Why More Information Can Make You a Worse Investor

Without a clear investment process, more information can make you a worse investor by creating false confidence, emotional decisions and costly mistakes. Wealth Within Chief Analyst Dale Gillham explains why stock tips, financial news, social media, YouTube and AI cannot replace core knowledge, trading skill, risk management and disciplined execution.

• 0:01Speaker 00

  This podcast is brought to you by Wealth Within, a global leader in stock market education. For more information on our courses, head over to wealthwithin.com.au. Please note that the information in this podcast should not be considered personal financial advice. Enjoy.

• 0:20Speaker 01

  Hello and welcome to this Talking Wealth podcast. I'm Dale Gillan, the chief analyst here at Wealth Within. And for our regular listeners, you know, I haven't done a podcast for probably a couple of months. So hopefully you have missed me, but I know you've been well served with Janine, Philip and Pedro, producing lots of podcasts in that time. And the feedback I'm getting from them is they're doing great. I've listened to a few of Phil and Pedro's podcasts and told them I really like what they're doing. So hopefully you are too. But let's get back to the topic. And it really is about investors today have so much access to more information than professional fund managers did decades ago.

• 1:05Speaker 01

  You know, so why are people making the same mistakes? And I want to give you a little bit, for those people that have been listening to this podcast for a long time, you probably know, well, you wouldn't know a lot of my background or if you've read my book, How to Beat the Management Fund, my 20%. You know a bit about my background as well from doing that. But when I first started investing and trading back in the early 90s, you know, I barely had a mobile phone. I think, I think I got a mobile phone in 1992, you know, maybe something like, maybe later than that, I'm not sure. But that was just a plain phone. It didn't get on the internet, didn't send emails, didn't do anything like that. We

• 1:45Speaker 01

  didn't even have email. When I first started trading the stock market, you may have, if you've read my story, you'll know that I used to pick up the phone, like one of those big things sitting on your desk with handset, and dial a number with my fingers, and talk to a real person at the other end of the phone, who was my stockbroker. And I'd say, can you send me the data on all the data you've got on BHP, for example? And a few minutes later, I would get this fax, you know, the fax paper that comes out, that rolls up. The young people, you probably don't even know what fax paper is, but the older people, or the more senior ones will remember that. And it fades, it's sort of

• 2:30Speaker 01

  like the receipts that you get out of your FPOS machine, you know, when you buy your coffee in the morning, you can't see what's on that receipt. That's basically a fax paper that rolls up and it fades after a while. But on those faxes, I used to get all the daily data on the stock that I was asking for, going back as far as they could. And from that point, I would then line up, roll up all the data into weeks, and the opening prices, closing prices, highs, lows, all the things that I do as a trader. Once I did that, then I would get my pens and pencils, my graph paper out and draw it. And then once I drew it, or as I was drawing it, I was analysing it. And then when I'd finished analysing it, I'd decided whether I buy it. That's how I used to trade. So pretty simple. But did I get lots of bombardment of news and information? Nope, didn't get any of

• 3:15Speaker 01

  that. The brokers would put out reports every now and again, you'd get them in the mail, or you'd get an envelope in the mail from, from some people like Intelligent Investor would get a newsletter, would send out it every week for subscribers, things like that. And you would read a bit about the company. So generally, you went to your stockbroker for all your information, and you talked to them and got the information from them.

• 3:37Speaker 01

  But we've had this huge information explosion. And what I'm seeing is exactly the same things today, as what I was seeing back in the 90s with traders and investors, and even early in the, you know, in the 80s. And because I've often said, times change, people don't. And I also often say that the stock market is a reflection of our psychology. And yes, it's mathematics, and you can put all the mathematics and economics around it. And so here, it's economical, it's, it's logical, it's mathematical, and that's all BS. Because sort of it is, but it's, it's still our perceptions on what we're getting. And that's really sort of the crux of what I want to talk a bit about today. And part of the reason why I wanted to talk about it today is, I've been spending a lot of time over the last

• 4:22Speaker 01

  couple of months trying to work on, not trying to work on, I've been working in AI and ChatGPT, etc. But yesterday, I wanted to, oh, I'll take a step back. A few weeks ago, I just sat on the, in my theatre room at home, and I logged into a VPN. And I went, I want to see what people see in person, Adelaide and Brisbane, you know, Sydney, all the other places. And so I was logging into all these different areas around Australia and typing in share trading courses, you know, how do I share trade? And to see what the AI or ChatGPT at the time was, was coming back with. And I saw all manner of rubbish.

