2262		-00:24:52,680 ~-~-> 00:24:54,600
2263		-making money. I was consumed with
2264		-
2265		-567
2266		-00:24:54,660 ~-~-> 00:24:57,600
2267		-building businesses, consumed with real
2268		-
2269		-568
2270		-00:24:57,600 ~-~-> 00:25:02,370
2271		-estate, buying franchises. Just always
2272		-
2273		-569
2274		-00:25:02,370 ~-~-> 00:25:04,350
2275		-Money, money, money, money, money, and
2276		-
2277		-570
2278		-00:25:04,380 ~-~-> 00:25:07,230
2279		-most of my children's sporting events, I
2280		-
2281		-571
2282		-00:25:07,230 ~-~-> 00:25:15,930
2283		-missed them. And it was very hard to see
2284		-
2285		-572
2286		-00:25:15,930 ~-~-> 00:25:17,730
2287		-how much time I missed when I look back.
2288		-
2289		-573
2290		-00:25:17,880 ~-~-> 00:25:20,340
2291		-And now look at my children as adults.
2292		-
2293		-574
2294		-00:25:20,730 ~-~-> 00:25:24,360
2295		-Not all of them I have a 15 year old and
2296		-
2297		-575
2298		-00:25:24,360 ~-~-> 00:25:27,240
2299		-a shouldn't be 13 year old. It's still
2300		-
2301		-576
2302		-00:25:27,240 ~-~-> 00:25:29,820
2303		-living with me, but my older children, I
2304		-
2305		-577
2306		-00:25:29,820 ~-~-> 00:25:32,880
2307		-don't have a lot of memories. Because I
2308		-
2309		-578
2310		-00:25:32,880 ~-~-> 00:25:36,540
2311		-allowed the market to steal that. And I
2312		-
2313		-579
2314		-00:25:36,540 ~-~-> 00:25:38,850
2315		-chased it more, the faster it ran away
2316		-
2317		-580
2318		-00:25:38,850 ~-~-> 00:25:40,950
2319		-from me, the more I would pursue it,
2320		-
2321		-581
2322		-00:25:41,280 ~-~-> 00:25:43,830
2323		-because I was telling myself that I'm
2324		-
2325		-582
2326		-00:25:43,830 ~-~-> 00:25:46,530
2327		-doing all of this for them. And that
2328		-
2329		-583
2330		-00:25:46,530 ~-~-> 00:25:51,360
2331		-wasn't true. I was doing it for me. me
2332		-
2333		-584
2334		-00:25:52,170 ~-~-> 00:25:55,140
2335		-because I hated my job. I hated where I
2336		-
2337		-585
2338		-00:25:55,140 ~-~-> 00:25:58,830
2339		-was in life and I wanted more and I
2340		-
2341		-586
2342		-00:25:58,950 ~-~-> 00:26:02,130
2343		-wasn't sad. Despite where I was, and
2344		-
2345		-587
2346		-00:26:02,130 ~-~-> 00:26:05,790
2347		-every adversity brought on a new sense
2348		-
2349		-588
2350		-00:26:05,820 ~-~-> 00:26:09,360
2351		-of urgency that I gotta get this changed
2352		-
2353		-589
2354		-00:26:09,360 ~-~-> 00:26:13,500
2355		-right now. And days would pass in turn
2356		-
2357		-590
2358		-00:26:13,500 ~-~-> 00:26:17,970
2359		-two weeks, two months, two years. And I
2360		-
2361		-591
2362		-00:26:17,970 ~-~-> 00:26:21,570
2363		-missed so much time with my wife. I
2364		-
2365		-592
2366		-00:26:21,570 ~-~-> 00:26:23,280
2367		-missed so much time with my children.
2368		-
2369		-593
2370		-00:26:24,000 ~-~-> 00:26:26,010
2371		-And the greatest lesson I can tell you
2372		-
2373		-594
2374		-00:26:26,010 ~-~-> 00:26:27,390
2375		-right now, if you're new, especially if
2376		-
2377		-595
2378		-00:26:27,390 ~-~-> 00:26:29,490
2379		-you're a young man or a woman, and
2380		-
2381		-596
2382		-00:26:29,490 ~-~-> 00:26:31,020
2383		-you're getting ready to get into this,
2384		-
2385		-597
2386		-00:26:32,250 ~-~-> 00:26:36,120
2387		-these markets are vampires. They will
2388		-
2389		-598
2390		-00:26:36,120 ~-~-> 00:26:39,600
2391		-suck every drop in the marrow in your
2392		-
2393		-599
2394		-00:26:39,600 ~-~-> 00:26:43,290
2395		-bones if you give it to them. It does
2396		-
2397		-600
2398		-00:26:43,290 ~-~-> 00:26:45,300
2399		-not matter how much money you think you
2400		-
2401		-601
2402		-00:26:45,300 ~-~-> 00:26:47,520
2403		-can make or eventually make, because I'm
2404		-
2405		-602
2406		-00:26:47,520 ~-~-> 00:26:48,870
2407		-gonna tell you something. I've made a
2408		-
2409		-603
2410		-00:26:48,870 ~-~-> 00:26:53,310
2411		-lot of money. Millions of real dollars,
2412		-
2413		-604
2414		-00:26:53,550 ~-~-> 00:26:54,570
2415		-millions.
2416		-
2417		-605
2418		-00:26:55,980 ~-~-> 00:26:58,470
2419		-And I would give it all back. If I could
2420		-
2421		-606
2422		-00:26:58,470 ~-~-> 00:27:00,810
2423		-go back in time and be To spend the time
2424		-
2425		-607
2426		-00:27:00,810 ~-~-> 00:27:02,940
2427		-with my kids and my wife that I missed.
2428		-
2429		-608
2430		-00:27:08,849 ~-~-> 00:27:12,419
2431		-I created a prison cell for myself with
2432		-
2433		-609
2434		-00:27:12,419 ~-~-> 00:27:14,999
2435		-these markets that I willfully put
2436		-
2437		-610
2438		-00:27:14,999 ~-~-> 00:27:17,999
2439		-myself into every single day. And it
2440		-
2441		-611
2442		-00:27:17,999 ~-~-> 00:27:20,639
2443		-wasn't enough to be in the daytime,
2444		-
2445		-612
2446		-00:27:21,239 ~-~-> 00:27:23,189
2447		-worrying that all day long at work Was I
2448		-
2449		-613
2450		-00:27:23,189 ~-~-> 00:27:26,519
2451		-being a good employee No. Many times I
2452		-
2453		-614
2454		-00:27:26,519 ~-~-> 00:27:29,369
2455		-half assed my job, because I had to get
2456		-
2457		-615
2458		-00:27:29,369 ~-~-> 00:27:31,559
2459		-back to the truck where my quote trek
2460		-
2461		-616
2462		-00:27:31,559 ~-~-> 00:27:33,149
2463		-was, which was my little quote machine,
2464		-
2465		-617
2466		-00:27:33,959 ~-~-> 00:27:35,879
2467		-telling me what the soybean market was
2468		-
2469		-618
2470		-00:27:35,879 ~-~-> 00:27:39,269
2471		-doing, or what live cattle was doing, or
2472		-
2473		-619
2474		-00:27:39,299 ~-~-> 00:27:41,969
2475		-what the bond market was doing. I was
2476		-
2477		-620
2478		-00:27:41,969 ~-~-> 00:27:43,739
2479		-more concerned about that. And most of
2480		-
2481		-621
2482		-00:27:43,739 ~-~-> 00:27:46,559
2483		-the time I was losing money. So I wasn't
2484		-
2485		-622
2486		-00:27:46,559 ~-~-> 00:27:49,919
2487		-a good employee at the time. And when I
2488		-
2489		-623
2490		-00:27:49,919 ~-~-> 00:27:53,279
2491		-got home in the evening time, what was I
2492		-
2493		-624
2494		-00:27:53,279 ~-~-> 00:27:59,009
2495		-concerned about? family know I was
2496		-
2497		-625
2498		-00:27:59,009 ~-~-> 00:28:03,179
2499		-concerned about The market. I was
2500		-
2501		-626
2502		-00:28:03,179 ~-~-> 00:28:07,379
2503		-wanting to know, what can I do to make
2504		-
2505		-627
2506		-00:28:07,379 ~-~-> 00:28:10,739
2507		-more money. And my family will be there
2508		-
2509		-628
2510		-00:28:10,739 ~-~-> 00:28:16,919
2511		-when I'm done. And that's a lie. It's a
2512		-
2513		-629
2514		-00:28:16,919 ~-~-> 00:28:20,609
2515		-lie. You're going to give up your life
2516		-
2517		-630
2518		-00:28:21,419 ~-~-> 00:28:24,599
2519		-if you don't pay attention to it. So how
2520		-
2521		-631
2522		-00:28:24,599 ~-~-> 00:28:26,879
2523		-do you avoid it? You have to manage your
2524		-
2525		-632
2526		-00:28:26,879 ~-~-> 00:28:30,059
2527		-family time and schedule it. This is the
2528		-
2529		-633
2530		-00:28:30,059 ~-~-> 00:28:32,489
2531		-time for your family. No markets, no
2532		-
2533		-634
2534		-00:28:32,489 ~-~-> 00:28:36,029
2535		-charts, no TV time looking at reports
2536		-
2537		-635
2538		-00:28:36,029 ~-~-> 00:28:37,409
2539		-and news events that would drive the
2540		-
2541		-636
2542		-00:28:37,409 ~-~-> 00:28:40,289
2543		-marketplace. No newspapers, no articles
2544		-
2545		-637
2546		-00:28:40,289 ~-~-> 00:28:43,349
2547		-and magazines, no internet, no Twitter,
2548		-
2549		-638
2550		-00:28:43,649 ~-~-> 00:28:46,439
2551		-none of that stuff. You manage your
2552		-
2553		-639
2554		-00:28:46,469 ~-~-> 00:28:49,049
2555		-family time and you schedule it. And
2556		-
2557		-640
2558		-00:28:49,049 ~-~-> 00:28:52,319
2559		-then once you have gave your family your
2560		-
2561		-641
2562		-00:28:52,319 ~-~-> 00:28:57,539
2563		-time, an ample amount of it. Then you
2564		-
2565		-642
2566		-00:28:57,539 ~-~-> 00:28:59,009
2567		-have to return back to the marketplace.
2568		-
2569		-643
2570		-00:29:01,019 ~-~-> 00:29:05,099
2571		-Do you want to keep a study and trade
2572		-
2573		-644
2574		-00:29:05,099 ~-~-> 00:29:09,689
2575		-schedule? That means, what time of day?
2576		-
2577		-645
2578		-00:29:09,719 ~-~-> 00:29:11,069
2579		-Are you gonna be looking at the market
2580		-
2581		-646
2582		-00:29:11,399 ~-~-> 00:29:14,219
2583		-trade. And there are specific times of
2584		-
2585		-647
2586		-00:29:14,219 ~-~-> 00:29:17,339
2587		-the day, days of the week, months of the
2588		-
2589		-648
2590		-00:29:17,339 ~-~-> 00:29:19,079
2591		-year that you want to be focusing on
2592		-
2593		-649
2594		-00:29:19,079 ~-~-> 00:29:20,489
2595		-trading. And there are other times when
2596		-
2597		-650
2598		-00:29:20,489 ~-~-> 00:29:21,809
2599		-you don't want to be doing that. And you
2600		-
2601		-651
2602		-00:29:21,809 ~-~-> 00:29:23,849
2603		-want to be focusing on what they are.
