The Fastest Way to Find Your Next Trading Strategy
Hello, everyone, and welcome to another episode of Line Your Own Pockets, continuing the mini series about multi strategy kind of building and trading. Last one we talked about, you know, when you've exhausted your current strategy for new ideas, how to you yourself, a couple ways to maybe create new ideas for different strategies. And this one we're gonna talk about how to maybe use others or or trading groups as a way to to create strategies again. So this was your idea, Dave, from the last one. So why don't you get us started here?
Dave:Yeah. So, you know, as we've said before, it's really hard to come up with the second trading idea or trading strategy. And, you know, like I said, the only thing harder than coming up with the first one is coming up with the second one, which sounds counterintuitive, but you know, you, you get into a rut, you feel like, Hey, this, you know, I figured out trading. This is how it works because I'm, I'm making money. So the second one is really hard to do.
Dave:And last, episode, we talked about things you could do on your own to put yourself in a position to notice new ideas that could turn into profitable strategies for yourself. But even then, it's really hard to do that on your own. And the the best way to really, you know, come up with new ideas is to share them with others. And we've talked about this on a previous episode, created creating a trusted trading group. We'll put a link to that in the show notes, but it's such an important thing.
Dave:And networking is such an important part of being a trader. And it's, it sounds counterintuitive because, you know, a lot of traders, they feel like they, you know, they're making money. They don't want to share their secrets, but it's a very important thing to be able to share with other trusted people because that's how you're going to come up with some new ideas. And we can talk about sort of collaborations that you can do to make that happen.
Michael:Yeah. And, you know, again, the the process for internally creating strategies is is one that kind of exists forever. And, you know, now that we've kinda shared that process and you can come up with like derivatives of that process, I think that's just just something you do over time. But for me, I've always had way more fun, I think, with the the other side of it. And I think that becomes a better a better outlet just because it is more fun.
Michael:You know, reviewing your own trades and and looking at this scan of the stuff that's up and down the mouth, you know, you should do it. You kinda have to do it and those thought processes. But sometimes it's just kind of way more fun to talk to other traders and to, you know, have these other conversations and to consume content like podcasts and YouTube videos and ours, hopefully, that kind of stuff. But I I think there's something that is you know, you only have one brain and that brain is going to look at the world in a certain way. And when you can then grab somebody else's brain and kind of share it, and they're gonna look at the world a completely different way.
Michael:I think sometimes that is going to be the easiest way to kind of shake you out of of what you're doing and taking a look at at something else just completely different from anything that you would ever be able to do on your own.
Dave:Yeah. And I, so I see this firsthand because, you know, when I created the cruncher, I created that first and then I created the AFL generator and I have some example strategies in there so people can. So a lot of times people are literally starting from the same starting point strategy and opening range breakout. It's easy to click on the button and like you get the, you get all the code, you get all the columns, you get everything. And my assumption was, okay, well, people are going to use that strategy.
Dave:They're going to run it through the cruncher. Everybody's going to coalesce on the same basic strategy. Like, it's just going to optimize toward this one thing. Everybody's going be trading the exact same thing. But I was shocked.
Dave:No, but no single person, no single trader has come up with the same endpoint. There's all there's so many variations of what you can do. So no like, there hasn't been any coalescing around any particular subset of strategy of of trades in this strategy. This is the same idea, literally the same starting point. So it really goes to show there's just so much, you know, people come, people have a whole different life experience, a whole different risk profile, completely different ways that they think about money from their upbringing, from experiences they've had.
Dave:There's just a huge variety of humankind that there's just there's just no way you're gonna think about things in the exact same way as somebody else. So there's just that's there's a lot of potential there for sharing ideas and, like, you're gonna be shocked at some of the ideas other people come up with that you think, gosh. There's no way in hell I would ever have thought of that idea, and this person's been thinking about it forever.