• 5:04Speaker 01

  And I'm thinking, no wonder people are confused. And part of it, I was actually arguing with, with the AI. And sometimes it was Google AI. Well, actually, it wasn't ChatGPT, it was a Google AI, because I was using the Google browser and Google search engine in my browser, and chatting with the, it's AI. And I think, I'm not sure whether that's called or Gemini, I don't know. But I was arguing with it, saying, you know, that's industry based stuff. And they went, and it goes, oh, yes, you're right, it is industry based stuff. And I went, well, I don't want to be a stockbroker, I don't want to be a fund manager, I want to trade as a retail person. Oh, yes. And then it'd give me another

• 5:46Speaker 01

  answer. And it'd still be all industry based stuff. So it wasn't actually even, and it would say, these companies teach share trading. And I went, no, they don't. And it'd go, oh, yes, you're right, they only teach the basic stuff. And I went, but I've asked about learning how to trade the share market. So if you've been out there trying to Google, or using AI, you're probably like me, getting lots of misleading information. And that's part of the reason why I wanted to do this podcast today, because to me, more is not better. And I've been saying this for probably a couple of decades, more is not better. If you understand what you're doing, then less is better. Not more, but what I'm seeing

• 6:28Speaker 01

  at the moment is we have this oversupply of information. And it leads to paralysis of analysis. For some people and other people, it just leads them down rabbit holes, where they think they're informed, and they're educated, but they have a false sense of reality, because they're really not well informed. And they really don't have the skills and knowledge to be able to do what they do. It's just giving them perception because AI, or one of these other areas of social media have been telling them that they're right. Well, this is what they should be doing. But then, is it really? And that's really what I want to question today, because obviously, we've had this information explosion, you know, we've had financial, you know, we get financial news 24/7. I open my laptop

• 7:13Speaker 01

  up, and you open up Google Chrome, and straight away, it starts giving you all these news clippings, and so does Microsoft. And so there's so much, you open your phone, and you start getting all these bing, bing, bing, of all these things coming up on your phone. And I just delete most of it, because it's just noise to me. But we're getting news and information 24/7. You go to the podcasts, you know, you just, there's so many podcasts now. And I see all, and you've probably heard me comment about these. And Australia's pretty good, generally, because ASIC has cracked down a lot of these finfluences. So a lot of these finfluences now, I need, I would talk about general stuff, which is

• 7:53Speaker 01

  not necessarily about the things you want to talk about. Because obviously, if they start talking about things that could be implied to be financial advice, then ASIC will take action, and that pretty serious action against these people. And rightly so, because I've seen so many people giving out financial tips and wealth creation tips. And when I watch the video, I think, you don't know, do you? You really don't. They've read some book, and they're just regurgitating what somebody else has actually said. But the same happens on YouTube, on podcasts, the social media, the stock tipping forums that we see, we see all these people on these chat forums, stock tipping forums, they're

• 8:33Speaker 01

  following that newsletters. As I said, AI, it's just endless, the stream of opinions, predictions, how tos, all of these sorts of things. But at the end of the day, it's your money, it's your responsibility. And that's really the level of there. It's your money. So you need to know yourself what to do with it, not divorce your responsibility to all of these things out there, just because somebody says on a chat or a forum, that you should be doing this, doesn't mean you need to do that. And I actually challenged AI with that, and it gave me Reddit forums playing this. And I went, why would I trust

• 9:14Speaker 01

  a Reddit forum? A pretty simple question. And it came back, and it said, and the answer was, yes, you're right to question it, because Reddit, the forums like this are full of people who actually don't know how to trade, failed traders, who want to be seen like they know what they're doing. And they're full of opinionated people who generally don't want to get education, and the right education. And so even AI is recognising that these forums provide little value to people. Because today, as I said, I still never met a full time trader that spends any time on these sorts of chat forums. But they, I'm not saying there's not, I'm just saying, I don't know anybody, or none of

• 9:57Speaker 01

  my friends do. And other traders I know spend time on them as well. But information, like I was saying a bit earlier, can create some real false sense of bravado, confidence, or a false sense of feeling that you actually know, that you know. And that's a dangerous place to be into, because they say ignorance is bliss, but ignorance is very expensive. We see that on the market all the time. People who are quite ignorant, losing lots of money. But the, in the, in the feeling that you think you know, rather than, you know, can be even more dangerous, because it can even make you do.

