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  • How Are Professional Day Traders Navigating Through The Bear Market of 2022

What’s up everyone in this podcast Alex James and I will be talking about the overall market conditions, sharing some stories and talking about how we’re all doing and feeling in our trading. So stick around, listen up, because this is an episode that you’re not going to want to miss.

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James 0:15
What’s going on guys, we’re back with another episode of The after I was podcast, Alex is finally back from his Disneyland vacation, which is nice. How was that? Alex, it looks like a lot of fun.

Alex 0:26
It was a lot of fun. Man, it was a lot of fun. That was actually first time I’ve been to Disney World since I was like a child. And when you go when you’re a child, you don’t really remember what it’s like. So going as an adult was a lot of fun. And we had this Disney VIP. So we’ve skipped all ones. But I didn’t know that the lines, they’re an hour, hour and a half long each. So Disney and they go for like four, they offer four rides, and they got to go home. But in total, I think we did like every single ride that they had maybe 20 rides there. So that was really fun. But it’s good to be back. And now that we’re back, power world is crashing all over again.

The Current State of the Market

James 1:03
I know I feel like every time we do this podcast, so I actually liked this. It’s been two weeks since you’ve been back. And I like now that a lot has changed in the market is just a continued bloodbath every day. And I think, I don’t think people believe like, Powell when he said like, basically, they’re gonna use every tool they can to, like, crush the economy. And they pretty much are I mean, that’s where we’re at right now.

Alex 1:27
Yeah, and it’s kind of sad, but like, this is what has to happen. I mean, if you guys saw the currencies crashed now, right? So the euro, I think, is 96 cents against the dollar, I think the pound went from being like, 1.4 to like, 1.06. So everyone’s losing not only the value of their money, and it’s really, really bad. And the crazy part is like not to get political, but like the media is not talking about, because if they talk about it, it’s gonna make our current leadership look like clowns, you know? Well, it’s our fault, right?

James 1:57
Mean, the fact is, like, everyone was really nervous about the US being like, the non dominant currency. And like, now, all of a sudden that inflation is like, I don’t know, if you guys saw in like, Turkey, like inflation is like 20%, or some outrageous number. And now, like, we’re crushing all the other countries around the world, just in our dollars strong, like, again, which is like.

Harry 2:18
Sound. But that’s possible.

James 2:21
I don’t either, it goes over my head, because here we are, like, we’re in a huge crisis in our country, like, our economy is getting crippled, but the dollar is strong. And like, all around the world, people are forced to, like, just pay more money for everything, like we’re in.

Harry 2:35
A lot more money.

Alex 2:36
More money, not only is their currency down, 30% our currency is up 30% You know what I’m saying? So it’s a double whammy.

James 2:43
And I feel like it can get a lot worse, too. I mean, like, there’s so much growing tension with everything else, right? There’s like Taiwan. There’s obviously Russia. And it’s like, I feel like we’re just starting, and I saw like this video, it was drunken Miller, he was talking about how, you know, we could be in for like, a 10 year of just stagnant economy, you know? Yeah, I think people forget that that’s, that can happen, because we’ve had this euphoric, like, run since like, 2008, like after the after the crash and everything, once they injected all the money back into the country, it’s just been like, you could close your eyes, pick an American stock and like, make money.

Alex 3:19
I think it’s gonna happen, I hope it doesn’t happen, what I think is going to happen is it’s going to keep happening until we get new leadership, and the potential new candidate running is going to run on I’m going to fix the economy is gonna happen. And then when that new candidate comes in, where the Fed keeps raising interest rates or not, they’re going to be putting pressure on all the industries to be able to fix it, because right now, this guy doesn’t even know what your word was, or what inflation is. So because of that, I mean, I think we’re really doomed. I really think we’re doomed. And it’s kind of sad, it’s kind of bad. And with mortgage rates, hitting 7%, when we’re recording this video, I real estate’s next, don’t be real estate may not go down 50%, but probably gonna go down 20 to 30%. So it all goes in cycles, right, versus the stock market, and as real estate, and then probably when real estate starts to go down within the next couple of months, maybe the stock market’s going to start to rebound, then six months after that is when real estate is going to rebound. But like, the reality is, we don’t really know what’s happening because right now, people aren’t making money. Right? We see it in the market as well. Like if you guys paid attention, like after 1030 in the market, the volume just shrinks. It’s sort of gone. So most people don’t have any excess money, right? And I’m convinced that a lot of these a lot of these casinos love the strip clubs. A lot of these people were places where people put their excess money in good times are going to be really really bad for a really long time. You know, I’m saying because just like the stock market, people aren’t gambling on hot stocks anymore because they got no more money and the minute they have they got to save it because you don’t know what’s gonna happen. Even me. I mean, I’m not as aggressive with my spending habits anymore because I don’t know what the hell is gonna happen. Yeah.

