7thLetter

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About 7thLetter

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  1. @Leo Gura Any updates?
  2. No one said they're going to to time the market, but being a good trader is about understanding crowd psychology and your own psychology. You can develop your skills to win at best 70-80% of trades. Something I truly believe in is that no one has a valid opinion about something or someone unless they experience it or that person for themselves. Unless you are someone who has studied the markets and traded for years then maybe you have a valid opinion, if not then we got no business here. That is the same opinion Leo has, maybe you got that idea from him, but he mentioned he hasn't traded the markets so that opinion is invalid. He said he just watched his Dad day trade and probably formed an opinion about it that way. I don't know you, I haven't experienced who you are, so any opinions I have about you are invalid.
  3. @GeoLura Honestly this stuff is pretty new to me as well. I'm just starting to get into learning more about this stuff and taking it more seriously this year. Definitely, we pretty much have the same issue here in Vancouver Canada. I can't even find a house in my area for under $300K. An average house goes for around or over $1M. Condos are going for around $500K+. Which sucks because I want to buy a place and maybe rent out the rooms to make some extra $$$. But with prices like those I'd probably require a lot more for a down payment. Although from a couple sources I've looked at, they mention that the next recession might not be like 2008. So we might not even see a HUGE crash in the housing market but I'm not sure if that's true, maybe a bit of a decline, but I guess we'll have to wait and see. Lol I'm definitely more of a TA person as well, and gold and silver doesn't look too bad at the moment. Although I'm not too sure how well precious metals perform during a recession. Looking at the Gold/USD chart right now, in 2008 gold had a 33% drop so I'm not too sure about that. I've got a bit of silver and gold by my bed at the moment but probably not going to add onto that collection any time soon. Personally I'm just saving up my cash and holding off on any investments until after the possible bear market or recession. 2019 or 2020, who knows, but I'm not going to make a stupid decision again and lose my money like what happened with BTC lol. But it is a good idea to grow your money elsewhere like in an online business, and flipping various items like what I'm starting to do
  4. @GeoLura 100%. They don’t really care about other people making money but themselves. Couple reasons I’ve looked into which may cause a recession, and which I agree with are: - Rising interest rates - 2020 Presidential Election - $1.5 Trillion+ in Student loan debt in the US alone. (Pretty sure it is at an all time high) - US-China Tradewars And based on looking at previous market cycles, these market-cycles happen every 6-8 or even 10 years. Currently the economy has been in an upward growth for 9 years now. Also, I think Europe has already entered a recession, so its about time for the rest of the world. Based on my analysis on the SP500 it hasn’t officially broken the uptrend yet. But we probably will see a bear market pretty soon if it does break. Also if you compare this correction with what happened in 2008, it looks pretty similiar. In 2008 the SP500 reached an all time high, then it dipped 20% and bounced back up like what is happening at the moment.
  5. @GeoLura Yup same. When I considered myself to be "involved" in the cryptocurrency community, I was easily influenced by the optimism of other people. "BTC TO $25K!" "NEO TO $1K THIS YEAR!" "STRATIS TO THE MOON!" "BITCONNECTTTTTTT!" I really did not see the crash coming because I was too ignorant, all I did was listen to other people. It was like being involved in a pyramid scheme. A very unhealthy and manipulative orange environment. Now I try not to rely on others or gurus for analysis and I do my own. One thing I've been looking into a lot these days is a possible recession. Go on Youtube and there's "Expert Analyst on CNBC Predicts Recession not here yet until 2025!" or "Recession just around the corner says 50-year Professional Market Analyst!" Shit like that. I just ignore it and form my own opinions. Especially in real life outside of the markets, its good to distance yourself from other people who may have a negative influence on your life. Growing up I had a lot of good but toxic friends, and I think that lead to a lot of the wrong decisions that I made in my past. So now I honestly cut off a lot of them and just do my own thing without any external influences that might bring me down
  6. @CreamCat There’s so much you can learn on Youtube. One common practice I notice on Youtube with real estate investors is that at first they live frugally for x amount of time to save up enough capital to get a mortgage loan, put a down payment on, and buy a house. Usually valued in the $200k-$300k range, with some extra rooms that you can rent out. So you yourself can live there, and at the same time you can get some roomates to pay you each month, which will help you pay off the loan. And then you can scale up and repeat that same process. Buy another home and rent it out. You can flip items which is what I do sometimes. Last Black Friday I made a small $105 profit. This is my first time flipping on black friday. Next year I’m doing the same but with more purchases. I looked at some of the popular “Top Deals” for each store, but made sure it was something I actually like and know a bit about. Compare it to other prices, make sure its a good deal, and buy it. I held it until a couple days before Christmas and they sold out pretty quick. Sold it on Craigslist or letgo. You can also flip them on eBay. If you were wondering, $50 profit on a new PS4, $25 on Beats headphones, $30 on an iPod Touch. And then of course you can do this with phones, cars, houses, etc. Stock investing, just be disciplined enough to put away a certain percentage of your income so that you can invest it. But of course its important to learn how to invest and what to invest in, etc. Personally I’m waiting on a recession or crash in 2019-2020 before I jump in. Short-term trading Forex/Options/Stocks, just learn and do it. Learn technical analysis and just practice everyday. Not a lot to say about this. Babypips.com and Youtube is good for learning. Start an Amazon FBA business, buy from China and sell on Amazon. Learn it on Youtube
  7. Something I wanted to add for personal reference: - Live below your means. This is something that I’m sure is common among many successful people. They tend to be the ones with no lives, sacrificing instant gratification for delayed gratification. They’re indoors learning all day, saving up a huge chunk of their money and putting it into their investments.
