On today's episode of Money Monday, we have special guests Lambo Raul and QBanks join us to talk about what got them into trading and how they got into the business. We also talk about how they came to the trading game and what it's like to be a day trader and how it led them to start their own business. We hope you guys enjoy this episode and don't forget to subscribe on your favorite streaming platform so you don't miss out on any new episodes! If you like the show, please HIT SUBSCRIBE so you can get notified when we upload a new episode every Monday morning. Thanks for being a part of this community and we appreciate you! Peace, Blessings, Cheers! -BJ & Rory XOXO -FreshFit Locals -R.J. Good Luck, Rory and Rory -Lambo R.A. -QBanks - Thank you for being on the show! Thank you so much for being part of the community! Love, Rory & Rory! Thanks for supporting the podcast! -Raul & QuBanks! -LAMBO R. A. BANKS - Love, R. B. Thanks so much, Rory, Raul & QBANKS! - Thanks for coming on the pod! xoxo -Ramon & R.B. Love ya! - Rory & Lambo - Raul - G& R.R. Thank you! - R. Thanks, Rory! -Jon -Jonah - Jonah Thanks Jonah, Jonah & Rory, JB! Jonah and Jonah! -Jared & Jonah - Jonahs -Josha - JBJ! - J-B. & Jonahs, J-Vance - QBJ - J-JBJ - JVance - J.JB. - J&R. - JJBJ. - Joniah - B. & J-R.S. - - P. BJ. & B. BOBB! - S. - SONGS! - BOBBY - JAM! - JB. AND R. S. , J-M. - BABY! - D. G& J-S. & M. M. G. - M. R.
00:05:05.000And yeah, I mean, I've been day trading for the last six years.
00:05:09.000I make seven years now in October, and I own multiple online businesses as well.
00:05:15.000So I want to know from you guys as well, what got you into trading?
00:05:18.000And then what jobs were you doing before you started trading or during?
00:05:22.000So, for me personally, what got me into trading was, honestly, like, I had gone through this whole period where I was sick.
00:05:28.000My initial plan wasn't to get into trading.
00:05:31.000And to kind of make a long story short, right, with the disease that I was diagnosed with is chronic and you're not allowed into the military.
00:05:38.000That was kind of like my go-to career path.
00:05:42.000After high school, I wanted to get into the military.
00:07:14.000Yeah, but even before Target, actually, I had a job at a warehouse.
00:07:19.000I was working there for about three years, making around $620 every two weeks on salary, which means that even if I worked over 100 hours, I was still going to get...
00:07:29.000Get paid that $620 each and every single two weeks.
00:09:12.000And then I started trading currencies...
00:09:16.000AUD-USD, USD-JPY, and that kind of stuff for a couple years.
00:09:19.000And then for the past maybe like three years, I've been trading only US-30, which is an index, which is a lot more volatile than the currencies.
00:09:25.000So, I mean, it's a different level of money.
00:09:48.000So I feel like just start off on a pair that's pretty much slow.
00:09:50.000I would say AU or UJ, pairs of that sort, that pretty much doesn't really have that much movement, but it gives you enough time to actually learn the skill of even analyzing a chart.
00:10:00.000What is AU and UJ? All the USD. Australian dollar.
00:10:05.000Australian dollar versus the USD. So you would say like if you're going to trade currencies, like look at that first, master that exchange between those two different currencies and then work your way?
00:11:08.000Once there's candlesticks on the charts, we have the knowledge actually to be able to break it down and anticipate what's going to happen next based on what's currently being shown on the chart at that point.
00:11:17.000So that explains why you guys are skilled at trading so many different things.
00:11:21.000It's because you understand the fundamentals of how to read the chart.
00:11:24.000If you can read the chart, then you can basically trade in that universe.
00:11:27.000Basically understanding how to read price action.
00:11:29.000A lot of the price action is very similar.
00:11:31.000It really depends on what type of assets you're trading.
00:11:32.000And it also depends on the types of system you're trading as well.
00:11:35.000There's a lot of people who have a very systematic approach as to how they're going to trade.
00:11:39.000And then maybe that specific system may work better with other assets compared to different assets such as commodities or stocks or cryptos and currencies.
00:11:48.000But if you're a great trader or reading price action and your system is kind of very discretionary, then you could trade multiple different assets that...
00:11:58.000The workflow is going to be a little bit different based on how fast that currency pair is or that asset is, but the overall foundation of the entire analyzing aspect of it is going to be similar.
00:12:09.000Workflow as far as what time frames you trade on, what What you use to actually analyze the charts and everything else.
00:12:15.000It's going to be similar, but at the same time, like how you use it is going to be very, very different.
00:12:18.000Like, for example, there's like on odd USD, like I wouldn't focus on the one minute too much because it's too slow at that point.
00:12:28.000I could focus on the M30 or the H1 to actually take a trade on versus let's say like USD. U.S. 30.
00:12:38.000I could go on the one-minute time frame because it's a period that pretty much moves fast enough that I could analyze and still make money even on that one-minute chart.
00:12:45.000Compared to other charts, it's too slow or it's not even volatile enough to even like...
00:12:49.000And when you're saying a one-minute chart, does that mean that you need to make a decision and place a trade within one minute?
00:12:54.000No, which means every single minute, it's forming a brand new candle.
00:13:34.000And for a beginner, what should they start with, you think?
00:13:36.000So for me personally, I started off by trading currencies and commodities, and I traded currencies and commodities for four years, and then I actually went over to also trading indexes or indices as we kind of know it.
00:13:47.000I mean, some people also trade futures as well, which I trade SPX 500, and I also trade NAS 100, but other people trade that asset class in futures, which essentially is NQ and ES, right?
00:13:57.000And that's what I've been trading for the last two years.
00:14:21.000We'll kind of give you a better direction because you need volatility to make money.
00:14:25.000If you plan on being a scalper and a really shorter term time frame trader, then you don't probably want to trade something like AUD, USD because you're not going to see opportunity the majority of the time versus going and trading something like the NASDAQ or US30 or the S&P 500 where you can go on the one minute time frame and there's volatility and opportunity every day.
00:14:42.000He looks lost, but a scalper is a person that pretty much trades in and out.
00:14:49.000They focus on a very, very quick time frame that moves very, very fast.
00:15:13.000I feel like if you're getting into a brand new field, you can't understand or you can't be a part of that conversation unless you understand the language of that conversation.
00:15:26.000When you're having a conversation with somebody else that's already a part of that system, you're comprehending what they're talking about versus just listening.
00:15:34.000So if I just understand what everything means, what pips means, what price actually means, all this stuff, it pretty much makes sense to you now because you actually understand the terms of what's being spoken.
00:15:45.000Pips is just, you know, the points that are pretty much on the charts, like the price, pretty much like the lowest number of that price point is pretty much pips, like just like the lowest decimal point.
00:15:56.000Is there like a mock chart that we can pull up real quick that you guys have on one of your websites, like a mock chart that we can show the audience real fast just so they can kind of see it visually?
00:16:04.000I mean, if you don't, don't worry about it.
00:16:37.000I mean, there's tons of different mentors out there.
00:16:41.000Some people take the mentorship route.