• 10:38Speaker 01

  Bigger decisions or take more leverage on or buy the wrong stocks at the wrong time. And to me, if you don't know what your entry is, or sorry, why you're entering to your stock. If you don't know your exit before you buy. If you don't know why or how, you know, how to look at the capital that you're risking. And what you stand to lose if you get the trade wrong. If you don't know how to manage it, if you get the trade wrong.

• 11:08Speaker 01

  If you don't know those sorts of things, then you would fit into the basket, then you don't know enough. And you may have a false sense of bravado that could be costing you either in lost profits. Or losses or lost opportunity and the lost opportunity is the big one because I see people buying. They might buy a stock and they might go up 5% and they sell it. But then that stock might go up 50%, but they're not in it anymore. But their comfort zone was 5%, so they get in and they get out. And they spend a lot of time doing, trying to scalp little bits of profit. But what they're not doing is making good money because they're not spending their time well. And when you're a trader, you actually know why you're getting in.

• 11:51Speaker 01

  How you're getting in, what the triggers are, the same for your managing, the same for exiting at your position sizing. And a whole range of different things that you already know. And you don't need the external environment to tell you about that because you do that. You're working that out yourself based on your knowledge and skill. And this is where information and skill really do separate. I'd rather go for a skillful person that somebody is more, has more information because information is just it. There's a vast difference between information and education. Just as there is a vast difference between knowledge and understanding. A lot of people will tell me what they know what a share is, or they know what a moving average is, or they know what a trend line is, or they know what.

• 12:33Speaker 01

  Position sizing is. But do they really understand it? That's the difference between having wisdom and just having some knowledge. And to me, the same behavioral mistakes continue to happen year in, year out, decade, decade in. Decade and will continue to do so because when you're looking at this avalanche of information that we're getting from all over the place. And it really is an avalanche and it's a bombardment of it. And it's an overstimulation of our senses. And, and that's really why I keep saying is less is more. And, and I'll give you some hints around that as we, as we get further into this podcast. Cause to me, less really is better for you. But there's also that we can't assume because we have knowledge that we have skill.

• 13:19Speaker 01

  Or that we're applying the knowledge correctly. And in the, in the manner that it's meant to be and in the right context that it's meant to be. And I'll qualify that in the way. Is some people, like I was saying before, will tell me they know what a trend line is. But then when I ask them what a trend line is, they can't actually give me actually a solid answer. Or one that it's wishy washy or it might be an overview. But it's not really understanding what it is. And then the application of it is not there. And I get emails from people saying. You know, from our YouTube channel, people that send emails in and they talk about something, I went. That's not how I would look at it.

• 14:02Speaker 01

  And you can see why people are making their mistakes because. To me, there's, as I said, there's a vast difference between. Knowledge and understanding. So having some information about something or having a knowledge of something. Doesn't necessarily make you a great practitioner and being an investor and trader is a skill. And the higher level of skill that you have. The less risk you take, the more profits you make. And the more efficient you are at taking those profits and banking those profits. Whereas I find that those who divorce themselves to the wider information dump out there. Tend to spend a lot of time spinning their wheels or giving themselves the impression that they actually understand what they're actually doing.

• 14:45Speaker 01

  And I'm not trying to be rude to anybody because your journey is your journey and you are where you are. And you probably, if you're one of those people, you're probably thinking you don't want the right way. If you're taking offense to some of the stuff that I'm saying, I'm not meaning it to be offensive to anybody. But if you are taking offense to it, then you need to think about. Why that is for you, because maybe I'm hitting a point. That you realize in, you subconsciously realize, but you don't want to acknowledge to yourself. And that's something for you to deal with. And I've had people in front of my face. I've said things and they've tried to argue with me and they've got upset at what I've said. But the more I ask them questions, the more they start to realize that's their stuff.

• 15:30Speaker 01

  And it was an actual reality. So, and I hope I've explained that properly and I, and I remember distinctly, I had a gentleman.

• 15:41Speaker 01

  Come up to me at the last year's micro cap conference and he was espousing all this stuff and I, and I just went. That's your bleep. And I might use the word, but it's not the bad, bad word. It's another word. And he looked at me and I went, and I said it again. And then I said, I'm not trying to be rude to you, but that's yours bleep.

