Linda Raschke on Having an Edge in Trading and the Importance of Data

Summary

在这段访谈中，Jason Shapiro与交易界传奇人物Linda Bradford Raschke就交易优势、市场数据的重要性以及交易心理学进行了深入对话。Linda分享了她的新书《Trading Sardines》中的市场智慧和生活经验，强调了交易中纪律性、风险管理以及个人情绪控制的重要性。她认为，成功的交易依赖于发现并利用市场的优势，并且需要时间来培养交易技能和心态。此外，Linda还讨论了市场趋势、资金流动性以及个人在市场中定位的问题，为交易者提供了宝贵的指导和见解。

Takeaways

• 📈 交易市场需要有优势：无论是通过模型、早期套利机会或经验，交易者需要有某种统计优势来保证长期盈利。
• 🔢 交易是一个数字游戏：如果进行了足够多的交易并且有优势，那么接近保证获利的可能性就越大。
• 💡 资金管理至关重要：在交易中，除了拥有优势外，还需要有适当的资金管理算法来保护资本。
• 🔍 开发优势需要时间和经验：交易者需要尝试不同的交易风格，这可能需要三到五年的时间来探索和学习市场细微差别。
• 📚 读书和学习交易智慧：Linda Bradford Rashke的书籍《Trading Sardines》分享了市场和交易智慧以及生活智慧。
• 🚀 抓住市场失衡的机会：当市场行为超出历史范围时，通常有强烈的理由，交易者应该顺应市场趋势。
• 🔧 交易方法需要耐用和稳健：避免过度优化的交易系统，寻找能够长期有效的方法。
• 🌐 市场参与者增加导致噪声增加：随着市场参与者的增加，假突破增多，因此需要找到能够在这种环境中生存的交易风格。
• 🤔 交易心理学：交易不仅是关于数字和策略，还涉及到个人的心理和情绪控制。
• 🌟 纪律是交易成功的关键：即使拥有最好的交易系统，如果不能遵守纪律，长期来看也会失败。
• 🎯 专注于少数高胜率的机会：在交易中，应该等待那些高胜率的交易机会，而不是频繁交易。

Q & A

Jason Shapiro和Linda Rashke在这次采访中主要讨论了哪些主题？

Jason Shapiro和Linda Rashke在采访中主要讨论了交易的优势、数据的重要性、交易智慧、生活智慧、市场交易策略、资金管理、交易心理学以及如何长期在市场中赚钱。

Linda Rashke提到她的书《Trading Sardines》包含了哪些内容？

Linda Rashke的书《Trading Sardines》包含了市场和交易智慧、生活智慧以及一些关于爱情、生活和交易的有趣故事。

为什么Linda Rashke认为在交易中拥有优势是重要的？

Linda Rashke认为拥有优势是重要的，因为在任何游戏中，无论是桥牌、赌博还是市场交易，都需要有某种统计优势。这种优势可能来自于建模、早期的套利机会或经验，而经验本身就是一种优势。

在交易中如何发展和维持一个优势？

在交易中发展和维持优势需要时间和经验的积累。Linda Rashke提到，优势可能来自于对市场模式的识别、对风险的承受能力以及对市场结构的深入理解。此外，还需要通过试错和不断的市场参与来发展自己的交易风格和方法。

Linda Rashke如何看待市场交易中的纪律性？

Linda Rashke认为纪律性是交易中最重要的事情。即使拥有世界上最好的交易系统，如果没有纪律性，长期来看也会失败。纪律性包括遵循交易计划、管理风险和避免情绪化的决策。

为什么Linda Rashke建议交易者应该记录和分析自己的交易？

记录和分析交易对于交易者来说是至关重要的，因为这有助于他们了解自己的交易模式、优势和劣势。通过记录，交易者可以回顾并学习哪些策略有效，哪些不有效，从而改进自己的交易方法。

Linda Rashke在交易中是如何管理风险的？

Linda Rashke在交易中使用资金管理算法来管理风险。她会在交易中设定止损点，并根据市场情况和自己的交易策略来调整风险敞口。

Linda Rashke提到了哪些因素会影响市场的趋势？

Linda Rashke提到了多种因素会影响市场趋势，包括市场情绪、季节性因素、资金流动、市场领导力和群体部门的表现。她还提到了市场结构和技术图表在判断趋势中的重要性。

Linda Rashke如何看待交易中的自动化和系统化方法？

Linda Rashke认为自动化和系统化方法在交易中是有价值的，特别是对于那些拥有高级量化技能和资源的交易者。然而，她也强调了个人交易者通过经验和试错来发展自己的交易风格和方法的重要性。

Linda Rashke在采访中提到了哪些个人交易哲学或生活哲学？

Linda Rashke在采访中提到了多种个人交易和生活哲学，包括'给予，你给予的一切将以十倍回报给你'、'保持谦逊但保持自信'以及'如果你不知道自己是谁，市场是一个昂贵的地方去发现'。她还强调了积极心态和感恩的重要性。

Outlines

00:00

📚 开场与书籍推荐

Jason Shapiro在CMR访谈节目中对Linda Bradford Raschke进行了采访，讨论了交易优势、数据的重要性以及资金管理。Linda是交易和资金管理领域的传奇人物。Jason提到在采访前收到了Linda寄来的书《Trading Sardines》，这本书不仅易于阅读，还分享了市场和交易的智慧以及生活故事。Jason推荐大家阅读，并以一个简单的问题开场：如何在市场中长期赚钱。Linda回答说，需要有某种优势，无论是通过模型分析、套利机会还是经验得来，并强调了资金管理算法的重要性。

05:01

🎲 交易优势与市场探索

Linda Bradford Raschke强调在交易中拥有优势的重要性，无论是通过系统化的方法还是通过经验获得。她提到，要发展优势需要时间，新交易者应该尝试不同的交易风格来找到适合自己的方法。Linda比喻说，就像尝试不同的帽子一样，需要找到最适合自己的风格。她还提到，市场参与者的多样性和市场的噪声水平增加，导致了更多的假突破，因此需要一个长期的方法和策略来应对市场的不断变化。

10:01

📉 交易策略与市场适应性

Linda分享了她早期在太平洋海岸证券交易所交易股票期权的经历，那时市场还处于较为原始的状态，没有电脑和程序来管理期权。她指出，随着市场的电脑化，早期的套利机会逐渐减少。她强调，交易者需要找到一种耐用且稳健的交易方法，而不是过度优化的策略。此外，Linda提到市场参与者的增加导致了市场噪声水平的提高，这需要交易者在交易时更加谨慎。她还提到了模式识别和人工智能的局限性，以及交易者需要根据自己的风险承受能力来调整交易策略。

15:03

💡 交易心态与纪律

Linda Bradford Raschke和Jason Shapiro讨论了交易心态和纪律的重要性。Linda认为，即使拥有最好的交易系统，如果交易者不能坚持纪律，那么长期来看也无法成功。她提到，交易者应该像对待一个过程一样对待交易，而不是依赖于纪律。她还强调了交易者需要对自己的交易风格有深刻的理解，并且要有自信。此外，Linda提到了她的一本书《Street Smarts》，强调了在市场中生存的重要性，以及如何通过观察市场来发现机会。

