{"id":50105,"date":"2020-09-08T12:20:37","date_gmt":"2020-09-08T16:20:37","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50105"},"modified":"2020-09-08T12:23:28","modified_gmt":"2020-09-08T16:23:28","slug":"tips-for-successful-trading-trading-psychology-every-trader-needs","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/tips-for-successful-trading-trading-psychology-every-trader-needs","title":{"rendered":"Tips for Successful Trading (Trading Psychology Every Trader Needs)"},"content":{"rendered":"

In this video, Dr. Steenbarger and Mike Bellafiore share tips for successful trading, focusing on the trading psychology every trader needs. Dr. Steenbarger and Mike are interviewed by Tradeciety on what is essential to become a successful trader. Let\u2019s get to work on sharing these important trading lessons so you can grow your trading account.<\/p>\nView Video Transcript<\/strong><\/span>

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in this video dr steenberger and i share<\/div>\n<\/div>\n<\/div>\n
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tips for successful trading focusing on<\/div>\n<\/div>\n<\/div>\n
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the trading psychology<\/div>\n<\/div>\n<\/div>\n
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every trader needs hi i’m mike bellafiore co-founder of smb capital<\/div>\n<\/div>\n<\/div>\n
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and we’re a proprietary trading firm<\/div>\n<\/div>\n<\/div>\n
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located in midtown manhattan<\/div>\n<\/div>\n<\/div>\n
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and i’m also the author of the trading<\/div>\n<\/div>\n<\/div>\n
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class at one good trade and the playbook<\/div>\n<\/div>\n<\/div>\n
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in this video dr steenbarger and i are<\/div>\n<\/div>\n<\/div>\n
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interviewed by trade siding<\/div>\n<\/div>\n<\/div>\n
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on what is essential to become a<\/div>\n<\/div>\n<\/div>\n
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successful trader let’s get to work<\/div>\n<\/div>\n<\/div>\n
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on sharing those important trading<\/div>\n<\/div>\n<\/div>\n
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lessons so you<\/div>\n<\/div>\n<\/div>\n
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can grow your trading account<\/div>\n<\/div>\n<\/div>\n
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[Music]<\/div>\n<\/div>\n<\/div>\n
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so hello everybody we are back on the<\/div>\n<\/div>\n<\/div>\n
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traders improve podcast<\/div>\n<\/div>\n<\/div>\n
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and today we have a very special episode<\/div>\n<\/div>\n<\/div>\n
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as you can see<\/div>\n<\/div>\n<\/div>\n
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i’m very honored to have mike bella fury<\/div>\n<\/div>\n<\/div>\n
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and dr brett steemager here with us<\/div>\n<\/div>\n<\/div>\n
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first of all thank you for making the<\/div>\n<\/div>\n<\/div>\n
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time it’s a it’s a huge honor<\/div>\n<\/div>\n<\/div>\n
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you’ve both been i’ve<\/div>\n<\/div>\n<\/div>\n
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followed you since i’ve started trading<\/div>\n<\/div>\n<\/div>\n
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so this is a very special episode for me<\/div>\n<\/div>\n<\/div>\n
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well thank you uh and first a few words<\/div>\n<\/div>\n<\/div>\n
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just so that people have a<\/div>\n<\/div>\n<\/div>\n
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have an understanding but i’m sure most<\/div>\n<\/div>\n<\/div>\n
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of you will know dr steenberger is a<\/div>\n<\/div>\n<\/div>\n
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psychologist<\/div>\n<\/div>\n<\/div>\n
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a trader and also an author of multiple<\/div>\n<\/div>\n<\/div>\n
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books such as<\/div>\n<\/div>\n<\/div>\n
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daily trading coach psychology of<\/div>\n<\/div>\n<\/div>\n
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trading trading psychology 2.0 and<\/div>\n<\/div>\n<\/div>\n
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radical renewal<\/div>\n<\/div>\n<\/div>\n
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and he also works as a coach<\/div>\n<\/div>\n<\/div>\n
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for smb and<\/div>\n<\/div>\n<\/div>\n
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that’s why we also have mike bellafiori<\/div>\n<\/div>\n<\/div>\n
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here who is the co-founder at s b<\/div>\n<\/div>\n<\/div>\n
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capital<\/div>\n<\/div>\n<\/div>\n
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which is a prop trading firm in new york<\/div>\n<\/div>\n<\/div>\n
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and also<\/div>\n<\/div>\n<\/div>\n
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an author of one good trade and the<\/div>\n<\/div>\n<\/div>\n
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playbook<\/div>\n<\/div>\n<\/div>\n
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so we have and this is a great<\/div>\n<\/div>\n<\/div>\n
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opportunity to pick your brains<\/div>\n<\/div>\n<\/div>\n
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i love trading psychology and mindset<\/div>\n<\/div>\n<\/div>\n
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and<\/div>\n<\/div>\n<\/div>\n
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i am very deep into spirituality which i<\/div>\n<\/div>\n<\/div>\n
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want to get into later as well<\/div>\n<\/div>\n<\/div>\n
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but um yeah so we reached out to our<\/div>\n<\/div>\n<\/div>\n
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audience and our community as well<\/div>\n<\/div>\n<\/div>\n
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what they would like to ask you and<\/div>\n<\/div>\n<\/div>\n
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there are just a mix of questions that i<\/div>\n<\/div>\n<\/div>\n
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find very interesting<\/div>\n<\/div>\n<\/div>\n
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so the first one to get into from your<\/div>\n<\/div>\n<\/div>\n
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own experience as a as a coach as a<\/div>\n<\/div>\n<\/div>\n
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mentor<\/div>\n<\/div>\n<\/div>\n
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what really stands up out about winning<\/div>\n<\/div>\n<\/div>\n
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traders and losing traders are there<\/div>\n<\/div>\n<\/div>\n
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specific<\/div>\n<\/div>\n<\/div>\n
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traits and habits what is the thing that<\/div>\n<\/div>\n<\/div>\n
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really stands out about<\/div>\n<\/div>\n<\/div>\n
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about those two groups of traders mike<\/div>\n<\/div>\n<\/div>\n
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you want to start<\/div>\n<\/div>\n<\/div>\n
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yeah i will start and uh we’re very<\/div>\n<\/div>\n<\/div>\n
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lucky to work with dr steen barker who<\/div>\n<\/div>\n<\/div>\n
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does coach our traders and and coaches<\/div>\n<\/div>\n<\/div>\n
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hedge fund traders throughout the world<\/div>\n<\/div>\n<\/div>\n
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um and very fortunate to<\/div>\n<\/div>\n<\/div>\n
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pick his brain on just about everything<\/div>\n<\/div>\n<\/div>\n
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and uh<\/div>\n<\/div>\n<\/div>\n
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good to talk with him and you guys today<\/div>\n<\/div>\n<\/div>\n
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great question<\/div>\n<\/div>\n<\/div>\n
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so i want to see guys who<\/div>\n<\/div>\n<\/div>\n
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are willing to get better every day i<\/div>\n<\/div>\n<\/div>\n
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want to see guys who<\/div>\n<\/div>\n<\/div>\n
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will grow<\/div>\n<\/div>\n<\/div>\n
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from the start of their career<\/div>\n<\/div>\n<\/div>\n
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throughout and so<\/div>\n<\/div>\n<\/div>\n
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you know one of the things that i find<\/div>\n<\/div>\n<\/div>\n
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particularly interesting since running a<\/div>\n<\/div>\n<\/div>\n
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proprietary trading firm is that we hire<\/div>\n<\/div>\n<\/div>\n
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two tranches of people we hire people<\/div>\n<\/div>\n<\/div>\n
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from<\/div>\n<\/div>\n<\/div>\n
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college or internship program<\/div>\n<\/div>\n<\/div>\n
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you apply for an internship<\/div>\n<\/div>\n<\/div>\n
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if you become an intern you become a<\/div>\n<\/div>\n<\/div>\n
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junior intern if you do really well<\/div>\n<\/div>\n<\/div>\n
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we invite you to become a senior intern<\/div>\n<\/div>\n<\/div>\n
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the best of the senior interns<\/div>\n<\/div>\n<\/div>\n
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are offered an invitation to trade in<\/div>\n<\/div>\n<\/div>\n
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our desk and trade firm capital<\/div>\n<\/div>\n<\/div>\n
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and tap into the enormous resources like<\/div>\n<\/div>\n<\/div>\n
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our technology our capital and<\/div>\n<\/div>\n<\/div>\n
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you know great coaches like dr<\/div>\n<\/div>\n<\/div>\n
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steenberger and be around<\/div>\n<\/div>\n<\/div>\n
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fantastic traders who are doing<\/div>\n<\/div>\n<\/div>\n
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exceptionally well in markets<\/div>\n<\/div>\n<\/div>\n
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and so we have that trancha people and<\/div>\n<\/div>\n<\/div>\n
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we are incredibly excited about that<\/div>\n<\/div>\n<\/div>\n
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tranche<\/div>\n<\/div>\n<\/div>\n
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our history shows we should be very<\/div>\n<\/div>\n<\/div>\n
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grateful for how<\/div>\n<\/div>\n<\/div>\n
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that tranche of traders have done they<\/div>\n<\/div>\n<\/div>\n
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many of them have gone on to become very<\/div>\n<\/div>\n<\/div>\n
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successful traders the best have gone on<\/div>\n<\/div>\n<\/div>\n
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to become seven figure<\/div>\n<\/div>\n<\/div>\n
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traders and even uh this year eight<\/div>\n<\/div>\n<\/div>\n
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figure traders<\/div>\n<\/div>\n<\/div>\n
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but not only have they become eight<\/div>\n<\/div>\n<\/div>\n
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figure traders but they do so in a way<\/div>\n<\/div>\n<\/div>\n
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where they<\/div>\n<\/div>\n<\/div>\n
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very much control their risk their risk<\/div>\n<\/div>\n<\/div>\n
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reward<\/div>\n<\/div>\n<\/div>\n
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their return on investment their<\/div>\n<\/div>\n<\/div>\n
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max excursion are just all off the<\/div>\n<\/div>\n<\/div>\n
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charts and dr sebarger<\/div>\n<\/div>\n<\/div>\n
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sees all their numbers and works with<\/div>\n<\/div>\n<\/div>\n
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them and and can speak to that<\/div>\n<\/div>\n<\/div>\n
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they’re not just making a lot of money<\/div>\n<\/div>\n<\/div>\n
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but they’re<\/div>\n<\/div>\n<\/div>\n
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making a money unusually<\/div>\n<\/div>\n<\/div>\n
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efficiently and and those are the<\/div>\n<\/div>\n<\/div>\n
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traders we’re sort of bringing up from<\/div>\n<\/div>\n<\/div>\n
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the beginning and and the one thing<\/div>\n<\/div>\n<\/div>\n
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that i think we do really well at our<\/div>\n<\/div>\n<\/div>\n
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firm is encourage people to continue<\/div>\n<\/div>\n<\/div>\n
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trying to be better<\/div>\n<\/div>\n<\/div>\n
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to build from their strengths to study<\/div>\n<\/div>\n<\/div>\n
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their strengths not just the trades<\/div>\n<\/div>\n<\/div>\n
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that they trade pretty well but the<\/div>\n<\/div>\n<\/div>\n
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routine that allows them<\/div>\n<\/div>\n<\/div>\n
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to trade at their best and then<\/div>\n<\/div>\n<\/div>\n
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how do they get better from there so it<\/div>\n<\/div>\n<\/div>\n
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wasn’t that long ago<\/div>\n<\/div>\n<\/div>\n
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i was in miami having a conversation<\/div>\n<\/div>\n<\/div>\n
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with<\/div>\n<\/div>\n<\/div>\n
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the highest p l trader at our firm from<\/div>\n<\/div>\n<\/div>\n
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the year before and we identified five<\/div>\n<\/div>\n<\/div>\n
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things that this trader could do<\/div>\n<\/div>\n<\/div>\n
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if he wanted to be an eight eight-figure<\/div>\n<\/div>\n<\/div>\n
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trader<\/div>\n<\/div>\n<\/div>\n
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and he was unusually receptive<\/div>\n<\/div>\n<\/div>\n
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to the things he needed to do he was<\/div>\n<\/div>\n<\/div>\n
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seeking out<\/div>\n<\/div>\n<\/div>\n
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the things he needed to do to get better<\/div>\n<\/div>\n<\/div>\n
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from me and i’m sure he’s having<\/div>\n<\/div>\n<\/div>\n
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conversations with other people but we<\/div>\n<\/div>\n<\/div>\n
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outlined these five things and that<\/div>\n<\/div>\n<\/div>\n
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trader did those things<\/div>\n<\/div>\n<\/div>\n
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and this year that trader has become an<\/div>\n<\/div>\n<\/div>\n
