DANCING WITH BULLS: Trader Reveals Wall Street Trading Strategies

Welcome to another episode of Making Billions, today I have my dear friend Tony Greer.

Tony is a former career trader from Sumitomo Bank, Union Bank of Switzerland, Goldman Sachs, and more. Currently, he's the Founder of TG Macro and the editor of a phenomenal market publication called “The Morning Navigator”

What this means is that Tony understands trading, markets, and economic moves that help you and I in our pursuit of Making Billions.

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[THE GUEST]:  Tony is a former career trader from Sumitomo Bank, Union Bank of Switzerland, Goldman Sachs, and more. Currently, he's the Founder of TG Macro and the editor of a phenomenal market publication called “The Morning Navigator”

[THE HOST]: Ryan is a Venture Capital & Angel investor in technology and energy. He achieved market-beating placement growth in his first 5 years in the industry.

Transcript

Ryan Miller  
My name is Ryan Miller and for the past 15 years have helped hundreds of people to raise millions of dollars for their funds and for their startups. If you're serious about raising money, launching your business or taking your life to the next level, in the show will give you the answers so that you too can enjoy your pursuit of making billions. Let's get into it.

You've heard of Warren Buffett, Ray Dalio and Ken Griffin. But my next guest is no less impressive when it comes to dancing with the bulls. Join me as we cover how to get started trading in the market, where to get the information and different trading patterns needed to recognize the next breakout. So the question is, what will you be doing to master the market moves so that you too can enjoy your pursuit of making billions? Here we go.

Hey, welcome to another episode of making billions. I'm your host, Ryan Miller. And today I have my dear friend Tony Greer. Tony is a former career trader from Sumitomo bank, Union Bank of Switzerland, Goldman Sachs and more. Currently, he's the founder of TD macro and an editor of a phenomenal market publication called the morning navigator. So what this means is that Tony understands trading markets and economic moves that help you and I in our pursuit of making billions. So Tony, welcome to the show, brother,

Tony Greer 
Ryan, thanks for having me, man, I was immediately attracted to the name of the show, because making billions is something that I definitely strive to do. Or at least think about when I wake up every day.

Ryan Miller
I'm a brother on the path with you, man. So you know this show, we've been very fortunate to have amazing guests like you. And by the way, when you and I started talking, man, I was excited. And I can't wait to get into that I would love just to right out of the gates, you and I've been beginners before everybody takes that first step, we can address the beginners on just some high level stuff here from all of your experience in Trading and Markets and economics and commodities. I mean, I could keep going, folks, but you get the idea, Tony is a big deal. And so one of the things that we want to highlight is I would love for you to just to address the beginners. We're in 100 countries around the world. We're in the top 2% in the world at the show, and they are dying to know, look, I'm starting out I love trading markets, what's some advice you can give to the beginners on a how to win and be how not to lose in the early days?

Tony Greer 
Yeah, you know, as ironic as it sounds, Ryan, thinking about the way to approach trading in the early days is very simply how do I survive and live to trade another day, that's got to be the number one rule when you wake up in the morning, whether you're you know, first day novice or a 30 year veteran, and quite honestly, it's the most important thing about trading is that you know, if the way that you get it takes a long time to get better at the skill. And so you have to give yourself a really long runway to be able to make mistakes. And so if you want to be able to make mistakes, you have to stay disciplined. So that's one of the things where when you figure out how to take the emotion out of trading, it helps you stay disciplined and may take small losses and sort of live to trade another day. But that's one of the biggest things that I would tell beginners to start to think about.

Ryan Miller 
Awesome! So live to trade another day, which you're spot on man, you go you bet the whole farm get wiped out, you're done right brush off your resume, we're we're working at McDonald's, or whatever that might be. So it sounds like covering some risks. What do you put in place as far as your trades? What advice can you give to those beginners as far as tactical things they can do to live to trade another day?

