Rebel Traders 064 : What Makes a GREAT Trader?

There is a massive difference between an average trader and a good trader. However, we’re going to tackle what it takes to become a GREAT trader...

In this week's show, Sean and Phil are going to rip the can of worms open and see what it takes to be not only a good trader but a GREAT trader. The Rebel Traders will be looking at the traits of those traders that have mastered the craft. They'll also reveal how you can develop these traits in your trading right now as well.

Sean and Phil put many topics and misconceptions under the microscope. They'll be examining everything from Risk Management to the role of Luck in great trading. So, strap in, keeps your arms inside the ride at all times and let’s get to it!

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Automated: Do you have what it takes to be a good trader? How bout a great trader? Let's do it.
Rebel traders takes you inside the world to underground master traders who take an entertaining and contrarian look at the markets to cut through the noise of Wall Street and help you navigate the trading minefield. Together Sean Donahoe and Phil Newton are on a mission to give you the unfair advantage of a rebel trader. And now here are your hosts, Sean Donahoe and Mr. Phil Newton.
Sean Donahoe: Hey hey hey, this is is Sean Donahoe. I'm back in Texas at HQ Trade Canyon HQ and we are rocking and rolling with a another rebel trader's podcast. Now I'm joined by my partner in podcasting. I was going to go off on a tangent there.
Admiral Phil Newton.
Phil Newton: Ahoy there. I'm resisting the urge to kind of go into like I am the pirate king type of musical segments.
Sean Donahoe: Well he keeps saying, "Ahoy there," in all his email, so today he's been promoted.
Phil Newton: Oh, it's a Penzance, isn't it?
Sean Donahoe: Absolutely, man. I've got the whole pirate king thing stuck in my head now.
But in this week's show, we are going to be. What going to basically ripped open the can of worms here and see what it takes to not only be a good trader, but what it actually takes to be a great trader.
We're going to be looking at the traits of those traders that have truly mastered the craft and reveal how you can also develop a lot of these traits in your trading right now as well.
Phil Newton: I think it's surprising though, just to tag onto that, it's not what you think. I
Sean Donahoe: It's not often done.
Phil Newton: It's not what you think, but that's what makes it interesting.
So yeah, we've also got our new segment the trade, fade, or evade. I think that's the new favorite section. I quite like that, it's a nice snappy, catchy title as well, which also helps.
And so we're amongst of all of this, we're going to ... Well, with the trade, fade, evade, we're actually jumping in, so ask the core question of where's the trade? Very directly, very abruptly, we're gonna try and find something worthy of put a trade on. Or maybe we won't, maybe we'll evade it.
Sean Donahoe: Yes. We'll be pointing right at the bloody things and say, "Yeah, right there."
Phil Newton: We're going to be lifting rocks off. We're going to be turning things over. We're gonna be cow-tipping to try and find the treat.
Sean Donahoe: Now okay, we've got to do a little sidebar here, because both Phil and I, funnily enough, our farm boys. He talks about being a poor farm boy. I was actually raised, funnily enough, in the north of Scotland and I'm not gonna go . I was a farm boy as well. I've got to ask, have you ever tried to do the cow tipping?
Phil Newton: Well the farm next to us did have cows, and as kids, you do try and put ... It's difficult. Maybe because I was knee-high to a grasshopper at the time, but no, I've not actually gone out of my way to cow-tip when it was popular. Was the ever popular? I don't know.
Sean Donahoe: Well I. I actually did ... I had to do a little bit ... I did it once. And it was me and some lads would try to do it, and they were trying to grab it by the horns and tip it, grab it by the horns. I actually grabbed the front leg and shoved my shoulder in and tipped it that way because I applied a little judo.
So my claim to fame is yes, I've done the cow tip, but I had to apply a little martial arts to do it. By just grabbing the faraway leg underneath and then putting my shoulder and tipping it over that way. Cow was not happy, and I had run out the bloody field, but hey, it's all good fun.
But anyway, nothing to do with bloody trading, but I just suddenly-
Phil Newton: Oh by the horns as it were.
Sean Donahoe: Yes, indeed, indeed. So yeah. Bull market. Just run out the bloody field when you do it.
Phil Newton: Cow wrangler to the end.
So the if you ever have to go for a job, you can go for cow wrangling.
Sean Donahoe: Yeah, there you go. Yeah, the beef tipper, there you go. That's going to go on the resume. But there you go.
Phil Newton: The tip of the week.
Sean Donahoe: And we're off to the races right there.
Phil Newton: Right, that's it. Show's over, .
Sean Donahoe: That's it.
Okay. Well let's, let's start off with this whole, what it takes to be a great trader other than the cow-tipper. You got your little tip of the week, right, as you said right there, that's how you actually tip over a cow. But, let's start with the actual what it takes to be a great trader. Now, I heard this the other day and I had to laugh my ass off that it takes 10,000 hours to master any skill. And I had someone apply that to trading, that it takes 10,000 hours of trading to truly be a master trader. And I've got to call this out as a mini bullshit of the week because that is absolutely .
Phil Newton: Yeah, I agree. I agree. I mean, don't get me wrong, if you put 10,000 hours of something in, just by the very virtue that you've put 10,000 hours in, something must fall into place for you. But I don't agree that you need 10,000 hours to actually master the thing that you don't show. Certainly you're going to get good at it at some points. But it's not necessary for mastery.
I think if you've got focused attention on that one thing an hour a day, a couple of months time, you'll be pretty competent at it. And if you do two or three hours a day, you'll be gone pretty good at it very, very quickly. I just don't agree that 10,000 hours ... I think it's one of those factoids that's often touted, or it's not always accurate. So I mean, what's the other one? You're the average of the five people you hang around with? Again, probably quite accurate in most cases, but I've got to admit, I've got a variety of different people and groups of people that I hang around with and I'm certainly not the average of some of those groups that I hang around with.
It's, it's one of those, "Yet it might be, but probably not," type of facts. I use that word very, very loosely. Again, to be fair, it's been proven many times. Didn't they do studies in the seventies where you can't ... I'm a big believer in visualization because the minds can't differentiate between if you visualize the perfect exercise. Usually the basketball, like throwing hoops, is the study that I'm thinking of, where they got people to practice for an hour a day, throwing hoops. And they get people to visualize practicing throwing hoops for an hour a day. And then they get another set of people to not do anything. They, they would normally practice, but they don't practice for the period of time that they're doing the study. And there was no difference in the scoring between the people who were physically practicing and the people who are visualizing.