• 16:03Speaker 01

  And then he's, he sort of disagreed with me and then he kept talking and then I went, there it is. And he went, what? And I said, that's why I said that. That's your bleep. I said, you're just validating this and you're doing this. And he's like, and then he kept going. I said, now you've done it again. And then he stopped and he realized and he went. Oh yeah, you're right. Cause we can see, I, myself and Janine and Phil, we can all see in people what's happening, good and bad. Because obviously we understand them when we're mentoring our traders and our students. We want you to be better traders. We want you to be more competent. We want you to be more confident. We want you to be more profitable. We want you to get your goals. And so we just cut the crap.

• 16:48Speaker 01

  And we hone in on what we're seeing. And then it's up to the person then to make their adjustments. But if people can't see what they're doing. And, and what I mean by that is sabotaging themselves. Then until we get them to see that, then we can't affect change. Awareness brings change. Being blissfully unaware or ignorant, as I said earlier, is dangerous. And too many people are out there investing and trading. Who are, in my definition ignorant, they may not feel that themselves. They may feel confident. They may feel educated, but when push comes to shove and, and you know, I ask some of those tougher questions.

• 17:30Speaker 01

  Then the story may be changing, but to me, the, the same behavioral mistakes continue to happen, you know, chasing a stock after it's run. You know, it's gone up 20% and people jumping into it. We still see that or 30% they jump into it. Most people still jump into the stock after it's run, you know, holding on to losers because. I'm not going to sell because it'll come back to what I paid for it and then I'll sell it, you know, or. Yeah, look, you only lose, you know, if you sell, you don't lose, you don't sell, you don't lose. You know.

• 17:59Speaker 01

  Selling winners too early, way too early. They've got on a stock that's moving up and then they're afraid of losing their profits. So they sell it too early and I'm sure most of you don't suffer any of these issues too. Cause you're all brilliant traders. Another one, changing your strategy, you know. They change strategy mid-trade or sometimes they might have a couple of losses and then they, they change their strategy again. And they keep trying to find that new. Key to success or that one thing. That will make them consistently successful and, and people do that. And we see people chopping and changing all their strategies and, and sometimes, you know, when with, with our trading mental course, which is our.

• 18:39Speaker 01

  Beginners getting started courses like cheapest chips, I think it's under $2,000 and you get me. And I support all the students on that because I love it. Cause these are new people that are more sort of investors, people wanting to get into the stock market, but do it the right way. And interesting, I see so much of these things in here. People are saying, send me something and they go. This and I go, well, you know, you've just applied that wrong or no, you're in the wrong context. Or you're thinking about this is wrong. And that's why I help people here in that trading mental course. And to me, a lot of them go on to be, you know, trading, investing in trading and getting started in the stock market. And then some then will take their journey further and do our diploma course because they now get that confidence.

• 19:25Speaker 01

  To be more serious, if I can use that word. You know, but I see that over time and we see why they've been. Doing things like over trading because I think because they're starting to call themselves a trader, they've got to keep trading. Well, no, you don't. Sometimes I don't trade for ages. You know, and other times I'm trading a lot in one week, but it just, you're trading when the market is, is congruent with good trading. And the, the, the actual opportunities are there for you to trade. You don't trade just because you think you've got to make a thousand dollars a week. You just don't do that. You don't trade, and I was talking with AI, having this debate with AI only.

• 20:04Speaker 01

  Couple of weeks ago, I was saying, if your goal is to make a hundred thousand dollars a year, it doesn't matter if you made one trade and made that or a hundred trades. Or a thousand trades. And I said, well, no, it doesn't make any difference. I said, great. So I'd rather do it in one.

• 20:19Speaker 01

  Or as few as I can, because the least amount of time your money's on the market, the lower the risk you actually have. But to get to fewer trades to make more money, you've got to have education and skill and that knowledge and that experience, which most people don't hang around the market long enough to be able to get, because their pockets aren't necessarily as deep as what they need to be for that trial and error, which a lot of people do. And we talked a bit about, I was talking with AI about why people, you know, want everything for free and want, try to think they can learn for free on the web, but very few people can, because they're just not understanding exactly what's out there. And this is, I'm saying, there's so much information out there. And that's one of