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eight figure trader<\/div>\n<\/div>\n<\/div>\n
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already in the middle and even yeah and<\/div>\n<\/div>\n<\/div>\n
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it’s we’re in the middle of the year<\/div>\n<\/div>\n<\/div>\n
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he’s an eight-figure trader i i think<\/div>\n<\/div>\n<\/div>\n
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he’s up north of 12 million dollars<\/div>\n<\/div>\n<\/div>\n
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and so and and you know he still<\/div>\n<\/div>\n<\/div>\n
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has room to get better and that’s true<\/div>\n<\/div>\n<\/div>\n
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of<\/div>\n<\/div>\n<\/div>\n
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the other top traders at the firm as<\/div>\n<\/div>\n<\/div>\n
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well they still have room to get better<\/div>\n<\/div>\n<\/div>\n
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from here<\/div>\n<\/div>\n<\/div>\n
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and uh that is so that’s what i want to<\/div>\n<\/div>\n<\/div>\n
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sort of see<\/div>\n<\/div>\n<\/div>\n
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you want guys who are talented you want<\/div>\n<\/div>\n<\/div>\n
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guys that are willing to get better<\/div>\n<\/div>\n<\/div>\n
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every day that will do the work not talk<\/div>\n<\/div>\n<\/div>\n
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the talk but actually<\/div>\n<\/div>\n<\/div>\n
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put their heads down in the quiet do the<\/div>\n<\/div>\n<\/div>\n
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review seek out the help tap into the<\/div>\n<\/div>\n<\/div>\n
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coaching<\/div>\n<\/div>\n<\/div>\n
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push themselves to get better make<\/div>\n<\/div>\n<\/div>\n
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themselves feel uncomfortable<\/div>\n<\/div>\n<\/div>\n
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building from their strengths um and<\/div>\n<\/div>\n<\/div>\n
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and then when i contrast that with some<\/div>\n<\/div>\n<\/div>\n
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of the experienced traders who apply to<\/div>\n<\/div>\n<\/div>\n
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the firm<\/div>\n<\/div>\n<\/div>\n
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that we’d love to sort of get better at<\/div>\n<\/div>\n<\/div>\n
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it’s very clear to us having a history<\/div>\n<\/div>\n<\/div>\n
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of working with<\/div>\n<\/div>\n<\/div>\n
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lots of experienced traders that<\/div>\n<\/div>\n<\/div>\n
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we need to make sure that they’re<\/div>\n<\/div>\n<\/div>\n
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adopting that growth mentality<\/div>\n<\/div>\n<\/div>\n
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as it is and not just allowing them to<\/div>\n<\/div>\n<\/div>\n
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come in and do what they sort of want to<\/div>\n<\/div>\n<\/div>\n
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do and if we do just let them come in<\/div>\n<\/div>\n<\/div>\n
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and do what they want to do they’re not<\/div>\n<\/div>\n<\/div>\n
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going to be as good as the guys<\/div>\n<\/div>\n<\/div>\n
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who are homegrown and you know maybe<\/div>\n<\/div>\n<\/div>\n
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worse<\/div>\n<\/div>\n<\/div>\n
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so as as a guy who runs a prop firm<\/div>\n<\/div>\n<\/div>\n
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that’s important to me right<\/div>\n<\/div>\n<\/div>\n
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that’s great that’s great mike um by the<\/div>\n<\/div>\n<\/div>\n
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way maurice and ralph uh i’m an<\/div>\n<\/div>\n<\/div>\n
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eight-figure trader also<\/div>\n<\/div>\n<\/div>\n
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but the first figure is a decimal point<\/div>\n<\/div>\n<\/div>\n
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just just just just saying you know<\/div>\n<\/div>\n<\/div>\n
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hey anyway so i you know i totally agree<\/div>\n<\/div>\n<\/div>\n
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with what mike says and obviously<\/div>\n<\/div>\n<\/div>\n
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mike and i work together with the<\/div>\n<\/div>\n<\/div>\n
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traders at smb so we’ve seen them grow<\/div>\n<\/div>\n<\/div>\n
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up together but i’m going to add<\/div>\n<\/div>\n<\/div>\n
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one dimension that mike didn’t go into<\/div>\n<\/div>\n<\/div>\n
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detail about<\/div>\n<\/div>\n<\/div>\n
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so and i’ll do that by asking mart ralph<\/div>\n<\/div>\n<\/div>\n
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ask you<\/div>\n<\/div>\n<\/div>\n
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the question how many people get to be<\/div>\n<\/div>\n<\/div>\n
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an olympic<\/div>\n<\/div>\n<\/div>\n
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champion in a sporting event<\/div>\n<\/div>\n<\/div>\n
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by training and learning totally on<\/div>\n<\/div>\n<\/div>\n
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their own<\/div>\n<\/div>\n<\/div>\n
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no one no one that’s the null set<\/div>\n<\/div>\n<\/div>\n
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is the mathematicians say that yeah they<\/div>\n<\/div>\n<\/div>\n
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always have<\/div>\n<\/div>\n<\/div>\n
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coaching they always have mentoring they<\/div>\n<\/div>\n<\/div>\n
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always<\/div>\n<\/div>\n<\/div>\n
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learn with others that is so<\/div>\n<\/div>\n<\/div>\n
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important it’s the teamwork<\/div>\n<\/div>\n<\/div>\n
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component which is there<\/div>\n<\/div>\n<\/div>\n
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with the smb traders and it’s the<\/div>\n<\/div>\n<\/div>\n
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willingness to learn with others and<\/div>\n<\/div>\n<\/div>\n
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from others and collaborate<\/div>\n<\/div>\n<\/div>\n
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so so so important that’s what makes<\/div>\n<\/div>\n<\/div>\n
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being an independent trader<\/div>\n<\/div>\n<\/div>\n
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so difficult because the independent<\/div>\n<\/div>\n<\/div>\n
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trader it’s easy to become an<\/div>\n<\/div>\n<\/div>\n
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isolated trader so we need<\/div>\n<\/div>\n<\/div>\n
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communities we need groups<\/div>\n<\/div>\n<\/div>\n
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that can learn together<\/div>\n<\/div>\n<\/div>\n
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and build in some of that teamwork<\/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<\/div>\n<\/div>\n<\/div>\n
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and the setup that turned one of our<\/div>\n<\/div>\n<\/div>\n
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traders into a seven figure<\/div>\n<\/div>\n<\/div>\n
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big money earner check out the free<\/div>\n<\/div>\n<\/div>\n
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webinar that we’re currently running<\/div>\n<\/div>\n<\/div>\n
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just go ahead and click the link that<\/div>\n<\/div>\n<\/div>\n
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should be appearing right now at the top<\/div>\n<\/div>\n<\/div>\n
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right hand corner 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 we saw this<\/div>\n<\/div>\n<\/div>\n
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recently when covet hit our firm<\/div>\n<\/div>\n<\/div>\n
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was a physical firm mostly traders came<\/div>\n<\/div>\n<\/div>\n
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into an office<\/div>\n<\/div>\n<\/div>\n
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we worked with them in person we<\/div>\n<\/div>\n<\/div>\n
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communicated with them<\/div>\n<\/div>\n<\/div>\n
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in person we had meetings with them in<\/div>\n<\/div>\n<\/div>\n
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person and then when kobet hit we had to<\/div>\n<\/div>\n<\/div>\n
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become like independent traders we we<\/div>\n<\/div>\n<\/div>\n
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had to do everything from a distance<\/div>\n<\/div>\n<\/div>\n
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and it was but it was an opportunity for<\/div>\n<\/div>\n<\/div>\n
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us<\/div>\n<\/div>\n<\/div>\n
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to improve the way that we communicated<\/div>\n<\/div>\n<\/div>\n
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and improved the way that we<\/div>\n<\/div>\n<\/div>\n
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communicated virtually<\/div>\n<\/div>\n<\/div>\n
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so we set up just like independent<\/div>\n<\/div>\n<\/div>\n
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traders can do<\/div>\n<\/div>\n<\/div>\n
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dr steenberger we set up a bunch of<\/div>\n<\/div>\n<\/div>\n
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specific rooms for the guys to audio<\/div>\n<\/div>\n<\/div>\n
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chat<\/div>\n<\/div>\n<\/div>\n
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and and then written chat communicate<\/div>\n<\/div>\n<\/div>\n
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and we<\/div>\n<\/div>\n<\/div>\n
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set up a bunch of video conferences<\/div>\n<\/div>\n<\/div>\n
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for our mentoring sessions where<\/div>\n<\/div>\n<\/div>\n
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everybody could be on camera<\/div>\n<\/div>\n<\/div>\n
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and communicate with each other<\/div>\n<\/div>\n<\/div>\n
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and we have actually found in some cases<\/div>\n<\/div>\n<\/div>\n
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being apart improved our ability to<\/div>\n<\/div>\n<\/div>\n
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communicate<\/div>\n<\/div>\n<\/div>\n
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together and so hey if we can<\/div>\n<\/div>\n<\/div>\n
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figure out how to communicate better all<\/div>\n<\/div>\n<\/div>\n
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virtually and i’m coming to you from<\/div>\n<\/div>\n<\/div>\n
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spring lake new jersey we picked up our<\/div>\n<\/div>\n<\/div>\n
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family from new york city and moved over<\/div>\n<\/div>\n<\/div>\n
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here to the jersey shore<\/div>\n<\/div>\n<\/div>\n
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and we’re running the firm from the<\/div>\n<\/div>\n<\/div>\n
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jersey shore<\/div>\n<\/div>\n<\/div>\n
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and dr steenberger is coming to you from<\/div>\n<\/div>\n<\/div>\n
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his house<\/div>\n<\/div>\n<\/div>\n
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uh in connecticut and that’s how we’re<\/div>\n<\/div>\n<\/div>\n
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all working<\/div>\n<\/div>\n<\/div>\n
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you know we’re all a bunch of<\/div>\n<\/div>\n<\/div>\n
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independent traders<\/div>\n<\/div>\n<\/div>\n
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inside a firm structure communicating<\/div>\n<\/div>\n<\/div>\n
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and helping each other<\/div>\n<\/div>\n<\/div>\n
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um i didn’t mean to cut you off there dr<\/div>\n<\/div>\n<\/div>\n
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steenberger but i thought that that<\/div>\n<\/div>\n<\/div>\n
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was point you’re making a great point<\/div>\n<\/div>\n<\/div>\n
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you know being separate<\/div>\n<\/div>\n<\/div>\n
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pushes us to work more together<\/div>\n<\/div>\n<\/div>\n
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and i think that’s what some of the<\/div>\n<\/div>\n<\/div>\n
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listeners today’s session<\/div>\n<\/div>\n<\/div>\n
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might want to take away where i teach at<\/div>\n<\/div>\n<\/div>\n
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a medical school in syracuse new york<\/div>\n<\/div>\n<\/div>\n
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you know the saying is<\/div>\n<\/div>\n<\/div>\n
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each one teach one<\/div>\n<\/div>\n<\/div>\n
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everyone’s a teacher everyone’s a<\/div>\n<\/div>\n<\/div>\n
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learner<\/div>\n<\/div>\n<\/div>\n
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the number in the research that i’ve<\/div>\n<\/div>\n<\/div>\n
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done<\/div>\n<\/div>\n<\/div>\n
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at several hedge funds the number one<\/div>\n<\/div>\n<\/div>\n
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predictor of success<\/div>\n<\/div>\n<\/div>\n
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in terms of traits<\/div>\n<\/div>\n<\/div>\n
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is ralph bartz what would you guess<\/div>\n<\/div>\n<\/div>\n
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teamwork i guess what’s that teamwork<\/div>\n<\/div>\n<\/div>\n
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that’s important<\/div>\n<\/div>\n<\/div>\n
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working team yeah probably<\/div>\n<\/div>\n<\/div>\n
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taking responsibility that’s very<\/div>\n<\/div>\n<\/div>\n
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important so that goes with a trait<\/div>\n<\/div>\n<\/div>\n
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called conscientiousness so that was<\/div>\n<\/div>\n<\/div>\n
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very important in the research<\/div>\n<\/div>\n<\/div>\n
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number one though is intellectual<\/div>\n<\/div>\n<\/div>\n
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curiosity<\/div>\n<\/div>\n<\/div>\n
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okay make sense the desire to learn<\/div>\n<\/div>\n<\/div>\n
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the drive to learn<\/div>\n<\/div>\n<\/div>\n
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that’s what you know even when the p l<\/div>\n<\/div>\n<\/div>\n
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is not there that’s what keeps us<\/div>\n<\/div>\n<\/div>\n
