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And I was really trying to get over that hurdle of being a breakeven trader
where I was profitable one month, like I was basically,
I was able to get funded, I was able to pass prop firm challenges.
I would get a payout or two and then blow.
And it took me a couple months to get the hang of it.
Like after back testing it for a month, two months,
I started to get pretty good at it.
But I would say about six months into the strategy that I was really starting to
nail it and become consistently profitable.
So after back testing for a couple weeks,
I pretty much knew that this strategy had something going on that I had never
seen before.
I was a drug addict and an alcoholic for basically 10 years of my life.
And now it's been a couple years that I've been sober.
And I've found that there's such a relationship between the type of personal
growth you have to do as somebody who's in recovery compared to somebody who's
trying to become a profitable trade difference.
Between your last paycheck at Amazon and your first payout on the
funded accounts, what was the.
Difference? So at Amazon, I think I was doing around,
I wanna say 3000 a month or a little over 3000, like barely skating by.
And my first payout was almost.
Episode 224. Alright folks, we've got Joe Caruso coming up here on the show.
Now, Joe has got a fantastic trading story for you. Uh, in fact,
he hasn't been trading that long,
but the reason I got him on is because he is Derek Vander, Linda's prodigy.
So this guy has come out of nowhere and is doing better than Derek,
who's been on the show for many years.
It was o only on just recently with this ridiculous 95% win rate. Uh,
Joe's story is gonna resonate with you. Trust me,
there's so many key lessons in here that helped him find success that you are
gonna be able to benefit from as well. And then afterwards we broke down, uh,
Joe's strategy or the strategy they use.
And you also see Myx book proof of not just where we left them off,
but also updated till now, I think it's like almost 11 months worth of proof.
Uh, of their 95% win rate is still at 95%.
So you're gonna get to see that in the video. Do remember, hit subscribe, like,
and click on that notifications.
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Alright folks, here we are in trading out.
We've got Joe Caruso in the house all the way over there in Pennsylvania. Now,
Joe is the, uh, I suppose the prodigy of Derek Vanillin,
who we've had on the show a number of times,
and you would've seen his interview was recent interview,
or should I say charting, uh, work just recently.
And I know these guys have been absolutely killing it, uh,
this year and last year. So welcome to the show, Joe.
Thank you. It's a pleasure to be here. You know,
especially being somebody who was a fan and seen so many, you know,
over the years, I was definitely like aspiring to get to this point and then,
you know, fast forward two years and here I am.
Yeah, no,
I th I think Derek actually said in his interview or it wasn't really an
interview,
we're doing some charting and he actually said that you are better than him
in terms of how the approach, so that,
that that's something to be said given the fact that he's been doing it for for
so long. So, uh, let's start off by hearing your story.
How did you get into trading and uh, how's it, how's the journey been so far?
Yeah,
so I knew nothing about trading whatsoever before the whole Covid pandemic.
Um,
so really covid happened and then my brother got into stock trading and kind of
told me about it and I messed around with stocks a little bit, uh,
made a little bit of money doing that,
a couple thousand not even knowing what I was doing,
just buying stuff because it was down 80% and then selling it when it went up.
Um, but that type of stuff doesn't really replicate itself on a weekly basis.
So I found that it was a very slow process.
And then I came across I M L or I am Mastery Academy,
it's called now through like, uh, yeah, multi-level marketing.
And I didn't really enjoy that too much. It kind of introduced me to trading.
It definitely opened the door and I learned initially binary options,
but it's very hard to be profitable with binary options I found because the risk
to reward factor kind of isn't there. You have to win with 70,
80%, even better sometimes accuracy to make money.
And then from that I started to watch podcasts and dive deeper more into
the traditional fourex market and people that were doing it.
I came across your podcast and I started following people like Lambeau,
Raul Qbank and some of those other popular, you know,
Instagram traders. From there it was, uh,
so I started messing around.
I wasn't a a student of anybody's mentorship or anything like that.
I was really just doing my own thing, picking up little pieces from here,
learning support and resistance from one person,
learning a couple indicators from another person.
And it wasn't until FX Summit of last year that I had met Derek.
