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Ladies and gentlemen, my name is Chris Collier.
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I'm the host of Conquer with Chris, the podcast
you don't wanna miss.
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We have a great guest today.
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Let's get right into it.
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Colin Simpson, welcome to the show.
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Thanks, Chris.
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So, Colin, we're not local to each other.
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So tell the people a little bit about yourself
and where you're from and what you do.
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Thanks, Chris.
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Well, yeah, my name is Colin.
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I am a trading coach.
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I'm based in, Port Douglas in far North
Queensland in Australia, so a long way from the
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States.
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It's very tropical where we live.
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It's it's in the tropics.
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We get cyclones like you get hurricanes.
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And I've been doing this for about 11 years now
and love what I do.
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Love helping other people, and, I'm a trader
myself, and I teach people how to trade, but my
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main focus is on their trading psychology.
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And, yeah, I've just been actually presenting a
paper on trading psychology this weekend near
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Sydney, and, yeah, that's that's my passion,
and that's what I teach my clients.
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So, Colin, let let let's cut to your story so
we can get back to how you help people.
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I'm sure you weren't always, trading
psychologist if you will or a trading mentor.
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So how do you get to that place?
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That's a very long story, Chris.
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I started off life as a farmer.
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I was a farmer for 48 years, but, and then I
moved up here to Far North Queensland, 12 years
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ago.
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Yeah.
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Grew up in a family farming situation.
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Family's been on the land for 150 years.
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And I remember way, way back in the 1970s, my
late father used to get a, a newsletter from
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some broker, and it had, as they did back then,
a couple of paragraphs of information about the
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company.
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And in the corner was a very small chart, and
those charts just intrigued me.
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I knew a bit about the stock market, but not a
lot, but it intrigued me that you could look at
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a chart and kinda get an idea of what to do.
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So from very humble beginnings back then, I
started to trade and not go successfully.
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Then I, I went off and did some courses.
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And in actual fact, my mentor, one of my
mentors, actually asked me to take over her
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private client work some 11 years ago, and
that's what I do now.
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I mentor people in trading, and as I said,
focusing on psychology, which is, in my mind,
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80% of the trade is logical.
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So tell That's my story, Chris.
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It's a bit different to, to a lot.
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Yeah.
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It yeah.
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I think I think it's great because it fits in a
lot with the, you know, Colonel Sanders, the
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Ray Crocs.
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You know?
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You you were a farmer for a long time, and then
you switched to something else.
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I think it's it's a good good story.
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So what are some of the principles you've had
to learn to make you a better trader?
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And what are some of the the things and thought
processes you teach other people to become a
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good trader?
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Well, I guess before you learn what you need to
be a trader, you need to unlearn a lot of stuff
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that has been either imposed upon you or you
have learnt about the markets in the past.
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A lot of trading, rules are counterintuitive to
what gets us through life.
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For argument's sake, trading itself has very
few boundaries.
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You decide when you enter the market.
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You decide when you exit.
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You decide how much you're going to risk.
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Now in general society, there's rules about
just about everything, and and they don't apply
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in trading.
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So trading attracts people who like few rules
in their life, and that's where they come
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unstuck.
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Because there's no rules, they tend to lose a
ton of money because they don't know what
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they're doing.
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So it's a matter of unlearning a lot of things.
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A really good analogy that I use in some of my
presentations is a little kid, 2 or 3 year old
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kid, first meets a dog.
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They're curious.
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They wanna go off and interact with the dog.
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The dog bites them.
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They think, well, this sucks.
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And from then on, they think all dogs are nasty
because they've got this mental picture of a
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dog.
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You take that across to the trading context.
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You have a couple of losses.
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You think the market hates you.
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And if you're gonna trade with a mental
attitude that the market hates you, you're not
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going to succeed.
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And so it's these these things that we have
developed over our lifetime that makes it
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really, really hard.
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I actually prefer working with newbie and
wannabe traders who haven't formed any trading
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baggage, as I call it, because they're coming
to me with a clean slate.
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Whereas if I've got someone and the hardest
ones for me to work with and I generally
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decline to work with them, are the guys and
girls who when I say something said, yep.
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I know that.
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Yeah.
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I know that.
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Yeah.
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I know that, which generally means they don't
know it, but it also means their mind is
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closed.
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And if you're gonna come into it with a closed
mind, you're not gonna succeed.
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It is a little bit, as I said before,
counterintuitive to what you think you need to
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do.
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And a lot of people here think trading is risky
and they and they, they say it's akin to
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gambling.
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Well, it is if you don't know what you're
doing, but at least in gambling, there's more
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rules.
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If you go to the casino, you play by the
casino's rules, whereas if you log on to an
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online broker, there's very few rules except
when the when the broker is actually open.
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And so it's it's just a different world, and
it's just trying to get people to think like a
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trader.
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And that is the hardest part of this caper.
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So your your job is very similar to mine.
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I do a lot of Internet marketing, and I do a
lot of training and coaching of people who want
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to be entrepreneurs, thought leaders, and
influencers.
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I have to teach them how to unlearn pretty much
everything we learn in life because, you know,
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in school, we're taught that failing's bad.
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In entrepreneurship, the more you fail, the
better you get.
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And so Yep.
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Yep.
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And and and trading is similar, Chris.
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Sorry to interject.
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Trading is very similar.
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And one of the big fears there's 4 big fears in
trading, and one of them is being wrong.
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Now, if you have a trading plan and you're nuts
if you don't, if you when you have a trading
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plan and you put on a trade and it just doesn't
work out and you lose whatever it is you
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risked, people say I was wrong.
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Well, I don't accept that, and I've yet to come
up with a better term.
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The trade just didn't work out.
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And people need to accept that in trading,
you're often gonna be wrong 50% of the time.
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Now, I use the analogy with pilots.
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Pilots can't be wrong 50% of the time.
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You've got to land that plant every time.
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And so people in those sorts of professions
sometimes struggle with trading because they
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can't accept the fact that trading will incur
losses.
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Period.
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There is no way around it.
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I got I got an analogy that'll help you, Colin.
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A baseball player, if he gets on base 3 out of
10 times, which is 30%, he will make 1,000,000
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of dollars being a baseball player.
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Yep.
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If you can just get right 30% of the time,
which is less than 50, hey.
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You can make 1,000,000 of dollars.
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I I'm I'm taking it out in the stock market and
trading as well.
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Yep.
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Well, we have and I know nothing about baseball
except it's pretty much your national game over
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there, I guess.
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But people have have told me about a gentleman
called Babe Ruth, who I gather was a pretty big
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hitter, and he used to hit a lot of home runs
and low percentage.
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But, man, when he connected, it was a big hit.
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And I guess trade trading's a bit like that as
well, and and I'm sure what you're doing as
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well.
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And yeah.
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But you've got to be able to wear the, the
times you you don't connect or you connect
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badly because when you get the big one, it's
colossal.
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So what you're saying is when you get into
something, you need to learn the risk factors,
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learn the ways to minimize your risk.
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Right?
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You wanna minimize your risk as much as
possible?
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Well, you know your risk.
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You embrace your risk, and I've actually in
terms of getting around the idea of being
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wrong, I view risk on each trade and you have
to know what your risk is and not put a trade
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on without quantifying your risk, which means
putting on a stop, which which is where you'll
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get out if the trade doesn't work out.
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But your risk is an investment in your
continued equity growth.
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Now sometimes it's not a good investment, other
times it's a colossal investment, but if you
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don't risk anything, you don't gain anything.
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And that's really what it comes down to, but
know your risk and know that while each trade
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has an unknown outcome, it's basically a
numbers game.
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Like, I know 50% odd will be losers, 25%
winners, 25% breakeven.
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I can go back over any of my systems the last
20 years.
