I talk about the importance of knowing your timeframe and then give you a few examples of how I’ve done that recently for the good and for the bad. The second half of this is me talking about running a paid group and how it might look and hopefully getting some feedback from you guys.
[00:00:00] I want to talk about timeframes and expectations for trade, having clear rules and guidelines before you get into one. And just kind of a little bit of context around that one. I mean, I've been into this stuff since I was in junior high school. And at that point, I don't have a clue about timeframe or if I'm going to trade futures or stocks.
[00:00:18] And as a lot of you know from listening, I spent a lot of time trading index futures and fixed income futures during the day. And I still do some of that. I use futures options more now so I can manage my risk. And actually, days like yesterday, the Fed day are a great reason to do that because those are days where I typically excel because it's kind of wild and open and resembles a lot of the way I learned how to trade.
[00:00:43] And when it's like that or in periods of high volatility, sometimes at the end of the day, there's a big move I can see coming and the premium because the time value is sucked out of the options is so low that I can make a bet and make sometimes 50 or 100 times my money.
[00:00:57] And actually, 100 times my money I was able to capture yesterday, which is ridiculous. And because the NASDAQ at one point, I think I got like a futures option for two and a half NASDAQ points and got out of it at 250 NASDAQ points on the same day.
[00:01:12] Just absurd. And you move that in one hour. So does that happen a lot? No, maybe two times, three times a year. But you'd be surprised how many times you can make 10 to 30 times your money, your risk on something.
[00:01:25] Now, if I'm trading the outright futures, it's a lot harder for me to do that because it's just tempting to get out in the violence of the swings. But when I'm in the option, in the back of my head, I know my risk is locked.
[00:01:38] It's like I can't lose more than the two and a half points I paid. Of course, you can get in trouble if you're seeing ghosts and you're just giving up.
[00:01:44] You're paying for lottery tickets every day and losing money. So focusing on the high volatility, excuse me, having developed a skill set where you know kind of that you're sniffing in the right direction more than that.
[00:01:56] And then you have those huge days that can come up. So, you know, in the futures for me, I used to be in there every day trading for a long time, over 10 years.
[00:02:06] Now, I watch it every day. But if you were to follow along with me every day, you'd notice that my whole year is generally made up of five to 10 big days.
[00:02:15] And the rest of it is just noise because the day-to-day is not that good.
[00:02:20] Now, the swing trading and the position trading, the stock stuff, that's different. That's kind of where I'm moving more.
[00:02:27] But the futures is still a big part of it. So it's like I have different income streams for different days.
[00:02:32] So definitely on the Fed day, it's going to be futures, futures options.
[00:02:37] But occasionally it is outright futures. If the premium is really expensive and it's early in the day, I'll do the outright futures.
[00:02:45] But I think the stock, the thing with the stocks that I'm doing now, I can get into that more in another episode.
[00:02:50] But that's going to probably be a bigger part of my future, my everyday future.
[00:02:56] But at the end of the year, these futures days, these big days can be huge.
[00:03:01] I mean you can potentially make your entire year in one day.
[00:03:03] I'm not saying that you're trying to do that. That's just the way it can happen when there's a busy day.
[00:03:08] And that's how yesterday I maybe didn't trade it quite as large as I wanted to.
[00:03:15] I did, then I kind of chickened out and got out of some soon.
[00:03:19] But yesterday was an example of a day where a whole year can be made in one day for me and something like that yesterday.
[00:03:25] So that's not to gloat about it at all.
[00:03:28] It's just to say that that's hard to do without options because I got to hold that future position the whole time.
[00:03:33] It's difficult.
[00:03:34] And back in the day when it was smooth and not as jerky, it was easier to do.
[00:03:38] I could feel the flow.
[00:03:39] I could get out, get back in.
[00:03:40] But now there's these violent squeezes all over.
[00:03:43] And the fact that my risk is locked at my option price is really a big deal for me.
