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everything I know about day trading I've
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learned from David green and I we've
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taught in Wall Street Global Trading
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Academy if you want to know more and you
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want to really become a successful day
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trader go to Wall Street Global Trading
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Academy and that's all I got to say
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about that we're back at the New York
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Stock Exchange for another incredible
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interview with none other than the man
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the myth the legend Mr Peter Bo CH
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addict how you doing Einstein on Wall
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Street from the balcony at the New York
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Stock Exchange welcome if somebody
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wanted to come and get a seat on the
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floor here what would that require so
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historically back in the day people
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would come down as I said there's no
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training for this job they would start
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at the bottom and they would go up the
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the the wrong until they got us they
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were they they got the confidence and
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the wherewithal to show people that they
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were trustworthy they were good with
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numbers they were able to pass a number
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of exams and then a company would
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sponsor them to give them a seat they
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issued 1366 seats in 1903 those seats
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were traded at different prices it was
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always aidden and offer by people
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because in order to trade to have the
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right to trade you have to have a seat
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on the stock exchange in order to get a
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seat on the stock exchange you have to
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be sponsored by a brokerage firm a a
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company that had a broker dealer okay
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all these components of this Market
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don't exist anymore there is no longer
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that incredible tranch of support staff
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of people who work here they're market
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makers and clerks and Brokers so there's
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not as much demand unfortunately with
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all the with all the changes that
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technology has happened to all
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Industries we those 70 Market making
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firms have merged into three those 1366
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Brokers have merged into about 600 so
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there are no longer squads there are
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very few clerks there are still Brokers
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we are still the most significant human
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uhh uh running Marketplace in the world
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and I believe we are it's way more
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important that there are humans behind
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volatile markets that we're seeing I'm
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looking so while we're doing this
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interview I'm more I'm looking at the
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market we we came in sort of flat this
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morning this Market has rallied huge so
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far today we're up numerous hundreds of
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points uh as we were down yesterday so
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we're seeing this C crazy wild
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volatility unfortunately my son does
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have a seat on the stock exchange he is
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my partner and he always you say
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unfortunately or fortunately fortunately
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always work with your family sometimes
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anyway um uh but for the longest time he
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always wanted to work here and there was
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a period of time I wasn't sure that was
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going to happen this used to be a very
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family oriented business most of the
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market making firms were family-owned
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businesses unfortunately due to
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technology due to mergers and
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Acquisitions due to the nature of the
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market there's not as many as demand for
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more people are leaving here
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unfortunately uh the human element of
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the market then are joining it although
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the New York Stock Exchange has made a
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major effort to rebuild itself Rebrand
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itself and bring people back and make
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the human entity that much more relevant
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we've done a great job at that that's
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why I'm still here I've been here for
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137 years and I'm still freaking trading
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I went to high school with Alexander
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Hamilton he's buried across the street
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designed Church Peter actually designed
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the tobacco leaves here don't know the
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long a long answer to a short question
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was that the opportunities to get seats
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on the stock exchange while they are
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still around we just actually got a seat
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for Drew Cohen downstairs on the on the
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floor he's one of our new interns who
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decided he really wanted to be here so
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it is possible you've got to get a job
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with a brokerage firm you've got to
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spend probably a couple of years
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learning the game you've got to take a
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number of exams that are really really
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difficult to pass you need to be
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sponsored by a BD a broker dealer and
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you can get a seat and you can become a
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Trader so yes it is possible it's not as
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easy as it was before but it was really
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never easy because as I said it was a it
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was a business that was in it very
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attractive to be in people made good
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money doing it but it took 13 to 15
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years to go from being a runner of squad
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who made 67 bucks a week running around
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the floor it's a commitment right
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anything that you do and you do well is
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a commitment if you guys are out there
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learning to day trade the market it's a
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commitment don't think this is about
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getting rich quick it's not about that
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and don't think that you're going to go
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to sleep put the video under your pillow
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and wake up and suddenly be a great
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freaking Trader you're going to get out
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of it what you put into it it takes 3 to
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6 months okay and I I I beg of you to
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try and sort of approach it as being a
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singles and doubles hitter and not a
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home run hitter because look at the end
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of the day I talk to retail Traders all
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the time and I'll ask guys so how are
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you doing and they'll go W I'm bet
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betting 80% I said oh so you must be
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profitable well no I'm down five grand I
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said explain that to me well so well I
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had four trades and I made $100 each and
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on my fifth trade I lost eight grand
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well that doesn't make any sense that's
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not a sustainable trading strategy right
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fomo hope hype are not trading
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strategies at the end of the DAT as I
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said at the end of the day as I said
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earlier I'm willing to risk 50 to make
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200 I'm not willing to risk 200 to make
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50 so just think of it in your mind that
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when you get up in the morning and you
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sit down in front of your computer to
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trade and you're rubbing your hands
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together how much money am I going to
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make today turn that on its head and
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think how much am I willing to risk
