摧毁你90%收益的陷阱：日内交易的残酷骗局——交易大赛冠军访谈（双语配音）

视频信息

标题: 摧毁你90%收益的陷阱：日内交易的残酷骗局——交易大赛冠军访谈（双语配音）
BV号: BV1F4EZ61EAc
时长: 1小时21分07秒（4867秒）
UP主: 高维实验室
原始链接: B站视频

视频摘要

本视频采访交易大赛冠军 Marius（曾以 290% 收益赢得美国投资锦标赛），揭示日内交易陷阱与可持续交易系统的构建。Marius 前四年做日内交易，因情绪消耗巨大、回撤难承受、无法想象自己未来五年仍如此而转向波段。核心观点包括：找到匹配个人特质与弱点的交易风格；利用极紧止损制造数学非对称优势（止损减半胜率并不等比减半）；重仓押注每年 400-500 笔交易中贡献 80% 收益的约 15 笔"异常值"；通过研究基本面、价格结构与成交量筛选标的、识别新兴主题（如量子计算）；以固定单笔风险应对波段行情的多因素驱动。他还谈到 AI 在情绪与行为分析上的辅助作用，以及通过深入理解系统每个环节、消除"意外因素"来化解 90% 的交易心理挣扎。

核心要点

日内交易的陷阱：日内交易情绪消耗巨大，每日波动直接冲击本金，连续亏损难以承受，且难以坚持五年十年，是 Marius 转向波段的根本原因。
匹配个人特质与弱点的系统：每个人优势（如深度研究、拆解复杂问题）弱点不同，应找到放大强项、规避弱点的交易风格，而非照搬他人策略。
紧止损的数学优势：止损从 2 ATR 缩至 1 ATR 甚至 0.5 ATR，胜率不会等比例下降，但期望值可提升数倍，制造非对称的风险回报。
异常值交易驱动收益：每年 400-500 笔交易中约 15 笔异常值贡献 80% 收益，目标是增加高赔率交易出现概率，而非预测哪只股票会爆发。
主题识别与集中持仓：通过研究基本面、价格结构、成交量筛选标的，识别新兴主题（如量子计算集群），并以集中持仓放大收益。
固定单笔风险：波段行情受价格之外多种力量驱动，使用固定单笔风险而非动态风险，才能有效控制回撤、把握异常值。
AI 的应用边界：AI 擅长情绪、行为、新闻叙事分析，不擅长价格行为；可用于加速研究，但不能替代交易逻辑与系统理解。
消除意外化解心理挣扎：深入理解系统每个环节的逻辑、预见连续亏损等异常情况，可消除市场"意外"因素，解决 90% 的心理问题。

视频全文转录

口播原文，由本地 Paraformer/Groq Whisper 转录 + M2.7/LongCat 标点修复。

第1段

Trustme,youcanmakemillionsfromdaytrading.Youcanmakemillionsfromscalping.Youcanmakemoneyfromtrading,tradingoppositiontrading.Whynot?Clearly,youcanmakesomethingaboutfifty-sixhightrades,butthefutureoftradingisanalgorithm.ItsnotevenAI.Thefutureisthehybridbetweenthetruediscretionarytrading.Ithinkwhatmostpeoplethinkbeforetransitioninyouis,maynotspendsomuchtimetryingtomasteryourstrategy,oreverythingisgoinggoing.Go,go,trade.No,itstheopportunitythatotherpeoplesearchfor.Thisisanewstuff,isnewstrategy,butthetrueholygrailis,istomeetthemanwhowantstobethefirstworld-classhybridtrader.MarmariusachievedovertwohundredninetypercentreturnintheUSinvestingchampionship.Thequestionis,canyougetaholdofthattrader?Soeitheryouregoingtobeahealthytrader,oryouknow,yourereallygoingtogodownthehardpath.Thebesttraderoutthereisgoingtoemergefromdiscretionaryminds.ButwiththehelpofAI,thatssecond.Thenewmotherregardstoseeoutliertrade.Howoftenwouldyousay?Areyouseeingthemthere?Yeah,Iputallmyfocus,time,startingandhavingateamandspendingmoneyonresearchtoincreaseourchance.Becausetoday,hebreaksdownthestep-by-stepprocessofhisjourneyandhisgoaltobecomethefirstworld-classhybridtraderutilizingAI.Didheventhistrade?Whatwouldyousayisthehardestthingabouttrading?Understandingthingsoutofthissystem.Youdontneedtooperateinonestyle.Youcancreateanykindofstyleinyourtrade.Youcannotliveinaseventy-ninepercentofyourfather.就一直不推thing.Marriusisgreattohaveyouwithustoday.Iwanttostartthingsoffstraightaway.Iwanttoknowwhyisdaytradingthewrongpathfortraderstotakeright?Soitsablankhere.Um,youknow,Imamortizingmydancefearintrading.AndthefirstfouryearsIwasadaytrader,right?AndIwasoneofthemostseriousguysaboutdaytrading.Probable,哎哎,whyshouldntyouberight?LikeIhadnofirstemotionsabouttradingthroughdaytrading,right?Tryanderror.Imademyfirstmoneyhowtodaytrade.Youknow,atsomepoint.Andum,youknow,youneedtolistentoyourselfandseewherethingsaregoing,becauseum,IstartedtradingbackwhenIwaseighteenyearsold,right?So好,thepersonwhoyouknow,youandthebank,right,yougrowatrader.Yougrowaperson.Soatsomepoint,theremaybesomeconflictinsideofme.Andreally,thesetwothingsneedtobesynced.Isthatagoodpoint?Thatum,youknow,Ireallyenjoythetrading,right?Therearesomanygoodelementsthere.Butyouknow,um,Inoticedthatthereareafewthingsthatwerentclicking,right.Icouldntvisualizemyselffiveortenyearsduringdaytrading.Itwassuchanemotionallydrainingride,stayingwholedayliketheoptionsdanceofit.TheonethingthatIcouldntstall,um,andprobablyitwasbecauseIwasntthebestdaytraderoutthere.Andnotthetruth.Okay.wecangodifferenttothat.嗯，butdomomtheroad是thevolatilityandthinkindetratraatinggies,everydordanthatyouhaveright.呃，it’sadrawonofyourprinchbookspital,right?Becauseyoucloseyourpositionsattheendoftheday.Soeverythingisprincipal,everythingisbackinast.Sowhawhaververthoseyouyouit’sitsmoney,youactuallyown你工作室不想thinklongerthemlikeasrmcredingwhereyouhaveabirthtallli’reright?因为他们five,sixpercentuhdowndayyouaredownweek,butthatdoesn’tregisterrightawaybecauseit’snotactuallythemoneyyouhave.Youhaveknowthemoneyyouhaveisthecastplusthemoney.I’llgitedinthepositions,thedayoftheentry.Sofivedayscanboston.Thismoneycanbewaymorethanitwhenbeforebythenaaterathing,everydroddownwasreredistteredright啊。

第2段

Sothat’swastheconflictforme.Andumprobablybecauseitwasn’tthebestdaytraderoutthere.Ineedtofinethethingsright.Anduhandoneofthethingsthatmademestartconverting,andisayiwasreallyobjessed.Ididn’twanttohearhethingaboutabouttraingtrading.Anythingaboutthepositiontrading.I’mdivingyoulike.Andirememberbyone,twothousandandtwentywheniwasseeingthingsexplode,anditwasagreatmarket啊，一楼啊forforallsortsoftrading,rightmainreversionofgoinglong,likethingsexploded发子。