So going into that,
I just wanted to grow as a trader because I was pretty much at the breakeven
stage of trading, you know, going into FX summit. I went,
went in with an open mind with the intention of I'm gonna try to learn,
you know, just keep an open mind, learn from whoever's speaking,
try to meet like-minded people.
And I was really trying to get over that hurdle of being a breakeven trader
where I was profitable one month. Like I was basically,
I was able to get funded, I was able to pass prop firm challenges.
I would get a payout or two and then blow it.
I was able to trade good for a month and a half and then, you know,
mess things up.
So I was really trying to find what I was missing or what I could add to
pretty much bridge the gap to pro, uh, profitability.
And that that was all trading us 30 right in your scalp? Yeah, yeah, yeah.
Yeah.
Like I followed people like Q Banks and people that were trading just indices
and it was very fast-paced. You know,
it's not really the best thing to get introduced to right off the bat because
then you're always expecting that fast money. Mm-hmm.
And what, what timeframe were you sort of mainly scalping on?
Was it very low?
It was mostly between the one hour and the five minute. Okay.
So I was using one hour for zones and then five minute pretty much for entry.
But I was trading very support and resistance based and not many other
confluences to go with it. So, you know,
my win rate wasn't usually better than like 50 60%. Yeah.
Okay. And, and so, so on the ethics summit,
funnily enough I got invited to go along to that, but it was, we were,
we couldn't get outta the country at the time. Uh,
that obviously was a game changer for you. And I mean,
how did you manage to meet Derek and, and hit it off with him?
What was the sort of, what was the genesis there?
Yeah, so I encourage everybody to go to it, especially like this year.
If you didn't go last year, go to it because it can be a life changing event.
Like if I look at how events changed in my life, I went to FX Summit. Um,
it's actually really funny because Derek almost didn't go to FX Summit.
I know there was some stuff going on in his life and he almost didn't end up
going at all. Um, but it was just the way,
it was almost like divine intervention. Um, I went there,
so when they have the expo where everybody is just at their own booth
representing their company, you could just go up and talk to whoever you want.
I saw there was big crowds of people by some of the bigger guys.
And then I saw Derek didn't always have a big crowd of people, so I went over,
you know, saw who he was, what's he about? Um, you know,
he told me he had that free YouTube course. This was like,
I think he had just made that YouTube course that's out,
that 25 video course that's free, which is, I recommend that for anybody that,
that was like amazing.
And from the night that I had met him at FX Summit that night,
I was already watching the videos. I was back testing.
I think it was a Saturday too when I,
but I just remember like from that point on for like three solid months,
I was back testing,
watching his videos and messaging him with all these questions about the
strategy. And he was actually getting back to me.
So we were like working already at that point a little bit rather closely
because I was constantly in touch with him.
And so, so when, um, when did things click?
So you were obviously learning the strategy at some point, you know,
things you, you would've, I I guess had a good grasp of it.
Derek answered enough of your questions.
How did the first faray into it go? I mean, what were the, what,
what was your first experience?
So our, after back testing for a couple weeks,
I pretty much knew that this strategy had something going on that I had never
seen before. Now as somebody who's only been in the market for, you know, two,
maybe three years at this point, maybe that's not saying a whole lot,
but it definitely stood out.
And I was very quick to see how this strategy was very
set in stone.
Like I hadn't really come across anybody or any strategy that had such a
defined, you know, list of confluences for entry,
an exact point of when you move your stop to break even an exact
rule for where's your first area of take partials,
where's your take profit gonna be when you have to get out early if certain
things are going against you. It was so clear cut and defined.
And that was really what I was missing was that disciplined set of rules
for entry break, even partials take profit.
Like everything was so clearly defined. And that was really the,
the main thing that stood out to me.
And it took me a couple months to get the hang of it.
Like after back testing it for a month, two months,
I started to get pretty good at it.
But I would say about six months in to the strategy that I was really
starting to nail it and become consistently profitable.
Okay. Okay. And so it, it is interesting to get that, um,
combination cuz it is a, it's a, it's a high win rate, high reward,
which is it shouldn't, it shouldn't exist, right? It should not exist.
with mechanical, in and out, partials, all that sort of stuff,
rules. So it is, it is a phenomenon. I in the whole like trading world,
I mean you don't get that very often. Uh,
I mean what were some of the things that you struggled with at the beginning in
that fi first six months when it just, you know,
for whatever reason it wasn't working and how did you overcome those?
