Timothy Sykes - Visiting Friendly Bear Podcast HQ & Discussing David's Trading Journey
good to see you absolutely man it's pretty pretty crazy you're you came to LA and like this is especially like you know this is where it all started for me um hardcore in this office and the one across the street that I showed you on the way here yeah yeah it's crazy man um it's beautiful I love the dedication you see that hard work has paid off yeah I didn't lead you straight yeah man you know it's just uh like what do you call it um I've had like a life-changing experience the past couple years you know what I'm saying it's just it's just I don't know right now I'm kind of shocked a little bit still I'm still surreal listen you put in a lot of time studying you laid the groundwork and then people are always surprised like how tough it is at first and then how like the clouds part and you're like whoa stuff really can compound faster than you ever think like it's it's harder in the beginning and then it's easier if you do the hard work people most people are not comfortable with like you know everyone wants like a nice gradual progression right where it's like oh okay it's a little hard but then it gets easier it gets easier like that that doesn't work at the beginning it's like a giant freaking wall you have to chip away at that wall for months if not years and then you you know you're still like guaranteed profits but it becomes a lot easier yeah you know um it's like that that compounded knowledge you know it really I think uh with your stuff you had a lot of examples of like gritani um crook uh and then all the new guys I saw I had you know I saw all their their development early on and their success you know like Jack Kyle um all the guys there with six figures or more you know they were a little bit they were ahead of me by a year or two and in just a year or two like I went from basically nothing to more than six figures you know where are you at right now let's date this um around 600 000. 600 000 in profits and this is we last so that was 250k now I'm home 600k so I I've definitely improved the last time I spoke to you this office had like bare walls I don't know if you saw the microphone was all messed up we did a podcast it was like but then I I saw since watching gear stuff like crazy you always kept it real and sometimes your mic would be off 100 it's all about the car I couldn't care less yeah so like when people were asking me in the beginning oh your microphone this I was like man it's just about the content all right like and I got that from you I got that from you I'm like as you should people complain about a little bit like this I was like yo this is life-changing information focus on what matters they're like oh like your button is undone like shut up you little wusses like you're focusing on the dumbest stuff and this is social media this is like the you know world right now where they everyone complains about little stuff and it's like you missed the big picture focusing on all this minutia which doesn't matter yeah you know um and I think when I was when I was learning and in that other building across the street that shared space um and I was looking over the videos I people saw me studying and they'd be like is that Tim Sykes oh man you know you're they're always pissing me and I was like man it's just about the content I just want the content they're saying oh yeah that guy's a douche that guy's this and I was like man it's just a crime yeah 100 I was like man it's just the content and I already knew I was like all right this is you know if I study this there's so many examples that this way I was fighting with a promoter today on Twitter and they're like I know you you're a fraud you're a liar I was like here's the here's the chart pattern here's the seven step framework here are all the tickers that fit the framework what am I lying about go and he's like I know what you're doing you're like I was like no this is the platform is yours tell me what I'm lying about this is the chart pattern these are the tickers what's the line and they they can't respond but they can't there's literally no response any time it's just like you're a fraud you're a liar I hate you but I show you the data I show you the charts like what what am I lying about yeah and it you know it was pretty straightforward I got into the challenge yeah it's not rocket science and you go through all the videos one by one you know there's a little star of one through five I would Mark the videos as listen to with with the Stars yeah if I didn't have a star on there that means I didn't do it and I gotta go see it and then um you know I was telling you I didn't trade in that office because I was so distracted I think uh people were like trying to see what I'm doing you can't trade like that you know it's stupid but that actually helped you because then you you were forced to study before you trade yes yeah so it's actually good yeah yeah so anybody watching and I didn't have money anybody watching this if you don't have money if you have distractions good now you have no excuses not to study yeah yeah you nailed it right there so like I I realized I can't trade this is too stressful to trade but I can study and I don't have any money anyway so let me study and you have nothing to lose yeah and then some pieces Jack in Titanic remember Jack you remember do you watch Titanic it was like you when you got nothing you got nothing to lose even though his official character and he died in it but like in real life it ends up yeah yeah it did and um yeah some people you know what's funny someone contacted me now those people they see like my podcast they say oh my God this guy surprised it's real so so one of those guys contacted me and said hey David I have this amount of money what should I invest in I said man you should just start with these videos and study you know and yourself and he said he doesn't want to do it he still doesn't want to do it you listen some people will make every excuse in the book why they can't study like this is why weed out people like I have a lot of people are like oh make me Rich I'm like no I'm not gonna make you rich I'm Gonna Make You educated then you make yourself rich with that education but that so many people