Wealth Stack's Scott Marshall is joined by Price Headley of BigTrends.com to discuss what Price would do if he had to start over to build wealth today (5:45), The GameStop Phenomenon and Why Getting a Competitive Edge in The Market Is Critical (14:30), The Biggest Mistake in His Trading Career (26:10), His Go-To Options Trade (35:06) and much more!
What's up world Scott from Scotland here and I'm super excited for this episode of Wealth Stacks because I have none other than Price Headley here with me today. Price say Hey everybody.
Price
Hey everybody.
Scott
so I'm super excited about this. So this week, I'm actually up in Lexington, Kentucky, meeting with my partner's Jeanette and Hubert. And so while we're here today, I was like, Look, you gotta talk to price, he is going to drop some nuggets for our people. And so let me see if I can get them. And of course Price being Price stepped up said, yo, let's come in. And so here on well, stacks, what we try and do price is the everyday person that's listened to this, that feels like, you know, there's like this secret code, right from being the everyday person of you trying to figure out how do I go generate wealth? What is that, like, first starting point of whether it's, look, I'm trading options when I'm trading futures, whether it's forex, whether it's, you know, digital marketing, whether it's buying e commerce buying real estate, what is that like that one hack that they have to figure out to just get that momentum going? And that's exactly what we try and solve here. Right? And so let's just like fully get into it. Why don't you give a quick 30 second intro of who you are, what you've done and how you're here today.
Price
Oh, thank you so much, Scott, who I am, I started BigTrends.com back in 1999. I've been trading since I graduated from Duke University in 89. So I've always had the trading bug, kind of caught it in college right around the time of the Wall Street Crash and post crash in 87. To date myself a little bit, but it got hungry to learn more. And I think learning is where it has to start. So you know, whatever I see so many people are spreading themselves way too thin trying to do too many things. And I do believe you have to become really a master of one particular thing and get really good at it, whatever it is. So if you're a trader, which I am stocking options trader, I've got to have that pattern. That's my go to pattern.
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And so for me, it's about finding low risk entry points and I caught the retest if you can find something as a trader that can find a good spot to get into a trend up or down and you said this is a critical point like just recently here, the market just had a quick little shake down to the downside. There's a bunch of stocks retesting, a few of them are contained a break and get a quick exit and take a small loss versus ones that hold are going to reverse and I'm going to get much more reward for that little bit of risk that I took. So I see a lot of traders and investors that are willing to take way too much risk, kind of willing to bet the farm, if you will take that big roll the bones mentality on everything. I'm much more about taking like small measured bets, but in ways that I know I can control that risk. So like when I was launching BigTrends in 1999, I left a very well paying job as head of research for the biggest options newsletter in the country at the time, no big deal, no big deal. But it's like, you know, then it's like, I'm gonna start my own and start over literally starting from ground $0 zero, with no clients didn't take anything with me, I had to start from scratch. And so a big part of that is having that confidence that you can do it in a way that you can control your risk. Sure, it took a lot of hard work. But it's like I knew if I if I didn't make any wild, crazy bold bets that can take me out of the game, that I could steadily build my wealth, both in trading and in building 1000s and 1000s of clients.
Scott
So Price, first of all, you just dropped so many nuggets in there, there's two or three that I really want to go harping on, right? So the first thing that you said, and I like, I can't stress this enough. Well, the first thing that you said, I really just took away from there is you got to get really good at one thing. And like I'll testify to that as well. Like, you know, my background is more in the marketing and business development side of things. Right. And, you know, I've had agencies that have done pretty well. And it wasn't till I kind of really doubled down on conversions and really figuring out like funnels, and like get again, I had i'd invested in marketing strategies. And it's not that those gurus aren't great. It's just like, that didn't connect with me, wasn't I found like funnels, I was like, Okay, this actually makes sense to me, because of a background in music. I was like, okay, all I'm doing from a conversion point of view, is I'm just producing a song online for a story that has to be told. And then like, I just got really, really good at that and leverage that up and up and up, right?
And so and then the thing I really want to talk about, that you brought up was I see this happening, whether it's in trading, whether it's in life, as people just want to hit home runs. Yes. And it's like not having the self awareness or discipline. Like, you know what, there's a reason why Ichiro is one of the best baseball players of all time because of the consistency of that, right. Yeah. And so let's, let's talk about this, this is one of the big questions that we look to answer here. For anybody who's listening, right? Like 2020 was kind of a reset year for a lot of people, right? They gotta rethink what they're gonna do in life. They got like, either some people lost their jobs, some people got to work from home. So let me ask you this. If you were to start over tomorrow, what is the one thing that you would do? Whether you were starting with a small account? To start to gameplan, to generate your wealth?
