Traders Of The Podcast

Podcast Overview

πŸŽ‰ Hello Insiders - Episode 33 is live! 🎧

In this episode, we take a deep dive into the strategies and mindsets of traders navigating the volatile waves of the market. Discover how Tommy maintains consistency even in tough markets, the dedication of Colby that has kept him going for three years, and Danny's candid reflection on his September trades. Whether you're a seasoned trader or just starting out, there's a lesson for everyone in Episode 33.

0:00 πŸ“Š Recent Trading Update
1:55 🌟 Finding Opportunities In Difficult Times
14:00 πŸ”„ Always Trading vs Retired Mindset Trading
23:47 πŸ’ͺ Tommy's Consistency In Bad Markets
27:41 πŸ“š Learning During Tough Markets
30:46 πŸš€ Colby's Dedication & Persistence
35:00 πŸ”₯ Going All-In vs Having Plan B
46:10 🎭 Vigilantes of Wall Street
50:40 πŸ“… Trading Gameplan Going Forward
58:19 βŒ› Danny's Late Arrival & Gameplan
1:00:37 πŸ•³ Danny's September Trading Hole
1:08:10 πŸŽ‰ Colby's 3 Years of Trading
1:10:15 πŸ”„ Getting Out of Trading Ruts

πŸ‘‰ 🎧

Stay tuned for more insights, strategies, and stories from the trading world. Remember to share your thoughts and feedback; we value each comment from our community!

#Love from the insiders ❀️

Gameplans in Difficult Markets [From Ruts To Returns] #E33


Full Transcript

00:00:00.000 --> 00:00:19.278
Alexander Winkler: Today just had 0 opportunities for my strategy. And I was trading like it was my last day alive. Dude! I was swinging for the fences for no freaking reason. So it's it's my fault that I'm I'm down this much but

00:00:20.039 --> 00:00:21.559
Alexander Winkler: little frustrating, I guess.

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Lawrence obioma: What's up, boys?

00:00:25.289 --> 00:00:26.549
Tommy Salerno: What's going on.

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Tommy Salerno: you know, reminiscing about the good stuff yeah. Today today was something there was just I didn't really see anything good today.

00:00:36.200 --> 00:00:39.460
Tommy Salerno: I thought Cosm COSM. Would be the one. But

00:00:39.870 --> 00:00:58.360
Alexander Winkler: there is nothing good like this is kind of rare usually, especially at pre-market, is as awful as it was. You'd kind of expect, maybe something at the open. And then I was like, okay, nothing at the open. So like la, I was like, let me wait till like 1030. Still, nothing is, it almost feels like.

00:00:58.940 --> 00:01:09.469
Alexander Winkler: you know, the with the markets personally messing with you. But but really it feels like there has to be something any second, because this is so unusual for something not to pop this long. This is weird.

00:01:10.140 --> 00:01:13.370
Lawrence obioma: It's so interesting. How

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Lawrence obioma: I forgot how the small caps work like I forgot that. That's how it could be like some days where this is

00:01:21.009 --> 00:01:26.639
Lawrence obioma: really nothing that shows up. Oh, nothing, I guess, that fits with the the volatility strategy of like

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Lawrence obioma: really high gappers and

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Lawrence obioma: cause cause in the last cap there was a few. There's a few crazy that happened today. I think they were. They were really the ones in play.

00:01:39.110 --> 00:01:44.839
Lawrence obioma: Yeah, yeah. Apple single handedly, has broke one of my strategies.

00:01:45.000 --> 00:01:49.149
Lawrence obioma: I had to like today because it reached this Max. I have to cut it.

00:01:49.279 --> 00:02:01.370
Lawrence obioma:  I have to cut it, which is which sucks. But it's funny because some of those so some of my old strategies, before I started, like my really really tough robustness testing some of them have passed through

00:02:01.490 --> 00:02:11.179
Lawrence obioma: true. So this is before, you know, before, like April, or what's it? Not? April, actually, yeah, maybe June. And so

00:02:11.279 --> 00:02:20.528
Lawrence obioma: I've been using them for a while, and they've been doing good. So but Mr. Day, it was like this one was just broken, and I think it caused us within like

00:02:20.809 --> 00:02:28.410
Lawrence obioma: 6 day red streak, which which is bad, mainly because we have the 2,000 account.

00:02:28.480 --> 00:02:33.249
Lawrence obioma: and we also have, like we also sized up. So we've lost like

00:02:33.319 --> 00:02:36.348
Lawrence obioma: 2 months of profit in like that period of time.

00:02:36.360 --> 00:02:40.259
Tommy Salerno: How much is that? Draw down the Max drawdown for your strategy.

00:02:40.690 --> 00:02:44.399
Lawrence obioma: I think that strategy. Oh, I so I it goes through.

00:02:44.460 --> 00:02:53.749
Lawrence obioma: There's different stages of like of how I calculate. Calculate, Max, roll down because it's sized up. But I it's past this Max drawdown.

00:02:53.829 --> 00:02:56.049
Lawrence obioma: What's the amount?

00:02:56.809 --> 00:03:08.959
Lawrence obioma:  so like, I said, what is actually trading versus what I use as the Max drawdown is different. So like right now, the drawdown on the strategy itself is about 10%.

00:03:09.049 --> 00:03:15.919
Lawrence obioma: But the Max drawdown that I actually calculate 7.5% like. So it's it's past 7.5.

00:03:16.019 --> 00:03:24.719
Lawrence obioma: The reason why I do that is because I size up more on the live versus the back test, because II let the back test be a very

00:03:24.880 --> 00:03:41.749
Lawrence obioma: base level. So because all the strategies go through that base level, and what goes live is different, because I have to consider how far, because some of them draw down so much more than 5%. Some of them can draw down 10% on the base level. So then I adjust that for what goes on live.

00:03:41.819 --> 00:03:51.329
Lawrence obioma: So it's that's why I was like, I, you know, just trust me. It's fast. It's fastest drawdown. But it's it's just.

00:03:51.589 --> 00:03:56.679
Lawrence obioma: It's not really. It's not really even the drawdown. Sometimes, you know, there's some people who calculate drawdowns

00:03:56.789 --> 00:04:06.099
Lawrence obioma: not based off the drawdown, but based off irregularity of the trades so like like. If you use a Monte Carlo simulation. If you know what that is.

00:04:06.150 --> 00:04:17.598
Lawrence obioma: You can. You can try to predict that this isn't a very improb, improbable situation that could have that should not have happened. I know Kevin Kevin. Davey does that?

00:04:18.079 --> 00:04:29.920
Lawrence obioma:  But yeah, I'm not. I'm it doesn't really bother me. I actually I love when we're in drawdowns because you learn more about like what strategies that you could cause. For example.

00:04:30.319 --> 00:04:35.200
Lawrence obioma: now, I'm thinking of of like really, really strong, you know,

00:04:35.470 --> 00:04:48.348
Lawrence obioma: even stronger shorting strategies. And right now II mainly do. Shorting strategies is funny, because I don't really care for long strategies, because II find I find. What happens is that when you find an edge in the shorting strategies

00:04:48.470 --> 00:04:52.528
Lawrence obioma: they stay pretty consistent in the sense of like.

00:04:53.250 --> 00:05:12.159
Lawrence obioma: because it's so hard to find those edges. It's the harder edge to find this in the Lost Cap market. Well, when you find it, you start to see certain things go on, but you have to be creative on how you find it, too. So I'm not. Gonna I'm not gonna say, Oh, my God! You know it's the easiest thing. I I'll tell you anyone. If you're trying to find a shorting strategy in lost cap markets, you might as well

00:05:12.480 --> 00:05:30.750
Lawrence obioma: you. You might as well just find it an actual job, because you'll lose. It's it's very likely that you'll lose money. So you have to be creative with it. And I would I like. If some, if I was telling someone how to create a shortage strategy like, you know, if, if, like, I had like someone who was working with me.

00:05:31.110 --> 00:05:49.209
Lawrence obioma: I think there was they would get. Why, it works for us like our shorting strategies do really? Really well. like, if you saw the I? Well, actually, I showed you guys it's still doing pretty well. All of our cause. I only showed you guys one of our shorting strategies. But if I show you the other ones you would. It's it beat. It beats all of our long strategies right now.

00:05:49.430 --> 00:05:52.149
Colby Warshel: Your apple strategy is long based. Right?

00:05:52.710 --> 00:05:55.110
Lawrence obioma: Yeah. Well, we have a few things that trade apple.

00:05:55.450 --> 00:06:00.450
Lawrence obioma: We have, like like the one that failed today trades apple. We have another one that trades apple

00:06:01.019 --> 00:06:06.338
Lawrence obioma: we have a trending one that there is apple that does really well, obviously,

00:06:06.430 --> 00:06:09.528
Colby Warshel: do you ever try to like

00:06:09.849 --> 00:06:19.390
Colby Warshel: completely cut the strategy out during like low probability markets, which is pretty much like surrounding earnings like massive news

00:06:19.730 --> 00:06:23.380
Lawrence obioma: or anything like that. The problem with with news based

00:06:23.589 --> 00:06:28.019
Lawrence obioma:  strategies is that you have to get.

00:06:28.509 --> 00:06:34.368
Lawrence obioma: you'd have to get the an Api like a trusting, a trusted Api, so you could use like Alpha.

00:06:34.789 --> 00:06:40.400
Lawrence obioma: What's the? There's some other. There's some other like news Api's that I know some people use.

00:06:40.539 --> 00:06:44.400
Lawrence obioma: But then you have to back. Test. What'd you say, Alex?

00:06:45.230 --> 00:07:09.360
Lawrence obioma: I think Polygon? Yeah, Polygon does give you news to they. You can actually get news from them. Ii use polygon for some of our data feeds like some when I need it. I don't pay for data. So but anyway, so it's hard to do those ones. Because you so imagine back testing it, how does that work right like you have to get

00:07:09.360 --> 00:07:22.269
Lawrence obioma: rank news and stuff like that? Ranking is like you have to do to test. That would just be annoying. I kind of just meant like, do you think that maybe, like, okay, Apple day is today. Right, isn't it?

00:07:22.789 --> 00:07:29.808
Lawrence obioma: Iphone or something? So I'll tell you this. Some people do use the news

00:07:29.990 --> 00:07:31.079
Lawrence obioma: data.

00:07:31.130 --> 00:07:40.849
Lawrence obioma: and they don't test with it. What they do is they use it as a as a volatility. Like, if if any news comes out, don't trade

00:07:40.900 --> 00:07:48.620
Lawrence obioma: because there's irregularity in the patterns that humans so yeah, that you can do that. I mean, I don't. I don't really

00:07:48.690 --> 00:08:05.778
Lawrence obioma: the infrastructure, for that is gonna take time to make. I don't really care to do that. I've already like creating any small, any small. I like infrastructure idea that I have to make takes me recoding logic for a lot of things. You know you try to. You try to be as agile

00:08:05.819 --> 00:08:14.429
Lawrence obioma: method as possible, like a coding method as possible. Agile workflow. But, like you, you can't. Always

00:08:14.880 --> 00:08:16.289
simple, you know.