第3段

Umandiwasrememberseeingthat,thatyouknow,嗯，youknow,havingdatetradingentryinsomestocks,right?Likeifijustwentonnotsock,whatwrtenenedputmystopbreakeventhenextdayandjustwentonvgeationfor不玩，忙子completelyofthechargerightwiththatentry.Andthestockexplodingtwoonehundredpersontothreehundredperson.Stufflikethathappenedsomuchsiblytobackinintheday是吧。Iwakeup,mademoremoney,thenbttlelinkwithaday,bitcheverysingleday.Sohere’sthethingislike,umthebeautifulthingaboutthemarketisyoudon’tneedtochangewhoyouare.Youneedtofindthestylethatreallyelevatesthestrengthofyouorright.Andheisisagainstyourweaknesses.Right?So,trustme,youcanmakemillionfromdaytrading.Youcanmakemilanksfromscalping.Youcanmakemillifromtratratratradingtratrainof,right?So,well,probabdotofeityourpersonality.So,well,well,probablywwouldn’tbethebesttratradingoutthere.Andiwasn’tright,whateverstrengthofdaytradinging,right?Soorwhatwhat’remakeweaknesses,right?Soinoticeasaperson,that’showeveryoneshouldthinkofit.Igotothefirstprinciplesofwhoyouareasaperson.Soformyself,right.Sowhatoutsideoftrading,iwasmakingmanymistakes,ifistartedthem,youknow,mymistake,justofanygoodthingimademoreandmoreinlife,right?Right?Iwasn’tthatpreciseinmylife.Iwasn’tthataccurateinmylife来的呃，howthebigeagleinmylifeaswell.Probablyiwasn’tthatsmart.I’mnotthatsmartofaguyfasttoreactguy.I’mnotthatkindofagoodrightthatthatreallyadjustquicklyinlife.Buttheseweremyweaknesses.Whatwormerstrenrenks,ThoughImreallygoodatunderstandingcomplexliveproblems.Alright,really…Um,Ididdeepdives,findingthestring.Youknow,Imfoldingit.Imunderstandinghowtoeliminatenoise.Uh,seeaboastamountofthat.Andunderstanding,youknow,uh,theyunderlyingmeaningsfromit.Thatsaquiet.Itneeded…forlongerthantrading.Andmyweaknesses,right,mygonna…mistakes,thewayImoperating.Now,hello,Icandofivethantwentyconsecutivelosingmistakes.AndIcanlosetwentyyears,right?Butsincemysystemisbasedonsymmetryasaswingtrader,momentumtrading,right?Whynotlearncanmakemebackfifty,sixty,eightytimes,tenhundredtimes,youknow,backintheextremeoutstrength.Soallmymistakesare…youknow,uh,Icanmakebackallmymistakes.Icanmaketotalmistakesofstabilityrewarded.Soyouseeitsaboutyoujustyoudoisfindingstylereally,reallysuitsyou,understandingwhatareyourstrengths,yourtruthandstrengthandyourweaknesses?Anddontmy…youjuststartedtoadjustthiswithasystem,thatshowyoubecomeinalist…SoIeverbecomeinaleaddaytrader?No,myresultsweregreat.ThatswhereIraisedmyfirstprofitability,alright.ButasIadjusted,Ilearnedtoacceptmyselfandwhatwherewasthattruestrengthandelevatethemthroughthesystemandhadagainstmyweaknesses?Thatswherethingsstarted.Youcrazy.Thingsstartedhappening,right?Yes,youcandoeverything,youcanstillitasasmuchasyouwant.Alright,justtrytolistentoyourself.Thatstheanswer.Whatwasthereflection?Foryouthere?Whatmayyoudothatreflection?Atonepoint,youwouldneverassumedorlookedatswingtrading,oppositiontradingexactly.Whatwasthereacatalyst?Yeah.Uh,notarealizequestion.SoasIsaid,Icouldntstomachthedrawdown,right,right,likethevolatilitywasgetting…Uh,youknow,anotherhadthiswasthe…readofme,notbeingthegreatesttrade…outthere,right?Um…Icouldntseemyselfhavingafamiliar…causeIwasrememberingbackinthosedaysabouttheoutcomewouldhaveparteffectontheday.SolikeIcouldntimaginemyself,youknow,anditjust…thatsjustmeright,havingafamily.Andyouknow,havingaboutthat,yourehavingthatkindofvolatility.Uh,thatskindof…thatskindofpressure,thatkindof…youknow,aprecision.Uh,andthosearesaid,said…whenIsawwhathappened,doesnt…doesnt…itdoesntneedsomuch…youknow,time,youdontneedtooverdoit.Youcandolessthings,butstillprofitmore.Andthenitcameto…andlike,whataremystrengths?As…whataremy…whataremyweaknesses?Andthenyouknow,itwasaprocess,astep-by-stepprocessoftransition,Igo,right?Andthatsreallyimportant,right.Uh,reallyIthinka…IthinkI…IthinkIgotto…board…people,youknow,wehavemadethehundredofthousandfrommillion…onstheyhavemade…Andthey,theysay,Ivemademillions,dothat,right?No,thisisdogma.Andhowdoesthatwork?Tryitasastepdeletiontowhoyouare.Allright,andfindthesystemthatchoosesyou.嗯，你老板的瓜达里斯，thistwocastleiswheretheperformance.IcouldntstoplikeIcouldntwitnessmyselffive,tenyearsdoingthat.Andsoyouknow,seeingthatIcouldmakethesameamountofmoneywithdoingclasses.Um,thesewerethemainconsiderations.Onethingyoumentionedaswellisthatyougoformoreasymmetricinyourtrading,soyoureabletoriskoneRtogetten,oneRtogettwenty,oneRtogetthirty.Sohavingsuchhigherreward-to-riskratios,wasthatquiteanadjustmenttogetusedtocomparedtodaytrading?Becauseassomeonewhousedtoscalp,andthentransitiontoswingtradingmyself—andImbynomeansanactivetrader,orasactiveasIprobablyshouldbeifIwaslookingtoreallyscalemytrading—butIrememberitbeinghardtogetusedtoessentiallyscaling.Anddaytrading,Iwasinandoutveryquickly.AndthenwhenIcametoswingtrading,Ihadtostarttrustingtheanalysis,andstarttradingthethesistoplayoutlongterm.AndIhadtobeabletogetusedtoholdingthesetrades,evenwhentheywouldpullbackandhavethatcontinuation.Whatwasitlikeforyouinthattransition?Yeah,soyeah,itwasntstepbystepprocess,butIstillusemydaytradingtactics.Why?Havingum,Imstilldoingthebuys,andtheweightofmystopsandtheirrisksarethesamewayasIwasdoingbackindaytrading,right?Sothewaytodothatisactually,youknow,protectyourselfearly.Sowhenyoureinaposition,right,andyoubuyabreakout,thesetting,Ishoulddoitstop.Allright,thenletssayonedaylaterortwodayslater.嗯,itsalreadyfiveorsixhours,allright,youcanmoveyourstoptobreakeven.Thenitsarisk-freetrade.Ofcourse,yes,gapdownscanhappen,right.Butinthemarket,inthelongterm,right,uh,thelargenumbers,youcanhavegapdowns.Likethatsthebiggestriskthatpeopletheydreamof.Sayyoucanhavethesegapdowns.Thatsabigrisk,likeyouwouldhavegottenburned.Soallthis,youknow,kindofhandsoutattheendoftheday.Soifyourerisk-free,thenandIsellthem,thenyoucanstomachalotofvolatility.Andothersaid,itsnotseemsyourmostofyourmoney.Itmakesbetweenyourmoney,marketsmoney.Um,youdonttreatthemmostyours,soyoucantrustthemarketsrandomnessinorderforthatoutliertohit.Butofcourse,therearemorenuancesaroundwhyIfocusonthesentiment.呃,andIusereally,reallytightstops.SoIwentback,Imstarted.Actually,youknow,thereasonthatIwantedtousethatstopstrategy,right,isbecauseIhadthismemory,Ihadtheskillsasatradertodothem.Uh,butalsowhatwetalkaboutlong-termtrading,whatmattersmoreistohavenicepositions,right?Likeyouhavetobediversifiedenoughinordertoavoidcompany-specificrisks.Soyoucanhaveasixtypercentpositiononthestock.Right?Becauseyouletjustoneoutvery…ventyourdeck,yardmonthsofyourjourney.Soyouneedtobediversifiedenoughtoavoidthiskindofrisk,butconcentrateenoughfortheoutcometohappen.AndsowhatIwantedinorderforthatbreakeventomakesenseandbestress-freementally.Ineedtohaveareallybigpositionrighton.WheneverIbuyabreak,Idontneedtoputtheminright.AndIwanttohaveabigpositionrightnow,soIcanput…aboutbreakevenandknowabouttheyen,right?Sotheonlywaytodothatwaswithextremelytightstops.AndIalsowasnt…becauseIwascurious,right?Like,you…forus,cemetery,youhuntforextremely,youworktorisk.Butthatcomesattheexpenseofwinrate.嗯,right.SoaquestionthatIalwayshad,youknow,backinthedayswas:howmuch…canIyet?Andistherelationshipoftheweightofstopswithawinratekindoflinear?说明那个。