Price
It's a great question, Scott, I think the big thing that so many people are tempted with a, quote, small account is a great way to start, if you're literally starting from scratch, you're literally have to protect your bankroll so carefully. And I see a lot of people who are like, oh, I've got to, I've got to be take a big
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swing. And if it strikes out, I'm out of the game, but I got to take a big swing, and I'm like, No, you don't, you can basically take the same principles that I apply for bigger accounts and take it down to a smaller account, say, the same principles that got you to a bigger account are gonna get you from A smaller account to a bigger account, you know, to go from big to bigger. And philosophy for me is, like I said, controlling risk on every trade, I see a lot of people who are not willing to cut and run on an idea, because they're so committed to it.
And I think that's where I've spent a lot of time in my trading career is on the technical analysis side, because to me, the charts don't lie, you can see where the money's flowing in and out, you can see the stocks moving up or down. And if you're fighting that momentum, those big trends, then you really can get yourself in a lot of trouble. And so a big part of it for me is to be able to say, Okay, I can follow the technicals and not get married to the fundamental story. So much of Wall Street, wants to sell investors stories. And they turn people into bag holders on these situations where they say, well, you liked it, the stock was at 100. Now at 50, what a great buying opportunity to buy the 50, it can go back to 100. Then at 40, you like it even more at 30? Well, you could triple your money back 100, you can make five times your money. Well, that thing's trending down. I saw it with the tech collapse when I was launching Big Trends in the early 2000s.
And that's why when I was building my stake in the in the mid to late 90s, to be able to start big trends. I was always saying Okay, I got to take very conservative bets. And I want to buy in the money options, which don't get too technical here. But just that taking a more of a stock substitute approach. Rather than trying to swing for the fences with a really aggressive cheapies that have a low probability of success, I wanted a higher probability success, like you said that consistency and also being able to still have something to salvage if it doesn't go right that you can cut and run, keep your losses small and keep rolling that over. So lose small win big, lose small win big, you're not going to win every time and that's the case in anything in life, whether it's in marketing initiatives, and any kind of client acquisition and any kind of building a business.
You're going to have things that go well, things that don't go on a big part of it too, I would say Scott is resiliency. Yeah, to be committed to your belief in yourself, once you have honed your craft honed, what your edge is, is that if you just follow dollars, you will always bail when there's a downturn. And if you follow your your own internal confidence and compass that you know, you can do it, and you just got to stick through the inevitable ebbs and flows.
That will that resiliency will keep you moving on. So we call persistence, you know that, that whole philosophy of you know, if you press on and press through, then you basically, you know, that's carried a lot of people through what seemed like some dark times, I know that, as you said, last year, for a lot of people was not only a reset, but a dark time for them or family, people that got sick or people that lost jobs. And I think that that's basically the resiliency that our whole country and perhaps around the world is being tested with. And so say how you bounce back, and we bounced back from this 100 years ago with the Spanish flu. And I'm confident that we'll bounce back from this. But I do know a lot of people been through a lot of challenges.
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So a big part of it for us is showing people how to empower themselves, understanding how to read the charts, looking for certain patterns, and then how to take advantage of those. But it's the same thing, whether you're, you know, whatever field you're in whatever business you're in, but a big part of it is, knowing what your really true passion and your true skill is, yeah, for a lot of people that have found that that's kind of gonna be the first step. Because once you know what you're good at, that's what you want to explore. That's what our whole capitalist society is built off of 100% specialization, being able to say, Well, I'm, I'm not a brain surgeon, if I need brain surgery, I'm not going to look it up on the internet and try to get operating on myself, you know, I'm gonna go find the best brain surgeon surgeon I can. It's the same thing with you know, technical analysis experts or anything else, you want to find the best of the best. And then and then apply those same rules of success that they've applied and know that you're going to be in good hands.
Scott
So two things that are right, is I don't think a lot of people talk about it. Emily talked about it in the in the business side of things and almost like fitness, about mindset. But in training. I don't we don't really talk about that in trading, because you can't tie profits to it. Right? Like, you know, it's so easy to sell an indicator because hey, like it's going to generate this this generate this. How much do you think inside of trading your success comes down to having emotional one, like emotional intelligence, and having the discipline inside of your emotions?
