 This is going to be another wicked episode, Toku. Well, I follow something called the Five Golden Rules of Trading. This way, I don't doubt my analysis because I'm connecting the dots simply, the same way every single time. You are getting paid to wait. The market pays you to be disciplined. Be disciplined in every trade every single time at the market where you watch. Firstly, if you're listening and not watching to this show right now, a hat, glasses, a whole outfit just came out. So now I have three clues lining up together around the same area and period of time. I can judge that he might be a potential suspect. It's officially the first speculative bubble. So they were trading options in tulip bulbs. Well, you have a cut-off rule because it isn't you. It is just something you can't let that obsess in your brain. You can't let your failures define you. When people want to invest, also tell them to start with their manager because it's you that affects everything around you. Hello and welcome back to the fourth episode of the T-Show where... It's time to truly thoughts. I can't believe we're on episode number four. I'm getting distracted. Anyway, I'm your tea guy Gabriel and sat right next to me. Poki Banks, your other tea guy. Love it. This is going to be another wicked episode, Poki, who we've got coming up. Yeah, like I said, you know, we've got people flying in from across the world, Lebanese trader, Richard Nazare, who's taught over 600 students from 30 plus countries, created many trading indicators that can help you with your trading and won many competitions. So his experience is there. It's going to be good to learn from him. Yeah, another top guess. And then straight after him, we're going to have the news with Felicity, as always, what a legend she is. And lastly, Izzy Lawrence, who's comedian and author, historian and a pirate expert. We always like to throw something unusual in there, don't we? But she's going to tell us about the history of stocks and how we can learn a little bit about them nowadays. It's going to be a good show. Anyway, it's time to trade thoughts with Richard Nazare. So here we are with Richard Nazare, who's taught many students over 600 of that. That's a school. That's two schools. That's two schools. Yeah, over 30 countries made many trading indicators which can help you. How are you doing? Doing fantastic. Thank you for having me. Thank you for your trust. And you're looking great. Oh, not that. Look at the blue suit. Start with that. It's beaming, isn't it? Well, I wanted to ask then, start with yourself, introduce yourself, what you do, how you trade and whatnot. I'm from Lebanon from a small city called Biblos. I've been trading for like 10 years, a decade so far, since 2012. And I started like everyone whose dream was to be independent and thinking that it's a get rich quick scheme. So, and you know, it hit me hard after a couple of months when you start losing, but then I learned many lessons to focus more on risk management and psychology. I thought that it's only about a strategy that you have to implement it no matter what. And I've been trading for 10 years as mentioned previously, and I've been coaching for seven years or six years. And that's it. And what would you say got you into coaching? What makes you different and makes you feel like you can take on all these students? What truly makes me different is that my trading style is based on Rich TL. Rich TL is a tool or indicator I developed to solve one problem, subjectivity. Because we all know that if you give two traders the same chart and ask them to each draw a line, a support, a resistance and so on, you will get two different results. Because everyone sees the chart differently. And if you don't have a clear and objective way to do your analysis, you will do it differently every time. Thus you can back test it or you can't even trust the back test result. So you can't use it live as it's not proven to have an edge. So Rich TL draws red and blue dots, what I call objective swing highs and swing lows. And I use these dots to make or draw rule based support, resistance, market structure, trend lines, patterns and so on. This way I don't doubt my analysis because I'm connecting the dots simply the same way every single time. Yeah and that's really big because even when I'm trading as well, I like to sometimes use a little of my gut feeling, a little subjectivity in my trades. So having that objective way you can then understand and correlate different trades with each other without any risk or unconventional type of methods. So in terms of training man with Rich TL, would you say once developing that, did that take a trading turn next level and keep you being consistent? Of course. Well, I follow something called what I call the five golden rules of trading. So Rich TL is only one part regarding the technical edge if you want or to be objective because I know a few know about me. I speak four languages and I believe that technical analysis is a language by itself. So where every candle is a word, every swing is a sentence and every trend is an overall context. So I'm trying my best to gather as many info as possible to understand what the market is trying to tell me in its own language. And I've got some rules. The first one is, of course, you all know it, the broker says it. Only investment you can afford to lose. That's a no brainer because if you borrow money to invest, you will get emotional and make irrational mistakes. Rule number two is about risk. So you should risk a small portion of your account per trade. And enter with fixed risk, not fixed stop loss and pips, not fixed lot size. That's a mistake trade is usually made. And you have to remember that all trades should have the same effect or weight on our account. The third rule, which I call the technical edge. To explain this rule, I would like to tell you the story. So let's say I'm... That's why there are props coming out right now. Very exciting. Story time. Back, relax and enjoy the story. Enjoy it. So let's say I'm a detective and I have one more tool. And one day they called me that there is a blonde girl who has been murdered in the third floor, let's say. So I went there immediately. And first thing, I checked her phone. You remember it? And that's it. Full gear on. So I checked her phone and