第4段

如果我大幅削减止损的权重，胜率是不是也会大幅下降？SoIwentbackandstartedthat.Andthatssomethingthatalotofpeopledontrealize,butthereisamathematicalbruteforceforadjustmentthatnoteveryonecando.Youknowthatboostsyourexpectancywithoutdoinganything…abruteforcepercententry,right,fromthenextday.Soimaginesomeone,youknow,whodoesntusetightstops,andithas,letssay,oneaverageonhispositionsandatwoATRthroughaverageday,tworanges,youknow,stopsas…withonhisstoprighttogetforty…aswellnow.Andimaginethattraderhasafortypercentwinrate.Okay.Sowheneverheentersonastock,twoATRishisaveragestophere.Winrate.Its…itgoesintorange,butletssayitsfortypercentwinrate.Nowifwetakeanexperiment,right,wesayletsslicethatweightinhalf,right.InsteadofusingtwoATR,youuseoneATR,willyourwinratefromfortypercentdroptotwentypercent?Becauseinreality,isthatwhatyouthinkwillhappen,right?Themoreyousliceyourweightstops,the…no,useisyourwinratethere?Thereisnotanyimpact.Soletstakeanidea…butthatyou…totwoATRperstepandthestockmovesinfivedays,tenATR,right,youmakefiveATRyears.SofiveATR,right,letssayyoudropyourstopsinsteadofoneATR,soinsteadtheresultishalfright.Now,whenIwentbackanddidbreak,asforlongterm,andthisisreallykey,andIstudiedtherelationshipoftheweightofstopswithawinrate,Ithoughtthatisnotclear.YoucanslicetheweightofstoppinghalffromtwoATRtotaketooneATR.Yourwinrateisnotgoingtodropfromfortypercenttotwentypercent,youmightgotothirtypercent,butinsteadyourexpectancy…Thenyourwinratedroppingonethirdinsteadofhalf.TheninsteadofoneATR,youuse…pointfiveATR.Soyouquitrubble.Whatwastheoriginal?Butmaybeyourwinrateinthirtypercentdropstotwenty-threepercent.Sonowfromtheoriginal,youarearoundhalfyourwinrate,butfourtimesyourexpectancy.Sosynthetically,youcreatedtheedgefrommybruteforceadjustmentwithoutdoinganything.Andthatsabeautifulthingthatexistsinthemarket,youknow,andthatswhatmademesticktoaseminaryandthetightStoopsattheuniversity,becauseIknewthatwasamathematicaledge,andthepredictionscantexploitit.Theycantgetextremelyrich.Theycanthavereallythat,right?Sothatwasit.Thatwasajourneythat,youknow,asyouknow,thatwasalotofthat,that—um—inyourfoundation,youneedtounderstandwhy?Andthatshowyoueliminatethedoubtsforeverypartinsideyourfoundation,everysinglepart.Thatshowyouhavetrustinwhatyoudo.ThatsoneofthepartsthatIneverthanked—secondguess—thatStoopsandthatthingforseminary,right?Right?Andaquestion,Ihavetoaskoffthebackofthat,anditwasfascinatingtogothroughthat.Sothankyouforsharing,right?Andthatssure,nodoubt,willbealotofpeoplewondering,tryingtoformulatethatkindofcalculationaswell.Anditgoestoapoint—havingthatwinratestandingyourdata.ButthequestionIhavetoaskis:Istherearealityforasystemthatcanbehighexpectancy,sohighreward-to-riskandahighwinrate?Andifitexists,pleasestopme—um—um—this—this—doyouknow?Doesitworkagainsteachotherinanysystem?Um,nomattertheperson,right?Um,whateversystem—stocks,futures,options,sellingoptions,whatever—Istartedononlystock.Relatethesystem,soleaningintoothersystem.Sono,itdoesntexist.Butwhatisimportantthroughissince—well,youknow—workagainsteachother—itsreallyimportanttounderstandhowourmodeljustemergesoutofthesystem.Someaning,ifIwasadaytrader,right,right,andseventypercentofpeople,um,win,right?Andeightypercentofpeople,um,win—right?AndIslightly—um—andItryto—transfuse—intoawin,right?Alright,itwasvery—um—itdoesntmatter,right?Butletstakethissystem.Andno,ifIwasused—thatyouknow—fourorfiveconsecutivelosingtrades—um—wasabnormalaboutthem,butthenexecutingmysystem,andIhavenowathirtypercentwinrateandathirtypercentwinrate.Canyou—know—makelets—answer—onamonthlybasis?Thentwelveconsecutivelosingtradesboundtohappeneverymonth.Thatsanabnormalitythatyouhavetoaccept,right?Soyouknow,whateverperson,um—right.Soitseems—inmath—thistwothingcantexisteachother.Soitsreallyimportanttounderstandwhataretheabnormalities—notemergefromthat—tobecool.Wethendontdoanything—right?Soyeah,toansweryourquestion:No,Ihaventfoundorhaventseensomethinglikethat.T:Didyouhaveanystruggleswhentherewasahurdleinplacewhenyoustartedtoadjusttothisnewnormalityandthisnewreality?Anditcamedowntoreward-to-riskratios.Sohavingtohandle,onaverage,thenumberoflosses.Andthisnumberoflosses…wasthatsomethingyoujuststressedabout?No,ah.Andmyjourneyishere,youknow,嘿嘿嘿.Andseethislivethroughthis.ThereissomethingIwasaboutto,youknow,todowithtrading.AndevenifIhadtheability,Ievenmademoneybecauseofasatellite,呃，上庭didntclickright.Um,soforsuretherearemanychallenges,butintermsofadjustingslightly,ofcourse,therearestrugglesonsomelevel,though,whenyoustartadjustingtoanewsystem,right?Um,itsnotthatyouregoingtocreateideasoutofyourmind.Probablyyouregoingtohearsystemsormethodsfrommentors.Andtheproblemwiththatisthatyoucancallthatthewaytodoit,butitsonlydrillingthemthewayitalright.Atfirst,youcanwaitfurtherafteryoupushyourstuff.Butwhenyouinheritstufffrommentors,youdonttrustthem,youdontknowwhytheywork.Somybiggeststruggle,asIwastransitioning,isthinkingpeopleusingsometactics,right?Whyareyouusingthatintroductionorsomesellingtactics,shortbankstocksatacertainlevel,orusingthesefeelstofindstocks?Andyourfoundationhasmanypartsinthesetupandacceptanceoftactics.Thecruxofwhatperformance,thephilosophyaboutthemarket,howyousee,thatsthewholestructure,thestyleyoureoperatingwith.Andtherearesomanyadaptationsinsideeverysinglepart.Sotheprocessofworkingtoeliminatedoubtandsolidifypartsandmakeitbondtogetherreallyworks.Becausewell,itsonlywhenyoutrustyoursystemthatyoucancreaterules.Ifyoudonttrust,yoursystemdrifts.Youregonna,youknow,dothosestupidthings.Soyes,thatprocesstooktime,butthatsthebeautifulthing.Thatstheprocessthroughmastery,Jay.Soyeah,intermsofstruggles,thatwasmybiggeststruggle,tryingtoanswereverysinglepointthatwascreatingmetofeeluneasy,makingmefeeluneasyinsidemyframeworkandfoundationatlast,understandingthenuancesandlayersofwhattoexpectoperatinginthatsystem,right?实际上,ittakestime,butuh,itsabeautifuljourneyforsure.Justgobacktothatcommentyoumadeintermsofquitting.Whatgotyoutothatpoint?Andwhydidyoukeeptrading?Whatworkingintothatpoint?ProbablywasjusttherecordoflossesthatIdidnotaddressquickly.Becausethatsathingwithyouknow,um,ifyoursystemhasabiggerdrawdownthanyourwinrate,right?Andyoureslowtoadjustandthemarketisnot,youknow,steady,itsaverydynamicenvironment.Soyouknow,itcanstressthispriortoyourprimarymetrics.Somaybeevenifyouhaveawinrateasadaytrader,asIwas…youknow,seventypercent,eightypercent,therecanbebearsatthisdisruptionhalf.Andifyouanelevatorrichportrait,asIwastheseresultsinreally,reallydraradance.Okay,yes,youcanmakemoreyourmoneyback,butits,youknow,itsreally,reallydating.SoIthinkitwas,asIsaid,thishappened,sothousandthousandtentowrite.Iwasseeingthinksomanypeoplemakingatonofmoney,andIwashaving,forexample,largelaborproduction.Well,goodbye.IcouldntjustbecauseIgrew,youknow,asapersonofabody.Well,andyouknow,Iwasallbrainthatstyleandjustcouldntseemyselfpriorthanyearsandforgetaboutreading,like,imagineyouyouwork,like,youknow,tryjoboncethatsortof,Icantseemyselffiveyearsinfiveyearsdoingthis.Isthatright?Sowhatyettomegoing?Ah,damnit.Ireadthefewbooks,Iwaslikelytogointothebookssofararoundmomentumtrading,likemarketing.Everythingiswhatthatonesbooks,life,everythingmadesense.Well,butIsaidthestyledependsonwhoarethebirth,whenIthink,sometimeoff,clearmyhead,postingstepbystepeverysingleday,andunderstandingIknewfrom,youknow,fromthestartthatevenifIwillobsesswiththeirtrading,thattherearesomanywaystothinkthecat.Ilovethisgame.Ihavespentsomanyhoursinthisgame,Imgoingtomakeitwork.Youknow,Ihaveit.Itworkswell,being,Ican.Imgoingtohitforluncheveryday.Imgoingtofindaway.SoI,youknow,howyetIlovethegame.Thatstheanswer.Ilovethegame.Itookmytimeoff,itwasreallymad,youknow.AndthatsIthinkwhatmostpeoplethinkbeforetransitioningis,man,Ispentsomuchtimetryingtorushyourstuff.Oh,everythingisgoingtogotowaste.No,itstheopposite,right?AsIsaid,likeyoudontneedtooperateintoonestyle.Right?Youcancreateanymanykindofstyleintrading.Youcanincorporatesomanystylesthatyoulearnalongtheway,right?Intherightway,afterIunderstandeverything,ithadafoundationandmadewondershappen.Iimaginemebeingstyleright,right?Icanhaveteningredients,andthatspeopledontyet.Youcan.Icanhavethesameknowledgeasyouorsomeoneelse.ItshowIunderstandthatknowledgeandmakethatknowledgetomakewonders,right?Alotofpeoplesearchforthisstrategy,butthisnewstuff,thisnewstrategy,youknow,andwhollygoalisunderstandingyoursystemreally,deeply,anddontceasethatemerge,andyouknow,innovateinthatspace.Itsafewadjustmentsaway.Soimagineandhaveteningredients.Ihavejustingredients,andwhoisgoingtomakeabetterfood?Soitsnottheingredientsthatchanged.Itshowyouapplyandmakethemtogether.Soyeah,itwasalotforme,meandadeeppossession.Andthankfully,youknow,IhadareallynicepartnerthatIreallyunderstoodthatthisprofessionhasalotofsomedowns.Atradepressuresure.Andreallywastheretoachieveatme.IknewwhatIhavedoneandwhatIcouldachieveright?YourfriendsandwhyIyethave?Ithinksometimesapartnerisneeded.AndIwaslikeinthatdown.Right.Ah,ah,dontrememberwhosaidit,butlike,yourfriendsreallywantyoutoachieve,notwhatnotmuch.Sobettersaid,yoursuccessisnotbecauseofyou,butyourtruepartnerreallywantstosucceed,right?Andsomeonewhounderstandsyourboundaries,howmucheffortneedstobeputinthisgame.Itsimportantrightnow.Now,imagineifwebreakupafterthis,theywouldbehappy,right?No,no,Idontthinkso.Butyouknow,ah,youneedpossibilityinthiskindofprofession.Andum,youknow,imagineifinsteadofdoubletryingtomatter,child,andthequalitiesofstockstotrytomatter,theartofaction,youthinkyoudothematworktime.Soyeah,like,um,apassionforthegameandstabilitykindofinyourlifereallyhelptokeeppushingthrough,right?Um,yeah,alotofwhatshappeningforme.Butyousay,having,eventhoughthoughmaybecorrelatedtotradingitselfdirectly,havingthatpartnerwhocanfacilitatethosedownmomentsmorethananything.Ithinkyouhavealwayskindofkindoffocusonthehighs,right?Whenyourewinningandyoufinallyfoundyourmomentumandthatconsistency,butinreality,itcanreallymakeahugedifferencewhothatpersonis,orevenifitsnotapartnerorevenifitsaclosefriendorsibling,andsomeonewhosclosebyinthatcircle.Thispushwillliftyouupwhenyouaredown.Howmuchofanimpacthasitbeen?Maybenotevenjustforyourtrading,butmaybeotherelementsinlifethatithasallowedyou,andfacilitatethatworksfrommusic.Keeponthepath.Youwanttofocusonwhatyouactuallywanttoachieve.Yeah,Ithink…Ithink有老多事，probablywontbewhereImwithouther.这样的时候，嗯，youknowit啊，people…是be毕，老板…peoplegoingon,showthosegreatsuccessfultraders.AndIwanttobelikehim啊，wouldyou?Youknow,doyouwanttoreallyknowwhatadayinhislifelookslike?Isheashappyasheseemstobe?Ithoughtwestillhaveadownload…Westillhave,youknow,emotionalpressure,butyouknowits啊…youneedtoreallysee,youknow,longtermalright.AndIthinkagreattraderhelpsyousee,youknow,Imlovingyou啊。