00:16:43.000Some people won't take the mentorship route.
00:16:44.000I mean, nowadays there's so much information online, but I look at it in two different ways, right?
00:16:50.000It's like, okay, you can go and try and do everything on your own or you can go and find somebody that's already done what you're looking to do and they're successful at it and they'll shorten your learning curve.
00:17:08.000And it's just kind of like being selective on the individual that you're trying to learn from.
00:17:11.000Like when I first started trading, like he was one of the guys that I learned from and grabbed principles from him to apply to my own trading.
00:17:18.000You know, and I was only able to shorten my learning curve because of buying X and Y, Z course to, again, help me with my trading and shorten my learning curve.
00:17:25.000Because there's so much info out there, bro, it's confusing.
00:17:28.000So to package it in one where people can see it, I think that's better because all these terminologies, all these terms, I'm like, God damn!
00:17:33.000Yeah, so look, like, you have YouTube University, right?
00:17:39.000But, like, you're pretty much on a system that pretty much is like an encyclopedia.
00:17:44.000Everything is disorganized as fuck, you know what I'm saying?
00:17:46.000Versus a person that you're actually learning from within a mentorship, everything's organized.
00:17:50.000You're pretty much learning everything from A to Z, which makes it a lot more easier to digest in some kind of way.
00:17:55.000So I feel like even paying that extra money and everything for mentorship and that kind of stuff is cool because you're not going through all the headache of trying to even find what works and what doesn't work and everything, but you're finding what works for that person and it could probably work for you as well.
00:18:09.000I remember, especially when we did our first interview back in the day, back in 2020 to 2021, there was like a huge push for Forex trading.
00:18:17.000I remember everyone was trading Forex.
00:18:39.000And I was like, but I haven't seen as many people talk about Forex unless it's guys like you that make a bunch of money on it and actually understand the charts.
00:18:47.000But random people would be like, oh yeah, I trade Forex.
00:18:54.000The thing with MLM is cool, but at the same time, we're kind of against it because at the same time, they're very, very good at marketing, which means that they know how to pretty much attract 5,000 people at one time.
00:19:06.000Which means that they're attracting all the people to introduce them to trading overall.
00:19:11.000Eventually, they'll understand that they're not learning much from those companies and then fall off that company and then fall into us.
00:19:18.000Pretty much actually teach the craft and that kind of stuff.
00:19:21.000And mind you, We teach the craft because we're kind of like beyond the fact of making money.
00:19:25.000We make money even if we have no courses and that kind of shit.
00:19:28.000We actually are good at the charts and everything.
00:19:30.000So at the same time, the fact that we're able to actually give our value back to people in some kind of way, which is we're kind of like doing our...
00:19:38.000We're giving our value back knowing that we're making good money, but we're giving it back to say that we gave our value to the community in some kind of way so we could actually step back and have the new generation of traders actually thrive.
00:19:58.000And people do that, which is fine, but at the same time, you're still being dependent on that person, which is, at times, it gets annoying and everything.
00:20:04.000I'm not knocking the people that give signals, but at the same time, it's just the fact that it's real.
00:20:08.000Versus teaching the person how to actually fish, they could actually make money for the rest of their life at that point, which means that you're giving that value to them by just paying a little last fee.
00:20:49.000Like, you don't know what, like, the motive for that trade is.
00:20:52.000So a person that does signals, it's cool for, you know, a temporary amount of time, but you don't truly know what that trader is actually thinking or what their motive is for that certain trade.
00:21:12.000So they were probably in profit for a certain amount of time, and then by the time that that person actually got out of their trade, the other person held the trade, and now they lost.
00:21:39.000Forex trading in specific, I feel like it blew up because the entry level was just a lot cheaper to get in versus stocks.
00:21:45.000Because when you go and you're going to open up an account to trade options like TD Ameritrade, you're going to fall under the PDT rule.
00:21:50.000If you don't have above $25,000 to actually trade, then you're going to be so limited on how you can actually trade.
00:21:56.000Versus Forex, I mean, there's so many brokers, you deposit $100 and you have no limitations on how you're going to trade, which is a big reason why I feel like Forex blew up.
00:22:04.000You now have brokers, well, back then, there were brokers that was offering like $3,000 to one leverage.
00:22:19.000So you essentially, you put $1,000 and they'll give you $3,000?
00:22:22.000No, but let's say if you have 1 to 1,000 leverage with a $1,000 account, technically you could do max 33 lots that would actually execute, but you will be in full margin once you actually execute, but you have the ability to do that with a 1 to 1,000 leverage.
00:22:38.000That means that you could go super, super hard without having the full capital, pretty much.
00:22:42.000But if you lose, then you get into a negative.
00:23:04.000It's being done simultaneously, so you don't really see the transactions and that kind of stuff, but technically, yeah.
00:23:09.000Yeah, so you're borrowing money from the broker to go and take a more, I guess, bigger position, which might yield bigger profits, but also might yield bigger loss.
00:23:19.000And if you lose that money, aka their money, you are on the hook to pay them back.
00:23:22.000If it hits hard, you could actually close early and not be in a negative, but let's say if you're that person that's pretty much going super hard on that account that is in full margin and that kind of stuff, and you're using max leverage, and a big news hit, like CPI news or that kind of thing,
00:23:38.000and all of a sudden it gives you the ability to now go negative in your account based on just how aggressive that news event is.
00:23:46.000It's basically gambling at that point.
00:23:50.000It's literally gambling because you're not even focused on the probabilities at that point because every single trade you take, there's a probability behind it.
00:23:57.000At that point in time, you're not even focused on like, oh, hey, you know what?
00:24:00.000I probably have a 40% chance of losing this trade, but I'm still going all in.
00:24:13.000Every now and again, I would have my main account, but every now and again, throw a couple hundred here, and then I used to go crazy just to see what happens.
00:24:22.000That was in the beginning stages, having fun.
00:24:38.000Don't put in money that is pretty much going to pay your mortgage or your rent or your car payment, that kind of stuff, because that money is vital.
00:24:44.000To your lifestyle and that kind of stuff.
00:24:45.000But extra money that you don't mind losing, that could actually be gone and you don't care about it, that's the kind of money that you should invest in.
00:24:52.000And then also at that point in time, if you're investing money that you can't afford to actually lose, you won't even be able to trade with Clarity to begin with.
00:24:57.000So you're already making a poor decision off the bat before you even took your very first position.
00:25:03.000And even if you're not in a trade, the money that you have in your trading account is still at exposure to risk because it only takes one day, one bad trade to wipe out that entire account if you have a poor risk management system.
00:25:14.000When I tell people, if you're going to deposit money into a trading account, you also have to consider that money until you withdraw it from the actual brokerage and you realize those gains and you put it into a checking account completely separate where you can't actually take positions.
00:25:26.000That money is still very well at risk.
00:25:29.000Because it's not your money until you withdraw the money, pretty much.
00:25:55.000So, yeah, you have to kind of like, you know, just hone in on your emotions and like not actually get too caught up in like being impulsive on the charts, you know?
00:26:04.000That's because you're seeing money fluctuate and that kind of shit.
00:26:33.000A-U-U-S-T? Odd USD or USD JPY, you know what I'm saying?
