Talking with Triforce Trader Matti Owens: Dux's Traders Podcast — Transcript

Full transcript

1. 0:00what's going on everyone welcome to the
2. 0:01first ever cat tree podcast
3. 0:09[Music]
4. 0:11hello guys stephen here um
5. 0:14we're switching into
6. 0:16new type of content i'm being getting a
7. 0:19little bit tired about
8. 0:20doing what's the five biggest mistakes
9. 0:23for beginners what is the five biggest
10. 0:25chart that beginner has to pay attention
11. 0:27to so right here we have our guest
12. 0:30matt which is my
13. 0:32longtime friend so we're going to talk
14. 0:34about trading we're going to talk about
15. 0:36our life
16. 0:37and how has the market has been involved
17. 0:39recently
18. 0:40so
19. 0:41uh other than that enjoy the podcast um
20. 0:45yes like steve said we have been friends
21. 0:47for
22. 0:48five years now yeah 20 yeah 2016.
23. 0:52and
24. 0:53i i first got to know steve
25. 0:56from uh tim sykes's conference
26. 1:00at that time i think ducks had just
27. 1:03gotten close to making like a million
28. 1:05dollars and
29. 1:08i don't know we kind of just hit it off
30. 1:10as friends from there
31. 1:12there's nothing really more to that
32. 1:15yeah
33. 1:16um
34. 1:18you know we have kind of the same
35. 1:19similar interests too like he's a big
36. 1:22he's really into video games such as
37. 1:24like starcraft he used to be semi
38. 1:27professionals
39. 1:29that's like a little unknown fact about
40. 1:31ducks honestly
41. 1:32he's used to be a semi-professional
42. 1:35starcraft player he's really good
43. 1:38um and
44. 1:40yeah we kind of bonded through video
45. 1:42games and trading and we've been friends
46. 1:45ever since
47. 1:47and one of the things i found
48. 1:48interesting is
49. 1:50i never really understood what ducks
50. 1:53would do in trading and like how he
51. 1:55thought about things until i actually
52. 1:57played him in starcraft
53. 1:59so if you're a good starcraft player out
54. 2:00there
55. 2:01you'll probably be good at trading
56. 2:05that's that's pretty much all i could
57. 2:06say one of the other opinion i want to
58. 2:08give is that trading is you know one of
59. 2:12the factors based on statistics one of
60. 2:14the factors based on real-time counter
61. 2:15strategy
62. 2:16because every single ticker that you
63. 2:18trade it's
64. 2:20everything's different flow market cap
65. 2:23and based on real conditions on the
66. 2:25volume
67. 2:26every single situation is different
68. 2:28and you have to use the statistics as a
69. 2:31reference you know to kind of give you
70. 2:33idea which direction is going to go then
71. 2:35the next one will be
72. 2:37the real-time counter strategy that's
73. 2:39where like
74. 2:40you observe the general bigger picture
75. 2:44and you come up
76. 2:45with
77. 2:47strategies in real time while the stock
78. 2:49is developing i think that's the
79. 2:52i was one of the most difficult tricks
80. 2:54to become
81. 2:55like a tier higher
82. 2:58um
83. 2:59for you know the six seven figure trader
84. 3:03yeah a lot of people asking about like
85. 3:05do i already use level two do i really
86. 3:07use tape
87. 3:09i would say five percent of the time
88. 3:11because to be honest i don't really use
89. 3:13tape that much but i do like it to have
90. 3:16it on my scanner
91. 3:19overall it doesn't really help that much
92. 3:21i would say reading the tape
93. 3:23the difference between like counter
94. 3:25stretching and reading the tape is more
95. 3:26about
96. 3:28you have to recognize
97. 3:30um the tipping i would say the balance
98. 3:34point between the lung pressure and the
99. 3:36selling pressure
100. 3:37when the stock is about to tip over
101. 3:40shifting from
102. 3:42opportunity momentum to down trending
103. 3:43momentum
104. 3:45that's where you know the knowledge is
105. 3:47where your experience will be the more
106. 3:49experience you have the more the closer
107. 3:52you will get to that you know tipping
108. 3:54point to be able to top take a stock
109. 3:56uh as i said it's also based on
110. 3:58statistics and you know the way you
111. 4:02recognize and be able to find a specific
112. 4:05counter also
113. 4:07whenever you get into
114. 4:09six figure seven figure and potentially
115. 4:11eight nine figures especially when
116. 4:13getting to eight to nine figure
117. 4:15area the size is a huge problem because
118. 4:19if you think about there's only a
119. 4:21specific amount of money to be made
120. 4:23right
121. 4:24let's say the stock has three hundred
122. 4:26thousand dollars to be made you shorted
123. 4:29at the top
124. 4:30and you hit the max size then you can
125. 4:33make three hundred thousand dollars on
126. 4:34the thirty percent
127. 4:36right but if you size in more the stock
128. 4:39will drop half 15 percent to make your
129. 4:43300 000
130. 4:44the more you size in the less range the
131. 4:46stock will create
132. 4:47so
133. 4:48whenever you're setting to the super