第5段

Andthemostimportantthing,asItoldyou,isunderstandingwhatittakesforthisprofession,right?Sothisprofessionneedsalotoftimetobespentonattention,deepintoyourmind啊，越老，越锐利。Theemotionsareamplified,theoptionbouncesareamplified.Uh,itmightmakeyou…youknow,wholedays,justbecauseyouhad,youknow,missedthetradethatyoureallywanted,oryouknow…youmadesomething…stillbedoingyourentiretyinuntilitwriteoff啊。Sosomeonewhounderstandstheboundariesnow…itstimetohavefun.Nowitstimetoconcentrate.Uh,isreallyboredthanso…IsaidlikeIwouldntbeherewithouther啊。

第6段

Honestaboutthis.Soasyouneedthestabilityinyourlife,Im…Im…Imyouknow啊，mydsmother遇种howyourpartner,youknow,youcanhaveaclosefriendthatyouworktogetherasateamandthatsupporteachother.Likemotivationis,hesimportantandseeingthatlaunchedthemcallisimportant.Alright.And呃，twofriendsandpartnerscomehelpeliminatenoiseandyeah.他说，right,takeusbacktoearlytradingdays,right?SoeighteenninetyyearsoldMariaiscomingintotrading,comingintothegame.Wouldyourlevelofdedicationandlevelworkhavebeen?Notthough,youknow,Iwasalwayskindofagoodstudent.嗯嗯，那他说到底，Iwasmakingallofmistakes啊，我问他的，youknow，Irate啊，sowhydidthatstarttrading?Whatwassomebeautifullogoandsocialmediaaboutpeople?Theyaretradingright?Umthatshowgoodhooked,thankfully.Youknow嗯，butitwasntsomethingthatIknewrightaway.ThisisitlikethatswhatImgoingtodo.Itsslowlygrowingtome,rightonthepassion,really,youknow,slowlyemergedinme.AsIwasdeepdivinganddeepdivingatthat,whatIcalledyou,whatImgoodat,reallygoingdeep.Sobygoingreallydeeparound,youknow,andthefirsttoo,itwasmoreaboutresearch,like,whatshouldIdo?Youknow,Ilikethisdaytrading,butinvestingsoundsfull,butyouknow,haveworryingforaboutthisdaytradingthing,thinknumberofcoursesoutthere,stufflikethatright?Soitwaseasier.Uhsomeformytrade,Ilikeclassy.Idwantedthatouttheregimen.ButthenIwantedthat,youknow,kindkindoffaction.嗯，butyeah,likeitsnotthatyoureally,youknow,Iknewthatthatwasformeandthe于总，IthinkIrealizedthatwhatformestillfiveyearsinthegame,likearoundtwothousandtwenty-one.嗯，thatarereally,youknow,asItoldyouwentthroughIIAtransition,IfoundwhoIamwiththesystemthatshouldshowmeotherstoknoweverythinginsidethere.呃，energyofitsyoujustfeellikeitsnotsomeday,youwakeupright,likeyoucanbeamessbeforetheweeks.Andyes,onedayyouwakebalanced,man,Iyetnowit.Itcomesoutofnowhere,likeIcantexplainit,somemagical,butatsomepoints,likeeverythingconnectsinsideyourbrainflowly.Andjustyouwakeeveryoneweekend,yousay，而且Ididitlikeitclicks.Now,right?Maria，itsumheaskedoffthebackofbuildingmomentumovertime,gainedtherepresentdayafterdayovertime.Yeah.Andyouneedtodoalotofthings,right?Imstudyingbeingforone,弄怎么来？

第7段

Whatisstudying?Howwouldyouclasstodaystudying?Probablythepriorityyouwanttobuildasystemwhenyoustarttradinglike啊，probablyhavespentthree,four,fivetimesmore啊，whatImaysay,youknow,evenafewlikeatleastfivetimesismorestudyingthantrading吧，right?Isyourtraining?嗯，becauseyoureallywanttofinddependingonwhatyouwanttodo.Soformysystem,right,ifshouldgogoodtogointhatwhiteum,relatedtostudy啊，formyfoundation.IfIhaveabroaduniversalstocks,right?LetssayImtrying.Ithinkthatletssaythreehundredstocksarereallygood啊，对，那还不limitationcanbuyyoubecausetheythenaswegoback，你需要集中投资。

第8段

那样的话，如果你持有某只股票3%的仓位，而该股票上涨100%，你只能赚3%。对吧？你知道，你需要集中投资才能交易。你需要持有15%的仓位。它上涨100%时，你就能赚15%，因为你的投资组合有实力支撑。你可以买入你通用交易范围内的所有股票，所以你需要找到一种最小化你的投资范围且有效的方法。但随着时间推移，会有更多股票加入这个范围，它们变成了异常值，并且表现惊人。你如何找到那些能够带来巨额回报的股票呢？研究表明这是答案。所以你回过头来分析所有这些表现出色的股票。你开始寻找关于这些股票的文章和分析。价格结构是什么样的？成交量如何？基本面情况如何？故事背景是什么？有哪些因素在放大这些股票的走势呢？你知道，两千年前后，有很多因素放大了很多事情。我们说公司现在发生了实质性变化。你知道吗？我们谈论AI、多元化、自动相关性等，但如果没有对公司产生实质性影响的东西，就没有新闻。那么当时的新闻是什么？公司的具体情况如何？所以你开始寻找共同点，这需要时间。

第9段

这就是为什么我说我花在研究上的时间比交易上的时间更多。你开始寻找技术面和基本面以及行为面上的信号。之后你会怎么做呢？你把这些发现的共同点转化为股票的筛选条件，这就是你最终建立的投资范围的基础。现在，什么是当务之急呢？那么，我是否继续研究？是的，这是同样的过程，因为我只想增加那些大幅跑赢市场的机会。这是我的基石，对吧？我能找到的能够成为异常值的股票越多，我的表现就越好，对吧？今年，你知道，我和团队真的很幸运，真的深入研究了这些股票。因为当你筛选你的投资范围时，你可以真正做到深入，但以一种防止过度拟合的方式。正如我所说，市场永远不会完全相同，总会有细微差别。所以如果你把筛选条件放在基本面，比如你认为那些能够长期上涨的股票有很好的基本面增长。我想要那些收入增长30%的公司，你把30%作为标准放进去。那么是否每家公司都会有这样的增长呢？还是只有少数异常值会有？因为很多公司有很棒的故事，但不是所有公司都符合这个标准。Thatjustbelongstothingsthatareamplified.Therearecompaniesthatintermsofrevenuehadacceleratinggrowthinearnings.Sowhatwearedoingisamassiveresearch,andwefinisheditup.AndImreallygladtofindthetruthandthecompositionofitsstock,toweighallthesethings,notinanoverfitway,buttryingtofind,okay,thisstockhasthiscomposition.Sohowdoweweigheverythinginsideofthat?Andyouknow,theresultsaremassive,right?Ireallybelieveinit,anditsaworkingprocessrightnow.Butreally,youknow,Ithinkwedidagoodjob.Wearethinkingofmappingthejudgmentandinstructionselevatingthedollarchance.呃,soyouknow,thisisforinternalpurposes.Uh,youknow,iftheresaway,oh,Iwillbehappytoreporttotheworldthatsomeday.啊。

第10段

而且Itakealotofwork.Andhowdoyoudefineanoutliertrade?Wow,itdependsonthesystem,riseforme,anoutlierissomethingthatgoesbeyond…Ifthenumberstood,rewardtoriskisaround,youknow,fivetoone,latetrade,andoutliers,forsure,aresomethingthatthemarketknows,excludingtheoutliers,right?Uh,atradethatgoesmorethantwentytothirtyhours,thatmyriskunitdidnotlikeforme.Andofcourse,youclassifiedlayersasoutliersandextremeoutliers,some,right?IhadatradethatIhadonehundreddollarsrightback,ofcourse,withbarriersanddothestuff.Butthatsanoutlier,right?Soyourriskisaroundpointtwotopointthreepercent.Youimagineinextremeauthority,thistrade,hestartedtimesatreappointthree,valuefood.WethinkgreatthatImakeitnexthand,andthatsnotclient.Youknow,soregardinganoutlineofatrade.Howoftenwouldyousayonaverage?Areyouseeingthemper?Yeah,thatsareallynicequestion.Soeveryyear,Imakearoundfourhundredtofivehundredtrades,theoutlierswerearoundfifteen.Okay.Okay.Letssaythegreatoutcomeisaroundfifteen.Andthats,youknow,evenbackintwothousandandthree,inmycompetitionride,itwassimilartodoneoutliersinrightthere.Andthenoutlierswereresponsibleforadepressionofthecapitalthathavethem.Soyoureallyunderstandthepowerfulofthe,youknow,thepowerfuloutlier,whenyoureallydothemas,likeimaginedoingyour,youhaveyourstartsinfrontofyou,it.Soyouhaveyourwinrate,youhaveyourriskrewardonaverage.嗯,theprojectyearthatletsseefivetradesago,fivetimes,manytimes,worldrisk.Ijustfindfivetradesago,fivetimes,yourperformancecanexplode,thenmakethemsix,eight,fifteen.Andyouwillseehowthingsexplodefromjustafewoutliers.Sohowisthislikefindingoutliersforfourhundredtrades?Itsreallysmallpercent,doesoutofthehostbacktest,right?Butitsthatthesethentradedredresultsforeightypercentofthegains.ThatswhyIputallmyfocusstillonstudying,andyouknow,havingateamandspendingmoneyonresearchtoincreaseouroutlierchance.BecauseIknowhowImbucklingthis,andyoucantestrantlike,thatswhatAIhasahighbillus.Youcanstressaseverythinginyoursystem.嗯，哼，butIdgoandseeyourstartsputsomeoutthere,there,there,seehowmuchyouruhMondaycall,youknow,simulationsuhperformancewouldlooklikefromafewoutliers,thenmaybeyousay,Oh,yes,sowhywassellingcanstrengthheavily?AndIdidntletsomethingforaweakness,maybeuhtohavethisoutlierbecauseyousewmuciviillionthread,youdonthavethisoutlying.But嗯嗯thisishowusjudgmentsaremaderightfromquestionsandthendeepdivingintoareas.Youknow,doyouendcertainquestions?Canyoucomeoutofknowwhereareyousittingdrinkingincoffee?Oh,thisridedownthemaybeconsideredadifferentdifferentturnoftime.Thats老子，我得搞踏板吃。