saw a message from her neighbor saying that if you don't silence your dog now, I will do... I can't tell here. So do you think that that's enough for me to arrest him? Of course not. It's only one clue. So I can't judge over one clue only. So I'm trying to gather as many clues as possible to come up with a conclusion. So I'm looking for clues and so in her hand, there is a black hair and she's blonde. So where is black hair coming from? It might be a girl. It might be the neighbor, right? So it's only still a coincidence. So I went downstairs. There is a shop where I search against cameras. I checked it and at the time, around the time of the murder, this neighbor was coming out with spots on his shirt. So now I have three clues lining up together around the same area and period of time. I can judge that he might be a potential suspect, right? I can't really judge yet. I should arrest him and either interrogate him for him to confess that he is the murderer. And the exact same logic can be applied to trading, which we call technical edge. So for detectives, like me, we gather clues like fingerprints, footage, documents and so on. For traders, I should remove this one. We gather clues like supply and resistance, patterns, trend lines and so on. So we only consider a valid setup or a trade. Once we have three confluences, clues lining up together around the same area. And a trigger, of course, which would be the murderer confessing, right? And if we don't have three confluences, we stay out. Sometimes no trade is also a trade. So the fourth one rule, which is our second edge, is going to be through risk management. By only targeting at least double what we are risking. And you have to remember that it's not how many times you win. It's how much you make when you win versus how much you lose when you are wrong. Last but not least, which is our fifth edge, rule number five, is about emotion stability. So if you are not feeling well, don't trade. If you have something going on in your life, like exams and college, problems at work and so on, simply take the week off. That's a privilege we have in trading. So you don't have to trade every week and you don't have to catch every single trade. Only trade when you are emotionally stable and have a clear mind for you to apply the strategy or training plan in an objective manner. So in brief, stay away if you don't have these five rules. And I love that was a round of applause. Firstly, if you're listening and not watching to this show right now, a hat, glasses, a whole outfit just came out. We had Detective Richard in the studio. It was unbelievable. And I think that what me and Poku or Poku and I are learning more and more every day is this science of objectivity when it comes to trading. This idea that the more you can remove emotion and feeling away from it and make rational decisions based on fact and science, the more productive you're going to be as a trader. Exactly. And the kind of, I'm not going to say guaranteed better you're going to perform because obviously that's a different skill altogether. But it's obviously going to work in your favor over the long run. And I think that that's a really good lesson. And those five rules confirm that even more. I wanted to ask you a little bit about the way that you might compare trading to something that someone who's never traded before has no experience, doesn't really understand the world of trading. Do you have a nice way that you can kind of put a parallel between two situations to make trading easier to understand? That's actually my favorite topic because I believe that before you aim to be a good trader, you should start from the core and be a good person. Let me explain. Do you always fasten your seat belt every time you drive? If not, then you believe that you are too good to make an accident. And hopefully you will not have an accident, but we both know one accident can ruin your life. The exact same thing can be applied to trading. Trading without a stop loss is just like driving without a seat belt. One trade can blow your account. Let me give you one more example. Do you get angry when you lose a game? Do you seek revenge? If yes, then you get even more emotional when you lose a trade because your money is at stake. Yeah, to be fair, when I play a game, I don't get angry per se. I like to go away, find out how I can conquer the game, come back. So I like to take breaks. Okay, that sounds like an interview answer. That is definitely not the real you. When I lose a game, I take a step back. I analyze myself. I think about the moves and monopoly that I could have made differently. If you're like, you need to be just do your life and you should transfer these skills to everything you do. I throw the board at the wall and run off, yeah. Because I'm pretty sure you would know reverse trading is bad. So exactly, you know, you're chasing losses. You're now trading instead of chaos and whatnot. So it's definitely good to go away, analyze and just sit back and see. So exactly. So the mogga didn't cause you to have a loss. So if you seek revenge, you're actually seeing revenge against yourself. So and I would like to compare a little bit, comparison. Lao Tzu says that the best fighter is never angry. I say the best trader is never angry. I'd like to give one more example, which is about patience. So the person should know that if he's patient or not. Because 90% of our time as traders is waiting and waiting. First, we wait for the price to approach a key rejection zone. And then we wait for it to format pattern. And then wait for the pattern to get activated. And then wait for the trade to reach take profit or stop loss. So you are getting paid to wait. The market pays you to be disciplined. Be disciplined in every trade, every single time at the market where you work. And so I want to dive into that teaching aspect about your career. Because how many was it? Six hundred and fifty plus. 30 countries. That's a lot of trust from a lot of people from all around the world. And they must be drawn to something about you. So how did you get into teaching? Why? And like Pokemon, asked a bit earlier. Why are they choosing you? First of all, I like to share. So it's not about trading only. So if I'm having a meal, I don't like to have it alone. I feel like lonely. So I always invite a