like oh I can't study I got kids I got a job like if you want it bad enough you'll study yeah and I think that's what it is you know um all your successful students they all wanted it bad you know they decided this is going to take a long time let me put in the work and uh stay the course you know what I mean um but like you they're surprised at how it pays off like Jack Kellogg you came to the conference in Miami yeah Jack Keller was up on stage and he's like you guys have no idea how much work I put in to make 10 million and it's like yeah no [ __ ] buddy you just made 10 million everybody wants to make 10 million he put in the work but then it paid off so much quicker like you can study you know physics you can be a doctor you can be a lawyer we're talking a career of decades and you still won't make 10 million so like the upside is so huge in trading if you put in the time in the beginning yeah and um okay so I was I'm an architect and I went I came to LA to do architecture school 10 years ago or more than 10 years ago now and um that took like 10 years to get to be like a junior architect and then when I got to treat him in when you came on the screen on YouTube and someone pointed me out I and I investigated on it by watching all your free content on YouTube I downloaded them and I watched them all yeah and um I was like wow what an opportunity I can switch careers and if I treat this serious I can do like and I know my work ethic that's all of that's on you and um and how many years ago was this 2006 17. so five years yeah and now you're at what 650 yeah but I didn't even take his I mean I always took it serious but I I uh 2019 is when I started playing your time yeah but you also got lucky with a crazy bull market in 2020 and 2021. so if not all years are equal right like some some people might start like hey I started in 2010 but then like they give up like 2017 or 2018 because it's slow and then they missed the promised land of 2020 and 2021. yeah so like it's you can't compare
every year equivalently right like they're not all equal years but the key is you don't know when the next Mania or bubble is going to be all you can do is control your preparation and the question is will you be prepared for that meeting and you were prepared in 2020 Yeah you mentioned that a lot of times you know um because the lead Mania I missed it and I was like oh man and then the Bitcoin Mania or the cryptomania before I think I missed it yeah and then like 2019 I was studying I was like like crazy and in 2020 uh April was when I started with the over PDT account I was under PDT until crazy before May 2020. amazing you know so two and a half years you go from twenty five thousand six hundred thousand yeah yeah even with some big losses yeah you know uh uh yeah the big losses you go on a streak and um you get too cocky you know um what's that word well yeah you get too cocky arrogance you know um and you you think you're untouchable you're walking around you know thinking oh I'm rich now you know I remember this feeling but you see this is this is what you're learning right so like you missed the weed minion you missed the crypto Mania but then you think that you screwed up by missing it but that like I've lately I've been saying like you have a giant checklist of like 900 things missing a Mania and feeling guilty is a key checklist because that is what is going to inspire you to study harder if you don't miss a Mania you don't really know the opportunity but when you miss it you're like damn I should have been ready and that actually helps you so missing a Mania I encourage everyone to be unprepared in the beginning don't take it you're no very few people take it seriously in the beginning because they just don't understand the upside within a few years like even with you like you still can't believe your success within a few years right yeah um that's what I'm saying like architecture took me more than 10 years to do and I was still here yeah yeah because I still need to get licensed and I was gonna take another three years so it was we're trading it after it it was a life-changing opportunity for me because it's not you know not linear right so like almost every job almost every Pursuit on the planet is like you know you have to put in the time years if not decades to become a master because this isn't rocket science but because there's a high barrier to entry knowledge wise not money-wise anybody can trade but knowledge wise there's a huge Cliff that you have to climb in the beginning that most people don't go over once you're over that Cliff like once you put in all the time studying you're sleeping here on the yoga mat like you grinded you put in the time Roland did this he was studying in his Law Office Jack did this he had strep and mono he's still studying Mariana didn't trade for a year she studied from 10 a.m to 10 p.m so like there's example after example after example of people who are like okay let me commit to my studying and then everyone capitalized when there was so much opportunity now 2022 is a tougher year to learn but you're still learning lessons like you said even when you made a lot and then you got two cocky you thought you're untouchable now you don't think you're untouchable you did another check off that checklist when you say okay I had to what was your biggest loss 100K in a day or two uh like two days yeah how'd you feel uh like like Mike Tyson just beat me up to sleep you know right it's like all the win's gone out but how many months ago was this two months ago and now you're getting off the mat you're recovered from your brain injuries like yeah yeah I I recovered like 60 of it you know but now you're more aware of the risks right with like with great power comes great responsibility Jack Kyle and I were on the boat in the Miami Conference and we were talking about this whereas like they've worked so hard to make a few million dollars but now they're betting bigger size and it's such a slippery slope right like before to go from like twenty thousand to fifty thousand or fifty thousand to a hundred thousand so many little trades but if you put two or three million on a trade and you're wrong 500 000 gone like that so it's you know stairs on the way up and then an elevator straight down