St Patricks Day Sale!

(The following is the written transcript to the interview podcast. If you want to listen to the actual podcast, click here.)

---

 
00:01 Matthew Monaco: Explore exactly what it takes to become a successful day trader and the power of consistency from the minds of the trading’s elite. This is the Beyond the PDT podcast. Here are your hosts, Bryce Tuohey and Matthew Monaco.

 

[music]

 

00:21 Matthew Monaco: Welcome back everyone. This is the Beyond the PDT Podcast, and I’m one of your hosts, Matthew Monaco. In this episode, we interview Max, who’s better known as Madaz on Twitter and his website Madaz Money. Max hardly needs an introduction because he’s very active on Twitter and has a ton of great content on his YouTube channel and website for free.

 

00:44 Matthew Monaco: We had him on because he is one of the most consistent traders we have seen on Twitter, and also has one of the most unique trading styles that he developed himself, and he goes over this all in the episode. One thing you’ll notice a lot throughout the episode, is Max is a heavy advocate for journaling. He says it all the time throughout the episode, and he believes it’s the key to his consistency and also what led him to his No-Blow-Up Challenge, where he ended up sizing down and became more consistent than he already was, trading his unique scalping style.

 

01:15 Matthew Monaco: Now, if you wanna know more about Max once this episode is over, make sure you check out his website Madaz Money. If you’re watching this on YouTube, we included a link in the description below and there’s also one in our show notes, that is madazmoney.com. He’s got a ton of great content on there, and also runs his own chat room. Be sure to stick around throughout the entire episode because at the end, Max really hones in on how to become consistent and also how he grew his account beyond the PDT. So, let’s dive right into this episode.

 

01:45 Bryce Tuohey: Max, thank you so much for agreeing to come on with us today. It’s awesome. We’re really excited to have you on here.

 

01:51 Max (Madaz): Yeah, for sure, man. I know Bryce has been itching for me to get on for a while. I’ve been holding it off. I’ve been traveling the world man, so finally got back, give you guys a chance to get this going, and pretty excited man, looking forward to it.

 

02:03 Bryce Tuohey: Thank you.

 

02:04 Matthew Monaco: No, well, I mean, I was just curious where in the world you went?

 

02:08 Max (Madaz): I went to Rome, I went to Florence, I went to Pisa. I’m a big time history buff, so I just had to see all those historical monuments for myself. It’s so trippy. Rome’s actually a really small city. If you actually… Like I got an Airbnb in the middle of Rome, everything’s within like two kilometers, all the landmarks. So, you can actually do everything in a couple of days really, if you kinda speed through it. But I stayed there for like two weeks so I had plenty of time to see everything and just chill and grab a slice of pizza and then, of course, trade.

 

02:44 Bryce Tuohey: Nothing wrong with that.

 

[chuckle]

 

02:46 Bryce Tuohey: It’s kinda like you said, you had plenty of time to trade and everything, and explore.

 

02:49 Max (Madaz): Yeah, absolutely.

 

02:51 Matthew Monaco: Alright, word man. So yeah, could you just tell us a little bit about yourself? How did you discover trading? How did you just get in the industry, in general?

 

03:00 Max (Madaz): Yeah, so I actually started off graduating as an Engineer. Engineering degree, four year degree. I went to college like everyone else, the conventional route like they say, right? What your parents always tell you to do, go to college, get a degree, get a nine to five in a good field. And engineering’s a good field, it pays pretty well. But unfortunately, I graduated during this time called the recession, and that was a big hindrance in my employment opportunities. And a lot of moments where things looked pretty bleak and job prospects were pretty slim. As matter of fact, six months after graduating with my engineering degree, I was still stocking shelves working a minimum wage job at a pure electronics store.

 

03:40 Max (Madaz): So, I’ve talked about this before, it was probably the most humbling experience of my life, just being there, thinking that you’re on top of the world or ready to be on top of the world, with a college degree and in a good field, and all of a sudden, you’re pushed into a situation where you’re stocking shelves, making minimum wage and just really, really humbled. So that really gave me a really, really real perspective on how life can be really difficult and not really what you expect. But moving forward finally six months after the fact, I finally did land a job. It wasn’t an ideal job, it didn’t pay much, but beggars can’t be choosers at that point because nobody was really hiring. But I did end up getting a job, and I ended up meeting my co-worker, who happened to show up with a very, very nice car. I knew how much he was making. And there was no way in hell that he was making it from that job. And I was kind of wondering, “Is this guy doing something shady here, or what’s going on?”

 

04:37 Max (Madaz): So I go ahead and asked him and he told me that he actually went all in on BP stock when they had the oil spill. I don’t know if you guys remember that oil spill that BP had in 2000, I think it was 2011 or something. 2010, 2011, BP had a big time oil spill. They made a movie about it, called Deep Water Horizon. You guys should check it out, it’s pretty good movie. But they had a pretty big time oil spill, the stock tanked. My friend apparently went all in on it, he made 70-80 grand or something like that over a summer. And he ended up buying a Lotus Elise with it and he showed up to work with it. And that’s what kinda got me intrigued ’cause I’m here making… At that time, it was like 18 bucks an hour, I’m like, “Man, I wanna drive a nice car. I wanna live that life that I thought I would be living, or at least in that direction, moving towards that direction of living.”

 

05:26 Max (Madaz): So I got into trading and he actually told me to open up an E-Trade account. I put six grand in it, that’s all I had at the time. We woke up every morning, we Skyped every morning, try to figure out what was going on. We started trading Chinese stocks. Chinese stocks were hot during that time. We were talking stocks like Dang, Chinese e-commerce stock, Baidu. Stocks like that, nothing too crazy. But soon enough, I found out that he didn’t know anything about trading. And how did I know that? He told me to refresh the delayed quotes page. And that was pretty funny when I figured out that that’s not how you look at the quotes. I found out about live quotes about a month in, and I was like, “Oh, there’s actually live quotes.” We shouldn’t be refreshing the 15-minute delay quotes page.

 

06:15 Max (Madaz): At that point, this guy who I was hoping that would be my mentor, so to speak, then I quickly realized he didn’t really know what he was doing. He just got dumb lucky in that BP trade. So I was pretty much all on my own, and reading up on forums, get up on good old Google, right, searched for get-rich-quick schemes, penny stocks, and all that stuff. That’s a similar story to what a lot of people have, right? They start doing that, and then they start losing money and either that or they get lucky, some beginner’s luck here and there. But more or less, it took me like at least a good six months to a year to really understand what the heck was going on. There’s just so much more to it. Learning about… First of all, obviously learning about live quotes, learning about level 2, learning about charting, just learning about the intricacies of trading. It’s just so, so complicated. And it’s really difficult to learn on your own, you know what I mean?