So technically they weren't doing anything. But they were still kept sharp with the skill because they were practicing the perfect ... All the actions that went into throwing the hoop and getting the ball in the ring, whatever it's called. I'm a small person.
But you get the point. You're not actually practicing there, so where does the 10,000 hours come from? The people who did literally do nothing can try not to think about doing it, their skills dropped quite dramatically.
So again, it just puts that 10,000 hours to ... It's not accurate. And you could probably get more practicing by visualizing, because you can go at the speed of thought, versus throw the ball, pick the ball, clap the ball, go back to the sports, throw the ball, go collect it. You're going to get more practice in with the visualization. So that exercise, when you've figured out, "Okay, well what does the perfect layup shot look like?" And then you visualize practicing. You can practice that quite a lot.
And I used to do this with trading. I used to visualize, "Okay, what was the best trade of the day?" And I would visualize and I would kind of press ... You do an instant replay on, "This was the trade, this was the setup, this was the action I took." Because that was the perfect action that I was taking, and I was getting lots of practice. And I would visualize, as I was going to sleep, I would visualize the perfect trade settle. And I was getting plenty of practice. But I wasn't physically doing it. So again, it just puts the ruin that you've got to be doing it for 10,000 hours.
And as another thing, while we're on the subject, Sean, this 10,000 hours thing. Most of your time's spent waiting. So waiting for the setup to unfold. So it's dead time as it were anyway. So I think it's particularly not true in trading, because the actual act of trading it doesn't take that long. Most of it's spent waiting. And if you've got the time to sit around and look at charts, then you sat round looking at charts. There's no reason for you to do that. You're not learning anything. You're not practicing the art of trading. You're not honing the skill. And yet that might be misconstrued as contributing towards that 10,000 hours.
So I suppose that comes down to, it's unfocused time during the activity. Whereas if you focused, and had a concentrated efforts, no matter whether it's 20 minutes or 20 hours, at the thing that you're doing, that is more important to me to get mastery.
And again, plenty of studies have disproved this $10,000 nonsense.
Sean Donahoe: Yeah, and the other thing is, I just sit down with a calculator. That would be-
Phil Newton: there Sean. I didn't realized that.
Sean Donahoe: Well there we go I'm quite passionate about it.
Phil Newton: It's just, it's nonsense. Insert concentrated effort at the thing will get mastery. Just being around it, because you can watch, you can be an armchair commentator and you'll not get good at the thing.
Sean Donahoe: Well that's exactly it.
No, again, I just said that with the calculator, and that would be four hours a day of trading, for 10 years. And that would get you your $10,000. To me ... And that's assuming 250 trading days in a year ... To me, . Yeah, that's absolute bullshit.
And here's the thing, if you've been doing it for 10 years, and a lot of people have and they've been trying to get it and blown up many accounts. And they've got the wrong damn process, and they've got the wrong damn strategies, and they're doing the wrong damn thing, and they keep trying to relearn, hat's not mastery, that's just spinning on a hamster wheel. We've got plenty of people, students-
Phil Newton: Well at our age, it's 10,000 hours of the same ... I can't remember how it goes, but I'm chilling around it. But if you do 1 hour, 10,000 times, you've only got one hour of experience, 10,000 times.
Sean Donahoe: Well come on, there's the Bruce Lee commentary that says, "I am much more afraid of a person who's practiced the same kick a thousand times effectively rather than the one trader who's tried a thousand things, and has only got it once.
Phil Newton: around here.
Sean Donahoe: Yeah.
Phil Newton: So, in your context, and what we were just talking about is, the, the guy who's sat around looking at charts, and it's wasted time. But they might consider that, "Yeah, I'm practicing the art of trading." No, you're not. You're just looking at the price going up and down the chart for four hours. You're not doing anything. Your are literally not doing anything.
Sean Donahoe: Yes, the application of one strategy that works, and it's continuous application, versus the person who jumps around with this idea, this idea, this idea, or maybe the strategy will work. This'll, this'll work-
Phil Newton: Yeah, and this'll do the whole principle behind what we're doing. We've got a concentrated effort. It takes 20 minutes to do the act of trading. 20 minutes, 30 minutes. Maybe if you're a little bit slower at it, you're not so proficient with the computer thingamajigs and pushing the buttons, maybe it'll take you 40 to 60 minutes, in a day. It doesn't take that long. But that's a concentrated effort of actually doing it. And what we're saying is you don't need the filler stuff. You don't need to be looking at the charts. You don't need to be drawing trendlines on charts for two or three hours. It does not matter. That's not gonna make you a better trader.
Sean Donahoe: No, it's not.
Phil Newton: With anything that you're doing. What's the filler activity in whatever it is you're trying to learn? Just to kind of broaden out, you don't need to do that filler activity. You don't need to learn another way of doing it. Just master the one that you already know and get good at that first before you do the other things.
Like you were saying before, it's the person who's practiced that one thing to get good at that one thing. That's going to be more beneficial than learning something new and being not even half-assed at it. You're not going to be good at 10 things if you can't master 1 thing.
And that's the difference. you can spend a small amount of time, concentrated efforts, and you can get really good really fast by doing the one thing. You've just got to master one thing,, that's it.
Sean Donahoe: That's it. Okay, so another thing that we need to talk about with great trait, it's a trait of great traders is money and risk management, and one thing we always say is it's not the money you make, but the money you keep. And that's a very famous phrase.
Phil Newton: Sure, yeah, in life.
Sean Donahoe: Yeah, absolutely. Now, one of the biggest well-known quotes from Buffett is the first rule of investing, a.k.a. trading as well here, don't lose money. The second rule is don't forget rule number one. And it's true. The smartest, the greatest traders all know that it's about capital preservation. And we talk a lot about our business of trading, the production line that has all of that built in. We always talk about our risk management. We're talking about-
Phil Newton: You're looking at cash reserves, cash flowing. You're looking at the investments. You're not risking the shirts off your back. We're constantly harping on about this, and for good reason. And again, it's not difference between the beginner mindset and the professional mindset. The beginner's always looking at how much money they can make, and that's the majority why businesses fail. Whereas we're looking at how much money you can keep. Sorry, how little you can lose is how we phrased it in the past. B
ut that's it. It's capital preservation. If everything that you do doesn't work out today or this month, can you still be in business tomorrow? Or next week or next month? If everything that you did went wrong for a month, still going to be in business in the following month, because of this ability to reduce the risk. And you're literally not betting the farm.