Price
That's a great question. Scott, I would say that even though I trade an incredibly volatile vehicle, like options, I think one of my strengths has always been to stay, even to stay steady to not get too high when it's going well. So that's when you overcome it, your capital, and then you risk blowing up because you've gotten overconfident. And also not get too low. If you've had a few that you had to get rid of, and they weren't working and to then give up on your plan. Like I'm saying, don't give up on those lows. As long as you know, it fits the parameters of your system. Obviously, we do a lot of testing about the what we call equity curves, like what's the normal path to growth? Is it a jagged path and a really volatile one? Or is it nice and steady with an occasional dip and you can stay with that and subscribers can stay with it, we found a course that subscribers love that steady consistency. And so a lot of people do gravitate towards those high winrate strategies where you can just steadily take money out of selling a little premium. Along the way, you might give up the homerun, but you're willing to do it to increase your consistency.
So there's just loads of ways to get that wealth track going in your favor. But also you have to make sure I think the biggest problem people have is the inability to get rid of ideas that aren't working. It's actually it's if people did the exact opposite what they should do, they take their profits too quickly, because they're afraid of seeing a profit turn into a loss. And then when it's a loss there, there's so much hoping that's going to get back to breakeven, but they sit on that loss and that that small loss turns into a big loss. So we're always recommending people, the small loss is usually your best loss. Whereas when you're right, take partial profits, but don't take your whole position off until it hits higher objectives. So I was trying to stretch people to not giving up their best ideas. Because for me, I don't know about you. But for me, my best trades are usually right from the start. And they keep going a lot of times bigger than even I expected. My my worst trades are the ones I was really thinking were going to
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be good. I didn't get rid of them quick enough. And then they just keep on going south and then you later find out that something has changed at the company or what happens.
Scott
I can't tell you how many times you know so I've made an incredible I've been very blessed in order to build some incredible sales funnels online, right. And, you know, I can't tell you how many times that we've we've gone to go launch a funnel, right? And there's this way of man like since you've done a million dollar funnel, you gotta go repeat that process. And so you invest into it. Like, we'll get the camera crews out, we'll get the top designers I'll put like, just hours and hours. And it's the ones that you think, Oh man, this looks incredible. And then the market just punches you in the mouth and says, You know what looks a little too pretty. This just doesn't match up with what we want right now. And you got to go back to the drawing board.
People will give up too quickly and say, well, let's just do this, then this doesn't work for me. Or this doesn't work. Well, it's not that it doesn't work. It doesn't work for you and your current situation, hmm, I'm gonna go tweak and having like a process of saying, Okay, I'm going to go through steps 1,2,3 after three is where, okay, now I know it's my ego that's keeping me in this, I'm going to go pull out. And let's go again. And let and guess what, I've got another four, four downs, we'll figure this out in the next drive. I think a lot of people where they mess up where I see a lot of people that are on that cusp of maybe get into the wealth, and losing it all because they want to go for a fourth down instead of wanting to play play again.
Price
Yeah, it makes a lot of sense. I think also, like you said, it's, it's not giving up if you say it didn't work, but you can course correct. So you have the zigs and zags. And you know, okay, if I tweak this, if I if I tweak that, then let's see how that goes. That's basically just the evolution towards success. But I think it's important when you think of, you know, the, the the Jeff Bezos is the Elon Musk, the the, you know, the, the people who literally went all in I mean, Bezos was making a fortune on Wall Street and said, I'm walking away from that, because he was that committed to a vision and obviously put a ton of data behind it and metrics behind it and made sure that the market was going to support his vision.
So maybe that's part of it, too, is that if you have a passion for some of the markets not ready for it, you could be too early, you could you could not have your finger on the pulse of it at the right time. So it's important to the timing, just like in trading in any venture timing is so important. So we've seen this, with all the GameStop news, for example, we've seen just a huge surge in interest in stocks that can move really quickly. And so it's one of those where it's like, okay, you know that that wasn't just a small guy against the big guy. That was also the big institutions that wanted to take advantage of where these people were too overly bearish. And that's why GameStop shot up so fast. But the bottom line is that, you know, what, Washington wants to regulate that away. And my view in the markets is, hey, it's a free market. Yeah, if you if you've got an edge, you should, you should be willing to play the game regularly knowing you're gonna lose some, but it's all about having that probabilistic edge. If you don't have an edge, you shouldn't be playing that game.