Michael:Well, it also completely debunks the efficient market hypothesis. Right? Because that's the the idea behind that is that, okay, you give if everyone has access to the same information, then things should be worth what they're worth and the prices should really never move. And they only move when there's a piece of new information and it should go almost immediately to the price that it should be trading at and it just stops. But that just is, you know, one of the million ways to debunk that by just saying, well, you can take it's as simple enough as you could take a chart and show it to a bunch of technical analysts, and they're all gonna look at it a little bit different.
Michael:Right? This they're all gonna see different patterns. They're all gonna see different areas and and support resistance and all that kind of stuff. It's all gonna get kinda shattered not because the raw data is different. The chart is the same.
Michael:It's people's interpretation of of the raw data. And it could be the same with with strategy creation. And that's why I think I like the, you know, look listening to other people so much is because I, even more than you, I'm looking for new strategies as opposed to variations on on other strategies to apply across different assets and and different time zones. So somebody who just looks at the market completely differently from me is is to me gonna kinda pull me out of my comfort zone a bit. But I I also think you can go and try to take what you've learned and go back to your own strategy.
Michael:So going all the way back to, you know, you wanna work on your strategy till you feel you've kind of tapped it out. Well, still at the same time going and hearing somebody else's way of looking at something and then going, oh, I might not wanna trade like that person. Maybe they're an investor or they trade futures or something. But there's this thing that they look at that I could bring back to my current strategy and maybe improve upon that as well. So even even from that side of things, not so much creating new ones, but working on existing ones, I think there's, you know, there's always that kind of way back to those.
Dave:Yeah. And, you know, part of this is, you know, building trust with other traders. And that's a lot of what we talked about in that other episode. A big part of building trust is being helpful with no expectation of anything in return and like trying to make somebody else's life better, like, and looking for opportunities to do that. So there is a period where you're going to have to build trust with other traders.
Dave:And as we talked about in the last episode, you know, maybe you're not, maybe you're not comfortable sharing your entire strategy, but you could, there's lots of different ways to share lots of different valuable things to build trust without sharing your absolute secret sauce. So in the last episode, we talked about universes and entry tactics and how those are separate. They sort of combine to make a strategy. You could share the different universes you trade. That's really valuable thing for another person to know.
Dave:But it doesn't share the entire strategy itself. Same with entry tactics. Like, that's a good way to sort of break these strategies apart and share certain parts of them that another person could use in their process. They could share similar things in a way that you can include in your process.
Michael:Yeah. You know, just how you select things. I find processes being a really good thing to to share with others because then, you know, it's entirely up to them whether or not they want to do anything with it. And then like you mentioned with the trading strategy, they're still gonna kinda come into an endpoint. And I think now more than ever is a good time to to talk and to share processes just because a lot of these are gonna be AI driven.
Michael:And this is something that you can always kind of talk about is like, hey, did you see the new Fable five launch from I'm using it like this. This is the thing that I'm this is the thing that I'm doing with it. And people are gonna be really interested to hear about that, and then they're gonna be really interested to kind of update their their process as well. And anytime you can say, oh, here's a a time saving mechanism that I've done or here's a way that I've made something more efficient. You're not giving them really anything to do with your trading strategy at all, but you're still helping them out a ton because you're like, look at this.
Michael:This is the prompt I use to create this really cool dashboard that reconciles my trades to my backtest or something like that. It's it's not going to degrade your system at all to to show someone something like that, but, you know, they they're they're really gonna appreciate it. And then, yeah, back and forth when it comes to that trust, that's how it usually works a little. It's, you know, that tit for tat. It's like, you give a little bit and then we'll give a little bit and you give a little bit and then eventually you're ended up you know, fast forward down the road, you're talking way more about the nitty gritty of what goes on than if you just walked in there and said, hey, you know, give me give me your trading strategy, and you get nothing in return.
Michael:Like, that's just never gonna work.
Dave:Yeah. So when I first started day trading, before I made my very first day trade, I contacted a guy that was a vibrant trading blogosphere at the time. And I contacted him and because he lived in Atlanta. I said, can I just would you mind if I just come and watch over your shoulder? I I think you're trading a strategy that I can I could get behind and and would work for me, but I just kind of want to watch what you do?
