In this episode, host Matt Davio and new trader Tony discuss the fact that there is no Holy Grail to trading by talking about scale, consistency and finding a method that works for you.
Episode 5 – There’s no Holy Grail ! (transcribed):[00:00:00] Welcome to the one minute trader our objective at the one minute trader is to deliver a daily actionable idea to your mailbox or as SMS. Via video link that is less than five minutes on a daily basis. We realize how busy you are in your life in. Your career and we realize that not everybody has the time nor desire to become a trader. However your curiosity your desire to grow your wealth are all important to you. And we are here to help guide you and assist you in driving that goal of turning your money into more money without having to sit in front of a computer screen for an entire day week month or year because we recognize that as one minute trader you have a very busy successful career and would like to put your money to work and own your way to profits. Thanks and welcome to the one minute trader.
[00:01:28] Welcome back to the one minute trader podcast and I am Matt Davio. Your host.
[00:01:36] Fearless Leader.
[00:01:38] I don’t know what I am today. I’m here with Tony. Tony is a student of ours has been a student for a few months he’s been working with us and he’s actually a fantastic client because he also works in the marketing space and he really was a big proponent for us wanting to come out with this product because a lot of people ask us Hey I’m really interested in learning the trade but I love my career. I’m a doctor I’m a lawyer I’m an engineer you know I’m building new homes. I’m a carpenter literally plumber. All these things I like my work and I like my job and I like my livelihood. I’ve got income I want to learn to trade but I don’t want to give up my career. I’m busy, I’m on the go.
[00:02:29] There’s a long trend transition learning curve.
[00:02:31] Yeah it is you know it really you know when you have a family and you’ve got bills it’s not an easy transition. You know when I left trading I had been in the professional world for you know let’s call it 10 years. And I was really that person in the mid 90s I wanted to trade but I didn’t know it was a livelihood. I had friends that actually were in Chicago so I had some connections and you know I learned the school by the school of hard knocks Tony and you know my money. I put my money on the line and it was like this isn’t working you know.
[00:03:14] Your tuition.
[00:03:14] Yeah. My friend was a broker at a small boutique firm but it was it’s just junky penny stocks that you and I have never heard of. That was plowing five or 10 grand am watching it go to zero or 2000 and I just get sick of it. And I’m the type of person I can definitely self learn but I had mentors in this business I was fortunate. I was fortunate to have some really good mentors that worked in trading and said hey read this you know they kind of slimmed down what I should read and what I shouldn’t read. That’s crap. Don’t waste your time.
[00:03:55] Exactly that’s half the value of their jobs.
[00:03:58] And so but that took me a while. It didn’t happen right away.
[00:04:02] I mean I read a lot of like if you came over to my home in my area my little library area with books I’ve got literally probably 300 reading books if not more. Hardcover. I’ve read probably at least that many digitally in magazines. right. all the stocks and commodities futures magazines all these things I consumed it all. What I learned Tony there’s no Holy Grail. It’s a hard way to make a living. It’s stressful if you let it get you down. But if you have a process and a way to function within the market then it all makes sense. The problem still is right where are you a career guy who likes the work that you do in digital marketing.
[00:04:50] Where do you find the time between two kids, a wife, daycare, running around, school.
[00:04:56] Yeah clothes, clothing shopping, grocery shopping, although Amazon is making that easier for us.
[00:05:03] That one’s been a nice addition. Yeah.
[00:05:06] So that’s why we wanted to put this together.
[00:05:10] So as a student of ours in person professionally in the digital marketing space what do you look for when you go and consume material.
[00:05:21] That’s exact-. I mean that’s one of my biggest draws to work with you guys is fun that time to learn to be able to experiment to draw knowledge from somebody who’s been there you know training is not something that I just want to jump into knowing that.
[00:05:39] You have a father though that was in the business.
[00:05:42] Yeah. Yeah he’s-.
[00:05:43] You know kind of again circle of life how you know you’ve been exposed to it. What we know when you’re like your father again he’s not a professional trainer. He’s been doing it individual on the side for a long time. Yeah. And ever since I’ve known your dad he’s treated a lot of different things like when gold was hot. He’s kind of a momentum guy. He’s wherever you like like if he was in the pit like I’ve seen it in the Chicago pits he would be that guy. Oh I’m normally a great guy but it’s going crazy in the euro today. I’m going over there right.
[00:06:19] And that’s what he does.
[00:06:20] So kinda like you described. I mean back when I was younger he was the guy buying the books. You know hard books in our house and so hard knocks as well. And he lost money in the markets and then he got better at trading and you know I’ve seen good days and bad days and I understand the power of trading that’s you know that’s why I’m here with the interest. Now you know financially there is some power in it. And.
[00:06:43] But it’s the power I think is freedom.
[00:06:49] Scale. Right.
[00:06:51] I mean I can’t really for years get to to by some odd percent raise or later on contracts if you’re savvy enough and define your risk and you know there’s that there’s that appeal trading as well. And but yeah I mean nine to five of the family stuff like that. Where do you go where do you learn. You know I mean I’m in a I’m I’m in marketing myself I’m an industry blogs I’m testing things you know nine to five where can I do that. Outside of here I don’t have that same 40 hours you know the old stuff.