yeah um you know and I know all their stories man I've watched and that's like a big part of like me grinding the way I did is because I had the examples like okay this is the this is what they did this is Dayton were successful I gotta do that and then like when I would hear Jack grinding and I don't he took it to like crazy law I was like man I'm grinding this hard I I imagine Jack grinding even harder if I grind it 22 hours a day I was imagining Jack did 23 now you don't want to burn out though that's one thing right like yeah especially in 2022 where people get discouraged because there's not as many great plays and there's like like you know like we were talking about Evan chunk where he's at 750 000 but this year he's basically flat and he's now traveling more and I was like you know props to you go travel enjoy do the money that you've made a little bit you know like why work so hard if you're never gonna enjoy it yeah I was actually talking to them the other day and exactly that you know I was and I'm I'm planning to go travel myself you know what I mean some more I'm ready to go uh Japan India and then Korea and then back be careful with India I got food poisoning twice there oh yeah one time I was like adventurous it was my own fault second time I was like I don't want to get food poisoning I'm only eating in this five-star hotel still got food poisoning so like be careful in India Japan love it try to go during cherry blossom season which is March or April it's magical uh-huh I remember yeah you you did those videos of uh trading I don't know if you remember them the YouTube videos yeah you did like some some kind of let's make sure this is recording look at it real quick let's see let's see keep it going yeah it's still going all right I always have fear where I'm like oh that's happened before I know that's why I'm like yo we need to we need to keep this just in case yeah so it's recorded yeah it is keep this in there don't even have it but yeah no absolutely actually I don't edit anybody it's very good two seconds off the beginning and that's it but um but yeah man just all the examples so I read this book um it's called mindset and uh they go over two examples of two baseball teams from um Island and Aruba and they both had these two baseball players one was Andrew Jones you know Andrew Jones Atlanta Braves there you go yeah yes and there was another one and Andrew Jones became successful in kudasau and went to the modern world series Gold Glove hall of fame or whatever and every kid in Curacao has an example of Andrew Jones to be like a baseball they have a culture now yeah they talk baseball at dinner all this because of Andrew Jones in the 90s and then so Aruba the same thing they had a picture that was a top prospect gonna be like the next crazy cool facts everything and he ended up being an alcoholic and failed and like nobody talks about baseball there so you need Heroes but at the same time you have to realize that some Heroes just like aren't great that's why when I created the millionaire challenge was like I don't know who's gonna take this seriously but it's not gonna be one or two people and now the speed at which the new millionaires are being created because now you guys have so many examples so now it's like wait you he did it he did it he did it she did it like the more examples and now there's like a path and the cool thing I don't know if you've seen this I was playing around on my challenge webinar the other day I was like you guys know that there's like a chat archive in the challenge like you can change the url to any date and you can see what was said the entire chat room the entire day so I was like I did this I think it was like November 16th 2022 a few days ago right yeah and then I changed it from November 16 2022 to November 16 2012. a decade ago within my three seconds it's all popped up like you can see Tim grittani and this is when Tim grittani had like five thousand dollars to his name now he's got 15 million like you can literally go back and see every single step that's the cool thing like with baseball players okay you can see their game but you can't really see their practices because they're not recorded yeah this is everything is recorded chat room webinars DVD and video lessons and it's like if you spend the time because it is time consuming you can piece everything back together in its fascinated yeah it is and um that's crazy man so you can see Tim grittani starting out with just making ten dollar wins 20 wins you can go back by the date and you can cross reference his trades right so like you can see a big trade like he had a 300 000 day on cydy I remember that yeah and I was like how are you gonna celebrate and he's like can I give a challenge whether or not I was like I love you I remember that yeah can you give him a challenge webinar how we made the 300 000 but that's just the big day he also has many small days and he used to be in the chat room all the time now he's got a family with kids he's like a busy life but back then like you can see uh decades worth of his chat commentary with the day and because you're looking back you can compare it to his trades you can compare it to charts it's fascinating yeah you know and you had gratani and you had ducks and you had all these other guys that came up rolling Matt Monaco Donald Huddy all of them yeah I I interviewed Roland um not a couple weeks ago and I remember him doing the interview with you like he had like a bandana on and he was saying yeah I put I studied like 20 hours a day and I was like grinding grinding grinding and and um people would make fun of him when he got up from his desk because he was in like a legal office like this and the other lawyers were like making fun of him like when you're studying penny stocks it's just yeah no I I heard it all I heard that's why that's why this one this office this is you I can close the door man don't close the door get the hate I I love the hate I love the doubt because that for me it pushes me more absolutely for me man um and that's why I like Jack on your conference he mentions like the naysayers like it's almost like a like a superhero character you get all their energy there's a great book by David Goggins have you read this audio right yeah yeah yeah