Dave:I didn't know any traders. This is a completely new thing for me. And he said, sure. So I was down there visiting my wife's sister and I spent the morning watching him trade. And it was just like opened up a whole new world for me because I could see the decisions he was making.
Dave:I could see how he set up his screen. I could see the tools he was using in real time, right over his shoulder. I could see that this is something that I could do. I could picture myself in that seat doing the same thing, where I couldn't before. So it was very it was just such a, illuminating thing for me just to watch somebody else doing it.
Dave:And I'm just I'm always very thankful for him. Every time I go to Atlanta, I always, take him out for dinner because it was such an important part of my trading career years ago that he was opened up, his kimono and showed me what was going on in there in a way that was very, very helpful for me.
Michael:Well, yeah. In in a world of, let's just say a lot of bullshit in in the the trading world, when you find somebody like that who's willing to show that kind of stuff, that's gonna be important because I think that's a that's a big deal in this kind of pursuit of finding other traders to talk with and and all of that is you have to find ones that are real traders. Then a lot of them are are easy to spot. Right? Do do they claim they, you know, I turned a thousand dollars into, you know, a million and I took five seconds and and look at me go, that type of thing.
Michael:You know, Lambos on the on the timeline is a pretty easy one. But yeah. And then on top of that, once you filter through some of the some of the BS, I think it's it's more important to kind of match like you talked about that trading style. Like, if you could never see yourself trading that way, even if that person was a very successful trader, made a whole bunch of money doing it, it doesn't matter. Right?
Michael:If you're somebody who is, you know, adverse to shorting for some reason, like you don't, you know, like the concept of shorting or you're worried about the asymmetric potential risk reward. Okay. That's fine. Then just don't look at somebody out there who's their whole thing is is shorting. Right?
Michael:If you don't like micro caps, don't, you know, do do find somebody who they're they're showing enough of the trades they're making or the or the style that they have that you're like, that is a style that makes absolute perfect sense to me. Because it's like, okay, this is something I could I could see myself actually risking my own money and I could see myself doing. You know, like Dave, for example, would never wanna sit down next to a swing trader because it just make him cry inside. But and I I because I think that's important as it's I could give you the, you know, the most optimal trading strategy in the world, but if for whatever reason you couldn't follow it, you know, based off of, you know, moves too fast for you or a certain, you know, style you don't like or whatever, you're gonna be more incentivized to mess with the system. And then you're gonna be more incentivized to get, you know, sub par results.
Michael:So whoever you're lining up with, you know, make sure that you're that it's it's someone that you'd kind of jive with, I guess, mentally.
Dave:Yeah. And I I would I'm not opposed to watching somebody swing trade. I mean, I think that's in fact, it's probably even better to look at somebody that you don't want to look at you don't want to have partnerships with people that are exactly like you. You want to have partnerships with people that are different and have complementary skills. People think that you want to go find a carbon copy of themselves and that's going to be a good partnership.
Dave:And that those can be. I've had partnerships like that, but the real value is when you both bring something unique to the table and that benefits the other person. Those are the ones that have a lot of potential and and that can last a long time and be very fruitful.
Michael:Yeah. And I should just I should clarify. I was specifically talking about your example of you wanted to find someone to their style to potentially emulate. Yeah. Yeah.
Michael:I think it changes entirely once you have and I guess more prudent to what we're talking about where you have one strategy that works and you're looking for a second one. In that case, I a 100% agree. You should go find someone who's completely different from you in every respects because yeah, if your style is, you know, shorting low cap stocks or something like that, don't want to find another guy who shorts low cap stocks because, yeah, he might be able to help make your system better, but he's not gonna expose you to, you know, large cap options plays or or, you know, depending on how far you wanna go from your initials your initial strategy. Now it'd be very hard, but the perfect world would be to find somebody who's interested in what you're doing and then you're interested in what they're doing. And those things are different enough that you can just kind of, you know, share and swap ideas.
Michael:And then both of you become a lot more profitable because of it.