00:26:37.000Based on the amount of information that's out there nowadays, I feel like you could actually gain a good amount of information to not have to go on the slowest pair, but you could probably go on a moderate pair that could actually have some kind of fluctuation that's good enough to actually make some decent money.
00:26:50.000I would say it really depends on what you're trying to trade.
00:26:53.000If you're trying to trade cryptos, if you're trying to trade stocks, if you're trying to trade Forex, commodities, I would probably focus on something that moves a little bit slower, that has a little bit less volatility, because it'll be a lot easier when it comes down to decision-making time.
00:27:06.000Can you guys give us one pair for each discipline?
00:27:10.000So you started with AUD, USD, JPY, USD? Yeah, because I started on currencies, like actually focus on currencies for a good amount of time.
00:28:39.000That's a funny thing is because despite how much money that we've withdrawn and traded for and that kind of stuff over the course of years and years and years and years, people still hate on the fact that we still give good education also and we have tons of students that's also making money inside the market as well.
00:28:56.000So people ignore the whole fact of we also trade ourselves, we also withdraw ourselves, we show tons of profits, but they always go back to the whole course stuff.
00:29:43.000And I mean, when it comes to like the whole withdrawing your profits and everything, I've been as transparent on my YouTube channel as much as I possibly can.
00:29:52.000Like literally showing you, hey, this is my trading account.
00:29:54.000I'm going to show you the withdrawal and internal transfer from my trading account to my wallet, from the wallet inside of the broker to then it going to...
00:30:39.000Once you're in a position, the person that pretty much says all that is normally the person that pretty much either can't afford it or the person that just, you know, just failed.
00:30:48.000It's like, there's so many things that I've also personally done as well.
00:30:53.000FTMO, one thing that's huge in the trading space, which is absolutely amazing, is funding, prop firm funding.
00:30:59.000And FTMO had been out for years, even probably around the time I started trading that I had no idea about.
00:31:05.000So they were even open before I even knew about what trading actually was.
00:31:09.000I went on there, and with their super tight limitations and restrictions on the risk parameters that they have, I was still able to make $100,000 in a month.
00:31:18.000And people are still skeptical about that.
00:31:20.000So, I mean, it's at the end of the day, like, a lot of people are, especially when it comes from hate, a lot of people just are in a situation where it's like they're not making those same accomplishments or anywhere near.
00:31:29.000So they're trying to kind of, like, deflect their failures onto other people and saying, oh, no, it's not possible.
00:31:52.000At the same time, we are good at what we do, so we're actually giving back our knowledge in some kind of way so another person can actually find value in it.
00:31:59.000It's interesting, because if you just did it yourself and didn't teach anyone, they would say you're selfish.
00:32:02.000But then if you do a course, then they say you're a scammer.
00:33:25.000Tyler Durden goes, not to get all dark and ish, but there was a 20-year-old kid that was trying to learn option trading on Robinhood and got his account and his account ended up with negative 100k.
00:33:35.000He ended up self-deleting, but he didn't realize he didn't really owe that money.
00:35:07.000Yeah, we want to actually execute our own trades, like, analyze our own trades and that kind of stuff, and, like, you know, that's what we...
00:35:13.000That's what we do on other platforms versus Robinhood.
00:35:15.000I feel like it's just, you know, invest here, invest here, like, choose, like, how you plan on investing, aggressive, moderate, like, that kind of stuff.
00:35:22.000Yeah, it's basically training with training wheels on, but, you know, you're not able to invest the way you really want to with the same level of veracity or, you know, expert, because they're dumbing it down and putting training wheels on you.
00:36:05.000They were basically like an online prop firm, right?
00:36:09.000And people could go on, you take a challenge, you pay like, call it $1,500 and you can get access to like a $300,000 challenge account, essentially, after passing a verification phase and you can make money under your funded account and then keep a certain percentage of the profits.
00:36:25.000That company got so large, they ended up getting shut down and a lot of people...
00:36:30.000We're pending payouts and had funded accounts with them.
00:36:33.000They had a lot of like this pending money.
00:37:44.000So it's kind of fucked over a lot of people at the same time.
00:37:47.000There's a lot of people that were pending, you know, probably huge payouts, you know, $20,000, $30,000, $40,000 could have changed their lives and, you know, all the assets are frozen.
00:38:26.000I'm on the faces of all my brand's top tier, Wall Street Academy.
00:38:30.000Any brand I'm pretty much promoting in some kind of way, I try to be the face of it because I want to know that, like, my rep is on the line in some kind of way.
00:38:47.000So, you can't really trust that kind of company, I feel like, because a person can't come out and say, like, yo, I did wrong, blah, blah, blah.
00:38:52.000Like, this is going on, that, you know?
00:38:54.000There's no face to the case, basically.
00:39:47.000One book that I liked the most was probably Trading Like a Casino because it really helped me adopt the finding an edge inside of my trading system and really adopting that probabilities mindset and knowing that I'm not going to win every single trade.
00:39:58.000That's probably one book I would recommend.
00:40:01.000Another book would just be a lot of books on trading psychology.
00:40:03.000To be honest, because to me, reading and understanding price action is a skill that can be developed over time, and so is technical analysis.
00:40:09.000But you really have to understand the mindset behind trading, because if you don't understand the mindset behind trading, you don't have a risk management system, then essentially you're going to be going in blind.
00:40:18.000You could just be borderline gambling there as well.
00:40:21.000I'm still waiting for your books, guys.
00:40:25.000Eventually, eventually in time, honestly, like when the time is right.
00:40:29.000Would it be, because I noticed that there's been a lot of comparisons to gambling versus trading during the course of this discussion.
00:40:37.000Would it be fair to say that the thing that differentiates someone from being a trader versus a gambler is having stop losses in place, education, knowing what the hell you're trading in, understanding the commodity, whatever it may be?
00:40:50.000So on the most smallest, smallest, smallest, smallest, smallest...
00:40:57.000Like it's knowledgeable gambling in some kind of way because you're playing with money in some kind of way also and money is fluctuating just like how it does on the gambling table.
00:41:04.000But you have knowledge behind it so technically like your decisions are more calculated more than anything else.
00:41:11.000So it's not as if like your chances to actually win a trade is 50-50 all the time.
00:41:30.000At the most, the broker has their fees and everything that you've got to pretty much pay and swaps and that kind of stuff, of course, because that's the platform.
00:41:37.000But there's times that I've had a great trading week, a great trading month, and that kind of stuff, and the house didn't take anything technically.
00:41:55.000A person can definitely learn about trading yesterday and then all of a sudden start, they probably win a trade today, but how much or how long can they win trades?
00:42:13.000The thing about trading is it's very different and everyone is going to find success very differently in trading.
00:42:18.000There's people that could probably lose money for the first five years in a row but then on their sixth year they hit profitability and they make all of the losses from The previous five years back.
00:42:30.000Like for one example, my grandpa was teaching him to learn how to actually trade.
00:42:33.000He started three years ago and he lost for the first two years.
00:42:36.000And this year alone, he's made all of that money back plus an extra net $30,000 in profit that he's realizing this year.
00:42:44.000He's in his 70s, but he was able to capitalize off of that.