• 21:02Speaker 01

  the things I get from the students that I'm mentoring in our trading mentor course is, they ask me some of those questions like, you know, I learnt this on this website, or I learnt this with this book. And I go, but that's not the context that you've just told me that you want, or how you want to do things. And that's not necessarily correct what they're saying with that. So there's a lot of that I get and I have to fix with some of these people or unpack what they've, what they've learnt in the past and untrain some of their bad habits to get them to where they need to be going right now. And again, you know, as I said, you know, chasing the stock market, holding losers, selling winners too early, changing strategy, acting on tips without a plan, waiting for the market to be perfect before they invest, over trading, you know, to me,

• 21:45Speaker 01

  they're all symptoms of something behind that person that's causing all of those behaviours, which are more emotional, because to me, skill matters far more than information, or how much information you get. And I'll say that again, skill matters far more than any information. And I've literally been in so many seminars and presenting them. And I've said, if you just sat me in a locked room and just slide pizzas under the door, so I could have some food, but just gave me some charting papers, some data on a spreadsheet, without a computer, just with some graph papers, some pens, and you just printed up some sheets with the date,

• 22:28Speaker 01

  open, high, low, close and volume of something. I don't care whether it's gold or whether it's a stock, I don't care what stock it is anywhere in the world, just give me the date, the open, high, low, close and volume of anything, and I will draw it, and I'll work out how to trade it, and I will trade it successfully. That's skill. Now, that's the level that I pitch at. That's the level Janine and Phil and Pedro and all the other assessors and mentors that we have, that's the level that we're at. And to me, if you can't do that, that means your school level is not at the same level as us. And that's okay, because that's your journey. You are where you are

• 23:13Speaker 01

  today, because of the decisions you've made. It may not be your, maybe your journey in the future, do we become like Phil or Janine or Pedro, or, you know, I'm one of the traders that we've taught and mentored to be successful in the marketplace. But your goal may be to be a great investor, that's it. Or your goal may be to be manage yourself, manage super fund. All of that's fine. It's whatever level you choose. But I will say, skill matters more than information. And also the volume of information, because good investing and trading requires decisions. So you need rules around how you're going to make your decisions for buying and selling, the decisions or rules around your capital management, how you're doing your position sizing,

• 23:54Speaker 01

  your risk management, where your entry and exit strategies are, what's triggering all of those, how are you going to get to that, how are you actually analysing what is a good stock to put into your portfolio, knowing what information and data to ignore. But all of that,

• 24:12Speaker 01

  if you're good at that, and you have skill, then you get consistency, if you get consistency, and a process that's repeatedly good, everything's easy. And you'll be making money consistently, and you won't have to think, oh, I've got to trade today because I've got to make 500 bucks, because that's what I said I've got to do. I'm going to make a thousand dollars every single week. I don't ever think like that. Phil doesn't think like that. Janine doesn't think like that. Pedro doesn't think like that. None of our team think like that. We look at trading well, and if we trade well, everything else happens. Because a capable investor or trader doesn't need to know everything. They just need to know what matters and what to do with it. A capable investor doesn't

• 24:55Speaker 01

  need to know everything. They just need to know what matters and what to do with it. And that's one of the biggest things that we do with people that we teach is, people come to me all the time and they go, I get this and this and this, and I do that, and I read this, and I go here, and I watch these videos, I do that. I go, how much time do you spend doing that? And they might go, six hours, 10 hours, 12 hours, 20 hours a week. I go, let's get rid of all of that. And let's narrow it down to one hour. And they went, wow, how do you do that? And I went, great, skill matters. Once you have the skill, you filter out a lot of the noise that you don't need, because you actually filter it, because you know from your knowledge and your wisdom, or your understanding,

• 25:36Speaker 01

  what is really important to you, and you can filter all that, and you get your life back. Because to me, information should support your process. It shouldn't be your process, or shouldn't replace your process. Good information is useful when it feels, when it feeds into a proven decision-making framework. So information could be, yep, I need to look at EPS, I need to look at dividend yield, I need to look at the P ratio, I need to look at the debt to equity ratio, once they fit into my metrics of what I'm looking for to filter and a stock, that's, yep, that's a good stock that fits within my parameters. Now I'll go to the charts and look at what's happening on the charts and do some analysis on the charts. Here's my entry strategy. This is my

• 26:18Speaker 01

  position sizing, one, two, three, four, equals success. The information is just getting the data that you need to make that decision, but it shouldn't be, I think, you know, I read somewhere that this company's, you know, about to pull out of the ground, or they're going to drill this mine, and there's the potential for this. If comes, I don't trade on. It's always trade on what you know, not what you think. Trade on confirmation, not on speculation. Because without a framework, information just is noise. And we need that framework. And to me, information is just the

