{"id":49975,"date":"2020-07-06T10:38:19","date_gmt":"2020-07-06T14:38:19","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=49975"},"modified":"2020-07-06T10:39:35","modified_gmt":"2020-07-06T14:39:35","slug":"how-new-traders-can-improve-their-odds-of-success-dramatically","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/how-new-traders-can-improve-their-odds-of-success-dramatically","title":{"rendered":"How new traders can improve their odds of success (dramatically)"},"content":{"rendered":"

In this video, learn how new traders can improve their odds of success (dramatically).
\nIf you are a new trader listen to two veteran traders, trading coaches and trading authors share what is essential to succeed as a trader.
\nLet\u2019s get to work on sharing this game-changing wisdom to help you improve your trading.<\/p>\nView Video Transcript<\/strong><\/span>

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because that does happen traitors say<\/div>\n<\/div>\n<\/div>\n
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you know i’m a trend follower i’m a<\/div>\n<\/div>\n<\/div>\n
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momentum trainer and we hear that all<\/div>\n<\/div>\n<\/div>\n
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the time<\/div>\n<\/div>\n<\/div>\n
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you hear that all the time yeah and so<\/div>\n<\/div>\n<\/div>\n
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i’m gonna i’m gonna try out for a<\/div>\n<\/div>\n<\/div>\n
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baseball team<\/div>\n<\/div>\n<\/div>\n
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and i’m gonna say well i’m a fastball<\/div>\n<\/div>\n<\/div>\n
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hitter that’s what i do<\/div>\n<\/div>\n<\/div>\n
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i’m going to stick to my style because<\/div>\n<\/div>\n<\/div>\n
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that fits my personality<\/div>\n<\/div>\n<\/div>\n
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well good luck when you have a pitcher<\/div>\n<\/div>\n<\/div>\n
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who throws breaking balls and off speed<\/div>\n<\/div>\n<\/div>\n
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stuff<\/div>\n<\/div>\n<\/div>\n
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the point being that you do have to<\/div>\n<\/div>\n<\/div>\n
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adapt<\/div>\n<\/div>\n<\/div>\n
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in this video learn how new traders can<\/div>\n<\/div>\n<\/div>\n
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improve their odds of success<\/div>\n<\/div>\n<\/div>\n
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dramatically hi i’m mike bellafiore<\/div>\n<\/div>\n<\/div>\n
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co-founder of smb capital and we’re a<\/div>\n<\/div>\n<\/div>\n
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proprietary trading firm<\/div>\n<\/div>\n<\/div>\n
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located in midtown manhattan and i’m<\/div>\n<\/div>\n<\/div>\n
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also the author of the trading classic<\/div>\n<\/div>\n<\/div>\n
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one good trade<\/div>\n<\/div>\n<\/div>\n
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and the playbook click our subscribe<\/div>\n<\/div>\n<\/div>\n
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button so you don’t miss any of the<\/div>\n<\/div>\n<\/div>\n
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videos they’re producing for you<\/div>\n<\/div>\n<\/div>\n
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in the trading community if you’re a new<\/div>\n<\/div>\n<\/div>\n
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trader listen to<\/div>\n<\/div>\n<\/div>\n
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two veteran traders trading coaches and<\/div>\n<\/div>\n<\/div>\n
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trading authors<\/div>\n<\/div>\n<\/div>\n
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share what is essential to succeed as a<\/div>\n<\/div>\n<\/div>\n
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trader<\/div>\n<\/div>\n<\/div>\n
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let’s get to work on sharing this<\/div>\n<\/div>\n<\/div>\n
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game-changing wisdom<\/div>\n<\/div>\n<\/div>\n
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to help you improve your trading i have<\/div>\n<\/div>\n<\/div>\n
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been able to have the privilege to come<\/div>\n<\/div>\n<\/div>\n
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here today to interview<\/div>\n<\/div>\n<\/div>\n
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two legends who have influenced so much<\/div>\n<\/div>\n<\/div>\n
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so i would like to introduce to you he<\/div>\n<\/div>\n<\/div>\n
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is a clinical psychologist<\/div>\n<\/div>\n<\/div>\n
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and a performance coach dr brett<\/div>\n<\/div>\n<\/div>\n
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steenbarger<\/div>\n<\/div>\n<\/div>\n
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and the co-founder of smb capital one of<\/div>\n<\/div>\n<\/div>\n
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the biggest proprietor trading desks<\/div>\n<\/div>\n<\/div>\n
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here<\/div>\n<\/div>\n<\/div>\n
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in new york mr mike bella fury so<\/div>\n<\/div>\n<\/div>\n
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hi guys hello hello thank you so much<\/div>\n<\/div>\n<\/div>\n
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for taking the time<\/div>\n<\/div>\n<\/div>\n
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to um record this podcast with us we<\/div>\n<\/div>\n<\/div>\n
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really appreciate the effort i know<\/div>\n<\/div>\n<\/div>\n
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the market is open right now and uh you<\/div>\n<\/div>\n<\/div>\n
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have your own<\/div>\n<\/div>\n<\/div>\n
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work and in terms of trading traders i<\/div>\n<\/div>\n<\/div>\n
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know you’re focused on about<\/div>\n<\/div>\n<\/div>\n
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60 is that correct yeah we’re watching<\/div>\n<\/div>\n<\/div>\n
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what they’re doing right now<\/div>\n<\/div>\n<\/div>\n
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right on the island that’s amazing we<\/div>\n<\/div>\n<\/div>\n
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have a smile on your face<\/div>\n<\/div>\n<\/div>\n
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mike we’re doing well today given given<\/div>\n<\/div>\n<\/div>\n
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uh<\/div>\n<\/div>\n<\/div>\n
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the market conditions yeah so if i get<\/div>\n<\/div>\n<\/div>\n
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up and run out of the room<\/div>\n<\/div>\n<\/div>\n
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that may mean things have changed yes<\/div>\n<\/div>\n<\/div>\n
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especially if he’s screaming<\/div>\n<\/div>\n<\/div>\n
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dr steve berger you have authored<\/div>\n<\/div>\n<\/div>\n
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multiple books on trading psychology i’m<\/div>\n<\/div>\n<\/div>\n
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an academic<\/div>\n<\/div>\n<\/div>\n
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psychologist i taught for 19 years<\/div>\n<\/div>\n<\/div>\n
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full time at a medical school i still<\/div>\n<\/div>\n<\/div>\n
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teach in medical school<\/div>\n<\/div>\n<\/div>\n
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so my background is as an academic<\/div>\n<\/div>\n<\/div>\n
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psychologist<\/div>\n<\/div>\n<\/div>\n
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who works with high performing<\/div>\n<\/div>\n<\/div>\n
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individuals and it started<\/div>\n<\/div>\n<\/div>\n
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with medical students and residents when<\/div>\n<\/div>\n<\/div>\n
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i was doing student counseling<\/div>\n<\/div>\n<\/div>\n
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and it’s grown into working with traders<\/div>\n<\/div>\n<\/div>\n
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and portfolio managers in financial<\/div>\n<\/div>\n<\/div>\n
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markets<\/div>\n<\/div>\n<\/div>\n
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but my background actually is in<\/div>\n<\/div>\n<\/div>\n
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psychology and in<\/div>\n<\/div>\n<\/div>\n
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teaching psychology and how did you dip<\/div>\n<\/div>\n<\/div>\n
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your fingers into trading<\/div>\n<\/div>\n<\/div>\n
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i actually started trading in the late<\/div>\n<\/div>\n<\/div>\n
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1970s<\/div>\n<\/div>\n<\/div>\n
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which is well before mike was born<\/div>\n<\/div>\n<\/div>\n
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and but in the late 1970s while i was in<\/div>\n<\/div>\n<\/div>\n
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graduate school<\/div>\n<\/div>\n<\/div>\n
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i became interested in trading and so<\/div>\n<\/div>\n<\/div>\n
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traded<\/div>\n<\/div>\n<\/div>\n
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equities while i was in graduate school<\/div>\n<\/div>\n<\/div>\n
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and just kept that interest but it was<\/div>\n<\/div>\n<\/div>\n
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always a side entrance and then finally<\/div>\n<\/div>\n<\/div>\n
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put those together when i wrote the<\/div>\n<\/div>\n<\/div>\n
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first book<\/div>\n<\/div>\n<\/div>\n
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wonderful i appreciate that you think i<\/div>\n<\/div>\n<\/div>\n
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wasn’t born in the 70s as of yet<\/div>\n<\/div>\n<\/div>\n
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but i was you were mike you are<\/div>\n<\/div>\n<\/div>\n
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also an author of two very important<\/div>\n<\/div>\n<\/div>\n
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books<\/div>\n<\/div>\n<\/div>\n
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in terms of how we deal with our work in<\/div>\n<\/div>\n<\/div>\n
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city security so<\/div>\n<\/div>\n<\/div>\n
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that is one good trade and the playbook<\/div>\n<\/div>\n<\/div>\n
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i’m just curious<\/div>\n<\/div>\n<\/div>\n
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how did your paths come across what was<\/div>\n<\/div>\n<\/div>\n
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the context of that meeting<\/div>\n<\/div>\n<\/div>\n
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actually dr simbarger uh suggested<\/div>\n<\/div>\n<\/div>\n
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and encouraged me to write a book and<\/div>\n<\/div>\n<\/div>\n
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put me in touch with<\/div>\n<\/div>\n<\/div>\n
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his editors and<\/div>\n<\/div>\n<\/div>\n
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i could curse at him for that because<\/div>\n<\/div>\n<\/div>\n
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writing a book is very difficult<\/div>\n<\/div>\n<\/div>\n
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that was it was a great experience and<\/div>\n<\/div>\n<\/div>\n
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the thing that’s really rewarding about<\/div>\n<\/div>\n<\/div>\n
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writing a book is people like yourself<\/div>\n<\/div>\n<\/div>\n
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reach out to people like us<\/div>\n<\/div>\n<\/div>\n
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and want to chat and we get to meet<\/div>\n<\/div>\n<\/div>\n
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people that<\/div>\n<\/div>\n<\/div>\n
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we wouldn’t just meet if we were just<\/div>\n<\/div>\n<\/div>\n
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traders<\/div>\n<\/div>\n<\/div>\n
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i understand yes um and so yeah so i<\/div>\n<\/div>\n<\/div>\n
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wrote i won with trade and the playbook<\/div>\n<\/div>\n<\/div>\n
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and we started smb in 2005.<\/div>\n<\/div>\n<\/div>\n
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yes and uh we have known dr steenberger<\/div>\n<\/div>\n<\/div>\n
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for a long time<\/div>\n<\/div>\n<\/div>\n
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uh and he’s been helpful<\/div>\n<\/div>\n<\/div>\n
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and instrumental in helping us grow our<\/div>\n<\/div>\n<\/div>\n
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traders uh<\/div>\n<\/div>\n<\/div>\n
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for almost 10 years now um informally<\/div>\n<\/div>\n<\/div>\n
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yes yes it’s been quite a while and one<\/div>\n<\/div>\n<\/div>\n
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of the things that led me to reach out<\/div>\n<\/div>\n<\/div>\n
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to mike and steve and the firm here was<\/div>\n<\/div>\n<\/div>\n
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that i<\/div>\n<\/div>\n<\/div>\n
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saw that their main interest<\/div>\n<\/div>\n<\/div>\n
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was in training and developing<\/div>\n<\/div>\n<\/div>\n
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traders yes and that’s what i do in<\/div>\n<\/div>\n<\/div>\n
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medical school right<\/div>\n<\/div>\n<\/div>\n
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you know it’s developing physicians so i<\/div>\n<\/div>\n<\/div>\n
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really<\/div>\n<\/div>\n<\/div>\n
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value education and training and doing<\/div>\n<\/div>\n<\/div>\n
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it the right way<\/div>\n<\/div>\n<\/div>\n
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and i saw that mike and his team had a<\/div>\n<\/div>\n<\/div>\n
