June 27, 2025 • 51 mins
Andrew Mitchem and Marc Walton: Top 5 Forex Mistakes & How to Avoid Them Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass #594: Andrew Mitchem and Marc Walton: Top 5 Forex Mistakes & How to Avoid Them In this video: 00:12 – Andrew and Marc discuss their backgrounds and how they started trading. 08:18 – Become a better trader and have a check list. 15:00 – Trading Gold and Silver. 20:53 – Trading Bots and brokers widening spreads. 29:30 – Riding a bike is like learning to trade. 34:00 – Marc’s average day and setting up the new trading week. 39:15 – Trading keeps you mentally active. 44:50 – How can you monetise your knowledge. 50:33 – Trading and living where we want to. Andrew Mitchem: Alrighty! Hi, everybody! Andrew Mitchem here at The Forex Trading Coach. I'm really excited today to be joined by Marc Walton from Forex Mentor Pro. Good day, Marc! Nice to see you. Marc Walton: Good day. How are you. Andrew and Marc discuss their backgrounds and how they started trading. Andrew Mitchem: Very very well thank you. I thought Marc, we'd just, spend half an hour. So I just have a bit of a chat two people been trading. Sounds like similar amount of time, some backgrounds. And, just give people a bit of a insight of what we've done over the years and, and, the pros and cons of what we've done and how we're trading today and the changes we've seen. Marc Walton: Yeah. I was just saying just saying your path is very similar to mine. We neither of us came from finance. I actually failed math. So level three times. Andrew Mitchem: Right? Marc Walton: It's ironic. I also have something called dyspraxia, which I never realized until, like, one of my kids had it. But the only way really affects me is I'm not very. I'm kind of number blind, which is bizarre considering what we do for a living. Yeah, yeah. But yeah. But then again, it's to me it's all about pattern recognition. Marc Walton: And so I think the main thing is for folks not to get too stressed with, the math side of things, as long as you can control the risk and, and work a simple calculator for it to get the risk right, then maths is not important. I was saying to you earlier, I left the UK. When I left the UK early 2000. Marc Walton: Went to live on a little island off the coast of Africa, the Lanzarote in the Canary Islands, which was which is a beautiful place to live. And, I went to sing and play guitar in a band for five years and, thought I'd semi-retired at 40. And then you realize when you retire, you spend more money than you ever did, because. Marc Walton: Right. Well, kids in school did now and then, you've got so much free time. So I started looking at trying to make money online. Stumbled on forex, which 20 years ago there was hardly any of it. We we have the other extreme nowadays, as we know with, with YouTube, where there's millions of people stood next to their mates, Ferrari or whatever in Dubai and, and pitching this and the other and they said that, I mean, I paid $4,000, I think, for a course, 20 years ago and, struggled like everybody else. Marc Walton: And, and I did a webinar with the other day with my mentor, Rich, who's a psychologist, and I have the list here of things that went wrong in my trading. And when he put this slide up for the benefit of people in the webinar, it was like, oh crikey, it's me again. So I'll just read a few. Marc Walton: It's yeah, I see this. They repeat the same errors over and over again over trading. I've tried to pull the trigger over a leveraging retrench, revenge trading, afraid to lose money. Room by emotions, cook win is short. Let loose his run not disciplined. Jump from system to system. And there's many more. And, I did all of them and, I, I know from your background with farming and things,
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Alrighty, hi everybody.
Speaker 2 (00:01):
Andrew Mitcham here at the freest Training Coach really excited
today to be joined by Mark Walton from Bock's Mental Pro.
Speaker 1 (00:07):
Mark, nice to see you, good day, How are you
very very well? Thank you?
Speaker 2 (00:11):
I thought Mark, we would just spend half an hour
so I just have a bit of a chat to
people been trading sounds like similar amount of times, some backgrounds,
and just give people a bit of an insight of
what we've done over the years and the pros and
cons of what we've done, and how we're training today
and the changes we've seen.
Speaker 1 (00:31):
Yeah, as we're just saying, just saying, your path is
very similar to mine. We neither of us came from finance.
I actually failed Math Sol level three times, right, and
it's RONI. I also have something called dyspraxia, which I
never realized until one of my kids had it. But
the only way really affects me is I'm not very
(00:53):
kind of number blind, which is bizarre considering what we
do for a living. Yeah yeah, yeah, but then again
it's to me, it's all about pattern recognition, and so
I think the main thing is for folks not to
get too stressed with the math side of things. As
long as you can control the risk and work as
simple calculated to get the risk right, then maths is
(01:15):
not important. I was saying to you earlier. I left
the You well, I left the UK early two thousands
and went to live on a little island off the
coast of Africa, the Lanzaroti in the can Areas, which
was which is a beautiful place to live. And I went
to sing and play guitar in a band for five years.
(01:36):
And I thought, said, Semi retired at forty, and then
you realize when you retire you spend more money than
you ever did, because he well, kids in school didn't help,
and then you've got so much free time. So I'd
started looking at trying to make money online. Stumbled on
for X, which twenty years ago there was hardly any
of it. We had the other extreme nowadays, as we
(01:59):
know with you Tube, where there's millions of people stood
next to their mates ferrari or whatever in Dubai and
pitching this, that and the other. And he said that,
I mean, I paid four thousand dollars I think for
a course twenty years ago and struggled like everybody else.
And I did a webinar the other day with my mentor,
(02:21):
rich Friedan, who's a psychologist, and I have the list
here of things that went wrong in my trading. And
when he put this slide up for the benefit of
people in the webinar, it was like, oh, Craig, it's
me again. So I'll just read you a few It's
repeat the same, repeat, the same errors over and over
again over trading. I've tried to pull the trigger over leveraging,
(02:44):
French revenge trading, afraid to lose money, ruled by emotions,
cut winners, short, loose us, wrong not discipline, jump from system, system,
and there's many more. And I did all of them.
And I know your background with farming and things. You probably,
i'm guessing, did the same thing. Is that your reason
(03:05):
for getting involved, Yeah, trading.
Speaker 2 (03:07):
So I got into trading actually as a result of
having a young child at the time and going through divorce.
Was it was forced on me. So I was dairy farming,
and which I was when my family had been dairy
farming through in England, moved to New Zealand.
Speaker 1 (03:24):
You know, it was nearly thirty years ago.
Speaker 2 (03:27):
Had the dream or eventually did some work, you know,
different companies, actually bought a farm and it kind of
all then imploded. It all went wrong, and it was
like what do.
Speaker 1 (03:40):
I do now? Yeah?
Speaker 2 (03:42):
And I was looking after my son, not full time,
but fairly close at times. And I can't go and
be a rep for a company. I can't go and
work on another farm. What do I do that allows
me to work from home and looking after him? And
like yourself, back in those days, it was unheard of
(04:04):
a blow to work from home by yourself. It was
unheard of to do anything on internet pretty much because
it was dial up still one gigabyte a month was
like this, mate up? Well, I remember when I went
to ten and everybody's blown away that I got. And
so I stumbled and I paid five thousand New Zealand
(04:26):
dollars and went up to Auckland and did a weekend
course up there. And although when I look at it
it wasn't great, I can't knock it because it got
me into training and it gave me the buzz of
this whole new world that I didn't existed.
Speaker 1 (04:43):
Yeah yeah, well for me it was a necessity as well,
because to say we were were semi retired or I
thought it was semi retired and we were just burning
through money. I budgeted, let's say we were going to
spend twenty five thirty grand a year, and I think
the first year we were there we went through fifty
and it was okay, need to do something about this.
And it was born out of necessities very similar to you,
(05:04):
because if if I hadn't been able to get four
X to work, I would have ended up having to
go back to the UK with my tail Betwelm and
Lakes because the only work in Spain Canara Islands for
a foreigner would be in a bar. Yes, and my
wife said, if you ever buy a music bar, I
will shoot you. So thankfully I didn't do that, and
(05:26):
I got into four X. And the other thing is
I'd employed people all my life until that point, and
I really didn't want to go through the hassle of
employ again, which is great. This is why this is
so good.
Speaker 2 (05:37):
Right, So when you started them, like what kind of
like how long did it take you to I'm guessing
you did, like me, you bought ideas, systems, ebooks, robots,
back testing everything under the sun, and then suddenly something
clicked to make it go from losing money to working.
Speaker 1 (05:55):
The course that I bought actually wasn't bad at all.
It was it's very similar to what I do now
in many ways. It was all about support and resistance,
and it was using a lot of ear mays and
I only use a few now, but in general it
was support and resistance. The issue I had was it
looked too easy. And you know, I'm a smart fellow.
(06:16):
This is not difficult. I can do this. I actually
believe most people can do this. But the problem that
screwed me up was my head. And I say I
went through all the issues I just mentioned, revenge, trading,
et cetera, et cetera, but the biggest thing for me
was that I would go through a period of time
where I would win and then I could lose it all.
(06:36):
You know, the last time I got to the point
of quitting was I went five months consistently making money
three to five percent a month on a big account.
This is okay, Slow and steady wins the race. And
I lost most of the five months profits in a week.
So for me, the periods between meltdown got bigger, but
(06:56):
the same result was there. So I took a few
months off and to basically let it all settle in
my brain. And thankfully I found a retired trader to teach,
because if I hadn't, I would have been I don't
think I would have ever made it. And then for me,
discipline has always been an issue. And I think when
(07:17):
you come to the background I had before I got
i'd left the UK, I had a frozen food company
and so we had quite a lot of quite a
lot of stuff and you come under lots of rules,
but we also supplied the prison service with food, so
we were highly regulated. And then when it got to trading,
it was suddenly, I've got the cash. Here we go,
you know like. And it's ironic because within a year
(07:41):
of meeting Rich and him ironing out the issues and
half the issue with the psychology is making yourself self
aware and then the other part, the other part is
the discipline. And he introduced me to a fund in
the in the US and it wouldn't be allowed nowadays,
but I was trading remotely from Guanzerotti for a fund
in New York and that they basically give you a book,
(08:03):
this thick of rules and if you break the rules,
you're out right. So before you take a trade, every
time you thinking, you go through the checklist. You make
sure everything you've got, everything is spot on. And I
say to people nowadays, always use a checklist. Yes, I
tell folks to look for five reasons. If you don't
have five reasons of confluence, walk away. And so having
(08:26):
a checklist and having somebody looking over your shoulder made
me a better trader. And I worked for them for
three years. Then in two thousand and eight, I started
doing it for myself and do it for my own clients,
and the bad habits started creeping back in, which is
when I started posting on Twitter in the early days.
Twitter in the early days wasn't the war zone it
(08:46):
is now, and people were genuinely helping each other. And
I was just saying, oh, you know, I'm going to
short that you're a pound today here for these reasons.
And people asked me to teach them, and I thought, okay,
And that was good because otherwise, because I got to
the point where I was only placing a few trades
a day, and now I placed maybe one a day,
I had a lot of free time on my hands.
(09:07):
I have free time on my hands. I'm dangerous and
even today, last year, about six months ago, we had
quite a lot of new folks in ment to pro
and they wanted to trade more actively, so I they
traded for a week and at the end of the
week I had broke that well. I think I took
(09:28):
eight trades and had three of them I shouldn't obtained
because I broke my rules, and I got twice in
the middle of the night because of news. And by
the end of the week, I think I'd lost half
a percent and I had spent twenty hours in front
of the screens and got and all the old things
come flooding back. So I think the other thing people
need to be aware of it You've got to be
(09:50):
every day. You've got to be able to stick to
the rules because otherwise you screwed. And success is as
harmful as not knowing you're doing as That's.