134. 4:50maximum the stock is not going to drop
135. 4:52it drops one percent
136. 4:54instant reverse
137. 4:55so for the buyers
138. 4:57uh that's in the stock
139. 4:59and that when the whenever seeing the
140. 5:01stock drops 30 40 50
141. 5:03they get a little frustrated because
142. 5:05they don't think the stock is dead and
143. 5:07majority of time it is
144. 5:09that's basically people's mindset but
145. 5:11when you see the stock it's only
146. 5:12dropping 10 feet 5 percent and you're
147. 5:15setting too much to get at 300 000 dying
148. 5:18ball is a huge risk
149. 5:19so
150. 5:21and you have to pay attention to
151. 5:23how much money you want to set in
152. 5:25and how much range is likely to create
153. 5:27if you break that range and the range
154. 5:29will actually shrink you'll shrink to
155. 5:31the point that buyers do not feel the
156. 5:33dangers anymore then that's where it
157. 5:35just
158. 5:36comes back in take your huge size and
159. 5:39you take a huge loss right and so i
160. 5:41think like with all of that it's
161. 5:43more than just oh i see
162. 5:46a gap up short and i go short on the
163. 5:49opening bar yeah so
164. 5:51the level of detail
165. 5:54what you're talking about is essentially
166. 5:57the counter strategy or the strategy
167. 6:00that's employed on top of
168. 6:02the pattern recognition part yeah and
169. 6:04that's i think that's the hard part i'm
170. 6:07still trying to figure it out
171. 6:09as i told you that i don't think i hit
172. 6:10the cap yet but i can see it and uh
173. 6:15i'm practicing to be there but
174. 6:19yeah i'm not there yet
175. 6:20right
176. 6:22yeah there's a certain amount of layers
177. 6:24to it like if you only only want to make
178. 6:26five figures
179. 6:27patterns is very sufficient six figures
180. 6:30maybe you need some mark experience
181. 6:32seven no
182. 6:35eight that's that's impossible
183. 6:38so it's
184. 6:39it's
185. 6:40up to you know the traders if you want
186. 6:42to be successful you want to keep going
187. 6:44because most people come into this
188. 6:46industry they are in it for money
189. 6:49and i'm in it for
190. 6:51i would say
191. 6:53um passion and
192. 6:56my execution in terms of my plan even
193. 6:58though
194. 6:59i will tell my you know jimmy or matt
195. 7:04or people around me if i made a trade
196. 7:06even though i made like a couple million
197. 7:08dollars on the trade i'm still talking
198. 7:11to them like i up i don't think i
199. 7:14executed my trade i'm not in it for the
200. 7:16money and the money is on the side but
201. 7:18i'm in it for
202. 7:20my executions my plan
203. 7:22and if the stock didn't go the direction
204. 7:25that i expected to
205. 7:27um
206. 7:28i get a little bit mad so
207. 7:31yeah you're more about
208. 7:33you're in it because you like the game
209. 7:36money is just the byproduct of being
210. 7:38good at the game like you're
211. 7:40it's like playing chess or anything you
212. 7:42know people play that their entire lives
213. 7:44because
214. 7:45it's not about winning necessarily it's
215. 7:48about
216. 7:49you you enjoy the game
217. 7:51much more than
218. 7:54just the money aspect because of people
219. 7:57if people if you just focus on the money
220. 7:59like don't get me wrong people get into
221. 8:00trading for money there's nothing we're
222. 8:01not saying that's wrong yeah what we're
223. 8:03saying though is like the people that
224. 8:05are in
225. 8:06trading for
226. 8:08the rest of their life it's usually
227. 8:09because they're addicted to the game how
228. 8:12to improve themselves and it's like the
229. 8:14same thing with starcraft going back to
230. 8:16that which is
231. 8:18you know
232. 8:19you are constantly having to adapt as
233. 8:22the game evolves like
234. 8:24you'll never be the best starcraft
235. 8:27player the best starcraft players in the
236. 8:29world when they go head to head the
237. 8:31margin of who wins is razor thin and in
238. 8:35trading
239. 8:36you know if someone makes
240. 8:3810 20 30 40 50 60 80 million a billion
241. 8:43dollars
242. 8:44they you see that they continue to trade
243. 8:46because they're like well how can i
244. 8:48uh do
245. 8:50this much better next year and so
246. 8:52they're all about
247. 8:55optimizing the game
248. 8:56and
249. 8:57even though they know that they can
250. 8:59never outright be the best and
251. 9:02i think in life those are the best kinds
252. 9:04of games ones where you can't just like
253. 9:07outright win
254. 9:09you know you can't be the
255. 9:12you're going to be the best forever and
256. 9:14ever and you have to constantly
257. 9:16adapt your strategy and adapt what
258. 9:18you're doing
259. 9:20and you'll play it until the day that
260. 9:21you die
261. 9:23also one of the other factor is if you
262. 9:25are in it for passion as i said money is
263. 9:28one of
264. 9:29this good is on the side
265. 9:31but
