Episode Info

  • πŸ’° “The only truth in the market is price action. You cannot argue with it.”
  • πŸ“Š The average price anchors to the very first point where the supply demand dynamics changed, giving us insight into market control.
  • πŸ“ˆ Price is how we keep score, volume shows the emotional level of commitment to price movement, and time is a relative study which is highly subjective.
  • πŸ“ˆ “Only price pays. This is going to be something that’s going to be stuck in my mind for a long time and that’s a great saying and it’s actually very true.”
  • πŸ“‰ The price is the truth, it’s the laws of supply and demand, it’s 100% objective who’s in control and what we want to be aware of.
  • πŸ“‰ “It’s not a coincidence” – recognizing patterns and understanding market movements is crucial for successful trading.
  • πŸ“ˆ If we’re above a rising 200 day moving average, you give the benefit of the doubt to the buyers.
  • πŸ“ˆ Brian Shannon, CMT, emphasizes the importance of understanding time frames and risk management in trading.
Market Psychology and Trading Philosophy
  • πŸ“ˆ Buying Lojack stock at 14 years old and making $5,000 gave me my “needle in the arm moment” and hooked me on the stock market.
  • πŸ“š “My goals are to help people make money, to educate them, and to help them avoid losing money.”
  • πŸ’° Make the trade your own, don’t do it because I say it’s a good idea, make it because you agree with it, or you don’t agree with it.
  • πŸ“ˆ The market rallies before the Federal Reserve starts cutting rates because the market is always trading on forward expectations.
  • πŸ“ˆ Discovering one’s own strategy, system, and time frame that fits into their lifestyle is crucial for successful trading.