Trading Successfully On Top Of A Demanding Career – Black Mamba
EP 26 – Black Mamba
In this episode we are joined by Black Mamba, a profitable trader from The Financial Cloud community with a very demanding career.
We dig into his journey and cover a ton of things like:
- the story of how he immigrated to the United States
- how he balances a demanding career with trading
- what makes a trader successful
- his advice to aspiring traders
- and much more
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This transcript was automatically generated using Descript.
Ismail: Welcome to The Bound to Be Rich podcast, where I attempt to reverse engineer people who seem to be successful, no matter the circumstances, so that you can apply those lessons to your own life. I’m your host, is Mel Hummed. One quick thing before we get started. I am starting my own email newsletter and I would love for you to join it.
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The link to join is in the show notes, and I hope to see you on the list. In this episode, we are joined by Black Mamba, a profitable trader from the financial Cloud community with a very demanding. We dig into his journey and cover a ton of things like the story of how he immigrated to the United States, how he balances a demanding career with trading.
What makes a trader successful? His advice to aspiring traders and much, much more. Let’s dive in.
Thank you so much for making the time and joining us. I am excited to chat with you. Thank Youma. Thank you for having me here.
The reason behind the name – Black Mamba
Ismail: First question I gotta ask right off the bat, is your name in the financial cloud is the Black Mamba? I assume that’s a Kobe Bryant reference, but like, what’s the story behind the name?
Black mamba: Yes. You get it right. It’s, it’s a Kobe Bryant reference. I’ve always been growing up fan of him watching him play wearing those proud jerseys. I used to have, as a matter of fact two of those jerseys one of this, one of which, Was gifted to me by, by my brother, and I still have those Joss around.
I’m also a huge sneaker collector and I have those mamba shoes as well that I, you know, held that keep very close to my heart. But it was very saddening to see him pass away in that helicopter crash. And yeah, that’s when I decided, this is my tribute to him. I gotta
Ismail: say for me personally, I always hated Kobe Bryant as a Nick fan.
My, my brother and my cousin, huge Kobe Bryant fan, so we would always go at it with each other. And I, I think, I think he had a game in the garden where he scored 62 points. We were at that game. So I, yeah, I always, you know, I didn’t like Kobe Bryan, but as he got older, I respected him more and more.
Like, I remember when he first, like, tours Achilles at the interview, after the game, I’m like, I felt so bad for the guy, cuz. He, he, he’s a competitor. Right. That’s why I don’t like him. It’s like not, That’s like us hating Reggie Miller. Yes. But, but he, he’s a hard worker. You have to respect the work ethic, the competitiveness.
And of course, it was so sad. I never felt that bad for celebrity as I did for Kobe Bryan. I don’t know. I,
Black mamba: it was just devastating. I watch my Michael Jordan cry in his eLog eulogy and it was so so heartfelt that it was really heartbreaking to see the guy. . One of the other great things is I’ve watched all of his documentaries, Kobe Bryant.
But if you ever get a chance, even if you want to convert as, a fan of him, ,
Ismail: which I’m a fan now. I’m a fan now .
Black mamba: Isn’t it funny that when people pass away, they get more fans than when they live . But there is one of his book on Mama mentality. , that’s amazingly brilliant book as an inspiration as to how you should train your mind to get things done in your personal life, professional life, and I’m a big believer of that too.
Ismail: I’ll link to that book in the show notes for everybody, but I, I personally started to become a fan as he was getting close to retiring and then after he retired, because a lot of people don’t know. I’ve listened to a lot of his interviews. He’s done some podcast interviews. He was a very successful entrepreneur, investor, like he was a really smart guy.
He put the work into other stuff too, not just the, the basketball court. So that made me respect him even more. Like he was just as competitive in the business world and Right. He was writing children’s books. He was doing like a children’s podcast. I mean, there, it’s a rare kind of person and then it just, it’s a reminder that life is short.
Right? So we’re, we’re all like trading, working, trying to make money. But you have to keep in mind life is short and try to make the best of it while we’re here, cuz we don’t know how long we’re here. And I, I don’t know if you have kids. Do, do you have
Black mamba: children? I, I do have a five year old son. Yeah, I do have a five year old son.
His birthday’s coming up in January. So
Ismail: happy, happy early birthday. I, I have a, my, my first child was a girl pretty, pretty soon after Kobe PO’s death and the whole dad girl thing was a big thing. And ha, having a girl is the best. And I had another one recently, a son. So I get to, I’m getting to experience both.
Kids are great. Kids are great. They definitely have you think about life differently. But okay. So now, now that we know we both love Cody Bryant ,
Black Mamba’s background
Ismail: I’d love, I’d love to hear about your background before we get into the trading. What, because I think you told me you were an immigrant. Yeah. I’m the, I’m the son of immigrants and I think I respect people.
That leave everything behind to come here and build a better life. I saw that with my own eyes. So your story coming here and what you do, cuz it seems like you’re very busy Absolutely. With
Black mamba: your career as well. Yeah, absolutely. So I I was born and raised in India. I come from you know just you know, any other middle class background.
From back in India. I grew up in a very small town. Then my education, my schooling in, in a Catholic school did all of that. It, it was a co school growing up. After that I’m the youngest of my siblings after older, older brothers and growing up I was big into sports. I’m I’m a black belt in karate.
and well, , I have played national sin karate. I’ve broken my nose and broken other bones too in karate. And then so I was huge you know, very extrovert growing up. Represented my college in the national level, Debate competitions, et cetera. . And then I always had an affinity. I looked growing up, my, my eldest brother was my inspiration.
