Everybody, it’s Michael Martin. Hope you’re doing well. Happy Monday. So I’ve been getting a lot of pings privately cause I think folks don’t want to talk about this and put their name on it publicly, like in social media or in on the YouTube channel, and that’s with all the AI bots and stuff like that. I would avoid it for now, it’s unproven and unfounded. If someone has a three month track record, I wish them all the best, right? It’s hard to put up wins, but it’s too new to go out and make a big commitment financially to something that you don’t really know anything about. And I see this coming from marketers as a new spin on the newsletter. The newsletter is here’s my subscriptions, here’s my daily stock picks. We have this big algorithm, it’s going to screen a bunch of crap. Do all this work for you. You pay me, who knows what it is. Seven bucks a month, which is a trip wire, right? The $7 a month is a trip wire so that you see the offer so that they can sell you on higher end coaching, right? That’s the same as the free plus shipping. All you have to do is pay for the postage. Nothing wrong with it. Now the problem is, is that if you don’t know what you’re doing as you’re trying to be a traitor, which of those names are you going to pick? If I give you 15 different names, how do you know which one to pick? Do you do all of them? Do you divide your money equally? And then position sizing, how do you work that out? So it leaves a lot to be desired is what I’m saying. You ultimately can’t buy your way out of it if you’re not comfortable with any part of the trading model. That’s really what you need to go side up to and make friends with so that you can overcome those feelings. Because ultimately, if you try to kick the can down the road sooner or later, you’re still going to come up to that same feeling of indecision and not knowing it is what you want to do. So when they say, I just got a text with this, that or the other thing, and I’m like, okay, well that’s just great. We got all that figured out. Now all I have to do is sit here and wait for the text and do nothing. Yeah, that sounds like a winning strategy. I’m sure Paul Tudor Jones did that when he was sitting around just waiting for Peter to do all his work and I’m going to sit around and do nothing. Then you’re going to send me a bunch of names and then something’s going to happen. Do you enter the orders for me, right? Because if I have indecision, well, I’m doing my own research here and then you send me a list. Now I have indecision around the names that you sent me. How do I know which one to pick? Do you have favorites? Right? Because now you’re bringing a lot of bias into somebody else’s list. Are you going to go with the ticker that you know, well, I know I’ve seen seen Lululemon, so I might as well do that one. You see what I mean? So These things that come across as solutions aren’t really solutions at all because ultimately, while you might think that they’re saving you time on the analysis part, right? 80% of the game is the emotional as psychological, and you can’t get past that. Why do you think for the name of all the toley, I spend this entire time on the show talking about the hardest part of trading, right? We have courses that are both online and in person where we get to marry that. So you work through it with my help because there’s really no other way to do it. And yes, there has to be a fee for that. There has to be an exchange of value. What I’m willing to do and what my promise was, has and has been is to give away the hardest part. So you get that part for free. You got to do the work though. You can sit and watch every damn video. You can go to Spotify and subscribe and then listen to it over and over and over again. Thank you so much for even considering that. But if you don’t do the work, nothing’s going to happen. Binge watching is entertainment. And while the names, well, we don’t really talk about names. The themes that we speak about are on repetition for sure because they constantly come up and they’re so sophisticated because of how you were brought up and the environment that you were in and the things that you learned about behavior from the people that around you. It’s going to take days, weeks, months, maybe a year to get over and get out of the old habits that you have, you see? So that’s going to require just like being on a diet, you don’t go on a diet for a day and start thinking that you’re going to get results. You can say you quit smoking for a day. You can say you gave up booze for a day, but it ain’t much to write home about you. See? And so my whole thought process around this is, look, we have algorithms, right? I’ve designed them by hand and one thing that I’m not going to do is give it to you. Why? If I had the formula for Coca-Cola or the flavoring for Kentucky Fried Chicken, these guarded secrets, why would I sell that to anybody after all the hard work that it took to get it in the first place? I sell all my other assets, borrow money to the best of my ability, and then put all that money to work and run the model. Why would I give it to you? So I’m not one of these conspiracy theorists, but I am a very practical human being who grew up on the streets in New York City. So at the end of the day, to me it wouldn’t make much sense when you see there was one guy who was saying, we did this and we had a bunch of people, it’s 2,500 bucks, this and that. And if you act today, it’s 50% off. So this just reeks of retail desperation and I don’t begrudge anyone trying to make a buck, but the AI stuff hasn’t been around long enough. You can’t run it and back test it on one or two years worth of data. We’ve talked about that. You need 10 years, maybe 20 years of data. You also know from this amazing show that you have to go back in and buy the outliers, the ones that have been delisted, the Lehman’s, the Bear Stearns. You have to buy the Bank of Boston’s that have been merged into other companies because otherwise you’re just looking at a data pile of survivors. So it’s doubtful that these younger guys who probably mean well have the enough experience to really go out and do this. Why? Because they’re looking to get some form of success that they can document on paper and sell that as a track record. So as a guy who hears pitches all day long, I’m used to finding the holes in the argument and I’m incapable of being bullshitted. Again, I don’t begrudge anyone trying to be a capitalist, but I am here as a consumer reports to help you. It’s super easy to swipe your credit card and feel like you’re meeting an emotional need, but it’s unless, and I’m proud to say this, unless you go through my program, no chance, there’s no chance. And the reason being is because it’s like boxing with Mike Tyson. My head’s going to go down when you try to hit me, I’m going to change the angle and I’m going to give you a couple of liver shots and you’re going to go down and you’re going to have to do the work. And you’re like, but Mike, I want to watch all the videos first and then come back because that’s my style. I’ll give you your money back. It’s my house, it’s my rules. And if you want to get success, you have to pay your dues. You have to go through that emotional stuff to get where you want to be. There’s no way around it. I had to go through it. Anyone you read Market Wizards for the love of God, every single person in here has a story where they had to go through something, take a big hit, take a big loss, make a mistake. That’s part of growing up. So I want to save you the money because even if you spent 50 bucks on it, that’s still 50 bucks, it’s 50 bucks saved. So I would much rather you learn to deal with the uncertainty and feel all those feelings. Our program, I don’t really talk much about it because again, I’m sooner or later I’ll probably have to monetize the show from the standpoint that it takes a lot of time and I’m really busy and that might mean one of two things. I only do it once a week for as much time as I possibly can. Maybe 10 minutes, maybe one show for an hour. I don’t know. I also think that if the show is good, then I also should consider buying even better technology. We have really good stuff. There’s a Sony 4K camera that I’m on. This is a high O PR 40. It’s a do, it’s a prosumer, at least a prosumer. Mike. We have sophisticated software for the editing that Ganja uses and because this is an xlr, Mike, I have an amp it’s, it’s a Zoom H six that I use that I