  8. @GeoLura Yeah I admit it, I sounded like a complete idiot in the last post, now it seems like you’re assuming that I don’t know anything about trading. Just to put it into context, it was a rushed post while I was on my lunch break at work because I wanted Leo to reply quickly but he ended up not doing so. Plus I’m not trying to impress anyone so I don’t care about sounding “smart.” And that’s also me being Mr. Keyboard warrior. Not a lot of thought went into it. I’m definitely not a professional, but definitely not a complete newbie. Although I guess I still would call myself a beginner even though I’ve been studying this stuff for around 2 years now. Got introduced to Forex in 2016 because there’s a Forex-related MLM company, pretty funny. Wasn’t interested in the MLM but was into the idea of trading. Studied the theory of technical analysis for a year on babypips.com, but haven’t applied any of it. 2017 came, found out about Cryptocurrencies and that’s when my ego was out the roof. Literally was up $4k on NEO/Antshares and I thought I was the shit. Got super greedy, lost everything in December. 2018 is the year I actually take trading seriously. Opened a live account, but currently back to practicing on a demo account. And in my opinion I think a 2% stop loss is way too high. 1% is good enough. My trading style is based on this video:
  9. Hey Merry Christmas all, hope all is well. Don't know why I'm writing this but I feel that I need to in order to express myself. Smoked a bit of marijuana so you know its straight from the heart. Just wanted to apologize to everyone here if I ever made you feel uncomfortable with my arrogant attitude. But I certainly don't know if I make or made anyone feel uncomfortable, that's just my assumption. Maybe no one even remembers who I am or any of my posts, who knows. And also, I don't mean to encourage anyone to do the same and leave the community as well, just by writing this. I understand that its ideal to keep the members in their place (Lesson learned from my penalty on the forums in 2017.) Anyways, I'm still young, I just turned 23 over a week ago. I discovered Leo's channel back in 2014 when I was 18 or 19, and listened to his content with the intent of developing myself to achieve more success in my life. Also back then I bumped into a close high school friend in the gym who I haven't spoke to for a while after we graduated, and we caught up. Crazy coincidence, I found out that he listens to Leo as well. We then motivated each other to do the work and we also took the life purpose course. I was always consistent with implementing the work into my life and watching the weekly videos because I loved it. Loved all the content even though he started to up the content from topics on success to more spiritual, psychological, and philosophical topics. I still implemented the work, and it wasn't about the money anymore. I shared my insights with my friend, but over the years I started to feel that I was either outgrowing him too quickly, or he just wasn't doing the work. I started to become more aware of people who actually get me, and who are like-minded. So I slowly distanced myself from him, and at the same time cutting off other old friends who don't share the same goals as me. Long story short, I feel I've grown a bit over the years. I feel that I might've even reached Yellow on the SD model. Then its almost 5 years later and I've come to the realization that Self-actualization isn't about bringing you more externally, but its more about bringing more internally. I've known that awhile ago, probably obvious to everyone, but just saying and mentioning it here. I took this path, I naturally let go of a lot externally such as my social life, and I reduced so much of what I was doing in the past by at least 30-40%. My levels of independence have grown tremendously. So what I'm trying to say is, I'm still young, trying to escape the 9-5 and horrible living conditions by putting most of my focus on my success as an entrepreneur. And once I've reached a comfortable financial state, I'd 100% go back to focusing on developing my being. But at this point in time, I'm going to say that I feel like this work seems like a bit of a distraction for me. This is just what my intuition is telling me, so I'm going with it. I definitely understand the benefits of self-actualization might set my inner development way back by doing so, but this is a sacrifice I'm willing to take. Maybe I'm backsliding and experiencing ego backlash, but I'm going with it anyway. I feel that I need to build a stronger foundation in Stage Orange because it seems to me to be one of the most foundational stages on the model. I'm already at a comfortable point in my inner development, that I need to also work on my external. There's no way in hell I'm staying stuck as a wage slave for the rest of my life. So I'm taking a break until I've reached a better financial situation. But of course I'm still going to do meditation and some of the other practices. So I guess pretty much what I'm doing is just focusing less on the philosophical and spiritual ideas, and more on building a stronger foundation for understanding money, business, etc. Thanks for reading
  10. @Chase Ellfeldt So if you disciplined yourself enough to develop a passion for unicorns and built a business around it, you would be able to sustain it for 5-10 years?