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They're the kind of figures.
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I know my average loss will be about 0.6 to 0.7
of what I risked.
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I know those numbers.
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So it's very easy for me to put a trade on
because I know that even if I've had 6 losers
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in a row, I know what my numbers are.
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So it's very easy for me just to put the next
trade on without batting an iron, and that's
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what you're gonna be able to do.
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Gotcha.
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See, in other words, you take the emotion out
of it.
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Absolutely.
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It's like robotic.
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It's a lot like sales.
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When you get into sales and which is, to me,
the best way to learn entrepreneurship, the
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best way to create income outside of investing
is sales.
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You just go through the numbers with not caring
about the outcome.
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You just keep doing the same thing and always
getting better, and then you see if that
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process works over a 100, over 200.
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And that process doesn't work, and something's
wrong with your process, something's wrong with
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your delivery.
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So you have to always be fixing that, but all
that time, you're also knowing how to better
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engage people.
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And this is kinda like hopefully so are you as
you get further into stocks, are you getting
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better or stay the same?
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Does the law of large numbers work with you
guys?
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I think for me personally, I've probably
plateaued in terms of I don't you know, I am
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unemotional about my trading.
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I just I I take pretty well most of what the
market makes available now.
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Some years, it's just a poor market.
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You can't make a lot of money, and you've got
to accept that also.
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But in the years you know, in a in a massive
bull market, there are still people who don't
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make any money because they don't know what
they're doing.
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And quite we have an expression here and I'm
sure you have it over in the states.
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When taxi drivers start giving you stock market
tips, it's about time to start selling because,
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you know and and I you know, all my stuff is
rules based, and I have when people are trying
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to identify candidates to trade, I say, I don't
mind don't mind what your rules are
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specifically, but they have to be a yes or a
no.
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There's no room for subjectivity.
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So has it closed above x price?
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Yes or no?
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No.
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It's it's it's the very objective answer
because if you introduce subjectivity and the
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trade doesn't go wrong, you're going to beat
yourself up and that's not good for your
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mindset.
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So what I say to my students is that the time
for thinking is when you're designing your
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system.
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Once you've got your system designed, you're
just a button pusher.
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You just follow your rules.
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Now thousands and thousands of traders can't
even do that.
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And I don't know, Chris, whether you've heard
about, a group in the in the states in the
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1970s called the turtles.
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And there were 2 traders who had a bet, 2 very
successful traders who had a bet as to whether
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trading could be taught or it was innate.
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So they went and advertised for, I think, 20
people to come and learn to trade.
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They were each given a 100 k accounts.
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This was back in the seventies.
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That was Bitcoin.
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And they, they were sat down, had 2 weeks of
education, and they sat down, of course, it's
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the day before internet, so they had a phone to
their broker.
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And of those 20, only about 5 or 6 made money.
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Now they all had the same rules, the same phone
to the same broker.
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They couldn't do it.
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Why?
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Because of their psychology.
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Now it wasn't even their money, but they just
couldn't do it.
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00:12:40,889 --> 00:12:44,250
The most famous and the most profitable of
those trades was a guy by the name of Curtis
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00:12:44,250 --> 00:12:44,649
Faith.
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He's written a book about it, and it's an
awesome book.
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And it's one of the books that I recommend my
guys read before well, as as a as a
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prerequisite to doing my courses because it
really puts it down to the fact that it's just
235
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a numbers game, and I'm all about that.
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00:13:00,475 --> 00:13:04,095
You know, of the 3 books that I that are
prerequisites, none of them are particularly
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about trading as such.
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They're about psychology, They're about very
general trading stuff, and there's Curtis's
239
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book.
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People think trading is about having the best
indicator or whatever.
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It's not.
242
00:13:15,340 --> 00:13:20,059
It's about having the best mindset, and I'm
sure that applies in what you do as well,
243
00:13:20,059 --> 00:13:20,445
Chris.
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00:13:21,004 --> 00:13:21,725
It it does.
245
00:13:21,725 --> 00:13:22,125
It does.
246
00:13:22,125 --> 00:13:25,884
Mindset's everything because if you you know,
no matter what kind of strategy or system or
247
00:13:25,884 --> 00:13:30,845
process you use, no matter if you have if you
have push button technology, if you don't think
248
00:13:30,845 --> 00:13:33,004
it's gonna work, it's not gonna work.
249
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Yep.
250
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That's right.
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And so at the end of the day is we have to get
to a place where we believe in what we're doing
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no matter what it is.
253
00:13:40,569 --> 00:13:40,889
Right?
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00:13:40,889 --> 00:13:44,809
So when you're setting up your for trading, I
guess, when you're setting up your rules, you
255
00:13:44,809 --> 00:13:47,949
better believe they're gonna work, to the best
of your ability.
256
00:13:48,009 --> 00:13:51,804
You can always change them to improve the
quality of your rules.
257
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Right?
258
00:13:53,084 --> 00:13:53,584
Absolutely.
259
00:13:53,804 --> 00:13:55,324
What I like to do is I mean, look.
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The way I work with my guys is I give them
ideas to to do a trading system.
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And the way my courses work, they actually
develop their trading plan under my guidance.
262
00:14:05,829 --> 00:14:09,669
And they after each module, they send me their
trading plan with their updates from that
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00:14:09,669 --> 00:14:10,149
particular model.
264
00:14:10,149 --> 00:14:10,870
I just don't have a look at it.
265
00:14:10,870 --> 00:14:14,870
And if they have something that's pretty way
out and radical, I say, mate, that's most
266
00:14:14,870 --> 00:14:15,990
likely not gonna
267
00:14:15,990 --> 00:14:16,490
work.
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00:14:17,429 --> 00:14:17,750
Now if
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00:14:17,750 --> 00:14:22,625
they choose not to if they choose not to, you
know, believe me, that's fine, but I've done my
270
00:14:22,625 --> 00:14:24,705
job as a mentor to say, no.
271
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Don't do that.
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00:14:25,664 --> 00:14:29,985
And at the end of the day, when they finish
their course, they get an email from me to say
273
00:14:29,985 --> 00:14:37,290
either you are or you are not trade ready in my
estimation because I need to protect my ass
274
00:14:37,429 --> 00:14:41,910
from someone who goes out there, thinks I know
it all with a crap system, and loses a ton of
275
00:14:41,910 --> 00:14:43,049
money and blames me.
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00:14:43,910 --> 00:14:46,230
So there's always an email that says, yes.
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00:14:46,230 --> 00:14:47,370
You're ready to go.
278
00:14:47,429 --> 00:14:47,750
No.
279
00:14:47,750 --> 00:14:48,309
You're not.
280
00:14:48,309 --> 00:14:50,754
I've got a chap who just finished the course.
281
00:14:50,894 --> 00:14:56,254
He's actually an airline pilot in Dubai with
Emirates, and he's just finished last week.
282
00:14:56,254 --> 00:15:01,315
And this Monday morning, time he gets up in
Dubai, he'll be placing his first trades.
283
00:15:02,519 --> 00:15:05,800
And that's and that's not what Smith's been
with me for 3 months, and he's put together a
284
00:15:05,800 --> 00:15:09,100
really, really good trading plan, and he is
trade ready.
285
00:15:09,639 --> 00:15:14,840
And so most of your people that you train, do
they go on to end up training, you know, using
286
00:15:14,840 --> 00:15:20,735
training to replace their job or they just do
it as for retirement income or some of
287
00:15:20,735 --> 00:15:21,235
everything?
288
00:15:22,174 --> 00:15:22,914
Bit of both.
289
00:15:23,215 --> 00:15:28,414
There's a lot of unreal expectations out there,
and you probably see it over there.