friend, invites anyone, even if like a random guy. So he's sitting alone. I would like to share a meal with me. So it's I like to share. And even till date, whenever I meet traders and I'm glad that you are a trader as well. So I believe that there is always something you can learn. And of course, you have to trust what you do. And it's good to have like a conservative conversation and not let you affect my strategy. That my strategy, because being objective and being confident about what you do is very important. But at the same time, it's always good to learn from different perspectives. And I like to see results. So whenever I share something with someone and see that he's getting somewhere, it motivates me even more to keep on doing it. Especially that most of my students are students who's happy, who brought his brother, his cousin, and so on. So this effect will make you feel even more motivated to keep on going. And I love trading. I didn't want, because at the start, you should have another source of income. Because if you are only relying on trading, no matter how big your account is, you get the emotion that I should make this particular amount to pay my bills. And of course, you need to have savings as well. This is what I did. So I saved for two years prior for that. I don't need to withdraw from my account for two years. And for example, I spend like one K per month, as an example. So I've saved 24K. So for the next two years, I don't have to get any profit from the market. Because we all know that it's an average, low of average. So it's like, for example, you make 5% per month. It's on average over one year. And you can't really predict the sequence. So of course, like you have a 50% win rate, but sometimes you might win 3 out of 10, but sometimes you might win 7 out of 10. So it will all average out. So that's why you can't rely on trading very much. You have to have as not a source of income. That's first. Second, because you don't want to withdraw your profits, for the compound effect to take place. Because if I have like 10K and make 10K, I would draw 10K. I'm back to where I started it. And that's basically it. Take a look at these students you have. I mean, we already said the number over 600, over 30 countries. What is your stylist student? Who are the people that are coming to you? And can you kind of share maybe their ages, their backgrounds, their working conditions, their level of wealth? Who are they and what are they? I'm assuming there's all types though. Exactly. So just like the law of average and trading, so this is also as applying on my members. So I've got people from Africa. I've got people from Asia. I've got from the US and Canada, and from Europe, a wide range of countries from here. And I started to develop a pattern, just like trading. So how do you come up with a pattern? You notice it multiple times, and then you back test it. You back test it within three phases, like in sample, out of sample, and then forward test it, right? So in sample, that's where you notice it, and then you take another same period of time, and then you validate it. This is happening. What's supposed to be happening? If yes, then you can forward test it. So I'm now in the out of sample phase for these patterns for the students, but I started to get a feeling that those between 30 and 40 are usually more aggressive, and those who are already getting close to retire are usually more conservative. They want to preserve the capital, but at the same time don't want to go into risky business. But you speak to people of all ranges, age ranges. You said that people in there, what's the oldest student you have, and what's the youngest student you have? I've got the oldest one, which is actually someone I coached live, because I started coaching live in Lebanon, and I didn't expect that I would have members from around the world. So I started coaching live, and one of the oldest ones was a friend of mine who has taken my course, and his uncle loved it. So he's 75. So he's one of my oldest, and I still talk to him till date. He's very friendly, very precise, and most importantly, very conservative. And I learned a couple of conservative tricks from him. So you learned from your students? Yeah, exactly. I always learn. For example, if I am attending a cooking class, I always learn something that's might relate to training. I also am going to, in terms of training, what brokers do you normally stick to and recommend? So I did some research, and I have a set of rules to choose a good broker, because especially nowadays, like, you get a lot of fake ones or bad ones, and in my opinion, wherever there is money, there is cameras, right? So it's not only in trading, it's all over the internet, and dropshipping, and marketing, and services, and so on. So I have a set of rules, and I choose, of course, first of all, I check the reviews, because I'm a trader. I want to see other traders, what they say about this service, the experience, and then I check where and how many regulations does this broker has. The more countries, to me, the better, even though some countries are more important than others or are some regulations, but the more, the better. So it is getting lines from all around the world. Third, I always check on the support and how many languages, because I have members from around the world, and I always recommend this one. So I want every single one of them to be able to, like, be able to communicate with them, and I want them to be happy, right? So I'm not picking only for myself, it's like my responsibility to recommend a broker, so that's why I dig deeper than any other individual trader. From doing that research, you came to the conclusion that Tick Mill would be the one that makes it. Exactly. The day I shifted from the other broker to Tick Mill, it has been five years ago, and I've been the only broker I'm using so far, and the only one I recommend as well. It's cool. Convenient. You're on the T-Show then, eh? Yeah, I have been. And most importantly that, I always like to give examples, which is relatable to life, right? And the same goes for my trading plan. So at some point, every trader should stop learning new stuff, okay? Maybe it might be contradictory that I'm still running so far, but as I mentioned, if you remember, I can talk to you in a conservative