266. 9:32if you really want to be in this game
267. 9:35you want to survive because
268. 9:37for other
269. 9:38[Music]
270. 9:39industry it's a little bit easier like
271. 9:42for exam if you fail the exam you can
272. 9:44you can potentially take it again but if
273. 9:46you fail on the trade you feel three
274. 9:48times your account is gone
275. 9:50so
276. 9:53for that specific reason
277. 9:55especially for beginners you have to be
278. 9:57really careful like i can screw up
279. 9:59several times i'll be fine i can come
280. 10:01back but for beginners is they screw
281. 10:04five times they're gone so
282. 10:07that's
283. 10:08and you have to
284. 10:09be very careful take
285. 10:12every step very carefully um
286. 10:15then you kind of wanna get to a point
287. 10:17that you
288. 10:19don't really care about the money
289. 10:20anymore you want to be in the safe net
290. 10:22that's why whenever i trade
291. 10:25i have a 1 million dollar in my account
292. 10:27i will have 92 million dollars as my
293. 10:28backup backup account in case
294. 10:31one day
295. 10:32i up
296. 10:33so
297. 10:34um once you have that
298. 10:37uh money i would say
299. 10:39um
300. 10:41i don't know like a safety net like you
301. 10:42don't you still have chances if you
302. 10:44up once you do once you like
303. 10:46don't have that thought like oh tomorrow
304. 10:48i might fall on the pdt right like i
305. 10:50need to make my money back today if i
306. 10:52don't make money i'll get a 90 day ban
307. 10:54um
308. 10:55so you always have money to replenish
309. 10:57and in this way it's much better to
310. 11:00trade because we have a much freer
311. 11:03mindset like a free mindset to like
312. 11:06not worry about
313. 11:07you don't have enough food tomorrow like
314. 11:09stuff like that
315. 11:11so yeah you're not trading with money
316. 11:13that you don't necessarily need
317. 11:16yeah and yeah that definitely
318. 11:19overall i think improves a lot of
319. 11:22people's psychology and making them not
320. 11:25blow up as much
321. 11:27but there are people who definitely i've
322. 11:30seen them
323. 11:31they have to be
324. 11:33pressured in order for them to perform
325. 11:36no none of that
326. 11:37i have my own opinion because whenever
327. 11:40you trade with the money that you don't
328. 11:41really need
329. 11:43uh
330. 11:44yes that's a that's that's the correct
331. 11:45statement but how much money you should
332. 11:47trade in i think that's where you land
333. 11:50between the money makes you pressured
334. 11:52and the money doesn't make you pressure
335. 11:54it's in that middle line like it's in
336. 11:56the circle
337. 11:58it's in the middle line of it goes one
338. 12:00dollar above you're nervous because one
339. 12:02dollar below you're not nervous in that
340. 12:04middle of nine that's where you perform
341. 12:07the best
342. 12:08um
343. 12:08that's just my personal experience about
344. 12:11all right sizing
345. 12:12yeah but some but i'm just saying like
346. 12:15for me
347. 12:16like i like to be very like hands off
348. 12:19and just
349. 12:20let it do its thing and
350. 12:23i don't trade to a size where
351. 12:26i'll be in the streets tomorrow
352. 12:29and i don't trade under to where i'm
353. 12:30like what's the point of trading
354. 12:33yeah
355. 12:34um so yeah i try to stay in the middle
356. 12:36too and i think that brings up like what
357. 12:39we always talk about we talked about it
358. 12:41here you talked about last time
359. 12:43something we talked about
360. 12:44over the last five years which is
361. 12:47trying to be in the center of kind of
362. 12:49that yin versus yang where you're kind
363. 12:51of in the middle ground all the time no
364. 12:53matter what it what you're doing mindset
365. 12:56wise accounts account what account set
366. 12:58wise
367. 13:01because i think often times people
368. 13:03push too much to one side it's
369. 13:06definitely a balancing act and i think
370. 13:08ultimately
371. 13:10that's probably what makes trading the
372. 13:12most difficult part for people because
373. 13:14people either want to feel
374. 13:16people always want to feel like they
375. 13:18have total control over the situation
376. 13:21and in trading it's kind of like you do
377. 13:23all the work and then you kind of
378. 13:25execute that and whatever happens
379. 13:27happens yeah that's when you have to
380. 13:30have like the worst case scenario
381. 13:32situation that you know
382. 13:34you know when you know stuff hits the
383. 13:36fan
384. 13:38to know like
385. 13:40how to deal with it yeah exactly
386. 13:42yeah
387. 13:43i always have that mindset like if i go
388. 13:46in today and this is the max i will lose
389. 13:48we've been triggered two times and then
390. 13:50the next day
391. 13:52doesn't i don't they don't have to be
392. 13:54married in a specific day which i did a
393. 13:56couple times before almost wiped me out
394. 14:00yeah i think one of the things that you
