{"id":49968,"date":"2020-07-02T12:08:59","date_gmt":"2020-07-02T16:08:59","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=49968"},"modified":"2020-07-02T12:08:59","modified_gmt":"2020-07-02T16:08:59","slug":"17-questions-for-proprietary-trading-firm-co-founder-brutally-honest-answers","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/17-questions-for-proprietary-trading-firm-co-founder-brutally-honest-answers","title":{"rendered":"17 Questions for Proprietary Trading Firm Co-Founder (brutally honest answers)"},"content":{"rendered":"

In this video, learn the answers to 17 Questions for a Proprietary Trading Firm Co-Founder (with brutally honest answers). Two veteran traders sit down to dive deep into how our proprietary trading firm and our traders have become remarkably successful. Let\u2019s get to work on sharing the answers to help you improve your trading.<\/p>\nView Video Transcript<\/strong><\/span>

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in this video learn the answers to 17<\/div>\n<\/div>\n<\/div>\n
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questions for proprietary trade firm<\/div>\n<\/div>\n<\/div>\n
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co-founder with brutally honest answers<\/div>\n<\/div>\n<\/div>\n
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hi I’m Mike bellafiore co-founder of SMB<\/div>\n<\/div>\n<\/div>\n
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capital and we’re a proprietary trading<\/div>\n<\/div>\n<\/div>\n
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firm located in midtown Manhattan and<\/div>\n<\/div>\n<\/div>\n
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I’m also the author of the trading<\/div>\n<\/div>\n<\/div>\n
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classic one good trade and the playbook<\/div>\n<\/div>\n<\/div>\n
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click our subscribe button so you don’t<\/div>\n<\/div>\n<\/div>\n
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miss any of the videos they’re producing<\/div>\n<\/div>\n<\/div>\n
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for you in the trading community in this<\/div>\n<\/div>\n<\/div>\n
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interview two veteran traders sit down<\/div>\n<\/div>\n<\/div>\n
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to dive deep into how our proprietary<\/div>\n<\/div>\n<\/div>\n
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trading firm and our traders have become<\/div>\n<\/div>\n<\/div>\n
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remarkably successful let’s get to work<\/div>\n<\/div>\n<\/div>\n
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on sharing the answers to help you<\/div>\n<\/div>\n<\/div>\n
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improve your trading I wanted to welcome<\/div>\n<\/div>\n<\/div>\n
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back to the options tribe today one of<\/div>\n<\/div>\n<\/div>\n
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our fearless leaders Mike bellifiore and<\/div>\n<\/div>\n<\/div>\n
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thank you for making all this possible<\/div>\n<\/div>\n<\/div>\n
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for all of us because all of this flows<\/div>\n<\/div>\n<\/div>\n
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from the culture of SMB capital which I<\/div>\n<\/div>\n<\/div>\n
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can tell you I’ve been with in it for<\/div>\n<\/div>\n<\/div>\n
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ten years now and it is a really great<\/div>\n<\/div>\n<\/div>\n
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culture to be in because well not well<\/div>\n<\/div>\n<\/div>\n
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it’s not only an incredibly successful<\/div>\n<\/div>\n<\/div>\n
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culture it’s also one really dedicated<\/div>\n<\/div>\n<\/div>\n
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to people improving and it just it just<\/div>\n<\/div>\n<\/div>\n
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it comes out of every pore of everybody<\/div>\n<\/div>\n<\/div>\n
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at SMB that desire to improve and that’s<\/div>\n<\/div>\n<\/div>\n
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why we have the options tribe meetings<\/div>\n<\/div>\n<\/div>\n
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every week to help give you some<\/div>\n<\/div>\n<\/div>\n
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information that help you to improve as<\/div>\n<\/div>\n<\/div>\n
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an options trader it’s so this year that<\/div>\n<\/div>\n<\/div>\n
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we’ve had sorry to cut you off but I<\/div>\n<\/div>\n<\/div>\n
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will jump into that this is the best<\/div>\n<\/div>\n<\/div>\n
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year that we’ve ever had an SMB and our<\/div>\n<\/div>\n<\/div>\n
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best traders are having their best years<\/div>\n<\/div>\n<\/div>\n
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that they’ve ever had and they are all<\/div>\n<\/div>\n<\/div>\n
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still getting better it’s amazing and<\/div>\n<\/div>\n<\/div>\n
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you see it and you see them working on<\/div>\n<\/div>\n<\/div>\n
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their craft I haven’t seen any of these<\/div>\n<\/div>\n<\/div>\n
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guys since March but it doesn’t matter<\/div>\n<\/div>\n<\/div>\n
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nothing changes I’ve seen them on zoom<\/div>\n<\/div>\n<\/div>\n
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meeting since then and they’re the same<\/div>\n<\/div>\n<\/div>\n
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people with the same energy and the same<\/div>\n<\/div>\n<\/div>\n
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desire to improve and same new ideas<\/div>\n<\/div>\n<\/div>\n
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generation at all times so I’m going to<\/div>\n<\/div>\n<\/div>\n
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pull up now an Instagram post that<\/div>\n<\/div>\n<\/div>\n
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appeared recently and we all know the<\/div>\n<\/div>\n<\/div>\n
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guy in the center to be someone we all<\/div>\n<\/div>\n<\/div>\n
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call swag<\/div>\n<\/div>\n<\/div>\n
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and Mike you posted this on Instagram I<\/div>\n<\/div>\n<\/div>\n
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know because I got I knew this<\/div>\n<\/div>\n<\/div>\n
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information beforehand because you sent<\/div>\n<\/div>\n<\/div>\n
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us all an email letting us know that<\/div>\n<\/div>\n<\/div>\n
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this young man who is probably what is<\/div>\n<\/div>\n<\/div>\n
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he 28 29 years old Mike he looks like he<\/div>\n<\/div>\n<\/div>\n
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looks like he’s low looks like he’s 12<\/div>\n<\/div>\n<\/div>\n
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years old if you met him you’d think he<\/div>\n<\/div>\n<\/div>\n
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was someone his son and he you know<\/div>\n<\/div>\n<\/div>\n
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coming in to be with your dad day but he<\/div>\n<\/div>\n<\/div>\n
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is he is very young looking but<\/div>\n<\/div>\n<\/div>\n
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extremely brilliant guy and we’ll call<\/div>\n<\/div>\n<\/div>\n
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him swang he has oh but before June 30th<\/div>\n<\/div>\n<\/div>\n
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I don’t know if you can interpolate here<\/div>\n<\/div>\n<\/div>\n
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or not but before June 30th he has<\/div>\n<\/div>\n<\/div>\n
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already earned net trading profits of 10<\/div>\n<\/div>\n<\/div>\n
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million dollars how did he make so much<\/div>\n<\/div>\n<\/div>\n
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money this year Mike he a is very<\/div>\n<\/div>\n<\/div>\n
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talented talent is a very real thing in<\/div>\n<\/div>\n<\/div>\n
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trading B I think you actually remember<\/div>\n<\/div>\n<\/div>\n
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when he first started even with us long<\/div>\n<\/div>\n<\/div>\n
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enough where you would remember him just<\/div>\n<\/div>\n<\/div>\n
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starting I do and the first thing that<\/div>\n<\/div>\n<\/div>\n
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he did that was very impressive as he<\/div>\n<\/div>\n<\/div>\n
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became consistent so for those who<\/div>\n<\/div>\n<\/div>\n
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aren’t yet profitable or not doing as<\/div>\n<\/div>\n<\/div>\n
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well as they want at SMB we asked our<\/div>\n<\/div>\n<\/div>\n
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guys to first focus on being consistent<\/div>\n<\/div>\n<\/div>\n
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so our main business is hiring traders<\/div>\n<\/div>\n<\/div>\n
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to trade firm capital and splitting<\/div>\n<\/div>\n<\/div>\n
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profits with them they go through an<\/div>\n<\/div>\n<\/div>\n
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extensive training program so that we<\/div>\n<\/div>\n<\/div>\n
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feel confident that they can trade firm<\/div>\n<\/div>\n<\/div>\n
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capital well but also that they can grow<\/div>\n<\/div>\n<\/div>\n
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we’re not in the business of building<\/div>\n<\/div>\n<\/div>\n
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$50,000 your traders which by the way is<\/div>\n<\/div>\n<\/div>\n
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great for lots of people we’re in the<\/div>\n<\/div>\n<\/div>\n
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business<\/div>\n<\/div>\n<\/div>\n
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growing seven-figure traders and in this<\/div>\n<\/div>\n<\/div>\n
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case eight figure traders and that ten<\/div>\n<\/div>\n<\/div>\n
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million dollars net is from the<\/div>\n<\/div>\n<\/div>\n
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beginning of the year it’s from January<\/div>\n<\/div>\n<\/div>\n
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1st 2020 certainly I would have to add<\/div>\n<\/div>\n<\/div>\n
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one of the variables to be that the<\/div>\n<\/div>\n<\/div>\n
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market has been opportunistic for short<\/div>\n<\/div>\n<\/div>\n
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term active trading volatility has risen<\/div>\n<\/div>\n<\/div>\n
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that’s certainly a factor in this but<\/div>\n<\/div>\n<\/div>\n
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I’d also have to add the variable that<\/div>\n<\/div>\n<\/div>\n
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his performance is astonishing his the<\/div>\n<\/div>\n<\/div>\n
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trading results are remarkable<\/div>\n<\/div>\n<\/div>\n
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he has along the years understood what<\/div>\n<\/div>\n<\/div>\n
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his strengths were and built from them<\/div>\n<\/div>\n<\/div>\n
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he is an incredibly fast thinking person<\/div>\n<\/div>\n<\/div>\n
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tremendous processing power and has<\/div>\n<\/div>\n<\/div>\n
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crafted his trading style around that<\/div>\n<\/div>\n<\/div>\n
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when he recognized what he did well he<\/div>\n<\/div>\n<\/div>\n
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started to express those ideas in some<\/div>\n<\/div>\n<\/div>\n
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different ways so he has graduated into<\/div>\n<\/div>\n<\/div>\n
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trading options as well directionally<\/div>\n<\/div>\n<\/div>\n
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and adding that as an important revenue<\/div>\n<\/div>\n<\/div>\n
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line to his business as well he has<\/div>\n<\/div>\n<\/div>\n
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worked very well with the resources at<\/div>\n<\/div>\n<\/div>\n
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the firm we’re very lucky at the prop<\/div>\n<\/div>\n<\/div>\n
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front firm that we’re at that we have<\/div>\n<\/div>\n<\/div>\n
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amazing resources like dr. Brett Steen<\/div>\n<\/div>\n<\/div>\n
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Barger who coaches and mentors the<\/div>\n<\/div>\n<\/div>\n
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traders the best trading coach in the<\/div>\n<\/div>\n<\/div>\n
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u.s. coaches our guys and some of the<\/div>\n<\/div>\n<\/div>\n
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biggest traders and at some of the most<\/div>\n<\/div>\n<\/div>\n
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prestigious firms in the world their<\/div>\n<\/div>\n<\/div>\n
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traders he has tapped into the<\/div>\n<\/div>\n<\/div>\n
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importance of having a risk manager who<\/div>\n<\/div>\n<\/div>\n
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works with you on a daily basis keeps<\/div>\n<\/div>\n<\/div>\n
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you in check keeps you from not losing<\/div>\n<\/div>\n<\/div>\n
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too much on your bad days or your bad<\/div>\n<\/div>\n<\/div>\n
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trades which happens if you trade long<\/div>\n<\/div>\n<\/div>\n
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enough he leads our desk and gee<\/div>\n<\/div>\n<\/div>\n
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chatting me throughout the day nobody<\/div>\n<\/div>\n<\/div>\n
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Jie chats me more than swang console<\/div>\n<\/div>\n<\/div>\n
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they give me updates on what he’s<\/div>\n<\/div>\n<\/div>\n
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trading how he’s working on a sizing how<\/div>\n<\/div>\n<\/div>\n
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he’s doing overall he announced to say<\/div>\n<\/div>\n<\/div>\n
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this I said this in an ode to our guys<\/div>\n<\/div>\n<\/div>\n
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and I say this for the people listening<\/div>\n<\/div>\n<\/div>\n
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yep he is up eight figures this year his<\/div>\n<\/div>\n<\/div>\n
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path to be an eight-figure trader has<\/div>\n<\/div>\n<\/div>\n
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not been perfectly smooth he has not<\/div>\n<\/div>\n<\/div>\n