Tony Greer 
Yeah, I have I have tons of guardrails on all the risk that I put on my books, and a lot of it has to do with First of all, I'm a big like, my, my basic blocking and tackling tactical move is to trade with a trailing stop loss. So to start off by having, you know, finding good risk reward to get into trades, having making sure that I have a stoploss set behind the markets. And then if the trade does happen to go my way, if I'm lucky enough, I moved my stop first up to break even, so that I don't have a trade go from being profitable to going into the red, which is one of the worst things that you can do to yourself. And then if it continues to go my way I leave I have I let that stop trail right up below a moving average that I pick. And then when it gets triggered, I just get out without you know, that's kind of one of the things that takes the emotion out from me. And then there are other things where maybe position say it's going wrong, right. I mean, that happens as many as much as is when that happens as often as it does go right if not more often. So you have to understand how to manage that, right. And having a plan going in is always the best thing. You know, a level where you know that you want to get out of that position and be flat, or at least cut it in half or something like that. But I also have a rule that I don't necessarily wait until my stop loss gets ticked on every single trade. You know, you have a kind of when you get into a trade, you have a vision of what you think is going to happen and how you think price action is going to proceed from a certain point. And if that doesn't happen, and things start going wrong, and the world starts changing on you, that's a good reason enough for me to get out of a position. You know, if things don't look like they're panning out the way I had in mind, then that's, you know, sort of, to me, that's an alarm bell that's going off telling me basically that I'd have to adjust something or at least think about it

Ryan Miller
Man, that's brilliant, you know, you remind me so sometimes we say getting stopped out when you're when you add a stop and it gets you out of your position. And I remember a time that and I'm sure he said it multiple places, but Warren Buffett he said something along the lines when when I was a young man I was fortunate enough to hang out with him for lunch. And he taught me and my colleagues he said all the money I've ever made was from selling too soon. And he has all these quips and it's really funny. He's like a really witty grandpa and you know, he's obviously well respected in the investment community by Many people, but the principle is the same is what Tony's talking about. He was like, sometimes I don't wait for my stop. If this thing's not moving the way I need to I get out, right? So you can see the discipline that he does. And just like that, that same and regardless of where it came from, just like that saying is like, look, all the money I've ever made is from selling too soon, you're not making money when you sell too late. That's for sure. So you can see the discipline and Tony and all of his experience that he's generated, and he's bringing it to us, right from New York. So you know, with trading and everything, I'm just curious while we move on to the next section, let's talk about the market. Right? This is something that you follow very, very clearly you follow the market to a tee all traders do. And so I can't wait to talk about this with your brothers. So as far as the market goes, I'd love to hear just what are you seeing out there, number one, and then number two, where do you see it going after that?

Tony Greer 
Oh, man, there's a lot of there's a lot of crosscurrents going on in the markets right now, you have to start first by looking at you know, the global macro story where you know, there's global conflict looks like that situation is heating up, right. So that's one thing that you have to keep at the forefront of your mind. For the first thing, you wake up every morning to kind of check and see if there's headlines scrolling around, that are going to be a really, really serious de risking situation, right? So is having situational awareness is a good place to start for me. So we've got the S&P 10% off of its highs in this sort of very volatile world where we've got an inflation problem in the United States, we've got the Federal Reserve as of today making no more interest rate hikes to address that inflation problem, they've made that clear, we've got the curve responding actually leading well ahead of that sort of pivotal change in markets where we go from series of tightening, where we raise rates from 25 basis points to over 5%. And now it looks like you know, we're gonna stop raising rates and possibly have to cut them next. So we've got to deal with that we've got to deal with the curve steepening back towards zero boundary, we've got a situation overseas where the Yen is coming apart, like literally wet socks on the chicken, which is one of my favorite trading terms, but the Yen is sort of you know, tumbling to new lows every day, the Bank of Japan just had to adjust their yield curve control plan. So that the sort of rate that they were keeping 10 year yields is now very sort of loose and not a stable hardline rate. So all of those macro global macro currents are, you know, something that has to be considered. But when I look at what the S&P has done, you know, the s&p has adjusted quite a bit to a lot of that risk that I highlighted, it's backed off its highs significantly, part of the driver to those highs was the invidious, you know, artificial intelligence earnings that, you know, becoming the sort of marquee sector for technology and kind of running with the baton. And it looks like the video move might be over for the short term, it looks like it's reached a peak started curl over. And so we've got a great pullback in the s&p and the Nasdaq to their 200 day moving average, you know, simultaneously for a technician and a natural born bowl. That's an appealing type of trade right now to play from the long side when you know, sentiment is negative as it could be. The CNN fear and greed index is pinned to extreme fear right now. We just saw the VIX trade up over 23, 24 In the last pop. So people are buying options to try to adjust for a potential slide in the S&P from here. And there's a lot of people that think that there's a complete crash coming. And generally, when you're seeing that I remember getting sucked into all of that downside hysteria, and possibly getting caught up in it as a trader, and I kind of don't get as worried about the stock market is, as I used to and say, you know, what's going to happen just like the Fed did today, they're likely to say or do something that is going to number one stem the slide of the stock market, because that's something that they're wildly conscious of, and, you know, say something that might be bullish about rates being easier for the next period of time. And it's kind of something that Powell maybe alluded to today, if it didn't come up right out and say it right. So stock market bounces off the 200 day moving average today. And I have I think that it's got you know, what's amazing is that the sell off is happening against the tidal wave of upside, seasonality, you know, the fourth quarter is usually the best quarter of the year for stocks. Everybody's familiar with the Santa Claus Rally. I mean, you know, that's something that you've kind of learned by the time and you're in your 20s, you hear about the Santa Claus Rally, and then you figure out what it means. And it means that stocks generally, you know, kind of everybody does their business, and you never kind of short a dough market and things float away into the end of the year, you know, with a little bit of optimism. So the market sell off has been contrary to that. And everybody's kind of looking. I mean, I know, I'm certainly looking for that seasonality to start kicking in, especially when everybody's got so bullish, bearish, and everybody's so terminal about the S&P. So without going too deeply and letting you guide the conversation. That's what I see in the stock market, I think that it can adjust here going forward. The big deal is whether a lot of it depends on the economy, if we have a rough road in the economy, it might be more difficult for earnings to hold in, but what you'll see is the Federal Reserve compensate by keeping money easier, you know, and that's not necessarily a bad combination for stocks, if we have this inflation problem that doesn't go away and the Fed is handcuffed where the economy is sort of in bad shape. That might be a problem in the stock market. But I kind of don't, you know, I kind of trade off the charts and I trade off of my general broad views and kind of make sure that my clients are in the right sector. That's really important to me when there's something going on like in uranium this year, and home builders and tech, I try to make sure that we're steered in the right direction there. So we can capitalize on on what's moving every year, and what the sort of all star sectors are every year. And that's kind of how I set up my book. And that's what I'm looking for.