第11段

Andwhenitcomestooutliersthis,anadjustmentofriskbecauseitsbeenaconversationwevehadmanytimesonthepodcastintermsofdynamicversusfixedrisk,报道是great鬼生意啊。Sowhatdoesthatlooklikeforyouwhenitcomestooutliers?Asyoumentioned,theseoutlierscanmakeupseventyeightypercentoftheportfoliogainsfortheyearah.Soisthatthecasebecauseyouveamplifiedrisk,我就呃feesofmindsaroundnow?Yeah,thatsagreatquestionraised.Soyouenaboutgot吗？Solistentothat,Imascratchtraderright?Immentalstreakcredither.Soasyouexpandyourhorizon,therearewaymoreforcesthatarecomingtoplay.Itsnotonlypricepricesandvolatilityfilter,buttherewaymoreforces,right.Soinfact,itsnotthesetupthebreakout,whateversetupyouusethatisgonnamakeastockgoupforfivemonthsafterthebreakout.Itsnotthesetupitself.Itswhatisbrewinginsidethestock,right?Whatareallthecompositionelementswoulddo,butthemediasnarrativefilms,youknowqualitynewseverything.Sothesetupthereismorerelevant.DidyouunderstandwhatImean?BecauseImayneedtotrytwothreetimesaroundthesetuptogetitright?Yeah.Sothedynamicrisktheredoesntmakesense,right?So在处reallyniceone的时候，firstisthatIcanttrustthesetupsbecausethesetupsitsnotthereasonstocksmove.Okay,itsnotanenvironmentlongtermthatpricedominates.Itsafiltertogetnaninterested,butdoesntdominatealright.Uh,therearemoreforcesjumpingtomakestocksgoup.SoIcantuseadynamicriskthere.Incontrast,though,oneareyourdaytrading,right?Oryouarehavingashorttermhorizon,thenthedynamicriskmakessensebecausethereareoperate,youknow,inanenvironmentthatpricesectionstructurearereallydomination.Youcanbediagnosticalltheotherforces.Youcandontplaymuchsenseinright.SoyouhaveaplussetupsABCD.Sothatshowyoumakemoneybyunderstandingtheirvarietyinthetruementality.Icanusedynamicriskthere,butlistentothebiggestfactor.SoItoldyouoneonswingtraderightthatIhaveatwentytotwentyfivepersonalratethatsinglemonthbasedonmyfrequency.Everysinglemonth,or,andthatsjustprobability.Youcanputthemdown.Icantexpect,atleastfortentofifteenconsecutive,everysinglemonth,right?So,so,every,everysingle…itwillhappeneverysingleamounttoexperiencethis,becauselosingconsecutively,butIcantusedynamicriskbasedonthataswellbecauseimagineinthelowerlargenumbers,andIhavebackthisthreadthataswellthatIuseadynamicriskrightontheheadofthat.Itslesscelebratedbecauseother,other,otherforcesplayaswell,right?Andithappensjustoveran…andthislastweek.Icantcontrolmydrawdowns,right?SoImusingafixedrisk.Andalsoplacethatwithfixedriskmeasure,dynamicriskandthefixedrisk.My,myfoundationcreatesmore…returnsbecauseIcancontrolhowmuchmycapitalcangodown.Andthatswhatyouneed,thatcontrol,right?Iknowthatmycapital,nomatterwhathappens,cangodownmorethanfourorfivepercent.Lets,letssay,sixweeksandevenamonthofmyprinciple.Withdynamicrisk,youcanpredictthat.Sosuchaquestionagain,thatswhyIdontlikedogmaintrading,right?Becausetherearecertainthingsthatarerightforsomethingspecificandcanbewrongforsomethingelse.Createmoretruthforyourown,right.Dynamicriskisgreatfor…intradingforlongerterm,nottoomuchforallthesereasons.Andletsgetbacktothisepisode,findingthetruthonyourown.Wouldyouboilthatdownto,asyoumentioned,youcantakefromothers,learnfromothers?Butdoyoubelievethatinordertomakeityourownandtolearnyourownsystemandhavetheconfidencetothenbedisciplinedandtoexecutecorrectly,youhavetodo,asyoumentioned,thosebacktests,youhavetodothatresearch.Youhavetoputinthattimeandeffortnecessary.Andthinkthatsyes,youvetakenitfromelsewhere.First,youvelearnedfromelsewhere,butreallytoapplyitinthewaythatsgoingtobeprofitableforyouindata,youmakeyourown?Oristhereanothermethodorideaaroundthat?Ithinkthatsit,younaileditright,likethatsthemethod,thatsall.Yourelike,butyouhavethedatafromothers.Andthenyou…inaway,right?So,weareintroducedintosystemsthatwehearabout.Okay,mostpeoplestopthere,andthatswhattakestime.Anditsthemostimportantpartthroughoutthismasterjourney.Youtake,callthesystem.Alright,youtakeitdowntoitsparts,thestructureofthesystem,thestyle,howthat,wherearethesetups,everythingaboutthesystem.Andyoutrytosee,becausebroadly,youwouldalreadyhaveafoundation.Whichpartsofthisnewsystemkindoffittomyexistingworld?Willtheyalign?Well,willtheybond?Well,right?Thatsthefirstequation.Andhowdoyouanswerthosequestionsthroughdocumentsandthingsforstudying,right?Anditsonlyasa…asastartthroughbefore.Througheliminatingyourdoubtsandansweringyourquestionsabouteverysinglebuttonsuses,Ihelpyou.Whyusethat,folks?ItellyouwhyIwantthisouttolife.Whyliesmysystemaroundlivesforeverysinglepart,Iwillprobablyhaveananswer,right?Soyouneedthatinordertocreaterules.AsIsaid,one,ifyoucantexplainthat,whybehindyou,youknow,behindthethingsyoudo,youstartdoingitwiththemoment.Themarketstartsbeingmorehostile,whichwillstressus,everyone.Youdocrazythings.Youregoingtotastestuff.Youregoingtomakeallthemistakes,likethatsanorderofthingstodug.Chris,alotofpeopletalkabouttheemotion,maybealright,andpsychology.Youcaneliminateninetypercentofallyourstruggles.Ifyoudothreethings:howoldthepartsinthesystem,right?Howyouseethemarketasthestructure,thephilosophysetsup,andthetactics,sellingtactics,studyingpreparationandtacticsforoutperformance.Addingcanbeamazing.Anolderstuff,right?Letssaythisisaniceframework.Ifyoumaysendit,butthatitsnotgonnawork,orthatsthefirststep.Secondstep:learnatyourdoubtsandansweryourwife.Thatshowyoubuildfastconfidence.Clientandthethirdpart:understandthatthestructureormodelsofyoursystemandthisextendstomanyareas.Icanhavetheseconsecutivelosingtrades,soIknowthatIcanexperiencefifteenconsecutivelosingtrades,right?Imaginetomorrowyoucan.AndIsay,doexactlywhatIdo,andyouhavesixtrades,youdolosingtrades,maybeyouwillfreakout,right?Soistheelementofsurprise.Youdothesethings,right?Aboutfor,forexample,somethingelsetoexpectthemtoofartocover.SoIcanmonitorthemarketinrealtimeandbeingseenandunderstandonethingstartedyet,youknow,was,andIjustdoit,oryouknow,Imnotmonitoringanythingandbesurprised.Whatistheelementofsurprise?Thatcreatestheproblemsandforgetabouttrading.Okay,forthinkaboutyououtsidethelife.Um,whenarewefeelingmoreuneasyrightwhenwedontknowourenvironment?Andwhenweusesurprised,rightnow,youdopodcasts,youknow,manyscoresofcanfulfillhere,right?Ifyoudonthave,youknow,theelementofsurprise,Ihaveinthisenvironment,right?Youfeelwithplayingeverytimeyoutrytolaunchyourstressedoutthepeople.Like,like,whatareyoudoing?Peoplebackyouknowwhatontheplane,like,ifyoutrytominimizetheelementofsurprisebyunderstandingthemechanismsofyoursystem,youwilloperateundertheperfectclarityallthetime.Andyouwontmakethemistakes,allstruggles.Like,thinkofthisstrugglesasItriedthere,everythingyouhave.Soifwillprobablythesereasonsone,right?Right?Whatthethingis,ifneverchangeandknowshould.好的，我来添加标点符号。

第12段

Uh,thingsgoodforyourkidsinyourgrandmashouse.Thatswhatsuccessinthisfieldis,right?呃,youneedtohavethatbalanceandobjectionright?嗯,andyouknow,mediocretradersandtheirchildrentrading.Soeitheryouregonnabeatraitor,oryouknow,yourereallygonnagodownthehardpath.Imbeautifulpath.没得好的path,lovingalotofpeoplewhentheyfindthemselvesonmyhardpath,thatswheretheycometotheendoftheworld.Thatswhyweseethestatisticsofmajorityofpeoplelosingandquittingintermittently.Iwasabouttosay,asItoldyou,inmyfavorite69.5yearsintrading,right?AndIthinkthatsthethresholdformostpeople.呃,Iveseenotherpeoplementionalongthreetofiveyearsisthethresholdofacontinuedfit.嗯,Ithinkkeepboosting,butalsogobacktoyourfirstprinciplesandunderstand,whoamI?Forgetabouttrading,whataremyqualitiesasaperson?HowwillIperformgoodoutsideoftrading?Isthereasystemintradingthatcanelevatethesequalities?AndhowcanIavoidmymistakes?Thats,youknow,Ithinkyouhavehighthousandsof,youknow,achievablesuccessandbereallypassionateabout.Whatdoyoudowhentheresalinkthere?Likeifpeoplegetsomethingotherthanthis?Thisisit.Youcanmakemoney,countingstarsandtradingliketherearepeoplethatlookatthemethodology,makemywayoutoftrading.Ifthatsyourpassion,doit,orIfindthethingbetweenyou,alright,andthetrader,atradingstylethatelevateyou好行.Uh,thatshowyoureallycanpushthroughthis呃,mentalbreakdown.Andyouknow,uh,three,fiveyearsversionofeverything,whattherealitybe,asyoumentioned.Soweregoingto2020,2019,2020,2022.Andwesawthemarketshavealotmoreincreasedvolatility.Sincethen,weveseendifferentcycles.Differentthemescomeaboutyou.Whatdoesthatlooklikeforyouintermsofwhenthesetakeplace,thesemarketcycleschange,thethemeschanged?Whatdoesthatlooklikeintermsofyourtrading?Howdothingschange?Iftheychange,howdoyouadapttochange?Whatdoesitlooklikefrommaybeyouractivityintrading?Doesitlooklikeyouhavetolearnnewskills?Andwhatistherealityofbeingalong-termcareertraderwiththeseelementsthatchangedquiteconsistently,youknow,thingsdynamicallychangefromtimetotime,andwehaveseenthatrise.Likeum,onethingforsureis,youknow,themarketterm,uh,youknow,trendingbetter.Nowthisis.Theyhaveamoreletssay,short-termfocus,butthetrendbetteroverallfromwhattheyweredoingdigitsback,right?Sothatsagoodthingformykindofframework,buttheoveralldynamicsense,right,buttherealstructuraltrend,andthemarketneverdo.嗯,对呃,mouthneverliesandneverchanges.Sowhenitcomesaroundtheriskmanagement,allthesestatisticalcollegesarethemanageraboutthetightnessofstopandalllotsup,他们永远不会改变。

