 What's up guys in this podcast we talked about the New York meetup how trading is going and what we're looking forward to in the coming Months ahead so stick around listen up because you're not gonna want to miss this one Let's go on guys. We're back with another episode of the after hours podcast Today's just Harry and I so we're gonna be catching up just been a little while since it was just the two of us Yeah So I kind of want to start this off by talking about the meetup that we had so we just had a small MIC meetup in New York We also did one in London Which was cool. So it was like the same day So like the London group and the New York group were kind of like chit-chat and then like kind of having a little healthy Competition back and forth about who was drinking and all that so that was a lot of fun And I just want to say thank you for everyone that came it was such a good time I think it's really cool that we were all able to meet up like that and like, you know The beauty of MIC is that we talk every day like same with like like Harry and I we talk every day All of us and it's like so we've all become such close friends, but we always forget that it's on the internet So it's like it's hard sometimes because we don't see each other like that frequently so any chance you get to meet up like that like that was like the That was like one of the big meanings of MIC being started was traders being like a family and like being able to meet and Network and it was just really cool to see the people that I interact with daily like in person So it was a lot of fun and I you know, I know MIC is gonna try to do them a lot going forward and It was awesome Harry and I have still yet to meet actually in person. We talked more than I talked to Harry more I talked to most of my friends and it's like it's just bizarre, but It came out to fucking Utah, bro I know it always I always have bad luck with the annuals because it's always around the time where it's like Something always happens like I got knock on wood for this coming here because it's like it's always something bro So hopefully this year we'll all get together and now with COVID kind of like done, you know Be nice said traveling will be easier Maybe I'll come up to Canada even though I just saw those like pictures of people still getting denied from coming like to the US by not being backs or whatever Yeah, but we'll see we'll see I'm fucking back so I can always come down to the US just busy time for me right now November December shit like that Oh, dude, I know end of year stuff sucks, but Whatever man, it's nice and like I said, it's like it's really cool to have a community and for anyone who's watching who's not Part of M. I see it's definitely something that makes trading Way better is that knowing that you have other people that you're going through it with and like especially in the market right now Where small caps are tough? I mean just Having people to vent about it too and like talk with is a huge help So, you know, I mean in speaking of small caps in general, you know, Harry How is your how's your trading lately been going in small caps? Pretty non-existent to be honest I think for me right now during this time like I'm not like switching away from strategies, but like I kind of am You know just because like if there's nothing too long like in order really to like successfully long and small caps There's kind of two things you can do number one is like you kind of like know the agenda through the filings or like whatever like that another way that you can kind of go around it is You know, there's a lot of volume on a ticker. It's kind of a trappy name You know, you can kind of start reading the price action and kind of trade based on that But in order to do that second thing you really need volume in the tickers and you need a lot of it Yep, and for me there hasn't really been that much volume. So I mean I had a conversation a really good conversation probably like I Guess it was like last Friday with Alex where I was like bro like This shit is non-existent. We're in such a slow market. Like what the fuck do I do? Like have you ever like been there and Alex was just like, yeah, bro It's normal. Just take a week off if you need to take, you know, you know, do whatever Actually, he suggested that go on fucking vacation, but I talked to my girlfriend I was like, yeah, like can we go down to like a ruble right now? Like do you think we could do that and she's like, baby, I'm in my midterms for my master He's fucking midterms And so I don't want to go like without my girl. So like I just was like We'll just chill around here, you know, it was actually good last night some like doctor's appointments and shit like that this week So good Yeah, it's just been pretty slow like pretty non-existent I've still been talking to a lot of people though Like even as I haven't really been as active trading like in the past like a week or so, you know You still get a lot of DMs from members like asking like kind of what to do what not to do So you still have that kind of community aspect, which is nice because there's been a lot of people Yeah, you know talking to me saying like hey, Harry like bro Like there isn't really much too long and I'm like, yeah, man