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commitment to doing that<\/div>\n<\/div>\n<\/div>\n
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and so that’s how we ended up connecting<\/div>\n<\/div>\n<\/div>\n
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and eventually that led to<\/div>\n<\/div>\n<\/div>\n
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mike’s writing his book and other things<\/div>\n<\/div>\n<\/div>\n
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that is also the reason why<\/div>\n<\/div>\n<\/div>\n
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we are we from a third world emerging<\/div>\n<\/div>\n<\/div>\n
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market are all the way out here because<\/div>\n<\/div>\n<\/div>\n
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of the books that you’ve written the<\/div>\n<\/div>\n<\/div>\n
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blogs<\/div>\n<\/div>\n<\/div>\n
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that you’ve shared the videos have been<\/div>\n<\/div>\n<\/div>\n
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so instrumental in what we do and<\/div>\n<\/div>\n<\/div>\n
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one question that has always been on our<\/div>\n<\/div>\n<\/div>\n
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minds because um<\/div>\n<\/div>\n<\/div>\n
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our chairman when he started the prop<\/div>\n<\/div>\n<\/div>\n
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training firm<\/div>\n<\/div>\n<\/div>\n
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he asked himself this question as well<\/div>\n<\/div>\n<\/div>\n
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because the truth is is that<\/div>\n<\/div>\n<\/div>\n
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as an individual we all know that<\/div>\n<\/div>\n<\/div>\n
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developing our own personal training<\/div>\n<\/div>\n<\/div>\n
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skills is difficult<\/div>\n<\/div>\n<\/div>\n
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enough as it is why did you decide to<\/div>\n<\/div>\n<\/div>\n
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take on the task<\/div>\n<\/div>\n<\/div>\n
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of training multiple people to be able<\/div>\n<\/div>\n<\/div>\n
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to do what you do<\/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<\/div>\n<\/div>\n<\/div>\n
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including the simple setup that we teach<\/div>\n<\/div>\n<\/div>\n
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all of our new traders and the setup<\/div>\n<\/div>\n<\/div>\n
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that turned one of our traders into a<\/div>\n<\/div>\n<\/div>\n
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seven figure big money earner<\/div>\n<\/div>\n<\/div>\n
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check out the free webinar that we’re<\/div>\n<\/div>\n<\/div>\n
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currently running just go ahead and<\/div>\n<\/div>\n<\/div>\n
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click the link that should be appearing<\/div>\n<\/div>\n<\/div>\n
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right now at the top right hand corner<\/div>\n<\/div>\n<\/div>\n
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of your screen<\/div>\n<\/div>\n<\/div>\n
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that’s going to open up this free<\/div>\n<\/div>\n<\/div>\n
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registration page in the new window<\/div>\n<\/div>\n<\/div>\n
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so don’t worry you’re not going to lose<\/div>\n<\/div>\n<\/div>\n
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this video you’re going to learn more<\/div>\n<\/div>\n<\/div>\n
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in a couple of hours from this trading<\/div>\n<\/div>\n<\/div>\n
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workshop than from<\/div>\n<\/div>\n<\/div>\n
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years of online education it’s purpose<\/div>\n<\/div>\n<\/div>\n
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so i had traded my own account for a<\/div>\n<\/div>\n<\/div>\n
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long period of time<\/div>\n<\/div>\n<\/div>\n
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and i saw this opportunity<\/div>\n<\/div>\n<\/div>\n
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in the marketplace that<\/div>\n<\/div>\n<\/div>\n
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wasn’t being serviced okay which was<\/div>\n<\/div>\n<\/div>\n
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when i started i saw how people were<\/div>\n<\/div>\n<\/div>\n
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trained<\/div>\n<\/div>\n<\/div>\n
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and then in the middle 2000s i saw<\/div>\n<\/div>\n<\/div>\n
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lots of people who i had traded with<\/div>\n<\/div>\n<\/div>\n
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pushed out of the game unable to adapt<\/div>\n<\/div>\n<\/div>\n
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the market got much harder<\/div>\n<\/div>\n<\/div>\n
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and i didn’t see uh even the firms that<\/div>\n<\/div>\n<\/div>\n
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were<\/div>\n<\/div>\n<\/div>\n
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uh still succeeding they didn’t see them<\/div>\n<\/div>\n<\/div>\n
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offering a development plan<\/div>\n<\/div>\n<\/div>\n
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that was necessary for the harder more<\/div>\n<\/div>\n<\/div>\n
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complicated<\/div>\n<\/div>\n<\/div>\n
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markets that were present in in<\/div>\n<\/div>\n<\/div>\n
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2005-ish okay and so i had this idea<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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if we really focused on training people<\/div>\n<\/div>\n<\/div>\n
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from the beginning<\/div>\n<\/div>\n<\/div>\n
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the right way that we could build out a<\/div>\n<\/div>\n<\/div>\n
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great firm<\/div>\n<\/div>\n<\/div>\n
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and i didn’t see other people<\/div>\n<\/div>\n<\/div>\n
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doing it the way that it should be done<\/div>\n<\/div>\n<\/div>\n
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and<\/div>\n<\/div>\n<\/div>\n
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that was something that was interesting<\/div>\n<\/div>\n<\/div>\n
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to me and i thought well<\/div>\n<\/div>\n<\/div>\n
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you know what if we were to come along<\/div>\n<\/div>\n<\/div>\n
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and make it<\/div>\n<\/div>\n<\/div>\n
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easier for somebody to start right now<\/div>\n<\/div>\n<\/div>\n
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and give them a better chance<\/div>\n<\/div>\n<\/div>\n
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of succeeding and building a culture<\/div>\n<\/div>\n<\/div>\n
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that was<\/div>\n<\/div>\n<\/div>\n
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important to us to steven myself<\/div>\n<\/div>\n<\/div>\n
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what can we do and we thought we could<\/div>\n<\/div>\n<\/div>\n
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build the best prop firm we thought just<\/div>\n<\/div>\n<\/div>\n
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from that idea<\/div>\n<\/div>\n<\/div>\n
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we could build the best prop firm in new<\/div>\n<\/div>\n<\/div>\n
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york city because traders kind of<\/div>\n<\/div>\n<\/div>\n
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some of them don’t stay in the game for<\/div>\n<\/div>\n<\/div>\n
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as long as they think that they<\/div>\n<\/div>\n<\/div>\n
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they can markets are always changing<\/div>\n<\/div>\n<\/div>\n
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but we that was our purpose let’s build<\/div>\n<\/div>\n<\/div>\n
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the best development desk<\/div>\n<\/div>\n<\/div>\n
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out there and use it as a way to build<\/div>\n<\/div>\n<\/div>\n
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the best overall desk<\/div>\n<\/div>\n<\/div>\n
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in the city and i think you mentioned<\/div>\n<\/div>\n<\/div>\n
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that before that you could take in 10<\/div>\n<\/div>\n<\/div>\n
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traders<\/div>\n<\/div>\n<\/div>\n
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but you can’t guarantee that all of them<\/div>\n<\/div>\n<\/div>\n
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will be able to<\/div>\n<\/div>\n<\/div>\n
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succeed yep yes absolutely not i it’s<\/div>\n<\/div>\n<\/div>\n
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definitely not 100<\/div>\n<\/div>\n<\/div>\n
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and you know we know from research that<\/div>\n<\/div>\n<\/div>\n
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with day traders overall the<\/div>\n<\/div>\n<\/div>\n
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hit rate for long term success um<\/div>\n<\/div>\n<\/div>\n
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is under 5 wow so<\/div>\n<\/div>\n<\/div>\n
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it’s not even 10 out of 10 that’s 120.<\/div>\n<\/div>\n<\/div>\n
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um so the key question and as a as i’ve<\/div>\n<\/div>\n<\/div>\n
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said before though i mean<\/div>\n<\/div>\n<\/div>\n
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that’s not surprising what’s the hit<\/div>\n<\/div>\n<\/div>\n
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rate for professional<\/div>\n<\/div>\n<\/div>\n
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golfers who make their living from golf<\/div>\n<\/div>\n<\/div>\n
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what’s the hit rate<\/div>\n<\/div>\n<\/div>\n
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for professionals who sing and dance and<\/div>\n<\/div>\n<\/div>\n
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can make a living on broadway<\/div>\n<\/div>\n<\/div>\n
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you know we’re talking about elite<\/div>\n<\/div>\n<\/div>\n
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performance when someone can trade and<\/div>\n<\/div>\n<\/div>\n
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make a consistent living from their<\/div>\n<\/div>\n<\/div>\n
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trading that’s elite<\/div>\n<\/div>\n<\/div>\n
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performance by definition the elite is<\/div>\n<\/div>\n<\/div>\n
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not 10 out of 10.<\/div>\n<\/div>\n<\/div>\n
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so the key question is can a proprietary<\/div>\n<\/div>\n<\/div>\n
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trading firm<\/div>\n<\/div>\n<\/div>\n
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increase the odds the baseline odds of<\/div>\n<\/div>\n<\/div>\n
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success from that five percent<\/div>\n<\/div>\n<\/div>\n
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to something much more meaningful and i<\/div>\n<\/div>\n<\/div>\n
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think that’s what in different ways mike<\/div>\n<\/div>\n<\/div>\n
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and i<\/div>\n<\/div>\n<\/div>\n
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work on and we do if i may say so we we<\/div>\n<\/div>\n<\/div>\n
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do<\/div>\n<\/div>\n<\/div>\n
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there are the amount of resources that<\/div>\n<\/div>\n<\/div>\n
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you get when you come to a proprietary<\/div>\n<\/div>\n<\/div>\n
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trading firm<\/div>\n<\/div>\n<\/div>\n
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is vastly superior<\/div>\n<\/div>\n<\/div>\n
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than to you just trying it by yourself<\/div>\n<\/div>\n<\/div>\n
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and you know oftentimes i’ll talk with<\/div>\n<\/div>\n<\/div>\n
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people<\/div>\n<\/div>\n<\/div>\n
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who are having some success<\/div>\n<\/div>\n<\/div>\n
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on their own as independent traders and<\/div>\n<\/div>\n<\/div>\n
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\n
retail traders<\/div>\n<\/div>\n<\/div>\n
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\n
and they’ve heard of the success that<\/div>\n<\/div>\n<\/div>\n
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some of our guys have<\/div>\n<\/div>\n<\/div>\n
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and and that success being many<\/div>\n<\/div>\n<\/div>\n
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multiples<\/div>\n<\/div>\n<\/div>\n
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of what they’re doing um and and often<\/div>\n<\/div>\n<\/div>\n
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\n
you know i’ll say to the people it’s it<\/div>\n<\/div>\n<\/div>\n
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\n
is tremendous that you’re having<\/div>\n<\/div>\n<\/div>\n
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this much success even though it’s many<\/div>\n<\/div>\n<\/div>\n
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multiples lower<\/div>\n<\/div>\n<\/div>\n
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than the best traders here yes because<\/div>\n<\/div>\n<\/div>\n
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you don’t have the resources that they<\/div>\n<\/div>\n<\/div>\n
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have<\/div>\n<\/div>\n<\/div>\n
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you don’t have the buying power that<\/div>\n<\/div>\n<\/div>\n
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they have<\/div>\n<\/div>\n<\/div>\n
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which really makes a difference it does<\/div>\n<\/div>\n<\/div>\n
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you don’t get to work with dr steve<\/div>\n<\/div>\n<\/div>\n
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parker<\/div>\n<\/div>\n<\/div>\n