James 5:09
Have you guys seen the it’s called, like the stripper index.

Harry 5:12
I was I was literally just about imagine that that she.

James 5:16
But it’s the most true thing ever, right? It’s like when when shits hitting the fan, it’s like strippers are moving back to other places and moving out of Miami because they’re just they’re not making money or getting the buck out of it.

Alex 5:26
And I think credit card debt is at the highest it’s ever been because people can’t afford to pay for stuff. So credit card expenses are going up, rents are going up because people can’t afford mortgages anymore. It’s it’s a lot of crazy stuff that’s happening. And it really, really seems like there’s no hope until something changes. And whether it be maybe like an inflation number changing or whether it be some sort of catalyst like the war ending, there has to be a catalyst for things to change. And it seems like in no foreseeable future, is there any Catalyst, and in a few weeks, it’s earning season. So these companies when they start missing, their earnings is going to balloon even lower, you know?

James 6:09
Yeah, I mean, this is the first time like even like major companies like Apple got fucking rocked yesterday like Apple and like all these big companies that were like safe havens for years are starting to like everything’s coming down.

Alex 6:19
Yesterday like Nike, like if you look at a chart of Nike yesterday, they went down from 98 to 85. If you look at the daily chart, they’re down from 180 to 85. A company like Nike is down 50% from Nike, Nike this this is the heart of like, just normal, like it’s not just been 200 bucks on sneakers, you know, I’m saying it’s like, it’s like the heart of like retail, the heart of what people kind of feel safe in. And you know, when companies like Nike are saying that they have inventory problems, that they’re going to fire sale their inventory, because they got too much stuff. I mean, it’s not really looking good. If a company like Nike, if a company like Apple can’t make money. How are we gonna make money?

Harry 7:00
Yeah, exactly like apple. Like they said that, like, people aren’t buying their new phone, you know? Why should they same phone? Yeah, exactly. 100%? No, I completely agree.

The Problem With People Not Having the Extra Money

James 7:10
And in the past, people had all the extra money, right? Like, so they didn’t give it like, oh, fuck it, what’s 1000 I was on a new phone. But now, like, did I a lot of my friends recently have been like trying to buy houses, which I just think is crazy, but a lot of them have. And their mortgages are like four to 5k a month on these like cheap houses. And I’m like, no one has the extra money anymore.

Alex 7:29
Interest rate. It’s not it’s only the it’s not only the fact that they don’t have the extra money is they’re not making enough money anymore. I mean, you guys see it, even in the market, you know, we’re not really making as much money as we used to be. And that’s, that’s just what their environment is. And imagine overall businesses like Nikes not making as much money Apple’s not making as much money. Fuck, Facebook’s not making as much money, no one’s making as much money. So when there’s not that money in circulation, kind of going from hand to hand to hand in hand. There’s nothing all the money that’s happening is going to Ukraine bro.

James 8:01
This is why it’s so hard. And like people see the positives of being like a trader and stuff and like relying on the market for an income. But it’s like when times like this happen. It’s like, Dude, there’s just no range. There’s like nothing like we had two days where I was like, Oh my God, are we having runners because we just had those two, like massive, massive runners. And I felt like that was kind of like our last hurrah, because we’re back to like, this. It’s just nothing, you know. And it’s like, that’s where it gets tough. And I don’t think financial literacy is like, taught at all. So it’s like, imagine, like, we’re very blessed to be able to have a job where we can come and like, still make money, even when there’s not that much opportunity. But like imagine being someone who’s just making like 50k a year, and it’s like, how do you then fight what’s happening now? It’s almost impossible.