00:42:47.000So everyone, when it comes to a trading journey, it's going to be very different.
00:42:51.000Just, I guess, as a learning lesson for the audience here, what were some of the mistakes that your uncle made in those two years that had him losing?
00:43:01.000I mean, it really just came down to just being a newer trader, understanding what trading actually is, really adopting that probabilities mindset, finding his trading system, his risk management system as well.
00:43:11.000It's going through the trial and error process.
00:43:12.000But the most important thing that I told him from the beginning is you need to have a tight risk management system and how you want to define your risk.
00:43:19.000Because if not, then a lot of the times it could be, you know, you're just kind of gambling and understand why you're taking these trades.
00:43:29.000Because if you can't tell me what your edge in the market is, if you can't tell me what your trading system is, if you can't tell me this is why I'm getting out here, if I'm right, this is why I'm getting out here, if I'm wrong, then a lot of the times it's like you're going in blank and you don't know what you're doing and you're going to, there's a higher chance of you to lose money.
00:43:43.000I don't want to say there's like a higher chance of you making money, but at the same time, it all It has to be very planned and systematic.
00:43:51.000Which is then, going back to what you said previously, it's like, you know what, there's a spectrum between gambling and trading.
00:43:56.000There's a huge spectrum and a huge differentiation between gambling and trading.
00:44:01.000If you tell me you're somebody that you open up a price action chart and you deposit it into a brokerage and you see price going up and you decide to take a buy because price is going up, I'm going to tell you, you're gambling.
00:44:09.000You have no reason as to why you're looking to take a position here and you're looking to take that buy position other than that you saw price action is going up.
00:44:18.000Versus if you tell me, hey Raul, I decided to take this position because XYZ reason.
00:44:22.000I decided to place my stop loss here with this much risk.
00:44:25.000And then I decided to take profit over here with a 2R plus multiple.
00:44:29.000Then I'm going to tell you, okay, that looks solid.
00:46:29.000I think I'm barely even fully leveraging what I'm able to do to the full ability.
00:46:36.000But at the same time, I get to a point in my life that I fund what I'm passionate about.
00:46:42.000I'm actually funding my lifestyle based on what I'm actually interested in.
00:46:46.000Versus if a person that pretty much gets to a certain point, and they have the money to do everything that they always spoke about, but they get to a point that they don't even do it because what other people would think of how they spend the money.
00:47:47.000My 1998 Toyota Supra MK4, my 99 Nissan Scala R34, my Ferrari A12 in Largo, my Ferrari Pista, my Lamborghini SV, my Lamborghini SVJ 6.3, my Escalade,
00:48:03.000my G-Wagon, my M3, and my truck that I have.
00:49:50.000You guys inspired me to want to live my lifestyle.
00:49:53.000And it's kind of like, yes, you should obviously invest your money, but it's like, yo, when you're a kid, you have dreams you want to fulfill, and it's like, why not do it?
00:50:03.000I feel like it's the fact that we're actually living out the things that we've always dreamed about ever since we were a kid, and we're doing well.
00:50:42.000There was one day, I remember I went on my Instagram story, and I grabbed each one of my registrations off my cars, and I grabbed my Amex, and it shows my company name, and on the registration of the cars, it shows the exact same company name that's under my name, and it's like, nah, still renting.
00:50:57.000It's like, okay, cool, yeah, I'm renting an SVJ that I've had over a year.
00:51:00.000I'm paying $30,000 a month for an SVJ. It's ridiculous, bro.
00:51:03.000If you were supposed to rent These cars, technically you're paying more money.
00:51:16.000And secondly, if you do rent them, it'd be way more.
00:51:19.000A lot of the times, you can rent the entry-level supercar.
00:51:22.000You know, but when you're talking about SVJ, when you're talking about Pista, Mike Cullinan has my name engraved on the card.
00:51:28.000It literally says, Raul Gonzalez, handcrafted in England.
00:51:33.000And it took me two years to get that card.
00:51:35.000I waited two years for it to be built and delivered.
00:51:38.000I just realized, bro, when you live a lifestyle that people want to have, but they don't have it, they do hate on you, and they project their hate and all their inadequacies onto you.
00:51:45.000And it's crazy because if you can face all the problems that they have with you, it will never be enough.
00:52:51.000And you're talking about this as an individual who at the end of the day, put in the work.
00:52:55.000And again, like people can look at it two ways.
00:52:56.000It's like, oh no, that guy's payout was fake.
00:52:58.000You know, this is not blah, blah, blah.
00:53:00.000But then that's just their own insecurities of them trying to project on that individual because he was able to do it and he might be younger than you.
00:53:06.000He might be older than you, but he was able to do it.
00:53:08.000And maybe some individual still hasn't done it yet, you know?
00:53:11.000And then the question is, what's your excuse?
00:54:04.000And then we got JC Garcia, taxes for full-time day trader.
00:54:08.000How do you do an LLC? That's a good question.
00:54:10.000Well, it's a bit more complex than that, but I feel like, yeah, definitely have a business account, because as you're withdrawing your profits, that could be considered as business income.
00:55:13.000Personally, because I feel like if you're trying to buy a car that costs a million dollars and that kind of stuff, if you can't even put down at least 50% of the car or even pay it off, then wait it out.
00:55:23.000Because the worst thing that you can do for a supercar is to have a big-ass bill every single month.
00:56:15.000So, the thing with that is that I feel like there's too many opportunities out here nowadays to then, you know, spend four or five years or six years into, like, a field that only makes six figures, that you're going to be pretty much working probably 70% of the time anyways.
00:56:28.000Versus actually trying to take advantage of, like, you know, a program or, like, you know, a trade in some kind of way to actually make those same six figures in a short amount of time.
00:56:35.000I'd rather nowadays pay for a course and learn the skill than go to school and spend four years, bro.
00:56:51.000Honorate courses based on who is selling the course.
00:56:53.000The fact that people honorate, even me, because I don't look like a professor, but have a shit ton of fucking knowledge, and I made a shit ton of money, but also I made other students make a shit ton of money as well.
00:57:04.000People don't even look at that aspect of things.
00:57:06.000So they judge the person on how their appearance is to see if they can learn from that person based on how that person looks, which doesn't make any kind of sense, because they can have all the knowledge inside the world and everything.
00:58:56.000Well, for me, I'll say that I try to actually hit at least three or four confirmations depending on what type of setup I'm actually trying to look for.
00:59:34.000Different setups, I use different tools at different times.
00:59:37.000So, I mean, it's always at least, like, three confirmations, so I feel comfortable with even taking that kind of trade, knowing that it's a high chance that I'm going to win that trade.
00:59:45.000And that makes it not gambling, because you're taking calculated risks off of what you confirm.
00:59:49.000Yeah, so it's not like I see one confirmation, and then all of a sudden, I'm good.
00:59:53.000No, I need at least a couple, so it lines up and everything enough to say, you know, I'm confident on that surrender trade.
01:00:22.000It's like, okay, you know, I'm not going to go into a position risking $20,000 to only make 10 or $5,000, you know what I'm saying?
01:00:27.000I'm going to go into a position risking $20,000 to try and make at least $40,000.