He kind of still is, and he introduced me the world of engineering. He did his bachelor’s in master’s in engineering. And so that’s what motivated me to get into engineering. And I did my engineering back in India. Finished engineering and, but I was almost in final year of my engineering, I already had a couple of job offers with me and I started working for a multinational company in India called hcl.
And within one year I was actually assigned for some of the you know, overseas project which are in us. And that was my first. In person visit to us, and this was my in person. This was actually my first ever flight was directly to the us. There was no even, you know, the look of flights that I had traveled growing up or doing the engineering.
Everything in India is whether the railroads and stuff like that, or you drive there. So coming up here was the first time, and my brother was already in us, so he was a frequent traveler in us. He was working for a multinational company. Heat right now is an intel as at a very high level vp. And so I always had this fascination of going abroad and you know, ex getting exposure, expanding my knowledge across the board.
And this was back in 2007, 2008 when I came to us for the first time. And I was in Chicago for a couple of years. And at that time, I think that’s when all of the market went down, that 2008 crash that happened. So I still wasn’t very. You know, interested putting my money in any of the trade solutions or doing any kind of you know investments per se in the s and p 500.
But I was already saving some amount of money for the retirement fund, Right. Some kind of a long term insurance policy like that. And it was only after you know, just meeting a few friends from Chicago. I moved to Seattle in 2011. and then I’m meeting some friends and making some new friends. In 20 12, 20 13, that’s when all of that bitcoin and all of that you know, the cryptocurrency started making noises, and that’s when.
Meeting other folks, understanding the you know, the long term retirement, saving the 401ks, the Roth IR is the stocks, the s and p that really peaked my interest. That yes, you’re working on this side of the house, but what are you doing to ensure that you are financially stable and you, you know, you are saving for your retirement.
You are saving for your emergencies, and how are you growing your money? While you are doing your regular work, Right? Because I’ve also had been the big fan of this one statement that is rich people make their money build more money. Like you don’t work for money, you make money work for you, right?
And how do I do where, how do I reach to that stage where my money works for me? And that is, I think, when I started getting into crypto. So crypto was my first investment ever in ptc. And this was back in 20 14, 20 13, 20 14. Wow.
Ismail: So how much was it back then? I’m, I’m a huge people listening. No, I love bitcoin.
So what was it back
Black mamba: then? I think it was close to 700 700, 800. It went and then it kept on just going it. And this was one of my closest friend here. At that point of time was actually mining Bitcoins and he was the one who introduced me and he introduced me how this is the future. But I still very skeptical and was, wasn’t very willing to put in all of my money in there.
But thank God I put in some that I’ve never touched till they, So I’m like,
Ismail: You, you held, you’re, you’re Aler the whole time. Yeah.
Black mamba: Nice. Very nice. And if I tell you about this friend, he actually. Mortgage on his home and put this into PTC .
Ismail: Wow. This was back, this was back then, or recently?
Black mamba: This was back in 2017 when it was like three 4k, but before then even he invested in crypto starting when crypto was like, PTC was a hundred bucks or something.
Ismail: amazing. Yeah. Yeah. I, I love Bitcoin. I, I don’t, I didn’t get. At $300 or $400, like I think you got a much better price than I did. But a lot of people that got in, then I have friends that bought a bunch and sold it when it doubled or tripled and they missed that on all the gains. So thankfully you held strong.
Black mamba: Yeah, but I still regret to this day that I sold Tesla .
Ismail: Oh, you sold Tesla? Yes. You sold. Who could have seen that coming? That’s, that’s just crazy. Yeah, I think that
Black mamba: is the only record I think that have, I have till date is I bought Tesla around the same time of 2014 2015. But I sold it right after the split, which I think I should have kept it, but all in the inside
Ismail: So, so many things that you mentioned that are interesting before we dive into trading specifically, but first of all, my listeners may not notice about me, but little known fact. I also did karate growing up too. I didn’t get to black. I didn’t get to black belt, but I did. And I think every karate school has different belt levels.
Mm-hmm. but in mind I got to like the third degree purple belt. And then, then there was brown and then black. So I got, I got pretty far, but I stopped cuz I had to move. So I have, I have some experience with karate. Nice
Change in mindset related to money
Ismail: . I’m curious, you mentioned moving cuz I know, I know people, like, I grew up with immigrants people moving from overseas and I noticed that people that come from over there have a very different mindset about money.
And to your credit, you came from over there. You came here and you seem to change, you changed your mindset. You wanted to build investments, you wanted to get into trading. What, what did you see differently in India about money versus here? What, what was the mindset changed? I
Black mamba: think I, I think one of the biggest motivation was, as I told you, I come from a very built class family.
Right. And growing up you know, you. You back in India? I think money is, is a, is is a status symbol. So growing up you get that mentality where you can understand that if you have money, you get respect. And that is a very harsh truth back in India. But it is a fact that people see you as a different person, give you a different kind of respect if you have money versus if you are still a struggling.
Person or if you lack those kind of resources, you don’t get that kind of resource that kind of respective, even if you’re putting days and, and days out of work in it. So I think that And I growing up I think one of the, I still thanked thanked my parents growing up. Like they always pushed me to actually go out and do something different to earn your own pocket money.