290
00:15:28,414 --> 00:15:33,929
People spruiking all sorts of nonsense about
how much money there is to be made in the
291
00:15:33,929 --> 00:15:36,809
various markets, especially crypto in this day
and age.
292
00:15:36,809 --> 00:15:38,730
Now I trade Bitcoin.
293
00:15:38,730 --> 00:15:43,370
I trade Bitcoin futures, and I made money in
the, in this uptrend, and I've just actually
294
00:15:43,370 --> 00:15:44,669
gone long again today.
295
00:15:45,049 --> 00:15:47,929
But it's not the sort of returns that people
are thinking about.
296
00:15:47,929 --> 00:15:52,795
You know, I hate when I see ads that say, you
know, Debbie was a nurse and now 6 weeks later
297
00:15:52,795 --> 00:15:55,054
she's earning 3 times her nursing income.
298
00:15:55,595 --> 00:15:58,014
I mean, it's just a pile of.
299
00:15:58,075 --> 00:16:04,715
And, those sorts of ads make it really hard for
me who tries to cut through all the hype and
300
00:16:04,715 --> 00:16:10,929
nonsense because people think they're gonna
make 100% return each year.
301
00:16:10,929 --> 00:16:14,149
One guy, Jake, he came to me and said, Mate, I
wanna replace my income.
302
00:16:14,370 --> 00:16:15,089
I said, Sure.
303
00:16:15,089 --> 00:16:16,049
How much you earn?
304
00:16:16,049 --> 00:16:16,769
100 grand?
305
00:16:16,769 --> 00:16:17,089
Cool.
306
00:16:17,089 --> 00:16:18,370
How much you got to trade with?
307
00:16:18,370 --> 00:16:19,190
50 grand.
308
00:16:19,475 --> 00:16:23,634
I said, mate, you're gonna earn 200% per year
every year.
309
00:16:23,634 --> 00:16:23,955
Yeah, mate.
310
00:16:23,955 --> 00:16:24,774
That's right.
311
00:16:24,995 --> 00:16:25,875
I said, no way.
312
00:16:25,875 --> 00:16:26,274
Yeah.
313
00:16:26,274 --> 00:16:27,495
He hung up on me.
314
00:16:28,835 --> 00:16:32,274
Which is the thing because I I couldn't have
worked with him.
315
00:16:32,274 --> 00:16:38,169
So we we're both fighting the same kind of
thing because I deal highly in education of
316
00:16:38,169 --> 00:16:41,789
people so they can Internet prop market it
properly on the Internet.
317
00:16:41,929 --> 00:16:45,370
And you got these people who say, oh, we got
this one push button system.
318
00:16:45,370 --> 00:16:48,215
We've got this, pie in the sky.
319
00:16:48,355 --> 00:16:52,455
Unknown person started making, $500,000 a day.
320
00:16:52,675 --> 00:16:56,595
So we're dealing with the same type of, I
wouldn't call I yeah.
321
00:16:56,595 --> 00:16:57,634
It's false to advertise.
322
00:16:57,634 --> 00:16:58,595
That's really what it is.
323
00:16:58,595 --> 00:16:59,075
Oh, it is.
324
00:16:59,075 --> 00:16:59,815
It is.
325
00:16:59,875 --> 00:17:00,274
Yeah.
326
00:17:00,274 --> 00:17:00,754
Except they
327
00:17:00,754 --> 00:17:02,580
they know how to word it in such a way.
328
00:17:02,660 --> 00:17:06,740
And then, of course, there's the claim at the
end, but not all people will earn this kind of
329
00:17:06,740 --> 00:17:07,240
income.
330
00:17:07,380 --> 00:17:07,880
Yeah.
331
00:17:08,259 --> 00:17:11,059
In in a font that you can't read because it's
so damn small.
332
00:17:11,059 --> 00:17:14,420
See here in Aus, and I'm sure you've got
similar rules in in the States, but the
333
00:17:14,420 --> 00:17:20,424
Australian Securities Investment Commission
don't allow you to actually advertise returns.
334
00:17:21,044 --> 00:17:24,105
But, of course, someone and there's a guy who
lives in Bali.
335
00:17:25,044 --> 00:17:26,585
I hope he doesn't watch his podcast.
336
00:17:26,644 --> 00:17:29,204
He's he's been in jail a couple of times, but
he lives in Bali.
337
00:17:29,204 --> 00:17:35,039
He can beam into Oz through the Internet and
make all these claims, and Asik can't touch him
338
00:17:35,660 --> 00:17:37,500
unless he unless he touches down in Oz.
339
00:17:37,500 --> 00:17:40,299
And similarly now, especially with COVID, when
you can't travel.
340
00:17:40,299 --> 00:17:46,220
I mean, I've I've heard reports of people who
put money into a into a foreign currency
341
00:17:46,220 --> 00:17:53,234
denominated trading account in countries with
dubious regulations, and they do okay, they try
342
00:17:53,234 --> 00:17:56,835
and get their money back, and one particular
guy had 30 grand in his account, he wanted to
343
00:17:56,835 --> 00:18:00,900
bring it back home, and they were gonna charge
him 10 grand to get the money out.
344
00:18:00,980 --> 00:18:07,080
And this is based in some, foreign, country
with dubious regulation.
345
00:18:07,140 --> 00:18:11,480
When I looked it up, it said a member of the
International Monetary Control Association.
346
00:18:11,619 --> 00:18:15,934
It doesn't exist, But, you know, they make it
look good, and it's just nonsense.
347
00:18:15,994 --> 00:18:19,674
So, yeah, you you have to be sensible about
what you do.
348
00:18:19,674 --> 00:18:24,714
And in this day and age, when you can't travel,
you gotta do it in your home country Yeah.
349
00:18:24,714 --> 00:18:24,994
Yeah.
350
00:18:25,275 --> 00:18:28,980
Where where there's a chance that someone's
gonna help you if you come across someone
351
00:18:28,980 --> 00:18:31,880
who's, operating a little little dodgily.
352
00:18:32,980 --> 00:18:33,480
Right.
353
00:18:33,619 --> 00:18:33,859
Right.
354
00:18:33,859 --> 00:18:34,359
Right.
355
00:18:34,899 --> 00:18:35,399
Yeah.
356
00:18:35,619 --> 00:18:37,460
That kind of stuff, I hate to see it happen.
357
00:18:37,460 --> 00:18:43,545
They they make up some you know, instead of,
like, they call themselves the Federal Bureau
358
00:18:43,545 --> 00:18:44,765
of whatever.
359
00:18:44,984 --> 00:18:45,384
Yep.
360
00:18:45,384 --> 00:18:46,345
It definitely does.
361
00:18:46,345 --> 00:18:46,984
Sounds good.
362
00:18:46,984 --> 00:18:47,545
Sounds great.
363
00:18:47,545 --> 00:18:47,785
Yeah.
364
00:18:47,785 --> 00:18:49,565
But at the end of the day, it's it's
fraudulent.
365
00:18:49,865 --> 00:18:50,365
Yeah.
366
00:18:50,505 --> 00:18:50,825
Yeah.
367
00:18:50,825 --> 00:18:54,690
So we, we've talked about that.
368
00:18:54,690 --> 00:18:58,210
So if someone wants to get in trading or
they're interested in trading, how can they get
369
00:18:58,210 --> 00:18:59,890
in talk contact with you, Colin?
370
00:19:00,289 --> 00:19:02,869
Just through my website, Chris, trading
mentor.com.au.
371
00:19:04,369 --> 00:19:05,569
It's it's pretty simple.
372
00:19:05,569 --> 00:19:07,170
There's contact details on there.
373
00:19:07,170 --> 00:19:10,498
There's email, which is just
colin@tradingmentor.com.dot obviously, a phone
374
00:19:10,498 --> 00:19:13,521
call from the States is gonna be a bit
problematic.
