What’s happening in your environment?

Everybody, this is Michael Martin. So another thing that happens that doesn’t get spoken enough, spoken enough about is your environment. And that can be anything that you can pick up on your senses. It could be things that you see, things that you hear for sure. It could also be you have a neighbor who likes to cook, so you’re constantly smelling things that they’re out on the barbecue. If they’re grilled onions or steaks or chops or whatever, you know, can smell that. That could trigger a response perhaps even subconsciously. So what I like to try to do is I know that I don’t want to hear other people talking when I’m trying to be in the zone, especially when I’m doing my preparation. I don’t want music on, I don’t want the TV on. I don’t want the TV on muted. I don’t want to hear any or see any other type of stimulus than what it is I’m trying to focus on.
That’s puritanical. I understand, but that’s just how it works for me. I grew up playing guitar. I’ve been playing for almost 50 years now. So I don’t need to hear music to take me in a different direction. I don’t need to calm myself or love myself with music. I don’t need a fucking diet Coke sitting here. I don’t need to love myself with food. I’m just trying to zone in and do my research so that I can be prepared. And I know what that feels like. I know what it is to do it, but I know what it feels like to have done a thorough job and to know that I come into tomorrow with the peak confidence. So that’s what I mean when you say, I say control your environment. If there’s a person who talks too much because they’re a nervous talker, tell ’em to shut up or find another spot, right?
Because that’s how I’m built. As you can imagine. I don’t make for a great employee talking to people that way. So that’s why I work for myself because I don’t want to have to take into account what somebody else’s needs are when they’re trying to do their research. It’s none of my business. So I just know that I’ll be as amenable as possible to make sure that I don’t encroach on someone’s boundary to adversely affect them. But in the same breath, I do a lot of work to make sure that nothing infiltrates my space when I need to do that preparation. Because in my way of thinking to me, the preparation is the key to all of my success. It’s not sitting there and watching a level two or watching time in sales. I know people like to do that. I just don’t see the wisdom in it from my style. So I’ve created an ecology and an environment for me that helps me thrive. And I control that and watch that with great discipline unto itself. And no one gets in the way if someone says, Hey, I have to talk to you. And I’m the same way with the things that I’ve taken on in my life.
So for example, every night, except for Saturday, because the class is in the day, I have Jiujitsu class at six o’clock, and I don’t care who you are. I don’t care where you live at six o’clock Pacific time, I’m in the GH and I’m in my class and I’ve been doing that six days a week for five years and nothing gets away. Someone says, let’s go out for a drink or say, I see you at seven 30. I don’t drink, but I’ll meet you. I’ll meet you out at seven 30. Can’t do it. And Saturdays, the class is at 11 till 1230. And so then there you have it. But most weeknights, I can’t meet you for dinner, can’t meet you for drinks unless I can see you at seven 30 because nothing gets in the way. I don’t book calls, I don’t take calls.
Not from anybody, not from prospective people who want to work with me, not even from existing clients. So I lock in that time and I protect it. I actually put it in my calendar six every night, 11 o’clock on Saturday so that there’s nothing that gets in the way of the things that I need to do to have a good life and hit my goals. So the same thing comes down when I’m trading or when I’m doing my preparation for the next session and I’m looking at everything and I got a lot of stuff to go through. So we have systematized stuff, we have screeners, but then all that stuff has to be broken down. Then we have to compare and contrast and make sure that we are not getting style drift where you might have anything where you’re on the same side of the trade, whether it’s a directional trade and an underlying stock, or whether it’s an option strategy with that particular same underlying stock, or if it’s a multiple option position, like a spread for example, or a broken wing strategy.