Alex 8:41
Yeah, and the thing is that like, a lot of people are not willing to drop their lifestyle. Let’s say you have a pretty expensive lifestyle. You have a nice apartment, you have a nice car, you have this you have that. I mean, if you have no savings, and if you have a lot of issues. I mean, it might be time to downgrade that Mercedes to a Prius, it might be time to get a smaller apartment at least for a year so that you could build up extra capital to last the storm. And I think a lot of people rather than doing that, is you get them more debt. Right?

The Housing Market in Canada

Harry 9:11
Yeah. I was just gonna say one thing about the houses here. I don’t know if you guys have the same problem. But in Canada, the housing, like supply is very, very, very little. Like there’s not enough houses for the amount of people here. So everyone, like in Canada, like move the German COVID Like everyone, it seemed that they were selling their house, they were moving. A lot of people from places like Ontario Toronto, came where I lived like out east a lot of people went out west people went to Alberta. And they all got these super super, super low fixed rates. Yeah. And so now no one is selling their house like so it’s like, like, I don’t even know if we’re going to have like, necessarily like a big crash. I share because there there is a still a ton of demand. But no one can get mortgages, but no one’s selling. So it’s like, no one can afford to buy a house. But also, like, no one’s selling their house. So we have no inventory and also like no demand, you know, we have no supply and no demand. So it’s like, what the fuck happens then?

James 10:21
Know, people can’t afford it, bro. They can’t afford like, it’s like a right now in America, if you buy a $600,000 house with if you can put 20% down if you’re putting like 5% or whatever did your mortgage is $5,000? Yes, $5,000 a lot of money. And that’s without the cost of like running a house. You’re talking like 6-7 grand a month just that have a home? That’s not worth it to me. I mean, fuck no.

Alex 10:45
It’s going to be a bad time. It’s bad time to buy houses. But the problem is that, you know, so people just need it. And they have no choice they gotta buy, you know, say that’s the sucky part is like, what are you going to do? It’s socks. Like, that’s, that’s kind of the environment we’re in. And it’s crazy. Because, you know, just six to seven months ago, interest rates are 2%. Now almost like quadruple, bro, quadruple it. And the craziest part is like the Federal Reserve just keeps raising interest rates. It just keeps going and going and going and going. I think they’re gonna keep going until something fucking breaks. You know?

James 11:17
I think I think we’re gonna break.

Harry 11:19
Already broken. Yeah, I mean, I think with the Fed, like, it’s like, the thing that I don’t understand is like, they they’ve got to know what they’re doing. You know, they’ve got to know.

Alex 11:29

They know exactly what they’re doing. Well, they’re gonna they’re gonna crash the market, and then they’re gonna buy right back themselves. That’s all they’re doing. Yeah, rational market, and they’re gonna buy back with $2 trillion. And then when the market rebounds, 30% they’re gonna make their fucking $600 billion, you know, I’m saying.

Harry 11:48
And it’s like, during COVID, like, dirt, like, I feel like now is worse than COVID. Like, you’re raising interest rates in like, one of the worst environments ever. And it’s like it this is like, way worse than COVID. Like, this feels way worse than COVID. Like this is feels like what COVID was supposed to feel like, you know, during COVID Like, literally like, it seemed everything was booming. Yes, we had the lock downs. And yes, we have whatever. And yes, we had the economy, but it’s nothing like it is now.