00:08:16.440 --> 00:08:26.098
Lawrence obioma: seamlessly implement something. Sometimes you have to go underneath, like all of the code, and that's when it becomes annoying. So like doing something like that might be

00:08:26.269 --> 00:08:35.360
Lawrence obioma: might be like like it would like, for example, that thing would have to stop all the strategies. So now I have to tell all the strategies. This is a way like, or maybe it will close something

00:08:35.400 --> 00:08:40.279
Lawrence obioma: I don't know, but I also don't think it's that valuable, because, like there was a

00:08:40.680 --> 00:08:45.569
Lawrence obioma: for so, for example, there was one time where we were having, like a a.

00:08:45.610 --> 00:09:02.848
Lawrence obioma: a breakout strategy. And like the news, I think it was the just, just purely the news that came in that brought them allowed it to hit profits like. So you know, then, at that point, okay, now, I maybe have to have something that stream that checks for good news and bad news.

00:09:02.849 --> 00:09:18.219
Lawrence obioma: so like I'd have to have a a a chat. Gp Api, that we it's it's now just what am I doing like, what is what is this for? Like? It's it's too much work is so much testing. I'm already running into, you know, like errors

00:09:18.440 --> 00:09:26.759
Lawrence obioma: sometimes. Good errors, you know. They they make me Miss Trades that I'm not. I'm not good enough, Overall, though.

00:09:26.900 --> 00:09:36.000
Lawrence obioma: The reason why we are down so much right now is because we have the 2 accounts. Now we sized up and

00:09:36.069 --> 00:09:52.860
Lawrence obioma: and also the irregularity in the markets like there's there's a little bit of if you look at the lost caps outside of this buy, because, you know you you just trace by. So you get to see like kind of like a a amalgamation of everything. All in once. Asset. But if you look at the

00:09:53.029 --> 00:10:07.610
Lawrence obioma: actual large caps you see that they are. They're pretty crazy right now, like some of them are pretty pretty erratic in what they're doing, which is fun, though, because you get you get to. Now start to think of anytime. I see a new pro and something bad happen. It's a new strategy.

00:10:07.779 --> 00:10:11.058
Lawrence obioma: because that situation is something you can. You can

00:10:11.099 --> 00:10:20.259
Lawrence obioma: back test slot machine. Yeah, broken slot machine exactly. And those are the ones that make you the most money, like every single time.

00:10:20.630 --> 00:10:21.450
Lawrence obioma: The

00:10:21.569 --> 00:10:30.319
Lawrence obioma: so yeah, that's that's pretty much where I'm at this week really, really bad week for us. But good week theoretically, my, in my opinion, because I don't really.

00:10:31.059 --> 00:10:38.779
Lawrence obioma: At the same time, I don't really care about losing money. because I'm not. It's not like it's a long-term goal.

00:10:39.259 --> 00:10:46.769
Lawrence obioma: I already know what's probably gonna happen. Our our strategies also have a very strong

00:10:47.029 --> 00:10:52.219
Lawrence obioma: recovery factor like when they start losing money, a lot of money, they bounce back really quickly.

00:10:52.630 --> 00:10:55.309
Lawrence obioma: So that's something to keep in mind.

00:10:57.089 --> 00:11:04.409
Alexander Winkler: It sounds like my Monday. I was going up and down 5, $700 all day, and then I finally was up.

00:11:04.610 --> 00:11:12.739
Alexander Winkler: and then I was like, I'm out of here when when it's choppy, I notice, like my P. And L. Sometimes ranges just like a stock.

00:11:12.759 --> 00:11:26.798
Lawrence obioma: And when you're at the high of that range, and sometimes you get time to walk away. I don't know if it's similar with the algorithms. But you know, I guess with the outgoes you can't really just walk away right? That's not really part of the game.

00:11:26.950 --> 00:11:34.839
Lawrence obioma: That's what. One day. I have to maybe show like one of the the strategies like the idea for the strategy. But.

00:11:35.110 --> 00:11:46.249
Lawrence obioma: like in I'll in, I'll go trading in general, and this is not any secret like the idea is that you would. And this is how I mean we do it, too. Right? You have a filter

00:11:46.380 --> 00:11:49.420
Lawrence obioma: right? And the filter tells you

00:11:49.670 --> 00:12:06.098
Lawrence obioma: with conditions are met right? Depending on what side of strategy you're trying to trade some people I know, some people who trade literally noise like they look for noise. And some people who trade, you know, breakout. So they look for very smooth, smooth trending markets, you know

00:12:06.440 --> 00:12:11.670
Lawrence obioma: and you gotta figure out you gotta filter out what doesn't work for you.

00:12:12.029 --> 00:12:18.239
Lawrence obioma: Different times different, whatever. And then from there you down look for triggers like what actually gets you into trade.

00:12:18.460 --> 00:12:24.709
Lawrence obioma: That's a little bit. That can be more complex, especially in the shorting algorithms.

00:12:25.180 --> 00:12:31.538
Lawrence obioma:  cause it's it's it's easy to know when there's weakness. But in these markets, you know.

00:12:31.589 --> 00:12:36.430
Lawrence obioma: indexes and just stocks, equities in general have a tendency to bounce.

00:12:37.079 --> 00:12:39.019
Lawrence obioma: So

00:12:40.329 --> 00:12:44.870
Lawrence obioma: like, there's a very high chance that your your shorting strategy will just get destroyed.

00:12:45.309 --> 00:12:49.128
Colby Warshel: Isn't it? Like 7, 70% of every day in the history of

00:12:49.440 --> 00:12:52.249
Colby Warshel: of the spy is green.

00:12:53.329 --> 00:12:54.750
Lawrence obioma: I wouldn't be surprised.

00:12:54.769 --> 00:13:07.098
Lawrence obioma: I can probably test that. But and that's and but but that you know. I one thing II think about. I think about charts so differently now than when I used to, you know, when you see.

00:13:07.849 --> 00:13:19.700
Lawrence obioma: even like when I see just consistent greens like I'm I'm starting, I think about it differently, like, what is the like? When is the capitulation

00:13:19.880 --> 00:13:32.038
Lawrence obioma: like? When does the capitulation start? And that's how II start looking for strategies because you look for capitulation, and then you you start to. That's where you can start to like. Come up with an idea that you think has more more of a chance.

00:13:32.069 --> 00:13:43.479
Alexander Winkler: Capitulation happens. Pretty much. Video breaks 500, and I buy to 500

00:13:43.690 --> 00:13:47.130
Alexander Winkler: dude. That's how I felt today. I was literally like.

00:13:47.490 --> 00:13:55.269
Alexander Winkler: All right, guys, I'm out of the stock. It's probably time to buy it. And there's a I think Tom also taught bottom tick today today was just such

00:13:55.870 --> 00:14:06.589
Alexander Winkler: shitty day in terms of trading. It was impossible. it's it's interesting that, Lawrence. Your your elbows are having a tough time. I know. Danny's having tough time.

00:14:06.640 --> 00:14:12.990
Alexander Winkler: I'm having a tough time. I think you're having a tough time, too, cause it just

00:14:13.110 --> 00:14:16.480
Alexander Winkler: opportunities don't come a lot. So it's

00:14:16.519 --> 00:14:20.269
Alexander Winkler: I was, I was talking to Kobe earlier, this podcast. On

00:14:21.130 --> 00:14:33.069
Alexander Winkler: like, is, it like, there's some traders that they'll basically be retired, you know, quote unquote. And then once the markets hot, you kind of know the markets hot because everyone's trading the volumes huge. A lot of green days.

00:14:33.120 --> 00:14:45.358
Alexander Winkler: Then they show up out of the woodwork, and then they'll trade super hard for 1, 2 months, and then they leave. That's so true. I mean. So I my my biggest.

00:14:45.539 --> 00:15:11.209
Lawrence obioma: I don't have a like a R&D team right or anything. So I have to like, II have to research as many traders as possible, so I watch every trader like, I don't think there's a trader you could bring up that I probably don't know in some way or another, just because I literally yeah. And I've watched literally all the chat with traders like since from the beginning till I stopped. Actually, did you? Once they changed. They got a new team.

00:15:11.289 --> 00:15:16.990
Lawrence obioma: But it's interesting to say so to say that to say that idea, because

00:15:17.059 --> 00:15:20.319
Lawrence obioma: true, I don't know. I don't know if that's true, though, because

00:15:21.329 --> 00:15:32.690
Lawrence obioma: they are traders. I'm very profitable right now. Their traders were profitable in June, July. They're traders who are profitable in February and January. And I'm talking about in the one individual person.

00:15:32.819 --> 00:15:40.848
Lawrence obioma: So I think the idea is more. When is everyone doing the easiest thing

00:15:41.519 --> 00:16:02.870
Lawrence obioma: like, what period of time? Is everyone doing the easiest thing that is working out in general, like in the general perspective, because the people who have more experience don't need necessarily always do the easiest thing, and they're used to. They're used to that. They they used to the chaos or the irregularity

00:16:03.069 --> 00:16:07.630
Lawrence obioma: when those people who come out of the woodworks don't get me wrong. They might be amazing traders.

00:16:07.940 --> 00:16:18.070
Lawrence obioma: but I also don't think they're the best traders. I think the best trade is that the ones who are the most adaptable for as many Si scenarios? Because they are the I mean isn't Tommy?

00:16:18.369 --> 00:16:21.668
Lawrence obioma: Isn't Tommy like doing pretty well right now, like

00:16:21.690 --> 00:16:28.298
Lawrence obioma: he'll have to give us the the spiel. How he's doing right now. He's he's

00:16:28.530 --> 00:16:30.389
Lawrence obioma: his Youtube, and he was

00:16:30.400 --> 00:16:48.309
Lawrence obioma: doing pretty well so, but it's it is. It is good like to think about like, I don't know how how much you guys look into, because I feel like on this discretionary end is really bad to actually look at a bunch of traders like it's because it can really mess up your mind and make you think you're doing the wrong thing.

00:16:48.340 --> 00:17:16.168
Alexander Winkler: Yeah. Personally, I don't watch too many other traders. There is a time. It was really good for me, like I was studying, you know, just countless traders right? Trying to watch daily recaps and things like that. And then I realized I got to a point in my training, where I was pretty confident myself I was green. I was trending up into the right, and the more I studied other traders at this point it would throw me off because I'd be like, oh, this person did this! Let me try it, and then I would lose when I knew in back. My head like this is working for me.

00:17:16.170 --> 00:17:20.599
Alexander Winkler: So I think it gets you like from 0 to one. But if you want to progress after that.

00:17:20.909 --> 00:17:24.099
Lawrence obioma: then you have to read. Yeah, no, I think I think trying to.