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just always done well and done better<\/div>\n<\/div>\n<\/div>\n
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there have been some real challenges<\/div>\n<\/div>\n<\/div>\n
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along the way<\/div>\n<\/div>\n<\/div>\n
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if you want to learn three real-world<\/div>\n<\/div>\n<\/div>\n
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setups that our traders use including<\/div>\n<\/div>\n<\/div>\n
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this simple setup that we teach all of<\/div>\n<\/div>\n<\/div>\n
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our new traders and the set up that<\/div>\n<\/div>\n<\/div>\n
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turned one of our traders into a<\/div>\n<\/div>\n<\/div>\n
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seven-figure big money earner check out<\/div>\n<\/div>\n<\/div>\n
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the free webinar that we’re currently<\/div>\n<\/div>\n<\/div>\n
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running just go ahead and click the link<\/div>\n<\/div>\n<\/div>\n
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that should be appearing right now at<\/div>\n<\/div>\n<\/div>\n
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the top right hand corner of your screen<\/div>\n<\/div>\n<\/div>\n
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that’s gonna open up this free<\/div>\n<\/div>\n<\/div>\n
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registration page in the new window so<\/div>\n<\/div>\n<\/div>\n
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don’t worry you’re not gonna lose this<\/div>\n<\/div>\n<\/div>\n
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video you’re gonna learn more in a<\/div>\n<\/div>\n<\/div>\n
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couple of hours from this trading<\/div>\n<\/div>\n<\/div>\n
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workshop than from years of online<\/div>\n<\/div>\n<\/div>\n
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education so if you are a retail<\/div>\n<\/div>\n<\/div>\n
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independent crop trader trader that gets<\/div>\n<\/div>\n<\/div>\n
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off the tracks now and then he has as<\/div>\n<\/div>\n<\/div>\n
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well and I say that because if he could<\/div>\n<\/div>\n<\/div>\n
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figure out how to get back on the trucks<\/div>\n<\/div>\n<\/div>\n
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and the best story that I can give you<\/div>\n<\/div>\n<\/div>\n
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is that very recently during a review he<\/div>\n<\/div>\n<\/div>\n
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had one of his very rare recent<\/div>\n<\/div>\n<\/div>\n
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drawdowns<\/div>\n<\/div>\n<\/div>\n
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he he had actually been losing money for<\/div>\n<\/div>\n<\/div>\n
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a little bit of time and we meet during<\/div>\n<\/div>\n<\/div>\n
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our monthly meetings to go over pass<\/div>\n<\/div>\n<\/div>\n
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results we put statistics in front of<\/div>\n<\/div>\n<\/div>\n
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everybody we’re transparent with<\/div>\n<\/div>\n<\/div>\n
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everybody and you can see the drawdown<\/div>\n<\/div>\n<\/div>\n
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and dr. Steen Barger and now a famous<\/div>\n<\/div>\n<\/div>\n
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SMB quote said to him don’t let your<\/div>\n<\/div>\n<\/div>\n
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swing trading get in the way of your<\/div>\n<\/div>\n<\/div>\n
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swang trading and he was starting to do<\/div>\n<\/div>\n<\/div>\n
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some stuff different that was outside of<\/div>\n<\/div>\n<\/div>\n
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what he does best<\/div>\n<\/div>\n<\/div>\n
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and so I could go on and on I well those<\/div>\n<\/div>\n<\/div>\n
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are some of the reasons why he has done<\/div>\n<\/div>\n<\/div>\n
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so well but yeah he he has he has made<\/div>\n<\/div>\n<\/div>\n
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eight figures and net trading profits<\/div>\n<\/div>\n<\/div>\n
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since the start of the year I just got a<\/div>\n<\/div>\n<\/div>\n
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deep shock from him<\/div>\n<\/div>\n<\/div>\n
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we both are excited to see where you can<\/div>\n<\/div>\n<\/div>\n
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go from here<\/div>\n<\/div>\n<\/div>\n
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you started SMB in 2005 and it’s a prop<\/div>\n<\/div>\n<\/div>\n
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trading firm in Manhattan very<\/div>\n<\/div>\n<\/div>\n
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competitive and tell us for people<\/div>\n<\/div>\n<\/div>\n
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who’ve never even heard the term<\/div>\n<\/div>\n<\/div>\n
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proprietary trading for what what are<\/div>\n<\/div>\n<\/div>\n
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the advantages of trading at a proper<\/div>\n<\/div>\n<\/div>\n
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means instead of trading your own<\/div>\n<\/div>\n<\/div>\n
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capital independently would it make<\/div>\n<\/div>\n<\/div>\n
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sense for retail and independent traders<\/div>\n<\/div>\n<\/div>\n
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to consider trading for a prop trading<\/div>\n<\/div>\n<\/div>\n
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firm yes if you want to be somebody who<\/div>\n<\/div>\n<\/div>\n
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makes seven figures in a year north of a<\/div>\n<\/div>\n<\/div>\n
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million dollars in a year if you want to<\/div>\n<\/div>\n<\/div>\n
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if you’re somebody who wants to find out<\/div>\n<\/div>\n<\/div>\n
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just how good they can be the very best<\/div>\n<\/div>\n<\/div>\n
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you can be you want to become your very<\/div>\n<\/div>\n<\/div>\n
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best trader you want to play at the<\/div>\n<\/div>\n<\/div>\n
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highest level that you can play at you<\/div>\n<\/div>\n<\/div>\n
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need more resources you can only do<\/div>\n<\/div>\n<\/div>\n
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something you only do so much alone and<\/div>\n<\/div>\n<\/div>\n
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so at a prop firm prop firms have more<\/div>\n<\/div>\n<\/div>\n
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resources than you can have individually<\/div>\n<\/div>\n<\/div>\n
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we have more capital much more capital<\/div>\n<\/div>\n<\/div>\n
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many multiples of capital that we can<\/div>\n<\/div>\n<\/div>\n
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provide for traders you get more capital<\/div>\n<\/div>\n<\/div>\n
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you can make more money assuming your<\/div>\n<\/div>\n<\/div>\n
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strategies work we have better<\/div>\n<\/div>\n<\/div>\n
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technology that means you can be alerted<\/div>\n<\/div>\n<\/div>\n
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to the trades more often that you trade<\/div>\n<\/div>\n<\/div>\n
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best that means that you can execute<\/div>\n<\/div>\n<\/div>\n
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better on entries and exits that means<\/div>\n<\/div>\n<\/div>\n
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you can execute with larger size because<\/div>\n<\/div>\n<\/div>\n
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your technology is better you have great<\/div>\n<\/div>\n<\/div>\n
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coaches like dr. Stein Barger and great<\/div>\n<\/div>\n<\/div>\n
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resources like our core manager and<\/div>\n<\/div>\n<\/div>\n
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myself<\/div>\n<\/div>\n<\/div>\n
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it’s the<\/div>\n<\/div>\n<\/div>\n
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spencer who had my partner as well we’ve<\/div>\n<\/div>\n<\/div>\n
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been doing this for 20-plus years who<\/div>\n<\/div>\n<\/div>\n
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can can give you some advice when<\/div>\n<\/div>\n<\/div>\n
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markets start to change when the market<\/div>\n<\/div>\n<\/div>\n
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regime shifts we can see that and point<\/div>\n<\/div>\n<\/div>\n
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that out and point you in the right<\/div>\n<\/div>\n<\/div>\n
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direction some strategies that are worth<\/div>\n<\/div>\n<\/div>\n
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focus you have other traders around you<\/div>\n<\/div>\n<\/div>\n
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who are terrific swang it’s no<\/div>\n<\/div>\n<\/div>\n
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coincidence that swang sits next to<\/div>\n<\/div>\n<\/div>\n
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shark who is a phenomenal trader and the<\/div>\n<\/div>\n<\/div>\n
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two of them make each other better swang<\/div>\n<\/div>\n<\/div>\n
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is seeing how much money shark is making<\/div>\n<\/div>\n<\/div>\n
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in a particular trade and that pushes<\/div>\n<\/div>\n<\/div>\n
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him the trade a little bit bigger or it<\/div>\n<\/div>\n<\/div>\n
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gives him the idea to be in the trade in<\/div>\n<\/div>\n<\/div>\n
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the first place that maybe he wouldn’t<\/div>\n<\/div>\n<\/div>\n
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have thought of by himself it gives you<\/div>\n<\/div>\n<\/div>\n
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when you have other traders around you<\/div>\n<\/div>\n<\/div>\n
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it gives you the opportunity to trade<\/div>\n<\/div>\n<\/div>\n
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jointly so one of the things that we do<\/div>\n<\/div>\n<\/div>\n
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at our firm is we have joint accounts<\/div>\n<\/div>\n<\/div>\n
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guys actually team up they share ideas<\/div>\n<\/div>\n<\/div>\n
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they put money into them against them<\/div>\n<\/div>\n<\/div>\n
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talking more amongst each other and<\/div>\n<\/div>\n<\/div>\n
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improves their idea flow if you put a<\/div>\n<\/div>\n<\/div>\n
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couple more ideas in front of a trader<\/div>\n<\/div>\n<\/div>\n
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like swang a month that’s gonna really<\/div>\n<\/div>\n<\/div>\n
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add to his bottom line you know the<\/div>\n<\/div>\n<\/div>\n
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other huge thing is that when you’re<\/div>\n<\/div>\n<\/div>\n
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trading at a prop firm if you are losing<\/div>\n<\/div>\n<\/div>\n
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money<\/div>\n<\/div>\n<\/div>\n
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it’s a drawdown if you’re trading your<\/div>\n<\/div>\n<\/div>\n
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own retail or independent account when<\/div>\n<\/div>\n<\/div>\n
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you’re losing money it’s your money<\/div>\n<\/div>\n<\/div>\n
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you’ve really lost a hundred thousand<\/div>\n<\/div>\n<\/div>\n
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dollars or three hundred thousand<\/div>\n<\/div>\n<\/div>\n
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dollars that’s out of your pocket you’re<\/div>\n<\/div>\n<\/div>\n
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really thinking I have that much more<\/div>\n<\/div>\n<\/div>\n
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money less I have that much less money<\/div>\n<\/div>\n<\/div>\n
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when you’re trading at a prop firm and<\/div>\n<\/div>\n<\/div>\n
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you’re treating somebody else’s capital<\/div>\n<\/div>\n<\/div>\n
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it’s a drawdown you’re gonna make it<\/div>\n<\/div>\n<\/div>\n
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back it’s just the mark and you keep<\/div>\n<\/div>\n<\/div>\n
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pushing and you keep pressing from there<\/div>\n<\/div>\n<\/div>\n
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so can’t go through all the advantages<\/div>\n<\/div>\n<\/div>\n
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but those are some of them and those are<\/div>\n<\/div>\n<\/div>\n
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some of them at our firm<\/div>\n<\/div>\n<\/div>\n
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yeah it’s once you understand how the<\/div>\n<\/div>\n<\/div>\n
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system works it’s it becomes less and<\/div>\n<\/div>\n<\/div>\n
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less attractive to trade your own<\/div>\n<\/div>\n<\/div>\n
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capital really and much more attractive<\/div>\n<\/div>\n<\/div>\n
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to trade firm capital for you know all<\/div>\n<\/div>\n<\/div>\n
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the reasons you mentioned Mike you’ve<\/div>\n<\/div>\n<\/div>\n
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written two books on trading one good<\/div>\n<\/div>\n<\/div>\n
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trade and the PlayBook there’s they’re<\/div>\n<\/div>\n<\/div>\n
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so readable and just so interesting and<\/div>\n<\/div>\n<\/div>\n
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so informative you’ve written thousands<\/div>\n<\/div>\n<\/div>\n
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of blog post you’ve shared hundreds of<\/div>\n<\/div>\n<\/div>\n
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videos on SMB capital’s youtube channel<\/div>\n<\/div>\n<\/div>\n
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which everybody should go to right now<\/div>\n<\/div>\n<\/div>\n
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and subscribe to because it’s<\/div>\n<\/div>\n<\/div>\n
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unbelievable the amount of information<\/div>\n<\/div>\n<\/div>\n
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we’re putting out there so my question<\/div>\n<\/div>\n<\/div>\n