So when I was in college, I was actually a part-time teacher too. So I used to tutor you know, Middle school or high school kids on maths and signs and used to earn my pocket money. So I’ve always had respect for money and I knew how hard it is to earn the money. At the same time, I wanted to have and this is all true, that I wanted to build a status out of that money.
For my previous generation, that is my parents and everybody, and for the future generations that are coming in so that they don’t have to go through all that struggle that we went through in order to, you know, get something in the real world.
Was BlackMamba ever scared of investing?
Ismail: But, But what did that make you scared to invest?
Because if, if you have that mindset, you wanna earn it, you wanna work for it, I want to protect my legacy. Future legacy. Doesn’t that make you more scared to invest in other
Black mamba: people? It. It does, it does scare me. But then my real, and maybe I’m jumping the gun here, but again, coming to the current scenarios before I met with you know, Tom and Thomas and all of these folks in the tfc, right?
Again, my investment was very safe in. Right. And it was all based on my studies and what I was reading through and my years of experience and some of my close companions about the crypto and other stocks, right? And the basic naec stocks like Apple, Microsoft, Amazon, Google, That is it. That was pretty much my knowledge, a that I knew about tech because I have people, I have friends in tech, I work in tech, I have friends in tech.
I know the company, I know the financials. I know how this gonna work. Right. So that was pretty much, I was very like a single mind focusing on tech, on where it is. Right. But then, and that was only just with these stocks. It was the options was something that I was learning on doing paper trading, stuff like that to understand how all of this works.
And that is not until when I met a few years back, I met Tom Thomas and you know, other folks. And that’s when I started understanding that there is so much you can do with the trading. You don’t have to, like, everybody has their own risk appetite, right? So once you understand the basics of it, once you understand your risk appetite, it’s so easy to make money.
And from that point on to this state where, you know, this automation of all the, you know dark pool buys or any of these automated commands like the rapid flows or you know, all of these unique alerts or the nimble alerts. Now, these are all the tools that any person can use. If you have just the basic knowledge and just start making money.
Just make sure you have your risk appetite settled. That’s all you need, I think.
Value investing vs trading
Ismail: It’s funny because I have a similar background as you where I, I worked on Wall Street. I graduated with a finance degree, so I have the finance background. Oh, wow. And I was, I was more, Yeah, always about investing in cash flow, value investing, analyzing companies buy and hold and try to make 10% a year.
That, that, that was where I came from. And I remember my first mentor in Wall Street, like when I, when I. I wanna start trading. He gave me a book on index investing. He’s like, Trading never works. Read this book, just do index investing. And that’s kinda like where I came from. But I think, and you understand this as a Bitcoin person.
With what happened with the pandemic and all the money printing and the inflation like, and the way the market changed. That’s when I said, All right, there’s a lot of easy money to be made right now. Now I’m gonna start trading, like I still have my value investing. I still have my, my portfolio with dividend stocks and all that other stuff.
I have my crypto portfolio. But now the trading is not that hard in an inflationary environment where the market just keeps going up and up and money’s being printed, especially with options where you’re leveraging. And, and, and trading a hundred stocks at a time, let’s say it’s, it’s, it’s not that people find it so hard to believe that you can make money trading, but if you do it the right risk managed way, it’s not that difficult.
It’s not. And, and,
Black mamba: and as a matter of fact as you just said, right, that pandemic you know, deflation that happened, that pulled everything down like 10%, 20% across the board. I think that is exactly when keeping aside my value in dividend stocks, that’s when I went all. Or actually put in like 60% of my cash.
Just like this is the opportunity where you go in, right? And this is when the all of the option leverage and you figure out how well of that works, where you understand your ga, where you understand your squeezes, where you understand there is a borrow, there is a cashier. That’s when these are the basics.
That’s where you learn. And once you understand those basics, you just start building on top. . That’s pretty much it.
Ismail: It’s funny when, when the 2008 crisis happened, the financial crash, I was in college and I’m like, You know what? Instead of paying attention to my professor, I’m paying attention to what’s going on.
And I, I have a, a mentor of mine who bought all the financial stocks when they crashed, like Citibank. JP Morgan, and I was like, Why’d you do that? Like, it’s, it’s so risky. Why would you buy all these stocks? And he’s like, If, if these companies go, we’re in much bigger trouble than how much money do you have?
So I learned, and I, I said, The next time there’s a crisis, I’m gonna be ready. So when the Covid crash happened and the market all tanked, I was ready from past experience and I knew the government was gonna have to step in and prevent the catastrophe. Right.
Black mamba: I, I gotta ask, I gotta. , what were the top? Alright, give me two, if not three top three stocks or top three things that you bought when that crash happens.
Ismail: Bitcoin by far. Yeah, by far
Black mamba: the best investment ever. .
Ismail: I know some people, you know, to Thomas, he’s, he’s probably gonna hear this, but him and I go back and forth about Bitcoin, all the Yeah. He doesn’t like Bitcoin. He’s gonna hear, which is, you know, I know. Yeah. It’s fine. Everybody has their own opinion.
Black mamba: Yeah. But, and if I, if, if you bring in ta he’ll be like, Dude, that’s the way he’s gonna pat our back and say, You made. Right .
Ismail: I, I’ve talked to Tay about it too. I know he bought a minor. We were, I was talking about him doing some ethere mining. I don’t know if you’ve ever gotten into that. You said your friend
Black mamba: Yeah, he is.