Sean Donahoe: Exactly. That's very important that you consider all aspects of your business.
Phil Newton: You will lose money. And let's not beat around the bush, it's not like we've never pretended. Every trade's not gonna be a winner. You are going to lose money.
So with that knowledge and just having that understanding and the realization it's not about how much money you'll make. If you keep your risk small and trade frequently, and you've got a positive expectancy strategy, you will make money, just like every other business. That's how businesses stay in business, because they're looking after their business, the operations, and they've not just got one wild bet and hoping that it works. It'd be like relying on one customer, one client to come in and buy every ... Let's just imagine, just for a moment Sean, let's just imagine that we own a shoe shop on the street.
Sean Donahoe: No, not a shoe shop. Do we own a shoe shop?
Phil Newton: Let's just imagine that we had that. It'd be like relying on one customer coming in and saying, "I'll have one pair of everything please," in their size or whatever. It might happen. It probably has happened somewhere along the way, but the reality is that doesn't happen every day. So that's what the new person is hoping for, that one big trade, the one big win, the one customer with deep pockets. It doesn't happen everyday. Why are you hoping for it? But as soon as people come into the trading world, that's what they expect and it's just fool-heartedness.
Sean Donahoe: Yeah, it's a very very bad way to do business.
But let's move on to one of the other critical areas of a great trader, and that is discipline and patience. Now, a couple of things in regards to this. One, is we talk about the divestment of emotion in regards to money. A lot of people have this fear of money and everything else. You've got to kind of, if you can, remove as much emotion from your trading as possible. Don't hold onto a mistake even if it took you a long time to make it.
One of my favorite phrases at the moment.
Phil Newton: I've not heard it said that way before, but that's a good one.
Sean Donahoe: Yeah, so basically you've got to look at different things like this. When you bring emotion in, you end up making mistakes. You make bad choices and bad decisions. And if you do make a mistake, hey, don't be afraid to change your mind, learn from it and move on.
So what do you say in regards to that, Phil?
Phil Newton: To be fair, this was why I ended up with this production line business-type mindsets that we're often talking about, was because I was very ... I wouldn't say prone to it, but I'm quite an emotional person, if you can probably gather, Sean.
Sean Donahoe: Never, never.
Phil Newton: But that impact on my trade ... We described it as volume in the past. The volume was all the way up on the emotions when I first started out. And it is for most new people. And I didn't know that reducing the position size would bring it down, because I had certain monetary requirements to make it to the end of the month. I had quite high pressure when I first started out. I put it on myself for that reason. But that emotional response and reaction was very high for me.
So it was how can I minimize and reduce the impacts? And it was ... I very clearly wanted to know what I was going to do, when I was going to do it, and how I was doing it. So this production line started. I wanted to define everything that I could do. And if there was something that happened to me, or I experienced that I didn't like, or that I wanted to repeat, that's when tried to put a system of process in place to replicate it or remove it from the production line. And that's how it evolved over the years.
And that created discipline, and it helped keep that emotions in check. And just suppose, just touch on the patience. We've already touched on this. You get paid to wait. The actual act of trading is actually very minimal. When you've done your analysis and you've put the trade on, the hard part for for anyone is that psychology, that emotion. And patience is a part of that. So to sit back and do nothing is very difficult to do because it's been drilled into us from young children, that you've got to be doing something, you've got to work hard.
So not doing anything is probably one of the most important things. Because it's so easy to tinker with the trade. "Oh, we're making a few dollars? Right, let's protect it. Let's put a stop loss in. Oh bollocks, it's been hit. Oh and we're waving goodbye to the trade. And there it goes, it's just gone past target number one. Oh there." And you wave as it goes past target number two. And you're on the sidelines because your emotions interfered with your decision making.
So what can you do to put that as system in place that prevents you from tinkering with the trades so that you can generate and build that patience to let the trade do what it was going to do. Because that's what it's all about. Where you get paid to wait.
Sean Donahoe: Yeah, exactly.
Now, one of the things that also comes into this, and it's kind of tied in with the emotion, but also it is a discipline, it is kill the ego, because it's making trades your cash. A lot of ... Some of the traders I've known, and we're talking about the institutional traders, the big traders, have the biggest freaking egos on the planet. And there's so many people in this industry that have, literally their egos actually have gravity, they're that big.
Phil Newton: stroke the ego. And I've got to admit that if they're working in the industry, that the guys and girls that I know, they're literally given briefcases of money to play with, hands over fist. They're told that they're the best at what they do, and their egos get fluffed and fluffed and fluffed all the time. Maybe they can do it, but the reality is, is they're often not worth it. As long as they're making money, they'll get told how wonderful they are.
And it's sad to see. I find it frustrating because I'm not that type of person. I'm very good at what I do, which, arrogance, because I say it out loud. But I've not got an ego to go with it. Because if I had an ego, it would be all about being right and that's-
Sean Donahoe: A trap.
Phil Newton: That's the difference between competence and being good at something.
And what we were just talking about with having some sort of mastery, even in just a small way, at your little universe, your little corner of trading. Having that mastery, that creates competence and confidence. A certain type of arrogance, but it's always, usually, associated with ego. And when you lose that competence and skill, but you've still got the ego, that's where there's a disjoint, a mismatch between the two things.
Am I explaining that-
Sean Donahoe: Yeah. To my mind, it's always about ego just writes a lot of trades that ... It can get you into trade just because you want to wave your Johnson around a little bit. And I think-
Phil Newton: I think the other thing that you have an ego. And because you've got ... It's that mindset of, "I've got to be right." That's your ego. But really is your ego talking? You've not got the skill level to match it, but you've got this need, this desire, this ... The ego is telling you, "I've got to be right 100 percent of the time." And we've established many times in previous shows, that's not the way it's done. No one does that. At no point does anyone have 100% success rates for multiple years. Sure, I've had periods of time where I've had 100% success rates, and I know many traders who do that. But long term, it doesn't happen. Multi-year, 100% success rates don't exist. Because if they did, the markets would suddenly cease to exist because everyone's making money.
Sean Donahoe: Well exactly.
Phil Newton: But it's that ... If you've got the skill level and the confidence, yeah you can be arrogant about it. You can quite clearly state, "Hey, look how great I am, because hey, look, here's the proof." But then it's when you don't have that, and you've got that need and desire to be right, that's where your ego takes over. That's where you start making mistakes. That's why you start letting the emotional interference that we were just talking about, that comes into the fray and it guides the ego and strokes it, "I've got to be right. It's got to be right. I've got to be right." And as a new trader, that's one of the dangers and the traps.