20:05

🌐 全球市场与个人交易哲学

Linda分享了她对全球市场的看法，包括她对股票、期货和外汇的交易经验。她提到，尽管她曾经交易过各种市场，但现在主要关注最流动的国内期货市场。Linda还讨论了她的交易哲学，包括如何在市场中找到机会，以及如何通过观察市场的异常行为来做出交易决策。她还强调了交易者需要对自己的交易系统有信心，并且要能够识别并利用市场中的'肥尾'机会。

25:05

📊 交易系统与个人发展

Linda Bradford Raschke讨论了交易系统的重要性以及个人在交易发展中的作用。她认为，交易者需要开发自己的交易系统，并且要有信心坚持这个系统。Linda提到，即使在经历亏损期时，也要继续执行交易计划，因为下一个交易可能就是大赢家。她还强调了交易者需要识别并克服自己的偏见，这是成功的关键。此外，Linda分享了她对市场的看法，包括如何识别市场的异常行为，并根据这些行为进行交易。

30:06

🤔 交易心理与自我认知

Linda和Jason讨论了交易心理学和自我认知在交易成功中的重要性。Linda强调了识别和理解自己的偏见的重要性，以及如何通过记录和分析交易来提高交易表现。她还提到了交易者需要有纪律，并且要对自己的交易决策负责。此外，Linda分享了她对市场的看法，包括如何识别市场的顶部和底部，以及如何在市场中找到交易机会。

35:07

🚀 交易执行力与市场机会

Linda Bradford Raschke和Jason Shapiro讨论了交易执行力和市场机会。Linda提到，即使在有优势的情况下，交易者也需要有执行力来实现这些优势。她强调了在市场中识别和利用机会的重要性，以及如何通过保持纪律和遵循交易计划来提高交易成功率。此外，Linda分享了她对市场的看法，包括如何通过观察市场结构和模式来做出交易决策。

40:12

🌟 成功交易的哲学与心态

Linda分享了她对成功交易的看法，包括哲学、心态和个人发展的重要性。她强调了保持积极心态、认识到自己的幸运和感激之情的重要性。Linda提到，通过给予和保持谦虚但自信的态度，交易者可以在生活中和市场中获得成功。她还讨论了如何通过保持健康和积极的生活方式来提高交易表现。

45:13

🎙️ 结束语与未来展望

在访谈的最后，Linda和Jason讨论了Linda的书籍和她的交易哲学。Linda提到她的书《Trading Sardines》以及她对交易和生活的看法。她还提到了她的网站和书籍的销售情况，以及她对未来的一些展望。Jason感谢Linda的分享，并邀请观众关注她的工作和书籍。

Keywords

💡交易优势

交易优势指的是在市场中进行交易时所具有的某种统计或经验上的领先，这种优势可能来源于模型构建、早期套利机会或交易经验。在视频中，Linda强调了拥有交易优势并持续应用这一优势的重要性，例如她提到'你需要有某种优势，然后持续地应用它'。

💡资金管理算法

资金管理算法是指在交易中用来控制风险和优化资金使用的一系列规则或策略。视频中提到，除了交易优势外，资金管理算法也是实现长期盈利的关键因素之一，Linda提到需要有'那个小的资金管理算法在后台运行'。

💡市场模式识别

市场模式识别是指识别和利用市场中重复出现的模式来指导交易决策。Linda在视频中提到了她的交易生涯，强调了模式识别在交易中的重要性，例如她谈到'有些精明的模式识别能力'。

💡交易心理学

交易心理学涉及到交易者在交易过程中情绪和心理状态的管理。在视频中，Linda提到了交易者需要学会如何管理自己的情绪，比如她说'直到你学会去感觉麻木并得到非常厚的皮肤'。

💡交易策略

交易策略是指交易者用来在市场中获利的一系列有计划的行动或规则。视频中Linda讨论了交易策略的发展，她提到通过试错来发展交易策略，并强调了策略的持久性，如她所说'你最终想要的是一种能够持久的风格、方法或方法论'。

💡市场噪音

市场噪音是指市场中的随机波动或不相关的信息，这些可能会干扰交易者对市场趋势的判断。Linda在视频中提到，随着市场参与者的增多，市场噪音水平上升，导致更多的假突破，如她所述'随着市场变得更加拥挤...意味着假突破的增加'。

💡交易纪律

交易纪律是指交易者遵循既定交易计划和规则的能力，即使在面对市场波动和个人情绪时也不偏离。Linda在视频中强调了纪律的重要性，她认为'纪律是这个世界上最重要的事情'。

💡风险管理

风险管理是指识别、评估和控制投资风险的过程。在视频中，Linda提到了风险管理的重要性，尤其是在讨论资金管理算法时，她提到了'资本保护'的概念。

💡市场异常

市场异常是指市场价格或行为偏离其历史模式或预期路径的情况。Linda在视频中提到了交易市场异常的重要性，她认为'交易者应该定位在市场异常的方向上'，例如她提到的'交易市场异常的方向'。

💡个人交易风格

个人交易风格是指交易者根据自己的性格、经验和偏好形成的独特的交易方法。Linda在视频中讨论了发展个人交易风格的重要性，她提到'你可能需要尝试不同的风格'，并且强调了个人交易风格对于成功交易的重要性。

Highlights

贾森·夏皮罗与琳达·布拉德福德·拉什基就交易优势和数据重要性进行对话。

琳达的书籍《Trading Sardines》分享了市场和交易智慧以及生活智慧。

交易市场需要有统计优势，可能来源于模型或早期套利机会。

交易者需要通过经验发展优势，这可能需要三到五年的时间。

市场参与者的增加导致市场噪音水平上升，增加了假突破的可能性。

琳达强调通过试错来发展交易风格和方法论。

风险承受能力因人而异，交易者需找到适合自己的方法。

琳达提到，交易者经常需要对抗自己的情绪，直到学会麻木和建立厚脸皮。

纪律是交易中最重要的事情，即使拥有最好的系统也需要纪律来执行。

琳达提倡交易者开发自己的交易系统，而不是盲目复制他人。

交易者应该记录和监控自己的统计数据，以帮助保持专注和控制。

琳达认为，交易是一种对抗自己的战斗，认识并克服自己的偏见至关重要。

贾森分享了关于如何在市场中保持耐心和纪律的观点。

琳达讨论了如何识别和利用市场的异常行为来交易。

贾森和琳达讨论了市场顶部和底部形成的方式以及交易者应如何相应行动。

琳达强调了在市场中保持谦逊和自信的重要性。

贾森分享了他对于如何通过给予来获得更多回报的个人体会。

琳达提供了关于如何在市场中保持积极心态和感恩的重要性的见解。

Transcripts

[Music]

