Introduction Into Emotional Intelligence With Uncle Larry — Transcript

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1. 0:00Hey guys, I'm here with my Uncle Larry.
2. 0:02Hey guys. He is a psychologist. No, I'm
3. 0:06actually a social worker, but I my
4. 0:09primary job is as a psychotherapist.
5. 0:12So, I work with people every day to help
6. 0:14them
7. 0:15uh improve themselves, look at their
8. 0:18um thinking patterns, things like that.
9. 0:21And I know one of your big passions is
10. 0:23emotional intelligence. Is that right?
11. 0:25That is a huge passion of mine. You know
12. 0:27what the thing is with emotional
13. 0:28intelligence is it is really the
14. 0:30cornerstone of everything we do, whether
15. 0:32it's athletics, uh schooling, um
16. 0:36relationships.
17. 0:38And I think it implies or applies to
18. 0:40trading, too. Yeah, big time.
19. 0:43For me personally, I've noticed that so
20. 0:46many traders can't get over that hump of
21. 0:49profitability if they're not able to
22. 0:50control their emotions.
23. 0:53So, that's one of the big things that I
24. 0:54I'm really glad Jack is willing to talk
25. 0:56to me today cuz at 22 years old, Jack
26. 0:59has been phenomenally successful
27. 1:02trading. And this is something that 90%
28. 1:04of traders never get to, right?
29. 1:07So, go ahead and just tell tell us how
30. 1:09you did this. Yeah, so what you're
31. 1:11saying about 90% of traders that don't
32. 1:14do it, there's actually a study done um
33. 1:17a few days ago by uh one of my friends
34. 1:20who reached out to a brokerage account
35. 1:23and it was like 10% of 25,000 people at
36. 1:27this brokerage firm were actually making
37. 1:29money. So, about 2,500 people.
38. 1:32And then they went as far as they kept
39. 1:35digging and digging and digging and then
40. 1:37it was like half of that um 10% actually
41. 1:41make
42. 1:42uh a
43. 1:43a little bit more than, you know, a few
44. 1:45dollars. Like it's kind of like five 5%
45. 1:47break even, like just a little bit green
46. 1:49and then like the other 5% is between
47. 1:51that zero and six figure mark. And then
48. 1:54actually it was only about 100 people
49. 1:57that were making um over six figures
50. 1:59consistently a year. Out of 25,000? Mhm.
51. 2:03Holy cow.
52. 2:04And then they took it a step further and
53. 2:06there was only about 10 people who were
54. 2:08making um millions of dollars doing
55. 2:11this. And then out of those 10 people,
56. 2:13there was only a few people that were
57. 2:15doing it consistently and not um
58. 2:18losing the money that they made.
59. 2:21So, I got an interesting uh statistic
60. 2:23for you. I heard that if you ask those
61. 2:2525,000 people how they rate themselves
62. 2:28as traders, 90% of them got to say
63. 2:30they're above average. Yeah. So, how
64. 2:32does that work out? You got You got
65. 2:34literally 10 who are really making the
66. 2:37money? Mhm. And not even 10%, 10
67. 2:40traders.
68. 2:4110 traders. And yet 90% of them would
69. 2:44would rate themselves as better than
70. 2:45average.
71. 2:46Yeah, I think that
72. 2:48that's a huge um red flag and
73. 2:52always the people that I see that have
74. 2:55big egos when they're trading and who
75. 2:58are always um tooting their own horn,
76. 3:00especially before they even have made
77. 3:02anything. You see a lot of traders um
78. 3:05talking with nothing to back them up.
79. 3:08And that is a huge red flag and I think
80. 3:10it's very detrimental to a lot of
81. 3:12traders out there who are very
82. 3:15egotistical about, oh, I'm all making
83. 3:17money, I'm a really good trader, this
84. 3:19and that. And the truth is is if they're
85. 3:21saying that, they probably aren't,
86. 3:23especially if they have nothing to back
87. 3:24themselves up. So, what do you think is
88. 3:26driving that belief system in them?
89. 3:29Uh something to do with the human
90. 3:31emotion. As humans, we like to be good
91. 3:34at everything. We like to, especially as
92. 3:36men, we like to do things that are
93. 3:38significant. We like significant things.
94. 3:41We like all that and we want to be good
95. 3:44at something that um you know, one, it
96. 3:47makes you a lot of money if you good are
97. 3:49good at trading.
98. 3:50And also it's it's very very hard, so we
99. 3:53want to naturally be good at it since
100. 3:55it's such a big challenge. So, one of
101. 3:57the things that really intrigued me was
102. 4:00what following you on Twitter and seeing
103. 4:03the haters, right? So, you know, I know
104. 4:06that Jack actually did what he claims he
105. 4:08did. Um and I know it drives some people
106. 4:11nuts cuz you did this at 22 years old,
107. 4:15right? So, what I hear people saying
108. 4:18some A lot of people are very positive,
109. 4:20but there are those people who are like,
110. 4:22you know, he must be lying and the the
111. 4:25belief I think is that
112. 4:27if he could have done it, why aren't I?
113. 4:29And that is what we want to get to.
114. 4:31What is it
115. 4:32with emotional intelligence that can
116. 4:34help you be more like Jack and the other
117. 4:3710%. Mhm. All right. So, we know that
118. 4:40it's not just emotional intelligence.