And this is we're constantly talking about it. It's a positive expectancy strategy. We're talking about the numbers. We're talking about an average expectation. We're talking about operating like a business. Because that gets you away from, "I've got to be right." Now what we're saying is we've repositioned it to help with this. It's, "I've got to be right on average." And if you add that, on average, it means that, "I don't need to be right on this trade." And that takes the ego emotions out of the equation.
As long as you're right on average, it doesn't matter. This trade just suddenly doesn't matter whether it works out or not. Because it might fall into the category of, "Okay, not this time. Maybe next time." It's that on average that makes a business operates successfully.
Sean Donahoe: Well, I think there's also an element here, and I'm going to jump ahead a little bit, is mental toughness and resilience. That's another trait of the-
Phil Newton: Especially with all of these things, but that's what you'll develop when you've got these systems in place for yourself, yeah.
Sean Donahoe: Now, I mean in terms of ego, there's a difference between ego and confidence. And that's what I wanted to highlight. You see, with confidence when you can consistently apply a strategy, when you have a positive expectancy strategy, and you can hit it again and again and again, you can be consistent with the application. Then again, that's not egotistical, that is the confidence that you're doing something right. And there's a-
Phil Newton: .
Sean Donahoe: Yeah, exactly. So again, being confident is not the same as being egotistical. If you know what you're doing, and you can apply that consistently-
Phil Newton: You can back it up, it's okay.
Sean Donahoe: It doesn't even trip into ego then, although it can be seen from the outside as, "Well, look at the guy, look at the ego on this guy." It's because they don't understand, no, it's a difference between confidence and just as I say, swinging your Johnson around and, "Look at how wonderful I am." And we see a lot of people with the big egos who burn out because they can't back it up. They've just got the mouth. They're all mouth and no trousers as we say.
So would you agree with that Phil?
Phil Newton: No, I agree. Yeah, I think with all these points, we're dancing around different facets of the same thing, but they're all different viewpoints. They're all very important.
I think why I'm struggling is because there's lots of different sides to it and we are kind of chewing around the same thing. And trying to draw a distinction between confidence and arrogance and ego. And if you've just got the ego without the capabilities, then that confidence is not confidence, it's just your ego. It's just you saying, "I'm the best, and look how great I am. Oh shit, I've lost some more money." That's a shit your ego. Let go of it. If you put ego to one side, and you work on that mastery that we're talking about, you'll gain the skills, you'll gain the confidence, you'll gain the ability. And then you can quite confidently say, "Look how great I am." Because it's statement of fact, because you've got skills on the track record to back it up.
And I think that was the big differentiation here. If you've got one but not the other, then the other doesn't matter. If you've got the skills and the capability, that's great. But if you've just got the ego that's driving your decisions, let go of it. And it's difficult. And how would you do that is you have a systematic approach put in place, this production line, the business-like mindset, trade small, trade frequently, use a methodical approach. That will gain you the confidence with a proven process, to then give you the ability to have the track record that we're talking about. And then you can quite confidently say, "Yeah, look how good I am. I am that good on average." And this is what it comes down to, on average. So you're not worrying about that one trade being right or wrong. And that's where your ego starts to really cuckold or mess around with the mindset of, "I've got to be right on this trade." Why do you have to be right on this trade? Why couldn't you just be right on average?
Sean Donahoe: Yeah. No it's, again, we are, like you say, it's going around two different facets. I always look at it like the lion and the jackal. The jackals make a lot of noise, the lion is just quietly confident. And I'd much rather be the lion. I know I have an ego, don't get me wrong, I know I, again, I'm doing a lot of things in a lot of different businesses, but it's not, again, shouting how wonderful I am, or anything like that. But yeah, that is the difference.
Phil Newton: And that's what I would call you've got confidence. That's where I differentiate my sense of arrogance. But you can confidently apply ... 'Cause I'm the same way. I'm really good at some things, but I'm not great at others. But the things that I'm good at, I can quite confidently say, "Hey, look how great I am." Because I can back it up. That that's not ego., that's just a statement of-
Sean Donahoe: Yeah, exactly.
Now the other big thing with mental toughness and resilience is being able to take a hit and get the hell off the floor. Get up, keep going. And that is one thing that, again, we have a lot. I've been ... You'll take it here every now and then. You're gonna get it, and again, it'll knock you down. It'll make you want to give up. There'll be times when you think, "Why the hell am I doing this? Why am I doing this to myself?" Again, that's the emotion coming into play. If you can control that, great. But the ability to have the, "No, on average I'm going to be right." I'll put the next trade on. Get off the floor.
Phil Newton: And this is why we trade small. This is to help with that element, is we know that we're going to have a losing period. It might be a losing trade. But likely you're going to have a bad period of trading activity. Because hey, the market conditions might not be right for your style of trading. And it's not all of the time.
So when that happens, not if, not maybe, not possibly, when it happens, trading smaller or trading more frequently allows you to trade through the periods of bad time. And because you're trading small, you don't have to have really high mental toughness. It helps obviously, but you'll build it up. We've talked in the past, Sean, about ... There's two types of trading accounts. There's your physical, practical, money in the bank trading accounts. And then there's your psychological bank balance. And this is what we're talking about, this mental toughness. Psychological bank balance.
And everyone pretty much starts around the same thing. Yeah, you might have the money. You might have been successful in other areas, but when it comes to trading, everyone's a novice when it comes to that mental fortitude. So you've got this psychological bank balance that you need to build up. And trading small helps you to put those small deposits in, small deposits. And then eventually your psychological bank balance will match your practical, physical bank balance, and they'll catch up with each other. And then you can start putting bigger position size on. You can start ... Because you'll have the mental fortitude and you'll have the resource that match each other to be able to trade with confidence. And the arrogance to many trades on if you like. They all kind of interweave with each other quite nicely. But it's that psychological bank balance is what kind of tricks people out.
Again, just thinking about what the novices, the novice, thinks that, Because I've got the resources to put big position size on," then they think they've got the mental ability to put the big position size on. And what they'll do is they'll put one trade on, looking for one big win. And the reality is they're just not there. Not just because they're hoping for one big win, but their emotional bank balance, their psychological bank balance isn't there. It's not big enough to handle that position size.
So there's reasons why we do all these things. What you started to do is peel back the layers of why we do these things in the first place. We tried small, we trade frequently, we follow a systematic approach, find, filter, and sort stocks.