[00:03:49] So that's one way I've adapted in there.
[00:03:51] So back to the original point of the podcast.
[00:03:54] Timeframe and talking about like why did you get in, how long you're holding it.
[00:04:00] But it's very hard when you're newer, you don't know what you don't know and you're trying to learn some basics.
[00:04:08] It's like I'm doing jujitsu right now too and I don't get to go a lot.
[00:04:11] I'm not as good as I would like to be.
[00:04:14] But there's a lot to learn.
[00:04:15] And when you don't know a lot, you have to focus on a few basic things.
[00:04:19] And then you build out from there.
[00:04:20] And that's how trading started for me.
[00:04:22] So you start when you're new and you hone in on something that you can have a bread and butter trade.
[00:04:26] And as you get more experience and you spend 10, 20, 30 years in the markets, if you're fortunate enough to do that, you learn, okay, I have a few different skills.
[00:04:35] Excuse me.
[00:04:36] There's the short-term future stuff for me on busy days like this.
[00:04:40] Sometimes there's crypto or Bitcoin moves, futures or just cash crypto that I can trade.
[00:04:46] Sometimes, a lot of times more now, there's position and swing stock trades that I've built a strategy around that I'm trading.
[00:04:52] And I don't know exactly when I'm going to be doing what.
[00:04:56] And I'm not necessarily jumping around and trying to be the master of everything.
[00:05:00] Jack of all trades, master of none.
[00:05:02] It's kind of true.
[00:05:03] But I spent a lot of time, years, working on each one of those buckets.
[00:05:06] So I kind of moved to the bucket that makes the most sense.
[00:05:09] And sometimes it's simultaneously both buckets at once.
[00:05:13] But when you're doing that, it's tricky because you're used to getting something flat at the end of the day in futures, go home flat, futures options.
[00:05:21] And all of a sudden now, I have a trade, a swing trade.
[00:05:23] And then some of my trades last three or four or five months.
[00:05:27] Some of them I was in for a year.
[00:05:29] And then a lot of them are just three or four days or 10 days.
[00:05:32] So I have to really be careful because I start to try to turn a trade that works right away into a longer-term trade.
[00:05:37] Then it comes back.
[00:05:38] Then I get out.
[00:05:39] I don't make any money.
[00:05:40] And then it works out in the longer term.
[00:05:41] But I didn't take the shorter-term gain.
[00:05:43] So you've got to really decide, like, who are you for this strategy?
[00:05:46] What are you studying to be?
[00:05:47] And you have to really be clear about that.
[00:05:50] Very clear.
[00:05:51] And if you're not clear, it's difficult.
[00:05:53] And I think you might even need to separate your accounts.
[00:05:56] If there's an account that you have to hold things longer, you have to have it smaller and get it out of your hair.
[00:06:00] Unless you can't look at it.
[00:06:02] It's just the way things work.
[00:06:05] I think people who don't – so I'll show you a shared story about a family member who was in a trade because this person liked the business and ended up being correct.
[00:06:16] And got in a trade around, like, four bucks and it went to 10.
[00:06:19] And then put a stop in below kind of, like, an obvious level and got flushed on the stop and then went right back up and missed the move.
[00:06:26] And took, like, a $2 gain on something that really should have been a lot more.
[00:06:29] And then we talked about, like, on those stops, you have to wait until it closes below that for the day.
[00:06:36] Don't let them trip you intraday.
[00:06:38] And size accordingly.
[00:06:40] Obviously, if it goes way through it and you know that you're screwed, you're going to have to get out of it.
[00:06:43] But a lot of times they'll come down and they'll blow out that obvious number in the middle of the day and they'll close above it.
[00:06:48] And you really shouldn't be stopped out.
[00:06:50] So that's one thing you have to adapt to with how things move now.
[00:06:53] But the other thing is just what he was talking to me about was he was like he had a long-term idea, but it got up there right away.
[00:07:02] And he didn't know how to handle that.