welcome to CMR interviews by Jason

Shapiro in today's episode Jason

interviews Linda rashy on having an edge

in trading and the importance of data to

learn more about Jason and Linda check

the episode notes in the

description Hello today's March 26 2024

I'm Jason Shapiro with crowd andm

marketreport tocom today I have the

pleasure um of welcoming Linda Bradford

rashki who is a legend in the trading

and money management business um and we

are going to have a conversation about

trading and money management and and

anything else that uh falls into line

here um I will start by saying before I

did this interview uh Linda was nice

enough to mail me her book which is this

thing right here it's called trading

sardines and um I read it and it was

awesome because it was such an easy read

uh she shared a lot of market and

trading wisdom as well is a lot of Life

wisdom and some really fun stories about

love life and trading um and I would

recommend it to anybody so on that note

uh Linda welcome and thanks for joining

thank you for having me Jason it's a

real honor so I usually um start with

this very simple question um how do we

make money over time trading the market

let's just open up the whole can of

worms right off the bat how do we make

money you know that's what we want to

know right that's what we want know you

have to have some type of Edge that

would be obvious in any game that you

play be it Bridge or gambling or the

markets you need to have some type of

statistical Edge that may came from

modeling or it may come from an early

Arbitrage opportunity with the new

Emerging Markets it might come from

experience even experience is a form of

an edge but you do have to have some

sort of Edge and then you need to apply

that consistently so over time it's just

a big number game if I make 1,000 trades

and I have n Edge I will have a positive

expectation and the more trades you can

make with that type of thesis uh the

closer you come to a guaranteed profit

and of course you always need to have

that little money management algorithm

in the background um but I think that uh

you know you can either be very

systematic and have it hardcoded in your

brain or your uh system or um just

through experience you might know how to

manage the bottom line a little bit more

appropriately so you know I think that

the initial um problem is getting that

experience or when people first start

trading out uh it's like trying on hats

you know you have to try this style is

it going to work for you maybe you try

that for 3 months you know maybe we try

uh spreading maybe we try options maybe

we try season programs maybe we try

commitment of Traders reports you know

but you can't um you can't arrive and

start to learn the nuances of something

until you have explored many different

styles if you are new to the markets and

that whole process can take uh a minimum

of three to five years so just like

anything it's like playing um you know

poker and capital preservation until you

get that experience under your belt

excellent advice see mean I can't just

start trading today and start making

money right away and go for you know if

you bought those gamestock options a

couple years ago you never know huh did

you see that movie by the way oh I'm not

supposed to ask you questions it was fun

I did not see D money yeah I watched it

in

livetime yes yes which I thought was was

enough um but maybe was the movie good

maybe I should see it I don't know you

should for history's sake it wouldn't

make sense if you weren't to trade but

you know you'll get it I didn't see that

movie about the penny stocks with

Leonard DiCaprio for a lot of years

because uh I knew people when I was in

college that were in the penny stock

game and and the whole thing made me

sick Wolf of Wall Street yeah so I

refused to watch that movie for many

years and then once I did it was

actually yeah it was actually hilarious

so now I watch it all the time but um

sometimes I just don't want to watch

something that I I kind of lived in in

in lifetime anyway um okay so you need

to have an egg Edge and to develop an

edge is going to take you time um what

are the things we're looking for in that

edge and I'm not telling I don't need

you to tell me oh well the edges you

trade when the five day moving average

crosses the 25 day what do we need to

look for in that a perfect world okay

I'll start off with a perfect world and

then we'll deviate from there in a

perfect world you need something that's

durable and robust okay in other words

not

optimized um you know will hold up over

time and for example with my trading

career when I started off trading I was

in the floor and Equity options on the

Pacific coast Stock Exchange and it was

a little bit like the Wild Frontier we

did not have computers we didn't have

the uh you know the programs that keep

all the options in line so there was a

lot of lucrative opportunity for those

first couple years until it slowly got

armed out and everything got

computerized but um you know I've seen

that time and time again with um many

things in the markets it's uh you find

something and if you find it other

people can find it as well and

eventually has what we'll call a

halflife you know with a system uh a

halflife and it'll start to lose its

Effectiveness now that's not true with

everything for example you could take

chart formations a gorgeous weekly chart

formation which now has a lower

frequency of occurrence so everything's

a tradeoff on the flip side of that as

the mark have become more crowded with

different Market participants you have

an increase in the noise level which

means an increase in false breakouts and

so forth so you know everything's this

sort of balancing act and and tradeoff

But ultimately you do want a style I

will say an approach or a methodology

that will uh last over time and to

develop that style and that methodology

it seems like Char and error is really

the best way to go you know trial and

error goes a long ways that's with you

know look at uh medicine and

biochemistry and physics you know so

much of what we've learned through uh

Through the Ages has been trial and

error and then freak chance you stumble

across something like penicillin you

know so there is a little bit of that

but there's also more than that there's

uh some Savvy with pattern recognition

there's some Savvy as to what we can do

what we cannot do for example with

neural networks or artificial

intelligence which is so in Vogue right

now they're only as good as what we

train them on um you know and uh it's uh

you know some people have a better

temperament for risk-taking because

ultimately if you have not been in the

markets for a long period of time it

doesn't matter whether you have an edge

or not you're end You're Going to Be

Your Own Worst Enemy you know just with

your emot motions until you learn to

desensitize and get a very thick skin

and so forth so a lot of this game is

just being able to stay in the game as

with anything you know you're going to

go to college you're going to go to four

years medical school you're going to do

two to three years residency there is a

uh big time period there before you

start to get to that point where you can

make the big bucks and that's that's

just with more I'm saying that in the

light of of the retail type of the side

of the business because there is

opportunity for some uh quants that are

very sophisticated I know some friends

that are doing really interesting work

you know but it's it's um it's a

different science if you will so even

you know the most successful Fund in

history everybody likes to look at Jim

Simmons and his Medallion fund right

it's not that he's a Trader it's just

that he had the most amazing insane

infrastructure Network you know that

nobody else would be able to replicate

and what people don't understand with

his particular fond I don't know the

stats now I knew the stats 20 30 40

years ago because I had clients that had

uh monies with him his average holding

time was under 24 hours so it wasn't

like putting on big bets it's just that

they worked every Market in the world

you know milliseconds at times every

single edge that could be and uh you

know that is not um possible for

somebody like you or me you know it just

takes this insane amount of

infrastructure and Technics and you know

Engineers to keep everything going so

we're talking about a different type of

business here there's something I like

to say a lot to people which is you have

to trade you would you agree with and

you know what if you don't know who you

are the markets are a very expensive

place to find out I I have that written

down here I have about 10 quotes from

your book written down here and that's

one of them so you just covered one of

my quotes thank you um but you know

being that like a lot of people it's

funny I saw it on a u on a panel a few

months ago and we were talking about you

know back testing and and all this stuff

and somebody in the audience raised

their hand and said you know I don't

know how to program and I don't have

back testing software so you know I

can't do that

stuff and one of the guys I was on the

