Well, I just wanted to give my closing thoughts, as the jitters from #TISummit wash away. According to the blog post, here, by @timothysykes , we had “nearly 800 people attending our Trader & Investor Summit (see #TISummit posts on social media) from over 25 countries, [thus making this conference] our biggest and best yet.” This is quite incredible considering last year we had roughly 300-400 people. So, we almost doubled in size. Last year was my first year speaking at the conference and I was a nervous wreck. This year, considering we doubled, it was even more nerve racking. Also, before I went up on stage, somehow that morning I had managed to bruise the top of my foot and could not walk very well. I tried to get Tim’s Uncle (Rick Sykes) to push me around in a wheel chair for the hilarity of it but we decided not to disturb the peace. If you see me standing with my foot up on stage, you now know why. (Thanks For Taking So Many Pics!)
First off, I would like to thank everyone who came out to hear all the speakers talk as well as those who joined us via live stream. Apologies for the technical troubles but thanks for letting me know so we could fix the problem. Secondly, thank you Timmy G, Timmy S, Timmy B, Michael G, Da Bulls, Superman aka Paul S, and Martin Tillerfor for coming out and sharing your craft with everyone. Lastly, thank you, Profit.ly staff, for helping and showing up (if I forget names, I’m sorry.) Thanks to Rob, Zack, Ryan, The Sykes Family, Flower Beard, and the overlord Mike and the man behind the curtain. I know I’m missing a few names, but my memory only extends so far for first-time encounters. Regardless, you all made the process seamless and dinner was a blast!
In my perspective, the most amazing thing about the conference was how very energized and eager everyone was to learn and participate. You could taste it in the air. You would not usually see that kind of enthusiasm or willingness to learn. I wish I could sum up the energy in the room in an eloquent one-liner, but it is indescribable. I wish more things in life would be like this for humans because that vibe is really what it takes to drive people to the next level. You could say that maybe I was feeling the enthusiasm of One Thousand Gamblers licking their chops to attack the market, but I tend to view it as a thirst for knowledge.
This year my conference presentation focused on knowing the probabilities of the trades you take. When I first got asked to speak at the conference, I was very hesitant to present such a topic because I’ve always worried about bursting common concepts of the market. Not that I know much more than anyone else, but when you have a new trader or even a veteran trader of 10 years and you take them from technical to quantitative analysis, you never know what the repercussions will be. Fortunately for me, people embraced it and did not turn it down.
So here are 5 lessons I took away from this year’s conference:
1.KNOWING YOUR EDGE IS KEY.
I spoke to a lot of traders who were experiencing the freeze in trading and all of the associated excuses and reasoning behind their actions or lack thereof. They asked for advice on this common trading phenomenon and the only thing I could say is, “KNOW YOUR EDGE.” Knowing your edge in different markets is key to a trader’s success. The ability to do the same thing over and over again with an expected probable outcome with a managed risk will help eliminate 90% of the fear or freeze in you. I know it may sound odd at first but if you really think about how you approach any market whether it is penny stocks, futures, options, currencies, or commodities, it is important to know your edge. If I walked up to you and asked how you profit from this market, you should be able to define this with clear terms. Even the best traders are robotic in nature.
2. I LOVE TEACHING.
For me it is one thing to teach my students via Triforce Trading Webinars or Daily Watch List Videos or Daily Algo Reports, and a whole other thing to meet them and hear them talk about their experiences in trading. I got to meet some of my students at the conference, which was awesome, but I really did not have enough time to take them out anywhere, which saddens me. I really wanted to do a group lunch or something but didn’t have the chance. For me, the craziest thing of all is that teaching is a mutually beneficial relationship because while it allows me to teach someone what I know, it also helps me refine what I know. Hearing my students talk about their trading struggle, triumphs, and knowledge base not only made me feel good but also helped me see what I needed to work on. It was great to meet them face to face. On the other hand, I got to speak and talk with many students who are new to the game as well. I loved watching them have certain “aha” moments or even question what they had previously known. The best thing that any new trader can learn to do is absorb information, but also mold into them and question it.
3. ORLANDO IS MUCH BETTER THAN VEGAS.
Even though I’m the mastermind who pushed for Orlando this year, I think Tim doing it in Orlando made him realize that it was also a much better venue for teaching. In Vegas, people would generally come to gamble or do whatever instead of really focusing on the conference. Not to mention Vegas reeks of cigarettes and broken dreams. This year, people could go to Walt Disney World or Islands of Adventure at night and then come back refreshed and ready to learn. The atmosphere was just different, and in terms of trading live for the guest speakers, the Time Zone was definitely a benefit.
4. HOW YOU DEFINE THINGS MATTER.
Another great thing about the conference was that a lot of traders seem to have an underlying fear of the “Bear Markets or Bull Markets (ending or continuing)” or they felt the economy would come crumbling down any second. However, as I pointed out on stage, how you define these things is much more important than listening to the media. For example, how do you define a bull market? How do you define a stop loss? What research will you do to determine these factors? Is it repeatable in nature? Remember, in trading, there are always bull and bear markets, but often times people refer to bull or bear markets, in the cycle of stocks. For example, “the stock market is down 50% we must be in a bear market!” “However, at the same time, the Wheat Market was making all-time highs!” Again, defining your trading strategy or mindset is very important in trading and in life. The definition is what gives color to your world.
5. PICKS AND ALERTS ARE IRRELEVANT.
What I liked the most about this conference is that people did not come up to me with the mentality of just wanting hot picks. They wanted to know how to do it. What are the routines or processes? This is fantastic because the culture that surrounds the alert industry is based on people paying someone for their picks/alerts (which skirts a legal line). However, we have pushed away from that crowd and this crop of traders this year really wanted to learn. Since the inception of me being on profit.ly, I never believed in alert services (after being burned myself), nor do I rarely give them for my own services. I can offer three reasons why I feel this way: first, what I am trading and doing it for me. If someone follows me into the trade, it’s really not their trade, it’s my trade. This can lead to unnecessary and harmful outcomes for the person following. Secondly, alerts teach people absolutely nothing. They really are more harmful than they are helpful. What is more helpful is to show my students every night, the process in which I’m thinking about a trade and why I am taking a trade and the probabilities of the trade, then giving people alerts. Lastly, no matter what you want to believe, alert services are sketchy because you never really know if that person is taking the trade or not. So, it is best just to let everyone do and trade on their own. But teach them aspects of a trade setup that can help them narrow down their focus.
Thank you, everyone, for coming out to the conference. It was amazing!
I released a new DVD at the conference for those who want more trading education. Click here for details.