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oh geez there it is<\/div>\n<\/div>\n<\/div>\n
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which makes a tremendous difference you<\/div>\n<\/div>\n<\/div>\n
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\n
know and<\/div>\n<\/div>\n<\/div>\n
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\n
and i know you’re being humble here but<\/div>\n<\/div>\n<\/div>\n
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you know we just worked with<\/div>\n<\/div>\n<\/div>\n
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this one traitor um<\/div>\n<\/div>\n<\/div>\n
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that we is very important to the firm<\/div>\n<\/div>\n<\/div>\n
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going forward and we<\/div>\n<\/div>\n<\/div>\n
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identified uh a process<\/div>\n<\/div>\n<\/div>\n
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that they weren’t going through that<\/div>\n<\/div>\n<\/div>\n
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when they then went through it<\/div>\n<\/div>\n<\/div>\n
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identified their strengths<\/div>\n<\/div>\n<\/div>\n
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and their weaknesses the trader started<\/div>\n<\/div>\n<\/div>\n
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\n
keeping really good stats<\/div>\n<\/div>\n<\/div>\n
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\n
tagging their trades measuring their<\/div>\n<\/div>\n<\/div>\n
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\n
trades keeping really good good stats<\/div>\n<\/div>\n<\/div>\n
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\n
and working with dr steenbarger to see<\/div>\n<\/div>\n<\/div>\n
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where their failures were and where<\/div>\n<\/div>\n<\/div>\n
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\n
their successes were and<\/div>\n<\/div>\n<\/div>\n
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\n
from those stats can construct a plan<\/div>\n<\/div>\n<\/div>\n
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\n
to to move forward effectively<\/div>\n<\/div>\n<\/div>\n
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\n
and you might be an independent trader<\/div>\n<\/div>\n<\/div>\n
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\n
without those resources and just keep<\/div>\n<\/div>\n<\/div>\n
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\n
flailing away<\/div>\n<\/div>\n<\/div>\n
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\n
exactly with the talents true to be able<\/div>\n<\/div>\n<\/div>\n
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\n
to do it<\/div>\n<\/div>\n<\/div>\n
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\n
because you have good in your trading<\/div>\n<\/div>\n<\/div>\n
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\n
but but your losses are overwhelming the<\/div>\n<\/div>\n<\/div>\n
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\n
goodness<\/div>\n<\/div>\n<\/div>\n
\n
\n
yep and you know to have somebody who<\/div>\n<\/div>\n<\/div>\n
\n
\n
coaches the<\/div>\n<\/div>\n<\/div>\n
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\n
best trainers in the world look through<\/div>\n<\/div>\n<\/div>\n
\n
\n
your work and point you<\/div>\n<\/div>\n<\/div>\n
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\n
in the not just the right direction um<\/div>\n<\/div>\n<\/div>\n
\n
\n
but the effective direction<\/div>\n<\/div>\n<\/div>\n
\n
\n
that the game-changing direction is is<\/div>\n<\/div>\n<\/div>\n
\n
\n
a resource that very few people get to<\/div>\n<\/div>\n<\/div>\n
\n
\n
have me let me let me jump<\/div>\n<\/div>\n<\/div>\n
\n
\n
in here because i’m going to add a layer<\/div>\n<\/div>\n<\/div>\n
\n
\n
to what mike is saying<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it’s an important layer so yes this<\/div>\n<\/div>\n<\/div>\n
\n
\n
trader did look at their statistics and<\/div>\n<\/div>\n<\/div>\n
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\n
really benefited from learning about<\/div>\n<\/div>\n<\/div>\n
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\n
their strengths<\/div>\n<\/div>\n<\/div>\n
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\n
who was the one who went over their<\/div>\n<\/div>\n<\/div>\n
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\n
performance<\/div>\n<\/div>\n<\/div>\n
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\n
up to that point and pushed them to look<\/div>\n<\/div>\n<\/div>\n
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\n
at their statistics<\/div>\n<\/div>\n<\/div>\n
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\n
who was that person mike that was me<\/div>\n<\/div>\n<\/div>\n
\n
\n
that was mike<\/div>\n<\/div>\n<\/div>\n
\n
\n
but this is really important because<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s not just<\/div>\n<\/div>\n<\/div>\n
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\n
coaching coaching is really important<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s the integration this is a major<\/div>\n<\/div>\n<\/div>\n
\n
\n
point<\/div>\n<\/div>\n<\/div>\n
\n
\n
for for your session here the<\/div>\n<\/div>\n<\/div>\n
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\n
integration<\/div>\n<\/div>\n<\/div>\n
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\n
of mentoring and coaching<\/div>\n<\/div>\n<\/div>\n
\n
\n
someone who can work with the trader as<\/div>\n<\/div>\n<\/div>\n
\n
\n
an experienced trader and someone who<\/div>\n<\/div>\n<\/div>\n
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\n
can work with the trader as an<\/div>\n<\/div>\n<\/div>\n
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\n
experienced coach<\/div>\n<\/div>\n<\/div>\n
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\n
and the ability to put that together you<\/div>\n<\/div>\n<\/div>\n
\n
\n
have someone like mike<\/div>\n<\/div>\n<\/div>\n
\n
\n
who has all this experience he was<\/div>\n<\/div>\n<\/div>\n
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\n
saying going back to the 90s<\/div>\n<\/div>\n<\/div>\n
\n
\n
i wasn’t even born then<\/div>\n<\/div>\n<\/div>\n
\n
\n
going back all the way to the 90s so<\/div>\n<\/div>\n<\/div>\n
\n
\n
here’s this really experienced trader<\/div>\n<\/div>\n<\/div>\n
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\n
saying<\/div>\n<\/div>\n<\/div>\n
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\n
to this relatively new trader yo<\/div>\n<\/div>\n<\/div>\n
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\n
yeah this isn’t working for you you need<\/div>\n<\/div>\n<\/div>\n
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\n
to look at this you need to list it keep<\/div>\n<\/div>\n<\/div>\n
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\n
stats<\/div>\n<\/div>\n<\/div>\n
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\n
and then they come to me with those<\/div>\n<\/div>\n<\/div>\n
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\n
statistics and i can help them make<\/div>\n<\/div>\n<\/div>\n
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\n
sense of those<\/div>\n<\/div>\n<\/div>\n
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one point that i i found was really<\/div>\n<\/div>\n<\/div>\n
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\n
interesting when i read one good trade<\/div>\n<\/div>\n<\/div>\n
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\n
was that you said<\/div>\n<\/div>\n<\/div>\n
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\n
everyone assumes that the best trader is<\/div>\n<\/div>\n<\/div>\n
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\n
also the best teacher and you said that<\/div>\n<\/div>\n<\/div>\n
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\n
that’s not true<\/div>\n<\/div>\n<\/div>\n
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\n
do you i mean i read the book but i’m<\/div>\n<\/div>\n<\/div>\n
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\n
sure some of our<\/div>\n<\/div>\n<\/div>\n
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\n
listeners may not have necessarily could<\/div>\n<\/div>\n<\/div>\n
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you expand that because i thought it was<\/div>\n<\/div>\n<\/div>\n
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really<\/div>\n<\/div>\n<\/div>\n
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\n
yeah and you said this in chicago i<\/div>\n<\/div>\n<\/div>\n
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\n
thought he made this really good point<\/div>\n<\/div>\n<\/div>\n
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\n
um about how we all have our own<\/div>\n<\/div>\n<\/div>\n
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\n
strengths<\/div>\n<\/div>\n<\/div>\n
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\n
and you know part of<\/div>\n<\/div>\n<\/div>\n
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what we’re all supposed to do is figure<\/div>\n<\/div>\n<\/div>\n
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out<\/div>\n<\/div>\n<\/div>\n
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what our real strengths are and<\/div>\n<\/div>\n<\/div>\n
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tap into them and and highlight them and<\/div>\n<\/div>\n<\/div>\n
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\n
so<\/div>\n<\/div>\n<\/div>\n
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the skill of trading pushing the buttons<\/div>\n<\/div>\n<\/div>\n
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in real time<\/div>\n<\/div>\n<\/div>\n
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\n
is a very different skill than being<\/div>\n<\/div>\n<\/div>\n
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able to teach<\/div>\n<\/div>\n<\/div>\n
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\n
and coach and mentor somebody get to<\/div>\n<\/div>\n<\/div>\n
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\n
the next level in their trading<\/div>\n<\/div>\n<\/div>\n
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\n
they’re they’re just different skills<\/div>\n<\/div>\n<\/div>\n
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\n
and what makes<\/div>\n<\/div>\n<\/div>\n
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\n
somebody a great trader who can push the<\/div>\n<\/div>\n<\/div>\n
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\n
buttons in real time<\/div>\n<\/div>\n<\/div>\n
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\n
is different than what can help somebody<\/div>\n<\/div>\n<\/div>\n
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\n
progress and grow and improve as a<\/div>\n<\/div>\n<\/div>\n
\n
\n
trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
and now certainly and dr steenberger<\/div>\n<\/div>\n<\/div>\n
\n
\n
would i’m sure you know i’ve heard you<\/div>\n<\/div>\n<\/div>\n
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say this<\/div>\n<\/div>\n<\/div>\n
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\n
a bunch you need to have traders at the<\/div>\n<\/div>\n<\/div>\n
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firm<\/div>\n<\/div>\n<\/div>\n
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who are succeeding who are doing well<\/div>\n<\/div>\n<\/div>\n
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who people can copy<\/div>\n<\/div>\n<\/div>\n
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\n
and a role model and a good first step<\/div>\n<\/div>\n<\/div>\n
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\n
is to copy the masters as you like to<\/div>\n<\/div>\n<\/div>\n
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say<\/div>\n<\/div>\n<\/div>\n
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\n
but then to traders will go on to make<\/div>\n<\/div>\n<\/div>\n
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\n
things<\/div>\n<\/div>\n<\/div>\n
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\n
their own so you<\/div>\n<\/div>\n<\/div>\n
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do need that exposure to<\/div>\n<\/div>\n<\/div>\n
\n
\n
very real edge from a a really<\/div>\n<\/div>\n<\/div>\n
\n
\n
prosperous trader um but you also might<\/div>\n<\/div>\n<\/div>\n
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\n
need somebody<\/div>\n<\/div>\n<\/div>\n
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\n
to be a good teacher be a good teacher<\/div>\n<\/div>\n<\/div>\n
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\n
um and so there might be another layer<\/div>\n<\/div>\n<\/div>\n
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that we sort of<\/div>\n<\/div>\n<\/div>\n
\n
\n
add to this in terms of what we’re doing<\/div>\n<\/div>\n<\/div>\n
\n
\n
right here which is<\/div>\n<\/div>\n<\/div>\n
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\n
traders join teams and when they join<\/div>\n<\/div>\n<\/div>\n
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\n
teams they’re working with senior<\/div>\n<\/div>\n<\/div>\n
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\n
traders<\/div>\n<\/div>\n<\/div>\n
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\n
seeing their edges seeing how they’re<\/div>\n<\/div>\n<\/div>\n
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\n
trading in real time and then they have<\/div>\n<\/div>\n<\/div>\n
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\n
myself as a coach and dr steenberger as<\/div>\n<\/div>\n<\/div>\n
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a mentor<\/div>\n<\/div>\n<\/div>\n
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\n
on top of all that that’s that’s helping<\/div>\n<\/div>\n<\/div>\n
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\n
them progress and i will say that<\/div>\n<\/div>\n<\/div>\n
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\n
the best trader at our firm<\/div>\n<\/div>\n<\/div>\n
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\n
is pretty good at just about anything<\/div>\n<\/div>\n<\/div>\n
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\n
but what’s interesting about the traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
on this team and they actually<\/div>\n<\/div>\n<\/div>\n
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\n
as they think about it i’m pretty sure<\/div>\n<\/div>\n<\/div>\n
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\n
they all are profitable<\/div>\n<\/div>\n<\/div>\n
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\n
they all watch what the trader is doing<\/div>\n<\/div>\n<\/div>\n
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\n
that the<\/div>\n<\/div>\n<\/div>\n
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\n
the elite seven figure trader is doing<\/div>\n<\/div>\n<\/div>\n
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\n
in real time<\/div>\n<\/div>\n<\/div>\n
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um but and they’re all they’re all kind<\/div>\n<\/div>\n<\/div>\n
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\n
of trading the same stocks<\/div>\n<\/div>\n<\/div>\n
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\n
okay and they’re pretty much mostly<\/div>\n<\/div>\n<\/div>\n
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\n
trading in the same direction<\/div>\n<\/div>\n<\/div>\n
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\n
but they all trade differently really so<\/div>\n<\/div>\n<\/div>\n
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they’ve all been exposed<\/div>\n<\/div>\n<\/div>\n
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\n
i i know them personally i see their<\/div>\n<\/div>\n<\/div>\n
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\n
stats<\/div>\n<\/div>\n<\/div>\n
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\n
totally differently and yet they’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
inspired from the same source it’s very<\/div>\n<\/div>\n<\/div>\n
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\n
interesting<\/div>\n<\/div>\n<\/div>\n