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for you is why aren’t you more secretive<\/div>\n<\/div>\n<\/div>\n
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of what works for firm traders is it<\/div>\n<\/div>\n<\/div>\n
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isn’t it smarter to not tell everybody<\/div>\n<\/div>\n<\/div>\n
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what’s going on and not tell everyone<\/div>\n<\/div>\n<\/div>\n
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and just hold the information to<\/div>\n<\/div>\n<\/div>\n
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ourselves so we don’t share everything<\/div>\n<\/div>\n<\/div>\n
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and I would suggest that the generous we<\/div>\n<\/div>\n<\/div>\n
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are generous as we are on for instance<\/div>\n<\/div>\n<\/div>\n
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SMB capital’s youtube channel which is a<\/div>\n<\/div>\n<\/div>\n
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tremendous resource for developing<\/div>\n<\/div>\n<\/div>\n
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traders for new traders for experienced<\/div>\n<\/div>\n<\/div>\n
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traders from the feedback that we’re<\/div>\n<\/div>\n<\/div>\n
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getting from traders all over the world<\/div>\n<\/div>\n<\/div>\n
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tremendous resource we’re very proud of<\/div>\n<\/div>\n<\/div>\n
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the quality education that we share on<\/div>\n<\/div>\n<\/div>\n
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SME capital’s youtube channel if you<\/div>\n<\/div>\n<\/div>\n
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haven’t seen it go check it out see what<\/div>\n<\/div>\n<\/div>\n
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you think we’re really not sharing as<\/div>\n<\/div>\n<\/div>\n
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much as maybe people think we are<\/div>\n<\/div>\n<\/div>\n
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sharing a lot but they’re certainly not<\/div>\n<\/div>\n<\/div>\n
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sharing everything and there’s certain<\/div>\n<\/div>\n<\/div>\n
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things we never talk about certain<\/div>\n<\/div>\n<\/div>\n
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strategies we never talk about for which<\/div>\n<\/div>\n<\/div>\n
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the firm makes a tremendous amount of<\/div>\n<\/div>\n<\/div>\n
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money that i wouldn’t be fair for us to<\/div>\n<\/div>\n<\/div>\n
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talk about for for the traders at our<\/div>\n<\/div>\n<\/div>\n
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firm because there is a limitation on<\/div>\n<\/div>\n<\/div>\n
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how much size can be traded for certain<\/div>\n<\/div>\n<\/div>\n
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trades and so we just don’t talk about<\/div>\n<\/div>\n<\/div>\n
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them I won’t even tell you the names of<\/div>\n<\/div>\n<\/div>\n
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the trades but they’re certainly our<\/div>\n<\/div>\n<\/div>\n
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strategies<\/div>\n<\/div>\n<\/div>\n
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you won’t hear us talk about<\/div>\n<\/div>\n<\/div>\n
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but for discretionary trading we do talk<\/div>\n<\/div>\n<\/div>\n
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about that and for discretionary trading<\/div>\n<\/div>\n<\/div>\n
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that has a lot of liquidity we do talk<\/div>\n<\/div>\n<\/div>\n
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about that and the reason why we share<\/div>\n<\/div>\n<\/div>\n
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firstly is because it’s in our interest<\/div>\n<\/div>\n<\/div>\n
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to meet more people who can do what we<\/div>\n<\/div>\n<\/div>\n
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do and by us putting out to the world<\/div>\n<\/div>\n<\/div>\n
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what we do we’re attracting the right<\/div>\n<\/div>\n<\/div>\n
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type of people we don’t want to attract<\/div>\n<\/div>\n<\/div>\n
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get-rich-quick traders are people<\/div>\n<\/div>\n<\/div>\n
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looking to get rich quick we’re not<\/div>\n<\/div>\n<\/div>\n
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looking to attract people who want to<\/div>\n<\/div>\n<\/div>\n
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make $50,000 a year and again that’s<\/div>\n<\/div>\n<\/div>\n
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great I’m not anyway that’s just that’s<\/div>\n<\/div>\n<\/div>\n
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not for us that’s not what we do that’s<\/div>\n<\/div>\n<\/div>\n
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not where we’re adding value we are here<\/div>\n<\/div>\n<\/div>\n
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to develop really really large traders<\/div>\n<\/div>\n<\/div>\n
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on the equity side and we need to<\/div>\n<\/div>\n<\/div>\n
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attract the we need to attract the right<\/div>\n<\/div>\n<\/div>\n
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type of people and talent lies in so<\/div>\n<\/div>\n<\/div>\n
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many different places and if we are just<\/div>\n<\/div>\n<\/div>\n
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secretive about what we do and we go<\/div>\n<\/div>\n<\/div>\n
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through the traditional recruiting paths<\/div>\n<\/div>\n<\/div>\n
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that other people go through we’re gonna<\/div>\n<\/div>\n<\/div>\n
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limit the touches that we get with those<\/div>\n<\/div>\n<\/div>\n
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very talented people<\/div>\n<\/div>\n<\/div>\n
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the seven-figure traders that we’ve<\/div>\n<\/div>\n<\/div>\n
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developed at the firm since 2005 some of<\/div>\n<\/div>\n<\/div>\n
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them come from non-traditional places<\/div>\n<\/div>\n<\/div>\n
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some of them we would not have met and<\/div>\n<\/div>\n<\/div>\n
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developed if we just did the traditional<\/div>\n<\/div>\n<\/div>\n
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things and those traders really move the<\/div>\n<\/div>\n<\/div>\n
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firm to two different places so it’s<\/div>\n<\/div>\n<\/div>\n
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it’s it’s in our interest to do that and<\/div>\n<\/div>\n<\/div>\n
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we’ll keep doing it and I think we we do<\/div>\n<\/div>\n<\/div>\n
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certainly share a lot and there’s<\/div>\n<\/div>\n<\/div>\n
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there’s there’s a<\/div>\n<\/div>\n<\/div>\n
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a lot that people can do with what we’re<\/div>\n<\/div>\n<\/div>\n
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teaching we’re essentially showing you<\/div>\n<\/div>\n<\/div>\n
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what it’s like to be a professional<\/div>\n<\/div>\n<\/div>\n
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trader we’re teaching you what you need<\/div>\n<\/div>\n<\/div>\n
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to do to be a professional trader we’re<\/div>\n<\/div>\n<\/div>\n
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thinking you we’re teaching you how to<\/div>\n<\/div>\n<\/div>\n
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think through trades when you watch a<\/div>\n<\/div>\n<\/div>\n
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video that I put up on YouTube the<\/div>\n<\/div>\n<\/div>\n
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biggest takeaway is we are teaching you<\/div>\n<\/div>\n<\/div>\n
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how to think through a trade like a<\/div>\n<\/div>\n<\/div>\n
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professional trader does and you can<\/div>\n<\/div>\n<\/div>\n
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take that and you can apply it lots of<\/div>\n<\/div>\n<\/div>\n
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different other strategies absent that<\/div>\n<\/div>\n<\/div>\n
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quality of thinking absent the variables<\/div>\n<\/div>\n<\/div>\n
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that really move markets you’re gonna be<\/div>\n<\/div>\n<\/div>\n
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lost so I hope we share that with the<\/div>\n<\/div>\n<\/div>\n
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community Mike I know you’re a voracious<\/div>\n<\/div>\n<\/div>\n
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reader you’re constantly talking about<\/div>\n<\/div>\n<\/div>\n
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the book you’re reading now and and it<\/div>\n<\/div>\n<\/div>\n
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comes out in your writing and on your<\/div>\n<\/div>\n<\/div>\n
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YouTube videos and everything you share<\/div>\n<\/div>\n<\/div>\n
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because you get excited about things<\/div>\n<\/div>\n<\/div>\n
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what’s the best recent book that you<\/div>\n<\/div>\n<\/div>\n
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recommend to people who really want to<\/div>\n<\/div>\n<\/div>\n
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become great Raiders atomic habits by<\/div>\n<\/div>\n<\/div>\n
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James clear we are the compilation of<\/div>\n<\/div>\n<\/div>\n
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our habits our productivity is the best<\/div>\n<\/div>\n<\/div>\n
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practices that we turn into habit and<\/div>\n<\/div>\n<\/div>\n
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then we wait for those results great<\/div>\n<\/div>\n<\/div>\n
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book go check it out I know I get his<\/div>\n<\/div>\n<\/div>\n
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I’ve subscribed to his Thursday<\/div>\n<\/div>\n<\/div>\n
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newsletter I know your subscriber to and<\/div>\n<\/div>\n<\/div>\n
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you start looking forward to Thursday’s<\/div>\n<\/div>\n<\/div>\n
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because his thoughts are so incredible<\/div>\n<\/div>\n<\/div>\n
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this was a New York Times bestseller I<\/div>\n<\/div>\n<\/div>\n
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think wasn’t it Mike<\/div>\n<\/div>\n<\/div>\n
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really really popular book what are you<\/div>\n<\/div>\n<\/div>\n
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reading now<\/div>\n<\/div>\n<\/div>\n
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I’m reading a man who saw the market how<\/div>\n<\/div>\n<\/div>\n
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Jim Simons launched the Quandt<\/div>\n<\/div>\n<\/div>\n
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revolution by Greg Zuckerman mm-hmm very<\/div>\n<\/div>\n<\/div>\n
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interesting and I don’t mean to date you<\/div>\n<\/div>\n<\/div>\n
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but fascinating book that was that’s<\/div>\n<\/div>\n<\/div>\n
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about Renaissance capital one of the<\/div>\n<\/div>\n<\/div>\n
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most successful quantitative trading<\/div>\n<\/div>\n<\/div>\n
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firms ever in the history of trading the<\/div>\n<\/div>\n<\/div>\n
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firm was built the town over from where<\/div>\n<\/div>\n<\/div>\n
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I grew up I just get a kick out of some<\/div>\n<\/div>\n<\/div>\n
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of the local references that are made in<\/div>\n<\/div>\n<\/div>\n
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the book the pubs that they go to the<\/div>\n<\/div>\n<\/div>\n
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restaurants they eat at were places that<\/div>\n<\/div>\n<\/div>\n
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I certainly frequented while I was<\/div>\n<\/div>\n<\/div>\n
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growing up and I just get this big kick<\/div>\n<\/div>\n<\/div>\n
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out of the fact that one town over and<\/div>\n<\/div>\n<\/div>\n
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we grew up in the sleepy Harbor town on<\/div>\n<\/div>\n<\/div>\n
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Long Island you would never think that<\/div>\n<\/div>\n<\/div>\n
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the world’s where the world’s great<\/div>\n<\/div>\n<\/div>\n
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quantitative firms was being built one<\/div>\n<\/div>\n<\/div>\n
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town over from where I grew up or in the<\/div>\n<\/div>\n<\/div>\n
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town that they built this in and yet<\/div>\n<\/div>\n<\/div>\n
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these guys were building this massively<\/div>\n<\/div>\n<\/div>\n
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successful firm the locals didn’t root<\/div>\n<\/div>\n<\/div>\n
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you know we didn’t hear about this firm<\/div>\n<\/div>\n<\/div>\n
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when we were growing up it was sort of<\/div>\n<\/div>\n<\/div>\n
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secret it was secretive as you were<\/div>\n<\/div>\n<\/div>\n
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saying but they were doing quantitative<\/div>\n<\/div>\n<\/div>\n
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trading not discretionary trading for<\/div>\n<\/div>\n<\/div>\n
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the most part so that’s more<\/div>\n<\/div>\n<\/div>\n
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understandable but the other really<\/div>\n<\/div>\n<\/div>\n
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fascinating thing about the book is the<\/div>\n<\/div>\n<\/div>\n
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age at which Jim Simons started trading<\/div>\n<\/div>\n<\/div>\n
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seriously started this firm seriously<\/div>\n<\/div>\n<\/div>\n
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and the age of the people that he hired<\/div>\n<\/div>\n<\/div>\n
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that went on to really be key players in<\/div>\n<\/div>\n<\/div>\n
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building Renaissance they were forties<\/div>\n<\/div>\n<\/div>\n
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fifties and had never traded before in<\/div>\n<\/div>\n<\/div>\n
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some cases imagine that in our game a<\/div>\n<\/div>\n<\/div>\n