Using options on that same underlying. So net, when you look at all that stuff, you have to say, okay, well what’s your net exposure? What’s your portfolio heat? Which is something I spend a lot of time on. What’s your portfolio heat? And then with the futures, it’s the same thing. You might have trades long and short in a particular commodity, but then you have seasonal spreads. You have things that most people don’t know how to look at. So we look at that as well. Cause it’s harder to systematize. We’re kind of systematizing it more and more. But it’s harder to put three different evaluation tools together when we don’t own them and then bring it all into one place. So there has to be a requisite amount of work on my end to kind of pull that all together. But again, excuse me, when it comes down to my environment, I need to keep my environment as clean as possible because to me, where I perform, I don’t worry about the execution because that’s easy. You type in, it’s basically sending an email. What’s the ticker? What’s the quantity? What’s the price? Time enforced, good for the day, good to cancel. So it’s like sending an email. You get the recipient, you get your subject, then you get the body. Maybe there’s an attachment, three or four
Fields hit go motors in. Nowadays you can adjust your stop by just dragging something on the screen. So it’s easy peasy to me. The work is done in the preparation. That’s where you’re culturing your pearls. And so when I get to doing that work, that’s where I don’t want to be involved. And I actually used to wear, this is the funniest true story. I have lots of different headphones and things and earbuds, but one of my earliest pairs of bows, quiet comfort, noise canceling headphones, I’d actually put them on, turn them on, but without the cord, right? Cause at the time, they weren’t Bluetooth. You had the damn cord that would come in and put the jack in your device. So I just sit there for the noise canceling part. Cause I didn’t want any background noise to infiltrate what I was trying to do to work on.
So they call that focus man. That’s extreme focus. So you should do everything you possibly can to protect that space because that has a lot to do with the level of the quality of work that you can do within that timeframe that you’ve set out for yourself to be prepared for the next day. If you turn that into a fuck all, then so be it. But then you’re going to get those types of results. So draw really good boundaries with yourself and don’t give yourself permission to let any idiot come walking through your space because that’s when you have to be your most focused, right? Anyway, please like and subscribe to show. You can send a comment in. I appreciate that. I see everything myself, and if you want to suggest the topic, no problem. I’d be happy to address. Unless as long as I have something intelligent to say about it, I can give you my take on it. Or maybe where you can find a more resourceful answer. Happy to help you. Either way. That’s all I got for you folks. Have a great weekend and I’ll see you Monday.

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Is your inner voice undermining you?

Hey everybody, it’s Michael Martin. So with all the stuff that we’ve been speaking about, the feelings that you do want to feel, the feelings that you don’t want to feel, you can imagine there’s a committee in session in some people’s minds, right? So when you’re looking at trading and your preparation and your research and how you have to get all this stuff done, you also actually have to build in time for escapism. You need to be able to get away from the market and conserve your mental capital because the minute you start to go downhill on that, the trading stuff doesn’t typically get better. Your tradings tends to hurt and get hurt, and it kind of sucks away from your ability to perform at the best, at the best of your possible ability, at the best of your ability. So just one second and then you’re depleted and you’re trying to do something that’s super stressful, super hard, but in a mindset that you don’t have the mental energy to kind of stick with it.
So there’s a very delicate balance of wanting to work hard and also to work smartly. Take your time and make sure that you plan in time to get away from everything. Doesn’t matter whether you’re new, doesn’t matter whether you have 15 years of experience. Find something to do to get the market off your mind, get your mind off the market and preserve your mental capital, because once you get burnt out, it’s awfully difficult to play catch up ball in and around that space. Anyway, short lesson. Maybe I’ll talk about it more tomorrow, the next day. But again, you have to be the steward in the century of what you let into your brain that might include people and otherwise, but take care of your brain, take care of your mental capacity so that this way you can always perform at the highest level. Thanks for being here, folks. Please subscribe and like the show, subscribe to the channel. Consider leaving a comment if you’d like to have a discussion. And if you’d like to, of course, suggest a topic for the show, go reach out through the blog. No problem. Leave a comment and I’ll try to address it. Thanks for being here, folks. I’ll see you tomorrow.

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When you change gears for the worse

Everybody, it’s Michael Martin. Thanks for being here. So I get a lot of emails from folks who are frustrated about what they’re doing, and they’re ready to throw in the towel and shape and turn things around. They want to fix things. They get frustrated that they’re not making money. They put a lot of faith into a certain technique or chart pattern, did a little okay, but in the end, it doesn’t leave them fulfilled. They’re not making money. They’re frustrated, and even in a short window of time, like a month, they’re ready to change gears. And so you have to understand that when you change gears, you’re kind of getting the worst of it. One of the things that Michael Marcus showed to me is that you could find five, we named five great traders that we knew who were all legendary. And we said, okay, imagine if you could trade like any one of them.