manner, but don't let you affect my trading plan, right? My strategy. So at some point, you should stop learning new stuff. You are confident of what you have. It is proven to have an edge. You are happy with it according to your time, return, risk appetite, and personality and everything. So you should stick to it, and don't look for new strategies. The same goes for, for example, if you are in a relationship. I got married, and I took a decision like three, four years ago. This is what who I love. This is who I need. I'm happy with her. I know that I can find better in all aspects from out of the billions of people who are living, right? But I'm done searching. This is who I want. I got married. I'm no longer looking for any other alternatives. For TicMill, the exact same thing. I'm happy with TicMill, so I'm not looking for any other. Another question I wanted to ask you was about your outlook going forward, because you mentioned at a certain age or a certain point, you know, you have a style, you stick with that, and that's how you trade going forward. But looking at 2023, the rest of it, 2024 even, what are the things that are exciting you, interesting you, or alternatively scaring you? For the market. Very nice question. And I like to answer the second part, because I always think in terms of risk, I'd not reward. And I'm really excited. So let's talk about traps or what to avoid, especially in this bear market. I would certainly avoid catching a falling knife. And by not buying blindly, no matter how cheap or attractive an asset is, because even if an asset is around the support or even it's all-time low, it can still trade lower and lower. So I'll always wait for extra confirmation by waiting for the bulls to at least prove to me that they are strong enough to break a previous high before I buy. I want to also again shift gears to do with your background specifically, coming from Lebanon. Is trading popular activity out there? The liberalized trading community is live more than ever and growing very fast. Because lately, a lot of you have heard of it, we had a local financial crisis. And all of us got their money stuck in the bank. So many people lose their money, lost their money or lost even their jobs, right? So the Lebanese started to look for alternative ways to invest and to protect their capital. And trading was a very good option. And speaking of Lebanon, I would like to offer you a small gesture, a humble one. That's a bag full of stuff. Are we going to get the matching hat that you wore from earlier? No, sorry, that's only for the protectors. Good things are in the bottom. Good things are at the bottom. This is very exciting, again, for anyone listening and not watching. This is for you. And can you give this one to Gabriel? I'm about... Poki, do you want to describe what we're looking at here? We're looking for a small mod, right? Written Lebanon on it. And you have the attractive touristic places. Look at this. You strapped it up in your mouth, I spoke. Oh, remember? Yeah, yeah. I was trying to do you. Oh, so next time you drink your coffee, remember me, right? Wow. Beautiful. Do you know what, this is another great item. So this is a small... We've got a small espresso cup here. Yeah. And with a previous guest as well, he was speaking about risk management. And he said that when you make a decision, a trade, or an investment, to remove emotion from it. Poki, do you just pour water into your coffee cup? Yeah, I'm tired. Cheers. You get a practical feeling about it, yeah? He was sharing that one good tip from him is, you know what, step away, go have a coffee, and come back and complete that decision. So the decision has all emotion removed from it. And now we've got the coffee cup that we're going to go and use when we go and make that decision. So thank you very much. That's a very kind guy. Do you like it? Cheers. Absolutely work it. Cheers. Poki, how was your first shot out of it? It feels good. It tastes nice. It gives that feel. It gives that feel. No. And talking of Lebanon and internationally, you mentioned how there was a financial crisis then. Did you ever feel like then, for yourself, that you should start to diversify where you hold your currencies, especially how you have many students across the world as well? Do you ever feel like moving to different countries, trading from different places? How does that work in your life? Okay. So like five years ago, I have my money all invested, or I have a small portion of it, are either gold, physical gold, or in the safe. And so because I trade all markets, and I don't like to store my money or to save it in the bank, I always like to keep it moving. And I trade all markets, as mentioned, I trade the crypto market, the stock markets, and forex, of course. So and every market is for a different purpose. So the crypto market, for example, my crypto holdings are a long-term investment, mainly for my kids. That's how long term I'm thinking of it. The stock markets and indices, of course, the portfolio is for my own retirement. So like after 20 years, for example, I can really tire. And forex trading is for monthly and yearly profit. And also coming from Lebanon, is there anything from your culture that you found yourself using in the trading world? Things that you've noticed, especially you teach people from over 30 countries, do you find things that are unique to your upbringing? I was raised by a good mother, of course. So I don't know if I can call it for like traditional of Lebanese, but yeah, I can relate to this, which would bring us to my previous answer about being a good person. This is a topic, one of my favorite, that you have to be a good person to be able to be a good trader. And so be patient, be polite, be humble, most importantly, because if you aren't humble, you started forcing the markets and thinking that you know what you are doing, you don't, right? We can't predict, okay? The market is just like chess. So we wait for our opponent, in this case, the market to make the first move and then react accordingly. We can't really predict multiple games or multiple moves at the beginning, okay? So that's basically it, be humble, be patient, be good, be consistent. So a lot of things are not only applied for trading. Whatever business you are starting, you can apply these stuff. And