I know, you know, but it's nice like like you said Just to be able to kind of like communicate and stuff like that So I've been talking to a couple of my other friends who have been kind of like swing trading Who have been kind of trading like mid caps and large caps, you know, just not necessarily saying I'm switching from a small cap long to a mid cap or this long It's just saying like okay like what other strategies can I learn during this slow period? How can I get better during this slow period? How can I kind of just you know put another tool in my toolbox, you know Right now I may have a wrench and a hammer But maybe I need a screwdriver and a fucking measuring tape in order to be able to successfully fucking go to work every day, right? And so that's what I've been kind of looking at, you know when the small caps are kind of like start getting a bit better again and Austin had a couple really good webinars about this on just like things to look for like day twos, you know Finally holding up again. When's the last time we saw a day to stock hold up again on the next day? When's the last time we saw that like like never like in so long like you can't even remember that so those are you know It's when that you know day to gap up first bounce long was like super super and play all the time in covid Right now. We never see that play anymore. So it's just for me. I'm just kind of taking it easy I'm I'm not putting too much pressure on myself. I'm not Amping that expectation up. I'm just kind of chilling Sitting back talking to some of my other friends who are just like I do have friends that are still trading right now So it's nice to kind of go back talk to them and say, hey, like, what are you looking at for this? What are you looking at for that? You know, maybe start looking at some other ideas For me, it's all very interesting to me So I love learning from other people who are successful in other aspects of trading and just you know, you know Just learning and kind of like seeing it rub off on you. It's pretty fucking cool It is cool. So what are what are what have you been fucking doing with training, bro? man, it's been What is today one day Wednesday in October? What 25th or something like that? Did I have in like place the trade? in like Over a week now and it seems like every week that I do trade It's like one trade right and life for so for like my style and what I've been fortunate that Lately the one trade that pops up generally will be a good one But it's not it's not like it's making up for all the mistime kind of thing You know, and it's like right now the problem is just like you said there's no range And like so what I do for shorting is like I like to take a little bit bigger piece of a move And it's just there's no there's nothing there even if a stock is gapping up 30 or 40 percent It's almost like the the meat of the move is very small like if a stock gaps from like one to two But really like the support level is like 150 and it's just bounce around 70 Like there's just not enough like range to get a good like risk-reward trade. So for me, that's fine I'm just sitting here waiting. I would much rather not burn mental capital And and not burn physical capital, you know, I think a lot of people what I'm noticing, you know In MIC people post their charts to them I'm noticing a lot of people like burning mental capital and like I say I'm in capital capital because it's like They're just still trying to do things that work during the hot market Especially like like like we're talking with like longs right now is like I feel like a lot of longs are like trying for these D WAP traps when like there's just nothing there. There's like there's almost no one to trap anymore on either side You know, it's like shorts, you know, and then the same thing with shorts It's like shorts, you know, just Shorting like the smallest pop when the the bottom's in and we're not that far and it's just like guys It's like at the end of the day like this really isn't that great of a market to be trying that stuff So I'll just sit on my hands like same thing I'm doing a lot of just answering members and like I feel like Answering DMs and talking to people and making videos keeps us like it's almost like we're in the off-season right now Like as athletes, right? It's like we're in the off-season. So like we're just practicing staying on top of things Keeping ourselves keeping like the the hinges loose and all that stuff so that way when the market does change and it will But when it does we'll be kind of ready to go and not just exhausted. I think I think I lag blew up a Large portion of traders and I think a lot of people might be taking some time off right now That stock ran from 5 to 12 the other day and a lot of people just literally blew up their accounts So I think there's just a lack of volume all over I think the overall market is kind of at a point too where there's just not that many people participating in small caps So all we can do is just sit around and wait For anyone who's new though that these are good times for you because you're able to watch market action as slow as it is and You know at least still learn price action a little bit. You're able to watch videos You know people have recorded