The idea was to find one role model, and certainly he was a role model for me. But then the next would be if you wanted to trade like Ed Seko Monday, Michael Marcus Tuesday, Bruce Kaner Thursday, you would effectively get the worst of all of them because what happens is everyone has a certain style that’s unique to them and is unique to yours. Yours is as unique to you as your fingerprint. And so what happens is every style of trading will in fact, in fact, have a drawdown. What’s random when you look at the simulators is the start date, a lot of them will default to January 1st. Well, guess what? That’s not the first day of trading for a lot of people. When’s the first day of trading? Well, it’s probably the second day or the day that the account is funded. So that could be June 13th, it could be August 2nd, it could be September 25th.
Doesn’t matter what it is, but you’re not going to typically trade on a calendar year basis. So with each of those styles and techniques and tactics and emotional intelligence, each of the people might have drawdowns that occur at different periods of time. They might have different magnitudes. They obviously all know how to make money because they’ve done, but the idea is that if you’re going to try to do that, you really have to pick one and stick with it. Why? Well, if you remember, there’s a paper out there that I think Tom Baso wrote that said you how you want to buy a CTA when they’re in a drawdown, because that’s kind of like pulp buying on a pullback. If you have a commodity trading advisor or anyone for that matter who’s trading a purely systematized, not a single discretionary trade in that system, look at what happens. You trade it, markets are amenable. You harvest some cash markets kind of turn, you still follow your rules. You could get into a drawdown, right? But then you recover. So when you think about it over a 20 year period of time, you’re going to have an equity curve where there’s spikes, trust, spikes trust. And then basically the idea was that as long as the manager followed his or her or their rules day after day after day,
You actually buy the CTA on the dip because you know that the drawdown is within model. Hypothetically, anything that has a 20 something percent compounded annual growth rate is probably going to have a 20% drawdown, certainly 15%. So then you have to say to yourself, okay, if the manager’s in a 10% drawdown and they’re purely systematic that we know in model that it can get to 2022, they’re down 10, the average is 15. You could take a flyer and invest money with that CTA while they’re in the drawdown because the recovery part is kind of on its way the bottom of whatever that drawdown is. The problem is, is that if you’re doing everything on a discretionary basis and one day you want to trade like Tony Saliba and do options and butterflies and broken wing strategies, no problem. But then the next day comes and you want to trade your half a million dollar account like it’s 2 million because you’re afforded four times leverage with day trading, buying power.
That’s a different mindset. And I’m not saying that you can’t get there, but that’s years of training and mental preparation and insight on the marketplace. So I think if you’re going to system hop, which is a way of saying, I’m going to trade different styles and different techniques, at least at the beginning, you’re going to get the worst of it, not the best of it. It might seem like being flexible is a good thing, but what ends up happening is you can’t predict where your trading style is in the market in an ex anti, excuse me, in an ex post after the fact kind of understanding. So the only way you can do that is to actually put the trades on now would take a special type of intelligence to understand when someone’s model is going out of favor. And that’s probably not a skill a person has within say, the first three years.
Maybe there’s a super sensitive person who has great feel could be the case. In my experience, those people are very few and far between. How do I know? Well, because I’m one of those guys and it still took me quite a long time to eliminate the garbage that was taking up my energy and my time so that I could focus on doing one thing and doing it very, very well nowadays. Yeah, okay. You might be able to shorten the curve because when I started, there was no internet, there was no wireless technology, there was no discords cords.
Anyway, that’s the world that we live in. You get an 18 year old kid who doesn’t know, was asked in the hall of ground, have 90,000 members in a discord, and you got a guy with 35 years of experience of knocks, and you can get 1300 followers on your channel. So that’s the way the world works. So my thesis is pick one thing and get really, really good at it, and don’t start hopping from system to system because you get discouraged. How do you know? Well, you got to look inward. You know, really have to look inward and think, did you give the system or the rules that you had wanted to trade the at first?
Did you give them enough time? Because just because you went into a drawdown doesn’t necessarily mean that the rules are crappy or that the system isn’t worth following. We talked about that, right? Someone comes in, they don’t do any research. They come in, they put 25% of their countdown on one name, they make a bunch of money, and they’re like, straighting, easy when they just got rewarded for what we would call bad behavior. So it’s possible for you to do hours and hours of work and preparation and put trades on and finish the week down one and a half percent. That doesn’t mean it’s not a system to follow. That’s the hard part. So you really have to investigate and manage your own expectations when you look at what’s, what is the behavior that went on with that system. So those are my two thoughts. Don’t want to go on and on and on, but there’s a lot of ways to look at it. This is certainly one way. There’s probably others. Thanks for being here. Folks. Please like and subscribe. Do you want to take a minute, leave a comment. That would be helpful. If you want to reach out through the blog, you can also suggest a topic that I’ll cover here in the future. If I think there’s anything I could say that’s halfway intelligent, that’s worth your time. Thanks a lot for being here, folks. I’ll see you tomorrow.