  11. @Leo Gura Yeah I had a feeling that your opinion is based on what your Dad was doing. One of your episodes I listen to the most is the “Money Psychology” episode. And like you mentioned, any bad investments are deeply psychological. For someone to lose big in the markets means they don’t use proper risk management, and they haven’t developed the technical skills. That’s all it boils down to really. Not saying professionals never lose out, but at best you can develop your skills to win 60-80% of trades. I don’t trade the stock market so I can’t really say much about it, I trade Forex, which is even bigger than the stock market, which means its less likely to be manipulated. The way I think about is, its not a 1v1 with you against the hedge funds like you say, its a free-for-all vs everyone. It’s not like they know that Johnny over here placed a $2 trade and they will manipulate the market against Johnny’s favor to take his $2. Thousands of trades are taking place and they can’t move the market against everyone, that would be impossible. People have different opinions on whether the market is bullish or bearish. And the market will move up or down regardless, with or without you. So that’s when you as a trader can jump in and ride the waves. Plus trading doesn’t have to mean daytrading, it can mean buying one day then selling a week later. For example, placing a buy on Bitcoin when it was $1000, and selling at $1100 counts as a swing trade. It would go to $1100 with or without you, congrats you made $100.
  12. @Leo Gura If you don't approach it strategically then in that case it can become dangerous. It's no different from flipping items or houses. Flippers don't really offer value as well, but if they continuously learn and come at it with a strategic approach then they can make quite a bit of money. Lot of respect for you Leo, but have you actually done any of this yourself to have a valid opinion?
  13. @purerogue To add onto that, I think a lot of our emotions are based on our own perceptions. Someone with barely any money would be upset and/or angry that they lost 5 grand. Someone who is rich and loses 5 grand says “whatever” with no attachments. So a lot of it is psychological, most of our emotions come about on a sub-conscious level. When I say thoughts create emotion, it doesn’t have to mean our conscious thoughts, but also our sub-conscious. Self-actualization and spirituality teaches you how to control your emotions. So “negative” emotions aren’t the norm and happen to everyone. Let’s say we take the self-actualized person put him in the same exact negative situation as a non-self-actualized person. Maybe, death of their family in a car crash. Self-actualized person would be slightly upset, based on his level of development, but wouldn’t be as bothered as the non self-actualized. The non self-actualized would probably have a mental breakdown and kill himself.
  14. @kieranperez Okay fine if you don’t care what I think then I’ll let you know what I think. My whole point is that it seems like you’re denying the fact that emotions are created by thoughts because that’s hard to accept. “So my own thoughts create my own depression? Nope that’s false I better deny it.” If you don’t care then don’t get triggered at this. Leo has a video on depression, if you don’t want to hear it from me then hear it from him. Its an old 2015-2016 vid. He mentions its the person’s psychology that creates the depression.
  15. @kieranperez Of course direct experience is the best teacher, but at the same time ego, false beliefs, and all that exists. Ask a catholic who blessed him with his money and health? “Jesus my lord and savior of course, he was in my direct experience.” Ask a psychologically dysfunctional guy with money and relationship issues, how to get money and girls? “Oh people get rich by scamming people and being greedy. Girls? Girls are only attracted to looks and money.” Where did you get those beliefs? “Direct experience.”