Dave:Yeah. I'm a big believer just, you know, networking with everybody. Ones that, know, similar ones in your space are gonna be easier to come in contact with. Those are gonna be valuable, but they can put you in contact with other people who do completely different stuff. So like make your net as big as possible.
Dave:You know, we talk about casting a wide net for trading strategies. You should be casting a wide net to try to interact with other traders and try to, you know, make the trading world a better place. I mean, I think that's why we do this podcast. That's why I do it.
Michael:So how would you incorporate, so let's say, you know, you are on a hunt for a new strategy and you come across somebody who does have something that you think is is complimentary. You know, you you eke out as much as you can and start testing from there or do you try to first prove that their results are good? Or like, do you need to see that they're making a bunch of money doing the thing? Or is the fact that they're sharing an idea that's interesting enough and then you go kinda do the work yourself?
Dave:Yeah, I think a lot of traders have that instinct to say, okay, well how much money are you making with this? And I think that's the wrong approach. And it tells me that they're not quite thinking about it in the right way, or there's some inner doubt about what they're doing. And the way you should do this is you should have your own process. If asking the question, okay, well, how much does this guy make?
Dave:That tells me that you aren't comfortable with your own process and how much money you're making. So you should have a process for testing ideas that is well thought out and thorough and streamlined. And if you don't have that process for coming up with, know, having a path to confidence for any idea that you come across. So are you, do you have the ability to back test it? Do you have a good process for optimizing?
Dave:You should be working on that first. Then it doesn't really matter. You could have, you could, you could borrow an idea from somebody that's not making money at all and make it a good idea. And by incorporating it into your process. So I don't like, and I know there's a lot of sites that will allow you to share your P and L.
Dave:I think it's such a bad idea for all sorts of reasons, but mainly because it encourages this unhealthy attitude of, you know, sharing PNL and looking at other people's P and L, you sort of get this. It just, it's just an unhealthy attitude to have. And because what somebody else makes makes no difference to what your life is and what how your trading career is gonna go.
Michael:Well, and and yeah, I agree there. And the main thing that that I was thinking is that the they could have a great idea and just really shitty execution and lose money on the strategy. They could they their idea could be perfectly sound and, you know, they're doing everything right, but for whatever reason, they're one of those people who doesn't embrace, you know, execution by a machine. They they want to hit the buttons themselves and they're missing trades and getting emotional. And and that was kind of the example that just stood out in my head is that this guy's got a great strategy, but he's just not systematizing it in the correct way, so he's not making any money.
Michael:But if I take that strategy from a from a systematic standpoint and lens and know that I'm never gonna take a trade myself, I'm gonna let the robot do it. I could take his money losing strategy, that's a great idea, and and make a crap ton of money with it because it's it's the robot taking the trade. Maybe he's trying to do something that is just like hard to impossible for a human trader. And we've all met the guy who's like, oh, yeah. You know, I missed this one and this one and I missed that guy and I missed all these trades and look how amazing they were.
Michael:And and you always say, you know, why didn't you get robot? The robot would never miss them. But at the same time, that just proves that his trading strategy has at least some merit to it. He's just executing it incorrectly where it's like, hey, you so you could take that trading strategy and if he refuses to to kinda update his life so that he can he can do things automatically, that's fine. Right?
Michael:So it sucks for him. It could be great for you.
Dave:Yeah. And you know, there's, you know, people have all different sorts of ideas and, you know, it's hard to put a, put a whole trading system together, but these ideas that you're talking about and that could be valuable to you may be completely invaluable for somebody else. Like, it would be worthless So to somebody that's why you should really share more of what you're doing and encourage other people to do the same, because there's going to be kernels that they come up with that you could use as part of a strategy. You don't need the full, you know, every bit of every line of code for this automated strategy that's already optimized. In fact, that's probably, you probably don't want that.