So it was really a matter of I was taking a little too many,
I was taking too many trades early on. I was taking everything that looked good.
So the four hour timeframe is the main timeframe that Derek uses and I pretty
much adapted that as well. I was coming off of more of a scalping,
intraday trading and converting or slowly progressing I would
say to more of a swing trading style.
So that in itself took me a while to get used to actually being in trades for
more than just, you know, a couple hours holding trades for a couple days.
And of course the trading psychology,
I feel like it's very hard to be profitable in your first year of trading just
because of the psychological lessons that you have to learn as far as, you know,
the over-leveraging and you know,
there is no a hundred percent trade that you know is gonna work out that you can
risk extra on. So it was,
it was about my second two years or two and a half years since I started my
journey where everything started to click six months of learning and practicing
that new strategy of Derek's, um, that I really started to implement.
And I started to be able to weed out the trades that would just end up being
breakeven because having a 90% win rate or sometimes even higher,
a lot of, there's still some breakevens in there, you know,
that still close out as you know, they close out maybe five, 10 pips in profit.
It's basically a breakeven.
But I started to learn how to even weed out some of those unnecessary trades
that if there's something going against uh, the trade on the higher timeframe,
most of the time those trades don't always work out. They'll go 40,
50 pips and then it comes back to breakeven. So.
And what would you be seeing on like a higher timeframe that would,
would stop you from taking a trade?
So like a moving average going uh,
like a moving average going against me or if,
so if I'm taking a shark fin on a four hour and then I hop onto a daily
timeframe, sorry.
Frame in there,
do you wanna just let the guy guys know what a shark fin is if they've missed
the prior episodes?
Yeah, of course. So a shark fin,
we use the t d I indicator for and it's essentially when
the RSI is either above the 75 or below the 25
and it comes out of the Bollinger Band that's on the T D I and it essentially
makes a shark fin mm-hmm. The exact same shape of a shark fin.
So it's pretty easy to identify if you have it in front of you,
but it's in a sense it's a form of oversold overbought,
extreme oversold, extreme overbought.
Okay. So, so yeah, so back to the, uh, so I think people have got it now.
So back to the, uh, the higher timeframe giving you an out. So you don't wanna,
you wanna filter out that trade.
So you were saying you if you see a sharkfin on the four hour, was it or?
Yeah, like if I'm entering on a four hour based on a shark fin at an area of
confluence and I go on the daily and there's an area of structure that I see
on the daily or drawing a trend line, that's pretty much in the way of my trade.
Ah, you know, things like that that I didn't really notice early on.
Cuz early on I would stay on the four hour when I saw a shark fin hit a moving
average, either the 50, the 200 or the 800,
I was pretty much jumping in. I was taking like every shark fin that I saw.
And it's unbelievable that most of them actually play out even if there's not a
whole lot of confluence. But the ones that do have several things lining up,
I mean those are the ones that really run for a couple hundred pips.
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And it's funny cuz like, I mean I know trend lines was the,
the thing that Derek reached out to me about just recently saying, Hey look,
I wanna show people how I do these trend lines. Uh, and I mean I,
I've had, and we said that in in his show, so many guests come on and you know,
say, oh you know, trend lines don't work. That kind of thing, .
But the reality is, I mean I use trend lines and, and mm-hmm ,
they work fine, they work really good in fact. And , I mean, what,
what's, what sort of, I mean how much,
if you had to give a sort of percentage weighting on, you know, the,
the likes of using an indicator sharkfin pattern with a trend line,
what would you say are more powerful for you to,
to look at the trend line or the indicator or price action?
I would say I love the combination of all of own's funny thing cuz that's really
what makes the best trade is when you have all of those line up,
I would put price action as probably the most
important and then the t d i being the second and then I would say
moving averages and trend lines following that. And then, you know,
Fibonacci extension,
that's a retracement that's kind of like the last area of confluence that
I'll look to, but I won't specifically trade off of a fib uh, retracement level.
But I will trade off of a shark fin at a 200 moving average
at an area of resistance.
And if there's a trend line in there that's even better.