And the byproduct of doing all these things means that we're not dependent on one trade winning big. It's an average profits, and by trading small you're going to develop mental toughness. You're going to put these little deposits in your mental bank balance, so that when the opportunity arises, because there's going to be market conditions that, hey, "I'm going to put a bigger position on this. This is the once every three ..." And we've talked about this before in the past as well, the once every three months to once every six months, the wants in a year, the once every five year type of trades, where it's an opportunity that arises because of situational events. And you can't predict these things. But when it arises you can go, "Okay right, I'm gonna put that one bigger trade on." Not in a huge amount, but you're gonna put a bigger trade on because it's not once every 12 months type of setup. And you'll have the ability and the confidence and the capability and the emotional mindset to put that one trade on. Because it's not going to come around for another couple of years.
Sean Donahoe: Exactly. Now I'm moving on 'cause this kind of touches on another aspect, is adaptability. Always be prepared to change your mind. Situations change, it's one of Phil's phrases, and I think it's very true.
Phil Newton: I've just remembered his name. I was trying to ... I was thinking about today. A guy called Tony, he's big on Gann, and Gann theory. And he sat me down and he just kind of looked at me out the corner of his eye and put a knife hand up to me, "But Phil, I've got one phrase for you. 'Cause you're going to love this." He goes, "Always be prepared to change your mind." I was like, "What do you mean?" And he explained to me, he goes, "WD Gann." He he used quotes and he was paraphrasing 'cause it was kind of like old type English phrases. "But always be prepared to change your mind. When you've got new information, always be prepared to change your mind. Don't be set in your ways."
And I think that, just generally in life, I think that's a good mindset to have. And I really ... He spent some time over a period of time trying to just get that message across. And it did sink in. And always be prepared to change your mind. So with new information, update the information. Has Your viewpoint changed? Is there a different perspective now that you've got this new piece of information?
I think that's just generally good life advice as well. Don't hang on to that viewpoints. If something's changed, reevaluate your opinion. Maybe you're right, maybe you're wrong, it doesn't matter. But if you're open minded enough to take onboard new information and new ideas and new information, and form your own opinion.
And we talked about this with the news as well. Get a balanced pro and anti viewpoints, and different maybe political viewpoints, or different spins. And get the information. And don't worry about whether it's biased one way or the other. When you've got enough information, you can start to formulate your own opinions. And then it doesn't matter what other people think because you've developed critical thinking. And that's more important.
Sean Donahoe: No, absolutely. It very much is. And one of the other things is always be a student of the ever-changing markets. The markets are always in flux. There's always new things happening, new markets emerging, new markets changing. There's new industries, there's new momentum in different sectors. Always be a student of what is changing. Never stay still. And always presented new ideas, new opportunities that builds on experienced curves. It allows you to be more flexible and adaptable when those opportunities present themselves.
I see too many people get locked into one area, and then when that area changes outside of their expectations of what they're rigidly sticking to, they start really struggling with their trading. And then they don't know what to do because they've locked themselves in to this very narrow channel view.
Phil Newton: Yeah, it's like calling yourself a currency trader or a stock trader or a bond trader or a futures trader, or I'm a day trader. I've got-
Sean Donahoe: I'm a make money trader. That's-
Phil Newton: I always flippantly say if flipping beanie bears on Ebay is the best use of my time and resources, like it was the nineties again, if that's the best use of my time, that's what I'm going to be doing. I'm looking for opportunity, and it's whatever the best opportunity that provides me, at the time. That's what you've always got to justify against.
And I know it's a flippant example, but it really illustrates the points. You can't categorize yourself as a currency trader, or a stock trader, or a day trader. Where's the opportunity? Because can I speak to ... I speak to quite a lot of traders and I have spoken to quite a lot over the years. And from time to time, you'll get, "Four X's is horrible at the moment." Or, "It's really kicking my ass at the moment." "Well what else are trading?" "We're not doing anything else." "Well, maybe you should look at something else. Maybe you should look for opportunity. Maybe you should look where the grass is greener."
I'm not saying that you should jump from market to market, which is a trap, a new person trap. But if you've got a strategy that works, it should work, even with just a few tweaks and adjustments, it should work in any markets. Maybe you should evaluate which is the best market. You should trade and look for the opportunity. Where's the best opportunity on the horizon? Instead of trying to trade what was the last opportunity, which was currencies in 2005. There was a massive explosion in currencies. We nailed that in 2002. We're a little bit early. We've got to think, well, what's the next opportunity? Instead of trying to trade what was the opportunity, what's the next opportunity over the next 5 or 8 or 10 years time?
We've spoken about this before. We're talking about a lot of things that we've already spoken about, Sean. Where it's an explosion of volatility. It's the bear market. That's the next big thing. It might last for 18 months, it might last for a little bit longer. Because we've got ... Whatever happens, it's going to be exaggerated. Because we've got an exaggerated bull market, we're probably going to have an exaggerated bear market.
It's just the natural equilibrium of things. Look at history. History repeats itself. That's why we've got this expectation. It will happen. I'm very early to the party, but I am not going to be late. So it's the next opportunity. And this maybe helps why I'm treading the US markets and especially why we're trading specifically stock options. And we've got strategies ready on the sidelines that will take advantage of an explosion of volatility. And you've got strategies which are perfect for explosions of volatility. We're on the sideline, poised, ready for the next opportunity. That's what we're waiting for. And we've been talking about this for years, literally years. Since 2010, we've been talking about this next opportunity. I'm very, very early for it, but we're not going to be late.
And that's what we should be doing as a trader. Where's the opportunity? What's the next big opportunity that might last for the next 5, 10, 15 years? That's the opportunity that I'm looking for. And I'm not worried about what was good or half decent or maybe, 10 years ago, because that's what people are always complaining about. "Oh, I can't make day trading work." Well, it's not day trading, maybe it's you. Your skill level's not there, or you're treading a market that doesn't justify day trading anymore. Where's the opportunity?
Sean Donahoe: Exactly. Now that being said, we're waiting for the big strikes in a bear market and everything else. But here's the cool thing, we're adaptable to pretty much every situation. We're making money hand over fist in the current markets with everything that's going on. In any ... When the markets are even going up, down, sideways, it doesn't matter. We have strategies that, again, adapt in and around that. So it doesn't really matter because we're adaptable to the environment we're currently sat in, while we're looking for the areas to trade for the next 5, 10, 15 years, whatever. We're also adaptable to where money is right now. Where's the money flow? Look at the kind of recovery we're in right now since the beginning of the year. Look at the nine year bull run market. Lots of money to be made.
