Bet on Yourself: Personal Development & Stock Trading Success with Anmol Singh

In this episode, Anmol Singh from LiveTraders.com shares his journey from a college dorm to success in stock trading. He turned the lack of a college trading club into an opportunity, leading to the creation of his business. Coming from an entrepreneurial background, Anmol chose the excitement of trading over traditional jobs, embracing both risks and rewards. We talk about his start, his growth into a trusted mentor and trading expert, and how managing risk and making data-driven decisions are key in trading. Anmol stresses the need for a solid trading plan and discipline, likening it to a casino’s strategy for success. He also highlights the importance of investing in oneself and stepping out of comfort zones to grow. We touch on cryptocurrency and the value of integrity in trading and life, offering insights for anyone looking to succeed in the financial market.


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Transcript

Speaker 1: 0:25

Welcome to the Money Focus Podcast. I'm your host, moses the mentor, and in this episode, we're going to be talking about the world of trading and investing with Anmol Singh. He's the visionary behind LiveTraderscom and he also isn't just a seasoned trader he's a mentor, an author and entrepreneur dedicated to helping others achieve success in life and also the stock market. So let's get ready to understand some of his best practices when it comes to trading psychology, entrepreneurship and building lasting success. All right, thank you so much for joining the Money Focus podcast, amal, and I appreciate you taking the time out of your busy day and week to come talk to me and to the audience. The first thing I always like to start off with is to give my guests an opportunity to share their professional journey, their career journey ultimately, how you ended up starting your business, live Traders, so the floor is yours.

Speaker 2: 1:28

Yeah, definitely. So I trade the stock market for a living, also an investor in startup companies and real estate, and I coach and train people how to get involved with the stock market. I got into it very early on in my college days I was 18 years old in my dorm room and I was a complete introvert, I was on my Xbox or computer. So if you really take a look, all I've really done is substituted the Xbox for a computer and we're doing trading there instead of video games. So I think it's all the same.

Speaker 2: 1:55

So my journey started very early on in college just reading books on the topic and watching videos. And then in college, a bunch of my friends we got together and we noticed that if you want to play football, there's a football society. You're like boats there's a boat society. There's an entrepreneur society. There's a club in college you can join for any interest you have. There was no such thing as a trading or investment society. So we're like, why don't we start one? So we kind of started it together, a bunch of guys. We'd meet up once a week and just talk about what we learned about the stock market or maybe a video we watched or a book we read. So that's kind of where the seeds were planted and we just kind of kept the ball rolling. I started right in college just doing it from my dorm room and the rest is history. And now we coach and train thousands of traders around the world.

Speaker 1: 2:40

Nice, I mean it sounds like you filled a need. Nice, I mean, it's not like you. You filled the need, and that's typically where a lot of businesses are really birth, where there's a void and someone like yourself comes in and brings a passion and just a new energy to ignite a certain group of people. So kudos to you. Was it, were there any potential turning points, that kind of help you drive it, or was it solely because it was just a lack of any groups in college?

Speaker 2: 3:10

No, I think that that was one of the things. But I think the another factor was in in I went to college in London. So there before you can graduate you have to have one year of internship or work experience or something before you can graduate. So when that time came, I think it was about the first, second year of college where they started to ask us to get internships and I applied everywhere and I couldn't get a single place to call me back. I started from the best banks and I worked my way down to startup companies. I just couldn't get a call back and nobody was giving me a call back. My applications weren't really being well-received. That's kind of. When it dawned on me I was like back, my applications weren't really being well-received, that's kind of.

Speaker 2: 3:46

When it dawned on me, I was like I can't rely on this world to give me a job or to give me an internship or to give me something. I got to go out and create something off my own and I came from an entrepreneurial family. My father was an entrepreneur. He's a business owner, real estate developer, so I always had that seed in me. But I always still wanted to get a job because I saw my father kind of having ups and downs in the business, right, like ups and downs happens in the business, there's not a predictable income. So for me, I always grew up thinking I want to get a job, so I know exactly what I'm going to make, right. But then when that happened to me, when I couldn't get a single callback after like 30, 40 different applications, that's when I was like, okay, I got to take control on my own and I got to figure out something to do on my own. I got to be an entrepreneur and that's when I started looking into the stock market and seeing how I can get into it.

Speaker 1: 4:33

You're very lucky to see that entrepreneurship firsthand. And then you had that switch when you're seeing, hey, you know what I have to actually take control and make my own job in a sense. So you've seen both sides of the coin. So it sounded like you're a full-time entrepreneur today, which is great. I wanted to ask you know, you started the group and you obviously acquired a lot of knowledge. So when did that switch hit where you said, hey, you know what I actually need to teach people and become a mentor that help others in the space of investing? When did that happen?