I got into it. I never got a chance to get into the mining, but.
How did BlackMamba start his trading journey?
Ismail: So it sounds, so you got into trading it sounds like. So you were interested in investing, your friends were into tech and crypto, and then you saw the opportunity to make money trading now. Right? So I guess you, you started going online to learn and that’s how you first found Tom, Tom Mikai.
Is that first how you found them online, just randomly? Yeah.
Black mamba: So I think Right around that crypto timeframe. That is when I found ACEs server, one of the servers that I found, and then it, it was mutual. And then I started following Tom because I think he, he’s the guy who understands the financial of any company better than anyone I have.
Right. And so I really closely started following him in terms of what he was doing, what kind of trades he was taking, what he was talking about. And that’s when we start talking to each other over the dms and stuff. And that’s when he you know, put together all of this idea of starting his own company and you know, just taking into the new heights.
He already had all of these ideas about the auto trading and. Doing much, taking this taking it just from simple options trading where you chart, sit and chart all day and take those you know, trades and taking it to the next level, which is the auto trading. Like, you don’t have to do anything, right.
That is the end vision where you don’t have to do anything and every, the bot is doing everything for you. So having that kind of a. And especially when you know somebody who has been in that kind of a field who, and I don’t know, I’m sure you know about Tom’s experiences of when he made so much money and we need lots, so much money and how much time he put in.
So I’ve heard his stories and that was really. I think that is something that really inspired and you know, build that trust with Tom. And Tom was the first one that I connected. And that is where I, I don’t think I had single ounce of doubt in my mind that this is a guy you know, worth knowing worth making friends with.
And and I’ve learned a lot with him. And that’s when we started and he started his own TFC servers. And we just you know, having those exclusive access members where, you know, he was starting with very small things and we were testing it out for him and then thinking to the next level, next level, next level.
And that’s when I get to, I met Thomas and then later on to
Did BlackMamba ever feel bothered learning from younger kids?
Ismail: I, I’ve got, I’ve gotta ask this just outta curiosity, because you’re the third member that I’ve interviewed and I am so impressed that every single person is like, successful experienced business people like you have a successful career as well.
Did you ever feel bothered learning from younger kids? They’re not kids, but you know, the younger people, I’m exaggerating here, but some people will be like, Oh, what does this kid know? No. You know, I,
Black mamba: I don’t think so. Never see I, I think okay, I have to say this, but if, if we are talking about Tom, for example, right?
I think he is he’s 10 years. He, he is very matured for his age. He’s already too mature for his age, so if he’s 35, he’s already like 55. Like when it comes to financials and when, when it comes to talking about companies and what he’s trying to do, he’s already 10 years ahead of you. And when he talks about it with the passion that he has about it, and the, you know, when he goes into do the, does the deep dive and talks about it, that’s when you get a gauge and you get your gut feeling also tells you like, this is a guy worth you know, you can, you can listen to him for ours and you can understand what he’s trying to say.
And believe me, I have met people who are. You know, 35 or 40, but they still don’t know it. They still talk about they like 15 and 20, and then you ask them two questions and they get trusted and they want to just leave it and go away. And you, if you ask them three times, they’re like, No, I’m done.
And like, that doesn’t work. Right. So it’s, it’s picks off both, but Talking about you know, his maturity and his age. I don’t think that’s, that’s a problem, Thomas. Sure. Thomas. As soon as Thomas. Ok. Ok. I have to say this, as soon as Thomas alone crypto board he’ll have another level of respect for me.
Like, there you go,
Ismail: Thomas. You got by Bitcoin.
Black mamba: He’s a financial guy. He understands finance so
Ismail: much. I, I, the, the reason I ask this stuff is because I know people. That are older that would never listen to younger people. Oh yeah. But the beautiful thing about the internet now and what’s happening with this retail movement is that there, there are these younger people that are spending way more time studying the financial markets and learning than these 40 year old guys that are working their career and taking care of kids.
Like it’s not really about the age and the. Doesn’t care. Doesn’t care what color you are, doesn’t care where you came from, doesn’t care how old you are. Just about results, Who’s right? Who did the work? I,
Black mamba: I’m telling you this day in and day out when I, when I’m trading with these folks on the TFC servers, right?
And the new subscribers and the new people that are coming in as a hot property, there are 18 years and 19 year old people who come in and they surprise me with the knowledge that they bring into the table. Right. And sometimes I feel like, why didn’t I start when I was, you know, 16, 17 or 18?
Some of these folks have so much knowledge in their eighteens and twenties that I, I’ve super confident that five years from now, like they’ll be at a. Much better level and financially secured working with the TFC than I ever was in back in my twenties. Yeah, I
Ismail: mean e e everybody would know that the most important thing is getting started early cuz money compounds.
Right? So I’ve mentioned this in my other videos that I, I have a a to clip that went viral where I just showed how much you can grow a thousand dollars. If you were getting 10% a trade or 5% a trade, and over time it grows to a large number, right? Cause compounding gains. So when you start, yeah, when you start earlier, the time is on your side.
So ha, having said all that,
How much can be made by trading options?
Ismail: I’m curious for people listening who are considering trading or learning about it, can you, whatever you’re open into getting into, but I know you, you’ve had some very big wins. Can you give people an idea? The potential of how much can be made. Trading options. Oh, whatever you’re comfortable sharing
Black mamba: okay. So I I am mostly because of my work, right? So I work as I, I manage the new product launches and global operations for T-Mobile. So I have a full-time job working with T-Mobile. And so that my work keeps me quite busy because I’m traveling as well. And this is all before pandemic too.
