DAN PASSARELLI | From Market Taker Mentoring

If you’ve been listening to this show for a while you will notice that I try and give equal time to both sides of the sectarian divide, fundamental and technical analysis. Team fundamental look for the future price of companies based on their financials and Team technical look at price history. Dan Passarelli is on the technical side of the story.

Dan Passarelli is a trader, author, a former member of the Chicago Board Options Exchange, a frequent contributor to financial media, a marathon runner, musician, and President at Market Taker Mentoring.

Follow this link for a free copy of Dan's book, Credit Spreads Explained.

Technical Analysis (courtesy of Investopedia) Technical Analysis: What It Is and How to Use It in Investing (investopedia.com)

• Technical analysis is a trading discipline employed to evaluate investments and identify trading opportunities in price trends and patterns seen on charts.
• Technical analysts believe past trading activity and price changes of a security can be valuable indicators of the security's future price movements.
• Technical analysis may be contrasted with fundamental analysis, which focuses on a company's financials rather than historical price patterns or stock trends.

Dan Passarelli is an author, trader and former member of the Chicago Board Options Exchange (CBOE) and Chicago Board of Trade (now part of CME Group). Dan has written two popular books for option traders: “Trading Option Greeks” and “The Market Taker’s Edge.” He’s also the President and Founder of Market Taker Mentoring, the global leader in option trader education.

Dan began his trading career on the floor of the CBOE as an equity options market maker. He also traded agricultural options and futures on the floor of the Chicago Board of Trade.

Dan is a frequent contributor to Bloomberg Business Television, FOX Business News, The TD Ameritrade Network and CBOE TV, and a resource to print journalists on markets, trading and investing.

Dan is an invited speaker for organizations such as NASDAQ, CBOE, the Philadelphia Stock Exchange, the International Securities Exchange, The Chicago Mercantile Exchange, Fidelity Investments, Tradestation, TheStreet.com, The Options Industry Council, The Shanghai Futures Exchange and the China Futures Association.
Dan is also a marathon runner, musician and world traveler.

TRANSCRIPT FOLLOWS AFTER THIS BRIEF MESSAGE

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EPISODE TRANSCRIPT

Chloe (1s):
Stocks for Beginners.

Dan (3s):
There's this idea that, and, and to be fair, I think there is something to the price discovery process. Something, not a lot, but something where the market exists to discover the price of, of an asset. It, it kind of does, but how efficient the market is in that price discovery process is debatable. If a stock is trading at $182 and 92 cents, is that company really, really worth $182 and 92 cents times the number of shares?

Phil (40s):
Hi, and welcome back to Stocks for Beginners. I'm Phil Muscatello. If you've been listening to this show for a while, you'll notice that I try and give equal time to both sides of the sectarian divide - fundamental and technical analysis. Team fundamental look for the future price of companies based on their fundamentals and financials, and team technical look at price history. Joining me today for the technical side of the story is Dan Passarelli. Hello, Dan.

Dan (1m 5s):
Hey Phil. How are you? Great to be

Phil (1m 7s):
Here. Thank you very much for coming on. Dan Passarelli is a trader author, a former member of the Chicago Board Options Exchange, a frequent contributor to financial media, a marathon runner, a musician and president at Market Taker Mentoring. So were you around in the old days of open outcry at the Chicago Exchange?

Dan (1m 28s):
Yeah, Phil, I was so fortunate to have had an interesting career. I was, I was trading in this business right at the right time to just see an incredible changeover from almost complete open outcry, standing in the pits, yelling and screaming to now almost complete electronic trading. So it's been quite, quite a journey.

Phil (1m 54s):
Yeah. What was that like? I mean, I've, I've actually had a guest on the podcast who started his career running for his dad who is in the, in the pits and basically his father basically said, this is exactly what you should not be doing when you're trading or investing. There's way too many burnouts here.