Ryan Miller
I love it. And where do you see commodities going? Is this is this something that you you like right now? I mean, the focus is not financial advice. I'm just asking Tony, what his opinion is, but how are commodities shaping up in your book? What do you see there, as far as the future goes, you know,

Tony Greer 
it's people have just begun again, to kind of grab for hard assets a little bit. I like the oil market, I can stay constructive, we've got a set of, you know, kind of historically low inventories, the exploration and production companies, the refiners, the oil services, companies are all set up pretty well to rake in profits over the next several years, sort of, even as the administration tries to put a clamp on fossil fuels, because everybody knows that the whole, you know, whether it's battery power or anything, they're going to start off by having to build all of that out using fossil fuels. So we're not really weaning ourselves off of it. So I you know, you can stay constructive and trade a lot of things and energy from the long side. Also, it shrunk to be a super small percentage of the s&p right now, versus what it used to be, right via much smaller market caps, Exxon got kicked out of the Dow Jones. And next thing, you know, you know, the energy stocks are only three and a half percent of the S&P. So there's room for that to grow, if the sector is allowed to grow. And once the sector is allowed to sort of reinvest in itself and look forward to a brighter future, and not a future of the administration canceling leases and sort of not allowing them to drill in certain areas and canceling pipelines, then they'll have a better day, than they'll have their moment in the sun. So there's sectors like that that are important, the gold market, gold, physical gold looks at the commodity itself looks like it's something that you might want to cling to right now. While there's all this unrest in the Middle East, I mean, gold was falling out of bed until the October 7 attacks in Israel, and all of a sudden turned around and rallied $150. So it's really respecting the fact that there's a clear and present escalation going on, you know, in sort of, you know, World Politics and Stratego, et cetera, et cetera. So that might be something that you know, has got massively upside potential to it, right, where you can make an outside, you know, sign up kind of set your odds up really well, for an upside move like that. So that stuff's interesting to me, I don't get bullish base metals anymore, because you know, I tried trading them for the long side, when we were sort of moving into the Biden administration. And all of the alternative energy stocks and solar stocks were soaring. And it seemed like if we were going to make this big pivot toward battery power, that we were going to need tons and tons of aluminum and copper and zinc on top of, you know, all of the rare earth metals that it takes to make batteries. And the reality is, is that that draw from those companies just isn't that strong, and it doesn't create a bullish scenario and base metals, and they're not rallying, and neither are the base metal miners. So that sector to me is something that I've given up on until there's something to play or be excited about. And the grains are something that I don't touch by policy, because who the hell knows, you know, what kind of weather is going to bring or something like that, but there are some offshoots of the energy trade that I think are good investments, like in the fertilizer, space, etcetera, etcetera. Natural gas is something that can flare up from now and again. So, you know, there's, there's a lot to do in the commodity space, that's for sure. The coal, the coal trade is still alive. And well, you know, more importantly, the uranium trade, you know, that's a sector that's competing with some of the sub sectors of technology this year. And it seems like we're just rolling into the sweet spot of the trade where, you know, there's a real shortage of uranium, and nobody knows what the next move is gonna be. And prices are at the highs and it's like, okay, who's gonna give something's got to give next. And so it looks like the upside is very vulnerable there. So that's my outlook on commodities. I think that kind of covers everything. If I missed something, let me know.