375
00:19:13,823 --> 00:19:19,869
And I do all my sessions, and I do very little
face to face because ours is a pretty big
376
00:19:19,869 --> 00:19:20,171
country.
377
00:19:20,171 --> 00:19:25,150
I do have some clients overseas as well, but
it's all done on Zoom like like we're talking
378
00:19:25,150 --> 00:19:27,549
now, and, it just works.
379
00:19:27,549 --> 00:19:31,470
And it's a it's a very simple, practical, hands
on thing that I'd check.
380
00:19:31,470 --> 00:19:35,789
I mean, there's a lot of theory out there, but
I'm all about getting people ready to actually
381
00:19:35,789 --> 00:19:36,529
start trading.
382
00:19:38,634 --> 00:19:38,715
Wow.
383
00:19:38,715 --> 00:19:41,515
Do you have a favorite quote or something you'd
like to share?
384
00:19:41,515 --> 00:19:42,174
I do.
385
00:19:42,555 --> 00:19:50,330
And it's from a a guy by the name of Mark
Douglas who's, is he's passed away now, but
386
00:19:50,330 --> 00:19:52,910
Mark wrote 2 books on trading psychology.
387
00:19:53,610 --> 00:20:00,830
His, his best one was is called Trading in the
Zone and that is like my go to book for trading
388
00:20:00,890 --> 00:20:01,390
psychology.
389
00:20:02,170 --> 00:20:08,284
And his quote is, the consistency you seek is
in your mind, not in the markets.
390
00:20:08,505 --> 00:20:09,865
That that's a great quote.
391
00:20:09,865 --> 00:20:13,224
The consistency you seek is in your mind, not
in the market.
392
00:20:13,224 --> 00:20:15,565
Man, that that'll apply to almost anything.
393
00:20:15,704 --> 00:20:18,910
Well, you could you could you could you could
remove markets.
394
00:20:18,910 --> 00:20:21,390
You could put sales or whatever in for your
stuff.
395
00:20:21,710 --> 00:20:26,930
And in the presentation that I gave on the
weekend that I actually put that quote up and
396
00:20:27,070 --> 00:20:30,110
and and and attribute it to Mark because it's
certainly his words, twice during the
397
00:20:30,110 --> 00:20:30,590
presentation.
398
00:20:30,590 --> 00:20:31,630
And it's the very last one.
399
00:20:31,630 --> 00:20:32,625
It's the very last slide.
400
00:20:32,704 --> 00:20:33,825
It's the final slide.
401
00:20:33,825 --> 00:20:36,065
I say, guys, this is what it comes down to.
402
00:20:36,065 --> 00:20:38,244
And I actually read it even that's up on the
screen.
403
00:20:38,305 --> 00:20:44,644
I read it very, very slowly because you can sum
up what I do with that quote.
404
00:20:45,420 --> 00:20:46,619
That's great.
405
00:20:46,619 --> 00:20:47,180
That's great.
406
00:20:47,180 --> 00:20:49,759
So is there anything you wanna leave the people
with before we go?
407
00:20:50,299 --> 00:20:50,539
No.
408
00:20:50,539 --> 00:20:50,779
Look.
409
00:20:50,779 --> 00:20:52,460
That's that's pretty much it, Chris.
410
00:20:52,460 --> 00:20:55,180
Thank you for the opportunity, and and great
chatting with you.
411
00:20:55,180 --> 00:20:56,140
Alright, ladies and gentlemen.
412
00:20:56,140 --> 00:20:57,059
I wanna thank you for watching.
413
00:20:57,059 --> 00:20:59,035
I wanna thank Colin for being on today.
414
00:20:59,115 --> 00:21:02,635
Please like, share, subscribe, download
depending on what platform you're on, whether
415
00:21:02,635 --> 00:21:04,975
you're watching or listening or both.
416
00:21:05,035 --> 00:21:05,915
Thank you so much.
417
00:21:05,915 --> 00:21:06,895
Have a great day.
00:00:10,800 --> 00:00:13,859
Ladies and gentlemen, my name is Chris Collier.
2
00:00:14,080 --> 00:00:18,475
I'm the host of Conquer with Chris, the podcast
you don't wanna miss.
3
00:00:18,475 --> 00:00:19,914
We have a great guest today.
4
00:00:19,914 --> 00:00:21,375
Let's get right into it.
5
00:00:21,835 --> 00:00:24,095
Colin Simpson, welcome to the show.
6
00:00:24,554 --> 00:00:25,375
Thanks, Chris.
7
00:00:26,154 --> 00:00:29,195
So, Colin, we're not local to each other.
8
00:00:29,195 --> 00:00:33,170
So tell the people a little bit about yourself
and where you're from and what you do.
9
00:00:33,170 --> 00:00:33,729
Thanks, Chris.
10
00:00:33,729 --> 00:00:35,009
Well, yeah, my name is Colin.
11
00:00:35,009 --> 00:00:36,369
I am a trading coach.
12
00:00:36,369 --> 00:00:42,210
I'm based in, Port Douglas in far North
Queensland in Australia, so a long way from the
13
00:00:42,210 --> 00:00:42,609
States.
14
00:00:42,689 --> 00:00:44,210
It's very tropical where we live.
15
00:00:44,210 --> 00:00:45,434
It's it's in the tropics.
16
00:00:45,434 --> 00:00:47,774
We get cyclones like you get hurricanes.
17
00:00:48,554 --> 00:00:52,394
And I've been doing this for about 11 years now
and love what I do.
18
00:00:52,394 --> 00:00:58,739
Love helping other people, and, I'm a trader
myself, and I teach people how to trade, but my
19
00:00:58,739 --> 00:01:01,000
main focus is on their trading psychology.
20
00:01:01,460 --> 00:01:05,780
And, yeah, I've just been actually presenting a
paper on trading psychology this weekend near
21
00:01:05,780 --> 00:01:10,840
Sydney, and, yeah, that's that's my passion,
and that's what I teach my clients.
22
00:01:11,984 --> 00:01:16,564
So, Colin, let let let's cut to your story so
we can get back to how you help people.
23
00:01:16,944 --> 00:01:21,525
I'm sure you weren't always, trading
psychologist if you will or a trading mentor.
24
00:01:21,905 --> 00:01:23,579
So how do you get to that place?
25
00:01:23,740 --> 00:01:25,420
That's a very long story, Chris.
26
00:01:25,420 --> 00:01:27,599
I started off life as a farmer.
27
00:01:28,060 --> 00:01:34,859
I was a farmer for 48 years, but, and then I
moved up here to Far North Queensland, 12 years
28
00:01:34,859 --> 00:01:35,260
ago.
29
00:01:35,260 --> 00:01:35,715
Yeah.
30
00:01:35,795 --> 00:01:37,795
Grew up in a family farming situation.
31
00:01:37,795 --> 00:01:40,114
Family's been on the land for 150 years.
32
00:01:40,114 --> 00:01:47,634
And I remember way, way back in the 1970s, my
late father used to get a, a newsletter from
33
00:01:47,634 --> 00:01:53,549
some broker, and it had, as they did back then,
a couple of paragraphs of information about the
34
00:01:53,549 --> 00:01:54,049
company.
35
00:01:54,109 --> 00:01:59,229
And in the corner was a very small chart, and
those charts just intrigued me.
36
00:01:59,229 --> 00:02:03,625
I knew a bit about the stock market, but not a
lot, but it intrigued me that you could look at
37
00:02:03,625 --> 00:02:06,685
a chart and kinda get an idea of what to do.
38
00:02:07,305 --> 00:02:13,645
So from very humble beginnings back then, I
started to trade and not go successfully.
39
00:02:14,344 --> 00:02:17,939
Then I, I went off and did some courses.