• 26:58Speaker 01

  input. Your skill determines the output, the result. If your result that you desire is profit, then input is output. So the quality of the input. So where are you getting your input? Is it just information, or there's a skill and a knowledge and experience underneath that? So that's really what you need to ask the question for yourself. And to me, again, this is where the whole podcast that I started was AI. You know, AI makes this issue even far bigger. And again, I've done how many times I've argued with AI about things like dollar cost averaging or diversification. I remember I spent an hour arguing with AI about diversification,

• 27:42Speaker 01

  and it lost, because it kept assuming me as a retail trader, that I was an industry big fund manager. And I go, you can't, and basically I distilled it down as you cannot treat a retail investor trader with the same rules as a fund manager. There are two separate parties. Whilst there's some overlap in what we do in picking good stocks, how you manage a portfolio as a retail investor and trader is not how a fund manager does it or can do it, because of legislation, and regulation, and liquidity, and all sorts of other things that they have to deal with, that you don't have to deal with as a retail trader. You have so much more opportunity and

• 28:21Speaker 01

  potential to outperform any fund manager on the planet with a bit of skill. That's all it is. And the thing is, you have, and I'm serious when I say, you can beat fund managers. That's why my first book was how to beat the fund, how to beat the managed funds by 20%. Because at the time when I wrote it, I knew that was possible. Then I proved it was possible in my book. Then I updated the book to include the GFC, because people told me my strategy wouldn't work in a crash. And so when I updated the book, the latest book, I proved it still worked. So I know what I'm talking about here. And to me, AI just makes everything worse, because AI can be wrong, and it reflects mainstream

• 29:06Speaker 01

  assumptions that are based on industry compliance, what they need to do, what the big financial planning industry and broking industry push out there. It does not reflect what you as a retail investor or trader can do. So relying on AI for information will be flawed for you, because it's going to keep giving you these assumptions. And I know because I spent the last two months challenging AI constantly with all the assumptions it's coming up with. I go, you're wrong on this, you're wrong on that, you're wrong on that. And I only did it again yesterday. I go, you're wrong on that. And I told them why, and they went, came back and went, yeah. Now I understand, yes, I was doing this. And I go, but what you're doing is giving people the wrong information. And when I

• 29:50Speaker 01

  said to the Google AI, I said, if you've done this with me, what are you doing with everybody else? Are you learning from my conversation? And it said, no.

• 30:00Speaker 01

  And that floored me. It said, the only way we will change, change this is if a human reviews the conversation and makes the change to the algorithm.

• 30:12Speaker 01

  How's that? So what we're getting is this loop of ineffective sort of good information, sort of bad, extremely bad, misleading, all sorts of stuff. So how do you know as an individual, if you're not a trader like me, or as experienced like Phil and Janine and Pedro and myself, how do you know, what's your, how do you filter out what's really valuable and what's not? Are you really qualified to do that? Or do you read it and go, yeah, that makes sense to me. That's what I'm gonna do. And if that's you, then I would ask you to stop, think, question, and question the AI. You know, interesting, when you're true

• 30:53Speaker 01

  question, it comes back and gives you more data because they're trained to just look at the quickest stuff, not really get into you challenging it. And so I said, AI can accelerate your learning, I understand that, but it won't replace you. It won't replace your judgment. It definitely won't replace your skill and knowledge, skill-based knowledge, if you get my drift. So what better investors actually do is they have, we've talked about it, you know, they've got a defined process, they understand risk, and they manage risk, they don't chase the return. If you manage your risk well, the return will come. And

• 31:35Speaker 01

  this is one of the things I talk about in my book, which you can still get for free, by the way, just go to our website, wealthwithin.com.au. You can order it, you just got to pay the shipping, which is cool. Hey, another thing that we've done recently, we've launched YouTube memberships for a Monday market stock report that Phil and Pedro do. They do that. And we do a much more extended version of our Tuesday show. So about, you get about 45 minutes on the YouTube, but there's probably another 35, 40 minutes that's for members only. And I'm right, I've only said to Phil earlier today, that I want to do a masterclass