Alex 12:17
Yeah, this is this is what was supposed to actually happen during COVID. But when they gave everyone a stimulus, check it kind of temporarily put a bandaid on it. And now that that bandaid is ripped off, this is what the reality is. And if you look overall, Morgan’s down 35% on the year, individual stocks are down 50 to 70% on the year. So it’s, it’s gonna be painful, it is painful. But you know, this is if we could last this storm. This is where like the real money is made. Because everything is a discount, you know, I’m saying like, it’s, it’s going to eventually come back. I don’t know what the timeframe is. But it’s going to come back because everything moves in cycles. We are in we were in one of the most aggressive bull markets. Now we’re in one of the most aggressive bear markets. So we just have to kind of be patient and see what happens. But in terms of, you know, overall lifestyle is everyone’s got to cut their lifestyle, spend less, everyone’s got to adapt. And just because you had nice things last year and the year before doesn’t mean that you’re guaranteed at this year. So you know, just protect yourself you know?

The Problem With Downgrading Your Lifestyle in America

James 13:23
problem isn’t America dude. It’s so hard for people to like downgrade their lifestyle because we’ve built up this like culture of like, any sort of downgrade is seen as like a negative and it seems like you’re a failure. When the reality is like if you’re smart enough to just like stop spending like a jackass. And like like I would imagine like during COVID Like the like Richard Milli sales and like Rolexes like all that shit was like through the roof, right? And like, I bet right now that shits like, way slowed down even. You know, it has to, you know, so it’s like, it’s, but those people are smart enough to slow down. And unfortunately during times like this, I feel like it’s the it’s the poor people that actually get fucked the most, because it’s just going to become a bigger divide. Right? Like the wealthy people we spoke.

Alex 14:05
We spoke about this in one of the previous podcasts, the only way to fix this right, the only way to fix this is to have a severe recession, where all the prices come back to normal, or to print money and cause more inflation. Right now there’s way too much pressure to print to not print money, so they can’t do that. So they have no choice but to crash everything because you guys know no one wants to work. No one wants to work anymore. So they need to kind of make everyone’s so broke, that they have no choice but to work. Yeah. 100%!

James 14:35
Yeah. And I mean, it’s just gonna keep going, you know, and again, I find that it’s what sucks is over the last 10 years, so many people have had the opportunity to like learn a skill, like like trading or something to like, protect themselves during these environments, because most people I know are nervous, right and they’re worried about what’s going on but like, I don’t think any of us are like we get to like still like live a decent life but like we’re just smart enough to know not overextend right now. And it’s been the biggest thing.

Alex 15:02
That’s been the biggest thing that’s helped me all my life is I spend way less than I make I live way under my means. And that’s why I feel comfortable. Whereas a lot of people in America spend way over their means, bro. Yeah, guys, people making 50k a year spend like they make 150k a year, you know? Yeah. I feel like, let’s say I make a it’s a someone makes 150k a year, they should spend maybe 50k a year, you know?

James 15:30
Yeah, I mean that what’s the science of it’s like, if you can, if you can invest in save, like 50% of what you make, you know, I mean, you can just set yourself up financially for the rest of your life. The problem is now you make 50 You spend like you make 150.

Alex 15:44
And now you’re in debt and interest rates go up, you’re more debt. Yeah,

James 15:47
iI’s, it’s tough. But I mean, like, what do you guys recommend for people who? I mean, it’s tough, right? Because this is a really hard subject. But like people who aren’t making that much money, what can you even do in times like this, because your dollar is going way, way less like way, it’s not going as far as it used to. And you don’t have the money to like invest in stuff like that is it literally just stockpile cash, like you say.

Alex 16:10
Just think stockpile cash, keep as much money in the bank as you can. You shouldn’t invest money that you can’t really like except to lose. And if you’re a little bit of a lower income type person, I think all you got to do save your money, maybe take no vacations this year, and maybe when things get better take to that year, but I think everyone has the ability to save. I think people just want to flex on other people. And that’s why they can’t say, you know, yeah, exactly.

Stick to the Process

James 16:38
That’s why I love bow to be honest, I love bow because, you know, for as much money as this guy has, he’s, he’s like, Rich as God kind of thing. But he just walks around and like, sandals, and like a white t shirt. And like, just like TJ Maxx shorts and like, doesn’t give a fuck, you know? I mean, of course he has, he’s got the toys, he’s got the nice stuff. But at the end of the day, he’s just like, whatever, do what you got to flex for.

Alex 17:01
It’s also a personality, like, you have to be certain personality to be like that, you know, not everyone is like that.