00:17:24.320 --> 00:17:25.219
Lawrence obioma: I think

00:17:25.340 --> 00:17:51.519
Lawrence obioma: trying to learn from varied traders is bad. If you're a discretionary learning from the same niche like when I used to watch chat with traders back in the day, I used to only listen to the high frequency trading people like, because I was like, I don't wanna listen to all this outgo. I don't wanna listen to all this large cat people. What did what they gonna teach me, you know. But now what I do is I listen to everyone. I listen to all the 4 XI listen to everyone. I listen to

00:17:51.730 --> 00:17:55.769
Lawrence obioma: anything and any idea. Because I and then you know what I start to find.

00:17:55.849 --> 00:18:07.809
Lawrence obioma: They are literally 100%, their 99% winning strategies in the market which is weird to me with we we talked about it with a great training. The idea of that that people. There's a guy who's been doing it for 12 years.

00:18:08.139 --> 00:18:08.969
Lawrence obioma: profitable.

00:18:09.070 --> 00:18:16.570
Lawrence obioma: like, really profitable. And it just goes to show you like. Sometimes you you get stuck in this bubble of like think of, not of

00:18:16.820 --> 00:18:34.369
Lawrence obioma: oh, like this is ha! What has to work? This has to work. This is the only way to work like where it's work, and then you realize? You realize? No, you know, something else could work something I enjoy doing. I know Danny was on this. He it was like a talk with Danny and Ross.

00:18:34.409 --> 00:18:57.409
Alexander Winkler: and I think 2 other people from where you're trading. And I really like those things. And that's kind of the reason why I wanted to get some chairs together, for you know, weekly discussion, because that helped me kind of analyze how people are feeling about the market, especially if I take couple of days off, or something like that, which I do quite a lot in in the summertime. But now I'm I'm getting back. But that kind of gets me

00:18:57.409 --> 00:19:06.860
Alexander Winkler: to see if okay, I'm thinking the right things or you know, what's their perspective? Am I missing something? Or can they explain this situation? That happened

00:19:06.860 --> 00:19:12.769
Alexander Winkler: because I don't really understand it. So that's really where I get a lot of value from, but are are tough.

00:19:12.780 --> 00:19:15.519
Lawrence obioma: I agree. III watch

00:19:15.570 --> 00:19:30.030
Lawrence obioma: a lot of trade is like Tommy. The reason why I watch Tommy's Youtube or Relentless and other people. I like to get a gauge of the markets. I don't really watch it to see their performance. It's good to see like how they are good, but I like to see when their thoughts on it.

00:19:30.039 --> 00:19:38.958
Lawrence obioma: I don't train small caps, but you know I plan to come back at some point whenever, when I'm truly bored of these large gaps.

00:19:39.460 --> 00:19:44.498
Lawrence obioma: Which is, I don't know when that will happen. But I also need.

00:19:44.590 --> 00:19:48.990
Lawrence obioma: I also need diversification. And I could do that in futures.

00:19:49.300 --> 00:20:00.329
Lawrence obioma: but you know, but I'm not sure yet I'm I'm so I'm kind of just playing around. Not really. I'm not concrete. We have 8 strategies that. Well, I guess 7 now, and I'm launching. I'm doing another one soon.

00:20:00.550 --> 00:20:07.260
Lawrence obioma: I'm just trying to get some logic with that one. It's it's pretty. It's pretty chaotic. You know. What's funny with this strategy that I'm working on.

00:20:07.719 --> 00:20:10.838
Lawrence obioma: If you if you give it a wide enough net.

00:20:10.900 --> 00:20:18.498
Lawrence obioma: it works on almost every stock almost every single like thing. When you say wide enough net, what do you mean by that?

00:20:18.570 --> 00:20:25.039
Lawrence obioma: It's a vault it based. It uses volatility. So it looks a really strong volatility.

00:20:25.309 --> 00:20:39.168
Lawrence obioma: And but if you give it a wide enough net you don't get it. I love trade at all, but if you're smart with it. You can figure it out. But yeah, you can you? It works on almost every stock. So the problem right now with this, with this strategy, though, is that

00:20:39.670 --> 00:20:45.940
Lawrence obioma: I can't. Because of that I would have to be scanning so many stocks. you know, so like I'd have to have like

00:20:46.050 --> 00:20:57.369
Lawrence obioma: 50 to 60 last caps being scanned at all time. Just to look for this one situation that happens maybe 20 times a year in in, you know one of them, so it's

00:20:57.500 --> 00:21:09.760
Lawrence obioma: it's not worth the time. So I'm trying to simplify it. But but you know what it made me think. It made me think about the small caps like the what you guys do, where you look for scans, where scan will find.

00:21:09.829 --> 00:21:13.909
Lawrence obioma: you know, a a stock like Carvana, or whatever.

00:21:14.050 --> 00:21:30.838
Lawrence obioma: and they'll pre-market that is shooting up. That only happens to that stop, maybe twice a year, maybe 3 times, you know, on eyes or something like that if you're lucky. But but it it. But, you guys, but there's a lot of edge for you guys to take out of that, because that scenario actually makes the most

00:21:31.059 --> 00:21:57.099
Lawrence obioma: actually works the most frequently because it works on everything. And it's pretty. And it it works better when you have the higher volatility. So it's pretty. It was pretty Cree interesting for me when I was coding the strategy and then thinking about what you know, what I used to do everyday. And I was like, Oh, this is crazy because I'm technically I'm finding those situations like you guys do everyday.

00:21:57.170 --> 00:22:04.789
Alexander Winkler: You do use the scanner, and then you don't have to have a specific stock. You just tell the code like. So like I said we

00:22:05.639 --> 00:22:11.929
Lawrence obioma: we were working on that right. We were working on the infrastructure. For that, my brother. We already we have, like a doodle

00:22:12.099 --> 00:22:28.318
Lawrence obioma: idea for how to implement that cause. We would have to stream the stock for a little bit, and then, you know, we we've already worked in. We're gonna use fin vis the Api while not via Api a Api for PIN vis, and like scan so we could do for free.

00:22:28.740 --> 00:22:34.838
Lawrence obioma: I just say, this man being been doing this one as a one person. and

00:22:34.900 --> 00:23:04.460
Lawrence obioma: you know my brother helps if he can. But like this, as one person is still having a job and doing like living like, it's not easy to implement all the cool ideas that I would love to. II totally feel you there like training takes a lot of your time. You know coding Trade Journal takes a lot of my time support. And then just the thousands of other things. It's it's tough. And then you try to do like a little bit of free time or something, or help somebody else, or look into anything else like.

00:23:04.510 --> 00:23:10.168
Alexander Winkler: I mean, Youtube is a whole different job. Right. That's why I haven't been posting right now, because I just don't have the time for it. And there's

00:23:10.360 --> 00:23:31.759
Alexander Winkler: yeah, I just don't see the expected value so positive right now until I get kinda out of my sabbatical mindset. So you know, once I once I've come up with a new flow on on Youtube, I'll I'll start posting again. But yeah, there's there's only so many hours in the day and so much energy. And you you want to rest, too, because if you don't rest, you start missing opportunities that are right in front of your face. So you gotta take time off.

00:23:32.050 --> 00:23:35.168
Lawrence obioma: Yeah. Well, II think before like.

00:23:35.599 --> 00:23:38.389
Lawrence obioma: But before I go on because I want to talk about like.

00:23:38.490 --> 00:23:45.148
Lawrence obioma: especially that, like taking time off, because II kind of did that this week. I'm curious on what like Tommy's because we didn't get to

00:23:45.740 --> 00:23:52.490
Lawrence obioma: ask you about like how you've been doing this week trading wise, because I saw. I think I saw that you were doing good. I don't remember.

00:23:52.659 --> 00:23:54.599
Lawrence obioma: or at least consistent.

00:23:56.820 --> 00:24:26.248
Tommy Salerno:  yeah. Yeah, I can share what's been going on, I guess, with my trading definitely have been consistent, maybe around like maybe a 10 day green streak or so, maybe 8 or 10 day, green streak or so, not like super big green days, but very consistent today was probably my first red day. In a while. Couple of weeks. About 2 or 3 weeks. But very small, very manageable, like $30 red day.

00:24:26.550 --> 00:24:30.659
Tommy Salerno: So nothing no, definitely, nothing to like.

00:24:30.670 --> 00:24:41.719
Tommy Salerno: Be down upon, especially with this markets just today was just probably the slowest day we've had in like 2 or 3 weeks, and it was already slow 2 or 3 weeks ago. So it just got even slower.

00:24:41.730 --> 00:24:46.050
Tommy Salerno: There's absolutely like no opportunity today, at least for my strategy

00:24:46.119 --> 00:24:56.920
Tommy Salerno: again, as some people that are doing well. Sf. Sfwl was the stock that ripped on late volume. I know that some traders do thrive on those types of moves.

00:24:56.980 --> 00:25:02.610
Tommy Salerno: And I'm sure there's some people who killed that and probably had a massive day. But for me, that's

00:25:02.659 --> 00:25:12.740
Tommy Salerno: for my wheelhouse definitely was did not have as much opportunity. And yeah, I kept the small losses small, but keeping it consistent.

00:25:12.860 --> 00:25:21.269
Lawrence obioma: Are you noticing everyone else like struggling, though, like I'm not struggling everyone else kind of

00:25:21.519 --> 00:25:24.000
Lawrence obioma: in a situation

00:25:24.099 --> 00:25:29.179
Lawrence obioma: where I get they're not finding like, consistent groove, like a consistent group.

00:25:30.469 --> 00:25:45.050
Tommy Salerno: Yeah, very. A lot of the traders that I have been like talking to even in our chat room and Rts, chat chat room. Yeah, you can definitely tell there's a lack of

00:25:45.070 --> 00:25:54.570
Tommy Salerno: consistence. Opportunity. And there's a lot of people, you know, have a couple of green days, and then have one red day that wipes that out couple of green days. One red day that wipes that out.

00:25:54.719 --> 00:25:55.949
Tommy Salerno: And

00:25:56.500 --> 00:26:05.179
Tommy Salerno: yeah, just a lack of lack of consistent opportunity. And sometimes you just forget that everybody else is going through that as well.

00:26:05.269 --> 00:26:25.048
Tommy Salerno: and sometimes you just get so sucked in your own bubble. You forget that you know people are also having red days, and you beat your beat yourself up so much. You think that everyone's doing so well, but in reality they're not posting when they're having your red trade. They're only posting those green trades. We all know that people do that

00:26:25.050 --> 00:26:40.579
Lawrence obioma: tend to. I don't think I don't post any of my trade. I don't even care about my my trade. But I definitely see the I mean, that's a natural progression you want to show when you're doing well. While doing that. I actually, I think it's good to see when you're doing bad, though it's funny. Cause, because

00:26:40.809 --> 00:26:49.568
Lawrence obioma: II mean personally for me, it's not really like I'm gonna stop. So yeah, a lot to learn more in the in the downside than anything.