第13段

你知道的，这大概是数学，它能改变，对吧？情境不能介入，你知道让它蒸发，对吧？所以啊，如果你把你的系统建立在一些结构性的东西上。然后，市场和你都知道，这些夏季的突破已经发生了数百年，对吧？这些会发生几百年。结构性原因，为什么它们会发生，对吧？大概的结构，我也做对了。它们发生了几百年。高潮会停止吗？不会停止，你会做好几种主义吗？对于人类心理学？一直重复它。所以，对于你所有的基础部分，如果你知道，把东西放在基础层面上，我们一直在交易吗？我有一些共同点，嗯，你做得很好。大概你的反应不会诚实。但在简单部分和小部分方面，是的，嗯，我没有这个例子，例如，你知道，价格走势的足迹，以及它的结构，或者成交量在之前更显著。这是一件好事，因为，我不能支持这个测量，是吧？而且你知道，开始做我的研究，大概人工智能可能会改变事情。但是你学会从新的输入中调整，啊。当然，我必须调整，例如，最近从这个项目中，做研究，你知道，给股票分配方式，类似。好吧，我想寻找基本面角色。

第14段

一切似乎都有相同的动态，那嘴等等。但我学到的是，你知道啊，不同的组合会产生不同的动态。所以如果你提升一些元素，你就会发现更多你之前不会发现的名字，当你摧毁它们时，你可以把刀拿出来展示，简单动态感，你会自然发现它们，而且它们不会一夜之间发生，对吧？呃，但即使你不这样做，你把你的系统建立在发生的事情上，反反复复，共同点和结构性的东西上，你知道，那些你作为基础，这是一件重要的事情，每个人都应该追求。这就是你做的，有一项活动和一个会存在的理由，对吧？它会消失吗，对吧？嗯，例如，那是有结构的，嗯，你知道，一些卖出，你知道，期权，你知道，发出尖叫声。当你回顾过去时，对吧，对吧，就像你知道，用8%的保证金获得300%的回报，你知道，因为一些教训开始了，2020年可以做到那些事情，对吧？嗯，我发现，当然，你可以从很多次交易中赚钱。我看到表现在恶化。嗯，从标题等等开始，所以当深入研究为什么这有效时，对吧？我找不到为什么现在有效的原因，然后，你知道，它后来工作了几年。

第15段

所以，但在我的个人交易中，在波段交易中。LikeallthestuffIdo,youknow?Uh,Ihaveareasontobelievethattheycouldcontinue.Weregoingtomakesomesmalladjustments,butweregoingtoadjustjustforthem.Butthetrueprinciplesthatwebaseallthesystemonarenevergoingtochange,right?吃的吃。Itrustit.Anddoyouthinkalotmoretradeshouldfocusontradingaroundthatthingastheirfoundation?Yeah,forsure的时候，Ididgetyouoneexample.Doyouunderstand?Right?SoImbasingmywholesystemaroundoutlets,right?Welovetolaunch.Nevereverstophappening.Themarketswillstocks.呃，不知道explodingatsomepoint,youknow,noright,so微秒拿到thisfact.Thenummysystemissayingsellingsomeonstrength,moststepstobreakeventrail,theweakness,right?So啊，willtrailingtheweaknesseverstoptofindoutlearnsbecauseIsellmuchofitlinktostrength.Iwonthaveadoubt,Larry,butthestockwouldgowithoutme,right?说的我的是ifcopstockscontinuetodogoodexplosion,whichwhotheywill没有你能话。

第16段

Uh,shouldIstoppedsellingmostofmysearchintoweakness?No,butwelcomesincethesmalldynamicsofyouknow,maybetheinformationismorequickerwithAI.Soalotofpeoplebothreinforcetheactiononthefirstdays.SomaybeIneedtosellonthefirstdayinsteadofthesecondorthedayformyfirstpartial,butthemainprincipal,whichissellingthemostofmypositiontoweakness.YousaidthenIbethedogneverchance,becausethatsItrustsurroundness.Itrusttheunderlyingbuck.Thiswillneverstop.Butthesmalladjustmentsofhowmuchdothethousandstostrength,Isaid,wheredothistwopointthreetotwoideas,threeideas,halfandideas.Shouldtheymomentstoptobreakeven?No,thissmalldynamics.Yes,theresusandyoufindthemthroughtime,butyourprinciples,iftheyarebasedonhistoricalfactsandtheyhavealogicalreasontoexist,Idonthaveaproblemthattimeyoushould挖掘youretradingin.AndImlargebarAI,becauseIwasaquestionIwanttoaskyouinmygodstohowhasAIanditsimplementationingrowthimpactyourtradinginyourdaytoday,uh,interactionwiththemarkets.Yeah,Ilovetobehonest.Thisprojectthatweredoingisallaroundday,right?Likethebigbreakthroughwas,asIsaid,likethefundamentalsandstocksareareeasystufftoputanalgorithmthereanddigestandunderstandiftheresgrowthandacceleration.Andsurprise,right?Butwhenitcomesdownandyoustarttohistoricalwitnesses,youseesomestuffjustwentoffbecauseofastoryandnarrative,right?Howcanyoucharter特别昂unchartedwithotherworldings?呃，well,AIreallyhelpsifyoudoitintheircorrectway,because对我说，Ihavespentsomuchtimereallyminimizingthehallucinationsandstufflikethat,right?So嗯，butthroughAIcanreallynailthebehavioracrossallaspectsoftradingandputtingtheelementintherereallyelevatesmoreoutliersintothespectrum,right?Becauseyoucanfindbetterthings,thepurityintothemes,youcanfindyouknow,Uh,thequalityofthenews.Ifitssomethingtrulygame-changingaboutthecompanycomparedtothepast,right,youdontneedtoanalyzetwentyarticlesyourself.我的媳妇在光盘里,youcantwritesomereallysophisticatedprompts.Ihavesomepromptsthatare50,50.Itislongoreitherreally,reallyrushed.Yeah.Andwehavefiftyprompts,butreallystruggledproblems.Avoidthehallucinationsthatgivestruckshortordersto,youknow,gothroughreallyotherlinkthingsandfindquestions.Then,ofcourse,youcantrustfully.Yeah,wewerefrom.Youknow,minimaltext,butitreallynails.Ifoundoutthatreallynailstheelementsofbehavioratlast.Butthenitsreallyimportantforswingtrading,right,andfindinggreattradesfortheaudiencelistening.WhatarethekeythingsyouwouldrecommendthemtousewhenimplementingAIortryingtouseAI?这巴车的process,allthetrading?Yeah,Isay,um,Iwouldsay,trytounderstand,asyoudoforyourself,thestrengthsandtheweaknessesofAI,grade.So,yeah,Iwillalwaystrytopleaseyou.哼，我觉得。

第17段

Andweknowitsgoodatunderstandingthesentimentandbehavioralthings.Thinkaboutit,reallyaboutmuchforajump.我觉得hemustweknowalot.Itsafact.SotrytouseAIinawaythatincorporatesmoreoftheelements,我觉得。Andyoureally,youknow,dontputalotofforcesinsidetheprompts,saytodoextremelycomplex.啊。嗯，okay.So呃，ifyouwanttoanalyzethenewsofthecompany,觉得thatsimportant.Think,howcanyoufind,youknow,yetsendingnews?Andwhatdogreatnewsdoincompanies?Ok,reallygame-changingnews.Whatdotheydo?Theyovernightchangethetrajectory,right?Aswethoughtaboutit,right?So,understandingtheseelementsisreallyimportant.Sohavingpromptsaboutanalyzingtheseriesofnewsandiftheressomethinghappeninginacompanythatreallychangesitsbusinessmodel.Andifwithoutamuseummodelisamplifiedbythephenomenonbytheresumerightnow,right,whatourstocksthatarebeingamplifiedrightnow.AIthatsendsothers,allthismoneybeingspentevenbythegovernment.Allthesepartnerships,right?Thisislessacase.Youhaveastock,didnthaveanything.Andthenithassomenewsaroundday.Itdoesntforthoughspace,那框到没？