2604		-
2605		-652
2606		-00:29:24,569 ~-~-> 00:29:26,969
2607		-And when are you going to study how much
2608		-
2609		-653
2610		-00:29:26,969 ~-~-> 00:29:28,439
2611		-time each day are you going to unlock
2612		-
2613		-654
2614		-00:29:28,499 ~-~-> 00:29:31,469
2615		-for studying? Because if you don't have
2616		-
2617		-655
2618		-00:29:31,469 ~-~-> 00:29:33,449
2619		-that, you're just going to go in there
2620		-
2621		-656
2622		-00:29:33,449 ~-~-> 00:29:35,699
2623		-and say, well, it's basically like
2624		-
2625		-657
2626		-00:29:35,699 ~-~-> 00:29:38,039
2627		-Netflix. I'm going to sit down, binge
2628		-
2629		-658
2630		-00:29:38,039 ~-~-> 00:29:40,319
2631		-watch and see what happens. Well, if you
2632		-
2633		-659
2634		-00:29:40,319 ~-~-> 00:29:41,999
2635		-look at a chart long enough, it's going
2636		-
2637		-660
2638		-00:29:41,999 ~-~-> 00:29:43,919
2639		-to start telling you, you know, if you
2640		-
2641		-661
2642		-00:29:43,919 ~-~-> 00:29:45,779
2643		-put some money into me, I might give you
2644		-
2645		-662
2646		-00:29:45,779 ~-~-> 00:29:49,829
2647		-some more back and you're going to
2648		-
2649		-663
2650		-00:29:49,829 ~-~-> 00:29:53,729
2651		-gamble. How long will a gambler sit in
2652		-
2653		-664
2654		-00:29:53,729 ~-~-> 00:29:55,529
2655		-front of a slot machine with a pocketful
2656		-
2657		-665
2658		-00:29:55,529 ~-~-> 00:29:57,809
2659		-of quarters before they put all the
2660		-
2661		-666
2662		-00:29:57,809 ~-~-> 00:30:00,809
2663		-quarters in there. As fast as they get
2664		-
2665		-667
2666		-00:30:00,809 ~-~-> 00:30:03,239
2667		-the next one. And that's what these
2668		-
2669		-668
2670		-00:30:03,239 ~-~-> 00:30:06,179
2671		-charts are their slot machines. And
2672		-
2673		-669
2674		-00:30:06,179 ~-~-> 00:30:07,949
2675		-you're great you're being groomed as a
2676		-
2677		-670
2678		-00:30:07,949 ~-~-> 00:30:09,779
2679		-gambler and all the books and things
2680		-
2681		-671
2682		-00:30:09,779 ~-~-> 00:30:11,729
2683		-that you learn from other people. And
2684		-
2685		-672
2686		-00:30:11,729 ~-~-> 00:30:13,889
2687		-it's just an enticement to constantly do
2688		-
2689		-673
2690		-00:30:13,889 ~-~-> 00:30:17,549
2691		-that feed that beast. So you have to
2692		-
2693		-674
2694		-00:30:17,549 ~-~-> 00:30:19,829
2695		-keep a study and trade schedule, and
2696		-
2697		-675
2698		-00:30:19,829 ~-~-> 00:30:24,479
2699		-only operate on that basis. off days are
2700		-
2701		-676
2702		-00:30:24,479 ~-~-> 00:30:28,229
2703		-off days. On the weekends, I spent more
2704		-
2705		-677
2706		-00:30:28,229 ~-~-> 00:30:30,359
2707		-time worrying about the marketplace when
2708		-
2709		-678
2710		-00:30:30,359 ~-~-> 00:30:31,499
2711		-I should have been spending it with my
2712		-
2713		-679
2714		-00:30:31,499 ~-~-> 00:30:34,589
2715		-family. So you have to absolutely hold
2716		-
2717		-680
2718		-00:30:34,589 ~-~-> 00:30:37,679
2719		-yourself hard and fast to when you don't
2720		-
2721		-681
2722		-00:30:37,679 ~-~-> 00:30:40,049
2723		-have any market activity and it's not
2724		-
2725		-682
2726		-00:30:40,049 ~-~-> 00:30:42,659
2727		-trading or it's a holiday, it may impact
2728		-
2729		-683
2730		-00:30:42,929 ~-~-> 00:30:45,959
2731		-with lower volume. That's an off day and
2732		-
2733		-684
2734		-00:30:45,959 ~-~-> 00:30:47,489
2735		-you don't look at the charts you don't
2736		-
2737		-685
2738		-00:30:47,489 ~-~-> 00:30:50,579
2739		-concern yourself with looking at what
2740		-
2741		-686
2742		-00:30:50,579 ~-~-> 00:30:52,319
2743		-could have happened. None of that stuff.
2744		-
2745		-687
2746		-00:30:52,859 ~-~-> 00:30:54,929
2747		-You pour it into your family and that
2748		-
2749		-688
2750		-00:30:54,929 ~-~-> 00:30:56,609
2751		-will prevent you from having a life
2752		-
2753		-689
2754		-00:30:56,609 ~-~-> 00:30:59,879
2755		-imbalance and finally want to be patient
2756		-
2757		-690
2758		-00:30:59,879 ~-~-> 00:31:05,939
2759		-with Development. I was overzealous and
2760		-
2761		-691
2762		-00:31:05,939 ~-~-> 00:31:08,759
2763		-unrealistic about what I wanted to do
2764		-
2765		-692
2766		-00:31:08,759 ~-~-> 00:31:10,529
2767		-once I started making money. That's what
2768		-
2769		-693
2770		-00:31:10,739 ~-~-> 00:31:12,929
2771		-caught fire in me. And I was like, I
2772		-
2773		-694
2774		-00:31:12,929 ~-~-> 00:31:15,179
2775		-want more, I want more, I want more. And
2776		-
2777		-695
2778		-00:31:15,179 ~-~-> 00:31:17,129
2779		-when I saw I could take a very small
2780		-
2781		-696
2782		-00:31:17,129 ~-~-> 00:31:22,829
2783		-Count 1200 1500 dollars to $15,000 in
2784		-
2785		-697
2786		-00:31:22,829 ~-~-> 00:31:26,099
2787		-less than six weeks, I was like, This is
2788		-
2789		-698
2790		-00:31:26,159 ~-~-> 00:31:27,899
2791		-exactly what I want to do. Like I want
2792		-
2793		-699
2794		-00:31:27,899 ~-~-> 00:31:29,579
2795		-to do this, I want to do anything else.
2796		-
2797		-700
2798		-00:31:30,509 ~-~-> 00:31:34,259
2799		-And you don't have to rush, especially
2800		-
2801		-701
2802		-00:31:34,259 ~-~-> 00:31:38,159
2803		-if you're younger than 30. Like if
2804		-
2805		-702
2806		-00:31:38,159 ~-~-> 00:31:41,159
2807		-you're in your 20s you have so much time
2808		-
2809		-703
2810		-00:31:42,209 ~-~-> 00:31:43,739
2811		-to get yourself where you want to be.
2812		-
2813		-704
2814		-00:31:44,459 ~-~-> 00:31:47,789
2815		-But you want to take the time to develop
2816		-
2817		-705
2818		-00:31:47,789 ~-~-> 00:31:49,919
2819		-yourself and learn a lot about yourself
2820		-
2821		-706
2822		-00:31:49,919 ~-~-> 00:31:51,899
2823		-because if you're not aware of what
2824		-
2825		-707
2826		-00:31:51,899 ~-~-> 00:31:53,459
2827		-you're going to likely do to yourself to
2828		-
2829		-708
2830		-00:31:53,459 ~-~-> 00:31:57,269
2831		-throw yourself off the rails. It doesn't
2832		-
2833		-709
2834		-00:31:57,269 ~-~-> 00:31:59,729
2835		-matter what you're going to learn or
2836		-
2837		-710
2838		-00:31:59,729 ~-~-> 00:32:00,899
2839		-what you're Gonna do or how much money
2840		-
2841		-711
2842		-00:32:00,899 ~-~-> 00:32:01,289
2843		-you start
2844		-
2845		-712
2846		-00:32:01,290 ~-~-> 00:32:03,090
2847		-with, or how much time you put into it,
2848		-
2849		-713
2850		-00:32:03,810 ~-~-> 00:32:06,270
2851		-it just means that you're going to rush
2852		-
2853		-714
2854		-00:32:06,270 ~-~-> 00:32:09,060
2855		-to destruction. So you have to give
2856		-
2857		-715
2858		-00:32:09,060 ~-~-> 00:32:11,670
2859		-yourself a realistic timeline. When I
2860		-
2861		-716
2862		-00:32:11,670 ~-~-> 00:32:13,680
2863		-first started, my plan was I wanted to
2864		-
2865		-717
2866		-00:32:13,680 ~-~-> 00:32:15,750
2867		-retire at 40. I want to make $1,000 a
2868		-
2869		-718
2870		-00:32:15,750 ~-~-> 00:32:18,150
2871		-month and retire at 40. That was my
2872		-
2873		-719
2874		-00:32:18,150 ~-~-> 00:32:21,600
2875		-plan. And I quickly learned that that
2876		-
2877		-720
2878		-00:32:21,600 ~-~-> 00:32:25,170
2879		-was a really low objective. What was
2880		-
2881		-721
2882		-00:32:25,170 ~-~-> 00:32:28,890
2883		-possible was a lot more than that. But I
2884		-
2885		-722
2886		-00:32:28,890 ~-~-> 00:32:31,080
2887		-wasn't prepared to see that type of
2888		-
2889		-723
2890		-00:32:31,080 ~-~-> 00:32:33,330
2891		-equity increase. When I started making a
2892		-
2893		-724
2894		-00:32:33,330 ~-~-> 00:32:39,090
2895		-lot of money. It's like a drug it makes
2896		-
2897		-725
2898		-00:32:39,090 ~-~-> 00:32:40,800
2899		-you want to do more and more and you
2900		-
2901		-726
2902		-00:32:40,950 ~-~-> 00:32:43,320
2903		-throw that in with he didn't care about
2904		-
2905		-727
2906		-00:32:43,320 ~-~-> 00:32:46,590
2907		-risk because I didn't it hurt me and I
2908		-
2909		-728
2910		-00:32:46,590 ~-~-> 00:32:49,140
2911		-would see these huge gains and then huge
2912		-
2913		-729
2914		-00:32:49,140 ~-~-> 00:32:52,170
2915		-draw downs. So while I'd have really big
2916		-
2917		-730
2918		-00:32:52,170 ~-~-> 00:32:54,330
2919		-run up, and I'd have a roller coaster
2920		-
2921		-731
2922		-00:32:54,330 ~-~-> 00:32:58,020
2923		-drop, and it would just put me back in
2924		-
2925		-732
2926		-00:32:58,020 ~-~-> 00:33:00,690
2927		-that I gotta go back in Spend more time
2928		-
2929		-733
2930		-00:33:00,690 ~-~-> 00:33:03,120
2931		-on the charts and who was suffering my
2932		-
2933		-734
2934		-00:33:03,120 ~-~-> 00:33:05,310
2935		-family. My children didn't get to see
2936		-
2937		-735
2938		-00:33:05,310 ~-~-> 00:33:07,050
2939		-their family or their father that much.
2940		-
2941		-736
2942		-00:33:07,470 ~-~-> 00:33:10,380
2943		-My wife didn't get to see me as much as
2944		-
2945		-737
2946		-00:33:10,380 ~-~-> 00:33:13,530
2947		-her husband. And I missed out on a lot.
2948		-
2949		-738
2950		-00:33:14,520 ~-~-> 00:33:19,080
2951		-And seeing a couple photographs is not
2952		-
2953		-739
2954		-00:33:19,080 ~-~-> 00:33:20,760
2955		-the same as being there to cheer your
2956		-
2957		-740
2958		-00:33:20,760 ~-~-> 00:33:22,680
2959		-kid on. When he's up here and he hits
2960		-
2961		-741
2962		-00:33:22,680 ~-~-> 00:33:27,420
2963		-his first home run. I missed that. When
2964		-
2965		-742
2966		-00:33:27,420 ~-~-> 00:33:30,150
2967		-his basketball team wins, and he made
2968		-
2969		-743
2970		-00:33:30,150 ~-~-> 00:33:33,510
2971		-that shot, great for the last bell. I
2972		-
2973		-744
2974		-00:33:33,510 ~-~-> 00:33:38,760
2975		-missed that. But hey, I made money on
2976		-
2977		-745
2978		-00:33:38,790 ~-~-> 00:33:42,720
2979		-lean hogs. It doesn't measure up.
2980		-
2981		-746
2982		-00:33:48,510 ~-~-> 00:33:50,790
2983		-Stop buying retail logic and tools. You
2984		-
2985		-747
2986		-00:33:50,790 ~-~-> 00:33:53,130
2987		-just don't want to be filling your head
2988		-
2989		-748
2990		-00:33:53,130 ~-~-> 00:33:56,970
2991		-up with all of this poor thinking, okay,
2992		-
2993		-749
2994		-00:33:56,970 ~-~-> 00:33:58,200
2995		-because that's exactly what it is.