Ryan Miller  
I think you covered it's all sectors there. So the natural gas flare up, I see what you did there. That was really good. So oil, gold, these are bright places. These are things that you're you're definitely in love with as well. Brilliant and uranium. I absolutely agree. I think there's a lot of new technologies that are coming on for nuclear power or more benevolent uses for that there's a lot of I think demand is going to start picking up a little bit with some new technologies that are coming online for energy production through nuclear. So, yeah, I absolutely agree. I'm no trader, but even I can sniff that one out a little bit. So, you know, just transitioning and like we, like I said, so we're punching it up. We're getting more and more advanced as we move along. So, you know, a big reason why a lot of people listen to the show, like making billions that with that kind of ambition, these are people looking for that edge, and we take pride in delivering that. And my friends, Tony is your guy to listen to. So there's a lot of things that all of our guests bring on. But that being said, I'd love to hear from you. As far as Look, man. All things considered. You're very experienced trader, you've been doing this a very long time, multiple sectors, you've got an amazing publication, you've got a lot of stuff going on. You just want to help out. You're just we're we're kindred spirits, brother. Yeah, that'd be instead speaking of helping out, what are some say three or so things that you can leave behind as far as like solid advice to succeed in your industry?

Tony Greer 
Yeah, that's a that's a good question. You know, if you want to get granular with it, I think some of the most important things are first, you know, the first thing that you have to learn, especially when you're a floor trader by nature, like me is sort of, where's your look? Where's your price discovery? And where's your liquidity? You know, and the first thing that you figure out when you sort of leave an upstairs desk and walk down onto the floor, you're like, How do I figure out what the price of everything is right? I don't have a computer screen in front of me, right. And somewhere around there, there'll be an old, salty veteran that goes, look at the board, kid, everything's up on the board. Right. So that's kind of figuring out for now, as a retail beginner experience, whatever trader it is, you kind of kind of have to figure out which car you want to drive. And where do you want to go to get your information, you know, getting as much of it in one place, as best you know, so or versus say, maybe having a really hot rod, great trading system is really important. Whatever it is, figuring that out, is something that's super important, right, like, so that's just kind of like figuring out what kind of platform you want to get started on. And it's really important to be sort of looking at relationships between find a place where you can look at prices next to each other, and see how they interact and understand, you know, make yourself understand what's going on, when rates are moving, what's going on, when the stocks are moving, when commodities are moving, what's driving it, and things like that. And so it's really just starting to get that pulse of the market, right. And that discovery of where things are, when things are moving, what's going on. And that's one of the most important things for me, you know, if you don't have, you know, if you don't have a place where you're like, Oh, let me see what's going on, pick up your phone, or sit at your computer and bang, you know, have the world all unfold to you, then you're gonna have a problem versus the guys that do, right. So it's still a competitive advantage kind of thing. And so that's really important to me, I would say the second thing is kind of, you have to figure out how to make things really systematic, so that you can control your emotions, right? It's from the beginning, you know, I remember when I began trading, and put, you know, the first several trades on the board and literally felt my palms sweat a couple of different times, you know, when money comes and goes, so as fast as it does, you know, and sometimes you'll step into something that's like touching a hot stove, you know, and you'll say, oh, you know what, this thing got to trading this level, this is a support level that I want to buy it, let me stick a bid in, and your bid gets hit bang, it's 5%, lower, it's still going down, and you're like, wait a minute, what just happened? Right, like, I just got freight train, you know, and it's kind of getting those experiences and learning those experiences and what to do about it. Right, nobody is going to sit there and be calm when they get run over by a freight train, and a lot of money goes up in smoke, right? And people are gonna get excited and figure out what their next move is. So learning to control that have a plan for that is one of the most important things by you know, using some of those mechanisms that I talked about before in terms of tactical trading. I think that's really important.