第18段

嗯，有点远。Thatshowyourelevate,youknow,yourgame.Butdontoverdoit,alright.Anditmeansalotofwork.Itsnot,Ihopefullyinyears,sayyes,itsgonnabebettereverything,andthatswhatIwanttobe.Youknow,earlyonthegamearoundthat.But,youcanreally,youknow,oninternalbehavioralsentiment,analyzingcredit,whateverkindofsocialarbitrators.Thinkaboutthestoriesandnarrativesandsomesynthetics.Itreallydoesagoodjob.Butifyouaskitaboutpriceaction,itdoesnotdoagoodjob.Itwas,ifyouaskitaboutmarketfundamentals,notgoingtodoso.Useitforresearchpurposesandstreamlining.Thatiswhereatradershouldbefocusing.Becausetheresnodoubtthereareprobablyalotoftradersoutthere.Maybefromthisinformation,ormaybeevenfromjustassumingtheycangettheiranalysisandthetechnicalanalysisfromAI,sothisshouldreallybestreamliningtheresearch.Well,yeah,itdepends.Like,um,youcanwriteamodelthatyoufeedyourowndata,right?Andmaybesomethingthatwecandointhefuture,youfeedyourowndata.Whatisconsideredandsetup,andmaybetheanswersaremorebetter,right?DontcomparetoaskingChartGPTandthensearchtheentireinternet.Theanswermightbe,ofcourse,youcanmakeyourownmodel.SoIthinkyouknow,theskyisthelimitthere.Theresnotabadaction,orwhat,butthats…thosethingsexist,andweneedtobeontopofthem.IthinkthebesttradergoingforwardisgonnabethemergerofadiscretionarymindwiththehelpofAI.Thatsveryinteresting,andImgoingtohopewedoanotherpodcastinthefuturetofindouttheanswertothatquestion.Yeah.Um,onethingthatreallycomestomind,andIfinditinteresting,becausethemesaresoimportant.Themescanreally—beingabletoidentifyathemecanhelpidentifyatheme,canmakeorbreakyourtrading,cancompletelychangewhatthatPNLlookslikeforthatquarteroryear.Youknow,whateverlanguage,thetimeperiod.Butwhatisyourprocesstoidentifyingatheme?Howdoyouidentify?Howdoyoudefineathemefromyourperspective?Yeah,not—thatsanicequestion.Sowell,wetalkaboutthemesgenerally,wequestion…thinkbecausewefindindustrymechanics,right?Like,youknow,youhavestuff.Letstaketechnology,thatsasector,right?Thenyouhave—letssaythatsanyindustry,right?Ifyougolowerthanthat,theresnotthelanguagethere,right?Whatanalystsuseorcheck,check…peopleusegenerallanguage,right?Youknow,thatgenerallanguageoutthere.Thisisapond.So,thing…lessimagineitsspace,right?Thatstocksbelongtoacertaingroup,eachgroup,butitsnotyetdefinedbythemarketconditions.So,um,butwhyisimportanthavingthemes?Becauseatheme…isthere.Therearethingsthatare…Isaid,categorizedaccordingly…forokay,withoutanythingchangingmateriallybythecompanies,right?Illtellyouanexampleofsomethingthatyouknowaboutlastyear.Soyouknow,in2024,forexample,you—itsevisa…youknow,whenareyouin?Youknow,itstartedshowingsomereallynicepriceformations,youknow,niceprice…acceleration,price,tappingthehighs.Thepast,thehighvolume,ithadacutatthelist,right?ThatIevaluated.Butthen,well,Istart…imagineareallynicemomenttomove.Well,Iaskedmyself,whatdoesthiscompanydo?Andno,said,youknow,youdoyourresearch,yousay,youseethetitlequitetocomputing,quantum…computing.Well,thatwasathingbackin2020.Twenty-one,youknow,asateam.Butthenyouknow,afterIQI,whenQmaythenmoveonemonthlater,youseeaclusterofstaff,cubitcube,acubTS,thewaveinallthestuffshowinginfootprince,elevatedfoodfootprint,extremepricestructures.Andthenyouask,whatarethesethingsdoing?Quantumcomputing,quantum—whatyouthinkquantumcomputing?Oh,nowIhaveforthatsanemergingtheme.Soallthestuffexploded,right,QBTS.Uh,Geoticmakecrazymoves.Nowitthattheworldgreat,greatcompaniesrightnow,itwasthatbelongtocomputingthatisalotofattention,um,andyoualreadyhadaleaderaswell.Well,letIIQSstartedthemoveandthat,thatdoesntamplifyingforceintootherstuffaswell,right?Sofortheteams,letsmanually,right,right.Ah,youstartaboutwhatthecompaniesaredoingandknowwhatistherevenuestreamsandwhatthepurityofwhattheydoandeverything,right.Andthenyoustarttoafteryouthatyouhavehavehundredhundredandkeystoresofyoutruck,right?Putdownsomekeywords,right?Right?Uh,basedontheoperations.Uh,theyarearethecustomerkeyinsightsuh,wheretheyhelp.Youknow,manythings,right,right?Youputsomekeywordsforeachcompany.Andthenyougooverthesekeywords,andyouseesothiskeywordssimilartoanotherspace.Anotheruh,thesetransitionandtogetherandandthatshowfindtoithat,thatcenters,forexample,irononcypherandtheSAwerecriptortransitioningintoAI.That,thatcenters.Okay,thatsthenewthingthathappenedandgreatmovesthatyouknow,knowcapturethere.Uh,soumyouknowknowalllotspace,youknowindustry,rightwithlogiclove.Andoh,oh,ahknowknowknowmoreappsthatthatareamplifiedbythepresenceofSpaceX,right?Sothennewsofspaceandanothercompaniesrightfor.Soyoujustputdownnotes,youcompareyourkeywhatyouclusterthingstogether,allright.Andthenyoutrytomonitorthedominanceanalysis.Andandthethingqualitylikeisthingthingummateriallygoingtochangeword,right.Oneofthemostlotlotofhateandalsogelotofhardware.Umisitinnovativeright?Youcanhavestufflike,umIdontknowinnovativeright?Soyoucomparethatthatwithnuclearenergy,whatsmoreinnovative,right?Soyouunderstandallthesequalities,anduh,youunderstandalldominanceofstuffandhowthingsmovethekeywords.Andyouclusterthingstogether,andthenyoutrackthem,youknow,asteams,uhasgroupssyntheticallyrightinsteadofstocks.Butsoamajorprocessjustneedalotofworkandunderstandwhatwhatinnovationsdoing,puttheseyourtests.Butsoitsnotsohardtounderstandthatthings.Thethemes,alotofhardwareisoneofthemostimportantsuperpartiontradingbecauseteamsworktogetherinclass.Thatsuhandtimetimewasbuymore.Iseemyselfthatmoreandmorethingsemerge,right,likewehadless,youknow,umuhone,wegogothroughyearsthis,Butum,thetechnologyinvolvesandbigbreakthroughsarehappening.Moreandmorethingsaregettingthererightnow,forexample,butwastwenty-five,theoneofthings,yeah,ah,probablytwothousandthingswouldhavemorerobotsactingnow.Thingswehave.Andeventhat,youknow,um,evenimagineyetright,uh,itsoneofthemostimportantsuperpowerthings,anditsnothard,hardtodoso.SoIwanttogotosomequickfewquestionstofinishhere.SoImnotgood,goodatadulting.Imnotsurehowtoreact.Nowthisisthetest.Um,butwhatwouldyousayisthehardestthingabouttrading,eventradingcomingintoattemptthisyear?Whatsthelatestelementoftradingfortrade?Thisunderstandingthingsnow,notmysystem?Andwhatwouldyousayistheeasiestelementoftrading,thefindinganedge?Sowhyisthattheeasiest,youknow,becauseitsnotsohard,honestly,tofindanedge,right?Like,putyouradsnow,putdifferentadvantagesontherightrate.Andyouknow,lossratesandrewardrates.Isthatit?Andthenthereiswhatthatisandisright,right,rightforyoutotakeadvantage.Theyhaveit.Canyougettosticktothem?Doyouunderstandthemfully?Canyougothroughallthesurprises?Howaboutfindinganadisnothard.Youcanfindit,itbytheway,okay,eventhatwhatItoldyou,compressingthatweightofstops,andincreasingyouredge,yourprofitability.Thatsanedge,right?Um,uh,youknowthatwell,alreadyfromthistalk,youcanuseit.Itsanedgequalityoverit.Sofindingitisnothard.Maintainingthatyouknowtheambiguityishard.Howdoyougetovermissingatrade?Somissingsayyoumissedanoutrighttrade,youknowthattooifithas,howdoyouovercomethat?Yeah,likeifIwasmoreinuredthatthetrade,right,anduh,itdependsononewhenithappened,right?Likeiftherearealotofvariables,right,andIknowthatmaybeImalreadyexposedbig.Anduh,youknow,comingtogetadontoppositionisinandandknowmissyoutrade,itdoesntmatter.Andyouknow,eithernotalotofthingshappening,right?AndIhavedonemyresearchanduh,butnowunderstandthatthisstockhasalotofqualitieswithpricetomakesomethingbig,thispromiseisjustwhenithappenedandithasgoingtobefurther,anditsgoingtoruinMonday,uh,forsure.Uh,butitdependsonthecontext,right.Anditsstillnotalittlethingsarebeingduringthemarketsandselectivityneedstobethere,andIhavedonemygreatworkandselectivity,youknow,nowlikethisenvironmentinthepastthreemonthsandthedayofrecording,thiswasnttheeasiestenvironment.Anditsstillselectivityneedstobe,youknow,inplace.Somissingmywireshereandismorepainful,youknow,nowthateverythingisthemarket.Thisisgreat.Everythingworksout.Yourfullexposure.Youreintomargin.Youdontcare,yourealreadyhaveexposure.Youreready.Ifsomethinghitsyouregoingtohavetheunderlying,Butitdependsonthequantity.Butyeah,perhaps,sure,theyreruiningmyday.So,ah,whatsyourprocess?Sowhatdoyouhave?Uh,inaprocess.Sowhatsyourprocessthere?After,howdoyougetbacktobalance?Sowhatdoyoudointhosemoments?So,youknow,Imruiningmyday,youknow,inafineway,butyeah,notthat.Youknow,weretradinginTenack.Andyeah,youknow,youknow,alldayonmyhouse.Allyoujustunderstandthatyouneedafewoutliersperyear.Ijustsaid,youknow,Imakefifteen,alright?So,orthen,likeyouknow,ifafewmanytradesthatyouregoingtohit.Andyeah,youknow,evenifyoumeansometradesandotherones,youreonapalateatsomepoint.Okay.Uh,soyoutrustyoursystem,youknowthatifafewoutlierscanmakeitbig,youregoingtohavetheminayearifyourereallypayingattention,understandingallthesedynamics,thingslikerotationsandallthatstuff.So,okay,oneloss,whatever,alright,weregoingtofindthenextone.Soyouwriteitoffinacoupleofhours,or,youknow,itdependsonthecontext.Butifyouhaveandspendalotoftimeonresearch,yeah,itsmorepainful.Butagain,itsnotatthelevelthatreallydisruptsyou.Butaquickonethatcomestomind,theclassicisprobablyoneyouveseenbefore,butclassicquestionis,iftherestentofiftytrades,Ivegoingtomakeupthebookofyourtrading.Whynotonlytrade?Thisistwentyfifteentrades.Thatsagreatquestion.Noonepredictsthemarkets.Noonehaspredictedtrades.Okay.Youneverknowwhichstocksaregoingtoturnout.Liars,neveryeah.IvebeenintothosethatIthoughtcouldmakea300%move,man,andtheymadethe1000%move.Ivebeen,sorry,a50%move,andtheymakea1000%move.Thatswell,youknow.OrIvebeeninthosethatIthoughtwouldmakeit500%move,andthey,youknow,theystopmeout,andtheydiedoutlater.Youknow,themove,uh,myentry.Sonooneknows.Allyouhavetodoisincreasethatoutcome,sounds…Youneverknowwhichthosearegoingtoturnout.Liars,youcanpredictthemarkets.Soyoudontevenputitonyoursystem.YouhavetoembracethatIdontneedtopredict.AllIhavetodoisincreasetheprobabilitiesofmoreoutcomeshappeninginmysystemcomparedtosomeoneelse.Okay.Andthatswhywerebringingallthosetacticsandmonomaticsfromthepast.Howmuchdiscretionwouldyousaycomesintotrading?Howmuchshoulditcomeintotrading?Shouldyousayalotofthings?Oursystematics—yourentrytactics,yoursellingtactics—aresystematics.Youcantwriteacodeandbewhollyautomated,butwhenitcomestounderstandingthesmall…youknow,linesandthematicsandrotations.Andyouknow,patternsandthestoriesandsentiment—yetallthatstuff.Youknow.Uh,youneedalotofthisquestion,andhopefullyIcantakeawayfromyouthatpayingrightfromus.But,uh,tradingupuntilnowhasbeen,youknow,uh,fully,youknow,adiscretionary,ifwehavelookedatsomepartofit.Um,Ithinkthatsthatsagoodthing,becauseyouprovethat,um,uh,youknow,um,somethingImnottrue.Wecanverifylike,uh,uh,uh,GeorgeHohl,whowroteTheMarketWizardandnewbook,right?Hesaid,Iwaslookingforaquiet.Uh,soanoutperformance,andIcouldntfindthat.PleasecorrectmeifImwrongthere.Yeah.Yeah.Uh,andIthinkextractme…like,reallyisitonlydiscretionarytradersthatreally,uh,youknow,canhaveoutperformance?Uh,letmeinterpret…um,okay,andcanbeverytight.Um,whatweknowthat,uh,andAItechnology…likemany,weknow,butextremeperformances,meaning,youknow,threehundredpercentperyear,right?Somethinglikethat,right?Um,ifthatsreallytrue,thenasIsaid,thenewmightismergingthatdiscretionwithAIsquality,isnotmakingahighbreedof,youknow,Ishouldpurchaseversionofyou,andthatswhatyourfocus.ThatswhatImfocusedon.Youreveryinteresting.Indeed.Whatwouldyousayisthego-toresourcefortradingeducation,right?Whenitcomesto…letmerephrasethatbecauseitsgoingtobeahelpfulpoint.But,well,whenitcomestoresourcestolearnfortrading,whatwouldyousay?Putthebestresources,whenitcomestoyourjourney,whetheritbepastorpresent.Um,therearealotofbooksoutthere.Therearethattimeless…uh,manybooksandmarketing.Ourvariousbooksarereallysolid.Yet,youknow,frommytransitionintothisframework,ofcourse,youneedtoputalotofworktounderstand.Well,Ihave…Ihavedifferent…justjustbooks.Ijustdo…Imergethetoneofthingsfromeverywhere,right?Therearegreatbooksalso,forexample,onereallyimportantpartfromdeepdive,right,moreabouttheclarityoftheart.Alright,andwascreatingamagicstream…like,thereyouhaveaframeworkfortheirdaily,youknow,aprocess.Um,sothiscanbehelpful,becauseyouknow,tradingisalonelyprofession.Youdontnecessarilyhavefriendsinspace.Sohavingsomeone…yes,toverifyviewinthemarketfromtimetotime,youknow,andverifyyourfinancialthings,challengeyouabitmore.SoitwasthataboutCrisp,like,uh,ah,becauseashadow,letssay,um,hmm,becauseIvenever,youknow,methim,thatyouknow,challengetogoevendeeper,right?Soyes,streamfrompeoplethathavegoodresultsandbooksatourtime,yes.Andmanypeoplementionaregreatresources,buttrustme,thebestresourcesaregonnabetheonesyoumakeforyourself.Goandstudythepast.Thatsallyouneed,alright.Andum,ifyouwanttokeepalotof,youknow,yes,andverifytime-sensitivewhilefindingsomeonewhocangiveyouafullhealingsystem,um,canthelpthroughsomecoursesorjoiningacommunityornot.youknow,againstthat.Uhififdon’tdon’trunsomethinglikethat,right,meaningeverycourof,thecourseorsomethingthatthatratherorgreatunityity,right.Soh,youknow,youneedtoputyourworkisoahahalwaysbeaftruthatin.Iquessteverythingyeah,butyeah,greatbooksandalotofpeopleputoutcontentoutthereforfree.Ahahthisbroadcastaregreatresource,right?Uhforsure,youlearntheminicesofwhatdifferentviewthatyoudidn’thaveaccesstenyears.Sowhenistartedthiswasn’tavailable,youhavetopaytheeverythingwasbesidesapeadworld,right?So,yeah,likeuh,thiscanbebad.Youdotheoverlotofformamaright.Sosoasisaidagain,thatwouldrepeatifyouwanttotooneonethingfromthisislistentowhoyouare.Ifyouhavesometroubles,youdon’tfeelthatyouhaveaconflictofwhatyoudowithwhoyouare,trytolisten.Whatareyourqualitiesright?Anddon’tbeafraidofchange.Okay,youcanmmoneynomatterwhatthestyleis.Okay,justmakeit.Youknow,thinkwithyou.I,though,thatwasliterallyabouttosaythatwasoneofthewiththefinal,toowas,uhitwasyourmessagetothetheaudience.Butyoukindofjustdidthatrightnow.Sofinalquestion,andthisisone.I’vebeendoinguhhrecentlyonpoadcaastistratrading.Wetalkaboutmoneyallot.Wetalkaboutreturns.Butjustgenerallyspeakingforyouasanindividual,whatdoessuccessmeantoyou?Well,thefirstsuccessisbeingfinanciedwithfree.Onceyouachievethat,thenfinareyoupeople.Umumithinksuccessisisannegoodthingafterthat.Umyoudodoyouwantthat?Thatdoyouwanttoliveanimpactonthisword?Youwanttohavecreateamassivefollowinginaninfluenceatoneofpeople.Umbutyouknow,ithinksuccesscanbedefineddifferentlybyalotofpeople.Umiwassaying,wasittoyeah.Soforme,umyouknow,istartedforthemoneyofonthebastion.Sososucesscessmeisnotnotdoknowtobrintoutuhfourpercentyearsanymore.Sothisfrommeistoliveagoodlife.Myyourfriendoutthere,youknow,umspspendatimetimetogether.Yeah,idonethework.Soit’stimeformetostartthem,youknow,livinglifeaswell.That’ssomethingthatiwilldefinesuccessaswell.Inthispart,youknow,thisgenccess.Well,well,ithinkofsuassay,say,likewhencancreatesomewealth,thenyoucangiveyouthisuhHH,butbuthyouknow,successforotherpeoplecanbeclarredwithyouahright?Andmaybesuccesswhenwe’rebreak,evensuccesscanbeathirtypercent.Umright?Soyouknowthatwheredefinesuccesswith,youknow,thischanfromfromtimetotimeyeyeah,mygoalsweredifferentfromtime.Timetime,yeah,cancangiveyouright,right,becausebecausesusuccessknowuhHH,youknow,allotthetime.Wedon’tthinkofthat.Wethinkasuccessasthisonego.It’sonethingthatwetryingtostrivetowards,butthat’sit’sit’sanamazingpoint.Yeahahknow.Canyouyouarightbecausewantwanttomakeit?Butwiththemilas?Well,Themeaning,success,mode…someinsidetherearethatyouknow,changefromtimetotime,thetimeisright…everythingsaysthis.Butyeah,Marius,Imsurewecouldtalkforhoursandhours.AndIknowIwouldloveto.IknowwealreadyhavetechniquebecausewedidtheADofNGKsbeforethis.Sothats…what,five,sixhourswevebeenrecordingtoday.Iappreciateyousomuch,andIhopethatwecouldhaveyoubackinfuture,ideally,dosomeroundtablesandsomeotherthings.Andyouknowallthesuccesstoyou,andIhopeyoudogettoenjoymorelifeandgettodo…morethingsoutsidethechildren.ButIknowthatpassionforthemarketsissoevidentforalltosee,andIappreciateyouinheretodayaswell.Thatwasapleasure.Anduh,itwasgreatmeetinginpersonnow,andIhopeyougettoagain.Dontforgettodropacomment.Ifyourbiggesttakeawayfromthisepisode,Iknowwewentintosomuchdepthanddifferenttopics.Socomeon,maybewhatyourfavouritetopicfromtodaysdiscussionwas.ButlinksforMariuswillbeinthedescriptionbelow.Somakesureyoucheckthemoutaswell.Alltheepisodesareonscreen.Socheckthoseout,hitlike,hitsubscribe.AndthishasbeenWordsofWisdomuntilnexttime.Takecare.

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