Episódios
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Maybe you’re not aware, but we just concluded this thing we call a presidential election. This has lots of people talking and speculating and all of the above. I want to try and simplify it all in a very straight-forward manner for us as traders. I’ve been trading through several presidents at this point in my life, so while that does not make me correct about anything, it at least gives me a bit of real life experience I can build from. Let’s get to it!
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It was recently released that the New York Stock Exchange (NYSE) is thinking of moving to a format where the stock market is open 22 hours a day. This is a huge event, assuming it happens. With that being said, I want to give my thoughts and cover a few details to provide a bit of clarity and consideration to the situation. Let’s get to it!
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If you aren’t aware, let me tell you a secret: day trading is HARD! Because of this fact, we should be constantly on the lookout for any kind of tool that can assist us in our journey. I don’t mean any kind of magical indicators or trading bots, but a tool that is designed to provide an additional angle to your thought process. In other words, you still need to be able to think for yourself. Anyone proclaiming a tool that does your thinking for you, run the other way! This tool though is very powerful and it is one you should highly consider arming yourself with. Let’s get to it!
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The rich just keep getting richer. In fact, there’s an article out saying Elon Musk is on pace to become the first trillionaire relatively soon! This is a very hot topic for some, understandably so. How can someone who, already, a bunch of money just continue to see that amount grow and grow. How is that right? How does that happen? The point of this episode is not to convince you of anything, but rather, to offer an explanation and answer to those people who are bothered by this situation.
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I assume you know this, but let me quickly make sure: trading is stressful. If you think you can walk into the world of trading and feel zero stress, I have some ocean front property in Iowa I would love to sell you! Due to this fact, any time “stress” in mentioned in the world from any context, I always do my best to listen. If I can learn something new about stress, the logic would follow that I could perhaps deal with it that much better within my trading. I came across an article about Mark Cuban and what he finds valuable within his employees. He mentioned a specific skill that I would say is at the forefront of trading success. There’s also a couple other interesting data points about stress that I believe will serve as a reminder to use all, whether beginner trader or veteran. Let’s get to it!
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When you make an investment of any kind, what would be considered a ‘good’ return? This is a more than valid question. We’ve worked hard for our money and want to be sure we’re not being unwise with it. I’ve discovered that many beginners really have no idea what a good return on investment would be, which makes sense. The problem with this logical ignorance is you have no baseline to judge claims against. When you don’t have a baseline, you can set yourself up for potential scams. Unfortunately, I’ve seen people getting scammed over and over again due to some very crazy claims. To be fair though, if you don’t have a baseline, you aren’t going to be able to identify something as ‘crazy’ or not. Let’s dig in a bit deeper.
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One of the best moves you can make as a trader is to bust your own bubble! What do I mean? The more you can separate yourself from your personal strategy, the better your personal strategy can become. I understand that may not make a whole lot of sense, but let me explain in this episode! Thanks for a back-and-forth with someone on YouTube, it prompted the idea as the person I was dealing with was, clearly, trapped in their own bubble. Start bursting bubbles and watch your flexibility as a trader explode!
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The claim is this, “we both did the “right” things…” This comes from an article I read about the real estate market; however, it opens the door to something I’ve seen time and time again in the world of trading. So much of trading (and most other things) has to do with the correct perspective. This is where the trickiness comes into play because in order to demonstrate the correct perspective to others, you risk coming across as a jerk and as being mean. I know… I know… the saying has been said a million times and you probably know what I’ll be saying next, the truth hurts. I have been told by people they are “doing the right things” within their trading, but are they? How can they or myself know? In all actuality, it’s quite easy… let’s discuss.
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Let’s talk about your chances of becoming wealthy. To clarify, I don’t mean “wealth” as having a garage full of exotic cars or beach side mansions around the world. By “wealth” I mean enough money to live at an above average standard of living. What are the odds you’ll be able to accomplish such a goal? I want to give you a challenge, or more accurately, a test. Another way we could look at this is Step 1 in proving to yourself that you can realistically become wealthy. If you are not able to complete this challenge, then sorry to say, but I’m not liking your chances of getting wealthy. The Wealth Test is nothing complicated; however, if will force you into focusing on various dynamics that all wealth builders need to consider. Let’s go!
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I came across an article regarding burn-out which caught me a bit off guard. After reading it, the author’s points made very reasonable sense, but I had never considered how burn-out could be a good thing. Bringing this into the world of day trading, I think there is much that could be useful. The article is based around someone who has hired 100’s of people for management positions, meaning, she has interviewed 1,000’s of people. She has learned to ask several questions that reveal important characteristics about a person being considered for a management role. These characteristics can (and should) certainly be applied to us as traders. If you are struggling or just can’t quite get over the hump, perhaps asking yourself these questions will be the solution you need. Let’s talk burn-out!
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I was given some advice via YouTube and it perfectly summarized why and how so many beginner traders are lead astray. I wish podcasts like these didn’t need to be done, but as I’ll show you with proof, there is a dangerous thought process alive and well that makes perfect sense, but it’s lethal. I want to offer you up a warning and help guide you as you navigate the crazy and overwhelming world of “free information”, which includes my content too! Unfortunately, well intentioned thought processes and advice can be some of the worst diseases that exist when you’re trying to learn and fine tune your trading strategies and rules. Let’s discuss!