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today to make some money and if I set
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the parameters of my downside risk as a
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as opposed to thinking how rich am I
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going to get today it's all the it's the
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psychology of day trading that makes you
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either successful or a failure and
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that's the basic net approach to this
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thing so good remove the emotion and
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focus on those two logical components
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which is your win rate and your risk and
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reward exctly if the math makes sense
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you're going to make money and if you're
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trading off of hype or emotion just like
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Peter said not going to work out now if
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bendy wanted to go and become a retail
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Trader and you and David could leave him
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with one piece of advice only what would
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you and David tell him you know what I I
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be I don't really understand the
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upstairs game in this business so like
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to be a retail Trader up on a desk I
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would rather he go out and become a day
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trader right because I've seen I've seen
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first of all look there's nothing more
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exciting than day trading and being
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successful at it and there are lots of
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people we have thousands of students who
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have literally turned their lives around
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people who didn't know anything from a
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stock from a stock to a stock have gone
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on to become good day Traders people who
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have been retail Traders and been strugg
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Ling we've been able to turn their lives
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around people who left their jobs lost
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their jobs needed to make disposable
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income we've been able to give them the
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opportunity by teaching them the rules
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of the game giving them the Playbook as
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you do also so look there are a lot of
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opportunities to go out there and learn
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the game look I would say to him look
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never get emotional about money go out
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there and be a singles and doubles
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hitter but learn the game before you do
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it don't get wrapped up and look there
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are people who trade there are people
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who get
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I always think I always use the analogy
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of a guy who sits down I've actually
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never been the veggas nobody believes
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that I'm not I'm not a card player but
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there are two kinds of gamblers there's
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a person who goes to Vegas who sits down
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at the card table he has a plan right he
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has a plan that he's going out there
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he's got $1,000 if he makes a thousand
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off his thousand he's going to leave the
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table go to Ruth Chris get a nice day go
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see Elton John and it's going to be a
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beautiful evening and then there's the
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other Trader okay who has has no plan
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whatsoever who sits down he's up he's
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got $1,000 he's up 2 thou he's up 3 thou
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he's got Diamond hands he thinks he's
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the Master Trader he goes all in on
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trades the $3,000 profit turns into an
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$8,000 loss he's been to the ATM four
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times he's sitting out on the curb
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drinking fraking Hennessy smoking
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cigarettes he's got to call his partner
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to say I don't have enough money for the
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freaking rent those are the two things
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here so there are secrets to day trading
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every everything I know about day
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trading I've learned from David green
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and I we've taught in Wall Street Global
00:08:04
Trading Academy there are five Secrets
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which I'm going to lay out to you if you
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want to know more about this you can go
00:08:10
to my Instagram page there a link tree
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to Wall Street Global Trading Academy
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you can go to WS gta.com it's a
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spectacular course it's really full it's
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it's we worked so hard to curate a great
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course it comes with coaching and
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mentoring it's accessible affordable and
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fun first of all if you want to become a
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day trader have a plan when you get into
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a stock ask yourself why am I buying or
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shorting this stock okay and the only
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two reasons to do that are either price
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action or technical analysis on every
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trade that you make you must have a stop
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order if you have a mental stop you're
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mental you have a stop order and you
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never change it if you're in a trade and
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it goes against you you're out of the
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trade you move on to the next one if
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you're in a trade and it becomes
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successful take a profit while you can
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up 50 cents up a
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move your stop order up to break even so
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you can never turn a winning trade into
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a losing trade and then use a trailing
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stop to make as much out of your winners
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and loses least out of your losers if
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you're having a bad day and we all have
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bad days three losing trades in a row
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you turn the machine off and go home
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doesn't make you a loser doesn't make
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you a bad Trader you'll come back from a
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bad day you'll come back from a bad week
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but you will not come back from Revenge
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trading where you turn your account
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that's Up 4 Grand into a loser of 20
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grand and I've seen it time and time
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again okay never turn a winning trade
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into a losing trade never turn a winning
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day into a losing day never Revenge
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trade if you're losing turn the machine
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off and go home those are the five
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secrets that David's taught me okay we
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teach them every day the psychology of
00:09:50
trading everybody can be taught to hit a
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buy button or a short button it's what
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you do when you get into a trade that
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matters right no one got broke taking a
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profit
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okay those are the those are the
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simplest secrets that I can give you
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knowing what I just told you you will be
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a 50% better Trader and I gave you that
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for free right and going forward if
00:10:13
you want to know more and you want to
00:10:14
really become a successful day trader go
00:10:17
to Wall Street Global Trading Academy
00:10:18
check out David green and I check out my
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Mo my my my man dad Roy over here and
00:10:24
that's all I got to say about that
00:10:26
incredible ladies and gentlemen make
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sure to click the links in the
00:10:28
description to connect with Peter and
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David if you have any questions all the
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links are going to be included Peter
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thank you so much you guys you hear the
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wisdom you see the energy and you feel
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the Charisma now it's time for you to
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experience it in person in duai November
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in Dubai November 20th to the 22nd Peter
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will be the opening speaker and he's
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going to set off the entire event look
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forward to seeing you guys you got to be
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in it to win it baby let's go my man
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thank you so much Peter thank you thank
00:10:50
you