Harry 17:06
Everyone can check in a fucking garbage bag.

James 17:12
I saw that. And I was in tears. I was like.

Alex 17:14
This is not the first time that’s happened either.

James 17:18
It’s wild. But you know, I mean, again, he’s kind of he practices what he preaches too. And like you said, it’s personality, but at the same time, it’s like, you know, someone like, that’s not gonna get knocked over, you know, as things go to shit, you know. And so I find myself very blessed to, you know, met you guys and learn from all of you guys, because it’s how else can you learn financial literacy, except for people who understand that and, like, kind of practice what they preach.

Alex 17:40
I agree, bro. I agree. And another thing that I want to kind of measure is like, how you guys been doing in this market? I feel like a lot of people are struggling, which is normal. I had a lot of people like, reach out to me, you know, last couple days. And like, Hey, man, like, I made a bunch of money last year, and I’m not really able to get much footing this year. You know, I’m struggling this year, things have been a little bit tough this year. Like do you have any advice for me? Now, I was like, this has been the hardest year in the market. And this has been the most meltdown like the last 20 years. This has been the hardest market in the last decade, right over the past two decades. And just because you’re struggling in this market, doesn’t mean that you’re a horrible trader doesn’t mean that you’re the worst trader ever. It just means that the market conditions are so tough to make money in, and you shouldn’t take it personally. So I feel like a lot of people that feel like they’re struggling in this market. I mean, number one is go back to are you sticking to the process, if you’re sticking to the process, and you’re losing, it’s not your fault. It’s just the market we’re in. The market we’re in is very unforgiving. It is a very, very, very difficult market and our job this year in 2022, the entire year is to stay alive. It’s not to make hundreds of 1000s of dollars not to make millions of dollars not to fucking get rich. Our job is to stay alive because 95% of people are not staying a lot. So if you’re staying alive, that means you’re winning in this market. So don’t think that I made half a million dollars last year. Why am I only 20k this year? 20k this year is better than 95% because everyone’s losing their ass and when things get better next year, maybe the year after and who knows maybe you’ll make triple that quadruple that whatever it is so that’s why I kind of want to lean on you guys because I know no one’s really making crazy money this year. It’s really tough to make money you know I’m still not really making as much money as I should I’m still doing solid but the point is that like I know a lot of people that haven’t been trading eight and a half years like me are struggling and for those people watching this, you know don’t think that you’re an obsolete trader don’t think that you’re the worst trader ever because you can’t make money this year. The reality is hedge funds, institutions, prop firms, no one is making money this no one. So don’t take it personally and just go back to the drawing board and tell yourself hey, I’m gonna size down and I’m just trying to stay alive because staying alive in this market is a win. That is my as my key. I must stay alive.

Managing Your Expectations

James 19:59
Yep. Dude, I think, you know, I’m gonna knock on wood here, but like, I’ve been really lucky this year, like I’ve had, it’s been a really good year, but I’ve had tough months. You know, like, there’s been months where like, like, honest to God, all of August, was really hard for me, like, I didn’t lose a lot of money, I just wasn’t getting traction, like I wasn’t, I would have, I basically, like, be breaking even day in day out. And I’m like, do what the fuck, like, at the end of the month, I’m like, But I pride myself on the fact that like, and I’ve always kind of been like this, it’s just that I didn’t lose in like, if I’ve always felt like if I can keep that mentality. Like, listen, I feel like there’s, there’s like this famous quote, it’s like there’s times to there’s times to trade and there’s time to go fishing or whatever that quote is. And it’s like, there’s just times where it’s like, risk is kind of off. And like, you know, we haven’t had that opportunity to like, size up or even push size or like change anything. And, you know, as long as the environment bro, there’s just, there’s no liquidity, it’s just not there. Right. And I’ve, I’ve told myself kind of when the market started crashing too, you need to manage your own expectations. You know, yesterday, actually, again, when I’m looking knock on wood, I don’t want to jinx anything. Like I wired out a shit ton of money. And I was like, You know what, I’m gonna pay myself and put myself in a position where I’m just comfortable sitting in cash and lower my accounts. So that way, I don’t do anything dumb. And, you know, I just want to keep that going. That’s really it. And, you know, I feel blessed that MIT in particular taught me a set like a foundation and a real process to like, you know, not just continuously push, like, you see people on Twitter, you see people still trying to they made 3 million Twitter, bro, they’re all going broke.