screens over over the time where you can go back and watch theirs Like don't waste days when it's slow like take advantage of these days and like because they once the market gets hot You're not gonna want to like put in the extra time like you're not gonna have the time and busy So while it's like this, that's when you guys really need to take advantage and like actually, you know Put in that extra extra level of work and and go from there But you know, don't just keep trying random bullshit right now Like especially that you need to sit there and realize like am I gambling right now? Am I trying to do something that doesn't work or is this an actual setup and most of time? It's probably not an actual setup. So Yeah, it's tough right now man. Anyone who says it's not is lying in my opinion Yeah And I also think that like probably like the biggest growth from us like because we kind of like came up in MIC like together is definitely Not like going hard every day like we're pretty content right now to kind of sit back Whereas I think a lot of people are still in that Covid mindset are still in other mindsets Whereas like I feel like from us like we're so content right now to just sit back chill You know, it's like how can I make a recap video when there's nothing fucking? Yeah, you know like it's really like Kind of time right now where it's just okay. I'm gonna sit back chill. I'm not gonna go too hard. I'm not going to Burn all that mental capital so that when the good markets come back when I'm feeling a little bit better You know, we're gonna go balls to the wall and I think your last good trade was like arm-ed. Yeah. Oh, yeah Wow, yeah one that was like Kind of like ATM gap. Yeah, you should type set up. Yeah, it's like pretty good one for you Yeah, I saw that and I was like fuck if these boys don't know this like I don't know what the fucking look for That's like one trade in the last like, you know, yeah, that's 11 days ago or something like that You know, so it's like yeah, you know ventured on new things look at whatever If you don't want to learn anything new don't burn yourself out like we were talking about this chart last night It was a long chart Not gonna say the member by name But you know the guy was chasing every single green candle selling the box chasing every single green candle selling the bottom like That type of trading may have worked in a hot market And you can tell that this trader was like reviewing charts when it was in a hot market like, you know Like he saw that rep. He's like all this should keep going But the problem is is that in these market conditions that won't work like if you're along and you're not buying support then you know, you're gonna be in trouble like And it's same thing if you're shorting weakness, right? If you're shorting those support levels hoping for offering hoping for a breakdown You might have you might get a bit more lucky to be honest if you're short seller in this market, but yeah Just chasing all around is like not good habits. So when you're chasing in these types of markets In my opinion, it just builds bad habits because once you get to a hot market You're chasing everything. You're not gonna know what the fuck to trade You're not gonna know what to do. You're gonna be all over the place. Your mental capital is gonna be burned out You're not gonna even like be prepared or ready or know how to attack or what to do or this or that And so that's why in my opinion, I think really it's just a good idea to not chase sit on your hands wait Don't go too crazy and just really kind of You know, just take that type of mindset. That's why in like the discipline workshop like I'm so much more like proud and like really happy for the people that like post the discipline win With no trades because I think if you're able to teach yourself that now You will be in such good shape by the time the market heats up It's like I always relate like trading back to like golf or something, right? It's like so in golf like when you practice like that's the habits that you build during practice Are what matter during the matches? So like, you know when you're teaching yourself good Good grips good stance good posture like everything in your swing that translates in your game And I feel like right now for all traders were in that practice mode where we're just we're building good habits So by the time the actual matches come along will be in much better shape. I just think I also you know It's just it's tough right now guys and I hate seeing people get disappointed It's like it's like this is the reality of this career though You know for anyone who's starting now I understand the frustration But like reality is we just came off of like 2019 2020 and 2021 where like three really good trading years, right? So like technically you made enough in those three years that could last you for five years for most people So it's I were even more so like, you know, we know people for example here And I know people who made tens to hundreds of millions of dollars and and now you know And that was just in a couple years and now what one slow six months three months You're like crying about it just doesn't make sense You know that that's just it guys and and the and to be honest, it's