I have teams at various geographic locations. So I’m traveling a lot. So I my trading style has mostly been a swing print, right? And it is not scalping or a trade rating where you are in a trade for anywhere between like one minute to five minute for scalp. Or the data thing from like morning to evening or a couple of hours.
When I take a position, I’m mostly trying to swing it, which is I don’t have to look at my monitors. I have my alert set, I have taken the alerts from the server. I know my, you know, my level, support level, resistance level, and that’s where I do it. So from the swing level instances my, I’ve had some losses.
But I’ve had some great wins too. One of the wins that I think I can talk about very easily here was one of the sea city bank trade that came in. So there was this I think earlier this year we had one of the alerts that came in on the TFC server, which was a super alert, which is a highly tested backend test.
Alerts that come in, which goes through multiple parameters in the bot side of the house and only if it matches certain criteria with the TFC score, that’s only when the alert is sent out to the servers, to the entire server of these standard members. And I was super confident of that server cause it’s only fired once in a while, but it, its success rate is 99.9% right.
All you have to do is based on the better testing that we have done on the server. You just have to take your time, which is anywhere from one to three weeks. If you take your time, you take a position which runs from one to three weeks. Give it time and just let it go. And that is what I did with bank.
I put in around 30 K in. , which was you know, just the initial put in because I wanted to get in the trade right away. And, and that was shares or options, options. I put in 30, gain the options, and I added 10 more K averaging up, which was all in about 40 k. That went up to around two 20 K for me the week.
Wow. in a week. In a week.
Ismail: That was just, And did you get, did you get in the money
Black mamba: strikes? I get, I, No, I took a 70 call. The, this was fired at around 61 or 62, but the SuperFanU better tested, set it out. That 70 call is the one you wanna go for. That is the both highest. Why? That is everything in it, However.
That 30 K that I put in, I had multiple positions in it. One was that 70 K, which was 10 k I put in in 70. Call the 20, call the 20 K. I put in in the money, in the money calls because those are the,
Ismail: And why do you do it? Why did you do that? Why you just explain it for
Black mamba: people. So the reason I did that was because, so whenever you have.
And option trading. If you know the basics of the option trading and if you are swinging anything, there is something called delta and theater that decays over time, right? So what you wanna do is you would ask a safe investment as you are swinging something or are you taking option? The safest be is to go deep in the money that will save your theater over the period of time.
Because of the implied volatil volatility and other factors. So what you wanna do is you would always want to go in, in the money for safest swing. In this case, because I knew my risk appetite, I wanted to put in at least one third into out of money call. But at the same time, two third of my position was in the money for that three week period of time.
I took that. and I just had to get out after one week because I, I was traveling and I couldn’t even look at the positions. Did did it keep going up after you got out? It went another three more dollars, so I think it went up to 74 or something, but I got out at 71, so. Okay. Couple
Ismail: questions here. First, how do you deal with that mentally?
Oh, do you think I could have made more?
Black mamba: That’s, Go ahead. Yeah, I think that is again, I think it goes back to the mentality that you set up or you see every person is a different trader, right? It works differently for everybody. Everybody has different targets. Everybody has different goals of what they want to get out of trading, right?
So some people have a daily target of getting five K, 10 K 20 gain, or. And they don’t care about anything else. Some people want to continue trading and they know their levels as in support in instance, or the profit taking levels where they want to keep trailing their profit until all of the profit targets are hit, right?
You have your versions of scaling in, scaling out everything in everything out. You want to have trail stops. You want to have stop losses, all of it. For me, person. What I’ve learned that my trading style is if I’m in a position of like for example, this was super cherna, better tested, right?
So in the previous testing that we have done, this is at least a hundred percent gainer at any given day, right? So I I was not going for anything lower than a hundred percent on this. , Right? And then I kept trailing my profit after that a hundred percent was it. I was securing my initial investment and then I was playing on house money after.
Everything was on the
Ismail: house. And now a quick message from our sponsors.
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All right, let’s get back to the show. When you have such a big win. Yeah. What do you do? Do you take that 200 k out? Do you take some of it out? Do you leave it in there and roll it forward to
Black mamba: next trade? So when you have something like this you pull. So this is a joke, okay? Please do not do this.
But when you have this, you pull a tom. And when I say you pull a tom, that means you put in in a trade where you lose a hundred K a goal. It’s a gamble, ,
Ismail: that happens to most people.
Black mamba: Yeah. So that happened. I you know, a few days later, I think a month or something later, I also had a trade with Amazon, which was a, like a day trade I did for like, okay, I can swing, I can do a day trade too.
And I lost like 50 K one trade. So I, so that is where I think the, that mentality comes in. For example, TFC provides you with all of these tools, right, which is a rapid tools. You have your unique and numbers alerts, and you have your supervision beta tested. All of these tools are for the users and subscriber to use these tools.
At the same time, you have to know your trading style and your profit goals based on your risk management. That is very important for you. How much money are you willing to lose in a. Versus what is your profit taking goals, right? For somebody thousand dollars, losing a thousand dollars in a day is not a big deal.
For some people it’s say like your daily wage, right? So based on the account size that you are trading with, you have to be very you know, confident about your position sizing. If you have a $1,000 account, you don’t go all. On one trade, right? You put in one 10th in a trade, you trade with a hundred dollars in one, so that if that goes bad, you still have nine trades to work with.