So we really look to merge as many confluences together and I
think for that reason that's what makes the strategy and those trades have such
high win rate is you're getting, you know,
four or five different confluences maybe, you know,
you're using moving averages, trend lines, support, resistance,
uh, Fibonacci retracement, T D I,
and then we also use the multiple timeframes like on a four hour we'll always
check what the daily looks like and what the weekly looks like.
Okay. And so what were the things in that first six months that uh, that,
I mean you said looking at the high timeframes was one of them.
Were there anything,
was there anything else that you sort of saw with some of the losses you may
have taken that you were like, I could have avoided that because of X, Y, Z?
Yeah, it was,
I say the most important thing was definitely the timeframe correlation
because I was able to spot when things looked good on, you know,
to be able to notice if something is very oversold at resistance with the moving
average there, like to be able to merge all that together wasn't too hard.
It was more of, you know, if the daily looks di something d you know,
if it looks bearish on the daily and I'm looking to buy on the four hour,
how it doesn't necessarily mesh together or if the weekly is very bearish,
then I'm looking to buy on the four hour and realizing like that why is this
going against me? And then, you know,
I'd lose a trade look at the weekly or the daily and say, you know,
there was a hidden divergence off the 50 moving average going against me and
here I was buying this little move that went 30 40 pips,
meanwhile it was in the middle of a 300 pip swing going against me.
Right. Yeah. Okay.
So it's really getting that grasp on how the higher timeframe or another
timeframe is affecting your current timeframes trade, which is key.
Yes. And probably one of the more difficult things to,
to get over a psychologically,
cuz you've gotta psychologically tell yourself,
I've gotta check all the timeframes, I can't let any, uh,
leave out any stone unturned and b uh,
understand how it sort of works in correlation to the timeframe you're on,
which is another thing that I think people kind of struggle with a bit.
Uh, now what about like, uh,
if you had to sort of compare stats with that six month period where you were
getting from, you know, starting to,
to doing well to the six months or six months plus onwards
when you actually had crack. I mean, what do they,
what do your stats look like if you had to break it down into like one
percentages, um, average risk reward trades per week, that kind of thing?
So I had a free signal group that I was running from,
I believe it was August or September, up until December.
Now this was before I was working with Derek with Trader Society Academy
and in that group I had about roughly an 80% win rate on the
trades I was calling.
Average Riska award was probably about a one to three. Um,
but then I noticed since me and Derek have started doing Trader Society Academy,
which has been since like the beginning of December, so the last three months,
um, both of our win rates is between 90, 95% pretty much.
I mean 80% and one to three is still pretty good. Right?
You can't complain about that. That, that is is awesome.
But I suppose the combined nature of both of you looking at at
trades is, is just a, a force force that you can't be, you know,
you can't be beaten. Um, okay. And what,
and that's the risk to reward on that one. Did, did you say.
It's still about a one to three on average? Because it really depends on,
when I take partials,
I usually take a third off out of the first area of Confluence going against
me,
and then I'll usually take my second partials or most of the trade off
at the take profit. But there are times I will leave a runner, you know,
for like, even an extra bit. Like if the,
if I'm going with a higher timeframe on trades like that,
sometimes I'll even hold past the original take profit and hold like a
little bit of a runner.
But at that point it's all risk free because we always move our stop loss to
break even after a certain point.
So most of these trades become risk free relatively, uh, quick.
Mm-hmm. . And so that, that that runner, I mean,
what percent would you le leave on a runner?
So if you're taking a third off at the start bulk off for this TP level,
what's the runner percentage on average?
I usually do a third, a third and a third.
Okay. Right. So it is a, it is a good, a good chunk. Right. Okay. But you,
but if that runner comes back and gets stopped out,
you've trailed the stops higher than obviously breakeven or you're gonna get
some money or is it gonna, the runner's either, either gonna run or not?
I'll still cover make sure the swap is covered. Um, like the,
the spread the commission. So I'll still put it like, you know, 10, 20,
even 30 pips. Mm-hmm.
But I don't really trail it like 50 pips or anything major like that.
Yeah. Okay. Okay, cool. Um, now what about, uh,
like things, you know, were you trading every day, uh,
what instruments have they changed at all? So from the six months that you were,
you know, getting better and then to the six, you know, going forward now?