Speaker 2: 5:11

That came about I would say three to four years into my trading career. So I started trading and then initially I joined a prop firm. So prop firm is a company where they got a bunch of different traders and then they give you their money the company's money to trade and in exchange they take a percentage of everything you make. So I joined the company. I kind of worked my way up in that, not as a job but as a partner with them and giving a percentage. So I worked my way up in the company and then one day the CEO called me. I think this was like 2013 or 14. He called me and he said hey, you're doing a really good job.

Speaker 2: 5:50

Majority of our traders are kind of stuck at this level three, level four at the company and you've been coming in and you already hit like level seven, level eight, in the company very, very quickly. So he asked me why don't you come in and join the company as a coach and you teach our new hires, the new traders coming into the company? You can kind of guide them on what got you here. So that's when I started getting into coaching. I wasn't really getting paid for that, I was just doing it because I was in the company, I was trading and I liked helping and coaching traders, so I started coaching under them. So I learned the business the coaching business, I guess when I was working with that company.

Speaker 2: 6:19

And then in 2015, that company got bought out by a different company and at that point I had a choice Do I continue on and join the new company or do I just go out on my own? And at that point I was at a position where I didn't need company's money to trade. I had my own money. So I was like I don't need to give them a percentage of everything I make. So I just went ahead and started my own company and I had a bunch of people and clients that really trusted me. So when I started the company that kind of they came into and joined the new company. So that's kind of where it all started the education business Nice.

Speaker 1: 6:54

That's a great story and history of how you ultimately got to this point and you're known as a leading expert in trading psychology, so explain to the audience what are some of the psychological barriers that people may have when they start investing. So what are some things you hope them overcome?

Speaker 2: 7:13

Yeah, I think the best way to think about it is I don't know if you've watched the TV show Billions. So there's this girl in the TV show Billions, wendy Rhodes. She's like the psychologist for hedge fund managers. So that's kind of what I do, for most of my part is like coaching traders through how to stay in the moment, but staying objective, staying calm, making rational decisions based on data and not on emotion, because trading releases the same hormones of dopamine and serotonin that you get when you're having sex, when you're gambling, when you're doing cocaine, and as traders, we get that every single day. So if you're not emotionally strong and you can't control those spikes in your hormones, you're in trouble. And we saw that in 2008 and the year 2000, when the markets crashed. People over leveraged themselves because they think it's never going to end and they take big, massive bets they shouldn't be taking. They're writing checks. They can't cash as they say, right? So a lot of people do that. And yeah, and we saw that in the crypto markets too it's going down and they just keep holding. You know, oh, maybe it'll come back up. Maybe it's not a strategy, maybe it's a gamble, right, we don't want to trade on maybe, maybe it's not a career, right? Hope is not a strategy. So we're teaching them how not decisions, but making decisions based on their plan, like a trading plan. Just like a business would have a business plan, a trade would have a trading plan. You need to know when you're going to get in, when you're going to get out if you're wrong right and when you're going to get out if you're right. Most people do the opposite. They have no idea when they're going to get out, right. Stock's going up, maybe they should be taking profits, but they keep holding. Maybe it'll go higher, right. Or if it's going lower, rather than taking a small loss and walking away to the next opportunity, they'll just keep holding and then maybe it'll come back up. And that's the maybes are what kills more traders' dreams than anything else.

Speaker 2: 8:53

So we're trying to create statistic-based, like a casino. A casino doesn't guess. A casino knows exactly what it's going to win and they don't mind if you win a big hand, they just want you to keep playing. Here's a free drink. Keep playing, because they know the longer you play, they have this person a little percent edge that they're going to win. And that's what we do in trading, is we try to find our hedge and we just keep trading Wins. Losses come along the way. I might take 10 trades and I might actually lose on five of them and I might win on five of them, right, but the winners are much bigger than the losers. So statistically, it's impossible for me not to make money, right? So we're trying to get statistics in our favor. That's what trading psychology is, and then, more so, teaching people to follow that process. Not try to shortcut it and use your own brain and think you know something that other people don't. You just got to follow a system.

Speaker 1: 9:41

That's good and it kind of answers what I was going to ask you next for all the people who say that trading is too risky for a beginner. So it sounds like your approach is really a data-driven approach to it and it's really letting not having your emotions be at the forefront, but really looking at the data and making sound decisions accordingly. So I mean outside of that like, is there any other you know, recommendations or skills that you teach a beginner that's investing to help them with the risk?