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lot of times is dominated by young<\/div>\n<\/div>\n<\/div>\n
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people coming right out of college<\/div>\n<\/div>\n<\/div>\n
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mm-hm and boy these guys were different<\/div>\n<\/div>\n<\/div>\n
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they were different in their backgrounds<\/div>\n<\/div>\n<\/div>\n
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very little about markets great<\/div>\n<\/div>\n<\/div>\n
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mathematicians their age where they were<\/div>\n<\/div>\n<\/div>\n
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what they had done in the past<\/div>\n<\/div>\n<\/div>\n
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fascinating buckle the man who solved<\/div>\n<\/div>\n<\/div>\n
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the market is he still kicking Jim<\/div>\n<\/div>\n<\/div>\n
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Simons<\/div>\n<\/div>\n<\/div>\n
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I don’t know he’s definitely getting up<\/div>\n<\/div>\n<\/div>\n
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there I think he’s still around<\/div>\n<\/div>\n<\/div>\n
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I mean Renaissance is still doing very<\/div>\n<\/div>\n<\/div>\n
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nicely<\/div>\n<\/div>\n<\/div>\n
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Stephanie’s asking for us to mention the<\/div>\n<\/div>\n<\/div>\n
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name of the book again it’s the man who<\/div>\n<\/div>\n<\/div>\n
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solved the market how Jim Simons<\/div>\n<\/div>\n<\/div>\n
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launched the quiet revolution by Greg<\/div>\n<\/div>\n<\/div>\n
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Zuckerman Stephanie now the $64,000<\/div>\n<\/div>\n<\/div>\n
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question who is the best trader at SMB<\/div>\n<\/div>\n<\/div>\n
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my trouble here so I’m gonna I’m gonna<\/div>\n<\/div>\n<\/div>\n
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steal for my grandmother here during<\/div>\n<\/div>\n<\/div>\n
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Christmas my grandmother would give the<\/div>\n<\/div>\n<\/div>\n
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three boys in the family Christmas gifts<\/div>\n<\/div>\n<\/div>\n
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one was the favorite one was number one<\/div>\n<\/div>\n<\/div>\n
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and one was the best and so is the best<\/div>\n<\/div>\n<\/div>\n
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overall trader best well-rounded overall<\/div>\n<\/div>\n<\/div>\n
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trader swang is the best flat-out trader<\/div>\n<\/div>\n<\/div>\n
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raff was number one at Pinel in 2019<\/div>\n<\/div>\n<\/div>\n
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Benjy and his team may may grow into<\/div>\n<\/div>\n<\/div>\n
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being able to handle the most capital of<\/div>\n<\/div>\n<\/div>\n
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anyone at the firm the engies team is<\/div>\n<\/div>\n<\/div>\n
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the quantum correct they are not a<\/div>\n<\/div>\n<\/div>\n
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quantitative teams that they’re more of<\/div>\n<\/div>\n<\/div>\n
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an automated team I don’t want you<\/div>\n<\/div>\n<\/div>\n
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getting any more trouble so I’m not<\/div>\n<\/div>\n<\/div>\n
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gonna drill down on that well that<\/div>\n<\/div>\n<\/div>\n
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question and I know all these guys and<\/div>\n<\/div>\n<\/div>\n
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yeah thanks for that question yeah there<\/div>\n<\/div>\n<\/div>\n
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there it just makes you it makes you<\/div>\n<\/div>\n<\/div>\n
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feel worse that you’re you’re the age<\/div>\n<\/div>\n<\/div>\n
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you are because these guys you know I’m<\/div>\n<\/div>\n<\/div>\n
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61 these guys I knew shark right out of<\/div>\n<\/div>\n<\/div>\n
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college he was in the same class that I<\/div>\n<\/div>\n<\/div>\n
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was I took equity foundation at the same<\/div>\n<\/div>\n<\/div>\n
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time that shark did he was right out of<\/div>\n<\/div>\n<\/div>\n
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college I was you know right out of the<\/div>\n<\/div>\n<\/div>\n
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insurance business and you know you just<\/div>\n<\/div>\n<\/div>\n
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could tell that he was going somewhere I<\/div>\n<\/div>\n<\/div>\n
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didn’t really think this was going to<\/div>\n<\/div>\n<\/div>\n
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happen but you know he just had you just<\/div>\n<\/div>\n<\/div>\n
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had that instinct we all kind of had<\/div>\n<\/div>\n<\/div>\n
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that instinct about him that he’s going<\/div>\n<\/div>\n<\/div>\n
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to be something special and he sat in<\/div>\n<\/div>\n<\/div>\n
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our options foundation course dutifully<\/div>\n<\/div>\n<\/div>\n
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while we were filming it let’s see here<\/div>\n<\/div>\n<\/div>\n
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for equity foundation about six months<\/div>\n<\/div>\n<\/div>\n
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later I filmed options Foundation and<\/div>\n<\/div>\n<\/div>\n
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that whole initial class came back in to<\/div>\n<\/div>\n<\/div>\n
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the conference room for about two weeks<\/div>\n<\/div>\n<\/div>\n
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as I was filming that and they all<\/div>\n<\/div>\n<\/div>\n
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participated and I noticed that shark<\/div>\n<\/div>\n<\/div>\n
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was very active very interested taking<\/div>\n<\/div>\n<\/div>\n
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notes and he didn’t trade options for<\/div>\n<\/div>\n<\/div>\n
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quite a long time after that yet he took<\/div>\n<\/div>\n<\/div>\n
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in all that knowledge and now options is<\/div>\n<\/div>\n<\/div>\n
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a very important part of what shark does<\/div>\n<\/div>\n<\/div>\n
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if I’m if I heard correctly yeah and I<\/div>\n<\/div>\n<\/div>\n
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would say that his most recent<\/div>\n<\/div>\n<\/div>\n
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advancement has been in how he has<\/div>\n<\/div>\n<\/div>\n
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structured trades<\/div>\n<\/div>\n<\/div>\n
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mm-hm and that structuring is both with<\/div>\n<\/div>\n<\/div>\n
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equities and with options and because of<\/div>\n<\/div>\n<\/div>\n
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the way he’s structuring these trades<\/div>\n<\/div>\n<\/div>\n
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that and of itself is allowing him to<\/div>\n<\/div>\n<\/div>\n
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experience significantly more edge I<\/div>\n<\/div>\n<\/div>\n
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wanted to let you know that there really<\/div>\n<\/div>\n<\/div>\n
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are sound viable long-term techniques<\/div>\n<\/div>\n<\/div>\n
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for trading options for income and in<\/div>\n<\/div>\n<\/div>\n
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fact we’re currently running a – our<\/div>\n<\/div>\n<\/div>\n
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free intensive workshop at the moment<\/div>\n<\/div>\n<\/div>\n
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we’re will be teaching you three of<\/div>\n<\/div>\n<\/div>\n
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those strategies that real professional<\/div>\n<\/div>\n<\/div>\n
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options traders use including a really<\/div>\n<\/div>\n<\/div>\n
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simple but incredibly effective<\/div>\n<\/div>\n<\/div>\n
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technique that some of the greatest<\/div>\n<\/div>\n<\/div>\n
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investors in the world like Warren<\/div>\n<\/div>\n<\/div>\n
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Buffett use all the time plus an options<\/div>\n<\/div>\n<\/div>\n
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trading strategy that has a statistical<\/div>\n<\/div>\n<\/div>\n
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80 percent probability of profit month<\/div>\n<\/div>\n<\/div>\n
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in and month out plus an option strategy<\/div>\n<\/div>\n<\/div>\n
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that you can employ with the stock that<\/div>\n<\/div>\n<\/div>\n
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you like where you’ll make your target<\/div>\n<\/div>\n<\/div>\n
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profit whether the stock goes up goes<\/div>\n<\/div>\n<\/div>\n
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nowhere or even goes down a small<\/div>\n<\/div>\n<\/div>\n
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percentage so if those strategies would<\/div>\n<\/div>\n<\/div>\n
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be of interest to you then you should<\/div>\n<\/div>\n<\/div>\n
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check out the free options class that<\/div>\n<\/div>\n<\/div>\n
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we’re currently running just go ahead<\/div>\n<\/div>\n<\/div>\n
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and click the link that should be<\/div>\n<\/div>\n<\/div>\n
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appearing now at the top right corner of<\/div>\n<\/div>\n<\/div>\n
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your screen that will open the free<\/div>\n<\/div>\n<\/div>\n
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registration page in a new window so<\/div>\n<\/div>\n<\/div>\n
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don’t worry you won’t lose this video or<\/div>\n<\/div>\n<\/div>\n
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you can just head on over to options<\/div>\n<\/div>\n<\/div>\n
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class com to register for this free<\/div>\n<\/div>\n<\/div>\n
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intensive workshop it’s a rare<\/div>\n<\/div>\n<\/div>\n
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opportunity for retail traders and<\/div>\n<\/div>\n<\/div>\n
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investors to learn directly from Wall<\/div>\n<\/div>\n<\/div>\n
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Street traders but that’s exactly what<\/div>\n<\/div>\n<\/div>\n
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you’ll be getting through this free<\/div>\n<\/div>\n<\/div>\n
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online workshop so click the link to<\/div>\n<\/div>\n<\/div>\n
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sign up now and don’t miss it these are<\/div>\n<\/div>\n<\/div>\n
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these are very young guys they’re very<\/div>\n<\/div>\n<\/div>\n
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polite decent people by the way all of<\/div>\n<\/div>\n<\/div>\n
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them they they are very happy to be<\/div>\n<\/div>\n<\/div>\n
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helpful and share information these are<\/div>\n<\/div>\n<\/div>\n
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not cocky young guys these are good guys<\/div>\n<\/div>\n<\/div>\n
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cocky young guys don’t really make it in<\/div>\n<\/div>\n<\/div>\n
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our firm and they don’t really make it<\/div>\n<\/div>\n<\/div>\n
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you know pretty much anywhere but these<\/div>\n<\/div>\n<\/div>\n
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are very very good guys who work<\/div>\n<\/div>\n<\/div>\n
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extremely hard and deserve every penny<\/div>\n<\/div>\n<\/div>\n
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they’ve made and it was all you know it<\/div>\n<\/div>\n<\/div>\n
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was all result of effort you know and<\/div>\n<\/div>\n<\/div>\n
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obviously a combination of their skills<\/div>\n<\/div>\n<\/div>\n
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and the resources they’ve had alright<\/div>\n<\/div>\n<\/div>\n
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put you on the spot again who is the<\/div>\n<\/div>\n<\/div>\n
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person in the trading world you you you<\/div>\n<\/div>\n<\/div>\n
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can exclude present company like who’s<\/div>\n<\/div>\n<\/div>\n
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the person the person in the trading<\/div>\n<\/div>\n<\/div>\n
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world that you most admire Oh easy for<\/div>\n<\/div>\n<\/div>\n
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me dr. Brett steam barber the best<\/div>\n<\/div>\n<\/div>\n
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trading coach in the US and the most<\/div>\n<\/div>\n<\/div>\n
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generous person in the world of trading<\/div>\n<\/div>\n<\/div>\n
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he has unlimited energy to work with our<\/div>\n<\/div>\n<\/div>\n
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traders from the star traders all<\/div>\n<\/div>\n<\/div>\n
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the way down to the newest of the<\/div>\n<\/div>\n<\/div>\n
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interns he amazingly you know a lot of<\/div>\n<\/div>\n<\/div>\n
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people think of dr. Steinberger as a<\/div>\n<\/div>\n<\/div>\n
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psychologist and I think a lot of people<\/div>\n<\/div>\n<\/div>\n
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think of a psychologist at a trading<\/div>\n<\/div>\n<\/div>\n
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firm is somebody who helps people with<\/div>\n<\/div>\n<\/div>\n
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their head get their head straight and<\/div>\n<\/div>\n<\/div>\n
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he does some of that but what he mostly<\/div>\n<\/div>\n<\/div>\n
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does is he helps people build their edge<\/div>\n<\/div>\n<\/div>\n
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even better he mostly is giving feedback<\/div>\n<\/div>\n<\/div>\n