Yeah, so previously I was definitely very heavy on US 30 just because that was,
uh, what I had known for a solid year, year and a half almost.
Most of my trading in this trading FX was very heavy on
indices. Um, where now it's completely mixed. You know,
we look at every single pair, the three major US indices,
we look at the Dax silver gold. But the thing is,
because these trades are so particular and so,
so many things have to line up in order for a trade to be valid,
we're still searching. If we add them all up,
it's probably 35 or 40 instruments with all the pairs, all the indices,
commodities, and there's still days that there's no trade that lines up,
you know? So it's a very, things have to align a very certain way,
but I think I've become more patient over time because now I have the stats
that prove it's, I get paid to wait. Mm. You know, it's not,
it just doesn't pay to cut my win rate down and take all the trades that like
look okay. That are kind of iffy.
Yeah. Which is, which is another thing that like,
I think is a big hurdle for people to go. I'm just, you know,
happily go through and miss every opportunity that could have
worked out. And like, I mean what I,
I tend to do is I'll draw a line where I think that, you know,
I'd like to take this trade but I'm not gonna take it for these reasons.
And then the next day or whatever next candle I'll go and check it and see would
it have worked? Ah yeah, it did or it didn't. And then you go, okay,
well there's a reason or it worked and it mm-hmm ,
it gave me like half an hour and you go, well yeah,
you would've made some money but you would've probably just, you know,
given it all back and you wouldn't have taken profit.
So little tricks like that. Now what about like your typical trading day?
I mean, how do you, uh, structure it? What does it look like for you?
So I'm Eastern standard time,
so for my time I'm basically waking up at six o'clock every day,
which is three hours after London open.
So I'm catching the middle of London and I'm basically trading until London
close around noon.
And we do our live session for Trader Society Academy Monday through Thursday.
And our trade session is running for about four hours.
So I'm doing that from nine till about 12 or one o'clock in the afternoon.
So essentially I'm at the computer or you know,
basically trading for about five or six hours in total.
But because everything is on the higher timeframes, it's not always, you know,
it don't have to be super active.
We're able to back test on the sessions in between answer questions,
pretty much do a little bit of everything while we're waiting on certain setups
to happen.
Okay. And,
and I know Derek said that he goes across every timeframe he's got every
timeframe that he looks at. Are you the same?
I don't look at the smaller timeframes too much.
I really like the major or main confluences to be on the
four hour daily or weekly.
I would say those are the main timeframes that I stay on.
And have you got like a, a sort of record of all the trades you've taken,
timeframes the trades are on,
all that sort of thing to then go back and I suppose review and,
and see if, you know, oh look, you know, we, we,
we keep getting winners on the five hour timeframe. Um, more,
I suppose the problem with,
with you guys is you've got a like 90 to 95% win rate,
so so it's hard to work out what doesn't work. Um, but is there any,
are there any stats around this that you sort of keep a log off?
Um, not necessarily.
I mean Derek definitely goes a little heavier with the three hour,
five hour, eight hour timeframe than I do.
I typically tend to stick to more of the traditional timeframes. Um,
but there are times that something looks better on the five hour than it does on
the four hour,
where even just that one hour because that one hour changes the whole moving
average location where a trade that's lining up good on the tdi,
uh, might not look good on the four hour,
but then you switch to the five hour and you could see that it's actually coming
to an area that makes a lot of sense.
So sometimes even that one hour difference, three hour, five hour, uh, that td,
the TDI I and the RSI placement can make the difference between taking a trade
or not taking a trip.
Okay.
Now I'm gonna sort of jump back a little bit and then forward rather quickly,
but, so talking about,
I suppose what's quite interesting is to find out how you, uh,
overcame the capital aspect of trading so I getting some capital to trade
with and or, um, making that shift from paid employment, which I know you,
you said you had a job beforehand, uh, to going full-time trading. I mean,
how did all that play out for you?
So getting the capital and deciding on going full-time?
Yeah, so I had, the last job I had quit was about a year ago.
So it's been about a year that I've been mostly full-time.
When I first quit my job,
it was like when I had first gotten a funded account before I even got my first
payout , I got the funded account.