[00:07:03] He's like, well, I'm going to hold this for five years.
[00:07:05] But all of a sudden it's up there in two weeks.
[00:07:07] Well, that's the reality of a lot of this stuff.
[00:07:09] Now, it's a good situation to be in, but that's the reality of it.
[00:07:11] So you have to have – you have to be able to adjust to be a trader when you don't want to be sometimes or trail something with a moving average.
[00:07:18] That's why I think it's really important for everybody to develop some kind of a price action system that they can rely on.
[00:07:25] And when I say that, it's like what does that mean?
[00:07:27] It means that you've taken some time to study your back test, something – and this is not like a big secret, but something you could use.
[00:07:35] You could use – what are they called?
[00:07:37] What are they called?
[00:07:39] What are they called?
[00:07:40] Those RSI crossover things.
[00:07:43] MACD or RSI or moving average crossovers, whatever.
[00:07:49] No one's going to get rich doing that.
[00:07:50] But what it's going to do is it's going to give you a system to get you in and out of your trades that you already like anyway when they're appropriate to put on.
[00:07:58] Now, maybe not for entering always, but for exiting.
[00:08:00] It can be a blunt tool, but sometimes a blunt tool is better than no tool.
[00:08:04] So consider how things just run and run and run sometimes, and they hold like a five- or ten-day moving average for – like these quantum stocks did that.
[00:08:13] And you're staying with it, and finally you get stopped out.
[00:08:16] Maybe you get bumped out at a bad spot, but it's better than arbitrarily getting out, and it's better than having no plan.
[00:08:22] So I think if you back test something that you know is decent, it takes the human element and the emotion out of it, helps you manage your trades better.
[00:08:30] And again, there's always times to step in and say this doesn't make sense.
[00:08:35] Like I have rules for selling 50% over the ten-week and all that, but that's not always.
[00:08:40] Like if it's a first breakout of a unique technology or trend, I will never sell 50% over the ten-week.
[00:08:47] But if it's later in the move, I'll always sell.
[00:08:50] Like I was in Coinbase, and that went up 50% over.
[00:08:52] I got out of it because – a little bit early, but I was like this is not sustainable right now, and it's either going to go sideways or go down, and then it'll catch up later.
[00:09:01] I took off some of my Bitcoin for the same reason, and my spot wasn't perfect.
[00:09:05] I sold it in the mid-90s, and it went up to 108.
[00:09:07] I feel like a total moron, and now it's back to where I sold it.
[00:09:10] So we'll see what happens if I kept the other half on.
[00:09:13] I've learned that I have to do this into strength because otherwise I can't – you have to harvest some stuff.
[00:09:19] Now if you're saying, well, I'm going to hold on to my stuff forever, well, that's different.
[00:09:23] Sometimes when I want to do that, I overbuy at a good spot.
[00:09:27] I trade out of some.
[00:09:28] I eventually trade out of the rest, and then I pack the 20% or 10% away, and that's my long-term trade, and that's all planned from the beginning.
[00:09:35] There's different ways to do it, but I think it's important that you make sure that you have a plan or you're discussing with somebody else if there's going to be a plan that you can borrow from them or get inspiration from.
[00:09:48] Because I've got inspiration from a lot of my friends who, I guess, not that many people I know are trading regularly all the time, but the few that I do know have really helped me.
[00:09:57] So that's just some things to think about if you're crossing your wires on timeframes or things like that.
[00:10:05] But I'm going to do another episode soon on – my wife's been on me forever to do this.
[00:10:11] I don't know how, and I would love feedback on this.
[00:10:13] You can send me emails.
[00:10:15] I would – I wanted to do something like some sort of a paid group.
[00:10:20] I don't want to put out a sub stack.
[00:10:21] I don't like writing.
[00:10:23] I don't want to have to do something every Friday.
[00:10:25] I want to do things when I'm inspired.
[00:10:26] But I really like chatting like this, short.
