➡ Dr. Steve discusses the current economic situation, criticizing the Biden administration’s decision to protect an endangered lizard, which he believes is negatively impacting the oil industry and economy. He introduces his friend Troy Newton, who offers a free training on his “backpack trader lifestyle”, a method to financially benefit from these situations. Troy explains that he focuses on patterns in the market, not the news, to make successful trades, particularly in the crude oil market. He emphasizes that this approach can lead to consistent financial growth and freedom.
➡ Trading can provide a lifestyle of freedom and flexibility, but it requires a well-thought-out plan and practice. The key is to trade less, not more, and to increase your position size as your account grows, using a safe formula. This approach, known as the “backpack trader” lifestyle, allows you to make money while also having the time to live the life you want. To succeed, you need to treat trading like a business, follow a roadmap, and learn from a mentor.
➡ The speaker shares his experience of becoming a trading coach, guiding people worldwide for 18 years. He believes his unique experience allows him to help others succeed in trading. He invites listeners to join a free live training session to learn how to trade efficiently and build wealth. The speaker praises Troy, a recurring guest, for his valuable insights and encourages listeners to take control and make changes by joining the training.

Hey gang, it’s me, Dr. Steve, and I’ve got a question for you. What if there were a way that you could build a safety net, maybe we’ll even call it a wall to change the metaphor, that protects you and your loved ones from an incurably corrupt government? Well, amazingly there is, and I’m going to let you in on how you can build and protect your family’s wealth. And you and I need to do precisely that now more than ever. I don’t know if you saw this, but the bumbling Biden administration is yet again, further wrecking the economy by taking another swing at the oil industry and American energy independence.

And this time I kid you not, it’s under the guise of saving a so-called endangered lizard. A recent Fox news article reported how the federal government decided to classify the dunes sagebrush lizard as an endangered species last Friday. And coincidentally, this lizard’s main habitat is the Permian Basin, which just so happens to be one of the biggest oil fields in the world, producing what some would argue to be some of the highest quality oil on the planet. With our new estimates of the Permian Basin, that resource estimate is on par with what has been estimated in the Middle East.

So obviously, once again, Biden appears to be catering to the environmental radical climate activists instead of protecting hardworking Americans, because you know what this means. It means higher prices at the pump for the rest of us. And not only that, but the government’s sabotaging the ability for people to get good, high paying jobs in the oil and gas industry. But thankfully, my longtime friend and sponsor Troy Newton, backpack is here to graciously invite you to a free training on his backpack trader lifestyle, and he’s going to let us all in on the secret to how we can actually use these bogus moves of the Biden administration to actually get ahead financially, leave the corporate world, and grow the conservative parallel economy.

So Troy, welcome. Great to see you as always. Welcome back from your trip. Great. Great to be back again, Dr. Steve. You know, what do you, I’m just curious, what do you make of this move? What I love about you, Troy, when I talk about you is you kind of have this aerial, almost sort of transcendent view on all of this craziness and insanity, and you just enable us to sort of relativize it, which is why you help keep me sane in these insane times. What, so what do you make of this move by the Biden administration to prohibit domestic energy production in this way? I mean, there’s a lot to unpack it, first of all, how much of its political versus really, you know, concern over lizard mother nature tends to figure it out.

Could I crystallize it down, like live up to what you just said and crystallize it down from a trader point of view, because every day we’re inundated with things that sound nuts and crazy, and it’s hard to make heads or tails out of any of it. I mean, if you think back when you were a kid, the headline news was just as crazy as it is today. It always is because the news wants to sell commercials and products and you know, it’s a business. So how much of it do you, you know, really lean into and believe? I mean, from a trader point of view, I like to keep things super, super simple because for me, trading is it set, it kind of teaches you everything.