Harry 21:30
Yeah, Twitter is not the same anymore. Yeah.

Alex 21:35
That’s also the point, James, the point is that, you know, we, we can’t It’s okay. So let’s, traders are very emotional beings, right? Like humans are emotional. And men in particular are very stubborn. Okay? Men have an ego. Men don’t like to be wrong, right? That’s why some women are better than better traders than men. I say that women are treated adventurism because they don’t have an ego, right? So the thing is, when you’re making money for a year, straight last year, everything is easy. It’s so simple to make money. And you’re all of a sudden your lifestyles getting better, you’re able to get more steak dinners, maybe you get a nice bottle of Opus, this time instead of the bullshit 10. Now one, and then all of a sudden,

James 22:24
yeah, bro, I’m back to Josh now,

Alex 22:27
You can’t make you now can make any money. And that for a man that has an ego that doesn’t like to be wrong box your head. So that is the hardest part about this year is a lot of people are like what the hell is going on? I’m the man, I made so much money, I couldn’t make it again, then you oversize into bad setups to make up for and then your losses ballooned even more, right. I think I started sizing down very early this year. And it was a couple months, I was a size now size and that size. Now, I’m sure a lot of people were curious as to why I was doing that. But like the market conditions changed. So I had to change. So as a trader that you know, wants to do this long term that wants to do this for the next decade, or maybe even the next two decades, you know, you have to realize that there’s going to be months, or there’s even going to be a year where you make no money. For example, if I made you know, $500,000 in 2021, but I make zero and 2022. Then you think to yourself, you know what, I made a quarter million in 2021. And I made a quarter million to 2022. And then maybe 2023 comes along, you’re gonna make 500,000 And then maybe in 2004, we’re gonna make another 500,000 point 25 You’re gonna make zero, you’re gonna tell yourself, okay, now I made this and I made that. So training is very odd. Because now like a linear job that we’re taught, it’s not that you show up you clock and you get your paycheck. You know, our paycheck might be a lump sum in 2021. And be nothing on point when to know we have to start to adapt our brains to understand that concept.

Taking Profits Over and Over

Harry 23:59
Yeah, I mean, I think with me, I’m just I’m a greedy fuck, like, I’m literally so fucking greedy. Like, that’s because we’re Canadian.

James 24:07
That’s been the biggest problem for me.

Harry 24:11
Is that like, like, literally, like I made like, this this week was like, the thing is, is that last week, like, I wasn’t even showing up as much, because like, I was just like, You know what, there’s no volume. I’m not gonna show up and lose. Like, I would literally write in the chat. Like, there were a couple of days where I was like, you know, I’m just gonna take the day off and not put myself through that. And I think for a lot of other long traders, like, a lot of people are pressing super, super, super hard. Like, when’s the last time that you saw a good first bounce work? Like that’s kind of the state of the market environment. The market environment isn’t giving it Yeah, exactly. Like the death line is what’s given you and Yeah, exactly. And so like, like for me, like it was the day after we had that we had that big runner from like, whatever. Like you And I hadn’t seen that for so long where we broke out of the range. And we really went to like nine and Alex was talking about like the broker, liquidations. I was like, All right, my Xi. Yeah, I’m like, Alright baby, we might be fucking coming back we might be coming back so the next fucking day, what do I do I get in this stock I forget what I got it I got in it like 840 the shit goes to 10 bucks and I don’t fucking sell Yeah, and there is not a single fucking bounce on the way down and I ended up.

