00:49:27,266 –> 00:49:29,166
Koshov was just mentioning in his journal
00:49:29,166 –> 00:49:30,399
00:49:30,400 –> 00:49:31,566
that his trading is being
00:49:31,566 –> 00:49:33,099
driven by the bias that stocks
00:49:33,100 –> 00:49:34,166
so are extended and therefore
00:49:34,166 –> 00:49:35,133
00:49:35,133 –> 00:49:36,599
00:49:36,666 –> 00:49:37,266
00:49:37,266 –> 00:49:39,799
overtrade and take losses quicker than usual
00:49:40,133 –> 00:49:40,933
00:49:40,933 –> 00:49:42,699
he’s facing is the lack of experience
00:49:42,700 –> 00:49:43,966
of an easy dollar environment
00:49:43,966 –> 00:49:44,999
00:49:45,366 –> 00:49:47,333
unable to hold positions longer
00:49:47,666 –> 00:49:50,199
not not knowing you know how far they can really go
00:49:50,200 –> 00:49:51,133
you have to realize he might
00:49:51,133 –> 00:49:51,533
00:49:51,533 –> 00:49:54,066
being driven by such a bias and lack of experience
00:49:54,566 –> 00:49:57,299
do you have any suggested corrective actions
00:49:57,533 –> 00:50:00,266
yes I have a very simple corrective action
00:50:00,266 –> 00:50:02,566
and I suggest that everybody does it
00:50:02,733 –> 00:50:04,099
00:50:04,166 –> 00:50:08,366
turn off all news turn off any outside noise
00:50:08,400 –> 00:50:10,700
and take the indexes off your screen
00:50:10,700 –> 00:50:13,133
and don’t even look at them until the end of the day
00:50:13,466 –> 00:50:17,899
and get off the indexes get a look at stocks only
00:50:18,000 –> 00:50:20,666
and trade based on stock setups
00:50:20,666 –> 00:50:22,533
and traction in your own portfolio
00:50:22,533 –> 00:50:23,266
00:50:23,266 –> 00:50:25,566
00:50:25,566 –> 00:50:26,799
00:50:27,066 –> 00:50:27,866
00:50:28,266 –> 00:50:29,566
if you don’t have cushion
00:50:29,566 –> 00:50:31,866
if things aren’t going well for you trade them small
00:50:31,966 –> 00:50:34,133
when they start doing well you
00:50:34,333 –> 00:50:36,266
bring it up and you trade them larger
00:50:36,366 –> 00:50:38,866
and you’re going to find that you’re going to be
00:50:38,933 –> 00:50:40,399
ramping up into good markets
00:50:40,400 –> 00:50:42,166
ramping down into bad markets
00:50:42,166 –> 00:50:44,499
you’ll miss the majority of the bear markets
00:50:44,500 –> 00:50:44,866
00:50:44,866 –> 00:50:46,899
take advantage of the majority of the bull markets
00:50:47,000 –> 00:50:50,000
you’ve got to learn to let the stocks dictate
00:50:50,000 –> 00:50:52,966
what you do and stop having opinions
00:50:53,066 –> 00:50:56,199
and second guessing and having biases
00:50:56,200 –> 00:50:57,766
00:50:58,766 –> 00:51:00,366
you’re never going to be in the
00:51:00,366 –> 00:51:02,199
best names at the best time
00:51:02,266 –> 00:51:03,166
00:51:03,166 –> 00:51:05,366
able to take advantage of the market
00:51:05,366 –> 00:51:08,366
because you’re going to be a product of
00:51:09,166 –> 00:51:11,499
the noise you’re going to be
00:51:11,500 –> 00:51:13,600
that part of that sentiment that’s bullish
00:51:13,600 –> 00:51:16,166
at the wrong times and varish at the wrong times
00:51:16,266 –> 00:51:17,666
00:51:17,666 –> 00:51:19,933
that’s one of the skills that I’ve developed
00:51:19,933 –> 00:51:20,999
00:51:21,100 –> 00:51:22,933
00:51:23,200 –> 00:51:25,266
the greatest traders in the world they they
00:51:25,266 –> 00:51:26,333
00:51:26,333 –> 00:51:28,666
and they can be unemotional and stick to it
00:51:28,733 –> 00:51:30,199
and let the strategy work
00:51:30,200 –> 00:51:31,966
so the strategy is only as good if you
00:51:31,966 –> 00:51:32,899
you know if you stick to it
00:51:32,900 –> 00:51:33,866
and you have to discipline
00:51:33,866 –> 00:51:35,666
but get those emotions out of there
00:51:35,666 –> 00:51:36,733
00:51:36,733 –> 00:51:37,099
00:51:37,100 –> 00:51:39,300
these indexes are the worst thing ever created
00:51:39,300 –> 00:51:40,300
00:51:40,300 –> 00:51:41,533
00:51:42,666 –> 00:51:44,566
1 where the Dows going in the SMP
00:51:44,566 –> 00:51:46,799
it’s 30 stocks 500 stocks
00:51:46,800 –> 00:51:47,466
00:51:47,733 –> 00:51:50,866
the Nazdak is weighted by just a small handful of names
00:51:51,266 –> 00:51:54,333
it doesn’t represent what’s going on in the market
00:51:54,333 –> 00:51:55,466
00:51:55,466 –> 00:51:57,333