I like that energy because I also like to say when people want to invest, also tell them to start with their mindset because it's you that affects everything around you. Exactly. So any business you make or any investment you make or any decision you make in your day-to-day life, it all stems from here. So if here isn't in turmoil, then everything around you starts to come into turmoil. So it definitely makes a lot of sense. I think, I was going to say, I think that that's a really nice place to end it on that note with that line, like be humble, be nice, be good. So I want to say thank you for myself. Definitely. I've learned a lot. It's good to hear step-to-step points of how you should become a good trader. Definitely. Cheers for coming on. And thank you for the mugs. Sure, of course. Next time you drink coffee, remember me, okay? Yes, trade. Yeah, amazing. Thank you so much, Richard. Another incredible interview. And now we head straight to Felicity, who's going to talk to us about the latest financial topics. Hello, Gabriel and Poku. Good to be back with some fascinating topics to chat about today. I'm going to look at why European stocks rose and bond yields cooled last week. Then it's another month, another round of central bank decisions, including the ECB. So we'll look at what they're doing and even more importantly, what those central banks are saying. I'll find out why Nasdaq has taken a $10.5 billion punt on the software provider Adenza, plus Germany's economy shrank in the third quarter, putting it at risk of recession. So how come despite that, it's still set to outperform Japan? There's a lot to look at in today's hot topics. We saw some very interesting market moves this week that just show how important it is for investors to follow very closely everything that happens in the US. So in Europe, we saw stocks rise as bond yields finally cooled and that was after surging for the last few months. And that was happening even before the latest rates decision from the Fed. That's because the US treasury has slowed down its planned sales of longer term securities, probably in response to those higher yields that we have been seeing in recent months. And then when the Fed announced it would hold rates steady for now, US stocks surged coming back from what was quite a week October. Now, Jerome Powell didn't rule out another rate hike before the end of the year, but investors seem pretty confident. The FTSE 100 and the European stocks climbed even higher after the announcement. They don't seem to think that interest rates are going up in the States for now. Let's stick with central banks because it's not just the Fed sending out signals in the last few days. A council member at the European Central Bank has made some pretty interesting comments about why he thinks they should keep interest rates at their current levels for at least the next few months. Class Not gave a speech in Amsterdam. He described the current rates as being at a good cruising altitude. Now, Reuters reports he argued for the bank to be patient now and not hike interest rates further to try and avoid damaging the economy. Like most central banks, the ECB has been hiking rates to tackle that very sticky inflation that so many countries are seeing. So it'll be interesting to see if other council members agree and think maybe it's best to wait and see now if the painful medicine has worked before they decide whether or not to dose the patient some more. Here in the UK, the Bank of England didn't surprise investors. There was no hike as expected. It kept its benchmark rates steady at five and a quarter percent. Now, it may also be wondering if that's a good cruising altitude. But here in the UK, inflation is still pretty high compared to other major economies and that's despite a slowdown in growth. In fact, the bank warned there is now a 50-50 chance of recession by the middle of next year. The company Nasdaq says its latest acquisition is an important milestone in its ongoing transformation. It's bought the software firm Adenza for $10.5 billion. It's biggest acquisition ever. Now, adding Adenza means it can offer risk management, regulatory reporting and capital market software to the financial services industry. Essentially, Nasdaq is the second biggest stock exchange in the US, but it wants to grow its services as a fintech company and become part of the fabric of the financial system. And its plan is that this will mean it can sell more ongoing services to its existing customers and that creates a more stable revenue, one that doesn't rely on the mood of the markets to make money. Well, finally, let's talk about Germany, the largest economy in Europe. Its latest GDP data shows the economy shrank slightly in the third quarter, dropping 0.1% compared to the 0.1% it grew by in quarter two. Now, that's being driven by a fall in consumer spending, but there was also some more worrying data that followed. The number of unemployed people rose and the number of vacancies fell in October. So we can already see the slowing economy is causing businesses to rain back their spending, rain back their recruitment. But despite this, something really interesting is happening. Economically, Germany is projected to overtake Japan as the third largest in the world if the International Monetary Fund is right. It's predicting that Germany's GDP will be about $4.43 trillion this year compared to $4.23 for Japan. But if Germany is teetering on the brink of recession, what could possibly be going on? Well, the answer is the yen is almost where it was a year ago, close to a 33-year low against the dollar. Now, that's partly because of the different central bank decisions. As we've already been discussing, the Fed, the ECB, they've hiked interest rates to try and get control inflation. The Bank of Japan has been working instead to stimulate economic growth. Two very different economies, two very different approaches, it's going to be fascinating to see if the IMF is right and that even if Germany ends the year in recession, it might still end up being larger than Japan. Poku, Gabriel, from a tale of two economies to a tale of two tea guys, it's back to you in the studio. Thank you so much, Felicity, sharing with us the latest financial news. And now, our next guest, Izzy Lawrence joins us. Now, you are a comedian, an