run into the computer, that I connect to the software, which is o bs. So we can certainly upgrade. We’re looking at a good friend of mine that’s a black belt in jujitsu that I love dearly. His name is Bob. He’s got some office space over in the Newberry Park area where we might be able to go and stretch out and kind of set up a studio and then do things face to face. But friends, being friends, that’s great. We love and trust each other, but you’re still going to have to pay rent. And I have some sound canceling cloth and drop cloth that we can use to cancel the echo. I’ve got the lighting fixtures that I can bring over and we have a lot of the hardware that you need. For example, if you have a two camera shot, one person speaking, if Ganja starts to answer the Zoom software, which is okay, I give it a five out of 10, it the quality is not that great. I admit, I know the resolution sucks. There’s not much we can do about that. But my upload speed on the internet for where I am here doesn’t support some of the programs that would lead for a better end product. So that’s why we’re also looking for a place where we can get higher, upload something like 500 megabits per second or better have super high quality stuff. Then for the reach out to the folks on Instagram and just try to keep pushing it forward. That’s all going to take money. And right now, this is a running at a loss as far as time, money, and effort because I’m not getting any revenue for the show specifically. So sooner or later I might have to either drop in a mid-roll or a pre-roll for the online course and just get it to a point where even if a random couple people sign up, it at least covers the cost of the show, right? Because I want to do high quality. I want to put the time in. I want to keep my spiritual commitment to everybody that I’m giving back. Really, really the most valuable part of trading that wasn’t available for me. At least I couldn’t find it. It might have eventually been available somewhere, but it wasn’t through meeting people and it certainly wasn’t in the books. It really came through the hard knocks of it all. And so at any rate, I feel like that’s something that we’ll talk about on the horizon. It takes about two weeks to get through the program, but you have to work every day and the work is intense and that can leave you, the expression that I use is like an emotional hangover because you have to dig deep, but you have to do that anyway. You could either do it the way I did it and be constantly experimenting and learn from doing it right, which is what I’ve said all along. I’m really consistent in my stuff because it’s the truth. Doing of the trading is going to teach you the most, but you’re going to also have to approach it from the most raw standpoint because it’s just you and your emotions. Now, if you want to understand your emotions first and perhaps save yourself some time, then we can talk about it. You can reach out. Just understand this though, that the one-on-one is expensive probably for the newer traders because it takes my time and I usually put in three or four hours of work in prep behind the scenes to customize the time that we would spend together. And that’s not 50 bucks an hour, sorry. Linda Evangelista was a supermodel and she said something when I was younger in the eighties that really helped me understand what my worth was. And I don’t know how the comment came about, but someone wanted to hire for a thing and she said, I don’t get out of bed for less than 50 K. And that’s kind of like my mindset for the things that I’m endeavoring to do and what value I bring to the table. If you want Rolls Royce costs 400 k. If you can’t afford it, then you just got to save work harder and find a way buy one used. I don’t know. So for the one-on-one stuff, the online self-study program is very vigorous too. It’s just that I’m not there to kind of catch you and hear you using are running your rackets, right? Because the words that we use have a lot of power. So just remember that the AI thing, it’s the new form of the marketing newsletter with stock picks. I don’t think the analysis is all that difficult, so you’re probably paying for overpaying for that. The trickier part of course to trading is your emotional constitution. And you can either do that by working with someone like me, or you can just do it through hard knocks, which is what I’ve said from day one. Just go start trading and learn on the way. Anyway, appreciate everyone being here, and thank you so much for all your comments and your support of the show. I appreciate you all very much, and I’ll see you tomorrow.
Hey everybody, it’s Michael Martin. Thanks for being here. I’ve had a great week. I’m going to do see some artwork this weekend. I hope you have some fun plans. Get your minds off the market, give some space, put some space between you and the marketplace. Today, I want to ask you all a question because I might be the only person who may ever ask you this as your significant others might not fully understand how trading works, what goes into it, but this, are you making enough money for the work that you’re putting into your craft and all this study and your preparation? Are you making enough rate of return as a percentage for the capital that you have? And for those of you who’ve been around a little bit longer like me, are you making enough money for all the experience that you bring to the table, right? Because as you’re in this business, the way you keep your scorecard or your report card changes when you’re newer, you don’t know anything. So the expectation is much smaller. It’s much lower. What you’re really trying to do at that point is learn how to behave consistently. But as your account grows, right, as you set newer goals for yourself, as your number of years of experience increases, you have to hold yourself to a different standard, right? Like I mentioned to this week, I found myself day trading a couple of days because that’s what the market presented. Trust me when I tell you, I had no skill at the beginning of my career to pull that off, but it was only through years and years and years of repetition of not knowing my backside from a hole in the ground that you have to execute. You don’t get paid to know stuff, get paid to execute, and the market environment that we’re in right now presents itself a certain way. So you have to adapt. Might be harder for the newer person because you might not have one strategy down right now, I prefer to not even trade this way, but the style of trading that I bring to the table, who I am as a man and how I do things, isn’t working in this environment. You see? So I have to adapt, so right, because I get you have results or excuses. That’s it. You say, oh, the market sucks. No, you don’t get to say that market’s the market. The market’s the market. The market doesn’t suck. It’s that you might not have the skill to adapt. And at the beginning, that’s okay. After 35 years, no place to hide, no place to hide, right? You have results, you have excuses. That’s it. So you get to judge yourself again. At the beginning, I think it’s probably based on skillset. I would suggest that you focus on one asset class and one trading style, one holding period. People think right, holding periods are the trading style, and that’s how their language, that’s how they use the language. Anyway, now over time too, yeah, Paul Tudor Jones can probably trade options. He could trade futures. He could trade stocks, but not when he first started. So those skills, you can’t accumulate over time. But again, it comes through trial and error. And that means are you willing to risk money doing something where you don’t know what you’re doing? They asked, I saw, I don’t know where I saw, it might have been on YouTube. Somebody was interviewing the late Anthony Bourdain, who was a chef about his juujitsu practice, because he started later than me. I think he was in his late fifties when he started. And the question was along the lines of why Juujitsu and why now? And his answer was really interesting, which kind of applied to me too. He was like, I wanted to start something in my life, a life where I already had great success in other things. But go back to the spot and feel the feelings of what it was like to be the absolute beginner with no particular skillset set, and then have to grow from there. There’s a lot of wisdom that you can get for yourself when you put yourself in those situations. Of