 

07:07 Max (Madaz): Once I finally got a general idea of how things work, obviously on top of that, you’ve gotta develop a strategy. You gotta develop the mindset for it, the psychology for it, so many different layers. And again, it took me at least six months just to get the gist of it and then a year to really say that, “okay, at least I somewhat understand what’s going on here.” So that was eight years ago, so now I’ve been trading now for eight years. Hopefully, gonna go for another 80 years.

 

07:37 Matthew Monaco: Awesome man, I love that. During this time like eight years ago, in general, you have a very unique style, right? Yet, you’re very… You’re a scalper, basically. Were you scalping back… After that first 6 to 12 months, where you were trying to figure things out?

 

07:51 Max (Madaz): I was… Like most people, I was just experimenting with a lot of different strategies. I did a lot of buy and hold, because that’s what the other guys knew, and I just copied what they were doing, ’cause I didn’t know any better. And then once I got to the penny stock kind of stuff, and actually what really got me into scalping was the IPOs. I started scalping IPOs. And I remember this one stock, it was actually RENN, which is still a stock, R-E-N-N. I went all in with what I had at that time, and it was like 15 grand, or something, or 20 grand, or whatever on that IPO.

 

08:24 Max (Madaz): And it actually opened at 20 and just tanked completely. And I ended up losing a pretty sizeable amount of that money. But I was basically scalping IPOs for a while to some success. So, I generally gravitated towards scalping just because my personality just suits it. I’m a fairly impatient person and rather than try to fit a square into a circle, I’d rather just find that strategy that suits me who I am. “So I’m a very impatient person,” like I said. And I’m the kind of person that just likes to be in and out quickly. I just get too anxious if I’m holding something for too long.

 

09:01 Max (Madaz): I’m just always paranoid that something bad might happen. So that’s what gravitated me toward scalping. And when it comes to that type of strategy, it requires you to be really quick, and that’s something that I have some background in. I played the piano since I was five, forced to take piano lessons since I was five. I used to play hardcore video games for the longest time. I still do play hardcore video games, things like that. I felt like I had the skill set for it. It suited my personality, so I just naturally just picked that up, that strategy, and yeah, to this day, I still do it.

 

09:35 Matthew Monaco: During this time, I imagine there wasn’t just a lot of resources out there for scalping at all. So how did you go about developing your own strategy and the style of scalping like you do?

 

09:46 Max (Madaz): Yeah, so that’s the crazy thing about how I picked up trading as a whole, in general. I pretty much went from scratch in all aspects, aside from just reading about the basics, there’s obviously things that you can look up in Google here and there, and look up on an ESOP, or whatever, but when it comes to the actual strategy and the execution, I pretty much had to just figure it out for myself, fend for myself. I basically got tossed to the wolves, so to speak. So literally everyone that asks me this question like, “How did you pick up scalping?”

 

10:19 Max (Madaz): Honestly, I can’t pinpoint exactly how I did it. It is just more or less, I just stared at the level 2. I stared at the tape. I stared at all those charts. And one day, I just had that… That epiphany moment, and I just got it. There’s always those kind of light bulb moments that we always experience in life. And for me, I’ve had several of those in the past. Like you ever had that experience where you stare at something long enough, and then somehow it just like you just see everything, you just see the patterns, it just starts becoming really clear and obvious.

 

10:53 Max (Madaz): It must be how Thomas Edison felt like when he invented the light bulb. To me, that’s basically how it was for me with trading. I just stared at it long enough, enough screen time. I think about over a year, I figured out bits and pieces here and there. Maybe it took me like six months or so to figure out charting and chart patterns. It took me another six months or a year total to really understand the basics and the fundamentals of level 2, and how things work there, and the tape, and the time in sales. So I mean honestly, it’s really tough for me to pinpoint exactly how I did it. Again, it’s just practice makes perfect, man. So it’s all it really was.

 

11:31 Bryce Tuohey: And so now, over the course of time since you did have that aha moment to where you are now, What’ve you done to kind of refine it, and make it into what it is today?

 

11:39 Max (Madaz): Trial and error, man. It’s a… When it comes to trading, a lot of trial and error. It’s a… We all admit that it’s a fairly intuitive process. The game’s always changing, the game’s alway evolving. We’re dealing with algorithms that are getting smarter. So no matter how refined your strategy is, there’s always gonna be room for improvement.

 

11:58 Max (Madaz): So over time, you’re gonna notice these little things here and there that you gotta tweak. When it comes to my strategy, things like sizing parameters, things like knowing when to really push the envelope so to speak, when to lay off the gas pedal, when to walk away, things like that. Just really understand when do you actually see that you have an edge, and how to take advantage of that edge, how to optimize it, how to maximize the return from it. And at the same time, identifying when you don’t have an edge, and how you mitigate the impact of any possible losses or even better, just knowing to just completely, outright skip those moments where you know you don’t have a high chance of winning. So, when it comes to refining my strategy, it’s a lot of data. I’ve been journaling my trades now for five years. So, I have five years worth of data logs, journal entries, and this is something I’m a big proponent of.

 

12:57 Max (Madaz): So, any traders out there that don’t journal or keep a log of some kind, I highly recommend it ’cause it just shows you how you’re trading and you can look back on it and you can see all these patterns in your trading that you probably otherwise would not notice if you’re not writing them down.

 

13:15 Max (Madaz): Once I started logging my days and stuff like that, it’s amazing, man. And you look back at it, you have all these statistics and you can see, “Oh, maybe I do a lot better in the first hour and I do a lot worse in the afternoon.” And these are things that you can support with your metrics and your data in your journals… Journal entries, and it’s so critical, it’s so critical.

 

13:39 Max (Madaz): And without that, there’s no way I would know, “Hey, at this time, I know my edge is gone, I should walk away.” Hey, at this time, this is where I have an opportunity to really capitalize and size up. If there’s enough liquidity, if there’s enough range, volatility… There’s enough high quality A plus setups. No, there’s no way for you to really understand that without really having some sort of metrics or some sort of statistics to really back that up. So again, journaling, highly recommended. Anyone who out there is not doing it, should really get started.

 

14:11 Matthew Monaco: So, for those people who are a little bit newer to this and are only taking maybe a couple trades a week or every other week or so… Would you recommend them tracking data for other setups that they see but aren’t trading or would you just recommend them sticking to tracking stuff they’re actually buying?

 

14:25 Max (Madaz): That’s a good question. Honestly, when you’re starting off, you should work on mastering one thing first. I don’t believe in spreading yourself too thin because if you do that, you end up being a jack of all trades, but a master of none. Now that said, you should still be open-minded to seeing how other setups work and if it’s not too much of a distraction… Yeah, by all means, you should track as much as you can. So, you have a better wholistic approach to trading. You have a bigger picture of what’s going on.