panel with um said so what you're

telling me is you want to make money

trading the markets you you just don't

want to do the work that's necessary to

make money in the markets which I

thought was a little harsh but was

absolutely true you know I don't know

how to program um but you know you get a

trade station and and you hire somebody

for $50 an hour quite frankly and and

you can get pretty far and if you

actually take a little time programming

something like trade station is very

simple it's all just a question how much

how much you want it I think you know

you know I um for the first uh really 10

years of my um career I did everything

by hand and I would print off charts and

I would go by hand and I would calculate

the variance for every single trade and

um I learned more by doing that and

seeing the times where it didn't work

and the problem with back testing it's

great for overall modeling and giving

you an initial idea and um but the

problem is is that uh you're lumping so

much data together you're missing the

skew and the problem is that I mean with

the markets you have to understand that

the skew is where the edge is in other

words those fat tails and so when you

lump say for example uh statistical

testing with a sample size of 500 it

wipes all that out and everything

cancels each other out and you'll miss

those fine little nuances and that's

really about what the market is about to

me is that there's that skew that's what

offers the fat opportunity here and it

takes a lot of time to recognize that

you know um because our

humanness um you know we want to buy

wholesale sell retail that type of stuff

uh and we're always looking for that

Arbitrage or that reversion to the mean

type of thing just subconsciously you

know if you see a car that's marked up

too high you're going to wait till it

comes down that type of thing but what

the markets do is they impart incredible

information to us when these

relationships get out of line and they

get out of line for a very definitive

reason and so it's hard for us to

understand as humans because we don't

see enough of that we don't have enough

sample size to really understand you

know what's going on but if you have a

banded type of um you know relationship

and something starts to push outside

that band okay there's a very strong

reason why and you generally want to go

with that and that's very difficult for

people to get their hands around that

you know just like you've learned Now by

watching the commitment of Traders

reports that just because it gets

extreme sometimes when it gets so

extreme uh

you actually want to be positioned in

the direction of that because there's

something crazy going on there and of

course eventually everything does a

little bit of a reaction in the opposite

direction but um you know so I wrote a

book many years ago and it was with

Larry Connor and the name of that book

was Street smarts and so uh there

definitely is a little bit of Street

smarts when it comes to the markets you

know it's not necessarily about having

that master's degree in Applied

Mathematics or you know something that

would allow you to have these uh

incredible programming skills which are

of value for certain hedge funds or uh

you know Quant shops that do that but

for the individual I don't think it's

necessary I really don't think you have

to do that I think what happens is that

especially with electronic trading it's

so easy just to click that Mouse and

it's very difficult for most people to

have the patience and be very

discriminating in waiting for the

opportunities where uh not to be cliche

because it did get to be a very cliche

word in the last couple years that

asymmetrical opportunity you know um you

know or that high win rate uh but the

the good opportunities just don't come

along as often as people might think

it's a fact and it and it speaks to it

speaks to discipline which to me is the

hardest thing in the world you can have

the greatest system in the world if

you're not disciplined over time even

the greatest system in the world is

going to have losing trades and get

things wrong and sometimes get things

very wrong and if you're not disciplined

you're doomed um that's what I believe I

think discipline is the single most

important thing in this game I don't

care how you trade and I think you'd

probably agree with that um I hate that

word I'm sorry well to me

you know what it is it's it's like um I

like I like phrasing it as having a

process because if you have a process

you're not putting yourself at the mercy

of being disciplined or undisciplined or

doing you st disciplined to that process

well there okay all right we're doing

semantics here but yeah process so that

um I see people all the time they they

have a process but then they don't stay

disciplined to it okay I'm going to get

in here I'm going to here the stop comes

it's like well I'm going to let it drive

for another day well you know what I

mean it's like they probably haven't

gone through that learning curve yet no

they will they still you know newer in

the game so why it's a it is definitely

a game of attrition because uh you know

you you can't have so many people

winning at this game I hate to say it

you know it's um not that every Market

is a zero some type of game that's not

true either but uh you are competing in

Arena with um major money that has

exceptional execution skills it's all

automated and they are going to beat you

to it you can't leave yourself at the

mercy of oh I'm going to get out if it

hits this point no put your stop in if

you get hit you can always get back in

you know so um yes fact um the first

things that I wrote down from your book

some of these quotes trade in the

direction of the aberration and you've

mentioned this a few times in the book

okay and I love it because trading the

direction of the aberration the market

is never too high to buy or too low to

sell when something moves Beyond its

historical boundaries there's a strong

reason why which is what you were just

saying a Trader should be positioned in

the direction of the aberration I

believe in this so much this is what

triggers pretty much every one of my

trades is when a market does something

that it's not supposed to do I go with

the market and not with what the

supposed to do thing is um and I think

that's an important point I don't know

if you want to expand on that you might

have done that a little bit already I'll

just give you one example that's sort of

a different dimension and I did a lot of

work with Steve Moore and Moore Research

Center back in uh in the early 90s and I

learned a lot about seasonals and the

statistics behind them and Steve's run

this stuff for like 30 plus 40 years

he's probably I think the best in the

business that does it more research

center but you can look at seasonal that

goes back say 20 years or just say 18

years and let's say it's seasonals are

very much like an Actuarial Table

there's a window it's not necessarily

timing sensitive on either end but

there's a window where you would see a

positive expectation and so we can say

okay you know the market rallied during

this month uh 15 out of the last 18

years which is not a high sample size so

that means that on a walk forward basis

even though it was 85% win rate in the

past going forward it might only be a

60% win rate but now do that across a

portfolio of 20 different markets and

names so it's all a numbers game but

here's what Steve taught me was that a

failed seasonal often ends up being an

even bigger trade than the actual

seasonal okay so there's a very strong

reason as to why that seasonal fails and

so you know we can't afford to get

stubborn these things and you do have to

have a cut off by which you can say this

system is no longer working this

seasonal is not catching this XYZ may

you know uh be the case so that would be

an example there just having a failed

seasonal could be a bigger win in in the

opposite direction yeah I like

it um something really you know things

don't work all the time and again A lot

of times when they don't work it's an

even better signal it's going to work

the other way there you go there's

always a reason so stop being stubborn

it appears to me from your book that and

you talked about this earlier about

things give you an opportunity and they

get arbed out tell me if I'm wrong but

it appears you have traded very many

different things over over the years

maybe you you you you used to do this

and that worked for a while and then it

stopped working because maybe it got

arbed out so you you contined to do

research you found this you started

doing this and that worked for a while

and then it stopped working and you did

research and you moved on to this is

that correct yes and no I started off in

the equity options which was very much a

strategic type of game it's not like

you're in the Futures pits with the snps

and everybody going totally you know

crazy all day long although we did have

green mail and blackmail and some

craziness in the pits you know back in

the 80s um but yes the edge and the

options did get arbed out so everything

was pretty much right in line um I don't