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Scott
So there's two things I want to I thought that you said that I think is so so valuable. One things you said a little while ago was figuring out what works for you. And I think today, I see this a lot with like entrepreneurship, and even in trading, you know, like, trading is not becoming cool. Again, right? And and when I was on the come up, being an entrepreneur was like, really cool. When I was in high school, becoming like a music producer was cool. So everybody, you know, thought that they were some kind of music producer or rapper, right? And then then there was a shift to entrepreneurship. I think I'm starting to trend a little bit inside of trading now on the come up. And it's like, man, having the self awareness to know that I'm actually built for this compared to man, this is just a trend. But for anybody listening right now, right, like cuz you made the point of GameStop. Right? is, how do you figure that out? Like, maybe there's some people listening right now that have tried forex, or futures? And it's just not worth and so they've said, in their mind trading is not for me. But it's not that trading is not for them. Maybe they just haven't tried options, right. And so what advice could you give someone right now that you're thinking about trading, or has been in trade and tried a couple of different markets, but hasn't found? What is for them? What advice could you give them today?
Price
The great thing, Scott is that education is where it has to start. So you have to, you can't just expect to go in, like I said about the brain surgeon example. You can't just go in and throw money at something expect it's going to work you have to have studied it. Think about how long a surgeon studied how much time they put in not getting paid basically interning for years to learn their craft, and to then eventually get paid at the end of the process. Because they become an expert, you don't become an expert overnight. We always hear on all the covers of all the magazines, it seems like all these overnight success stories are relatively quick wealth. And even with the stock market doing what it's doing, it seems like you've seen a lot of people go, Well, I could get well wealthy really fast.
But what I always tell people is that you've got to know the proper rules on how you manage your capital, manage your investments stake, or else you're gonna give it back potentially just as fast or faster than you made it, I talked a lot to be like, Oh, I can make money much faster than you can price. But then I talked to him later. And they've given it back much faster, too. And so it's about not just making it but hanging on to it during the kind of challenging markets challenging times, just like we said about the inevitable dips in any business that you get ups and downs. And it's about being able to stomach those little dip phases to where they don't crush you. And so But back to your question, it's education first. So educate yourself study things, knowing that you're not going to put your hard earned money on the line right at that first moment and saying if I don't get educated, I might be the sheep that's about to get fleeced, rather than the one that's positioned to take my share of the fleece so the bottom line being that What's that old story about the car table? If you sit down and you don't see the sucker, you're it.
So let's not be have anybody be in that position of being unaware and then losing because they didn't maximize their education. So I think whatever, but follow your interests and follow what, what interests you right now and learn about that and study both when it works, and when it does, and studies stories of people who've made money with that. And also people who thought they knew it all and lost money. Because let's face it, even on Wall Street, there's been brilliant geniuses who have lost fortunes and
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billions like long term capital management, weatherhead Nobel Prize winners, and they went belly up and almost took down the financial system in 1998. And so you say, okay, just because you're really smart, doesn't assure your success. It's also about knowing the proper principles of not getting onto the wrong side of these big trends. And actually, instead taking advantage of them.
Scott
You're not getting complacent, right? Like, you know, this was kind of aha moment for me this past week is the market is dynamic. And so you know, what might have worked for you five years ago, and this happens in my space a lot, too, is people study tactics. And don't go and study the strategy, right? Like, strategy really hasn't changed over the last 1020. Like, believe it or not how you went and sold a cow at the the Market Square back in the day, is really the same strategies as you sell today, which changes the tactics that go into. And a lot of people get like, tactics are really easy, sexy to sell shiny new objects. A lot of people get tired of all let me go learn this tactic or this tactic, but don't take the time to go in and figure out the strategy. Because from there, you can just plug and play across the board. And so let me ask you this, from a strategy point of view, what do you what do you prefer to trade and what what market specifically?
