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.
Click here to get your free copy of The Inner Voice of Trading audiobook.
This is an automated transcript