40
00:02:17,939 --> 00:02:23,060
And in actual fact, my mentor, one of my
mentors, actually asked me to take over her
41
00:02:23,060 --> 00:02:26,900
private client work some 11 years ago, and
that's what I do now.
42
00:02:26,900 --> 00:02:34,094
I mentor people in trading, and as I said,
focusing on psychology, which is, in my mind,
43
00:02:35,194 --> 00:02:37,514
80% of the trade is logical.
44
00:02:37,514 --> 00:02:38,955
So tell That's my story, Chris.
45
00:02:38,955 --> 00:02:40,875
It's a bit different to, to a lot.
46
00:02:40,875 --> 00:02:41,115
Yeah.
47
00:02:41,115 --> 00:02:41,675
It yeah.
48
00:02:41,675 --> 00:02:47,890
I think I think it's great because it fits in a
lot with the, you know, Colonel Sanders, the
49
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Ray Crocs.
50
00:02:48,689 --> 00:02:49,349
You know?
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00:02:49,409 --> 00:02:52,930
You you were a farmer for a long time, and then
you switched to something else.
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00:02:52,930 --> 00:02:54,950
I think it's it's a good good story.
53
00:02:55,250 --> 00:02:59,030
So what are some of the principles you've had
to learn to make you a better trader?
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00:02:59,090 --> 00:03:03,775
And what are some of the the things and thought
processes you teach other people to become a
55
00:03:03,775 --> 00:03:04,514
good trader?
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00:03:05,775 --> 00:03:14,419
Well, I guess before you learn what you need to
be a trader, you need to unlearn a lot of stuff
57
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that has been either imposed upon you or you
have learnt about the markets in the past.
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00:03:20,719 --> 00:03:27,699
A lot of trading, rules are counterintuitive to
what gets us through life.
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00:03:28,055 --> 00:03:31,835
For argument's sake, trading itself has very
few boundaries.
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00:03:32,294 --> 00:03:34,854
You decide when you enter the market.
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00:03:34,854 --> 00:03:36,314
You decide when you exit.
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00:03:36,615 --> 00:03:38,555
You decide how much you're going to risk.
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00:03:38,615 --> 00:03:44,620
Now in general society, there's rules about
just about everything, and and they don't apply
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in trading.
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00:03:45,099 --> 00:03:52,219
So trading attracts people who like few rules
in their life, and that's where they come
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unstuck.
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Because there's no rules, they tend to lose a
ton of money because they don't know what
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they're doing.
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So it's a matter of unlearning a lot of things.
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A really good analogy that I use in some of my
presentations is a little kid, 2 or 3 year old
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kid, first meets a dog.
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They're curious.
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They wanna go off and interact with the dog.
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The dog bites them.
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They think, well, this sucks.
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And from then on, they think all dogs are nasty
because they've got this mental picture of a
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dog.
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00:04:22,029 --> 00:04:24,269
You take that across to the trading context.
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You have a couple of losses.
80
00:04:26,189 --> 00:04:28,209
You think the market hates you.
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00:04:28,504 --> 00:04:33,064
And if you're gonna trade with a mental
attitude that the market hates you, you're not
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00:04:33,064 --> 00:04:33,964
going to succeed.
83
00:04:34,024 --> 00:04:40,425
And so it's these these things that we have
developed over our lifetime that makes it
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really, really hard.
85
00:04:41,305 --> 00:04:48,040
I actually prefer working with newbie and
wannabe traders who haven't formed any trading
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00:04:48,040 --> 00:04:51,500
baggage, as I call it, because they're coming
to me with a clean slate.
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00:04:52,279 --> 00:04:56,360
Whereas if I've got someone and the hardest
ones for me to work with and I generally
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decline to work with them, are the guys and
girls who when I say something said, yep.
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I know that.
90
00:05:00,865 --> 00:05:01,185
Yeah.
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00:05:01,185 --> 00:05:01,925
I know that.
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00:05:02,144 --> 00:05:02,384
Yeah.
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00:05:02,384 --> 00:05:06,144
I know that, which generally means they don't
know it, but it also means their mind is
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00:05:06,144 --> 00:05:06,644
closed.
95
00:05:06,865 --> 00:05:10,404
And if you're gonna come into it with a closed
mind, you're not gonna succeed.
96
00:05:10,689 --> 00:05:16,850
It is a little bit, as I said before,
counterintuitive to what you think you need to
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00:05:16,850 --> 00:05:17,350
do.
98
00:05:17,649 --> 00:05:23,970
And a lot of people here think trading is risky
and they and they, they say it's akin to
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gambling.
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00:05:24,529 --> 00:05:29,504
Well, it is if you don't know what you're
doing, but at least in gambling, there's more
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00:05:29,504 --> 00:05:29,745
rules.
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00:05:29,745 --> 00:05:35,024
If you go to the casino, you play by the
casino's rules, whereas if you log on to an
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online broker, there's very few rules except
when the when the broker is actually open.
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And so it's it's just a different world, and
it's just trying to get people to think like a
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trader.
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00:05:47,319 --> 00:05:49,500
And that is the hardest part of this caper.
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So your your job is very similar to mine.
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I do a lot of Internet marketing, and I do a
lot of training and coaching of people who want
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to be entrepreneurs, thought leaders, and
influencers.
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I have to teach them how to unlearn pretty much
everything we learn in life because, you know,
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in school, we're taught that failing's bad.
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In entrepreneurship, the more you fail, the
better you get.
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And so Yep.
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Yep.
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00:06:10,930 --> 00:06:12,610
And and and trading is similar, Chris.
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Sorry to interject.
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Trading is very similar.
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And one of the big fears there's 4 big fears in
trading, and one of them is being wrong.
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00:06:20,644 --> 00:06:24,644
Now, if you have a trading plan and you're nuts
if you don't, if you when you have a trading
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plan and you put on a trade and it just doesn't
work out and you lose whatever it is you
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00:06:29,764 --> 00:06:32,264
risked, people say I was wrong.
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00:06:32,589 --> 00:06:36,589
Well, I don't accept that, and I've yet to come
up with a better term.
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00:06:36,589 --> 00:06:38,289
The trade just didn't work out.
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00:06:38,430 --> 00:06:43,410
And people need to accept that in trading,
you're often gonna be wrong 50% of the time.
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00:06:44,350 --> 00:06:46,529
Now, I use the analogy with pilots.
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00:06:46,725 --> 00:06:49,064
Pilots can't be wrong 50% of the time.
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00:06:49,524 --> 00:06:51,464
You've got to land that plant every time.
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00:06:51,764 --> 00:06:57,285
And so people in those sorts of professions
sometimes struggle with trading because they
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can't accept the fact that trading will incur
losses.
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00:07:01,470 --> 00:07:01,870
Period.
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There is no way around it.
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I got I got an analogy that'll help you, Colin.
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A baseball player, if he gets on base 3 out of
10 times, which is 30%, he will make 1,000,000
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of dollars being a baseball player.
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00:07:19,425 --> 00:07:19,925
Yep.
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00:07:20,225 --> 00:07:24,064
If you can just get right 30% of the time,
which is less than 50, hey.
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You can make 1,000,000 of dollars.
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00:07:25,584 --> 00:07:29,845
I I'm I'm taking it out in the stock market and
trading as well.
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Yep.
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Well, we have and I know nothing about baseball
except it's pretty much your national game over
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there, I guess.
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00:07:36,709 --> 00:07:42,149
But people have have told me about a gentleman
called Babe Ruth, who I gather was a pretty big
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hitter, and he used to hit a lot of home runs
and low percentage.
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But, man, when he connected, it was a big hit.
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00:07:48,944 --> 00:07:53,105
And I guess trade trading's a bit like that as
well, and and I'm sure what you're doing as
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well.