00:26:49.630 --> 00:27:15.289
Tommy Salerno: Yeah. Another another thing is, you know, when I first started treating, you know, I would always see other people doing really well, and I would always feel bad about myself that I was like, I didn't know what I why, what am I doing wrong? Why am I red on this talk and someone else's green on the stock? And I always just feel bad about myself whenever I looked at pnls and other people's Pnl, and so like for me, I don't like to post

00:27:15.400 --> 00:27:26.150
Tommy Salerno: all of my green days unless somebody asks just because I don't want anyone to really feel that same way that I felt my about myself when I first started trading.

00:27:26.219 --> 00:27:32.248
Tommy Salerno: And that's why I also like to share, you know, when I have red days as well. So people can, you know, relate to me.

00:27:32.320 --> 00:27:35.190
Tommy Salerno: and that you know it's normal to have their tread days.

00:27:35.820 --> 00:27:49.829
Lawrence obioma: Yeah, it is. It definitely is. And I'm I'm actually also my God, I actually like, I'm actually like liking the fact that we're in the red kind of a Red Streak cause it's it's so much more to learn. I feel like this really, not not much for me to learn when the market is doing well.

00:27:49.929 --> 00:28:01.500
Lawrence obioma: and it gives us false sense of security. Cause this always. This is a you know we're talking about. This is not like a closed market like this is not? This is not like a closed

00:28:01.579 --> 00:28:04.338
Lawrence obioma: a closed what do you call it?

00:28:04.360 --> 00:28:10.179
Lawrence obioma: Like a closed platform kind of like something like poker where you can kind of

00:28:10.679 --> 00:28:18.039
Lawrence obioma: figure out what the next thing is gonna happen, because, you know, to some extent you never know what could happen. The next day.

00:28:18.320 --> 00:28:22.088
Lawrence obioma: so yeah, trying to trying to figure it out when it's really bad

00:28:22.420 --> 00:28:23.898
Lawrence obioma: is the best time to

00:28:24.530 --> 00:28:27.329
Lawrence obioma: is the best time to like, sit down and really pay attention.

00:28:27.550 --> 00:28:40.648
Tommy Salerno:  yeah, with the coby, just dropped, but also also to add on Alex's point about watching other traders. II don't like to watch other traders as much, either. I do occasionally.

00:28:40.650 --> 00:29:03.639
Tommy Salerno: but you know now that I kind of found my own strategy. If I start to watch other people. It starts to influence. Yeah, that's how I felt, too. When I was discussion, I noticed I can't listen to anyone else. I had to listen to the people only who do what I'm doing. I like tracing the same thing day in and day out, or the people who have traded the same thing. They know they are.

00:29:03.719 --> 00:29:09.278
Alexander Winkler: Yeah, it's it's good at first, you know. I'll help you understand helpful strategy

00:29:09.400 --> 00:29:28.009
Tommy Salerno: profits to be made. But yeah, it's once you once you're profitable it? Yeah, you need to focus on yourself your statistics, what's working and and so on. So forth. Yeah, talk talks like these, though, definitely help for already kind of people who crack the code. Just yeah, of course, just to get that gauge on the market.

00:29:28.030 --> 00:29:38.849
Lawrence obioma: So it's like this really helped me with like, even when I wasn't profitable. I think one thing you know, II assume people would take away from this from these are.

00:29:38.980 --> 00:29:44.820
Lawrence obioma: you know, mindset of like people who are in different stages.

00:29:44.840 --> 00:29:57.380
Lawrence obioma: Like II don't really understand how some people look for why people, some people look for the best traders every time. In my opinion, II always look for the people who are struggling.

00:29:57.449 --> 00:30:01.519
Lawrence obioma: Because the people who have made it cannot give you

00:30:01.860 --> 00:30:25.260
Lawrence obioma: as much insight into what the the growth looks like, because they're not in the growth at. In that moment they have growed, they have, they have gotten to the point where they've made it, and sometimes they might have forgotten all my misstep, some tri trials and tribulations that they they went through it on a day to day basis. So I always liked to look for the people, you know, like I think that's why II kind of went

00:30:25.289 --> 00:30:32.309
Lawrence obioma: enjoyed the moments. Kobe was on the chat, on the on the podcast more than then.

00:30:32.389 --> 00:30:42.659
Lawrence obioma: Yeah, because I only listen to the ones with Kobe in it, because I was. I was more interested in his mindset. Yeah, I was more interested.

00:30:42.849 --> 00:30:57.820
Tommy Salerno: Honestly. Ha! That's off the Colby man. I don't know how the heck can you even sticking it out for dude? II honestly I don't know if I doing this. If I was in your shoes, I'm I don't know how you're doing it.

00:30:58.190 --> 00:31:13.869
Lawrence obioma: I think II think the thing is also I know I could, and that's why I like it more. Because I I'm tenacious. I would probably do this for 10 years, even if I was losing money like I, just because I don't. I also don't do things that I don't feel like

00:31:14.230 --> 00:31:21.030
Lawrence obioma: I want to figure out how to crack at some point like it does. It's I like, I'll do it. Probably focus on other things like kind of where you are at

00:31:21.349 --> 00:31:39.050
Lawrence obioma: on your space. But like I'd still be like, you know, trying to figure it out. I think that's why I was telling you. That's why I was telling you like, maybe you should figure out like a way to maybe just focus on how to back test ideas, because then then you don't have to stress about it as much

00:31:39.369 --> 00:31:46.239
Lawrence obioma:  cause. You know, there, there are a lot of other platforms out there that can access very basic ideas.

00:31:46.380 --> 00:31:56.659
Lawrence obioma: but like, what's what's your like? What's your mindset right now. as far as as far as like trades taking trades and making sure your ideas work out.

00:31:56.710 --> 00:32:06.980
Colby Warshel: Yeah. Well, I've been everywhere, all over the place. I've tried every market, every in instruments, every single thing, and the only one that I've like.

00:32:07.490 --> 00:32:18.710
Colby Warshel: I mean, I don't have success in any of them up to be fair, I mean small caps. I was profitable in like 6 months, but then it was such a lull for like 4 months that I was like, I gotta try something else. This is awful. I also hated the whole

00:32:18.829 --> 00:32:38.289
Colby Warshel:  like having to get in and out so fast like that shit was so stressful to me that I just I'd wake up, and I'd be like 701, and I'm fucking like jacked off so much caffeine. I'm like, I don't wanna fucking. Feel like this every day. If you didn't have to trade at 9 in the morning or 7. I could do it

00:32:38.289 --> 00:32:56.458
Lawrence obioma: if I could trade it like 4, I can, II well, II can, because it's my personality like my I love. I love that shit. But is the waking up in the morning that killed me so. But yeah, keep going. But I trade natural futures, and the only thing that I've never really done so far with futures is like literally

00:32:56.809 --> 00:33:18.159
Colby Warshel: one strategy, and I know everyone always says that. And they're always like, Oh, you only need one strategy to make money in the markets. And I was always like, yeah, yeah, what the fuck ever. Yeah, of course, you only need one fucking strategy. But now, since I'm so just over it in general, I'm just like, okay. I don't know if this ever gonna fucking work. So I need to spend way more time doing other shit, cause I can't be fucking 30 years old

00:33:18.280 --> 00:33:28.889
Colby Warshel: losing 2 grand a year, cause I'm still trying to be a trader right like that's fucking stupid. So I need to like either build a business doing something else. And the only way to do that is like one strategy.

00:33:29.010 --> 00:33:53.170
Colby Warshel: The variables are extremely simple, like way, more simple than any other strategy I've ever had in my entire life. And I'm basically sitting around waiting for that one variable to happen. And if the other one exists and it's the right direction, I take the trade, and if it doesn't, I don't. And I'm just. And I bought a like a top step 50 K account. And I'm gonna trade this strategy. Only in that account. So all my stats are kind of separated from everything else, and

00:33:53.269 --> 00:33:58.829
Colby Warshel: that account is solely for this strategy, but helps you allows you to trade features. Right?

00:33:58.949 --> 00:34:05.759
Colby Warshel: Yeah, it's all futures. I'm pretty sure it's only futures trading. but it's like 50 bucks a month, like

00:34:06.670 --> 00:34:36.559
Colby Warshel: I mean to to risk 50 bucks a month, and I'm trading with es contracts. So it's like kinda fun when I get a trade, even though it's I know it's fucking paper money. I'm just like, Oh, I got a nice trade with $500. It's like, Oh, that's kinda cool if I ever like, do get funded. And I can actually make money in this account. And it's not just like using one micro contract with my own money, you know, cause even with one microstream, like 50 bucks a day. That's like the smallest possible size you can use and futures. I guess they have those super minis now, but like I'm not fucking, doing that. But

00:34:36.849 --> 00:34:49.320
Colby Warshel: risk 50 bucks a month to like. Try out a strategy compared to 50 bucks a day using my own money. I'll just take the evaluation account. So that's what I'm doing now, and I don't. I mean I'll give it. Probably I don't know

00:34:49.480 --> 00:34:57.960
Colby Warshel: 3 months if it works cool. If it doesn't still gonna do, the Airbnb is still gonna build shit for other people. Still, gonna try to make money

00:34:58.969 --> 00:35:08.849
Alexander Winkler: you with with anything you do in life. You kind of always want to still live your life. You don't want to put your life on hold. And you typically want to be always

00:35:09.349 --> 00:35:32.628
Alexander Winkler: kind of practicing or exercising 1, 2 to 3 different options. I mean, I'm all for doubling down and giving it all, and going all in. But you do. It is good to have different, you know. Quote streams of income in in that regard, and practicing different skill sets, you know, especially if they're you're curious about something definitely practice that on the side. You'll never know when it

00:35:32.699 --> 00:35:34.780
Alexander Winkler: when it comes really handy.

00:35:34.990 --> 00:36:03.898
Colby Warshel: It definitely is like, like once you do the I'm all in no plan, B. Like you can only do that for so long. You can't do that for years and years and years, like I did that for 2 years, and that was more than enough like now, when II don't really have the desire to go on Youtube and like, look up all these trading videos and look up all this like, whenever I wanna find something interesting and trading, I just go to chow traders, listen to whatever podcast but I'm not like out here trying to learn new shit every day. Like, I have the information.

00:36:03.900 --> 00:36:14.509
Colby Warshel: I just am not implementing it correctly. And that's like the biggest thing is like even the even the discretionary aspect. And ever since Laurence came on and I've been listening to all the podcasts and all that I'm like.

00:36:14.550 --> 00:36:19.730
Colby Warshel: why, the fuck am I trading even like? If this strategy is this simple, it's literally like.

00:36:19.820 --> 00:36:41.090
Colby Warshel: break the pre market high, break the pre market low, watch the volume, Delta, watch the advanced decline line. If they're trending in the opposite direction. Take the reversal trade period. That is it very simple, that is, that's the whole strategy I'm like that can't be fucking hard to code. Well, I would go look up like how to back test and trade station. I'm like on my sixth 1 h long Video. And I'm like.

00:36:41.090 --> 00:36:52.168
Colby Warshel: I can't fucking do that. So I'm not gonna fucking, do. I'm not about to spend the next 3 months learning out of fucking code like $1,000 before I do that shit.