course, you have to have the willingness to look like an idiot, to look like a newbie. A lot of people who make it, they don’t like to suffer any type of humility, so they miss out on a lot of growth opportunities, which is great. Cause there’s more job security for me, right? Cause I’ll smoke those. Can’t put the word in there. Cause it’s rated G. Actually, no, it’s rated R, but that might be very strong. And so I think yes, you can definitely attain those skills over time, but when you’re starting out, you have to start small and you have to think about acting consistently so that you can build your track record, right? Because your partner might not fully understand what the heck it is that you’re trying to do. And again, there are a handful of people ganja talked about, the folks on his E-sport teams, there’s initiators, there’s in-game leaders, like people play roles. And so if you’re going to think about what would you say to yourself if you were the boss, you might say something like, those are all interesting. And yes, you can experiment. We’re going to talk more about that Monday. But for now, stay in your lane. Stay in your lane, because that’s a form of discipline. Don’t give yourself permission to be like, oh, I made money on three trades and I’m going to go take a flyer and give it all back. I’ve done that so I can share with you. That’s not a good feeling. So in the beginning, stay in your lane. Over time, you can create a different type of scorecard for yourself, you see? But in order to have success, you have to do one thing very, very well. You have to control your behavior regardless of what’s going on in the marketplace. And you have to do that day after day after day. If you have the discipline to do that, you may have a chance. The market still might suck. Keep in mind that in the late seventies, late sixties, excuse me, there’s two years of a bear market and the s and p got cut in half. I’m not saying we’re there now, but imagine if you came with a back-tested model that worked for 50 years, and then all of a sudden you stepped into this window of time and it wasn’t working Right? When people typically don’t predict bear markets, they usually don’t know it until they’re in it or until it’s almost over. That’s my experience. And the perma bears, they’re an interesting group, right? Because no matter what happens, the day’s always cloudy. So that’s kind of what I would do depending on where you are, if you have more experience than are you making enough money as a percent rate of return, forget dollars. Professionals think in percentages for all the skillset that you have, for all the knowledge and the wisdom that you have attained. How would you grade yourself? If I was your boss, how would you think I would grade you? Because I have some very frank conversations with people who are used to making seven figures, well into seven figures on some of the consulting stuff and some of the numbers. And for the capital base, you’d be surprised they are not playing up to their potential. So we kind of helped them see things by reformulating, reinvestigating, rephrasing, rewording, rewriting. But anyway, it’s Friday. It’s been a long week. I hope you have fun plans for the weekend and that you do great research and that the next week’s next week of trading is just unbelievable for you. Thanks very much for being here, folks. I’ll see you Monday.
Hey everybody. Hope you’re doing well. Hope you enjoyed yesterday’s episode with Ganja. Now, a question came in from somebody who I’ve been texting with about things, and the question was, how can you help? How can I build my confidence around my trading? And I think the answer lies inconsistency. If you act consistently, you can build your confidence very hard to build confidence in trading by doing other things, you have to, you can’t shy away from taking the risk. You can’t build your confidence by avoiding the uncertainty around the outcome of a trade. We can’t build confidence if you’re, when you look at the hill or the mound, that makes up your confidence, which is at the top. It’s all the feelings at the bottom that you don’t want to feel. You have to step over those and learn how to be with them. When you come to understand that you can only control the controllables. That is, do I buy or sell or do I do nothing? At what price do I get in? And then what inventory do I have? That’s all you can control. Those are deliberate choices. You’re bullish or bearish on a certain name. You choose to own it. You can choose it in an option, or you can choose the underlying right. You can choose the timeframe, but at the beginning it’s like, where do I get in long or short? And then how much? Knowing that if you have too much, you might make money in the coin toss if it goes in your favor, but if you’re wrong, you got bad luck, you got bad timing, or you got bad analysis, you could lose a lot more than you had hoped, right? So what I would say is stick to your rules at the beginning. Try anything for a couple of weeks. Trade super small. Don’t risk a lot of money, but it’s in the consistency in your behavior that’s going to help you build confidence because you’re going to have winning and losing streaks no matter the asset class, the trading style, the holding period, every system, and we’re going to talk about this, has its own season. Now, just because it has a losing streak doesn’t mean the system’s not worth anything, right? And that’s hard to understand when you’re just starting out. You can liken it to sports. There are some people go on streaks, their on base percentages, very, very high. They get walked, they get hit by the pitch, they get base hits, extra base hits. Then there’s times when they can’t do anything, right? And so you have to take the thick with the thin, admittedly, when you’re starting out, that’s a little tricky. So you have to measure your own behavior. Can you execute what it is that you’re trying to do? So I feel when I look back at what I did when I was coming up, is that I did execute things Consistently. It took me a while, of course, to understand the marriage between entries and exits, especially with respect to position sizing. Because those prices, certainly the exit will be adjusted depending on how big you’re trading, right? Because you know what percent you’re going to lose in your portfolio. So if you’re risking one half of 1%, right, you know that there’s only so many contracts or shares that you can have before you have to get stopped out. Otherwise you’re going to risk losing more money. And there are people here who are like, well, I’m going to wing it. I’m just going to just wait and see. But that’s killed a lot of people, you see. So the point is, is that in my own experience, it’s through the consistent behavior and the consistent study that’s going to help you build the confidence that you need for putting those trades on. Because when you think about, even when you’re in a losing streak, the best you can do is control the controllables, which is, did you get in where you wanted to? Did you put on the size that made sense for you? Did you cut your losses where you had predetermined you were going to get out? That’s the best you can do. You’re powerless over the results. So even in losing money, in those instances, you can actually build your confidence because you’re doing what you intended to do. When you take flyers, you adjust your stops, your protective stops lower, you start negotiating with the market, you give yourself permission to do stupid things, and then you get stupid results. So I don’t know what more I could say about it. I was lucky in that I kind of understood that very, very early on, behavior predicts where you end up, and I also knew that I had limited funds, and if I lost that money, it was going to be very difficult in terms of how much time, right? Cause living in Manhattan was very expensive. So I had to preserve my capital. So I was always focused on playing defund defense. Yes, I wanted to make a lot of money, but I also knew that if I lost my trading grub stake, it was going to be very, very difficult for me to gather those funds in any short period of time. So that’s what I would like to do is leave it there today. If you have any questions about it or if you have any other experiences where you’ve developed confidence in your life, leave it in the comments for sure. I just think trading’s so different that I can see where I had success as a