Like I was able to trade before I went to work, um,
when I was a delivery driver for Amazon.
So like as soon as I started to pass the prop firm
challenge and I was thinking I was like a week or two into it,
like still a couple weeks from getting paid and I was already like, oh,
I'm quitting the job. Um, yeah, definitely a little bit early.
I wouldn't recommend that.
Yeah, job job must have been miserable.
. Yeah. Yeah, I was just happy to get outta that.
Um, but even after that I did like,
I pretty much did some side jobs because I was always a hundred K
funded. So I mean since then I've flipped through a couple different a hundred K
accounts, but now I've been on the same a hundred k account for three,
four months now. But I've pretty much always gone the route of, uh,
funded, you know, through a prop firm. I found that was, you know,
for someone who didn't have 30,000 just sitting around 40,000,
I think it makes a lot of sense.
Okay. So you.
So I'm definitely looking to increase that.
So you got,
you got a hundred thousand in funding and that's been enough for you to be,
you know, with a 90% success rate and a uh, uh,
a three to one risk reward is obviously enough every month to,
to make a withdrawal from that, which is awesome. Um, now, uh,
if we had to sort of talk about like, what,
what do you think made you different from other traders out there? What are,
I mean it sounds like you have got a different angle, um,
than what a lot of other people go into it with.
What would you have sort of put it down to, what would you put it down to?
Um, so I, uh,
I think some of it has to do with just my personal drive. I mean,
I have three young children. I have a one-year-old, a two-year-old,
and a three-year-old. So.
And he quit your job before and he quit your job when you got Amazon. Was it,
have you got a partner who works or is, I mean.
No, she's pretty much been a stay-at-home mom ever since she had kids. I mean,
it was just kids back to back basically. Yeah.
So I think that created so much pressure on myself that I was working
jobs, you know, two jobs at times,
back to back jobs that as soon as I was able to see the light at the end of the
tunnel with trading, I was so driven and so motivated to,
I think that also helped me follow my plan and risk management and things like
that where once I really saw that was within grasp, you know,
as I got funded and then, you know,
working towards a payout able to see that this could really be an end to,
um, just all those hours not being able to see my kids grow up, you know,
so it,
I really had a strong drive to make things work and be able to spend time with
my family and I,
I think I really stuck to the plan a lot when it came to Derek's strategy.
Some people come across a strategy, they try it for a week,
they try it for a month, they try it for a couple trades and they're like, oh,
this is just like anything else. Um,
I think what set me apart from so many other people that say have watched
Derek's course or uh, try to trade his way was just,
I stuck with it, you know, month after month,
week after week that it's just been so long that I haven't turned, you know,
I haven't turned my back to it.
I haven't really straight away from the strategy.
Either tired of missing trades or spending hours at the charts introducing my
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and why do you think that is?
Why do you think you managed to stick with this one versus
like going, oh, well, you know, I had a had a couple of bad trades and,
and I'm gonna look for something else. What, what was the difference here?
There's gotta be a difference, right?
And I think other people might learn from this.
Yeah, I think as it's,
it's hard to describe it because there's such an industry standard,
there's such this standard of naked trading is the white, uh,
the right way to trade. If you're not using, if you're using indicators,
you're like an amateur, you don't know what you're doing.
It's such a stigma I would say. And I found that this strategy,
cuz again, it's gonna sound so like cliche or whatever the word is,
but it is like a holy grail of strategies that if you are patient,
you stay disciplined and you wait for your confluences and your timeframes
to line up, you are almost, almost guaranteed a win.
Not a hundred percent guaranteed, but again,
we've been maintaining a 90% plus win rate over the series of months and I
think derrick's going on like a year or so of maintaining a 96%
win rate. And I don't know anybody else in the industry that can do that,
especially people that don't use indicators cuz I feel those indicators
make all the difference because I can look at that T d I and it will stop me
from taking trades that I normally would've taken in the past just because,
you know, it's, oh it's bearish and a support might become a resistance.
Where now it's, you know, there's a combination of three indicators.
There's a specific way of using trend lines, there's timeframe,
multiple timeframe analysis,
and I don't understand how people don't use indicators or how they even do
as good as they do without it. It literally helps me weed out the bad trades.