01:00:32.000That's like the overall objective and goal.
01:00:33.000But the thing about trading is that like price action trading is never going to be perfect.
01:00:37.000You know, you can go in with like a $20,000 risk, maybe pull out 15 just because price action came all the way back and hit a trailing stop loss.
01:00:44.000When it comes to my confirmations, you have your planned risk-reward ratio, and then you have your actual risk-reward ratio, which depending on your win rate will determine your profitability and the longevity or not.
01:00:56.000When it comes down to my price action confirmations, it really has to do with a lot of things.
01:01:00.000It has to do with supply and demand, the actual price action candlesticks themselves.
01:01:03.000Is price acting rejecting an area of that supply and demand level?
01:01:58.000I can't read the price, but it pretty much has a resistance pretty much, you know, not too far away from where it currently is, like right now, but it's still mainly on an uptrend at this point in time.
01:02:28.000I mean, we're big critics of the mainstream media.
01:02:31.000We think, you know, obviously there's a bunch of fake news on there.
01:02:33.000But it seems to me that the mainstream media plays a big role in this.
01:02:39.000How often are you guys watching the news?
01:02:41.000Well, see, like, I'm learning fundamentals.
01:02:43.000I'm more of a technical trader, which means that I don't really read...
01:02:46.000Fundamental analysis is too much, which means economic news and that kind of stuff.
01:02:49.000I don't really touch on economic news too much, but I'm very, very good at my technicals.
01:02:53.000So technicals meaning I'm drawing on the charts to pretty much pinpoint certain areas of support or resistance and that kind of stuff to then anticipate my next move in the market.
01:03:22.000Yeah, fundamentals is basically all types of economic data and world events.
01:03:25.000Yeah, but the bad thing about the only fundamental news is that they don't really understand a good entry opportunity and that kind of stuff.
01:03:31.000Because they're looking at the more broader perspective of the charts.
01:04:00.000Because you're looking at it from a nuanced micro level, so you're able to really get into the details and see what the hell's going on and really analyze.
01:04:06.000There's a saying that says, you know, Have your bias based on fundamentals, but have your technicals or your entries based on technicals, which means that you're a bit more in tune with what is considered as a good entry and that kind of stuff based on getting a better risk to reward versus the person that's pretty much doing a fundamental standpoint.
01:04:25.000They probably don't even use a bigger lot size and that kind of stuff based on how much fluctuation might happen before that news might play out eventually.
01:04:32.000With me, I could actually up my leverage or up my lot size and that kind of stuff a bit more because I'm more on the charts.
01:04:40.000You do the work on the front end so you can take the risk on the back end because you know what you're doing.
01:04:47.000Okay, I'm very confident at this because I understand the nuances.
01:04:49.000I understand this pairing to a significant degree so I can go ahead and make decisions based on my knowledge versus relying on mainstream media or whatever.
01:04:57.000Keep in mind, if I learn fundamentals like how I aspire to learn it eventually, then I'll be a lot better.
01:05:04.000But at the same time, what is working for me has been working for me for years and years and years and years.
01:05:09.000So I'm not in a rush to learn something that's going to benefit me right now because I'm doing pretty well at what I do.
01:05:16.000It also depends on your trading system because if you're like a longer term trader where you're holding trades for days on days and weeks on weeks, then you're gonna have to be in tune with fundamental analysis versus someone like me where I'm looking to get in an hour of the market within the same hour, two hours, you know what I mean?
01:06:07.000But it's not going to really affect the majority of the markets for the most part.
01:06:12.000He's powerful, yes, but I don't think that he could actually affect the majority of the markets.
01:06:15.000Something that would be more relevant to basically what you were saying would be like if Jerome Powell were to be coming out and he would be on a speech, depending on the type of tone he's giving, if he's giving like a hawkish or a dovish tone, it will definitely determine on, you know, you'll literally see it on the charts.
01:06:36.000So us traders, we look forward to those kind of news events because it gives us a chance to make big money very, very quickly.
01:06:41.000When that data comes out, especially if there's a big difference between the expectation versus the actual data that actually comes out with CPI and inflation, there'll be huge moves in the markets.
01:06:51.000I mean, some days the markets will have a crazy move up and then a crazy move back down.
01:06:56.000Those are the days where there's a lot of Yeah.
01:07:17.000Versus going in on a regular day, I'll probably go in with a little bit more size because there's not as much volatility as when you see when the feds actually have a meeting or when CPI does come out.
01:07:26.000Yeah, like, for example, there are certain times that, like, let's say the market moves, let's say 1,000 pips in one day, and all of a sudden the next day it drops again.
01:07:33.000And then all of a sudden now it's all the way back up here.
01:07:36.000That's the kind of movement that you could probably see with interest rates and that kind of stuff.
01:07:57.000But certain days, I know what to look out for.
01:08:00.000FOMC, NFP, CPI. I know those big news events that I have to make sure that I'm in tune with because I don't want to get slapped up out of nowhere.
01:09:50.000I feel like you're putting yourself under a lot of stress, which does make sense, and then you're pretty much going to be taking on things that you don't really want to take on at times.
01:09:58.000At least three or four times a week that I'm open to, but I try to make sure that I'm disciplined enough to even wake up, I get on my charts for a couple hours at least, to try to actually make sure that I'm active and I'm in tune with what's going on in the market for you.
01:10:19.000No, so, like, whenever I'm on the charts, I'm risking, on average, at minimum, $5,000.
01:10:24.000And then, you know, whenever I'm in my zone and, like, my flow and everything, like, my rhythm, like, each and every single trade that I take, on average, could be, like, up to $10,000 to $20,000 at times, even $60,000 at times.
01:10:34.000So how much money do you have in the market on a regular day for you when you're trading?
01:10:50.000So like I understand like what I'm open to losing each and every single time that I'm getting in a trade based off of that account size.
01:10:55.000So, just so the audience understands, you have a trading account, which you have about $150,000 in there that you use to trade, and then you're placing trades throughout the day.
01:11:02.000You're locked in, it seems to me, for about at least five to seven hours.
01:11:05.000Yeah, but it's not like placing trades throughout the entire day.
01:11:08.000Like, it's a certain time period that I'm looking for a trade entry based on a setup that I'm looking for for that certain point in time.
01:11:17.000Or even two, depending on the risk for that certain trade.
01:11:19.000Oh, so you're analyzing the whole time and you make one or two trades in that period.
01:11:23.000Yeah, and then I'm holding at that point.
01:11:24.000That hold can be a couple hours, a day.
01:11:27.000If it looks good, and I'm pretty early for the entire overall move based on a higher time frame, I'm probably in that trade for a couple days.
01:11:57.000So you could be in consolidation for a trade set that you're actually anticipating for certain times, like three, four days before it actually plays out.
01:12:05.000You know, but I think as long as you're pretty much understanding the bias or the overall direction for that certain trade, then, you know, that consolidation means literally nothing.
01:12:13.000That's like a waiting game at that point.
01:12:14.000But as long as you're pretty much still within risk...
01:12:17.000And the direction is good, then you're pretty much on a waiting game that you have no control over.
01:12:21.000How long it takes a move to actually hit or even push, we have no control over that.