2996		-
2997		-750
2998		-00:33:58,770 ~-~-> 00:34:01,110
2999		-Everything you learn in retailed books
3000		-
3001		-751
3002		-00:34:01,110 ~-~-> 00:34:03,240
3003		-and courses is diametrically opposed to
3004		-
3005		-752
3006		-00:34:03,240 ~-~-> 00:34:06,660
3007		-how the actual markets work. So stop
3008		-
3009		-753
3010		-00:34:06,660 ~-~-> 00:34:08,730
3011		-wasting money on books. And I've
3012		-
3013		-754
3014		-00:34:08,730 ~-~-> 00:34:11,550
3015		-purchased either by electronic format or
3016		-
3017		-755
3018		-00:34:12,000 ~-~-> 00:34:16,110
3019		-actual hardcopy books. I have over 2000
3020		-
3021		-756
3022		-00:34:16,110 ~-~-> 00:34:18,570
3023		-of them, and I won't buy another book
3024		-
3025		-757
3026		-00:34:18,570 ~-~-> 00:34:20,280
3027		-ever again. And I wish I would have
3028		-
3029		-758
3030		-00:34:20,280 ~-~-> 00:34:22,950
3031		-stopped. The second year that I started
3032		-
3033		-759
3034		-00:34:22,950 ~-~-> 00:34:24,390
3035		-buying them I had in my mind, I was
3036		-
3037		-760
3038		-00:34:24,390 ~-~-> 00:34:27,120
3039		-gonna buy as many books as I could,
3040		-
3041		-761
3042		-00:34:27,120 ~-~-> 00:34:28,410
3043		-because somebody out there, it's gonna
3044		-
3045		-762
3046		-00:34:28,410 ~-~-> 00:34:30,120
3047		-have the secret. And I'm gonna tell you
3048		-
3049		-763
3050		-00:34:30,120 ~-~-> 00:34:32,190
3051		-after reading over 2000 books, none of
3052		-
3053		-764
3054		-00:34:32,190 ~-~-> 00:34:34,170
3055		-them did. And there are some real
3056		-
3057		-765
3058		-00:34:34,170 ~-~-> 00:34:36,030
3059		-classics in there. And the ones that I
3060		-
3061		-766
3062		-00:34:36,030 ~-~-> 00:34:38,760
3063		-do, like I've mentioned before, and I
3064		-
3065		-767
3066		-00:34:38,760 ~-~-> 00:34:40,530
3067		-know some of you are new and you want to
3068		-
3069		-768
3070		-00:34:40,530 ~-~-> 00:34:43,950
3071		-know what they are. For money
3072		-
3073		-769
3074		-00:34:43,950 ~-~-> 00:34:45,660
3075		-management, I like everything from Ralph
3076		-
3077		-770
3078		-00:34:45,660 ~-~-> 00:34:49,110
3079		-Vince and Ryan Jones. They do a lot of
3080		-
3081		-771
3082		-00:34:49,230 ~-~-> 00:34:51,900
3083		-optimal F and Kelly criterion. It's a
3084		-
3085		-772
3086		-00:34:51,900 ~-~-> 00:34:53,100
3087		-little bit advanced. I'm not saying that
3088		-
3089		-773
3090		-00:34:53,100 ~-~-> 00:34:54,390
3091		-everyone that first starts trading
3092		-
3093		-774
3094		-00:34:54,390 ~-~-> 00:34:57,510
3095		-should mess with that because it's meant
3096		-
3097		-775
3098		-00:34:57,510 ~-~-> 00:34:59,910
3099		-to run your account up pretty quick and
3100		-
3101		-776
3102		-00:35:00,000 ~-~-> 00:35:01,140
3103		-You're not gonna be prepared for that.
3104		-
3105		-777
3106		-00:35:01,290 ~-~-> 00:35:03,600
3107		-And I wasn't either. That's why I
3108		-
3109		-778
3110		-00:35:03,600 ~-~-> 00:35:06,120
3111		-couldn't make it work right away. So I
3112		-
3113		-779
3114		-00:35:06,120 ~-~-> 00:35:08,010
3115		-did learn a lot about myself and then
3116		-
3117		-780
3118		-00:35:08,610 ~-~-> 00:35:12,090
3119		-tune it for me. How many million dollar
3120		-
3121		-781
3122		-00:35:12,090 ~-~-> 00:35:14,100
3123		-strain commodities last year? It's a
3124		-
3125		-782
3126		-00:35:14,100 ~-~-> 00:35:16,290
3127		-1970s book from Larry Williams. That
3128		-
3129		-783
3130		-00:35:16,290 ~-~-> 00:35:19,170
3131		-book still is relevant today. Not every
3132		-
3133		-784
3134		-00:35:19,170 ~-~-> 00:35:22,170
3135		-little thing in there is but majority of
3136		-
3137		-785
3138		-00:35:22,170 ~-~-> 00:35:25,140
3139		-that book is. That was the real first
3140		-
3141		-786
3142		-00:35:25,140 ~-~-> 00:35:28,230
3143		-inspiration for me to see how smart
3144		-
3145		-787
3146		-00:35:28,230 ~-~-> 00:35:30,150
3147		-money operates in the marketplace. And
3148		-
3149		-788
3150		-00:35:30,150 ~-~-> 00:35:31,830
3151		-then that was my pursuit press my life.
3152		-
3153		-789
3154		-00:35:31,860 ~-~-> 00:35:35,010
3155		-I was going to crack these markets. So
3156		-
3157		-790
3158		-00:35:35,670 ~-~-> 00:35:38,460
3159		-that trading for a living buyouts and
3160		-
3161		-791
3162		-00:35:38,460 ~-~-> 00:35:41,610
3163		-their elder market wizards wanting to
3164		-
3165		-792
3166		-00:35:42,000 ~-~-> 00:35:47,010
3167		-just inspiration and street smarts by
3168		-
3169		-793
3170		-00:35:47,070 ~-~-> 00:35:50,220
3171		-Linda raschke and Larry conners. That's
3172		-
3173		-794
3174		-00:35:51,000 ~-~-> 00:35:53,790
3175		-it. Now if you want to know what to do
3176		-
3177		-795
3178		-00:35:53,790 ~-~-> 00:35:57,300
3179		-the opposite of john Murphy's technical
3180		-
3181		-796
3182		-00:35:57,300 ~-~-> 00:35:59,100
3183		-analysis of financial markets book,
3184		-
3185		-797
3186		-00:35:59,100 ~-~-> 00:36:02,370
3187		-that's the retail Traders Bible. I
3188		-
3189		-798
3190		-00:36:02,370 ~-~-> 00:36:03,960
3191		-always recommend that one simply because
3192		-
3193		-799
3194		-00:36:03,960 ~-~-> 00:36:06,030
3195		-you want to learn how to do the opposite
3196		-
3197		-800
3198		-00:36:06,030 ~-~-> 00:36:07,380
3199		-of everything is being taught that book.
3200		-
3201		-801
3202		-00:36:07,920 ~-~-> 00:36:09,570
3203		-And if you do that, you're going to
3204		-
3205		-802
3206		-00:36:09,570 ~-~-> 00:36:11,340
3207		-quickly see how charts are really,
3208		-
3209		-803
3210		-00:36:11,340 ~-~-> 00:36:14,820
3211		-really fun to watch then, because it's
3212		-
3213		-804
3214		-00:36:15,630 ~-~-> 00:36:19,560
3215		-such a high degree of percentage of
3216		-
3217		-805
3218		-00:36:19,560 ~-~-> 00:36:22,440
3219		-failure failing, that it's more likely
3220		-
3221		-806
3222		-00:36:22,440 ~-~-> 00:36:24,180
3223		-if you just fade those moves, you'll
3224		-
3225		-807
3226		-00:36:24,180 ~-~-> 00:36:26,370
3227		-probably see the chart, work in your
3228		-
3229		-808
3230		-00:36:26,370 ~-~-> 00:36:31,980
3231		-favor. Avoid looking for hot hand gurus.
3232		-
3233		-809
3234		-00:36:32,220 ~-~-> 00:36:34,620
3235		-I did this a lot on America Online. I
3236		-
3237		-810
3238		-00:36:34,620 ~-~-> 00:36:37,620
3239		-chased everybody. If they had a service,
3240		-
3241		-811
3242		-00:36:38,100 ~-~-> 00:36:39,720
3243		-I was trying it out, at least for a
3244		-
3245		-812
3246		-00:36:39,780 ~-~-> 00:36:41,010
3247		-while back then they would do it by the
3248		-
3249		-813
3250		-00:36:41,010 ~-~-> 00:36:43,920
3251		-week. Now everything's by month, and
3252		-
3253		-814
3254		-00:36:44,700 ~-~-> 00:36:47,040
3255		-everything was at the time, a
3256		-
3257		-815
3258		-00:36:47,040 ~-~-> 00:36:49,800
3259		-newsletter, or a phone number that you
3260		-
3261		-816
3262		-00:36:49,800 ~-~-> 00:36:52,380
3263		-had to call and pay a couple dollars a
3264		-
3265		-817
3266		-00:36:52,380 ~-~-> 00:36:54,030
3267		-minute or whatever. And he would tell
3268		-
3269		-818
3270		-00:36:54,030 ~-~-> 00:36:56,370
3271		-you what they were trading, and I never
3272		-
3273		-819
3274		-00:36:56,370 ~-~-> 00:36:59,100
3275		-made money with that stuff. Even Larry
3276		-
3277		-820
3278		-00:36:59,100 ~-~-> 00:37:00,540
3279		-Williams, not to beat disrespectful
3280		-
3281		-821
3282		-00:37:00,540 ~-~-> 00:37:03,750
3283		-towards him. But I, at one time was
3284		-
3285		-822
3286		-00:37:04,230 ~-~-> 00:37:07,140
3287		-paying for his hotline. And you would
3288		-
3289		-823
3290		-00:37:07,140 ~-~-> 00:37:08,820
3291		-just call him up and he would have a
3292		-
3293		-824
3294		-00:37:08,820 ~-~-> 00:37:12,330
3295		-recording. And it was basically what he
3296		-
3297		-825
3298		-00:37:12,330 ~-~-> 00:37:14,190
3299		-was going to do with the bond market and
3300		-
3301		-826
3302		-00:37:14,280 ~-~-> 00:37:16,620
3303		-what the SMP market and I did those
3304		-
3305		-827
3306		-00:37:16,620 ~-~-> 00:37:19,800
3307		-trades, and I lost money. Again, I'm not
3308		-
3309		-828
3310		-00:37:19,800 ~-~-> 00:37:20,880
3311		-saying that he's not a profitable
3312		-
3313		-829
3314		-00:37:20,880 ~-~-> 00:37:22,830
3315		-trader. I'm not saying he's not a good
3316		-
3317		-830
3318		-00:37:22,830 ~-~-> 00:37:24,540
3319		-trader. I'm not saying he's not a good
3320		-
3321		-831
3322		-00:37:24,540 ~-~-> 00:37:26,760
3323		-teacher. I'm just saying, my personal
3324		-
3325		-832
3326		-00:37:26,760 ~-~-> 00:37:29,100
3327		-experience doing that. I lost money on
3328		-
3329		-833
3330		-00:37:29,100 ~-~-> 00:37:32,280
3331		-every single trade. So avoid looking for
3332		-
3333		-834
3334		-00:37:32,280 ~-~-> 00:37:33,600
3335		-hockey and gurus This is the reason why
3336		-
3337		-835
3338		-00:37:33,600 ~-~-> 00:37:35,580
3339		-I don't hold people's hands. I don't say
3340		-
3341		-836
3342		-00:37:35,610 ~-~-> 00:37:37,530
3343		-is that we're going to do buy here, sell
3344		-
3345		-837
3346		-00:37:37,530 ~-~-> 00:37:40,230
3347		-here, stop. Don't do that. Because all
3348		-
3349		-838
3350		-00:37:40,230 ~-~-> 00:37:42,240
3351		-that does is create codependence and you
3352		-
3353		-839
3354		-00:37:42,240 ~-~-> 00:37:43,500
3355		-don't want to be a codependent trader,
3356		-
3357		-840
3358		-00:37:43,500 ~-~-> 00:37:44,670
3359		-you want to be an independent thinking
3360		-
3361		-841
3362		-00:37:44,670 ~-~-> 00:37:45,090
3363		-trader.