musician. I had picked it up. I worked very hard. I had success as an artist, but I put the work in. So I had the model for my personality type on how I got results, both as a student from academia, a student of the arts, student of music. I kind of knew who I Was, which is kind of why I advocate probably more than most other people, that if you don’t know who you are, it really doesn’t matter what I knew, what made me tick. I knew how to carve it out of stone. I knew how to put a plan together to attack an issue, edify myself, not overly edify myself, but edify myself enough to a point where I knew I could take action and capitalize it. The rest I’d figure out along the way. There’s a lot of you out there who are uncomfortable with that. You want to know everything first, and I think you’re missing out on a lot. I don’t think there is a point where you over prepare, and it doesn’t necessarily help. You only have to have basic understanding of things. You don’t need to have, be an expert. You need to be an expert in you because everything else then doesn’t matter, right? I could understand how butterflies and condors work, but I don’t trade ’em. So in some level, it’s, it’s interesting. It’s interesting to have a conversation with people who really know options, I suppose. But at the end of the day, it doesn’t help me make money. So all you need to do is know what it is that you do to be you. When you’re a trader, everything else doesn’t really matter. It’s just cocktail parties you see. Anyway, please liken subscribe. Let me know what you’re thinking. If you have any suggestions or comments, please leave them below. I read them all myself, and thank you very much for being here. I’ll see you tomorrow.
Hi everybody. Welcome back to the weekly segment that Mike and I do where we go over you guys comments and questions and give our 2 cents on that and see if we can add to it, maybe expanding upon it and give you guys some feedback. With that said, thank you guys so much for all the support recently on the videos. We really appreciate the comments, everything you guys do to give us some topics to speak about. We really appreciate that and everybody’s questions just keep ’em coming. We seeing them, it’s good for us. Direct connection to Mike and I and let’s get into today’s topic, which I wanted to say was really, wait, hold on. Close my window. I’ll cut it out. I’m going to do the other stuff too. My dad’s on my patio right now and before we get into today’s topic, make sure you guys like and subscribe. All comments, help the algorithm and if you haven’t already clicked a notification as well so you get notified every time Mike uploads a video. And with that said, we can get into today’s topic, which is the type of market going on right now. You and I were having this conversation privately and I thought it would be an interesting topic to bring up on the video and you were saying how the market is more kind of sporadic, it’s not really making any sense, there’s no follow through, and obviously we talk a lot about the different types of trading, day trading, swing trading and all that stuff. And you were saying this is more leaning towards the day traders market. So just give me your thoughts on that and I want to hear what you have to say. Yeah, it’s really eight names or so that are kind of driving the whole market. It’s not a broad based kind of rally market where there’s health across lots of names. Obviously interest rates have a lot to do with how that all plays out and the threat of not the physical threat, but with the threat of the government hiking rates, again, they talk about being dovish and hawkish. I don’t even know what half those terms mean to be honest. I don’t really pay attention to it. I just look at the direction. If it’s going up, I buy it, it’s going down, I stay out of it. But even in the commodity space, there’s been a lot of false starts. There’s been things that have broken out lots of V bottoms which are hard to trade, things that are turning on a diamond, then moving. So it’s a very weird market. What does, I know what weird mean, but in the trading world, they say it’s a make it and take it kind of market these days because can’t, there’s been so many breakouts that don’t have follow through. You find yourself getting into something and you know might not even be fully loaded in the position that you want. Goes up a little bit, not enough to add more, but also not enough to take profits and then it can come right back and hit your protective stop and knock you out of the trade. So you have to make an adjustment. And for me, I know would, if someone said on a wit, if I was on a witness stand and someone asked me, I would say my personality. I’m more geared to being a position trader. I like to build into something and then hold it. I’ve had commodity positions for three months. You see, I’m already looking at March of 24 sugar for example. I don’t want to be in and out and in and out or be in a winning trade and then have to roll the contract as we say to the next month. You’ll roll from Julys to October. October goes all the way to March. I like to get into a position and sit on it and let the market do the work for me. While I have hopefully a very levered position. I’ve been knocked around so much on things where, what was it? March? No, April I was down, I think it was down two thirds of 1% mostly because I couldn’t get into anything. Everything was going up. It was a few positions that went up, but then when I added more and then adjusted my stop, I got taken out. So didn’t really lose June. I had to make some adjustments and think more like a day trader, which is not how I’d like to act. I can do it, but I would much rather do less work for more money. You see what I mean? I don’t want to have to come and say like, okay, here’s my monitor and it’s my hot keys and all that kind of stuff and think about making money every day. I want to make money on average every day, but I’m not concerned with having a green day. That’s a mind fucking thing that people talk you into and then you think because the person’s important that which they’re not. Nobody’s really important except you have to make money on average. But I don’t take it personally if I’m down a particular day, but I do have to make adjustments for the type of market that we’re in because ultimately if you don’t get paid, so it’s been, I guess it’s not that I don’t like how it feels, I just prefer I’ve evolved to a point where I can take a very, very, very thick skin. I have a cast iron stomach and I like to think of commodities more as an investment, but the market hasn’t really shown us that recently. Yes, beans have had a sharp move, but who knows if it’s going to sustain. Same thing with sugar I suppose, but who knows if it’s going to sustain. Usually I like to see things move a little bit more, which I guess leads to the question, I don’t really want to become a day trader. I don’t want work, want to work as little as possible and make a lot of money from a Pareto efficiency standpoint. I suppose over the years I have learned to trade options. I have learned how to trade stocks, I know where my skillset is. But think about it, if you look at the game valoran, what you’re an expert on and you have a five person team in the game, you might have six or seven people on the overall team. Five are playing. Is there, you know, tell me at a level, are there people who play every position or do they tend to specialize? Yeah, usually you want a specialist. Yeah, I think I mentioned this about a pro player a little while ago. I sent you a video on him actually. He’s Arabic guy. No, he’s Brazilian. Oh yeah, yeah, yeah, Yeah. So that means quotations in Portuguese. But this guy’s an animal. He’s capable of switching roles because he’s just so gifted mechanically and his intelligence and positioning is just vastly superior to most people. But you usually want a specialist because the utility in that game is so complex. It’s not just press E and then you just blow up the bomb side or whatever. It’s not like that. There’s so much effort that goes into making sure they’re a line and you literally have to line up a cross hair that is different for every person because you make your own. You have to line it up with a specific pixel, throw it at a specific time, and then make sure that your teammate executes at the exact right moment so they don’t get flashed, but everybody else on the bomb site gets