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growing because we’re just<\/div>\n<\/div>\n<\/div>\n
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so eager to learn and people who are<\/div>\n<\/div>\n<\/div>\n
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eager to learn<\/div>\n<\/div>\n<\/div>\n
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will share with each other and are eager<\/div>\n<\/div>\n<\/div>\n
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to share because that<\/div>\n<\/div>\n<\/div>\n
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feeds the curiosity<\/div>\n<\/div>\n<\/div>\n
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the people who just want p l for their<\/div>\n<\/div>\n<\/div>\n
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trading<\/div>\n<\/div>\n<\/div>\n
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they don’t have that curiosity as soon<\/div>\n<\/div>\n<\/div>\n
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as the p l is not there<\/div>\n<\/div>\n<\/div>\n
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what’s going to keep them motivated<\/div>\n<\/div>\n<\/div>\n
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right and they’re also going to trade<\/div>\n<\/div>\n<\/div>\n
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their p<\/div>\n<\/div>\n<\/div>\n
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l probably i’ve seen that before<\/div>\n<\/div>\n<\/div>\n
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we have one traitor who you and i know<\/div>\n<\/div>\n<\/div>\n
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very very well who<\/div>\n<\/div>\n<\/div>\n
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is probably just about the best person<\/div>\n<\/div>\n<\/div>\n
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um and somebody that you would just<\/div>\n<\/div>\n<\/div>\n
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think a lot of even if they weren’t a<\/div>\n<\/div>\n<\/div>\n
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really good trader and for years this<\/div>\n<\/div>\n<\/div>\n
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trader wasn’t a seven-figure trader<\/div>\n<\/div>\n<\/div>\n
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and every time i would see him of late i<\/div>\n<\/div>\n<\/div>\n
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would remind him that<\/div>\n<\/div>\n<\/div>\n
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he could be a seven-figure trader and<\/div>\n<\/div>\n<\/div>\n
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that he should expect himself<\/div>\n<\/div>\n<\/div>\n
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to be a seven figure trader he kept<\/div>\n<\/div>\n<\/div>\n
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working on a particular strategy<\/div>\n<\/div>\n<\/div>\n
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that he ran that had lots of efficiency<\/div>\n<\/div>\n<\/div>\n
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and uh this year became a seven-figure<\/div>\n<\/div>\n<\/div>\n
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trader<\/div>\n<\/div>\n<\/div>\n
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but this year even after<\/div>\n<\/div>\n<\/div>\n
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finally accomplishing that goal he is<\/div>\n<\/div>\n<\/div>\n
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working on broadening<\/div>\n<\/div>\n<\/div>\n
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what he does so he’s got this one area<\/div>\n<\/div>\n<\/div>\n
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of trading that is<\/div>\n<\/div>\n<\/div>\n
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expert and as good as anybody on the<\/div>\n<\/div>\n<\/div>\n
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street in that one area<\/div>\n<\/div>\n<\/div>\n
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hit his goal finally gets there and he’s<\/div>\n<\/div>\n<\/div>\n
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still curious he wants to add price<\/div>\n<\/div>\n<\/div>\n
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action trading<\/div>\n<\/div>\n<\/div>\n
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to his playbook which<\/div>\n<\/div>\n<\/div>\n
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selectively he can add and if<\/div>\n<\/div>\n<\/div>\n
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selectively he adds that<\/div>\n<\/div>\n<\/div>\n
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he’s going to add another huge revenue<\/div>\n<\/div>\n<\/div>\n
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line<\/div>\n<\/div>\n<\/div>\n
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to his type of trading right<\/div>\n<\/div>\n<\/div>\n
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the question that comes up always in<\/div>\n<\/div>\n<\/div>\n
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this context for me is um<\/div>\n<\/div>\n<\/div>\n
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how do you deal with the system hopping<\/div>\n<\/div>\n<\/div>\n
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in that sense many traders when you tell<\/div>\n<\/div>\n<\/div>\n
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them especially new traders you tell<\/div>\n<\/div>\n<\/div>\n
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them okay you need to stick to a<\/div>\n<\/div>\n<\/div>\n
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strategy and you need to make it work<\/div>\n<\/div>\n<\/div>\n
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nothing will work right from the start<\/div>\n<\/div>\n<\/div>\n
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and then the results are not great and<\/div>\n<\/div>\n<\/div>\n
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they are tempted to system hop<\/div>\n<\/div>\n<\/div>\n
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how do you how do you deal with that<\/div>\n<\/div>\n<\/div>\n
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that you make them or you encourage them<\/div>\n<\/div>\n<\/div>\n
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to stick to<\/div>\n<\/div>\n<\/div>\n
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to what they’re doing instead of just<\/div>\n<\/div>\n<\/div>\n
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chasing so many different areas<\/div>\n<\/div>\n<\/div>\n
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actually if you are part of a group like<\/div>\n<\/div>\n<\/div>\n
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a prop trading group where<\/div>\n<\/div>\n<\/div>\n
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some other people are already making<\/div>\n<\/div>\n<\/div>\n
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millions of dollars with the strategy<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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and you’re learning something different<\/div>\n<\/div>\n<\/div>\n
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and you think oh maybe i want to hop on<\/div>\n<\/div>\n<\/div>\n
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this train and then the next day another<\/div>\n<\/div>\n<\/div>\n
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trade i started<\/div>\n<\/div>\n<\/div>\n
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doing better and then you want to try<\/div>\n<\/div>\n<\/div>\n
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this strategy and so on i think it’s<\/div>\n<\/div>\n<\/div>\n
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also difficult right<\/div>\n<\/div>\n<\/div>\n
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i’ll just share the evolution of our<\/div>\n<\/div>\n<\/div>\n
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firms so i used to teach people<\/div>\n<\/div>\n<\/div>\n
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and steve my partner steve spencer my<\/div>\n<\/div>\n<\/div>\n
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partner i used to<\/div>\n<\/div>\n<\/div>\n
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teach people how we traded we were<\/div>\n<\/div>\n<\/div>\n
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mostly<\/div>\n<\/div>\n<\/div>\n
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momentum traders we did a lot of<\/div>\n<\/div>\n<\/div>\n
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scalping<\/div>\n<\/div>\n<\/div>\n
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and that’s how we traded people when we<\/div>\n<\/div>\n<\/div>\n
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first started smb in 2005.<\/div>\n<\/div>\n<\/div>\n
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and then that became a lot harder you<\/div>\n<\/div>\n<\/div>\n
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had to be even more selective with your<\/div>\n<\/div>\n<\/div>\n
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momentum trading<\/div>\n<\/div>\n<\/div>\n
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hfts forced traders to be even more<\/div>\n<\/div>\n<\/div>\n
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selective and even better at that<\/div>\n<\/div>\n<\/div>\n
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strategy<\/div>\n<\/div>\n<\/div>\n
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to the point where less people were<\/div>\n<\/div>\n<\/div>\n
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having success<\/div>\n<\/div>\n<\/div>\n
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than in the past and you know we<\/div>\n<\/div>\n<\/div>\n
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recognized that we were seeing talented<\/div>\n<\/div>\n<\/div>\n
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people<\/div>\n<\/div>\n<\/div>\n
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come into our firm who were not doing as<\/div>\n<\/div>\n<\/div>\n
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well as<\/div>\n<\/div>\n<\/div>\n
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as we thought they would do and<\/div>\n<\/div>\n<\/div>\n
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we we recognized that the way that we<\/div>\n<\/div>\n<\/div>\n
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were doing things<\/div>\n<\/div>\n<\/div>\n
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needed some rethinking and so<\/div>\n<\/div>\n<\/div>\n
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when we did that rethinking we we said<\/div>\n<\/div>\n<\/div>\n
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to ourselves<\/div>\n<\/div>\n<\/div>\n
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why don’t we instead expose our traders<\/div>\n<\/div>\n<\/div>\n
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to the different types of strategies<\/div>\n<\/div>\n<\/div>\n
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that the guys in our desk<\/div>\n<\/div>\n<\/div>\n
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are trading and having success with<\/div>\n<\/div>\n<\/div>\n
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put those in front of them let traders<\/div>\n<\/div>\n<\/div>\n
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let each trader try<\/div>\n<\/div>\n<\/div>\n
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those different types of strategies just<\/div>\n<\/div>\n<\/div>\n
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to sort of give you a number<\/div>\n<\/div>\n<\/div>\n
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1920 different strategies let’s expose<\/div>\n<\/div>\n<\/div>\n
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them to 19 or 20 different strategies<\/div>\n<\/div>\n<\/div>\n
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it’s a course that everybody takes<\/div>\n<\/div>\n<\/div>\n
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called the winning trader at our firm<\/div>\n<\/div>\n<\/div>\n
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people come in before you show up at s b<\/div>\n<\/div>\n<\/div>\n
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you take smb dna<\/div>\n<\/div>\n<\/div>\n
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then you take the winning trader if<\/div>\n<\/div>\n<\/div>\n
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you’re hired<\/div>\n<\/div>\n<\/div>\n
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at the desk and then you experiment with<\/div>\n<\/div>\n<\/div>\n
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those different types of strategies<\/div>\n<\/div>\n<\/div>\n
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as you’re experimenting with them you<\/div>\n<\/div>\n<\/div>\n
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yourself<\/div>\n<\/div>\n<\/div>\n
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decide which of the ones that make the<\/div>\n<\/div>\n<\/div>\n
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most sense to you<\/div>\n<\/div>\n<\/div>\n
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you yourself decide<\/div>\n<\/div>\n<\/div>\n
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which are going to be the best based on<\/div>\n<\/div>\n<\/div>\n
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your unique<\/div>\n<\/div>\n<\/div>\n
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skills your unique talents<\/div>\n<\/div>\n<\/div>\n
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what’s your personality best suited for<\/div>\n<\/div>\n<\/div>\n
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what’s your cognitive abilities<\/div>\n<\/div>\n<\/div>\n
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best suited for what type of trading is<\/div>\n<\/div>\n<\/div>\n
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is the the<\/div>\n<\/div>\n<\/div>\n
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best type of trading for you what types<\/div>\n<\/div>\n<\/div>\n
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of setups are the best types of setups<\/div>\n<\/div>\n<\/div>\n
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for you<\/div>\n<\/div>\n<\/div>\n
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so if you’re very fast thinking then<\/div>\n<\/div>\n<\/div>\n
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being a scalper<\/div>\n<\/div>\n<\/div>\n
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can make a lot of sense if you have the<\/div>\n<\/div>\n<\/div>\n
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personality<\/div>\n<\/div>\n<\/div>\n
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uh where you don’t like to give back a<\/div>\n<\/div>\n<\/div>\n
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lot of profits and scalping can be the<\/div>\n<\/div>\n<\/div>\n
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right personality for you if you’re very<\/div>\n<\/div>\n<\/div>\n
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analytical<\/div>\n<\/div>\n<\/div>\n
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then you know maybe you want to do some<\/div>\n<\/div>\n<\/div>\n
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m a trading or some more sophisticated<\/div>\n<\/div>\n<\/div>\n
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type of trading like<\/div>\n<\/div>\n<\/div>\n
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some one of our guys michael wilgus does<\/div>\n<\/div>\n<\/div>\n
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which is very different than<\/div>\n<\/div>\n<\/div>\n
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a lot of the trading that the guys on<\/div>\n<\/div>\n<\/div>\n
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our desks do i mean if we made somebody<\/div>\n<\/div>\n<\/div>\n
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like<\/div>\n<\/div>\n<\/div>\n
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uh you know our very analytical trader<\/div>\n<\/div>\n<\/div>\n
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scalp scalp scalp scalp scalp learn this<\/div>\n<\/div>\n<\/div>\n
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strategy that i use when i first started<\/div>\n<\/div>\n<\/div>\n
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trading that that really work for a long<\/div>\n<\/div>\n<\/div>\n
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period of time it works for<\/div>\n<\/div>\n<\/div>\n
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really good traders and maybe works for<\/div>\n<\/div>\n<\/div>\n
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somebody like swang<\/div>\n<\/div>\n<\/div>\n
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you know another eight figure trader on<\/div>\n<\/div>\n<\/div>\n
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our desk you’ve got to do this<\/div>\n<\/div>\n<\/div>\n
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if you don’t do this then we’re gonna<\/div>\n<\/div>\n<\/div>\n
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fire you<\/div>\n<\/div>\n<\/div>\n
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we would what would happen was a lot of<\/div>\n<\/div>\n<\/div>\n
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very talented people would be very<\/div>\n<\/div>\n<\/div>\n