[00:10:31] I'm really good about getting back to people and chatting with them about personal things.
[00:10:35] I like – I don't mind communicating on WhatsApp and being fairly available within reason.
[00:10:41] You know, I'm pretty good about – I'm very responsive that way.
[00:10:43] But I don't like the standard way of you've got 200 people in a group, everyone's talking about macroeconomics in a chat board, arguing about oil and how, you know, the Peruvian economy is cheap.
[00:10:57] It's just a bunch of nonsense.
[00:10:58] I have no interest in that.
[00:10:59] Not that it can't work for anybody, but my way of doing things is more from people who have listened to this.
[00:11:06] It's about what can I do a thousand times that will work well?
[00:11:10] How can I live my life with less stress and more longevity?
[00:11:14] What do I do to handle those things?
[00:11:15] How do I do it with kids?
[00:11:16] How do I handle personal setbacks?
[00:11:20] How do I get back from drawdowns?
[00:11:21] How do I handle when my trade doesn't work and I'm making no money for six months?
[00:11:25] How do I handle that?
[00:11:27] How do I – like I have mentioned in the past, I'm not bragging.
[00:11:31] This is just – I never had a losing year over like 20 years.
[00:11:33] And then in 2002, I had a terrible year.
[00:11:35] And I probably would have had a really good year in 2022 if I was doing my core stuff, my futures trading, because it was a good year for that.
[00:11:41] But I was stuck over in the stock market trying a new thing that I got roped into for my own doing, trying to kind of force growth and expansion where it didn't make sense at the time.
[00:11:50] And I think it's going to lead to some good things that I did that.
[00:11:53] And I just got beat up and hurt all year.
[00:11:55] And I held on too long and I just – I had a bad year.
[00:11:59] And I had to recover from that.
[00:12:01] And I think I built myself a lot stronger because of that event, which you'll notice always happens.
[00:12:06] So everything is always happening for you, not to you is one line I like.
[00:12:12] And a quick interjection is I was reading about this woman who works with end-of-life people.
[00:12:17] And she said that at the end of life, everybody – almost everybody views the most difficult experiences in their life exactly equally, if not more positive, than the good experiences.
[00:12:29] Like having a child, getting married, making a bunch of money versus like awful things.
[00:12:34] Like I have a really good – I wouldn't say I don't know him super well, but a friend.
[00:12:39] He's become a friend and a peer and an acquaintance who got paralyzed.
[00:12:46] And the way he's been able to handle it is just amazing.
[00:12:50] And after the awful just setback of that, being able to rise up and say, hey, I'm here for a reason.
[00:12:57] What's it going to be?
[00:12:58] I'm going to figure it out and build stronger and build better and inspire people.
[00:13:01] And that's just what winners do.
[00:13:03] And that's – you want to be around people like that.
[00:13:05] But I would love to foster that kind of environment and in a group, a smaller group that maybe is open for enrollment like once or twice a year.
[00:13:17] And you have to lock in for a price for six months.
[00:13:22] And what would happen in the group – I'm getting into it a little bit now off the top of my head, but I have to structure this out more.
[00:13:27] It would be following on the journey.
[00:13:29] So like six months would be a minimum because like I had a coach who made me pay for six months because nothing gets done in two months.
[00:13:36] Like there's times in the summer for three months where there's nothing to do.
[00:13:39] We're literally just talking about nothing because there's not a lot of action.
[00:13:42] The market sucks.
[00:13:43] And there's other times where you're packing six months into three weeks and you're busy and you're on there all the time.
[00:13:48] So I've noticed with the other groups that – I had to quit a few groups because it just ends up being like a big take a picture of your P&L,
[00:13:58] talk about how if you're not making X and Y, you're not doing a good job.
[00:14:02] Or the complaining and negativity.
[00:14:04] People stuck with macro narratives and they're hanging on to trades with bad price action.
[00:14:08] So everyone who's making money is stupid.
[00:14:10] They're chasing stupid stocks.