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on how guys can really develop trading<\/div>\n<\/div>\n<\/div>\n
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edge and he will say I don’t want to put<\/div>\n<\/div>\n<\/div>\n
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words in himself but he will say you<\/div>\n<\/div>\n<\/div>\n
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can’t have a good trading psychology if<\/div>\n<\/div>\n<\/div>\n
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you don’t have edge and if you do<\/div>\n<\/div>\n<\/div>\n
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there’s probably something really wrong<\/div>\n<\/div>\n<\/div>\n
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with you because if you’re repeatedly<\/div>\n<\/div>\n<\/div>\n
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losing money you shouldn’t be in the<\/div>\n<\/div>\n<\/div>\n
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zone or calm or happy you should be<\/div>\n<\/div>\n<\/div>\n
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pissed yeah he is unbelievably generous<\/div>\n<\/div>\n<\/div>\n
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guy it’s one of the it’s it’s one of the<\/div>\n<\/div>\n<\/div>\n
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greatest parts of being part of SMB is<\/div>\n<\/div>\n<\/div>\n
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having access to dr. s one of the most<\/div>\n<\/div>\n<\/div>\n
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decent human beings I’ve ever met in my<\/div>\n<\/div>\n<\/div>\n
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life and he’ll do anything I recently<\/div>\n<\/div>\n<\/div>\n
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about two months ago on a Saturday I<\/div>\n<\/div>\n<\/div>\n
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sent him an email and I said I’ve got a<\/div>\n<\/div>\n<\/div>\n
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friend who’s struggling trading she has<\/div>\n<\/div>\n<\/div>\n
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nothing to do with SMB she just a<\/div>\n<\/div>\n<\/div>\n
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personal trader trades futures with<\/div>\n<\/div>\n<\/div>\n
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friends of ours Mike and I said she’s<\/div>\n<\/div>\n<\/div>\n
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struggling with some things is there any<\/div>\n<\/div>\n<\/div>\n
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chance you could you know just have a<\/div>\n<\/div>\n<\/div>\n
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chat with her and he said absolutely he<\/div>\n<\/div>\n<\/div>\n
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gave her an hour on a Sunday this is a<\/div>\n<\/div>\n<\/div>\n
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complete stranger to all of us and she<\/div>\n<\/div>\n<\/div>\n
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called me back different she goes I I<\/div>\n<\/div>\n<\/div>\n
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cannot believe fret Steen Barger just<\/div>\n<\/div>\n<\/div>\n
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gave me an hour for free you know just<\/div>\n<\/div>\n<\/div>\n
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because he happens to know you and<\/div>\n<\/div>\n<\/div>\n
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that’s the kind of guy he is and we have<\/div>\n<\/div>\n<\/div>\n
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this resource who’s the guys available<\/div>\n<\/div>\n<\/div>\n
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24\/7 you sent him an email to in the<\/div>\n<\/div>\n<\/div>\n
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morning you’ll get an answer back<\/div>\n<\/div>\n<\/div>\n
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probably pretty quickly and he’s just<\/div>\n<\/div>\n<\/div>\n
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one of them you know many resources we<\/div>\n<\/div>\n<\/div>\n
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have<\/div>\n<\/div>\n<\/div>\n
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what was the first thing you did good<\/div>\n<\/div>\n<\/div>\n
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embarrass you here what’s the first<\/div>\n<\/div>\n<\/div>\n
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thing you did when you first made a lot<\/div>\n<\/div>\n<\/div>\n
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of money as a trader oh that’s a great<\/div>\n<\/div>\n<\/div>\n
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question first thing I did I remember<\/div>\n<\/div>\n<\/div>\n
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this first thing I did is I bought a<\/div>\n<\/div>\n<\/div>\n
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membership to the Reebok Club on the<\/div>\n<\/div>\n<\/div>\n
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Upper West Side in New York and I have<\/div>\n<\/div>\n<\/div>\n
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to say that turned out to be a terrific<\/div>\n<\/div>\n<\/div>\n
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investment maybe the well I should say<\/div>\n<\/div>\n<\/div>\n
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the best investment that I’ve ever made<\/div>\n<\/div>\n<\/div>\n
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in that that’s where I met my wife<\/div>\n<\/div>\n<\/div>\n
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shootin hoops on the basketball court at<\/div>\n<\/div>\n<\/div>\n
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the Reebok club on the Upper West Side<\/div>\n<\/div>\n<\/div>\n
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of an ad I never knew that that that<\/div>\n<\/div>\n<\/div>\n
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paid often a major dividend didn’t it<\/div>\n<\/div>\n<\/div>\n
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that’s fantastic Sal so what is the one<\/div>\n<\/div>\n<\/div>\n
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discretionary thing you spend a lot of<\/div>\n<\/div>\n<\/div>\n
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money on it’s worth it to you yeah so I<\/div>\n<\/div>\n<\/div>\n
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think one of the best things that I did<\/div>\n<\/div>\n<\/div>\n
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a couple years ago was hire a personal<\/div>\n<\/div>\n<\/div>\n
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trainer mm-hmm I view that as an<\/div>\n<\/div>\n<\/div>\n
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investment I do spend time at the<\/div>\n<\/div>\n<\/div>\n
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beginning of each year thinking about<\/div>\n<\/div>\n<\/div>\n
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investments I can make in my time so<\/div>\n<\/div>\n<\/div>\n
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that I grow that I get better that’s<\/div>\n<\/div>\n<\/div>\n
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important for the firm that I am doing<\/div>\n<\/div>\n<\/div>\n
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that not particularly persuasive for me<\/div>\n<\/div>\n<\/div>\n
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to tell guys that they should be growing<\/div>\n<\/div>\n<\/div>\n
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or to be looking for guys who should be<\/div>\n<\/div>\n<\/div>\n
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growing if people like you who runs a<\/div>\n<\/div>\n<\/div>\n
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run the desk or somebody like myself<\/div>\n<\/div>\n<\/div>\n
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isn’t doing that as well so I have a<\/div>\n<\/div>\n<\/div>\n
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personal trainer I work out with my<\/div>\n<\/div>\n<\/div>\n
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personal trainer three times a week as<\/div>\n<\/div>\n<\/div>\n
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you know our firm used to have a<\/div>\n<\/div>\n<\/div>\n
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terrific Midtown office in New York City<\/div>\n<\/div>\n<\/div>\n
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we still have it it’s just we haven’t<\/div>\n<\/div>\n<\/div>\n
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been to it because of CO vid for a while<\/div>\n<\/div>\n<\/div>\n
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I took my family and we moved to the<\/div>\n<\/div>\n<\/div>\n
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Jersey Shore at the very very beginning<\/div>\n<\/div>\n<\/div>\n
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of kovat and I’m still working out with<\/div>\n<\/div>\n<\/div>\n
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my personal trainer virtually three<\/div>\n<\/div>\n<\/div>\n
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times a week and worth you know worth<\/div>\n<\/div>\n<\/div>\n
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every penny and then some how many how<\/div>\n<\/div>\n<\/div>\n
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many years you’ve been doing that I’d<\/div>\n<\/div>\n<\/div>\n
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have to go back and look at my calendar<\/div>\n<\/div>\n<\/div>\n
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but it’s it’s been it’s been a couple<\/div>\n<\/div>\n<\/div>\n
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years now it’s been really it was a<\/div>\n<\/div>\n<\/div>\n
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really good investment that I’ve made<\/div>\n<\/div>\n<\/div>\n
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and you swim every day right no we not<\/div>\n<\/div>\n<\/div>\n
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quite and since we have been out here I<\/div>\n<\/div>\n<\/div>\n
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think that’s probably something that’s<\/div>\n<\/div>\n<\/div>\n
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been off the table for a bit well that’s<\/div>\n<\/div>\n<\/div>\n
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what happens during pandemics yeah you<\/div>\n<\/div>\n<\/div>\n
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get thrown out of your schedule well<\/div>\n<\/div>\n<\/div>\n
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speaking of improvement you know SMB is<\/div>\n<\/div>\n<\/div>\n
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great it’s the best career move I ever<\/div>\n<\/div>\n<\/div>\n
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made by a mile and yet no place is<\/div>\n<\/div>\n<\/div>\n
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perfect right so what what do you see is<\/div>\n<\/div>\n<\/div>\n
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the area that you would love to see SME<\/div>\n<\/div>\n<\/div>\n
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grow and what what area do we really<\/div>\n<\/div>\n<\/div>\n
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need to grow into become more complete<\/div>\n<\/div>\n<\/div>\n
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and more great yeah automated trading<\/div>\n<\/div>\n<\/div>\n
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I’ve been spending a lot of time trying<\/div>\n<\/div>\n<\/div>\n
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to hire interns who are more likely to<\/div>\n<\/div>\n<\/div>\n
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be better at automated trading mm-hm we<\/div>\n<\/div>\n<\/div>\n
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have spent a lot of time thinking about<\/div>\n<\/div>\n<\/div>\n
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the infrastructure so that we get better<\/div>\n<\/div>\n<\/div>\n
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at automated trading we continue to do<\/div>\n<\/div>\n<\/div>\n
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that we encourage our traders day by day<\/div>\n<\/div>\n<\/div>\n
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month by month to be spending some time<\/div>\n<\/div>\n<\/div>\n
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working on some automated bottles we<\/div>\n<\/div>\n<\/div>\n
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encourage traders to team with other<\/div>\n<\/div>\n<\/div>\n
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traders to build models that’s where<\/div>\n<\/div>\n<\/div>\n
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we’re seeing the most success of the<\/div>\n<\/div>\n<\/div>\n
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firm is traders teaming<\/div>\n<\/div>\n<\/div>\n
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to build models I think a lot of<\/div>\n<\/div>\n<\/div>\n
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countries and grout models and again<\/div>\n<\/div>\n<\/div>\n
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getting back to your theme of being<\/div>\n<\/div>\n<\/div>\n
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secretive hey if you have a model you<\/div>\n<\/div>\n<\/div>\n
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should keep it to yourself not tell<\/div>\n<\/div>\n<\/div>\n
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anybody and it’s this individual<\/div>\n<\/div>\n<\/div>\n
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exercise we found that the collaboration<\/div>\n<\/div>\n<\/div>\n
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between traders the collaboration<\/div>\n<\/div>\n<\/div>\n
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between teams is what leads with which<\/div>\n<\/div>\n<\/div>\n
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what is what has led to the best<\/div>\n<\/div>\n<\/div>\n
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successes and automated trading so we<\/div>\n<\/div>\n<\/div>\n
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can do better there we have made some<\/div>\n<\/div>\n<\/div>\n
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improvement but if I am assessing an<\/div>\n<\/div>\n<\/div>\n
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area where we need to do better it would<\/div>\n<\/div>\n<\/div>\n
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be there so is that because there’s the<\/div>\n<\/div>\n<\/div>\n
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most potential and automated trading or<\/div>\n<\/div>\n<\/div>\n
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is it just an area where there’s more<\/div>\n<\/div>\n<\/div>\n
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room for improvement that’s a great<\/div>\n<\/div>\n<\/div>\n
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follow-up question to me that’s a<\/div>\n<\/div>\n<\/div>\n
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question of technology I think there’s<\/div>\n<\/div>\n<\/div>\n
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three ways that technology can help<\/div>\n<\/div>\n<\/div>\n
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traders alerts that alerts you to your<\/div>\n<\/div>\n<\/div>\n
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favorite setups scripts that get you<\/div>\n<\/div>\n<\/div>\n
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into your favorite setups automatically<\/div>\n<\/div>\n<\/div>\n
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and you trade out with discretion and<\/div>\n<\/div>\n<\/div>\n
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automated models where you write rules<\/div>\n<\/div>\n<\/div>\n
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into a trade and you write rules out of<\/div>\n<\/div>\n<\/div>\n
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a trade I actually know that you’re<\/div>\n<\/div>\n<\/div>\n
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working on a new system with a new<\/div>\n<\/div>\n<\/div>\n
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colleague of yours and and building a<\/div>\n<\/div>\n<\/div>\n
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signal for a potentially powerful new<\/div>\n<\/div>\n<\/div>\n
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signal that you are trading presently<\/div>\n<\/div>\n<\/div>\n
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and that we can talk about with the<\/div>\n<\/div>\n<\/div>\n
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trading community perhaps soon and<\/div>\n<\/div>\n<\/div>\n