flashed. It’s ridiculously complex and so people at the high level do switch sometimes, but it’s only on a specific couple of maps. It’s not really like, Hey, this guy who plays controller all the time, let’s get him on dualist. Why not? It’s also because the mindset are totally different. I was talking to a player about this the other day and she was being asked to switch roles by her team and I was like, that’s a terrible idea. Because her mindset is not let me get in there and start fights. It’s not let me carve the map. She’s not super map aware that it’s more of let me help my teammates as best I can. And that’s like the best setup for the initiator role. You have each role with a specific psychological framework and they all have specific tendencies. Doist has to get in there, initiator sets up their teammates or gets information. There are two types of initiators. There’s flash and recon, initiators and then controller. You literally have to carve the map and be so spatially aware that it’s just, it’s ridiculous. It’s absurd. So it’s like saying, Mike, remember that guy in middle school who never spoke to anyone? You don’t even know the kid’s name. He sat in the back of the class. Well, let’s get him out in front of a full auditorium full of people and let’s get him dancing crazy to usher or something. It’s just not going to work. Yeah, you don’t want to do that. So Understood. Yeah, there’s just a specific framework that each person fits into and you can adapt it a little bit, but it’s like are you getting the best performance out of that person? Yeah, it’s map dependent. There are other factors around that in some situations maybe, but others it’s like, I don’t know. Yeah. So yeah, I can see that. I think in the trading world it’s true too. There are a handful of people of the millions who do this, most of whom fail. There are a handful who become really good at trading one style, one asset class, one timeframe. Then even among those folks you can practice, it all comes down to practice and repetition. If you have a good feel, you can develop more of a good feel for something else, but that takes so much time, it takes so much trial and error and I think what ends up happening is folks typically get comfortable with one style of trading and they stick to it as well. They should, but you also have to take into account that the markets are kind of morphing on any given day. They are living breathing mechanisms you see? And so as people’s tastes and preference change, as the world economy changes, as the value of the dollar ebbs and flows, as interest rates change, sectors rotate, there’s all of that. So you have to be very fast on your feet and very nimble to evolving. Now with day trading, you might be just looking for the theme of the day, what’s the catalyst that’s going to make something move with position trading similar, but what you’re looking for are fundamentals that are going to sustain and catch the beginning of the move and hold it for as long as possible. In trading speak, a lot of people talk about stage two breakouts. So then the key is once it gets through stage two and you see some consolidation is it’s stage three or really the beginning of another stage one where you’re going to see the thing ratchet up and continue to go f go further. I’ve had a pretty good knack and kind of figuring that out and not feeling so bad about sitting through some of that chop and that consolidation. Some people call it bases. It’s hard to do here without charts and I too, I don’t want to get into being a chart reading show cause it’s a fucking snooze. I know folks who are for that stuff, but I mean, come on. Anyway. Yeah, I think it makes sense to specialize and to focus on one thing and then to practice it over and over and over again. Also too, you have an in-game leader. That too is a whole other mindset that’s not, doesn’t seem like that would be a beginner’s role even if they have a sharp mind. You have to put in a lot of hours, lots and lots of hours And you have to be more aware than everybody else in the entire game and you’re calculating strategies ahead. It’s my introduction to people explaining the in in-game leader role is learning chess for the first time, how the pieces move around and then that’s how you play the game. You finally figured out what your role is, but if you want to be an in-game leader, you have to think openings, you have to think mid-game to think ending strategies and you have to memorize all of these positions and be able to pick up on each player’s tendencies. You, you’ll see other teams and they, they’ll have tendencies at the start of the round. I’m thinking, okay, what did they do last round? What did they do the round before? Yeah, what’s their economy look like? Where do I think they’re going to move on the map and let’s create a plan around that to punish them for their tendencies and see if we can move forward on one of those. Because sometimes you’ll have somebody lurking on the map, which basically means their team is either holding something or they’re trying to move on a specific bomb site and then they’re off basically on the other side of the map trying to see if they can find somebody in catch ’em off guard and I’ll say, okay, well this guy’s been going mid every round, so let’s form a pinch flash and let’s catch ’em off guard and just completely take out their alert because that denies them information just taken a player off basically for free. Those are the things you think about. It’s like how are we going to move forward? What’s the strategy for the next five rounds? Having set strategies, it gets really complicated as an in game leader And so you’re talking about nailing and killing one of their players, so now they’re shorthanded, right? They’re doing five on four and five, so they’re at a disadvantage because they can’t cover their flank. Exactly, yeah. And the guy who is, who’s usually lurking that is a sentinel and sentinels have abilities, a trip wire or some kind of stationary recon device. So if somebody walks by it, it’s going to let you know. You’ll get an alert saying, whoa, whoa, whoa. Some guy just walked over in a lobby. Now we know he is over there. He’s trying to advance on us. We could either take him out or we got to move quick. There’s so much utility and information that you have in the game and it’s really hard to devise a strategy around it sometimes unless you are ridiculously aware. I see. Now you said this girlfriend of yours was an initiator. I like when women initiate, it’s not typical. Yeah, she’s a flash. She’s really good at setting up other people. Really. Yeah. Yeah. She, it’s like her best strategy she gets, she’s in that sense, I understand that mentality because when you have that mentality of setting up other people, you really just haven’t found your own identity yet. Initiators, they have utility that can set other people up, but eventually they’re going to have to be mechanically comfortable on their own and she’s really good. She’s just, she gets caught up psychologically of like, oh, I don’t want to make my teammates upset by taking a fight and losing, so I’m just going to set up other people. It’s just a whole confidence thing. But eventually that’ll go away. It’s just about getting each player comfortable first and understanding their identity And she has to let go and just focus on what she can do. And there there’s a time and a place for setting up your team, but you have to be able to, and this is the hardest thing about play, is you have to be able to separate yourself from your team at certain points and be able to pick it back up. You have five people on your team and they’re all talking at the same time. They’re all relaying information and it’s fast, it’s loud and you have to be able to systematically pick apart what is important for you and what you need to make a plan going forward and follow the direction of your endgame leader. Cause if you disobey your endgame leader, the round is basically lost Cause that’s like the ringleader And then people just aren’t on the same page. I I always say to people who are trying to learn to play with an endgame leader, it’s better to listen to your endgame leader even if they’re wrong, because at least you’re all on the same page. You have to form that trust as a team. And if you don’t then there’s no way of winning high level tournaments. There’s just no way because everybody at the highest level, they have that trust with each