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frustrated<\/div>\n<\/div>\n<\/div>\n
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we would be very frustrated they would<\/div>\n<\/div>\n<\/div>\n
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fail they would have to go do something<\/div>\n<\/div>\n<\/div>\n
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else<\/div>\n<\/div>\n<\/div>\n
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because we weren’t<\/div>\n<\/div>\n<\/div>\n
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providing the education and the training<\/div>\n<\/div>\n<\/div>\n
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that would develop them that would<\/div>\n<\/div>\n<\/div>\n
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develop their unique<\/div>\n<\/div>\n<\/div>\n
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talents and yeah this is very heavily<\/div>\n<\/div>\n<\/div>\n
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influenced on<\/div>\n<\/div>\n<\/div>\n
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the mentoring and teaching of dr steve<\/div>\n<\/div>\n<\/div>\n
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\n
barker which is he’s encouraging people<\/div>\n<\/div>\n<\/div>\n
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continually<\/div>\n<\/div>\n<\/div>\n
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\n
to read his blog and you listen to the<\/div>\n<\/div>\n<\/div>\n
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mentoring sessions he does with us<\/div>\n<\/div>\n<\/div>\n
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to be tapping into your unique talents<\/div>\n<\/div>\n<\/div>\n
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and he’ll counsel<\/div>\n<\/div>\n<\/div>\n
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what were you good at in the past<\/div>\n<\/div>\n<\/div>\n
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why were you good at that think about<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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and then can you find the type of<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading that<\/div>\n<\/div>\n<\/div>\n
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\n
taps into those unique talents and so<\/div>\n<\/div>\n<\/div>\n
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we let guys develop a playbook around<\/div>\n<\/div>\n<\/div>\n
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the trades that best fit their talents<\/div>\n<\/div>\n<\/div>\n
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and help them develop those<\/div>\n<\/div>\n<\/div>\n
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\n
that type of trading and those setups<\/div>\n<\/div>\n<\/div>\n
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\n
from there<\/div>\n<\/div>\n<\/div>\n
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\n
right so in the beginning it’s maybe<\/div>\n<\/div>\n<\/div>\n
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okay to do<\/div>\n<\/div>\n<\/div>\n
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\n
a little bit of system hopping as long<\/div>\n<\/div>\n<\/div>\n
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well i guess it’s a fine line where when<\/div>\n<\/div>\n<\/div>\n
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do you stop until when do you stop to<\/div>\n<\/div>\n<\/div>\n
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look for<\/div>\n<\/div>\n<\/div>\n
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something that fits your psychology or<\/div>\n<\/div>\n<\/div>\n
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\n
your mental makeup<\/div>\n<\/div>\n<\/div>\n
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\n
yeah one of the great advantages of<\/div>\n<\/div>\n<\/div>\n
\n
\n
working at a prop firm is we’re going to<\/div>\n<\/div>\n<\/div>\n
\n
\n
give you a lot of time you know we’re<\/div>\n<\/div>\n<\/div>\n
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\n
essentially going to give you<\/div>\n<\/div>\n<\/div>\n
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\n
a year to show that you’ve made progress<\/div>\n<\/div>\n<\/div>\n
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as long as you’ve made progress<\/div>\n<\/div>\n<\/div>\n
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\n
over the course of one year we’re okay<\/div>\n<\/div>\n<\/div>\n
\n
\n
with that and we’re going to give you a<\/div>\n<\/div>\n<\/div>\n
\n
\n
couple years<\/div>\n<\/div>\n<\/div>\n
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\n
before we really expect for you to be<\/div>\n<\/div>\n<\/div>\n
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\n
uh making some decent money so you have<\/div>\n<\/div>\n<\/div>\n
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\n
the the time in the room and also<\/div>\n<\/div>\n<\/div>\n
\n
\n
remember the people that we’re hiring on<\/div>\n<\/div>\n<\/div>\n
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\n
the desk<\/div>\n<\/div>\n<\/div>\n
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\n
are coming from our internship class so<\/div>\n<\/div>\n<\/div>\n
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\n
you’ve interned<\/div>\n<\/div>\n<\/div>\n
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\n
you’ve been in college you’ve got to try<\/div>\n<\/div>\n<\/div>\n
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\n
some stuff<\/div>\n<\/div>\n<\/div>\n
\n
\n
as you’re going through college you have<\/div>\n<\/div>\n<\/div>\n
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\n
eyes wide open as to what this job is<\/div>\n<\/div>\n<\/div>\n
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\n
all about and when you’re<\/div>\n<\/div>\n<\/div>\n
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\n
when you’re starting you should be in a<\/div>\n<\/div>\n<\/div>\n
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\n
pretty<\/div>\n<\/div>\n<\/div>\n
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\n
good space to be able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade your niche trade your playbook<\/div>\n<\/div>\n<\/div>\n
\n
\n
focus on consistency and then we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to give you a couple of years for<\/div>\n<\/div>\n<\/div>\n
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\n
the most part<\/div>\n<\/div>\n<\/div>\n
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\n
um that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s going to give you the time to<\/div>\n<\/div>\n<\/div>\n
\n
\n
experiment<\/div>\n<\/div>\n<\/div>\n
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\n
i believe and and maybe other people<\/div>\n<\/div>\n<\/div>\n
\n
\n
have a different philosophy<\/div>\n<\/div>\n<\/div>\n
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\n
and and i’m sure there’s i’m just<\/div>\n<\/div>\n<\/div>\n
\n
\n
sharing with you what’s worked well for<\/div>\n<\/div>\n<\/div>\n
\n
\n
us<\/div>\n<\/div>\n<\/div>\n
\n
\n
and and how we run things i’m not in any<\/div>\n<\/div>\n<\/div>\n
\n
\n
way suggesting<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is the way to do things um<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah the way you find out what sport<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re good at is by playing many<\/div>\n<\/div>\n<\/div>\n
\n
\n
different sports right<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so you have to be able to trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
different markets different strategies<\/div>\n<\/div>\n<\/div>\n
\n
\n
and see what makes sense to you what<\/div>\n<\/div>\n<\/div>\n
\n
\n
works for you what fits with your<\/div>\n<\/div>\n<\/div>\n
\n
\n
strengths<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you have to do that in stimulation<\/div>\n<\/div>\n<\/div>\n
\n
\n
mode<\/div>\n<\/div>\n<\/div>\n
\n
\n
to begin with or else you’ll lose too<\/div>\n<\/div>\n<\/div>\n
\n
\n
much money during your learning curve<\/div>\n<\/div>\n<\/div>\n
\n
\n
in medical school the medical<\/div>\n<\/div>\n<\/div>\n
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\n
students take three years before they<\/div>\n<\/div>\n<\/div>\n
\n
\n
declare a possible specialty area<\/div>\n<\/div>\n<\/div>\n
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\n
they they do rotations and they try out<\/div>\n<\/div>\n<\/div>\n
\n
\n
the different<\/div>\n<\/div>\n<\/div>\n
\n
\n
specialties they try out surgery they<\/div>\n<\/div>\n<\/div>\n
\n
\n
try out<\/div>\n<\/div>\n<\/div>\n
\n
\n
internal medicine they try out<\/div>\n<\/div>\n<\/div>\n
\n
\n
psychiatry very different areas<\/div>\n<\/div>\n<\/div>\n
\n
\n
and they figure out what they love what<\/div>\n<\/div>\n<\/div>\n
\n
\n
plays to their skills<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then they start to specialize but<\/div>\n<\/div>\n<\/div>\n
\n
\n
they need that time<\/div>\n<\/div>\n<\/div>\n
\n
\n
as mike says to experiment i like that a<\/div>\n<\/div>\n<\/div>\n
\n
\n
lot so because in the beginning<\/div>\n<\/div>\n<\/div>\n
\n
\n
when i started trading out i had huge<\/div>\n<\/div>\n<\/div>\n
\n
\n
problems with<\/div>\n<\/div>\n<\/div>\n
\n
\n
finding my style coming from being a<\/div>\n<\/div>\n<\/div>\n
\n
\n
poker player i wanted<\/div>\n<\/div>\n<\/div>\n
\n
\n
the constant action all the time but<\/div>\n<\/div>\n<\/div>\n
\n
\n
everyone on the<\/div>\n<\/div>\n<\/div>\n
\n
\n
internet was saying scalping doesn’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
work never trade the one-minute chart<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s for losers and idiots<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i didn’t even try it but at the end<\/div>\n<\/div>\n<\/div>\n
\n
\n
it was for me personally<\/div>\n<\/div>\n<\/div>\n
\n
\n
the best style so if if you find a style<\/div>\n<\/div>\n<\/div>\n
\n
\n
that really fits your personality you<\/div>\n<\/div>\n<\/div>\n
\n
\n
are not prone to system hopping<\/div>\n<\/div>\n<\/div>\n
\n
\n
eventually<\/div>\n<\/div>\n<\/div>\n
\n
\n
because you know this is i mean this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
who i am and this is what i do<\/div>\n<\/div>\n<\/div>\n
\n
\n
right i can show you a few traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
and their p l uh who have deployed that<\/div>\n<\/div>\n<\/div>\n
\n
\n
strategy of helping on one meta charts<\/div>\n<\/div>\n<\/div>\n
\n
\n
and uh you can uh then bring it back to<\/div>\n<\/div>\n<\/div>\n
\n
\n
the people that call<\/div>\n<\/div>\n<\/div>\n
\n
\n
you an idiot for thinking that that<\/div>\n<\/div>\n<\/div>\n
\n
\n
isn’t profitable<\/div>\n<\/div>\n<\/div>\n
\n
\n
exactly it’s it can be very profitable<\/div>\n<\/div>\n<\/div>\n
\n
\n
it can be challenging for lots of<\/div>\n<\/div>\n<\/div>\n
\n
\n
different people but for the right<\/div>\n<\/div>\n<\/div>\n
\n
\n
people<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s enormously profitable yeah right so<\/div>\n<\/div>\n<\/div>\n
\n
\n
i guess<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the beginning it’s okay to give<\/div>\n<\/div>\n<\/div>\n
\n
\n
yourself maybe a year maybe two<\/div>\n<\/div>\n<\/div>\n
\n
\n
without focusing necessarily on trying<\/div>\n<\/div>\n<\/div>\n
\n
\n
to make a lot of money initially but<\/div>\n<\/div>\n<\/div>\n
\n
\n
just<\/div>\n<\/div>\n<\/div>\n
\n
\n
trying out different things see how they<\/div>\n<\/div>\n<\/div>\n
\n
\n
relate how you relate to them<\/div>\n<\/div>\n<\/div>\n
\n
\n
what makes sense and then you can make a<\/div>\n<\/div>\n<\/div>\n
\n
\n
educated decision<\/div>\n<\/div>\n<\/div>\n
\n
\n
because many people i see they are<\/div>\n<\/div>\n<\/div>\n
\n
\n
trying to just<\/div>\n<\/div>\n<\/div>\n
\n
\n
to just make the money right from the<\/div>\n<\/div>\n<\/div>\n
\n
\n
start but they never take the time to<\/div>\n<\/div>\n<\/div>\n
\n
\n
to really see what makes sense to them<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s a great point roth<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh you know people are going into<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading they want to make money fast<\/div>\n<\/div>\n<\/div>\n
\n
\n
and think about any activity any<\/div>\n<\/div>\n<\/div>\n
\n
\n
performance activity think about being a<\/div>\n<\/div>\n<\/div>\n
\n
\n
musician<\/div>\n<\/div>\n<\/div>\n
\n
\n
think about being an actor or actress<\/div>\n<\/div>\n<\/div>\n
\n
\n
think about<\/div>\n<\/div>\n<\/div>\n
\n
\n
being an athlete it takes years to<\/div>\n<\/div>\n<\/div>\n
\n
\n
develop<\/div>\n<\/div>\n<\/div>\n
\n
\n
elite skill why would it be different in<\/div>\n<\/div>\n<\/div>\n
\n
\n
financial markets<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we have to give ourselves that period<\/div>\n<\/div>\n<\/div>\n
\n
\n
of learning experimenting and<\/div>\n<\/div>\n<\/div>\n
\n
\n
training and have the patience if we<\/div>\n<\/div>\n<\/div>\n
\n
\n
love<\/div>\n<\/div>\n<\/div>\n
\n
\n
markets we can get through that learning<\/div>\n<\/div>\n<\/div>\n
\n
\n
period<\/div>\n<\/div>\n<\/div>\n
\n
\n
but if it’s just about making money we<\/div>\n<\/div>\n<\/div>\n
\n
\n
won’t be able to tolerate the ups and<\/div>\n<\/div>\n<\/div>\n
\n
\n
downs and the frustrations<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s why so many new traders end<\/div>\n<\/div>\n<\/div>\n
\n
\n
up leaving right<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah that’s a that’s a good point this<\/div>\n<\/div>\n<\/div>\n
\n
\n
brings me to a question which was sent<\/div>\n<\/div>\n<\/div>\n
\n
\n
in from uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
from one of our students and um<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s a very specific question but i<\/div>\n<\/div>\n<\/div>\n
\n
\n
think people can relate to that she’s in<\/div>\n<\/div>\n<\/div>\n
\n
\n
a position or he or<\/div>\n<\/div>\n<\/div>\n
\n
\n
where she has been trading for a while<\/div>\n<\/div>\n<\/div>\n
\n
\n
she can trade quite well<\/div>\n<\/div>\n<\/div>\n
\n
\n
but um she can’t afford to lose<\/div>\n<\/div>\n<\/div>\n
\n
\n
money so this puts her in a position<\/div>\n<\/div>\n<\/div>\n
\n
\n
where she feels like like<\/div>\n<\/div>\n<\/div>\n
\n
\n
she has a lot of blockage inside and she<\/div>\n<\/div>\n<\/div>\n
\n
\n
can execute the traits<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i think many people have similar<\/div>\n<\/div>\n<\/div>\n
\n
\n
issues where<\/div>\n<\/div>\n<\/div>\n
\n
\n
you just can’t afford especially during<\/div>\n<\/div>\n<\/div>\n
\n
\n
those times when<\/div>\n<\/div>\n<\/div>\n
\n
\n
money is not abundant anyway how do you<\/div>\n<\/div>\n<\/div>\n
\n
\n
how do you get over<\/div>\n<\/div>\n<\/div>\n
\n
\n
over this blockage i’ll i’ll tackle that<\/div>\n<\/div>\n<\/div>\n
\n
\n
um<\/div>\n<\/div>\n<\/div>\n
\n
\n
because i work so closely with risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
managers at uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
funds if you can’t afford to lose money<\/div>\n<\/div>\n<\/div>\n
\n
\n
then you shouldn’t be trading period<\/div>\n<\/div>\n<\/div>\n
\n
\n
i mean i work with some very very<\/div>\n<\/div>\n<\/div>\n
\n
\n
talented traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
and at times they all draw down<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know if if you have a 60 win rate on<\/div>\n<\/div>\n<\/div>\n
\n
\n
your trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can calculate the probability of<\/div>\n<\/div>\n<\/div>\n
\n
\n
having<\/div>\n<\/div>\n<\/div>\n
\n
\n
x number of losing trades in a row<\/div>\n<\/div>\n<\/div>\n
\n
\n
everyone draws down<\/div>\n<\/div>\n<\/div>\n
\n
\n
so there has to be some cushion<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that means for many people<\/div>\n<\/div>\n<\/div>\n
\n
\n
starting by trading in simulation<\/div>\n<\/div>\n<\/div>\n
\n
\n
not with risk and starting to trade very<\/div>\n<\/div>\n<\/div>\n
\n
\n
small<\/div>\n<\/div>\n<\/div>\n
\n
\n
and just learn the consistency of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading and then you can<\/div>\n<\/div>\n<\/div>\n
\n
\n
grow the account if it’s possible<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you develop some of that<\/div>\n<\/div>\n<\/div>\n
\n
\n
consistency<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can join a proprietary trading firm<\/div>\n<\/div>\n<\/div>\n
\n
\n
like an smd and they will provide<\/div>\n<\/div>\n<\/div>\n
\n
\n
capital for you so that<\/div>\n<\/div>\n<\/div>\n
\n
\n
your money is not so much at risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
but it’s too much pressure on people<\/div>\n<\/div>\n<\/div>\n
\n
\n
if they cannot afford to lose if you<\/div>\n<\/div>\n<\/div>\n
\n
\n
need that money for your family<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know to feed your family that’s way<\/div>\n<\/div>\n<\/div>\n
\n
\n
too much pressure there’s enough<\/div>\n<\/div>\n<\/div>\n
\n
\n
pressure in markets as it is<\/div>\n<\/div>\n<\/div>\n
\n
\n
you want to be able to lose money<\/div>\n<\/div>\n<\/div>\n
\n
\n
and not have that freak you out<\/div>\n<\/div>\n<\/div>\n
\n
\n
and i’ll add to that we have one trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
up eight figures this year<\/div>\n<\/div>\n<\/div>\n
\n
\n
and last month he drew down<\/div>\n<\/div>\n<\/div>\n
\n
\n
about a million dollars and<\/div>\n<\/div>\n<\/div>\n
\n
\n
not only does dr schemer make a good<\/div>\n<\/div>\n<\/div>\n