00:36:52.219 --> 00:36:57.199
Lawrence obioma: You've reached your burnout rate when you should have reached it.

00:36:57.650 --> 00:37:06.170
Lawrence obioma: You sh! You couldn't use that like the energy for that to have learned how to back test it, cause I'm realizing right now I'm close to my burnout rate.

00:37:06.289 --> 00:37:07.998
Lawrence obioma: But I have my strategies done.

00:37:08.280 --> 00:37:18.889
Lawrence obioma: I was telling my goals like I could. Just. Most of these strategies don't need to be optimized for a year and a half like I could. I could probably, if I had. If I had 400 k. Right now.

00:37:19.240 --> 00:37:22.858
Lawrence obioma: right now I could make probably 200 k.

00:37:22.889 --> 00:37:31.188
Lawrence obioma: Annually, and just not have to worry about it. Just have to worry about liquidity and stuff like that. So it kind of makes you

00:37:31.429 --> 00:37:39.699
Lawrence obioma: realize. That's why I started to realize don't get me wrong. I love the I love trading, and I love the idea of like consistently doing well.

00:37:39.840 --> 00:37:43.030
Lawrence obioma: But it's it's it's kind of

00:37:45.070 --> 00:37:49.159
Lawrence obioma: it's it's a. It's the worst part of the game to play.

00:37:49.380 --> 00:37:52.050
Lawrence obioma: because your mental health, your mental

00:37:52.159 --> 00:38:10.438
Lawrence obioma: abilities is constantly being tested every single day and just. And there's a stress associated with performance like every performance sport. That's why you don't see even Elite Co. Gamers play over like of. So period. Sometimes it's not when their reaction speed has died down. It's like mentally they can't keep up.

00:38:10.440 --> 00:38:24.918
Lawrence obioma: You can't keep up with a 12 1230 year old, who is the best in the world right now, just destroying you, who has 5 more years of of playing power. Right? So II feel like the better play. Way to play the game is to automate it as much as possible.

00:38:24.929 --> 00:38:29.778
Lawrence obioma: And II that's why I think I said this in the beginning, like when I first hopped on

00:38:29.820 --> 00:38:38.009
Lawrence obioma: early on, is like I do see a a a time in in the next 10 to 15 years, where retail traders are

00:38:38.019 --> 00:39:01.139
Lawrence obioma: somewhat algorithmic because it happened in the finance sector around. You know, the 2,005 like it. Really, everything became became completely algorithmic, like the it's. I really wasn't the nineties like 1990. I think I think it was 90 94, like almost everything like pro the the bigger level processes were automated. And now it's like almost everything is automated.

00:39:01.139 --> 00:39:23.458
Lawrence obioma: And I think, like at some point, retail retail is gonna catch up and be like you know what? While the ha like is the same way you play, you know. Actually, Kobe, II know you're into poker right to some extent. Funny thing is, I don't know how to play poker at all, but I probably watch every poker documentary ever released, because the mindset of poker players is in is interesting to me. And I

00:39:23.579 --> 00:39:35.769
Lawrence obioma: I've been in Vegas a few times, and I know some, you know, really high end, you know. Professional gamblers who know? You know some of the biggest people, all the fields and all of that.

00:39:35.909 --> 00:39:39.509
Lawrence obioma: and I've gone to see them, I said, like one of the guys.

00:39:39.780 --> 00:39:43.938
Lawrence obioma: I don't wanna say who he is, but he does really. Well, he! He! Pretty much

00:39:44.059 --> 00:39:49.728
Lawrence obioma: a lot of. He flows a lot of his money in bet. Mgm, like you and he does a lot of horse racing and all of that.

00:39:49.780 --> 00:40:12.639
Lawrence obioma: But you know the mindset of poker players. The gambler mindset is really interesting. They risk 25% of their equity almost on daily basis, like they. And that's why they're so profitable. Right? I think that's why I wanted to start that 2 K account was because I realized you know, I have to at least have something taking huge risk like because you don't really get the prof. The you don't get the.

00:40:13.389 --> 00:40:14.300
Lawrence obioma: the.

00:40:14.679 --> 00:40:44.489
Lawrence obioma: the growth that you really want that really resonates with where you you see yourself in the next 2 to 3 years, unless you take those massive risks. So I wanted to do that on an account that you know, doesn't really affect my net worth, you know, for now you know which. By the way, that account is now 50 and drawdown. What we do. But it's but the thing is that it risks so much. It's gonna climb up at some point in and destroy everything. But yeah, it goes back to the idea that, like

00:40:44.570 --> 00:41:05.079
Lawrence obioma: the smarter way to trade for me, was automating it. And it was just II it's not necessarily sometimes better than it's not better than Danny. It's not necessarily better than Tommy, but it's it has more longevity for me. Even though, like I slave away on coding. Sometimes I wish I enjoy. By the way, it's not like II don't enjoy this because I'll tell you this, Kobe.

00:41:05.420 --> 00:41:16.958
Lawrence obioma: when I first started for the first 8 months I knew no, II had no idea what I was doing for a long time, like my goals, like she see me here just sitting in front of Amy Broker like coding, doing nothing. Nothing is working.

00:41:17.039 --> 00:41:19.000
Lawrence obioma: And then, when stuff started working

00:41:19.289 --> 00:41:27.489
Lawrence obioma: oh, it was! It was dangerous, because what was happening now was that I can now any idea I wanted? I can now just test it.

00:41:27.519 --> 00:41:36.280
Lawrence obioma: I could just run it and like, if I was like, huh! What does volatility do to this? Literally one line of code or 2 lines of code tested. And I'm like, Oh.

00:41:36.500 --> 00:41:48.579
Lawrence obioma: that's why I feel like I've seen so many scenarios, and I've seen like whenever I see an equity chart, I kind of know what idea behind the strategy is just off looking at the Equity chart. I don't really need to. I don't even need to

00:41:48.710 --> 00:42:11.878
Lawrence obioma: to know the person's strategy. I can kind of understand that like. Oh, he's taking very small profits and making waiting for huge wins. Oh, he's waiting for huge rains, thinking I can start to figure out what the percent win rate on and everything. And I just I just see that as a better way to trade. Not the best way to trade a better way to trade over a long, longer period of time. And I will. I will say this.

00:42:11.920 --> 00:42:25.179
Alexander Winkler: II was gonna say, that's why I'm really adamant about, you know, if it's slow. Or you know, I think next summer I'm probably just gonna take August fully off, like II wanna trade for a long period of time. And I think the best way to do that is only trading when it's really good.

00:42:25.250 --> 00:42:30.858
Alexander Winkler: Otherwise you're you're scratching around for weeks or months, and you're just wearing yourself out.

00:42:31.010 --> 00:42:37.889
Lawrence obioma: and that's that's another reason why I always wanted to only trade 1 h of the day like II always wanted to trade all day and like, Look.

00:42:38.329 --> 00:42:48.510
Lawrence obioma: if you just want another job, take it like that was, though that was know what I did this while I didn't do this. I did this for the challenge of

00:42:48.820 --> 00:43:07.760
Lawrence obioma: You know. Obviously, I, you know, solve this competitively like, for like till I was 16, once I had the national record I left. I was like, alright. That's because you have to practice every day solving the cube and that kids like the world record. Now, it's like 3 s 3.1 3. I know right? My best.

00:43:07.840 --> 00:43:11.599
Lawrence obioma: My best is like 8 s. But

00:43:12.050 --> 00:43:21.809
Lawrence obioma: but yeah, I mean, like you, don't I? And I'll say this. I've never been like people. Some people think I'm really smart, and I've always mentioned I've never been. I've always I've been bad at school.

00:43:21.960 --> 00:43:25.860
Lawrence obioma: I did that in a lot of things. But I've I've always been the most like

00:43:25.889 --> 00:43:49.460
Lawrence obioma: determined to like, keep going. I think. Yeah, tenacity and consistency is more so it's it's more lucrative than than actually performing in in performing better than everyone. First, because the person who can keep going is the one who usually wins the race. It's not the person who just did well, the first time around.

00:43:49.519 --> 00:44:02.168
Lawrence obioma: You know. Tap! That's why we say, do we say talent can only take you so far without hardwood. But but yeah, it's back to this, to the idea of like back testing. It's like, if you can back test your ideas to some extent.

00:44:02.240 --> 00:44:09.679
Lawrence obioma: You know, even if it's on small caps. I don't know how you do. I mean, I know how you do that, but I'm struggling to to even

00:44:09.809 --> 00:44:11.938
Lawrence obioma: want to do it.

00:44:12.130 --> 00:44:20.829
Lawrence obioma: But like I would, I would I would do it, I would. Honestly. That's why, you know what? When I when I chose to do this, you know what happened. I had to stop trading completely.

00:44:21.039 --> 00:44:25.418
Lawrence obioma: so I literally did not pick a trade for like months, and my

00:44:25.480 --> 00:44:49.998
Lawrence obioma: my equity shot on like my my training platform was like just flat, and it was like it was an I. It was interesting to me because I took some trades here and there, but it wasn't every. But it was interesting to me because I was like I was watching it. I was just like, don't worry, I'll come back. Don't worry. I'll come back because I was working on like the idea of how to dominate that. And now I definitely feel, even without drawdown, like the reason why I don't feel any sense of like

00:44:50.389 --> 00:45:01.139
Lawrence obioma: oh, my God, I'm failing. It's because well, well, first of, we still have more profit than we've lost. Second, we're we're sized up right now. That's why this drawdown is even happening.

00:45:01.449 --> 00:45:16.179
Lawrence obioma: I think we're in a 12% drawdown on the simulations. On a whole, as a whole. on my account, is different, is is a lot less because I have more money in that account. For leverage reasons, because this broker wouldn't give me leverage. But anyways, it's

00:45:16.190 --> 00:45:31.139
Lawrence obioma: the idea is that I know you know, no matter what I'm gonna figure it out. And the you also have to remember, this is a common phenomenon, you know, algorithmic training is not you guessing and hoping that it works out. You know there's a lot of people who make their days

00:45:31.420 --> 00:45:39.150
Lawrence obioma: that they all their money, and like III don't know if Coby you looked up one of those guys like I sent you the link. He's up.

00:45:39.590 --> 00:45:42.039
Lawrence obioma: I'm pretty sure he's up

00:45:42.449 --> 00:45:51.688
Lawrence obioma: at least 700 700 ball 700 k, right now, just office. Like, if you read, do you really think about that like living life.

00:45:52.170 --> 00:45:55.719
Lawrence obioma: not doing anything? And your Algows make

00:45:56.050 --> 00:45:58.219
half a million dollars

00:45:58.530 --> 00:46:07.179
Lawrence obioma: like it just makes you think like, what's the what's the point of me doing anything? Sometimes I feel I feel like I'm gonna get into run into an existential crisis where I'm like.

00:46:07.389 --> 00:46:08.380
Lawrence obioma: well.

00:46:08.800 --> 00:46:16.409
Lawrence obioma: I cause I already feel like the markets are a joke. I feel like holiday people slaving away every single day, working.