119. 4:42Talk a little bit about Tim Sykes, you
120. 4:44know, that's where you got your
121. 4:45foundation, right?
122. 4:46Mhm.
123. 4:46Yeah, Tim Sykes says all the time what
124. 4:48he basically is is training wheels on a
125. 4:50bicycle.
126. 4:52And without any information, it's very
127. 4:54hard to jump in the market and hear a
128. 4:56few picks from relatives, friends,
129. 4:59something like that and just buying it
130. 5:01and hoping for the best. And the thing
131. 5:04is that's what a lot of people do. They
132. 5:06try to just
133. 5:07buy something and hope that it goes up.
134. 5:09And without that um training wheels,
135. 5:12you're just going to fall right over.
136. 5:13You're going to try to pedal it with and
137. 5:14fall right over. You need to learn kind
138. 5:16of how to go um and pedal a little bit
139. 5:20with with some help from someone who's
140. 5:22been in the game for a couple decades.
141. 5:25And Tim has been doing it for a couple
142. 5:27decades.
143. 5:28Um and that's why I chose to invest in
144. 5:31myself and invest in my education before
145. 5:33just jumping right in with a few hot
146. 5:35stock picks because I knew I wanted to
147. 5:37take this
148. 5:38um
149. 5:40So, the So, what was it called? The Tim
150. 5:42Sykes Challenge is what you started
151. 5:43with? Yeah, so I jumped into the Tim
152. 5:46Sykes Challenge and at the first like
153. 5:48couple weeks, I was a little hesitant
154. 5:50after watching a few YouTube videos. But
155. 5:52then what sold me was I watched a live
156. 5:55stock uh ETRM at the beginning of uh
157. 5:59January 2017. It ran from two to $20 in
158. 6:02a few days. And I saw a few people in um
159. 6:06the Tim Sykes realm on Twitter and on in
160. 6:09his chat room talking about it and how
161. 6:10they were buying it. And I was like, oh,
162. 6:13like I'll keep an eye on it and see how
163. 6:14it does. And then I watched it go from
164. 6:15two to 20. Then I watched it go from 20
165. 6:18and then I watched it tank back down.
166. 6:19And I saw that um human emotion hype
167. 6:23with the a lot of these penny stocks and
168. 6:25then I saw it crash as Tim Sykes taught.
169. 6:27And I was like, wow, like I just saw
170. 6:30live. Like I'm sold. And after that, I
171. 6:33got involved with um studying that
172. 6:36entire year and learning um from Tim
173. 6:38Sykes and getting my training wheels.
174. 6:40That's awesome. So, one of the things
175. 6:41that Jack had told me was yes, he got
176. 6:44the foundation from Tim, but you would
177. 6:46actually said you kind of trade based on
178. 6:48human emotion. And you said you follow
179. 6:50the the trends of the human emotion,
180. 6:53right? So, EI or emotional intelligence
181. 6:57is about being able to recognize what
182. 6:59we're feeling, which is something guys
183. 7:01don't do well. Guys tend to feel like a
184. 7:03couple things. We feel happy, we feel
185. 7:05angry,
186. 7:06maybe a little sad. We don't like a lot
187. 7:07of those other feelings. We don't like
188. 7:08anxiety, we don't like scared, we don't
189. 7:10like anything that that is a sign of
190. 7:13weakness. But those are really important
191. 7:15to us.
192. 7:16Now, the trick is we don't have to act
193. 7:18on those feelings. Those feelings are
194. 7:20informational, like a sixth sense. They
195. 7:22help us kind of interpret the world
196. 7:24around us and it's what we do with that.
197. 7:27So, what I've been as I've been talking
198. 7:29to Jack over a period of time, um I see
199. 7:32some people who are reacting to their
200. 7:33anxieties and fears. Maybe uh you know,
201. 7:36we'll get into this another time, but
202. 7:38like the fear of missing out. That's
203. 7:39driven by anxiety and that's something
204. 7:41where you got to got to be able to
205. 7:43interpret it, but manage it and not let
206. 7:46it run you, right? Yeah. So, what I'm
207. 7:49hoping to do, guys, is Jack and I are
208. 7:50going to do a series of videos um
209. 7:54and hopefully give you guys a little bit
210. 7:55more insight into what emotional
211. 7:57intelligence is and how it helps out on
212. 8:00uh things like trading. But again, it
213. 8:02helps out in any aspect of your life. If
214. 8:04you want to end up, you know, being
215. 8:06better in relationships, in sports, in
216. 8:10academics,
217. 8:12really anything. I mean, you look at
218. 8:13someone like Tom Brady who is, you know,
219. 8:16a great quarterback, but there are other
220. 8:18quarterbacks who are more athletic,
221. 8:20but he's got incredibly high emotional
222. 8:22intelligence, so he doesn't crack under
223. 8:24pressure.
224. 8:25So, that's what we're going to be
225. 8:26talking about in the next series of
226. 8:28videos. So, I hope you guys uh stay
227. 8:30tuned.
228. 8:31Um
229. 8:32love you to follow me on Twitter, too.
230. 8:34Larry Blackwell on Twitter. You're
231. 8:35already following Jack and Tim. But uh
232. 8:38we'll talk to you soon.