01:12:25.000So once we're in, we pretty much understand the risk, we understand the buys.
01:12:28.000So when you go in, you're going to at least 5,000, and you might be in on multiple situations.
01:12:32.000You might have somewhere between $5,000 to $50,000 out in the market that you're risking.
01:13:00.000Because there's certain times that, like, you know, like, if I have a good trading flow, like, the other day, I did $15K to, like, $550,000.
01:15:13.000I can't do anything, you know what I'm saying?
01:15:14.000But at the same time, like, that was a part of that account, you know, building everything.
01:15:17.000So, I mean, I was like, alright, cool.
01:15:18.000I was still in profit, so it's not like I lost.
01:15:21.000Yeah, yeah, you were in profit regardless.
01:15:22.000I was still in profit, but at the same time, like, I just went super fucking hard, trying to actually risk a lot, but also, like, the reward for that one trade was supposed to be, like, 1.3 or some shit, but...
01:16:08.000Because the thing is, if you spend too much time analyzing just one asset, you're going to start over-analyzing and you're going to get in a situation where you don't know what to do.
01:16:19.000So realistically, I'll give myself an hour and also an extra 30 minutes to review my trades of the previous day, but it all starts the night before.
01:16:27.000So 30 minutes go into analysis, 30 minutes goes into my journaling and reviewing the trades that I did throughout the prior week, throughout the prior days, et cetera, et cetera.
01:16:36.000Then when it comes to my pre-market analysis, this is probably around like 8 o'clock, 8.30 in the morning, an hour before or an hour and a half before the market actually opens.
01:16:44.000Because I only trade two assets, which is I only trade realistically the NASDAQ or NAS100 and the S&P 500 or SPX. And then my active trading is from 9.30 to about 12.30.
01:17:19.000My trade's on the day, and I review what could possibly go down, and I plan for the next day.
01:17:23.000But at least try to actually implement some time on the charts and everything else, so you know that you're giving time and effort to your actual craft and everything.
01:17:31.000I can say that you guys are very consistent with your rules and your setups, and you make it work.
01:17:39.000I feel like there's times that you know that you are going against it, but at the same time, you know what you have to do to actually stay on track.
01:17:47.000Which is like a balance of life, which is never a thing, but you're always striving for balance, but in reality it's never a thing.
01:17:53.000But this is also when you're supposed to learn when to size up, when to size down.
01:17:56.000When I'm not like super locked in, I'm sizing down completely.
01:18:00.000Versus when I'm locked in and I'm living and breathing trading, that's when I'm typically sizing up a lot.
01:18:05.000And it also depends on the market conditions too, because if you know and you've seen price action over the last few days and you see the markets are in a nice trending condition, you're going to want to be locked in, you're going to want to size up because these are the times you want to take advantage.
01:18:15.000Versus when the markets are chopping, consolidating a lot of the time and say, okay, you know what, let's just kind of chill, let's size down a bit.
01:18:21.000Yeah, the price action just simply isn't the cleanest.
01:18:23.000I mean, when it comes to like my biggest loss, I've never lost $450,000 a day.
01:19:32.000And that's something that I learned as a beginner because my main issue as a beginner was I was over trading and over leveraging too quickly and I would lose weeks upon weeks of profits in a single day.
01:19:43.000And because I've already acknowledged that from my past in this type of situation, we drew everything and just took a break.
01:19:50.000Yeah, like, that's probably the best fix.
01:19:52.000Just clear everything off the table and start back.
01:20:59.000You see me withdraw from the trading account to my internal transfer to the broker's wallet, then from leaving the broker's wallet all the way to my crypto wallet, then hitting my bank account, and I sent it right away to Neo and I bought my boy a watch for his birthday on that same day.
01:21:13.000So it's kind of like, you know, it's kind of like a blessing that occurs because your relationship with money actually does change significantly.
01:21:50.000Futures, I'm not too, too sure about it.
01:21:52.000For futures, I mean, NinjaTrader did just buy a trade rate because I am looking to actually start trading futures probably sometime next year.
01:23:04.000A TDE calculator so that you can figure out what your maintenance calories is and then whatever that number is, you want to be 200 to 300 below that and that will put you in a calorie deficit and you'll lose weight nice and slowly and sustainably, most importantly.
01:24:09.000I mean, for me, the whole trade has to be planned.
01:24:11.000So you need to have your area where you're looking to execute the trade, and then you'll have a price action signal that'll tell you this is where, or this is the time to actually execute.
01:24:19.000And when it comes to your stop loss...
01:24:21.000I see a lot of people like they just put a random stop loss like in an area where it's like, okay, you know if price is here, it's right.
01:24:26.000For me, a stop loss needs to be at an area that invalidates the trade.
01:24:30.000Meaning that if the trade hits this area, there's a higher probability that you're going to be wrong and that's when you want to cut your loser as short as possible.
01:24:37.000After you've determined both of those areas, then you determine what area you're going to look at.
01:24:42.000Where you're going to get out if you're right.
01:24:43.000Then after that, if you have a positive or multiple on that specific planned trade is when you can actually formulate the trade setup and say, okay, this is valid.
01:25:44.000I don't really analyze GU2 too much personally.
01:25:47.000So I mean, I'm not really in tune with what they have going on on that pair currently.
01:25:51.000Yeah, and you can't really make like the decision as a long-term versus short-term too because you have to look at like, again, like the fundamentals and the macroeconomics when it comes down to the Great Barrier and Pound and then the US dollar to really make like a long-term decision as to where price could potentially go depending on what type of data actually does come out.
01:26:10.000With pairs like GJ, which is GPY, Japanese yen, that's when it gets super volatile.
01:26:15.000With GU, it's not too much, but I feel like it can get a bit more, but it's like one pair that I wouldn't really recommend too much because that pair is sporadic.
01:26:25.000Any pair that's great British pound, it's sporadic as fuck.
01:27:16.000I didn't change at all, because I wanted to focus on actually getting better at my technicals and everything, but if you're consistent with one pair, then it will benefit you in the long run, because you're gaining a better foundation for the next pair.
01:27:26.000So it didn't matter what pair I was with, you just focused on trading AU. AU. I didn't care if this person just made so-and-so on that other pair.
01:27:33.000I was focused on what I was focused on.
01:27:43.000And I was still in that learning curve trying to actually just get better at every single thing that I was doing with my consistency and that kind of stuff also.
01:27:48.000But for the past three years, I've only been trading...
01:27:53.000Because it makes me the kind of money that I want to make.
01:27:55.000But also, I understand it enough, and I'm on it enough to understand what it's going to be doing based off of how much time I dedicate to it.
01:28:13.000Any of you familiar with XRP and it eventually getting pegged to a certain amount of gold and being the major component in the coming new financial system around the world?
01:28:55.000Myron, I'm working 70 hours a week as a chef, along with 15-20 hours on my financial service business.
01:29:01.000My problem is that my financial services takes five to ten years to build a multiple six-figure business.
01:29:06.000I have everything it takes to be successful, but think that I should be putting my time slash sweat equity into another business industry that won't take as long.
01:29:13.000Any tips on if I should take another road or not?
01:30:07.000I told you I didn't have the goal to be a millionaire, but no, bro, that's what I would do.
