WILL DAY TRADERS EVER GET THE RESPECT THE DESERVE?
It has been an interesting week following this mega-viral post from @TheFlowHorse and the Market Wizards chapter list post from @gfc4.
I’ve come to one conclusion: most mainstream traders on Wall Street or investors at home are unable to fathom the skills of elite traders.
Truly, that’s the only thing that can explain the consistent attitude of the quants like @macrocephalopod and money managers like @orrdavid in the face of overwhelming evidence.
I’ve verified on Kinfo, Trillium verified me, SMB verified me, and Jack/George reviewed every single one of my brokerage statements. For some, nothing will ever be enough.
Historically Market Wizards has been THE gold stamp of trading approval. Yet now, because there is an edition heavily focused on day traders - the quants and money managers lose their shit and assume everything is a fraud now (Jack and George are now “paid shills” 🙄) rather than come to the more sensical conclusion that there are a subset of insanely talented day traders with eye-watering returns!?
Here is why - it’s because it invalidates everything their lives stand for. The fact that a security guard, a teenager, a musician, and a young kid from Indiana University can dwarf every achievement they’ve ever dreamed of all by the age of 40 and in many cases by the age of 30.
I think it speaks just to how fast the world is changing and how much the boomers will be left behind. This isn’t the world of quants and money managers anymore.
This is a world where young kids with drive have the tech and resources to change the world. More than ever, the trailblazers of every industry are becoming younger and younger. The old guard that refuses to believe will only be left behind.
And I get it, I sell a course. Traditionally that is associated with grifters and scammers. Yea, well Bitcoin in 2015 was associated with the same. The end result is that the boomers were missing the forest for the trees.
Most people would rather bury their head in the sand. Ignore all the evidence. Because it protects their fragile worldview.
That doesn’t change reality though. Every single trader in this book provided the receipts. If people don’t want to believe it, that speaks to the quality of what I and others have achieved.
My message to you all is the same message that @TheFlowHorse wrote:
IGNORE THE HATERS! YOU CAN ACHIEVE UNBELIEVABLE THINGS!
My course that I sell is the biggest joke of a business. I will openly admit that. I’ve invested thousands of hours into something that barely pays me minimum wage.
But I do it because I truly want to pass on my knowledge and share with you the concepts and insights I’ve learned.
Much of that knowledge is 100% FREE. Judge me by the quality of my content rather than the words of the trolls.
I don’t mind being mocked. I somewhat mind the credibility and brand of @jackschwager@gfc4 and Market Wizards getting caught in the crossfire.
So, how do we win? If you are young and hungry, use the knowledge we all share with you. This IS a new generation. Market Wizards ARE on X and freely sharing that knowledge. The haters laugh, but that is something BEAUTIFUL! It speaks to the accessibility of info today.
Use it to become great! Become your own epic story of what we all can achieve when we believe. And if you get hate along the way, keep pushing because it means you’re doing something right! ✊
@gfc4@jackschwager@Qullamaggie Let’s goooo! Thank you George and Jack for everything you put in towards making this a reality.
You know my bulk order has already been placed 🤣
Here are two totally contradictory reads, but both are worthwhile.
Which author is right?
-Derek Sivers on How to Live (full read: https://t.co/xaTYW7Pk03)
-This is Enough by @karunpal
TRADE SELECTIVITY HEAT MAP
Last week I did an annual review with an options trader that used to be on the prop side.
He could easily increase his pnl by 200% with one simple change.
The essence of the feedback I gave was this:
Most traders aren’t selective enough. They play too many -EV hands.
Optimal equity traders are very selective.
As an options trader, you need to be even more selective.
This visualization, using poker hands as an analogy, is worth a million words.
Who cares to explain this and why it’s even more critical for options traders?
Fantastic parallel between Brady’s Super Bowl prep and trading.
Obsession over playbook, studying tape, making reps feel automatic so that you can focus on the unknown.
Full read: https://t.co/DI7kkG60Ya
NEXT MOVE FOR $SLV - HIGHER OR LOWER!?
Let's crowdsource this one - what is $SLV 's next move? What are the pros and cons on each side?
Of the smartest traders I work with, the consensus "best" bet has been short vol as of yesterday's spike, particularly upside vol. There is still a bias lower in flat price.
My personal assumption matches that. Not trading / investment advice, subject to change any minute - but we now have tradeable ranges, I suspect they continue to compress and we eventually resolve lower. No idea the path in between.
The biggest wild card, imo, is gauging whether Chinese buying has exhausted. I highlighted this as the biggest risk last night on my 2-hour @LanceMagnumOpus "Ask Lance Anything" session and sure enough, we spiked higher upon open in Shanghai which has since pared in US.
Everyone always asks me how to find a mentor or a trading pod.