 

14:57 Max (Madaz): But that said, if you’re feeling like you’re getting kind of lost, so it’s very situational, depends on the person. It depends on how much you can handle. If you’re feeling you’re getting kind of lost, you’re getting kinda stuck, you’re not able to really see any progress that you feel like you should be getting, then you should probably focus on that one setup. And maybe in the end, you track that one setup and you realize, “Hey this is not my style, it’s not my thing, maybe it’s not something I wanna pursue.” Then you just move on to something else. Nothing wrong with that, but I think it really depends on the person. If you feel like you can take on more on your plate, by all means. But if I were to just have to just give this advice to any typical person, then I would say focus on one thing, just get good at that first, and then move on to the next.

 

15:47 Matthew Monaco: Is that how you started just with one setup and how were you able to do this? ‘Cause you said you were working a full-time job. So were you… You’re on the West Coast, were you doing these before market hours or you were kind of sneaking them in while you were working?

 

[chuckle]

 

16:01 Max (Madaz): You’re trying to get me in trouble, man. I hope my former boss is not listening.

 

16:07 Matthew Monaco: [chuckle] I’m not trying to throw you under the bus.

 

[laughter]

 

16:10 Matthew Monaco: Just curious though, because a lot of listeners they start out with a full-time job, so I’m just trying to find… How were you able to balance this?

 

16:17 Max (Madaz): Yeah, no. Absolutely. And again, your show is called “Beyond the PDT.” I was definitely stuck with PDT. So, I got the works here to tell you the story. So, basically, yes. Well, beyond the West Coast is a big advantage for this. Now, I can complain about how much it sucks ’cause I got to get up at 5:00-6:00 AM. But at the time, it was a huge advantage just getting up and obviously the sheer drive and the sheer will just to wanna learn how to trade.

 

16:45 Max (Madaz): Obviously, yeah, I’m gonna get up at 5:00-6:00 AM, put in my work in the morning and then around 8 o’clock drive to work, and then of course, sneak any trades on the job, if I can. And by the way, if you must do it on the job, buy one of those anti-glare things, put it on your screen. I swear you could stand next to somebody with that, you cannot see anything on that screen. But again, disclaimer, I’m not… I don’t want anyone to get fired. But that… That’s kind of what I did. But yes, I definitely took advantage of being on the West Coast. Traded in the morning, went to work, picked as many trades as I could on the job, and obviously, I was on my boss’s good side, to make sure that… They weren’t always micro-managing me, but that helped as well.

 

17:35 Max (Madaz): But overall. Yeah, it was basically a lot of trial and error… Man. I’d started off, like I said… I started off with maybe you could even say it was like investing or swing trading or whatever you wanna call it, and then progressively, over time, just gravitated toward scalping. But, yeah, it was a long process, man. It was not always smooth sailing, it was a lot of bumpy roads. Definitely, overtime it’s very rewarding once you realize, man… You put in all this work, you jump through all these hoops and you finally made it.

 

18:08 Max (Madaz): So, man, it feels good, man. It feels good, man. When I look back on it, it’s just so, so trippy to really think about all these things I went through, man. Waking up at five. I also went to grad school, mind you. I went to grad school. I took classes from 7:00 to 10 o’clock at night, so my days were like 5:00 AM to 11:00 at night, and then repeat and rinse, and this was like three years. So yeah man, it was just sheer, just determination and just willpower to really just learn this. No matter what obstacles were in the way, be it work, be it having to study for a final exam or whatever. I still did my best, put in the work, blood, sweat, and tears, made it happen, and now I’m here today talking about it.

 

18:49 Bryce Tuohey: That’s crazy ’cause it shows the drive that either you need or at least you had that got you to where you are today, so that’s awesome. Now also, earlier you mentioned to us that level 2 and tape read pretty important in your trading, correct?

 

19:02 Max (Madaz): Correct, absolutely.

 

19:03 Bryce Tuohey: Was there anything you did besides literally just staring at it to learn it? For new traders who are struggling to learn this, what would you recommend they do?

 

19:10 Max (Madaz): So, I always say the same thing. I would say that obviously when you’re looking at it, it just looks like a bunch of basically mumbo jumbo. It’s a bunch of flashing, red, green numbers that don’t make a whole lot of sense, especially in new traders. And I can understand why. So this is what I tell them. I would always say, “To just record the screen, and just play it at like half speed, man, play it at like one-fourth speed, whatever, one-fourth, one-eighth, whatever, okay?” Just play it to the point where it’s so slow that it’s so easy to spot where the turns are, where the reversals are, that you could be like, “Okay, this is where it is. Okay, next time maybe instead of doing one-fourth speed, I’ll up it to one-half speed to see if I could still get it.

 

19:49 Max (Madaz): You’re basically just eye training, you’re just training your eye. And this is the beauty of level 2 tape reading is that it doesn’t really require any serious talent, you don’t have to be Einstein here. It’s trainable, it’s completely trainable. If you stare at something and you train your eye to be quick. It’s like a muscle, you go to the gym, you work out your biceps, you get bigger arms. You start doing curls, you get bigger biceps. So if you stare at the level 2 long enough, and you do it in a way that’s kind of incremental, your eye kinda gets acclimated to it.

 

20:23 Max (Madaz): And over time you’re gonna be able to stare at it and recognize the reversals at full speed. And this is what I did as well, I wasn’t obviously born with some magical tape-reading skills, I wasn’t just able to just look at this and be like, “Ah, this is it. I just know everything.” That’s obviously not how it is. I just train myself, it’s all it really is. No different than somebody, an athlete, going to the gym and just getting stronger, it’s the same thing.

 

20:49 Max (Madaz): So highly recommend anyone out there, just record your screen, to slow it down to the point where it’s so easy that you can spot what’s going on, and then just incrementally over time increase the speed to the point where, “Okay, I’m getting better at it, I’m getting better at it, getting better at it, to the point where you can go full real-time speed.” There you go, that’s how you do it.

 

21:12 Bryce Tuohey: Now I think you made an important distinction there. Does the level 2 and tape does it matter at all times, or only when the price actions near key support and resistance levels?

 

21:23 Max (Madaz): I actually personally look at it 90% at the time. Some people might look at charts, 90% of the time. Again that’s the beauty of the market, people have different approaches to the market. But if you ask me, then I would say that, “I look at level 2, 90% of the time.” Now I would honestly say that for somebody who’s new, who probably needs to familiarize more with how the chart works, I think it’s probably more important that they just stare at how the level 2, the bids and the asks behave at key levels, namely support, resistance, half-dollar, whole-dollar marks, things of that nature.