3364		-
3365		-842
3366		-00:37:47,550 ~-~-> 00:37:50,010
3367		-become your own signal generator. The
3368		-
3369		-843
3370		-00:37:50,010 ~-~-> 00:37:52,950
3371		-big thing is always as a new trader, you
3372		-
3373		-844
3374		-00:37:52,950 ~-~-> 00:37:54,870
3375		-want to find someone that's good. You
3376		-
3377		-845
3378		-00:37:54,870 ~-~-> 00:37:56,250
3379		-don't want to find a mentor. You want to
3380		-
3381		-846
3382		-00:37:56,250 ~-~-> 00:37:57,570
3383		-find someone that's going to tell you
3384		-
3385		-847
3386		-00:37:57,570 ~-~-> 00:37:59,160
3387		-what they're doing and making money so
3388		-
3389		-848
3390		-00:37:59,160 ~-~-> 00:38:02,460
3391		-you can copy them. And I fell victim to
3392		-
3393		-849
3394		-00:38:02,460 ~-~-> 00:38:07,200
3395		-that, too. I didn't want to trust my own
3396		-
3397		-850
3398		-00:38:07,350 ~-~-> 00:38:10,620
3399		-analysis, I got lazy and thinking, well,
3400		-
3401		-851
3402		-00:38:10,710 ~-~-> 00:38:11,700
3403		-I really just want to make a lot of
3404		-
3405		-852
3406		-00:38:11,700 ~-~-> 00:38:13,410
3407		-money. So if I can find someone really
3408		-
3409		-853
3410		-00:38:13,410 ~-~-> 00:38:15,810
3411		-good, I'll just copy them. And
3412		-
3413		-854
3414		-00:38:16,380 ~-~-> 00:38:17,610
3415		-everything they do, I'm going to take
3416		-
3417		-855
3418		-00:38:17,610 ~-~-> 00:38:19,470
3419		-the trades, since they're successful.
3420		-
3421		-856
3422		-00:38:19,920 ~-~-> 00:38:21,210
3423		-Even if I take a couple of losses here
3424		-
3425		-857
3426		-00:38:21,210 ~-~-> 00:38:22,890
3427		-and there, I'm just going to stick with
3428		-
3429		-858
3430		-00:38:22,890 ~-~-> 00:38:24,870
3431		-it. So what am I really saying there?
3432		-
3433		-859
3434		-00:38:25,470 ~-~-> 00:38:28,290
3435		-I'm saying that I'm going to use them as
3436		-
3437		-860
3438		-00:38:28,290 ~-~-> 00:38:32,130
3439		-my system. And I'm accepting losses. I
3440		-
3441		-861
3442		-00:38:32,130 ~-~-> 00:38:33,840
3443		-know they're probably going to come, but
3444		-
3445		-862
3446		-00:38:33,870 ~-~-> 00:38:35,340
3447		-I'm holding out that they're going to
3448		-
3449		-863
3450		-00:38:35,340 ~-~-> 00:38:36,930
3451		-have more wins and losses. Now, doesn't
3452		-
3453		-864
3454		-00:38:36,930 ~-~-> 00:38:39,720
3455		-that make sense? If you apply it to your
3456		-
3457		-865
3458		-00:38:39,720 ~-~-> 00:38:42,750
3459		-own strategy, but when you as a new
3460		-
3461		-866
3462		-00:38:42,750 ~-~-> 00:38:44,940
3463		-trader start, you don't want to accept
3464		-
3465		-867
3466		-00:38:45,000 ~-~-> 00:38:48,690
3467		-losses. That's not acceptable. But when
3468		-
3469		-868
3470		-00:38:48,690 ~-~-> 00:38:51,690
3471		-you justify your spending, when you're
3472		-
3473		-869
3474		-00:38:51,690 ~-~-> 00:38:54,660
3475		-by other people's signals, it's somehow
3476		-
3477		-870
3478		-00:38:54,690 ~-~-> 00:38:57,090
3479		-brought into the reasoning part of the
3480		-
3481		-871
3482		-00:38:57,090 ~-~-> 00:38:58,980
3483		-decision making, that it's something
3484		-
3485		-872
3486		-00:38:58,980 ~-~-> 00:39:01,650
3487		-that's acceptable. losing trades, it's
3488		-
3489		-873
3490		-00:39:01,650 ~-~-> 00:39:03,000
3491		-acceptable until you take that first
3492		-
3493		-874
3494		-00:39:03,000 ~-~-> 00:39:04,560
3495		-loss, and then you're not subscribing
3496		-
3497		-875
3498		-00:39:04,560 ~-~-> 00:39:07,140
3499		-anymore. You go back to looking for
3500		-
3501		-876
3502		-00:39:07,140 ~-~-> 00:39:11,910
3503		-another hot hand guru. Be willing to
3504		-
3505		-877
3506		-00:39:11,910 ~-~-> 00:39:15,900
3507		-lose and lose a lot early on. It's part
3508		-
3509		-878
3510		-00:39:15,900 ~-~-> 00:39:18,120
3511		-of it. You don't know what you're doing
3512		-
3513		-879
3514		-00:39:18,120 ~-~-> 00:39:21,600
3515		-and no book, no course even me. If I sat
3516		-
3517		-880
3518		-00:39:21,600 ~-~-> 00:39:25,080
3519		-with you every single day, for a month,
3520		-
3521		-881
3522		-00:39:26,430 ~-~-> 00:39:29,670
3523		-you would still take losses, you would
3524		-
3525		-882
3526		-00:39:29,670 ~-~-> 00:39:33,870
3527		-lose. it's unavoidable. But early on
3528		-
3529		-883
3530		-00:39:33,870 ~-~-> 00:39:35,940
3531		-when you are developing, you're going to
3532		-
3533		-884
3534		-00:39:35,940 ~-~-> 00:39:37,770
3535		-be wrong a lot. And this is reason why I
3536		-
3537		-885
3538		-00:39:37,770 ~-~-> 00:39:39,480
3539		-tell people do not trade with my funds
3540		-
3541		-886
3542		-00:39:39,540 ~-~-> 00:39:41,100
3543		-until you know exactly what you're
3544		-
3545		-887
3546		-00:39:41,100 ~-~-> 00:39:43,800
3547		-doing. And you understand yourself. And
3548		-
3549		-888
3550		-00:39:43,800 ~-~-> 00:39:45,360
3551		-that may be longer than six months, it
3552		-
3553		-889
3554		-00:39:45,360 ~-~-> 00:39:47,520
3555		-may be longer than a year. For some of
3556		-
3557		-890
3558		-00:39:47,520 ~-~-> 00:39:50,370
3559		-you it might be 234 years, like a
3560		-
3561		-891
3562		-00:39:50,370 ~-~-> 00:39:52,680
3563		-college degree. And some of you aren't
3564		-
3565		-892
3566		-00:39:52,680 ~-~-> 00:39:55,140
3567		-prepared for that. And there's no shame
3568		-
3569		-893
3570		-00:39:55,140 ~-~-> 00:39:56,250
3571		-in you saying you know what, this ain't
3572		-
3573		-894
3574		-00:39:56,250 ~-~-> 00:39:57,960
3575		-for me. That's good. That means you're
3576		-
3577		-895
3578		-00:39:57,960 ~-~-> 00:39:59,400
3579		-not going to lose money. That means
3580		-
3581		-896
3582		-00:39:59,400 ~-~-> 00:40:00,690
3583		-you're not going to have In bounces your
3584		-
3585		-897
3586		-00:40:00,690 ~-~-> 00:40:02,670
3587		-life, it means that you're not going to
3588		-
3589		-898
3590		-00:40:02,670 ~-~-> 00:40:05,490
3591		-hurt yourself, both financially and
3592		-
3593		-899
3594		-00:40:05,490 ~-~-> 00:40:08,970
3595		-psychologically. Because I did that. I
3596		-
3597		-900
3598		-00:40:08,970 ~-~-> 00:40:11,460
3599		-caused physical problems with an eating
3600		-
3601		-901
3602		-00:40:11,460 ~-~-> 00:40:14,460
3603		-disorder. I developed agoraphobia, which
3604		-
3605		-902
3606		-00:40:14,460 ~-~-> 00:40:16,200
3607		-was a fear of being around other people.
3608		-
3609		-903
3610		-00:40:16,800 ~-~-> 00:40:18,990
3611		-Because I didn't want them to find out
3612		-
3613		-904
3614		-00:40:18,990 ~-~-> 00:40:25,410
3615		-how bad I was losing. And I wish I could
3616		-
3617		-905
3618		-00:40:25,410 ~-~-> 00:40:29,880
3619		-go back in time and tell myself losing
3620		-
3621		-906
3622		-00:40:29,880 ~-~-> 00:40:33,390
3623		-is normal. it's acceptable. It's part of
3624		-
3625		-907
3626		-00:40:33,390 ~-~-> 00:40:34,770
3627		-the business transactions in this
3628		-
3629		-908
3630		-00:40:34,770 ~-~-> 00:40:36,840
3631		-industry. You're going to have losses,
3632		-
3633		-909
3634		-00:40:37,230 ~-~-> 00:40:40,050
3635		-control them. Over time, you're gonna
3636		-
3637		-910
3638		-00:40:40,050 ~-~-> 00:40:43,260
3639		-make more money than you lose. I didn't
3640		-
3641		-911
3642		-00:40:43,260 ~-~-> 00:40:44,850
3643		-think that way. When I first started, I
3644		-
3645		-912
3646		-00:40:44,850 ~-~-> 00:40:46,770
3647		-was trying to avoid losing all together.
3648		-
3649		-913
3650		-00:40:47,250 ~-~-> 00:40:49,170
3651		-And then every single loss was a
3652		-
3653		-914
3654		-00:40:49,170 ~-~-> 00:40:53,070
3655		-paramount event like it was huge. It was
3656		-
3657		-915
3658		-00:40:53,070 ~-~-> 00:40:56,490
3659		-elevated to some grandiose, painful,
3660		-
3661		-916
3662		-00:40:56,640 ~-~-> 00:40:58,410
3663		-just terrible thing that I had been
3664		-
3665		-917
3666		-00:40:58,440 ~-~-> 00:41:02,130
3667		-enduring When it's just, I did it wrong.
3668		-
3669		-918
3670		-00:41:03,180 ~-~-> 00:41:05,910
3671		-Simple. You made a mistake, Michael, and
3672		-
3673		-919
3674		-00:41:05,910 ~-~-> 00:41:08,850
3675		-you're gonna make lots of them. 27 years
3676		-
3677		-920
3678		-00:41:08,850 ~-~-> 00:41:11,070
3679		-from now, you're gonna have so many
3680		-
3681		-921
3682		-00:41:11,070 ~-~-> 00:41:12,180
3683		-losing trades, you're gonna look back
3684		-
3685		-922
3686		-00:41:12,180 ~-~-> 00:41:14,640
3687		-and say, You know what? It didn't kill
3688		-
3689		-923
3690		-00:41:14,640 ~-~-> 00:41:18,210
3691		-me. So be willing to lose a lot early on
3692		-
3693		-924
3694		-00:41:18,330 ~-~-> 00:41:20,100
3695		-in your development. That's why you want
3696		-
3697		-925
3698		-00:41:20,100 ~-~-> 00:41:21,360
3699		-to do it on paper. That's why you want
3700		-
3701		-926
3702		-00:41:21,360 ~-~-> 00:41:23,100
3703		-to do it on demo, because you need to
3704		-
3705		-927
3706		-00:41:23,100 ~-~-> 00:41:26,370
3707		-see what it feels like to be wrong a lot
3708		-
3709		-928
3710		-00:41:26,610 ~-~-> 00:41:27,990
3711		-and not have the money taken from you.