Ryan Miller
You know, I'd love to chime in on this. Because, you know, I had a very similar journey. Tony, when when I first started in finance, those you know, the story I grew up in, in, in relatively modest beginnings will say, and all I knew was there was this magical fairy land called Wall Street that made you marry a pretty girl and drive a Porsche, right? I was watching Hollywood. So I figured at 12 years old, whatever that was, that was for me. And I remember when I first got into university, and this is what Tony's talking about, as he was like, first you just need to dial in pay attention, consume information, understand how things work, how things are correlated, or not correlated, when one thing moves like interest rates. Okay, what happens when interest rates go up or down? What happens when oil or copper goes up and down? And really just pay attention? That's all he did. I literally had CNBC on whether you like it or not, that was all I had access to the 100 years ago. And I would just follow it. And I remember the first light bulb moment as someone who was totally naive, and this is what Tony's talking about is like, Look, man, if you're just starting out, consume information. Now, one of the best newsletters that I've ever seen on this is, I don't know if it's even a newsletter. But your publication, Tony is a phenomenal publication. Maybe can you because this goes right into your advice. I know it sounds like I'm promoting it, but it's because I believe in it. And so I just want to make sure like, maybe we can just just a couple minutes like what can people you said, Hey, pay attention, follow the market consume that data, you publish this stuff for people, maybe walk us through a little bit of the value that that provides for a lot of your subscribers?

Tony Greer 
Yeah, that's a great question. Ryan, thanks for letting me go into that my whole sort of mantra for the navigator is to sort of number one, give people a place to look in the morning, right. And so if you're starting with by reading the navigator, that's going to be a really good one stop shop for you to see what's going on in the world, how markets are reacting to it, what the risk is now, you know, where what our eyes on the prize might be things like that. And it's really kind of democratizing the really, really heavy fire institutional trading desk jobs that I had in the what I call the first half of my career, you know, before I started doing this, I had experience trading currencies and spot and forward and trading commodities. And if you're trading commodities, you have to trade the interest rate markets, because you have a lot of cash involved with what you're doing. I had experience in equity sales and the natural resources space. So I've had a lot of customer flow on my desk, and I kind of have an understanding of what the mechanics of you know what drives markets are, in my whole the whole idea for what started I launched the navigator as a way to be a salesman to a client that was in California, where it could wake up in the morning and have his go to publication be the note the email that I sent him, which was from his friend that explain things that were going on in the world and what the markets were likely to respond with. And so writing those thoughts down for one trader with a very big job became something that organically grew. Due to a blast List of 1500 people when I finally broke off and took the navigator to a SUBSCRIBER model publication, so what I like to do is try to, you know, narrate the markets for people, you know, and kind of point to some of the blind spots that they might not be able to see without a Bloomberg or might not have had the experience to follow and say, Look, this is what's driving the market right now, this is where it's driving it to, this is what could potentially happen. And I'm not the kind of person anymore, who has a view on the world and expects that I'm going to be right, and markets are at some point going to agree with that view. That's not how I make money, the way I make money is I follow markets really, really closely using my own methods. And I let them tell me what they're doing. And I sort of let them show me where the next trade is and what the next breakout might be. And so that's what I try to provide in the Navigator. And it's kind of very much covers that sort of first stop shop for, you know, somebody that's going to start their trading day to have a publication in front of them, and somebody that's going to come out and write and tell them what's going on, and also have a couple of informed opinions on what's going on, and what might be a suitable place to take risk. So that's really the goal that I have every day is to really, you know, it does start with making money, you know, I do run a view matrix there, where I count up the percentage points that I make on trades, I don't size things for people, because I'm not a wealth manager, I kind of just want to point them in direction and say, Hey, I put I put us into this trade, it went 15%. And we got out that's plus 15 percentage points. So I guide people into the sectors that I think they should be in. And, you know, put all kinds of good risk reward in front of people, it's really a very good idea generation trading publication. So that's the impetus of it. And that's what I do. That's what I get excited to do three days a week, it's really something that's fun for me.