\n
\n
most of our listeners our following<\/div>\n<\/div>\n<\/div>\n
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\n
the majority are independent traders<\/div>\n<\/div>\n<\/div>\n
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very few are actually able to work for a<\/div>\n<\/div>\n<\/div>\n
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\n
proprietary trading firm<\/div>\n<\/div>\n<\/div>\n
\n
\n
based on your experiences both of you do<\/div>\n<\/div>\n<\/div>\n
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you feel that<\/div>\n<\/div>\n<\/div>\n
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one is necessarily better than the other<\/div>\n<\/div>\n<\/div>\n
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is there a huge advantage<\/div>\n<\/div>\n<\/div>\n
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of working for a prop trading firm<\/div>\n<\/div>\n<\/div>\n
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\n
versus trying to do it<\/div>\n<\/div>\n<\/div>\n
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\n
on your own and having access of course<\/div>\n<\/div>\n<\/div>\n
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\n
like we do to your blogs to your<\/div>\n<\/div>\n<\/div>\n
\n
\n
to your to your material is that enough<\/div>\n<\/div>\n<\/div>\n
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\n
or do you think that there’s something<\/div>\n<\/div>\n<\/div>\n
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\n
added<\/div>\n<\/div>\n<\/div>\n
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\n
with joining a prop trading card can i<\/div>\n<\/div>\n<\/div>\n
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first respond and then uh<\/div>\n<\/div>\n<\/div>\n
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\n
mike can chime in if he sees it<\/div>\n<\/div>\n<\/div>\n
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\n
differently<\/div>\n<\/div>\n<\/div>\n
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\n
to me it’s not the issue isn’t being an<\/div>\n<\/div>\n<\/div>\n
\n
\n
independent trader versus a prop firm<\/div>\n<\/div>\n<\/div>\n
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\n
trader okay the issue<\/div>\n<\/div>\n<\/div>\n
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\n
is what are the odds<\/div>\n<\/div>\n<\/div>\n
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\n
of your success and<\/div>\n<\/div>\n<\/div>\n
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\n
what will maximize the odds of your<\/div>\n<\/div>\n<\/div>\n
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\n
success<\/div>\n<\/div>\n<\/div>\n
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\n
so i want to be an independent<\/div>\n<\/div>\n<\/div>\n
\n
\n
athlete and make it to the olympics<\/div>\n<\/div>\n<\/div>\n
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\n
well by odds that’s not going to happen<\/div>\n<\/div>\n<\/div>\n
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\n
okay because the people who make it to<\/div>\n<\/div>\n<\/div>\n
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\n
the olympics<\/div>\n<\/div>\n<\/div>\n
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\n
get coaching they go to camps they train<\/div>\n<\/div>\n<\/div>\n
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\n
and they need that support system you<\/div>\n<\/div>\n<\/div>\n
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\n
know i’m gonna<\/div>\n<\/div>\n<\/div>\n
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\n
independently be a successful surgeon<\/div>\n<\/div>\n<\/div>\n
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\n
well that’s not gonna happen you need a<\/div>\n<\/div>\n<\/div>\n
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\n
medical school training and then a<\/div>\n<\/div>\n<\/div>\n
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\n
residency<\/div>\n<\/div>\n<\/div>\n
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\n
training and you need multiple<\/div>\n<\/div>\n<\/div>\n
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\n
mentorships<\/div>\n<\/div>\n<\/div>\n
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\n
to develop those kind of skills so<\/div>\n<\/div>\n<\/div>\n
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\n
being an independent trader<\/div>\n<\/div>\n<\/div>\n
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\n
what are the odds that you’ll reach that<\/div>\n<\/div>\n<\/div>\n
\n
\n
elite level of success<\/div>\n<\/div>\n<\/div>\n
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\n
and how do they compare not just to a<\/div>\n<\/div>\n<\/div>\n
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\n
generic<\/div>\n<\/div>\n<\/div>\n
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\n
prop trading firm but to a firm that is<\/div>\n<\/div>\n<\/div>\n
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\n
dedicated to curriculum<\/div>\n<\/div>\n<\/div>\n
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\n
education training and training is<\/div>\n<\/div>\n<\/div>\n
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\n
important and i’m<\/div>\n<\/div>\n<\/div>\n
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\n
just thinking about my own kids i have a<\/div>\n<\/div>\n<\/div>\n
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\n
five-year-old and a three-year-old<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you said that i i think of them and<\/div>\n<\/div>\n<\/div>\n
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so my son<\/div>\n<\/div>\n<\/div>\n
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for whatever reason really loves to play<\/div>\n<\/div>\n<\/div>\n
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basketball okay<\/div>\n<\/div>\n<\/div>\n
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we wouldn’t just put him out there<\/div>\n<\/div>\n<\/div>\n
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on a a black court and<\/div>\n<\/div>\n<\/div>\n
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let him progress by himself i mean even<\/div>\n<\/div>\n<\/div>\n
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at five he goes two programs<\/div>\n<\/div>\n<\/div>\n
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yes even at five he is going and doing<\/div>\n<\/div>\n<\/div>\n
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the types of things that five-year-olds<\/div>\n<\/div>\n<\/div>\n
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are doing<\/div>\n<\/div>\n<\/div>\n
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to get a little bit better they go to<\/div>\n<\/div>\n<\/div>\n
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swim<\/div>\n<\/div>\n<\/div>\n
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you know they want to swim in the summer<\/div>\n<\/div>\n<\/div>\n
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by themselves we wouldn’t just throw<\/div>\n<\/div>\n<\/div>\n
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them in the water and say figure it out<\/div>\n<\/div>\n<\/div>\n
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for yourselves<\/div>\n<\/div>\n<\/div>\n
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and so you know one of the things that i<\/div>\n<\/div>\n<\/div>\n
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think independent traders<\/div>\n<\/div>\n<\/div>\n
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think is i’ll just figure it out for<\/div>\n<\/div>\n<\/div>\n
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myself<\/div>\n<\/div>\n<\/div>\n
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you know i don’t need to spend a whole<\/div>\n<\/div>\n<\/div>\n
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bunch of money<\/div>\n<\/div>\n<\/div>\n
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investing in training because<\/div>\n<\/div>\n<\/div>\n
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the best traders are just born and uh<\/div>\n<\/div>\n<\/div>\n
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you know what we see from the traders<\/div>\n<\/div>\n<\/div>\n
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who’ve been successful here<\/div>\n<\/div>\n<\/div>\n
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and even outside of here is that there<\/div>\n<\/div>\n<\/div>\n
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are commonalities amongst them and<\/div>\n<\/div>\n<\/div>\n
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having a really solid educational<\/div>\n<\/div>\n<\/div>\n
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foundation<\/div>\n<\/div>\n<\/div>\n
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no matter what type of trader people go<\/div>\n<\/div>\n<\/div>\n
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on to bait is<\/div>\n<\/div>\n<\/div>\n
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is key being able to manage risk being<\/div>\n<\/div>\n<\/div>\n
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able to understand what moves markets<\/div>\n<\/div>\n<\/div>\n
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being able to find your own niche<\/div>\n<\/div>\n<\/div>\n
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understanding technical analysis<\/div>\n<\/div>\n<\/div>\n
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understanding how to use technology to<\/div>\n<\/div>\n<\/div>\n
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make more money understanding how to<\/div>\n<\/div>\n<\/div>\n
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find the right stocks prepare<\/div>\n<\/div>\n<\/div>\n
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prepare for the day review for the day<\/div>\n<\/div>\n<\/div>\n
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those things<\/div>\n<\/div>\n<\/div>\n
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are first and and we see<\/div>\n<\/div>\n<\/div>\n
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when traders are going to be really big<\/div>\n<\/div>\n<\/div>\n
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they become consistent first<\/div>\n<\/div>\n<\/div>\n
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say first they have to learn they have<\/div>\n<\/div>\n<\/div>\n
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to go through a development process but<\/div>\n<\/div>\n<\/div>\n
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then they become<\/div>\n<\/div>\n<\/div>\n
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really consistent and you can’t become<\/div>\n<\/div>\n<\/div>\n
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consistent if you don’t<\/div>\n<\/div>\n<\/div>\n
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have a really solid foundation and if<\/div>\n<\/div>\n<\/div>\n
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you<\/div>\n<\/div>\n<\/div>\n
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aren’t consistent first then you’re not<\/div>\n<\/div>\n<\/div>\n
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going to become a big<\/div>\n<\/div>\n<\/div>\n
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\n
big big trader you go through a<\/div>\n<\/div>\n<\/div>\n
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foundational<\/div>\n<\/div>\n<\/div>\n
\n
\n
training program and what is everything<\/div>\n<\/div>\n<\/div>\n
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you need to learn about markets to<\/div>\n<\/div>\n<\/div>\n
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\n
make good trades and then there’s a part<\/div>\n<\/div>\n<\/div>\n
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two to that which is being exposed to<\/div>\n<\/div>\n<\/div>\n
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different types of<\/div>\n<\/div>\n<\/div>\n
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setups different types of strategies<\/div>\n<\/div>\n<\/div>\n
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that traders on our desk<\/div>\n<\/div>\n<\/div>\n
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are implementing to be successful and<\/div>\n<\/div>\n<\/div>\n
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exposing traders to those different<\/div>\n<\/div>\n<\/div>\n
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types of setups<\/div>\n<\/div>\n<\/div>\n
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and then asking them to experiment with<\/div>\n<\/div>\n<\/div>\n
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them record their stats try them out<\/div>\n<\/div>\n<\/div>\n
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see if they work if they do work then<\/div>\n<\/div>\n<\/div>\n
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start to put them in your playbook<\/div>\n<\/div>\n<\/div>\n
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\n
my second book is called the playbook<\/div>\n<\/div>\n<\/div>\n
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\n
the idea is you build your business<\/div>\n<\/div>\n<\/div>\n
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\n
around<\/div>\n<\/div>\n<\/div>\n
\n
\n
a playbook okay so that second part of<\/div>\n<\/div>\n<\/div>\n
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training is<\/div>\n<\/div>\n<\/div>\n
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exposure to different types of setups<\/div>\n<\/div>\n<\/div>\n
\n
\n
momentum setups<\/div>\n<\/div>\n<\/div>\n
\n
\n
pullback trades break out trades market<\/div>\n<\/div>\n<\/div>\n
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plays<\/div>\n<\/div>\n<\/div>\n
\n
\n
etc the stuffed trade we have all these<\/div>\n<\/div>\n<\/div>\n
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fancy names<\/div>\n<\/div>\n<\/div>\n
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\n
uh and quirky names for the for the<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades and you try them<\/div>\n<\/div>\n<\/div>\n
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\n
you try them for a week and and you<\/div>\n<\/div>\n<\/div>\n
\n
\n
experiment them and if you like them you<\/div>\n<\/div>\n<\/div>\n
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\n
you archive those setups and you put<\/div>\n<\/div>\n<\/div>\n
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\n
them in your playbook<\/div>\n<\/div>\n<\/div>\n
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\n
and you work with them a little bit more<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then you move on to the next setup<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you see if you like that setup if<\/div>\n<\/div>\n<\/div>\n
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\n
you do then you put it into a playbook<\/div>\n<\/div>\n<\/div>\n
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\n
and then maybe try another one you don’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
like it so you forget that one and you<\/div>\n<\/div>\n<\/div>\n
\n
\n
move on to another one<\/div>\n<\/div>\n<\/div>\n
\n
\n
but the idea is people are being exposed<\/div>\n<\/div>\n<\/div>\n
\n
\n
to setups with edge<\/div>\n<\/div>\n<\/div>\n
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\n
and then they’re finding out which ones<\/div>\n<\/div>\n<\/div>\n
\n
\n
work best for them<\/div>\n<\/div>\n<\/div>\n
\n
\n
and as dr steenberger says really really<\/div>\n<\/div>\n<\/div>\n
\n
\n
well<\/div>\n<\/div>\n<\/div>\n
\n
\n
you want to trade strategies that build<\/div>\n<\/div>\n<\/div>\n
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\n
upon your<\/div>\n<\/div>\n<\/div>\n
\n
\n
cognitive uh and your<\/div>\n<\/div>\n<\/div>\n
\n
\n
emotional strengths your psychological<\/div>\n<\/div>\n<\/div>\n
\n
\n
and your cognitive strengths<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you want to be building that<\/div>\n<\/div>\n<\/div>\n
\n
\n
playbook not just<\/div>\n<\/div>\n<\/div>\n
\n
\n
around somebody out there who makes the<\/div>\n<\/div>\n<\/div>\n
\n
\n
most money<\/div>\n<\/div>\n<\/div>\n
\n
\n
because somebody out there who makes the<\/div>\n<\/div>\n<\/div>\n