Speaker 2: 10:18

Yeah, so you know it all starts First we learn the technicals, we learn the charts how to read a chart, how we get the patterns charts. First we learn the technicals, we learn the charts how to read a chart, how we get the patterns. Once we get the patterns down, then we test those patterns and see how they would have performed if I took last 100 trades based on that pattern, right, and we create a data out of that and then once you have the data I mean your spreadsheet shows you this is what you're going to make after 100 trades and you just keep, rinse and repeat, right, and trading is not about winning more. I think that's the misconception people have is that I need to win 90% of the trades I make. Not really Good traders only win 40% to 50% of the trades they take right.

Speaker 2: 10:50

More than half of them they lose on. But if the winner, if you just cap your winners at being two times the size of your losers, it's impossible for you not to make money right. Let's say I take five trades right and I lose $100 each on all of them, right. So I lost what? $500, right. And then five of them. Let's say I make $200 each. Now I just made $1,000. So overall, net-net I'll be making 500 bucks. So that's kind of the odds.

Speaker 2: 11:13

That we're trying to do is that if you just keep your winners, let's say, twice the size of your losers, and you win six of them, Just win four of them, you still make money. So that's what we're trying to do is we're trying to be that casino. Right, you've seen, if you win a casino, somebody wins million-dollar hands. Casino's not going to cry about it. Oh, somebody just won a big hand. They know, the longer people keep playing in the long enough time frame, it's going to come back to that edge that they have, which is 0.5% or whatever they have.

Speaker 2: 11:41

So I think that is what we're trying to do. And then the rest is just being emotionally stable, being emotionally in control, right, having systems in place that you're not going to mess up, because, best of the traders, we can get emotional sometimes, right, you're in a trade, you're frustrated, you want revenge, you want to make it all back on that next one and then you go all in. And that is what we're trying to control is like not making emotional decisions, right, and my ex-girlfriend used to joke around. She's like you know, you're a great trader because you're unemotional but doesn't help in relationships.

Speaker 1: 12:34

Yeah, no, you definitely have to be emotional in a relationship for it to work. So I get that, you know like, I really do like your approach to it because you know, when you most of the time you hear people that you know have like a course or some type of training, they boast about the wins oh, I can increase your portfolio by X percent. But I like your approach to hey, you need to be, you need to be comfortable with understanding that you're going to lose. You know that 40 to 50 percent for a great investor is even kind of, for me, a paradigm shift. It made me think about baseball, because I used to play baseball and you know a great hitter is batting 300. So three out of 10 times I'm hitting the ball Right and that's somewhat considered great, you know, you know solid, I'm hitting the ball Right and that's somewhat considered great, you know, you know solid.

Speaker 1: 13:30

So if you take that approach, when you're looking at investing to say, hey, yeah, I might, you know, put some money in this stock, but it's a, it's probably more than likely that I won't win on that one because the numbers suggest so. But if I have multiple you know trades going, I'm going to hit, and then the one that I'm going to hit, like you mentioned in your example, might be doubled than the losses that I might have. So it's a collective of trades, not just the singular trades, whether or not you win or lose. I like that. Yeah, cool cool. And you have a course. It's called Professional Training Strategies. What are some of the foundations and principles in that course that you can talk us through?

Speaker 2: 14:16

Yeah. So I think one of the things when I got into the education business is what I hated was these so-called kind of like TikTok traders that have so many different courses that they're selling people I'll take this course, then you take that one, and we're just like, hey, let's just put everything in one place right. So we create like a massive. It's like a Bible of traders. It's like six, 700 pages, 20 plus hours of video lessons and it's A to Z of trading, all the way from the basics, all the way till advanced. So we start off with how do the markets actually work, the reality of trading, the truths about trading right and how trading. You know how we make money as traders. Then we go into learning how to read the charts and the patterns and the strategies and then we go into okay, how do we actually keep a track of all these trades that we're taking? Just like a business is going to collect if you run a shop or a store, you're going to collect receipts and invoices, right, traders? A lot of people just take trades and they don't keep a track of them. So we teach how to keep a track of them so you can actually build your data right, and then we teach them how to manage a trade. Now that you're in a trade, you found a good trade, you're in it. How do we decide when to get out? Right, so how to manage the trade.

Speaker 2: 15:19

Then we teach them money management. That's the most important part. You have a big account how? How much do you put in each trade? Right, all these different things. So we teach money management. And then we go with psychology right, how to actually control yourself, how to build systems in place, how to build a trading plan. So it's like a whole curriculum. It's PhD level, better than anything you can get at any university. It was formed by multiple of my mentor, who's actually my business partner, now much older than I am. He taught me how to trade. So this has tested many, many years of education. This has been tested in thousands of successful students. Some are running their own hedge funds. So this has everything that a trader needs. Because one thing we wanted is not, like most people do, take our advanced course. Then you take this course. Everything's here. It's a PTS course.