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How to study your feelings around uncertainty

Hey everybody. Michael Martin. Thanks for being here. So one kind of theme I get in many of my emails is around holding periods and the uncertainty that goes with that holding. And that’s tricky proposition, right? Because you have to feel all kinds of feelings that you might not feel comfortable feeling. So let’s use the concept of R, right? R is your risk unit. It could be a dollar amount. I tend to use percentages, but you can do what you want and say that you risk one R. And whenever you are up three R, you are lifting the trade you’re going to offset. It could be day wise, could be several days like a swing trade, maybe it’s longer. But the idea is is that you’re probably on the shorter end of the holding periods, maybe intraday to one or two days, and your goal is to try to hold the position longer when it’s winning.
So tactically there’s a couple things you can do. Very simple. That is as the thing moves in your favor, you can adjust your protective stop. You could do it several ways. You can set it up so that you trade with a trailing one stop, no matter where the top tick might be. In the near term, you have a one R stop below. As the market moves, you could do it manually and way to couple of one R in the money, even though three R might be your price target, so to speak, or the level that you’re going to be looking to remove risk. And so once you get to say one R of unrealized gains, you can adjust your protective stop and move that to break even. Some people like to call that a free trade. I myself do not, but I understand why they say that at that moment in time you could also sell piece of the position so that you locked in a profit and if the other piece comes back and knocks you out, you get that that is a break even.
So you can do nothing necessarily then make money on that trade. But since the question starts with how can I hold longer, I take that to mean how can I hold my position longer and make more money, right? Because why would you want to hold a position longer to invite the propensity for the thing to move against you? It wouldn’t make sense, right? So I can only assume that that means you want to hold the position longer so you can make more money, which is what you should be thinking. And so aside from the tactical things that I just mentioned, which I don’t necessarily think and terribly new but they’re effective, you have to remember, I’ve mentioned this before, if you have it set up in your mind that whenever you have an instrument that you’re trading, could be a stock, could be futures contract, and you get to plus three R and no matter what, you take those positions off and you remove the risk like clockwork, you guarantee
That you’re never going to have a five R or a 10 R trade. So just be mindful of that. It’s stunts. You are taking profits even at three R, someone who’s a smart alec can come back to you and say, Hey, you’re let taking your profits too soon, even at three R. And so you remove the possibility to have that outlier move in your favor. Now, if at one at R of profitability you decided to remove half the position and keep the rest, then maybe you let that grow. But just be mindful of your behavior is that there’s nothing wrong with taking your profits at three R, but just realize what’s, what does it do for you? How does it serve you? Because there’s pros and cons to it. So one thing that you can do that might make sense for your style of trading, since there’s a million different people watching this show here, is to go back and look at just even the last month or two, if that’s your style, to kind of day trade, swing trade and remove everything at say three R.
Go back and say, look at those names that you had been in that you took off profitably at plus three R and just see where it went the next week, the week after that or what have you. So we’re not saying that you can be a day trader and hold overnight or go intra day and then all of a sudden try to hold something for two weeks because it’s probably not congruent with your personality. But you could certainly learn a lot because again, the feelings that you don’t want to feel have as much control over you as the ones that you do. So what happens at three R, you wake up and all of a sudden you’re like, oh my God, the thing’s going to go back down to my entry point and my three R of unrealized gains is going to go away, will go away.