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00:07:53,425 --> 00:07:54,545
And yeah.
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But you've got to be able to wear the, the
times you you don't connect or you connect
149
00:08:01,500 --> 00:08:04,480
badly because when you get the big one, it's
colossal.
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00:08:05,339 --> 00:08:11,759
So what you're saying is when you get into
something, you need to learn the risk factors,
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learn the ways to minimize your risk.
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Right?
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00:08:17,155 --> 00:08:19,895
You wanna minimize your risk as much as
possible?
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00:08:20,435 --> 00:08:22,295
Well, you know your risk.
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You embrace your risk, and I've actually in
terms of getting around the idea of being
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wrong, I view risk on each trade and you have
to know what your risk is and not put a trade
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00:08:33,409 --> 00:08:37,169
on without quantifying your risk, which means
putting on a stop, which which is where you'll
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00:08:37,169 --> 00:08:39,110
get out if the trade doesn't work out.
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00:08:39,330 --> 00:08:44,485
But your risk is an investment in your
continued equity growth.
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00:08:44,865 --> 00:08:48,704
Now sometimes it's not a good investment, other
times it's a colossal investment, but if you
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don't risk anything, you don't gain anything.
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00:08:51,745 --> 00:08:59,089
And that's really what it comes down to, but
know your risk and know that while each trade
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has an unknown outcome, it's basically a
numbers game.
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00:09:04,269 --> 00:09:09,809
Like, I know 50% odd will be losers, 25%
winners, 25% breakeven.
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I can go back over any of my systems the last
20 years.
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They're the kind of figures.
167
00:09:14,375 --> 00:09:19,034
I know my average loss will be about 0.6 to 0.7
of what I risked.
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I know those numbers.
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00:09:20,615 --> 00:09:24,855
So it's very easy for me to put a trade on
because I know that even if I've had 6 losers
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in a row, I know what my numbers are.
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00:09:26,929 --> 00:09:32,449
So it's very easy for me just to put the next
trade on without batting an iron, and that's
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what you're gonna be able to do.
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Gotcha.
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See, in other words, you take the emotion out
of it.
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Absolutely.
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It's like robotic.
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It's a lot like sales.
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When you get into sales and which is, to me,
the best way to learn entrepreneurship, the
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00:09:46,884 --> 00:09:50,725
best way to create income outside of investing
is sales.
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00:09:50,725 --> 00:09:54,029
You just go through the numbers with not caring
about the outcome.
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You just keep doing the same thing and always
getting better, and then you see if that
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process works over a 100, over 200.
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00:10:02,330 --> 00:10:06,090
And that process doesn't work, and something's
wrong with your process, something's wrong with
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your delivery.
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00:10:07,304 --> 00:10:12,904
So you have to always be fixing that, but all
that time, you're also knowing how to better
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engage people.
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00:10:14,504 --> 00:10:20,345
And this is kinda like hopefully so are you as
you get further into stocks, are you getting
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better or stay the same?
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00:10:21,830 --> 00:10:24,490
Does the law of large numbers work with you
guys?
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00:10:25,909 --> 00:10:32,629
I think for me personally, I've probably
plateaued in terms of I don't you know, I am
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unemotional about my trading.
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00:10:34,514 --> 00:10:41,634
I just I I take pretty well most of what the
market makes available now.
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Some years, it's just a poor market.
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00:10:45,315 --> 00:10:48,839
You can't make a lot of money, and you've got
to accept that also.
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00:10:49,059 --> 00:10:53,860
But in the years you know, in a in a massive
bull market, there are still people who don't
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00:10:53,860 --> 00:10:55,879
make any money because they don't know what
they're doing.
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And quite we have an expression here and I'm
sure you have it over in the states.
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When taxi drivers start giving you stock market
tips, it's about time to start selling because,
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00:11:05,264 --> 00:11:10,144
you know and and I you know, all my stuff is
rules based, and I have when people are trying
200
00:11:10,144 --> 00:11:14,990
to identify candidates to trade, I say, I don't
mind don't mind what your rules are
201
00:11:14,990 --> 00:11:17,970
specifically, but they have to be a yes or a
no.
202
00:11:18,029 --> 00:11:19,649
There's no room for subjectivity.
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00:11:20,350 --> 00:11:22,850
So has it closed above x price?
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00:11:22,910 --> 00:11:24,050
Yes or no?
205
00:11:24,190 --> 00:11:24,350
No.
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00:11:24,350 --> 00:11:29,954
It's it's it's the very objective answer
because if you introduce subjectivity and the
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00:11:29,954 --> 00:11:33,634
trade doesn't go wrong, you're going to beat
yourself up and that's not good for your
208
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mindset.
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00:11:34,674 --> 00:11:41,074
So what I say to my students is that the time
for thinking is when you're designing your
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system.
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00:11:42,019 --> 00:11:45,080
Once you've got your system designed, you're
just a button pusher.
212
00:11:45,460 --> 00:11:47,720
You just follow your rules.
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00:11:48,500 --> 00:11:52,100
Now thousands and thousands of traders can't
even do that.
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00:11:52,100 --> 00:11:56,259
And I don't know, Chris, whether you've heard
about, a group in the in the states in the
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00:11:56,259 --> 00:11:57,674
1970s called the turtles.
216
00:11:58,554 --> 00:12:03,595
And there were 2 traders who had a bet, 2 very
successful traders who had a bet as to whether
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00:12:03,595 --> 00:12:06,575
trading could be taught or it was innate.
218
00:12:07,115 --> 00:12:11,695
So they went and advertised for, I think, 20
people to come and learn to trade.
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00:12:11,990 --> 00:12:14,549
They were each given a 100 k accounts.
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00:12:14,549 --> 00:12:15,589
This was back in the seventies.
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That was Bitcoin.
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00:12:16,629 --> 00:12:22,549
And they, they were sat down, had 2 weeks of
education, and they sat down, of course, it's
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the day before internet, so they had a phone to
their broker.
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00:12:25,445 --> 00:12:28,585
And of those 20, only about 5 or 6 made money.
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00:12:29,284 --> 00:12:33,784
Now they all had the same rules, the same phone
to the same broker.
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They couldn't do it.
227
00:12:35,764 --> 00:12:36,085
Why?
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00:12:36,085 --> 00:12:37,384
Because of their psychology.
229
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Now it wasn't even their money, but they just
couldn't do it.
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The most famous and the most profitable of
those trades was a guy by the name of Curtis
231
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Faith.
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He's written a book about it, and it's an
awesome book.
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And it's one of the books that I recommend my
guys read before well, as as a as a
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prerequisite to doing my courses because it
really puts it down to the fact that it's just
235
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a numbers game, and I'm all about that.
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00:13:00,475 --> 00:13:04,095
You know, of the 3 books that I that are
prerequisites, none of them are particularly
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00:13:04,154 --> 00:13:06,075
about trading as such.
238
00:13:06,075 --> 00:13:10,539
They're about psychology, They're about very
general trading stuff, and there's Curtis's
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00:13:10,539 --> 00:13:11,039
book.
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00:13:11,179 --> 00:13:14,139
People think trading is about having the best
indicator or whatever.
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00:13:14,139 --> 00:13:14,879
It's not.
242
00:13:15,340 --> 00:13:20,059
It's about having the best mindset, and I'm
sure that applies in what you do as well,
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00:13:20,059 --> 00:13:20,445
Chris.
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00:13:21,004 --> 00:13:21,725
It it does.
245
00:13:21,725 --> 00:13:22,125
It does.
246
00:13:22,125 --> 00:13:25,884
Mindset's everything because if you you know,
no matter what kind of strategy or system or
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00:13:25,884 --> 00:13:30,845
process you use, no matter if you have if you
have push button technology, if you don't think
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00:13:30,845 --> 00:13:33,004
it's gonna work, it's not gonna work.