[00:14:12] I'm so smart.
[00:14:13] I don't want to do that because I'm fundamental and I know how to value a company.
[00:14:18] It's just like I'm tired of both extremes.
[00:14:21] I don't want the bravado.
[00:14:22] I don't want the P&L posting.
[00:14:24] And I don't want the old school, the good old days and everybody now is an idiot who just gambles on meme corns.
[00:14:32] And if we can make money on meme corns, we should make money on them.
[00:14:35] I mean I'm not – I haven't been trading them.
[00:14:36] But if I could find a way to consistently do it, you bet I would do it.
[00:14:40] So it's not about – and it's not dismissing fundamentals.
[00:14:43] I'm keeping track of fundamentals as best that I can and I'm actually trying to learn a lot about fundamentals right now.
[00:14:47] So my opinion has always been that the best traders and the best trades have a sentiment component, a fundamental component, a technical component.
[00:14:55] But price action reigns supreme, especially with AI and machines learning ahead of what people can even know.
[00:15:03] That's the world we're going into.
[00:15:04] If you're not following price action, you're in trouble because that's the key right there.
[00:15:09] That's the king.
[00:15:09] That's the king of the mountain is price action.
[00:15:11] Everything else is baked in.
[00:15:13] And that's more the case now than ever before.
[00:15:16] That's not dismiss fundamentals because if I have a fundamental thesis and the price action shows up with it, I'm trading bigger and I'm more convicted.
[00:15:24] That's not dismissing fundamentals.
[00:15:25] But it's just I see – I'm in a lot of groups.
[00:15:28] I see it happening.
[00:15:30] Both those extremes I mentioned, I find it frustrating.
[00:15:34] And if I did something, I would like to have something more intimate that – not to criticize any of that because the leaders of the group are awesome.
[00:15:42] They don't want that necessarily, but it's just more about how can we learn to get better because all of us want to – we want to have better lives.
[00:15:50] We want to make money.
[00:15:51] We want to be more positive.
[00:15:52] We want to find ways.
[00:15:53] The biggest thing is we want to find ways to adapt.
[00:15:55] We know that – like I know from a lot of my peers, it's hard.
[00:15:59] I mean even great traders for 10 years, some of them just can't make money anymore.
[00:16:03] And I've gone through periods of that too and it's like what do you do?
[00:16:06] And right now it's one of those weed out periods again where new people coming in, they don't know what a lot of us who have been around know.
[00:16:14] So they're going to be thinking it's never going to end and they're going to be hurting when it does, not understanding how to manage risk.
[00:16:21] But what they do do is they know how to make more money on the upside because they have no fear.
[00:16:24] So how do you learn to put those approaches and pieces together and be a professional and also manage your timeframes?
[00:16:32] And for me, another component would be – and for some of you this is interesting and some of you it's not – but wealth management too.
[00:16:38] Like I've made some money trading.
[00:16:39] What do I do with my money?
[00:16:40] It's a different job.
[00:16:41] How do I handle that?
[00:16:42] And that's personal to everybody.
[00:16:44] How much does your wife make?
[00:16:46] Does she make anything?
[00:16:47] Do you – I mean do you have kids?
[00:16:49] Do you have enough to live on?
[00:16:50] Like all this stuff that goes into the uniqueness of a risk lifestyle that is uneven income.
[00:16:57] So they're all really interesting topics to me.
[00:17:00] And I think – I really think I have a lot to add on all those fronts because I spent my whole life since I was in my teens doing this.
[00:17:08] I'm 40 – I turned 43 last April.
[00:17:10] So I kind of feel like it's time to get out there and be communicating with others about it.
[00:17:18] But I love doing this podcast because I can just jump on and talk.
[00:17:21] So I want to do it in a way that's not like, hey, man, I'm paying you.
[00:17:24] I need a trade idea every two weeks.
[00:17:26] It's like you might find three or four trade ideas in a week or two and you might not find any for two months.