Speaker 1: 16:09

That's what it sounds like, so that's great, and so that's your course. And then you have a book called Prepping for Success, where you outline 10 key areas to make your life easier in a sense. Can you share some of that information and maybe even one of those tips that really have impacted you greatly? Sure.

Speaker 2: 16:32

Yeah, absolutely so. The book, first of all, has nothing to do with trading or investing. It's all about psychology, it's all about mindset. It's all the things that got me to where I am and all the things that I learned along the way, because this book was a culmination of me attending got into trading. I realized how messed up I really was, because it brings the worst out in you, right when you're losing money, and all this psychology stuff comes out of your life and it shows up in your relationships, it shows up in your health, it shows up in all different areas. So I really had to work on myself. I always joke around, but I'm pretty serious that trading was the biggest personal development journey I've ever embarked on, and I hired a bunch of different coaches. I worked with Michael Jordan's coach, I worked with Tony Robbins. I worked with all of those people in a very intimate setting and I realized that not everybody has that kind of time or that money to invest into themselves. So what I try to do with this book is I took 10 of the things that I learned the best thing that can make the biggest impact in people's lives and I put it out there. And these things apply to no matter what. If you're an entrepreneur, you're a business owner, you have a job, you don't need to be trading or investing, because the same concepts that I use now to teach million dollar traders apply to everybody in their life.

Speaker 2: 17:49

And one of the biggest things I can tell, one of the biggest keys, is integrity, right? So, being a person of integrity, being a man or woman of integrity, which is doing what you said you're going to do and then doing it when you said you're going to do it. I mean, think about how much our life would be better if we did every single thing we said we're going to do and we did it when we said we're going to do it. And a lot of times people would say, you know, but I'm a person of integrity, you know, I have integrity. I'm like, really, when's the last time somebody called you and you said, hey, I'm in the middle of something, let me call you back? And you didn't right. You ran up to old friend at a shopping mall, at an airport. You're like, hey, good to see you, buddy, we should totally catch up. And then you make no plans to ever catch up with them. So you just said something that you don't see that you know. So you said something you did not even mean.

Speaker 2: 18:35

So ask yourself a deep question why did I say that? To try to look good, to try to avoid looking bad, just to try to be polite? But really think about what we're doing there. We are saying something we don't mean. That's a lack of integrity, right?

Speaker 2: 18:47

So I teach people like how to be a person of your word, like really believing in your word and following through on your word and honoring your word. Your life will change if you do and listen to yourself. Because if you don't listen to yourself, how do you expect your clients to listen to you, how do you expect the universe to believe in you if you don't believe in yourself? So those subtle things. That's one of the biggest keys from the book I can give people and I dive into it in a lot more detail on how to restore integrity when we have breaks of it, because we all have break of integrity here and there. You, when we have breaks of it, because we all have break of integrity here and there. You know, like I said, I'm going to work out today, I didn't yet right. That's a break of integrity.

Speaker 2: 20:12

Not yet, yeah, so there's still time. There's still time to fix it. So we all do that. It's okay, don't need to be hard on yourself, right.

Speaker 1: 20:24

But we need to take corrective really quick because you just kind of said it again.

Speaker 1: 20:28

It sounds like you invest a lot in yourself, right, and, like you said, everybody may not have the resources that you have, maybe the money or the network, but I wanted to give you the floor a little bit to talk to about the importance of investing in yourself, because, you know, even if you can't pay thousands of dollars for a course or something like that, um, there's still ways you can always invest in yourself, even if it's just reading books. You know you go to the library. Library card is free, so I just you know, cause I just had a guest and we talked about that as well. So people need to understand it's an investment in who you are and who you want to become. And you, you know, rub shoulders with high net worth individuals and I'm sure they invest in themselves. They're not just sitting on a mountain and say, hey, I'm the best and I can never be better. So, for the average person, can you just talk a little bit about the importance of investing in yourself?

Speaker 2: 21:31

Yeah, I think the best analogy I can give for that is let's say there's a field, right, and you're a farmer. Now, if a farmer is, let's say I don't know, planting whatever roses or whatever, right, guess what's going to happen? Roses, right, now what happens if the farmer doesn't plant anything? Most people would say nothing. No, weeds will come up. Right, the unwanted stuff will come up. So if you're not planting consciously yourself, it's not like nothing's happening. In fact, it's going to get worse. So what are you planting? Right, what you sow. So that is what investing in yourself really is. Because if you don't believe in yourself enough to invest in you, how is the universe going to invest in you? How are other people going to invest in you? Right, because that's sending an unconscious signal to the universe that I'm not worthy of this, I don't deserve it. And guess what happens? The universe is going to say your wish is my command, right, universe is kind of like the genie, right that lamp. You rub the lamp. Genie's like. You got three wishes and you're like oh well, I don't know if I'm deserving of three wishes. Your wish is my command, boom, that's what you're going to get, right. And if you say, hey, I'm worthy of this, I'm going to get. Whatever your goal is. Universe is going to say your wish is my command. So universe will always say your wish is my command.