yeah he's working on a second book but like he was like abused like he had a terrible life and he was like wait a minute like that didn't destroy me I'm strong like he calls it mental calluses right like if you're working like manual labor and your hands hurt every day but like then after a while you get calluses and you can do manual labor better this is not manual labor it's much easier but it's still like if you have a loss like when you lost a hundred thousand it sucked terrible but you learned what not to do now you're trading more conservative you've already made back half of it in a much more conservative in Risk adjusted way yeah I analyze so that that loss and all all my losses I analyzed the hell out of them so yeah I made a lot of changes and that's made you better right so yeah yeah that 100 000 loss is Gonna Make You millions in the long run just like my million dollar loss on cygnus I personally lost 500 000 my hedge fund lost a million the Press dragged me through the mud it was terrible that has made me Millions ever since because I never want that to happen again yeah I don't have any big losses anymore yeah by the way your book and we covered this in the last last year on the podcast like your book is so underrated man um I'm gonna I'm gonna get it but like you give it away for free although I got the audio the audio was like 12 bucks yeah and it's so good you like that guy who's voice it is yeah try this silky smooth I tried to do it myself but like oh you tried like you do audio books like you have to say the word and like it's such a weird thing because like you can't breathe you can't like say any other word like you have to go word for word so I was trying to do word for word then I'd screw up and I was like ah [ __ ] and then but you can hear me say [ __ ] and I was like ah [ __ ] and then like like I couldn't do it so I paid this guy Brett Berry I think was his name he does all these audio books yeah I've heard them before for sure it was just funny it was like saying my words and I wanted to do it myself but I you know but um but no it's just like that 1999 Mania you know I did a podcast with Tommy Knoxville the other day yeah I just I told you before we got here um and he was part of the 99 Mania where he was a grocery boy he did grocery bags and he turned a thousand into thirty thousand during 1999 2000 and then he lost it all yeah and he said this time in this media I know this is the meaning because if a grocery Boy made a thousand or 30 before and the grocery boys are doing it again the Uber drivers all those guys now we can do it in a risk-adjusted way exactly he decided to study but then you I told him did you until Sykes was part of that Mania too and he kept his money because he stopped or like you were learning in a short sale because you realize that it wasn't working I was buying OTC winners I was up 700 000 my first four months of the year 2000 I remember this very clearly and I started extrapolating I'm like okay if I can make 700 000 every four months and then I'm betting bigger so maybe I can make a million in four months and then two years from now I can make four million in four like I was out of my mind I didn't understand that I was part of like one of the biggest bubbles in history yeah but I always and back then even to this day whenever I'm in a supernova when I'm in a play I usually sell too soon I I just I you know I like to to grab the profits back then same thing so I always sold too soon like the Y2K plays they would go from like five to like 210 to like 150 and I would ride it from like 15 to like 25 or like 30 to like 40. like that was just me then when they disappeared I the last eight months of the year 2000 I lost ten thousand because I I kept trying to look for breakouts but nothing was working and I was like clam down and I wanted to save my money then that forced me to go into Short Selling where it was the same pattern just later in the pattern instead of the front side it was the back side so I didn't lose much in fact I had to lose more later I I regret that I wish I had lost in the year 2000 if I had lost big in the year 2000 with a smaller account that would have protected me from losing bigger when I fell in love with cygnus e transactions in the technology in 2006. people shouldn't be afraid of losses like gigantic losses you want
to experience the gigantic losses early in your career so you can learn what not to do because then it'll help you in your career later on I'd worry about somebody who doesn't have any big losses because then they're just taking time bomb that's it's inevitable they don't have the mental awareness they don't have the risk adjusted strategy now you do that 100 000 congratulations you lost a hundred thousand dollars you're better and you've already made some of it back and you have the lifelong lesson so yeah win-win yeah no I learned a lot from that and also you know just the self-reflection that comes after that it's like man I came a long way um just two years ago I I was completely broke and you know I'm I lost 100 Grand but I did make a you know I looked at all the Traders this year yeah then you know it's and it's a big difference having a record year yeah and I was I was having a record year so like I just got too cocky you know and sizing up sizing Up So eventually you know it's gonna come you can't she's up to you you can't cheat your way to success right you need to have this lesson and a lot of people think like no I don't need a big loss like yeah you do because now it's totally that emotional intelligence that you gain from that six figure loss that's priceless like if I had zero big losses and someone offered me a life-changing education for a hundred grand this weird analogy I would say yes I would take it because I know how valuable this loss in this lesson is going to be in the long run that 100 Grand that you lost it's literally a multi-million dollar profit for you in the long run it's weird to think about yeah a friend of mine um mentioned that to me he's a very successful Trader so like that's another thing I I've with your community I was able to start a network and now with the podcast from your community I got the whole podcast idea from Matt Monica yeah him and Bryce interviewed me long before