trade crypto I don't trade Forex I mean

I trade the the currency Futures I love

the currency Futures but there's really

no Advantage for me to trade Forex

versus the currency Futures I would much

rather trade the currency Futures where

I can buy on bid sell on offer that type

of thing and and use them on my uh

execution platform with the same uh

trade management tools or so forth that

I do with everything else I don't have

to have several separate accounts so um

I have traded stocks on and off you know

for like 30 40 years and I'll be

brutally honest it's like uh I find that

I get more banged for my buck in the

Futures because of the leverage and the

um it's so much easier to move size

going in and out you know with the snps

you know one Mouse click you can do a

couple hundred and with stocks you can't

really do that it's a different type of

uh execution feel to it and it's a

little bit more Capital intensive it at

least for the way that I trade so I

pretty much stick to Futures and I've

traded um urx the jgbs the Italian bonds

I mean I've traded Futures all over the

world but now um you know I pretty much

just stick to the most liquid domestic

Futures markets and trust me that's

enough to get into trouble it certainly

is um again I'm going to quote some your

book these are more my f some of my

favorite ones it's hard to muster the

necessary confidence in a system unless

you develop it yourself and this is

something that has come to my attention

since I've started this Discord page and

newsletter type thing because I find we

started this thing with the idea of

helping people to understand the bigger

picture of what it takes to be

successful in trading not to copy trade

Jason shapira okay um and I do put my

trades on there because I want people to

see what I'm doing and therefore the

discipline that I'm using and my stop

losses and my risk management so that

they can see that that is the more

important thing but what I find is a lot

of people copy the traits and I beg them

not to for this very reason that you

mention in the book if you didn't

develop this yourself you're not going

to have the confidence in it I I've been

trading what the way that I've been

trading for over 20 years I go through a

losing period I know that that's part of

it I have all my statistics you know so

I don't say oh those last three trades

stunk I'm not going to take the next one

you know I know how important it is for

me to take the next one because the next

one may very well be the big one right

um so yeah did you want to expand on

that a little bit the fact that you

really need to develop your own thing

and not you know well sure everybody has

different temperaments and uh some

people are more nervous and need a

little bit more uh you know some people

can take heat like I can take a

ridiculous amount of heat you know but

that might not be the case with

everybody and it might not be a good

thing either you know I'm also uh very

uh pro- risk I I take a lot of risk and

it doesn't bother me you know I and it

gets me into it's gotten me into trouble

in the past I'm very much uh leap and

then look you know and assess uh but the

opportunity comes I want to get it on

and then I can evaluate sometimes um I

will say that even though I do so much

crazy modeling and I always have and

I've always hired people that have been

full-time for my hedge fund that did all

the number grinding for me um my real

for is that I'm just an exceptional tape

reader and that probably came from my

years of standing on the floor when we

didn't have charts I didn't have

computers I didn't have software you

know where I could see these things but

there's a certain way that a market will

trade when there's an increase in

interest and an increase in volume and

an activity and I don't need to plot the

volume on um you know on the chart I'm

usually looking at the uh my quote board

you know so I'm trading off of the

little net change is pretty much what I

watch but I do it across a basket so

it's a very holistic type of dynamic

markets to me I mean I watch the stocks

I watch the currencies the metals the

crude all these types of things but I'm

kind of watching The Net change and I

can see when something's going plus or

minus and I've usually done my uh

homework the night before that says okay

this if this dips below the previous

days low and starts to come back up I'm

going to get long um but I use a lot of

discretion on entries I'll use a little

bit more systematic approach on exits

and I've pretty much categorized you

know my approach to exit for small

Target which is if you're scalping or

day trading on the snps 80% of the time

you want to just play for a small Target

because they're very noisy markets so if

a market is going through a

consolidation period or Market profile

terms would say bracketing Market you

want to play for a smaller Target pretty

much you know a mean reversion type of

thing if it's um you know just starting

to get some legs then you can reach for

a larger Target and then there are you

know about six to seven structured

categories that I have where I would

Trail a stop and that is maybe 30% of

the time are there cases where you can

go into the marketplace place and Trail

a stop and do better than playing for a

small Target or a large Target I tend

not to scale out so I'm pretty much all

in all out that's just what works for me

I find that people when they scale out

often it's more to satisfy that

psychological need but it does alter the

numbers so as if you want to do that for

yourself that's fine but just recognize

that that's why you're doing it to

scratch that little mental itch that you

might have um so you know I like to do a

little bit of everything uh you know if

I'm day trading the snps I might only

make one or two trades a day and then

I'll be looking for my you know

positions that I can put in one day out

the next day or hold for two or three

days and then those opportunities where

we can hold a trade for say two weeks

you know without really taking much heat

uh maybe you get seven of those per year

per Market you know so it's identifying

the pre-existing conditions and then

understanding that I might only capture

if I have 120 trades I might only

capture 60 of the 60% of those trades

you see it's uh and then if you have a

system that says you should make n%

you're doing great if you capture 80% of

that you know because it's pretty hard

to um you know for numerous reasons

psychological execution software

Hardware time of day all all kinds of

things why people will 99% of the time

underperform a quote system unless it is

100% automated and systematic and even

then you've got can of worms for a

smaller individual that doesn't have

that sophisticated uh reconciliation

going on in the background and so for

it's a whole different business though I

think it's an interesting comment if

that's what you're doing you were

talking about the scaling out thing

that's fine just recognize why you're

doing it um and I love that because

that's how I feel about all of this I I

think this whole game is a battle

against yourself um and recognizing why

you're doing things to me is the most

important thing you can do right finding

and being honest about your own biases

so that you can

overcome them you know is to me the most

important thing that you can do and what

people have the most trouble doing not

just in trading but in life I mean I see

it all the time with almost everybody I

talk to these biases that they can't get

over be it and I don't want to get into

it but be it political be it religious

be it whatever you know the bias is just

overtake any kind of ability to think in

an open-minded way and and that's fine

in life if that's what you want to do

you're not hurting anybody necessarily

but in trading you know um you're going

to lose money so you know to me that

that that's the most important thing to

me I don't know how you feel but and it

goes back to the whole discipline

argument as well but to me it's

psychological discipline you know what I

would do would be anybody that you know

maybe's been in the game for less than

10 years maybe you know a little bit

more than three years but they want to

uh step up their game um pretend that

you are going to manage money and you

know this Jason because you had to do

this as a CTA you prepare a a document

and in that document it states markets

that you trade your trading style

perhaps some general statistics as to

average holding time average drw down

these types of metrics and um then trade

that as if you are your own best client

trade it as if I'm going to take one

unit one unit might be one contract it

might be five contracts depending on

your account size it might be uh 10

contracts in corn and two contracts in

the NASDAQ I adjust everything by a

dollar range so that it's uh even you

know fairly even risk there and uh say

I'm going to do a six-month period here

of my Approach and style so that I can

see the numbers and then go raise money

on that okay okay maybe you have no

intention of doing that and truly to

become a CTA or a hedge fund or

something is so insane with the