[00:17:31] And that's just the way the world works.
[00:17:33] There's – and I like stupid news.
[00:17:36] There's three or four of those I did this year.
[00:17:38] Some years there's 20.
[00:17:39] Some years there's zero.
[00:17:40] I mean there's always some, right?
[00:17:41] But sometimes they're for the day and sometimes they're for the week, sometimes they're for the month.
[00:17:46] So it's just – but I do believe – like I love Nassim Taleb and his stuff.
[00:17:51] And a lot of it is like you want this linear thing about like I trade one-minute, 30-second breakouts in NASDAQ.
[00:17:57] And that's my – no one survives that way forever.
[00:18:00] It doesn't work.
[00:18:01] It works for a couple months and it stops because you have to build yourself to be able to handle a lot of environments.
[00:18:06] But your thinking and your logic are transferring all over.
[00:18:10] So you're attacking it with the same mindset but the instrument you use and the timeframe is different but the thinking is the same.
[00:18:17] And then you have to learn how to think.
[00:18:19] And then managing risk too is a big one.
[00:18:21] And once you do those things, you can start to grow.
[00:18:23] You don't have to worry so much about, you know, what product you're in.
[00:18:27] Even though you do get comfort with certain products and some people like them better than others and that's fine.
[00:18:32] But – so that's kind of – it's kind of the direction I'm angling.
[00:18:37] I love to hear feedback.
[00:18:38] And it would be more of like – I would try to be on – I would always be on probably chattering almost every day because I enjoy that.
[00:18:46] But it would be less like every Wednesday you get a letter on the state of the market.
[00:18:52] It would be more like two-minute talks on how the market is doing or a couple minutes on a trade idea setup that I'm looking at.
[00:18:58] Or a shared experience on how I handled exit and how I did it right or how I did it wrong.
[00:19:03] And then maybe individually there's people who have things to discuss about current personal situations that maybe are an expertise of something I can offer.
[00:19:12] And it would be kind of more towards that thing.
[00:19:15] I think that would fit me a lot better if I did this.
[00:19:16] And I'm actually seriously considering it now for the first time because I couldn't figure out how to do it because everything I had is like, you know, the chat rooms with all the people talking.
[00:19:26] And I think that's cool because you want to be able to connect with others.
[00:19:29] But I always liked the more intimate setting.
[00:19:31] I did a Jesse Stein group years ago.
[00:19:35] And it was good.
[00:19:37] I learned a lot from him.
[00:19:38] And I learned – I think there's like 30 people or something.
[00:19:41] And I made some good friends there that I still have today, which is great.
[00:19:45] But it was a little better because he moderated and did a pretty good job.
[00:19:48] But it's just I'm looking for that right fit.
[00:19:51] That jabbering about being giddy happy when it's going up and everybody is an idiot who's making money when it's going down is just not what I want to create.
[00:20:01] So I think it has to be particular to the person running it too.
[00:20:05] It has to be something that the members have to fit because someone who's more wants to sit down and read something nice and easy at night and doesn't want to kind of be dialed in more is probably not the perfect fit for it.
[00:20:17] But you could be.
[00:20:18] I mean you could like – you look at the – it'd have to be laid out in a way where there's good summaries at the end of the day and things like that.
[00:20:23] I'm literally talking out loud to you guys right now in case somebody can give me some good feedback.
[00:20:28] So I'm purposely a little disorganized as I think this through.
[00:20:32] But I think that that's kind of how I do things.
[00:20:37] There's a little bit of a mad scientist, but there's an underlying theme of the same stuff that's coming up.
[00:20:42] Because – and you know who – people who have listened to this podcast long enough, they know that the same things are always getting discussed.
[00:20:49] We're always talking kind of on the same – I think the same like five topics have almost all the episodes.
[00:20:55] And that's for a reason.
[00:20:58] And it's just – that's the way it is.
[00:20:59] And I think that as we go – like for instance, I'll share an example.