It’s not terribly logical or practical, but if you’re in fear of letting your winners go back to zero, I guess that’s a feeling. In my experience, it doesn’t typically happen that way. But again, if you’re trailing your stop all along the way, the thing could reverse on you very, very quickly and you can still get out. Heck, you could set it up so that once you get to one R in profitability, you could trail with a half an R, right? Trailing stop. So there’s a million ways to kind of carve it out and get the technology to work for you so that it does it automatically and you don’t have to worry about it because ultimately you don’t want to burn yourself out mentally when you’re in a winning trade. So for a lot of people, they talk about the pain of winning, and this is the toughest trade is how to take profits. So what I would do is go back and look at the past two months or so, or even the past year, depends how much time you have, depends on the relative strength of how you want to look at this and get your answer. And that’s really very personal decision. But you might be able to see that we’re not every time, but maybe 10 or 20% of the time when you lifted the trade at three R, it in fact went to five R or plus
Now certain simulators out there that when they show you this simulation, they can actually break it down and show you the bell curve of the distribution of returns on a per trade basis and then group them and show you that yes, the majority of them kind of hang out by the mean that are minus a half a percent or whatever your main stop is. That’s going to see a lot of activity on your losing trades so that your winning trades might be anywhere from lose a half percent all the way to make 3%. You could see that’s going to be probably the biggest area under the bell curve. And then as you look at the outliers, you should have a short one on the left side because most of the time you’re going to get stopped out. So there’s no real reason for you to take a 10 hour loss unless you were trading way too big or there was a gigantic gap against you, which will happen one in 5,000 trades.
Not anything that I worry about and I’ve been trading a long time. So then you think, okay, I just want to extend my winners. Why? Well, because I’m already in the winning trade, right? I did all the hard work, I did the analysis, I got my entry, I got my position size right. Now it’s making me money. How can I learn to be more abundant and let the market do the work for me? So the best thing that I could do is treat every day it’s a new trade. You wake up, there’s the open, you’re up 50 cents. Okay? So that’s your entry on the day. Where’s my risk? It’s going to be based upon what am I willing to risk out of my unrealized gains in order to stay in the winning trade? Now, sometimes you might get, might get knocked out at two R, sometimes it might move up, you get knocked out at four.
But the idea is that you’re in the winning trade. All you have to do is kind of sprinkle it with a little water, fertilize it, and let the thing go. Now, maybe that’s with a whole or part position, but that’s one way that you can train yourself to hold onto those positions. Maybe consider selling half, raise your protective stop to break even, and then let the rest of it run so that you might have like a 5, 6, 7 R trade on half of your original position and try that for a little while and see how that feels. And then learn to hold them longer. Because there’s nothing wrong with taking profits on the day, it’s just that tomorrow you have to recreate that whole process. And that’s a lot of work. It’s a lot of mental energy. And in my opinion, if you’re in a winning trade, there’s nothing that says you can’t extend that trade and hold onto it as long as it’s making you money because you get paid to have risk, right? Overnight and over the weekend tend to be very important times. If you have risk premium in your portfolio, you get paid for it. So try those two examples and see if they fit. If it doesn’t get back to me and I’ll see if I’ll, I’ll come up with another idea. Anyway, please like and subscribe. Consider leaving a comment. I see everything myself. It gives me good feedback on the contents of the shows. And if you’d also like to suggest a topic, I’d be happy to listen. Thanks very much folks. I’ll see you tomorrow.

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Are you compatible with what you’re doing each day?

Hey everybody, Michael Martin. So I got another great ping the other day from via email and said, you know what, Mike? I was reading and listening to the audio book version of the Inner Voice Trading, which of course you can get for free at Martin Chronicle. I said, can you talk more about compatibility? Because that really could mean a lot of things to a lot of people. So I was like, okay, compatible kind of means compatible. But I can try to break that down and talk about that as it relates to your trading rules and this and that. So first of all, trading rules, trading system trading tactics. In a lot of ways, all of that stuff is kind of equal because it becomes you have to operationally define what you need that because there are some folks who run simulators and that’s what they do.
They just trade data comes in, they hit go, the engine spits out the orders. So there’s discipline involved for the work that has to be done. The calculations are done by the machine. There’s no questioning or overriding of the system. Those orders go in. So that’s one process. Reading through a chart book could be your own, could be one you subscribe to, certainly is another way. You need to use your discretion as to when you would get in or what your prices would be, this and that. So that’s another style. Then there’s the screeners that you could use. Could be something at bar chart or finance. There’s Market Smith. There’s a million of them out there. I don’t have a preference. I don’t typically do endorsements, but so that’s another way to kind of screen. Then you have to again, go through the process of making that decision.