The price patterns on the chart are what they are and they tend to know more than what we know or what we think we know or what we hear. And to me, headline news is just another sound bite. And I wonder how many people are going to actually even remember this three weeks from now, three days from now, even three hours. I mean, good point, because there’s going to be more headline news. So will it move the price of crude oil? Maybe. I don’t know. It depends on how much they prohibit and what the limits are.

But for sure, someone else. I mean, how do we know that someone in another oil producing country isn’t cheating on their quota or decide to overproduce to make up for it or what? Right. So much we can never know. Right. Regardless of what we’re being told, except for what the price action says, the patterns that print on the chart. You can see a bunch of charts behind me. Crude oil is a great market to trade because it moves a lot. And so I’m going to follow my patterns. Regardless of what the news says, because the price of it reacts up or down, it still makes for good trades.

Right. Right. Yeah, I was going to ask how a trader like yourself leverages situations like this to your advantage. And again, that’s what I find so fascinating. You’re not an investor. You’re a trader. I remember you drilling that distinction in my head or it took me a while. But but you’re much more dynamic and you and you’re using indicators much more. Can you just flesh that out a little bit? Yeah. So, for example, one of my favorite sessions every week to day trade is the crude oil inventory report. It’s a big report. It’s an economic report.

It comes out every week. Same time. Usually it’s at Wednesday at 1030 New York time. On three day weekends, it would be Thursday at 11. But it’s the same thing. The report comes out and I trade that report. I usually wait two minutes and then start looking for trades based on the patterns that I’ve identified that I’ve built into my own strategies that lead to a high percentage outcome. Like the pattern happens and I can predict what’s going to happen next. Sometimes it’s going to go up and we take a trade to the upside to make money going up.

Other times it’s going to go down. We take a trade to the downside. It doesn’t really matter to me. What matters is that I could hit my goals consistently. So this particular session, like the last. Well, it’s one last eight. It’s one eighty three percent of its sessions. It’s like I know when I show up to trade this session that I have a better than four out of five chance to win it. And so on the occasion that I lose, that’s OK. Because next time I’ll win another X amount in a row again. And like this, you can grow your account little by little, increase your position size.

And even if you only traded that one session once a week and that was it and took you a half hour less a week, that’s pretty good, wouldn’t it? That could really help you if you knew how to do it. And is is that sorry to just in parentheses, is that specific to the oil trading that that four and five success rate is aware? Well, I mean, with all my trade plans, I’m always looking to win a vast majority of them and control my drawdown with minimal and efficient trading. So my trade plans, you’re trying to hit your goals really quick and then you’re done for the day.

And so crude oil, like crude oil is like people are like, how do you trade crude oil? It’s like there’s a contract that’s standardized and you trade it just like a stock, you just who cares what the symbol is? Really, it’s just another symbol. And it represents a thousand barrels of crude oil. And so if it goes up, every penny that it fluctuates in price is worth ten dollars of profit or loss. So imagine if you have a trade plan that can make you twenty five cents worth of price movement in seven or eight minutes.

You just made two hundred and fifty dollars a contract just like that. And I mean, the price of oil moves dollars a day. So to just carve out twenty cents, twenty five cents on a regular basis like that is their trade plans that do that. And that’s what I focus on and what I teach how to do things like that. Is this again, this is what I love chatting with you. You refer to yourself as the backpack trader, which you see as the as really as a lifestyle. And you’ve been training people to do this now, what, 15 years old man, the old drummer you if those maybe more the inside joke gang is we’re both we’re both old musicians.

But I try plays, I think a lot more than I do, unfortunately nowadays. But for those who don’t know, this is the first time they’ve they’ve seen you and exposed you. Can you just explain what a backpack trader lifestyle looks like in terms of building wealth? Yeah, that’s a really great way to look at it, too. So first of all, you have to know what your end result is that you’re desiring. For me, I mean, wealth is just a it’s it’s a means to an end, right? The real thing you want is the freedom to make the choices you want to make and not be told what to do or have to do things you just don’t want to do.