395. 14:03possess
396. 14:04for someone who trades
397. 14:06completely discretionarily
398. 14:09that a lot of people don't have is the
399. 14:11ability to just kind of
400. 14:14take your wins take your losses
401. 14:16and then the next day come back and be
402. 14:19and just do what you need to do
403. 14:21um you're very much when you trade
404. 14:23you're very much like in the present you
405. 14:25don't really focus on like
406. 14:27what happened yesterday um and i think
407. 14:31that's like a huge skill set that a lot
408. 14:33of people don't have when they trade
409. 14:35yeah one other thing is like the traders
410. 14:37normally get like affected by outer um
411. 14:41like the other the environment of
412. 14:43twitter i like twitter design on twitter
413. 14:45i'm telling you right here of all you
414. 14:47guys
415. 14:48if you guys are interested in trading or
416. 14:50you guys are beginner in trading don't
417. 14:52look at twitter
418. 14:53trading is not legal legends
419. 14:55[Laughter]
420. 14:57like you're going as a team right and
421. 15:01you don't know who up somebody
422. 15:03up and you have somebody to blame
423. 15:06matt did it jimmy did it like
424. 15:08you you always find somebody to blame
425. 15:10but trading is more like a starcraft you
426. 15:12versus the market
427. 15:14and you versus the other trader
428. 15:17and it's always about self-improvement
429. 15:19always about
430. 15:20how to
431. 15:22find the best strategy for the market
432. 15:25and for yourself
433. 15:26because if you know yourself really well
434. 15:29you know how to counter yourself
435. 15:32like to get rid of the bad habits you
436. 15:35know your weaknesses you know when you
437. 15:36can use applicants to ask your strength
438. 15:39you know to counter you don't wake up a
439. 15:41certain amount of time
440. 15:42and
441. 15:44uh
442. 15:46for example i used to trade in
443. 15:47pre-market that was years ago
444. 15:51and
445. 15:52one day i found out oh trading the
446. 15:53primark is bad
447. 15:54[Laughter]
448. 15:57and
449. 15:58i was like okay all right well i will
450. 16:01play starcraft until 11 so i wake up
451. 16:03late i forced myself to wake up by 9 29
452. 16:06at one point 9 29 so i wake up give me
453. 16:09like 30 seconds to watch my face i'm
454. 16:11sitting around the computer and start
455. 16:13trading so like
456. 16:14that's one of the method you can use if
457. 16:17you're trading pre-market and you always
458. 16:19up in pre-market
459. 16:21then you can use the same concept for
460. 16:23everything yeah
461. 16:25i agree
462. 16:26i mean if you're going through a rut or
463. 16:28you're
464. 16:29taking multiple losses it's definitely
465. 16:31good to
466. 16:33just try to distract yourself for us
467. 16:35it's playing video games for other
468. 16:37people
469. 16:38they may do something else to go take a
470. 16:40walk go whatever
471. 16:42but yeah i think it's important to do
472. 16:44that
473. 16:45a lot of people get mad about it because
474. 16:47like
475. 16:49get mad about
476. 16:50even though
477. 16:52you
478. 16:53got to a point that you're you know
479. 16:55pretty
480. 16:56aware of what's happening in the market
481. 16:58and you
482. 16:59have a plan and you executed your plan
483. 17:02and you still lost that's where it
484. 17:05triggers the most traders the most
485. 17:08and it even triggers me now today but if
486. 17:11you think about it
487. 17:13what it happened it's in the past but
488. 17:16this is
489. 17:17the mistakes that
490. 17:19uh as i call your losses the result for
491. 17:23today is not repetitive in the future
492. 17:26because
493. 17:27this is only like one out of 99
494. 17:30you know right this is one trade out
495. 17:32like a thousand trades yeah in your life
496. 17:34yeah yeah but
497. 17:36the problem is is that people have grown
498. 17:38up in a certain
499. 17:40ideology
500. 17:41where
501. 17:42they believe
502. 17:44yes uh
503. 17:46i have control over everything in my
504. 17:49life
505. 17:50and when something messes up it's my
506. 17:52fault
507. 17:53yeah and it's the same you see this to
508. 17:56give you an example it's the same thing
509. 17:57when people go to college they think by
510. 18:00studying something
511. 18:02they will have a job that's not true
512. 18:04when you go to college you're trying to
513. 18:06put all the odds in your favor so just
514. 18:07like in trading when you're doing the
515. 18:09work and you're studying you're just
516. 18:11trying to put all the odds in your favor
517. 18:13to have a successful outcome that
518. 18:15doesn't guarantee an outcome and so
519. 18:17people get hung up on the expectation
520. 18:20of i put in all this time i did all this
521. 18:22effort
522. 18:23and i still lost and that infuriates me
523. 18:25because i i feel out of control and so
524. 18:28they just get stuck in that loop
525. 18:30and ultimately yeah it's always like