 

22:00 Max (Madaz): But I look at level 2 the entire time, because I’m looking for things like hidden selling. I’m looking for things like maybe somebody spoofing a bid. These are things that can happen at any time, spoofing bids, offer. These are things like can happen. It doesn’t matter if the stock is at support or resistance, it could just show up at any time, and that could adversely affect the price action of the stock, so that’s why I like to look at level 2 at all times.

 

22:25 Max (Madaz): And again I’ve talked about this before, level 2… Another name for level 2 is market depth, and the keyword there is depth. And the reason why it’s called depth is because you can see beyond the first dimension. The chart is one dimensional. The time and sales is also one dimensional by the way. The time and sales only shows you the transactions that are going through. But the level 2, there’s a depth aspect to it, because you can see beyond the best bid, and you could see beyond the best offer. So what does that tell you? If you see the opportunity so to speak, to see into the future where the stock might potentially go based on the current configurations of bids and offers.

 

23:05 Max (Madaz): So as long as the bid and offers offers don’t change then this might be where the stock is headed based on how it looks like right now, but obviously the level 2, it’s not a constant thing, it’s always changing. So that’s why I have to look at it all the time because you never know if somebody decides to spoof a huge bid, and maybe there’s a big, time reaction to that bid, and that can adversely change the price action of the stock on a dime, so that’s why I look at the Level 2, 90% of the time. But I could see why for somebody who is new that needs to familiarize themselves with the chart first, they wanna probably be more inclined to look at the chart.

 

23:41 Max (Madaz): To me the chart is like a cheat sheet. The chart tells me where the levels are that I need to pay attention to on the level 2 for probably a reversal or something like that. But it’s really simple for me to label those levels, and just memorize them, and then just I know where they are when it comes to a level 2. Like, “Okay, yeah this is a support. I don’t really need to stare at the chart the whole time to know where it is, I just kind of just know it.” But I think for most on the most traders starting off, just seeing how the stock behaves on a level 2 at support and resistance is a good starting point, but eventually you probably wanna be able to spot some of the… Some of the tricks the market makers like to try to pull.

 

24:21 Matthew Monaco: Yeah, absolutely. Could you maybe just go in detail to a couple of those? How do you see hidden selling or a hidden size on a level 2?

 

24:30 Max (Madaz): So hidden selling is when somebody puts an offer of a certain amount. It could be like they could be showing 100 shares, 200 shares, and then you see a bunch of prints go through on the time and sales at that price, supposedly hitting that offer, but then it’s not budging, that offer is still standing there, like it’s a brick wall, right?

 

24:54 Max (Madaz): So, when you see something like that, then you know that this guy really doesn’t have 100 shares to sell, he probably has 100,000 shares to sell, or a million shares to sell. There’s no way for us to really know. So when you see something like that, then obviously you have to account for that in your decision-making process when it comes to whether or not you wanna execute a trade on the stock. If you wanna go long, and all of a sudden you see there’s a huge brick wall, and he’s refusing to move. Well, it’s probably in your best interest to maybe hold off on that long until maybe either, a, he decides to move out of the way, and let’s the stock run. Or maybe consider not taking it long, and maybe even consider going short. These are things that go through my mind when I’m having a thought process. I always have both a plan for both sides of the trade, both a long and the short. So, maybe if I’m going into trade long bias, and I see a hidden seller has popped out of the blue. Then maybe I’d be like, “You know what? Forget the long. I’m going short.”

 

25:51 Max (Madaz): So you gotta be flexible, you gotta be able to adapt to the variable conditions of the market. And again, level two, again, I have to look at it 90% of time, because these things can happen at any time. The hidden seller can show up wherever the heck he feels like. Just because the stock isn’t conveniently at a level, like support or resistance level, doesn’t mean that this hidden seller can’t just show up and just kinda ruin the party, so to speak, by raining on everyone’s parade. So that’s why I look at level two all the time. So, with regards to that we gotta be able to respect the variable changes that can happen. And again, hidden selling is when all these transactions go through, and the offer just doesn’t seem to move. You gonna also see constant refresh selling as well. Maybe the stock starts going down progressively 10 cents, 20 cents, 30 cents at a time, and then every single time it tries to bounce, where you would expect maybe a bounce off of a bigtime support level, there’s a brick wall there, and it just won’t let it bounce.

 

26:54 Max (Madaz): It just hold it down, hold it down, hold it down. So when you see stuff like that, you just gotta account for these scenarios when it comes to whether not you wanna execute that trade plan or maybe you wanna switch your plan. So, always gotta be adaptive, always gotta be adaptive.

 

27:10 Bryce Tuohey: So, kind of building off that, and to build off of the level two, and tape reading, and to kind of segue into our next point, pre, No-blow-up Challenge, you were still very consistent. What did you do before the No-blow-up challenge to be consistent, in order to find that real consistency. Is it just a mix as everything you talked about, or is there something else that you kind of did to get there?

 

27:31 Max (Madaz): Yeah, it’s basically a combination of everything that I’ve talked about. There’s no one thing, there’s no one magic formula. There’s no, I can’t wave my magic wand and say, “Abracadabra,” and everything will be smooth sailing. It’s just not how it works unfortunately. It’s a lot of hard work, it’s a lot of data tracking, like I said, a lot of journaling, a lot of studying what went wrong. It’s about learning a lot from your mistakes. It’s a lot about mindset psychology, not letting any setbacks really just put you down to the point where you can’t improve, you can’t progress.

 

28:16 Max (Madaz): When it comes to taking losses we gotta understand that’s part of the game. Nobody is gonna win 100% of the time, it’s just not how it works. If you’re joining this trading gig, thinking that you’re gonna win 100% of time, I’m sorry, you’re gonna be sorely disappointed. You’re gonna have to take losses here and there, and when you’re taking these losses you look at it as a glass half full instead of glass half empty. Take the lessons that you learned, absorb the knowledge that you can gain from it and move forward. So these are things I track in my journal. The mistakes that I made. There’s nothing worse than making the same mistake over and over again, ’cause that means that you’re not absorbing the lessons that you learned from making the mistake the first time.

 

29:00 Max (Madaz): So, I’ve always made it a goal to really, at the very least, see some progress when it comes to these things, and eventually, obviously, the end goal is to completely eliminate that mistake outright. But I understand trading, it’s a tough gig, man. They say that 90% of traders fail, and there’s a reason for that. So there’s a lot that goes into it. A lot of it is mindset, a lot of it is just absorbing all of that knowledge. A lot of it is just journaling, and data tracking, and statistical analysis, and refining. It’s a lot of work, man, it’s a lot of work. I’m not gonna lie. And I always, I always said that, man, trading is for the mentally insane. Nobody in their right of mind would dive in head first, if somebody said, “Hey, this little thing that you’re about to get yourself into, you know only one of 10 people make it, right?” Nobody in their right of mind will do that. So for anyone to take those kind of odds you gotta be absolutely mentally insane. But, hey, if you can make it as part of that 10% or whatever, it just feels all the better, right?

