When I ran for president, I vowed to fix our broken student loan program because while college degree is still the ticket to a better life, that ticket has become excessively expensive. Today, I’m announcing my administration has approved an additional $9 billion in relief for 125,000 borrowers in just the past few weeks. Under that program, we made additional improvements in income driven repayment program. Before I took office, student borrowers would pay no more than 10% of their discretionary income on a monthly basis if they wanted to do it that way.

But under my administration’s plan, which is called Save Plan, we reduced that to 5% for undergraduate borrowers. It’s now the most generous repayment program ever. Under this plan, no one with an undergraduate loan today or in the future, whether a community college or a four year college, will have to pay more than 5% of their discretionary income to repay these loans again. You know, we’ve all been feeling the tightening of Biden’s economy around our next these last three years, but that hasn’t stopped him from releasing plans for a new student debt so called forgiveness plan after the Supreme Court rejected the last one.

Biden campaign officials obviously hope that this is going to change the balance of the latest polls, which show that he’s losing the under 30 vote in droves. But it’s unlikely to make any difference with the disastrous economic state Biden’s already created. But what if I told you that there was a way to bidenomics proof your income and create lasting financial freedom for your family, all the while traveling the world at your leisure? What if we can make it so that it doesn’t even matter if the student debt so called forgiveness plan goes into effect because it simply wouldn’t affect you? Well, that’s exactly the secret, my friend Troy Noonan, the backpack trader, and I have to share with you today.

Welcome, Troy. Good to see you again, my friend. You too, doctor Steve. Always great to be here. Oh, it’s always a pleasure. And I see you are, you are backpacking as we speak. You’re out of the studio, your backpack. Traitoring. That’s right. You’re not just backpacking. You are trading as well. It was funny before we went on together here I was just thinking about how much I love having you on the show because you really figured out the secret to recession proofing your finances through your 30 plus years of trading experience.

And by the way, for those interested, Troy is offering a step by step breakdown of how others can accomplish the very same financial independence in his live. His free live training that you can access just by clicking on the link below. But first, Troy, just let me ask you, what are your thoughts on Biden’s new student loan? Again, I have to say so called forgiveness because obviously it gets forgiven with one.

And then all of a sudden now we are, we are, we are judged with it. But, you know, and I’m not even talking about the morality of sort of switching off the debt burden. I’m talking, you know, if it goes through, do you think it’s going to have an effect on the economy? Maybe like dropping a pebble in the ocean and watching the ripples? I mean, full disclaimer, I believe in paying one’s debts.

A different issue, like you said. But let’s look at the big picture. We live in a consumer economy, right? So we all have to consume things in order to keep the economy rolling. Is this going to put more hands in a certain demographic that would then have more money to spend on consumable things? Well, hopefully they sign up for my backpack trader training and put that money to work.

But other than that, I mean, it’s politics really. I don’t see it having a huge effect. We have a huge multi 20 plus trillion dollar economy and maybe there’s how many billions of dollars here, but it’s really a small, small amount of money, I think. So it’s like, whether you agree with it or not, I don’t know that it’s going to have a huge impact on the economy.

I wouldn’t think so. Right, right. Yeah, I think we all agree. Morally it’s insane. But that was more my concern. I mean, the economy’s already feeling so much pressure. Is this just going to add to that pressure? So speaking of that pressure, I mean, given the current signs of the weakness in the economy, particularly inflation numbers, we got a couple of days back, the possibility of a delayed recession looming.

What are you looking for in terms of some key indicators and what are you monitoring and what should we be looking out for as well? I mean, inflation hasn’t gone away. That’s a big deal. I think they need to try to curb it and prevent it from increasing that they haven’t figured out how to do yet. I always look at crude oil because crude oil is like a proxy in my mind.

