In today's market, what do you think is the key traits that a Trader needs in order to succeed? Everybody can hit a buy button or a short button. It's what you do once you get into the trade. Follow the rules, Discipline and consistency are the name of the game. Uh, is there any sort of indicators or strategies that you recommend new traders to start with and learn about? Absolutely.

So in retail trading, there's a saying that oh, if you place your stops too obviously then the market makers will take you out and then bless you all and buy at Sh Priz. Okay ladies and gentlemen, if I teach you one thing in this interview is all right, We're here on Wall Street today and guess where we're going? That's right. the New York Stock Exchange and we're actually visiting our old friend Peter Tuckman, the Einstein of Wall Street All right everyone, we're here with a man a Trader who needs no introduction. Yeah, the Ein Wall Street Einstein on Wall Street Let's go.

what's up? Nice to see you again. Nice to see you again after one year. Yes, Yeah, so would you say This year will be a good year for a lot of traders who are interested in the market to get started. You know what? I think there's always is a good time to get started right? if I sit around and I try and analyze Am I Too late to the party Am I Too early to the party.

When is a good time to invest? There's never a bad time. you need to get started right away as soon as possible. You need need to do your homework right? You need. Look, there's no such thing as a bad Market There's a bad entry into the market and I'm a firm believer that using risk management technical analysis will give you the the extra added value you need the edge to get into a stock the right way.

I Can't predict whether the markets are going to go up or down. Yeah, nobody can. Nobody can it is. It's going to go up.

It's going to go down. However, it's if we sit around and wait for the perfect Waters right for the waters to be calm. We're going to be wasting a a lot of time. So doing your homework the best defense against a rug pole is basically educating yourself about technical analysis, risk management, using stop orders, using the tools that the market gives you and just jumping on in it.

We don't. When we as a Trader and or an investor, you never throw your eggs in one basket so you diversify. and secondly, you don't buy everything all at once, right? So we have dollar cost averaging. You start buying small bits in the indexes, the S&P 500 uh or and or a particular stock, you start buying small.

You can average into a long-term investment that way and that's how you do it. So don't wait around. don't waste time, get in it. Whether it's one share, 10 shares you can now fractally invest in bigger companies right? So don't wait.

Start today. So okay, introduce you to our L yeah we got we made a for So we actually knowing that we're here to visit you today, right? we collected a lot of questions from our viewers on social media. We're going do a rapid fire okay how much money do you need to start trading? So normally you need about $225,000 to become a day trader so that you get outside of the pattern day trading rules. but you can start with $1,000 you can trade options.

So and now there's actually a new thing which I'm not sure what it's called but there a way of getting involved trading Futures where there are people who I don't remember the name of it, company's called Alpha Inc or something where you can actually they will finance you to start trading the market. So if you do your homework, you don't need a lot of money. You can start trading options with small bits of money. or you can start with 25,000 cash.

I See, and what about someone who's has a full-time job right now that they can only trade part-time What do you reckon make recommend them to do so? Look, there's an investing and there's trading. Everyone should be looking at their investing in their future. On the long term, you can have a full-time job and still invest in stocks and companies and stories that you like as a Trader if you have a full-time job. First of all, you can trade options.

which means you're buying or shorting stocks down a week down, a month, down a quarter, and or you can swing trade. What is a swing trade when a stock is really far, far away from its moving averages and you've had multiple days up or multiple days down and you're using whatever indicators? whether it's Fibonacci or any of these these these wonderful uh instruments that the market offers you, you can be in a trade that's a 3 4 day trade, so it's a lot harder if you have a day job. but it's not impossible. that's true, Yeah, cuz I I Started trading parttime too and then eventually transitioned to fulltime.

but that took me like two three years. I Would never, ever recommend anyone to leave their day job to become a Trader until you've done the homework. It takes three to six months minimum to become a real day trader, right? You've got to learn the game. If I wanted to become a pilot I wouldn't go to the airport, grab the keys, hop on the plane, and start flying hoping it's going to work out I would have you know I'd have 3 months of reading the books I'd have uh, 3 months of of trial of flying with a teacher with a pilot before I ever get in the plane Same thing with trading.

What happened with this democratization of the trading Community happened during coid. Everybody with an iPhone and $100 can trade, but they didn't tell them that. there are rules, discipline, consistency to become successful at this. The same the same things that make people unsuccessful.

All those things the opposite make them successful and we can go over that also. Uh, is there any sort of indicators or strategies that you recommend new traders to start with and learn about? Absolutely. So at Wall Street Global Trading Academy which is the academy that I started with. my partner David Green who is a was a market maker on the floor in the 80s and he's been trading the market privately with his students for many years and he started an academy together with me.

We use look there are millions of different people with million different indicators. Some people if you look at their chart s they look like air traffic control on 911 and I don't recommend that. but what do we use? We use the RSI relative strength indicators. okay, relative strength uh meaning overbought in oversold conditions.