Speaker 2: 22:47

So what are you putting out there? And you have to believe in yourself. When I didn't have any money, I still invested my last dollars into myself, so I can only give. From my perspective, it's paid out dividends, because what else are you going to invest in? This is your life. What are you going to invest in? This is your life. What are you going to invest in? Most people invest in Dogecoin or bullshit like that. You're investing in stuff like that, but know yourself. Think about what you're saying to the universe. Think about the message you're sending. It's all vibrations. Universe is all vibrations. Right, your words create vibrations and that's what's going out there.

Speaker 2: 23:20

So, man, I think that's the biggest hurdle for most people. Is that getting over that hurdle of that scarcity mindset? But I only have 100. I'm like, okay, I can pull up anybody's bank statement. Let's stick with the last three months. There's going to be so many unwanted expenses that you had no problems investing into right, but not yourself. That is some deep-rooted self-esteem type of issues and that usually comes from integrity as well, because when we have a break in integrity, what happens is our unconscious mind starts saying, oh, he just says things, he's not going to do it. That creates a low self-esteem, low self-respect, and that cycle just keeps on running, running, running. So you have to break that cycle by following through on your words and sending a signal to the universe that I am worthy and I'm going to choose what I'm going to choose.

Speaker 1: 24:07

It's not a pity party or anything like that, but just acknowledge that there's opportunity, because until you get outside of that, much of your circumstances are not going to change, if any. So you have to really embrace growth, you have to embrace more knowledge and wisdom, and it's going to take more than doing what you're doing today. Doing what you're doing today is just going to keep you exactly where you are subtle shift for me.

Speaker 2: 24:32

Right Was actually, you know, my business partner, believe it or not. This was when I was still making money. I was making a good amount of money, but nothing close to what he was making. And we went to Florida one time. He's like, yeah, come travel with me. Right, I went on his private jet. We got there, we got to Miami, this beautiful penthouse, and at that time I'd never seen anything like that. That was my first time being on a private jet also, and I saw just my eyes open. I was like, wow, all of this is possible. And for him it was just the state of mind. He's like, yeah, and I was like that changed my mind, Because in my mind I was like is it really possible for me? Can I really do it? It's a big shot. But those things opened my eyes.

Speaker 2: 25:19

So it Surround yourself with people way ahead of you and you're going to feel like you're not enough. You're going to feel like I don't belong in those rooms. Trust me, Put yourself there. Eventually, that energy is going to get dragged on. But if the people you surround yourself with are exactly like you, they don't invest in themselves. You're never going to feel good about it, and when you do invest in yourself, they're going to be like you really spent $1. Want people like that, right? I mean, I spent hundreds of thousands of dollars. I, in fact, just got back to New York last night from a three-day mastermind in California, right Surrounded by a great group of people.

Speaker 1: 25:58

I learned that I learned so much by being in a room that have people you know even doing better than me. Yeah, you know what that will feel like, because I had to do this over the years and I'm still in the process of doing it. Um, my wife is my best friend, I mean, we pretty much do everything, which is a good thing, but essentially it might be lonely, you know it. You just have to be okay with that, you know, because it's better to be by yourself initially, um, than to have people that can bring you down or at least keep you in a box. You need to be in a position to where you're not the brightest bulb in the room you know, where you can learn from people or you can, you know, say, oh, I have this skill set and your skill that you have is equally beneficial to me and you partner with people and network. That you have is equally beneficial to me and you partner with people and network. And a lot of times I mean for me, I'll say for me personally.

Speaker 1: 26:51

You know, I grew up in Brooklyn, new York.

Speaker 1: 26:53

I grew up in the inner city, and my success criteria was hey, I want to get a great job and be able to help my family and do these different types of things.

Speaker 1: 27:02

And I eventually did that, but it was still a limiting belief, because I never thought about being an entrepreneur and, you know, buying properties, because my goal was I just want to get us in a better state of where we are today, you know, and we're starting from this area and just moving us up a little bit was good enough for me. But then as I got older, I'm like wait, no, like I have more talent, I have more dreams, I want more freedom in my life. So I had to really, you know, disassociate myself with certain people and also allow different people from different walks of life to come into my life so I can actually propel forward for the things that I want to do. So people have to be uncomfortable and that's a part of the process. It's going to be new people in your life, it's going to be new skills that you have to acquire, and that just takes a lot of patience but also takes a lot of integrity that you mentioned.