everyone you want to talk about large cap traders small And there's there's just not that many setups for all traders right now So it's just it is what it is, you know I just I have a friend whose brother-in-law is in a hedge fund and we're just chatting the other day and you know He's so slow right now and this guy this guy has a like a hundred million dollar book like he trades like you know He's a big trader he's slow as hell and he's slightly down on the year And it's like this is a guy who's made tens of millions of dollars and he's slightly down the year and it's okay It's like it's okay to do that. It's just never okay to like blow capital, you know And and some a piece of advice actually got Recently from someone we're just chatting He was talking to another trader actually and I just I really like the idea like if you're someone like who uses like a risk Like number like if you're someone who risks like 1% of their account, right? So that means on a day-in-day out basis you're risking 1% so if you have $50,000 account, you're risking $500 A lot of guys right now what they're doing is they're cutting their account Mentally in half so that the way they're only risking their half risk usually so that way they're still able to trade even though They're not sub they're not optimal setups I don't think that's a bad idea for people who can't literally control themselves or people who still have setups that they're just not working You know I for me. I'd rather just sit around and wait I don't mind getting caught up, but it's always a good little tip and I actually thought it was not a bad idea Yeah Yeah, no, I think so too and I mean For me, it's like if the market stays like this and small caps day like this for you then I'm gonna venture out in other things, you know, yeah my own but Fucking tiring right now. I'm gonna venture out into other things. I will just go to trading mid caps. I will go back to trading large caps to spy the cues and that's what I'll do because You know if we're gonna be stuck here in this type of slow market environment, you know I'll just go do something else, you know, and it Like if you had have talked to me like maybe like two years ago and told me that we were in it in this type of time You would probably hear me say, oh, I'm not gonna leave small caps and not gonna leave small caps I'm not gonna leave but you know, it's not like I'm necessarily leaving. It's just I am looking at other things I'm keeping an eye on other things. I'm keeping an eye on other setups I'm you know, just I I think it's cool to have like eyes everywhere You know where if your market's low, okay? Well, let's take a look at some, you know mid large caps Let's see what have like, you know on some higher kind of liquidity names. Let's kind of check it out, you know Yeah, let's see if we can kind of get some ideas going right if there's no ideas going there You know, there is always going to be stocks moving just it may not be your market And right now it doesn't seem to be our market although with Bitcoin starting to kind of creep up rally again Maybe that could bring some speculation back. Maybe so it can bring some go back But you know, the reality is is that if we are headed to a recession if we are headed to a depression If we are headed to some fucking hard times, you know The only thing that is gonna really be kind of bouncing around will be those kind of Large cap names because people don't have money to put into small caps and if that is the case, that's fine but You know, you shouldn't freak out about it You just need to kind of go with the flow and trading and I'm done kind of burning my mental capital I'm happy to be here all the time, but I'm not going to be You know stressing out myself to make 10 to 20 cents, you know The range on the stocks is 10 to 20 cents and then after zombie hour We go up another five cents after the you know at you know After hours we're going up 20. It's just like I I don't want to be here all day Watching myself get chopped up for 10 cents watching myself get chopped up for 20 cents You know, and then I see people kind of chasing these big green candles or chasing these little rips And it's like bro, you can't be doing that that that in a range bound market like you it's called It's like Bows channel trading, you know, dude, dude, dude, dude, dude, like that's kind of what it is, right? That's the type of situation we're in You know, love it or hate it. This is where we are. Yeah Yeah Yep, it is what it is and I think no matter what, you know We at the end of it things will change and it's just like it's funny It's like, you know how we get that black swan like I lag and it wiped out a lot of guys I think this market's gonna wipe out a lot of guys do because people just can't stop Oversizing can't stop trying to make up for lost money that they have and like the end of the day But it is what it is But you know, I mean we'll keep kind of recapping small caps every every week when we do the podcast and Hopefully, you know, you guys will see the progression, you know You'll see as we start like dipping our toes kind of back into trading more and more and and we'll go from there But not to change it up. But what do you think about the large cap market right