We use Uh the exponential moving averages the 15, the 30, the 65, and the 200. These show support and resistance in stocks and then we use what's called pivot Points think or Swim which is one of the uh uh platforms. people used to trade have a thing called pivot Points You don't need to know what it is, it's basically It's a a a mathematical formula that also represents support and resistance. And if you put these things in your charts and if you reach out to me I'm happy to show you how to do it.

We have people who will privately help you set up your charts. Those for us. Why do we use these indicators we use Fibonacci We use yesterday's high, yesterday's low. There's lots of different things we use, but EMA exponential moving Aage average RSI and pivot Points are the most important ones to us.

Why do we use them Cuz they work. Do you? What's your opinion on AI Trading or Algo trading? You believe it. It's a hard question to answer. So algorithmic trading is meant there.

It's not AI trading SO Algorithmic trading is one thing. So basically on the floor of the exchange and I believe on number of different trading platforms, you have what's called algorithmic trading. Basically, it's said it and forget it. You can put in certain parameters whether it's volume, whether it's time, whether it's passive aggressive, whatever it may be.

There are private algorithms and there are public algorithms that Traders can use if I need to execute 100,000 shares over two hours I put it in an algorithm which is T-w time weighted average price If I want to buy it in relative to volume I use a Vwap that's volume weighted average price. So there are thousands of different algorithms that will help help me determine my entry point into a stock from a day trading or an investment point of view that have certain parameters. time, volume Fibonacci highs lows for me I Love the human element in trading so I Wish we would get rid of all the technology and have human beings back again. But look in this day in this world where we live, you can't be really go up against and fight the technology can You've got to adopt it to a certain extent.

So we in my world we use human Trading and we use algorithmic trading. You can find a nice breed between the two. Okay, so for retail Traders What some of the biggest roadblocks is emotions, right? The mental game in trading. Do you see that on the floor of the New York Stock Exchange For with the Floor Traders You know what? Not really? So I see it a lot if you go back to the original Wall Street movie with Martin Sheen and Michael Douglas right? The story about Ivan Bosi he says uh, never get emotional about money Gordon First lesson in business.

Don't get emotional about stock. Clouds of judgment, right? And trading using emotion is a m biggest mistake. First of all, you can't get emotional about trading and or about money. And also the psychology of day trading is key.

Everybody can hit a buy button or a short button. It's what you do once you get into the trade. How you exit the trade, getting the most out of your winners and losing the least out of your losers. That's super important.

Trading should have no emotion involved in it whatsoever. Follow the rules, Discipline and consistency are the name of game. Do you think it's easier to manage risk and trade without emotions when you're trading other people's money. Maybe that's why retail fail because we're trading our own money? Exactly.

And yeah, well. look. look. I Don't trade my own money.

I Up until recently, I've never been involved in the stock market for myself. So I trade other people's money. and as far as other people's money, the customers and myself okay, have a conversation about how we want to get into the stock and how we want to get out of the stock, what certain parameters they want to use. Once again, I Do not let emotions cross into my decision making when I'm dealing with a customer.

I've built a couple strategies which we use to trade for hedge funds and if I let them I I'm very strict about that. You need to follow the rules. If look, letting emotions trickle in to your trading strategy can do you no good whatsoever. It is absolutely nothing but harm.

So follow the rules. Discipline and consistency is the name of the game and never get emotional in the trading world. What's your opinion on? Smart Money Concept: I Have no idea what smart money concept is he believes in Lamborghinis I Believe in Lamborghinis Question Okay, how do you avoid stop loss hunting. Stop Loss hunting.

Do you know what that is? So in retail trading there's a saying that oh, if you place your stops too obviously then the market makers will take you out and then flush you out and buy at cheaper price. Okay ladies and gentlemen, if I teach you one thing in this interview is I've been dealing with market makers for 137 years I Went to high school with George Washington and Alexander Hamilton I've known market makers for my whole trading career and market makers don't give a about what the retail Traders are doing. Not that you're any better than them or any less than them, but they are way too busy trading billions of dollars for their customer for their account to worry about a retail. Trader When you're an unsuccessful Trader you you must find someone to blame for losing money.

and so who do they blame? They blame the market makers I Beg of you. The market makers don't give a hoot about what you're doing about your stop orders about anything. Stop ORD should be placed 1% up or down around the last sale of the stock you're getting into. Don't look.

Market makers Do Not watch the stop orders drag the stock down, take you out on your stop, and let the thing run up. It's absolutely Insanity So ladies and gentlemen, if you're making money, you don't look to blame somebody for your blame making your money. And you don't look for somebody to blame losing money. So do your homework, have a stop order on every order that you're in.

and don't worry about what the market maker is doing. he doesn't give a about you excuse my language. So for you when you're trading, do you wait for one perfect setup or do you kind of go out there and find Angel and set set us on the goal I know you I know you? Um Anyway, I went we went to high school together. Oh wow, just so you know what I do here on the floor is I trade for hedge funds and for Prop Shops And so I trade here using different strategies, not technical analysis.