[00:21:03] So right now, what's changed but what's stayed the same?
[00:21:05] So under that heading, options, single-day options have wildly affected the market.
[00:21:11] So Brent and I have been really looking into this, looking at gamma, positioning, all these different things that I didn't know anything about six months ago.
[00:21:17] And he's learned a lot about it.
[00:21:19] And since him and I talk a lot, I've learned through him.
[00:21:21] And he's learned some stuff about stocks through me.
[00:21:23] So we've shared.
[00:21:24] And I think – I hope to share with others the same way.
[00:21:26] We can borrow from each other.
[00:21:27] I share with Fred, loan stock trader on Twitter.
[00:21:31] I met him through the Jesse Stein group.
[00:21:33] He and I share a lot.
[00:21:34] We've learned from each other.
[00:21:35] So you keep building these communities out.
[00:21:39] And you click with certain people.
[00:21:40] And you pick up things.
[00:21:41] And they pick up things from you.
[00:21:42] So back to the options example.
[00:21:45] Yesterday, we were short this thing.
[00:21:46] And we talked about how it flipped to negative gamma, the dealer positioning, as we broke down in the middle of the afternoon or later in the afternoon, which means that any rallies at the end of the day were probably going to be sold very heavily because the dealers have to hedge.
[00:22:00] If you don't understand what I'm saying, you can kind of go look this up on GPT on your own and talk about dealer positioning and negative to positive gamma and do your own stuff and kind of learn this.
[00:22:09] But that doesn't happen a lot.
[00:22:11] But when it does happen, it really – so we just – we pounded these rallies at the end of the day because we knew that the pressure was going to be down after it broke the dam.
[00:22:19] And that's something I didn't know as much a couple of years ago.
[00:22:22] And that also wasn't as big of a deal a couple of years ago.
[00:22:24] So those are – that's an idea of like where your thinking process travels with you even though the market changes.
[00:22:30] You just learn to adapt to things.
[00:22:33] So that's kind of the attitude and the approach I want to bring.
[00:22:35] And sometimes I'm ahead of the curve and sometimes I'm slow on it.
[00:22:39] But I always do a good job of trying to dig answers out, especially when you're struggling.
[00:22:43] You have to, right?
[00:22:44] You have to learn, like, how do I get better at this?
[00:22:47] There's never been a plan B for me.
[00:22:50] Even when I first got into this, it was always like there's this plan A and plan A.
[00:22:53] There was no backup plan.
[00:22:55] And that was the approach I had.
[00:22:56] And it worked.
[00:22:57] And that's still the approach I have.
[00:22:59] And I don't know the next five years where this business goes with AI stuff when agents come on and we have the Nobel Prize winner over our shoulders for every activity we do.
[00:23:08] I don't know where this goes.
[00:23:10] I don't think any of us know.
[00:23:12] Maybe price action and trends are better than ever.
[00:23:15] But we just don't understand them.
[00:23:17] We follow price action blindly and figure out how that works with AIs or trading.
[00:23:22] I don't know how much of that is in the market already from funds that have been doing it.
[00:23:26] I don't know.
[00:23:27] But I know that it's not right now.
[00:23:30] And right now there's a lot of opportunity.
[00:23:32] And there's a big chasm between the old school professional and then the retail guy who's, like, trading meme stocks.
[00:23:39] And I don't know how well the average retail guy does.
[00:23:42] But I think that they did pretty good this year.
[00:23:45] So we can all learn from each other because both of those people, those archetypes or whatever you want to call it, have strengths and weaknesses.
[00:23:54] And I'm trying to combine them the best I can and have a foot in each world.
[00:23:57] And so I'm going to shut up.
[00:23:59] I think that's enough rambling.
[00:24:00] But email me if you guys what you think about any of this.
[00:24:03] But that's kind of what I'm working towards.
[00:24:05] And I'll let you know if I'll let you know details when it shapes up.