Price
Well, I prefer stocks and options on stocks, because instead of just trading the index, which of course might be, say, 500 stocks, never wasn't more clear than this past year during the pandemic, how that index wasn't a good representation of the stock market anymore, because you had the technology sector going ballistic, after the pandemic loads, you had all these new stay at home and, and digitization themes of what's happening post pandemic. And then you had all these reopening sectors that were doing terribly right, because they weren't reopening as fast as anybody had hoped. And so the reality is, is that when you can find individual stock stories, and more importantly stories is charts and patterns on these charts, these we call them systems trading systems, where they give you take the emotion out, you say, follow the buyer, follow the sell arrow, the exit arrow, and it makes your job a lot easier.
You mentioned ego earlier, Scott. And they're your biggest thing as a trader or in business is get your ego out of the game. Because when you get that emotionally invested in something, and that that vesting of believing that you think you've got to figure it out, is what ends up really hurting you and it actually makes you less flexible, it actually makes you get stuck in either an idea like you said, it's not working on say a marketing conversion pace or and you thought it was You're so convinced it was gonna work. You knew this was gonna work, I believe. And then when it does it, you're like, no, it's gotta work, I just must have missed a little something. And so, so it's one of those where by not being that that vested, it actually makes you more flexible to bail, say, hey, the markets telling me give me feedback, that it's not working like I thought it was going to work, it's time for me to cut and run, come back to play another day in that particular stock. And we will then use options strategies on that stock that either can substitute for the stock with a lot less capital, or create spread strategies that can help to further reduce our dollars and our customers dollars at risk. So that way, you know, you might be able to take a name like Amazon or Google, it might cost you hundreds of 1000s of dollars to buy 100 shares. And we can control that hundreds of 1000s of dollars for literally a few $100 Yeah, so that's where of course leverage can happen. But of course, you then have to make sure you have an edge.
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And that's where I always remind people that the edge is what's gonna carry you through an edge doesn't guarantee anything, it just means you have a probabilistic advantage. And then you're playing the probabilities, which means that's why you don't bet it on anything because it's like if it would Vegas want to take their edge that they have when you sit down at their tables and what they want to say I will bet you on this one hand that we're going to be right they would never do that. They want to promote you playing for a long time across a large number of hands to extract their edge to give you the free that's why they give you the free drinks, the cards that reward you The longer you play, right because their edge is being extracted whether you know or not, if you have a good lucky streak, congratulations. But most people, I always am amazed when I fly out to Vegas for a conference. Everybody's all excited the planes buzzing and when I fly back, it's real quiet. It's real quiet. It's like nobody's not very viewer telling great stories of the success I had because Vegas extracted their edge you want to do the same thing and create that house edge for your own trading or your own business. Whatever you're looking to extract in terms of your advantage your particular skill set In whatever you do in life, it's a great life principle trading is really just a microcosm of the same principles. Don't get your ego involved. Stay unemotional, stay objective, except Don't be greedy. You hit your objectives take your profits, when you hit your stop loss, take it. Don't make excuses. A lot of people rationalize and say, Oh, it's a good company, I bought it, it'll bounce back. And that rationalization turns short term traders into long term, quote investors or bag holders? we don't we don't want that for anybody.
Scott
So you kind of you kind of harped on that a little bit. But can you go into a little bit more detail of what do you think the main benefits of trading options are versus just trading the stock?
Price
Yeah, so the biggest benefit is the less capital that you have to put up. So you can dramatically reduce your capital commitment to control 100 shares of stock, like in the Amazon or Google examples. And, and so you can get that exposure without having to have so much committed that can either allow you to diversify across multiple ideas. Or it can just say, okay, you're going to say, you know that, you know, you can't lose more than say, if you put $500 into an investment in Amazon, if you bought Amazon shares, and it drops 100 points, you might be in a world of hurt losing 10,000 bucks plus on just driving a normal one day move against you and Amazon.
So we want to always control that dollars at risk, I always tell people to don't trade with more money than than it were, then you really should in terms of if it hurts too much emotionally, when you have to take a loss, you traded too large, or you shouldn't be trading yet. So basically, always start small. And of course, there's loads of broker platforms that have the virtual trading, you can even just test it out. And what I'll tell people is, we give them a variety of different systems that have specific rules, I say follow these rules for not just the next 10 trades followed for the next 30 trades 1010. And another 10 times, if you can follow those rules 30 times in a row, you're probably ready to start committing some small amounts of capital. But if you if you break that even 25 trades through you break your rules once started all over.
