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• 0:00Speaker 00

  Hey everybody, Michael Martin, thanks for being here. So, I left off something deliberately yesterday so that I could have an episode for Thursday because I try to have a little nugget for you every day, like a chicken soup for the trader, soul kind of deal. And, again, I don't talk about, I don't have affiliate sales, I don't give people, you know, I was on Alex, great guy, Alex Bustos, as be the trader. And some of the other people, like, they have a financial aspect of their channel, where they have, you know, I think Alex works with Cobra Trading, and they sponsor his show. And there's no secret about it. My business model is very, very different, right? I'm more like, if you need me, come call me, I'll see what I can do to help you, and if, if not, I don't have anything here.

• 0:44Speaker 00

  I don't have affiliate deals, I don't have, you know, book links to Amazon associates, no one's paying for anything to be mentioned here. I get a lot of solicitations to come on the show from other coaches, and I'm like, why don't you start your own channel? So there has to be some kind of form of reciprocity. You could tell that the people writing the emails haven't seen a damn bit of the show, or they're just completely clueless, or they have zero emotional intelligence. It's like, yeah, I'm gonna bring on another coach and introduce them to my audience. So, no street smarts. So I want to mention a company to you, again, there's no conflicts, I'm not getting paid, they might not even know who the hell I am, I'll be humble enough to say, and it's Trading View. Why do I bring it up?

• 1:28Speaker 00

  Yesterday, I spoke about people who have a phenomenal sense of accuracy, and that the reality is, at least in my humble experience, and I know a lot of people, it's very difficult to have 70-plus percent level of accuracy, which you can do, but you have to be in front of the screen. I don't know a single person, and there was one time in my life where I had 60, 70% accuracy, doing what I described, once, for about a year, 15 months, '05, '06. And it was because copper, gold, and sugar were all going parabolic, basically. So I was in the right place at the right time, I didn't have to be in front of the screen, it hasn't come back since. It was just one of those places where you find yourself in the right place at the right time, and there you have it.

• 2:13Speaker 00

  And, and for those of you that want to develop the, the sense of timing, they have a replay kind of a program, I haven't used it myself, but I thought, hey, let me give you this tool. It doesn't cost me anything. Again, I don't have a subscription to Trading View, I don't get special treatment from them, they're not giving me anything, I don't, they're not paying me to mention their name here, I don't get commissions or otherwise for sending them business. I don't have a special link where you can get 20% off, that's not my deal. If it's not good enough to mention on its own merits, then why would I mention it at all? But for some of you who want to do the short term, you see, these tools didn't exist when

• 2:55Speaker 00

  I came out, you had to do it all by hand, which means you didn't, right? Because it wasn't, it wasn't fun to have to do it by hand. You kept your charts by hand, you didn't have a choice. A lot of people were using point and finger, figure, which, they don't work, but they were easy enough to do, so it was kind of a ghetto fabulous way of keeping charts. Michael and Ed didn't do it that way, but in the office where I worked, there were a lot of people who did that, or they subscribed to Dorsey Wright and Associates, or this and that, and it was easy enough to follow. Since then, you know, technical analysis has evolved quite a bit, to have, you know, much better, you know, rules and expected values.

• 3:38Speaker 00

  But the replay would allow you to say, like, okay, here's something that I see, I wonder if I bought a piece of risk here. And when I say piece of risk, it's within the overall pizza pie of what you're risking, say, from a portfolio heat standpoint, on your account, across any or all of your trades or positions, in a particular day, right? And this is what you're gonna carve out for this one particular trade. Now, some really, really good day traders will talk about having an A+ setup, an A setup, a B setup, and this and that. I think when you're starting out, that's a lot to ask for, when you don't know your ass from a hole in the ground, and you're trying to find four different, four different setups, just pick one and get good at it, and worry about the second one at a time

• 4:23Speaker 00

  to be determined, right? TBA, you know, TBD, when you're looking for that, when's the, the time of the next ballgame, it's TBD. So you can put on those trades, and then replay them and kind of see, and it's kind of more of an exotic type of a back test, where you can see, like, okay, here's how this thing moves, here's how it works, here's what the ATR is, here's how it's behaving within that overall ATR measurement, and then what are some of the nuances that you can see? What can you pick up? Are there pullbacks? Are there retracements to nine-period EMAs? Are there, are there pullbacks to intraday lows? Are there bounces there? Because that does a couple of things for you.

• 5:06Speaker 00

  Most importantly, it helps you understand your position sizing, which is the heart of risk management. You have to start with the position size, and then you worry about the prices. You see what I'm saying? You always want to understand position size, because if you're too big, you can get blasted real quick. If you're too small, because the water's cold, you are never gonna make any money. So you have to find that happy spot, where you can put on a piece of risk, where you'll get the best of it, as the late, great David Sklansky would, would say, and if, look him up, he's written, he with Mason Malm, he wrote the best books on poker and understanding,

• 5:47Speaker 00

  you know, the expected value of a hand, David Sklansky, it's S-K-L-A-N-S-K-Y. He died within the past year, I had gotten to meet him once, I have several of his books, one of them is called Getting the Best of It, is probably the first one, if you want to read a book on poker and understanding betting strategies with the math that we talk about here on that channel, that's, that's a good book, David Sklansky, called Getting the Best of It. And so then with that replay, you can kind of do a bit of a back test. I also think they have, they have minute bars, now, so they have a free program, you don't have to pay for it.

• 6:28Speaker 00

  I think you have to register, but it's free, there's limits as to what you can do. There, there are ways to get intra-60-second timeframes, like 10-second intervals, like, I don't know if you have to pay for that, but that is gonna be a function of understanding the relative strength that you have for developing your career. If you want premium services, you gotta pay a premium. So, you know, figure out what's best for you, it's not gonna mean anything to me, because I'm not getting paid on it. I just wanted you to be aware that the resources out there, that you can actually do and use to, you know, develop your skill, which I wish I kind of had when I was younger and starting out, even though the commissions were too high, you know, I heard Minerva

• 7:10Speaker 00

  Vini talk about this too, when we were coming up, you just couldn't be a frequent trader, it was just fantastically expensive. And there weren't really volume discounts, it was like, you're paying 25 cents a share, whether you're buying 100 shares or 1,000 shares. So, it was a little bit, it was, it gave you duress, right? So, so check it out, you might see something there, there could be other services and solutions, I don't want to turn the comments into a referral source of things that, you know, I don't know about and I can't vouch for, so I'll probably delete those.

• 7:50Speaker 00

  But, I know about Trading View, I have a lot of friends who use Trading View, and, you know, they're smart enough to know the damn difference, so you can kind of check that out for yourself, and see how any of it might service you, if you think you have a good sense of timing, and/or if you want to develop that sense, it's a really good simulator, where you can use, like I said, that replay function. I hope you've had a good week, tomorrow is Friday, and I'll see you then.