Ryan Miller
Yeah, it's phenomenal. And you're one of the best, I don't know if you set out to be this way, but you're one of the best pattern recognition traders that I've ever met. And I'm just curious, like how maybe there, you don't have to describe them, but we can let our listeners if they're that interested, they can reach out subscribe or whatever. But what are some of those basic patterns that you can point people in just to learn? Like, we've got flags? And you know, what are some of those those basic ones that you would recommend people do just to really get good at recognizing trading patterns?

Tony Greer 
Yeah, absolutely. You know, I very much consider myself a hunter. And like you said, it's a hunter of those patterns that I recognize, and the patterns that I recognize, you know, I'm a bull market trader, you know, I trade things from the long side, I do better when, when they're going up, and then trying to make money being short. So that's generally the way I approach markets, I generally approach my prop trading by trial and speculative trading by trying to find stocks that are trending from the bottom left to the top right of my screen, going to try to find, yeah, I try to find places that I can jump in when it's cheap and sell it when it's deer, you know, kind of in line with the stocks, behavior, etc, etc. So, so talking about buying bull market securities, one, you know, something that you'll see, time and time again, if you study charts and stocks and commodities is you'll see a commodity that rises, you know, from the bottom left to the top right of your screen, and it gets above its, you know, 50, 100 to 200 day moving average and goes on a nice run. And then at some point, it breaks down and trades into those moving averages and consolidates for a while and maybe trades through them for a little while. But what it does is it never gives up the bull trend, it just takes a pause. And that's when I start really zeroing in on things, right, and it's from whatever level it came from, it has to sort of show me that it's on the move, and that it's now consolidating. And that's sort of where you'll see you'll find a pressure point where sentiment will now get negative, and people will start getting short. And they'll start looking for a big reversion to the mean trade. And what actually winds up happening is the real bull market that exists underneath takes over. And then you'll see the stock start recovering and like a big trade for me is finding that security and then buying that security when it clears first the 200 day than the 100 day than the 50 day or whatever order they're signed up and then regains that bullish trend that it's been in all along. Right. So that's a pattern that's like I see those like in my sleep, and from 100 miles away through scope, I can see those you know, so that's one of the main things that I that I focus on. You know, it's we've seen it time and time again in the energy markets and energy stocks. We've seen it you know, if you look at pull up a chart of Marathon petroleum, you know, it's a refiner chart that we've been trading from the bull side in the Navigator for three years. Now, since the since the oil breakdown. It's one of the stocks we bought when oil went to $0. And that's a stock that rallies and consolidates and breaks down into moving averages and consolidates for a little while and gets on its horse and goes again. And you can look back in the history of the chart and say, Okay, let's just see how many times it did that going back to when the stock was really depressed. And you'll go through the chart and go, Oh my God, there's one, there's two, there's three, there's four, there's nine, there's 10 and you're like wow, like the trend is your friend man. Like if you can't make money with that kind of observation, you're gonna have to really try a little bit harder because that's what you should be digging into things like that. And so I'm good at finding those and exploiting those and most importantly kinda like when you know, you know, on a blackjack table that you have to split aces and eights every time. Most importantly, I get into these trends and no one is a really good time to upsize. You know like the coast is clear here. The Selling has been done. We're about to have another leg higher. And that's when I kind of tried to wake everybody up in the newsletter with pots and pans in the morning and say this is what I'm digging into today.

Ryan Miller
Yeah. Or also wake them up with a cup and handle right. That's another another trend or pattern that you can look at a cup and handle

Tony Greer 
Pennant flags, head and shoulders patterns, things like the shoulders channel. Stock trading. Yeah, that's all in my toolbox. Those are the things that I use to make money every single day.

Ryan Miller
All right, there you go. Some flags, pennant flags, head and shoulders, cup and handle, you guys can look those up. We're not going to go for those on this show. Or I mean, Tony actually talks a lot more about those in the Navigator and his publication. But so understanding those those frameworks, those those preconceived patterns, seeing those patterns, studying those patterns, consuming information, being disciplined in your system, so you can control your emotion, but also being ready to get out before you get stopped out. Right? Just like our brother Buffett would say, right, all the money, you're gonna reservation, yeah, you're gonna, you're gonna use all the money you're gonna make from selling too soon. So, you know, I threaten you with three things. So we went over to wondering if you have maybe a third piece of advice that you can leave behind, and then really just walk people how to to accomplish those things.