it represents a very small sliver
00:51:57,400 –> 00:52:00,666
so it’s just backwards to call that the market
00:52:01,400 –> 00:52:04,100
is literally backwards that’s not the market
00:52:04,100 –> 00:52:06,133
the market is the broader market
00:52:06,166 –> 00:52:08,066
and when I look at the percentage of stocks above their
00:52:08,066 –> 00:52:09,699
00:52:09,900 –> 00:52:10,866
00:52:11,166 –> 00:52:12,299
that’s the market when they’re
00:52:12,466 –> 00:52:14,766
when the Nazzak’s hitting new highs and there’s 34
00:52:14,766 –> 00:52:17,133
percent of stocks above their 200 day moving average
00:52:17,133 –> 00:52:18,399
and the Nazzak’s you know
00:52:18,766 –> 00:52:20,933
20 percent above its 200 day moving average
00:52:21,800 –> 00:52:24,266
the new high is is a selling
00:52:24,466 –> 00:52:25,899
I’m selling that new high
00:52:25,933 –> 00:52:27,399
you know I’m getting the hell out of there
00:52:27,400 –> 00:52:30,366
that’s what happened in November of 2,021 and
00:52:30,366 –> 00:52:31,699
and it was right to the day
00:52:31,700 –> 00:52:32,966
that we had the cell signal
00:52:32,966 –> 00:52:35,733
because we’re looking at the real market not
00:52:35,766 –> 00:52:39,299
not the index is not these these narrow slivers
00:52:39,533 –> 00:52:41,466
so that that would be my suggestion
00:52:41,466 –> 00:52:42,766
but you know it’s gonna take time
00:52:42,766 –> 00:52:44,566
it takes time to get this
00:52:44,733 –> 00:52:46,866
and don’t expect people go to school
00:52:47,066 –> 00:52:48,999
and for eight years to become
00:52:49,600 –> 00:52:51,200
you know a lawyer a doctor
00:52:51,333 –> 00:52:52,666
and they think nothing of it
00:52:52,666 –> 00:52:55,333
to put 12 years into something without
00:52:55,933 –> 00:52:57,733
making a lot of money and working their ass off
00:52:57,733 –> 00:52:59,066
00:52:59,066 –> 00:53:00,999
they think they should open up a trading account
00:53:01,100 –> 00:53:03,766
and be Mark Richie in a year or two
00:53:04,166 –> 00:53:04,799
00:53:04,800 –> 00:53:06,466
it’s kind of disrespectful you know
00:53:06,466 –> 00:53:07,533
00:53:07,733 –> 00:53:09,099
that guys like Mark have done and
00:53:09,100 –> 00:53:10,700
and and and the great traders
00:53:10,733 –> 00:53:13,133
you know I’ve been doing this for 40 years
00:53:13,133 –> 00:53:14,099
00:53:14,100 –> 00:53:16,166
probably at least half of you have more
00:53:16,166 –> 00:53:17,666
probably not even 40 years old
00:53:17,733 –> 00:53:19,399
certainly haven’t been trading for 40 years
00:53:19,400 –> 00:53:21,700
but now I’ve been trading longer than most people are
00:53:21,700 –> 00:53:24,000
I’ve been alive that are trading so
00:53:24,000 –> 00:53:25,666
00:53:25,666 –> 00:53:27,566
you know went into this to get to this point
00:53:27,566 –> 00:53:30,133
so if it took you five years 10 years
00:53:30,166 –> 00:53:31,899
you know it’s it’s well worth the investment
00:53:31,900 –> 00:53:33,766
but you gotta think in five 10 years not
00:53:34,100 –> 00:53:35,800
months or one or two years
00:53:36,966 –> 00:53:38,899
be patient with yourself be patient with
00:53:38,900 –> 00:53:40,600
give yourself time to learn
00:53:40,700 –> 00:53:42,966
and to realize that you’re gonna screw it up
00:53:43,466 –> 00:53:44,599
00:53:44,866 –> 00:53:46,566
00:53:47,133 –> 00:53:48,466
it’s just I screwed up less
00:53:48,466 –> 00:53:49,999
it’s like Tiger Woods you know make
00:53:50,100 –> 00:53:51,166
every now and then gets an 8
00:53:51,166 –> 00:53:52,499
but he doesn’t get many of them
00:53:52,533 –> 00:53:53,766
00:53:53,766 –> 00:53:55,999
and most of the time he strike in the ball
00:53:56,000 –> 00:53:56,466
00:53:56,466 –> 00:53:59,333
as an amateurs you know getting eight and tens every
00:53:59,366 –> 00:54:00,166
00:54:00,166 –> 00:54:02,666
same thing here I just make smaller mistakes
00:54:02,666 –> 00:54:03,399
00:54:03,400 –> 00:54:05,200
tons of mistakes every day
00:54:05,800 –> 00:54:07,533
00:54:08,300 –> 00:54:10,900
a very bright guy but still relatively new
00:54:10,900 –> 00:54:12,133
00:54:12,533 –> 00:54:13,533
00:54:13,533 –> 00:54:15,533
and you know you really gotta be
00:54:15,600 –> 00:54:17,566
just realizing it just takes time
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