Speaker 2: 28:07

And I think you did it the right way, because when you have a big goal, you're not going to go from here to here. You got to stair-step your way up. So when, first off, your goal was to get out of the inner city, get a job, get settled, you got here. Now you go to the next step. Now you just keep stepping up and I think the best word that I like to use for that is proud, but never satisfied. Be proud of your journey, be proud of where you're at, but never satisfied, because there's always another level. So you define how high you want to go. There's always another level. So, proud, but never satisfied. So I think you have to stair-step your way up, and that's the right way to do it. And as you get to the next level, don't rest on your laurels, just work on that next level and keep working your way up. And success is not a destination. One day you're going to get and be like, yeah, I've got there. No, there's always another level, right, and yes, there will be loneliness in this journey.

Speaker 2: 28:54

Do you think Elon Musk is living the social lifestyle? No, he's at the floor, you know, in the factory, sleeping there. He posted a picture of his apartment recently. Look at the apartment Just there. He posted a picture of his apartment recently. Look at the apartment Just a little fridge, a couch, a bed. That's his apartment. A billion dollars, just per second, yeah, so I think that is what you got to look at. Is anything successful will involve being lonely, at least for a little bit of a time, a little period of time, and then you can do whatever you want to do. And even the successful people Elon Musk has a board of advisors. Jeff Bezos has a board of advisors right, those are advisors. The best and most smartest people on earth have advisors and you think you can get to where you want to be without having advisors Not going to work.

Speaker 1: 29:36

I appreciate you, you know, providing all those great insights and observations. I mean, you know it woke me up a little bit, so I hope the audience, it, does the same. So, just you know. A few more questions before we head out this one in particular I need your help to educate me on cryptocurrency, right? So what is the significance of cryptocurrency and do you believe that it's a good investment for our current state and also in the future?

Speaker 2: 30:10

So yes and no to that question, because most people, you know my belief with cryptocurrency is not. It's not a currency, right, it's not a currency. It's never going to be used as a currency, it's never going to replace the dollar or anything like that. Right, crypto is blockchain, it's a technology. It's kind of like the early stages of the internet, right? So when we had the dot-com bubble, anything, any company with the name dot-com, globecom, rockcom, everything was billion dollar valuation, the stocks were going up, and that's what we saw with crypto is everything with crypto was just going up. No matter what coin it is, it was going up. And then what happened in the dot-com bubble is when the crash happened. Then came a few winners Microsoft, apple, google and the rest of them went bankrupt. That's what's going to happen with cryptocurrencies is we saw that little bubble and in a few years, right, there's going to be maybe three or four big players left and all of them are going to be disrupted and, you know, go downhill.

Speaker 2: 31:02

But in my opinion, bitcoin is kind of like the AOL of the internet stages. It started it all. It's the first one. Right, started it all. Great concept, great idea. But now there's going to be better, faster technology, right? Just like AOL was beaten up by MSN and all of that, just like MySpace was beaten by Facebook, same thing was going to happen with Bitcoin, in my opinion, is that Bitcoin will eventually get replaced with better, faster technology, because Bitcoin's quite old actually now it's outdated technology. It's too slow. If I send you a Bitcoin, it might take you 15, 30 minutes for you to fully get it. I could Zelle you right now. I could PayPal you right now. So Bitcoin's never going to be used as a currency. It's too slow. It's too expensive to ever be used as a currency. Now. Crypto as a whole is here to stay. Right, because crypto the way to think about it is the technology that powers the financial systems of the world, right? If I send somebody a wire transfer, it might take a day or two and to fully get settled, there's a timeline With crypto.

Speaker 2: 32:03

Cryptocurrency, let's say, like Algorand, its symbol is ALGO. It's 2.903 seconds In transaction done, final. It cannot be reversible, cannot be hacked. It's quantum, secure and quantum computing is almost here now, and when that happens, a lot of these cryptocurrencies that are not secure, we're going to see these hacks and exploits. So, in my opinion, or we're going to see these hacks and exploits.