Speaker 2 (10:02):
A really interesting point because as you know, I fly
a helicopter privately, and the checklist is needed. You know,
you have to go through a checklist. It doesn't matter
how even if you're like a pro doing it daily,
still go through a checklist, because that one time you
(10:22):
don't go through a checklist and you miss something, like
you know, obviously training can damage you like, you can
do a bigger damage.
Speaker 1 (10:28):
But similar thing.
Speaker 2 (10:29):
You know you're either gonna you know you're going to
over cook an engine when you start, or you should
have checked something that you didn't.
Speaker 1 (10:38):
Pre flight, in flight, whatever it might be.
Speaker 2 (10:40):
So yeah, like I'm with you, checklist is important and
it's I find that really an interesting story. How you,
with all your experience, can still drift back against those
rules if you don't have them set out.
Speaker 1 (10:56):
Yeah, well again I said earlier, you've got to be
able to introspective look at yourself and see what you're doing.
And my mentor I said it with me. You know,
if you don't feel at least seven out of ten
in health and psychology and general feeling when you get
don't trade. Yeah, that's when you're day trading. So I
(11:20):
don't do that every day, And in truth, I don't
keep a journal every day. But if you're new, until
you've been doing this for years, you need to keep
a journal, as we would. I both agree, I'm sure absolutely.
Speaker 2 (11:32):
So you mentioned new people, So someone new, they've you know,
like you said, they've been kind of conned into the
YouTube and brows and Lamborghini stuff. What would your suggestions
be for someone new looking at training about where they start,
what kind of things should they.
Speaker 1 (11:50):
Look for or avoid platforms?
Speaker 2 (11:52):
Maybe like the technical should be fundamental, What should they
look for?
Speaker 1 (11:59):
I traded well, I say, I traded stocks in the nineties.
In those days, we worked off news sheets and you
had to ring the broker, so it wasn't like we
know now. And I used to think technical analysis was tosh.
It just it was nonsense. And then when I learned
to trade from this DVD series, it's suddenly, oh, cracky,
this works, this, this fib level works, and this works,
(12:21):
and this was actually and so that that was good
for me. And then I traded really for the fund
until two thousand and eight, two thousand and nine, just
technically yes. And then when the financial crash came along
and suddenly it was the what the heck moment, I
started to pay attention to fundamentals. So nowadays I am
seventy percent technical when it comes to trading four x
(12:43):
and I am thirty percent filter it with fundamentals, and
so I have a bias fundamentally. So I kind of
say to people, look, if you're trading the New Zealand dollar,
for example, what do you know about New Zealand, And
they'll go, I think they've got cows. Yeah, okay, well
it's actually a good clue. But what do they do
and who do they sell it to? And one of
(13:06):
the big concerns, obviously in your neck of the woods
is the Chinese. If the Chinese moving to Taiwan, your
economy in Australian economy is going to be in the
deed dodo. So I use a mixture of both when
it comes to crypto and when it comes to stocks.
I'm seventy percent fundamental and thirty percent technical because the crypto.
(13:27):
Unlike you, I don't trade crypto, although having talked about
that a little earlier, I'm going to have a look
at it now. But I basically bought and hold. But
I bought crypto that they had to be faster, smart
and cheaper, revolutionizing the sector and being used. And I
(13:48):
did really well because I got in twenty nineteen I
started to understand crypto. February twenty twenty, I bought my
first bitcoin at eight grand, crashed to four thousand the
following month with COVID, then recovered. I mean by the
following January it was up at fifty odd, so it
was a really good time to be in. What I
did as well with that is I'd learned the lesson
(14:10):
when I traded stocks in the nineties. It was it
was very similar to what's going on in crypto now.
In nineteen ninety five ninety six. They when it started
to boom, everything went up. It was easy, and I
was naive at the time. I didn't take my profit.
I didn't get out in time and lost again, lost
(14:31):
a lot of it with crypto. This time, what I
said to folks is, look, if it goes from eight
grand to twenty, take the steakout. If it goes up
to thirty, take some profit out, and then we try
to buy more on the dips. So when the crash
came in the April of twenty one, I still hung
on to everything I had was bought and paid for,
and I had made a profit, and so trying to kind
(14:53):
of use the same skill set I nowadays I am
involved in crypto. I started by gold in twenty twenty
two because it was obvious after all the money printing
from COVID that there was going to be an inflation issue.
So I caught that at the right time. And that's fundamentals,
and then I use the technicals to get in and
same with silver. So I have more silver than gold.
(15:16):
And that's technically because in twenty twelve silver was up
at forty nine dollars. That's brilliant. Ye, technically, it's got
the room. So I think the more you know about
how the financial world works, how everything's inter related. I
look every day at the DEXI I look at the
US stock markets, I look at gold, I look at crypto,
(15:37):
I look at FOREX. I'm trying to work on the
day on database where the big money's going. Yeah, and
if it's not in FORX, that's fine, I'll leave it.
I'll go off and if this is where the money is,
this is where I will go for the day. And
I don't spend a lot of time a day.
Speaker 2 (15:52):
No, that's brilliant, Thank you. That's fascinating what you said
about silver. I had conversations with people back then when
it just almost reach fifty didn't It didn't quite get fifty,
but it was very close.
Speaker 1 (16:04):
And when it.
Speaker 2 (16:05):
Started, you know, pulling back, and I said to people, well,
you know it was twenty.
Speaker 1 (16:10):
Dollars, let's say so, Well for crypto.
Speaker 2 (16:12):
Sorry for silver to go from twenty to forty, obviously
it doubles, but it's not needing a new high. This
is like I'm talking physical silver. Whereas gold at the
time was whatever it was, you know, two and whatever
the figure was. But it to double was a massive move,
and to make a brand new high by quite some margin.
(16:34):
And so I was thought from a you know, with
silver with its electrical capacity, its medical ability, you know,
in every electric we have, but most of it's thrown
away because it costs more to extract it than it
does to So I looked at all those things and
I thought physical silver is definitely the way to go.
(16:55):
I really interesting that you went and said that exact
same reason.
Speaker 1 (17:00):
And nowadays with solar panels, electric cars, there's a new
car I current remember which manufactured. There's one of the
Japanese manufacturers supposedly bringing a new electric car out that
will do nine hundred I'm not sure it's kilometers or
miles range on a smaller battery. So they're reckoned. The
behalf a barer of silver in each engine. So the
(17:21):
thing is gold is the safe the ultimate safe haven,
as we know, whereas silver is being used and they say,
technically it So I was buying silver at sixteen and
eighteen dollars, and I was buying side buying gold again
at eighteen hundred, but like you say, gold technically four
times rejected around two thousand. It was just typical double top,
(17:44):
double top, double top, double top. But what pushed it
through was the situation in the Middle East. So again
the fundamental side of it, Well, this time could be different,
so I say, and I think as well as we
get older, to be able to go into different markets
and use the same skill set keeps you mentally alert.
I'm studying I'm studying options at the moment, and because
(18:08):
of course, the issue when you buy a physical asset,
whether it be stock or you buy a for X trade,
the problem is always is the stops. Whereas if we
could use an option creatively, I'm kind of thinking about
of that, always trying to think of new ways of
doing things.
Speaker 2 (18:25):
I you would, and I think that was one of
the nice things that we chatted about before we started this,
is that you know, look at your website forc's meant
to pro me the forests trading coach, but we've both
diverted into other other markets as they become available to us.
(18:47):
And still I still love the forest market, but like
you say that, at times it's been a little bit boring.
In the last few years, it hasn't been quite as
good as it was if you go back years ago.
I mean, I remember the early days when I started
and getting up in the middle of the night here
to trade the non farm payrolls, you know, the employment
(19:09):
to day.
Speaker 1 (19:11):
Yeah, in the early days.
Speaker 2 (19:12):
For me, it was just magic because it used to
jump through or four hundred pips within you know, like
a few seconds, and you put a straddle trade in
and whichever the bystop or the self stop got filled,
you frantically went and deleted the other one and pressed
exit on the other one, and you go.
Speaker 1 (19:30):
Not having a clue what you did.
Speaker 2 (19:32):
But you could do those things back then, whereas you know,
I personally then realized that trading fundamentals wasn't for me.
After they find up on all those things.
Speaker 1 (19:43):
Well, it's like London, wasn't it. We all had the
London breakouts. Yeah, that really was the classic time where
it was twenty fourteen fifteen is when it stopped working.
But we were looking at the Pound was doing one
hundred and fifty pips daily range. In the Asian session,
it would go to sleep. So you just had one
cancels other roaders at London which broak out first, You
(20:05):
went with it. Yeah, and you could literally make your
week's money in an hour a day. That was the
classic time. But of course for those joining us now
there are still opportunities. Yes, yeah, I never use robots.
The thing to me with robot if you if you've
got manual intervention, yes, but otherwise a robot is programmed too.
(20:30):
If we're in an up trend, it's program to buy
and it's not able to see. We'll hang on a minute.
There are lots of clues here that this is maybe
going to change, and with today we're there are we
We've just had a bit of a big pullback in stocks.
Dollar index can't decide whether the dollar is going to
go up or down where, and a robot will just
keep doing what it's told. So I've never had any
(20:52):
success with them. And then the only robot to my
knowledge that did well in historically was FAP Turbo. You
got into that lantage. Yeah, it was a terrible name,
FAP Turbo, And I spoke to the guy that created
it what this thing was doing in the Asian session.
They set it up so that it would just take
(21:12):
a pip from a slight movement that went on. And
then I told to the guy who created it, and
he was telling me that they sold too many of them.
They sold fifty one thousand, and so the brokers we
were getting stung every day, reverse engineered it. So when
this move happened, suddenly the brokers widened the spread. Yeah,
(21:34):
and I had that issue because the other thing that
I had years ago was I had a gap trading
strategy at the market open, and I say I had it.
It was a Swedish guy at work with called Gooston
forget his surname now, but he created this EA and
it was brilliant. What it would do is it would
scan all the pairs that the market open, and it
would scan the gaps VISIVI the spread so and then
(21:59):
it would it would place up to six trades after
ninety seconds. So it sounds a bit technical, but basically
this thing was a surefire winner and we were making
a lot of money. We were only allowing clients to
put an extra fifty grand in total in each week
because we were hitting the liquidity levels. Anyway, the brokers
(22:21):
killed it because they reverse engineered what we did and
then they just played with the spreads and that killed
it as well. So that's actually another interesting thing for folks.
Don't convince yourself if you've found something that you think
is revolutionary and you've found the holy grail and we've
all found it at times, is try it on a
live account, and try it on a reasonable size live account.
(22:44):
Because years ago, the guy came to me and he
was making four hundred a month with this EA wanted
me to sign an NDA before he would let me
see it and explain. And I just said, who is
it with? And he named the broker, an English broker,
and I said, what size account? One thousand dollars account,
stick it, stick it on a fifty and then come back.
(23:05):
Never came back, No, because the brokers, a lot of
the brokers will play with you if you if you
stick your head above the parapet. In my experience, I mean,
if you find a decent broker. We have decent couple
of decent brokers. Now I know you were saying you've
worked with the same one for years. If you find
a decent one, stick with them absolutely. There's a good
(23:27):
key here.