00:46:16.500 --> 00:46:28.309
Lawrence obioma: And and you know somewhat feeling this with 4, one K's and Stru and struggling while there are people with full algorithmic ais, that bill that just rake in money

00:46:28.340 --> 00:46:39.909
Lawrence obioma:  and like, you know, from them. And it's it's it's kind of ridiculous. I feel like the market. So honestly. I think that's why a big part of me, you know, if I once we get up to the higher

00:46:40.019 --> 00:46:46.420
Lawrence obioma: figures like 7 8 figures. A a big part of me is just gonna give up all that money. I don't need that much money.

00:46:46.449 --> 00:46:47.820
Lawrence obioma: I don't use money.

00:46:47.940 --> 00:46:53.110
Lawrence obioma: I barely spend any on anything for me is, I think I'm just gonna give it back.

00:46:54.050 --> 00:46:59.940
Lawrence obioma: when I always I always have this like funny fantasy in my head where I'm like going to be the fucking Vigilante of

00:47:00.130 --> 00:47:07.429
Colby Warshel: Wall Street, where billions of dollars and you just fucking funnel that shit into every low income housing

00:47:07.460 --> 00:47:09.648
unit in the fucking country. Yeah.

00:47:09.880 --> 00:47:18.289
Lawrence obioma: yeah. Yeah. And I think I'm for me. I'm gonna be small with, I'm gonna like. I think I'll give it to the view, you know. Have you ever heard of Andrew Yang?

00:47:18.740 --> 00:47:35.969
Lawrence obioma: Yeah. Yeah. The like. The $1,000 thing that you wanted to give back. Can I just say that idea that he had? I already had that idea? I ha! I had that thought of like a couple of years before, not not years, but like I thought about it before, because

00:47:36.019 --> 00:47:51.539
Lawrence obioma: I always lose, like all these tech companies, to some extent. and it's the same thing in trading like the the tech finance. Well. they are pretty much creating all these mathematical models to make sure that they're always on the winning side. Right?

00:47:51.710 --> 00:48:05.860
Lawrence obioma: The same way that you know, you know, Gto came into poker. Like all these game theory, people who are beating all these discretional poker players who, you know is. And it happened in the it happened in Wall Street to when

00:48:05.920 --> 00:48:25.478
Lawrence obioma: computers came, and all the actual Wall Street people on the on the floor were losing because they were like the trains were being taken from them, and they didn't even know what was happening before. They were just guessing. They were just making. It was just play. It was just like, Take a huge bet here. Huge bet here. Now, you know, computers are beating them. But II always had this idea that tech

00:48:25.490 --> 00:48:35.500
Lawrence obioma: is taking so much of the money, and people are barely working cause. I know I have friends in like different companies that are like making so much money, and their their job is like making a button.

00:48:35.510 --> 00:48:48.990
Lawrence obioma: Right? It's like we got a whole job for like 3 months is like building a button to work. And I've I've always been like, you know, what if tech is gonna be taking this much money just absorbing it. Shouldn't they just tag, give that money back to the normal, to

00:48:49.010 --> 00:48:50.159
Lawrence obioma: to humans.

00:48:50.289 --> 00:48:52.338
Lawrence obioma: since at the end of the day

00:48:52.500 --> 00:48:58.338
Lawrence obioma: they are working, they're they're taking more money than they need, right? They're doing less work.

00:48:58.349 --> 00:49:11.938
Lawrence obioma: And all these people are working hard and not getting any money. II don't know in my head. It just made no, it made no probable sense. And so, when he had the whole idea, for, like the you know, charge the tech companies more, give back the money to the to

00:49:12.079 --> 00:49:28.730
Lawrence obioma: to everyone like kind of like what I can. I think Alaska does that. I think they give back a huge amount of money to the people who just live in Alaska. You get like a certain amount of money. So basically, taxes are in the social network

00:49:28.949 --> 00:49:41.789
Lawrence obioma: to your your civil civil structure. Right? They don't actually go in your hand. Cash. But this he was talking more about cash directly to to individuals

00:49:41.869 --> 00:49:47.369
Lawrence obioma: based from these tech companies that are, you know, just sucking up billions of dollars doing.

00:49:47.579 --> 00:50:00.079
Lawrence obioma: you know, the bare minimum? I don't know. It was. It was an idea. But I'm not trying to get into politics, because obviously, that's kind of political, but it it kind of goes back into finances, that and that most of the 90% of the volume in the markets are, you know.

00:50:00.309 --> 00:50:18.989
Alexander Winkler: well, 80% or 90 I can't remember is is completely algorithmic, based to some extent right? I think what goes more than adding value to society. If you want to make money is typically riding some sort of trend as long as possible, because then you could add very small incremental value, but still make a lot of money. But if you're adding value, but no one values it.

00:50:19.010 --> 00:50:39.780
Alexander Winkler: It's basically worthless. So yeah, you gotta ride the ride. The right sectors. That's that's absolutely huge.  But yeah, I guess before we go into to philosophical, which we could definitely do. And how do you guys feel in terms of wrapping up the week? What are some game plans going forward? Anything different.

00:50:42.290 --> 00:50:47.499
Alexander Winkler: You go first. Oh, God, I know I know for me. I need to.

00:50:47.790 --> 00:50:56.419
Alexander Winkler: You know, I started this week off or this month off. Really good. Besides closing edx, or was it edx? I lost so much?

00:50:56.669 --> 00:50:59.829
Lawrence obioma: I thought it was behind you is at ENTX

00:50:59.959 --> 00:51:12.089
Alexander Winkler: and oh, no. E. Oh, entx is just another ticker. I traded today and I got caught. I bought on this massive pullback, thinking you would continue. And I got I wrote this flush literally

00:51:12.179 --> 00:51:14.339
Alexander Winkler: almost all the way down. I took a

00:51:15.070 --> 00:51:44.968
Alexander Winkler: $1,200 loss on that one. Yeah. So that's why I put this stock to remind myself not to touch sub dollar. I never touch sub dollar. And then every time I do, I get reminded why, why, I don't just like edx. I never touch tickers over 20 bucks the one time I do lost 5 K. So I don't know what it is. I don't know. II feel like every now and then I have to make the same mistake to remind myself, but I wish I didn't have to do that. So gotta be a little bit more mindful.

00:51:45.290 --> 00:51:56.120
Alexander Winkler: yeah, for me going forward. I just need to do more of what I'm good at. Like the last few trading days I really nailed. I had like $1,000 profit, 800, 700, you know, pretty solid days

00:51:56.240 --> 00:52:09.438
Alexander Winkler: today I'm just down 2,000. I was actually down 2.1,000. I took 2 tiny trades during this call. And now I'm only down 19.19 3. So 1,930. Yeah.

00:52:09.480 --> 00:52:16.218
Alexander Winkler: tiny traits that barely worked. They're just scratches. I took them cause it looked like a good setup. But I actually didn't end up working. So I kind of closed for scratch.

00:52:16.349 --> 00:52:25.999
Alexander Winkler: But yeah, I mean, you know, days like today, where the expected value is just not really there, there's a lot of stuff not working. I literally trended down all day today, which is also rare.

00:52:26.330 --> 00:52:35.879
Alexander Winkler: like I'm I'm I'm on a backside of a P now, like II need to cut that as quick as possible. And today I failed at cutting it quick enough. So

00:52:36.379 --> 00:53:03.848
Alexander Winkler: yeah, just being more mindful. And walking away as hard. It is. Sometimes I'm actually quite good at walking away. I really don't know why I over traded today, probably because I knew the podcast. Was coming up. And I was like, Well, I'm gonna be here in 30 min again, anyway. So let me just stick around. I do know that sometimes that gets me in trouble. If I if I know something's coming up and I stick around just because I'm gonna have to be here anyway, in like 30, 40 min, and then I'll I'll keep trading. So I'm just looking at the charts

00:53:03.900 --> 00:53:13.790
Alexander Winkler: as opposed to like, okay, I have another project close and leave. But yeah, so that's that's me. That's my game plan. Just kind of do less of the bad, more of what I'm I know I'm good at and

00:53:14.580 --> 00:53:17.799
Alexander Winkler: yeah. double down when it's when when it's working.

00:53:20.059 --> 00:53:23.179
Lawrence obioma: Yeah. I like, Kobe go

00:53:23.490 --> 00:53:27.018
Colby Warshel: Cpis tomorrow. So trade that

00:53:27.320 --> 00:53:30.179
Colby Warshel: maybe make some money. Maybe you lose a fuck ton.

00:53:30.240 --> 00:53:36.450
Colby Warshel: I don't know. Stick to my one strategy. If I see any other trade or any setup that is not that, do not take it.

00:53:36.620 --> 00:53:39.379
Colby Warshel: Make sure that I'm

00:53:40.450 --> 00:53:51.699
Colby Warshel: I built this really. So we have a garage like below where I'm at. And it was just full of shit just from like 25 years of accumulating bullshit from my family. We have 6 people in my family. We're just

00:53:52.320 --> 00:53:55.139
Colby Warshel: always just accumulating shit. There's Danny.

00:53:55.330 --> 00:54:10.009
Colby Warshel: So I cleaned out the whole garage for literally like 6 days. And I built this sick work like workshop in the back. So I'm gonna be able to like build cabinets, and like, do all this stuff that I've been wanting to do. So. I can have some kind of winter income, and like, make a little Lc, like

00:54:10.349 --> 00:54:17.228
Colby Warshel: building shit and remodeling people's houses, and focus on that more than trading. And that's my plan.

00:54:18.830 --> 00:54:22.949
Lawrence obioma: Hope you don't go too far away from trading, though I'll I'll

00:54:23.019 --> 00:54:48.268
Lawrence obioma: II fucking hated it so many days in a row, and still show up the next morning like really excited. There's just no way that's gonna go like II go through phase where I just fucking. I'm like every trade I take, every decision I make is totally just wrong, no matter what, and I hate it. But I every day, no matter what, I still wake up, and I'm like I can't wait to trade so like I don't know. I definitely I definitely don't want you to, because I feel like

00:54:48.269 --> 00:55:10.909
Lawrence obioma: there's always there's always always on the edge, like you're always on the edge of figuring it out. You just you know, it's just it's just waiting, cause I definitely felt like I was there. And for a little while, and then kind of well, II kind of figured it out closer to what I was discussing with reading, but II found to realize, what what am I doing? This was like, I just II know. I know you guys love still of doing it and everything

00:55:10.950 --> 00:55:19.919
Lawrence obioma: for me. I would rather lose my money on an outgo and not be actually training and sleep. I usually sleep and wake up and see how they are with it?

00:55:20.049 --> 00:55:21.950
Lawrence obioma: because I hate waking up in the morning.

00:55:22.179 --> 00:55:29.250
Lawrence obioma: Then then, you know, to actually take the trades. It felt more. It feels more comfortable to me. But yeah, I mean game plan for me.

00:55:30.040 --> 00:55:36.570
Lawrence obioma:  really. I mean, now that we've stopped, we've stopped that strategy. Now that it's broken.