The easiest answer is attend @Traders4ACause Miami! Stacked lineup of speakers and hundreds of traders from around the world.
I’ve made so many great friends and expanded my own pod this way.
Register now: https://t.co/0rCWoL417D
Had ChatGPT list all the principles in “How to Win Friends and Influence People”.
Incredible list to reflect on:
PART 1 — Fundamental Techniques in Handling People
1.Don’t criticize, condemn, or complain
2.Give honest and sincere appreciation
3.Arouse in the other person an eager want
⸻
PART 2 — Six Ways to Make People Like You
4.Become genuinely interested in other people
https://t.co/50Gh775TBX
6.Remember that a person’s name is, to that person, the sweetest and most important sound in any language
https://t.co/9SqUKNbtRS a good listener. Encourage others to talk about themselves
https://t.co/eFNLjpJts7 in terms of the other person’s interests
9.Make the other person feel important—and do it sincerely
⸻
PART 3 — How to Win People to Your Way of Thinking
10.The only way to get the best of an argument is to avoid it
https://t.co/IXtikD51IS respect for the other person’s opinions. Never say, “You’re wrong.”
12.If you are wrong, admit it quickly and emphatically
13.Begin in a friendly way
14.Get the other person saying “yes, yes” immediately
15.Let the other person do a great deal of the talking
16.Let the other person feel that the idea is his or hers
17.Try honestly to see things from the other person’s point of view
https://t.co/Kyr3e2b8yN sympathetic with the other person’s ideas and desires
19.Appeal to the nobler motives
20.Dramatize your ideas
21.Throw down a challenge
⸻
PART 4 — Be a Leader: How to Change People Without Giving Offense or Arousing Resentment
22.Begin with praise and honest appreciation
https://t.co/vqzmMkikRs attention to people’s mistakes indirectly
https://t.co/kfg7WNL7yR about your own mistakes before criticizing the other person
25.Ask questions instead of giving direct orders
26.Let the other person save face
27.Praise the slightest improvement and praise every improvement. Be “hearty in your approbation and lavish in your praise.”
28.Give the other person a fine reputation to live up to
29.Use encouragement. Make the fault seem easy to correct
30.Make the other person happy about doing the thing you suggest
@0xMesmerizing Yes, that was a LESS aggressive move over many YEARS and then gold went on to consolidate for more YEARS before moving again.
Silver is up over 3x in 6 MONTHS.
That example proves my point this isn’t the START and closer to the end instead.
Normies in the comments dunking on ShortBear has to be the funniest FinTwit exchange in years 🤣
Allow me to explain the 3 main factors that make this so funny to me:
1. ShortBear is too tall to dunk on.
2. ShortBear has a better track record than just about anyone on earth.
3. Most of the dunkers think the move in silver is just starting rather than approaching an end (at least near-term).
NEVER EVER has the START of a move in a millennia-old asset class looked like this.
Find me one chart.
One of the nicest emails I’ve received yet!
I get why selling courses gets a ton of hate. I chose to enter this arena. The ultimate validation though is when professional traders at Trillium, SMB Capital, KTG, Chimera, SFORS, and shops around the world find value in it.
To be clear - this trader earned that award for himself. Him and his team put in all the hard work. But sometimes traders just need a little bit of help to make sure they’re on the right path so they can reach new heights.
THE HOUSE STACKS THE ODDS AGAINST YOU
Incredible article on how the house in sports betting is using droves of data to stack the odds against you. Crazy stat btw, almost 50% (!!) of men aged 18-50 have a sports-betting account.
One pro of trading? At least the house doesn’t have this level of data to rig you. Though i bet anything that much of the funded trading world does similar.
The sports betting houses:
-Profile customers immediately using device type, payment method, gender, location, and deposit behavior, even before the first bet is placed.
-Identify “sharps” early by tracking bet timing, market selection, and whether bets consistently beat the closing line.
-Limit skill, not winnings. Players are restricted for having an edge, not for making money.
-Use stake restrictions instead of bans to quietly neutralize profitable bettors while keeping accounts technically “open.”
-Encourages and protects losers (“squares”) who bet late, ignore odds, and favor parlays.
-Actively courts big losers (“whales”) with higher limits, VIP perks, and special treatment because one whale can outweigh many sharps.
BEGINNER TRADING GLOSSARY!
My formidable flock of interns have compiled a glossary of technical terms to help beginner traders. Please share if useful.
No email required, download here:
https://t.co/wPLU2bYeI4
HOW TO PERFORM AN ANNUAL TRADE REVIEW
STEP 1 - Collect and categorize your trading data.
STEP 2 - Analyze each strategy’s performance and look for takeaways.
STEP 3 - Writeup your best and worst 25 trades
STEP 4 - Study missed opportunities.
Then, take those lessons and create an action plan for the next year!
Full video: https://t.co/OUdHToESD2