\n
\n
most money you may not be able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade like that those setups may not be<\/div>\n<\/div>\n<\/div>\n
\n
\n
best for your cognitive and if your<\/div>\n<\/div>\n<\/div>\n
\n
\n
emotional skills<\/div>\n<\/div>\n<\/div>\n
\n
\n
but there might be and there’s different<\/div>\n<\/div>\n<\/div>\n
\n
\n
people out there trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
different in different ways and so you<\/div>\n<\/div>\n<\/div>\n
\n
\n
want to be exposed to the different ways<\/div>\n<\/div>\n<\/div>\n
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\n
you can make money and then choose for<\/div>\n<\/div>\n<\/div>\n
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\n
yourself<\/div>\n<\/div>\n<\/div>\n
\n
\n
the path that you’re going to take to to<\/div>\n<\/div>\n<\/div>\n
\n
\n
grow as a trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know one of the guys who’s we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
really excited about<\/div>\n<\/div>\n<\/div>\n
\n
\n
into the end of this year and and for<\/div>\n<\/div>\n<\/div>\n
\n
\n
next year<\/div>\n<\/div>\n<\/div>\n
\n
\n
i remember when he first came in<\/div>\n<\/div>\n<\/div>\n
\n
\n
to talk to us about bumping up his risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
in a particular strategy and i remember<\/div>\n<\/div>\n<\/div>\n
\n
\n
being really uninterested in talking<\/div>\n<\/div>\n<\/div>\n
\n
\n
about bumping them up in this particular<\/div>\n<\/div>\n<\/div>\n
\n
\n
strategy because i didn’t actually think<\/div>\n<\/div>\n<\/div>\n
\n
\n
it had a lot of legs to it<\/div>\n<\/div>\n<\/div>\n
\n
\n
okay and he put down his<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading stats in this particular<\/div>\n<\/div>\n<\/div>\n
\n
\n
strategy in front of carlton our floor<\/div>\n<\/div>\n<\/div>\n
\n
\n
manager myself<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the equity curve was just you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
gorgeous i mean it was<\/div>\n<\/div>\n<\/div>\n
\n
\n
it was just beautiful it wasn’t straight<\/div>\n<\/div>\n<\/div>\n
\n
\n
up and<\/div>\n<\/div>\n<\/div>\n
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\n
you know he’s sitting there asking for<\/div>\n<\/div>\n<\/div>\n
\n
\n
more buying power and<\/div>\n<\/div>\n<\/div>\n
\n
\n
carlton are like of course we’re going<\/div>\n<\/div>\n<\/div>\n
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\n
to give you more<\/div>\n<\/div>\n<\/div>\n
\n
\n
power um and you know he’s kept<\/div>\n<\/div>\n<\/div>\n
\n
\n
and and he trades away that that’s a<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s a very it’s a it’s a specific niche<\/div>\n<\/div>\n<\/div>\n
\n
\n
and again at first i was like can you<\/div>\n<\/div>\n<\/div>\n
\n
\n
really like<\/div>\n<\/div>\n<\/div>\n
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\n
build a can you really build a career<\/div>\n<\/div>\n<\/div>\n
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\n
out of this and he’s kept<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading it bigger trading the strategy<\/div>\n<\/div>\n<\/div>\n
\n
\n
bigger trading the strategy bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading the strategy bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
making more money making more money uh<\/div>\n<\/div>\n<\/div>\n
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\n
then slowly<\/div>\n<\/div>\n<\/div>\n
\n
\n
creeping into other ways to make money<\/div>\n<\/div>\n<\/div>\n
\n
\n
that are similar<\/div>\n<\/div>\n<\/div>\n
\n
\n
to this unique niche and then teaching<\/div>\n<\/div>\n<\/div>\n
\n
\n
people<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then teaching people such that the<\/div>\n<\/div>\n<\/div>\n
\n
\n
the guys under him are really starting<\/div>\n<\/div>\n<\/div>\n
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\n
to<\/div>\n<\/div>\n<\/div>\n
\n
\n
to progress we’re seeing great progress<\/div>\n<\/div>\n<\/div>\n
\n
\n
this month from from some of the junior<\/div>\n<\/div>\n<\/div>\n
\n
\n
guys<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so you know you don’t want to be the<\/div>\n<\/div>\n<\/div>\n
\n
\n
guy who says you have to trade like this<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah you know if i would have been that<\/div>\n<\/div>\n<\/div>\n
\n
\n
that that teacher who was like no you’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
got to trade like i do<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know or you got to trade like shark<\/div>\n<\/div>\n<\/div>\n
\n
\n
does you’ve got to trade like swang does<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know who knows what would have<\/div>\n<\/div>\n<\/div>\n
\n
\n
happened<\/div>\n<\/div>\n<\/div>\n
\n
\n
to that particular trader yes um<\/div>\n<\/div>\n<\/div>\n
\n
\n
but we let him do what he wanted to do<\/div>\n<\/div>\n<\/div>\n
\n
\n
and he got exposure to something<\/div>\n<\/div>\n<\/div>\n
\n
\n
that had edge and and ran with it and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m as excited about his team<\/div>\n<\/div>\n<\/div>\n
\n
\n
as any other team on the desk<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so it’s it’s it’s it’s that<\/div>\n<\/div>\n<\/div>\n
\n
\n
breadth of exposure and choosing<\/div>\n<\/div>\n<\/div>\n
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\n
what’s best for you that i think it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
missed sometimes in<\/div>\n<\/div>\n<\/div>\n
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\n
in trading education you mentioned that<\/div>\n<\/div>\n<\/div>\n
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\n
there are<\/div>\n<\/div>\n<\/div>\n
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\n
different personalities you have to work<\/div>\n<\/div>\n<\/div>\n
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\n
with different kinds of individuals<\/div>\n<\/div>\n<\/div>\n
\n
\n
all their training styles are obviously<\/div>\n<\/div>\n<\/div>\n
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\n
not going to be exactly the same<\/div>\n<\/div>\n<\/div>\n
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\n
i also read in one of your books before<\/div>\n<\/div>\n<\/div>\n
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\n
was that<\/div>\n<\/div>\n<\/div>\n
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\n
you are integral in terms of the hiring<\/div>\n<\/div>\n<\/div>\n
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\n
process as well so can i can i ask what<\/div>\n<\/div>\n<\/div>\n
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\n
exactly is your role<\/div>\n<\/div>\n<\/div>\n
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\n
how do you hire traders how do you<\/div>\n<\/div>\n<\/div>\n
\n
\n
determine whether they are a good fit<\/div>\n<\/div>\n<\/div>\n
\n
\n
for smb capital and what are the<\/div>\n<\/div>\n<\/div>\n
\n
\n
what is the criteria involved okay well<\/div>\n<\/div>\n<\/div>\n
\n
\n
i work as a consultant<\/div>\n<\/div>\n<\/div>\n
\n
\n
with smb yes and i also work with<\/div>\n<\/div>\n<\/div>\n
\n
\n
other hedge funds money management<\/div>\n<\/div>\n<\/div>\n
\n
\n
organizations and in some cases help<\/div>\n<\/div>\n<\/div>\n
\n
\n
them<\/div>\n<\/div>\n<\/div>\n
\n
\n
with their hiring process and and the<\/div>\n<\/div>\n<\/div>\n
\n
\n
idea<\/div>\n<\/div>\n<\/div>\n
\n
\n
is to help them understand what goes<\/div>\n<\/div>\n<\/div>\n
\n
\n
into success<\/div>\n<\/div>\n<\/div>\n
\n
\n
encourage them to study their best<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders and then use that information<\/div>\n<\/div>\n<\/div>\n
\n
\n
to help them ask the right questions and<\/div>\n<\/div>\n<\/div>\n
\n
\n
select for the right things<\/div>\n<\/div>\n<\/div>\n
\n
\n
with applicants in your end is i mean<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’ve always mentioned<\/div>\n<\/div>\n<\/div>\n
\n
\n
that trading is a performance sport can<\/div>\n<\/div>\n<\/div>\n
\n
\n
you expound a little bit on how you<\/div>\n<\/div>\n<\/div>\n
\n
\n
choose<\/div>\n<\/div>\n<\/div>\n
\n
\n
who you want to recruit for smb no<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s probably very important oh sorry<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m sorry so uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
so dr steenberger did us<\/div>\n<\/div>\n<\/div>\n
\n
\n
help us study some of the people that<\/div>\n<\/div>\n<\/div>\n
\n
\n
have done well here<\/div>\n<\/div>\n<\/div>\n
\n
\n
and we have a distinct culture here<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s important to us<\/div>\n<\/div>\n<\/div>\n
\n
\n
i do think if you walk the halls of<\/div>\n<\/div>\n<\/div>\n
\n
\n
bessemer capital<\/div>\n<\/div>\n<\/div>\n
\n
\n
you should notice something different<\/div>\n<\/div>\n<\/div>\n
\n
\n
about our traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
and even our top traders which is<\/div>\n<\/div>\n<\/div>\n
\n
\n
they’re trying to get better okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
they’re not talking about just their<\/div>\n<\/div>\n<\/div>\n
\n
\n
p l they’re the best traders aren’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
satisfied<\/div>\n<\/div>\n<\/div>\n
\n
\n
even where they’re at they’re pushing<\/div>\n<\/div>\n<\/div>\n
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\n
for<\/div>\n<\/div>\n<\/div>\n
\n
\n
more for better for improvement<\/div>\n<\/div>\n<\/div>\n
\n
\n
um so you know we we start with we got<\/div>\n<\/div>\n<\/div>\n
\n
\n
to have people<\/div>\n<\/div>\n<\/div>\n
\n
\n
fit into that culture yes so sometimes<\/div>\n<\/div>\n<\/div>\n
\n
\n
athletes are are a good fit because<\/div>\n<\/div>\n<\/div>\n
\n
\n
they have a history of delayed<\/div>\n<\/div>\n<\/div>\n
\n
\n
gratification<\/div>\n<\/div>\n<\/div>\n
\n
\n
they have a history of working at things<\/div>\n<\/div>\n<\/div>\n
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\n
to get better<\/div>\n<\/div>\n<\/div>\n
\n
\n
um but sometimes athletes aren’t a good<\/div>\n<\/div>\n<\/div>\n
\n
\n
fit because they don’t have some of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
other characteristics<\/div>\n<\/div>\n<\/div>\n
\n
\n
processing ability interest in trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
yes i wrote in one good trade about a<\/div>\n<\/div>\n<\/div>\n
\n
\n
particular<\/div>\n<\/div>\n<\/div>\n
\n
\n
former athlete who we hired who<\/div>\n<\/div>\n<\/div>\n
\n
\n
did have that really good buy into<\/div>\n<\/div>\n<\/div>\n
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\n
to the culture that’s important to us of<\/div>\n<\/div>\n<\/div>\n
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\n
work at something and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you will then get better at it and had<\/div>\n<\/div>\n<\/div>\n
\n
\n
done that as a college athlete<\/div>\n<\/div>\n<\/div>\n
\n
\n
in basketball and i came to trade with<\/div>\n<\/div>\n<\/div>\n
\n
\n
us and very clearly and very early we<\/div>\n<\/div>\n<\/div>\n
\n
\n
recognized<\/div>\n<\/div>\n<\/div>\n
\n
\n
he wasn’t interested in trading at all<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know he was<\/div>\n<\/div>\n<\/div>\n
\n
\n
you have to you have to you have to<\/div>\n<\/div>\n<\/div>\n
\n
\n
really want to learn and study trading<\/div>\n<\/div>\n<\/div>\n
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\n
and so<\/div>\n<\/div>\n<\/div>\n
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\n
yeah for us we want people that are<\/div>\n<\/div>\n<\/div>\n
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\n
interested in trading generally that<\/div>\n<\/div>\n<\/div>\n
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\n
means they’ve done it before we want<\/div>\n<\/div>\n<\/div>\n
\n
\n
people who want to try and grow and get<\/div>\n<\/div>\n<\/div>\n
\n
\n
better<\/div>\n<\/div>\n<\/div>\n
\n
\n
we talk a lot more these days about<\/div>\n<\/div>\n<\/div>\n
\n
\n
having some coding skills to use the<\/div>\n<\/div>\n<\/div>\n
\n
\n
technology that we have here<\/div>\n<\/div>\n<\/div>\n
\n
\n
certainly people who are even tempered<\/div>\n<\/div>\n<\/div>\n
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\n
are<\/div>\n<\/div>\n<\/div>\n
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preferred people that are conscientious<\/div>\n<\/div>\n<\/div>\n
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\n
are preferred<\/div>\n<\/div>\n<\/div>\n
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\n
so we have a whole list we’re not going<\/div>\n<\/div>\n<\/div>\n
\n
\n
to give you all of them that that is<\/div>\n<\/div>\n<\/div>\n
\n
\n
your<\/div>\n<\/div>\n<\/div>\n
\n
\n
that is your secret to hold uh based on<\/div>\n<\/div>\n<\/div>\n
\n
\n
your books you’ve mentioned that<\/div>\n<\/div>\n<\/div>\n
\n
\n
even their personalities outside of<\/div>\n<\/div>\n<\/div>\n
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\n
the office is something that you look at<\/div>\n<\/div>\n<\/div>\n
\n
\n
in terms of simple things is<\/div>\n<\/div>\n<\/div>\n
\n
\n
being on time not being late for work<\/div>\n<\/div>\n<\/div>\n
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\n
yeah as i get a little bit older i i<\/div>\n<\/div>\n<\/div>\n
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\n
have<\/div>\n<\/div>\n<\/div>\n
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\n
become a little bit more open-minded to<\/div>\n<\/div>\n<\/div>\n
\n
\n
the different ways that people can<\/div>\n<\/div>\n<\/div>\n
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\n
become successful<\/div>\n<\/div>\n<\/div>\n
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\n
i can tell you that conscientiousness is<\/div>\n<\/div>\n<\/div>\n
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\n
a<\/div>\n<\/div>\n<\/div>\n
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\n
large factor in success but i can also<\/div>\n<\/div>\n<\/div>\n
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tell you that<\/div>\n<\/div>\n<\/div>\n
\n
\n
some traders are just different you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s one particular trader<\/div>\n<\/div>\n<\/div>\n
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\n
on our floor who’s just different he<\/div>\n<\/div>\n<\/div>\n
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\n
just<\/div>\n<\/div>\n<\/div>\n
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\n
he learns differently he’s not going to<\/div>\n<\/div>\n<\/div>\n
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\n
sit down<\/div>\n<\/div>\n<\/div>\n
\n
\n
and write out a bunch of notes honest<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading<\/div>\n<\/div>\n<\/div>\n
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\n
but he will go talk to lots of different<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders<\/div>\n<\/div>\n<\/div>\n
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\n
about his trading and about their<\/div>\n<\/div>\n<\/div>\n
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\n
trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s his that’s his way of<\/div>\n<\/div>\n<\/div>\n
\n
\n
studying<\/div>\n<\/div>\n<\/div>\n
\n
\n
he’s not going to come in at 7 30<\/div>\n<\/div>\n<\/div>\n
\n
\n
ripping through a bunch of research<\/div>\n<\/div>\n<\/div>\n
\n
\n
reports<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s it’s not his it’s not his thing but<\/div>\n<\/div>\n<\/div>\n
\n
\n
he does work hard in his his own right<\/div>\n<\/div>\n<\/div>\n
\n
\n
um he’s conscientious in a different way<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so if i were to sort of say you have<\/div>\n<\/div>\n<\/div>\n
\n
\n
to get in at a certain time<\/div>\n<\/div>\n<\/div>\n
\n
\n
to this one particular seven trigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
that wouldn’t really work for him um<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’d be like saying you have to trade in<\/div>\n<\/div>\n<\/div>\n
\n
\n
a certain way yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah you have to let people be who they<\/div>\n<\/div>\n<\/div>\n