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Again, it's about that consistency of discipline of execution, because everybody is excited about trading because of the quote, financial freedom, right? That that aspect of freedom, they don't have to answer to a boss answer to themselves. But if you don't have that accountability to yourself, that's self discipline to say, I've got to follow my rules. In essence, you're your own boss and trading, but you're also your own employee in trading, if you had an employee who didn't follow the rules, they'll get fired. And the market will do that to you and say, your portfolio is gonna get fired if you don't follow the rules of your methods. So you can't just say it's about freedom. It's also about that responsibility that comes with it to yourself and your portfolio and your family's future by following your rules. Or if you don't have rules, get rules and get clear about what your edges
Scott
price. I love that. I love that. Let me ask you this, right. So topped some incredible nuggets of how to get started. What do you do if you start again? I know for me in life right now, I almost paid more to learn what not to do than I would like what to do per se, right? Yes. And so let me ask you this. Is there. Is there a trait that haunted you that if you wish you'd go back on that you Batman, this I would have done this differently? Or is there a mistake that like over the course of your career, you're like, Man, I wish I could have that mistake back?
Price
Oh, it's a great question, Scott. And, you know, you hear some people say, Oh, the worst thing that ever happened is you won big early in your trading experience. And for me, I actually had the opposite experience where I, I had a serious problem with perfectionism. When I first got into trading because I had gone through this great educational experience. I had worked hard and I learned that the harder I work the luckier I got, you know that if I worked hard in school, I was going to get the grades. If I if I dug in, I would make it happen if you dig in and the markets doesn't always work that well, you know, basically we're saying be flexible. And I had to learn that lesson the hard way where I was committed to like some gold idea in the early 90s or whatever I thought gold was gonna go inflation was gonna go it didn't but I had some big position on and one of the gold stocks and it blew up it just went Bye bye. And and I dug in my heels. I think I even added to the position again, Cardinal Sins of trading now that I know, that said, you know, like, when when you think that you're right in the markets wrong, you need to reevaluate and say this is a typical
Scott
guy thing right here. Yeah.
Price
Oh, yeah, exactly, exactly. And so basically, you know, you dig in even harder and more to a losing position. That's a cardinal rule, never do it in trading, never throw good money after bad. If you're not getting validated by the market, you should only add to winning ideas. And that's where I came up with my retest strategy that kind of allows me to kind of add into the dips and an evolving trend that's still working for me overall. But But basically, that that would be the thing I would take away from myself is that perfectionism that I have ingrained so much from the educational system so much from digging in so hard and being successful, I didn't think well then if I just apply that to training, I see a lot of people that come over to us a big trends and say, I've been successful in my career by the same kind of
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digging in. And here I am digging in and it's not working, what am I doing wrong? And literally you're having to retrain some of those ingrained beliefs that we get through our school system through our typical career path.
I have seen a lot of these big corporations and where people have success climbing those corporate ladders is you can't do that in the market. If the market is not validating you don't dig it harder. So that that is a big differentiator. That I think is why a lot of people wonder, why is it so hard to make the transition from success in a career other elsewhere and get into trading, you want to retire, you want to retire and trade for a living? Say, why is this so difficult, because those same traits that you were rewarded for previously, are not being rewarded in trading. In fact, they're being punished. And so now you have to relearn certain behaviors and retrain yourself. Exactly. So that's, and that's hard for a lot of people, especially as you get older in life. And as I get older, I say, you know, the old dog new tricks, you want to stay flexible, I hope I'm flexible to keep learning I really work on that mentally, like you said, the mind is such a powerful thing that can be your ally, or can be your enemy, in how you line it up to help facilitate you reaching your goals. You say, this is my goal, I'm gonna have to learn some new behaviors. If I don't, I'm not gonna get to my goal.
Scott
Yeah, so we're like, I feel like when you hit a certain level of wealth or success, however, you want to determine that, you know, you it's, it's a different game and different mindset. You know, you start off with this hustle to get the right, like, I'm just outwork people, I'm willing to grind this out. Whereas when once you have it, it's really more of like, man, I don't want to lose this, but I also don't have to go reset. And so I'm willing to go invest to figure out how do I stay at the top? So like, I'm constantly trying to surround myself with other top marketers, or, you know, I'm very blessed to have an incredible network and several mentors that are there that I just can't tell, like, we'll check that that ego for me or say, hey, look, Scott, this is what's happening now. And then I try and get again, if it's a tactic, how do I implement that into my strategy? How do I make it better? Let me ask you this. In wrapping up, what is your first for people that are listening right now that could go learn? could learn scientists take away whether it takes them a week to learn this a month and learn this? Six months to learn this? What is your go to option trade, whether right now that you're seeing in the market, or has just played out over time, like hey, look, I know I can always come back to this option trade. And it's a good foundation for me.