526. 18:33trading is difficult because you have to
527. 18:35be like in the present and the future at
528. 18:37the same time because
529. 18:40like whenever you took a loss like you
530. 18:42it's not that's not repetitive and you
531. 18:44know you will wait in the future you
532. 18:45kind of have to see okay by the end of
533. 18:47the year you know i will still make
534. 18:48money
535. 18:49and a lot of people are so stuck in the
536. 18:51present and get so mad about it
537. 18:54uh then just endless
538. 18:56loop of that uh because and what if you
539. 18:59think about if you compare two traders
540. 19:01right one trader that has really good
541. 19:03discipline one twitter is more like
542. 19:05uh a gunslinger
543. 19:07one makes huge games and one makes
544. 19:09consistent gains
545. 19:11there's a difference between both of
546. 19:13them but if you think about
547. 19:15in terms of performance one take a huge
548. 19:18loss one take a small win there is a
549. 19:21drastic difference between you know this
550. 19:24guy is actually up 50 000 from you know
551. 19:27the guy
552. 19:28who just took a loss so if you repeat
553. 19:31that 10 times you can see okay well
554. 19:33they're not a different level anymore
555. 19:36so um discipline and details really
556. 19:40matters because
557. 19:43if a two trader goes into a market and
558. 19:45even though with the smallest thing
559. 19:48they you know
560. 19:49one has a little bit better discipline
561. 19:51that will create a huge gap
562. 19:54in five years and once you realize i say
563. 19:57oh
564. 19:58i'm already you know
565. 20:0099 levels down from that person
566. 20:03one of the other thing i want to talk
567. 20:04about is uh
568. 20:07the the traders that actually have um
569. 20:09followings
570. 20:11and
571. 20:14i'm not gonna name but like there's tons
572. 20:16of traders have you know ten thousand
573. 20:18twenty thousand followers out there
574. 20:20maybe even
575. 20:22more than me but the problem is
576. 20:24those traders trying to
577. 20:26[Music]
578. 20:27because they're
579. 20:30so
580. 20:31have such a following and people always
581. 20:32think they're right
582. 20:34they were they will pretend
583. 20:37they're right if even though they're
584. 20:40wrong
585. 20:41like you have that um
586. 20:44the pressure of being right because a
587. 20:47lot of people think you are right
588. 20:49so you don't
589. 20:51recognize your mistakes
590. 20:53because you're in in that such of like
591. 20:55oh
592. 20:56steve's the best maddie matt is the best
593. 20:58i've never been wrong i might be like oh
594. 21:01yeah i'm never wrong i would never be
595. 21:03wrong before
596. 21:05and we are all human it doesn't really
597. 21:07matter you have a million or like you
598. 21:09know seven billion following me you are
599. 21:11going to make mistakes and you have to
600. 21:13admit to that you made a mistake and
601. 21:15have to admit that
602. 21:17you have to make changes to it if you
603. 21:19keep going that route i always think
604. 21:21you're right and finding excuses for
605. 21:23yourself you're just going to like
606. 21:26fall
607. 21:27yeah yeah and um just as a side note
608. 21:30like all of these people that have
609. 21:32massive followings understand guys like
610. 21:34followings can be faked
611. 21:37yeah you know
612. 21:38and
613. 21:39a lot of times people can make thousands
614. 21:42of different accounts under multiple
615. 21:44different users
616. 21:46and
617. 21:47you know you can see like oh this person
618. 21:48has a million followers well 30 of those
619. 21:51could be just fake accounts
620. 21:54and you know you really shouldn't listen
621. 21:56to
622. 21:57people who have large followings have
623. 22:00you find them on a youtube ad
624. 22:03you know always do your due diligence
625. 22:04when it comes to that and yes the people
626. 22:07that have massive followings yeah they
627. 22:09feel like
628. 22:10they are oh well i'm never wrong i
629. 22:12always make money and ultimately that
630. 22:14affects their own trading
631. 22:16because they end up blowing up their
632. 22:18accounts or losing millions of dollars
633. 22:20because they're like oh well i took a
634. 22:22trade
635. 22:23and now i need to get out of that trade
636. 22:26because i'm wrong but i can't get out
637. 22:28because people think that i'm right
638. 22:31it's a vicious cycle because
639. 22:34like steve said before
640. 22:36training is an individual
641. 22:38sport very much like starcraft you have
642. 22:41your individual like ranks it's one
643. 22:43verse one
644. 22:44you know training communities exist to
645. 22:46help
646. 22:47but make sure you understand the
647. 22:49difference between
648. 22:51you know seeking help for your problem
649. 22:53and just blindly following someone
650. 22:56without
651. 22:57you know critically assessing
652. 22:59you know
653. 23:00are they doing the right things any