Phil Newton: I know, the model for the alerts has just gone through new equity eyes. Even despite the ... In the last three, four, five months of relative sideways markets in, well, in the broad markets. So the opportunities are there. They're a little bit difficult at the moment, but with an adaptable strategy, the opportunities are there.
Sean Donahoe: Absolutely. So here's the other thing as well, and this is one thing that I think is indicative of pretty much every great trader I've ever known, is independence. They are not tied in to any one information source. They're not slaves to the news media. They research, they dig into different areas if they want to learn more about something. They're independent. They're not slaves to someone else's voice or opinion. They are able to think for themselves, evaluate, make tactical decisions, make strategic decisions. There is a difference between the two. But they are able to look at the markets, look at their trades, look at what they're doing, and be confidently independent about what they are doing.
Now, Phil, you've known a lot of traders over the years as well, would you agree that, again, a lot of them are able to stand on their own two feet without having to rely on anyone else?
Phil Newton: Yeah, many traders are looking at tactics. Let's just separate that actually. A strategy for me is buy the trade. That's what I ... I sell the value of the downtrend. Identify a range, buy range lows, sell range highs. Buy the breaker range highs, sell the breaker range lows. And then there's also counter trend trading.
There's only eight things you can do in the markets. Look, that strategy. That's my strategy. Those eight things. Tactics helps you to allow you to deploy the strategy. So I use Bollinger Bands as a tactic to help me recognize when prices dipped enough, maybe prices are at the upper Bollinger Band or the lower Bollinger Bands. And that's what I use to help determine whether, has it retraced, has it dipped enough in an uptrend? Well in an uptrend, it's retraced the lower end of the Bollinger Band, and that's enough for me to consider and put it on my radar.
And those are the few of the steps, but I'm just trying to give a different ... But it doesn't have to be Bollinger Band, because that's a tactic. You can take the tactic out. You could use an oscillator. You could use moving averages. You can use Dow theory, Dow theory, Elliot Wave theory, trendlines, Fibonacci, anything you want, that's a tactic.
And what the mistake people make is that they get hung up on the tactic being the strategy and it's not. You can switch out anything. When you've got the strategy, and this is what we were talking about just a moment ago, that's going to allow you to move from market to market, to opportunity to opportunity. Because those strategy, the strategy that we use, it hasn't changed in hundreds of years. It doesn't change when you take it out of trade and go into business. And doesn't matter what business area or sector or industry or vertical that you're in, it's the same opportunity. Buy Low, sell high. That's all we're doing. You can take that strategy and it works in a multitude of markets and different businesses in different areas and arenas, because it's a principle-based approach. It's a structure that works anywhere.
Where people cock it up is using the tactics and thinking that Bollinger Band, or moving average, or a trend line, or a Fibonacci setup is the strategy. And that's just a mechanism to deploy strategy, and the tactic can be changed from timeframe, or tool, or indicator. It truly doesn't matter. And that's the belief I've got these days.
Sean Donahoe: Absolutely. So there you go. Those are the traits of a great trader. Those are traits that you can-
Phil Newton: Yes I am. Admiral Newton. I'm not ... But that's confidence I can back it up Sean.
Sean Donahoe: Absolutely. Absolutely. So yeah, those are the trades that we try and impart to a lot of traders. It doesn't matter if you're new, experienced, if you're a grizzled old veteran like we are,
Phil Newton: I'm not grizzled. I'm not old.
Sean Donahoe: Well I'm the grizzled old fucker .
But anyway. Yes, so these are a lot of the traits that we try and impart to our students as well. Because, again, this helps you get the edge, not only on the markets but also the business of trading. It's what helps you trade today, next week, next month, next year. It's what helps you turn this into the business of trading and be a successful trader. But-
Phil Newton: 'Cause anyone can be short-term lucky. Anyone can be short-term lucky.
Sean Donahoe: We didn't talk about luck. But yeah-
Phil Newton: Come back in 20 years, and are you still consistently successful? You'll have that conversation with me in 20 year's time, and we'll soon see whether it was luck and tactics, or whether it was strategy that was driving your decisions. Because 20 years later, we're still doing the same thing, we're still making money. That's the difference.
Sean Donahoe: Exactly. Exactly. Okay, so let's move on to trade, bade, or evade.
So let's start with ... We're going to start with something topical, something tropical. So first let's start with something topical. Nike. Just do it. Their knew campaign is causing a storm of controversy with Colin Kaepernrick. Now whether, whatever side of the fence you are on this debate, again, the guy who refused to take a knee ... Well he took a knee for ... In front of the flag in events and his career's been shot to shit ever since.
Phil Newton: Anyway, . We're not trying to take sides.
Sean Donahoe: No, no. But I'm just ... For those who are not familiar with who he is. He's the guy who started a lot of the controversy with the NFL for kneeling instead of standing for the flag and everything else.
So outside of all that,
Phil Newton: Nike now that as a bare current marketing and promotion campaign. I think it's grandstanding personally. And whether you're for or against it ... Personally, I'm against it, but there we go. But it's media grandstanding. They've found a very controversial ... This is the key, controversial topic, and they've got onboard with it. And-
Sean Donahoe: We gotta do ... We gotta do the face. We've got to set up the phrasing though. 'Cause it is, if you don't stand for something ... What is the actual phrase? It's the it's the stand, even if you risk everything.
Phil Newton: Oh, you know what? I just don't care. I honestly don't care enough to pay that much attention to it. It just flashed through my newsfeed and I just thought, "This is just grandstanding." They hopped on a controversial topic which is, well, it's controversial.
Sean Donahoe: Yeah. Okay, let me, let me actually add it in this because I've just pulled it up in front of me. Believe in something, even if it means sacrificing everything. That was the controversy behind it.
Phil Newton: Yeah, basically I do you support the flag, is essentially the thing. And then it's kind of spun out of control and taken all sorts of other meanings beyond that. But to be fair, I'm going to do what the kids say these days, "Whatever." It's just ... It's grandstanding at its ... They're on a controversial topic and they're taking it ... Oh, that's what I was going to say. Saatchi and Saatchi had the is good publicity.