You just have to be right 51% of the time. That’s all. And go.
Ismail: One. One. I just, One of the main things I appreciate with speaking to the traders from TFC and the owners is that the honesty, because a lot of people that start trading, they follow these people on Twitter or Wall Street bets or whatever it is, and they think that, that you just go on all in and you make all this money, but it’s not like that.
You don’t win every trade. You don’t win every day. You don’t win every week. Right. There are losses and like you mentioned, the 50 K loss. Everyone has big wins, everyone has big losses. That’s just the way it goes. Right? But if you manage the risk appropriately, like you were saying you can usually come out on top
Black mamba: in the end.
And this goes back to the same thing, right? The compounding thing that you mentioned earlier, right? The profit taking, again, imagine this if you have a thousand dollars and if you’re taking 10 trades, right? If you’re taking 10 trades out of this, Five trades of those, you’re making 20% and remaining five, you’re losing 10%.
You’re still making 10% on the positive fight, which is still compounding. And imagine going, putting that thousand dollars in a trade and losing everything or 20%, that’s a big loss. You don’t wanna do that. So it’s again, what is your risk appetite?
Advice for new subscribers
Black mamba: And this is something that I think I’ll, I’ll call it out for the new subscribers and everybody who’s listening to this.
Have your goals. Write down your trading style. What works for you, right? Once you are in a trade, have your stop losses. Have your profit taking targets. Once you have reached those, get out of the trade. If you don’t know what to do, if it is good enough to take a screenshot and put it in a Twitter or put it in somewhere, it’s good enough to take your profits and run away.
Ismail: That’s so true. Like so many times people are like, Oh my God, this is amazing. That is when you have to get out. . Don’t keep
Black mamba: holding. Keep holding, right? If you don’t know, and if your goal is making to $2,000 or maybe like $50 a trade, make a $50. Once you have lease this. If you don’t know what to do after that, take care.
$50, get out of the trade, find another trade. Marketers always there. There will always be another. Once you have met your daily target, you don’t have to do it. And if you have not, if you have had, let’s say, two losses already, you don’t have to go in with the mentality in the third rate that I have to recover my losses.
Take a step back. Think about what you did wrong. If you can’t, yeah, make up your minds. Wait. Put it. It sounds
Ismail: so easy, but like I think this is the biggest issue with trading because Yeah, I believe, if I go back in my history, I believe every, almost every single trade I have ever made was up 10% at one point.
The problem is you don’t take it right because you, you think I’m gonna hold on for more. I’m gonna hold on for more, and then you hold on and it goes down and you’re negative. It happens
Black mamba: with me too. If I, Okay, I’m gonna tell you something that happened with me this morning, right? I. A call yesterday, I saw a Google call yesterday, for example, right?
It was up and I put in 10 K in that trade. Okay? The call was up three K I was in 13. Like my common sense, you take your profits and you get up because it’s, you swing it, it opened high. This is where you know your levels. It’s already all time high. You get it out. I was so confident in this trade that now, okay, it’s gonna go at least 10 more.
Okay? I’m gonna make at least 10 band out of it by the end of it. By the end of today, I had to average down on the same call, and I’m still ended negative and I’m still swinging it. But this again, this comes with the experience because it is still in the range that I wanted it to trade for. It still has not broken my stop loss.
I am okay pre taking that loss if it breaks my level because I now have that risk appetite. Right? But until it does that, I’m not going to do it. But looking at that screen going red, right? That hits you, that hits your mentality and you walk away right there. Because I have also done it, and I’m not going to lie where.
if one trade or two trade go bad, I’m thinking, how should I, how should, how much should I put in my next trade to make up that lawsuit? It does not work. , trust me. Doesn’t that way.
Ismail: One of the things I like that you mentioned earlier is that you’re like, people think, Oh, I can’t trade. I don’t have time. But you can, There’s different styles of trading.
Like you said, you, you have a full-time career that you’re really busy and you can do swing trading. You don’t have to be glued to the screen all day. There’s a lot of different ways of trading. So I think that’s very important to note. And you mentioned one, one thing I’ve noticed, like even talking to.
When I interviewed him most people have a journey in trading where they blow through a couple accounts until they learn Oh yeah. How to re
Has BlackMamba blown trading accounts?
Ismail: What was your journey? Did you blow through a few? Like what’s the reality?
Black mamba: Yeah, yeah, yeah, absolutely. I have, I’ve blown at least five accounts. I’ve, I’ve blown, I’ve already, I’ve always started with like five K, 10 K 15 K accounts, and I’ve blown them.
There’s no shame in it. I’ve done that. So there’s a lot of loss. There’s a lot. There’s a lot of pain. Yeah. Yeah. And. And the reason, and, and I’m like, I’m, I take the responsibility of doing all of it is because I wasn’t doing risk management and I wasn’t willing to learn how to do it right. So risk management is a different thing, but you also have to put in that effort to learn the trade, right?
Because of people like Tom, people like every people like you know Tay and Thomas, all of these. They don’t take line rates. They, they know the ins and outs, they know the basics of trade. They understand how the market works. They understand what you know, money makers are trying to do in the market.
So you have to willing to put in that effort to learn how the market works, right? You can use different style, you can use, you can do price, action, whatever. It works for you, but unless you are willing to learn it, and that’s when. Once I started learning more and more about the market as, as in when I was learning more about the market, it made much more sense to me, and I’ve, after that, I’ve never blown my account.