they joined my challenge to learn to learn more correct that's what I did I did I wanted to learn more this is in rocket science guys make sure it's still recording make sure make sure this is this is money content yeah it's still recording how long 24 minutes good good good yeah so um I was like man uh and like after seeing all the example the good examples of success I was like okay so I need to just get all the knowledge I can you know and Matt Monaco I saw him go from like 2 000 to a million or more so you know when he was doing the the crash course or whatever it's called the 30-day boot camp yeah he was at 50 000 I saw him I was like man this guy's like up 50 000 he's making a course and then and then like a few months like a few months passed or six months passed he's over a million dollars he didn't even know he was gonna be a successful so we just we used him for like the 30-day boot camp because he was he's organized I'm not organized I got too much stuff going on and I was like he studied a lot so I was like okay come up with like a basic framework of my stuff he studied all my stuff and he gave me a framework and I went back and like tailored the framework a little bit and then we just recorded and we talked about my lessons but in an organized manner yeah he edited it and because we did the course it actually helped him under understand everything as a whole and then he went from 50 Grand now he's had two I saw that I'm like oh man so I really gotta like get as much knowledge as I can the Pod he did the podcast he he's organized I gotta get organized I gotta I gotta podcast it's not easy but like you it's you can start a podcast I think everybody everybody should do a podcast and that way you learn structure you're uh you know made aware of all different Traders like I see how many Traders you have on your podcast is great yeah you're getting these amazing conversations all you're basically doing is talking with Traders which you should be doing anyways you're recording it to help other people but because Matt Monaco inspired you because Roland wolf inspired you you're learning the proper framework and guess what when you apply the habits of successful people you become successful yeah it's funny how that works and another thing with Monaco he started a podcast or not him with steady trade to twist him yeah Jack Kyle and Mari and Mari they would do uh they weren't up a million dollars yet no and they would do these reviews and I was like man so like the framework you know I just just gotta you know and I do it do what they do but like do it in your own way and do it more the more you review your trades the more you review other successful students and other successful Traders trades the more you talk with other successful Traders you get this whole understanding of where the opportunity is and where the angles are and we're all different right like you gravitated towards Short Selling I've gotten away from Short Selling because frankly as a teacher it's very dangerous just for newbies I'm not saying Short Selling doesn't work it clearly does but for newbies like people with like two three five thousand dollars I used to have like these short sales and I would like nail a pump and I would you know make like 30 50 70 whatever there weren't that many shares available in short I think there's more shares to short now because there's more but even when I would nail a pump even when there were Shares are short I would get like five or ten students canceling and I was like I just nailed this pump out it was like it's dead on and they're like no sorry Short Selling is like confusing I don't want to do it so I would I was like wait a minute this this strategy isn't good for my teaching business so I got away from it yeah well for me um but you're not into teaching you're in this for you which is good well you know I decided early on when I saw those old videos of you you have a ton of like this must be like 10 000 hours worth of material I saw as many as I could probably uh 70 000 hours worth who knows but um you know you you covered a lot of Short Selling early on and I decided for myself early on I was like I'm gonna focus on one thing and that's Short Selling from early on and then you know you mentioned a lot in the for I mean it's crazy how it's still 2022 now the bear Market's coming but you were saying for a long time we've had a five-year Bull Run six-year Bull Run 10-year-old I was too early in my warnings like you know it's like and you were short selling back then and then I was like you know what we're gonna have a bear Market eventually so like with my newbie mindset I was like you know let me just learn Short Selling it's going to be good for the long term yeah it is and um and you know watching Michael good and gratani well gritani was my main example I was like man this guy made a million dollars from 1500 and 10 000 from his parents borrowed yeah um I have around the same amount so I emulated I I modeled it after that beautiful and I was like you know I'm just like Bruce Lee does mastered one kick a million times rather than a whole bunch I was like you know I'm just gonna do that and then like you know if I was starting out now I would it's tough you know because uh it's crowded there's no problem it was a lot different back then so that creates squeezes like I lag it wasn't even a good great short set up so many short sellers like good short sellers like Michael good lost like 600 Grand like not just on my life but HKD also like you're having these these black swans that should theoretically only happen like once every decade but they're happening like every few weeks yeah there's too too many short sellers now there's too many short sellers there's a lot of locates that people gravitate they all want you know we're human beings we all like you know we ever go like to a baseball game or a soccer game someone scores a goal 99 of the Arena screens it's like when short sellers once short goes up yeah 99 of short sellers yeah yeah of course you know and that's why I got out because it's so crowded and it creates it changes the the wrist Dynamics because now there's too many shorts there's a lot of burrows so a lot of shorts are borrowing which is fantastic but then if they're all on the same stock