other, they follow their endgame leader. There’s like a pecking order. It’s like I see in game leader God and then everything else below, you have to listen to your in-game leader above everyone. Wow, that’s wild. Yeah, Well in trading you really don’t have that. I mean, I know there’s people on desks and they talk through headsets that would distract me. I don’t want to work well in that type of environment where I had to listen to other people chatting even if they were sending out information that they think could benefit me. I like to do my own homework and I wouldn’t want to put on a trade because someone else saw it first and they brought it to my attention tried. I had such a bad experience with that when I was starting out. I know that it’s popular to talk about depending on what kind of firm you’re at, where people might be sharing those kinds of ideas. But I would find it too distracting to have to do anything else than just focusing on my own risk management. And I would be like, listen, it’s almost like the scene from the movie Wall Street where Marv kept coming in asking for tips and he’s like, look you, I’m tired of being your babysitter. Basically. You got to do your own homework. I would much rather live and die by my own sword than to have to do that because it’s exhausting. It’s exhausting. It’s just my personality type. It’s not better or worse than anybody. I’m just saying I need quiet when I get up in the morning, I do not put the TV on. I mean, I get up so early, the dog is still sleeping, you know what I’m saying? I like to just do my own thing and block out everything. I don’t have music on, I don’t have the TV on. I’m not looking to read stuff. I really just have come to a spot where I can trust the price and basically leave it at that and then I’ll have to make my decisions accordingly. Again, usually with stops, I move my stops around a lot. I adjust them during the day. This market, you’ve had to have been very quick to adjust your protective stops. Cause when the markets do reverse, they tend to move very sharply and oftentimes you wouldn’t. If you’re trying to do it like a video game, you don’t really have the time to do it on the fly. Two, I have found in myself even at this age now that I don’t want to have to make decisions on the fly that way. Very well studied and I know the night before where I know where my levels are and I know where I want to get in and then once I’m in, I know where I want to get out and I don’t really waiver on that so much. If you’re trailing stops, you can trail structure, you can trail with a percentage or an A t R based stop to protect your capital, protect your gains. But at that point, I don’t like having to make decisions on the fly that I can’t tell you the last time I found an idea during the day and then put the trade on. I almost always have it on my radar the night before. And then this is just a way that I exercise my own discipline in that it’s like going on a date versus going out and picking somebody up when you’re there. I kind of have the agenda set up long before, because again, think about my background. I knew when I started that I was in slightly impulsive, but that was from a standpoint that I knew coming out of a working class background, I had to make the attempts. So I was deliberately trying things as opposed to sitting around and waiting for the game to come to me, which of course was never going to happen. So I had to make up my mind and say, there’s part of me that has to be somewhat fearless to at least jump head first into the game because it’s not like I can take the game to Wall Street. That’s never going to happen because you’ll you try that, you’re going to get crushed, you’re going to get buried, but you have to jump into the game and then figure out, it’s like if you don’t know how to dance, you still have to walk out into the middle of the floor, try to get a feel for the music. You’re not going to learn standing on the sidelines. And so that little bit of impulsiveness help me get into the game very, very quickly. And that allowed me to fail fast. That allowed me within six to 12 months to know that I didn’t want to be in the foreign exchange market. Someone said, who’s a good enough guy makes a lot of comments that you know, don’t have to trade foreign exchange 24 hours, but that’s an incorrect statement. As long as the market’s open and you have a position on, you need to manage risk. And if the market’s moving up, then I continually have to adjust my stop higher it. You have to be hypervigilant and I just don’t want to have to be on, I didn’t want it then and I don’t want it now. And I’m not a date trader, so I don’t want to be in the market early in the morning, make my money and then be done because opportunity costs, I could be missing opportunity. So I like it when markets actually close and there’s no aftermarket trading cause then I get a break, right? Cause otherwise it’s very, very intense. You use a lot of energy, you have to be hypervigilant on all your positions and I don’t typically automate things. So that’s just for my taste and preference. Does it mean it’s the best? It just means it’s the best for me. So I’ve created an ecology that works for me in terms of managing the risk where I typically adjust my protective stops and then I don’t sit and watch or try to jump the gun. Sometimes I can say in retrospect, I was in some trades recently and I was adjusting my stops and I got knocked out. Then they came back up and this and that. So I, I looked at the things and the charts and I was like, well, could I have improved my exit? And not really, not for what it’s, it’s much clearer in after the fact, right? Because then you could see how things evolved. But before it happens, you have to trust your instincts. You know, have to trust your judgment, you have to trust your instincts and look at the science of it all. And I very, very rarely abandon the science of it all. I have really good instincts, but typically have come to appreciate putting in my stops, getting knocked out. The stocks that I was in this morning even are several dollars below where I got out. So I’m generally, I’m not clicking my heels. I made money, but again, this isn’t the right environment for me. I can still make money because I have 35 years of experience, but to be frank, I don’t like how I’m behaving even though I’m making money. Does that make sense? I’m winning the game, but I wish the markets were different because then I could make more money for doing less work. But you have to adapt, you have to, well adapt, I guess is the best word. You have to adapt to the market environment. And if you can’t do that, and I say this even to myself, then shut up and stay out of the market because you don’t get to complain. Market doesn’t give a shit what you think about anything. So you know, can sit and wait. I’ve done that too. I’ve sat on my hands and waited, but then I just figured it’d be better for me to evolve and to use some of those shorter term trading strategies. Again, it’s not what I want to be doing, but you have to do it in the shorter run to protect your capital and to make money. Otherwise you’re sitting there with goose eggs and I’m just looking at some of the charts here as we’re going through and it’s like I got out, it went down, it went back up, then it started going choppy and going sideways and I don’t want to be involved in that. I don’t really want to be long, something that enters a sideways market neither. I don’t want to be short something that goes sideways. I want it to pick a side and go. And I was lucky today in that I had good exits. I would much rather, like I said, I would much rather have preferred to be into the names and stayed in the names, but I don’t like the choppiness that we’re seeing right here. But like I said, it’s life on life’s terms. I could either not trade or I could adapt to the marketplace, adapt new tactics and make money with what they show me. So I don’t advocate that you doing that if you’re newer, as Brandon was saying, even when eSports, you have to really pick a skill that you’re good at and then stick with it over time. I think you can evolve, but it takes a lot of trial and error, takes a lot of practice and it’s no different in trading and that means you have to be willing to risk real money. So that’s really all I have to say on it. And just one quick thing, I mean there’s like a time to adapt your strategy for stuff. If you have the