 

30:03 Matthew Monaco: Absolutely, and now kind of building off of first thing we asked the No Blow Up challenge, can you kind of explain ’cause again that’s something that you have done lately and that’s helped you find more consistency by sizing down, can you kind of just explain what that is, though, for people who are unaware?

 

30:18 Max (Madaz): Yeah, absolutely and anyone wants to know more about it, you can visit my website at madazmoney.com, I’ve written several blog posts about it. So basically, the No-blow-up challenge was a result of, last year, I had a couple of bad hits in May. So, it was exactly 12 months ago. A couple of hits that I’m not too proud of, but again, lessons were learned from it, and it gave birth to the No-blow-up challenge. And the No-blow-up challenge essentially is just taking the lessons that you learned from the mistakes that you made, and moving forward and trying your best to not make those same mistakes again. So for me, it was definitely sizing up in appropriate market conditions. Also a combination of other things not.

 

31:00 Max (Madaz): Not taking profits, hanging on to a position maybe a little bit too long, sometimes to my detriment, hanging on for maybe just a few more seconds was detrimental. Things of that nature, so I basically took the liberty to write this down, write a very extensive blog post, share it with everyone. So that way everyone can just see that it’s not always glitz and glamour. And at the same time, people can learn from both my successes and my failures, and observe that same knowledge so hopefully, people won’t have to go through the same horror show that I went through last year, but the gist of it was I was sizing inappropriately basically, my risk was out of control relative to the opportunities that were available for my style, at least. At the time, the trades that were available were not in my definition, in my criteria, not A plus quality sales, but I was applying A plus type sizing on it, and as a result, I paid the price for it. And again it didn’t put me down and out, I absorbed the knowledge, and after that it actually set me right to the point where I think I went on a… Quite a nice little consistent run ever since.

 

32:14 Max (Madaz): Just really… Just really just writing down my thoughts essentially just writing a diary of sorts and just reflecting on it and recognizing what went wrong and just making it a goal and a point to just not repeat the same mistake. So that’s basically the no blowup challenge. No blowup challenge is just recognizing your mistakes. Number one, the first step to recovery, the first step to rehab or whatever you wanna call it, is recognizing that you have a problem.

 

32:42 Max (Madaz): Okay, so, I recognized my problem, I was over-sizing, I was holding onto some positions maybe a little bit too long, I just was not trading the right type of… Taking the right type of trade, not applying the right type of risk management to the trades that were available, the opportunities that were available at the time. I recognized that, I understood what was wrong and step two, obviously is to find a solution.

 

33:03 Max (Madaz): Right? You gotta find a remedy to your problem. And my problem obviously was over sizing, so I sized down, I started… I went back to scalping a little bit more quicker moves, taking profits without any regrets, for potentially maybe once in a while missing a bigger move, but hey, it’s in exchange for peace of mind. So that’s the trade-off, so once in a while, you’re gonna have to deal with that scenario. But hey, that’s something that I was willing to give up in a sense just for the peace of mind and knowing that I’m not gonna put myself in trouble, and just making these changes, man, just making these changes, recognizing the problem and identifying a solution and then just applying that solution, it just put me on a really, really nice consistent run and on top of that, on top of my account being happy. I was mentally a lot more clear and I just felt better in general because I was just not putting myself in harms way.

 

34:00 Max (Madaz): I was managing my risk a lot better, and overall it was just great, man, it was just great to just… Essentially just vent through these blogs and just studying this data and just, clearing my mind, and just getting back to what I was doing before, which was just being consistent, and just making money.

 

34:19 Bryce Tuohey: Absolutely. I remember when you just started that, you were saying there were times where you were down at most $100 or $200 on your day, and then you were up a couple of thousand, so clearly it was working for you.

 

34:31 Max (Madaz): Yeah.

 

34:32 Matthew Monaco: So we just had a question asked on Twitter, if you wouldn’t mind answering this, we had someone ask how you dealt with revenge trading in the beginning of your trading.

 

34:40 Max (Madaz): Yeah, so revenge trading is something that obviously… If you haven’t faced Revenge trading, then you’re not truly trading. Every single trader has dealt with this issue at some point or another. And it’s something that never truly goes away. Man, it happens, it happens to me, admittedly, still to this day it’s more or less about managing it. So this is what I believe, when it comes to things like that. And it also applies to things like over trading and things like over-sizing and stuff like that as well, is believe that you can never completely, completely eliminate these bad habits.

 

35:16 Max (Madaz): You’re human. We’re human and we’re gonna succumb to… To just being human. We’re gonna make mistakes. When you were looking at professional athletes, these guys are getting paid, millions upon millions of dollars they still screw up. These guys are professional, they live, bleed and breath their sport and they still choke once in a while, there’s still gonna be that player that misses that… A clutch free throw, or that misses that open shot. It’s gonna happen.

 

35:45 Max (Madaz): And as traders, that’s just the nature of it, it’s gonna happen, we’re gonna put ourselves in a situation where we’re always in the hot seat every day, we’re already fighting an up hill battle with the statistics going against us. 90% of traders fail. It’s gonna be a situation where we’re gonna have to face and it’s more or less about dealing with it and it’s more or less about how we can mitigate the impact of it to our trading as a whole, okay? So if I’m gonna have to be in a situation where I might have to succumb to revenge trading, how am I gonna mitigate that? So for me, the way I deal with it is preventive measures.

 

36:20 Max (Madaz): Okay, so I’m sure you guys have heard about the trader nap. I know it [chuckle] started off as a joke, but it actually is a very serious thing and I started doing that because I started noticing in my data, again, going back to journaling that around 8 o’clock pacific which is 11 o’clock eastern time. That’s when I started noticing that my edge goes pretty much down the toilet, and I started joking around saying, Man, I’m just gonna go take a nap, I’m not gonna sit here all day watch paint dry and lose money, I’m just gonna go take a nap in my bed. You know, it started off as kinda like a running gag but over time people saw the legitimacy behind it and the idea behind just walking away during those hours, and I guess they saw some truth to it.