01:30:10.000The whole goal of being an entrepreneur is you take your main job, funnel that money into your entrepreneurship, and then you'll slowly start to weave off on your main job and start putting more and more time into your side business, which is going to make you more money.
01:30:23.000And then once you start making as much as, if not preferably, 1.5 to 2 times as much money from your business as your main job, that's when you can successfully exit that job and move into entrepreneurship full time.
01:30:35.000Hunter Trainier goes, I'm 21 and have had the goal to be a millionaire by 25, which, yes, is very hard, but I'm maxing out my time and just don't know what else I can do to get my goal, which is why I'm having second thoughts about the industry.
01:30:45.000I'm in 70 hours on my 9 to 5, 20 hours on my business, 8 hours in the gym.
01:31:10.000I see his perspective with having an end date, but yeah, bro, the goal here is, because it's the same guy, you need to slowly segue that time that you're putting into being a chef.
01:31:41.000When it comes down to the fundamentals, the markets don't move just randomly because prices are going to go up, prices are going to go down.
01:31:46.000Interest rates, inflation, all of these different things, all these different variables and factors, and also order flow as well will determine the direction of the market.
01:31:55.000So especially if you're a longer-term trader, you trade essentially a swing trade, position trade.
01:31:59.000Whatever you're doing, that's a longer term.
01:32:01.000You need to be in tune with the fundamentals and what's going on in the economy and in the world overall to understand better how you can execute on your trading system.
01:32:07.000But if you're someone who's a little bit more shorter term, then I would probably just be more aware of when this type of data is actually going to come out so you can make the decision like, hey, you know what?
01:32:15.000The data came out lower than expected.
01:32:16.000I may be actually looking to buy or the data came out higher than expected.
01:32:19.000I may actually be looking to sell and then use that fundamental bias to then go in alliance with your technical bias.
01:32:51.000Because I feel like eventually it'll come to a point that you know that it's like if you put a little bit more effort, you can make a lot more money.
01:32:59.000But I feel like it's very, very important to actually put a little bit of time and just even get a passion for it first and then eventually start to get a bit more into it.
01:33:06.000And if you start to make more money when trading part-time, eventually it'll come to a point that you want to dedicate that full-time each and every single day to actually trade at that point.
01:33:17.000Well, you were doing Target while trading.
01:33:19.000Yeah, I was trading while I was at Target.
01:33:21.000So I was technically part-time and part-time.
01:33:23.000Eventually, it came to a point that I was like, yo, listen, I'm in between the aisles and everything on my phone to check my charge real quick and that kind of shit.
01:33:30.000It came to a point that I'm missing positions and losing trades because I'm at work.
01:33:35.000I'm around the manager and that kind of shit.
01:33:37.000So it comes to a point that when your business or your passion needs you more than your job, then that's when it's time to leave.
01:36:24.000Well, the biggest thing is also a swing trader doesn't really care about the one-minute chart or the five-minute chart or the 15-minute chart because it's so...
01:36:39.000So I feel like it's more time frame based than anything else, which means that a position trader is probably on the weekly or the daily time frame.
01:37:33.000For me, at least at times, I enter on a scalp type of setup, I maintain on an intraday type of setup, and then pretty much if I can maintain that trade for a certain amount of time, it turns into a swing trade at that point.
01:37:44.000Which can stay for a week or so, which happens every now and again, but at the same time, I try to be optimistic with trying to actually hold a trade, but there's certain times that...
01:37:52.000What's the longest you've stayed in a trade?
01:37:57.000And that was on like probably like UJ like a long time ago actually.
01:38:02.000Because I'm so satisfied with the money that I'm making now on asset I trade now which is US 30 that I don't need to hold a trade for a week and a half at times.
01:38:11.000You're comfortable in your trades, basically.
01:38:16.000It's not like I'm struggling in any kind of way with my trades I'm taking.
01:38:19.000I noticed between the two of you, whenever you guys are in a trade, you're aggressively watching the charts, you're on your phone, you're on it, right?
01:38:27.000Would it be fair to say that you're trying to close that trade as soon as possible so that you can kind of just chill and relax?
01:38:34.000It's just certain times that like shit happens, bro.
01:38:36.000Like holding it for more than a few days might be too stressful.
01:38:38.000The thing is you want to try and let your winners run as long as possible while also mitigating as much risk as possible because if you're risking on a position $20,000 and you're up 60, you don't want to break even on that trade.
01:38:50.000Also, you know, you want to try and let your winner run for as long as possible to potentially make more.
01:38:55.000So it's literally all about trade management.
01:38:57.000So when it comes to, like, the skill and asking, oh, you know, which trader is most skillful, I would say it's not really the type of trader for your day trader, swing trader, scalper, but it's how you manage your position in the long run and what your risk management looks like.
01:39:08.000Look, like, you always have, like, your starting, right?
01:39:11.000You have your risk, but then you have your highest profit, and then you have your settling profit.
01:39:36.000Because in my head, I'm thinking like, alright, you can stay in this trade longer, but is it worth the stress of, you're already up, you know, 10, 20, 30, 40.
01:39:43.000Is it worth sitting in there and watching the charts like a hawk, not being able to be attentive to other things?
01:39:49.000And the best feeling is pressing close and call it a day.
01:40:55.000So when it comes to trading, there's pros and cons in everything that you do, and you just have to weigh out those pros and those cons when it comes to trading.
01:43:16.000Versus when you go from risking $500 a trade to doubling or tripling, now you're risking $2,000 a trade, and that first stop loss gets hit at $2,000, you're going to be like, damn, bro, that kind of hurts.
01:43:32.000But I think, like, over time with experience and, like, getting capital and everything else, like, you just kind of become numb to seeing red at times, you know?
01:43:51.000I went full-time for four months and I realized I jumped in too fast without my business cash flowing enough, took the risk, it failed, and now I have 15K less than what I had eight months ago, unfortunately.
01:44:02.000Yeah, just feeling shitty at this point.
01:44:03.000See you at the top FNF. Shout out to you, bro.
01:44:06.000Yeah, we've all had our days, bro, our months.
01:44:36.000And I don't really go based on percentages because I feel like people that actually go just on percentages like only risking 1% and that kind of stuff, I feel like you're not really in the game to actually make money at that point.
01:44:46.000Because only risk 1% of everything is...
01:46:34.000If you are only depending on all those indicators and oscillators and that kind of stuff, you're pretty much not understanding what actually moves all those, which is price action.
01:46:41.000So, like, I feel like eventually you'll come to a point that, like, um...
01:46:44.000You want to actually focus on just the candlestick analysis and actual raw charts because that is what actually moves all those things that you just mentioned.
01:47:25.000Derek the Trader, do you guys have a daily loss limit and or weekly loss limit where you stop trading to mitigate risk on your trading account?
01:48:32.000DashJRu says, when it comes to scalping, do y'all scalp after reversals on smaller time frames or only on bigger time frame trends?
01:48:39.000So in my personal opinion, like when you're trading with a trend alone, you're already going to have an edge in the market versus somebody who's always trying to call like a top trend.
01:48:47.000Or a bottom, a lot of the times you're just going to be taken out of your position anyway.