regulatory burden and the counting and

the auditing and everything else that

most people don't want to go down that

road but if you did an exercise saying

uh you know I'm going to demonstrate my

style and I'm going to do it and keep

these statistics you know and if you

really want to put the heat on yourself

show your statements every day to a

friend or a colleague or a spouse or

something like that so you are fully

accountable and I think that that

accountability problem is really uh what

can solve a lot of people's you know um

ruts that they get themselves into if

they had to be accountable to somebody

in some way because you know face it you

can hide your statements nobody sees it

except you and you can lie about it to

people too it make you oh yeah oh yeah

but if you had be accountable it might

be a whole different game changer you

know you might be more apt to exit a

losing position at the end of the day if

you want to reestablish it the next day

you can but at lean you're not carrying

this crap on your sheets overnight

that's going to get you off to a bad

foot the next day of trading so there's

all kinds of Creative Solutions that you

can do and uh I am not a coach and I'm

but I'm sure there are coaches out there

that could you know help out in that

area uh but you know it's you will find

a way if you want Mr Bill who was your

trade your trainer yes recordkeeping is

a critical part of building a good

foundation and he wasn't even talking

about trading um monitoring your

statistics is also a tool that can help

you stay focused and gain control over

areas that are prone to distractions it

is vital for tracking performance which

is exactly what you were just saying and

I think that he was about your physical

training but and how to be successful in

that and what I have come to the

conclusion of over the years is that

success in any in Denver um is a Formula

whether it be success in bodybuilding

success in trading success in

relationships I is a formula and part of

that formula is to keep records and to

keep statistics and to keep honest

unbiased notes on this stuff because

that helps you an immense amount it

helped me an immense amount when I

finally came to the conclusion after 10

years that whatever the hell I was doing

it was not getting me anywhere with this

and I had to make a decision of what I

wanted to do with my life and I decided

I wanted to go on trading I was lucky

that I had been keeping statistics and

trades for you know a good seven eight

years and I was able to go back through

that and really see what was working and

what wasn't working you know and we have

this this multi- learning thing I read

in one book the guy called it where

we'll remember the trade that did great

but we'll forget the 50 times we put

that same type of trade on and it didn't

work right whereas if you're keeping the

records of all that you can go back and

look and see hey I remember that that

worked great once but it doesn't work

great over time um I think that's such

an important thing for people and and Mr

Bill was saying that that was important

for you and nothing to do with trading

so just on that subject um this was an

interesting quote cuz I love it you were

talking about something I think the

stock market there was excess cash on

the sidelines the number one variable in

my book that drives Trends and I live

that world okay I I live in the world my

trading is all about trying to see where

possible money flows are going to come

from right if I'm looking at the coot

stuff and I'm looking to short something

that people are very long it's because

I'm hoping that I'm getting in front of

the money flows coming out if I'm

looking to buy something and people are

very short obviously I'm looking to get

in front of the money flows that coming

in how do you measure because you say

the number one variable in my book that

drives Trend so how do you measure this

idea of cash on the sidelines excess

cash on the sidelines if you do or is it

just a feel thing or um it is a big feel

thing for me now because I've integrated

so much like holistically over all the

years but I would say that first of all

you can look at sentiment readings I

think are huge okay they're very

important because if you have too much

bearishness that's people that are

sitting in cash if you have too much

bullishness they're speaking their

position so there's a you you a modicum

of that going on you can also look at

like fred is a site that has all kinds

of Statistics in terms of um you know

the data that's in Money Market funds

and so forth I mean many many years ago

there was a service called trim tabs

that would you know tell you the flows

going in and out um so I'm pretty much a

pure technical an analyst you know

technici I really don't look at news or

events or macro at all I do believe that

you know it'll show up in the charts and

the sentiment and some of these other uh

things um but uh yeah you know and

there's something to be said for as

Ralph Aur put it the broader the base

the higher into space the broader the

top the bigger the drop you know so

these adages you know about accumulation

and distribution period still play out

um uh you know we never know for sure

because if you did somehow it would be

priced in and there are lots of AI

programs out there that incorporate

these sentiment readings and so forth

and you know people have put these into

their models you know I'm sure Rayo has

models that include these types of

metrics so uh you know I don't try to I

I consider those to be secondary

variables okay so for me secondary

factors are sentiment seasonals

commitment of R trade TR reports they're

like a a they color the market for me

you know leadership in the markets you

know group sectors those are all

secondary factors I'm not going to make

a trading decision based off of those

I'm going to make it purely off of the

technicals in the market structure and

then I just have to be confident that um

you know for every 10 trades that I make

2% might be big wins you know or I might

catch a runner it's just a really a pure

numbers game as would be any game of

cards you know you just keep playing

keep playing and uh you know sometimes

the the data is choppy and noisy and

there's no volume there's not much going

on and that's the way too with cards you

know sometimes the cards are just like

crummy Bridge hands or something but

then there's other times where the I

think the biggest factor is is that you

have to recognize when you are dealt a

good hand you know and play that to the

hilt and that's

you know cards baseball markets anything

it's really about capitalizing on those

very few open doors that uh you know

come across our way and then that's

where you really have to step on the gas

and increase your leverage and play it

to the health but you can't force that

and so I find for me um I'm not trading

full-time like I once was I don't trade

by any chance on The Leverage that I

once did you know I've kind of toned

things down a lot um but

um that was probably my greatest

strength was knowing that I got it right

and to really go for it and play that

and uh so in the meantime you have to

keep yourself involved in a uh fairly

structured routine ritual process a lot

of grunt work you know I logged numbers

at the end of the day logged I didn't

keep the statistics on my trades in in

much later years you know that was more

for the beginning and kind of things but

you know you know damn well when you're

screwing up you know when you're doing

something you shouldn't do I don't need

to log the trade to you to tell me that

I you know I know when I've got a bias

you know and I recognize it but it's

just like keeping yourself I hate to say

it for me I was the markets were there

like every tick in my head every second

of the day you know I just eat sleep

breathe them and um you know it it's

like it's in your blood and uh it's it's

not that way right now but I mean I've

got enough

residual that uh you know that helps I

kind of diverged from our question there

but I mean that the baseball term I use

all the time is wait for the fat pitch

there you go wait for that fat pitch and

you know I now and I've done a lot of

different trading in my life but I now

only wait for the fat pitch and

sometimes I'm waiting a very long time

and it can be very difficult but um

again process is process discipline is

discipline and I'll wait forever for the

fat pitch if I have to because I hate

you know I wait for the fetch pitch and

sometimes I swing and I miss anyway okay

but um I'm okay with that what I'm not

okay I can't hit a curveball so when I

swing and Miss at a curveball I hate it

I just can't I can't deal with it

personally so when you first started

trading Jason did they have electronic

execution the way they do now or did you

have to call down to the floor to your

broker had to

call so I do think that I was trading

before the internet so yes okay so I do

think that you me Peter brand all of us

had a different experience than somebody

coming into the marketplace in the last

15 years and I do feel strongly that um

the little mouse you know and our