 

37:02 Max (Madaz): It’s the same thing with revenge trading, man. Revenge trading you gotta look at it as like, okay, the market doesn’t really care if you just made 10 grand or lost 10 grand, or made whatever, that doesn’t matter. Each moment, each trade, each minute, whatever, they’re pretty much mutually exclusive of one another you can’t really… The market just doesn’t really care about your feelings. I mean, that’s…

 

37:27 Max (Madaz): As cynical as that sounds but that’s the truth. So when it comes to revenge trading the market doesn’t care that you want to make your money back. You still gotta be objective and look at the opportunities out there and be like, “Okay, are there actually legitimate opportunities for me to make my money back?” If the answer is yes, then okay keep trading if you’re mentally stable enough to do so. If there isn’t, well you better walk away ’cause you’re gonna probably double that loss. So, me understanding that and taking that preventive measure and having this data behind me, the statistics with my journaling, and knowing that, okay, whatever, 11 o’clock, I always lose or I tend to lose. If I’m down, X amount of dollars by 11 o’clock and statistically speaking I probably won’t make it back. I have all this data backing me up. I’m probably better off taking that nap than sitting there all day trying to recover that loss.

 

38:21 Max (Madaz): So, my advice to anyone that has to… Dealing with revenge trading or anyone who’s struggling with it. Just when it, just have the data to back it up, man. Just know… Okay, maybe some people after losing three trades in a row they just probably won’t win their fourth one, for whatever reason it may be. It could be just a mental issue, it could be that maybe by the time they take their fourth trade it’s a low-hour and there’s no more plays left and they’re still just forcing trades into inferior conditions. It could be lots of things, man. But, it’s all in the data. You can’t really say definitively, “Okay, this is how I’m going to fix this problem without data, without any sort of metric to really support it.” You can’t arbitrarily just say, “Okay yeah, this is how you do it.” But then if you don’t have anything to back it up and it’s just kinda like, there’s no substance behind it. So again, just have the data and then you know where you’re at, know what you’re dealing with, know the situation that you’re in and make the decision based off of hard data, rather than just gut instinct, I guess.

 

39:31 Max (Madaz): I’m really not… I’m not a big fan of people that say stuff like that. It just sounds like you’re not really thinking analytically. It’s almost pretty much gambling when you’re saying, “I’m going with my gut.” That’s just my opinion. So I always go off of data. So anyone that deals with that issue, I would recommend to again, journal.

 

39:52 Matthew Monaco: Absolutely. And, you’ve been preaching it the whole episode but just… It seems like the key to your consistency comes down to just your self-awareness. You’re super self-aware, you journal everything and because of that you eventually even came up with a NoBlowUpChallenge, which made you more consistent than you already were in the first place.

 

40:09 Max (Madaz): Yeah. No, absolutely… It’s all about refining. And again, I’m still tracking data to this day, I’m still probably gonna find something new to track tomorrow. I’m still gonna find, maybe tomorrow the market has something new that I gotta figure out. I’m always learning, I’m always talking about how… The day we stop learning is the day we’re six feet under, and that’s very true. And the day you say you stopped learning, that’s the day you stop succeeding or you stop making progress.

 

40:41 Max (Madaz): And I always believe that we’re forever students of the market, we’re always gonna be picking up new things. And if you’re not journaling you’re doing yourself a huge disservice, you’re just… You’re gonna keep falling more and more behind as things change, as things evolve. When you don’t have a solid foundation, then how are you gonna expect to keep up when things just get really, really crazy. You’re not gonna be able to learn, for example, Calculus or Trigonometry or whatever, if you don’t have your basic arithmetic, third-grade arithmetic down. It’s just… It’s not how it works. So for anyone that hasn’t started doing it just start today, it’s ‘better late than never. Track that data and that way all of these problems that you may have… Revenge trading, oversizing. Just these mistakes that we see people complain about time and after time, after time again.

 

41:34 Max (Madaz): It becomes a lot more clear when you have all this information, all the statistics, all the data, all this stuff then you’ll be like, “Oh that’s why I don’t do well trading during this time. I don’t do well trading these type of stocks. I don’t do well when I size too big because maybe I just start getting too freaked out by the unrealized numbers. Maybe I’m not mentally ready for that.” So all of your questions will be simply answered by just… Just really… Just honestly… Just starting to track what’s going on. I can’t really stress it enough. And there’s a reason why I sound like a broken record and anyone out there who’s listening to this… And they could probably play a little drinking game, every single time Madaz says journal take a shot. [laughter] They might be pissed-off by now.

 

[laughter]

 

42:24 Bryce Tuohey: I love that…

 

42:25 Matthew Monaco: Yeah. Now, getting into some tips for beginners. And one of my favorite questions to ask and I’m sure you’re gonna have an interesting answer is if you had to start over again with just $2000, which is a common amount for a lot of new traders. How would you go about it? ‘Cause now you’re fighting the PDT rule and you’re a scalper. So I’m kind of intrigued.

 

42:45 Max (Madaz): Okay, so I would say regardless of whatever strategy you’re doing it’s still the same approach. You still gotta… You’re obviously limited, okay… And your PDT three-day trades, and five rolling business days. That’s a limitation. It sucks, I don’t agree with it. That’s a whole different story, a whole different conversation. But $2000, you’re limited three trades in five days. Okay. So what you do is you look for your A+ set ups. So now I see the first step is to identify your A+ set ups. Again, it goes back to journaling.

 

43:12 Max (Madaz): How are you gonna figure out what’s an A+ set up? You don’t have any data. You can’t just be like, “Oh, that’s an A+ set up. Oh, okay, because I feel like it.” And it doesn’t work like that. So identify your A+ setups first. Okay. And have a list of them. Rank them from A+ maybe A, A- whatever, B+ whatever, okay. And, I would focus on only the A+ set ups because with $2000 you don’t get a lot of leeway. So you’re not in a position to really take a lot of losses, you’re not really in a position where you get to go on like a losing streak, or go on tilt and just lose everything. It’s basically… Could be a very short-lived trading career if you’re not managing it correctly.

 

43:49 Max (Madaz): So the first step, obviously identify A+ set-ups, and just only go for those. Okay. Only go for the trades where you know your win rate is extremely high. Grow that account, minimize setbacks. I know it’s easier said than done, but by identifying those A+ set-ups and just only going for those, it will really, really help you with that. Now, secondly is you gotta have a lot of patience. And I think I know a lot of people that come into trading… I know with this mindset. I’m gonna turn $2,000 into two million, I’m gonna be a millionaire overnight. That’s just… That’s what everyone thinks. I know it’s just obviously the wrong mindset.

 

44:27 Max (Madaz): I don’t really need to get into that, but that’s what everyone thinks. So what I’m gonna have to say is conversely you actually have to have a lot of patience. They always talk about this all the time. This is a marathon not a sprint. So we always have to understand that this is something that is a very, very, very long term kind of thing. You’re not gonna turn that 2,000 into two million as much as you want that Lamborghini, it’s not gonna happen. Something that’s gonna have to take time. So maybe these A-plus set-ups that you’re looking for, maybe they’re not coming up as frequently. Maybe they’re only coming up once every couple of days, maybe they’re only coming up once every week, once every month.