[00:07:25] So in your in your estimation what are the key things that you need to be better today. Like what are you seeking that is difficult for you with your limited time.
[00:07:37] You think so. I like to compare it to something just to illustrate the point. I think about can’t walk you know every time you get back in shape. So you can go to the gym and wander around and lift weights and run on the treadmill for 25 minutes and then go over and do some stretches. Are you being effective.
[00:07:54] Or you can hire a personal trainer and they can tell you this Max all these muscles today legs on Wednesday. Here’s the science here’s why. Here’s why it works. I’ve seen it work. I’ve made it with for people.
[00:08:07] Yeah. Here’s here’s the pitfalls if you don’t do.
[00:08:09] That mentor that they’ve been there done that.
[00:08:12] And you’re paying you’re paying them for their knowledge to get in the game.
[00:08:15] Yeah I always believe that skin in the game works.
[00:08:20] And there’s a lot of junky education out there in the financial space. I mean one of the reasons I started doing the education piece of this 10 years ago was really twofold.
[00:08:30] One I’d like people and trading can be I’ve always been an upstairs trader which means I traded off the screen. I’d never traded on the floor but I was never a floor trader clear.
[00:08:42] By yourself on this.
[00:08:44] I always have been and I’m very comfortable as a introvert. But I like people when I want to be with people. As an extrovert. So I can communicate fairly well. I try not to talk over people too much although that is a fault of mine.
[00:09:04] So we’re doing well right now. Bear with me. But that’s what we learn right. I mean I had very good mentors that I you know I paid I paid them for their time in this business.
[00:09:17] And the same understanding that you were paying for accelerated learning.
[00:09:21] Absolutely yeah. It’s accelerated. And so what we’ve tried to do with the with the one minute trader product is we understand this this product is really for everybody. Male, female from the United States from New Zealand from you know Eastern Europe South Africa Northern Africa I don’t care where you’re from. You’re trying to get ahead and try to buy yourself and your family some time, some freedom. And what better way to get a great idea delivered to your mailbox or SMS that you can click on and while you’re on the train or while you’re waiting for your plane you know at the terminal you can watch it and then you can look at your screen and hey that kind of makes sense to me I’m going to give it a shot and the benefit of that risk is that you know you’ve got to be responsible however for your own race. Just because I give you an idea doesn’t mean I’m going to be right and I’m wrong all the time when just knowing that.
[00:10:22] You know you’re in the financial markets there is a risk. How do you you know as a novice How do you go about managing your risk right now.
[00:10:33] Well I think you know we were talking about this before we started it today kind of a you can do it by vehicle one at a time like if you’re only trading one thing that’s very easy. You shouldn’t really risk. You should have trading capital. You should have invested capital. There are two different things so you should have an account that you’re kind of playing with. Yeah and one that there’s long term buy and hold it put it away every month.
[00:11:02] So from my background I when I hear that maybe I’ll have a plain budget and their advertising dollars. We know the tried and true kind of default methods that work. But then maybe we’re going to test a new market with a smaller amount you know they’re advertising up you are going to try something riskier or something that’s maybe a new product a little more undefined. Yeah in that case then.
[00:11:26] But if you get good at that. right. if that test works and it starts making money for the client because you know client customers come into them then they’re going to go want that part of our regular spend exact work get rid of something else maybe that wasn’t as successful or alkyd more.
[00:11:44] Whatever the case. Yeah.
[00:11:45] So if we can help you to slowly build your account on a daily basis with an idea like this right and then you’ll understand them because they’re talking about in a five minute video. A lot of information in a short 20 minutes in a week. You don’t have to sit down all ones but you could it’s timely. Most of my trades play out in one to four weeks. So it’s not like you have to be in front of screen looking for those kind words. I often will say here’s where I want to buy. Yeah but we may not get there by benefit. Then you can put in order with me. That’s what I love about it. So great great talk today Tony. I appreciate you coming on and we’ll continue these types of discussions for the listeners here at the one minute trader podcast. And I want to thank everybody again for coming on listening and supporting the show. We’re really getting some good good notes from people that are listening. We want to continue to encourage you to like us on iTunes. Share with your friends and stitcher soundcloud. We’re going to be on Spotify and tell people about us that way. Well we’ll start climbing up the ranks and more and more people will benefit from this. Watch out Mr. Money Mustache. We’re come after you on a more technical level than just paying off your credit cards.
[00:13:20] That’s important. Absolutely. But we’re going to give you some ways to make some money that just reduce your costs.
[00:13:36] You enjoyed the podcast today and we would appreciate if you would comment and like us here on the podcast below so we can rise in the rankings and more people can hear what you enjoyed today. You have any questions send us an e-mail at admin at one minute trader dot tv. And as always we appreciate you taking a listen. And any ideas and thoughts that you have. Please send them my way. Thank you.