\n
\n
are<\/div>\n<\/div>\n<\/div>\n
\n
\n
and people can have different ways of<\/div>\n<\/div>\n<\/div>\n
\n
\n
being creative different ways of being<\/div>\n<\/div>\n<\/div>\n
\n
\n
conscientious<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i have another question does the<\/div>\n<\/div>\n<\/div>\n
\n
\n
bottom line the seven figures that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re saying<\/div>\n<\/div>\n<\/div>\n
\n
\n
can they use that as leverage for them<\/div>\n<\/div>\n<\/div>\n
\n
\n
to perf to not necessarily to follow all<\/div>\n<\/div>\n<\/div>\n
\n
\n
the rules<\/div>\n<\/div>\n<\/div>\n
\n
\n
assuming that they bring the results to<\/div>\n<\/div>\n<\/div>\n
\n
\n
the table yeah but they are fun so that<\/div>\n<\/div>\n<\/div>\n
\n
\n
the particular particular trader is<\/div>\n<\/div>\n<\/div>\n
\n
\n
following<\/div>\n<\/div>\n<\/div>\n
\n
\n
the underlying roles the underlying<\/div>\n<\/div>\n<\/div>\n
\n
\n
rules are their rules<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that gets back to what you were<\/div>\n<\/div>\n<\/div>\n
\n
\n
talking about earlier mike is people<\/div>\n<\/div>\n<\/div>\n
\n
\n
learn their own playbooks and so they<\/div>\n<\/div>\n<\/div>\n
\n
\n
develop their own rules and they’re much<\/div>\n<\/div>\n<\/div>\n
\n
\n
more<\/div>\n<\/div>\n<\/div>\n
\n
\n
likely to stick with their roles because<\/div>\n<\/div>\n<\/div>\n
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\n
it’s their<\/div>\n<\/div>\n<\/div>\n
\n
\n
rules it’s not something that brett said<\/div>\n<\/div>\n<\/div>\n
\n
\n
or that mike said<\/div>\n<\/div>\n<\/div>\n
\n
\n
it they develop their playbooks and it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
their rules so they<\/div>\n<\/div>\n<\/div>\n
\n
\n
own it and i think that’s why they’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
more likely to stick with it<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah look at the beginning when we hire<\/div>\n<\/div>\n<\/div>\n
\n
\n
you and we expect you to do a training<\/div>\n<\/div>\n<\/div>\n
\n
\n
program you don’t show up on time<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s a problem okay that shows a lack<\/div>\n<\/div>\n<\/div>\n
\n
\n
of seriousness<\/div>\n<\/div>\n<\/div>\n
\n
\n
yep um that shows a lack of respect<\/div>\n<\/div>\n<\/div>\n
\n
\n
for the investment that we’re the<\/div>\n<\/div>\n<\/div>\n
\n
\n
massive investment that we’re making<\/div>\n<\/div>\n<\/div>\n
\n
\n
into you<\/div>\n<\/div>\n<\/div>\n
\n
\n
massive investment not just in<\/div>\n<\/div>\n<\/div>\n
\n
\n
monetarily but in time and and all the<\/div>\n<\/div>\n<\/div>\n
\n
\n
technology and resources that go into it<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and and how important i mean that<\/div>\n<\/div>\n<\/div>\n
\n
\n
seed is a<\/div>\n<\/div>\n<\/div>\n
\n
\n
very valuable seat that lots of people<\/div>\n<\/div>\n<\/div>\n
\n
\n
want to have<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so if you can’t show up on time<\/div>\n<\/div>\n<\/div>\n
\n
\n
we don’t we’re not going to have a lot<\/div>\n<\/div>\n<\/div>\n
\n
\n
of tolerance for that but as you mature<\/div>\n<\/div>\n<\/div>\n
\n
\n
and develop your own playbook and your<\/div>\n<\/div>\n<\/div>\n
\n
\n
own way of working at markets and<\/div>\n<\/div>\n<\/div>\n
\n
\n
reviewing<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s latitude for that the the guys<\/div>\n<\/div>\n<\/div>\n
\n
\n
but the best traders work at it and<\/div>\n<\/div>\n<\/div>\n
\n
\n
differently but they work at it<\/div>\n<\/div>\n<\/div>\n
\n
\n
with every trader their setups are<\/div>\n<\/div>\n<\/div>\n
\n
\n
different those setups that work for<\/div>\n<\/div>\n<\/div>\n
\n
\n
them are different their personalities<\/div>\n<\/div>\n<\/div>\n
\n
\n
once they once they start trading is you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know it’s not the same<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you mentioned that the ability to<\/div>\n<\/div>\n<\/div>\n
\n
\n
adjust<\/div>\n<\/div>\n<\/div>\n
\n
\n
to markets is so critical into the<\/div>\n<\/div>\n<\/div>\n
\n
\n
success of every trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
does that mean let’s say for example you<\/div>\n<\/div>\n<\/div>\n
\n
\n
are a momentum trader or this is the<\/div>\n<\/div>\n<\/div>\n
\n
\n
kind of environment that you work with<\/div>\n<\/div>\n<\/div>\n
\n
\n
as is but the environment changes that<\/div>\n<\/div>\n<\/div>\n
\n
\n
is not necessarily fit for you<\/div>\n<\/div>\n<\/div>\n
\n
\n
what do they do then how do you i mean<\/div>\n<\/div>\n<\/div>\n
\n
\n
you mentioned that you don’t mandate how<\/div>\n<\/div>\n<\/div>\n
\n
\n
they trade right you cannot tell them<\/div>\n<\/div>\n<\/div>\n
\n
\n
that you have to do this this this<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah yeah let me jump in because that<\/div>\n<\/div>\n<\/div>\n
\n
\n
does happen traders say<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know i’m a trend follower i’m a<\/div>\n<\/div>\n<\/div>\n
\n
\n
momentum trader and we hear that all the<\/div>\n<\/div>\n<\/div>\n
\n
\n
time<\/div>\n<\/div>\n<\/div>\n
\n
\n
you hear that all the time yeah and so<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m gonna try<\/div>\n<\/div>\n<\/div>\n
\n
\n
out for a baseball team and i’m gonna<\/div>\n<\/div>\n<\/div>\n
\n
\n
say well i’m a fastball hitter<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s what i do and i’m gonna stick to<\/div>\n<\/div>\n<\/div>\n
\n
\n
my style because that fits my<\/div>\n<\/div>\n<\/div>\n
\n
\n
personality<\/div>\n<\/div>\n<\/div>\n
\n
\n
well good luck when you have a pitcher<\/div>\n<\/div>\n<\/div>\n
\n
\n
who throws breaking balls and off speed<\/div>\n<\/div>\n<\/div>\n
\n
\n
stuff<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh the point being that you do have to<\/div>\n<\/div>\n<\/div>\n
\n
\n
adapt to different conditions and<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re seeing that in the equity markets<\/div>\n<\/div>\n<\/div>\n
\n
\n
right now things are much more volatile<\/div>\n<\/div>\n<\/div>\n
\n
\n
than they had in recent years<\/div>\n<\/div>\n<\/div>\n
\n
\n
and an uptrend has been nicely broken<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we have to adapt uh to those things<\/div>\n<\/div>\n<\/div>\n
\n
\n
and what that says to me and this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
something mike you and i have talked<\/div>\n<\/div>\n<\/div>\n
\n
\n
about<\/div>\n<\/div>\n<\/div>\n
\n
\n
is that it’s not enough to provide<\/div>\n<\/div>\n<\/div>\n
\n
\n
education<\/div>\n<\/div>\n<\/div>\n
\n
\n
to traders we have to have continuing<\/div>\n<\/div>\n<\/div>\n
\n
\n
education<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s what we see with physicians there<\/div>\n<\/div>\n<\/div>\n
\n
\n
are new technologies that come out there<\/div>\n<\/div>\n<\/div>\n
\n
\n
are<\/div>\n<\/div>\n<\/div>\n
\n
\n
new there’s new research about different<\/div>\n<\/div>\n<\/div>\n
\n
\n
approaches<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know these days we’re doing micro<\/div>\n<\/div>\n<\/div>\n
\n
\n
surgeries<\/div>\n<\/div>\n<\/div>\n
\n
\n
where we used to open the person up you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know<\/div>\n<\/div>\n<\/div>\n
\n
\n
all that technology is now available<\/div>\n<\/div>\n<\/div>\n
\n
\n
that takes continuing education<\/div>\n<\/div>\n<\/div>\n
\n
\n
physicians have to get a certain number<\/div>\n<\/div>\n<\/div>\n
\n
\n
of continuing education credits<\/div>\n<\/div>\n<\/div>\n
\n
\n
to stay licensed so we need to provide<\/div>\n<\/div>\n<\/div>\n
\n
\n
continuing education for traders to help<\/div>\n<\/div>\n<\/div>\n
\n
\n
them adapt to changing<\/div>\n<\/div>\n<\/div>\n
\n
\n
market conditions and that’s what i<\/div>\n<\/div>\n<\/div>\n
\n
\n
think<\/div>\n<\/div>\n<\/div>\n
\n
\n
has been successful we’re doing that<\/div>\n<\/div>\n<\/div>\n
\n
\n
right now so<\/div>\n<\/div>\n<\/div>\n
\n
\n
normally we trade what we say<\/div>\n<\/div>\n<\/div>\n
\n
\n
our stocks in play okay we look for<\/div>\n<\/div>\n<\/div>\n
\n
\n
specific stocks<\/div>\n<\/div>\n<\/div>\n
\n
\n
that have unusually good news or<\/div>\n<\/div>\n<\/div>\n
\n
\n
unusually bad news that’s been<\/div>\n<\/div>\n<\/div>\n
\n
\n
unexpected by the market<\/div>\n<\/div>\n<\/div>\n
\n
\n
and our thesis is you trade those stocks<\/div>\n<\/div>\n<\/div>\n
\n
\n
because they offer more opportunity<\/div>\n<\/div>\n<\/div>\n
\n
\n
than other stocks yes that is normally<\/div>\n<\/div>\n<\/div>\n
\n
\n
what we do<\/div>\n<\/div>\n<\/div>\n
\n
\n
in this market when volatility and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’ve said this when<\/div>\n<\/div>\n<\/div>\n
\n
\n
when vicks hits 15 and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re an active intraday trader you<\/div>\n<\/div>\n<\/div>\n
\n
\n
need to think about<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading the overall market like it was a<\/div>\n<\/div>\n<\/div>\n
\n
\n
stock in play<\/div>\n<\/div>\n<\/div>\n
\n
\n
we have vix above 20 for most of this<\/div>\n<\/div>\n<\/div>\n
\n
\n
month<\/div>\n<\/div>\n<\/div>\n
\n
\n
so what we’re counseling our traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
to do and this is challenging because<\/div>\n<\/div>\n<\/div>\n
\n
\n
their expertise is trading stocks<\/div>\n<\/div>\n<\/div>\n
\n
\n
which what we’re encouraging our traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
to do<\/div>\n<\/div>\n<\/div>\n
\n
\n
is to trade marketplace to trade spy<\/div>\n<\/div>\n<\/div>\n
\n
\n
q iwm vxx<\/div>\n<\/div>\n<\/div>\n
\n
\n
uv xy tvx<\/div>\n<\/div>\n<\/div>\n
\n
\n
to to trade these instruments where we<\/div>\n<\/div>\n<\/div>\n
\n
\n
would normally say<\/div>\n<\/div>\n<\/div>\n
\n
\n
don’t trade them they don’t move enough<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re just going to get chopped up<\/div>\n<\/div>\n<\/div>\n
\n
\n
and and these traders have had to take<\/div>\n<\/div>\n<\/div>\n
\n
\n
the leap<\/div>\n<\/div>\n<\/div>\n
\n
\n
into these products that they don’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade that often and<\/div>\n<\/div>\n<\/div>\n
\n
\n
figure out how to trade them well and so<\/div>\n<\/div>\n<\/div>\n
\n
\n
dr steenberger will talk to them about<\/div>\n<\/div>\n<\/div>\n
\n
\n
and he was a futures trader and is a<\/div>\n<\/div>\n<\/div>\n
\n
\n
futurist trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh presently and so has some some really<\/div>\n<\/div>\n<\/div>\n
\n
\n
good insight on to<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i think always people always think<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re a trading psychologist and you<\/div>\n<\/div>\n<\/div>\n
\n
\n
work on<\/div>\n<\/div>\n<\/div>\n
\n
\n
people’s minds and right what he really<\/div>\n<\/div>\n<\/div>\n
\n
\n
does is work to help people gain edge<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so an example of that is okay we’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
got to trade marketplace now<\/div>\n<\/div>\n<\/div>\n
\n
\n
here are some indicators that you’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
never really looked at that much<\/div>\n<\/div>\n<\/div>\n
\n
\n
that if you look at will help you trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
marketplace<\/div>\n<\/div>\n<\/div>\n
\n
\n
better and let me point them out to you<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh the the traders on the desk are<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know even even seven figure traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
who are really good trading stocks in<\/div>\n<\/div>\n<\/div>\n
\n
\n
play<\/div>\n<\/div>\n<\/div>\n
\n
\n
some of them are not that good trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
marketplace and some of them are really<\/div>\n<\/div>\n<\/div>\n
\n
\n
using this<\/div>\n<\/div>\n<\/div>\n
\n
\n
present market regime to improve<\/div>\n<\/div>\n<\/div>\n
\n
\n
on their market plays overall look the<\/div>\n<\/div>\n<\/div>\n
\n
\n
best traders are<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to get better and and do well even<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you you should but they have you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know they have to shift over that they<\/div>\n<\/div>\n<\/div>\n
\n
\n
have to trade these other<\/div>\n<\/div>\n<\/div>\n
\n
\n
they have to trade these other<\/div>\n<\/div>\n<\/div>\n
\n
\n
instruments and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know we’re seeing this<\/div>\n<\/div>\n<\/div>\n
\n
\n
internationally as well<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i’m seeing this with other traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
at other prop firms<\/div>\n<\/div>\n<\/div>\n
\n
\n
who understand that they need to<\/div>\n<\/div>\n<\/div>\n
\n
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do more of what they were doing to to<\/div>\n<\/div>\n<\/div>\n
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trade these markets overall<\/div>\n<\/div>\n<\/div>\n
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that they’re a little bit uncomfortable<\/div>\n<\/div>\n<\/div>\n
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doing<\/div>\n<\/div>\n<\/div>\n
\n
\n
but some of the traders have done pretty<\/div>\n<\/div>\n<\/div>\n
\n
\n
nicely<\/div>\n<\/div>\n<\/div>\n
\n
\n
and but it’s it’s it’s a learning<\/div>\n<\/div>\n<\/div>\n
\n
\n
process for them the next time we see a<\/div>\n<\/div>\n<\/div>\n
\n
\n
high volatility marketplace they’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade a little bit better the next time<\/div>\n<\/div>\n<\/div>\n
\n
\n
after that they’ll trade it a little bit<\/div>\n<\/div>\n<\/div>\n
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\n
better<\/div>\n<\/div>\n<\/div>\n
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\n
but yeah i mean you’re always a student<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re always learning even the<\/div>\n<\/div>\n<\/div>\n
\n
\n
experienced traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know they’re learning new things and<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s part of what keeps it interesting<\/div>\n<\/div>\n<\/div>\n
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\n
and exciting for us<\/div>\n<\/div>\n<\/div>\n
\n
\n
because they’re always learning yeah and<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you know one of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
biggest challenges with trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
marketplace in this market<\/div>\n<\/div>\n<\/div>\n
\n
\n
environment is is not just uh how to<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh identify good longs and and good<\/div>\n<\/div>\n<\/div>\n
\n
\n
shorts but but the added wrinkle<\/div>\n<\/div>\n<\/div>\n
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in this marketplace is that you actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
have to trade the move to move<\/div>\n<\/div>\n<\/div>\n
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\n
the traders that not so not only do you<\/div>\n<\/div>\n<\/div>\n
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\n
have to trade<\/div>\n<\/div>\n<\/div>\n
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\n
market products this month in these<\/div>\n<\/div>\n<\/div>\n
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\n
products<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you you have to also trade them on a<\/div>\n<\/div>\n<\/div>\n
\n
\n
tighter and shorter time frame than you<\/div>\n<\/div>\n<\/div>\n
\n
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do<\/div>\n<\/div>\n<\/div>\n
\n
\n
even with your stocks in play for a lot<\/div>\n<\/div>\n<\/div>\n
\n
\n
of these guys and so there’s that<\/div>\n<\/div>\n<\/div>\n
\n
\n
added complexity and adjustment that<\/div>\n<\/div>\n<\/div>\n
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that they have to<\/div>\n<\/div>\n<\/div>\n
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that they have to go through what’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