little uh which does release dopamine in

the brain um it is addicting it is very

addicting and it changes your uh you

know your brain neurology there it it

definitely does and so um that I think

is a big problem for people because it's

so easy just to go in and out during the

day and it's counterproductive into the

way that you're programming your brain

and I don't know what the answer is how

to get away from that un unless you had

a colleague sitting next to you and

you're like okay is this it yes is this

it you know maybe trying to work through

it that way um I don't know what the

answer is but I do think it's been um a

challenge for people coming into the

markets you know with this sensory

stimulation and even you know my screens

you know the amount of data now is

coming into them is probably 50 times

greater than was you know 30 years ago I

remember had a big giant satellite dish

in my backyard at one point you know and

uh that that out got outdated you know

25 years ago so um I think just being

aware of these things and once again

it's a game where you know that it's uh

maybe 4% of the people will really make

it don't overtrade is a very old trading

adage but as you say a very difficult

one more difficult now because of the

ability to just click a mouse and have

fun um my answer for that is not the

only way but the most likely way that

people are going to get over that is

they're going to lose enough money doing

it and eventually they're going to get

sick of losing money hopefully and

they're going to stop doing it okay I

think that's the only way to do it you

know I mean that's the one thing about

this game that personally I love is that

are you saying it's Darwinism

Jason yes you know I'm I'm saying you

know we all know things that have

happened in life where people have

gotten lucky and made bad decisions and

gotten lucky anyway or whatever and and

in this game any individual trade sure

but over time you're not going to get

lucky and make money in this game over

time as you very well know um and so

that's what we have to start off with

something you know that's what you and I

uh you know have to acknowledge that

somebody that's just coming into the

markets in the last two to three years

you have to start off somewhere you know

you have to start off with a little

gimmick a little indicator perhaps um a

longer term time Horizon is not

appropriate if you don't have that

experience under your belt then what's

more appropriate is desensitizing

yourself to putting on a trade taking it

off and because a lot of times you know

putting on that trade when you've got

some money on the line there's a little

Adrenaline Rush there for people that

haven't desensitized themselves right

it's like jumping off a high dive you

know my heart would be pounding out of

my chest but if I've jumped off that

high dive a hundred times it's not such

a big deal but you know it's okay to

start off with a little gimmick a little

indicator take the pressure off of

yourself to make money keep a very

short-term Horizon because it is not

about calling the markets or a macro

perspective or being right or wrong you

know it's finding one little spot where

you can pick up a dollar bill off that

sidewalk and you have to then take that

from there and uh you know the other

thing is you've got all these I don't

know Twitter and chat rooms and I I

don't want to you know Discord can be

fine if you have a good group of people

that provide the camaraderie which is

important you know comaraderie uh can be

very important but um everybody has to

learn to throttle that noise level down

to a level that's not going to be a

distraction for them or influence their

decision making process which is very

difficult I'm the first that's I'll

never have a TV in my officer listen to

the news because I know myself you know

it's it's going to influence me one way

or another I'll be like ah damned if I

do damned if I don't he already put that

out there on you know on the air wve so

um yeah so just be careful of that noise

level eliminate the distractions it's

okay to start off with a little gimmicky

trade that's you know oh wow five

minutes I'm in the trade I did a little

breakout of that first 15 minute range

in the snps and I CAU two handles hey

Pat yourself on the back you know sit

back for a little bit and uh you know

take the pressure off of yourself to try

to do so much so soon patience is a

virtue understand there's a learning

curve yes um I have two more things I

want to say um because I don't want to

keep you for too long um but in the

midst of all this some of these things

that we've talked about right in terms

of what I was saying about too much

money on the sideline and that's what

pushes the trends and feel free to tell

me I have no idea if you'd like but

where are we now I have no idea where

are we now right now in the markets with

that where are we in the stock market

right now well there's still a lot of

money out there in in the money market

funds I mean we got up to historical

levels on that money market funds you

know the monetary base on a Global

Supply expanded by like 25% on a global

basis you know so it's hard to say how

all that filters down and there's really

two classes out there you know on one

hand you have your uh middle class and

your lower class who's got you know

fairly maxed out on their credit cards

and inflation took a hefty dent in that

but on the other hand you know the

wealthy have gotten so wealthy and

there's a lot of money sitting there in

Money Market funds and that is

increasing because if I can sit there

with my money in a fund getting 5% you

know out of treasuries or something I'm

just only adding to that you know if you

want to think about it that way there's

just increasing more and more money out

there even though we know that

eventually the government will be um you

know eating into the you know it's

always the private sector versus the

public sector so they might be uh you

know attributable to a greater

percentage of the GMP than perhaps in

the past but um there's still a lot of

money out there I not sure that

valuations you know have reached

extremes that we've seen in the past and

you know I'm not a macro person but I

just gonna say this is incredi I was

just gonna say it's an incredibly macro

talk for an intraday techn know I can't

help it you're still there you know but

I'll look at the charts and you can say

that the weeklys are you know a little

rich in term terms of the uh Trend but

you know even so once we stop going up

okay which could be you know maybe we've

stopped going up typically you rotate

and you form a prolonged trading range

okay to digest everything so it's pretty

rare that market tops are straight up

straight down it's much more likely that

you'll have a market bottom that unfolds

that way you know so that to me says

that we we should have great trading

opportunity you know don't go out there

and mortgage the house to buy puts it's

not like that type of environment right

now um I still think my opinion is that

the vix is still a little high I don't

don't get me for that but you know I've

Just Seen every 10 years that vix goes

down to single digits so it is a

possibility that it will go down to

single digits again you know which means

that the implied volatility is based off

of the historical volatility and so so

typically at marks the historical Vol at

tops historical volatility tends to

contract and I don't know if we have

quite seen that contraction to the

extreme in the historical volatility it

is coming in you know you can look at

bottoms and see it was so much greater

and at Market bottoms you'll see oh uh

things like Market breadth plus 1800 -

1800 plus 1800 minus 1800 and at Market

tops you'll start to see oh Market

breadth plus 300 minus 200 plus 500 this

type of uh and that's why they always

say it's complacency it's not that it's

complacency it's just that um that's the

nature of the price Behavior once it

starts to reach that you know point

where uh all the funds have bought the

AI stocks and you're starting to see

some rotation right some rotation doubt

um yeah but that could still be a

process you know if we look at election

years uh

typically and you know again keep in

mind the sample size is small here you

know but election years tend to hold

together you know so they do you know

but it doesn't mean that we can't have

some like lovely little sell-offs along

the way as well I call them long

liquidation flushes and um my Approach

is pretty much one day at a time you

know I look at my my stuff and I say

well does this look like it's a great

sell short day is it is there a little

breakout coil here going on you know is

this a do we just have a long

liquidation flush and it's a buying

opportunity and then I don't fry my

brain because I'll fry my brain if I try

and look out too far in the future I

think the idea of how Market's top and

Market's bottom is is really really

valuable because I have been harping for

a while here on people that just keep

wanting to short the stock market

um and I'm like listen you're not going

to miss anything okay like you're trying

