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Version 4.1 by Drunk Monkey on 2020-11-20 11:15
Show last authors
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3 ICT: MacBooks This is going to be a four
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7 part series. And right away, let me get
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11 your expectations in alignment. This
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15 first installment or Part one is
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19 basically one of those commuter episodes
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23 going back and forth to work. You can
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27 listen to it that way because there's
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31 not really anything in this one there's
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35 going to be graphic intensive, no words,
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39 no charts, nothing like that. No market
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43 makers secret concepts being revealed on
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47 some charts. It's basically a
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51 hypothetical conversation with my
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55 younger self. I get questions a lot by
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59 email. If I could go back in time. You
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63 know what I like to do differently and I
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67 kind of like twisted that whole idea to
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71 come up with the perspective. And if I
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75 could go back and tell myself what I
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79 know now, and this is basically a
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83 hypothetical conversation with my
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87 younger self.
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91 If I could go back to the start of it
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95 all, knowing what I know now, said,
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99 Everyone, how many times have you looked
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103 at a circumstance in your life not just
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107 in trading, but in anything, every facet
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111 of your life you wish you could go back
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115 knowing what you know now, I used to
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119 hear my grandparents say things like
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123 that. And I was like, What? I couldn't
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127 relate with it and or to it, but being
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131 47 about the term 48 years old. There is
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135 a laundry list of things. I wish I could
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139 go back and change not just in my
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143 trading journey, but in all facets of my
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147 life. So I shared a bunch of those
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151 personal things. Today on my Twitter
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155 feed, if you haven't been over there you
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159 can take a look at that and see my my
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163 open discussion about many of the
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167 frailties in my personal life coming up
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171 as a younger man into where I am today.
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175 I want to talk a little bit about some
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179 of the things that I wish I could go
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183 back in time and tell my younger self.
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187 Now, the way you can use this for
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191 yourself is take what I'm saying with a
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195 great deal of appreciation because I
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199 weathered a lot of storms, financially
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203 and personally, to get to what I know
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207 now. And you may be a very young person
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211 and or an older person just now getting
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215 involved in the markets. You're going to
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219 have the same growing pains that
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223 everyone else has, and some of these
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227 things are going to be things you
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231 probably read in books heard other
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235 people talk about, but I'm going to give
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239 you my personal spin on some of them and
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243 how it applied to me. So it's kind of
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247 like a little bit of a little history
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251 book of what I was plagued with in my
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255 first six years. The first six years of
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259 my trading development, the first six
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263 years of my trading, development is
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267 plagued with everything you could have
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271 possibly done wrong. And I want to kind
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275 of like use this discussion to kind of
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279 like go through some of the major
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283 hurdles that I had. And again, since I
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287 have children, adult children now they
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291 can hopefully listen to this and mine.
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295 The, I guess the experience portion of
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299 it, because a lot of the things that
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303 I've put on my YouTube channel and I've
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307 taught over the years
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311 it's
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315 heavily technical There's a lot of
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319 things that are going on in the chart.
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323 And I am always accused of being long
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327 winded. And again, if you're not into
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331 you really understanding what is most
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335 likely going to plague you, if you just
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339 want to go through it yourself and have
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343 all that experience. Have at it, don't
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347 even listen to this video. And there's
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351 no harm and you're not listening to this
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355 part, you could really just so Kevin's
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359 going to wait to part two, but it's
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363 meant to be a resource for you to glean
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367 experience from without having to go
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371 through the suffering portion of it. So
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375 if I were to go back in time, and I
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379 could sit at a table and talk to my
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383 younger self, what would I tell him or
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387 me? Where to focus? What should I as a
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391 younger person, focus on in my
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395 development as a trader. First thing,
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399 don't seek the approval from others.
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403 Right away. That's the number one One
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407 characteristic of a successful trader.
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411 Now, you might not agree with the things
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415 I'm going to say in this episode, I'm
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419 just speaking from my own personal walk,
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423 and the things that I had to endure.
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427 When I first started, the first people
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431 that I look to get approval with, with
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435 my family. And I love my family, both my
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439 immediate and extended family, but none
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443 of them shared in my excitement. They
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447 gave me all the reasons why it was a
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451 poor decision. It was a bad idea to get
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455 involved in it, I'm going to just lose
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459 money, and just accept working for the
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463 rest of your life and simply not in the
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467 cards for me, I just didn't want to do
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471 that. So you don't want to seek approval
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475 from your family because they're not
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479 going to understand what you're trying
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483 to do. They're going to give you all of
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487 the heartfelt reasons why they're going
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491 to try to protect you from yourself,
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495 when they don't really understand what
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499 it is that you're trying to do or learn
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503 Don't seek the approval of your friends.
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507 Number one, your friends are only going
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511 to be interested once you start making
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515 money. When they start seeing the
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519 changes in your life, then and only then
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523 will your friends be on board with it.
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527 Your friends, much like your family,
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531 really, don't feel comfortable with you
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535 being successful because if you tell
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539 them what you're going to do, and you
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543 get to the point where you succeed at
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547 it, you act like a mirror for them. And
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551 they will always look to you as a
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555 reminder of what they failed to pursue
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559 in our own life. So again, don't try to
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563 seek the approval of others, Family
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567 First, and friends because it doesn't
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571 work out. Third, don't go to work until
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575 your co workers that you're going to be
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579 quitting your jobs and I made all those
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583 errors, okay, and many, many times I've
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587 shared the low income I our heavy
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591 workload job that I was doing as a young
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595 man when I was beginning this journey.
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599 And I just don't think that it's a good
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603 practice for anyone to go to work and
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607 tell their co workers number one,
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611 they're going to be giving you again,
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615 all the worst feedback you're ever gonna
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619 hear. Yeah, right, you'll be here with
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623 me the rest of your life. You're going
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627 to retire from here, all those things,
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631 okay. So when you get this feedback from
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635 your co workers, you're going to hate
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639 going to work even more, because you
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643 might have liked going to work it to
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647 some degree and hanging out with the
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651 people you work with. Talking about
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655 sports, talking about movies, talking
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659 about the opposite sex. All these things
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663 that you had a common, I guess agreement
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667 on or an interest in, will start having
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671 a great divide, because you're going to
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675 look at them as a source of
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679 annoyance and they're just gonna look at
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683 you as You're pipe dreaming, and you're
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687 not going to get to where you're going,
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691 and it's going to be fun for them to
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695 watch, you fail. And you don't want to
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699 have someone constantly, you know,
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703 poking you every day. It looks like
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707 you're still here. I guess I'll see you
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711 to work tomorrow. No types of things is
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715 what I had to endure. So don't tell your
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719 co workers which you're going to be
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723 doing. Don't tell your boss, what you're
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727 gonna be doing. You're going to
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731 basically fire your boss and fire your
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735 co workers when the time is right, but
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739 you don't want to broadcast it. Because
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743 all it's going to do is provide them a
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747 timeline when they think you should be
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751 doing it in teach you the entire time.
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755 So your family's gonna constantly give
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759 you heartfelt advice of why you
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763 shouldn't do it. Your friends are going
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767 to say, I'm not really interested. But
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771 if you get successful, I might be
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775 interested in then. So what why tell
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779 them and coworkers are going to give you
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783 every negative thing because they hate
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787 their life. They're at the same place
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791 you're at your job. To escape, so why
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795 would you want them to pump you up?
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799 That's what we do as humans, we want to
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803 have our peers say, Yeah, that's a good
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807 idea. But how many times in your life
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811 Have you ever had that experience? I can
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815 tell you, unless it was my fifth grade
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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.