01:48:50.000So if you could trade along with the trend where the order flow is in the markets, you're already going to have an edge in the market.
01:49:09.000But I feel like if a person is pretty much...
01:49:12.000Well, an AI cannot make the kind of money that the human mind can...
01:49:16.000Which means that how precise we are with our entries and that kind of stuff, I feel like it just becomes a bit more open because with the AI, it's programmed to do a certain thing at a certain time at a certain risk.
01:49:29.000It can't actually manage the kind of leverage and that kind of stuff like how the human mind can, which means that we have a bit more control with how much money we can make versus an AI which is just programmed, which eventually fails because not every single AI actually...
01:49:54.000So it's changing each and every single year.
01:49:56.000And the AI is not going to be adapting to that market condition each and every single year.
01:49:59.000So you always gotta pretty much change.
01:50:00.000A lot of the times, a lot of the AI is just like a very systematic approach to past market conditions and to try and replicate those market conditions in the future.
01:50:10.000The human mind is definitely faster than an AI in that sense.
01:50:13.000So in this case, the robots, or I want to say the AI components, aren't going to be beneficial because market changes, so you can't really rely on that.
01:50:21.000Mind you, you could probably make some passive income, which is cool, but I'm talking about the kind of money that we're making and that kind of stuff, and in a way how we trade, we're scaling it, And that kind of thing.
01:50:30.000And actually adapting to the markets quickly.
01:50:32.000The AI cannot really do that, I feel like.
01:50:52.000It's a temporary solution to a long-term problem.
01:50:54.000Yeah, like, it could make, you know, like, 3%, 2% a month and everything, which is cool, whatever, but the human is going to make a lot more than that, especially, like, on our level, at least.
01:52:01.000Cam the Heart Guy goes, Q, Raul, what do you recommend for traders to build capital fast enough if they don't want to take the prop firm route, especially after what happened with MFF? Skill.
01:53:33.000The foundation is here, and then whatever is on top of it, indicators, oscillators, and that kind of stuff, AIs, it's all on top of price action, which is the foundation.
01:53:46.000And then they'll see that, like, you know, the indicator that's on their charts, then it's not as powerful as they think it is.
01:53:51.000Like, when I first started trading, like, I had a ton of indicators and moving averages and all kind of shit, but eventually it became less and less and less and less, and then to the point that I need nothing on my chart to even make a decent Yeah.
01:55:10.000But, like, if you want to consider, like...
01:55:12.000Bro, everything I go over in my course is A through Z on the foundation, making a trading plan, journaling, etc, etc.
01:55:20.000But even on my free content, I go over a lot of the core principles that my course does.
01:55:25.000Like, you don't have to buy my course to learn from me.
01:55:27.000It's all on my free Telegram community and my YouTube channel as well.
01:55:30.000Like, you even literally see me trade live on YouTube channel.
01:55:33.000Like, my latest YouTube channel video is literally me executing a position, explaining why my stop loss is here, explaining my risk behind the position, me closing out The positions and then reviewing the trades and then showing a withdrawal at the end.
01:55:45.000Like, there's so much free content everywhere.
01:55:47.000My thing is, like, I'll watch the free content first, gain the knowledge or understanding, and then when I can't go any further, then I'll buy the course.
01:56:11.000Yeah, a lot of times they don't want to do the work.
01:56:13.000Because getting a course in itself means you have to actually do the work.
01:56:17.000You can't just get the course and you actually have to go through it, study it, watch it back multiple times, take notes, actually apply it, learn it, and you got to watch it multiple times and people don't want to do that work a lot of times.
01:56:33.000Some people just don't want to put in the work.
01:56:35.000But I mean, regardless, nowadays, online and social media, even if you're not in the trading industry, whatever industry you're in, the minute you have a course, you're labeled as a scam.
01:56:53.000I've never heard of that terminology before.
01:56:56.000But overall, I feel like backtesting is definitely a part of trading overall.
01:57:01.000You've got to pretty much go back in the past and see what you could have done to actually get into a certain trade or win a certain trade or get out earlier.
01:57:09.000Backtesting is literally just going over what could have been or what you could have done to actually...
01:57:16.000Do better on a certain trade and that kind of thing.
01:57:17.000So if I do actually win a trade or even lose a trade, I gotta backtest to see what I could have done better in some kind of way.
01:57:24.000Yeah, and for me personally, when it comes to backtesting, there's so many softwares available nowadays that will literally, you can go back at any point in time and you can do simulation trading and essentially the way I would backtest would be the same exact way my trading plan is formulated.
01:57:38.000I would just simply apply it to previous price action data.
01:57:41.000And then after seeing that the results have a positive expectancy, move it over To the future.
01:57:48.000Because the biggest thing is kind of like, you know, programming your mind to actually think faster.
01:57:51.000So like when the opportunity does come up in the market again, you're pretty much already, yeah, like you understand what to do and how to do it.
01:57:57.000And then to make it, you know, eventually play out if it all goes well.
02:00:27.000And then after you apply, you'll get an acceptance or down email.
02:00:31.000But realistically, like we said, probably like 80% of people that actually do apply, then you just have to be one of the lucky 100 to actually join.
02:00:36.000Is yours closed all the time or is it open?
02:00:38.000It's open, actually, because it's a platform that's self-sustaining.
02:00:54.000And I'm still active within my platform itself, but at the same time, people, they take their time and they study at their own rate and that kind of thing within my course.
02:01:55.000If you never start at some point, you're never going to gain the experience because experience is literally every single thing in trading and it's all about trial and error, in my opinion.
02:02:34.000And last thing for me here, how has trading changed your life, family-wise, investment-wise, lifestyle-wise?
02:02:41.000I think it's just, it kind of just put things in perspective of like, you know, things, anything that's possible that you put your mind to and your effort to.
02:02:47.000But also like trading had gave me the ability to actually, you know, have my time freedom, have my financial freedom, but also being able to actually put people on to actually, you know, do the same thing as well.
02:04:17.000Right, but after I started to be able to sustain my own, and that's when they went full in for me.
02:04:24.000So, I mean, personally, how it's affected me and my life, it's affected my life for the better, and it's allowed me different opportunities to actually make enough income to be able to invest in either a different business or to be able to go out, purchase whatever I want, or to be able to just make any type of investment that I want to in general.
02:04:40.000And it's also, over the years, shifted my complete mindset about what finances actually are as well.
02:05:30.000So nowadays I really want to just start investing a ton of money into real estate and really building as much passive income as possible because that's income that's not going to disappear because people are always going to need a place to live.
02:05:42.000I don't think I want to get into commercial.
02:05:43.000But definitely want to get into residential, you know, especially like pre-construction where we go in, we buy a building, or we essentially buy a plot of land, put a building tree.
02:05:52.000You're going to go the whole full rehab and the building shit.
02:07:40.000And like I said, me and my partners and everything, we're trying to actually buy some property in the Wynwood area also and that kind of stuff.
02:09:10.000Obviously, we have our courses and that kind of stuff also, but at the same time, we also make sure that people that don't want to invest in that.
02:09:16.000Y'all didn't even pitch their courses for all the haters that are saying, like, they're going to pitch their course now.