Okay, but what I teach and what David Green teaches in Wall Street Global Trading Academy is that you do not cherry pick what stock you get in every stock that sets up Tech Technically we use price action and technical analysis to determine entry point. On the long and the short side we get into every you cannot sit there and cherry pick which ones you want to get in. you get in every trade that sets up some you're going to make money, some you're going to lose money. But if you follow our rules at Wall Street Global Trading Academy and you follow the rules of having a stop order on every trade you're in, you will never blow up your trading account.

You will never lose a lot of money. You'll make money. It's a probability game. and if you're in every trade that sets up, you're going to and you follow the rules of stop orders and consistency.

You'll make more money and you get get the most out of your winners and lose the least out of your losers. You will make more money than you lose. Net net. You'll be a winner at the end of the day, the week, the month.

How do you make the process of trading enjoyable? Trading is a matter of either making money or losing money. If I'm losing a lot of money, net net, it's not particularly fun. I Don't care much money you have, but if I'm losing money, I'm not having fun. look I My best suggestion to people is whether you're trading.

Whether you're in marketing, digital or whatnot, Whatever you're doing, find something you love to do and you'll never work a day in your life. Find something you love to do and you'll have joy every single day. If you're in the market and you're making money as a function of having studied the market and learning, getting the memo learning The Playbook And you're making your money and your success. UC Ful You will find joy in it.

Do you ever get burnt out from Trading Ever ever Cuz you've been on the on the floor for how? how many years? 137 years? Yeah, so do you ever get burnt out over the last 137 years? You know what to be? Perfectly honest? You know. Yeah, I mean I to be honest? Yes, probably. Um, you know I'm actually I I I'm a bit of a workaholic and so I I come here no matter rain or shine or or Joy or sadness or grief or whatever. you know what? net net Yes, I probably.

Do you know? Do I get to points where the trading is not successful and I'm losing money and that burns me out? Probably. but you know at the end of the day I'm able to find so much joy. Look, the stock exchange is filled with people who I've known for many years. These people are my friends.

We've grown up together. Yeah, like 10 people passed by just now. Who are your friends correct? And so you know. Look if I was sitting in a cubicle and I was just looking at a computer I don't know if I'd ever find much joy doing that, but the floor of the Stock Exchange What? I identifies this place so different than any other work environment Is these people.

We know each other were in the pits. We're making money together or losing money. There's a lot of emotion involved in that situation and so I look I Just recently lost my wife after 35 years and I came back I took one day off and I came back to work the next day because these are the people I have grown up with. These are the people I've spent as much time as I did with my wife with so I find.

Look for me, the interaction ction between one human being and another is really where I find Joy Whether it's sadness or or or or or happiness, it's a matter of that communication, right? So um, that's all I can say about that I'm sorry to. it's okay. it's okay. thank you.

That's why I come to work every day. so I can do this fun things with you guys right at the end of the day. apprciate. It's okay.

it's my look. it's what I do. This is where I find fulfillment and look this. there's success we gauge success by.

Usually by money. money is not that freaking important. Where do we find real happiness and joy is is in fulfillment, right? If I can help somebody out there to find something they love to do or make some money or educate them, then that that means I can go home tonight. Sit, put my head on the pillow and know that I accomplished something really good worthwhile today.

I Made you guys happy. It's good. I'm good. Yeah.

and I can tell that you're doing what you love here as well every single day. Absolutely yeah. Okay, next. so in today's market, obviously the market is changing every single day.

every single year in today's market. What do you think is the key traits that a Trader needs in order to succeed? Humility: The Humble Trader is the only Trader Who's going to succeed in this market If you're trading with a lot of ego and you're a knowit all and you think that you know it more than anybody else out there and that you got this and that it's easy and you're never going to lose and all that, it's all. Bs You will I guarantee you may make a bunch of money at the beginning of the day or the week or the month. but at the end of the day you're going to blow up your trading account.

So you've got to take the ego out of trading. You've got to take the emotion out of trading. You've got to inject humility into it that you are always a student of the market. I'm a student of life.

I'm a student of the market. There you can. You've taught me a lot of things I need to learn every single day. Look at the situation, re-evaluate it.

The way we traded 10 years ago is different than we did five years ago is different than we did a year ago. The way I approach the market, human beings, the algorithms, technology. what's going on in the world is different every single day. So when I come in I I take the ego out of the trading I inject some humility and I see what can I do today to make me a better Trader than I was yesterday.

The Humble: Trader Everyone can be humble Traders There you go Yeah ladies and gentlemen, everybody around the World loves to ask me questions about how much money I make and what do you have to do to become a Trader and all those things. What's so much more important is: how did I get here? What is my journey? What is my story and if you're really interested in that and I've been around as I said for a long time, it's a really great story. Stay tuned. You get to learn a whole lot more about the Einstein and Wall Street me and the humble Trader chatting later tonight.

Be there all right if you guys are ready for some Pro tips from obviously the Einstein Wall Street Remember to smash the like button and you get to learn more.