Speaker 2: 32:24

So, in my opinion, crypto is a good investment potentially, but it's not a sure thing. It does come with risk. Right, it's very early right now. It's kind of like buying a penny stock. Right, it's very early Now. It might end up being like Google or Amazon, right, but it might not. Right, because technology, the nature of technology, is that technology can always the original disruptors can be disrupted by another disruptor, because technology only improves, right? So that's one thing. That's a risk that we have with technology. But I only have one investment in the cryptocurrency space, which is what I mentioned Algorand. That's the one because I believe in the founders, right? Silvio Micheli he's kind of considered the godfather of cryptography. He invented zero-knowledge proofs, he won the Turing Award, he's an MIT professor and I spoke to a bunch of different professors at Wharton Business School, university of Pennsylvania and they all agree with me that this is the one that has the biggest potential to be anything. But, again, you might be holding it for five years before you really figure it out.

Speaker 1: 33:39

So crypto, I think, is only for people who either want to either have capital sitting, they just want to dabble with that they don't, they might not need in the next few years because it's still very early, it's not really going to be fully used. Three to three to five years is what I'm looking at at the moment. Down, um, I, I didn't know, I've never, uh, invested in cryptocurrencies, didn't realize that bitcoin was, um, you know that slow. To be honest, you know, when I, when I talk to people, they, they make it seem like it's more of like a zelle transaction, a pretty seamless instant. Hey, send me a bitcoin. So, yeah, that time frame seems pretty, uh, pretty old school to wait that long.

Speaker 2: 34:07

And it gets stuck sometimes. Sometimes it's like it's pending. I'm like nobody's going to use that and people know that too. Nobody actually uses Bitcoin. If you really think about it, nobody actually uses Bitcoin for anything. It is just a form of it's going to go up. Let's just buy it and speculate on it. Right, it's just a price. But there's no value to Bitcoin. Bitcoin is.

Speaker 2: 34:28

I don't think it has a future, and I mean probably going to get a lot of hate comments on this video from Bitcoin fanboys. But the thing is, let's just be honest, right? I think that's. What we're missing is honesty. If people are just like they pitch Bitcoin, why? Because they have Bitcoin and they need other people to buy so the price can keep going up. So, if you're really being honest and it's okay if you're speculating on the price we all do as traders and investors but I think the honesty is what's missing in the crypto industry is that the only way Bitcoin goes up is other people buy. That's basically it. There's no other way it can ever go up. So that is why if you hear somebody really bullish on Bitcoin, it's because they bought it, just the fact that.

Speaker 1: 35:09

So that's the case where it's like hey, if someone who has Bitcoin is constantly saying buy, buy, buy, and it's really no value attached, like it's different, like with a stock, it's like OK, we got the upcoming earnings report, you know. Hey, I know Amazon had a great Q4 because the prime day, you know, but you don't have that. It's truly just speculative. Like, ok, well, you know, I'm just going to buy it, to buy it. Yeah, I can't bring myself to it, but I don't want to be one of those people that just dismiss it and miss out on a great opportunity. So that's why I wanted to ask you, since this is your world of trading, if that's something that people should at least entertain.

Speaker 2: 35:54

Yeah, but at the same level, there's so many stocks that go up too, why not buy that? So it happens all the time. So the fear of missing out is what people use to get other people to buy. But you got to stick to your guns. What you know? Warren Buffett doesn't own any. A lot of these people don't. Intelligent people don't any.

Speaker 2: 36:16

Now some people might say but look at all these ETFs coming up. These banks are buying it. This. That, trust me in the rooms. What the bankers are really saying is people want to buy this stuff. Let's just sell it to them. They're getting fees. So when they launch an ETF that buys Bitcoin, that's because they get a fee. They don't care about the price. It goes up or down, it doesn't matter, they're selling it to you. So you have to realize that part is that they're the ones collecting fees and selling it to you. Coinbase if you buy Bitcoin on Coinbase, they're charging you a fee. So they want you to buy. They don't care if the price goes to zero, right, they are getting their fee. So you have to realize the conflict of interest that brokers and all these people have. So I wouldn't rely on them, because think about what's the business model, as you said, how? Bitcoin never going to make money? It can't. There's nothing to make money on Right. Where are you going to?

Speaker 1: 37:00

use it. What is it you can't? Jamie, jamie Diamond, you know the CEO of JPMorgan Chase. He pretty much said Bitcoin well, crypto is a pet rock. Yeah, morgan Chase, he pretty much said Bitcoin well, crypto is a pet rock?

Speaker 2: 37:15

Yeah, so it is. It's not even because you can't even pet it, it's virtual in your imagination.

Speaker 1: 37:18

There you go, and then, on the other side of the coin, you'll hear someone who you know I think everybody, not everyone, but anyone that's interested in wealth is a red rich dad or dad. You robert kiyosaki that says it's virtual gold, you know so. It's like you got jamie dom. It says the pet rock, and then you have someone saying it's it's gold, you know so. It can be confusing for people, but I think, ultimately, though, you have to invest in things that you understand and you believe in. So, like the crypto that you have, like you say, you're familiar with the founders, you believe in their technology. So, if the price goes up or down, it's not really phasing you as much because you really believe in it, and that's what people should do they should educate themselves on their investments so that, when it goes lower, but you believe in it, you buy more. You know what I'm saying? And if it goes really high and it's the right time to sell, take profits. I mean, it's really that simple.