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00:13:33,004 --> 00:13:33,485
Yep.
250
00:13:33,485 --> 00:13:34,304
That's right.
251
00:13:34,970 --> 00:13:39,610
And so at the end of the day is we have to get
to a place where we believe in what we're doing
252
00:13:39,610 --> 00:13:40,569
no matter what it is.
253
00:13:40,569 --> 00:13:40,889
Right?
254
00:13:40,889 --> 00:13:44,809
So when you're setting up your for trading, I
guess, when you're setting up your rules, you
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00:13:44,809 --> 00:13:47,949
better believe they're gonna work, to the best
of your ability.
256
00:13:48,009 --> 00:13:51,804
You can always change them to improve the
quality of your rules.
257
00:13:51,804 --> 00:13:52,304
Right?
258
00:13:53,084 --> 00:13:53,584
Absolutely.
259
00:13:53,804 --> 00:13:55,324
What I like to do is I mean, look.
260
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The way I work with my guys is I give them
ideas to to do a trading system.
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00:14:01,164 --> 00:14:05,504
And the way my courses work, they actually
develop their trading plan under my guidance.
262
00:14:05,829 --> 00:14:09,669
And they after each module, they send me their
trading plan with their updates from that
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00:14:09,669 --> 00:14:10,149
particular model.
264
00:14:10,149 --> 00:14:10,870
I just don't have a look at it.
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00:14:10,870 --> 00:14:14,870
And if they have something that's pretty way
out and radical, I say, mate, that's most
266
00:14:14,870 --> 00:14:15,990
likely not gonna
267
00:14:15,990 --> 00:14:16,490
work.
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00:14:17,429 --> 00:14:17,750
Now if
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00:14:17,750 --> 00:14:22,625
they choose not to if they choose not to, you
know, believe me, that's fine, but I've done my
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00:14:22,625 --> 00:14:24,705
job as a mentor to say, no.
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Don't do that.
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00:14:25,664 --> 00:14:29,985
And at the end of the day, when they finish
their course, they get an email from me to say
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00:14:29,985 --> 00:14:37,290
either you are or you are not trade ready in my
estimation because I need to protect my ass
274
00:14:37,429 --> 00:14:41,910
from someone who goes out there, thinks I know
it all with a crap system, and loses a ton of
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00:14:41,910 --> 00:14:43,049
money and blames me.
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00:14:43,910 --> 00:14:46,230
So there's always an email that says, yes.
277
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You're ready to go.
278
00:14:47,429 --> 00:14:47,750
No.
279
00:14:47,750 --> 00:14:48,309
You're not.
280
00:14:48,309 --> 00:14:50,754
I've got a chap who just finished the course.
281
00:14:50,894 --> 00:14:56,254
He's actually an airline pilot in Dubai with
Emirates, and he's just finished last week.
282
00:14:56,254 --> 00:15:01,315
And this Monday morning, time he gets up in
Dubai, he'll be placing his first trades.
283
00:15:02,519 --> 00:15:05,800
And that's and that's not what Smith's been
with me for 3 months, and he's put together a
284
00:15:05,800 --> 00:15:09,100
really, really good trading plan, and he is
trade ready.
285
00:15:09,639 --> 00:15:14,840
And so most of your people that you train, do
they go on to end up training, you know, using
286
00:15:14,840 --> 00:15:20,735
training to replace their job or they just do
it as for retirement income or some of
287
00:15:20,735 --> 00:15:21,235
everything?
288
00:15:22,174 --> 00:15:22,914
Bit of both.
289
00:15:23,215 --> 00:15:28,414
There's a lot of unreal expectations out there,
and you probably see it over there.
290
00:15:28,414 --> 00:15:33,929
People spruiking all sorts of nonsense about
how much money there is to be made in the
291
00:15:33,929 --> 00:15:36,809
various markets, especially crypto in this day
and age.
292
00:15:36,809 --> 00:15:38,730
Now I trade Bitcoin.
293
00:15:38,730 --> 00:15:43,370
I trade Bitcoin futures, and I made money in
the, in this uptrend, and I've just actually
294
00:15:43,370 --> 00:15:44,669
gone long again today.
295
00:15:45,049 --> 00:15:47,929
But it's not the sort of returns that people
are thinking about.
296
00:15:47,929 --> 00:15:52,795
You know, I hate when I see ads that say, you
know, Debbie was a nurse and now 6 weeks later
297
00:15:52,795 --> 00:15:55,054
she's earning 3 times her nursing income.
298
00:15:55,595 --> 00:15:58,014
I mean, it's just a pile of.
299
00:15:58,075 --> 00:16:04,715
And, those sorts of ads make it really hard for
me who tries to cut through all the hype and
300
00:16:04,715 --> 00:16:10,929
nonsense because people think they're gonna
make 100% return each year.
301
00:16:10,929 --> 00:16:14,149
One guy, Jake, he came to me and said, Mate, I
wanna replace my income.
302
00:16:14,370 --> 00:16:15,089
I said, Sure.
303
00:16:15,089 --> 00:16:16,049
How much you earn?
304
00:16:16,049 --> 00:16:16,769
100 grand?
305
00:16:16,769 --> 00:16:17,089
Cool.
306
00:16:17,089 --> 00:16:18,370
How much you got to trade with?
307
00:16:18,370 --> 00:16:19,190
50 grand.
308
00:16:19,475 --> 00:16:23,634
I said, mate, you're gonna earn 200% per year
every year.
309
00:16:23,634 --> 00:16:23,955
Yeah, mate.
310
00:16:23,955 --> 00:16:24,774
That's right.
311
00:16:24,995 --> 00:16:25,875
I said, no way.
312
00:16:25,875 --> 00:16:26,274
Yeah.
313
00:16:26,274 --> 00:16:27,495
He hung up on me.
314
00:16:28,835 --> 00:16:32,274
Which is the thing because I I couldn't have
worked with him.
315
00:16:32,274 --> 00:16:38,169
So we we're both fighting the same kind of
thing because I deal highly in education of
316
00:16:38,169 --> 00:16:41,789
people so they can Internet prop market it
properly on the Internet.
317
00:16:41,929 --> 00:16:45,370
And you got these people who say, oh, we got
this one push button system.
318
00:16:45,370 --> 00:16:48,215
We've got this, pie in the sky.
319
00:16:48,355 --> 00:16:52,455
Unknown person started making, $500,000 a day.
320
00:16:52,675 --> 00:16:56,595
So we're dealing with the same type of, I
wouldn't call I yeah.
321
00:16:56,595 --> 00:16:57,634
It's false to advertise.
322
00:16:57,634 --> 00:16:58,595
That's really what it is.
323
00:16:58,595 --> 00:16:59,075
Oh, it is.
324
00:16:59,075 --> 00:16:59,815
It is.
325
00:16:59,875 --> 00:17:00,274
Yeah.
326
00:17:00,274 --> 00:17:00,754
Except they
327
00:17:00,754 --> 00:17:02,580
they know how to word it in such a way.
328
00:17:02,660 --> 00:17:06,740
And then, of course, there's the claim at the
end, but not all people will earn this kind of
329
00:17:06,740 --> 00:17:07,240
income.
330
00:17:07,380 --> 00:17:07,880
Yeah.
331
00:17:08,259 --> 00:17:11,059
In in a font that you can't read because it's
so damn small.
332
00:17:11,059 --> 00:17:14,420
See here in Aus, and I'm sure you've got
similar rules in in the States, but the
333
00:17:14,420 --> 00:17:20,424
Australian Securities Investment Commission
don't allow you to actually advertise returns.