So that's what's getting them in the headlines. So everyone's going to be talking about it. It's free publicity. I can see why they've done it from business point of view. Whether you agree with the subject of what they're standing for or standing against, it doesn't really matter. It's just ritually, it's hot topic, let's get onboard, let's get free of it-
Sean Donahoe: So, okay, that's the controversy, but let's look at the money, because that's what we do. So they took a three percent hit-
Phil Newton: awareness.
Sean Donahoe: Yeah. So they took a 3% hit yesterday. But the question is, trade, fade, or evade, what would you do?
Phil Newton: Well, it's like the united instance, where it's really bad has hit the headlines. It's going to be a temporary thing. The news will forget about it very, very quickly. And looking at the chart, it's buy the dip in an uptrend. It's a buy for me.
Sean Donahoe: It's a buy for me as well.
Phil Newton: It's buy the dip in an uptrend. It's an easy thing. Again, something controversial happened with United. Same situation where it was on the headlines, it was very bad thing. And it was forgotten about. Literally a few days later, it was out of the new cycle.
This is what's going to happen with Nike. It's produced a little dropdown. And yeah-
Sean Donahoe: That's a buy opportunity for me as well. I'm looking at it ... Again, looking at the snap back, looking at the end of the day posted yesterday. And to me, that is a buy. That's just a hype
Phil Newton: Yeah, if you look at the last 18 months, it's in an uptrend. It's undeniably in an uptrend. And this recent news-triggered selloff, that your classic buy the dip in an uptrend. There's no other way of viewing it.
Sean Donahoe: Yeah. Okay, so let's move on to the tropical one.
Phil Newton: Another quick one, but I think these words are just getting a little bit ... Just dragging a bit of the bullshit from the previous segment that we had just into this. It was interesting.
Sean Donahoe: Absolutely. So let's look at the tropical one. A little bit eyes on the gulf, due to a tropical storm or possible hurricane. So is was a topical un-tropical. But USO, sorry, US oil on the WTI on the weeklies. We saw an article, little bit of bullshit of the week here with some RRI commentary. Phil, I'm going to let you take this one. What do you see, and would you trade, fade, or evade it?
Phil Newton: And just background of why we're looking at this. It caught my attention because, again, more highlighted because of the bullshit. It was another nonsense reason. The price is go up and RSI indicator was pointing down. And it was being touted as whatever signal. There was a divergence in the price that indicates it. And I've just got to think, "It's nonsense."
Just because the the divergence is there doesn't mean that the trading opportunity's there. We need other factors. And this is what we were just talking about moment ago. It was a tactical setup. There was no justification. There was no strategy. And this is what the news media is always doing. Anyway, so that that's why we're looking at it. That's why we want to ... Is it a trade, fade, or evade?
I personally think it's an evade. I don't think there's anything there. I just think price is a mere ... It's slightly pointing upwards. It's meandering, drifting with a slight angle. It's pointing upwards in the last few weeks. I don't think there's a trading opportunity here, despite what the headlines in the media was saying. They were saying, "Oh yeah, trade it. It's a divergence, blah, blah, blah. Bullshit, bullshit, bullshits."
The reality is it's going nowhere. It has gone nowhere since the beginning of 2016. It's been drifting sideways and my whole philosophy of trading is, until something new happens, the same thing's likely to continue.
Its meandering sideways. There's no defined upper boundary or lower boundary for me. So there's not really the opportunity that the news media, surprisingly, that the news media headlines were suggesting.
Sean Donahoe: Okay. So again, I would evade as well. Right now, again, this was something that was highlighted on a weekly chart. And switching to the dailies were kind of-
Phil Newton: Slight upward ... And this is what I mean. A slight upward bias is consolidation as a slightly ... We might call it an upward channel. It's not really doing anything, the range of movement. It's $15 stock anyway. It doesn't quite meet the requirements. Evade it.
Sean Donahoe: Yeah, I'm looking at a US oil, and again, same kind of thing.
Phil Newton: US oil. You could find a different opportunity on one of the other related ETS if you want. So you can go straight to the futures if your trade it. You could find something to do. But just broadly speaking, it's not as exciting as what the news media was making it out to. Surprise, more bullshit.
Sean Donahoe: Okay, so what we're going to do now is we're gonna jump into the top five Dow stocks by weight. In other words-
Phil Newton: Aren't we? We're gonna do this quick.
Sean Donahoe: Yeah, this is quick fire around. This is going to be the top five stocks by weight. In other words, the ones that make up the majority of the Dow 30.
Let's start with ... Okay, we're pulling up the chart here. Boeing. Boeing, trade, fade, or evade? Real quick, boom, boom, boom.
Phil Newton: It's an a range. If I'm at the upper or the lower boundary, it doesn't meet the criteria, so it's step aside. And it's in more of a wait, but yeah, evade.
Sean Donahoe: Evade as well. I would say that it looks like it's at the bottom of a current move, but it's a downward trend. Lower highs, lows are kind of balancing out. It's not really-
Phil Newton:
Sean Donahoe: It's a consolidation. I'd wait on that one. Maybe look for something in the future, but not right now.
Okay, United Health Group. Trade, fade, or evade?
Phil Newton: UNA?
Sean Donahoe: Yep, UNA.
Phil Newton: What you reckon?
Sean Donahoe: I'm evading. It looks ... It's in an uptrend and everything else. It's at the kind of top of its range, but it might be a counter-trend trade there, but nothing definite. I would say yeah, jump in. Evade.
Phil Newton: Interesting, and I see it differently. The last 12 to 18 months is in an uptrend. It's just small pullback breaking into new highs, around to $70. If it goes back above 270, it'd be a buy for me. It's a very very small pull back. It's not a deform that I'd like to see. But it meets requirements. You have to trade it.
Sean Donahoe: Okay, cool.
Okay, Goldman Sachs. What do you say? Trade, fade, or evade?
Phil Newton: Just switch the chart. It's a very clear evade. No defined ... In the last 12 to 18 months, there's nothing really there. We're in an uptrend, or we're in a downtrend, or in a range. It's a bit of a hodgepodge. It's evade for me.
Sean Donahoe: You know, for me, it's a trade. Here's why. I'm looking at a turn around from February to July. It's Kinda been in a downtrend, but we're making higher highs slightly, and slightly higher lows. Looks like it could be a turnaround. And we had a large bar yesterday. Even though it's at the midpoint of the Bollinger Bands-
Phil Newton: I'm looking at you picking up on timelines again here-
Sean Donahoe: Very short term. I would probably in for a quick here.
Phil Newton: Short term, I can see the opportunity. If you just look at the last six to eight months, it looks almost like inverted head and shoulders. Maybe there's a neck line above sort of 245. If it pushed above there, maybe we'll get the to 265, 270.