Speaker 2 (23:28):
So someone listening to this that's been trading for a
number of years and they're just getting frustrated, blaming everybody
but themselves. You know, it's the markets fall as the
dog's fault. Any suggestions from your experience of what they
could look at doing.
Speaker 1 (23:48):
The solution for me was to stop being so tight
and pay somebody to teach me. I mean, I wasted
two and a half years trying to do it myself,
and as we get older, you realize the time is
far more than the money, and the money that I
lost was greater than what I paid. If you, if
you want to do it yourself, then you have to
have rules and structure. I mean I say to people, look,
(24:11):
the first thing you should do is have a business
stroke life plan. What are you trying to achieve? How
are you going to get there? And set yourself some
measurable goals and if you and then then you need
a trade in rules. But from the life plan point
of view, you want to be within three months, I
want to be reasonably consistently and most importantly controlling the
draw down. I want within six months to get on
(24:33):
a funded account and these these funded accounts. Now, it's
another thing. When these first came out, they were just
a ponzi. I was approached by a firm three or
four years ago and they were supplying some of the
real big companies, and they sold it to me, is look,
it's thirty grand cost for me, and you'll make your
money back in two months. Everybody loses. It's a great
(24:54):
it's a great business model. It's okay, yeah, well I
have a bit of an issue with that. Not for
not for me, thank you very much. And so the
way that these things were set up were deliberately to
trip people up. There'd so many rules and regulations that
hardly anybody got through. But the biggest earning company at
that time was bringing in one hundred and forty grand
(25:15):
a month in revenue, and the rules were so tricky.
They're going to make ten percent in a month, very
small draw down, minimum number of trades, you can't trade
on a Tuesday without your shirt leg rolled up. It
was all designed. And then the few that got through,
of course, they were getting paid this eighty percent commission
out of this huge amount of money coming in the
(25:36):
front end. Yes, But then about a year or so ago,
they started to clean their act up. And also I
could see the educational benefit for it, because now you've
got the same rules as I had in two thousand
and five working for a fund. If you break the rules,
get out. So I would suggest to anybody who's learning
(25:58):
now how to do it is forget the bs on YouTube.
You know, if something is too good to be true,
it is. Believe me, we've both been there and done
that and spent the money and got the badge. Learn
to do it old school. You've got to be realistic
in your expectations. You should focus on trying to do
it on a bigger account. So if you can make
(26:18):
three to five percent a month on a thousand dollars,
it's just everybody gets bored and then they ramp up
the risk and then they lose it all. But if
you could do that on one hundred thousand account, now
it starts to get interesting. If you can do it
on a seven figure account, you can make a lot
of money for not doing it right. You're not doing
any more work. That's right, and for me that was
(26:38):
the solution. But with these funded accounts, if you can
a educationally, it's a great tool because it gives you
the discipline, and ultimately, for me and most of the
people I've taught over the years, it's the lack of
discipline that kills them. I said before, I think I
think anybody can do this. I mean, in theory, in principle,
it's not that hard. It's this is this that screws
(27:01):
us up?
Speaker 2 (27:02):
Well, you picked on one of the two things I've
always pointed to people, and I said, one's up here
and the others in here head and heart, isn't it
You've got to control those two because it's the motions.
It's real money. It's great when you profit, it's horrible
when you lose, and then the self doubt starts. All
the silliness starts. If you look you Yeah.
Speaker 1 (27:26):
I wrote an article years ago saying when boring is great,
you get to the boring. If you get to the
boring level and you don't get high when you win
and you don't get low and you lose, you know
you're on your way. Yeah, And for me, that that's
the place to be. I don't get excited with it.
Crypto did get exciting because it was making so much
money in such a short space time, but this time
(27:48):
because I've been through it with the dot com boom.
This time I took the steak and took the profit
and that's the way I do it now. So but
it is all about structured discipline and pick. I mean
your website is similar to ours, is that we don't
pitch that you're going to get rich quick and I
don't know what you find, but most of the people
(28:10):
come to us are on the way out of the door.
They've tried everything and frustrated. Yeah, and they kind of
realize that all the BS is BS and this bloke
or this bloke actually sounds as though that they're legit.
And so again, the thing is, if you're going to
go to an educator or a course or whatever, then
dig deep, you know, get googling, look for reviews. You'll
(28:33):
always find the occasional bad one because it's like with brokers.
Brokers is the typical one. Brokers pay people to write
bad reviews for other brokers, so you never know who's
the right who's a good broker until you actually put
your money with them. And the same with mentoring, and
you'll get people occasionally that they've lost, and they've lost
(28:55):
because of their own shortcomings. But they then blame the
guy that they paid the money it. So again, you know,
we are all responsible for our own actions and deeds.
Do the research, do this properly. And I said to
you know this is a profession, Yes, it is a profession.
You're not from the financial background, and saying I couldn't
(29:16):
even pass basic maths at school, but managed to make
a decent living out of this because and again I
think it's say for me, it's just repeatable patterns.
Speaker 2 (29:26):
Patterns are correct. Yeah, absolutely, looking at I used the
description on some webinars for people. I said, you remember
when you're a kid and you jumped on a bicycle
for the first time, and there was stuff going on
everywhere and it was all complicated, and they you know,
when you get older you can just do it.
Speaker 1 (29:44):
I said, training is a little bit like that.
Speaker 2 (29:46):
But also you know you and me coming from England
originally would have learned the was it the green cross code?
Speaker 1 (29:52):
I think.
Speaker 2 (29:54):
You remember that and it was left right and left again?
And I say to people, do that on your charts,
because so many people they want this moving average and
this mac D and something else. I said, you're cluttering
your charts with historical rubbishy. Look at the charts, Look
at the right hand side, Look at what the prices.
Speaker 1 (30:14):
Yeah, there's so many people.
Speaker 2 (30:16):
They start buying it, Like you said with Sylvie, you know,
they'll buy it like forty nine ninety, and it's.
Speaker 1 (30:20):
Like, well it's going to hit it. Look look back
on the other side.
Speaker 2 (30:25):
Oh, last time it bounced there, guess what it's likely
to do again? Look left and look right. And people
don't do that. I find so often.
Speaker 1 (30:34):
I think that the thing, I mean, the marketers don't help.
But the thing is that when you look after the event,
it looks so easy. And that's what's so frustrating about this.
People tend to concentrate on this bit. And the main
thing is look left, let's left, see what happened before.
And then the other thing is people don't realize what's
going on. If gold was coming up to two thousand
(30:56):
for the third or fourth time, well think of what's
going on. The people who bought it eighteen hundred, they're
getting twitchy because they're thinking looking left, last time it
got up here, it dropped, and then the next time, well,
now it's done it two times. For crying out loud,
Just think probability. If it's done it twice, the likelihood
it's going to do it again is greater than not.
(31:19):
So at least get your stakeout and if you're confident
it's going to push through. And again it needs a
catalyst to push through. And I say that the time
last time when gold got through, we did get up
to twenty and seventy and rejected. But when he actually
went through, it was something thatd kicked off in the
Middle East or Ukraine, I can't remember. It was one
or the other, and it went so it went for
(31:39):
a fundamental reason. I think now personally that I think
gold will continue to go up. I think we'll be
profit taking at three thousand, but I think that the
financial mess that we're in is going to implode at
some point. But I mean he said that, I've felt
that the last two years. But the other thing something
(32:00):
for people to take away from this is have a
look at gold and silver mining stocks because last year
and gold and silver often are very poor investments. The
gold bulls will be permanently buy gold bag or you
are no, you don't always make money in gold. Gold
from two thousand and nine twenty twelve was great the
(32:23):
SMP took five years to recover after the crash. Gold
recovered within a year and it went from seven eight
hundred to nineteen something. Then from twenty twelve it went down. Well,
the SMP is going up, and so from twenty twelve
to twenty eighteen it was a poor investment. Not only
did it come down in value, you have to pay
to store it and ensure it. So if you can
(32:45):
catch it at the right time, it's great. So we
caught gold and silver from twenty twenty two last year alone.
I think gold was up thirty percent, silver was up
forty percent. My best silver miner was up two hundred
and sixty percent. Wow. So the thinking is, and this
is because of fundamentals with me that the stock at
(33:05):
the time was e XK. I think it's Endeavor Silver.
It came down to the covid lows and again I
got all the charts set up on all the stocks
and everything for covid lows after a crash. This is
where it stopped. Ultimately. But if gold and silver's going
up and a miner's digging it out of the ground
and they've got all the infrastructure and all the equipment
and all the men. Then the value of what's in
(33:27):
the ground is discounted at the moment. So have a
look at mining stocks. But last year we caught a
lot of stocks that more than doubled that were mining stocks, right,
So it's something for you to have a look at.
And yeah, it's just a way of getting leverage without
(33:47):
using leverage.
Speaker 2 (33:48):
Yeah, great information. Perfect. So you're looking at all these things,
you're still predominantly for your fares side. A technical trader me, yep,
what's your average.
Speaker 1 (34:02):
Day look like?
Speaker 2 (34:02):
There?
Speaker 1 (34:04):
I don't do much. I mainly work on a weekend,
so on a Sunday when the markets are closed. And
again I find this is the best time to study
because nothing's moving, so you're not tempted to get involved
in motion, so there's no emotion. It's just purely a
maths well, a maths come pattern exercise. I look at
(34:26):
maybe twenty or pairs and I am looking first on
the weekly chart and I'm just looking, well, abe, is
it going up down all sideways? If it's going up,
I want to buy. If it's going down, I want
to sell them. If you range trade and we'll look
at it in a different way. And I'm looking for
a sweet spot that will draw my eye. It might
be an ema, it might be a major point of
(34:46):
previous resistance, a trend like or whatever, and so that's okay,
that's interesting, and then I will go down to the
daily to look for multiple reasons. So I need five
reasons for a trade. So I've written them down because
I would forget. So I have the two hundred and
fifty five m and I have them on the chart
on the daily. I also have the where the weekly
and the monthly are. I want to know where the
(35:08):
big levels are fiber and archie, trend lines, horizontal support, resistance,
whole numbers, double tops, double bottoms, mac D, risky water
ratio because if it doesn't give me at least twice
the risk, I don't touch it. Candlestick patterns occasionally, and
correlation and so it's a very systematic approach. So now
I said, I will go and look at something and think, well,
(35:28):
it looked really interesting on a weekly, but the risk
rewards poor or whatever, and then I'll go to the
next one so that that one I forget. And if
I look at stuff on a weekly not interested, forget, forget, forget.
And the goal is to find half a dozen A
grade trades if possible in a week, and an A
grade ticks all the boxes. And then the final thing
is I go, I have a look at the news
to see what could come out that could screw with it.
(35:50):
And like for me, the au D is usually Tuesday morning,
in middle of the night. So if I see a
good aud set up for a Sunday night, I will
often wait until the big news comes out, right, yeah yeah.
Speaker 2 (36:04):
I straight off and had their employment or the interest
rate news on a Tuesday afternoon our time.
Speaker 1 (36:08):
Yeah yeah, so for us it's the middle of the night,
that's right, And I might wait till London elmands and
then on the daily basis, I spent about an hour,
and I said earlier, look at the DAXI I look
at s and P I look at gold, silver, I
look at stocks, I look at crypto and am trying
to find what's generally going on, because ultimately you know
(36:29):
where's the big money going, yes, and the big money.