Alex 25:30
Selling it like what like and let me tell you something, Harry, that same thing that you’re doing on the Long’s is what people are doing on shorts because they are trying to compensate for lack of income. And that’s, that’s, that’s a big thing. So I’m making these live training videos now because like, I think I’m fun, I realized that the education that we provide is as good as it is, is too boring for these people, right? People don’t want to learn how to get rich, it’s just whatever it is worth it. So I think having these live trading videos and letting people see me trade live, will teach them a lot about these things. And one of the things that I continuously say, in these live trading videos, is I’m taking my profits, I’m not setting a bullshit artificial price target in my head. I’m not saying that an offering is coming. And I’m going to hold all day I’m not doing that. I’m just taking my profits over and over again. And you’ll be surprised how much it adds up. Right? So I get it. It’s human greed. All humans are greedy, Harry, every single humans greed is not just you, every single agreeing to James greedy, everyone’s greed. It’s human emotion, right? human emotion can’t be taken away. But what we could do to fight that is just take the money, when it comes in our favor, we want to be able to make that big profit because we haven’t seen it in so long. We need it. And we feel like we are owed it. The problem is that the market is very relentless, and don’t give a shit. So the problem is everyone’s holding for big picture plays because they haven’t made enough money. Everyone is sizing up because they haven’t made money. But back to the fact if you size down, stay alive, please, we’ll come back and you will make money.

James 27:10
Think I think we get stuck in this mentality to have like, like, if you’re not making 1000s and 1000s of dollars a day, it’s a waste. But the reality is, I mean, if you make $10,000 a day, in America, it’s I mean, of course you can spend it but like day to day life, you don’t need that much money to like have a fantastic amazing life. Like if you’re making $500 a day trading. I hate to tell everybody, but like you can have a solid life and like $125 thousand a year, which is more than most people make. And then you have a normal and a daytime job. And like you’re killing it, you know.

Alex 27:45
Interesting game, bro, we fucking compare ourselves to people like I see people comparing themselves to me, I compare myself to hedge fund traders, they compare themselves to fucking Bobby Axelrod, who compares themselves to fucking Paul Tudor Jones like men, right? It does. And the only thing that we could do is just kind of focus on ourselves because you don’t know what type of life the person that you’re trying to emulate has outside of the market, right. So for example, a trader I know, makes maybe 10 to $15 million a year. It’s a lot of money, right? And everyone wants to make 10 to $15 million a year. But what is trader does is he eats sleeps and breathes trading every single day before the market opens. He’s got a detailed plan every single day when the market closes, he writes a recap goes to trading psychologist is on vacation is trading is doing is trading is his entire life. He breeds training. For me, I can’t do that. That’s not who I am. I need to be able to watch TV sometimes, right? I need to be able to leave the house sometimes I need to be able to not make trading my life. And because of that, I can never have that. Those type of gains. So you have to realize what type of trader Do you want to be? Do you want to be a trader that has more freedom in their life? Do you want to be a trainer that makes a little bit less and is happier? Or do you want make a trade? Or do you wanna be a trader that makes so much money that it doesn’t matter? But you have to sacrifice your entire life for you know?

Harry 29:14
Yeah.

Less Is More. Less Is More

Alex 29:15
I feel like I feel.

James 29:16
Like as I’ve gotten older and like, Alex, you’ve definitely helped me like kind of learn this too, because I remember we should get him on the phone and I talked about how he’s like so pissed. Like, it wasn’t making enough money that I want and blah, blah, blah. And you know, it was years ago, but now it’s kind of like, I don’t know, I kind of feel like I’d rather the peace of mind rather than the stress the just the overall stress and like that’s something I’ve noticed with you and you’ve you’ve changed so much is like when we first met is like you were always stressed bro. Like you’re always like, you know that you’re ready to blow up, you know, like your mind. You’re just stressed. And now it’s like you’re like, you know, you actually enjoy it. And you know, I remember the last couple of months I’m like, damn, Alex like doesn’t trade as buggy. He just doesn’t come to market the same way but it’s like, because it’s just not there.

Alex 29:55
You’re not there bro. And less is more, less is more. I don’t want to I stick to the screens all day. I don’t want to get myself into trouble. I don’t want to because I got enough problems my personal life, but I don’t think the training world to give me more problems, you know? And grid. Yeah, so yeah.