really interesting is that you mentioned<\/div>\n<\/div>\n<\/div>\n
\n
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that<\/div>\n<\/div>\n<\/div>\n
\n
\n
consistency is so critical in terms of<\/div>\n<\/div>\n<\/div>\n
\n
\n
training development you have four<\/div>\n<\/div>\n<\/div>\n
\n
\n
stages is that correct<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’ll go through some i’ll go through<\/div>\n<\/div>\n<\/div>\n
\n
\n
some stages that we sort of see the<\/div>\n<\/div>\n<\/div>\n
\n
\n
first stage is learning<\/div>\n<\/div>\n<\/div>\n
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\n
yeah and another step is consistency<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then when we see people who are<\/div>\n<\/div>\n<\/div>\n
\n
\n
consistent<\/div>\n<\/div>\n<\/div>\n
\n
\n
we want to have them trade bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
from the trades that they’re doing well<\/div>\n<\/div>\n<\/div>\n
\n
\n
and try and trade a little bit bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then the next stage after that is we<\/div>\n<\/div>\n<\/div>\n
\n
\n
want to see<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders expand their playbooks okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then the next step after that is to<\/div>\n<\/div>\n<\/div>\n
\n
\n
be more sophisticated and how they<\/div>\n<\/div>\n<\/div>\n
\n
\n
express their edge<\/div>\n<\/div>\n<\/div>\n
\n
\n
equity trading that means trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
options so how do i structure<\/div>\n<\/div>\n<\/div>\n
\n
\n
a trade with options that gives me a<\/div>\n<\/div>\n<\/div>\n
\n
\n
little bit more exposure to my idea<\/div>\n<\/div>\n<\/div>\n
\n
\n
and and and also maybe gives me a longer<\/div>\n<\/div>\n<\/div>\n
\n
\n
time frame<\/div>\n<\/div>\n<\/div>\n
\n
\n
that can help me supplement what i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
underlying doing with my trading okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i’ll just add one<\/div>\n<\/div>\n<\/div>\n
\n
\n
little observation here you know we talk<\/div>\n<\/div>\n<\/div>\n
\n
\n
about stages as if it’s a linear<\/div>\n<\/div>\n<\/div>\n
\n
\n
progression but in fact what’s happening<\/div>\n<\/div>\n<\/div>\n
\n
\n
as a traitor becomes consistent and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
they start getting bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
once they get to the point of getting<\/div>\n<\/div>\n<\/div>\n
\n
\n
broader and once they get to the point<\/div>\n<\/div>\n<\/div>\n
\n
\n
of being more diversified different ways<\/div>\n<\/div>\n<\/div>\n
\n
\n
of expressing traits<\/div>\n<\/div>\n<\/div>\n
\n
\n
they go back to the first stage which<\/div>\n<\/div>\n<\/div>\n
\n
\n
was learning<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so it’s it’s not just this linear<\/div>\n<\/div>\n<\/div>\n
\n
\n
progression that the the traitors<\/div>\n<\/div>\n<\/div>\n
\n
\n
succeed<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then they go back to being learners<\/div>\n<\/div>\n<\/div>\n
\n
\n
yes and that helps them become broader<\/div>\n<\/div>\n<\/div>\n
\n
\n
that helps them learn about things like<\/div>\n<\/div>\n<\/div>\n
\n
\n
options and they succeed at that and<\/div>\n<\/div>\n<\/div>\n
\n
\n
then they become a learner in a<\/div>\n<\/div>\n<\/div>\n
\n
\n
different<\/div>\n<\/div>\n<\/div>\n
\n
\n
way how do you measure sorry how do you<\/div>\n<\/div>\n<\/div>\n
\n
\n
measure<\/div>\n<\/div>\n<\/div>\n
\n
\n
um consistency is there a weight i mean<\/div>\n<\/div>\n<\/div>\n
\n
\n
is it just you’re you’re batting 100<\/div>\n<\/div>\n<\/div>\n
\n
\n
with every trade you should be making<\/div>\n<\/div>\n<\/div>\n
\n
\n
money with every trader is there a<\/div>\n<\/div>\n<\/div>\n
\n
\n
different way of seeing it<\/div>\n<\/div>\n<\/div>\n
\n
\n
these statistics yeah statistics um risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
adjusted returns<\/div>\n<\/div>\n<\/div>\n
\n
\n
how much money are you making per unit<\/div>\n<\/div>\n<\/div>\n
\n
\n
of risk that you’re taking<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh you know that’s an important measure<\/div>\n<\/div>\n<\/div>\n
\n
\n
so<\/div>\n<\/div>\n<\/div>\n
\n
\n
all of your guys need to keep track<\/div>\n<\/div>\n<\/div>\n
\n
\n
right you got they they keep<\/div>\n<\/div>\n<\/div>\n
\n
\n
their journals you have your records and<\/div>\n<\/div>\n<\/div>\n
\n
\n
every trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
so they keep stats they upload all their<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
it spits out all of their stats okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
time of day<\/div>\n<\/div>\n<\/div>\n
\n
\n
how do they do how they doing in<\/div>\n<\/div>\n<\/div>\n
\n
\n
particular stock how they’re doing over<\/div>\n<\/div>\n<\/div>\n
\n
\n
the week<\/div>\n<\/div>\n<\/div>\n
\n
\n
how they they tag their trades how they<\/div>\n<\/div>\n<\/div>\n
\n
\n
doing in a breakout trade how they doing<\/div>\n<\/div>\n<\/div>\n
\n
\n
in a momentum trade how they’re doing in<\/div>\n<\/div>\n<\/div>\n
\n
\n
a marketplace trade are they doing on<\/div>\n<\/div>\n<\/div>\n
\n
\n
stuff<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade are they doing a low flow trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
and they’ll they’ll see those numbers<\/div>\n<\/div>\n<\/div>\n
\n
\n
start to come out because they<\/div>\n<\/div>\n<\/div>\n
\n
\n
ultimately they do<\/div>\n<\/div>\n<\/div>\n
\n
\n
want to grow their trading they want<\/div>\n<\/div>\n<\/div>\n
\n
\n
more buying power<\/div>\n<\/div>\n<\/div>\n
\n
\n
and they know to get more buying power<\/div>\n<\/div>\n<\/div>\n
\n
\n
they have to demonstrate<\/div>\n<\/div>\n<\/div>\n
\n
\n
some objective success yes<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so that’s what the statistics will<\/div>\n<\/div>\n<\/div>\n
\n
\n
show i will say that independent traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you if you talk to them<\/div>\n<\/div>\n<\/div>\n
\n
\n
a lot of times so if if you go talk to<\/div>\n<\/div>\n<\/div>\n
\n
\n
the better traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
on the desk they will be able to tell<\/div>\n<\/div>\n<\/div>\n
\n
\n
you<\/div>\n<\/div>\n<\/div>\n
\n
\n
where they make most of their money the<\/div>\n<\/div>\n<\/div>\n
\n
\n
types of trades they make most of their<\/div>\n<\/div>\n<\/div>\n
\n
\n
money in<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you were to go talk to an independent<\/div>\n<\/div>\n<\/div>\n
\n
\n
trader they probably<\/div>\n<\/div>\n<\/div>\n
\n
\n
who wasn’t doing as well as they want<\/div>\n<\/div>\n<\/div>\n
\n
\n
they probably couldn’t answer that<\/div>\n<\/div>\n<\/div>\n
\n
\n
question they just don’t have the<\/div>\n<\/div>\n<\/div>\n
\n
\n
resources<\/div>\n<\/div>\n<\/div>\n
\n
\n
to be able to track all their trading in<\/div>\n<\/div>\n<\/div>\n
\n
\n
a tagged way<\/div>\n<\/div>\n<\/div>\n
\n
\n
has happened here and if they did that<\/div>\n<\/div>\n<\/div>\n
\n
\n
they that that could be<\/div>\n<\/div>\n<\/div>\n
\n
\n
the reason that’s holding them back from<\/div>\n<\/div>\n<\/div>\n
\n
\n
being profitable just just that just<\/div>\n<\/div>\n<\/div>\n
\n
\n
that understanding<\/div>\n<\/div>\n<\/div>\n
\n
\n
my last question um given this this<\/div>\n<\/div>\n<\/div>\n
\n
\n
environment<\/div>\n<\/div>\n<\/div>\n
\n
\n
um how do you deal with traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
who are losing money psychologically and<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
in terms of getting them back on their<\/div>\n<\/div>\n<\/div>\n
\n
\n
feet we because<\/div>\n<\/div>\n<\/div>\n
\n
\n
our experience back home is that usually<\/div>\n<\/div>\n<\/div>\n
\n
\n
once they have a<\/div>\n<\/div>\n<\/div>\n
\n
\n
major drawdown they tend to kind of<\/div>\n<\/div>\n<\/div>\n
\n
\n
immediately<\/div>\n<\/div>\n<\/div>\n
\n
\n
lose focus it’s a little hard for them<\/div>\n<\/div>\n<\/div>\n
\n
\n
to get back into<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know to the grind so in terms of<\/div>\n<\/div>\n<\/div>\n
\n
\n
mindset what is<\/div>\n<\/div>\n<\/div>\n
\n
\n
your advice yeah and this is another<\/div>\n<\/div>\n<\/div>\n
\n
\n
area<\/div>\n<\/div>\n<\/div>\n
\n
\n
where being part of a trading firm is<\/div>\n<\/div>\n<\/div>\n
\n
\n
valuable<\/div>\n<\/div>\n<\/div>\n
\n
\n
because there’s something called risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
management so i’ll do a shout out to<\/div>\n<\/div>\n<\/div>\n
\n
\n
carlton here<\/div>\n<\/div>\n<\/div>\n
\n
\n
but people don’t go through major<\/div>\n<\/div>\n<\/div>\n
\n
\n
drawdowns<\/div>\n<\/div>\n<\/div>\n
\n
\n
because there are risk limits on the day<\/div>\n<\/div>\n<\/div>\n
\n
\n
and there are risk limits<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know over time and so that protects<\/div>\n<\/div>\n<\/div>\n
\n
\n
the trader psychologically so<\/div>\n<\/div>\n<\/div>\n
\n
\n
that you don’t have to get into the<\/div>\n<\/div>\n<\/div>\n
\n
\n
situation of oh my gosh they lost so<\/div>\n<\/div>\n<\/div>\n
\n
\n
much money can they ever<\/div>\n<\/div>\n<\/div>\n
\n
\n
come back and they ever succeed you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
proactively<\/div>\n<\/div>\n<\/div>\n
\n
\n
addressing that through the risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
management<\/div>\n<\/div>\n<\/div>\n
\n
\n
but the big question is if they’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
losing money<\/div>\n<\/div>\n<\/div>\n
\n
\n
today this week this month are they<\/div>\n<\/div>\n<\/div>\n
\n
\n
losing money for the right reasons<\/div>\n<\/div>\n<\/div>\n
\n
\n
in other words in a process sense are<\/div>\n<\/div>\n<\/div>\n
\n
\n
they doing the right<\/div>\n<\/div>\n<\/div>\n
\n
\n
things because we know that returns<\/div>\n<\/div>\n<\/div>\n
\n
\n
can’t always be consistent every day<\/div>\n<\/div>\n<\/div>\n
\n
\n
week month and so forth<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so i think we deal with things as<\/div>\n<\/div>\n<\/div>\n
\n
\n
mentors and coaches very differently<\/div>\n<\/div>\n<\/div>\n
\n
\n
if they’re losing money for the wrong<\/div>\n<\/div>\n<\/div>\n
\n
\n
reasons versus doing the right things<\/div>\n<\/div>\n<\/div>\n
\n
\n
that just don’t happen to be working out<\/div>\n<\/div>\n<\/div>\n
\n
\n
at that juncture in time i will counsel<\/div>\n<\/div>\n<\/div>\n
\n
\n
them to go back to being consistent to<\/div>\n<\/div>\n<\/div>\n
\n
\n
focus on being consistent and then to<\/div>\n<\/div>\n<\/div>\n
\n
\n
drill<\/div>\n<\/div>\n<\/div>\n
\n
\n
deeper into that what are their a plus<\/div>\n<\/div>\n<\/div>\n
\n
\n
setups make the game easier so you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
going through a period where you’re not<\/div>\n<\/div>\n<\/div>\n
\n
\n
seeing markets well make the game easier<\/div>\n<\/div>\n<\/div>\n
\n
\n
stick with your a plus setups bring your<\/div>\n<\/div>\n<\/div>\n
\n
\n
size down<\/div>\n<\/div>\n<\/div>\n
\n
\n
put up a couple of green days get your<\/div>\n<\/div>\n<\/div>\n
\n
\n
confidence back<\/div>\n<\/div>\n<\/div>\n
\n
\n
build your confidence yep make the game<\/div>\n<\/div>\n<\/div>\n
\n
\n
easier<\/div>\n<\/div>\n<\/div>\n
\n
\n
stick with your best setups until you<\/div>\n<\/div>\n<\/div>\n
\n
\n
have a<\/div>\n<\/div>\n<\/div>\n
\n
\n
series of green streaks in a row and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’ve seen that work<\/div>\n<\/div>\n<\/div>\n
\n
\n
very well with some traders yeah do you<\/div>\n<\/div>\n<\/div>\n
\n
\n
ever believe<\/div>\n<\/div>\n<\/div>\n
\n
\n
there is such a thing as a hopeless<\/div>\n<\/div>\n<\/div>\n
\n
\n
trader not everyone has the skills and<\/div>\n<\/div>\n<\/div>\n
\n
\n
the ability<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh or the temperament to be a successful<\/div>\n<\/div>\n<\/div>\n
\n
\n
trader i mean hopeless<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh you know could i be successful<\/div>\n<\/div>\n<\/div>\n
\n
\n
as an nba basketball player no i would<\/div>\n<\/div>\n<\/div>\n
\n
\n
say i’m hopeless<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know okay i mean that’s just a<\/div>\n<\/div>\n<\/div>\n
\n
\n
realistic assessment a rational<\/div>\n<\/div>\n<\/div>\n
\n
\n
assessment<\/div>\n<\/div>\n<\/div>\n
\n
\n
based on the fact of my stature my<\/div>\n<\/div>\n<\/div>\n
\n
\n
leaping ability<\/div>\n<\/div>\n<\/div>\n
\n
\n
i am hopeless okay yeah so is there a<\/div>\n<\/div>\n<\/div>\n
\n
\n
hopeless traitor<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you said there wasn’t then you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
saying anyone can succeed at trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and in a performance field that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
ridiculous<\/div>\n<\/div>\n<\/div>\n
\n
\n
not everyone because there is a huge<\/div>\n<\/div>\n<\/div>\n
\n
\n
misconception that when people come in<\/div>\n<\/div>\n<\/div>\n
\n
\n
they say oh there’s money in trading so<\/div>\n<\/div>\n<\/div>\n
\n
\n
i just want to be a trader and then they<\/div>\n<\/div>\n<\/div>\n
\n
\n
immediately assume that it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i’m going to jump in here because<\/div>\n<\/div>\n<\/div>\n
\n
\n
there are a lot of<\/div>\n<\/div>\n<\/div>\n
\n
\n
bad guys in this industry who will try<\/div>\n<\/div>\n<\/div>\n
\n
\n
to sell<\/div>\n<\/div>\n<\/div>\n
\n
\n
services absolutely to tell people that<\/div>\n<\/div>\n<\/div>\n
\n
\n
anyone can be successful and you could<\/div>\n<\/div>\n<\/div>\n
\n
\n
be sitting on that beach<\/div>\n<\/div>\n<\/div>\n
\n
\n
placing your trades and you could be you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know that is the dream<\/div>\n<\/div>\n<\/div>\n
\n
\n
that is the idealistic dream yes that is<\/div>\n<\/div>\n<\/div>\n
\n
\n
not a dream that is a fantasy<\/div>\n<\/div>\n<\/div>\n
\n
\n
and uh there are a lot of people who<\/div>\n<\/div>\n<\/div>\n
\n
\n
will prey<\/div>\n<\/div>\n<\/div>\n
\n
\n
on the hopes and dreams of people who<\/div>\n<\/div>\n<\/div>\n
\n
\n
need to<\/div>\n<\/div>\n<\/div>\n
\n
\n
make money the reality is even with the<\/div>\n<\/div>\n<\/div>\n
\n
\n
training<\/div>\n<\/div>\n<\/div>\n
\n
\n
even with all the education the number<\/div>\n<\/div>\n<\/div>\n
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of people who<\/div>\n<\/div>\n<\/div>\n
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make those big six figures big seven<\/div>\n<\/div>\n<\/div>\n
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figures<\/div>\n<\/div>\n<\/div>\n
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is not going to be the majority of<\/div>\n<\/div>\n<\/div>\n
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people<\/div>\n<\/div>\n<\/div>\n
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but we can meaningfully improve the<\/div>\n<\/div>\n<\/div>\n
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odds of those success with the right<\/div>\n<\/div>\n<\/div>\n
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kind<\/div>\n<\/div>\n<\/div>\n
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of teamwork the right kind of mentoring<\/div>\n<\/div>\n<\/div>\n
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the right kind of coaching<\/div>\n<\/div>\n<\/div>\n
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the right kind of curriculum and that’s<\/div>\n<\/div>\n<\/div>\n
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the best we can do<\/div>\n<\/div>\n<\/div>\n
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and that part is not hopeless i’m going<\/div>\n<\/div>\n<\/div>\n
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to toss out a big picture idea<\/div>\n<\/div>\n<\/div>\n
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sure and uh yeah i’d be interested in<\/div>\n<\/div>\n<\/div>\n
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your reaction to it we talk about<\/div>\n<\/div>\n<\/div>\n
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traders continually learning<\/div>\n<\/div>\n<\/div>\n
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how many prop firms are there around the<\/div>\n<\/div>\n<\/div>\n