Prior to COVID, it was a lot easier fundamentally because
all it was is was interest rates, inflation, and growth.
Every piece of red flag news relates to those three things,
and at the time all the central banks were trying
to get inflation up to two percent. Well, it did
a good job there and then inflation got out of
(36:53):
hand and growth growth really is ridiculous because when you
think about how much money was into economies with COVID.
You went to the UK this summer, I went to
the UK this summer gone.
Speaker 2 (37:06):
I couldn't believe the price of things gone through the roof?
Haven't they absolutely gone through the roof? And yet the
government of inflation is now at three percent rubbish. The
reason why inflation is at three percent is all the
government workers pay rise is a linked to the inflation,
and so a lot of the fundamental stuff's gone out
of the window.
Speaker 1 (37:26):
But I have a bias at the minute. I have
a bias negative AUD, negative NZD, Euro and the pound.
So I am just waiting. I actually caught the pound
yesterday from three weeks ago, but I caught it within
a few pips. Yes, And I don't wait. I will
just wait, and if ultimately I look at four X
(37:48):
and it's just chaotic and something else looks more interesting,
I'll go do that. I just want to make money.
I just want to make money. I'm not here to play.
Speaker 2 (37:57):
And that's right. And that's what I think that you
know we talked about earlier, is that with the ability
over the last handful of years for us both to
be able to look at other markets, those metals as indices,
those commodities. I said to you it, I took a
trade yesterday on aluminium. Yesterday, I've taken a trade on
the Hong Kong fifty, and when the sugar market opens
(38:20):
in America in a few hours time, I'll be doing
the same, providing there's no massive gap. If you'd have
we'd had this chat five years ago and you started
Hong Kong fifty sugar an hour million, I would have
no idea. But they look like on a chart.
Speaker 1 (38:34):
It's the same with the same with crypto. In twenty
twenty twenty one bitcoin, bitcoin went up, pulled back up,
pulled back. He did it five times and it pulled
back into a couple of nas and thid levels in
the trend line. It was easy. It really was easy.
About the other thing. I mean, as we're getting older,
my oldest client is eighty five years old, and it's
(38:55):
it's still as sharp as as as ever. But he
joined me fifteen year years ago on a lifetime member.
So yes, financially made no money or whatever, but I've
got many of them from years game.
Speaker 2 (39:08):
Yeah.
Speaker 1 (39:08):
But I had a good chat with him recently from
North of England and he said part of the reason
he's doing it was to keep mentally active, and that's
that's the same thing for me. This is a mental challenge.
It's I don't get highs and lows, wins and losses,
but I do enjoy the mental side of it. And
I think as people are coming to retirement, so many
(39:30):
people don't have a big enough pension. So a they've
got a financial need to make money, but the other
thing is to.
Speaker 2 (39:36):
Need to do something, to do something with their mind.
Speaker 1 (39:40):
My father works in a factory all his life and
the average life span thirty forty years ago in the
UK was sixty nine, so people retired at sixty five
and there were dead b Now the average age spans
eighty two to eighty three. And you know, if you've
got your marbles and you're healthy, then most of it, don't.
Speaker 2 (39:59):
You don't want to be eighty two eighty three or
or seventy two or sixty two and just sit blobbing
watching exactly which is what so many people do.
Speaker 1 (40:08):
Unfortunately. Yeah, well, I don't know about you. My average
client went. I don't take many private clients nowadays because
I'm trying to focus on other things. But my average
private client pre COVID was fifty plus. Married, kids have
left home, gone to school, gone to university, or left home,
gone to work, owned business or middle management. Starting to
(40:30):
panic about retirement, and both in terms of finance because
most people haven't got enough pension. And then the other
thing was to do something mental ignoments. Ironically, since COVID,
I then got a lot of younger ones, yeah, who
kind of said, hey, I don't want to go work
for this firm for the next thirty forty years. But yeah,
but prior to that, it was older people. And I say,
(40:52):
from a mental point of view and a moneture point
of view, you can't beat it, you know. I used
to have twenty odd staff working for me, twenty odd subcontractors.
I used to have hair and stress to hell, and
I would never employ anybody ever again. I have people
now that work with me. I have people I've trained
and they work with me, but they're all self employed.
(41:13):
And ultimately, if people don't perform anymore, I have to say,
I'm sorry, you have to go. Yeah, but I have
one guy's been with me fifteen years. So to be
able to do something, to do it from home to
live wherever you want to, not have any staff. It's
the best business in the world. It really is. If
(41:34):
you can do it, so it's a profession, learn to
do it properly and stick to the rules.
Speaker 2 (41:38):
Well, I think one thing that I hope that people
take from this is the amount of time it took
us both. It took me four years of going around
in circles and as I said at the time, my
son at the time was very young, and you start
getting those dance and people saying, really is should go
and get yourself a proper job, and you know you
(42:00):
got your son to look after, and those mental I
just feel for people that get that because we've been there. Yes,
and also, as you mentioned now there's more younger people.
And of course everybody thinks that the answer is AI.
And as we've said that, you know, even if you
use some form of robot of AI, if you really
(42:20):
want to go for it, but you still need that
human common sense to understand how it works or create
it yourself. There's no good as buying something because you
don't know when it's going to start working. But there's
so much to be said for that mental ability to go.
I can do this, I can make three, five, ten
percent a month, and I can choose to go to
(42:42):
a prop firm or whichever way you want. And I
think that ability to do that and have that decision
making because it keeps you an interest of what's happening
in the world as.
Speaker 1 (42:51):
Well as otherwise.
Speaker 2 (42:52):
It's kind of a lonely old business, isn't it.
Speaker 1 (42:54):
Yeah, Yeah, definitely.
Speaker 2 (42:55):
It was interesting with your comment about why you started teaching,
and mine was the same. I want to signal competition
in two thousand and six or seven or something, when
the early days of PayPal and subscriptions, and somebody said
to me, rather than me buying the signals, would you
teach me how to trade? And that's how it all started.
(43:16):
And I'm probably like yourself. I love the community aspect
of helping like minded people who want to help themselves.
Speaker 1 (43:23):
Yeah.
Speaker 2 (43:24):
The old time you get someone that just goes I
want everything and I don't want to do anything that's
go somewhere.
Speaker 1 (43:30):
Else on go to YouTube. Yeah, well, I say to people.
You know, it's quite funny because people would book me
for a call and they think they're interviewing me, and
I'm actually interviewing them because I would say to people, look,
I am not here to pull you along, I am
here to lead you, and you need to do the work.
But ultimately you have to accept the fact you just
might not be any good of this, yeah, or just
(43:53):
too lazy for it potentially Yeah, well yeah, yeah. I've
had it in the past of people they have the
money over and then they don't do the work, and
it's like, what you're doing? You know, it's almost as
I will have handed the money over now, and it's like, no,
there's a serious amount of work to do with this,
and if you're not ready to do it, then go
do something else. Right, it's because it's draining for us
as a coach, and it's a waste of money for them.
(44:15):
But the other thing what I tried to do with
people is it's to say, look, hey, create multiple streams
of income. Do not just rely on for X trading.
Because there are periods of time when it's really easy,
there are other times when it's really challenging and the
other thing, you know, and I know if you get
into a drawdown situation, and it's so depressing and stressful
(44:35):
because every day you wake up in the negative trying
to get back and as we know anybody's ever been
in debt, it's twice as hard to get back to
zero as it is to get to ten thousand. That's right,
profit and so the stressing everything. So I said to people, right, well,
what's your current skill set? What could you do? You know,
if you came to me as a dairy farmer, well,
how could you monetize your knowledge teaching other dairy farmers
(44:59):
or is there something that you've done in the power helicopter?
Could you teach people to think of multiple streams of
income and then you're not just reliant on one. And
the point now for me these days, I don't just
want to teach people how to trade for X. I
want to teach them how all financial markets work if
they want to go down that journey. But I also
want to try to say to them, look, you know,
(45:20):
I was fortunate. I was one of the few that
are forty years old with four kids and a good
business that said, you know what, I don't want to
do this anymore. It's depressing me. We're off to go
live on an island somewhere. Everybody that knew me would
like running a book. It'd be back in three months.
And to do that with four kids and all the
(45:40):
commitment and that you've got is a big leap of faith.
But I was fortunate we'd bought some houses for income,
so we did plan it. So the point is is
be thinking about how can you monetize your current skills
as well as doing this. Yes, I mean ultimately, if
you're any good at this, you can teach other people
(46:02):
to do with it if you like teaching. If you
don't like teaching, you don't like people, then don't do that.
You know, you might prefer something that's not involved. But
try to learn a skill or try to use the
current skill that you've got to be able to monetize it.
And even if you only earn a few hundred dollars
from this a week and a few hundred from that
and a few hundred from that, that to me, that's
that's the thing. It's the whole life thing now, is yeah,
(46:26):
So that that would be my thing. Now that's awesome,
because I mean, you can one.
Speaker 2 (46:31):
It's taking the pressure off the need to have to
make money from trading. And two, when you get good
at training, you can use that additional income to add
to your training care if you wish to, and compound
it from there.
Speaker 1 (46:44):
Yeah, and I mean I sorry, I.
Speaker 2 (46:49):
Was just gonna say I think an important thing for
people of all levels, especially new people, is to forget
the money to start with. Yes, it's learning the how
to do the training. I think it's really important because
you can do the how to bit the money will follow.
But I sort of describe it like someone you get
a painter to paint your wall. Well, the finishing touch
(47:11):
looks nice, but it's all the work that they've done
and the standing and the prep and the stopping and
everything else behind the scenes that you don't see that
makes the finishing look good. And this is the same
with learning how to trade.
Speaker 1 (47:24):
Yeah. Absolutely, I'm going to say I forgot what I
was going to say. Save it for another time.
Speaker 2 (47:36):
So if someone's like wanting to contact you, how do
they process?
Speaker 1 (47:44):
We have a website for expensor pro dot com. I
also have another one which is your Investing Future dot com,
which is to do with stocks and crypto and things,
and again thank you for inviting me. Not many folks
normally you don't normally get people who are potentially competitors
talking to each other, but it's good to have a
chat with somebody that's been down a very similar route.
(48:07):
The good news for people is that we've been there
and done it. We've made all the mistakes that anybody
can make and more, and we've also seen it with
so many people as well as So the main thing
is try to avoid the bs on YouTube. If it
looks too good to be true, it is. And as
(48:29):
I said earlier, this is a profession and you need
to learn how to do this in a professional way.
And if you don't, I mean I'll leave you with
the story of a guy. I was doing a live
training session a webinar and I was telling them about
a guy that came to me ten years ago, and
he said, he started off trading and he doubled his account,
(48:52):
and so he then doubled his account again. So then
he quit his job and doubled his account again and
started taking family money into train and I knew what
the punchline was going to be. He lost it all. Anyway,
there was a guy in the room from Australia, and
he'd had financial issues. I found out. I spoke to
(49:13):
him afterwards and he wrote in the chat box he'd
gone from zero or one thousand dollars to seventy five
thousand in four months real money. And again I knew
the punch. I said to him, I think you've tied
it in wrong. Did you mean seven and a half
as he said, no, seventy five thousand. So this guy
was struggling financially. He was working sixteen hours a day,
(49:36):
scalping four x and he'd managed to go from one
thousand to seventy five thousand in three months, and he
lost it all in the night. And he and like
the original guy I was talking about, they just got lucky.
