5 Best Lessons From The 2nd Annual Trader And Investor Summit
5 Best Lessons From The 2nd Annual Trader And Investor Summit
Well, I just wanted to give my closing thoughts, as the jitters from #TISummit wash away. According to the blog post, here, by @timothysykes , we had “nearly 800 people attending our Trader & Investor Summit (see #TISummit posts on social media) from over 25 countries, [thus making this conference] our biggest and best yet.” This is quite incredible considering last year we had roughly 300-400 people. So we almost doubled in size. Last year was my first year speaking at the conference, which in front of so many people I was a nervous wreck. Then considering we doubled, it was like a double shot for me. Also before I went up on stage, somehow that morning I had managed to bruise the top of my foot and could not walk very well. I tried to get Tim’s Uncle (Rick Sykes) to push me around in a wheel chair, for the hilarity of it but we decided not to disturb the peace. If you see me standing with my foot up on stage, you now know why. (Thanks For Taking So Many Pics guys and gals!)
First off, I would like to thank everyone who came out to see all the speakers talk. Also all the people who could not make in in person but made it for live stream. I apologize that on the first day we had some technical troubles but thanks for letting me know so we could fix the problem. Secondly, thank you Timmy G, Timmy S, Timmy B, Michael G, Da Bulls, Superman aka Paul S, and Martin Tiller, for coming out and sharing your craft with everyone. Lastly thank you Profit.ly staff for helping and showing up (if I forget names, I’m sorry.) Such as Rob, Zack, Ryan, The Sykes Family, Flower Beard, and the overlord Mike. The man behind the curtain. I know I’m missing a few names, but my memory only extends so far, for first time encounters. Any who, you all made the process seamless and dinner was a blast.
From my perspective the most amazing thing about the conference is how very energized/eager everyone is to learn and participate. You could taste it in the air. In a normal conference setting you never see this kind of enthusiasm or wiliness to learn. I wish I could sum up the energy in the room to some kind of cliche but it is really indescribable. I wish more things in life would be like this for humans because that vibe is really what it takes to drive people to the next level. You could say that maybe I was feeling the enthusiasm of a One Thousand Gamblers licking their chops to attack the market, but I tend to view it as a thirst for knowledge.
This year my conference presentation focused on knowing the probabilities of the trades you take. When I first got asked to speak at the conference I was very hesitant to present such a topic because I always worry about bursting peoples concepts of the market. Not that I know much more then anyone else, just when you have a new trader or even a veteran trader for 10 years and you take them from technicals to quantitative analysis you never know what the repercussions will be. Fortunately for me people embraced it and did not turn it down.
So here are 5 lessons I took away from this years conference:
1. Knowing Your Edge Is Key
I spoke to a lot of traders who were experiencing the freeze in trading or thee pit in their stomach not being sure of what to do in a certain kind of trade or this or that or this excuse or that excuse, of why they wont do this or that. They would ask for advice on this and the only thing I could say is, “Know Your Edge.” The truth is, is that knowing your edges in different markets is key to a traders success. The ability to do the same thing over and over again with an expected probable outcome with a managed risk will help eliminate 90% of the fear or freeze in you. I know it may sound odd at first but if you really think about how you approach any market whether it be penny stocks, futures, options, currencies, or commodities, it is important to know your edge. If I walked up to you and said how do you profit from this market? You should be able to define this with clear terms. Even the best traders are robotic in nature. Here is what I mean.
2. I Love Teaching
For me it is one thing to teach my students via Triforce Traing Webinars or Daily Watch List Videos or Daily Algo Reports, but it is a whole other thing to meet them and hear them talk about their experiences in trading. I got to meet some of my students at the conference which was awesome but I really did not have enough time to take them out anywhere, which saddened me. I really wanted to do a group lunch or something but those are the breaks. For me the most crazy thing of all is that teaching is a mutually beneficial relationship because it allows me to teach someone what I know but also helps me refine what I know. Hearing my students talk about their trading struggle, triumphs, and knowledge base not only made me feel good but also helped me see what I needed to work on. It was great to meet them face to face. The other side of the coin was I got to speak and talk with many many students who are new to the game as well. I loved watching them have certain “aha” moments or even question what they had previously known. The best thing that any new trader can learn to do is absorb information but also mold into them and question it.
3. Orlando Is Much Better Than Vegas
Although I begged Timmy to have it in Orlando this year, I think he realized that it was also much better for teaching. In Vegas people would generally come to gamble or do whatever instead of really focusing on the conference. Not to mention Vegas smelt like cigarettes and broken dreams most of the time. This year people could go to Walt Disney World or Islands of Adventure for the night and then come back refreshed and ready to learn. The atmosphere was just different and in terms of trading live for the guest speakers the Time Zone was definitely a benefit.
4. How You Define Things Matters
Another great thing about the conference was that a lot of traders seem to have an underlying fear of the “Bear Markets or Bull Markets (ending or continuing)” or they felt the economy would come crumbling down any second. However as I pointed out on stage, how you define these things is much more important then listening to the media. For example, how do you define a bull market? How do you define a stop loss? What research will you do to determine these factors? Is it repeatable in nature? ECT…. Remember that in trading there are always bull and bear markets, but often times people refer to bull or bear markets, in the cycle of stocks. The stock market is down 50% we must be in a bear market. However conversely at the same time the Wheat Market was making all time highs. =). Again definition on your trading strategy or mindset is very important in trading and in life. Definition is what gives color to your world.
5. Picks and Alerts Are Irrelevant
What I liked the most about this conference is that people did not come up to me with the mentality of just wanting hot picks. They actually wanted to know how to do it. What are the routines or process? This is fantastic because the culture that surrounds the alert industry is based on people paying someone for their picks/alerts(Which Skirts a legal line). However, we have pushed away from that crowd and this crop of traders this year really wanted to learn. Since inception of me being even on profit.ly I never believed in alert services(After Being Burned By Them), nor do I rarely give them for my own services. For three reasons, one what I am trading and doing is for me. And if someone follows me into the trade, its really not their trade, its my trade. This can lead to unnecessary harmful outcomes for the person following. Secondly alerts teach people absolutely nothing. They really are more harmful then they are helpful. What is more helpful, is to show my students every night, the process in which I’m thinking about a trade and why I am taking a trade and the probabilities of the trade, then giving people alerts. Lastly, no matter what you want to believe alert services are sketchy because you never really know if that person is taking the trade or not. So it is best just to let everyone do and trade on their own. But teach them aspects about a trade setup that can help them narrow down their focus.
Thank You Everyone For Coming Out To The Conference It Was Amazing. =)
Lastly Thank You All For Listening To Me Ramble On and At The Conference and I Released This New DVD At The Conference, Click Here For Me Details.