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world<\/div>\n<\/div>\n<\/div>\n
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that take training seriously what would<\/div>\n<\/div>\n<\/div>\n
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you guesstimate mike<\/div>\n<\/div>\n<\/div>\n
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i think you could speak better around<\/div>\n<\/div>\n<\/div>\n
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the world<\/div>\n<\/div>\n<\/div>\n
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well not so much in the prop world i<\/div>\n<\/div>\n<\/div>\n
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mean i have so much experience with<\/div>\n<\/div>\n<\/div>\n
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hedge funds and so forth<\/div>\n<\/div>\n<\/div>\n
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um i know of some but<\/div>\n<\/div>\n<\/div>\n
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what would you guess just within the<\/div>\n<\/div>\n<\/div>\n
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urine experience that really<\/div>\n<\/div>\n<\/div>\n
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uh are invested in training and<\/div>\n<\/div>\n<\/div>\n
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development of traders<\/div>\n<\/div>\n<\/div>\n
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uh there’s very few really good prop<\/div>\n<\/div>\n<\/div>\n
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firms as there is even in new york city<\/div>\n<\/div>\n<\/div>\n
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you’d be yeah<\/div>\n<\/div>\n<\/div>\n
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people would be surprised yeah i could<\/div>\n<\/div>\n<\/div>\n
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name them<\/div>\n<\/div>\n<\/div>\n
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i wouldn’t be able to fit them on my one<\/div>\n<\/div>\n<\/div>\n
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hand okay<\/div>\n<\/div>\n<\/div>\n
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okay maybe you can fit them on both of<\/div>\n<\/div>\n<\/div>\n
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your hands but yeah no i think<\/div>\n<\/div>\n<\/div>\n
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you’re absolutely right it is a limited<\/div>\n<\/div>\n<\/div>\n
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number it sounds like caleb<\/div>\n<\/div>\n<\/div>\n
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is trying to do this very thing and i<\/div>\n<\/div>\n<\/div>\n
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i have encountered you and i’ve met some<\/div>\n<\/div>\n<\/div>\n
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people globally<\/div>\n<\/div>\n<\/div>\n
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who are trying to do these things<\/div>\n<\/div>\n<\/div>\n
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wouldn’t it be interesting if<\/div>\n<\/div>\n<\/div>\n
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periodically<\/div>\n<\/div>\n<\/div>\n
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we could get together as trading<\/div>\n<\/div>\n<\/div>\n
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organizations around the world<\/div>\n<\/div>\n<\/div>\n
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and share our best practices in terms of<\/div>\n<\/div>\n<\/div>\n
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developing traders and what’s working in<\/div>\n<\/div>\n<\/div>\n
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the philippines what’s working in the<\/div>\n<\/div>\n<\/div>\n
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u.s<\/div>\n<\/div>\n<\/div>\n
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what’s working in australia what’s<\/div>\n<\/div>\n<\/div>\n
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working in london<\/div>\n<\/div>\n<\/div>\n
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and you know periodically share what<\/div>\n<\/div>\n<\/div>\n
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we’re doing that’s working and how we’re<\/div>\n<\/div>\n<\/div>\n
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helping traders that<\/div>\n<\/div>\n<\/div>\n
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learn that would be i’m sure we would be<\/div>\n<\/div>\n<\/div>\n
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able to<\/div>\n<\/div>\n<\/div>\n
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learn so much more from you guys than<\/div>\n<\/div>\n<\/div>\n
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you would first but either way<\/div>\n<\/div>\n<\/div>\n
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it would be a remarkable experience for<\/div>\n<\/div>\n<\/div>\n
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that to happen well i i think that<\/div>\n<\/div>\n<\/div>\n
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so so not only is each trader<\/div>\n<\/div>\n<\/div>\n
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continually learning but we<\/div>\n<\/div>\n<\/div>\n
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as mentors and coaches of traders were<\/div>\n<\/div>\n<\/div>\n
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continually learning<\/div>\n<\/div>\n<\/div>\n
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\n
so food for thought but i think that<\/div>\n<\/div>\n<\/div>\n
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could be an<\/div>\n<\/div>\n<\/div>\n
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interesting development as long as we<\/div>\n<\/div>\n<\/div>\n
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meet at very<\/div>\n<\/div>\n<\/div>\n
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exciting destinations globally<\/div>\n<\/div>\n<\/div>\n
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\n
i just really want to say before we end<\/div>\n<\/div>\n<\/div>\n
\n
\n
this<\/div>\n<\/div>\n<\/div>\n
\n
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i want to thank you both profusely<\/div>\n<\/div>\n<\/div>\n
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because<\/div>\n<\/div>\n<\/div>\n
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not a lot of people are as generous in<\/div>\n<\/div>\n<\/div>\n
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terms of sharing their information their<\/div>\n<\/div>\n<\/div>\n
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time<\/div>\n<\/div>\n<\/div>\n
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and their knowledge about how to be able<\/div>\n<\/div>\n<\/div>\n
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\n
to trade stocks so freely<\/div>\n<\/div>\n<\/div>\n
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it’s a complimentary um exposure<\/div>\n<\/div>\n<\/div>\n
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already for everyone across the world<\/div>\n<\/div>\n<\/div>\n
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globally because obviously we’re from<\/div>\n<\/div>\n<\/div>\n
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the philippines we are literally from a<\/div>\n<\/div>\n<\/div>\n
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small island<\/div>\n<\/div>\n<\/div>\n
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you know and because of what you have<\/div>\n<\/div>\n<\/div>\n
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been able to do<\/div>\n<\/div>\n<\/div>\n
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\n
and what you’ve been able to share we<\/div>\n<\/div>\n<\/div>\n
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have grown<\/div>\n<\/div>\n<\/div>\n
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\n
tremendously and i i really need to<\/div>\n<\/div>\n<\/div>\n
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\n
thank you both well thank you thank you<\/div>\n<\/div>\n<\/div>\n
\n
\n
perhaps the greatest part about it is<\/div>\n<\/div>\n<\/div>\n
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\n
that i read also in one good trade that<\/div>\n<\/div>\n<\/div>\n
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\n
you said 2008 was<\/div>\n<\/div>\n<\/div>\n
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\n
obviously a critical year for all<\/div>\n<\/div>\n<\/div>\n
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traders<\/div>\n<\/div>\n<\/div>\n
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and you put a lot of heart into it<\/div>\n<\/div>\n<\/div>\n
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because you said that even if you were<\/div>\n<\/div>\n<\/div>\n
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making a lot of money<\/div>\n<\/div>\n<\/div>\n
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in 2008 you had wished you were making<\/div>\n<\/div>\n<\/div>\n
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money in a different manner because<\/div>\n<\/div>\n<\/div>\n
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\n
people were not others were losing their<\/div>\n<\/div>\n<\/div>\n
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jobs and so<\/div>\n<\/div>\n<\/div>\n
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\n
i remember that feeling i remember<\/div>\n<\/div>\n<\/div>\n
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\n
feeling just stop<\/div>\n<\/div>\n<\/div>\n
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just just stop can we just make the<\/div>\n<\/div>\n<\/div>\n
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\n
market stop going down<\/div>\n<\/div>\n<\/div>\n
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and uh it was uh<\/div>\n<\/div>\n<\/div>\n
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and it was a weird feeling because here<\/div>\n<\/div>\n<\/div>\n
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you are seeing these guys<\/div>\n<\/div>\n<\/div>\n
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who are having new highs in p<\/div>\n<\/div>\n<\/div>\n
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l and and breaking out and succeeding<\/div>\n<\/div>\n<\/div>\n
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\n
and yet understanding what that really<\/div>\n<\/div>\n<\/div>\n
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all<\/div>\n<\/div>\n<\/div>\n
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meant and uh i really kind of just<\/div>\n<\/div>\n<\/div>\n
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wanted it to stop<\/div>\n<\/div>\n<\/div>\n
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\n
more than just the money yeah well one<\/div>\n<\/div>\n<\/div>\n
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\n
of my big trades when i was developing<\/div>\n<\/div>\n<\/div>\n
\n
\n
myself as a trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
i was uh coming into the session<\/div>\n<\/div>\n<\/div>\n
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\n
really short okay and so i’m watching<\/div>\n<\/div>\n<\/div>\n
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the<\/div>\n<\/div>\n<\/div>\n
\n
\n
pre-market you know and the market just<\/div>\n<\/div>\n<\/div>\n
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dives i mean i’m making a great amount<\/div>\n<\/div>\n<\/div>\n
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of money<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i call a friend i said what’s going<\/div>\n<\/div>\n<\/div>\n
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\n
on you know some news house that came<\/div>\n<\/div>\n<\/div>\n
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\n
out<\/div>\n<\/div>\n<\/div>\n
\n
\n
well it was 9 11. and<\/div>\n<\/div>\n<\/div>\n
\n
\n
there was no joy in making that money<\/div>\n<\/div>\n<\/div>\n
\n
\n
you don’t lose your humanity just<\/div>\n<\/div>\n<\/div>\n
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because you’re focused on<\/div>\n<\/div>\n<\/div>\n
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\n
making money as a creator because back<\/div>\n<\/div>\n<\/div>\n
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home i mean<\/div>\n<\/div>\n<\/div>\n
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we are exposed to media and to what we<\/div>\n<\/div>\n<\/div>\n
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see on tv and that’s mostly it<\/div>\n<\/div>\n<\/div>\n
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\n
right everywhere i mean i’m sure<\/div>\n<\/div>\n<\/div>\n
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majority of<\/div>\n<\/div>\n<\/div>\n
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\n
people who are following caleb or city<\/div>\n<\/div>\n<\/div>\n
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\n
securities they they haven’t even had<\/div>\n<\/div>\n<\/div>\n
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the opportunity to come here<\/div>\n<\/div>\n<\/div>\n
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\n
to see that yeah so what they see is<\/div>\n<\/div>\n<\/div>\n
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\n
like wolf of wall street they see people<\/div>\n<\/div>\n<\/div>\n
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\n
driving ferraris this is<\/div>\n<\/div>\n<\/div>\n
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\n
it’s more just material versus what you<\/div>\n<\/div>\n<\/div>\n
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\n
guys really actually do<\/div>\n<\/div>\n<\/div>\n
\n
\n
which is there’s a value to it<\/div>\n<\/div>\n<\/div>\n
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because you know that you can make money<\/div>\n<\/div>\n<\/div>\n
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\n
not off of other people are you making<\/div>\n<\/div>\n<\/div>\n
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\n
money you earning it<\/div>\n<\/div>\n<\/div>\n
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\n
earning it through this industry not<\/div>\n<\/div>\n<\/div>\n
\n
\n
taking it not taking advantage<\/div>\n<\/div>\n<\/div>\n
\n
\n
of other people and that’s something<\/div>\n<\/div>\n<\/div>\n
\n
\n
that i really resounds between the two<\/div>\n<\/div>\n<\/div>\n
\n
\n
of you<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i speak on behalf of our entire team<\/div>\n<\/div>\n<\/div>\n
\n
\n
back home that we really do appreciate<\/div>\n<\/div>\n<\/div>\n
\n
\n
that<\/div>\n<\/div>\n<\/div>\n
\n
\n
well thank you thank you thank you very<\/div>\n<\/div>\n<\/div>\n
\n
\n
much thank you thank you both for your<\/div>\n<\/div>\n<\/div>\n
\n
\n
time<\/div>\n<\/div>\n<\/div>\n
\n
\n
hey go ahead and click our subscribe<\/div>\n<\/div>\n<\/div>\n
\n
\n
button so you don’t miss any of the<\/div>\n<\/div>\n<\/div>\n
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\n
videos they’re producing for you and the<\/div>\n<\/div>\n<\/div>\n
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\n
trading community and please<\/div>\n<\/div>\n<\/div>\n
\n
\n
take the time to add your feedback in<\/div>\n<\/div>\n<\/div>\n
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\n
the comment section for what videos<\/div>\n<\/div>\n<\/div>\n
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\n
you’d like for us to produce next<\/div>\n<\/div>\n<\/div>\n
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\n
and what you found helpful from this<\/div>\n<\/div>\n<\/div>\n
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\n
video from all of us at smb train<\/div>\n<\/div>\n<\/div>\n
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\n
and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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

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

In this video, learn how new traders can improve their odds of success (dramatically). If you are a new trader listen to two veteran traders, trading coaches and trading authors share what is essential to succeed as a trader. 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