654. 23:02trader that's real always loses money um
655. 23:05yeah
656. 23:07there's there's no doubt about it i've
657. 23:09never met anyone where it's like hey
658. 23:11i've never lost before but people on
659. 23:13twitter and youtube they pretend as if
660. 23:1599.9
661. 23:17[Laughter]
662. 23:19um
663. 23:21and understand like you know i've said
664. 23:23this in other podcasts too
665. 23:25you know no matter the trader you're
666. 23:27only as good as your last trade and i
667. 23:30don't think a lot of people ever take
668. 23:31that to heart
669. 23:33just because i won
670. 23:36yesterday that has no bearing on the
671. 23:39next trade i take and so
672. 23:41and that's why you there's not a there
673. 23:43there's no individual that exists in
674. 23:45trading that is the god of trading
675. 23:47because yeah uh it just
676. 23:50you're only as good as the last trade
677. 23:52that you made
678. 23:54and um so just be careful out there and
679. 23:57understand that if you if you think
680. 23:59people aren't above making fake accounts
681. 24:01to bolster
682. 24:03their egos and sell their subscription
683. 24:05services like you are naive yeah also
684. 24:08one thing um
685. 24:10me and matt both have our
686. 24:13own educational service
687. 24:15uh with all of you guys out there uh
688. 24:19one thing is
689. 24:21whenever you're looking at somebody's
690. 24:23youtube and how they really talk well
691. 24:26that's first one you can you can
692. 24:27basically judge that does their pattern
693. 24:30actually fit some type of logic right
694. 24:33that's number one thing you have to
695. 24:34verify number two is
696. 24:36you want to go in and actually verify by
697. 24:39yourself to see okay this
698. 24:42this guy
699. 24:43said this this this um
700. 24:47you can test it out by yourself you can
701. 24:50build your own spreadsheets and your own
702. 24:52way to test it out okay this is actually
703. 24:54legit a lot of people just blindly
704. 24:57following
705. 24:58other people be like oh yeah i have you
706. 25:01know i trained a 50 000 million their
707. 25:04students that doesn't mean their pattern
708. 25:07is working
709. 25:08it just
710. 25:09means they probably had
711. 25:11um
712. 25:12something
713. 25:16you know it's
714. 25:18it doesn't mean their uh pattern is uh
715. 25:21you know successful so let me give you
716. 25:23this one statistics i was on a phone
717. 25:25call with one of the brokerage owners
718. 25:29they have about 20 something thousand 25
719. 25:32000 clients
720. 25:34and
721. 25:36there is about 10 percent of people
722. 25:39that doesn't lose money
723. 25:41so that's up now they make money no they
724. 25:43don't make money
725. 25:45but they don't lose money oh okay so
726. 25:47they break even their break even that's
727. 25:482500 out of 25 000.
728. 25:51now
729. 25:52in that 10
730. 25:54you have five percent that makes money
731. 25:58including one dollar
732. 25:59okay so that's one thousand two hundred
733. 26:04now you have that now ten percent of
734. 26:06that
735. 26:07uh 1200
736. 26:09makes about a six figure
737. 26:12a year
738. 26:13so
739. 26:14that cuts down to 100 people
740. 26:18then 10 percent of that
741. 26:21no 5 of that 100 people makes over 5
742. 26:24million dollars
743. 26:25a year now
744. 26:27out of those five people three people
745. 26:29keeps rotating back and forth because
746. 26:31one year they take loss on the money so
747. 26:34there's only two person that can be
748. 26:37consistently staying
749. 26:39at the top only two
750. 26:41so
751. 26:42there's not many people you can count
752. 26:44them either that's one broker just
753. 26:45pretty big it's pretty big brokerage
754. 26:47house if you count all the brokerage
755. 26:49house out there you know
756. 26:51including robin hood weeble i don't even
757. 26:54know if people make money on robin hood
758. 26:56because top traders don't use weapons
759. 26:59no no
760. 27:00for all of you
761. 27:01young people out there no
762. 27:03self-respecting trader uses robin hood
763. 27:05for like a billion reasons yeah um
764. 27:09you know that's just basically a cash
765. 27:11grab
766. 27:12um but yeah i mean the percentage of
767. 27:15successful people who are successful in
768. 27:17trading is is very minor and the people
769. 27:19that are at the very top who make a lot
770. 27:21of money consistently is even smaller
771. 27:24yeah um it's a very hard field
772. 27:27it falls into the general statistics of
773. 27:29like running a business like 90 of
774. 27:31businesses fail you never hear that
775. 27:34about them yeah and only 10 of them
776. 27:36survive and not just to date myself of
777. 27:38how old i am
778. 27:39when i when i was growing up there were
779. 27:43there were like a lot of search engines
780. 27:45besides google there
781. 27:47just tons of different
782. 27:49types of businesses that all did the
783. 27:52same thing