Tony Greer 
Yeah, as a trader, it's important to do a lot of documenting a lot of journaling, and a lot of analysis of what you're doing. Because you want to do is, you know, first documenting things that are going on in the market so that you have a clear head and understand, okay, this is going this way, right now, this is going this way, maybe this is why but these are the trends like this is this is happening, I can see that starts with making observations like that and forcing yourself to write them down, because that's the only way to really get it out of you sometimes. And so that's important, sort of watching what you're doing so that you can develop a style, right and watching what you're doing and say, Okay, I put these four trades on here, what went right, what went wrong? And you'll find soon enough after time, where you say, Oh, the one where I sort of stuck to my discipline, traded off the chart, found good risk reward, and employed my trailing stop. That's the one that went right. Look at that. Look at the one that went wrong. What did I do wrong? Let's see here. Well, I wasn't patient on my entry point, I got in at a ridiculous price that put me on my heels right away. I waited too long to get out. It traded through my stop loss, I thought it was going to come back, it never came back and went down another 10%. And I lost all that money to that wasn't part of the plan that's just gone now. You know, and you start realizing like, oh, right, like, the light bulb goes off. Like if you're irresponsible with your money, it disappears super, super quickly. Right? So that's where you have to start employing all of those elements of rigor, that I was able to learn on an institutional trading desk when I had to report to Lloyd Blankfein and Gary Cohn, about what was going on that day. And so I've kind of taken all of that discipline and rolled it into something that people can chew on, and understand and say, Ah, you know what, that's actually not that difficult. Let's just kind of play the game the way we would play blackjack, and you know, make sure that we stand on 17. And we split aces, and we double down on 10s and elevens. And we play the game, right? Maybe we'll start to make some money at this. And sure enough, you know, when you when you are extremely introspective, and extremely humble, and extremely, you know, careful and protective of your money, then you'll start to find some success. And then when you do that, you know, it's like getting better at hitting, you know, it's like Manny Ramirez figured out he was a good hitter. And he just kept going to the batting cage and getting better and better and better and better. And that's something that can happen to you as a trader, once you sort of figure yourself out. And that's the way that I think that's the way you should kind of be guiding yourself every morning is to kind of figure out who I am in the world of trading, how I like to take risks, what I'm comfortable with how I know I can be disciplined and things like that. And you can really, you can find successes, successes in incredibly, incredibly liberating feeling when you can understand markets and understand how to exploit them as well.

Ryan Miller  
Awesome, man. So as we round third base and wrap things up, is there anything at all that you'd like to leave for our listeners around the world ways to contact you or other offers anything at all?

Tony Greer 
Yeah, you know what, Ryan? Because I love your podcast. I love your style. I really appreciate the way you approach an interview. Why don't we say that for your subscribers to get a 25% Office subscription of the Navigator, you can use the discount code M as in Mary, N and as in Nancy 25, or morning navigator 25, you'll get a 25% discount off the first year of your navigator subscription, which is $800 per year. So that's something for your subscribers, you can follow me at TG macro on Twitter, my website is tgmacro.com. I've got samples of the navigator on there. My next level of product line includes a TGmacro Slack channel that I always say is more fun than a frog in a glass of milk, because we've got 150 Ninja traders in there and about 30 or 40 of us banter back and forth about risk markets, the world you know, foodie stuff, general stuff, book recommendations, health, wellness and diagnostics. We talked about everything in there, but that's what I'm doing and that's how the business is being built. And it's you know, really one interested investor and trader at a time and I'm willing to help everybody so and especially the people that hear from me from your podcast, so thanks for having me here man.

Ryan Miller  
Yeah, brother it's been it's always a pleasure every time we talk so, you know, just to summarize everything that Tony left for us follow in hunt the market consume all The information you can again with his publication or any of them that you're interested in. The second thing that he said is you got to manage your emotions. And the best way to do that is to have a system and be disciplined with that system. And then finally, document your trades guys document your trades to accelerate your excellence. You do these things, and you too will be well on your way in your pursuit of making billions.

Wow, what a show. I hope you enjoyed this episode as much as I did. Now, if you haven't done so already, be sure to leave a comment and review on new ideas and guests you want me to bring on for future episodes. Plus, why don't you head over to YouTube and see extra takes while you get to know our guests even better. And make sure to come back for our next episode where we dive even deeper into the people the process and the perspectives of both investors and founders. Until then, my friends, stay hungry. Focus on your goals and keep grinding towards your dream of making billions.