and especially for me because I show every trade publicly and promoters like hated me for it so every time I would like short a promo they would all like try to spike it I don't know if you watched the video where I said like I've watched Shaquille O'Neal Justin Bieber yeah no but this is crazy so there was this was crazy there was once when I was on Skype and I got added to a Skype group I don't know if I told you this but this is really relevant here and I got added to this Skype group and it was called oh they deleting you right away yeah it's called payers invite pigs I don't know remember like it's like it's like coming like Pumpers who promote and I clicked it and I saw everyone talking like hey I'll offer you like three million shares for you know a two-week promotion and I just saw it for like 30 seconds and I was like it's like someone like peeling back like a layer and I was like what and then someone said Sykes is in there and they're like get him out of there and they kick me out like this one yeah so this helped me understand if I'm shorting that group and other groups like it they're all like yo besides his shorting let's squeeze the bastard because they know my rule number one is cut losses quickly so they could just squeeze me out I'm gonna cut losses quickly so by shorting against promoters is a very dangerous thing for me so now I've learned to ride the pumps I don't trust them but I ride them higher yeah I've seen that firsthand so so last year I spent the whole year in Puerto Rico I'm gonna go back eventually pretty soon but um I saw one guy in there he wrote a report he's a big short seller yeah big short seller your order report put it out and it's not Zach Morris promoter put on Twitter squeeze them hard yeah and he got squeezed so hard it's nasty short squeezes are tough especially with like Reddit like you know what was his name uh Citroen research yeah basically got out of short sale he was like he's like because he didn't want to fight the mob they didn't try going long and he sucked at it he should go back to show yeah I think he has that yeah so short selling on 2016-17 before that it was a lot easier you know it was it was nobody when things get too crowded right like where you hear everyone making so much money in crypto and then the whole crowd's coming to crypto and then it drops 70 yeah like when you hear about too many people making too much money too quickly that's the time to go opposite yeah um and that's you know so I think John F Kennedy's dad Joe Kenna Joe Kennedy he he was from he's a former manipulator yeah so he is SEC commissioner outlawed all of his all of the churches you know the story I learned this doing the podcast you know someone told me a a hedge fund manager interviewed he he said uh so Joe Kennedy right yeah Joe Kennedy was like the he was head manipulated he would organize groups to do pumps yeah and then dump it on people back in their 1920s yeah the Roaring Twenties and then they didn't have regulation back then you know people were taking money out of their credit cards and cash and investing in stocks and he would organize people and yeah so then he was like the first head of the SEC and then he became SEC commissioner and he outlawed everything that made him so rich and it was like wait a minute and so now their thinking is like the Kennedy curse because all the Kennedys die and very mysterious circumstances it's kind of like Karma where like guess what your father got very rich by doing very evil things now there's a whole curse on the family and he's the one I think he had the quote uh if the shoe shine boy is giving stock tips it's the time to get out yeah 100 and this is the same thing where everyone thinks like crypto is a new thing nfts is a new thing and that's right before everything collapses yeah you know I remember 2020 things are shut this la la was crazy you think anywhere Kobe was bad L.A was it was like crazy yeah so you go outside uh I used to go to this French coffee shop every now and then everything is shut down there's like tumble weeds going down the street and yet the market is ripping and you go into Uber Uber drivers are getting unemployment you can't even get it over but the Uber drivers they're like they're all uh Robin Hood accounts yeah they're all Rob they're still buying stock because with their unemployment because they have unemployment they got stimulus and so you can make a whole case that the whole run up from 2020 to 2022 was all stimulus all yeah extra liquidity but it wasn't based on business fundamentals and this is what short sellers say like wait a minute everything's getting ridiculous valuations but business isn't growing that well like it's nothing's that great yeah and then you know a lot of online companies benefited like zoom and Peloton because everyone was home so those businesses actually did take off but now those stocks have crashed now that the quarantine and the pandemic is over and yeah you know a lot of short sellers lost a lot uh during that time he's like nothing made sense and I know because like when I was coming from architecture like I went I went to the top architecture school whatever yeah I thought I was Hubris right I was like oh man I can do this this is it makes sense you know a short selling company as a fraud or whatever just short sale yeah you know it's like just discovered some research and yeah sure um and that and a lot of intelligent people and I know you mentioned this in in your webinars and stuff that like you know the midwestern people like lawyers and dentists they think they're too smart yeah and they they're losing Traders you know so doctor's made terrible Traders yeah so like really smart people are attracted to Short Selling and they think they're smarter than what like just you know what's going on they're smarter in their profession but not in the stock market again it's you know you have this podcast you talk to everybody you've studied a lot you have an understanding of the industry as a whole right if you're a lawyer if you're a doctor you have like this very small Vision based on your own experiences but you're missing all the rest and so like you're using your small vision and you think that it's a big Vision but it's not you're just narrow-minded yeah so um