to short when a market closes on new

all-time highs you know don't do it you

know I mean it's not going to close in

an all-time high and you're going to

wake up tomorrow and the S&P are going

to be down 300 and you missed it I've

never seen that happen every crash I've

ever seen you traded through the 87

crash the 87 crash the market topped in

what August and it crashed in October

you have time right and I think that's

an interesting comment about how workk

at tops because while I have never done

the Quant work that you have I have

noticed that as well they Spike bottom

they don't Spike top um they I follow a

lot of the uh Global indices too again

just purely on a technical basis I'm not

going to ask how or why but you can't

have markets like the Dax which is still

one time framing meaning consecutive

higher highs and higher lows on a daily

bar chart uh you know you're not going

to have a selloff in the US market as

long as you have some of these other

indices just going uh crazy you know

Japan's been nice I mean the uh you know

Mexico's been nice there's all sectors

in the rest of the world where even when

they stop going up even when that Dax

stops going up it's going to rotate it's

going to form a trading range and

probably that will um parallel you know

price action in the US markets yeah I

mean my issue all of the markets here is

that I think there's been a switch

personally you know what I mean last

year people were so massively bearish

you know looking for the recession and

you know I'm I trade this sort of fade

the mass psychology whereas now that's

totally gone nobody can call for

recession anymore um and people are

bullish uh I don't think that they have

put all their money to work so I don't

think it's a short but for me and I

trade on a different time frame than you

you know I'm picking sort of major turns

and trying to catch major Trends very

early um I am not into being long here

I'm also not into being short here you

know that that's just me but neither

here nor there there's one last thing

that I want to say that I read in your

book that personally it had so many your

book had so many great nuggets of wisdom

um and I thought this was the best one

and you put it right at the end which I

thought was op propo because I think it

is the most important thing and and and

this is something that I have learned

I'm now 56 this is not something that I

ever would have understood when I was 30

years old okay when I was 30 years old

my man was I want to be a billionaire

come Heller high water that's what I'm

going for okay me I'm going for me right

um but what you said here is give and

everything you give will come back to

you in tenfold stay humble but remain

confident and never forget if you don't

know who you are the markets are an

expensive place to find out I think

that's such a great conclusion to all

this because it says nothing about

markets well the last part does but give

and everything you give will come back

to you tenfold um this is something I

never would have believed or

understood um until I had some

experiences with some people in my life

who imparted that upon me and I still

didn't believe it but as I've gotten

older now I have come to understand that

and I think if anybody takes anything

away from any of this that that's the

most no one's going to believe it and

most young people aren't going to

believe it but I have learned especially

in the last five years or 10 years of my

life um the more you give the more you

get so I didn't know if you wanted to

come comment on that but I just think

it's such an important know it's just uh

all that mindset of gratitude and uh

recognizing how lucky and fortunate and

blessed we are to live in the uh United

States where we do and um you know how

you choose to look at things my mom was

always one that's like okay you can look

at it as half full or half empty you

know make lemons out of lemonade all

that type of stuff and so um I think

think by uh taking the rosy side of the

equation looking at uh positive our

blessings and so forth that opens up

your mind you know to receive and uh you

know whereas if you have um you know if

you can't let go of things and you've

got some negative energy and so forth

you'll have a block and it's just not

going to flow the same way I think that

you won't be as happy of a person and

you know sometimes the happiest people

out there really have very simple lives

and in the long run that's what it kind

of comes down to you know uh what we

choose to fill our life with I mean it

might just be you know gardening or

cooking or something simple or our

children or a friend um but it allows

you to then proceed with your work in a

more seamless type of mode you know

without getting stuck in rucks and

blockages and why did I do that I can't

you know I and I did that when I was

younger I mean I'd wake up in the middle

of the night and going oh my God I can't

believe I did that and why I tap my

husband at the time on his shoulder I'm

like I'm so stupid why did I do that you

know and I'm like how much negative

energy did I waste and I really think

that's why I got sick for a period there

as well you know so we want to keep

ourselves functioning functioning

optimally first phys physically you know

Good Health Nutrition and so forth uh

you know mentally spiritually whatever

that may mean to you and then I think

that you will be able to perform your

best in the markets because it is a

performance oriented discipline period

it's just like going out and playing

tennis or any other performance oriented

discipline and you can't be performing

well when you have you know negative you

know cancerous energy inside of yourself

so that's my philosophy I love it I love

it words from a successful person um to

be listened to thank you so much Linda

it's been uh an absolute pleasure you

are an absolute gem um please read her

book please listen to the things that

she says um about trading and about life

and I don't know is there a place people

can can that you want to be found or

anything like that or do you not want to

be found hi Rock Jason I never want to

be found again I don't know if you have

a web page I do have a website it's

gotten greatly paired down because it

was under so many cyber attacks I

probably need to redo it uh you know but

that's the only place that you can buy

my book which only has I don't know

maybe 200 or 300 copies left and then I

really need to uh I just you know hate

dealing with this stuff I need to either

sell the rights off to a publisher get

stick it on Amazon or something like

that I'm probably the only person that

didn't stick the book on Amazon cuz I'm

like they can't have 40% of my profits I

did all the work on that damn thing you

know and you know it was kind of cool so

it was fun because um and I do have an

assistant who helps out with all this

stuff because I just would not have the

patience to deal with self-publishing

but what was super cool was that 60% of

the people that purchased my book were

overseas and I subsidized the shipping I

pay for half that shipping because it's

expensive to ship books overseas but I

just felt very strongly that I wanted to

produce a really pretty book with the

highest quality paper and the old

traditional jackets and I was willing to

pay the shipping for somebody you know

to get it in Australia and uh I don't

have many copies left but um I thought

that was interesting that 60% of the

sales were overseas because people are

so conditioned to using Amazon they just

want to go with that one click Boop you

know and uh I don't know we'll see what

happens in the future thought it'd be

really fun to do an audible version I

just you know God if we had 50 hours in

every day it's one of those things so

yeah I mean I thought the world was

going to end today because some Bri that

that thing hit that bridge in Baltimore

and the Amazon warehouses right there

and they were saying it might delay

Amazon deliveries I was like oh my God

the world's going to end everyone's

gonna have to wait an extra 48 hours for

their Amazon delivery I was shocked I

Wasing and I heard uh the uh amount of

millions of dollars of trade that passed

through that Port I did not realize that

so many cars were delivered into that

Port from Europe so kind of interesting

yeah I mean well get your Volkswagen now

step right up grab it off the lot yeah

right awesome thank you so much Linda I

hope we keep in touch again um you're a

special person and I really appreciate

your time thank you for having me on

your show Jason and just the best of

success to you and let me know next time

you need some warm weather and come down

to Florida

okay sit here every day and I I was

actually looking at Florida today I'm

looking at those bare trees in the

background behind your image I'm like oh

that's

Bleak know it's Bleak it's Bleak up here

in Rhode Island but you know we love it

you like it in the summertime yeah no I

like it all the time my wife's here I

like it here that's what she's my life

so that's what counts that sounds good

all right best team

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[Music]

Jason