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you’re doing that in collaboration with<\/div>\n<\/div>\n<\/div>\n
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somebody else yep do I think there’s a<\/div>\n<\/div>\n<\/div>\n
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tremendous amount of opportunity as<\/div>\n<\/div>\n<\/div>\n
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discretionary traders we talked about<\/div>\n<\/div>\n<\/div>\n
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\n
swangs a P&L there are two traders right<\/div>\n<\/div>\n<\/div>\n
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behind him really close to crossing ten<\/div>\n<\/div>\n<\/div>\n
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million and PNL for the year like swang<\/div>\n<\/div>\n<\/div>\n
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I mean really close<\/div>\n<\/div>\n<\/div>\n
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\n
so there’s just there’s a lot of<\/div>\n<\/div>\n<\/div>\n
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opportunity as discretionary traders<\/div>\n<\/div>\n<\/div>\n
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\n
overall is there more opportunity that’s<\/div>\n<\/div>\n<\/div>\n
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\n
probably a question for a quantitative<\/div>\n<\/div>\n<\/div>\n
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\n
traders to to chime in on the way I look<\/div>\n<\/div>\n<\/div>\n
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\n
at it is there’s a lot of opportunity in<\/div>\n<\/div>\n<\/div>\n
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\n
discretionary trading there’s a lot of<\/div>\n<\/div>\n<\/div>\n
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opportunity and automated trading and we<\/div>\n<\/div>\n<\/div>\n
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should give our traders the resources<\/div>\n<\/div>\n<\/div>\n
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and the optionality to be good at both<\/div>\n<\/div>\n<\/div>\n
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or either makes sense so what just like<\/div>\n<\/div>\n<\/div>\n
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\n
SMB is not perfect and you want to make<\/div>\n<\/div>\n<\/div>\n
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\n
improvements in automated trading how<\/div>\n<\/div>\n<\/div>\n
\n
\n
about at the individual trader level<\/div>\n<\/div>\n<\/div>\n
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what do you think they ought to be doing<\/div>\n<\/div>\n<\/div>\n
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more of if you could make one important<\/div>\n<\/div>\n<\/div>\n
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\n
improvement in the traders at SMB what<\/div>\n<\/div>\n<\/div>\n
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\n
you know what would those be what would<\/div>\n<\/div>\n<\/div>\n
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that be one of the things that I think<\/div>\n<\/div>\n<\/div>\n
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traders ought to be doing more of across<\/div>\n<\/div>\n<\/div>\n
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the board is mindfulness training my<\/div>\n<\/div>\n<\/div>\n
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\n
thesis is that mindfulness training will<\/div>\n<\/div>\n<\/div>\n
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be as commonplace as exercise is on a<\/div>\n<\/div>\n<\/div>\n
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\n
daily and weekly basis when you and I<\/div>\n<\/div>\n<\/div>\n
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\n
were a little bit younger mm-hmm I think<\/div>\n<\/div>\n<\/div>\n
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\n
you can remember exercise was something<\/div>\n<\/div>\n<\/div>\n
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new it was this new phenomena that we<\/div>\n<\/div>\n<\/div>\n
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\n
should go jog or we should go lift<\/div>\n<\/div>\n<\/div>\n
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\n
weights yeah well I wasn’t been in that<\/div>\n<\/div>\n<\/div>\n
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wasn’t yeah<\/div>\n<\/div>\n<\/div>\n
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that wasn’t something that everybody<\/div>\n<\/div>\n<\/div>\n
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\n
agreed needed to be a part of their<\/div>\n<\/div>\n<\/div>\n
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\n
routine now for the most part that’s<\/div>\n<\/div>\n<\/div>\n
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\n
accepted my sense is that in short order<\/div>\n<\/div>\n<\/div>\n
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\n
mindfulness training will be part will<\/div>\n<\/div>\n<\/div>\n
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be accepted as something essential to<\/div>\n<\/div>\n<\/div>\n
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\n
everyone<\/div>\n<\/div>\n<\/div>\n
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most people’s routines to ensure that<\/div>\n<\/div>\n<\/div>\n
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they are as healthy as possible<\/div>\n<\/div>\n<\/div>\n
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\n
headspace is a great app for which<\/div>\n<\/div>\n<\/div>\n
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\n
traders can use to start and<\/div>\n<\/div>\n<\/div>\n
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\n
I have a business partner who you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
very well ziad Masri who started a new<\/div>\n<\/div>\n<\/div>\n
\n
\n
company called Sol hub which you guys<\/div>\n<\/div>\n<\/div>\n
\n
\n
can check out and I’ve been playing<\/div>\n<\/div>\n<\/div>\n
\n
\n
around with a bunch of his mindfulness<\/div>\n<\/div>\n<\/div>\n
\n
\n
videos and breathing techniques been<\/div>\n<\/div>\n<\/div>\n
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\n
really enjoying them he’s got great<\/div>\n<\/div>\n<\/div>\n
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\n
music on these exercises which I really<\/div>\n<\/div>\n<\/div>\n
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love<\/div>\n<\/div>\n<\/div>\n
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one of them is is actually imagining<\/div>\n<\/div>\n<\/div>\n
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your breath crashing with like like<\/div>\n<\/div>\n<\/div>\n
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waves do so your breath is crashing with<\/div>\n<\/div>\n<\/div>\n
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the waves which is great for me because<\/div>\n<\/div>\n<\/div>\n
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\n
we’re actually porch enough to be at a<\/div>\n<\/div>\n<\/div>\n
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place that’s right on the ocean and I<\/div>\n<\/div>\n<\/div>\n
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can actually when I start literally<\/div>\n<\/div>\n<\/div>\n
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\n
joy’s I literally see the waves crashing<\/div>\n<\/div>\n<\/div>\n
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\n
and then I close my eyes and go to the<\/div>\n<\/div>\n<\/div>\n
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\n
exercises so I really enjoy that and I<\/div>\n<\/div>\n<\/div>\n
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\n
just love music check that out<\/div>\n<\/div>\n<\/div>\n
\n
\n
all right Mike when are you gonna write<\/div>\n<\/div>\n<\/div>\n
\n
\n
another book it’s been a while in fact<\/div>\n<\/div>\n<\/div>\n
\n
\n
my dad who passed away five years ago a<\/div>\n<\/div>\n<\/div>\n
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\n
year before he passed away he got a<\/div>\n<\/div>\n<\/div>\n
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\n
signed copy from you of the playbook so<\/div>\n<\/div>\n<\/div>\n
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\n
I know you haven’t written one in five<\/div>\n<\/div>\n<\/div>\n
\n
\n
years and are you planning to write one<\/div>\n<\/div>\n<\/div>\n
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\n
and if so what’s it gonna be about yes<\/div>\n<\/div>\n<\/div>\n
\n
\n
it will be about the 7 and 8-figure<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders that we’ve grown at the firm and<\/div>\n<\/div>\n<\/div>\n
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\n
who I coach some of the select traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
that I coach outside the firm that’s<\/div>\n<\/div>\n<\/div>\n
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\n
what you do a little bit of coaching as<\/div>\n<\/div>\n<\/div>\n
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\n
well and in your spare time that is<\/div>\n<\/div>\n<\/div>\n
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\n
right it’s hard to believe you’re doing<\/div>\n<\/div>\n<\/div>\n
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\n
that too with everything else I know you<\/div>\n<\/div>\n<\/div>\n
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\n
have going wow these guys especially<\/div>\n<\/div>\n<\/div>\n
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\n
these guys are special and I really<\/div>\n<\/div>\n<\/div>\n
\n
\n
enjoy it it’s one of the really good<\/div>\n<\/div>\n<\/div>\n
\n
\n
decisions that I made to grow as a coach<\/div>\n<\/div>\n<\/div>\n
\n
\n
and as a mentor was deciding to take on<\/div>\n<\/div>\n<\/div>\n
\n
\n
a couple of really special traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
outside the firm and help them mm-hmm<\/div>\n<\/div>\n<\/div>\n
\n
\n
and as any great coach will will tell<\/div>\n<\/div>\n<\/div>\n
\n
\n
you I have learned an awful lot coaching<\/div>\n<\/div>\n<\/div>\n
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\n
them and they’ve made me so much better<\/div>\n<\/div>\n<\/div>\n
\n
\n
and while certainly time gets limited<\/div>\n<\/div>\n<\/div>\n
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\n
running a proprietary trading firm and<\/div>\n<\/div>\n<\/div>\n
\n
\n
doing all the stuff that we do and<\/div>\n<\/div>\n<\/div>\n
\n
\n
running the desk as you know I mean it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
just a lot that goes into that but you<\/div>\n<\/div>\n<\/div>\n
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\n
know something that I’ve never spent one<\/div>\n<\/div>\n<\/div>\n
\n
\n
minute with these guys thinking to<\/div>\n<\/div>\n<\/div>\n
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\n
myself you know oh I have to go do<\/div>\n<\/div>\n<\/div>\n
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\n
something else they energize me I really<\/div>\n<\/div>\n<\/div>\n
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\n
look forward to talking to them and<\/div>\n<\/div>\n<\/div>\n
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reading their daily report cards and<\/div>\n<\/div>\n<\/div>\n
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\n
working with them and seeing and seeing<\/div>\n<\/div>\n<\/div>\n
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\n
how successful they have become and how<\/div>\n<\/div>\n<\/div>\n
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\n
much better they’ve gotten and I mean<\/div>\n<\/div>\n<\/div>\n
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\n
incredibly gratifying when you’re first<\/div>\n<\/div>\n<\/div>\n
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\n
hire a traitor what what’s the sort of<\/div>\n<\/div>\n<\/div>\n
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the thing you’re looking for what’s the<\/div>\n<\/div>\n<\/div>\n
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\n
key trait that you’re focusing on in<\/div>\n<\/div>\n<\/div>\n
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your decision simple I want to be people<\/div>\n<\/div>\n<\/div>\n
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who are interested in getting better why<\/div>\n<\/div>\n<\/div>\n
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\n
because those are the traders that are<\/div>\n<\/div>\n<\/div>\n
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\n
going to be able to last through<\/div>\n<\/div>\n<\/div>\n
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\n
different markets markets change regimes<\/div>\n<\/div>\n<\/div>\n
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\n
change those are the traders who can<\/div>\n<\/div>\n<\/div>\n
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\n
become 7 and 8-figure traders those are<\/div>\n<\/div>\n<\/div>\n
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\n
the traders who are gonna appreciate the<\/div>\n<\/div>\n<\/div>\n
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\n
firm and its resources more because<\/div>\n<\/div>\n<\/div>\n
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they’re gonna recognize that look they<\/div>\n<\/div>\n<\/div>\n
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could probably be pretty good on by<\/div>\n<\/div>\n<\/div>\n
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themselves but could they become as<\/div>\n<\/div>\n<\/div>\n
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\n
great as they’ve become by themselves I<\/div>\n<\/div>\n<\/div>\n
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think they I think they would<\/div>\n<\/div>\n<\/div>\n
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\n
acknowledge that but maybe not and and<\/div>\n<\/div>\n<\/div>\n
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\n
so for those reasons those are the<\/div>\n<\/div>\n<\/div>\n
\n
\n
people firstly we want to be recruiting<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you see that you know people think<\/div>\n<\/div>\n<\/div>\n
\n
\n
these are kind of cliches but you really<\/div>\n<\/div>\n<\/div>\n
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\n
see the guys my observation is the guys<\/div>\n<\/div>\n<\/div>\n
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\n
who’ve worked the hardest are the ones<\/div>\n<\/div>\n<\/div>\n
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\n
who are having this unbelievable success<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s not this is not some kind of sort<\/div>\n<\/div>\n<\/div>\n
\n
\n
of idealistic world we’re talking about<\/div>\n<\/div>\n<\/div>\n
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\n
that’s the real world the guys who<\/div>\n<\/div>\n<\/div>\n
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\n
really put the work in or the ones who<\/div>\n<\/div>\n<\/div>\n
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\n
are who are tremendously successful put<\/div>\n<\/div>\n<\/div>\n
\n
\n
it this way it’s a get they’ve got to be<\/div>\n<\/div>\n<\/div>\n
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\n
putting the work in or they can’t be<\/div>\n<\/div>\n<\/div>\n
\n
\n
successful okay I got a gchat from slang<\/div>\n<\/div>\n<\/div>\n
\n
\n
write up the clothes you know I’m up X Y<\/div>\n<\/div>\n<\/div>\n
\n
\n
Z for the year and his words now let’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
keep pushing yeah yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you see that in him and that’s why<\/div>\n<\/div>\n<\/div>\n
\n
\n
he’s getting more and more profitable<\/div>\n<\/div>\n<\/div>\n
\n
\n
every year<\/div>\n<\/div>\n<\/div>\n
\n
\n
what is something these are you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
tense difficult times we’ve got a<\/div>\n<\/div>\n<\/div>\n
\n
\n
pandemic going on we’ve got a very very<\/div>\n<\/div>\n<\/div>\n
\n
\n
fragile economic situation 30 percent<\/div>\n<\/div>\n<\/div>\n
\n
\n
unemployment people out of work during<\/div>\n<\/div>\n<\/div>\n
\n
\n
these difficult times what is helping<\/div>\n<\/div>\n<\/div>\n
\n
\n
the successful traders psychologically<\/div>\n<\/div>\n<\/div>\n
\n
\n
what’s keeping them yeah it’s very<\/div>\n<\/div>\n<\/div>\n
\n
\n
important for traders who are having<\/div>\n<\/div>\n<\/div>\n
\n
\n
success who’ve had success this is what<\/div>\n<\/div>\n<\/div>\n
\n
\n
I am reading from them and their daily<\/div>\n<\/div>\n<\/div>\n
\n
\n
report cards that’s their trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
journal there’s sharing with me on a<\/div>\n<\/div>\n<\/div>\n
\n
\n
daily basis this is what I’m hearing in<\/div>\n<\/div>\n<\/div>\n
\n
\n
our phone calls and our zoom meetings<\/div>\n<\/div>\n<\/div>\n
\n
\n
from them this is what I’m reading from<\/div>\n<\/div>\n<\/div>\n
\n
\n
them in their G chats with me is the<\/div>\n<\/div>\n<\/div>\n