author, historic expert and someone that studies and knows pirates really, really well. That is true. I do know pirates quite well. Excellent. I know that people are sitting there thinking, isn't this like a finance and trading show? What is going on? But we'll get there. I promise. There'll be a link. It might be tenuous, but we'll make sure that it works out for the day. But I want to kick it off with just learning a bit more about you and your story and how you got all of those accolades to your introduction. Well, I'm an academic nerd, is basically me. I actually got my degrees by background as a science degree, but that science is geography. So, you know. Does that count? Advanced colouring in still counts. So, I did a degree in geography, which allowed me to do a lot of, you know, I had to do a whole, you know, exam on statistics and, you know, three hours. That was a lot and excellent at really old school programming. I know, exactly. But yeah, so I basically went into stand-up comedy. And if you're in stand-up comedy, you know, as in any entrepreneurial business, you need to find your niche. And my niche turned out to be history. And that was entirely accidental because I was reading loads of history books because I love them. I love them. Could have studied history. I could have studied history, but yeah, it was a bit late at that point. And I think I wouldn't have loved it if I'd studied it in that sense. So, a lot of my degree was historical, you know, background, looking into the historical record of different things. But ultimately, I don't have a history degree. I have a geography degree. However, that didn't stop me from doing, you know, comedy shows about history. I did a show called The Zed, This Dead List, which the British Museum picked up and does live shows with. And then because I was on, you know, regularly at the British Museum, I did their podcast and I also got picked up by BBC Radio 4. So, I know, you have to say it like that. You can't say Radio 4. You've got to say Radio 4. You know, very posh, very intellectual. I never knew there was a distinguishable difference. And so I worked for them and BBC Worldwide, making documentaries, making history shows, like making history. But at the same time, I was still doing comedy. So, I've got a show called Your Place of Mine on the BBC as well, which goes out on Saturday mornings on Radio 4. So that is, that is my background. That's the whistle stops tour. Yeah, it's a weird one. It's pretty impressive, I have to say. I found my niche, but I'm not a trader. I am an investor, but I am not a trader. Well, you've got knowledge I have not. On the subject. Oh yeah. Especially about the historic version subject. And there's the link. There is the link. Why we have you sitting here today and why you're on this specific show. Yeah. I mean, Poku's been asking me a lot of questions historically about trading, haven't you? Yeah, 100%. Yeah, 100%. Um, but I haven't been able to answer any of them. Yeah, I would love to know just, you know, where it comes from. And I want you to explain in a way that I can make me laugh. Makes you laugh. Oh, that's that. I mean, trying to explain it in a way that, you know, normal people can understand is hard enough. I mean, the first official stock exchange started the 17th century. I think it was 1611 was the Dutch East India Company, basically trading stock and tried to build up a lot of wealth within Holland. Because the thing about the Netherlands is it's not very big. It's not a big political power. And still it starts going to, um, you know, the east and picking up loads of spices and bringing it back to Holland. And then they're making money. When they make money, they need to buy ships. They need to get out there and do this. They have a little mini stock exchange starting. And it's quite famous one as well. Have you heard either of you about tulip mania? No, you haven't. Yes. Yes. But I know nothing else. What? So not the flower? Yeah, the flower. The actual flower. Okay, you've got more knowledge than you think. I'm clean. Maybe you should explain this one. Mania. So there was, I guess, there was a flower but everybody liked and everyone was crazy about it. Exactly. A bit like, you know, it was a specter. It's officially the first speculative bubble. So they were trading options in tulip bulbs. Which is... When are we talking? We are talking, well, 1636 is when the, it gets ridiculous. Okay. And we're talking, you can trade a single tulip bulb for a house. So there are, there's tulip bulbs, I think in 1637, in like February, there's one tulip bulb which sold for 5,300 gelder, or 5,200 gelder. And considering that a carpenter, a skilled trade, at that time annually will earn about 250 gelder, you can imagine, you know. Right. And this is, this is, it seems crazy to us. And, you know, there's this big thing in our society where this is seen as the first big speculative bubble. You have people, so what they're doing is they're trading promissory notes. So if you've got to imagine, you want your tulips, you want your tulips because you're Dutch and there's very little that you can buy to show your wealth because you're Calvinist. Now Calvinists are very Puritan. They all wear black and white. You're not allowed to be ostentatious in any way. You're allowed to be if you like, like jazzy stuff. So if you wanted to just like show off, you wouldn't get yourself a nice Mercedes or anything like that or a Tesla or whatever. You would get yourself a really decent portrait, you know, of your family looking very somber and serious. Which was like Van Gogh kind of era. Exactly. That sort of thing. It's all clicking. Exactly where he made his money before he lost it all again and then made it all again. But point is, tulips were something that only the wealthy could really take pride in because you had to be a good guarding, had to have knowledge. They were only flower for like, you know, a few like six weeks a year. You know, this is, you know, the time to buy them. And they were really, really rare ones. So they've been brought over to Holland like in the mid like 16th century, sort of like 15, 20 sort of time. And then they've started to be developed. And so you get these ones with stripes. Now we know that, that the stripes ones, those are down to a virus. There's mosaic virus