And so ultimately people tend to do that and migrate towards the parts of them that feel good. We’re pleasure seekers, so we want to do things that make us feel good. Compatibility, meaning, you know, can get along with another person or another process or something like your dog or whatever. I don’t know. But the takeaway from me on that, when I go back to using that as a say, the thesis for my book, is the goal for the traders to develop a system with which she or they are compatible? No, that’s not necessarily intellectual. So compatibility is a feeling tone. I think I use that expression a lot. It’s like in music, in study jazz, there’s 12 chromatic notes. You could play pretty much any note over anything. The question is, is that tone compatible with where the rest of the song is going at that moment in time?
And in jazz, there’s kind of like no mistakes because the improvisation, you can look at it and say, okay, well he chose that number because it was shocking or because it fit in, or he did it the way he bent the note or the way he sustained it or the way it was played softly. So there’s all that little nuance and I think that nuance comes into compatibility. There’s parts of your process that you probably really like. There’s other parts that you know have to do so that you like them because that’s what pros do, right? Yesterday we talked about the feelings that you don’t want to feel, right? So that’s compatibility too. You’re compatible with not wanting to do certain things, but that might be biting your nose to spite your face, to shut you down. So when I think about compatibility, I’m not thinking about whether someone’s a straight out systems trader or whether someone is a discretionary chart reader.
Those are both two approaches to the markets. Neither one is better than the other. There’s one that’s best for you, but there is something about either of those processes that you might gravitate to if you’re a person. For example, and this is not scientific, but I’m giving you an example. If you’re a person who likes doing like sudokus or crossword puzzles or things that you have to figure out, you might be inclined to look at chart patterns to figure them out in the same way because of the feeling that it gives, you have a sense of accomplishment, for example. So it’s not just economic utility or pleasure. There’s a sense of achievement in that you were tested and that you satisfied the crossword, for example. I think when you look at stock charts, it’s something similar. You are looking for opportunity, you’re being entrepreneurial. You like the feelings of carving it out of stone and creating an asset out of thin air, making money from say, trading.
So I feel the compatibility when you’re looking at it, I think it’s more feelings and emotional and psychological based than it is necessarily intellectual. You have to understand the intellectual aspects of what’s going on, but it’s compatible with you because of your emotional constitution. Does that make sense? So there’s some folks who are like, yeah, I’m really bright. I’m really well-read, but I’m not going to trust anything other than the computer to do all my research for me. I’m going to take myself out of the equation. I don’t want to become emotional. I’m like, become emotional. I think that’s great. Anyway, fe for some folks, that’s not the way they want to approach the market, but whatever. I’m not here to judge the process. The key is to do it and to repeat it and be consistent. That’s when you’re onto something. So keep that in mind that I think the compatibility part is more of a feelings based thing, rather than having a judgment on saying discretionary chart reading is better or worse than, say, building a completely mechanized system through like a simulator and running your business that way. I don’t think one’s better than the other. I’ve seen both work very, very well. I’ve also seen people fail at both. I’ve seen people go out and buy simulators and the data and run the system and see that it has positive expected value, but they can’t find a way to pull off the trades. So again, you know, have to figure out what’s best for you. Just make sure though,
You go back to the other thing that I’ve said, and that is we don’t get paid to know stuff. We get paid to execute. So when you think about compatibility, there might be things that actually feel good, but if they don’t make you money, then you’re going to have to pivot. That might mean embracing feelings that or some of the feelings that heretofore you haven’t want to feel. Does that make sense? Because you have to measure your progress and we get paid to execute. So you don’t have to necessarily do it on one particular day, but you do have to conjugate what’s your process versus what the results are. And I typically don’t focus on the p and l because you want to focus on process. If you’re watching your p and l all day, I think that can kind of distract you and make you nuts.
The key is to stay in the process, follow your process, and the results will follow. Might not happen on the day that you need ’em or want ’em to, but they will happen. I think though, in conclusion, you can kind of see how the compatibility part is more about does it jive with you as a person for who you are? And so chances are there’s not a lot that you need to necessarily learn to make it compatible. You kind of know ahead of time based on how you’re built and what it is that you like to do, whether or not that that would be a process or a system that you could follow, add infinitum. Anyway, please like and subscribe, leave a comment if you can. I’ll respond to everything. That’s how I learn and shoot over any type of topic you’d like me to cover if I haven’t already done it. Happy to look, thanks for being here and I’ll see you tomorrow.

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