3712		-
3713		-929
3714		-00:41:28,410 ~-~-> 00:41:30,180
3715		-And then correct those problems before
3716		-
3717		-930
3718		-00:41:30,180 ~-~-> 00:41:36,330
3719		-you put real money at work. Stay away
3720		-
3721		-931
3722		-00:41:36,330 ~-~-> 00:41:41,460
3723		-from social media drains. Well, in this
3724		-
3725		-932
3726		-00:41:41,490 ~-~-> 00:41:43,890
3727		-age, we have a lot of social media. But
3728		-
3729		-933
3730		-00:41:43,890 ~-~-> 00:41:46,290
3731		-back when I first started November
3732		-
3733		-934
3734		-00:41:46,290 ~-~-> 00:41:50,040
3735		-5 1992, social media was just starting
3736		-
3737		-935
3738		-00:41:50,040 ~-~-> 00:41:53,070
3739		-up with message boards, or bulletin
3740		-
3741		-936
3742		-00:41:53,070 ~-~-> 00:41:54,360
3743		-boards they call them so it's kinda like
3744		-
3745		-937
3746		-00:41:54,360 ~-~-> 00:41:58,080
3747		-Twitter. Yeah, not so much Instagram,
3748		-
3749		-938
3750		-00:41:58,080 ~-~-> 00:42:00,750
3751		-but I see like Twitter. He just People
3752		-
3753		-939
3754		-00:42:00,750 ~-~-> 00:42:04,800
3755		-would just communicate with open emails
3756		-
3757		-940
3758		-00:42:04,830 ~-~-> 00:42:06,600
3759		-basically is the format was whatever you
3760		-
3761		-941
3762		-00:42:06,600 ~-~-> 00:42:08,700
3763		-would look at and see that would be sent
3764		-
3765		-942
3766		-00:42:08,700 ~-~-> 00:42:10,800
3767		-by way of an email. It would just be a
3768		-
3769		-943
3770		-00:42:10,800 ~-~-> 00:42:13,020
3771		-open source where people could see what
3772		-
3773		-944
3774		-00:42:13,020 ~-~-> 00:42:15,090
3775		-everybody was doing a message board
3776		-
3777		-945
3778		-00:42:15,090 ~-~-> 00:42:18,840
3779		-basically. And I would get my feelings
3780		-
3781		-946
3782		-00:42:18,840 ~-~-> 00:42:20,670
3783		-hurt back then. Because someone would
3784		-
3785		-947
3786		-00:42:20,670 ~-~-> 00:42:21,900
3787		-say, that's a stupid idea what you're
3788		-
3789		-948
3790		-00:42:21,900 ~-~-> 00:42:24,060
3791		-doing. And then when I was doing it,
3792		-
3793		-949
3794		-00:42:24,060 ~-~-> 00:42:25,890
3795		-right, everybody was like, Man, you are
3796		-
3797		-950
3798		-00:42:25,890 ~-~-> 00:42:28,440
3799		-a rock star. I'm taking that trade. And
3800		-
3801		-951
3802		-00:42:28,440 ~-~-> 00:42:29,850
3803		-I was like, Yeah, no, I'm making money
3804		-
3805		-952
3806		-00:42:29,850 ~-~-> 00:42:31,740
3807		-now because he or she thinks it's a good
3808		-
3809		-953
3810		-00:42:31,740 ~-~-> 00:42:36,120
3811		-trade. And it's stupid. It was dumb. I
3812		-
3813		-954
3814		-00:42:36,120 ~-~-> 00:42:38,100
3815		-let other people back then influence my
3816		-
3817		-955
3818		-00:42:38,100 ~-~-> 00:42:41,910
3819		-decisions or change the level of
3820		-
3821		-956
3822		-00:42:43,830 ~-~-> 00:42:46,410
3823		-expectation I had on the trade because
3824		-
3825		-957
3826		-00:42:46,440 ~-~-> 00:42:48,120
3827		-if they said, Man, it's a good idea. I
3828		-
3829		-958
3830		-00:42:48,120 ~-~-> 00:42:52,380
3831		-think it's going to go to 1150 when I
3832		-
3833		-959
3834		-00:42:52,380 ~-~-> 00:42:55,230
3835		-was looking at like, 1080 I'm thinking
3836		-
3837		-960
3838		-00:42:55,230 ~-~-> 00:42:56,580
3839		-myself, yeah, they're probably right.
3840		-
3841		-961
3842		-00:42:56,970 ~-~-> 00:42:58,260
3843		-And now I change my trade to what
3844		-
3845		-962
3846		-00:42:58,260 ~-~-> 00:43:00,420
3847		-they're saying because many I don't want
3848		-
3849		-963
3850		-00:43:00,420 ~-~-> 00:43:02,130
3851		-them to be right. And we miss out on
3852		-
3853		-964
3854		-00:43:02,130 ~-~-> 00:43:04,410
3855		-that extra profit. You see what that
3856		-
3857		-965
3858		-00:43:04,410 ~-~-> 00:43:08,460
3859		-trap just did. It took my trade away
3860		-
3861		-966
3862		-00:43:08,460 ~-~-> 00:43:10,110
3863		-from me. And now I took their trade.
3864		-
3865		-967
3866		-00:43:10,710 ~-~-> 00:43:14,190
3867		-who's in control there? It wasn't me. I
3868		-
3869		-968
3870		-00:43:14,190 ~-~-> 00:43:18,090
3871		-let go on the wheel. don't join trading
3872		-
3873		-969
3874		-00:43:18,090 ~-~-> 00:43:21,870
3875		-clubs. Okay? That means circles where
3876		-
3877		-970
3878		-00:43:21,870 ~-~-> 00:43:25,350
3879		-everyone has the hive mentality. Because
3880		-
3881		-971
3882		-00:43:25,350 ~-~-> 00:43:27,030
3883		-you need to discover who you are as a
3884		-
3885		-972
3886		-00:43:27,030 ~-~-> 00:43:32,820
3887		-trader, and it's very, I guess, wasteful
3888		-
3889		-973
3890		-00:43:32,850 ~-~-> 00:43:35,130
3891		-for your time. And it stunts your
3892		-
3893		-974
3894		-00:43:35,130 ~-~-> 00:43:38,580
3895		-growth. If you start going into a group
3896		-
3897		-975
3898		-00:43:38,880 ~-~-> 00:43:40,680
3899		-that has Well, this is the only way of
3900		-
3901		-976
3902		-00:43:40,680 ~-~-> 00:43:42,420
3903		-trading and this is all we do around
3904		-
3905		-977
3906		-00:43:42,420 ~-~-> 00:43:44,250
3907		-here. Because what you're trying to do
3908		-
3909		-978
3910		-00:43:44,250 ~-~-> 00:43:48,450
3911		-is be part of that, click, okay. You're
3912		-
3913		-979
3914		-00:43:48,450 ~-~-> 00:43:50,370
3915		-trying to take on the hive mentality,
3916		-
3917		-980
3918		-00:43:50,820 ~-~-> 00:43:53,880
3919		-and it may not be suited for you. But if
3920		-
3921		-981
3922		-00:43:53,880 ~-~-> 00:43:55,710
3923		-you waste more time and unfortunately
3924		-
3925		-982
3926		-00:43:55,710 ~-~-> 00:43:59,430
3927		-money you don't want to discover that
3928		-
3929		-983
3930		-00:43:59,430 ~-~-> 00:44:00,900
3931		-you've been wasted Your time and money.
3932		-
3933		-984
3934		-00:44:01,170 ~-~-> 00:44:04,260
3935		-Okay? So you want to be solo trading is
3936		-
3937		-985
3938		-00:44:04,260 ~-~-> 00:44:06,930
3939		-a solo sport. It's not a team sport, no
3940		-
3941		-986
3942		-00:44:06,930 ~-~-> 00:44:09,930
3943		-matter how good your guru or mentor is.
3944		-
3945		-987
3946		-00:44:10,350 ~-~-> 00:44:14,070
3947		-If you're doing everything they say, you
3948		-
3949		-988
3950		-00:44:14,070 ~-~-> 00:44:16,710
3951		-aren't in control, you're growing
3952		-
3953		-989
3954		-00:44:16,710 ~-~-> 00:44:21,330
3955		-codependent. don't subscribe to alerts,
3956		-
3957		-990
3958		-00:44:21,720 ~-~-> 00:44:25,380
3959		-it gets back to signals. You want to be
3960		-
3961		-991
3962		-00:44:25,830 ~-~-> 00:44:28,260
3963		-the source or generation of the trade
3964		-
3965		-992
3966		-00:44:28,260 ~-~-> 00:44:30,090
3967		-ideas. That way when you're wrong,
3968		-
3969		-993
3970		-00:44:30,570 ~-~-> 00:44:31,740
3971		-you're forced to assume the
3972		-
3973		-994
3974		-00:44:31,740 ~-~-> 00:44:33,360
3975		-responsibility. You can't say, Well, I
3976		-
3977		-995
3978		-00:44:33,360 ~-~-> 00:44:34,440
3979		-just listened to that person. They were
3980		-
3981		-996
3982		-00:44:34,440 ~-~-> 00:44:37,230
3983		-wrong. They suck. Well, what are you
3984		-
3985		-997
3986		-00:44:37,230 ~-~-> 00:44:38,730
3987		-gonna do about it? Well, I'm gonna find
3988		-
3989		-998
3990		-00:44:38,730 ~-~-> 00:44:41,160
3991		-somebody else. That's not responsible.
3992		-
3993		-999
3994		-00:44:41,700 ~-~-> 00:44:44,910
3995		-That's gambling. You're going to another
3996		-
3997		-1000
3998		-00:44:44,910 ~-~-> 00:44:48,510
3999		-slot machine at another casino. That's
4000		-
4001		-1001
4002		-00:44:48,540 ~-~-> 00:44:53,040
4003		-all that is. Versus I want to learn how
4004		-
4005		-1002
4006		-00:44:53,040 ~-~-> 00:44:57,360
4007		-to play cards. and manage my risk. Not
4008		-
4009		-1003
4010		-00:44:57,360 ~-~-> 00:44:59,640
4011		-bet too big. And just be steady Eddie at
4012		-
4013		-1004
4014		-00:44:59,640 ~-~-> 00:45:03,210
4015		-the table. You want to be the generating
4016		-
4017		-1005
4018		-00:45:03,240 ~-~-> 00:45:05,430
4019		-source of the signals? don't subscribe
4020		-
4021		-1006
4022		-00:45:05,430 ~-~-> 00:45:06,780
4023		-to someone else because you have no idea
4024		-
4025		-1007
4026		-00:45:06,780 ~-~-> 00:45:08,490
4027		-what got them into the trade. You don't
4028		-
4029		-1008
4030		-00:45:08,490 ~-~-> 00:45:11,940
4031		-know what influences are being imposed
4032		-
4033		-1009
4034		-00:45:11,940 ~-~-> 00:45:14,610
4035		-on them. Maybe they had a bad day. Maybe
4036		-
4037		-1010
4038		-00:45:14,610 ~-~-> 00:45:17,370
4039		-they had just recently had a spat with
4040		-
4041		-1011
4042		-00:45:17,370 ~-~-> 00:45:19,620
4043		-their spouse. And they feel like they
4044		-
4045		-1012
4046		-00:45:19,620 ~-~-> 00:45:22,620
4047		-have to feel good, empowered, man. I'm
4048		-
4049		-1013
4050		-00:45:22,620 ~-~-> 00:45:23,460
4051		-gonna go out there and just tell
4052		-
4053		-1014
4054		-00:45:23,460 ~-~-> 00:45:27,840
4055		-everybody to buy SMP tomorrow at the
4056		-
4057		-1015
4058		-00:45:27,840 ~-~-> 00:45:30,720
4059		-open. And if I'm right, I'll feel good.
4060		-
4061		-1016
4062		-00:45:31,170 ~-~-> 00:45:32,460
4063		-I'll feel better about this whole thing.
4064		-
4065		-1017
4066		-00:45:33,300 ~-~-> 00:45:39,090
4067		-Because they're human too. Do you want
4068		-
4069		-1018
4070		-00:45:39,090 ~-~-> 00:45:40,620
4071		-to be subscribing to someone that's like
4072		-
4073		-1019
4074		-00:45:40,620 ~-~-> 00:45:43,290
4075		-that. You don't know if that's what's
4076		-
4077		-1020
4078		-00:45:43,290 ~-~-> 00:45:44,490
4079		-going on. They're not going to come out
4080		-
4081		-1021
4082		-00:45:44,490 ~-~-> 00:45:46,890
4083		-and say, yeah, it's trade worked out.
4084		-
4085		-1022
4086		-00:45:46,890 ~-~-> 00:45:48,060
4087		-But let me tell you what really was
4088		-
4089		-1023
4090		-00:45:48,060 ~-~-> 00:45:51,180
4091		-going on. My wife told me I was a bum. I
4092		-
4093		-1024
4094		-00:45:51,180 ~-~-> 00:45:52,740
4095		-spent too much time on these charts and
4096		-
4097		-1025
4098		-00:45:52,740 ~-~-> 00:45:54,030
4099		-I didn't spend any time with the kids.