now? You think you're going up and think you're going down. What do you think? Um, I think right now It's very much a coin toss Although the thing is what the what the large cap market does not have going for it is that We have Apple earnings coming out tomorrow Yeah, Apple has significantly slowed production down Apple currently is the most index stock Yep, the fucking, you know in the whole market every index has Apple and So we've already heard that they've cut production Production costs have gone up Some of like the euro is, you know, completely bad. So you're sales are, you know, not the greatest And I guess like they get some things from Europe. I don't really know I was reading about it just briefly But, you know, that was not really the best, I guess You know, they're It's just cost more money to make iPhones people have less money. The price is going up It seems to me there isn't really that much of a demand for this iPhone It seems to me like when I talked to everyone like you even talked about Yeah, literally buys the latest phone. Yeah comes out Like literally, you know that guy I swear to God every year. He's like You know on Instagram story or whatever like and in right now like I was like, you know We were just talking and I was like, yo, so you're gonna get that new iPhone or what and he's like No, like I just don't see the urgency to go out and buy a new phone right now, right? So when you someone like that, I know now go out and buy the new iPhone I'm like fuck production sales are slow on bro And it's funny that it's like good app that companies like Apple because like Apple is my favorite stock in the in large caps But it's funny. It's like and like what Alex you say like until I walk outside and don't see people staring at an iPhone Like I'll always kind of love that company and like, you know the other day I went into the Apple store I was buying an Apple watch and like It's just crazy how busy that fucking store is though like how always busy it is dude There's always line So it's like Apple's done a good job of creating like a commodity that is like necessary like the iPhone Unfortunately nowadays is necessary 90% of my clients use Apple pay now when they're paying no poop And it's just like everything's so simple and it's like, you know long-term sure I think we're I think everyone knows where we're headed and as far as like a We're in a recession. I hate that anyone will even kind of think we're not I think I think we're all kind of Blind to it because I think in nicer areas like why live in Boston, you know, you go to New York Everything's so busy. So like the like the upper middle class or like the anyone in the wealthier percentage of people are doing just fine They're still spending money But I think there's that lower to middle class that are hurting And I think that we're deep in it now And I think that as far as like the actual market goes like I think Apple's gonna probably I'm guessing Apple's gonna miss earnings And it's gonna be a little shitty and if the market holds I think we're gonna fucking rally until at least the midterms And I think that they're gonna keep things kind of rallying until to try to get if they need votes in They need people on better spirits to go vote because if everything keeps tanking dude, there's gonna be a huge change Come midterms and and that's just not it's not what the the White House wants right now. So we also have GDP numbers coming out On it will tomorrow as well. Yeah, so we have Apple earnings We have GDP and if you remember the real fucking textbook definition of a recession is one negative consecutive quarter of Yeah, it's so if we have another negative GDP quarter Like plus an administration to be honest from what I've seen That does not really care about the market at all, you know, they may want it to rally in the midterms But from what I have seen like how much can we fucking rally to save these people like I don't know man True man. It's just I feel like we're losing the inflation battle Like I feel like I feel like what everything they're doing like they crush the economy and they crush the stock market and somehow inflation printed higher and it's like that's not good right and like we're very lucky like that the dollar Right now has been like strong here I think that's the only reason that inflation isn't so bad in America Because like when you go outside of America inflation is fucking 30 to 80 percent, you know And it's because the dollars just that's how it works and it's like so we'll see man It's gonna be interesting. I mean, I think no matter what I still feel like cash for most people's probably the best position You could be in You know, because we just don't we don't know You know most people that most like guys I have a few clients that are analysts and stuff and like JP Morgan and those companies and And they say like they feel like we're gonna rally into for a couple months And he'll people really wake up and see like we're in a deep recession once it starts creeping into the middle class more Then it will fucking happen, but it's just man. It's tough. It's this is where we're at So whatever we'll keep we'll keep kind of documenting this as we go You know next week, hopefully we'll have some news based on on