Right. You call your own shots. So for me, that’s a good reason to trade is to establish that. And I learned that at a very young age, because one of my early trades led me to a trip through Europe that led me to my wife and kids. And I was hooked because of the freedom I established and learned about just from a few simple trades that made some money. So it’s like I figured, wow, that I made a lot more money faster than what I could do working at a job or a career or even my business.

So the backpack trader lifestyle is what what it means to you. It’s a symbol of freedom that you get from trading. But not all day. We don’t want another job. We don’t want trading to take over our lives. We put in time and effort to build a trade plan. That’s the key trade plan gives us rules to follow. And then we could set out to follow certain steps to prove that the trade plan will make us money before we risk our money. And then we go through steps, practicing it. And ultimately, you come up with something that’s worth a lot because you’ve proven it can make you money.

You learn how to do it. And if you did it right, you’re going to spend an average of a few minutes a day trading the less you trade. My numbers have shown over a lot of studies and research and a lot of trade plans and creating strategies. I’ve been doing this for years and years. The less you trade, typically, the more you make on average. And then you use power of compounding. Einstein’s eighth wonder of the world. So you give yourself a raise by moving your finger from the one to the two, not by trading more.

But as your account grows, you can increase your position size based on a safe formula. So you’re not risking too much ever. And you build it slowly and you treat it like a business. So I always teach people, we all start out as people trying to trade. That’s normal. People don’t make good traders, though, for fundamental reasons. We, you know, we want certainty and trading is uncertain because when you place a trade, you don’t know what’s going to happen in the future. But what you can do is you can place a trade where you know that trade is part of a trade plan that you’ve proven, where you win most of the time.

And that’s enough to grow your business. And you evolve into the CEO of your trading business. And you end up focusing on running your trade plan like a business same time every day. If you’re day trading or you can do it in the evenings and set up trades, if you’re swing trading, you don’t even have to trade in the daytime. You play some trades, but they work behind the scenes while you’re out living your life. Backpack trader means that you’re trading very little, but leveraging that into something that can grow and grow and grow so that you have the time and freedom to live the life you want to live.

So I like to travel. So for me, backpack trader symbolizes freedom that I could go anywhere in the world and trade from there. And so can anyone else. So I would say- I just welcomed you back. You were just in Buenos Aires. I was just there and I did a lot of great work there. I enjoyed it. I do my best work on the road because it’s inspiring and I’m excited, but I always tell people, really, you’re just one trade plan away. One trade plan away to achieve a different life for yourself.

You can reinvent yourself in such a way. Absolutely. Absolutely. Oh, I love that. I love that. So, I mean, so, all right, I’m hooked, right? What’s the best way for people to get an insider’s look at how they can join you in this lifestyle? I’d love to hang out in Buenos Aires for three weeks, which is like you did. How can they do that? How can they ditch the corporate nine to five? Their woke bosses and offices and the like and get their freedom back? Well, first they could attend my free training.

It’s called Backpack Trader Live, where I talk about the key milestone steps that you need to achieve. And I talk you through it one step at a time. What’s important is, is that you follow a roadmap. Like imagine if you wanna go somewhere and you hop in your car and you just start driving, but you don’t really have a plan on how to get there or whatever. Worse, you still got your blindfold on from sleeping or whatever, and you’re trying to drive your car without seeing where you’re going.

That’s how a lot of people approach trading or investing both. And I believe that instead, take a little time before you get in the car and drive off and actually think about where you’re going, where you wanna go, the best way to get there. Create a roadmap to follow. And that’s what I teach. It’s a step-by-step framework. And in the process of going through the framework, you feel yourself changing because you start understanding it. It gets exciting. You get epiphanies and all these aha moments and you start to see it.