4100		-
4101		-1026
4102		-00:45:54,420 ~-~-> 00:45:57,360
4103		-And I walk the dog in six months. But I
4104		-
4105		-1027
4106		-00:45:57,360 ~-~-> 00:45:59,730
4107		-knew if I got this right, I'd feel
4108		-
4109		-1028
4110		-00:45:59,730 ~-~-> 00:46:03,210
4111		-strong. about myself. That never
4112		-
4113		-1029
4114		-00:46:03,210 ~-~-> 00:46:05,040
4115		-happens, folks, that never happens.
4116		-
4117		-1030
4118		-00:46:05,190 ~-~-> 00:46:06,690
4119		-Never subscribed to other people's
4120		-
4121		-1031
4122		-00:46:06,690 ~-~-> 00:46:10,230
4123		-alerts. Don't count other people's
4124		-
4125		-1032
4126		-00:46:10,230 ~-~-> 00:46:12,420
4127		-money. That's what's popular right now
4128		-
4129		-1033
4130		-00:46:12,420 ~-~-> 00:46:13,680
4131		-everyone wants to know how much money
4132		-
4133		-1034
4134		-00:46:13,680 ~-~-> 00:46:16,590
4135		-someone else has Instagram. What cars do
4136		-
4137		-1035
4138		-00:46:16,590 ~-~-> 00:46:18,630
4139		-they drive? What houses do they live in?
4140		-
4141		-1036
4142		-00:46:18,660 ~-~-> 00:46:20,040
4143		-Where are they having their vacation?
4144		-
4145		-1037
4146		-00:46:20,040 ~-~-> 00:46:21,780
4147		-What do they wear? What kind of shoes
4148		-
4149		-1038
4150		-00:46:21,780 ~-~-> 00:46:24,390
4151		-they have on? Do they wear socks? What
4152		-
4153		-1039
4154		-00:46:24,390 ~-~-> 00:46:26,400
4155		-kind of underwear they have? What
4156		-
4157		-1040
4158		-00:46:26,430 ~-~-> 00:46:30,300
4159		-jewelry do they have? Come on. All that
4160		-
4161		-1041
4162		-00:46:30,300 ~-~-> 00:46:34,440
4163		-stuff is a waste. It's a waste, to waste
4164		-
4165		-1042
4166		-00:46:34,440 ~-~-> 00:46:37,650
4167		-your time. It's a waste of money. And
4168		-
4169		-1043
4170		-00:46:37,650 ~-~-> 00:46:38,850
4171		-you don't need all those things. If
4172		-
4173		-1044
4174		-00:46:38,850 ~-~-> 00:46:40,830
4175		-you're trading to do that, you're never
4176		-
4177		-1045
4178		-00:46:40,830 ~-~-> 00:46:42,720
4179		-gonna get there. And I'm gonna repeat
4180		-
4181		-1046
4182		-00:46:42,720 ~-~-> 00:46:45,960
4183		-that. If you are trading to live like
4184		-
4185		-1047
4186		-00:46:45,960 ~-~-> 00:46:48,810
4187		-that. You're never going to get there.
4188		-
4189		-1048
4190		-00:46:49,560 ~-~-> 00:46:51,900
4191		-Because you're looking at money. And
4192		-
4193		-1049
4194		-00:46:51,900 ~-~-> 00:46:53,640
4195		-you're not looking at the process that's
4196		-
4197		-1050
4198		-00:46:53,640 ~-~-> 00:46:56,070
4199		-involved, that would eventually lead to
4200		-
4201		-1051
4202		-00:46:56,070 ~-~-> 00:46:58,710
4203		-profitability. So you're chasing that
4204		-
4205		-1052
4206		-00:46:58,710 ~-~-> 00:47:01,290
4207		-carrot little piece of candy that's
4208		-
4209		-1053
4210		-00:47:01,290 ~-~-> 00:47:03,750
4211		-dangled in front of a child, you may be
4212		-
4213		-1054
4214		-00:47:03,750 ~-~-> 00:47:05,700
4215		-a stranger. But if you dangle that candy
4216		-
4217		-1055
4218		-00:47:05,700 ~-~-> 00:47:07,080
4219		-in front of a child, what's the child
4220		-
4221		-1056
4222		-00:47:07,080 ~-~-> 00:47:10,350
4223		-gonna do? Reach out for that candy? And
4224		-
4225		-1057
4226		-00:47:10,350 ~-~-> 00:47:12,480
4227		-that's what all these people do. They
4228		-
4229		-1058
4230		-00:47:12,480 ~-~-> 00:47:16,440
4231		-dangle all this lavish toys and
4232		-
4233		-1059
4234		-00:47:16,440 ~-~-> 00:47:17,670
4235		-lifestyle, materialism.
4236		-
4237		-1060
4238		-00:47:18,960 ~-~-> 00:47:21,450
4239		-All of that is fluff. I've never done
4240		-
4241		-1061
4242		-00:47:21,450 ~-~-> 00:47:23,160
4243		-those types of things. And it's
4244		-
4245		-1062
4246		-00:47:23,160 ~-~-> 00:47:25,290
4247		-important to understand that the reason
4248		-
4249		-1063
4250		-00:47:25,290 ~-~-> 00:47:26,640
4251		-why I don't do it, it's not because of
4252		-
4253		-1064
4254		-00:47:26,640 ~-~-> 00:47:29,220
4255		-lack of it. Because I have all those
4256		-
4257		-1065
4258		-00:47:29,220 ~-~-> 00:47:31,770
4259		-things. But it doesn't do anything to
4260		-
4261		-1066
4262		-00:47:31,770 ~-~-> 00:47:34,080
4263		-make you a better trader doesn't make
4264		-
4265		-1067
4266		-00:47:34,080 ~-~-> 00:47:37,050
4267		-you a better student. And it will not in
4268		-
4269		-1068
4270		-00:47:37,050 ~-~-> 00:47:39,900
4271		-any capacity, motivate you and then that
4272		-
4273		-1069
4274		-00:47:39,900 ~-~-> 00:47:41,760
4275		-translates into a greater skill set
4276		-
4277		-1070
4278		-00:47:42,030 ~-~-> 00:47:44,850
4279		-that's derived because you saw that it
4280		-
4281		-1071
4282		-00:47:44,850 ~-~-> 00:47:46,770
4283		-doesn't work like that. But how many
4284		-
4285		-1072
4286		-00:47:46,770 ~-~-> 00:47:49,470
4287		-people fall victim to that? Everyone,
4288		-
4289		-1073
4290		-00:47:50,310 ~-~-> 00:47:53,700
4291		-everyone, the first course I bought from
4292		-
4293		-1074
4294		-00:47:53,700 ~-~-> 00:47:55,710
4295		-Ken Roberts, that's all he talked about.
4296		-
4297		-1075
4298		-00:47:56,070 ~-~-> 00:47:59,070
4299		-You want to go on vacations. You want to
4300		-
4301		-1076
4302		-00:47:59,070 ~-~-> 00:48:01,260
4303		-have enough money to quit. Your job, you
4304		-
4305		-1077
4306		-00:48:01,260 ~-~-> 00:48:03,660
4307		-want to buy a yacht, you want to live in
4308		-
4309		-1078
4310		-00:48:03,660 ~-~-> 00:48:06,900
4311		-a mansion. That's what was sold to me.
4312		-
4313		-1079
4314		-00:48:07,440 ~-~-> 00:48:09,720
4315		-And I bought that course. And in month
4316		-
4317		-1080
4318		-00:48:09,810 ~-~-> 00:48:11,340
4319		-one trade the very first trait I lost
4320		-
4321		-1081
4322		-00:48:11,340 ~-~-> 00:48:15,540
4323		-50% of what I put in. Well, I can tell
4324		-
4325		-1082
4326		-00:48:15,540 ~-~-> 00:48:19,500
4327		-you that was never said in the book that
4328		-
4329		-1083
4330		-00:48:19,500 ~-~-> 00:48:21,180
4331		-didn't get talked about at all. It just
4332		-
4333		-1084
4334		-00:48:21,180 ~-~-> 00:48:22,290
4335		-said, well, you can take some losses,
4336		-
4337		-1085
4338		-00:48:22,290 ~-~-> 00:48:23,370
4339		-but you don't want your losses to be too
4340		-
4341		-1086
4342		-00:48:23,370 ~-~-> 00:48:23,700
4343		-big.
4344		-
4345		-1087
4346		-00:48:25,380 ~-~-> 00:48:25,950
4347		-Okay.
4348		-
4349		-1088
4350		-00:48:27,420 ~-~-> 00:48:29,910
4351		-But what happens if it is because
4352		-
4353		-1089
4354		-00:48:29,940 ~-~-> 00:48:32,100
4355		-options are a little bit different
4356		-
4357		-1090
4358		-00:48:32,100 ~-~-> 00:48:35,670
4359		-animal. And I found out the hard way.
4360		-
4361		-1091
4362		-00:48:37,500 ~-~-> 00:48:38,970
4363		-Don't be enticed by other people's
4364		-
4365		-1092
4366		-00:48:38,970 ~-~-> 00:48:40,590
4367		-money. Don't count other people's money.
4368		-
4369		-1093
4370		-00:48:40,620 ~-~-> 00:48:43,920
4371		-Don't ask them what they make, because
4372		-
4373		-1094
4374		-00:48:44,190 ~-~-> 00:48:47,310
4375		-you can't spend their money. That's why
4376		-
4377		-1095
4378		-00:48:47,310 ~-~-> 00:48:48,870
4379		-I don't talk about what I'm making.
4380		-
4381		-1096
4382		-00:48:49,350 ~-~-> 00:48:50,490
4383		-That's why I don't talk about what I
4384		-
4385		-1097
4386		-00:48:50,490 ~-~-> 00:48:52,770
4387		-have. That's why I don't show you what I
4388		-
4389		-1098
4390		-00:48:52,770 ~-~-> 00:48:55,890
4391		-own. Because you can't drive my cars.
4392		-
4393		-1099
4394		-00:48:56,220 ~-~-> 00:48:57,420
4395		-You're not going to spend a night in my
4396		-
4397		-1100
4398		-00:48:57,420 ~-~-> 00:48:58,890
4399		-house. You're not going to eat dinner.
4400		-
4401		-1101
4402		-00:48:58,890 ~-~-> 00:49:01,890
4403		-All my dishes. You're not going to be on
4404		-
4405		-1102
4406		-00:49:01,890 ~-~-> 00:49:04,770
4407		-my vacations. So what difference does it
4408		-
4409		-1103
4410		-00:49:04,770 ~-~-> 00:49:07,620
4411		-make? It's not going to make me feel
4412		-
4413		-1104
4414		-00:49:07,650 ~-~-> 00:49:09,450
4415		-better about myself for doing it. In
4416		-
4417		-1105
4418		-00:49:09,450 ~-~-> 00:49:11,490
4419		-fact, I'll feel like a slimeball like I
4420		-
4421		-1106
4422		-00:49:11,490 ~-~-> 00:49:13,170
4423		-did when I was younger, because I did
4424		-
4425		-1107
4426		-00:49:13,170 ~-~-> 00:49:15,090
4427		-that stuff to get people interested in
4428		-
4429		-1108
4430		-00:49:15,090 ~-~-> 00:49:20,220
4431		-me. And it's not necessary. Don't feel
4432		-
4433		-1109
4434		-00:49:20,220 ~-~-> 00:49:22,140
4435		-insignificant by contrast, when you see
4436		-
4437		-1110
4438		-00:49:22,140 ~-~-> 00:49:24,540
4439		-other people succeeding or supposedly
4440		-
4441		-1111
4442		-00:49:24,540 ~-~-> 00:49:27,030
4443		-succeeding, don't measure yourself
4444		-
4445		-1112
4446		-00:49:27,030 ~-~-> 00:49:30,120
4447		-against that. Because if you do, what
4448		-
4449		-1113
4450		-00:49:30,120 ~-~-> 00:49:33,030
4451		-you're saying is I'm only successful if
4452		-
4453		-1114
4454		-00:49:33,030 ~-~-> 00:49:37,530
4455		-I get to where they're at. I did that.
4456		-
4457		-1115
4458		-00:49:38,310 ~-~-> 00:49:40,110
4459		-And when I stopped and said, You know
4460		-
4461		-1116
4462		-00:49:40,110 ~-~-> 00:49:43,770
4463		-what? I'm going to look at a goal.