\n
\n
point about how if<\/div>\n<\/div>\n<\/div>\n
\n
\n
your system eventually even if it’s a<\/div>\n<\/div>\n<\/div>\n
\n
\n
good system<\/div>\n<\/div>\n<\/div>\n
\n
\n
you you will draw down but really great<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders also<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade poorly at times even the best<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so a combination of trading really<\/div>\n<\/div>\n<\/div>\n
\n
\n
poorly<\/div>\n<\/div>\n<\/div>\n
\n
\n
and making some big plays that didn’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
work out caused one of these traders to<\/div>\n<\/div>\n<\/div>\n
\n
\n
draw down<\/div>\n<\/div>\n<\/div>\n
\n
\n
a million dollars something that he<\/div>\n<\/div>\n<\/div>\n
\n
\n
would not be able to withstand<\/div>\n<\/div>\n<\/div>\n
\n
\n
if he was just trading his personal<\/div>\n<\/div>\n<\/div>\n
\n
\n
account but<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know because he can risk many many<\/div>\n<\/div>\n<\/div>\n
\n
\n
many multiples of dollars<\/div>\n<\/div>\n<\/div>\n
\n
\n
at a prop firm the million dollar<\/div>\n<\/div>\n<\/div>\n
\n
\n
drawdown<\/div>\n<\/div>\n<\/div>\n
\n
\n
is an opportunity for him to get some<\/div>\n<\/div>\n<\/div>\n
\n
\n
coaching and talk to dr steenberger<\/div>\n<\/div>\n<\/div>\n
\n
\n
and to say you know which part of that<\/div>\n<\/div>\n<\/div>\n
\n
\n
was some bad trading which part of that<\/div>\n<\/div>\n<\/div>\n
\n
\n
was<\/div>\n<\/div>\n<\/div>\n
\n
\n
good and keep doing that to get some<\/div>\n<\/div>\n<\/div>\n
\n
\n
instruction from<\/div>\n<\/div>\n<\/div>\n
\n
\n
some of the partners and the leaders of<\/div>\n<\/div>\n<\/div>\n
\n
\n
the firm to say<\/div>\n<\/div>\n<\/div>\n
\n
\n
remember how you trade well remember<\/div>\n<\/div>\n<\/div>\n
\n
\n
what that looks like<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh and then that trader by the end of<\/div>\n<\/div>\n<\/div>\n
\n
\n
the month<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think had made back almost all of it<\/div>\n<\/div>\n<\/div>\n
\n
\n
um<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then you know is often running this<\/div>\n<\/div>\n<\/div>\n
\n
\n
month as opposed to you know being an<\/div>\n<\/div>\n<\/div>\n
\n
\n
independent trader who<\/div>\n<\/div>\n<\/div>\n
\n
\n
has lost way too much of his personal<\/div>\n<\/div>\n<\/div>\n
\n
\n
capital<\/div>\n<\/div>\n<\/div>\n
\n
\n
and uh and and some trouble so even the<\/div>\n<\/div>\n<\/div>\n
\n
\n
best traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade badly draw down and need some help<\/div>\n<\/div>\n<\/div>\n
\n
\n
right and how do you make sure or what<\/div>\n<\/div>\n<\/div>\n
\n
\n
are some practical tips<\/div>\n<\/div>\n<\/div>\n
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um for people who are finding themselves<\/div>\n<\/div>\n<\/div>\n
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in a losing streak or in a big drawdown<\/div>\n<\/div>\n<\/div>\n
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um besides focusing on on the processes<\/div>\n<\/div>\n<\/div>\n
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is there anything else that you find<\/div>\n<\/div>\n<\/div>\n
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very helpful<\/div>\n<\/div>\n<\/div>\n
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yeah stop making bad trades um<\/div>\n<\/div>\n<\/div>\n
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dr steenbarker you want to take that<\/div>\n<\/div>\n<\/div>\n
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yeah i get all my answers for my fred<\/div>\n<\/div>\n<\/div>\n
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this is<\/div>\n<\/div>\n<\/div>\n
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mia one of our four rescue cats<\/div>\n<\/div>\n<\/div>\n
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these were cats that were abandoned<\/div>\n<\/div>\n<\/div>\n
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neglected abused and we take them in<\/div>\n<\/div>\n<\/div>\n
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and they become part of our family cool<\/div>\n<\/div>\n<\/div>\n
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it’s very cool and we have five children<\/div>\n<\/div>\n<\/div>\n
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and six grandchildren and four rescue<\/div>\n<\/div>\n<\/div>\n
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cats<\/div>\n<\/div>\n<\/div>\n
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and it’s always important to have things<\/div>\n<\/div>\n<\/div>\n
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in your life that are more important to<\/div>\n<\/div>\n<\/div>\n
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you than p<\/div>\n<\/div>\n<\/div>\n
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l because when you have things in your<\/div>\n<\/div>\n<\/div>\n
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life that are more important than p<\/div>\n<\/div>\n<\/div>\n
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l you can weather the ups and downs<\/div>\n<\/div>\n<\/div>\n
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like mike said everyone has slumps<\/div>\n<\/div>\n<\/div>\n
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but the attitude i take<\/div>\n<\/div>\n<\/div>\n
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with the traders i work with is that<\/div>\n<\/div>\n<\/div>\n
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every drawdown is here to teach us<\/div>\n<\/div>\n<\/div>\n
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something<\/div>\n<\/div>\n<\/div>\n
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we always want a positive learning p<\/div>\n<\/div>\n<\/div>\n
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l even though we can’t always have a<\/div>\n<\/div>\n<\/div>\n
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positive monetary p<\/div>\n<\/div>\n<\/div>\n
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l we want a positive learning p l so<\/div>\n<\/div>\n<\/div>\n
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what can we<\/div>\n<\/div>\n<\/div>\n
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learn from this draw down how will it<\/div>\n<\/div>\n<\/div>\n
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make us<\/div>\n<\/div>\n<\/div>\n
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better what did we learn about the<\/div>\n<\/div>\n<\/div>\n
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market we’re trading<\/div>\n<\/div>\n<\/div>\n
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what did we learn about how we execute<\/div>\n<\/div>\n<\/div>\n
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trades how we size<\/div>\n<\/div>\n<\/div>\n
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positions what did we learn about<\/div>\n<\/div>\n<\/div>\n
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getting<\/div>\n<\/div>\n<\/div>\n
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larger or taking profits during trades<\/div>\n<\/div>\n<\/div>\n
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let’s have some takeaways then we can<\/div>\n<\/div>\n<\/div>\n
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feel good about that<\/div>\n<\/div>\n<\/div>\n
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but notice that that’s tapping in to<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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intellectual curiosity motivation<\/div>\n<\/div>\n<\/div>\n
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that by turning the losses into learning<\/div>\n<\/div>\n<\/div>\n
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experiences<\/div>\n<\/div>\n<\/div>\n
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we tap into a positive motivation that<\/div>\n<\/div>\n<\/div>\n
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keeps people going<\/div>\n<\/div>\n<\/div>\n
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even when they’re drawing down<\/div>\n<\/div>\n<\/div>\n
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um makes sense right this brings me<\/div>\n<\/div>\n<\/div>\n
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i always because i listen to uh for this<\/div>\n<\/div>\n<\/div>\n
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for preparation i listen to a recent<\/div>\n<\/div>\n<\/div>\n
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\n
podcast of yours i’m not sure if it’s<\/div>\n<\/div>\n<\/div>\n
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recent but you talked about the<\/div>\n<\/div>\n<\/div>\n
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importance of of balance in your life<\/div>\n<\/div>\n<\/div>\n
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having things that are not only focusing<\/div>\n<\/div>\n<\/div>\n
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on trading<\/div>\n<\/div>\n<\/div>\n
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and i personally struggle with this<\/div>\n<\/div>\n<\/div>\n
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myself i<\/div>\n<\/div>\n<\/div>\n
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i tend to have tendencies of like a<\/div>\n<\/div>\n<\/div>\n
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workaholic<\/div>\n<\/div>\n<\/div>\n
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and when you look at those high<\/div>\n<\/div>\n<\/div>\n
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achievers<\/div>\n<\/div>\n<\/div>\n
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they usually they’re usually not the<\/div>\n<\/div>\n<\/div>\n
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ones that are great with uh having a<\/div>\n<\/div>\n<\/div>\n
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balanced life<\/div>\n<\/div>\n<\/div>\n
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so is there do you see that high<\/div>\n<\/div>\n<\/div>\n
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achievers<\/div>\n<\/div>\n<\/div>\n
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tend to be more on one side of the<\/div>\n<\/div>\n<\/div>\n
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spectrum or is it maybe a short-term<\/div>\n<\/div>\n<\/div>\n
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thing where you are out of balance or<\/div>\n<\/div>\n<\/div>\n
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yeah i i find that the high achievers i<\/div>\n<\/div>\n<\/div>\n
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work<\/div>\n<\/div>\n<\/div>\n
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with are very<\/div>\n<\/div>\n<\/div>\n
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oriented to working because they love<\/div>\n<\/div>\n<\/div>\n
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what they do<\/div>\n<\/div>\n<\/div>\n
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and because they love what they do they<\/div>\n<\/div>\n<\/div>\n
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pour themselves into it<\/div>\n<\/div>\n<\/div>\n
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but they also are pouring themselves<\/div>\n<\/div>\n<\/div>\n
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into<\/div>\n<\/div>\n<\/div>\n
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other activities that give them<\/div>\n<\/div>\n<\/div>\n
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energy and they provide them with a<\/div>\n<\/div>\n<\/div>\n
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sense of fulfillment<\/div>\n<\/div>\n<\/div>\n
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the traitors i work with<\/div>\n<\/div>\n<\/div>\n
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\n
who have unhappy relationships<\/div>\n<\/div>\n<\/div>\n
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they don’t do well<\/div>\n<\/div>\n<\/div>\n
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[Laughter]<\/div>\n<\/div>\n<\/div>\n
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it affects their trading yeah so that<\/div>\n<\/div>\n<\/div>\n
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it’s not an either or<\/div>\n<\/div>\n<\/div>\n
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while they’re working they’re<\/div>\n<\/div>\n<\/div>\n
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workaholics they pour themselves into<\/div>\n<\/div>\n<\/div>\n
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their work<\/div>\n<\/div>\n<\/div>\n
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and that’s because of passion that<\/div>\n<\/div>\n<\/div>\n
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that’s not because of<\/div>\n<\/div>\n<\/div>\n
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you know forcing themselves to do things<\/div>\n<\/div>\n<\/div>\n
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but when they are doing<\/div>\n<\/div>\n<\/div>\n
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other things whether it’s taking a<\/div>\n<\/div>\n<\/div>\n
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vacation<\/div>\n<\/div>\n<\/div>\n
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or working out or being<\/div>\n<\/div>\n<\/div>\n
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with their partner or being with their<\/div>\n<\/div>\n<\/div>\n
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\n
kids they’re fully absorbed in that also<\/div>\n<\/div>\n<\/div>\n
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\n
and and that’s what i think makes for a<\/div>\n<\/div>\n<\/div>\n
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\n
fulfilling life<\/div>\n<\/div>\n<\/div>\n
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being fully present no multitasking<\/div>\n<\/div>\n<\/div>\n
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\n
fully present<\/div>\n<\/div>\n<\/div>\n
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\n
and you know if if you’re investing<\/div>\n<\/div>\n<\/div>\n
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\n
your funds let’s say you’re a successful<\/div>\n<\/div>\n<\/div>\n
\n
\n
trader and you’ve saved all this money<\/div>\n<\/div>\n<\/div>\n
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\n
you’re investing your funds you want a<\/div>\n<\/div>\n<\/div>\n
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\n
level of diversification right<\/div>\n<\/div>\n<\/div>\n
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\n
yeah and you’re not going to put all of<\/div>\n<\/div>\n<\/div>\n
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\n
your money into one thing<\/div>\n<\/div>\n<\/div>\n
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\n
unless it’s tesla stock but seriously<\/div>\n<\/div>\n<\/div>\n
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\n
um 2020 hindsight um but no<\/div>\n<\/div>\n<\/div>\n
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\n
you’ll put your uh funds in different<\/div>\n<\/div>\n<\/div>\n
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\n
types of investments some real estate<\/div>\n<\/div>\n<\/div>\n
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\n
some stocks and bonds and so forth<\/div>\n<\/div>\n<\/div>\n
\n
\n
you want a diversified life you can’t<\/div>\n<\/div>\n<\/div>\n
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\n
put all of your<\/div>\n<\/div>\n<\/div>\n
\n
\n
emotional eggs in one basket that basket<\/div>\n<\/div>\n<\/div>\n
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\n
won’t always be there<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you’ll end up being vulnerable and<\/div>\n<\/div>\n<\/div>\n
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\n
that will ultimately hurt your<\/div>\n<\/div>\n<\/div>\n
\n
\n
performance<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah i think it’s it’s often uh what can<\/div>\n<\/div>\n<\/div>\n
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\n
be an issue<\/div>\n<\/div>\n<\/div>\n
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\n
with young people who are just starting<\/div>\n<\/div>\n<\/div>\n
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\n
out who um<\/div>\n<\/div>\n<\/div>\n
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\n
who see trading as a way out and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
they are just focusing all the energy on<\/div>\n<\/div>\n<\/div>\n
\n
\n
one thing and then their life gets<\/div>\n<\/div>\n<\/div>\n
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\n
really out of balance<\/div>\n<\/div>\n<\/div>\n
\n
\n
right so it’s a yeah it’s a oh i see it<\/div>\n<\/div>\n<\/div>\n
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\n
when i interview<\/div>\n<\/div>\n<\/div>\n
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\n
uh young people you know they come to an<\/div>\n<\/div>\n<\/div>\n
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\n
interview or they’re uh in a<\/div>\n<\/div>\n<\/div>\n
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\n
zoom interview and what’s the first<\/div>\n<\/div>\n<\/div>\n
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\n
thing they tell me<\/div>\n<\/div>\n<\/div>\n
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\n
training is what i want to do with my<\/div>\n<\/div>\n<\/div>\n
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\n
