So today’s episode is going to go under the chapter of a bit of a cliche saying, “don’t quit your day job.” I see a lot, like I said on social media, which for the most part, I’m on listen only mode where folks will say I have developed a system that you can follow that allows me to make $25,000 a week, only working 30 minutes in the morning, and it also allowed me to quit my job. Folks, that’s have to be the stupidest advice that I’ve ever heard in my life. Trading is hard. This stuff is not easy. There is no magic formula that allows you to just go turn on your computer, run somebody else’s model, that you have no emotional connection to do it for 30 minutes and not sit and utter worry that where’s your next paycheck coming from. If you think you’re going to do that and quit your job, frankly, you’re stupid.
And I don’t mean to even sound that way, but I kind of do. Like, don’t be gullible. Again, the professional copywriters are going to write things that they know are going to appeal to you. So on some level, let’s separate ourselves from it. Who in the name of Christ the King’s world, wouldn’t want that to be true. Especially if your job sucks, especially if you, you don’t you have to do what you have to do to pay your bills. Who wouldn’t want to find something that they could do for just half an hour in the morning and make a year’s salary across the a month? Of course everyone would love that. So why do you think they’re saying that to you?
What you want to do is call those companies and say, Okay, well what percentage of the people try to actually do this and don’t make it? Because I don’t care about one person. I don’t care about two people. I want to know how many people can actually do this, stick with it and make it work. Because my thesis is that trading requires a certain knack. And that knack isn’t going to come from you learning somebody else’s trading rules. That’s not a knack. That’s just the intellectual side. You need to be able to pull it off. You need to hope that that trading model resonates with you emotionally and psychologically, because if it doesn’t, it doesn’t matter if you understand it intellectually or not, you’re never going to be able to execute it. That’s why we have a lot of people who are super bright and can talk about chart patterns, but they can’t make money trading those very patterns because they don’t have what it takes. That’s the majority of the world. So before you write emails to me saying, “well, so and so did it?” well that’s great, but you’re not them. They’re not you either. But this takes a lot of work. It takes an enormous amount of, of failure and it takes a lot of learning from your mistakes.
It takes a lot of going through these things and not taking it personally. Realizing that mistakes are where and what and why, and how you learn so that you can modify your behavior into something that you can execute year after year after year. That’s what’s compelling. No one cares about making money for a week. That’s just a big old stroke. Whichever kind of stroke you want to interpret that as. But it, it’s that stroke, the crude one. So I’m here to help everybody, but you kind of have to learn how to help yourself. If I’m doing my job the right way with the show, I make myself obsolete. You shouldn’t have to listen to this every day because I’m not hawking something here.
The best solution for you is to figure out who you are and then marry that with a certain asset class and trading style. That’s the best setup that you’re going to have. Even with that though, if you can emotionally gel with what you’re doing and what I mean, what you know, excuse me, then you’re not going to make it as a trader because it’s the behavioral stuff that pays the bills. At the end of the day, knowing stuff doesn’t help you generate revenue, It’s your ability to execute. And just because someone else can execute, that doesn’t mean you can execute.
You see what I’m saying? So you have to be super careful because it’s your time and it’s your money and it’s your effort. And I tell you, the majority of the people piss away thousands and thousands of dollars, if not more, over many, many years of time. And they have nothing to show for it. You ought to know that going into it, that that’s part of the process and that’s likely a reality for the majority of you who want to endeavor to trade. If you’re working for dead money fees, management fees, you really don’t have to worry about stuff you asset allocate. You sit, sit it down, the people are going to pay you. If you have it set up the right way, the money will automatically be withdrawn from their account, swept into your account with no having to chase people for you know, money.
But if you actually want to learn to create the alpha, there’s a lot more to it than just trying to get somebody else’s system. And if it was so good, why are they telling you about it? Why wouldn’t they just trade it themselves and liquidate everything that they own? Turn that into cash and then amplify that cash, borrow money at low interest rates and then amplify that cash. You see what I mean? And I don’t begrudge anyone making a living here, but you have to remember, this is unregulated. People will say anything to get you to depart with your money tomorrow we’re going to talk and shed light on the various chat rooms and those platforms.
This is a computer generated transcript.
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