And you’re not even risking your money yet. See, I don’t want anyone to risk their money in the markets until they’re ready. And so I always talk about what it’s like to live in a beautiful house, right? You walk in the door, you live in the house and it’s wonderful, you love it. But what about before the house was built? Like it took time to excavate and pour the foundation and to build it, all that effort. But once it’s built, now you just walk through the door and live in it and enjoy it.

So what I teach is people how to build their trade plan properly, which is when you get it right, it’s so valuable. You put effort into building it properly. And then once following steps, very specific steps, and you get to a point where what I call you earn the rights of passage to start trading live because you’ve proven your plan will make you money and you’ve learned how to execute it so well that it’s like riding a bike. You never forget. It’s a skill you have for the rest of your life.

So that’s a backpack trader style. Absolutely. And it’s just a click away. That’s all people can do. Just click on the link below. I mean, there’s no time like the present. Learn this amazing new skill of trading, changing your life. Sounds like a really neat day, doesn’t it? I mean, you don’t have to- Yeah, go for it. Well, I was going to say, like you don’t have to make dramatic changes in your life unless you want to. That’s the thing about trading is that you’re empowered to pretty much choose when and where and how and what and why and all these things that like, if you got to get up and work at nine to five or like how I was in the early days in my youth, I had this business.

It was a really fun business. It was great too. It was kicking my butt and I was working, I don’t know. Maybe I slept three hours a day for five years straight. I mean, it’s killing me, right? And I discovered trading somehow. I actually received a brochure in the mail and it showed me a pattern. And I’m like, oh wow, look at that. And I learned that there are price patterns that repeat over and over and over. And over time you learn what typically comes after that pattern and you could start to predict it in a high degree of accuracy.

And so you learn how to focus in on a pattern or two, you get really good at it. And then you start noticing it just like when a perceptual set, right? Your favorite car goes by and your peripheral, you instantly see it, right? You just learn how to acquire that awareness. That comes to you in such a way when you’re studying how to become a trader. And it’s really not that hard. It’s only hard because you just don’t know it or you’re not exposed to it. But after a while it just comes to you like anything else.

You know, it’s not that hard to do and anyone can learn these techniques really. Yeah, you’re right. And if they have a mentor that can teach them, right? I mean, I think that’s what a lot of us feel so intimidated by. It’s sort of, I like the principle of who not how. We get nervous. I’m not going to figure out how to do this, blah, blah, blah. You’re the who that can walk somebody through it. And that kind of mentor relationship is for me, I think. No, you’re right. And I’m in a unique position because I used to be the guy sitting in on webinars trying to learn how to train.

Years ago, and I bought a system that taught me things about structure and trade plans and things you could actually prove before you trade it. And then within a month, I was invited into the same company whose product they bought as their first trading coach. And a month later, I was calling a live trade room and I called a live trade room for 18 straight years, dealing with people all over the world. So I know what it takes. I know what traders struggle with. And I know how to solve those issues because I’ve got this unique experience of dealing with traders and that’s a lot of market time trading and calling a live trade with everyone hanging on my every word.

So it was a big responsibility. Did it for 18 years. I think I’m in a unique position to teach people a thing or two on how to succeed and follow these steps that I’ve developed over the years. Absolutely, gang. Just click on that link below. That’s it. That’s how you started. You can join in on our free live training just by clicking on that link. Learn how you can trade for just minutes a day. That’s it. Minutes and get that generational wealth that your family so deserves. Troy’s the best. He’s helped out countless Turley Talkers.

They love Troy. That’s why he’s a constantly returning guest on the show and you’re gonna love him as well. So click on that link. Don’t wait for the world to change when you can be the one making the changes. Click on that link. That’s where it begins. Join the free training and take it from there. Thanks so much, Troy. You always help make sense out of an insane world for me like I said, you always stay up at that transcendent high aerial view and put things in wonderful perspective. Very appreciated. Hey, remember, you’re just one trade plan away.

Talk about perspective. That’s a good one. I love it. Thank you. Thank you. [tr:trw].

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