and I I you know it's like you got to realize you don't know anything and just start from scratch and I think that's that's why like your community a lot of people start from scratch they don't know biases it's like I just want to learn I don't know anything like when I was watching even like Penny stocking 101 or whatever like learning from absolute scratch and realizing I don't know anything with this I got it's gonna take a while to learn I was a philosophy major the smartest man is the man who knows it exactly exactly so it's like having a very humble beginning like some people say like oh I can't be a millionaire I have nothing fantastic like I can't be your next millionaire I only have a thousand dollars fantastic starting low and realizing that you're a blank slate is actually easier than somebody I have some like trust find babies who like come to me and they're like oh I have 500 000 this will be easy to become your next millionaire and I'm like do not trade stop thinking that you're smart you got born into the right family but you know nothing you're going to lose it all and I've had like three or four trust fund kids and I tell them like even if you have 500 000 start trading with five thousand and they're like yeah I don't care I spend five thousand like on at a club on the weekend I'm like leave your entitled self at the door just be humble and they can't I've never had a trust fund kid become successful I tell them to start small I tell them to be humble in their entitled lives they can't do it and so that's one thing that's always baffles me it's like man so people you know the the number one thing in this is you got to stick around you got to stick around to get the screen time to get the experience to absorb as much knowledge as you can in the different markets and the different strategies yeah for different sectors for some people they they get blown out in six months two months three months they want it too quickly right I always say it's a marathon not as friend I'm actually working on this video I've been to like 14 countries in this video and I just say it's a marathon not a Sprint it's like a two hour video I'm gonna get it up to like three hours before I release it they don't want it to be a marathon no one wants to put in the time studying like you did you succeeded and you're gonna continue to succeed because you have the work ethic guess how I have thousands of students guess how many sleep on a little yoga mat and study non-stop one uh yeah does sleep in the yoga mat I don't recommend that but I'm saying that it's the work ethic that has driven your success it'll continue to drive your success if you stay humble and you stay grinding you don't have to necessarily go that hard like you can take like you know Timber dining takes like weeks off or months off now where he's spending time with his family like you can you can you know smell the roses a little bit but again it's that work ethy it's that grinding that has led to your success people who don't have a work ethic it's almost impossible for them to be successful yeah um and I remember like on your community like uh Kyle everybody's open man is kind you know what I'm saying so Kyle he's like man yeah this is all a lot of it's is front loaded yeah it's like two two years you're gonna do like the way I saw it was like all right I'm doing like two or three years of work hardcore like I did with architecture for 10 years yeah it's cool and you mentioned this a lot too like you go people go to college they get like a brain surgeon goes to school you know med school becomes a resident the residents actually sleep in the hospital yeah they have beds there for them and they've spent six figures on their education and still you're six you're seven year eight they're treated like nothing trading you don't have to put in six seven eight years you don't have to pay six figures well Market tuition you might have to pay six figures like you just did but like it happens quicker so it's it it's quicker but it's not as quick as people want it people want like oh I've studied you know like unsuccessful Traders say like yeah I'm sending your stuff it doesn't work and I was like well how much have you studied and they're like yeah I've watched like 20 of your videos I'm like okay you've watched like one one thousandth of what I've done and they're like yeah but I get it it's the gist no you don't you need to go over every little thing the biggest money that you'll make the best lessons are in the smallest details that people glaze over because they don't take it seriously right like you're trying to find an edge whether long short you're trying to find your position size there's a lot of little moving pieces that you have to you know hone in on in the beginning then you understand it then after you have a few good trades or a few thousand good trades you start to realize okay this is the path that I want to take yeah and oh and so now since like since you're here in La man you know it's like bro like like it's surreal still I used to think one day man is it all your successful stuff I'm trying to yeah yeah I was like man if I use this is all performance driven if I reach a certain level and 100 eventually it'll happen so and look it's happened but I was gonna ask you okay so last question I got to go yeah so like um are we still recording check it yeah okay try again you can never check it again yeah it's recording this is how like scared I am like it's like me in a trade and I'm always wondering like should I get out so so so yeah you know these days we have like the computer here all this technology all this stuff and you know you mentioned you gotta like figure out your position size figure out this all these little things you gotta tweet so like in 1999 when you made that million you gotta he had to call from the phone and the ship and all this how did you manage all that there was no audio books back then you didn't have an iPhone so I didn't have any guy that was the problem this is why I got started teaching because I remembered how frustrated I was there were like websites like the lion where they're showing it's like a message board and they're showing their entries but they're never showing their exits and I was like what's going on guys that's