Dave:You probably want a, you know, a different way to create a different starting point that you'd never thought of, different ways for execution that you would never have thought of that you can incorporate in a strategy now or in the future. So yeah, the more you share and the better your process is, the more comfortable and proficient you are with your process, then the better equipped you are share your own ideas, to take the ideas of others and run them through your process. So you're not like constantly trying to sniff out, okay, is this guy just BS or not? Like, even if he is BS, you still can learn from him somehow.
Michael:Yeah. Well, and and would you take the same everything that we've just talked about with, you know, talking to and and meeting people to write books and podcasts and and all of that. And the, you know, the thing that I'm thinking about right off the bat is there's a new Market Wizards books that just came out. I I love these. I've read every single one.
Michael:And this one has some, you know, prominent names on Twitter and social media and all of that. And it's really interesting to hear these interviews with these people and look at them through a systematic lens and to say, okay, I'm gonna listen to this and I'm not listening to it just for fun. Right? I'm listening to it to say, okay, they're gonna have some description of their methodologies and way to trade. And you can take that same idea and you can run it through the same process like, oh, this, you know, this person is, you know, shorting stocks that are up five days in a row and are up over a thousand percent, that's how we made all his money.
Michael:Great. That seems like a really good starting point for a potential trading strategy. So I I know I would. I would take this whole meeting people is good, but I there's probably a handful of people who are just antisocial or or live in, you know, the North Pole or something, and they just won't have anyone near them. And I think you could take a lot of this by just consuming the the correct content.
Michael:Like, after we're done recording this, I gotta mow the lawn. I'm gonna put in a podcast or an audio book or something while I do it, and I could, by the time I'm done, come in and have a really good idea or something to start testing.
Dave:Yeah. I think it's, it's, it's good to have a lot of inputs and yeah, I think, I don't have a plan to read that book right now, but yeah, think it's, a good idea to have lots of inputs like that. I mean, reason I'm not is just I've The problem I have now is not that I don't have enough ideas. I've got too many ideas. So it's that is not gonna be super valuable for me right now.
Dave:But at an earlier point in my career, that would have been absolute gold. Right? Yeah. Now
Michael:well, I guess that's that's that's something else that we could we could chat about. At what point do you just shut everything out? You know, we're talking so far twenty five minutes in this episode of all the ways that you can kind of talk to other people or consume content and generate ideas that way. But it almost seems like you're to the point where it would be better to maybe talk a little little less to people. Right?
Michael:At what point do you just say, okay, I've gotten enough. Because I do think people could fall into a trap. I'm not saying that you're doing this, but I do think people could fall into a trap of always spending their time coming up with new ideas and never acting on those ideas, never actually sitting down and saying, okay. I've got a backlog of a 100 things I want to test. I shouldn't then join the next trading group or trading meeting.
Michael:I should take that time to sit down and just test the thing and then see if it starts working.
Dave:Yeah. I see most traders are starving for ideas and that that is a phase you go through and it, and most people are in that situation. So most people should be looking for new ideas and new avenues for input. But yeah, at some point you're gonna once you're kind of comfortable with your process and you have ideas that you know work, you've done a lot of testing ever, and as you get further in your career, that's not going to be as valuable, but it's always, always, always is going to be valuable. So it reminds me back earlier in my trading career, I think this was probably around 2010, 2011, somewhere in there.
Dave:I have my strategies working and had all these variations working. So I had maybe four strategies, but basically variations. Right. And, but I had a good process. I knew like I had sort of an early version of the strategy cruncher that was working for me.
Dave:And I said, okay, well, I, I want to come up with some new strategies. How do I do that? And you might laugh at this, but I signed up for Timothy Sykes trading room. And the reason I did that is so, so I knew, like, when you see trading rooms out there and if they're to the point where they're selling picks, then, okay, well, there's gotta be something there at least like they can't be selling nothing. Right.
Dave:It's not going to be total BS, but I went, but I was very careful to know that, okay, I already have my process. I'm looking here to see what part of his process I could use in my own ideas, like basically for idea generation. So, but I had a hard deadline on how long I was going to be there. Like if I, if I felt like, okay, am I getting some new potential ideas here? I'm not going to spend the whole time there just trading his picks.