4464		-
4465		-1117
4466		-00:49:44,010 ~-~-> 00:49:46,650
4467		-That's above everyone I've seen out
4468		-
4469		-1118
4470		-00:49:46,650 ~-~-> 00:49:50,700
4471		-there. I didn't, I didn't believe anyone
4472		-
4473		-1119
4474		-00:49:50,700 ~-~-> 00:49:51,960
4475		-else was more successful than Larry
4476		-
4477		-1120
4478		-00:49:51,960 ~-~-> 00:49:54,990
4479		-Williams. And he took $10,000 of $1.2
4480		-
4481		-1121
4482		-00:49:54,990 ~-~-> 00:49:58,830
4483		-million in one year, actually was over
4484		-
4485		-1122
4486		-00:49:58,830 ~-~-> 00:50:00,990
4487		-$2 million that same year. 1987 but that
4488		-
4489		-1123
4490		-00:50:00,990 ~-~-> 00:50:02,700
4491		-crash hurt him and had to trade it back
4492		-
4493		-1124
4494		-00:50:02,700 ~-~-> 00:50:05,190
4495		-and got it to 1.2 before the close of
4496		-
4497		-1125
4498		-00:50:05,190 ~-~-> 00:50:07,290
4499		-the Robbins World Cup that particularly
4500		-
4501		-1126
4502		-00:50:07,290 ~-~-> 00:50:08,880
4503		-here, and you can see he still has the
4504		-
4505		-1127
4506		-00:50:08,880 ~-~-> 00:50:12,240
4507		-highest percentage gain in that contest.
4508		-
4509		-1128
4510		-00:50:13,560 ~-~-> 00:50:15,600
4511		-So I said I'm gonna make more than that.
4512		-
4513		-1129
4514		-00:50:17,130 ~-~-> 00:50:19,980
4515		-Because that was that was my measuring
4516		-
4517		-1130
4518		-00:50:19,980 ~-~-> 00:50:22,350
4519		-stick. And I wanted to do better than
4520		-
4521		-1131
4522		-00:50:22,350 ~-~-> 00:50:25,380
4523		-that. And I always live my life. With
4524		-
4525		-1132
4526		-00:50:25,410 ~-~-> 00:50:27,930
4527		-that in mind, I didn't want to say, What
4528		-
4529		-1133
4530		-00:50:27,930 ~-~-> 00:50:31,050
4531		-am I good is at the time, Jake Bernstein
4532		-
4533		-1134
4534		-00:50:33,000 ~-~-> 00:50:35,130
4535		-which he got himself in a lot of
4536		-
4537		-1135
4538		-00:50:35,130 ~-~-> 00:50:38,790
4539		-trouble. And it's questionable of how
4540		-
4541		-1136
4542		-00:50:38,790 ~-~-> 00:50:40,350
4543		-much money he actually made as a trader.
4544		-
4545		-1137
4546		-00:50:41,460 ~-~-> 00:50:46,020
4547		-point is I fell victim to that in the
4548		-
4549		-1138
4550		-00:50:46,020 ~-~-> 00:50:47,280
4551		-beginning and you don't want to do that.
4552		-
4553		-1139
4554		-00:50:47,280 ~-~-> 00:50:49,650
4555		-Don't measure yourself against someone
4556		-
4557		-1140
4558		-00:50:49,650 ~-~-> 00:50:50,970
4559		-else. don't measure yourself against me.
4560		-
4561		-1141
4562		-00:50:50,970 ~-~-> 00:50:52,290
4563		-Don't measure yourself against somebody
4564		-
4565		-1142
4566		-00:50:52,290 ~-~-> 00:50:54,000
4567		-else you see on social media, Instagram,
4568		-
4569		-1143
4570		-00:50:54,000 ~-~-> 00:50:56,340
4571		-all that. These people 99% of time are
4572		-
4573		-1144
4574		-00:50:56,340 ~-~-> 00:50:58,980
4575		-fake. They are driving cars, they don't
4576		-
4577		-1145
4578		-00:50:58,980 ~-~-> 00:51:02,550
4579		-own They are in homes that they don't
4580		-
4581		-1146
4582		-00:51:03,150 ~-~-> 00:51:06,240
4583		-sleep in. And the clothes that they
4584		-
4585		-1147
4586		-00:51:06,240 ~-~-> 00:51:09,660
4587		-have. Many times, they're taking them
4588		-
4589		-1148
4590		-00:51:09,660 ~-~-> 00:51:13,260
4591		-back the next day. You know, what's the
4592		-
4593		-1149
4594		-00:51:13,260 ~-~-> 00:51:15,480
4595		-deal and watches are all basically fake.
4596		-
4597		-1150
4598		-00:51:15,600 ~-~-> 00:51:17,310
4599		-All that stuff is lower to make you
4600		-
4601		-1151
4602		-00:51:17,310 ~-~-> 00:51:18,660
4603		-think they're successful. If they're
4604		-
4605		-1152
4606		-00:51:18,660 ~-~-> 00:51:20,790
4607		-successful, they'll prove it by showing
4608		-
4609		-1153
4610		-00:51:20,790 ~-~-> 00:51:22,650
4611		-you. They know what's going to happen in
4612		-
4613		-1154
4614		-00:51:22,650 ~-~-> 00:51:25,140
4615		-the marketplace. But strangely enough,
4616		-
4617		-1155
4618		-00:51:26,250 ~-~-> 00:51:29,190
4619		-that's the thing they don't ever do. And
4620		-
4621		-1156
4622		-00:51:29,190 ~-~-> 00:51:31,770
4623		-that's what I focus on. I've made a
4624		-
4625		-1157
4626		-00:51:31,770 ~-~-> 00:51:35,430
4627		-reputation on telling you what I believe
4628		-
4629		-1158
4630		-00:51:35,460 ~-~-> 00:51:37,770
4631		-is the best in terms of market analysis
4632		-
4633		-1159
4634		-00:51:37,770 ~-~-> 00:51:42,270
4635		-concepts. In 1996, I penned what
4636		-
4637		-1160
4638		-00:51:42,270 ~-~-> 00:51:44,520
4639		-everybody else is out there now touting
4640		-
4641		-1161
4642		-00:51:44,520 ~-~-> 00:51:47,100
4643		-as market maker concepts in one capacity
4644		-
4645		-1162
4646		-00:51:47,100 ~-~-> 00:51:49,380
4647		-or another. It's a watered down version
4648		-
4649		-1163
4650		-00:51:49,380 ~-~-> 00:51:51,630
4651		-of what I put in lecture notes in 1996.
4652		-
4653		-1164
4654		-00:51:52,170 ~-~-> 00:51:55,350
4655		-What I started using in 1995, improves
4656		-
4657		-1165
4658		-00:51:55,350 ~-~-> 00:51:58,920
4659		-with real money. I started teaching one
4660		-
4661		-1166
4662		-00:51:58,920 ~-~-> 00:52:01,530
4663		-on one sessions. And they have made
4664		-
4665		-1167
4666		-00:52:01,530 ~-~-> 00:52:04,470
4667		-their way through the internet over
4668		-
4669		-1168
4670		-00:52:04,470 ~-~-> 00:52:06,990
4671		-time. And now we see even more of it.
4672		-
4673		-1169
4674		-00:52:06,990 ~-~-> 00:52:09,600
4675		-People have books about it. They've made
4676		-
4677		-1170
4678		-00:52:09,600 ~-~-> 00:52:12,450
4679		-courses about it and even included some
4680		-
4681		-1171
4682		-00:52:12,450 ~-~-> 00:52:13,860
4683		-of the things that actually occurred in
4684		-
4685		-1172
4686		-00:52:13,860 ~-~-> 00:52:15,630
4687		-my personal life as some of their
4688		-
4689		-1173
4690		-00:52:15,630 ~-~-> 00:52:18,270
4691		-narratives. And it's all a lie. They
4692		-
4693		-1174
4694		-00:52:18,270 ~-~-> 00:52:19,920
4695		-didn't have those experiences, but I
4696		-
4697		-1175
4698		-00:52:19,920 ~-~-> 00:52:22,350
4699		-did. And I'm the only one that can prove
4700		-
4701		-1176
4702		-00:52:22,350 ~-~-> 00:52:26,670
4703		-that makes this stuff work. Don't feel
4704		-
4705		-1177
4706		-00:52:26,670 ~-~-> 00:52:28,500
4707		-insignificant by contrast, because
4708		-
4709		-1178
4710		-00:52:28,530 ~-~-> 00:52:30,000
4711		-majority of the people you see out
4712		-
4713		-1179
4714		-00:52:30,000 ~-~-> 00:52:31,740
4715		-there, they're fakes. They're frauds,
4716		-
4717		-1180
4718		-00:52:31,740 ~-~-> 00:52:33,360
4719		-and they aren't what they claim to be.
4720		-
4721		-1181
4722		-00:52:38,910 ~-~-> 00:52:40,500
4723		-match your style to your personality.
4724		-
4725		-1182
4726		-00:52:41,400 ~-~-> 00:52:42,570
4727		-This is something I picked up from Larry
4728		-
4729		-1183
4730		-00:52:42,570 ~-~-> 00:52:44,430
4731		-Williams, who made a lot of sense and I
4732		-
4733		-1184
4734		-00:52:44,430 ~-~-> 00:52:46,200
4735		-avoided doing it for a long time. I wish
4736		-
4737		-1185
4738		-00:52:46,200 ~-~-> 00:52:48,960
4739		-I would have done it sooner. But if
4740		-
4741		-1186
4742		-00:52:48,960 ~-~-> 00:52:51,300
4743		-you're a scalper Okay, you're going to
4744		-
4745		-1187
4746		-00:52:51,300 ~-~-> 00:52:52,470
4747		-do very well if you make quick
4748		-
4749		-1188
4750		-00:52:52,470 ~-~-> 00:52:54,930
4751		-decisions. And that's as simple as that.