Speaker 2: 38:20

Yeah, absolutely. I mean Robert Kiyosaki. You know like he's been talking about a market crash for the last 50 years, you know so not really a person that I would listen to in that regard, and you know, even the rich dad, poor dad, people give him a lot of credit for that book. The book's really written by Sharon Lecter. She actually wrote the book and she gave him the rights and he promoted his book. So just something to note he's a great sales person.

Speaker 1: 38:45

He's a marketer, yeah, yeah, so it's a great marketer. Fantastic, yeah, having that. You know everything that goes up must come down, so you'll always be right. You know it's like, oh yeah, we're going to have a crash, we're going to have a crash, and then eventually you have the crash and then you can claim it.

Speaker 2: 39:03

It's like they say he's predicted the last 50 of the last one crash.

Speaker 1: 39:08

Oh yeah, that's true, True. So what upcoming projects or initiatives do you have for live traders that you would like to share with the audience?

Speaker 2: 39:18

Yeah, nothing specific, but if anybody is interested in trading, then definitely livetraderscom. That's where people can start off with and they get a free guide and a free introductory course. It's a two-hour video course that I recorded. That's a great place for people to start because that will give them a good idea of whether they should even get into this in the first place, because it's not for everybody, right, it takes a certain kind of individual to get into this business. So if you're somebody who's really emotional, maybe not the one to you, maybe you got to work on yourself first before you come over here. But no such initiatives. We do a live event every year um, this one, uh, going to be november, probably this year and that's like a four week, a week long mentorship where we take 20 30 traders for a week, lock them in a room with us and teach them everything we know thanks, thanks and that's uh.

Speaker 1: 40:05

What is that process? Is that application process? Or like, how do they actually become a part of the program?

Speaker 2: 40:12

yeah. So if anybody is interested, uh, you can just go to livechairscom book a call. There should be a button there on the website Book a call and you can actually speak to one of our coaches and he can kind of guide you and pretty much save you some money, because there's a lot of people who call in we're like, probably not a good fit, you know, save yourself the money. So a booking and call would be a great first step for anybody to find out if this is something they should even get into.

Speaker 1: 40:36

And, lastly, what final thoughts or advice would you like to share with the audience and then close this out with you? Already mentioned your website a few times, but say it again, and also like your social media so that everyone can reach out to you.

Speaker 2: 40:51

I think the last piece of information I would tell people is that don't just keep moving from one video to another video, one podcast to another podcast, one book to another. You got to actually act on that stuff, right. The life is not going to improve if you listen to all of our conversation that we just had and now you can listen to somebody else's conversation and you just keep listening. I call it the learning loop, where a lot of people get stuck in that man Like they. Just you ask them how many books you've read. They're like I've read 30 books. Right, I've read this audio book. So I'm like but your life doesn't demonstrate you doing any of that, right. So, rather than being that person who's just going to move on to the next video or the next podcast after this conversation, I want you to really act on it right. Sit with yourself and say okay, where in my life am I out of integrity? Write that down. What do I need to do to fix that? How can I correct that? What can I put in place to ensure that doesn't happen again? What do I need to invest in myself? With what am I holding back that? I need to make that investment. Maybe it's an online course somewhere, maybe it's hiring a coach or mentor. What is that expense or that investment that you think you're not able to make? And ask yourself the question why do you think that? So ask yourself the hard questions.

Speaker 2: 41:56

That is kind of the takeaway that I would want people to take out of this podcast is just to really act on the stuff we talked about, because it's not just a talking point. It's actually the stuff that's going to change and move the needle in your life. So that's what I would want to leave people with. As far as getting in touch with me, instagram, twitter would probably be the best places. My username on both of those is Delta90, d-e-l-t-a-n-i-n-e-t-y. Don't ask me why. Had a long time ago, didn't change it and I was just. That's the name. Somebody's got my name.

Speaker 1: 42:25

It's a little bit annoying. Well, sounds great. Sure to include. And again, the website is livetraderscom, correct, yep. So I'll make sure to include that in the episode notes and I just really want to say again thank you so much for joining Great information. Integrity is the key word of this episode. I hope everyone you know can take that, not take it personal, but take action and just really acknowledge that we all have some gaps with integrity. So appreciate you and we're out.

Speaker 2: 43:00

It was great chatting with you.