life and i have this passion for<\/div>\n<\/div>\n<\/div>\n
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\n
training and it’s all i<\/div>\n<\/div>\n<\/div>\n
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\n
do if my feedback is get a life<\/div>\n<\/div>\n<\/div>\n
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\n
you know and no and i appreciate that<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you know i have a love of financial<\/div>\n<\/div>\n<\/div>\n
\n
\n
markets also i’ve traded since the late<\/div>\n<\/div>\n<\/div>\n
\n
\n
1970s<\/div>\n<\/div>\n<\/div>\n
\n
\n
okay so i’m dating myself but<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i totally get that but you want to be<\/div>\n<\/div>\n<\/div>\n
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\n
passionate about lots of things in your<\/div>\n<\/div>\n<\/div>\n
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\n
life and have<\/div>\n<\/div>\n<\/div>\n
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\n
lots of things giving you returns just<\/div>\n<\/div>\n<\/div>\n
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\n
like in your<\/div>\n<\/div>\n<\/div>\n
\n
\n
financial investments right what i find<\/div>\n<\/div>\n<\/div>\n
\n
\n
is really helpful is that<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you when you pick up new skills<\/div>\n<\/div>\n<\/div>\n
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\n
you’re back in this beginner mindset<\/div>\n<\/div>\n<\/div>\n
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\n
where you’re curious<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then often you can connect different<\/div>\n<\/div>\n<\/div>\n
\n
\n
things and and bring it back to trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
and this is<\/div>\n<\/div>\n<\/div>\n
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\n
this is really wonderful i always try to<\/div>\n<\/div>\n<\/div>\n
\n
\n
encourage uh people to just<\/div>\n<\/div>\n<\/div>\n
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\n
try new things if it’s in your sport art<\/div>\n<\/div>\n<\/div>\n
\n
\n
music whatever it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s so refreshing for your mind as well<\/div>\n<\/div>\n<\/div>\n
\n
\n
exactly<\/div>\n<\/div>\n<\/div>\n
\n
\n
and connecting to other trainers who are<\/div>\n<\/div>\n<\/div>\n
\n
\n
doing unique things<\/div>\n<\/div>\n<\/div>\n
\n
\n
and learning with them from them um<\/div>\n<\/div>\n<\/div>\n
\n
\n
very stimulating and plus you end up<\/div>\n<\/div>\n<\/div>\n
\n
\n
making some good friendships<\/div>\n<\/div>\n<\/div>\n
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\n
right yes that’s yeah that’s very true<\/div>\n<\/div>\n<\/div>\n
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\n
very good<\/div>\n<\/div>\n<\/div>\n
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\n
i like that when when we<\/div>\n<\/div>\n<\/div>\n
\n
\n
when i ask traders and when they ask me<\/div>\n<\/div>\n<\/div>\n
\n
\n
um how do you improve your trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
psychology and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
always this phrase come up how can i<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade like a robot without<\/div>\n<\/div>\n<\/div>\n
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\n
emotions is this i always think that<\/div>\n<\/div>\n<\/div>\n
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\n
it’s<\/div>\n<\/div>\n<\/div>\n
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\n
there’s like you do you deal with your<\/div>\n<\/div>\n<\/div>\n
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\n
emotions or do you try to suppress them<\/div>\n<\/div>\n<\/div>\n
\n
\n
what is<\/div>\n<\/div>\n<\/div>\n
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\n
what’s your take what’s your take on<\/div>\n<\/div>\n<\/div>\n
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\n
that oh i i think there’s a great<\/div>\n<\/div>\n<\/div>\n
\n
\n
way to trade like a robot without<\/div>\n<\/div>\n<\/div>\n
\n
\n
emotions<\/div>\n<\/div>\n<\/div>\n
\n
\n
take your trading system and program it<\/div>\n<\/div>\n<\/div>\n
\n
\n
into a computer<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and then you’ll trade and take<\/div>\n<\/div>\n<\/div>\n
\n
\n
yourself out of the business<\/div>\n<\/div>\n<\/div>\n
\n
\n
seriously and there are people who do<\/div>\n<\/div>\n<\/div>\n
\n
\n
that right<\/div>\n<\/div>\n<\/div>\n
\n
\n
quantitative traders and investors you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know<\/div>\n<\/div>\n<\/div>\n
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\n
and that is how they take the<\/div>\n<\/div>\n<\/div>\n
\n
\n
variability of performance due to<\/div>\n<\/div>\n<\/div>\n
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\n
emotions and so forth they take that out<\/div>\n<\/div>\n<\/div>\n
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\n
that that can be done but our<\/div>\n<\/div>\n<\/div>\n
\n
\n
emotional reactions are part of what<\/div>\n<\/div>\n<\/div>\n
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\n
makes us<\/div>\n<\/div>\n<\/div>\n
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\n
successful as discretionary traders when<\/div>\n<\/div>\n<\/div>\n
\n
\n
we talk about<\/div>\n<\/div>\n<\/div>\n
\n
\n
a very good trader having a feel for the<\/div>\n<\/div>\n<\/div>\n
\n
\n
market<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s an emotional response<\/div>\n<\/div>\n<\/div>\n
\n
\n
if we make someone a robot they’re not<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to have a feel for the market<\/div>\n<\/div>\n<\/div>\n
\n
\n
we take away the best of them as well as<\/div>\n<\/div>\n<\/div>\n
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\n
the problems<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so we want people to<\/div>\n<\/div>\n<\/div>\n
\n
\n
use their emotions as information<\/div>\n<\/div>\n<\/div>\n
\n
\n
not be controlled by their emotions<\/div>\n<\/div>\n<\/div>\n
\n
\n
right yeah this brings me to a point i<\/div>\n<\/div>\n<\/div>\n
\n
\n
i listened to a podcast from you and um<\/div>\n<\/div>\n<\/div>\n
\n
\n
i heard about your your book which is<\/div>\n<\/div>\n<\/div>\n
\n
\n
not new radical<\/div>\n<\/div>\n<\/div>\n
\n
\n
renewal and i ever since i couldn’t stop<\/div>\n<\/div>\n<\/div>\n
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\n
uh reading it and i put all the links<\/div>\n<\/div>\n<\/div>\n
\n
\n
and all the books in the show notes<\/div>\n<\/div>\n<\/div>\n
\n
\n
below that<\/div>\n<\/div>\n<\/div>\n
\n
\n
and uh i i always used to be more<\/div>\n<\/div>\n<\/div>\n
\n
\n
spiritual than you are the average<\/div>\n<\/div>\n<\/div>\n
\n
\n
person<\/div>\n<\/div>\n<\/div>\n
\n
\n
but two years ago i got very very deep<\/div>\n<\/div>\n<\/div>\n
\n
\n
into all of those<\/div>\n<\/div>\n<\/div>\n
\n
\n
things and you talked about the ego<\/div>\n<\/div>\n<\/div>\n
\n
\n
and obviously in training it’s always<\/div>\n<\/div>\n<\/div>\n
\n
\n
the phrase leave the ego at the door<\/div>\n<\/div>\n<\/div>\n
\n
\n
what does it mean to to trade without<\/div>\n<\/div>\n<\/div>\n
\n
\n
ego or to be egoless<\/div>\n<\/div>\n<\/div>\n
\n
\n
and is there can we even achieve that<\/div>\n<\/div>\n<\/div>\n
\n
\n
and would that even be desirable to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
ego<\/div>\n<\/div>\n<\/div>\n
\n
\n
less the ego has a very important<\/div>\n<\/div>\n<\/div>\n
\n
\n
function<\/div>\n<\/div>\n<\/div>\n
\n
\n
and uh you wouldn’t want to get rid of<\/div>\n<\/div>\n<\/div>\n
\n
\n
that<\/div>\n<\/div>\n<\/div>\n
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\n
but again we don’t want to be dominated<\/div>\n<\/div>\n<\/div>\n
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\n
by ego<\/div>\n<\/div>\n<\/div>\n
\n
\n
so the distinction i make in the uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
the blog book on my<\/div>\n<\/div>\n<\/div>\n
\n
\n
blog site trader feed there’s a link to<\/div>\n<\/div>\n<\/div>\n
\n
\n
the book radical renewal<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it’s written in a blog so it’s free<\/div>\n<\/div>\n<\/div>\n
\n
\n
people can read it<\/div>\n<\/div>\n<\/div>\n
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\n
uh easily that way from anywhere<\/div>\n<\/div>\n<\/div>\n
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\n
the distinction i make is between the<\/div>\n<\/div>\n<\/div>\n
\n
\n
ego and the soul<\/div>\n<\/div>\n<\/div>\n
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\n
so when we are following markets we want<\/div>\n<\/div>\n<\/div>\n
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\n
to do that from the soul not from the<\/div>\n<\/div>\n<\/div>\n
\n
\n
ego<\/div>\n<\/div>\n<\/div>\n
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\n
the analogy i use is that as a<\/div>\n<\/div>\n<\/div>\n
\n
\n
psychologist<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m trying to help people i have<\/div>\n<\/div>\n<\/div>\n
\n
\n
conversations with people<\/div>\n<\/div>\n<\/div>\n
\n
\n
to learn about what they’re going<\/div>\n<\/div>\n<\/div>\n
\n
\n
through and i have to listen to those<\/div>\n<\/div>\n<\/div>\n
\n
\n
conversations<\/div>\n<\/div>\n<\/div>\n
\n
\n
understand what people are going through<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then i can offer some help<\/div>\n<\/div>\n<\/div>\n
\n
\n
now if i don’t check my ego at the door<\/div>\n<\/div>\n<\/div>\n
\n
\n
and while this person i’m trying to help<\/div>\n<\/div>\n<\/div>\n
\n
\n
while this person is talking i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
thinking about how much money i’ll make<\/div>\n<\/div>\n<\/div>\n
\n
\n
from this session and what a great<\/div>\n<\/div>\n<\/div>\n
\n
\n
psychologist i am<\/div>\n<\/div>\n<\/div>\n
\n
\n
and how this will make me famous you<\/div>\n<\/div>\n<\/div>\n
\n
\n
know<\/div>\n<\/div>\n<\/div>\n
\n
\n
i mean would you really want your<\/div>\n<\/div>\n<\/div>\n
\n
\n
psychologist thinking about those things<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know would you want your surgeon<\/div>\n<\/div>\n<\/div>\n
\n
\n
thinking about those things<\/div>\n<\/div>\n<\/div>\n
\n
\n
i don’t think so so but yeah so what<\/div>\n<\/div>\n<\/div>\n
\n
\n
does it mean to do it from the soul<\/div>\n<\/div>\n<\/div>\n
\n
\n
it means you’re connecting to something<\/div>\n<\/div>\n<\/div>\n
\n
\n
larger outside yourself<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s what the soul is all about we<\/div>\n<\/div>\n<\/div>\n
\n
\n
connect to a bigger purpose<\/div>\n<\/div>\n<\/div>\n
\n
\n
we connect to a sense<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the infinite but even when we connect<\/div>\n<\/div>\n<\/div>\n
\n
\n
to another human being<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s a soul function<\/div>\n<\/div>\n<\/div>\n
\n
\n
all of us as traitors<\/div>\n<\/div>\n<\/div>\n
\n
\n
are engaged in conversations<\/div>\n<\/div>\n<\/div>\n
\n
\n
with the markets we trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is a very important concept<\/div>\n<\/div>\n<\/div>\n
\n
\n
markets are moving and we want to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
like that psychologist<\/div>\n<\/div>\n<\/div>\n
\n
\n
we want to sit there and sit there<\/div>\n<\/div>\n<\/div>\n
\n
\n
and sit there and listen and<\/div>\n<\/div>\n<\/div>\n
\n
\n
follow and understand what the market is<\/div>\n<\/div>\n<\/div>\n
\n
\n
doing<\/div>\n<\/div>\n<\/div>\n
\n
\n
because once we have that understanding<\/div>\n<\/div>\n<\/div>\n
\n
\n
we will know what to do if we’ve<\/div>\n<\/div>\n<\/div>\n
\n
\n
practiced long enough<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s how a psychologist operates<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s how a physician operates<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that’s how a traitor can operate the<\/div>\n<\/div>\n<\/div>\n
\n
\n
ego is not there it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
not about me it’s about understanding<\/div>\n<\/div>\n<\/div>\n
\n
\n
the communications<\/div>\n<\/div>\n<\/div>\n
\n
\n
from this market that i’m trading i love<\/div>\n<\/div>\n<\/div>\n
\n
\n
that<\/div>\n<\/div>\n<\/div>\n
\n
\n
amazing yeah um really fascinating i<\/div>\n<\/div>\n<\/div>\n
\n
\n
really like<\/div>\n<\/div>\n<\/div>\n
\n
\n
so and this brings us back actually to<\/div>\n<\/div>\n<\/div>\n
\n
\n
the because you said<\/div>\n<\/div>\n<\/div>\n
\n
\n
it always comes back and most of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
spiritual books it always comes back to<\/div>\n<\/div>\n<\/div>\n
\n
\n
like<\/div>\n<\/div>\n<\/div>\n
\n
\n
being really aware um developing your<\/div>\n<\/div>\n<\/div>\n
\n
\n
level of awareness and being really<\/div>\n<\/div>\n<\/div>\n
\n
\n
present as you said before<\/div>\n<\/div>\n<\/div>\n
\n
\n
when you’re trading don’t be on your<\/div>\n<\/div>\n<\/div>\n
\n
\n
phone don’t watch netflix and all of<\/div>\n<\/div>\n<\/div>\n
\n
\n
those things<\/div>\n<\/div>\n<\/div>\n
\n
\n
just really pay attention i i think<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
that can really make a difference yes<\/div>\n<\/div>\n<\/div>\n
\n
\n
yes and that’s why in most<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the world’s spiritual traditions<\/div>\n<\/div>\n<\/div>\n
\n
\n
there<\/div>\n<\/div>\n<\/div>\n
\n
\n
is some there are some forms of<\/div>\n<\/div>\n<\/div>\n
\n
\n
prayer meditation reflection<\/div>\n<\/div>\n<\/div>\n
\n
\n
ways of becoming more mindful<\/div>\n<\/div>\n<\/div>\n
\n
\n
when we’re mindful we’re more likely<\/div>\n<\/div>\n<\/div>\n
\n
\n
to stand apart from things rather than<\/div>\n<\/div>\n<\/div>\n
\n
\n
let them control us<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so mindfulness about our emotions<\/div>\n<\/div>\n<\/div>\n
\n
\n
means that we notice our feelings<\/div>\n<\/div>\n<\/div>\n
\n
\n
but we don’t give in to them they don’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
control us<\/div>\n<\/div>\n<\/div>\n
\n
\n
in fact i’ve had times as a trader<\/div>\n<\/div>\n<\/div>\n
\n
\n
where they’ll be selling and selling and<\/div>\n<\/div>\n<\/div>\n
\n
\n
selling and i will feel<\/div>\n<\/div>\n<\/div>\n
\n
\n
panicky and i will feel like<\/div>\n<\/div>\n<\/div>\n
\n
\n
i want to sell my positions<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then i can step back and i say wait<\/div>\n<\/div>\n<\/div>\n
\n
\n
a minute if i’m feeling this<\/div>\n<\/div>\n<\/div>\n
\n
\n
lots of people are feeling this<\/div>\n<\/div>\n<\/div>\n
\n
\n
and is that really the right thing to do<\/div>\n<\/div>\n<\/div>\n
\n
\n
do i really want to follow the crowd<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i have the panicky emotion it’s not<\/div>\n<\/div>\n<\/div>\n
\n
\n
that i’m a robot<\/div>\n<\/div>\n<\/div>\n
\n
\n
but i have the mindfulness to be aware<\/div>\n<\/div>\n<\/div>\n
\n
\n
of it step back<\/div>\n<\/div>\n<\/div>\n
\n
\n
and maybe even use it as information i<\/div>\n<\/div>\n<\/div>\n
\n
\n
could say perhaps this is a time of<\/div>\n<\/div>\n<\/div>\n
\n
\n
opportunity if everyone is panicking<\/div>\n<\/div>\n<\/div>\n
\n
\n
right and especially in these days it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
even more in this context of what is<\/div>\n<\/div>\n<\/div>\n
\n
\n
going on<\/div>\n<\/div>\n<\/div>\n
\n
\n
um developing mindfulness<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think maybe stepping back from social<\/div>\n<\/div>\n<\/div>\n
\n
\n
media from consuming news<\/div>\n<\/div>\n<\/div>\n
\n
\n
and just focusing on your internal work<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think can make a big difference<\/div>\n<\/div>\n<\/div>\n
\n
\n
i made this decision very early on in<\/div>\n<\/div>\n<\/div>\n
\n
\n
corona i i felt that i was getting very<\/div>\n<\/div>\n<\/div>\n
\n
\n
aroused<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then i made the decision to just<\/div>\n<\/div>\n<\/div>\n
\n
\n
completely unplug<\/div>\n<\/div>\n<\/div>\n
\n
\n
not follow the news anymore and i found<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m staying away from social media i<\/div>\n<\/div>\n<\/div>\n
\n
\n
find it makes a really big difference in<\/div>\n<\/div>\n<\/div>\n
\n
\n
your the level of kindness that you have<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it translates<\/div>\n<\/div>\n<\/div>\n
\n
\n
into training but it also translates<\/div>\n<\/div>\n<\/div>\n
\n
\n
into how you interact with<\/div>\n<\/div>\n<\/div>\n
\n
\n
the people in your life and that it all<\/div>\n<\/div>\n<\/div>\n
\n
\n
feeds back to how you perform i think<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s a great point ralph a great point<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know with social media there are<\/div>\n<\/div>\n<\/div>\n
\n
\n
certain people worth<\/div>\n<\/div>\n<\/div>\n
\n
\n
following right and there’s certain<\/div>\n<\/div>\n<\/div>\n
\n
\n
people<\/div>\n<\/div>\n<\/div>\n
\n
\n
worth tuning out you know and<\/div>\n<\/div>\n<\/div>\n
\n
\n
um but the ones worth following are<\/div>\n<\/div>\n<\/div>\n
\n
\n
really worth following<\/div>\n<\/div>\n<\/div>\n
\n
\n
and uh if you can form your own<\/div>\n<\/div>\n<\/div>\n
\n
\n
virtual community of the people you<\/div>\n<\/div>\n<\/div>\n
\n
\n
follow and who follow you<\/div>\n<\/div>\n<\/div>\n
\n
\n
that can be special right yeah social<\/div>\n<\/div>\n<\/div>\n
\n
\n
media can be a blessing because now we<\/div>\n<\/div>\n<\/div>\n
\n
\n