Price
Yeah, it kind of goes back squat to philosophy, which is very contrary to what most people think you hear the word overbought a lot in trading. Yeah. And a lot of people think overbought, just by definition of how it sounds is quote, bad. But actually, I've had a lot of experience in trading overbought markets to the upside and finding these retracement points, as long as they stay in a generalized overbought pattern, give you great opportunities to buy the dip in the best trends because something goes overbought how many times folks could you go back and look and say, I thought it was overbought way back a lot lower and it's gone even more overbought. That's because the institutions are driving the market.
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It's not you and I as individual traders and investors. And so the idea is that if you can find where the institutions say, hey, they can't get in all at once, but they want to be in on these big trends that are happening. You look at Tesla over the last couple of years, you look at Apple in prior years, you know when when they want to get into those highly liquid names, they're gonna keep on just steadily applying the dollars. And so when you can find these little dip points to buy that retest, that the buy the dip, I like to buy just a simple like stock substitute in the money option. Maybe I'll create a little spread out of it to kind of hedge it a little bit. But the idea being that, hey, I can create something that if the stock bounces I make money if the stock stays flat, I make a little money. And if it goes against me, I'll stop it out quickly for a small loss.
So it's one of those where you can create lots of winning scenarios not just for having to go up big, but even going up just a little or staying flat you can still win with a spread trade. And then if it goes down a little bit you just cut and run but the idea being that okay, you find these points you don't just chase any old breakout. That's where I see a lot of inexperienced traders coming in now. A lot of the especially the the younger generation that's pouring in through these apps and things is that they're hearing their buddies that are making tons of money.
So they're just chasing after these stocks, and then they're getting flushed when they have the invariable shakeout, I want to get those little flush point shake outs to actually take advantage of what other people are selling to buy the dip. If the structure of that trend is right, that's what I teach is called retest the retest strategy. And it's something we do across several key indicators that you can see where we are in overbought trend. And now you can kind of say okay, if this trend is going to stay in this really good uptrend or back in like oh eight when we had that really good downtrend, you know, say if you want to take advantage of either side in a really good trending market, you can do it with this retest strategy. And so that's what I teach a lot in my trading room, and then a variety of the alert services that we offer a big trends.
Scott
That's awesome. So let me ask you, since you you've, obviously clearly are incredible at what you do. If for anybody listening right now, how can they, how can they connect with you? What sites can they go to? And then we'll also post some links, whether it's to your ebook or to the workshop that you just talked about as well.
Price
I appreciate it, Scott. Yeah, BigTrends.com, Big Trends with an S. And we are on our main homepage, there's a free sign up for not just our free email training but also includes what we call the trend strategist ebook that's about 75 pages of technical trading lessons that you can kind of absorb at your own speed, and teach you about all kinds of patterns like breakouts reach retests, certain patterns you want to look for, like you mentioned, that were successful. Also some things to stay away from, so that people don't make those early beginner mistakes. So we can get that kind of springboard to learning how to take advantage of the markets without taking on so much risk or so much potential to give back anything that you've worked so hard for.
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That's what I'm amazed by is people work so hard for their money. And then they come in throw at the markets almost with abandon, just because they hear some friend that's doing well. And you don't want to be that person that's just doing it without a plan. A lot of anybody's been successful in any aspect of life, had a clear roadmap and plan to get there. And we offer all kinds of trading plans and examples of, hey, you want to be aggressive, you want to be conservative, here's ways that you can take money out of the markets and manage it appropriately over time. That's awesome.
Scott
Price. I can't thank you enough for coming on. I know I'm gonna be back here this summer. And we have to do a follow up. Let's see where the markets at this summer as well do a follow up on that. Thank you. Um, listen, thanks, everybody for being here this week. If you have some feedback, or if you have some questions, make sure you leave them in the comments, our team will make sure that we follow up with price as well. And we'll give them a link to that so that we can get him directly to you. Also inside of the description. We'll put links to to prices team and so that you can connect with him as well. And I hope that this has provided at least a nugget of value for there today so that you can go from where you are now to where you want to be. It starts with that first step and let that first step be here on Wealth Stacks.
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