Dave:Right? That's not what I was there for. But and and and I do have a strategy that trades similar that I I'm pretty sure I learned from his trading room. And if I showed it to him, he was like, no, that's not what I've that's not what I do at all. So but I took something that was I could work into my process and there was a kernel of something there that I still trade today.
Dave:So I think that's trading groups are a good source for this kind of stuff, but you need to have, like, you need to go into it with your process already dialed in so that you don't get in a situation where you're okay. I'm just blindly following what somebody else is doing.
Michael:Well, and even if, you know, even if you went in there and you wanted to trade his style, learning about it at the same time, I think, would even just help you trade his style better is because you're going to you're gonna understand what happens when the drawdowns occur. Right? So you're gonna go, okay. I I'm not just, you know, getting a okay. I'm gonna buy this because it told me to.
Michael:Right? It's it's a I'm going to trade it and I know this is kind of roughly what what he's looking for. Therefore, when those don't work, you're not, oh, you know, this guy's an idiot. I hate him and and writing mean comments. You're saying, oh, this is a drawdown that's happened.
Michael:I understand the drawdown has happened. I can stick with it and and start to make money out out the other end. So I think that's a that's a great idea because, again, people are always gonna have you know, you could take it to the other extreme. If you joined it and everything was complete crap. Right?
Michael:Not saying that he is, but you joined just something and every every trade was wrong. That's that's also potential trading strategy as well. Right? If everything they did was completely wrong. Well, okay.
Michael:Now how do I figure out build a strategy just to learn what he does and take the other side of it. And, you know, so it's there's depending, I guess, what what I'm saying is depending on the framing in your mind of going into any situation with any of these people, there should be something that you get out of it. Right? Either either he's making a ton of money, great. You should you should emulate that and then create your own thing in some way.
Michael:Or if everything's crap, well, great. Now I've got a whole room of people I know that I know when they're gonna short a thing. So I know when they're gonna get stopped out of a thing. So maybe I could make money doing that on the other side.
Dave:Yeah. And I think it's a good situation for your hypothetical trader that lives in the North Pole that doesn't have any other traders to actually network with. Right. There's trading names out there that you could use. I mean, that that's a form of networking.
Dave:It's a form of, you know, idea generation and and and a potential input for new ideas for yourself.
Michael:Yeah. And as it like, I don't live in the North Pole, but I I do live in the middle of nowhere. So
Dave:You live pretty close.
Michael:You know, I'm I'm I'm out there, so I I definitely sympathize. Sympathize. And, And, yeah, yeah, you you don't don't have have to to do do things. It's, you know, 2024. You don't have to do things or 2026, man.
Michael:I don't even know what year it is. You don't have to do everything physically. There are digital options out there. Right? And, you know, podcasts, audiobooks, talked about actual physical rooms where people meet, Reddits or Twitter threads, if you can stand them.
Michael:There's there might be some gold in there as well. I think the more I guess the closer the group, that's why I think probably chat rooms and things like that are better. Closer the group, the probably more you're gonna get at least some decent moderation where you're just not gonna get, you know, people calling each other the n word all day and like you see on Twitter. But, yeah, I think there's tons of different ways to go about doing it, and it's just about how you approach it and how you frame it in your brain when you go into it. And I think that's whether or not these things are are positive or negative experience.
Michael:Not even so much the thing, the the group that you're joining. It's just how you're how you're framing it when you go in.
Dave:Yeah. Well, you know, you joked that you're remote near the North Pole, but that's I think that's probably the default situation for a lot of traders. I've talked to so many traders that are like, they feel completely isolated because they know they're trading, in a small town. It doesn't even have to be a small town. Like there's just, it's just pretty rare to find traders that do what we do.
Dave:And it's not like you can, you know, check around your neighborhood and you're going to find people. It's not like software engineers where you can, you know, throw a hat and hit some when you're at the bar. So it's a pretty, it's a pretty, it could be a pretty lonely profession. It's good to always be thinking about how can I interact with others? I mean, so in fact, I just, I used to do these calls probably a couple of years ago when I just started doing the coaching where, I would just do free calls to people just to try to help as many traders as I could for free.