have the opportunity to<\/div>\n<\/div>\n<\/div>\n
\n
\n
to not necessarily reach out but to<\/div>\n<\/div>\n<\/div>\n
\n
\n
follow people that<\/div>\n<\/div>\n<\/div>\n
\n
\n
like 20 years ago we wouldn’t even have<\/div>\n<\/div>\n<\/div>\n
\n
\n
access to but these days you can follow<\/div>\n<\/div>\n<\/div>\n
\n
\n
and see what they do and it can be a<\/div>\n<\/div>\n<\/div>\n
\n
\n
very big inspiration<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s amazing people all over the world<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know uh yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
in real time you know in the past we<\/div>\n<\/div>\n<\/div>\n
\n
\n
would have never had<\/div>\n<\/div>\n<\/div>\n
\n
\n
that opportunity so i like social media<\/div>\n<\/div>\n<\/div>\n
\n
\n
i don’t like anti-social media<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s their story there’s a lot of<\/div>\n<\/div>\n<\/div>\n
\n
\n
anti-social media out there<\/div>\n<\/div>\n<\/div>\n
\n
\n
right um so let’s shift gears a little<\/div>\n<\/div>\n<\/div>\n
\n
\n
bit i know we are short on time but<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s a question that i would really<\/div>\n<\/div>\n<\/div>\n
\n
\n
like to<\/div>\n<\/div>\n<\/div>\n
\n
\n
um see how do you deal with huge amounts<\/div>\n<\/div>\n<\/div>\n
\n
\n
of<\/div>\n<\/div>\n<\/div>\n
\n
\n
money when your training account is<\/div>\n<\/div>\n<\/div>\n
\n
\n
growing um<\/div>\n<\/div>\n<\/div>\n
\n
\n
is there any exercises or any tips<\/div>\n<\/div>\n<\/div>\n
\n
\n
anything practical<\/div>\n<\/div>\n<\/div>\n
\n
\n
um that help your traders that you coach<\/div>\n<\/div>\n<\/div>\n
\n
\n
for example<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and to add to that from mike also<\/div>\n<\/div>\n<\/div>\n
\n
\n
um<\/div>\n<\/div>\n<\/div>\n
\n
\n
your traders when they come into the<\/div>\n<\/div>\n<\/div>\n
\n
\n
firm maybe you can give an example how<\/div>\n<\/div>\n<\/div>\n
\n
\n
much money they get in the beginning<\/div>\n<\/div>\n<\/div>\n
\n
\n
and how they grow their accounts how<\/div>\n<\/div>\n<\/div>\n
\n
\n
will they<\/div>\n<\/div>\n<\/div>\n
\n
\n
add to their funds when they have good<\/div>\n<\/div>\n<\/div>\n
\n
\n
performance<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah because i think this also relates<\/div>\n<\/div>\n<\/div>\n
\n
\n
or translates to<\/div>\n<\/div>\n<\/div>\n
\n
\n
like normal retail traders when they<\/div>\n<\/div>\n<\/div>\n
\n
\n
grow their account there comes a point<\/div>\n<\/div>\n<\/div>\n
\n
\n
when<\/div>\n<\/div>\n<\/div>\n
\n
\n
you maybe want to add to your funds so i<\/div>\n<\/div>\n<\/div>\n
\n
\n
think that’s really relevant<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah yeah so<\/div>\n<\/div>\n<\/div>\n
\n
\n
when we first start the focus is on<\/div>\n<\/div>\n<\/div>\n
\n
\n
education and training and building<\/div>\n<\/div>\n<\/div>\n
\n
\n
a really strong background and then that<\/div>\n<\/div>\n<\/div>\n
\n
\n
that next<\/div>\n<\/div>\n<\/div>\n
\n
\n
stage we think about is trying to figure<\/div>\n<\/div>\n<\/div>\n
\n
\n
out what your niche is going to be and<\/div>\n<\/div>\n<\/div>\n
\n
\n
focusing on that<\/div>\n<\/div>\n<\/div>\n
\n
\n
trying to hone your niche and<\/div>\n<\/div>\n<\/div>\n
\n
\n
the next stage is consistency<\/div>\n<\/div>\n<\/div>\n
\n
\n
can you trade your niche uh consistently<\/div>\n<\/div>\n<\/div>\n
\n
\n
well<\/div>\n<\/div>\n<\/div>\n
\n
\n
and as we mentioned that that does take<\/div>\n<\/div>\n<\/div>\n
\n
\n
some time<\/div>\n<\/div>\n<\/div>\n
\n
\n
after you become consistent you want to<\/div>\n<\/div>\n<\/div>\n
\n
\n
think about<\/div>\n<\/div>\n<\/div>\n
\n
\n
sizing up in the trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
that you do well and we have<\/div>\n<\/div>\n<\/div>\n
\n
\n
a way of doing that which is you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
essentially every 10 trading sessions<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re active traders<\/div>\n<\/div>\n<\/div>\n
\n
\n
but every 10 trading sessions you are<\/div>\n<\/div>\n<\/div>\n
\n
\n
eligible<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you have traded consistently to<\/div>\n<\/div>\n<\/div>\n
\n
\n
receive a bump<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re going to start our guys very small<\/div>\n<\/div>\n<\/div>\n
\n
\n
at the beginning of<\/div>\n<\/div>\n<\/div>\n
\n
\n
your trading career that’s the worst<\/div>\n<\/div>\n<\/div>\n
\n
\n
you’re ever going to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so it doesn’t make any sense to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
really risking a lot of money<\/div>\n<\/div>\n<\/div>\n
\n
\n
when this is the worst you’re ever<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to be and then as you<\/div>\n<\/div>\n<\/div>\n
\n
\n
prove and earn the right to<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade with more risk and with more<\/div>\n<\/div>\n<\/div>\n
\n
\n
capital<\/div>\n<\/div>\n<\/div>\n
\n
\n
then 100 we’re going to bump you up<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re in the business of<\/div>\n<\/div>\n<\/div>\n
\n
\n
splitting profits with traders and so<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s in our interest<\/div>\n<\/div>\n<\/div>\n
\n
\n
if somebody’s doing well to help them<\/div>\n<\/div>\n<\/div>\n
\n
\n
make more but very systematically<\/div>\n<\/div>\n<\/div>\n
\n
\n
traders should have have a way that<\/div>\n<\/div>\n<\/div>\n
\n
\n
they’re going to increase<\/div>\n<\/div>\n<\/div>\n
\n
\n
their risk and increase their buying<\/div>\n<\/div>\n<\/div>\n
\n
\n
power<\/div>\n<\/div>\n<\/div>\n
\n
\n
they should feel a little bit<\/div>\n<\/div>\n<\/div>\n
\n
\n
uncomfortable<\/div>\n<\/div>\n<\/div>\n
\n
\n
as they’re increasing their risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
but not so uncomfortable that if they<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually take a loss<\/div>\n<\/div>\n<\/div>\n
\n
\n
that uh they’re not going to be able to<\/div>\n<\/div>\n<\/div>\n
\n
\n
they’re going to go into some<\/div>\n<\/div>\n<\/div>\n
\n
\n
spiral downward of drinking and<\/div>\n<\/div>\n<\/div>\n
\n
\n
drugs and debauchery although maybe that<\/div>\n<\/div>\n<\/div>\n
\n
\n
is a good idea<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
and really get too distressed about that<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know<\/div>\n<\/div>\n<\/div>\n
\n
\n
we want them to take that loss and be<\/div>\n<\/div>\n<\/div>\n
\n
\n
like you know that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
not great that’s not ideal would have<\/div>\n<\/div>\n<\/div>\n
\n
\n
been better if that trade worked out but<\/div>\n<\/div>\n<\/div>\n
\n
\n
i understood before i took this straight<\/div>\n<\/div>\n<\/div>\n
\n
\n
that one of the things that could happen<\/div>\n<\/div>\n<\/div>\n
\n
\n
is i could take a loss<\/div>\n<\/div>\n<\/div>\n
\n
\n
and this is one of them and i’ll i’ll<\/div>\n<\/div>\n<\/div>\n
\n
\n
keep moving and so<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know if you are continually pushing<\/div>\n<\/div>\n<\/div>\n
\n
\n
yourself<\/div>\n<\/div>\n<\/div>\n
\n
\n
to trade a little bigger and trade a<\/div>\n<\/div>\n<\/div>\n
\n
\n
little bit better<\/div>\n<\/div>\n<\/div>\n
\n
\n
over time they’re just numbers<\/div>\n<\/div>\n<\/div>\n
\n
\n
a one thousand dollar day<\/div>\n<\/div>\n<\/div>\n
\n
\n
becomes a three thousand dollar day and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you being satisfied with<\/div>\n<\/div>\n<\/div>\n
\n
\n
three thousand dollar day uh gets<\/div>\n<\/div>\n<\/div>\n
\n
\n
replaced for you being satisfied to make<\/div>\n<\/div>\n<\/div>\n
\n
\n
five thousand dollars<\/div>\n<\/div>\n<\/div>\n
\n
\n
which gets replaced for you being able<\/div>\n<\/div>\n<\/div>\n
\n
\n
to make eight<\/div>\n<\/div>\n<\/div>\n
\n
\n
and a good day maybe a year ago for the<\/div>\n<\/div>\n<\/div>\n
\n
\n
best guys used to be 10<\/div>\n<\/div>\n<\/div>\n
\n
\n
and now it’s 30.<\/div>\n<\/div>\n<\/div>\n
\n
\n
and and you literally are just moving<\/div>\n<\/div>\n<\/div>\n
\n
\n
the decimal point<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we have guys who when they first<\/div>\n<\/div>\n<\/div>\n
\n
\n
started trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
were very consistent and made four to<\/div>\n<\/div>\n<\/div>\n
\n
\n
eight thousand dollars<\/div>\n<\/div>\n<\/div>\n
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uh a a a month and<\/div>\n<\/div>\n<\/div>\n
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you know now making a couple hundred<\/div>\n<\/div>\n<\/div>\n
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thousand dollars on their best days<\/div>\n<\/div>\n<\/div>\n
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um and even more with with special<\/div>\n<\/div>\n<\/div>\n
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opportunities<\/div>\n<\/div>\n<\/div>\n
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they become used to because they’re just<\/div>\n<\/div>\n<\/div>\n
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continually working on their sizing and<\/div>\n<\/div>\n<\/div>\n
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their buying power and they’re doing it<\/div>\n<\/div>\n<\/div>\n
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from their strengths they’re and they’re<\/div>\n<\/div>\n<\/div>\n
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doing it after they’ve earned it<\/div>\n<\/div>\n<\/div>\n
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nobody’s sitting there saying uh oh<\/div>\n<\/div>\n<\/div>\n
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i’m not really doing that well this the<\/div>\n<\/div>\n<\/div>\n
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solution is i need to take on more risk<\/div>\n<\/div>\n<\/div>\n
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i’m i’m trading lousy so let me just put<\/div>\n<\/div>\n<\/div>\n
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on more risk that will be the solution<\/div>\n<\/div>\n<\/div>\n
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\n
uh just a um observation here you’re<\/div>\n<\/div>\n<\/div>\n
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\n
absolutely right working on the<\/div>\n<\/div>\n<\/div>\n
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\n
consistency first and then growing<\/div>\n<\/div>\n<\/div>\n
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the uh sizing and the risk taking that’s<\/div>\n<\/div>\n<\/div>\n
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absolutely true and that’s worked very<\/div>\n<\/div>\n<\/div>\n
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well<\/div>\n<\/div>\n<\/div>\n
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for the smb traders well i think you<\/div>\n<\/div>\n<\/div>\n
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told me that<\/div>\n<\/div>\n<\/div>\n
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oh is that where it came from okay it<\/div>\n<\/div>\n<\/div>\n
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\n
must have been one of the in during one<\/div>\n<\/div>\n<\/div>\n
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\n
of those episodes of drinking and<\/div>\n<\/div>\n<\/div>\n
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debauchery<\/div>\n<\/div>\n<\/div>\n
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\n
um i love when you compliment me<\/div>\n<\/div>\n<\/div>\n
\n
\n
for espousing a theory which you taught<\/div>\n<\/div>\n<\/div>\n
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\n
to us oh<\/div>\n<\/div>\n<\/div>\n
\n
\n
okay well it’s because at my age my<\/div>\n<\/div>\n<\/div>\n
\n
\n
memory is so poor i don’t even remember<\/div>\n<\/div>\n<\/div>\n
\n
\n
that i said it<\/div>\n<\/div>\n<\/div>\n
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\n
um so so anyway uh yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh one thing that we do with the traders<\/div>\n<\/div>\n<\/div>\n
\n
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mic is<\/div>\n<\/div>\n<\/div>\n
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\n
we have them look at each trade and say<\/div>\n<\/div>\n<\/div>\n
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how much of my daily loss limit<\/div>\n<\/div>\n<\/div>\n
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\n
am i willing to risk on this particular<\/div>\n<\/div>\n<\/div>\n
\n
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trade<\/div>\n<\/div>\n<\/div>\n
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\n
so if i have a five thousand 000<\/div>\n<\/div>\n<\/div>\n
\n
\n
daily loss limit maybe i’m willing to<\/div>\n<\/div>\n<\/div>\n
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\n
risk<\/div>\n<\/div>\n<\/div>\n
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20 of that limit on<\/div>\n<\/div>\n<\/div>\n
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\n
a particular trade and so that will<\/div>\n<\/div>\n<\/div>\n
\n
\n
determine the sizing of that trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
because i don’t want to lose more than a<\/div>\n<\/div>\n<\/div>\n
\n
\n
thousand dollars in that particular<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade let’s say<\/div>\n<\/div>\n<\/div>\n
\n
\n
now when they grow their trading when<\/div>\n<\/div>\n<\/div>\n
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\n
they’ve been successful that five<\/div>\n<\/div>\n<\/div>\n
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\n
thousand dollar<\/div>\n<\/div>\n<\/div>\n
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\n
loss limit like mike said might go to<\/div>\n<\/div>\n<\/div>\n
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\n
a 7 500<\/div>\n<\/div>\n<\/div>\n
\n
\n
loss limit but i’m still going to size<\/div>\n<\/div>\n<\/div>\n
\n
\n
my good trades at 20 percent<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the loss limit in this case now it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
1500 right<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so by thinking in terms of fractions<\/div>\n<\/div>\n<\/div>\n
\n
\n
of our loss limit we don’t get caught up<\/div>\n<\/div>\n<\/div>\n
\n
\n
in the dollars and cents of it<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s the same trade the same percentage<\/div>\n<\/div>\n<\/div>\n
\n
\n
of our daily stock where it’s a little<\/div>\n<\/div>\n<\/div>\n
\n
\n
bit different<\/div>\n<\/div>\n<\/div>\n
\n
\n
for the independent trader is that you<\/div>\n<\/div>\n<\/div>\n
\n
\n
have a fixed<\/div>\n<\/div>\n<\/div>\n
\n
\n
dollar about in your account<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you ca and you need to grow your<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading as that account grows<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you keep growing your sizing of your<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
and your account value is staying the<\/div>\n<\/div>\n<\/div>\n
\n
\n
same<\/div>\n<\/div>\n<\/div>\n
\n
\n
then you’re risking more and more and<\/div>\n<\/div>\n<\/div>\n
\n
\n
more of that account and eventually<\/div>\n<\/div>\n<\/div>\n
\n
\n
you get to the point of what’s called<\/div>\n<\/div>\n<\/div>\n
\n
\n
risk of ruin<\/div>\n<\/div>\n<\/div>\n
\n
\n
if you lose half the money in your<\/div>\n<\/div>\n<\/div>\n
\n
\n
account you have to double the remaining<\/div>\n<\/div>\n<\/div>\n
\n
\n
capital just to break even<\/div>\n<\/div>\n<\/div>\n
\n
\n
so that’s cool i tell a story about one<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the traders that we work with<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think this illustrates a really<\/div>\n<\/div>\n<\/div>\n
\n
\n
important point for independent so<\/div>\n<\/div>\n<\/div>\n
\n
\n
we work with a traitor who i remember<\/div>\n<\/div>\n<\/div>\n
\n
\n
recruiting him<\/div>\n<\/div>\n<\/div>\n
\n
\n
thinking he was going to be spectacular<\/div>\n<\/div>\n<\/div>\n
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\n
i remember when he started thinking he<\/div>\n<\/div>\n<\/div>\n
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\n
was going to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
outstanding i remember after the first<\/div>\n<\/div>\n<\/div>\n
\n
\n
year<\/div>\n<\/div>\n<\/div>\n
\n
\n
wondering why he wasn’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
and after the second year more puzzled<\/div>\n<\/div>\n<\/div>\n
\n
\n
why hadn’t been and it got to the point<\/div>\n<\/div>\n<\/div>\n
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\n
where<\/div>\n<\/div>\n<\/div>\n
\n
\n
he had been with us enough<\/div>\n<\/div>\n<\/div>\n
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\n
that he really needed to start doing<\/div>\n<\/div>\n<\/div>\n
\n
\n
much better<\/div>\n<\/div>\n<\/div>\n
\n
\n
and that<\/div>\n<\/div>\n<\/div>\n
\n
\n
calls for a tough conversation i mean<\/div>\n<\/div>\n<\/div>\n
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\n
that calls for<\/div>\n<\/div>\n<\/div>\n
\n
\n
me bringing you into a room and saying<\/div>\n<\/div>\n<\/div>\n
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\n
look this is your last chance<\/div>\n<\/div>\n<\/div>\n
\n
\n
i have all the confidence in the world<\/div>\n<\/div>\n<\/div>\n
\n
\n
that you can do this<\/div>\n<\/div>\n<\/div>\n
\n
\n
and let’s talk with dr steenberger about<\/div>\n<\/div>\n<\/div>\n
\n
\n
specifically the things you need to do<\/div>\n<\/div>\n<\/div>\n
\n
\n