So yeah, I can see the short term opportunity, mind you, regular trends that I've got to look at the last 12 to 18 months. It's not really doing anything for me to say, "Yeah, it's going up, down, or sideways," to go with the money flow. But yeah, I can totally see where you're coming from.
Sean Donahoe: Yeah, absolutely.
Okay, so again, short term time horizon .
Phil Newton: Of different perspectives again, is what we should be picking up there. What've we got next? Example next.
Sean Donahoe: Apple-
Phil Newton: Example next-
Sean Donahoe: Apple is the next one. And looking at this, I'm looking maybe a short snap, but I would probably evade this one, to be honest. I'm looking at this one, I don't see a contingent .
Phil Newton: While it's not my usual setup, it would be faded for me. It's an a longtime uptrend and it looks like we've got a bearish engulfing day to day, so maybe it might be a tomorrow trade. Or if I was going to do something, it would probably be a counter-trend trade here.
Again, it's not my usual thing that I would normally do. I like to go with the trends. But if I was going to do something trade, fade, evade, it's going to be a fade-
Sean Donahoe: I would agree with that exactly. Again, looking at the bearish engulfing. Exactly what you said, it's in an uptrend, but we're looking at a couple of resets.
Phil Newton: Like the counter-trend trade, if you like the counter-trend trade setup, it looks like you've got opportunity.
Sean Donahoe: Yeah, there go go.
Okay. Last one for today, 3M. M, M, M. What are you thinking there?
Phil Newton: This is another hodgepodge for me. And looking at the last 12 to 18 months, you've got an uptrend, a downtrend, and arrange. This is evade.
Sean Donahoe: Yeah, this is an evade for me too.
I'm looking at this one. It's very range-bound. Very ... Slightly, I would say if you look at August, it was a slightly higher high, but it's not been matched for the current move. I would say it's very much slight, very very slight upward channel, but it's a very very slight one. Yeah, there's nothing there.
Phil Newton: Well it's been nice and safe while it's been meandering sideways. It's not really at the upper or the lower boundary, so it wouldn't qualify even at a short term basis.
But yeah, it's doing a little bit of everything. To me, this is walk away and leave it. This is evade it.
Again, just thinking about the 12 to 18 month viewpoints, 'cause I ... Just to reiterate, I want to see 12 to 18 months. I want my, "Hell yes, it's going up. It is going up." I want to be a part of that. I'm not seeing it. Or it's an arrange or it's in a downtrend. If don't see that, we've got so much choice, we get to move on.
Again, I just want to reinforce, this is a new section of the show. But I just want to reiterate that the whole purpose is ... Reason why we're just looking at what is literally random stocks, about four or five stocks, or maybe there's a few things that we've just caught in our news-feed that just caught our attention, we'll just take a quick look at them. Would do we trade? It would we faded it? Would we evade it?
We can make a quick evaluation. When you've got a structure, when you've got a framework, you've got a systematic approach to find, filter, and sort stocks, you can make quick decisions. We're trying to illustrate that just with a simple ... For me, I look at the last 12 to 18 months. Is it going up, down, or sideways? That's my first evaluation. And when you've got that structure, and again, I know there's several steps after, when you've got a structure, you can very clearly say, "Hey, it's in an uptrend and it's not retracing in an uptrend. It's rallying in an uptrend." Okay, well that doesn't meet the buy the dip in an uptrend scenario. So it's an evade situation. Or maybe it's a counter-trend trade situation. You'll fade it in this scenario. But you get that structure, that framework to use that allows you to make these quick decisions.
So just to time, turn this into a little bit of a tip of the week. What can you do to make speedy decisions? Because a whole philosophy around trading forces, we don't want to spend hours doing it. We want to make quick, concise decisions, and you can only do that when you're absolutely crystal clear on what you trade, when you trade, and how you trade it. When we're looking at a chart, what is the chart doing? Statement of fact. It is going up, down, or sideways. If you can't make out what's going on, go look at someone else.
And that's why we're doing this, to try and demonstrates how quick and speedy you can make evaluations. I think this is probably the most important section of the show.
Sean Donahoe: Absolutely I agree. But that being said, ladies and gentlemen, that is it for this week. As we wrap this up on a high note, we are going to rock and roll and do this again next week.
So thank you for listening to the show. Please remember this show is not free. It will cost you a five star review. Just go to, where you can subscribe and review us on your favorite way to hear the show. But always stay up to date on what we're doing, when we're doing it, and how we're doing it. And we're trying to release this show every Wednesday now, rather than waiting for Sundays and letting it delay. We're trying to knock it out the same day.
So make sure you're subscribed and you can then get more timely insights into what we're doing.
Phil Newton: Awesome sauce. You can also find us on the Facebook and the Twitter machine. You can find the links for that. Same link, We've got a very thriving and growing Facebook group there. Now that Phil knows what it is, I'm in there, you can send me a message if you want to. Or if you like to do it the old fashioned way, I always laugh at that. I've been saying this every week now, when did the email become Old fashioned? [email protected] If you want to send me a direct message, you certainly can do. We like to be very open and accessible. If you've got a question, send it over, we may even feature it on the show.
Sean Donahoe: Absolutely.
Phil Newton: What have we got going on next week?
Sean Donahoe: Next week's show is going to be called Burning the Candles. We all got to be looking at ... We kind of touched upon engulfing a bearish candle here and engulfing pattern, bearish patterns here. So we're gonna been talking about some of the common candled pans that'll help you look-
Phil Newton:
Sean Donahoe: Yes, exactly. So we're going to be looking at a different candle patterns, different common ones that we use, that we look at, and what they actually bloody mean. And how you can actually refine those criteria to basically-
Phil Newton:
Sean Donahoe: So anyway, we're going to look at some common ones, some common misconceptions, some different things that we look at that trigger us to go, "Hmm, that's interesting."
So we'll be talking about that next time.
Phil Newton: Maybe we should call the episode Things That Make You Go Hmm.
Sean Donahoe: There you go, Things That Make You go Hmm. There you go. Maybe we'll change it up. Who knows?
So with that being said, rock and roll, and we'll do this again next week. Take care for now.
Phil Newton: Bye for now.
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3 Key Takeaways From This Show

  • Don’t rely on luck, to be a great trader you need to be consistent
  • Its not just the money you make, its also about the money you keep
  • Never hold on to a mistake just because you took a long time making it

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