784. 27:53how many search engines are left
785. 27:56one or two
786. 27:58so again
787. 28:00you know not many businesses survive
788. 28:03past five years 10 years 15 years 20
789. 28:06years and so if you're getting into
790. 28:08trading have the expectation that you
791. 28:10are probably going to fail no matter who
792. 28:13you listen to
793. 28:14but if you enjoy the game keep playing
794. 28:16because you just may
795. 28:18actually
796. 28:20make it out alive
797. 28:22that's all
798. 28:23it's all about self improvement so
799. 28:26exactly every person is different you
800. 28:28have your own personalities and your own
801. 28:30habits you have your own schedule
802. 28:33so it's up to you to make it work
803. 28:35recognize your strengths recognize your
804. 28:37weaknesses and you know use your
805. 28:39weaknesses as your strength
806. 28:41then
807. 28:43after that
808. 28:44uh combining
809. 28:47like you can treat stock markets a
810. 28:49virtual world combining the real world
811. 28:51and the virtual world to make them work
812. 28:53together it's
813. 28:54it's pretty difficult
814. 28:56i would say and
815. 28:58i've said this before like i honestly
816. 29:00think that
817. 29:02you know most people are not
818. 29:05i don't want to sound like a downer or
819. 29:07that i'm
820. 29:08i'm sad but i i'm just trying to be
821. 29:10blunt like
822. 29:12you know most people
823. 29:14should not be trading most people should
824. 29:16never get into the business
825. 29:18you know if all you have is ideas of
826. 29:20grandeur that's not enough to sustain
827. 29:26what is required of you to be successful
828. 29:29um and that goes back to what we were
829. 29:30talking about before which is like if
830. 29:31you just focus on the money
831. 29:34you probably won't make it like you
832. 29:36actually have to
833. 29:38enjoy
834. 29:39the game yeah
835. 29:41because it's
836. 29:42it's a game that i think is very
837. 29:44difficult and
838. 29:45um
839. 29:47you know
840. 29:48yeah we both run education services and
841. 29:51all honesty if you come to me and you're
842. 29:53like i want to join your education
843. 29:55service i will tell you don't bother
844. 29:57and the reason is this
845. 30:00you know there's a lot of free stuff out
846. 30:01there that's number one
847. 30:03number two
848. 30:04uh
849. 30:06i just find that most people aren't
850. 30:08serious like you can talk to any of my
851. 30:10students i literally have a student of
852. 30:11mine that joined my service and i told
853. 30:14him not to do it like i was like just
854. 30:17don't do it like learn on your own and
855. 30:18see how willing you are actually will
856. 30:21you wake up every single day without
857. 30:24paying a single dollar and actually
858. 30:26learn will you read all of these books
859. 30:28will you do all of these things
860. 30:31and that's my litmus test because
861. 30:32honestly like
862. 30:35you know i think
863. 30:37just most people aren't cut out for it
864. 30:39and i will never
865. 30:41lie to you and say
866. 30:43my training service is the best and
867. 30:45you'll be a multi-millionaire like no
868. 30:48it's not going to happen um even though
869. 30:50a lot of people sell that type of dream
870. 30:52like it's just not gonna happen yeah
871. 30:55well first of all it's like a lot of
872. 30:56people don't even take it seriously uh
873. 30:59that just filtered out ninety percent
874. 31:00now right right off the bat
875. 31:03yeah and then after that
876. 31:05it's very i would say
877. 31:08trading yourself is a very anti-human
878. 31:10[Laughter]
879. 31:13like very very anti-human like
880. 31:17you just wanted the market itself wants
881. 31:20to trigger you
882. 31:21uh and also
883. 31:23i've been training for almost a very
884. 31:25long time now and people are asking
885. 31:28steven you know
886. 31:30as far as my knowledge you are one of
887. 31:32the best
888. 31:33uh what do you think about the stock
889. 31:35market right now i still i still say
890. 31:37it's freaking difficult
891. 31:40yeah
892. 31:41if you're
893. 31:42listening to this like you need
894. 31:45write down like all the things that
895. 31:47you're learning for free
896. 31:49and if it's like yeah i spend an hour on
897. 31:52youtube
898. 31:53like that's not enough like you're not
899. 31:55serious
900. 31:56you know i've had people come and
901. 31:58they're like i can't find success for 10
902. 32:00years my question is is what are you
903. 32:01doing yeah
904. 32:03and a lot of it is just going from
905. 32:05different educator to different educator
906. 32:08you know
907. 32:09reading this book to that book and it's
908. 32:11like you should have a structure to all
909. 32:13of your trades you should know your edge
910. 32:15and if you don't know that and you're
911. 32:16not willing to put in the time to that
912. 32:18then don't even bother trading
913. 32:22and because you guys i think all listen