that tulips can get. Which means they can't produce many bulbs, right? And that means that they're really rare. So they've got the natural rarity to them. And they're really pretty because they're stripy. And you could know exactly which ones are going to be the most stripy and the most, you know, oh, they're collectible. They're really collectible. You know, we're talking beanie babies plus here. This is like, actual, actual rarity. And so people went crazy for these and wanted to, you know, get these. But the only way to get them was this really short tunneling in the market. So you've got this really short time where, you know, oh, look, you can see the parent bulbs. You can see that they've got flowers. You can have a guess what the kids bulbs are going to be like. And that's the only time you can buy those bulbs, those kid bulbs. Until somebody said, well, how about we start a futures market? So how about we say, I will, I mean, you know, basically a stock option, I will buy your tulip bulbs basically a year from now, I'll put down 10% and then you give me first option and, you know, that price. And then somebody goes, oh, you're going to buy them for that much. I'll give you that much to that bit of paper saying the IOU. I'll give you that much to that bit of paper saying the IOU. And you had this chain of people all buying the same tulip bulb. And of course, that's great. Until February, when nobody wants to buy the actual bulb, they just quit on their option. So they lose their deposit, they quit on their option and the entire thing just goes, oh, collapse. Exactly. Now, in the sort of general idea of it, what happened was everybody jumped in the canal, they weren't made bankrupt and rudder, rudder. You know, that's, that's the understanding. A story for another time maybe. But that didn't happen. Ah. Because, I mean, basically it got regulated. The government stepped in and the court stepped in and said, these are promissory notes. These are not real money. So nobody actually was made bankrupt. There's this historian called Ann Golgar who basically went through it and found out that the chains that everybody thought were like hundreds and hundreds, massive speculations, only five people long max. And so he didn't actually create this terrible financial crisis in Holland. And a lot of people think it did, but it didn't. It was literally, and you know, some people say it wasn't even a bubble. The reason that it popped was because over this time, as the tulips of, you know, people found out they were getting more and more expensive, more and more people started to grow them. And in February, when the bubble popped, that's when tulips and Harlem started to flower. So there was an oversupply. This is a supply and demand issue, not a speculative bubble. And I just thought for the nerds who know about tulip mania, they'd like to know that technically wasn't a future it's market collapsing. Whoa. I feel like you need to compress that story a little bit. Foku, are you having like flashes of your current trading life and thinking to yourself, this could have been so much easier if I lived in Holland and served in hundreds. Yeah, no, I've got hay fever. Oh yeah, no. Yeah, I feel like I wouldn't be interested. But I mean, I can see somebody, you know, just getting it just to say, oh yeah, this is a show of my wealth and whatnot, especially with the straps as well. But even with the virus, was the virus just for tulips only? So it weren't like. Yeah, yeah, you couldn't catch, get sick of your tulips. And now you see, back then, the virus didn't really affect the tulips as much, but now the striped tulips, they're much shorter, they're much weaker than they were. So Mosaic virus, you know, tulips back in the day were better. Shifting this a little bit more towards your career. Oh yeah. I think a lot of the things that we're doing here is trying to teach like the personalities and you know, the psychology, not just the practical skills. And being a comedian, it's a lot about making light of difficult scenarios and you know, lows. And I'd love to know some advice and things that you share to people who maybe have had bad experiences, struggles, potentially financially. How do you make light of those tough times? Well, there's a rule in comedy which goes around which is particularly if you're a comedian, right? And you're up there and it's just you and the audience hates you. That happens occasionally. Not to me anymore, thank goodness, but it's particularly when you're starting out and you're not sure what's going on and you're distracted and you're trying to remember a thing and something happens. It's, you can get audiences just there going what are you doing with your life? And that could, that can hurt quite a lot but it's important that you learn from that and it's important that you learn where you went wrong. Some people even record and listen back so they can really hear other doubts where I lost it because I stumbled that line and I did a call back to something I didn't say, you know, all of these basic things that, you know, because you're in a panic because you're up there, you don't know. So I think it's very important that you go back and learn from your mistakes and rationally. You don't beat yourself up about it, you just learn from it but also there's this rule in comedy which is you do not do that past midnight the same night of the gig. You have a cut-off rule because it isn't you, it is just something, you can't let that obsess in your brain, you can't let your failures define you, you can't let that revisit you. So you just have a rule saying I can be as upset as I want about this, I can weep about it if I need to, like say you just lost a lot of money but oh no, I just lost a lot of money, I'm so stupid, blah blah blah, you're only allowed to do that up until a certain cut-off time and anything beyond that it's a waste of time, it's happened. Just get, you know, literally get over it but just stop beating yourself up about it because going back to the same problem and ruminating is really negative and that's going to really affect your performance in the future. So I think you can definitely state, you know, keep that as a trade and also know that particularly, you know, retail traders and day traders and it's a really hard, tough thing that you're trying