They were on the biggest Flukes streak that anybody could
ever be on. And so the point, and I said
(49:57):
this earlier, the OVERCONFI idence, thinking that you've cracked it
is the most dangerous time because I spent two and
a half years and I wanted to make two thousand
dollars a week was my target twenty years ago. And
the first weekend I made it, I finally I was
all week and I was on a high I've practiced. Yes, Yes,
(50:19):
by the Wednesday i'd given fifteen hundred quid back. Yeah.
Speaker 2 (50:23):
So risk management, yeahs boring and risk management.
Speaker 1 (50:28):
And discipline and structure and stick to the rules.
Speaker 2 (50:32):
Well, that's a good spot to leave it, because I
think we've both had a great journey, both of us. Yeah,
down journey, but a really good one which you wouldn't
change for.
Speaker 1 (50:41):
All the world. No, no, no, it's given me the
chance to live in beautiful parts of the world that
is in Portugal now. The choice of being able to
do what you want to do is awesome. As we said,
we're both from the UK, we've both seen the state
of it now. I certainly would never well I would
never have gone back anyway, but you look at it
now and it's it's very depressing. So yes, to be
(51:03):
able to live in the sun and want to go
in New Zealand.
Speaker 2 (51:05):
Are two not too bad places to live, are they?
Speaker 1 (51:08):
No, they're very nice. They're very nice. Anyway, pleasure to.
Speaker 2 (51:11):
Meet, Thank you, make lovely to have you on here.
And yeah, I'll put a link to your site and
our site and people can contact either of us and
ask for the questions I need to. But thank you
very much for being here, really enjoyable and thanks for
your time.
Speaker 1 (51:25):
Welcome. Thank you very much.
Alrighty, hi everybody.
Speaker 2 (00:01):
Andrew Mitcham here at the freest Training Coach really excited
today to be joined by Mark Walton from Bock's Mental Pro.
Speaker 1 (00:07):
Mark, nice to see you, good day, How are you
very very well? Thank you?
Speaker 2 (00:11):
I thought Mark, we would just spend half an hour
so I just have a bit of a chat to
people been trading sounds like similar amount of times, some backgrounds,
and just give people a bit of an insight of
what we've done over the years and the pros and
cons of what we've done, and how we're training today
and the changes we've seen.
Speaker 1 (00:31):
Yeah, as we're just saying, just saying, your path is
very similar to mine. We neither of us came from finance.
I actually failed Math Sol level three times, right, and
it's RONI. I also have something called dyspraxia, which I
never realized until one of my kids had it. But
the only way really affects me is I'm not very
(00:53):
kind of number blind, which is bizarre considering what we
do for a living. Yeah yeah, yeah, but then again
it's to me, it's all about pattern recognition, and so
I think the main thing is for folks not to
get too stressed with the math side of things. As
long as you can control the risk and work as
simple calculated to get the risk right, then maths is
(01:15):
not important. I was saying to you earlier. I left
the You well, I left the UK early two thousands
and went to live on a little island off the
coast of Africa, the Lanzaroti in the can Areas, which
was which is a beautiful place to live. And I went
to sing and play guitar in a band for five years.
(01:36):
And I thought, said, Semi retired at forty, and then
you realize when you retire you spend more money than
you ever did, because he well, kids in school didn't help,
and then you've got so much free time. So I'd
started looking at trying to make money online. Stumbled on
for X, which twenty years ago there was hardly any
of it. We had the other extreme nowadays, as we
(01:59):
know with you Tube, where there's millions of people stood
next to their mates ferrari or whatever in Dubai and
pitching this, that and the other. And he said that,
I mean, I paid four thousand dollars I think for
a course twenty years ago and struggled like everybody else.
And I did a webinar the other day with my mentor,
(02:21):
rich Friedan, who's a psychologist, and I have the list
here of things that went wrong in my trading. And
when he put this slide up for the benefit of
people in the webinar, it was like, oh, Craig, it's
me again. So I'll just read you a few It's
repeat the same, repeat, the same errors over and over
again over trading. I've tried to pull the trigger over leveraging,
(02:44):
French revenge trading, afraid to lose money, ruled by emotions,
cut winners, short, loose us, wrong not discipline, jump from system, system,
and there's many more. And I did all of them.
And I know your background with farming and things. You probably,
i'm guessing, did the same thing. Is that your reason
(03:05):
for getting involved, Yeah, trading.
Speaker 2 (03:07):
So I got into trading actually as a result of
having a young child at the time and going through divorce.
Was it was forced on me. So I was dairy farming,
and which I was when my family had been dairy
farming through in England, moved to New Zealand.
Speaker 1 (03:24):
You know, it was nearly thirty years ago.
Speaker 2 (03:27):
Had the dream or eventually did some work, you know,
different companies, actually bought a farm and it kind of
all then imploded. It all went wrong, and it was
like what do.
Speaker 1 (03:40):
I do now? Yeah?
Speaker 2 (03:42):
And I was looking after my son, not full time,
but fairly close at times. And I can't go and
be a rep for a company. I can't go and
work on another farm. What do I do that allows
me to work from home and looking after him? And
like yourself, back in those days, it was unheard of
(04:04):
a blow to work from home by yourself. It was
unheard of to do anything on internet pretty much because
it was dial up still one gigabyte a month was
like this, mate up? Well, I remember when I went
to ten and everybody's blown away that I got. And
so I stumbled and I paid five thousand New Zealand
(04:26):
dollars and went up to Auckland and did a weekend
course up there. And although when I look at it
it wasn't great, I can't knock it because it got
me into training and it gave me the buzz of
this whole new world that I didn't existed.
Speaker 1 (04:43):
Yeah yeah, well for me it was a necessity as well,
because to say we were were semi retired or I
thought it was semi retired and we were just burning
through money. I budgeted, let's say we were going to
spend twenty five thirty grand a year, and I think
the first year we were there we went through fifty
and it was okay, need to do something about this.
And it was born out of necessities very similar to you,
(05:04):
because if if I hadn't been able to get four
X to work, I would have ended up having to
go back to the UK with my tail Betwelm and
Lakes because the only work in Spain Canara Islands for
a foreigner would be in a bar. Yes, and my
wife said, if you ever buy a music bar, I
will shoot you. So thankfully I didn't do that, and
(05:26):
I got into four X. And the other thing is
I'd employed people all my life until that point, and
I really didn't want to go through the hassle of
employ again, which is great. This is why this is
so good.
Speaker 2 (05:37):
Right, So when you started them, like what kind of
like how long did it take you to I'm guessing
you did, like me, you bought ideas, systems, ebooks, robots,
back testing everything under the sun, and then suddenly something
clicked to make it go from losing money to working.
Speaker 1 (05:55):
The course that I bought actually wasn't bad at all.
It was it's very similar to what I do now
in many ways. It was all about support and resistance,
and it was using a lot of ear mays and
I only use a few now, but in general it
was support and resistance. The issue I had was it
looked too easy. And you know, I'm a smart fellow.
(06:16):
This is not difficult. I can do this. I actually
believe most people can do this. But the problem that
screwed me up was my head. And I say I
went through all the issues I just mentioned, revenge, trading,
et cetera, et cetera, but the biggest thing for me
was that I would go through a period of time
where I would win and then I could lose it all.
(06:36):
You know, the last time I got to the point
of quitting was I went five months consistently making money
three to five percent a month on a big account.
This is okay, Slow and steady wins the race. And
I lost most of the five months profits in a week.
So for me, the periods between meltdown got bigger, but
(06:56):
the same result was there. So I took a few
months off and to basically let it all settle in
my brain. And thankfully I found a retired trader to teach,
because if I hadn't, I would have been I don't
think I would have ever made it. And then for me,
discipline has always been an issue. And I think when
(07:17):
you come to the background I had before I got
i'd left the UK, I had a frozen food company
and so we had quite a lot of quite a
lot of stuff and you come under lots of rules,
but we also supplied the prison service with food, so
we were highly regulated. And then when it got to trading,
it was suddenly, I've got the cash. Here we go,
you know like. And it's ironic because within a year
(07:41):
of meeting Rich and him ironing out the issues and
half the issue with the psychology is making yourself self
aware and then the other part, the other part is
the discipline. And he introduced me to a fund in
the in the US and it wouldn't be allowed nowadays,
but I was trading remotely from Guanzerotti for a fund
in New York and that they basically give you a book,
(08:03):
this thick of rules and if you break the rules,
you're out right. So before you take a trade, every
time you thinking, you go through the checklist. You make
sure everything you've got, everything is spot on. And I
say to people nowadays, always use a checklist. Yes, I
tell folks to look for five reasons. If you don't
have five reasons of confluence, walk away. And so having
(08:26):
a checklist and having somebody looking over your shoulder made
me a better trader. And I worked for them for
three years. Then in two thousand and eight, I started
doing it for myself and do it for my own clients,
and the bad habits started creeping back in, which is
when I started posting on Twitter in the early days.
Twitter in the early days wasn't the war zone it
(08:46):
is now, and people were genuinely helping each other. And
I was just saying, oh, you know, I'm going to
short that you're a pound today here for these reasons.
And people asked me to teach them, and I thought, okay,
And that was good because otherwise, because I got to
the point where I was only placing a few trades
a day, and now I placed maybe one a day,
I had a lot of free time on my hands.
(09:07):
I have free time on my hands. I'm dangerous and
even today, last year, about six months ago, we had
quite a lot of new folks in ment to pro
and they wanted to trade more actively, so I they
traded for a week and at the end of the
week I had broke that well. I think I took
(09:28):
eight trades and had three of them I shouldn't obtained
because I broke my rules, and I got twice in
the middle of the night because of news. And by
the end of the week, I think I'd lost half
a percent and I had spent twenty hours in front
of the screens and got and all the old things
come flooding back. So I think the other thing people
need to be aware of it You've got to be
(09:50):
every day. You've got to be able to stick to
the rules because otherwise you screwed. And success is as
harmful as not knowing you're doing as That's.
Speaker 2 (10:02):
A really interesting point because as you know, I fly
a helicopter privately, and the checklist is needed. You know,
you have to go through a checklist. It doesn't matter
how even if you're like a pro doing it daily,
still go through a checklist, because that one time you
(10:22):
don't go through a checklist and you miss something, like
you know, obviously training can damage you like, you can
do a bigger damage.
Speaker 1 (10:28):
But similar thing.
Speaker 2 (10:29):
You know you're either gonna you know you're going to
over cook an engine when you start, or you should
have checked something that you didn't.
Speaker 1 (10:38):
Pre flight, in flight, whatever it might be.
Speaker 2 (10:40):
So yeah, like I'm with you, checklist is important and
it's I find that really an interesting story. How you,
with all your experience, can still drift back against those
rules if you don't have them set out.
Speaker 1 (10:56):
Yeah, well again I said earlier, you've got to be
able to introspective look at yourself and see what you're doing.
And my mentor I said it with me. You know,
if you don't feel at least seven out of ten
in health and psychology and general feeling when you get
don't trade. Yeah, that's when you're day trading. So I
(11:20):
don't do that every day, And in truth, I don't
keep a journal every day. But if you're new, until
you've been doing this for years, you need to keep
a journal, as we would. I both agree, I'm sure absolutely.
Speaker 2 (11:32):
So you mentioned new people, So someone new, they've you know,
like you said, they've been kind of conned into the
YouTube and brows and Lamborghini stuff. What would your suggestions
be for someone new looking at training about where they start,
what kind of things should they.