334
00:17:21,044 --> 00:17:24,105
But, of course, someone and there's a guy who
lives in Bali.
335
00:17:25,044 --> 00:17:26,585
I hope he doesn't watch his podcast.
336
00:17:26,644 --> 00:17:29,204
He's he's been in jail a couple of times, but
he lives in Bali.
337
00:17:29,204 --> 00:17:35,039
He can beam into Oz through the Internet and
make all these claims, and Asik can't touch him
338
00:17:35,660 --> 00:17:37,500
unless he unless he touches down in Oz.
339
00:17:37,500 --> 00:17:40,299
And similarly now, especially with COVID, when
you can't travel.
340
00:17:40,299 --> 00:17:46,220
I mean, I've I've heard reports of people who
put money into a into a foreign currency
341
00:17:46,220 --> 00:17:53,234
denominated trading account in countries with
dubious regulations, and they do okay, they try
342
00:17:53,234 --> 00:17:56,835
and get their money back, and one particular
guy had 30 grand in his account, he wanted to
343
00:17:56,835 --> 00:18:00,900
bring it back home, and they were gonna charge
him 10 grand to get the money out.
344
00:18:00,980 --> 00:18:07,080
And this is based in some, foreign, country
with dubious regulation.
345
00:18:07,140 --> 00:18:11,480
When I looked it up, it said a member of the
International Monetary Control Association.
346
00:18:11,619 --> 00:18:15,934
It doesn't exist, But, you know, they make it
look good, and it's just nonsense.
347
00:18:15,994 --> 00:18:19,674
So, yeah, you you have to be sensible about
what you do.
348
00:18:19,674 --> 00:18:24,714
And in this day and age, when you can't travel,
you gotta do it in your home country Yeah.
349
00:18:24,714 --> 00:18:24,994
Yeah.
350
00:18:25,275 --> 00:18:28,980
Where where there's a chance that someone's
gonna help you if you come across someone
351
00:18:28,980 --> 00:18:31,880
who's, operating a little little dodgily.
352
00:18:32,980 --> 00:18:33,480
Right.
353
00:18:33,619 --> 00:18:33,859
Right.
354
00:18:33,859 --> 00:18:34,359
Right.
355
00:18:34,899 --> 00:18:35,399
Yeah.
356
00:18:35,619 --> 00:18:37,460
That kind of stuff, I hate to see it happen.
357
00:18:37,460 --> 00:18:43,545
They they make up some you know, instead of,
like, they call themselves the Federal Bureau
358
00:18:43,545 --> 00:18:44,765
of whatever.
359
00:18:44,984 --> 00:18:45,384
Yep.
360
00:18:45,384 --> 00:18:46,345
It definitely does.
361
00:18:46,345 --> 00:18:46,984
Sounds good.
362
00:18:46,984 --> 00:18:47,545
Sounds great.
363
00:18:47,545 --> 00:18:47,785
Yeah.
364
00:18:47,785 --> 00:18:49,565
But at the end of the day, it's it's
fraudulent.
365
00:18:49,865 --> 00:18:50,365
Yeah.
366
00:18:50,505 --> 00:18:50,825
Yeah.
367
00:18:50,825 --> 00:18:54,690
So we, we've talked about that.
368
00:18:54,690 --> 00:18:58,210
So if someone wants to get in trading or
they're interested in trading, how can they get
369
00:18:58,210 --> 00:18:59,890
in talk contact with you, Colin?
370
00:19:00,289 --> 00:19:02,869
Just through my website, Chris, trading
mentor.com.au.
371
00:19:04,369 --> 00:19:05,569
It's it's pretty simple.
372
00:19:05,569 --> 00:19:07,170
There's contact details on there.
373
00:19:07,170 --> 00:19:10,498
There's email, which is just
colin@tradingmentor.com.dot obviously, a phone
374
00:19:10,498 --> 00:19:13,521
call from the States is gonna be a bit
problematic.
375
00:19:13,823 --> 00:19:19,869
And I do all my sessions, and I do very little
face to face because ours is a pretty big
376
00:19:19,869 --> 00:19:20,171
country.
377
00:19:20,171 --> 00:19:25,150
I do have some clients overseas as well, but
it's all done on Zoom like like we're talking
378
00:19:25,150 --> 00:19:27,549
now, and, it just works.
379
00:19:27,549 --> 00:19:31,470
And it's a it's a very simple, practical, hands
on thing that I'd check.
380
00:19:31,470 --> 00:19:35,789
I mean, there's a lot of theory out there, but
I'm all about getting people ready to actually
381
00:19:35,789 --> 00:19:36,529
start trading.
382
00:19:38,634 --> 00:19:38,715
Wow.
383
00:19:38,715 --> 00:19:41,515
Do you have a favorite quote or something you'd
like to share?
384
00:19:41,515 --> 00:19:42,174
I do.
385
00:19:42,555 --> 00:19:50,330
And it's from a a guy by the name of Mark
Douglas who's, is he's passed away now, but
386
00:19:50,330 --> 00:19:52,910
Mark wrote 2 books on trading psychology.
387
00:19:53,610 --> 00:20:00,830
His, his best one was is called Trading in the
Zone and that is like my go to book for trading
388
00:20:00,890 --> 00:20:01,390
psychology.
389
00:20:02,170 --> 00:20:08,284
And his quote is, the consistency you seek is
in your mind, not in the markets.
390
00:20:08,505 --> 00:20:09,865
That that's a great quote.
391
00:20:09,865 --> 00:20:13,224
The consistency you seek is in your mind, not
in the market.
392
00:20:13,224 --> 00:20:15,565
Man, that that'll apply to almost anything.
393
00:20:15,704 --> 00:20:18,910
Well, you could you could you could you could
remove markets.
394
00:20:18,910 --> 00:20:21,390
You could put sales or whatever in for your
stuff.
395
00:20:21,710 --> 00:20:26,930
And in the presentation that I gave on the
weekend that I actually put that quote up and
396
00:20:27,070 --> 00:20:30,110
and and and attribute it to Mark because it's
certainly his words, twice during the
397
00:20:30,110 --> 00:20:30,590
presentation.
398
00:20:30,590 --> 00:20:31,630
And it's the very last one.
399
00:20:31,630 --> 00:20:32,625
It's the very last slide.
400
00:20:32,704 --> 00:20:33,825
It's the final slide.
401
00:20:33,825 --> 00:20:36,065
I say, guys, this is what it comes down to.
402
00:20:36,065 --> 00:20:38,244
And I actually read it even that's up on the
screen.
403
00:20:38,305 --> 00:20:44,644
I read it very, very slowly because you can sum
up what I do with that quote.
404
00:20:45,420 --> 00:20:46,619
That's great.
405
00:20:46,619 --> 00:20:47,180
That's great.
406
00:20:47,180 --> 00:20:49,759
So is there anything you wanna leave the people
with before we go?
407
00:20:50,299 --> 00:20:50,539
No.
408
00:20:50,539 --> 00:20:50,779
Look.
409
00:20:50,779 --> 00:20:52,460
That's that's pretty much it, Chris.
410
00:20:52,460 --> 00:20:55,180
Thank you for the opportunity, and and great
chatting with you.
411
00:20:55,180 --> 00:20:56,140
Alright, ladies and gentlemen.
412
00:20:56,140 --> 00:20:57,059
I wanna thank you for watching.
413
00:20:57,059 --> 00:20:59,035
I wanna thank Colin for being on today.
414
00:20:59,115 --> 00:21:02,635
Please like, share, subscribe, download
depending on what platform you're on, whether
415
00:21:02,635 --> 00:21:04,975
you're watching or listening or both.
416
00:21:05,035 --> 00:21:05,915
Thank you so much.
417
00:21:05,915 --> 00:21:06,895
Have a great day.