experience and you’re like a seasoned day trader and you’re like, oh, maybe I want to try swing trading or maybe I want to try holding a little bit longer and just see how far I can go. If the market’s a day trading market, that would be not an ideal time to do that. Or maybe it could be if you want to just try it out or whatever, and you’re okay with losing money maybe, but it’s like if it’s a day market and day trading is your specialty, why not just keep day trading and make your money that? That’s just how I see it. Yeah, harvest the cash and I tried sticking to my guns through April and May and I didn’t really make lose. So then I went back and I, because I always do a postmortem and just say, okay, did I handle this right? Largely things are systematic and that I have set rules. I’m not really sitting there holding the thing up going, okay, is this a bullish pattern or is that a bearish pattern? They very rarely work that way the way you would expect. So you can’t really trust them the way you think. The marketers and the people on Twitter would tell you they can. I was actually thinking that this morning there was a head and shoulders down that completely failed and didn’t play out the way you would think it would. But yeah, you have to make hay when the sun shines and see if that’s okay, particularly don’t like it. It’s not a good market from my style. And I’m certainly not going to go nuts and change and try to become something different, but it typically means I can’t add to my winners because the follow through is just not there. And I hope we can come back to it to that type of market. But right now we’re not there for the things that I look at. And so again, I could sit here and bitch and belly ache or I could just shut up and do what I know how to do. I think some of you out there who are just starting out, you have to pay attention to the market environment that we’re in because what you might have, you might be onto something like this is the saddest thing about trading is sometimes Wall Street eats their young, is that you might actually have a good strategy that works long term, but we might just not be in the right season. You know what I mean? And so that’s a tricky part. That happened to me too. That happened to me a couple times in the commodities markets when I was starting out. So I had to learn how to adjust. So much of this is about not, it’s not that you don’t want to deny yourself feeling your feelings. And if you feel fear, by all means feel your feelings, but don’t let them shut you down. Even s the best salespeople in the world will tell you when they’re asking a big prospect to buy a 10 million house, there’s always the feeling of, what about if they reject me? They say no, and I can’t overcome the objections. I’m going to feel fear, I’m going to feel all that. They certainly feel those feelings. They just don’t let the feelings stop them from taking the action. And so that’s kind of where I was even finding myself this past week and last week, especially come into Thursday and Friday of last week. So it’s not different for anybody. Doesn’t matter whether you have 35 days or 35 years. Like me, markets are always trying to change and I’m aware of what happens. I know July and August can be thin. I know there’s a lot of fear in the market, especially around equities. Commodities tend to be moving, but the alternative is to just stop. And that’s hard to make money when you’re not trading. But at the same time, if you’re throwing good money after bad, so that’s why this is so hard. It’s why most people don’t make it. Yeah, yeah, for sure. No, I think we had some really good points this episode and some really good takeaways. Just kind of pick your process and pick what you’re best at, get good at it, and then kind of branch out maybe. Yeah, Overall some cool stuff. I like how you’re adapting to the market even though you really don’t want to. It’s kind of cool. It’s not that you don’t want to, but it’s not where you’re comfortable, I guess is a better way of putting it maybe. But I think with that said, I think it’s a good time to close off the episode. Thank you guys so much for watching. We really appreciate it. Make sure you guys like and subscribe. All comments, help the algorithm. Click the notifications bell to get notified every time Mike uploads a video. And I’ll see you guys in the next one. Take care. Thanks for being here.
Hey folks, welcome back. So I want to pick up where we left off yesterday and talk about when do you know to bail and when do you know how to be persistent and determined and not quit? Because there’s a fine line there. I think if you’re trying to wing it and you’re not keeping track of your results, it might work against you. You might be quitting too soon. Case in point is I kept very detailed records of things that I was doing. I kept track of the hours that I was putting in on the days of the week, right? Cause I always thought that there might be a certain quality of my research and my preparation. I tend to do really great work on Sunday. Why is that? Well, I didn’t know what at the time, but I had the benefit of having the markets closed. There wasn’t electronic trading. So I had time to decompress my brain, go out and do fun things, come back to the markets with a fresh mind. So that worked wonderous for me. I still do that to this day, Sunday night before I chill and kind of relax. I do know exactly how things are going to unfold on Monday. I very rarely take a shot on the fly. It doesn’t matter if someone tries to reach out, call me, ping me this and that. If it’s not already on my radar, I don’t jump into that situation. It’s just how I’m built. I learned the hard way that for my sense of security, my sense of confidence and my sense of being able to execute period over period is I need to have a plan. I need to show up with an action plan and what it is that I’m actually going to execute on. So I know how much I’m going to have. I know where I want to. I know my levels. I know where I want to execute and then I have to follow through and actually enter the orders. Then if the orders get filled, I know where my protective stops are. I use protective stop. I don’t use stop loss cause I don’t like to repeat words that have to do with non-performance, right? So you might consider the same too. If you’re adjusting a protective stop up, you’re really taking profits. It’s not a loss, right? You might be giving back unrealized gains, but you could still get stopped and make a lot of money. So I try to be very careful on the language that I use with myself. Having said that, you might find that you do better work during the week. You might find that you do your best research and otherwise immediately after the close, what I tend to do, even still to this day, is do a little bit of a post-mortem and just look and say, okay, if I look and see the chart, for example, here’s what I did. I execute what I intended to do. Yes, that is the majority of the my score. Cause I have 35 years of experience. So there’s look at that again later this week with at an and involved in another topic. So I set out with goals of what I need to achieve that particular day. Most of them are taxed, are tasks in that the order entry is there to help me preserve my capital because the job, number one for a trader is to play superior defense. Don’t ever lose sight of that. Whatever you don’t lose, you don’t have to earn back. And did I execute what I intended to execute? Because even if I lost money, I know over time over hundreds and thousands of trades, I’m going to come out ahead very handsomely. So I don’t take it personally on one particular day, if I didn’t put my orders in at the levels where the market was more responsive, I have that pretty much down. But we’re powerless over where the market’s going to go once we put the orders in. So the best we can do is put the damned orders on the floor and leave it at that. You see, wherever the market goes afterwards, we can’t steer it. So that’s kind of how I’ve learned to grade myself and to think about did I execute the stuff that I wanted to execute? Again, I don’t have nine or 10 different trades. I have one style and that’s it. And that helps me also think very, very clearly. It also, I don’t have to wear headphones with the thing and listen to people all day. That would drive me berserk. I don’t want to hear people talking. I would actually tell them to please stop talking in my earpiece, which