to do better<\/div>\n<\/div>\n<\/div>\n
\n
\n
and this trader had and then in this<\/div>\n<\/div>\n<\/div>\n
\n
\n
case<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh this trader had some plays that he<\/div>\n<\/div>\n<\/div>\n
\n
\n
was really good at<\/div>\n<\/div>\n<\/div>\n
\n
\n
but really needed to stick to them<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know in all his lousy trading and<\/div>\n<\/div>\n<\/div>\n
\n
\n
all his underperformance<\/div>\n<\/div>\n<\/div>\n
\n
\n
over the course of years you know at a<\/div>\n<\/div>\n<\/div>\n
\n
\n
at a<\/div>\n<\/div>\n<\/div>\n
\n
\n
a great prop firm with traders around<\/div>\n<\/div>\n<\/div>\n
\n
\n
him or as good as anybody on the street<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and him having access to and him just<\/div>\n<\/div>\n<\/div>\n
\n
\n
being super talented all of us<\/div>\n<\/div>\n<\/div>\n
\n
\n
recognizing it thinking of it<\/div>\n<\/div>\n<\/div>\n
\n
\n
he just wasn’t doing it and<\/div>\n<\/div>\n<\/div>\n
\n
\n
so we we had that conversation and said<\/div>\n<\/div>\n<\/div>\n
\n
\n
look you you need to pick it up<\/div>\n<\/div>\n<\/div>\n
\n
\n
or else we’re gonna have to transition<\/div>\n<\/div>\n<\/div>\n
\n
\n
you help you<\/div>\n<\/div>\n<\/div>\n
\n
\n
help you move on his back was firmly<\/div>\n<\/div>\n<\/div>\n
\n
\n
against the wall<\/div>\n<\/div>\n<\/div>\n
\n
\n
to this trader’s credit<\/div>\n<\/div>\n<\/div>\n
\n
\n
he totally turned it around and the way<\/div>\n<\/div>\n<\/div>\n
\n
\n
that he turned it around is he<\/div>\n<\/div>\n<\/div>\n
\n
\n
was able to stick to his trades that<\/div>\n<\/div>\n<\/div>\n
\n
\n
were his a-plus setups<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then and i mean it was the<\/div>\n<\/div>\n<\/div>\n
\n
\n
difference<\/div>\n<\/div>\n<\/div>\n
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\n
between us<\/div>\n<\/div>\n<\/div>\n
\n
\n
just shockingly having to fire<\/div>\n<\/div>\n<\/div>\n
\n
\n
this truck i mean we would put him at<\/div>\n<\/div>\n<\/div>\n
\n
\n
the top of the recruiting class<\/div>\n<\/div>\n<\/div>\n
\n
\n
in terms of expectations<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know we do that we sit around we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
like i think these are the top guys and<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know they remind us of these<\/div>\n<\/div>\n<\/div>\n
\n
\n
traitors on our desk and it’s just a<\/div>\n<\/div>\n<\/div>\n
\n
\n
matter of time and they’re going to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
the next shark<\/div>\n<\/div>\n<\/div>\n
\n
\n
the next swang um the next memo or wrath<\/div>\n<\/div>\n<\/div>\n
\n
\n
for dan g<\/div>\n<\/div>\n<\/div>\n
\n
\n
and and so<\/div>\n<\/div>\n<\/div>\n
\n
\n
he he turned it around totally became<\/div>\n<\/div>\n<\/div>\n
\n
\n
more disciplined in taking those eight<\/div>\n<\/div>\n<\/div>\n
\n
\n
plus trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
and you know became actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
based on his experience his performance<\/div>\n<\/div>\n<\/div>\n
\n
\n
was as good as anybody’s on the desk<\/div>\n<\/div>\n<\/div>\n
\n
\n
relative to his expertise and then from<\/div>\n<\/div>\n<\/div>\n
\n
\n
there<\/div>\n<\/div>\n<\/div>\n
\n
\n
he really needed to get better from<\/div>\n<\/div>\n<\/div>\n
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\n
there and started<\/div>\n<\/div>\n<\/div>\n
\n
\n
very much focusing on risk for trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
so now he had gotten himself to take his<\/div>\n<\/div>\n<\/div>\n
\n
\n
a plus trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
and done done spectacularly to get<\/div>\n<\/div>\n<\/div>\n
\n
\n
better from there he needed to put on<\/div>\n<\/div>\n<\/div>\n
\n
\n
more risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
put more of his risk budget into these<\/div>\n<\/div>\n<\/div>\n
\n
\n
eight plus trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh than he had so gave them more risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
risks 20 per trade you know your<\/div>\n<\/div>\n<\/div>\n
\n
\n
number’s higher<\/div>\n<\/div>\n<\/div>\n
\n
\n
but as dr steenberg said it’s just it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
just 20<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and he’s been doing that and and<\/div>\n<\/div>\n<\/div>\n
\n
\n
continuing to do well<\/div>\n<\/div>\n<\/div>\n
\n
\n
um i said look there are people that are<\/div>\n<\/div>\n<\/div>\n
\n
\n
people that are out there that<\/div>\n<\/div>\n<\/div>\n
\n
\n
have their backs against the wall and<\/div>\n<\/div>\n<\/div>\n
\n
\n
really turn it around with their best<\/div>\n<\/div>\n<\/div>\n
\n
\n
trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then really make even more progress<\/div>\n<\/div>\n<\/div>\n
\n
\n
focusing on their their best trades by<\/div>\n<\/div>\n<\/div>\n
\n
\n
adding risk<\/div>\n<\/div>\n<\/div>\n
\n
\n
so basically mike if i could just jump<\/div>\n<\/div>\n<\/div>\n
\n
\n
in super quick because i know we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
getting on in time<\/div>\n<\/div>\n<\/div>\n
\n
\n
but uh if i could jump it with that<\/div>\n<\/div>\n<\/div>\n
\n
\n
trainer that you’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
talking about he was already super<\/div>\n<\/div>\n<\/div>\n
\n
\n
successful<\/div>\n<\/div>\n<\/div>\n
\n
\n
it was that he was doing a lot of other<\/div>\n<\/div>\n<\/div>\n
\n
\n
that wasn’t successful<\/div>\n<\/div>\n<\/div>\n
\n
\n
but that you know this is such an<\/div>\n<\/div>\n<\/div>\n
\n
\n
important principle<\/div>\n<\/div>\n<\/div>\n
\n
\n
the keys to your success<\/div>\n<\/div>\n<\/div>\n
\n
\n
you can often find in your successful<\/div>\n<\/div>\n<\/div>\n
\n
\n
trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
look at how you make money look at your<\/div>\n<\/div>\n<\/div>\n
\n
\n
winning trades look at your winning<\/div>\n<\/div>\n<\/div>\n
\n
\n
periods<\/div>\n<\/div>\n<\/div>\n
\n
\n
and learn from what you do well and<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s exactly what this<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh trader did mike he got with your<\/div>\n<\/div>\n<\/div>\n
\n
\n
encouragement<\/div>\n<\/div>\n<\/div>\n
\n
\n
and wearing a very threatening bed style<\/div>\n<\/div>\n<\/div>\n
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\n
shirt you<\/div>\n<\/div>\n<\/div>\n
\n
\n
won’t go there<\/div>\n<\/div>\n<\/div>\n
\n
\n
but he had to focus on<\/div>\n<\/div>\n<\/div>\n
\n
\n
him at his best what he did well and<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s what<\/div>\n<\/div>\n<\/div>\n
\n
\n
listeners to this podcast can learn your<\/div>\n<\/div>\n<\/div>\n
\n
\n
the secrets to your success very often<\/div>\n<\/div>\n<\/div>\n
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\n
are right there in front of you in your<\/div>\n<\/div>\n<\/div>\n
\n
\n
best training right and i<\/div>\n<\/div>\n<\/div>\n
\n
\n
don’t know how you feel about this but i<\/div>\n<\/div>\n<\/div>\n
\n
\n
think this traitor’s gonna be remarkable<\/div>\n<\/div>\n<\/div>\n
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\n
i think he’s gonna be a remarkable<\/div>\n<\/div>\n<\/div>\n
\n
\n
traitor and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i mean he was he was you know that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
what it took<\/div>\n<\/div>\n<\/div>\n
\n
\n
yep so i know we are we aren’t uh we are<\/div>\n<\/div>\n<\/div>\n
\n
\n
here at the end i just wanted to because<\/div>\n<\/div>\n<\/div>\n
\n
\n
i love this point and there’s something<\/div>\n<\/div>\n<\/div>\n
\n
\n
that is<\/div>\n<\/div>\n<\/div>\n
\n
\n
like almost identical with edgewonk with<\/div>\n<\/div>\n<\/div>\n
\n
\n
our trading journal we do like reviews<\/div>\n<\/div>\n<\/div>\n
\n
\n
people send us their journals and we<\/div>\n<\/div>\n<\/div>\n
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\n
review them<\/div>\n<\/div>\n<\/div>\n
\n
\n
and there was a trader who was a losing<\/div>\n<\/div>\n<\/div>\n
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\n
trader the equity count equity balance<\/div>\n<\/div>\n<\/div>\n
\n
\n
was going down<\/div>\n<\/div>\n<\/div>\n
\n
\n
and he sent me his journey said i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
ready to give up what should i do<\/div>\n<\/div>\n<\/div>\n
\n
\n
and because he tagged all his trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
very nicely every trade was really<\/div>\n<\/div>\n<\/div>\n
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\n
recorded nicely<\/div>\n<\/div>\n<\/div>\n
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\n
i was seeing that whenever he stuck to<\/div>\n<\/div>\n<\/div>\n
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\n
his plan<\/div>\n<\/div>\n<\/div>\n
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\n
he was consistently making money and the<\/div>\n<\/div>\n<\/div>\n
\n
\n
account graph would have gone up<\/div>\n<\/div>\n<\/div>\n
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\n
really really nicely and there are three<\/div>\n<\/div>\n<\/div>\n
\n
\n
there<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s one thing that he keep repeating<\/div>\n<\/div>\n<\/div>\n
\n
\n
and repeating retreating<\/div>\n<\/div>\n<\/div>\n
\n
\n
that ate up all his profits and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
some and i reached out to the trade and<\/div>\n<\/div>\n<\/div>\n
\n
\n
said do you know that actually you are<\/div>\n<\/div>\n<\/div>\n
\n
\n
quite close to profitable trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
but you just keep repeating this one<\/div>\n<\/div>\n<\/div>\n
\n
\n
thing and he had no idea he was ready to<\/div>\n<\/div>\n<\/div>\n
\n
\n
give up trading after<\/div>\n<\/div>\n<\/div>\n
\n
\n
years and years of investment so yeah<\/div>\n<\/div>\n<\/div>\n
\n
\n
focus on good trades<\/div>\n<\/div>\n<\/div>\n
\n
\n
and recognize your progress this is<\/div>\n<\/div>\n<\/div>\n
\n
\n
always what i tell my<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh our traders and just look at your<\/div>\n<\/div>\n<\/div>\n
\n
\n
good trades and<\/div>\n<\/div>\n<\/div>\n
\n
\n
see how you can make good trades that’s<\/div>\n<\/div>\n<\/div>\n
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what you said mike before<\/div>\n<\/div>\n<\/div>\n
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focus on quality i think that’s so true<\/div>\n<\/div>\n<\/div>\n
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yeah<\/div>\n<\/div>\n<\/div>\n
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can i add one thing to that because i<\/div>\n<\/div>\n<\/div>\n
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100<\/div>\n<\/div>\n<\/div>\n
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agree i’m sorry dr scene burgers you<\/div>\n<\/div>\n<\/div>\n
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want to say something<\/div>\n<\/div>\n<\/div>\n
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uh just super quick uh often people<\/div>\n<\/div>\n<\/div>\n
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can’t<\/div>\n<\/div>\n<\/div>\n
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cannot see their best trading unless<\/div>\n<\/div>\n<\/div>\n
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they<\/div>\n<\/div>\n<\/div>\n
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have statistics and a journaling system<\/div>\n<\/div>\n<\/div>\n
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like edgewonk<\/div>\n<\/div>\n<\/div>\n
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it opens their eyes we get so caught up<\/div>\n<\/div>\n<\/div>\n
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trade by trade that we don’t see the<\/div>\n<\/div>\n<\/div>\n
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bigger picture<\/div>\n<\/div>\n<\/div>\n
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and that’s where a tool like the<\/div>\n<\/div>\n<\/div>\n
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edgewalk becomes so<\/div>\n<\/div>\n<\/div>\n
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so so helpful yeah go ahead bye<\/div>\n<\/div>\n<\/div>\n
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yup and we use a tool like that as well<\/div>\n<\/div>\n<\/div>\n
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and<\/div>\n<\/div>\n<\/div>\n
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we use it during our monthly meetings<\/div>\n<\/div>\n<\/div>\n
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which we’re going to do tomorrow dr<\/div>\n<\/div>\n<\/div>\n
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steenberger<\/div>\n<\/div>\n<\/div>\n
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um that’s right with our guys<\/div>\n<\/div>\n<\/div>\n
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i would say that one of the things that<\/div>\n<\/div>\n<\/div>\n
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we found helpful<\/div>\n<\/div>\n<\/div>\n
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shameless plug for my second book i’m<\/div>\n<\/div>\n<\/div>\n
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not plugging this because my book it’s<\/div>\n<\/div>\n<\/div>\n
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just something we do at the firm<\/div>\n<\/div>\n<\/div>\n
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um we do something called a playbook and<\/div>\n<\/div>\n<\/div>\n
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so every time you find<\/div>\n<\/div>\n<\/div>\n
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it’s a great that really thank you every<\/div>\n<\/div>\n<\/div>\n
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time you<\/div>\n<\/div>\n<\/div>\n
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find a trade that makes a lot of sense<\/div>\n<\/div>\n<\/div>\n
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to you and that<\/div>\n<\/div>\n<\/div>\n
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you do well with you want to go back<\/div>\n<\/div>\n<\/div>\n
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and be constructed and<\/div>\n<\/div>\n<\/div>\n
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we call put it into a playbook and keep<\/div>\n<\/div>\n<\/div>\n
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that<\/div>\n<\/div>\n<\/div>\n
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and and review those playbook trades<\/div>\n<\/div>\n<\/div>\n
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so that it’s easier for you to remember<\/div>\n<\/div>\n<\/div>\n
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in real time this is what i do well oh i<\/div>\n<\/div>\n<\/div>\n
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made a playbook trade on that<\/div>\n<\/div>\n<\/div>\n
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and i need variables 1 2 3 abc and if i<\/div>\n<\/div>\n<\/div>\n
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don’t have variables one two three abc<\/div>\n<\/div>\n<\/div>\n
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i shouldn’t take that trade because<\/div>\n<\/div>\n<\/div>\n
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those are the other trades that i don’t<\/div>\n<\/div>\n<\/div>\n
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make money in<\/div>\n<\/div>\n<\/div>\n
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but when you go through that process in<\/div>\n<\/div>\n<\/div>\n
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real time it’s easier for you to say<\/div>\n<\/div>\n<\/div>\n
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hey this is an a plus trade i’ve written<\/div>\n<\/div>\n<\/div>\n
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it down in my playbook<\/div>\n<\/div>\n<\/div>\n
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it has a name i know how to trade it<\/div>\n<\/div>\n<\/div>\n
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i’ve made money in it i measured it<\/div>\n<\/div>\n<\/div>\n
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with my trading stats time for me<\/div>\n<\/div>\n<\/div>\n
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to put risk on hey go ahead and click<\/div>\n<\/div>\n<\/div>\n
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our subscribe button so you don’t miss<\/div>\n<\/div>\n<\/div>\n
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any of the videos they’re producing for<\/div>\n<\/div>\n<\/div>\n
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you and the trading community and please<\/div>\n<\/div>\n<\/div>\n
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take the time to add your feedback in<\/div>\n<\/div>\n<\/div>\n
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the comments section for what videos<\/div>\n<\/div>\n<\/div>\n
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you’d like for us to produce next<\/div>\n<\/div>\n<\/div>\n
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and what you found helpful from this<\/div>\n<\/div>\n<\/div>\n
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video from all of us at smb<\/div>\n<\/div>\n<\/div>\n
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train and trade well<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\"\"<\/a><\/p>\n

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

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