00:55:36.799 --> 00:55:56.239
Lawrence obioma: I get to redo it. I'll rethink of an idea to make up for it, because I still need to take advantage of the idea. It's obviously just wasn't taken advantage of well enough but that's usually how I think about it, because I'm not. I never trade. I don't trade executions. I trade ideas, executions of what just gets me in

00:55:56.250 --> 00:56:00.659
Lawrence obioma: so I need to figure out how to make the idea still work.

00:56:01.160 --> 00:56:13.808
Lawrence obioma: and then, boom! I'll be done. And then I have another strategy that we're dropping either this week or next week on depending on how much I care. I'm also on a little bit of a break, just because I was coding for a lo! A little while.

00:56:14.030 --> 00:56:16.269
Lawrence obioma: and I have other stuff to focus on, so

00:56:16.620 --> 00:56:23.209
Lawrence obioma: not as into it as II was the last couple of weeks, so kind of just chilling until

00:56:23.429 --> 00:56:26.900
Lawrence obioma: I feel as super motivated to do something crazy.

00:56:27.110 --> 00:56:37.928
Lawrence obioma: or someone offers me a million dollars and says, I do this for me. And I'm like, Okay, yeah, I'll let Tommy and Danny since Danny just joined.

00:56:39.330 --> 00:56:40.459
Daniel Camozzo: We're talking about

00:56:40.940 --> 00:56:43.139
Lawrence obioma: plans for the for the rest of the week.

00:56:43.629 --> 00:57:00.099
Alexander Winkler: I thought I was early. Yeah, I don't think you read the the message we did basically did an hour early, because I have to run but that's totally fine. We're kind of doing our little synapses of, you know, just overall how we feel going forward.

00:57:00.299 --> 00:57:06.889
Alexander Winkler: We'll let Tom finish up, and then we'll let you talk about just you know how how you did today, and or you know anything you want to share. And

00:57:07.099 --> 00:57:12.579
Alexander Winkler: so I was, we'll just do that so short for you. Keep it easy. Yeah.

00:57:13.209 --> 00:57:24.280
Tommy Salerno: Yeah. So my moving forward is just gonna keep taking the day as it comes, and anticipate the momentum before I start trading, a lot of people make the mistake of

00:57:24.339 --> 00:57:38.099
Tommy Salerno: and of of projecting the previous market days past onto the day today, and just does not work like that you had to anticipate, as today could be something completely different. Today was a perfect example of that.

00:57:38.179 --> 00:57:54.678
Tommy Salerno: and I know a lot of people got stuck in some serious flushes. I did as well but I was able to keep this size small, because I was able to kind of anticipate that the market was not as hot, it will, as it was previous few weeks from the previous runners that we had.

00:57:55.370 --> 00:58:06.049
Tommy Salerno: Yeah, I was able to keep the size small and manage my downside risk. And I'm okay, which is walking away small red for a day like today. But yeah, it's important to anticipate

00:58:06.110 --> 00:58:09.400
Tommy Salerno: the market's momentum before you start trading.

00:58:10.849 --> 00:58:12.709
Tommy Salerno: Yeah, that's what I'm working on. Yep.

00:58:14.190 --> 00:58:22.568
Daniel Camozzo: yeah, I would totally agree with that. I started doing a daily report card this week, because September has just been absolutely

00:58:22.769 --> 00:58:25.789
Daniel Camozzo: awful to me so far.

00:58:26.169 --> 00:58:33.478
Daniel Camozzo: and I was watching a lot of videos over the weekend some of them from Lance, our buddy Lance

00:58:33.530 --> 00:58:45.449
Daniel Camozzo: so I'm doing a bit of a daily report card, which means that before the market opens I'm coming in and jotting down my thoughts. My daily temperature type thing.

00:58:45.580 --> 00:59:03.768
Daniel Camozzo:  today. I wrote down expected value based on what we were seeing pre-market. And I think that's been helpful. I am on a tiny, practically non existent green day today. But yesterday I was green with a fairly decent.

00:59:03.879 --> 00:59:10.119
Daniel Camozzo: half half decent, half solid green day. especially considering what the market gave us to work with. So

00:59:10.349 --> 00:59:20.289
Daniel Camozzo:  I think that's been helpful. I'm looking forward to continuing that. That's pretty much it. September, E. If I can get out like

00:59:20.309 --> 00:59:31.809
Daniel Camozzo: flat on the month, would be a win so we'll see same same. Here we we get off flat in our accounts right now. Oh, my God, I'm like this is ridiculous!

00:59:31.910 --> 00:59:39.309
Lawrence obioma:  I noticed. One thing is funny. I found that me, I think Kobe and Danny all play the guitar.

00:59:39.490 --> 00:59:47.289
Lawrence obioma: I play the guitar, for like I play the guitar for 8 years. I don't know how much you guys like how intensely you guys play. But like II was like.

00:59:47.490 --> 00:59:59.268
Lawrence obioma: I literally was, gonna go to school for music because about my Instagram, you see, I play. I can like I don't have a guitar with me because I get addicted to playing. I used to play for like 8 HA day

00:59:59.900 --> 01:00:04.818
like I could play anything pretty much. I can play any string instrument really by year.

01:00:04.929 --> 01:00:05.990
Lawrence obioma: at this point.

01:00:06.089 --> 01:00:10.030
Lawrence obioma: like I have a friend who has a violin. I always pluck his violin, and then

01:00:10.440 --> 01:00:11.339
Lawrence obioma: I've

01:00:11.440 --> 01:00:20.969
Lawrence obioma: I play. Yeah, I can play like, fly out of the bum will be, or anything really by year, and I used to play like a lofty Vi. Marcus Fogley, if you know who Marcus Fogley is.

01:00:21.570 --> 01:00:31.650
Lawrence obioma: Go listen to Marcus. Listen to. Oh, my God! Is this song hard to play? I mean, you can't even find the tabs of it. You have to let it. But

01:00:31.719 --> 01:00:44.990
Colby Warshel: Did you have like a trader starter pack, and it'd be like guitar. Rubik's cube, chess, poker, athletics, random walks in the middle of the day laying on the floor, crying like.

01:00:45.259 --> 01:01:04.080
Alexander Winkler: That's me.

01:01:04.179 --> 01:01:12.500
Alexander Winkler: yeah, how? Yeah? II in in basically 2 trades. I was down 1,400, and I kept trading. Now I'm down 2 K.

01:01:12.549 --> 01:01:15.089
Lawrence obioma: Oh, oh.

01:01:15.160 --> 01:01:18.070
Alexander Winkler: and yeah, Danny. So what's

01:01:18.480 --> 01:01:34.440
Alexander Winkler: Dan? How how did it get? Well, I guess I know how got so bad because we talked about it last podcast. But yeah, any anything else, I mean regarding this this just month, like, well, 2 Fridays ago I had a one of those huge blowout red days.

01:01:34.969 --> 01:01:42.499
Daniel Camozzo:  I just took shares on Nwgl hopefully. I don't get totally screwed on that into the halt. Down.

01:01:42.839 --> 01:02:00.148
Daniel Camozzo: I had a huge blow out red Day 2 Fridays ago that I just was not able to do anything against last week. Last week was a nightmare as well. I was down 6,000 on the week, which is

01:02:00.200 --> 01:02:05.580
Daniel Camozzo: like not the end of the world, but just every day was a mess and

01:02:06.599 --> 01:02:16.750
Daniel Camozzo: So coming into this week, the main, the main and only goal, was just kind of like, get some consistency back.  I'm in

01:02:17.040 --> 01:02:17.919
Daniel Camozzo: like

01:02:18.169 --> 01:02:25.870
Daniel Camozzo: 17,000 hole right now, which is solid. But it's not the end of the world, and

01:02:26.259 --> 01:02:38.919
Daniel Camozzo: whenever I'm gonna draw down like there's 2 options. Is you quit, or you keep going. You figure out how to get back out of it, and I'm not expecting to get back out of it, and

01:02:39.280 --> 01:02:53.509
Daniel Camozzo: one day, one trade one week an 18,000 week would be a really solid week that I don't see happening right now. But I know that I can get back out of it in like 10 days or 2 weeks.

01:02:53.610 --> 01:02:57.968
Daniel Camozzo: 3 weeks, maybe, if if I do things well.

01:02:58.120 --> 01:03:02.178
Daniel Camozzo: so I'm just trying to be really selective with every trade. I'm taking

01:03:02.440 --> 01:03:08.928
Daniel Camozzo: the reasons why I'm taking it. One of the things that Lance was talking about in the video I watched the other day

01:03:09.030 --> 01:03:13.389
Daniel Camozzo: talking about the Daily report card was,

01:03:14.250 --> 01:03:19.839
Daniel Camozzo: basically don't take a trade if you don't feel like it would be worth writing about later.

01:03:19.870 --> 01:03:26.599
Daniel Camozzo: So trying to keep that in mind and be intentional with each trade that I'm taking and trying to make money. So

01:03:26.750 --> 01:03:30.829
Daniel Camozzo: just one step at a time. That's pretty much it for me.

01:03:32.290 --> 01:03:38.280
Tommy Salerno: Do you? Do you mind pulling up your trade review? Cumulative drawdown real quick?

01:03:38.580 --> 01:03:39.589
Daniel Camozzo: We're.

01:03:40.349 --> 01:03:49.910
Tommy Salerno: I just want us get a get A, I just wanna get a reference point as far as like, how much bigger this is versus your usual.

01:03:50.169 --> 01:03:53.348
Daniel Camozzo: Yeah. I'm trying to sh. Okay, here we go.

01:03:55.709 --> 01:04:07.169
Daniel Camozzo: I got to keep and Wgl on watch. It opens at 1152. It's showing a 7 cent gap down, which is good. Good for me, I think.

01:04:07.259 --> 01:04:10.778
Tommy Salerno: So we'll see how that works out. 1152. Okay?

01:04:11.559 --> 01:04:14.650
Daniel Camozzo:  yeah. So

01:04:15.280 --> 01:04:24.070
Daniel Camozzo: I didn't import my trades from yesterday. So this is going to show a little bit less progress than I've made. But

01:04:25.219 --> 01:04:28.669
Daniel Camozzo: even with being in a really solid drawdown

01:04:28.750 --> 01:04:38.259
Daniel Camozzo:  I'm still in a pretty decent spot. I just obviously need to be kinda careful with what i'm doing right, now, the next couple of weeks, or so

01:04:38.570 --> 01:04:40.559
Tommy Salerno:  hmm.

01:04:40.980 --> 01:04:48.528
Daniel Camozzo:  so, and even looking at this one P. And L. Volatility, which I haven't really looked at much before at all.

01:04:48.780 --> 01:04:53.700
Daniel Camozzo: I'm guessing this is the this is the 0. This is the

01:04:53.769 --> 01:05:02.940
Daniel Camozzo: the one standard deviation to the up and down side. So like, I'm well within a normal area to be in.

01:05:04.459 --> 01:05:12.419
Daniel Camozzo: Yeah, it's cool. I haven't really looked at that much. I haven't really had a need to.