4752		-
4753		-1189
4754		-00:52:55,170 ~-~-> 00:52:56,910
4755		-If you hem and haw about trying to make
4756		-
4757		-1190
4758		-00:52:56,910 ~-~-> 00:52:58,140
4759		-a decision and you're going to be a
4760		-
4761		-1191
4762		-00:52:59,340 ~-~-> 00:53:01,590
4763		-scalper again. Traitor, it's going to be
4764		-
4765		-1192
4766		-00:53:01,590 ~-~-> 00:53:04,890
4767		-a problem. And if you short term trade
4768		-
4769		-1193
4770		-00:53:06,720 ~-~-> 00:53:07,890
4771		-typically you're the type of person that
4772		-
4773		-1194
4774		-00:53:07,890 ~-~-> 00:53:10,500
4775		-can take a trade and sleep while you're
4776		-
4777		-1195
4778		-00:53:10,500 ~-~-> 00:53:13,320
4779		-in it. That that is a real good general
4780		-
4781		-1196
4782		-00:53:13,320 ~-~-> 00:53:14,880
4783		-rule of thumb. If you can sleep while
4784		-
4785		-1197
4786		-00:53:14,880 ~-~-> 00:53:16,110
4787		-you're in a trade, then you're probably
4788		-
4789		-1198
4790		-00:53:16,110 ~-~-> 00:53:18,990
4791		-a good short term trader. Don't force
4792		-
4793		-1199
4794		-00:53:18,990 ~-~-> 00:53:23,430
4795		-yourself into any mold. There's gurus,
4796		-
4797		-1200
4798		-00:53:23,430 ~-~-> 00:53:24,750
4799		-there's mentors, there's people out
4800		-
4801		-1201
4802		-00:53:24,750 ~-~-> 00:53:26,610
4803		-there to educate. And unfortunately,
4804		-
4805		-1202
4806		-00:53:26,610 ~-~-> 00:53:28,080
4807		-they try to take everyone and press them
4808		-
4809		-1203
4810		-00:53:28,080 ~-~-> 00:53:30,030
4811		-into this mold, this cookie cutter
4812		-
4813		-1204
4814		-00:53:30,030 ~-~-> 00:53:32,190
4815		-approach and it doesn't work. Avoid
4816		-
4817		-1205
4818		-00:53:32,190 ~-~-> 00:53:37,320
4819		-doing that. Don't try to copy someone,
4820		-
4821		-1206
4822		-00:53:38,220 ~-~-> 00:53:41,910
4823		-their style, their image, their forte,
4824		-
4825		-1207
4826		-00:53:42,720 ~-~-> 00:53:46,470
4827		-their approach their vocabulary. You see
4828		-
4829		-1208
4830		-00:53:46,470 ~-~-> 00:53:49,110
4831		-where I'm going with this don't just so
4832		-
4833		-1209
4834		-00:53:49,110 ~-~-> 00:53:50,640
4835		-many people out there on YouTube now
4836		-
4837		-1210
4838		-00:53:50,640 ~-~-> 00:53:53,670
4839		-sound a lot like ICT. Don't try to copy
4840		-
4841		-1211
4842		-00:53:53,670 ~-~-> 00:53:55,770
4843		-someone, be original. Make your own
4844		-
4845		-1212
4846		-00:53:55,770 ~-~-> 00:54:01,800
4847		-unique model. Don't change trading
4848		-
4849		-1213
4850		-00:54:01,800 ~-~-> 00:54:07,020
4851		-approaches. stick to one approach, one
4852		-
4853		-1214
4854		-00:54:07,050 ~-~-> 00:54:11,130
4855		-method, master it, and then see how you
4856		-
4857		-1215
4858		-00:54:11,130 ~-~-> 00:54:13,140
4859		-work with it. That means you're gonna
4860		-
4861		-1216
4862		-00:54:13,140 ~-~-> 00:54:14,670
4863		-have to spend some time with it. Most
4864		-
4865		-1217
4866		-00:54:14,670 ~-~-> 00:54:18,690
4867		-people don't want to do that. Avoid
4868		-
4869		-1218
4870		-00:54:18,690 ~-~-> 00:54:21,660
4871		-system hopping, okay? And the trap is if
4872		-
4873		-1219
4874		-00:54:21,660 ~-~-> 00:54:23,640
4875		-you take a trade and it loses, okay,
4876		-
4877		-1220
4878		-00:54:23,670 ~-~-> 00:54:25,260
4879		-that's reasonable. But if you take
4880		-
4881		-1221
4882		-00:54:25,260 ~-~-> 00:54:26,460
4883		-another train, you lose. That's it. I'm
4884		-
4885		-1222
4886		-00:54:26,460 ~-~-> 00:54:28,350
4887		-throwing this away. as stupid as this
4888		-
4889		-1223
4890		-00:54:28,350 ~-~-> 00:54:30,180
4891		-method doesn't work. I did that a lot.
4892		-
4893		-1224
4894		-00:54:30,570 ~-~-> 00:54:32,580
4895		-And I went through all kinds of trading
4896		-
4897		-1225
4898		-00:54:32,580 ~-~-> 00:54:34,110
4899		-systems. And that's the reason why I
4900		-
4901		-1226
4902		-00:54:34,110 ~-~-> 00:54:35,760
4903		-went through all kinds of trading
4904		-
4905		-1227
4906		-00:54:35,760 ~-~-> 00:54:37,710
4907		-accounts, because I wasn't consistent
4908		-
4909		-1228
4910		-00:54:37,710 ~-~-> 00:54:39,840
4911		-with anything, except for system
4912		-
4913		-1229
4914		-00:54:39,840 ~-~-> 00:54:42,090
4915		-hopping. That was my only consistency,
4916		-
4917		-1230
4918		-00:54:42,120 ~-~-> 00:54:44,070
4919		-the baseline and my consistency was all
4920		-
4921		-1231
4922		-00:54:44,220 ~-~-> 00:54:47,160
4923		-around me not being consistent with one
4924		-
4925		-1232
4926		-00:54:47,190 ~-~-> 00:54:50,160
4927		-trading approach. Many traders failed at
4928		-
4929		-1233
4930		-00:54:52,380 ~-~-> 00:54:54,600
4931		-every model loses. You're gonna have to
4932		-
4933		-1234
4934		-00:54:54,600 ~-~-> 00:54:56,190
4935		-accept that I mentioned it earlier with
4936		-
4937		-1235
4938		-00:54:56,190 ~-~-> 00:54:57,930
4939		-risk. You can't avoid it. It's part of
4940		-
4941		-1236
4942		-00:54:57,930 ~-~-> 00:55:00,240
4943		-the business. Treat it like a new Normal
4944		-
4945		-1237
4946		-00:55:00,240 ~-~-> 00:55:01,860
4947		-transaction when you go to work, if you
4948		-
4949		-1238
4950		-00:55:01,860 ~-~-> 00:55:03,330
4951		-get sick, you miss a day's work. That's
4952		-
4953		-1239
4954		-00:55:03,330 ~-~-> 00:55:05,880
4955		-a loss. Did you lose your job? No. Did
4956		-
4957		-1240
4958		-00:55:05,880 ~-~-> 00:55:07,770
4959		-you lose your house? No. Did you have a
4960		-
4961		-1241
4962		-00:55:07,770 ~-~-> 00:55:09,300
4963		-little less money that week? Yeah,
4964		-
4965		-1242
4966		-00:55:09,840 ~-~-> 00:55:11,640
4967		-that's life. Well, that's how trading
4968		-
4969		-1243
4970		-00:55:11,640 ~-~-> 00:55:13,350
4971		-works. losses are inevitable, you're
4972		-
4973		-1244
4974		-00:55:13,350 ~-~-> 00:55:17,400
4975		-going to have them. Find your unique
4976		-
4977		-1245
4978		-00:55:17,400 ~-~-> 00:55:20,460
4979		-model and grow from it. Don't tweak it
4980		-
4981		-1246
4982		-00:55:20,460 ~-~-> 00:55:22,590
4983		-too much. Once it's profitable, stick
4984		-
4985		-1247
4986		-00:55:22,590 ~-~-> 00:55:25,200
4987		-with it. And then what you'll find is by
4988		-
4989		-1248
4990		-00:55:25,230 ~-~-> 00:55:27,000
4991		-using a more advanced money management
4992		-
4993		-1249
4994		-00:55:27,000 ~-~-> 00:55:29,220
4995		-approach, if you have a method that
4996		-
4997		-1250
4998		-00:55:29,220 ~-~-> 00:55:31,200
4999		-gives you a delivered result that's
5000		-
5001		-1251
5002		-00:55:31,200 ~-~-> 00:55:33,150
5003		-measurable, and it's consistent enough
5004		-
5005		-1252
5006		-00:55:33,180 ~-~-> 00:55:34,650
5007		-that it does it more times than it
5008		-
5009		-1253
5010		-00:55:34,650 ~-~-> 00:55:37,410
5011		-doesn't. If you add impeccable risk
5012		-
5013		-1254
5014		-00:55:37,410 ~-~-> 00:55:38,850
5015		-management and money management to that,
5016		-
5017		-1255
5018		-00:55:39,180 ~-~-> 00:55:42,660
5019		-you will become wealthy. In this story.
5020		-
5021		-1256
5022		-00:55:42,660 ~-~-> 00:55:44,100
5023		-There's no ifs, ands or buts. That's the
5024		-
5025		-1257
5026		-00:55:44,100 ~-~-> 00:55:45,990
5027		-way it is. But you cannot get to that
5028		-
5029		-1258
5030		-00:55:45,990 ~-~-> 00:55:47,280
5031		-point until you go through all these
5032		-
5033		-1259
5034		-00:55:47,280 ~-~-> 00:55:49,380
5035		-other steps that are very, very boring,
5036		-
5037		-1260
5038		-00:55:49,410 ~-~-> 00:55:50,910
5039		-admittedly, but they're all part of the
5040		-
5041		-1261
5042		-00:55:50,910 ~-~-> 00:55:56,160
5043		-process. settle on one trade set up
5044		-
5045		-1262
5046		-00:55:56,160 ~-~-> 00:56:01,530
5047		-initially. Determine your asset class.
5048		-
5049		-1263
5050		-00:56:02,310 ~-~-> 00:56:04,710
5051		-Pick one market asset class as Commodity
5052		-
5053		-1264
5054		-00:56:04,740 ~-~-> 00:56:07,410
5055		-Index future. It's a forex pair. It's a
5056		-
5057		-1265
5058		-00:56:07,410 ~-~-> 00:56:10,890
5059		-cryptocurrency. It's a stock, whatever
5060		-
5061		-1266
5062		-00:56:10,890 ~-~-> 00:56:13,980
5063		-it is, stick to that one asset class.
5064		-
5065		-1267
5066		-00:56:14,160 ~-~-> 00:56:16,020
5067		-And inside that one asset class, pick
5068		-
5069		-1268
5070		-00:56:16,020 ~-~-> 00:56:19,260
5071		-one market. Outline when you want to
5072		-
5073		-1269
5074		-00:56:19,260 ~-~-> 00:56:21,210
5075		-buy, that means what's the criteria that
5076		-
5077		-1270
5078		-00:56:21,210 ~-~-> 00:56:22,680
5079		-you feel comfortable with when it's a
5080		-
5081		-1271
5082		-00:56:22,680 ~-~-> 00:56:24,990
5083		-buy, and then outline that and make it
5084		-
5085		-1272
5086		-00:56:24,990 ~-~-> 00:56:26,490
5087		-as detailed as possible, put it on
5088		-
5089		-1273
5090		-00:56:26,490 ~-~-> 00:56:29,520
5091		-paper. And the same thing with when you
5092		-
5093		-1274
5094		-00:56:29,520 ~-~-> 00:56:31,440
5095		-want to go short. What's the
5096		-
5097		-1275
5098		-00:56:31,440 ~-~-> 00:56:33,360
5099		-characteristics and circumstances that
5100		-
5101		-1276
5102		-00:56:33,360 ~-~-> 00:56:36,180
5103		-would drive you to believing it's a
5104		-
5105		-1277
5106		-00:56:36,180 ~-~-> 00:56:40,650
5107		-short and with that you want to build
5108		-
5109		-1278
5110		-00:56:40,650 ~-~-> 00:56:43,890
5111		-many study journal cases. Notice I said,
5112		-
5113		-1279
5114		-00:56:44,250 ~-~-> 00:56:46,110
5115		-not live trades with real money. You
5116		-
5117		-1280
5118		-00:56:46,110 ~-~-> 00:56:48,240
5119		-want to have a study journal that has a
5120		-
5121		-1281
5122		-00:56:48,240 ~-~-> 00:56:50,490
5123		-plethora of examples of where this
5124		-
5125		-1282
5126		-00:56:50,490 ~-~-> 00:56:52,050
5127		-worked in the past and when it didn't,
5128		-
5129		-1283
5130		-00:56:52,590 ~-~-> 00:56:55,950
5131		-and study them and it great links set
5132		-
5133		-1284
5134		-00:56:55,950 ~-~-> 00:56:57,360
5135		-way you get familiar with what it looks
5136		-
5137		-1285
5138		-00:56:57,360 ~-~-> 00:56:59,580
5139		-like by recognition and then when you
5140		-
5141		-1286
5142		-00:56:59,580 ~-~-> 00:57:01,740
5143		-see like price action, you'll recognize
5144		-
5145		-1287
5146		-00:57:01,740 ~-~-> 00:57:08,160
5147		-it as forms. Now, with all those things,
5148		-
5149		-1288
5150		-00:57:08,490 ~-~-> 00:57:10,830
5151		-you have something to start with. And
5152		-
5153		-1289
5154		-00:57:10,830 ~-~-> 00:57:14,250
5155		-now you can plan your beginning. In part
5156		-
5157		-1290
5158		-00:57:14,250 ~-~-> 00:57:16,920
5159		-two, I promise I won't be so long winded
5160		-
5161		-1291
5162		-00:57:17,070 ~-~-> 00:57:18,990
5163		-and boring. We're actually gonna give
5164		-
5165		-1292
5166		-00:57:18,990 ~-~-> 00:57:21,930
5167		-some insights on how you can go into the
5168		-
5169		-1293
5170		-00:57:21,930 ~-~-> 00:57:24,480
5171		-marketplace and study a very particular
5172		-
5173		-1294
5174		-00:57:24,480 ~-~-> 00:57:26,640
5175		-thing. And what that is, is the optimal
5176		-
5177		-1295
5178		-00:57:26,640 ~-~-> 00:57:28,230
5179		-trade entry. And I'll talk to you then
5180		-
5181		-1296
5182		-00:57:28,320 ~-~-> 00:57:29,760
5183		-wish good luck and good trading.