 

45:02 Max (Madaz): When I first started training with the six grand obviously I was below PDT, I sometimes only took one trade a week. My thing was trading OTCs at a time, my thing was logging the dumps and bounces on stocks like FN and A, AMRQ and some of the penny stocks. I would basically just wait for the days where it dumped, I would go… Would go in and then make my 30, 40% or whatever and get out and wait for the next dump.

 

45:27 Max (Madaz): And sometimes the next dump might not be for another week or two. That was my identified A+ set up, and that’s what I kept doing until I got my account over 25,000. So likewise, speaking from experience, highly recommend that anyone with $2,000 or any amount below PDT to do the exact same thing. Go at that $2,000 like it’s your life. Because I mean if you… If that’s all you have, and that’s not… That’s your leeway. You don’t got much breathing room. So identify those A+ set ups, only go for those, have the patience to wait for them, have the patience also to not [46:04] ____, have the discipline to just sit on your hands, chill out. Cash is always the position, zero is a bigger number than any negative number. You go force a trade. You won’t only waste the day trade, you’ll lose money, and things just fall apart. The wheels come off.

 

46:23 Max (Madaz): So I know it’s hard, man. I know it’s hard. I know I’m saying this and it might sound like cookie cutter type stuff. But man, I really hope anyone that’s listening to this really takes it to heart, because I really wanna see people out there do well. And I wanna speak from experience again, I started with $6,000 below PDT. I didn’t go to an offshore broker or anything like that. I was trading with E*Trade. So that’s what I did and I’m here today. So hopefully somebody… I’m sure anyone that’s listening to this and wants to really hear what I have to say… But I hope that anyone that is listening to me speak for the first time really at least takes away that aspect of it. ‘Cause I feel like that’s something that could help a lot of people grow that small account and eventually get out of PDT and start trading however they please.

 

47:10 Bryce Tuohey: You at one point you were over PDT and you took a big loss that brought you back down below it again, correct?

 

47:15 Max (Madaz): Correct.

 

47:15 Bryce Tuohey: So did you have to kind of just really reapply and refine that mindset of only taking A+ set-ups or I mean is that really all how it was?

 

47:23 Max (Madaz): Yeah, yeah, man, it was a… It was not a good feeling, that… Whatever happened. I went basically from 6,000 to 43,000 back down to 7,000. Had to take a couple of months off ’cause at that time, man… That amount of money was essentially my entire year’s salary. Losing your entire year’s salary in a span of a couple of months is not a good feeling. But yeah, it was basically just going back to the drawing board, again just assessing what happened and just having that sheer determination of, “Hey, I’m gonna come back. I’m gonna come back twice as strong. You hit me hard, I’m gonna hit you back twice as hard.” And I came back and I waited for those A+ set-ups and next thing you know man, I took that 7,000, I turned it to 151,000 I think in four months or something like that. So never looked back. So I know it’s cliche man, but if I can do it, you guys can do it too. That’s all I’m gonna say.

 

48:20 Bryce Tuohey: That’s inspirational right there. Now one other thing you’ve been talking about a lot is mentality that’s needed for this. Can you kinda go into some detail about either some philosophies you got or the mentality that you think is needed to be successful?

 

48:32 Max (Madaz): Yeah, I could do a full-on seminar about this, ’cause I feel like we all know about the 80-20 rule. So I feel like trading is 80% psychological, if not more. I think it could be even be 90-10 because obviously, if you’re gonna look at the statistics and see that 90% of traders fail then why is it so hard? Why do 90% of traders fail when it seems so easy to memorize what a double top looks like? Why does it seem so hard when it seems to… Seemingly so easy to figure out, “Okay, this is a spoof bid or whatever or this is what support and resistance is or how to use an indicator like a moving average or something like that.”

 

49:16 Max (Madaz): I mean that’s easy. People go to college and study more complex stuff. People go to college and study brain surgery or they go to get their PhDs in like some complicated field. Why does trading have such a high, high turnover ratio? Why do so many people fail? It just boils down to psychology, it boils down to mindset. So what it comes down to is, there’s a lot of aspects to it. There’s a lot of… You’re gonna deal with a lot of adversity. So number one is how do you deal with that adversity? You’re gonna deal with adversity in trading a lot more than you’re gonna have to deal with it in real life. Because of the way the market is structured there’s just lots of room for just taking losses, lots of potential for facing a lot of failure, maybe sometimes a lot of failure in succession.

 

50:08 Max (Madaz): The average human being can only take so much mentally. They can only take so much of a beating. So that takes out a lot of people, and understandably so. Things like that, it’s tough for the mind to take. So my advice with regards to mindset, if I wanted to just give you an abridged version, is to just practice these ideas in real life. When it comes to things like discipline. We all know how important discipline is when it comes to trading.

 

50:35 Max (Madaz): When it comes to refraining from taking that grade F trade. How about in real life, if you’re following a strict diet plan, how about refraining from eating that sugar-coated doughnut and breaking your diet plans, things like that. How about, somebody who is a recovering alcoholic, maybe you should refrain and pass on your buddies offer to go to the bar to watch the game on Saturday or Sunday or whatever. Things like that. Discipline in real life will help you when it comes to discipline in trading, ’cause you’re already practicing it. You’re already kind of acclimating your mind to things like that, and you’re gonna be able to find it a lot easier to apply it into trading. Things like just having composure.

 

51:26 Max (Madaz): Things like… Again we just talked about it, discipline, composure, things like being able to just face adversity. These are all just things that we can practice on a day-to-day basis in real life. And I just feel like people kinda underestimate that aspect. It’s very difficult for somebody who is not… Doesn’t have their life together in real life, somebody who is just not responsible, somebody who just has all these negative characteristics, it’s gonna be amplified in trading. Somebody who is very undisciplined will be extremely undisciplined more often than not when it comes to trading. It’s crazy. I’ve seen it. I’ve seen it. And I’ve had lots of friends that I tried to get into trading. And they were all very brilliant people, engineers, doctors, lawyers. Obviously, high intelligent people, high… And high IQ people. But they all failed. And what I noticed is what they all had in common was, they were all weak when it comes to their mindset, in one aspect or another. In some cases, multiple aspects, but. Some people just couldn’t handle being in the hot seat, they couldn’t handle the pressure.