• 32:16Speaker 01

  in the next few weeks to YouTube members. So if you're not a YouTube member, just go to our YouTube channel and you'll see some videos that have this little green thing underneath the thumbnail that says members, click on that. It'll take you to a join up page to become a member. Just do that. And as I said, if you do want my book, go to our website and get the book. But you know, I'll go back to investors again and just say what they do is, as I said earlier, they have a defined process. They really do understand risk before return because, you know, what you do not lose determines how much you make. And that's something I've been talking about in my book for, you know, over 20 plus years. And what I used to speak at Expose for all the time. And to me, people who are chasing

• 32:58Speaker 01

  higher return all the time, they're the ones that are going to end up losing. And that's why I'm saying is this over information is really frying our brains and really giving us, you know, living in a fake world or false world or false sense of reality. And that really is a cognitive bias. And I have done lots of podcasts on cognitive bias. But because to me, a lot of people don't understand when they're wrong. Whereas a good trader, investor understands when they're wrong. But more importantly, it's, it's this question is, at what point, if I buy today, at what point do I know my analysis is correct? And at what point do I know my analysis is incorrect? Or the stock is not going as I expected it

• 33:40Speaker 01

  to? At what point? And that's a really critical question to ask. And real traders understand that. They know at what point they've, it validates their analysis as being correct and the stock doing what they thought it would do. They also know the point at when it invalidates it and they need to exit. You know, the good traders understand because they review all their trades and their decisions. They manage their capital property there consistently, rather than emotionally. So they have a firm strategy for entry exit management. It's not about going, oh, this stock's gone up 20% today. FOMO, I'm gonna miss out. So, but lastly, they keep learning. And I know I'm always learning. And that's why I get

• 34:24Speaker 01

  on to these AIs and I'm trying to learn things and I'm researching, I'm finding articles and research on certain areas. More recently, I was looking at the research into, you know, active investing and trading and also portfolio construction. I was looking and looking for challenging because I like to challenge myself and my thinking because it's, it gives me that reference points to know, am I on the right track or am I wrong? And to me, we need to be keep learning because again, the answer is not to consume more information. It's actually better to consume less of it. But it's better to get great education and build skill because the more skill you have, the higher level of skill you have, the better. And one of

• 35:06Speaker 01

  the statements I was only saying to somebody the other week and said, perfect practice makes perfect, not practice makes perfect. And that's one of the things I see a lot of people do who think they know they're practicing something that is not necessarily correct. So they, in that false sense of the, I'm applying this technique or rule or skill the right way, but then they're not. Because it's only when somebody like me checks it, or Phil, or Janine, or Pedro, or one of our team checks it, did you actually know that you were applying it the right way? To know that you know, not guess that you know. And that's really what it's about. Because knowing about the market is not the same as knowing how to invest or trade it. I'll say that one again, knowing about the

• 35:51Speaker 01

  market information is not as, not the same as knowing how to invest or trade it. Skill. The investors who succeed are not necessarily the ones who know the most. They're the ones who can apply what they know consistently and confidently. I'll leave that with you. And hopefully you enjoyed my podcast. As I said, this is the first one I've had in a little while. And I've really enjoyed chatting with you again. And I do love talking to you. And it doesn't matter where you are in the world, there's information, education that we give you through here. And it relates to anywhere in the world, you know, our trading, you know, our courses, everything. It doesn't matter what, like I said before, you can put

• 36:34Speaker 01

  me in a dark room, well, not maybe dark room, a room that's shielded off from everything. And don't tell me what I'm trading and I can trade it. And that's really how you know somebody's got a high level of skill if they can do that. And to me, that's what I would wish for you if you are a trader. But your choice. But if you do want to know more about what we do and how we do it, you can check out our website, wealthwithin.com.au. Go to the education tab, you can look at our courses, talk to one of our team, they're not there to sell you stuff that you don't need. They're not like that. We have to qualify all of our students. We're a registered training organization, which means we have to make sure whatever we do is accurate, whatever we're telling you is accurate, and whatever

• 37:18Speaker 01

  we're recommending to you is congruent with what you need and what's the right fit for you. So that's what we have to do. So we're not there just trying to throw you into any course, you know, we do. But if you're ever thinking about it, just give the guys a call, you know, pick up the phone, give them a call, have a chat to them. And they'll look after you really, really well. But anyway, that is it for me. You've been listening to Talking Wealth and I'm Dale Gillan, the chief analyst here at Wealth Within. Take care.

• 37:45Speaker 00

  This podcast is brought to you by Wealth Within, a global leader in stock market education. For more information on our courses, head over to wealthwithin.com.au. Please note that the information in this podcast should not be considered personal financial advice.