01:05:12.459 --> 01:05:14.188
Daniel Camozzo: But

01:05:15.660 --> 01:05:17.309
Daniel Camozzo: yeah, so

01:05:20.250 --> 01:05:26.169
Daniel Camozzo: yeah, that's pretty much it. Nothing to panic about right now. But

01:05:26.250 --> 01:05:38.950
Daniel Camozzo: I definitely need to make some adjustments. Obviously, the market is telling me I need to make some adjustments. And I was pretty beat up about it on Friday. But one of the things to consider which

01:05:39.000 --> 01:05:47.179
Daniel Camozzo: II like Lance a lot specifically for his mindset is when you're taking red trades and red days, it's

01:05:47.469 --> 01:05:55.559
Daniel Camozzo: it's increasing your Ev over time, your expected value over time. Because if you can fix those issues,

01:05:55.870 --> 01:05:57.959
Daniel Camozzo: then in the future

01:05:58.389 --> 01:06:07.778
Daniel Camozzo: it will exponentially help your P. And L. Grow so sucks to be having hard times and hard days right now. But

01:06:08.200 --> 01:06:12.759
Daniel Camozzo: It's not the end of the world. It's just a good opportunity to work on things that I need to work on.

01:06:13.589 --> 01:06:20.209
Lawrence obioma: I think that's something good to hear, even as a beginner trader is that you know it's hard when you're not profitable.

01:06:20.240 --> 01:06:24.829
Lawrence obioma: But you have to realize that when you're not even what, even if you're not profitable.

01:06:24.879 --> 01:06:37.830
Lawrence obioma: It's just another opportunity, like every time you get into a new load, it's just another opportunity to like slowly figure out what's going on, because sometimes people what what they do instead is they now decide I'm gonna rechange my whole system

01:06:37.870 --> 01:06:44.900
Lawrence obioma: like, I'm I'm not in a situation just because of our huge drawdown right now, the way I'm thinking. Oh, my God.

01:06:44.959 --> 01:06:53.178
Lawrence obioma: I need to stop outgo trading and figuring out how to do this myself. like I'm I'm kind of just sticking with it and trying to figure it out. So

01:06:53.400 --> 01:06:57.318
Lawrence obioma: you're on you, trader, you know. You definitely don't wanna

01:06:57.950 --> 01:07:08.898
Lawrence obioma: change up things too much. I think you just grow from grow, from what you know, and hopefully it will. Well, not hopefully I. It will pan out, because, let me tell you. Almost anything works just have to be good at

01:07:09.120 --> 01:07:11.079
Lawrence obioma: how well you execute.

01:07:11.139 --> 01:07:21.648
Alexander Winkler: Yeah, don't pivot too much at 1 point you might have to quit if you you know, if it's just not working out. But pivoting too much is is very dangerous.

01:07:21.700 --> 01:07:26.299
Lawrence obioma: It's more dangerous. Sometimes it's more dangerous sometimes than just

01:07:26.730 --> 01:07:38.679
Lawrence obioma: going on with the same thing like you can pivoting itself can just change your whole mindset. And then you forget, if you're even training for the right reasons. Yeah.

01:07:39.000 --> 01:07:41.778
Alexander Winkler: yeah, you lose yourself. You definitely lose focus.

01:07:41.910 --> 01:07:43.610
Lawrence obioma: couldn't agree more.

01:07:43.809 --> 01:07:49.200
Alexander Winkler: I mean, that's and we covered some pretty important topics here as a as a trader, I mean

01:07:49.509 --> 01:07:53.089
Alexander Winkler: going through the trenches. Huh! That's that's really what we're all doing right now.

01:07:53.099 --> 01:08:16.440
Colby Warshel:  Can't wait for that next big like to the front side. Dude. Danny's like look so good. Mine looks literally the opposite

01:08:16.440 --> 01:08:26.829
Lawrence obioma: cause, I would say, is literally every all the month of profits. 3 months of profit broom gone. And it's because it's strictly because we we're trading in like a 20000,

01:08:27.670 --> 01:08:28.340
Lawrence obioma: oh.

01:08:28.809 --> 01:08:34.399
Lawrence obioma: no, Buddy, yeah, Buddy, quiet quiet yourself.

01:08:34.670 --> 01:08:39.979
Colby Warshel: No, a lot of this. This right here is mostly fake money in this evaluation account. But yeah.

01:08:40.790 --> 01:08:45.978
Colby Warshel: that's at least it's still small size. When did it start. Let's see, 2020,

01:08:46.940 --> 01:08:53.129
Lawrence obioma: 3 years a complete. This is forever.

01:08:53.530 --> 01:08:55.418
Lawrence obioma: This is actually not too bad, though

01:08:55.600 --> 01:08:59.889
Colby Warshel: a lot of this is all fake money. I'm really probably like negative a thousand.

01:09:00.370 --> 01:09:17.408
Alexander Winkler: That's actually not too bad. Then you give yourself such a hard time. I thought I was living like I mean, I'm not just bleeding money all day, but I am 3 years into this, and I make $0 over like.

01:09:17.549 --> 01:09:26.379
Alexander Winkler: like 4 or 5 months. I'm more or less flat because I haven't been making that much money. And then red month and green month. So I think, yeah, Colby dude, I'm

01:09:26.579 --> 01:09:38.148
Alexander Winkler: oh, man, yeah, when you're. It's so stressful when you're in a kind of ranging mode for that long. And now you're at the lower end of the range, and it's just do a a feeling man. It's it's stressful.

01:09:38.370 --> 01:09:39.440
Lawrence obioma: No keep going.

01:09:39.450 --> 01:09:50.959
Colby Warshel: I was. Gonna say, my hope is that like, just because, like like usually small cap traders, it's usually just like slow, steady increase. My hope is that maybe if you're a futures trader it's more likely that it's like

01:09:51.040 --> 01:10:00.509
Colby Warshel: kind of final lows. Find the lows find the lows, and then it's exponential, because my scale is so easy, like I literally, if I have one es contract and I just go to 2,

01:10:00.569 --> 01:10:24.190
Lawrence obioma: and I double my profit. I mean, I might like one day would be like $1,000, and it'd be like real fast. So hopefully, I'm not gonna lie. II see a lot of these large caps. What happens is that I that's why I'm not too worried about recovering from this drawdown. What I've noticed in a lot of back tests is that I, unlike on my small caps where they could literally go to 0. And they could really literally go to a thousand.

01:10:24.229 --> 01:10:51.879
Lawrence obioma: These markets have to at some point reach. Yeah, like the point of like. All right, it's time for us to go back to like that. They're revert back to like some some logical idea of what you what's the norm? And I think that's what. So that's why the strategies have, like very sharp recovery factors cause they they go back to the same idea that, hey? If you're weak, you're weak. You're gonna I'm gonna show you. That's the idea for right now, and if if they lose for a while.

01:10:51.940 --> 01:11:06.029
Lawrence obioma: they have to revert back to. At least that's why I found in a lot of like different strategies. I also had exponential growth when I started just sizing. So I started getting consistently profitable. And then I just started sizing, am II had exponential growth. And now I'm having more like linear growth.

01:11:06.219 --> 01:11:09.998
Alexander Winkler: Well, actually, the last few months it's been more or less flat. I've been ranging. But

01:11:10.030 --> 01:11:15.049
Alexander Winkler: I'm I'm starting to size again. And I hope I can get a little bit more exponential growth going again.

01:11:15.809 --> 01:11:18.309
Lawrence obioma: Yeah, sizing is timing is huge.

01:11:18.790 --> 01:11:26.729
Alexander Winkler: But, guys, I think we have to wrap it up here any anyone has anything. They also want to leave leave the audience with or share before you call it.

01:11:28.329 --> 01:11:29.870
Daniel Camozzo: Don't lose all your money.

01:11:30.979 --> 01:11:45.699
Lawrence obioma: Yeah. Survive until you drive.

01:11:45.750 --> 01:12:05.299
Lawrence obioma: I but having but II think my job also helps me allows me to do that. But I've made back all that that I've lost. Luckily. But you know, when I was going through it I was losing more. So it's definitely can be a lot worse. But definitely do what you're doing, as far as like at least keeping some logical

01:12:05.389 --> 01:12:28.459
Lawrence obioma: considerations of your your capital, because all you have is your bankroll, and that's all you're ever gonna have, at least to begin with. So if you lose it, you know, you don't wanna have to start calling your grandma. And we were even talking about this earlier when your bankroll, so small, like less than 5,000. You can make that much money in like 2 months of just a very shitty job like if you have a super small bankroll.

01:12:28.459 --> 01:12:48.000
Colby Warshel: and it's replenishable risk the fucking thing. We are young as fuck. We are so young like we have 50 years to build wealth, and 2 grand is nothing. It doesn't mean it even for Danny. Like 20. Grand. That's nothing. Bro. 100,000 this year, it's, you know, gotta be a risk. You gotta be a huge risk.

01:12:48.139 --> 01:12:54.030
Lawrence obioma: Pinnacles of success that we are all considering. I think I've seen the numbers, and I've seen everything

01:12:54.129 --> 01:13:17.149
Lawrence obioma: you have to be taking the risks like. That's why I don't stress right now about losing money, because I know for stuff, but taking more risk, and we have that 2 K account that is now down like again, 50. But like that account alone, the risk that is taking with some consistent logical idea would do well like if and if you, if you want to take risk and still trade like the spy.

01:13:17.149 --> 01:13:46.389
Lawrence obioma: go to spice the 3 x 5, because I was looking at the the the the chart, and I was like, literally, this thing went from $14 to $100 like a 300. 200. Return. If you have 2 K. Throw it in there, don't throw it in spy, because at the end of the day what you're gonna lose 50 of your 1,000 $2,000. But you could have made double that in like that period of time, take more risks and be most be smart about how you do. So I think, yeah, we can enter on that.

01:13:48.219 --> 01:13:51.929
Alexander Winkler: It's not about capital preservation right now.

01:13:52.020 --> 01:14:11.040
Daniel Camozzo: Alright, alright, guys on that note don't get stuck in any halts, Danny. Good luck out there you are in the hall. Yeah, I'm I'm I'm out now. I'm down 600 on the day after that, which is like, not that big of a deal. It's just frustrating, cause I was green and like it'd be sure would be nice to string together 2 green days in a row

01:14:11.069 --> 01:14:14.020
Daniel Camozzo: sound like me.

01:14:14.299 --> 01:14:17.728
Daniel Camozzo: Yeah, I'm not that red. So

01:14:18.079 --> 01:14:37.180
Daniel Camozzo: day is young. Things are still moving a little bit, at least so based off the usual situation. You usually make the money. You lose the money here and make it 10 min after. So hopefully, exactly, I'm going to update you guys in 10 min about how I'm green, and

01:14:37.569 --> 01:14:39.379
Tommy Salerno: that's the plan.

01:14:39.690 --> 01:14:44.529
Alexander Winkler: Alright, guys. Alright! See you.