Speaker 1 (11:50):
Look for or avoid platforms?
Speaker 2 (11:52):
Maybe like the technical should be fundamental, What should they
look for?
Speaker 1 (11:59):
I traded well, I say, I traded stocks in the nineties.
In those days, we worked off news sheets and you
had to ring the broker, so it wasn't like we
know now. And I used to think technical analysis was tosh.
It just it was nonsense. And then when I learned
to trade from this DVD series, it's suddenly, oh, cracky,
this works, this, this fib level works, and this works,
(12:21):
and this was actually and so that that was good
for me. And then I traded really for the fund
until two thousand and eight, two thousand and nine, just
technically yes. And then when the financial crash came along
and suddenly it was the what the heck moment, I
started to pay attention to fundamentals. So nowadays I am
seventy percent technical when it comes to trading four x
(12:43):
and I am thirty percent filter it with fundamentals, and
so I have a bias fundamentally. So I kind of
say to people, look, if you're trading the New Zealand dollar,
for example, what do you know about New Zealand, And
they'll go, I think they've got cows. Yeah, okay, well
it's actually a good clue. But what do they do
and who do they sell it to? And one of
(13:06):
the big concerns, obviously in your neck of the woods
is the Chinese. If the Chinese moving to Taiwan, your
economy in Australian economy is going to be in the
deed dodo. So I use a mixture of both when
it comes to crypto and when it comes to stocks.
I'm seventy percent fundamental and thirty percent technical because the crypto.
(13:27):
Unlike you, I don't trade crypto, although having talked about
that a little earlier, I'm going to have a look
at it now. But I basically bought and hold. But
I bought crypto that they had to be faster, smart
and cheaper, revolutionizing the sector and being used. And I
(13:48):
did really well because I got in twenty nineteen I
started to understand crypto. February twenty twenty, I bought my
first bitcoin at eight grand, crashed to four thousand the
following month with COVID, then recovered. I mean by the
following January it was up at fifty odd, so it
was a really good time to be in. What I
did as well with that is I'd learned the lesson
(14:10):
when I traded stocks in the nineties. It was it
was very similar to what's going on in crypto now.
In nineteen ninety five ninety six. They when it started
to boom, everything went up. It was easy, and I
was naive at the time. I didn't take my profit.
I didn't get out in time and lost again, lost
(14:31):
a lot of it with crypto. This time, what I
said to folks is, look, if it goes from eight
grand to twenty, take the steakout. If it goes up
to thirty, take some profit out, and then we try
to buy more on the dips. So when the crash
came in the April of twenty one, I still hung
on to everything I had was bought and paid for,
and I had made a profit, and so trying to kind
(14:53):
of use the same skill set I nowadays I am
involved in crypto. I started by gold in twenty twenty
two because it was obvious after all the money printing
from COVID that there was going to be an inflation issue.
So I caught that at the right time. And that's fundamentals,
and then I use the technicals to get in and
same with silver. So I have more silver than gold.
(15:16):
And that's technically because in twenty twelve silver was up
at forty nine dollars. That's brilliant. Ye, technically, it's got
the room. So I think the more you know about
how the financial world works, how everything's inter related. I
look every day at the DEXI I look at the
US stock markets, I look at gold, I look at crypto,
(15:37):
I look at FOREX. I'm trying to work on the
day on database where the big money's going. Yeah, and
if it's not in FORX, that's fine, I'll leave it.
I'll go off and if this is where the money is,
this is where I will go for the day. And
I don't spend a lot of time a day.
Speaker 2 (15:52):
No, that's brilliant, Thank you. That's fascinating what you said
about silver. I had conversations with people back then when
it just almost reach fifty didn't It didn't quite get fifty,
but it was very close.
Speaker 1 (16:04):
And when it.
Speaker 2 (16:05):
Started, you know, pulling back, and I said to people, well,
you know it was twenty.
Speaker 1 (16:10):
Dollars, let's say so, Well for crypto.
Speaker 2 (16:12):
Sorry for silver to go from twenty to forty, obviously
it doubles, but it's not needing a new high. This
is like I'm talking physical silver. Whereas gold at the
time was whatever it was, you know, two and whatever
the figure was. But it to double was a massive move,
and to make a brand new high by quite some margin.
(16:34):
And so I was thought from a you know, with
silver with its electrical capacity, its medical ability, you know,
in every electric we have, but most of it's thrown
away because it costs more to extract it than it
does to So I looked at all those things and
I thought physical silver is definitely the way to go.
(16:55):
I really interesting that you went and said that exact
same reason.
Speaker 1 (17:00):
And nowadays with solar panels, electric cars, there's a new
car I current remember which manufactured. There's one of the
Japanese manufacturers supposedly bringing a new electric car out that
will do nine hundred I'm not sure it's kilometers or
miles range on a smaller battery. So they're reckoned. The
behalf a barer of silver in each engine. So the
(17:21):
thing is gold is the safe the ultimate safe haven,
as we know, whereas silver is being used and they say,
technically it So I was buying silver at sixteen and
eighteen dollars, and I was buying side buying gold again
at eighteen hundred, but like you say, gold technically four
times rejected around two thousand. It was just typical double top,
(17:44):
double top, double top, double top. But what pushed it
through was the situation in the Middle East. So again
the fundamental side of it, Well, this time could be different,
so I say, and I think as well as we
get older, to be able to go into different markets
and use the same skill set keeps you mentally alert.
I'm studying I'm studying options at the moment, and because
(18:08):
of course, the issue when you buy a physical asset,
whether it be stock or you buy a for X trade,
the problem is always is the stops. Whereas if we
could use an option creatively, I'm kind of thinking about
of that, always trying to think of new ways of
doing things.
Speaker 2 (18:25):
I you would, and I think that was one of
the nice things that we chatted about before we started this,
is that you know, look at your website forc's meant
to pro me the forests trading coach, but we've both
diverted into other other markets as they become available to us.
(18:47):
And still I still love the forest market, but like
you say that, at times it's been a little bit boring.
In the last few years, it hasn't been quite as
good as it was if you go back years ago.
I mean, I remember the early days when I started
and getting up in the middle of the night here
to trade the non farm payrolls, you know, the employment
(19:09):
to day.
Speaker 1 (19:11):
Yeah, in the early days.
Speaker 2 (19:12):
For me, it was just magic because it used to
jump through or four hundred pips within you know, like
a few seconds, and you put a straddle trade in
and whichever the bystop or the self stop got filled,
you frantically went and deleted the other one and pressed
exit on the other one, and you go.
Speaker 1 (19:30):
Not having a clue what you did.
Speaker 2 (19:32):
But you could do those things back then, whereas you know,
I personally then realized that trading fundamentals wasn't for me.
After they find up on all those things.
Speaker 1 (19:43):
Well, it's like London, wasn't it. We all had the
London breakouts. Yeah, that really was the classic time where
it was twenty fourteen fifteen is when it stopped working.
But we were looking at the Pound was doing one
hundred and fifty pips daily range. In the Asian session,
it would go to sleep. So you just had one
cancels other roaders at London which broak out first, You
(20:05):
went with it. Yeah, and you could literally make your
week's money in an hour a day. That was the
classic time. But of course for those joining us now
there are still opportunities. Yes, yeah, I never use robots.
The thing to me with robot if you if you've
got manual intervention, yes, but otherwise a robot is programmed too.
(20:30):
If we're in an up trend, it's program to buy
and it's not able to see. We'll hang on a minute.
There are lots of clues here that this is maybe
going to change, and with today we're there are we
We've just had a bit of a big pullback in stocks.
Dollar index can't decide whether the dollar is going to
go up or down where, and a robot will just
keep doing what it's told. So I've never had any
(20:52):
success with them. And then the only robot to my
knowledge that did well in historically was FAP Turbo. You
got into that lantage. Yeah, it was a terrible name,
FAP Turbo, And I spoke to the guy that created
it what this thing was doing in the Asian session.
They set it up so that it would just take
(21:12):
a pip from a slight movement that went on. And
then I told to the guy who created it, and
he was telling me that they sold too many of them.
They sold fifty one thousand, and so the brokers we
were getting stung every day, reverse engineered it. So when
this move happened, suddenly the brokers widened the spread. Yeah,
(21:34):
and I had that issue because the other thing that
I had years ago was I had a gap trading
strategy at the market open, and I say I had it.
It was a Swedish guy at work with called Gooston
forget his surname now, but he created this EA and
it was brilliant. What it would do is it would
scan all the pairs that the market open, and it
would scan the gaps VISIVI the spread so and then
(21:59):
it would it would place up to six trades after
ninety seconds. So it sounds a bit technical, but basically
this thing was a surefire winner and we were making
a lot of money. We were only allowing clients to
put an extra fifty grand in total in each week
because we were hitting the liquidity levels. Anyway, the brokers
(22:21):
killed it because they reverse engineered what we did and
then they just played with the spreads and that killed
it as well. So that's actually another interesting thing for folks.
Don't convince yourself if you've found something that you think
is revolutionary and you've found the holy grail and we've
all found it at times, is try it on a
live account, and try it on a reasonable size live account.
(22:44):
Because years ago, the guy came to me and he
was making four hundred a month with this EA wanted
me to sign an NDA before he would let me
see it and explain. And I just said, who is
it with? And he named the broker, an English broker,
and I said, what size account? One thousand dollars account,
stick it, stick it on a fifty and then come back.
(23:05):
Never came back, No, because the brokers, a lot of
the brokers will play with you if you if you
stick your head above the parapet. In my experience, I mean,
if you find a decent broker. We have decent couple
of decent brokers. Now I know you were saying you've
worked with the same one for years. If you find
a decent one, stick with them absolutely. There's a good
(23:27):
key here.
Speaker 2 (23:28):
So someone listening to this that's been trading for a
number of years and they're just getting frustrated, blaming everybody
but themselves. You know, it's the markets fall as the
dog's fault. Any suggestions from your experience of what they
could look at doing.
Speaker 1 (23:48):
The solution for me was to stop being so tight
and pay somebody to teach me. I mean, I wasted
two and a half years trying to do it myself,
and as we get older, you realize the time is
far more than the money, and the money that I
lost was greater than what I paid. If you, if
you want to do it yourself, then you have to
have rules and structure. I mean I say to people, look,
(24:11):
the first thing you should do is have a business
stroke life plan. What are you trying to achieve? How
are you going to get there? And set yourself some
measurable goals and if you and then then you need
a trade in rules. But from the life plan point
of view, you want to be within three months, I
want to be reasonably consistently and most importantly controlling the
draw down. I want within six months to get on
(24:33):
a funded account and these these funded accounts. Now, it's
another thing. When these first came out, they were just
a ponzi. I was approached by a firm three or
four years ago and they were supplying some of the
real big companies, and they sold it to me, is look,
it's thirty grand cost for me, and you'll make your
money back in two months. Everybody loses. It's a great
(24:54):
it's a great business model. It's okay, yeah, well I
have a bit of an issue with that. Not for
not for me, thank you very much. And so the
way that these things were set up were deliberately to
trip people up. There'd so many rules and regulations that
hardly anybody got through. But the biggest earning company at
that time was bringing in one hundred and forty grand
(25:15):
a month in revenue, and the rules were so tricky.