Why did BlackMamba not give up?
Black mamba: So I gotta ask
Ismail: this because you, you immigrate to this country. You, you talked about how you understand and respect money. You understand the value of money, and you blew one account, two account, three five accounts, 15 K tank. You blow a lot of money. Why did you not give. Okay. ,
Black mamba: I think this is very good question.
I think a lot of people do this where if they blow up their account like 500 K 500, like 500 or a thousand account or whatever it is based on your what money you’re putting in, they usually give it. The reason I did not give it up, because every time I was doing it, I was learning something.
I was learning something. I was learning, okay, this is what I did wrong. This is what I did wrong this time. This is what I did wrong. And I used to take notes. I used to study those things. I used to spend my weekends studying about the market. I used to understand, okay, what I did wrong in this way, I, I started keeping a journal of my trades.
I started with a very basic, I left everything. I started with a very basic, Once it happened, I actually did not trade for some time. It did not take for like a month or two. I put in my time, I put in my time to study. I put in my time of go going back and understanding what I did wrong. I made some rules for myself, and that is when I started putting in 10%, as you said, right.
That 10% is my profit goal. I’m taking my 10%. I’m getting out because most of these traits that I blowed up just because I was getting too greedy with the. So I was doing that 10% and I was doing that compounding, compounding, compounding. And once I became more confident about it, that’s when I. That, that’s,
Ismail: that’s the beautiful thing about trading is like even if you blew a hundred thousand dollars, right, Once you learn it, you can make that in one trade.
You can make that in a week, right? So to me, I believe in learning skills that are like scalable instead of working, like getting good at a job. And working a job and you only get, you can only make this much per week. Like that’s the max. When you get good at trading, the more capital you have, the more money you can make.
So I know tons of stories with people that below their accounts and then after years of learning, when they finally get it, they make they more than make up For what? Like it’s kind of like a tuition bill, right? You have to learn how to do
Black mamba: it and strive. Okay. When it comes to it like there’s no profit.
cap on how much money you can make here. Similarly, there is no, there’s no lost cap, like how much money you can lose.
Advice on cutting losses
Ismail: So on on that question, one of the things I, I struggle with this myself and my my friends do as well, is cutting losses. Do you have any advice on how to cut losses or like losing money and like actually cutting it instead of seeing it go down is very difficult for people.
So how do you think about that? So again,
Black mamba: In my opinion, I think everybody has different style of trading. So your. Some people who are, for example, scalping or day trading, right? Their stop losses are based on a timeframe of 10 minutes, five minutes, 15 minutes, or 30 minutes, right? Versus when you are swing trading, when you are trying to keep a position right for you for a week out or two week.
You are looking at a timeframe of a chart from like a daily standpoint or a weekly standpoint or a monthly standpoint, right? When you do that, your stop losses are going to be wider and you have that room of coming down to those price action, those support zone in weekly or monthly, versus anybody who’s doing a scalping in a five minute, 10 minute trade, or a, you know, 15 minute trade.
Right. So it depends on what kind of, what style of trading you are using. So if you’re using a five minute, 10 minute, 15 minute trade, if you’re doing that kind of scalping, you know your support under resistance. If this wakes over this line, I have to go this much. I have to take my profit, put in my trading stop loss, and let the trade go.
Versus for me, when I’m looking at a chart, I’m keeping my four. or for example, a daily or a weekly stop losses. So I don’t care about what happens in 10 minutes, 15 minutes, or 30 minutes or one hour. It can go down, it can, it can keep going down. My position can keep going red. And that is where we go back to that in the money calls versus out of the money calls, depending on the ticker you are taking, how much is they implied volatility and how much is data burn is going to happen with your calls.
Before learning all of this, I didn’t know shit. I was just doing the trade. Right. And now that you understand all of this, so you take all of this into account while taking any new position and that’s when you put in your stop losses. So for the new traders who are out there if you are taking a position, for example, going along on everything, the advisable, the most advisable thing is irrespective of take care, the safest option is to go deep in the money and take your.
you will save a lot of theater burn and the implied volatil volatility coming into effect. For those of you who are still at the intermediate level, I would say read some more. Everybody who’s new to this, start enhancing your skills. Keep reading, keep understanding how the market works, the theater for every ticker, and start charting, start practicing.
If you don’t. Capital to do it. My best advice to you would be do the paper trading. Right? Do the paper trading. Learn your trades. Note your trades, and learn what’s going on in your trade. Whether you lose it or you make it keep, keep your journals, keep learning your you know, do the paper trading.
There’s no harm in paper trading. Learn perfect your skills. Enhance your skill, and then you actual start rating with the actual money. .
Importance of education in trading world
Ismail: So it, it sounds like, cuz the last few questions that I ask people is like, what changed? What started clicking for you to go from blog accounts to making money? Why do people lose money?
What’s your advice to people? But I think it sounds like your answer to all of that is education. Yeah.
Black mamba: I think education is, Like I, I wouldn’t be here or I I’m sure you would agree to it. You wouldn’t be here if not for the education of anything. Yeah. He couldn’t survive the Wall Street until you know, the financials or how the market works.
And I think that is why, and I want to go back to this on the TFC side of the house, I think one of the, as important as automation as important the alert. The automated alerts, the bot alerts, the rapid flows, the unique numbers, all of these flows are coming in. I think we are trying to promote and give equal weightage to the education.