Yeah, yeah, I mean I I I I tend to agree, I mean I,
I look at indicators as well. Um, and it,
it is definitely like if I didn't have them I, yeah, ,
same kind of thing. I'd be, I mean I can see I, when I take a bad trade,
I can can see that like why I,
that trade didn't work out and I immediately know.
And usually cuz if it's on a lower timeframe I'll be like going, oh,
immediately know why this trade's not gonna work out now.
And I get at that point I,
I know I should just excerpt and I'll end up usually I'll let have to stop. Um,
anyway, um, one thing I did wanna ask was,
and you don't have to answer this if you don't want to,
but difference between your last paycheck at Amazon
and your first payout on the funded account. What was the difference?
So at Amazon, I think I was doing around,
I wanna say 3000 a month or a little over 3000,
like barely skating by.
And my first payout was almost 8,000.
Whoa. . That's.
Crazy . So yeah, it was definitely like almost double and you know,
the amount of hours I was putting in was so substantially different that it just
made it so much more worth it to just trade over, you know, something else.
And this is just the beginning, you know, I look at it as I'm still like,
this is basically my third year of trading in general. Hmm. So I know that,
you know,
I look at Derrick as somebody as where I could be in a couple more years as,
as he himself has also just slowly gotten better and even, you know,
he went from maybe a 90% success rate a couple years ago to being like 96%
now.
. Yeah. Crazy. And he said that, he said that you,
you didn't take that trade that he took and lost or,
or you went on the stream or something, you didn't take the trade.
So that's where he is like putting you almost above him in terms of, um,
of how good you, you've managed to get. Now talking about our mindset thing,
I mean, did you have any mindset issues around like, you know,
you talked about patience around holding trades or, or anything like that.
Did you have get frustrated at all at any point and you had to sort of
get yourself in the right mindset? Like,
I mean some of the guys that come on the show are doing things like, you know,
an hour's meditation before they jump on the charts, uh, uh, you know,
having to go to the gym, all that sort of stuff. Do you need to do any of that?
What do you do?
I'm definitely big on the aspect of prayer and meditation and the spiritual
aspect because I'm also in recovery myself from drugs and alcohol.
I mean,
in my powers a I was a drug addict and an alcoholic for basically 10 years of my
life and now it's been a couple years that I've been sober and I've found that
there's such a relationship between the type of personal growth you have to do
as somebody who's in recovery, um,
compared to somebody who's trying to become a profitable trader.
The aspect of being disciplined of you know,
you have to do what you don't wanna do. We wanna be in trades all the time,
but it's not good for us. We're gonna lose money.
There's so much of a relation and I found that, you know,
spirituality was a very big part of my recovery and I've found that the
same thing in trading.
It helps me definitely stay balanced and stay centered and the aspect
of helping other people is also very big that I feel in turn helps myself
quite a bit.
Yeah, yeah. Uh, now one thing, um,
one thing I'd like to ask is what about if you had to give a bit of advice for a
retail trader who's struggling, what would that advice be?
I would definitely tell people to get introduced or start to
learn how to use indicators because like I said,
I think it's such a self-destructive or such a,
such a bad thing in this industry that people talk so bad against it,
but yet it does so much good for people. Like if it can increase your win rate,
help you find better trades, um, why would you, why would you not use it?
Why would you tell somebody not to use it?
Because I know early on in my journey it was like shunned upon,
I just noticed everyone I was watching, they're like, oh,
I don't need indicators. Like it's gonna cloud your chart,
you won't know what's going on. People that use it, they're fake mentors.
All this stuff that I found out, like now that I'm doing so good myself,
I'm like, why do people say these things? ? Yeah.
So I would say don't get stuck up. You know,
don't feel that you're above using indicators.
Yeah. Almost suppose indicators unfortunately can't defend themselves, you know,
and, and they, they haven't got a voice, so it's easy to,
to fit for them to get a bad rep, uh, rap and it, and it's,
I I think it gen I think it originates from the moving average
crossover. I literally think that's, that's what it is.
I think people are like moving average crossovers doesn't work and therefore
all indicators are bad, which, you know, yeah, I think there's a case for them.
I definitely do. I definitely do. Now, um,
we're gonna run through through some quickfire questions here and uh,
then we're gonna wrap the show up.