914. 32:25to a bunch of people who don't trade
915. 32:29they have no idea what they're talking
916. 32:30about and all of their education stuff
917. 32:32can be found online for free
918. 32:35you know if you want to learn patterns
919. 32:37you don't need to pay for that
920. 32:39there's tons of patterns out there
921. 32:41you want to learn how to program
922. 32:44there's legitimately free content now to
923. 32:47learn how to program when i was growing
924. 32:49up there was not that content by the way
925. 32:51fyi
926. 32:53[Music]
927. 32:55you know so the question always is how
928. 32:57serious are you
929. 32:59and uh
930. 33:00don't sell yourself on a bag of dreams
931. 33:02because most of you won't make it yeah
932. 33:05when you are look when you're seeking
933. 33:07information
934. 33:08it's a it's a midpoint between
935. 33:12you know have someone to look up to but
936. 33:14at the same time understand that it's an
937. 33:16individual sport
938. 33:17and that you probably won't make it but
939. 33:20if you love doing it then do it yeah
940. 33:23yeah a lot of people used to make fun of
941. 33:24me like hey steve how did you make me
942. 33:26know 900 000 in the first year and a lot
943. 33:29of people making me make fun of me me
944. 33:31you know studying on the toilet i mean
945. 33:34you gotta you gonna do what what you
946. 33:36gotta do here so
947. 33:38you know i
948. 33:40i mean you can make make fun of me on
949. 33:42starting on the toilet but you can't
950. 33:44make fun of me making six million
951. 33:45dollars you want to try this
952. 33:48yeah the study part is is crucial um
953. 33:52because i mean i don't know about you
954. 33:54but i have people that literally
955. 33:56buy my stuff and then they don't like
956. 33:58look at it like they don't even
957. 34:01they don't even yeah there's people yeah
958. 34:02there's people yeah buys myself stuff
959. 34:05and like it's like what they watch for
960. 34:06two minutes all right i'm out
961. 34:09i'm like
962. 34:10it doesn't happen through osmosis
963. 34:13you know yeah
964. 34:14and then there's people who
965. 34:16like study hard
966. 34:18but they still don't make it and
967. 34:21um
968. 34:23i don't know
969. 34:25why they would ever think like oh if i
970. 34:27buy a course you know i'll learn
971. 34:29i can make money like again no matter
972. 34:32who you go with no matter what you learn
973. 34:35your expectation should be
974. 34:37yeah i learned something but that
975. 34:39doesn't necessarily equate to
976. 34:41me being successful in the market
977. 34:44yeah one thing is like you kind of have
978. 34:46to have your own expectations of like
979. 34:50what's
980. 34:51if you
981. 34:52want to trade and you love trading
982. 34:55um
983. 34:56then you want to
984. 34:58make
985. 34:59trading as your passive income where
986. 35:01we want to be a full-time trader like
987. 35:05you more want to focus on okay i want to
988. 35:08be a part-time trader this is no this is
989. 35:11not the game that i like but i'm trying
990. 35:12to make make it for the money
991. 35:15it's oh it's
992. 35:17i think it's okay to get up to
993. 35:20six figure a year max
994. 35:23then if you don't really love the game
995. 35:26you ain't going over that so that's just
996. 35:29my personal opinion for
997. 35:31like how you want to do it yeah yeah i
998. 35:34don't know i try not to put
999. 35:37figures
1000. 35:38on people i mean
1001. 35:40because i'm always either disappointed
1002. 35:42or surprised
1003. 35:45yeah it's hard to quantify
1004. 35:48what someone can possibly make from the
1005. 35:51market because it's like
1006. 35:53uh every strategy has a weakness so this
1007. 35:56is like another thing
1008. 35:57yeah
1009. 36:00strategies
1010. 36:01like
1011. 36:03they die or they go sideways and they
1012. 36:05may come back and the strategy you used
1013. 36:08a couple years ago may not be the
1014. 36:10strategy you use today and like i think
1015. 36:12people have a hard time understanding
1016. 36:14that
1017. 36:14i've been adjusting my pattern
1018. 36:17every single year when the pandemic
1019. 36:20happened my pattern wasn't working for
1020. 36:22like a good three months until i
1021. 36:24actually you know put all the changes
1022. 36:27updated pattern then
1023. 36:29i started to make money from there so
1024. 36:32yeah i just think like that's like a
1025. 36:34misnomer like people get in their head
1026. 36:36that i just learned this one thing and
1027. 36:37then i'm done for the rest of my life
1028. 36:40[Music]
1029. 36:41so if you you know find that our
1030. 36:43conversation that's useful you know take
1031. 36:45some notes and we'll be
1032. 36:47sharing more stuff in the future
1033. 36:50and uh yeah if you like it leave a
1034. 36:52comment below if you have a question you
1035. 36:54can also leave a comment below
1036. 36:56other than that
1037. 36:57i'll see you guys
1038. 37:01[Music]
1039. 37:11you