everything coming out like the next couple days So so we'll recap it then. Yeah, exactly. And I mean, there's a lot of There's a lot of kind of Market news like it's very volatile right now Yeah, that's case scenario would be Bitcoin rip to fucking 30 K everything rip Worst case scenario that earnings come out Numbers come out and we dial back down to the lows and We pick ourselves up again in the next bear market bounce and that's about it But I mean, yeah, you know, it's just we're just in a situation right now where You have the bottom 1% Who are but I think now even what from what I've seen is that Then like for I don't know where to like how much does it cost for a block of cheese where you live? Like, do you know do you buy cheese do grocery shop that much man did doing in general groceries have gone up like 10 X here Like like you $10 here for one block of cheese. Yeah, it's it's like that's for everything dude here Like if you go buy like I Stand by the Chipotle economics that it's cheaper to buy Chipotle every night for dinner Then it is the fucking grocery shop right now, which is psychotic to say but dude I go to the grocery store CMG baby that's that is Chipotle economics because it is it's at the point where like if I go buy an individual meal at A grocery store, I'm gonna pay like $20 for like nothing good, dude It's just like, you know a little bit of chicken a little bit of some like fruits and veggies shit dude, fuck it like it's just it's gotten to that point for most people and it's like I stand by the economics where I'm fat right now, so I need to eat healthy So I'd rather spend $20 more so I don't fucking blow up like frosty the snowman for Christmas But it is it is it is rough right now. Hairy economics right there the hair genomics did it to everybody though It's like I talked to friends all the time dude people are people are struggling to save and it's just where we've gone We've hit that point where it's like well people won't have the extra money to gamble Yeah, I want to say gamble, but that's really what it is. They don't want to gamble at small caps They don't want to do anything people are it said it is we're entering a depressing state, but yeah I don't know we will figure out not the markets nothing's gonna change until we get news Nothing's gonna get better until we get a major news like whether it's the war in Ukraine ending or coming to result like a resolve Fucking shit's never gonna come through a result of resolution bro I don't think so. We were talking in my opinion do not want peace. They do not want peace man That dude is literally just taking money. I'm sure they could come up with some type of negotiation right now with Russia They're just taking money left right and center. They're milking the cow for all it's fucking worth and you know I think we're in a situation where if we wanted to achieve peace in Ukraine It could happen, but it starts with the Ukrainians also saying okay. I want to achieve peace, which they don't You know so yeah, I understand the whole situation. I get it But you know for all of us who are kind of living out here You know, it's good for us to see some sort of peace resolution. I think you know That's the best. That's the best case scenario What I think is to go to the negotiating table and have a serious fucking talk about peace instead of Escalating escalating escalating. Let's work on some de-escalation. Let's work on You know being diplomatic about this Not hurting insults anymore. Let's talk about you know some real peace talks instead of you know nuclear talks and yeah instead of war talks escalation every day, you know right now in my opinion I think Ukraine has the most power over Russia the entire world is backing Ukraine So it's up to Ukraine to say okay. I want peace You know, let's start some talks because Russia has already said that they Would do some peace talks and Ukraine it's not habit at all, right? so it is both sides and you know, I'm not saying the Russians did an amazing fucking job because like what they did was bad But it's time to get some fucking peace talks going. It's time to war and it'd be good for the entire world You know, yeah, because the market nothing's gonna change until we get a noose something that's either either it's either it's Inflation printing really low like a lot lower than what it is or the war ending Or something like that like we're just nothing's gonna change. So it's not gonna happen. Yeah, everything right now And that's kind of I think that a lot of people starting to realize that so, you know It's gonna be very interesting heading into November and seeing how people vote and all that stuff. So Whatever, I know I know we've been doing this for a while. It's probably a good time to wrap it up But you know like as usual anything you guys want to hear please message us DM us I know some people were asking for some talks about like lifestyle and we can always do that give us some ideas And we will be back next week. Yeah, my lifestyle is not too much right now Yeah, the computer chilling go out for the occasional Dom Perignon wake up over and do it all over again the next fucking morning It's not a bad lifestyle man, but thank you guys appreciate it as always. All right. See you guys