They're going to make ten percent in a month, very
small draw down, minimum number of trades, you can't trade
on a Tuesday without your shirt leg rolled up. It
was all designed. And then the few that got through,
of course, they were getting paid this eighty percent commission
out of this huge amount of money coming in the
(25:36):
front end. Yes, But then about a year or so ago,
they started to clean their act up. And also I
could see the educational benefit for it, because now you've
got the same rules as I had in two thousand
and five working for a fund. If you break the rules,
get out. So I would suggest to anybody who's learning
(25:58):
now how to do it is forget the bs on YouTube.
You know, if something is too good to be true,
it is. Believe me, we've both been there and done
that and spent the money and got the badge. Learn
to do it old school. You've got to be realistic
in your expectations. You should focus on trying to do
it on a bigger account. So if you can make
(26:18):
three to five percent a month on a thousand dollars,
it's just everybody gets bored and then they ramp up
the risk and then they lose it all. But if
you could do that on one hundred thousand account, now
it starts to get interesting. If you can do it
on a seven figure account, you can make a lot
of money for not doing it right. You're not doing
any more work. That's right, and for me that was
(26:38):
the solution. But with these funded accounts, if you can
a educationally, it's a great tool because it gives you
the discipline, and ultimately, for me and most of the
people I've taught over the years, it's the lack of
discipline that kills them. I said before, I think I
think anybody can do this. I mean, in theory, in principle,
it's not that hard. It's this is this that screws
(27:01):
us up?
Speaker 2 (27:02):
Well, you picked on one of the two things I've
always pointed to people, and I said, one's up here
and the others in here head and heart, isn't it
You've got to control those two because it's the motions.
It's real money. It's great when you profit, it's horrible
when you lose, and then the self doubt starts. All
the silliness starts. If you look you Yeah.
Speaker 1 (27:26):
I wrote an article years ago saying when boring is great,
you get to the boring. If you get to the
boring level and you don't get high when you win
and you don't get low and you lose, you know
you're on your way. Yeah, And for me, that that's
the place to be. I don't get excited with it.
Crypto did get exciting because it was making so much
money in such a short space time, but this time
(27:48):
because I've been through it with the dot com boom.
This time I took the steak and took the profit
and that's the way I do it now. So but
it is all about structured discipline and pick. I mean
your website is similar to ours, is that we don't
pitch that you're going to get rich quick and I
don't know what you find, but most of the people
(28:10):
come to us are on the way out of the door.
They've tried everything and frustrated. Yeah, and they kind of
realize that all the BS is BS and this bloke
or this bloke actually sounds as though that they're legit.
And so again, the thing is, if you're going to
go to an educator or a course or whatever, then
dig deep, you know, get googling, look for reviews. You'll
(28:33):
always find the occasional bad one because it's like with brokers.
Brokers is the typical one. Brokers pay people to write
bad reviews for other brokers, so you never know who's
the right who's a good broker until you actually put
your money with them. And the same with mentoring, and
you'll get people occasionally that they've lost, and they've lost
(28:55):
because of their own shortcomings. But they then blame the
guy that they paid the money it. So again, you know,
we are all responsible for our own actions and deeds.
Do the research, do this properly. And I said to
you know this is a profession, Yes, it is a profession.
You're not from the financial background, and saying I couldn't
(29:16):
even pass basic maths at school, but managed to make
a decent living out of this because and again I
think it's say for me, it's just repeatable patterns.
Speaker 2 (29:26):
Patterns are correct. Yeah, absolutely, looking at I used the
description on some webinars for people. I said, you remember
when you're a kid and you jumped on a bicycle
for the first time, and there was stuff going on
everywhere and it was all complicated, and they you know,
when you get older you can just do it.
Speaker 1 (29:44):
I said, training is a little bit like that.
Speaker 2 (29:46):
But also you know you and me coming from England
originally would have learned the was it the green cross code?
Speaker 1 (29:52):
I think.
Speaker 2 (29:54):
You remember that and it was left right and left again?
And I say to people, do that on your charts,
because so many people they want this moving average and
this mac D and something else. I said, you're cluttering
your charts with historical rubbishy. Look at the charts, Look
at the right hand side, Look at what the prices.
Speaker 1 (30:14):
Yeah, there's so many people.
Speaker 2 (30:16):
They start buying it, Like you said with Sylvie, you know,
they'll buy it like forty nine ninety, and it's.
Speaker 1 (30:20):
Like, well it's going to hit it. Look look back
on the other side.
Speaker 2 (30:25):
Oh, last time it bounced there, guess what it's likely
to do again? Look left and look right. And people
don't do that. I find so often.
Speaker 1 (30:34):
I think that the thing, I mean, the marketers don't help.
But the thing is that when you look after the event,
it looks so easy. And that's what's so frustrating about this.
People tend to concentrate on this bit. And the main
thing is look left, let's left, see what happened before.
And then the other thing is people don't realize what's
going on. If gold was coming up to two thousand
(30:56):
for the third or fourth time, well think of what's
going on. The people who bought it eighteen hundred, they're
getting twitchy because they're thinking looking left, last time it
got up here, it dropped, and then the next time, well,
now it's done it two times. For crying out loud,
Just think probability. If it's done it twice, the likelihood
it's going to do it again is greater than not.
(31:19):
So at least get your stakeout and if you're confident
it's going to push through. And again it needs a
catalyst to push through. And I say that the time
last time when gold got through, we did get up
to twenty and seventy and rejected. But when he actually
went through, it was something thatd kicked off in the
Middle East or Ukraine, I can't remember. It was one
or the other, and it went so it went for
(31:39):
a fundamental reason. I think now personally that I think
gold will continue to go up. I think we'll be
profit taking at three thousand, but I think that the
financial mess that we're in is going to implode at
some point. But I mean he said that, I've felt
that the last two years. But the other thing something
(32:00):
for people to take away from this is have a
look at gold and silver mining stocks because last year
and gold and silver often are very poor investments. The
gold bulls will be permanently buy gold bag or you
are no, you don't always make money in gold. Gold
from two thousand and nine twenty twelve was great the
(32:23):
SMP took five years to recover after the crash. Gold
recovered within a year and it went from seven eight
hundred to nineteen something. Then from twenty twelve it went down. Well,
the SMP is going up, and so from twenty twelve
to twenty eighteen it was a poor investment. Not only
did it come down in value, you have to pay
to store it and ensure it. So if you can
(32:45):
catch it at the right time, it's great. So we
caught gold and silver from twenty twenty two last year alone.
I think gold was up thirty percent, silver was up
forty percent. My best silver miner was up two hundred
and sixty percent. Wow. So the thinking is, and this
is because of fundamentals with me that the stock at
(33:05):
the time was e XK. I think it's Endeavor Silver.
It came down to the covid lows and again I
got all the charts set up on all the stocks
and everything for covid lows after a crash. This is
where it stopped. Ultimately. But if gold and silver's going
up and a miner's digging it out of the ground
and they've got all the infrastructure and all the equipment
and all the men. Then the value of what's in
(33:27):
the ground is discounted at the moment. So have a
look at mining stocks. But last year we caught a
lot of stocks that more than doubled that were mining stocks, right,
So it's something for you to have a look at.
And yeah, it's just a way of getting leverage without
(33:47):
using leverage.
Speaker 2 (33:48):
Yeah, great information. Perfect. So you're looking at all these things,
you're still predominantly for your fares side. A technical trader me, yep,
what's your average.
Speaker 1 (34:02):
Day look like?
Speaker 2 (34:02):
There?
Speaker 1 (34:04):
I don't do much. I mainly work on a weekend,
so on a Sunday when the markets are closed. And
again I find this is the best time to study
because nothing's moving, so you're not tempted to get involved
in motion, so there's no emotion. It's just purely a
maths well, a maths come pattern exercise. I look at
(34:26):
maybe twenty or pairs and I am looking first on
the weekly chart and I'm just looking, well, abe, is
it going up down all sideways? If it's going up,
I want to buy. If it's going down, I want
to sell them. If you range trade and we'll look
at it in a different way. And I'm looking for
a sweet spot that will draw my eye. It might
be an ema, it might be a major point of
(34:46):
previous resistance, a trend like or whatever, and so that's okay,
that's interesting, and then I will go down to the
daily to look for multiple reasons. So I need five
reasons for a trade. So I've written them down because
I would forget. So I have the two hundred and
fifty five m and I have them on the chart
on the daily. I also have the where the weekly
and the monthly are. I want to know where the
(35:08):
big levels are fiber and archie, trend lines, horizontal support, resistance,
whole numbers, double tops, double bottoms, mac D, risky water
ratio because if it doesn't give me at least twice
the risk, I don't touch it. Candlestick patterns occasionally, and
correlation and so it's a very systematic approach. So now
I said, I will go and look at something and think, well,
(35:28):
it looked really interesting on a weekly, but the risk
rewards poor or whatever, and then I'll go to the
next one so that that one I forget. And if
I look at stuff on a weekly not interested, forget, forget, forget.
And the goal is to find half a dozen A
grade trades if possible in a week, and an A
grade ticks all the boxes. And then the final thing
is I go, I have a look at the news
to see what could come out that could screw with it.
(35:50):
And like for me, the au D is usually Tuesday morning,
in middle of the night. So if I see a
good aud set up for a Sunday night, I will
often wait until the big news comes out, right, yeah yeah.
Speaker 2 (36:04):
I straight off and had their employment or the interest
rate news on a Tuesday afternoon our time.
Speaker 1 (36:08):
Yeah yeah, so for us it's the middle of the night,
that's right, And I might wait till London elmands and
then on the daily basis, I spent about an hour,
and I said earlier, look at the DAXI I look
at s and P I look at gold, silver, I
look at stocks, I look at crypto and am trying
to find what's generally going on, because ultimately you know
(36:29):
where's the big money going, yes, and the big money.
Prior to COVID, it was a lot easier fundamentally because
all it was is was interest rates, inflation, and growth.
Every piece of red flag news relates to those three things,
and at the time all the central banks were trying
to get inflation up to two percent. Well, it did
a good job there and then inflation got out of
(36:53):
hand and growth growth really is ridiculous because when you
think about how much money was into economies with COVID.
You went to the UK this summer, I went to
the UK this summer gone.
Speaker 2 (37:06):
I couldn't believe the price of things gone through the roof?
Haven't they absolutely gone through the roof? And yet the
government of inflation is now at three percent rubbish. The
reason why inflation is at three percent is all the
government workers pay rise is a linked to the inflation,
and so a lot of the fundamental stuff's gone out
of the window.
Speaker 1 (37:26):
But I have a bias at the minute. I have
a bias negative AUD, negative NZD, Euro and the pound.
So I am just waiting. I actually caught the pound
yesterday from three weeks ago, but I caught it within
a few pips. Yes, And I don't wait. I will
just wait, and if ultimately I look at four X
(37:48):
and it's just chaotic and something else looks more interesting,
I'll go do that. I just want to make money.
I just want to make money. I'm not here to play.
Speaker 2 (37:57):
And that's right. And that's what I think that you
know we talked about earlier, is that with the ability
over the last handful of years for us both to
be able to look at other markets, those metals as indices,
those commodities. I said to you it, I took a
trade yesterday on aluminium. Yesterday, I've taken a trade on
the Hong Kong fifty, and when the sugar market opens
(38:20):
in America in a few hours time, I'll be doing
the same, providing there's no massive gap. If you'd have
we'd had this chat five years ago and you started
Hong Kong fifty sugar an hour million, I would have
no idea. But they look like on a chart.