It’s a real simple way of looking at things. It almost reflects our purchasing power, the power of the dollar. I live in California where it’s like over $5 a gallon now. It’s insane. And so I like to see the price of crude oil go down, it tends to lead some short term stuff, but, you know, I’m a trader and so one of the ways I offset that is I trade crude oil.

And so if it’s, if it’s going up or going down, I’m going to be trading it. The trade plan works really well, it’s very consistent, I’ve been doing it for years. So my indicators that I look for are more from a trader point of view, because trading is not investing. Right. So if the market goes down, if the market goes up, what’s good for traders is that there’s movement in the price action, which is why I like to trade crude oil futures, because it moves so much and it’s really easy to get in and get out and get done.

It’s our model, spend a few minutes a day trading. So my indicators that I look at are probably not going to help the average investor because I’m looking at custom indicators that show me what to trade, when to trade, how to trade it, what price to get in, what are my high percentage targets that I’m trying to get out at with profit? Where am I going to put a stop loss in case a trade goes the other direction? Because not every trade wins.

And so I just continue to focus on that and put blinders up to filter out all the noise that could throw me off that horse. It’s really easy to break a winning trade plan and it’s really hard to come up with one. It’s hard to come up with and it’s easy to break it, but it’s also easy not to break it if you just could follow simple rules.

So really what I’m looking at is, it’s what my chart tells me. I’m looking at the price action, because price action reflects everything happening in the markets at that moment in time and it can’t hide from itself. That’s one of the simple concepts that if people can wrap their mind around that, they can learn so much, because the price action doesn’t really have an opinion, it just kind of looks for its value.

So it’s always moving. Yeah. Can you say that again? Because I am curious how you are able to stay clear of all the chatter and all the mixed messages that are all around about the economy and the like. And it sounds to me you’re arguing that, you know, indicators are the key. You focus on things that don’t lie, that don’t involve chatter. Can you, can you repeat what you said? Yeah.

So a simpler way to look at it is that there’s certain price patterns repeat over and over and over again in different markets, on different charts, different timeframes. And those patterns reflect a psychology. In the market you have two forces. Mostly you have buyers and you have sellers. You really have a third force too. And that’s everyone that’s neutral, everyone that’s still on the sidelines either waiting to come in or getting ready to exit.

Whether they exit as a winner or loser, that’s always changing and it’s always reacting to what’s happening in the world. Headline news, economic stuff, political stuff, it’s always pushing the price up and down as it tries to find its value. Right, because you have two sides, buyers and sellers. I look at it as green bars and red bars, green bars go up, red bars go down. And some patterns repeat over and over.

And because they repeat over and over, if you can learn how to identify them, you can learn what the most likely outcome is. Like what’s the thing that happens next? And so what I work on are customized indicators. This is math and it identifies certain patterns where we know that what happens next will happen at a high percentage of the time. Don’t have to be right 100% of the time.

It’s not even possible. Anyways, I don’t try, I just like the odds on my side. And then I place a trade and I’m going to win more. When I win and I lose, I’m going to lose less, win more. And that’s what grows my account. Eventually I could give myself a raise, move my finger from the one to the two, increase my position size. Eventually go to the two to the three.

You don’t have to work harder to make more, you just let your account grow over time. It’s a two step forward, one step back. Two step forward, one step back. That’s the kind of stuff I’m always focused on. So I made a mistake yesterday in my trading. Actually I made the big mistake of letting myself get distracted for like 5 seconds. I literally looked at my email and I wanted to answer them so badly and I had the idea in my head, I’m typing it up and then I look at my chart, I’m like, the trade I was waiting for just happened.

It just zoomed up to full target and I missed it in just 5 seconds. So that’s an example of why I don’t let myself get distracted. Although I did yesterday, it was a mistake. I mean I’m a human being too, I make mistakes. And now I’m, you know, I’m still upset over it. Just 24 hours later, I heard. I heard. If it’s any comfort, I heard Warren Buffett, he was once asked, you know, have you ever lost a lot of money? And he said, actually, no, I haven’t lost a lot of money, but I’ve missed out on a lot of opportunities that I just.