\n
\n
importance of giving back they’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
talking about this they’re talking about<\/div>\n<\/div>\n<\/div>\n
\n
\n
what they’re doing to give back and each<\/div>\n<\/div>\n<\/div>\n
\n
\n
of them are doing it in their own way<\/div>\n<\/div>\n<\/div>\n
\n
\n
for instance<\/div>\n<\/div>\n<\/div>\n
\n
\n
trader was talking about finding a food<\/div>\n<\/div>\n<\/div>\n
\n
\n
bank how they found a food bank to<\/div>\n<\/div>\n<\/div>\n
\n
\n
donate to I’m on the board of trade or a<\/div>\n<\/div>\n<\/div>\n
\n
\n
cause that donates to terrific charities<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s something that traders can<\/div>\n<\/div>\n<\/div>\n
\n
\n
get involved in but they to a person<\/div>\n<\/div>\n<\/div>\n
\n
\n
they are all thinking about the ways<\/div>\n<\/div>\n<\/div>\n
\n
\n
that they can give back the ways that<\/div>\n<\/div>\n<\/div>\n
\n
\n
they can use what what what they feel<\/div>\n<\/div>\n<\/div>\n
\n
\n
grateful for the money that they’ve made<\/div>\n<\/div>\n<\/div>\n
\n
\n
that they’re grateful for and they feel<\/div>\n<\/div>\n<\/div>\n
\n
\n
fortunate to have made how they can<\/div>\n<\/div>\n<\/div>\n
\n
\n
share it in a productive way to help a<\/div>\n<\/div>\n<\/div>\n
\n
\n
bunch of other people out super<\/div>\n<\/div>\n<\/div>\n
\n
\n
important it’s great advice and it helps<\/div>\n<\/div>\n<\/div>\n
\n
\n
you to become a much more complete human<\/div>\n<\/div>\n<\/div>\n
\n
\n
being in the long run and it’s what<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’ll be remembered for young guys may<\/div>\n<\/div>\n<\/div>\n
\n
\n
not think about being remembered for<\/div>\n<\/div>\n<\/div>\n
\n
\n
things but as every year goes goes by<\/div>\n<\/div>\n<\/div>\n
\n
\n
you you do and that’s the that’s the the<\/div>\n<\/div>\n<\/div>\n
\n
\n
long-term reputation you build all right<\/div>\n<\/div>\n<\/div>\n
\n
\n
Mike put you on the spot again if you<\/div>\n<\/div>\n<\/div>\n
\n
\n
had to give a single piece of advice to<\/div>\n<\/div>\n<\/div>\n
\n
\n
a new new trader developing trader what<\/div>\n<\/div>\n<\/div>\n
\n
\n
would be after all these years what<\/div>\n<\/div>\n<\/div>\n
\n
\n
would you boil it down to as the most<\/div>\n<\/div>\n<\/div>\n
\n
\n
important piece of advice you give<\/div>\n<\/div>\n<\/div>\n
\n
\n
people okay I’m gonna be succinct and<\/div>\n<\/div>\n<\/div>\n
\n
\n
I’m gonna go back to atomic habits by<\/div>\n<\/div>\n<\/div>\n
\n
\n
James clear develop a routine of best<\/div>\n<\/div>\n<\/div>\n
\n
\n
practices that you turn into habit to<\/div>\n<\/div>\n<\/div>\n
\n
\n
drive your trading performance<\/div>\n<\/div>\n<\/div>\n
\n
\n
so it comes down to habit and best<\/div>\n<\/div>\n<\/div>\n
\n
\n
practices the affected best practices<\/div>\n<\/div>\n<\/div>\n
\n
\n
that you turn into habit that you<\/div>\n<\/div>\n<\/div>\n
\n
\n
execute on on a daily basis those are<\/div>\n<\/div>\n<\/div>\n
\n
\n
the things that bring the P&L so for<\/div>\n<\/div>\n<\/div>\n
\n
\n
example one of the things I just find<\/div>\n<\/div>\n<\/div>\n
\n
\n
this story by the way<\/div>\n<\/div>\n<\/div>\n
\n
\n
so inspiring so one of the traders who I<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually coach outside the firm is<\/div>\n<\/div>\n<\/div>\n
\n
\n
somebody who has been north of five<\/div>\n<\/div>\n<\/div>\n
\n
\n
million dollars in his trading career<\/div>\n<\/div>\n<\/div>\n
\n
\n
probably knocking at the door at ten<\/div>\n<\/div>\n<\/div>\n
\n
\n
million this year and again outside the<\/div>\n<\/div>\n<\/div>\n
\n
\n
firm incredible joy to work with<\/div>\n<\/div>\n<\/div>\n
\n
\n
so fortunate to have met him and watched<\/div>\n<\/div>\n<\/div>\n
\n
\n
him grow as a trader knew him actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
I’ve known him since he was in college<\/div>\n<\/div>\n<\/div>\n
\n
\n
just a remarkable person he so he’s like<\/div>\n<\/div>\n<\/div>\n
\n
\n
one of the most successful day traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the u.s. in his words he now has<\/div>\n<\/div>\n<\/div>\n
\n
\n
enough money that he could reasonably<\/div>\n<\/div>\n<\/div>\n
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\n
live comfortably without making another<\/div>\n<\/div>\n<\/div>\n
\n
\n
dollar in his trading career and that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
not what drives him anymore he wants to<\/div>\n<\/div>\n<\/div>\n
\n
\n
get better he wants to improve he has<\/div>\n<\/div>\n<\/div>\n
\n
\n
his own goals and the thing that he<\/div>\n<\/div>\n<\/div>\n
\n
\n
still does to this day is he records the<\/div>\n<\/div>\n<\/div>\n
\n
\n
screens and he goes back at the end of<\/div>\n<\/div>\n<\/div>\n
\n
\n
the day Andrey watches the tape of the<\/div>\n<\/div>\n<\/div>\n
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\n
most opportunistic trades during that<\/div>\n<\/div>\n<\/div>\n
\n
\n
day and and and watches the order flow<\/div>\n<\/div>\n<\/div>\n
\n
\n
over and over and over again so he<\/div>\n<\/div>\n<\/div>\n
\n
\n
improves his reading the tape skills so<\/div>\n<\/div>\n<\/div>\n
\n
\n
he builds his intuition to be able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade certain setups better so he can<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade these setups bigger with more<\/div>\n<\/div>\n<\/div>\n
\n
\n
confidence and he just watching tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
like a quarterback in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
thell is watching game tape we get<\/div>\n<\/div>\n<\/div>\n
\n
\n
prepared for a future opponent I mean<\/div>\n<\/div>\n<\/div>\n
\n
\n
again this is somebody who doesn’t need<\/div>\n<\/div>\n<\/div>\n
\n
\n
to do this and yet he is and this is a<\/div>\n<\/div>\n<\/div>\n
\n
\n
an effective best practice that he’s<\/div>\n<\/div>\n<\/div>\n
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turned into habit that he continues to<\/div>\n<\/div>\n<\/div>\n
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do which is helping him continue to<\/div>\n<\/div>\n<\/div>\n
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improve it’s incredible I would say if<\/div>\n<\/div>\n<\/div>\n
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\n
somebody would were to ask me what’s the<\/div>\n<\/div>\n<\/div>\n
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\n
core theme of SMB I would say it’s<\/div>\n<\/div>\n<\/div>\n
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process focus on process and the results<\/div>\n<\/div>\n<\/div>\n
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will flow from that and that’s never<\/div>\n<\/div>\n<\/div>\n
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\n
changed in the ten years I’ve known you<\/div>\n<\/div>\n<\/div>\n
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\n
Mike in the ten years I’ve been with the<\/div>\n<\/div>\n<\/div>\n
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firm and all that you’re saying it’s<\/div>\n<\/div>\n<\/div>\n
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\n
just reinforcing that<\/div>\n<\/div>\n<\/div>\n
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\n
and it’s proven out because these guys<\/div>\n<\/div>\n<\/div>\n
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\n
came right out of college they didn’t<\/div>\n<\/div>\n<\/div>\n
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\n
know anything and now they’re making ten<\/div>\n<\/div>\n<\/div>\n
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\n
million dollars so what is what’s going<\/div>\n<\/div>\n<\/div>\n
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\n
on now what is the the thing you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
excited about now the most recent<\/div>\n<\/div>\n<\/div>\n
\n
\n
advancement innovation project at SMB<\/div>\n<\/div>\n<\/div>\n
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\n
that is really exciting out there and<\/div>\n<\/div>\n<\/div>\n
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\n
that’s one of the cool things there’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
always some new answer to that question<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the last ten years have been at least<\/div>\n<\/div>\n<\/div>\n
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\n
ten answers that question probably<\/div>\n<\/div>\n<\/div>\n
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\n
twenty so what’s the current kind of<\/div>\n<\/div>\n<\/div>\n
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innovation that you’re working on that<\/div>\n<\/div>\n<\/div>\n
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you’re excited about you know I gotta<\/div>\n<\/div>\n<\/div>\n
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\n
give credit to dr. Stein Barger and to<\/div>\n<\/div>\n<\/div>\n
\n
\n
interns from our recent class and for<\/div>\n<\/div>\n<\/div>\n
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\n
those of you would go to SME capitals<\/div>\n<\/div>\n<\/div>\n
\n
\n
YouTube page there’s a video we just put<\/div>\n<\/div>\n<\/div>\n
\n
\n
up and that video is how to traders work<\/div>\n<\/div>\n<\/div>\n
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\n
together to build a clear repeatable and<\/div>\n<\/div>\n<\/div>\n
\n
\n
highly profitable stock trade let me<\/div>\n<\/div>\n<\/div>\n
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\n
take a half a step back so the second<\/div>\n<\/div>\n<\/div>\n
\n
\n
book I wrote is called the playbook<\/div>\n<\/div>\n<\/div>\n
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\n
and in the playbook I teach how to build<\/div>\n<\/div>\n<\/div>\n
\n
\n
your trading business essentially to<\/div>\n<\/div>\n<\/div>\n
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break down certain trades and variables<\/div>\n<\/div>\n<\/div>\n
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so that you know what they are so that<\/div>\n<\/div>\n<\/div>\n
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you know what to look for and so that<\/div>\n<\/div>\n<\/div>\n
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\n
you actually trade that playbook now<\/div>\n<\/div>\n<\/div>\n
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\n
those stuff but the trades you know that<\/div>\n<\/div>\n<\/div>\n
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you trade well you measure those trades<\/div>\n<\/div>\n<\/div>\n
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\n
keep track you keep score of how you’re<\/div>\n<\/div>\n<\/div>\n
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\n
doing in these trades but you know what<\/div>\n<\/div>\n<\/div>\n
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\n
you’re doing you know what you’re<\/div>\n<\/div>\n<\/div>\n
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\n
looking for you know the names of these<\/div>\n<\/div>\n<\/div>\n
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\n
trades and you execute on them and these<\/div>\n<\/div>\n<\/div>\n
\n
\n
two interns and the way that we used to<\/div>\n<\/div>\n<\/div>\n
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\n
do it at the firm and the way I wrote<\/div>\n<\/div>\n<\/div>\n
\n
\n
about it in the playbook was you do this<\/div>\n<\/div>\n<\/div>\n
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\n
individually this is an individual<\/div>\n<\/div>\n<\/div>\n
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\n
exercise that you do at the end of every<\/div>\n<\/div>\n<\/div>\n
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\n
trading session you find a set up that<\/div>\n<\/div>\n<\/div>\n
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\n
made the most sense to you and you<\/div>\n<\/div>\n<\/div>\n
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\n
archive the variables you decode the<\/div>\n<\/div>\n<\/div>\n
\n
\n
variables from that trade and you make<\/div>\n<\/div>\n<\/div>\n
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\n
it into what we call a playbook you be<\/div>\n<\/div>\n<\/div>\n
\n
\n
able<\/div>\n<\/div>\n<\/div>\n
\n
\n
name the archive that you trade that and<\/div>\n<\/div>\n<\/div>\n
\n
\n
what these guys did at the urging of dr.<\/div>\n<\/div>\n<\/div>\n
\n
\n
steam burger is they did this together<\/div>\n<\/div>\n<\/div>\n
\n
\n
they are doing playbook trades as a team<\/div>\n<\/div>\n<\/div>\n
\n
\n
as a as a twosome mm-hmm<\/div>\n<\/div>\n<\/div>\n
\n
\n
they’re breaking down and building a<\/div>\n<\/div>\n<\/div>\n
\n
\n
PlayBook together and what that does is<\/div>\n<\/div>\n<\/div>\n
\n
\n
it makes it more fun and it gives you an<\/div>\n<\/div>\n<\/div>\n
\n
\n
extra pair of eyes of insight into<\/div>\n<\/div>\n<\/div>\n
\n
\n
certain trades and it helps you to build<\/div>\n<\/div>\n<\/div>\n
\n
\n
on some of the strengths that maybe your<\/div>\n<\/div>\n<\/div>\n
\n
\n
partner has and maybe you don’t have for<\/div>\n<\/div>\n<\/div>\n
\n
\n
instance in this one particular pairing<\/div>\n<\/div>\n<\/div>\n
\n
\n
one of the guys is really good at coding<\/div>\n<\/div>\n<\/div>\n
\n
\n
and back testing and so I can lean on<\/div>\n<\/div>\n<\/div>\n
\n
\n
this other guy add that as one of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
variables into and you can see it in the<\/div>\n<\/div>\n<\/div>\n
\n
\n
video how they use historical analysis<\/div>\n<\/div>\n<\/div>\n
\n
\n
to make a good trade even better mm-hmm<\/div>\n<\/div>\n<\/div>\n
\n
\n
and I love the idea as many play books<\/div>\n<\/div>\n<\/div>\n
\n
\n
as possible in the future being done by<\/div>\n<\/div>\n<\/div>\n
\n
\n
two and three person teens being done in<\/div>\n<\/div>\n<\/div>\n
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\n
a group being done jointly having play<\/div>\n<\/div>\n<\/div>\n
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\n
books built together and to see what<\/div>\n<\/div>\n<\/div>\n
\n
\n
that brings to the front just love the<\/div>\n<\/div>\n<\/div>\n
\n
\n
idea well Mike I want to wrap up with<\/div>\n<\/div>\n<\/div>\n
\n
\n
kind of a final comment and a sort of a<\/div>\n<\/div>\n<\/div>\n
\n
\n
final question and that is every firm<\/div>\n<\/div>\n<\/div>\n
\n
\n
any kind of a company needs a leader<\/div>\n<\/div>\n<\/div>\n
\n
\n
that really is conveying enthusiasm<\/div>\n<\/div>\n<\/div>\n
\n
\n
if the leaders not convey any enthusiasm<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know it’s going to have a very quick<\/div>\n<\/div>\n<\/div>\n
\n
\n
dampening effect on the company and I’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
been through these experiences in my<\/div>\n<\/div>\n<\/div>\n
\n
\n
career and I can tell you that’s true<\/div>\n<\/div>\n<\/div>\n
\n
\n
for some reason you just have this<\/div>\n<\/div>\n<\/div>\n
\n
\n
constant enthusiasm and yet I’ve known<\/div>\n<\/div>\n<\/div>\n
\n
\n
you for 10 years I have never seen you<\/div>\n<\/div>\n<\/div>\n
\n
\n
more excited than you are now about SMB<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know most people would say you know<\/div>\n<\/div>\n<\/div>\n
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\n
you see get tired something you you know<\/div>\n<\/div>\n<\/div>\n
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\n
it gets boring it gets routine that<\/div>\n<\/div>\n<\/div>\n
\n
\n
doesn’t ever seem to happen to you and<\/div>\n<\/div>\n<\/div>\n
\n
\n
now in the middle of a damn pandemic<\/div>\n<\/div>\n<\/div>\n
\n
\n
I’ve never seen you more psyched so what<\/div>\n<\/div>\n<\/div>\n
\n
\n
is it what what’s going on that’s making<\/div>\n<\/div>\n<\/div>\n
\n
\n
you so excited about running SMB so by<\/div>\n<\/div>\n<\/div>\n
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\n
the way there’s a really good book since<\/div>\n<\/div>\n<\/div>\n
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\n
you called me out for reading a lot of<\/div>\n<\/div>\n<\/div>\n
\n
\n
books but one of the traders who I coach<\/div>\n<\/div>\n<\/div>\n
\n
\n
outside the firm got me to read this<\/div>\n<\/div>\n<\/div>\n
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\n
quote by Ryan holiday that’s called the<\/div>\n<\/div>\n<\/div>\n
\n
\n
obstacle is the way which all the great<\/div>\n<\/div>\n<\/div>\n
\n
\n
athletes are reading and all the great<\/div>\n<\/div>\n<\/div>\n
\n
\n
coaches are reading which I have read<\/div>\n<\/div>\n<\/div>\n
\n
\n
recently and I’ll take part of what you<\/div>\n<\/div>\n<\/div>\n
\n
\n
said and connected to which is we have<\/div>\n<\/div>\n<\/div>\n
\n
\n
this pandemic we’ve got to take all of<\/div>\n<\/div>\n<\/div>\n
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\n
our traders who are physically in our<\/div>\n<\/div>\n<\/div>\n
\n
\n
office and we’ve got a transition into<\/div>\n<\/div>\n<\/div>\n
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\n
virtual trading which is not our<\/div>\n<\/div>\n<\/div>\n
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\n
