Video Closed Captioning:
good morning good afternoon good evening
folks michael zuber one rental at a time
back with his newest expert mr dan bird
who is teaching me a new language
that of using technical training
tying my macro economic view with
technical analysis and i am having a
blast dan how are you
i’m great i’m freezing though yeah oh my
god is it 50 again i want it’s 35 today
are you still in florida florida 35.
that’s that’s 35 degrees so i want
everybody on your channel out there to
pray for florida
because the iguanas are dropping from
the trees i i’ve heard of that before
right they just get so cold they fall
yeah that’s right that’s crazy well hey
last week dan you brought us three books
which got great reviews people were
saying i want more of this
so uh i think you guys three more yeah
actually several people responded so uh
what what are some three books
that we want to look at this week
all right let me share
let me share my screen
like i mentioned last week
the first one is sort of a fun read
second one will be
you know trading
learning about trading and the third one
will be
psychology
all right so this one this one is uh
this this should be a must read for
every
uh aspiring trader okay call
reminiscences of a stock operator
got it
it uh is widely believed to be the
um story
of um
jesse livermore
okay one of the greatest traders ever
um
he he basically went short just before
the 1929 market crash
oh that he did well with that
made millions millions of dollars wow
but it’s this is sort of a it’s kind of
a fictionalized version of his life okay
so it doesn’t
actually come out and say this is a
biography necessarily but this guy that
wrote it edwin
lefevre
is a was a very good friend of jesse
livermore and everyone basically you
know believes that it’s little moore’s
story okay
very so it’s a good it’s a really
interesting read very very fun read
he made and lost millions fortunes in
his career multiple times it sounds like
multiple times yep those are always a
good stories okay second one is
mastering the trade this is all about
you know private techniques for
profiting from intraday and swing
trading setups
ah swing trading yes okay yeah this is
uh
written by a guy named john carter he’s
a traitor
um
he tells his story and he talks about
what i’ve talked about where he lost all
his money and then he stopped losing his
money and then started making money
now would you say swing trading intraday
trading is really just that it’s it’s in
and out of markets in potentially
seconds or minutes
intraday is yeah that’s day trading okay
that is in and out and a lot of times
it’s with futures okay swing tr swing
trading though is longer time frame oh
it is okay i didn’t know a swing trading
can be
a week to a month to six months what
makes it a swing
it’s trading the the trends so it
depends on how long the trends last and
it depends on the time frames that
you’re trading
okay so you you can look at uh you know
if you’re day trading then you want to
look at minute charts
got it every minute what does the chart
look like
if you’re swing trading and you’re
trading for a week or a month and you
want to look at daily charts if you’re
if you’re trading for
trends that last six months then you may
want to look at weekly charts
so it just depends on you know what the
charts are and what you want to look at
very cool um but his his is a very
interesting story as well uh he talks
about how he lo basically lost all of
his money the week before his wedding
he had to borrow money to pay for the
wedding ouch oops not good don’t do that
guys
yeah
tough to tell his wife now yeah
all right so that’s that’s a very
interesting book as well some of
actually some of the techniques that i
use in my charts
come from the things that he
talks about very cool and then the last
one is trading in the zone ah again this
is this is the psychology of trading
right
it’s written by mark douglas who’s the
same guy that the book that i
recommended last week he’s really more
of a psychologist
but he applies uh psychology to you know
discipline and winning attitude and all
the things that you need really not even
just for trading really for life for
investing in general and anything that
you’re doing
you need to have this kind of mental
attitude so when he talks about the zone
that’s not a technical chart that is
more of a balanced
mental state mental it’s a mental state
yeah yeah mental state that’s what makes
sense yeah yeah that’s uh again you and
i know each other for a long time that’s
that’s where i feel like i have gone
wrong in all of my training is i lit my
mind or emotions and i rat hold and
it it i it just got away from me and
hints i didn’t touch stocks for 20 years
so what you’ve helped me just in the
last couple of weeks
is hey we’ve lost money on every trade
let’s be very very clear so don’t follow
us this is not financial advice but the
fact that we’ve been right-sizing
positions we’ve been using stops we’ve
been laddering in these are all things
that i would have never even thought
about doing so this this has been a fun
experience so again the three book
titles are trading in the zone what’s
number two it’s uh number one is
reminiscences of a stock operator okay
the fun read number two is mastering the
trade
okay talks a lot about uh
you know some of the techniques of
trading the technicals
and then the
psychology is trading in the zone and
just to comment on this real quick um
i have a friend that i communicate with
quite a bit and
last week we were talking about tesla
and he has a neighbor who bought a lot
of tesla
he’s got
over a thousand shares of tesla
and he’s and he’s made millions okay and
he said his his friend called him very
worried saying yeah i made millions but
i just lost millions
in the last month because i and he was
very concerned and um my friend told him
he said he looked at the charts and he
goes well it looks to me like
800 to support it hasn’t been below that
we can show that today
hasn’t been below that so 800 looks like
where support is
and sure enough the next day it bounced
off of 800.
and started going up i and i and i said
to him i said you’re gonna you’re gonna
look like a genius he’s gonna think
you’re a genius
and the guy goes yeah now if i could
only do that with my own trades
and i said well that’s that’s the
problem once you have your own money
in the trade yeah then confirmation bias
takes over exactly and you convince
yourself of all the reasons why it
should go up
and you ignore all the reasons why it is
actually going down yeah
and he goes you are you are exactly
right that is exactly the problem yeah
well this is why you’ve given us three
books now six books go back to watch
last week’s episode because again i do
think it’s a lot about psychology and
it’s admittedly where i have failed
and um
why i’m so happy with what we’re doing
right we’re placing trades and i can say
i’ve never looked
i’ve never looked all week it’s like it
happens it happens there’s i have
protection on the downside if it goes up
so i’m having a blast so far so much so
i even moved some more money in so she
gets you get the notes though when it’s
uh oh yeah no i get yeah i get it yeah
but i’m not uh
believe me in the past i would have that
ticker symbol across my screen right
now
we’ll talk about that when we look at
the potential trades for next week but
you know
when you lose you’re losing very little
yeah it’s awesome
and more importantly when you lose when
you lose it’s a small part small
percentage of your portfolio yeah that
risk risk calculator is uh outstanding
so dan thank you very much for this i
appreciate it let’s get on to episode
number two thanks buddy all right