I think all of the traders in TFC were, were. Super highly skilled who know the market better than anybody. I have seen collectively across any discuss server, as we were talking about it before our show. They are trying so much putting out their courses, putting out, going in depth, pulling in articles, spending weekends.
We are spending weekends putting in articles, writing white papers. We are doing classes after the market at least once or twice a. Then we are doing weekend classes. Tom himself does live every Sunday without a failure, and I have seen this. So I’ve seen him doing this in the last one and a half year nonstop, and he just had a baby too.
He’s still doing it like that takes a level of commitment. So if your teacher, for example, is willing to put that kind of commitment and you are not trying to put in that effort that it’ll never work out for you. So learn, grow your skills, whichever field you will. You have to grow, get out of your comfort zone, learn your skill, put in the effort, and let the money come to you and it will.
Who should join the program?
Ismail: So last couple questions as we wrap up here. If, if people are listening and they’re considering trying to learn to trade, they’re considering joining TFC or whatever, who would you say it’s a good fit for and who would you say it’s not a good fit for? Ah,
Black mamba: okay. I would say anybody and I, I like to answer this in two parts.
I would say anybody who’s willing to learn about the market, willing to learn about the ins and outs of investment. So we have few skill traders who don’t trade on a daily basis. No, they don’t trade options, they don’t do anything. They only invest in stocks and they pull it out. They don’t even do options.
And those are part of dfc, highly skilled trader. So if you want to understand your retirement how to save for your retirement, how to, you know we provide education here that will help you keep your emergency fund your retirement fund and build your accounts in, in a matter that you can become financially independent.
Right. So if you are willing to put in the effort, we are here for you, we’ll work with you day in and day out so that you reach to the level where you are financially independent. So for anybody who wants to do that, PFC is the best place. At the same time, the benefits, for example, I think one of the biggest benefits I wanna talk about that we have recently done in on the TFC side of the house is we have now started doing the SM.
Okay. So me, for example, I am I have a full-time career, right? So I’m not on discard all the time or not on the voice. That happens the full day of the trading. But as soon as there is something unique alert or a numbers alert or something rapid alert that comes out, that is a good trade out, there’s an automated text that comes to my.
That says there’s a trade going on right now, and I just have to look up that I can directly link my chart to it and I can take a position without even opening the discard. Right? So all of that comes to a point when, when you start learning and when you want to put in, so everybody who wants to learn about the markets dfcs the best place.
Who it is not a best place for it. I think everybody’s invited.
Ismail: I think, well, maybe, maybe if you’re just you’re lazy, you don’t wanna learn and you, you just wanna throw things around
Black mamba: maybe that’s not the, if, if you wanna, it’s not gonna work out for you. Yeah. If you wanna blow your accounts, don’t come here.
We, we, I think we, we have already, like within tfc, we have already. Some accounts and initial stages of a light that we don’t need anymore. So come here and make money with us .
Ismail: Yeah, I I, I appreciate the honesty there.
What is a rich life for BlackMamba?
Ismail: And I think the last question I ask everybody before I let you go, we, this, the podcast is called Bound to Be Rich.
We talked about a lot of different things. So clearly money is not the only part of a rich life. So I’m curious to hear your point of view. What is a rich life to you?
Black mamba: Rich life for me at the end of the day is your loved one. I think fulfilling, being a good being a good friend, a father husband, a good boyfriend, a good son.
As long as you are doing that, money will always come and go. Money is again, it’s, it’s a materialistic thing. Everything in, in my experience in life, everything is materialistic. This will all come, this will all go. You’re not going to take it when you die. All you’re going to. Is the love and affection of your loved ones.
So as much as you want to make money, yes, put your hard work, do everything but have a time slot. Have that timeframe of the day for your loved ones to spend some time with them. Make sure they know you love them. Do anything that they need. Help your friends, whatever it is. But just make sure you are investing time in your relationships.
Be whatever May. And I think that is, that is the, that is for me is how you grow Rich. Once you do that. ,
Ismail: That’s a great place to leave it. I, I think, don’t forget what you’re working so hard for, right? I think people get so caught up in making money, they forget why they’re trying to make money. So I think that’s a great, great advice to leave it with.
I will link to your Twitter in the show notes for people who are curious about the financial cloud. They can find all that stuff in the show notes. Pashi, thank you so much for all the time. I don’t know if there’s any other parting words you wanna give people, but I truly appreciate you taking the time here.
Black mamba: you. Smile. Thank you so much for having me here. And to everybody who’s listening, thank you so much for attending this. Please spread the word. The smile is a great host, great friend. Make sure everybody knows about him. Let’s, let’s, you know, bump his podcast up to the number one playlist and yes, let’s go and make some tend.
That’s what we call it. Awesome, man. Thank you so much. Absolutely smile. Thank you so much.
Ismail: One quick reminder before I let go to join my email newsletter, it’s gonna be like a personal note for me to my friends, of all the cool things that have come across that morning from hacks and tips, interesting stories, products, books, was to make money and who knows what else?
It’s totally free and if you don’t like it, you can always opt out anytime. The link to join is in the show notes and I hope to see you in the list. And there you have it. If you enjoy this episode, please remember to leave a review. I may even give you a shout out and read yours out on the show for any and all resources that we discussed.
Check out the show notes or head on over to bound to be rich.com. Until next time.