 

52:34 Max (Madaz): When they saw that their stock was going down, they would just start freaking the hell out. Some people just could not get by taking a loss, so they just start succumbing to revenge trading. They start going on tilt. They just can’t get over that. So with regards to the mindset aspect, the psychological aspect, this is probably where a lot of people just aren’t suited for the game. I was talking to you guys earlier, about how at level two you can kinda train that. That’s kind of like a muscle that you can train. You can train your eye to being a little bit more sharper, and spotting things a lot more quickly.

 

53:09 Max (Madaz): But when it comes to mindset, it’s a lot harder, especially when you’re older. When you get older, it’s a lot more difficult to really change the way you think. Because the mind is most malleable when you’re in your teens or something like that, I forgot the exact statistic for that, but you’re a lot more easily able to change when you’re younger. When you’re more older, you’re more fixed on your ways. And unfortunately, if you’re not able to change these thing it’s gonna severely impact your ability to succeed as a trader. And that’s just the nature of it.

 

53:43 Max (Madaz): But I’m not saying you should just bury your head in the ground, and just lay down your arms and give up. You should definitely try to make a change by practicing these things in real life. Again discipline, things like, self-control, restraint. These are things that you can practice on a day-to-day basis, with just your normal life. And if you get good enough to the point of controlling your life, get your life in order, then when it comes to trading I feel like you’re probably gonna have at the very least, less of a problem when it comes to the psychological aspect. And then understanding that the psychological aspect is like 80% of trading. That’s pretty huge.

 

54:30 Max (Madaz): Once you got that down, memorizing the chart patterns and candlesticks, and all that stuff, it becomes a piece of cake. If you’re lucky enough to master the psychological aspect, and all you got left is the technical stuff, that’s basically, icing on the cake. But I can tell… Most people probably start off with the technical stuff, they buy all these books and they read about indicators, and all that mumbo-jumbo and memorize definitions from Investopedia and all that, but they never really truly get that psychological aspect mastered. And that’s ultimately the downfall for most people.

 

55:03 Max (Madaz): And that’s just the God honest truth. And that’s what from my observed… From my own personal experience through my friends that I tried to train to trade. And also just people that I’ve seen through the years, through the years I’ve been trading. It’s kinda tough to see, man but that’s the truth, man. That’s what I honestly believe. Some people may disagree with that, it’s fine but that’s what I believe. And that’s why I highly stress mental conditioning. And I made a YouTube video on it, it’s how important it is to me. And those of your that are with us at madazmoney.com, we’re gonna focus a lot more on mental conditioning moving forward. It’s really that important that we must emphasize, we must stress it a little bit more than it already is. I feel like it’s just too… Right now, it’s just pushed under the rug a little bit too much, I feel.

 

55:50 Matthew Monaco: And just drop the mic right there, man. That was the whole episode. That was awesome [laughter]

 

55:55 Max (Madaz): Oh, thanks, man. I appreciate it, man. I was hoping that would be the end ’cause I was running out of saliva.

 

[laughter]

 

56:02 Matthew Monaco: Now that was beautiful. I do have one more question, though, and you kind of just mentioned it a little bit, but what’s next for you in terms of your trading? Are you keeping the No-blow-up challenge going, or is that just kind of become how you trade nowadays?

 

56:13 Max (Madaz): Oh yeah, man, I don’t even think about it now. It’s completely ingrained in me… Everything that I’ve learned from it. The NoBlowUpChallenge, isn’t like a kinda on-off kind of thing. It’s more like a philosophy, if somebody follows a certain philosophy it just follows with them forever as long as they still believe in it and they still believe that it works for them. The NoBlowUpChallenge, is just basically, it’s an idea. It’s like, okay, I want to always be learning from my mistakes I want to always be aware, self-aware, of them. I want to be true to myself, I wanna be blunt and honest and I want to do this. Why? Because I wanna succeed and I wanna progress and I wanna move forward. If I’m gonna take a step backwards, which in trading is inevitable. Okay, we’re gonna lose at some point, we’re gonna take that step backwards. You can’t stop that. But I wanna make sure that I’m taking two steps forward and one step backwards or even more three steps forward. And the NoBlowUpChallenge embodies that. The NoBlowUpChallenge…

 

57:16 Max (Madaz): Again, it’s not like a on-off thing, “Oh I’m done with it. I’ve graduated from the NoBlowUpChallenge and I’m done.” This is not college, it’s not that you get a degree at the end, once you finish the NoBlowUpChallenge. You never really finish the NoBlowUpChallenge. It’s just an idea, it’s just something that you wanna internalize you wanna make it second nature you wanna be… You want it to help you with your self-awareness with your trading and you just want it to just make you a better trader in general. And that way, moving forward, trading will be a lot more pleasant. And hey, and who doesn’t want pleasant?

 

57:50 Bryce Tuohey: Yeah, absolutely, thanks so much for coming on, Max. This has been am awesome conversation.

 

57:56 Matthew Monaco: Yeah, thank you so much, man.

 

57:58 Max (Madaz): Yeah, for sure man. Yeah, for sure, man. It’s been really exciting, man. I haven’t done an interview in a while, and I thought I might be a little bit rusty but you guys made it easy for me, I appreciate that. [chuckle]

 

58:10 Matthew Monaco: Thank you. You made easy for us. You had great answers, explained them all. It was super easy, and straight forward.

 

58:16 Max (Madaz): I hope the mic was clear because when I did the chat with Traders One, I used the same mic. So I’m using the blue Yeti. I had it backwards, so I don’t know if you guys actually listened to the chat with Traders One. It sounded kind of muffled despite the fact that I was using a pretty good mic. It’s because I had a fricking backwards.

 

[laughter]

 

58:34 Max (Madaz): So this time, 100%, I made sure it was the right freaking side. I put the pop filter on.

 

[laughter]

 

58:42 Max (Madaz): I did my part. I swear to God. Now it’s on you guys, you guys do whatever you guys gotta do, add compressor or whatever it is to it. I used to do sound design too. So I kinda know the terms, whatever, you make it sound good, make me sound good.

 

58:55 Matthew Monaco: Yeah, thank you, you had so much man. And I’ll see in the chat room. [chuckle]

 

58:58 Max (Madaz): Yeah, sounds good man. Thanks a lot. Take care.

 

59:02 Bryce Tuohey: Take it easy.

 

59:02 Matthew Monaco: Hey everyone, it’s Matt again, and thanks for listening to the entire episode with Madaz. It was one of our best ones yet. And if you have any recommendations, questions or concerns for us, please hit at beyondthepdt.com or on our Twitter which is beyond the PDT. We’re always looking to improve this podcast. Once again if you’re interested in more information on Madaz there’s a link in the description below or in the show notes, depending what platform you’re listening on that’ll take you to his website madazmoney. Thank you for listening to the entire episode and we’ll catch you next week on episode sixteen.