to do is not easy and to accept that failure's going to be part of that I think it's really healthy and you are worth more than your financial worth as a human being you're worth something so if you lose everything you're still a valuable person that people will love I think that's really important But I'm moving forward that, you know, not the past but now the future now you know, obviously the rise of AI you know, obviously you're on stage you're making videos but you know, there's things and applications that can be made where I'm pretty sure we've seen deep fakes Oh yeah So people can even take what you've said out of context and try to even counsel you so what do you think about that going forward then how that affects you and your career Well, I mean, for me and my career it means anybody can rip my voice off and say that I said anything but I don't really I don't mind if I don't actually if somebody makes an AI of me saying something awful but I didn't say it I don't feel too bad because I didn't say it because you can't control what other people think of you full stop and also I think there's a I did a show for BBC Worldwide about AI and deep fakes and stuff and you really can't tell sometimes so I think it's a case of you know, if I'm reading the news or something and something just seems really off about something if the thing's coming up on my social media feed and it just seems that can't be right I definitely do question it and I go in further before responding before sharing just take that little bit of time because you could start you know John Blunk would do so well here he'd be able to say South Sea Oh, we've we found this magical treasure island it's incredible oh get in now you know make sure you sell and I think a lot of people you know how easy is it to get influencers just to you know you know send a message out on social media I mean look at GME GameStop when when um you know Musk tweeted GameStop though it skyrocketed it absolutely skyrocketed and that is entirely down and people caught out when they've stopped you know being able to buy more shares they're completely caught out and they suffered the drop so you've got to be savvy don't really have your strategy stick to your strategy and don't let outside influencers panic you into making a mistake that goes against your core principles I think would be my main thing with AI and stuff that's a brilliant take away I mean you're seeing it more and more I think even the Martin Lewis money saving experts had deep fakes of him giving out financial advice and what you said there about you know if it seems a little bit off take a pause especially in this financial world the industry especially what we're talking about in every single show people are really there to take advantage you whenever money's involved there are going to be bad players in the game so taking that pause if it doesn't feel right really step away and have a think about it have your coffee from the mug that we got earlier is it going and then come back and make a rational decision or ask for help and for advice from people that you do trust because there should be at least one right there should be and you know and also like for me as somebody who just does you know I do good old Warren Buffett index funds oh yeah and that's something I'm very very you know I'm very I felt that good old Warren Buffett index I felt that that's what he recommends he might not do it himself professionally but it's what he recommends he says these are the way that you know ride the storm you know just if you know say you know the S&P 500 does crash tomorrow I know what I'm doing which is I'm just sitting in it I'm losing all the money and then hopefully it'll come back again because it usually does and I think if I start making decisions I don't understand that is where the danger lies any financial decision but don't understand it I don't do it I think that is an absolutely brilliant sentence to end on so I want to say thank you for myself thank you again no worries it's been a pleasure yeah you made me laugh that was the one challenge you gave you at the start wasn't it tell me the story and make me laugh I know you know sorry for like prodding you with a stick that's that's fine no thank you so much for joining us thank you and I hope everyone enjoyed Poku Episode 4 done and dusted another insane show we learnt so much but specifically from Richard what did you get? from Richard I learnt a lot you know from his five golden rules I learnt a lot about his risk management strategies and it just helps when I see someone successful how they put into practice and the fact that you know he finds it boring it should be a complete system to get yourself to wealth so having that reassured to me it really helped I think it's a good thing it really helped I learnt a lot moving on though you know from Izzy what did you learn from the stories and the comedic laugh of it I got from it me what didn't I learn from Izzy firstly I learned that someone can make you laugh which is huge but do you know what it's just so fascinating to see how far back this stuff goes because I'm quite new to trading I know that you've got experience but to see their history it goes back all the way that we were talking about stories from the 1600s the 1700s it's just fascinating to know that these systems repeat themselves again and again and there are so many practices that you can take from history so that might be you know a good place to start if you're an inexperienced trader take a look at the history you know understand that a little bit and that will help you looking forward to the future although we always do say historic returns are not a guarantee of future results but either way there's definitely something to learn but yeah an incredible show and then we've got another episode next week don't we 100% and that starts off with our bright man who's a mystery guest who will definitely be finding out from a mystery country then get John Fury you know the father of Tyson Fury and also Tommy Fury so he's going to talk to us about raising a winning mentality within his family which will be very very useful for sure and he's going to help me on my upper hurt yeah yeah that's going to be a great one anyways we'll see you in two weeks where it's time to trade thoughts with Tyson Fury