business model and it gave us an<\/div>\n<\/div>\n<\/div>\n
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\n
opportunity to either fret about the<\/div>\n<\/div>\n<\/div>\n
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\n
difference or innovate and I think one<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the things that we’ve done is we’ve<\/div>\n<\/div>\n<\/div>\n
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\n
learned how to be really good and<\/div>\n<\/div>\n<\/div>\n
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\n
communicate really well as a virtual<\/div>\n<\/div>\n<\/div>\n
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\n
firm and in fact I would suggest in some<\/div>\n<\/div>\n<\/div>\n
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\n
ways our communications even better<\/div>\n<\/div>\n<\/div>\n
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\n
virtually all of us trading at our home<\/div>\n<\/div>\n<\/div>\n
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\n
then physically in the same office at<\/div>\n<\/div>\n<\/div>\n
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\n
the same time and so that obstacle the<\/div>\n<\/div>\n<\/div>\n
\n
\n
pandemic<\/div>\n<\/div>\n<\/div>\n
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\n
was in our way but it has taught us some<\/div>\n<\/div>\n<\/div>\n
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\n
things about communicating better and<\/div>\n<\/div>\n<\/div>\n
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\n
working together more and how important<\/div>\n<\/div>\n<\/div>\n
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\n
that actually is that I feel really good<\/div>\n<\/div>\n<\/div>\n
\n
\n
about but the thing I feel the best<\/div>\n<\/div>\n<\/div>\n
\n
\n
about and I gotta share two quick<\/div>\n<\/div>\n<\/div>\n
\n
\n
anecdotes March was our best month ever<\/div>\n<\/div>\n<\/div>\n
\n
\n
it should have been a really really good<\/div>\n<\/div>\n<\/div>\n
\n
\n
month but I mean our performance was<\/div>\n<\/div>\n<\/div>\n
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\n
just astonishing remarkable even as good<\/div>\n<\/div>\n<\/div>\n
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\n
as the market was but the capital that<\/div>\n<\/div>\n<\/div>\n
\n
\n
we trade I mean just such out<\/div>\n<\/div>\n<\/div>\n
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\n
performance and you know couldn’t be<\/div>\n<\/div>\n<\/div>\n
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\n
prouder of the guys and the numbers they<\/div>\n<\/div>\n<\/div>\n
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\n
put up were just it was so gratifying to<\/div>\n<\/div>\n<\/div>\n
\n
\n
see how happy they were and the levels<\/div>\n<\/div>\n<\/div>\n
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\n
of success they were having we have a<\/div>\n<\/div>\n<\/div>\n
\n
\n
monthly meeting with everybody at the<\/div>\n<\/div>\n<\/div>\n
\n
\n
firm in teams each month we did it all<\/div>\n<\/div>\n<\/div>\n
\n
\n
virtually after March because of cold<\/div>\n<\/div>\n<\/div>\n
\n
\n
that we do it with dr. steinberger and<\/div>\n<\/div>\n<\/div>\n
\n
\n
Carlton our floor manager we spent one<\/div>\n<\/div>\n<\/div>\n
\n
\n
full day doing it after March and when I<\/div>\n<\/div>\n<\/div>\n
\n
\n
was gone dr. Steen Burger King to me<\/div>\n<\/div>\n<\/div>\n
\n
\n
and one of the chat even after he’d<\/div>\n<\/div>\n<\/div>\n
\n
\n
spent the whole day together and so I<\/div>\n<\/div>\n<\/div>\n
\n
\n
call him quickly and he says Mike my god<\/div>\n<\/div>\n<\/div>\n
\n
\n
the success that your traders are having<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the talent that is that that is at<\/div>\n<\/div>\n<\/div>\n
\n
\n
the firm and I’ve never felt better<\/div>\n<\/div>\n<\/div>\n
\n
\n
about the firm not because of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
results but because of the success and<\/div>\n<\/div>\n<\/div>\n
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\n
because of the potential for success<\/div>\n<\/div>\n<\/div>\n
\n
\n
that these guys could have because when<\/div>\n<\/div>\n<\/div>\n
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\n
you put up numbers like that it doesn’t<\/div>\n<\/div>\n<\/div>\n
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\n
go away you figure out how to do it in<\/div>\n<\/div>\n<\/div>\n
\n
\n
other markets as well and the other<\/div>\n<\/div>\n<\/div>\n
\n
\n
anecdote that I would just leave you<\/div>\n<\/div>\n<\/div>\n
\n
\n
with is um it’s clear from us that the<\/div>\n<\/div>\n<\/div>\n
\n
\n
decision we made about three months ago<\/div>\n<\/div>\n<\/div>\n
\n
\n
about three years ago excuse me<\/div>\n<\/div>\n<\/div>\n
\n
\n
to really double down on our internship<\/div>\n<\/div>\n<\/div>\n
\n
\n
program to really hire people who have<\/div>\n<\/div>\n<\/div>\n
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\n
gone through our system so we have a way<\/div>\n<\/div>\n<\/div>\n
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\n
of training we the way we have a very<\/div>\n<\/div>\n<\/div>\n
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\n
specific culture we have a way of<\/div>\n<\/div>\n<\/div>\n
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\n
looking at markets in the world and<\/div>\n<\/div>\n<\/div>\n
\n
\n
performance I’m not suggesting that we<\/div>\n<\/div>\n<\/div>\n
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\n
are the ones who have the right answer<\/div>\n<\/div>\n<\/div>\n
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\n
or the only answer we have our answer we<\/div>\n<\/div>\n<\/div>\n
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\n
have what works for us and since 2005<\/div>\n<\/div>\n<\/div>\n
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\n
nobody has developed more consistently<\/div>\n<\/div>\n<\/div>\n
\n
\n
profitable and seven-figure traders in<\/div>\n<\/div>\n<\/div>\n
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\n
our space than us . . we are the very<\/div>\n<\/div>\n<\/div>\n
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\n
best at that in the entire world the<\/div>\n<\/div>\n<\/div>\n
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\n
results are the results and what we<\/div>\n<\/div>\n<\/div>\n
\n
\n
decided to do a bunch of years ago is<\/div>\n<\/div>\n<\/div>\n
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\n
say let’s really work hard to hire a<\/div>\n<\/div>\n<\/div>\n
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\n
great class of interns let’s give them<\/div>\n<\/div>\n<\/div>\n
\n
\n
our training if you’re a u.s. college<\/div>\n<\/div>\n<\/div>\n
\n
\n
student let’s really be selective about<\/div>\n<\/div>\n<\/div>\n
\n
\n
who’s gonna be an intern but let’s let’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
really spend a lot more time hiring<\/div>\n<\/div>\n<\/div>\n
\n
\n
interns and not just nobody we’ve ever<\/div>\n<\/div>\n<\/div>\n
\n
\n
met before let’s get them in the system<\/div>\n<\/div>\n<\/div>\n
\n
\n
let’s work with them and let’s double<\/div>\n<\/div>\n<\/div>\n
\n
\n
down on our training and our education<\/div>\n<\/div>\n<\/div>\n
\n
\n
for these interns and let’s hire the<\/div>\n<\/div>\n<\/div>\n
\n
\n
best interns that we get at the firm and<\/div>\n<\/div>\n<\/div>\n
\n
\n
let’s put our capital behind them and<\/div>\n<\/div>\n<\/div>\n
\n
\n
see what we can develop and in doing so<\/div>\n<\/div>\n<\/div>\n
\n
\n
in combination with as you know we also<\/div>\n<\/div>\n<\/div>\n
\n
\n
run it completely separate from SME<\/div>\n<\/div>\n<\/div>\n
\n
\n
training and an SME training you can get<\/div>\n<\/div>\n<\/div>\n
\n
\n
into the firm by taking our training for<\/div>\n<\/div>\n<\/div>\n
\n
\n
a fee per SME training and all of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
same training that our interns yet and<\/div>\n<\/div>\n<\/div>\n
\n
\n
our new hires yet you can go through<\/div>\n<\/div>\n<\/div>\n
\n
\n
that and for the most serious of the SME<\/div>\n<\/div>\n<\/div>\n
\n
\n
training students you can apply to the<\/div>\n<\/div>\n<\/div>\n
\n
\n
firm and we have found some really good<\/div>\n<\/div>\n<\/div>\n
\n
\n
people through SME training who we<\/div>\n<\/div>\n<\/div>\n
\n
\n
might not have met with the only higher<\/div>\n<\/div>\n<\/div>\n
\n
\n
insurance<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe these are non-traditional people<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe these are people can’t be in New<\/div>\n<\/div>\n<\/div>\n
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\n
York maybe these people are out of<\/div>\n<\/div>\n<\/div>\n
\n
\n
college lots of different reasons<\/div>\n<\/div>\n<\/div>\n
\n
\n
maybe these are people who have had a<\/div>\n<\/div>\n<\/div>\n
\n
\n
little bit of success but not a ton and<\/div>\n<\/div>\n<\/div>\n
\n
\n
need some more training and because of<\/div>\n<\/div>\n<\/div>\n
\n
\n
that at our firm right now we have the<\/div>\n<\/div>\n<\/div>\n
\n
\n
deepest talent pool that we’ve ever had<\/div>\n<\/div>\n<\/div>\n
\n
\n
the interns are more talented the new<\/div>\n<\/div>\n<\/div>\n
\n
\n
hires are more talented the junior<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders are more talented the developing<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders are more talented it is the most<\/div>\n<\/div>\n<\/div>\n
\n
\n
talent we’ve ever had at any time in our<\/div>\n<\/div>\n<\/div>\n
\n
\n
firm’s history and so Wow the pl is<\/div>\n<\/div>\n<\/div>\n
\n
\n
being driven by the guys who mostly been<\/div>\n<\/div>\n<\/div>\n
\n
\n
with us for a long period of time we see<\/div>\n<\/div>\n<\/div>\n
\n
\n
that there’s gonna be a lot more star<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders that are not coming they’re not<\/div>\n<\/div>\n<\/div>\n
\n
\n
showing up on the P&L yet but are gonna<\/div>\n<\/div>\n<\/div>\n
\n
\n
the new sharks the new swangs they’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
have their own nicknames these come of<\/div>\n<\/div>\n<\/div>\n
\n
\n
these guys are gonna have their own damn<\/div>\n<\/div>\n<\/div>\n
\n
\n
nicknames that well you have to you have<\/div>\n<\/div>\n<\/div>\n
\n
\n
to eventually or you can’t be a trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
long term no but I mean it’s we have<\/div>\n<\/div>\n<\/div>\n
\n
\n
learned that as you said process traders<\/div>\n<\/div>\n<\/div>\n
\n
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buying into the importance of process<\/div>\n<\/div>\n<\/div>\n
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I’ll just leave you with this quick<\/div>\n<\/div>\n<\/div>\n
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anecdote I had a conversation just<\/div>\n<\/div>\n<\/div>\n
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yesterday with the trader who is very<\/div>\n<\/div>\n<\/div>\n
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very close with a trader outside the US<\/div>\n<\/div>\n<\/div>\n
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who literally is this exchange it’s a<\/div>\n<\/div>\n<\/div>\n
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foreign exchange so it’s not as big as<\/div>\n<\/div>\n<\/div>\n
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the US it’s not a small country but it’s<\/div>\n<\/div>\n<\/div>\n
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again it’s not the US this guy that this<\/div>\n<\/div>\n<\/div>\n
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trader is talking about is literally the<\/div>\n<\/div>\n<\/div>\n
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best trader in that country he’s the<\/div>\n<\/div>\n<\/div>\n
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best in his space in that country<\/div>\n<\/div>\n<\/div>\n
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best and this friend of mine was saying<\/div>\n<\/div>\n<\/div>\n
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that he had taken S&P DNA and how much<\/div>\n<\/div>\n<\/div>\n
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it is it had helped him different<\/div>\n<\/div>\n<\/div>\n
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different country different market<\/div>\n<\/div>\n<\/div>\n
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different way the market the markets<\/div>\n<\/div>\n<\/div>\n
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trade by understanding process to<\/div>\n<\/div>\n<\/div>\n
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prepare how to review how to find the<\/div>\n<\/div>\n<\/div>\n
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right stocks and the importance of<\/div>\n<\/div>\n<\/div>\n
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finding the right stocks important to<\/div>\n<\/div>\n<\/div>\n
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building your PlayBook all the stuff<\/div>\n<\/div>\n<\/div>\n
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that goes into how we shape and train<\/div>\n<\/div>\n<\/div>\n
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traders is super powerful across the<\/div>\n<\/div>\n<\/div>\n
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world and so gratifying to hear that and<\/div>\n<\/div>\n<\/div>\n
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see it that there are a lot of people<\/div>\n<\/div>\n<\/div>\n
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who can trace their trading careers back<\/div>\n<\/div>\n<\/div>\n
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to SMB original equity foundation course<\/div>\n<\/div>\n<\/div>\n
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which is now kind of morphed into the<\/div>\n<\/div>\n<\/div>\n
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DNA program in the winning trader<\/div>\n<\/div>\n<\/div>\n
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program it certainly kick started my<\/div>\n<\/div>\n<\/div>\n
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career in trading I ended up focusing on<\/div>\n<\/div>\n<\/div>\n
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options but all the principles are with<\/div>\n<\/div>\n<\/div>\n
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me every day and with our desk every day<\/div>\n<\/div>\n<\/div>\n
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well Bella thank you<\/div>\n<\/div>\n<\/div>\n
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it’s an exciting year for the firm it’s<\/div>\n<\/div>\n<\/div>\n
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really really great to be part of it<\/div>\n<\/div>\n<\/div>\n
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it’s it’s so fun and so gratifying to<\/div>\n<\/div>\n<\/div>\n
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see all these people growing and see the<\/div>\n<\/div>\n<\/div>\n
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firm you know having so much success<\/div>\n<\/div>\n<\/div>\n
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after you know so many years of doing<\/div>\n<\/div>\n<\/div>\n
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everything right and all the blocking<\/div>\n<\/div>\n<\/div>\n
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and tackling and then you get into a<\/div>\n<\/div>\n<\/div>\n
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market like this in a tall it all you<\/div>\n<\/div>\n<\/div>\n
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know develops into something really<\/div>\n<\/div>\n<\/div>\n
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really significant okay go ahead and<\/div>\n<\/div>\n<\/div>\n
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click our subscribe button so you don’t<\/div>\n<\/div>\n<\/div>\n
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miss any of the videos they were<\/div>\n<\/div>\n<\/div>\n
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producing for you in the trading<\/div>\n<\/div>\n<\/div>\n
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community and please take the time to<\/div>\n<\/div>\n<\/div>\n
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add your feedback in the comment section<\/div>\n<\/div>\n<\/div>\n
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for what videos you’d like for us to<\/div>\n<\/div>\n<\/div>\n
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produce next and what you found helpful<\/div>\n<\/div>\n<\/div>\n
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from this video from all of us at SMB<\/div>\n<\/div>\n<\/div>\n
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train and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\"\"<\/a><\/p>\n

* no relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"

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