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I have a single question for you. Do you enjoy building? What does this have to do with trading, investing and money? In my opinion, a whole lot! Maybe this is just me, but sometimes my mind wanders and I just think about stuff - haha! This question is one of the conclusions I came to when thinking through what it takes to find success in the world of trading and investing. Let me explain myself…
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If you’ve been following the headlines, you know that “price controls” have made an appearance. While this is not a political podcast, it “is” a podcast about all things money which includes the economy. Therefore, anything in the political world that has to do with the economy I believe is on topic for the show. My goal is to never tell you what to think about any issue, but just give you some considerations and allow you to come to your own conclusions. I understand price controls sound good on the surface. How nice would it be if companies can only charge us a certain price for goods and services we want? This is the game politicians from both sides love to play. Say stuff that “sounds good” and then hope people don’t dig into the comments and their implications any further. I assume my crowd who listens to this podcast is NOT like that. I assume you want to form your own thoughts and are always on the quest for pieces of information to consider within your thought creation. Time to talk price controls!
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The month of July was going amazingly well until I went into moron mode. I can only speak for myself, but “moron mode” is just something that is part of me. I’ve been trading now almost two decades and this is an issue that arises from time to time. The secret to dealing with moron mode is to ensure the moments it happen have large time gaps between them. Do I want to talk about these moments publicly? Of course not. But they happen, so I want to walk you through the dangers of what I did and offer up a reminder of just how nasty things can get. Am I trying to teach through fear with this episode? Absolutely! Sometimes the best medicine for fighting against an issue is through pure fear. Bad for me, but good for you is the fact none of this is “in theory”, this lesson comes directly from my own personal moron mode. Let’s talk about it!
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I want to keep this short and sweet and try something different in terms of dropping an episode "in the middle" of a current even situation. At the recording of the episode, the pre-market sell off was in full swing and only picking up in momentum. Everywhere I looked, it was one negative headline after another. I wanted to take the opposite approach and offer up some of the fear easing logic that I love to use during these moments in time. Let's get into it and offer a ray of light amongst all the negativity currently in the headlines!
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During the early stages of your career in trading, you’ll find yourself constantly surrounded by traps. The majority of these traps are due to how your, normal, brain is wired. I say this because I am not implying you are some kind of moron for falling into one of these traps. The human mind, in the spirit of efficiency, tends to skip over details and definitions that matter. What do I mean? I came across someone who is clearly new (and a bit angry) to the markets and they claimed a great sounding strategy. The main part of its greatness of the simplicity behind it. I decided to press this person a bit more and you’ll see how the human mind has lead them astray. Hopefully I was able to help them out in seeing the error of their ways, but if not, I hope I can use this interaction to point out a few things that you are potentially overlooking within your trading. Let’s get to it!
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There was a recent article I read titled, “If you always do these 8 things, you’re mentally stronger than most”. From the article, “After spending decades studying mental strength and interviewing and surveying thousands of people for my recent book, “The Mentally Strong Leader,″ I have good news. The mentally strongest people tend to share certain habits we can learn from. There are patterns I’ve noticed when it comes to what they say (and don’t say) and what they do. If you always do these eight things, you’re already mentally stronger than most. If you don’t — yet! — you can look to this list as a mini-playbook that will help you level up your mental strength.” I want to focus on the number one thing on her list. I’ve talked about it 100’s of times at this point, but now I have a bit more cover fire that I’m not just talking from a theoretical standpoint. Let’s get to it.
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While I’m known as a trader, I do also invest! Investing does not need to be talked about nearly as much given the long term nature of the strategy; however, I do still enjoy talking about it. I wanted to take a few moments to share with you one of my favorite ETF’s for investing. Will this kind of investment be for you? I have no idea. I don’t know what your goals are and what kind of place you are in life, but I’d imagine there have got to be some of you out there that would find value in this ETF. An important aspect of investing for me is to be able to understand “what” the ETF is doing and “how” it accomplishes its goal. In my mind, the ETF I will be sharing with you makes perfect sense in a very simple way. I’m not too smart, so I need simple! Let’s talk about this ETF and see if it is something that can help you meet your goals in investing!
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I recently came across a passionate plea from a retail trader arguing short selling should be banned. This is not a new topic within the world of trading and investing. Short sellers are often the evil people of the market and carry with them a sense of mystery and darkness. They’re often times used to blame for falling prices and the backbone of numerous conspiracies. If you believe short selling should be banned, then that’s fine. You are more than welcome to carry that opinion; however, I will say I’ve never seen a “ban short selling” opinion that didn’t import false logic. In this episode I hope to give you some talking points to arm yourself in case you come across one of these “short selling bad, ban it!” people. Or, who knows, maybe you are against short selling but have an open mind so are willing to hear me out (which I 100% respect). Let’s do some talking about short selling!
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I get it. The vast majority of you reading this email do not work in the world of sales. Neither your job title or job description mentions anything about working on a sale’s based commission. The fact of the matter is, you are in thee world of sales whether you like it or not. I recently have an interaction with someone who reminded me that many people are unaware of this fact. The sooner you realize you are a salesperson, the sooner you’ll be able to position yourself to be as successful as whatever your goals are. Even if you don’t want to do sales and want to work at a job where you interact with no one, you are STILL a salesperson. Let me explain how.
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