not trading right so we created profitly because it was like okay show your entries and your exits this shouldn't be that revolutionary of a concept just showing everything but in trading you have so many fakes and frauds like transparency is revolutionary still to this day we used to have a lot more people on profitly but I was like you have to show every trade if you're gonna have a chat room if you're gonna have a newsletter one by one it drives people away they're like I don't want to show this I'm like well I'm not interested so for me even though I didn't have a guide I'm fortunate I have a photographic memory so I can remember things very well I still don't do like Excel spreadsheets my education really hurt with like no data like people like Jack Kellogg Kyle Williams Lucas the short bear I don't know if you've had them on you should have him on they've excelled because they get their Excel spreadsheets they get the data and then they can size up based on the data of confidence because they're running all these data sheets if I could go back in time I would do that I can't I'm too old to learn I'm just focused on teaching my stuff but that's what you have to do you have to model this in your head either based on Excel spreadsheets or through trials and tribulation I might have made a lot of money back in 99 and 2000 but I didn't have risk management obviously I had my biggest loss in 2006 2007. crazy it was seven years before I had like a big loss but I I had to do everything the hard way in in this era you just don't now you have the DVDs the webinars the chat rooms the trade alerts the commentary you have successful student after a successful student where you can model everything that they've done and you can go back in time and you can see what they're saying in chat you can see everything so there's many more tools but again it comes down to work ethics how many people are actually going to go through and look at all this stuff not many I have thousands of students some people say oh you're a thousand students you only have a few millionaires I only have a few millionaires but I only have a few hundred people who even are willing to go through everything and then when you go through everything then you have to train and you have to put those theories in into practice so every step of the way people don't want to study they don't want to click they don't want to put in the time to make excuses then even if they do study maybe they have a loss maybe they break the rules maybe it's a slow market so a million excuses just like weeding people out it's like uh If This Were I don't know if you saw All Quiet on the Western Front there's like a new Netflix remake of the the book and it's like a really nasty look at War and there's one guy running and like everyone's getting picked off around him and it's just luck bed like he makes it through but that's like trading where you might start with a thousand Traders and one by one they're gonna get picked up this guy gives up this guy got tired of trading small so we went too big he blew up this guy just had a baby so he can't train anymore he's got to focus on his baby you know there's endless excuses why you can't study hard and then put that into practice only a few are willing to do that that's why I say obsession is a good thing some people say oh don't be obsessed like have a work life balance no no I took that too hard I was like I have no balance whatsoever and then buy yourself a life with your Financial Freedom absolutely man this is like Amazon like Jeff Bezos works his workers like hardcore but Amazon has become one of the most successful you know companies in the world oh he slept in the office by the way he did and Elon Musk too you know so guess what there's a pattern here the success yeah congrats on everything we're gonna do this every year this is this is something new leave a comment below if you like this we're gonna post the video is it still recording yeah okay make sure just double check how long is it 44 minutes good so we're going to do this every year we're going to do a 45 minute conversation we're going to check in and I'm gonna see and we're going to watch as your office multiplies and hopefully your success multiplies but you got to stay committed don't burn out too much and also don't you know go off the deep end but take some time off every now and then you've earned it all right yeah um yeah for sure treat your family that's my number one tip the best money I've spent is on my family I'm going to find back time I bought your parents a house and maybe Miami I thought of doing that myself like that's one of my goals three places together and we combine them actually oh man yeah so it's nice but you know whatever drives you but you've earned it you also just have to understand if you spend too much in the real world then you can trade with less so like you don't want to like have such a small trading account because now you have too many real world expenses you want to keep them separate like you want to live humbly so that you can afford to trade well I'm very separate you don't want to be in a situation where it's like you know I'm living the life but now I got to pay this like 30 000 a month rent I got to make some good trades that's a bad thing um almost it doesn't seem like it maybe but like I'm as Frugal as it gets it does seem like it FYI you were sleeping on this yoga mat man this is all my possessions are here in a tiny bit of my apartment you can afford a little bit but again like it's it's a balancing act like you you choose how much you want to live how well like I I encourage you to travel because travel I think gives you an education too and you see more of the world come to Bali we're going to be in Bali a lot in 2023 you're welcome uh how many schools are you right now we're at 112 right now the goal is still a thousand when did you make the Thousand gold uh this was 2016 but then there's no construction basically for two years so we've had like four years of construction and we're trying to ramp it up too and also I haven't made that much this year I'm just like taking losses and donating more but it's fine that's cool man um for sure man I'll see you again congrats mistakes study hard get obsessed
2022-12-05 04:01