That I really kick myself about not doing. So there you go. Even. Even the oracle of Omaha seems to have one that feels worse. Yeah. Yeah, yeah, it is, because you did it, you know, as opposed to. As opposed to just outside dynamics doing it. You know, I. I love your. Your. The phrase for yourself, the nomenclature. Backpack trader. And you’re living it right now. Could you tell us what the title means? A backpack trader.

Yeah. So I was kind of joking around with you. I’m backpack traitoring. But the truth is I am. I’m actually in Buenos Aires, Argentina, right now. I’m to be here. I think the last time we talked, I might have been in New York or Napa. I forget. But backpack trader, it doesn’t mean you have to schlep a backpack. I mean, I don’t really do that. I have a backpack because my laptop and my monitors all fit nicely, and I could.

It’s one of. It’s my carry on. Right. But it means that you have the freedom. You could trade from anywhere, but you don’t want to sit in front of your computer all day long trading, that’s just like another job. So I always focus on trade plans. That’s an important concept. The trade plan tells you when, what to trade, how to trade it, when to start, what your goals are so you could stop.

I use something called. It’s a concept called the power of quitting. So when I hit my goals, I empower myself to quit trading. Yesterday, the trade I missed, I would have been done in four minutes. I mean, that would have been my work day. Four minutes. I deserve to. Not. Four minute work day. Not bad. Not bad. Yeah. It’s a great thing to say at a cocktail party, too.

What do you do for a living? I work for four minutes. What do you do? But sometimes it takes a little longer. But the thing is, is that a backpack trader is the symbol of the absolute freedom you can achieve for yourself by learning how to trade a few minutes a day, focusing on a proven trade plan. And that’s the key. The trade plan. Most traders don’t trade with the trade plan.

Most traders are like. They’re people trying to trade. We all start that way. That typically doesn’t work, but you can learn how to become a CEO of your trading business and operate with that mindset. And your trade plan becomes your business plan. And a good metaphor is like the local dry cleaner. Let’s say you want to start a new business. You think, oh, this area needs a dry cleaning business.

I had to drive 20 miles to get my shirt clean. I think I’m going to start a dry cleaning business. Well, you’re not going to just open up a shop tomorrow and you’re going to run the business without ever doing it. I mean, you won’t know what to do, right? You have to kind of learn what to do. But once you’ve learned it, you have your operating procedures, steps that you follow.

You open up at this time. Time you do your procedures, you handle your customers and you close. And the next day you do it again and again, little by little. You build a market, you build your business well. You treat your trading the same way. You create a trade plan and it becomes your business, your operating system that you follow the same way every day, looking at a pattern that you could specialize in, that repeats all the time over and over where the outcome is highly predictable.

And from that you could build a winning trade plan. It doesn’t have to be more complicated. And then all the stuff happening in the world that pushes the price up and down, all the turmoil, all the crazy headlines, the things that gives people indigestion and worse, makes you feel insecure. That makes trading opportunities. The price of crude oil now doesn’t matter to me because even though I hate spending that money to fill my gas, I know that the price of crude moves so much.

I made a good amount on my trade plan today that it’s going to offset that. Multiples over. There you go. I love it, guy. And this is the kind of stuff you’re going to learn from Troy’s free live training that you can sign up for just by clicking on the link below. It’s amazing stuff. So even, you know, if they’re still waiting for that training, let’s just say what’s the first step that Turley talks listeners could take if they want to, you know, really actually replace their nine to five jobs with backpack trading, which just sounds so good.

It’s really good. But you have to have a realistic expectation. You have to learn something new and so you have to give yourself the chance to learn it. And then you have to also realize it’s something most people don’t think about. The more you do it, the better you get at it. And so when you get better people don’t plan for that. They’re like, oh, it’s hard. I can’t do it.