Dave:And I remember, interacting with one person had a big impact. I keep hearing back from her every few months. And now I've, I'm actually coaching somebody that has set up a partnership with her. So now that they've set up this partnership on their own, they they're, trade very different things, but they're friendly. They live in the same area and there's, you can see some synergy there.
Dave:I mean, you can see a lot of synergy there and just to see these things crop up and see traders do this is really great to see. And there's to do this if you're, you know, get creative and reach out. And you don't have to be, you can be an introvert and totally network. That's a a bit of it's it's harder for some people, but it is something that you can do in a variety of different ways.
Michael:Well, and then kind of the last thing that I'll I'll say to kind of piggyback off that is that you can, if you never want to approach people or even join rooms to do it, you can just create. And then I find that, like, that's how I'm I'm here and like every everything that has kind of come for me and and as someone who's, you know, like extremely dyslexic and and not good at writing at all. For me, it was video. Right? So you might whatever it is, you might look at and say, okay, I'm gonna start a YouTube channel and once a week, I'm just gonna make a video of this is the trades I made this week and this is what and you don't have to frame it as, you know, I'm the greatest whatever.
Michael:You're just like, this is why my journal, my process. If you do like writing, you could create a Substack or, you know, something like that. Substack I know is is blowing up, you know, for a great service and just start throwing stuff out there and event you know, we'll start just going out into the void. But eventually, you'll start to someone will find something and then you can end up just starting to build. It's gonna be a longer way of doing it, but you're gonna you're gonna start to build a trading community just like that because you're gonna find someone who reads your work and goes, well, that's great.
Michael:You know, this is this is, you know, what I've been looking for. I I'm doing the same kind of thing. Let's let's chat. So, yeah, there's, you know, going out and finding things and and looking at them that way, but there's also just let me just throw stuff out into the void, and someone will grab it at some point.
Dave:Yeah. That's so when I first started trading, I I subscribed to technical analysis of stocks and commodities magazine. I actually ended up writing a column for them for almost a year. And but but earlier in my career, I was, in this phase, I got the magazine and I said to myself, okay, I'm gonna take an idea that I find in this magazine. They're they're not all great ideas, but there's some good ones in there.
Dave:I'm gonna take one idea from each issue and back test it. And I would write it on my blog. I would just summarize it. And that's how I got started creating, doing some, that that's basically the start of the mailing list is, was that process. It's really valuable because it sort of forces you to think through the idea fully and flush it out and think more clearly about it in a processed way.
Dave:And it's it's super valuable. So that that was a really good thing to do. And, of course, there's Substack now. You could do that pretty easily.
Michael:Mhmm. Yeah. So, you know, create in some way. They say, if you really wanna master something, a great way to do it is to teach it in some way because like what you talked about, you have to you have to always reframe it differently in a way that someone will understand. So maybe, you know, taking ideas you have and reframing them enough will will, you know, figure out a a great way to cement it in your brain.
Michael:Right? You're you learn a topic and then you you write about it or you teach it to someone else and to not sound like an oaf while you're writing about it, you better know it well enough to, again, write or speak or however you decide to to kinda get that out there. So I think that was a good one. And I think we've we've gone through now, you know, with this mini series, I guess, about, you know, taking a strategy you have and and transforming it in some ways and then ways to kind of by yourself, build your own system, and then ways to to get people in the North Pole out to to learn from other people's systems as well.
Dave:Yeah. So thanks to Emmett who.
Michael:Yeah. Was four forgot episodes this whole thing started with a question. Wow.
Dave:It started from Emmett, and also Daniel P from England sent me another question just today that got me thinking more about this process. So, yeah, some great input from, from readers and went to and created this, whole series of episodes. So yeah, this has been this has been fun. Awesome.
Michael:Well, as always, I'm Michael Nauss.
Dave:And I'm Dave Mabe. Talk to you next week on Line Your Own Pockets.
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