obviously wouldn’t go over. I don’t make for a good employee, as you can imagine. I like to do my own thing. As much as I like to help people. There’s probably a deep psychological reason why I’m doing this in a one way conversation. I had to find out through trial and error also, what were the best asked classes. I didn’t want to trade 24 7, which with foreign exchange, it’s always kind of open and if you have a position, you would constantly need to adjust your stops. So you can’t just say, well, I’m going to trade the open and then be done because there’s the whole rest of the week basically. There’s not really a window of time when the thing isn’t open. And to do it otherwise would’ve meant that I would have to change my trading style, which I didn’t want to do. Because once you have a style, what you come to understand is that it’s really who you are. Your trading style is who you are. It’s your personality. So it’s very difficult to change that. Now again, over time, we’re going to talk about that later in the week. There are ways to make some adjustments, but it only comes with a massive amount of trial and error and practice. Just like anything else. Just like Kobe showing up and doing several hours extra of practice several times a day to outperform the competition, bleed in practice so that you don’t have to during the games. You have to understand though, once you decide on a style, after lots of trial and error and being the judge and jury of your own behavior, every style is going to ebb and flow. It’s not going to work all the time. Periods of time when day traders go through losing streaks, there’s periods of time where position traders go through losing streaks. And it doesn’t matter what the asked class is, right? It’s very rare that you’re going to make money every day. And if you do count your blessings, nothing wrong with it. I accept it. There’s, I’ve been on some amazing winning streaks, but I don’t get too far ahead of myself and be like, well, this is how it’s going to be every day, because guess what? It’s not. So the trickier part, and what I want to get to is when do you know to try a different trading style or a different asset class? Or when are you actually just, you’re actually trading very, very well, but you’re losing money, right? Because most people who are starting out were like, well, I’m making money, therefore I conclude that I must be trading well. And that’s not the case. You could misplay everything. And I talked to Annie Duke about this a couple years ago when she was on for, I think it was how we decide, I can’t remember, but we talked about poker and how you can play a hand very, very well and still lose my randomness. You could also play the hand very poorly, stupidly and win. So you can infer because you’ve made money that you’re trading well, right? Because you have a process and then you have the outcome and you don’t want to be doing what we call resulting. So you have to study your process over hundreds and hundreds of trades. That might mean you’re putting a lot of capital at work that you might not be comfortable doing, but there’s really no other way to learn your craft. Yes. Again, you can back test to have an idea, but you’re not going to be able to calibrate your emotional constitution with what it is that you’re trying to do unless you’re risking real money and you can’t get that from a simulator. So that’s the tricky part, and I don’t really know if I have a great answer for that because so much of it is, do you have faith in yourself? Are honest with yourself when you hear the story about how I was actually doing too much when I got started because I just jumped in. Cause I knew I was excited to start to live a very different life than the one I had lived up until that point. So I was like, sure, I’ll trade anything. And there’s nothing really wrong with that. I kept really, really good records, but I found out that my success came from removing stuff. I removed foreign exchange, I removed options. Doesn’t say anything about those asset classes, but I needed to buy back my time, right? I’m going to talk to ganja about that tomorrow on a much deeper level with some questions that came in. And it wasn’t until I was able to absolutely focus on one thing and develop that and study my behavior concurrent with what the markets were doing. Was I in the trades that I should have been in? No. Why? Well, I was in a losing streak and I was reluctant to put my order in cause I was just tired of losing, right? Everyone goes through that right position sizing, very difficult to do. Why will? Cause we really don’t need any of the inventory. So we have to figure out what kind of inventory we’re going to have in our portfolio so that two things can happen at the same time. One, it’ll add up towards hitting our financial goal, but two, if things go against us, it won’t put us in such a spot that’s, it becomes destabilizing emotionally or crippling financially, right? Because both of those happen. Sometimes they happen at the same time. You have to go through those lessons. What you don’t want to do is fool yourself into needing more books, more discords, more paid premium services that you have to pay for because you can’t buy your way out of your discomfort. It’s not going to happen. I’ve already been there myself. We talked about emotional band-aids and the indicators. Sooner or later, if you want financial freedom, you’re going to have to go through this hazing and feel feelings that you don’t want to feel. There’s really no other way around it. I can’t solve those problems for you. You have to do it yourself. And the sooner you come to realize that you should be getting at it, because the sooner that you do it, the sooner you’re going to be able to draw some conclusions, right? And that sets you free. Remember the feelings that you don’t want, that you do want to feel are oftentimes on the other side of the ones that you don’t want to feel. Well, I got news for you. There’s no end around. You can’t take any shortcuts. You have to be in the game. You got to face it head on. So do a little bit at a time, but keep track of what it is that you’re doing. What are you thinking, right? Why did you put on certain trades? What made you think about that? Because that at the end of the day, becomes your playbook. It teaches you what not to do, but also what to do. So then you amplify the things where you show skill, but it’s only from the attempts that you’re making that you’ll be able to harvest that data and those realizations sitting around and thinking about it isn’t going to help you. You cannot intellectualize this. There is no way to intellectualize your emotional constitution. You have to feel it. You have to. It’s experiential. Again, that’s why I say the only thing that you can do to really, if you really want to learn the trading, is to start doing it. But Mike, I don’t know what I’m doing. Well, guess what? No one does. But if you don’t start doing it, you’re not going to harvest the data that’s going to affect your behavior the most because the how to trade part is 15, 20% of it. The rest is psychology and emotions. Now you think it’s intellectual because you’re unsure of yourself. You might not have confidence. I get that. But you only get the confidence from doing it. So you find yourself in this damn catch 22 where you’re trying to look for the intellectual or the academic solution to why you feel uncomfortable. And the answer is, you have to do it. You have to face and be with the discomfort. It isn’t going to kill you. So again, only risk what you can afford to lose. Realize that at the beginning, no one cares about your p and l, right? This is really for you to start taking some attempts to figure out what is the calculus that’s going to work for you longer term so that you can do this and go into where you want to live and the feelings that you want to feel for the rest of your life. Guess what? I got 35 years experience and I’m still morphing. I’ll talk about this with ganja tomorrow, but this has been a very make it and Take it kind of marketplace. So I’ve had to act more like a day trader. I don’t like doing it, but I also got to make money because the market right now is not amenable to my particular trading style. And guess what? I could either bitch and belly ache about it or I could put my head down and make money, right? So it’s life on life’s terms. We’ll see you tomorrow with Ganja. Thanks for being here.