But they don’t realize that if you just take bits, baby steps, little baby steps, great distance, and you don’t pressure yourself. So, like, to prepare. If you’re just wanting to, like, see if this is right for you. First of all, attend my free training because I discuss what it is. I discuss how it is to become a backpack trader, why it’s so important, the things that work for me, what I could teach and what could work for anybody if they just are coachable.

That’s a, you know, some people aren’t, but if you are, then good. But the other thing is, and this is something that most people don’t think about, is if you’re really strong on your reason for wanting to have a backpack trader lifestyle, lifestyle of freedom. If you really are strong in why you want to trade in the first place, then it keeps you focused so that you can hold yourself accountable and then make sure the things you’re doing are actually in line with achieving that objective, because some people want that, but then they do all the wrong things that are counter to achieving that.

And so you have to tune yourself. You want your actions to be what you pay attention to, not what you think, not what you think you want, because what you think you want is reflected by the things you do. And sometimes they don’t line up right. So you really may not know why you want to trade or why you want to backpack trade or lifestyle of freedom, because the things you’re doing aren’t conducive to achieving it.

That’s why I always focus on keeping it really simple with concepts people can understand. Trade plan. What’s that? Well, the rules that you can follow, and you can practice them until you’re really good at it before you ever risk your money. Why not do that? Why not learn it first? Keep your money in the safe, safety in your account. You don’t have to put it at risk and prove that your trade plan will make you money through certain steps that you do.

That’s what the backpack trader live training is all about. Those are the things I teach when I help. Wow. I love it. Backpack traders. That is so wonderful. Oh, and it just sounds so in Buenos Aires, Argentina. Are you going to see Javier Millay, the new president there? I don’t know if you’d want to see me. He’s becoming quite the rock star. Right before this interview, I was just interviewing somebody else from Argentina who’s giving us a little bit.

Yeah. A of little insight into Javier Millay and just what an amazing breath of fresh air he is for. Well, I tell you. Yeah, he’s quite the personality. And the currency’s really stabilized. Like, wow. You know, I’m always exchanging. I’m waiting. How much should I exchange today? Cause tomorrow it might go up, it might go down, and it’s been pretty steady, you know? And that’s a good sign.

And another thing I notice here is that the people that I encounter on the street, there’s a real contented. Contentedness. Like, people are just easygoing. I don’t see the stress in everyone’s faces. It’s interesting because you think here that. But, no, I’m really comfortable here. I like it here a lot, actually. That’s awesome. That is so cool. Yeah, no, I. Last time I was in Latin America was Brazil, in Sao Paulo, and I did same thing.

I just love. I love the people. I love the coffee, too. They have the espresso that I’ve never been to. Gang, if you want to protect. Oh, it’s wonderful. Oh, you got to say. I mean it. You know, it’s a different language, but it’s just. It’s so big. It’s so huge, and it’s just so full of life, and I’m sure. But I wanted. I definitely want to come down and check out Argentina as well as El Salvador, with naive Bukele, who’s just done an amazing job in that nation as well.

Wow. Cleaning up the crime and the gangs, and it’s just. Yeah, that’s amazing. It is. It’s incredible. It’s good stuff. Gang, if you want to protect yourself and your financial security from where by dynamics is leading you, you heard it. I mean, you got to join Troy’s free live training. You can watch it just by clicking on the link below, getting your ticket to financial freedom. And seriously, Troy does this for so many people.

He’s an amazing teacher, a great musician, as well. Musicians tend to make great teachers. So break free of that nine to five. Build an even better legacy for your kids and grandkids. Click on that link below and become a backpack trader yourself. Troy, always great to see you, my friend. Enjoy Buenos Aires. Doctor Steve, thank you so much. Always a pleasure to be here. Looking forward to talking to you again.

Absolutely. .

See more of Dr. Steve Turley on their Public Channel and the MPN Dr. Steve Turley channel.