So how long did it take you to go from UBI two consistently profitable?
About two years, two and a half years.
What's your favorite entry setup?
I would say a hidden divergence on the four hours.
So going with the trend,
a hidden divergence where it's a level of either resistance,
turn support or support turn resistance.
And I only take hidden divergence with the 50 moving average.
So going with the trend,
I can expect that if I'm getting in a lower,
a higher low, that I'm going to, uh,
take the trade to the next high or the next low if it was a bearish trend.
So those type of trades get the best risk to reward because you are
taking it past structure, you're taking it to a new high or to a new low.
So I find those tend to be the best traits.
Uh, what's your recommended trading book or resource?
Um, probably Trading in The Zone by Mark Douglas.
Uh, what about walk? Uh,
do you wanna walk us through the worst ever trade you've had?
the worst ever trade? Yeah,
that's essentially been an instance of where something was,
I don't remember the exact pair,
but I know there's been a couple instances of this type of setup happening and I
had gotten caught up in them a couple times. Um,
earlier on when I was learning the strategy was when something looked really
good on the four hour and say the t d I was a massive shark fin,
so extremely oversold. This thing is coming up,
it's coming up to a moving average. It's oversold, it's at a resistance,
but on the daily timeframe it's coming off of a trend line
and a whole nother moving average down low.
That was explaining why there was such a massive pushup.
And I would trying to short it because, you know, I saw the shark fin figuring,
you know, price was just gonna react because you know,
two or three different things lined up.
But I learned that two or three confluences doesn't always beat the higher
timeframe if it's going against you that weekly or daily definitely
trumps over whatever you see going on on the four hour chart. Yeah.
So essentially repeatedly trying to sell something that looked good on the four
hour Yeah. But was very bullish on the daily or the weekly. Yeah.
I I I I I hear you actually on that because I've had similar experiences where
it's like, oh man, this is the perfect setup. It's like literally picture,
picture perfect and exactly the same thing happens,
you get smashed in the face and go, how did that not work? And it's,
it's high timeframe, high timeframe stuff every single time. Now, um,
if you could leave our listeners with one piece of advice, what would it be?
Um, I would say it's so important to be patient, patient in trading.
And I know people say that,
but I realized in hindsight after the years that have gone by and the
blown accounts was always trying to make it too fast.
And I didn't seem to realize that if you lose your money too fast,
it takes you out of the game,
then you have to sit on the sidelines and that demo trading doesn't hold the
same value that even if you're doing a prop firm challenge,
I feel that is much better because a lot of people do treat that as if it's real
money. Um,
so whether it's a small live account or even a small prop firm challenge
that either of those is better than just a flat out demo account because the
emotion isn't there.
So if you blow all your money and you blow your account in your first three days
of trading, you gotta wait for your next paycheck and now you're trading demo.
And I realize that that didn't really,
I didn't progress trading at all that way. So taking it patient,
like being patient,
taking it slow and really keeping that leverage down because you
won't regret using lower leverage using a smaller lot size,
but you will regret using too high of a lot size to where, you know,
you can't even hold to your stop loss type of thing. Yeah.
Yeah. Gotcha, gotcha. Great advice. Now before we wrap up,
what's the best way for traders to get hold of you?
Um, either on the, through the website,
which is trader society.com or on Instagram.
My Instagram handle is the Joe Caruso.
Awesome. Well look a big thank you to Joe for sharing with us today.
Everything we've discussed here along with all the links he's just mentioned are
in the show notes. To find them,
simply search for Joe in the search box on trading nut.com. Until next time,
wish all my listeners Trading happiness and success. Alright folks,
do you have an interview done and duster with Joe now Doman, we uh,
shot a video afterwards where he breaks down the trading strategy they use to
get that 95% win rate. You're also gonna see the Myx,
but proof the sort of before and after,
like last time we had Derek on and then all the way up to what we've got now
with Joe. Uh, the track record just continues. Alright,
folks do remember hit subscribe,
like in that notifications bill while you're clicking around down there,
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And also make sure you subscribe to that Telegram channel because we got
something new hitting very soon. Alright folks, thanks for watching.
Thanks for listening and we'll see you in the.