Harry 30:12
Go for it it. Um, no, I was just gonna say I think for me like, I had nailed like this summer was like I did great this summer. And I did I did really, really, really good in the in the spring and in January, but like this, like time period for me is like, there’s no range for me to really work with, there’s not as many hot stocks for me to really work with the ones that do kind of pop pre market like you, you pretty much know that they’re going to fade like what one out of every 90 actually ends up running. So it’s like for me, like, you just really have to kind of wait for that range to be established and see if the stock can start to kind of come back. And then when it comes back on that kind of second Bush, we just kind of pop up stuff. And then that’s it, you know, so for me, it was kind of hard to adapt where I had had such big gains, like from $8 to $12 or from fucking, you know, like, if I was going through my own recaps, like the other day. And, you know, I was like, wow, like the range I had to work with like, I was so blessed and I didn’t even realize where now it’s like we’re not getting that much volume if you want a long afternoon that’s pretty much a fucking Deathwish you know, and so I just think like, when I finally was up from like, a dollars like literally eight $8 into fucking 10 And I’m like, Oh, this one’s gonna be the one that lights up and fucking holds up at the open and then we just go down and we’re fucking bounce left and after that I was just like shit like, what the fuck am I doing? You know? I think that was the biggest Wake Up Call from me where I was like, man like it’s not the same anymore like you just got to take the games you just got to run.

Alex 32:00
Times have changed we have to adapt to it but yesterday

Harry 32:03
On like SN T whatever that’s thoughts for you fucking a buck 80 And I was like maybe this can break over to maybe this can break over to maybe this can fucking break over two. And it’s like it tries so hard to go hard to go higher but we just fucking can’t so I ended up just selling for like a 20 cent gain. It’s like, oh, that’s the market we’re in bro.

James 32:25
Yeah, yeah, I think I think like obviously, as we’re kind of coming up on the end of the episode, it’s just like, it’s just lessons to learn and like if you’re a trader right now, like Alex said, you can’t really beat yourself up you have to really just take what the market gives you and sometimes it’s okay to just not trade to be honest focus on education right now. I think now while it’s slow is like the best time you can like watch the videos we provide watch all the education and like get yourself ready because when the time changes, then it’s all guns blazing. But right now it’s just kind of stockpiling ammo we’re just kind of chillin just waiting taken what the market gives day in day out a small paycheck and then you know, it will change and when we when it does we’ll all be ready. So I think that that’s definitely it. So yep,

Alex 33:05
If you guys liked the video, just let us know what topics you want to talk about. Leave a comment and let us know if you guys want us to talk about cars next week. You guys wants to talk about personal life next week. You guys want to talk about trading next week, whatever it may be, just let us know so that we could kind of tailor the conversations based on what you guys want to see right because we may think that this inflation stuff is interesting or maybe you guys like fuck inflation I’ve heard enough. Right? So there’s let us know guys leave a comment and tell us what you guys want to see more. Well, you guys want to see less of and, you know, we’ll try to come back and make it better.

Harry 33:37
Yeah. 100%

James 33:38
Awesome, guys. Thank you. Yeah, we’ll see you guys

 

About the Author
114 posts
James F.

James Freedlender is a driven day trader and entrepreneur hailing from Boston. Since embarking on his trading journey in 2018, James has honed his skills and specialized in trading penny stocks, with a focus on longer time frame moves. His dedication and sharp instincts have contributed to his success in the competitive financial world. In addition to his day trading accomplishments, James is a thriving business owner, running a popular barbershop and collaborating with his family in the design and renovation of homes and businesses. His entrepreneurial spirit and keen eye for detail have paved the way for continued success in his various ventures. Outside of his professional pursuits, James is an avid golfer and hiking enthusiast, always eager to explore new trails and perfect his swing. His love for travel has taken him to many corners of the world, enriching his life experiences and providing inspiration for his work. A firm believer in giving back, James is passionate about helping others achieve their financial goals and guiding them on the path to success. His wealth of knowledge, combined with his dedication to uplifting others, makes James Freedlender a respected and admired figure in both his professional and personal life.