Speaker 1 (38:34):
It's the same with the same with crypto. In twenty
twenty twenty one bitcoin, bitcoin went up, pulled back up,
pulled back. He did it five times and it pulled
back into a couple of nas and thid levels in
the trend line. It was easy. It really was easy.
About the other thing. I mean, as we're getting older,
my oldest client is eighty five years old, and it's
(38:55):
it's still as sharp as as as ever. But he
joined me fifteen year years ago on a lifetime member.
So yes, financially made no money or whatever, but I've
got many of them from years game.
Speaker 2 (39:08):
Yeah.
Speaker 1 (39:08):
But I had a good chat with him recently from
North of England and he said part of the reason
he's doing it was to keep mentally active, and that's
that's the same thing for me. This is a mental challenge.
It's I don't get highs and lows, wins and losses,
but I do enjoy the mental side of it. And
I think as people are coming to retirement, so many
(39:30):
people don't have a big enough pension. So a they've
got a financial need to make money, but the other
thing is to.
Speaker 2 (39:36):
Need to do something, to do something with their mind.
Speaker 1 (39:40):
My father works in a factory all his life and
the average life span thirty forty years ago in the
UK was sixty nine, so people retired at sixty five
and there were dead b Now the average age spans
eighty two to eighty three. And you know, if you've
got your marbles and you're healthy, then most of it, don't.
Speaker 2 (39:59):
You don't want to be eighty two eighty three or
or seventy two or sixty two and just sit blobbing
watching exactly which is what so many people do.
Speaker 1 (40:08):
Unfortunately. Yeah, well, I don't know about you. My average
client went. I don't take many private clients nowadays because
I'm trying to focus on other things. But my average
private client pre COVID was fifty plus. Married, kids have
left home, gone to school, gone to university, or left home,
gone to work, owned business or middle management. Starting to
(40:30):
panic about retirement, and both in terms of finance because
most people haven't got enough pension. And then the other
thing was to do something mental ignoments. Ironically, since COVID,
I then got a lot of younger ones, yeah, who
kind of said, hey, I don't want to go work
for this firm for the next thirty forty years. But yeah,
but prior to that, it was older people. And I say,
(40:52):
from a mental point of view and a moneture point
of view, you can't beat it, you know. I used
to have twenty odd staff working for me, twenty odd subcontractors.
I used to have hair and stress to hell, and
I would never employ anybody ever again. I have people
now that work with me. I have people I've trained
and they work with me, but they're all self employed.
(41:13):
And ultimately, if people don't perform anymore, I have to say,
I'm sorry, you have to go. Yeah, but I have
one guy's been with me fifteen years. So to be
able to do something, to do it from home to
live wherever you want to, not have any staff. It's
the best business in the world. It really is. If
(41:34):
you can do it, so it's a profession, learn to
do it properly and stick to the rules.
Speaker 2 (41:38):
Well, I think one thing that I hope that people
take from this is the amount of time it took
us both. It took me four years of going around
in circles and as I said at the time, my
son at the time was very young, and you start
getting those dance and people saying, really is should go
and get yourself a proper job, and you know you
(42:00):
got your son to look after, and those mental I
just feel for people that get that because we've been there. Yes,
and also, as you mentioned now there's more younger people.
And of course everybody thinks that the answer is AI.
And as we've said that, you know, even if you
use some form of robot of AI, if you really
(42:20):
want to go for it, but you still need that
human common sense to understand how it works or create
it yourself. There's no good as buying something because you
don't know when it's going to start working. But there's
so much to be said for that mental ability to go.
I can do this, I can make three, five, ten
percent a month, and I can choose to go to
(42:42):
a prop firm or whichever way you want. And I
think that ability to do that and have that decision
making because it keeps you an interest of what's happening
in the world as.
Speaker 1 (42:51):
Well as otherwise.
Speaker 2 (42:52):
It's kind of a lonely old business, isn't it.
Speaker 1 (42:54):
Yeah, Yeah, definitely.
Speaker 2 (42:55):
It was interesting with your comment about why you started teaching,
and mine was the same. I want to signal competition
in two thousand and six or seven or something, when
the early days of PayPal and subscriptions, and somebody said
to me, rather than me buying the signals, would you
teach me how to trade? And that's how it all started.
(43:16):
And I'm probably like yourself. I love the community aspect
of helping like minded people who want to help themselves.
Speaker 1 (43:23):
Yeah.
Speaker 2 (43:24):
The old time you get someone that just goes I
want everything and I don't want to do anything that's
go somewhere.
Speaker 1 (43:30):
Else on go to YouTube. Yeah, well, I say to people.
You know, it's quite funny because people would book me
for a call and they think they're interviewing me, and
I'm actually interviewing them because I would say to people, look,
I am not here to pull you along, I am
here to lead you, and you need to do the work.
But ultimately you have to accept the fact you just
might not be any good of this, yeah, or just
(43:53):
too lazy for it potentially Yeah, well yeah, yeah. I've
had it in the past of people they have the
money over and then they don't do the work, and
it's like, what you're doing? You know, it's almost as
I will have handed the money over now, and it's like, no,
there's a serious amount of work to do with this,
and if you're not ready to do it, then go
do something else. Right, it's because it's draining for us
as a coach, and it's a waste of money for them.
(44:15):
But the other thing what I tried to do with
people is it's to say, look, hey, create multiple streams
of income. Do not just rely on for X trading.
Because there are periods of time when it's really easy,
there are other times when it's really challenging and the
other thing, you know, and I know if you get
into a drawdown situation, and it's so depressing and stressful
(44:35):
because every day you wake up in the negative trying
to get back and as we know anybody's ever been
in debt, it's twice as hard to get back to
zero as it is to get to ten thousand. That's right,
profit and so the stressing everything. So I said to people, right, well,
what's your current skill set? What could you do? You know,
if you came to me as a dairy farmer, well,
how could you monetize your knowledge teaching other dairy farmers
(44:59):
or is there something that you've done in the power helicopter?
Could you teach people to think of multiple streams of
income and then you're not just reliant on one. And
the point now for me these days, I don't just
want to teach people how to trade for X. I
want to teach them how all financial markets work if
they want to go down that journey. But I also
want to try to say to them, look, you know,
(45:20):
I was fortunate. I was one of the few that
are forty years old with four kids and a good
business that said, you know what, I don't want to
do this anymore. It's depressing me. We're off to go
live on an island somewhere. Everybody that knew me would
like running a book. It'd be back in three months.
And to do that with four kids and all the
(45:40):
commitment and that you've got is a big leap of faith.
But I was fortunate we'd bought some houses for income,
so we did plan it. So the point is is
be thinking about how can you monetize your current skills
as well as doing this. Yes, I mean ultimately, if
you're any good at this, you can teach other people
(46:02):
to do with it if you like teaching. If you
don't like teaching, you don't like people, then don't do that.
You know, you might prefer something that's not involved. But
try to learn a skill or try to use the
current skill that you've got to be able to monetize it.
And even if you only earn a few hundred dollars
from this a week and a few hundred from that
and a few hundred from that, that to me, that's
that's the thing. It's the whole life thing now, is yeah,
(46:26):
So that that would be my thing. Now that's awesome,
because I mean, you can one.
Speaker 2 (46:31):
It's taking the pressure off the need to have to
make money from trading. And two, when you get good
at training, you can use that additional income to add
to your training care if you wish to, and compound
it from there.
Speaker 1 (46:44):
Yeah, and I mean I sorry, I.
Speaker 2 (46:49):
Was just gonna say I think an important thing for
people of all levels, especially new people, is to forget
the money to start with. Yes, it's learning the how
to do the training. I think it's really important because
you can do the how to bit the money will follow.
But I sort of describe it like someone you get
a painter to paint your wall. Well, the finishing touch
(47:11):
looks nice, but it's all the work that they've done
and the standing and the prep and the stopping and
everything else behind the scenes that you don't see that
makes the finishing look good. And this is the same
with learning how to trade.
Speaker 1 (47:24):
Yeah. Absolutely, I'm going to say I forgot what I
was going to say. Save it for another time.
Speaker 2 (47:36):
So if someone's like wanting to contact you, how do
they process?
Speaker 1 (47:44):
We have a website for expensor pro dot com. I
also have another one which is your Investing Future dot com,
which is to do with stocks and crypto and things,
and again thank you for inviting me. Not many folks
normally you don't normally get people who are potentially competitors
talking to each other, but it's good to have a
chat with somebody that's been down a very similar route.
(48:07):
The good news for people is that we've been there
and done it. We've made all the mistakes that anybody
can make and more, and we've also seen it with
so many people as well as So the main thing
is try to avoid the bs on YouTube. If it
looks too good to be true, it is. And as
(48:29):
I said earlier, this is a profession and you need
to learn how to do this in a professional way.
And if you don't, I mean I'll leave you with
the story of a guy. I was doing a live
training session a webinar and I was telling them about
a guy that came to me ten years ago, and
he said, he started off trading and he doubled his account,
(48:52):
and so he then doubled his account again. So then
he quit his job and doubled his account again and
started taking family money into train and I knew what
the punchline was going to be. He lost it all. Anyway,
there was a guy in the room from Australia, and
he'd had financial issues. I found out. I spoke to
(49:13):
him afterwards and he wrote in the chat box he'd
gone from zero or one thousand dollars to seventy five
thousand in four months real money. And again I knew
the punch. I said to him, I think you've tied
it in wrong. Did you mean seven and a half
as he said, no, seventy five thousand. So this guy
was struggling financially. He was working sixteen hours a day,
(49:36):
scalping four x and he'd managed to go from one
thousand to seventy five thousand in three months, and he
lost it all in the night. And he and like
the original guy I was talking about, they just got lucky.
They were on the biggest Flukes streak that anybody could
ever be on. And so the point, and I said
(49:57):
this earlier, the OVERCONFI idence, thinking that you've cracked it
is the most dangerous time because I spent two and
a half years and I wanted to make two thousand
dollars a week was my target twenty years ago. And
the first weekend I made it, I finally I was
all week and I was on a high I've practiced. Yes, Yes,
(50:19):
by the Wednesday i'd given fifteen hundred quid back. Yeah.
Speaker 2 (50:23):
So risk management, yeahs boring and risk management.
Speaker 1 (50:28):
And discipline and structure and stick to the rules.
Speaker 2 (50:32):
Well, that's a good spot to leave it, because I
think we've both had a great journey, both of us. Yeah,
down journey, but a really good one which you wouldn't
change for.
Speaker 1 (50:41):
All the world. No, no, no, it's given me the
chance to live in beautiful parts of the world that
is in Portugal now. The choice of being able to
do what you want to do is awesome. As we said,
we're both from the UK, we've both seen the state
of it now. I certainly would never well I would
never have gone back anyway, but you look at it
now and it's it's very depressing. So yes, to be
(51:03):
able to live in the sun and want to go
in New Zealand.
Speaker 2 (51:05):
Are two not too bad places to live, are they?
Speaker 1 (51:08):
No, they're very nice. They're very nice. Anyway, pleasure to.
Speaker 2 (51:11):
Meet, Thank you, make lovely to have you on here.
And yeah, I'll put a link to your site and
our site and people can contact either of us and
ask for the questions I need to. But thank you
very much for being here, really enjoyable and thanks for
your time.
Speaker 1 (51:25):
Welcome. Thank you very much.
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