Dan (2m 12s):
Oh my goodness. Yeah, there were definitely a lot of folks that I saw come and go. People would, you know, start their career as a, as a runner or as a clerk and work to get their big break and a month later that would be the last time you see them in a lot of cases. But, you know, those who made it work, a lot of folks had really long and wonderful and prosperous careers. And I imagine like with anything, there's a lot of work that goes into it and a lot of luck that needs to happen along the way too.

Phil (2m 49s):
And so that was soft commodities, weren't they agricultural commodities that are traded or were traded there in those open outcry days.

Dan (2m 58s):
You know, I, I also was fortunate enough to have traded both, most of my career as a, as a market maker, professional trader on the trading floor was in equity options, options on stocks. But I also had a couple of stints trading in the corn options, the agricultural options. And it was interesting in that they're very similar, which was kind of almost a lesson in and of itself that when you're trading options, you're trading the option and it's not just a substitute for the stock. So, you know, just having that knowledge of how options themselves work was a great benefit to that changeover.

Phil (3m 42s):
I was having a conversation with my wife the other day and I was trying to explain options to her and I came up, and I could be wrong about this, I'm no expert and maybe you can confirm this for me, but I, it was like many centuries ago, farmers would have a crop and someone would come along and take an option to buy the harvest at harvest time so that they would have financial, the, the farmer would have financial security and a speculator could possibly make money on that trade. Is that a reasonable way of looking at how options started and work?

Dan (4m 16s):
Yeah, I mean, you know, that's just like a very straightforward, great way to put it for, you know, your wife or you know, any layperson. I don't know how much she knows about financial instruments, not a lot, but, but yeah, options and futures have been, or, or actually I guess forward contracts technically have been around for centuries and you know, they, they provided a lot of benefit for, especially in agriculture. There's long history of that, you know, but for producers, you know, people who grew olives back in the ancient times of Greece as a matter of fact, as well as the people who, who had the presses and, and the folks who would end up buying the olives and having them pressed, that was one of the earliest examples of an options contract.

Dan (5m 6s):
Thales back when we went to it looked like there was gonna be a bumper crop of olive. So he went to all of the, all of the different presses in town in the country out of nowhere and contracted with them for the right, just paid them a sum of money to say, I get, basically I get first dips if I choose to use the press, here's money and I might exercise that right to do so.

Phil (5m 33s):
Wow. Having the obligation to as well as they say in options land. Yeah. So what are your views on the, the two approaches, the technical and fundamental approach? I mean, I'm just being lighthearted here, but I know some people take this divide very seriously,

Dan (5m 51s):
You know, well, there's a third divide. Oh,

Phil (5m 55s):
Okay.

Dan (5m 57s):
When I was a a market maker, my goal was to buy the bid and sell the offer and be as flat as I could. And we could talk for hours about that. So I'll keep that part short. And my risk manager would tell me never to look at technical analysis and not necessarily even read the news on the companies. In fact, I didn't even know what half the companies that I was trading options on did because I was, I was trading something different. I was trading just the bit asks ask spread and, and just managing the volatility risk that came with options. So I, I kind of didn't care.

Dan (6m 39s):
Then when I started trading for myself, I, I didn't have any background in fundamentals and so I became aware of the divide where many of the fundamentals would say, oh, you know, technical analysis doesn't mean anything. You're crazy If you look at that and then technical analysis, people would say, well, hey, everything's factored in. You know, you're just looking at, you know, this map of human history or human actions I guess. Right. Where people bought, where people sold and, and that ended up attracting me maybe because it was easier in some ways I guess, but I spent much of my career doing that.

Dan (7m 21s):
And as I continue to grow, cuz I, I feel that being a lifelong learner is super important. I try and learn a little bit about the fundamentals too, but they are very different. I think time horizon is probably the biggest difference. Yeah.

Phil (7m 37s):
You alluded just a moment ago to being a market maker and you quickly went off the topic and said, we could talk about that for hours, but why don't we just talk about it for a moment because it is actually important in options trading that you've gotta understand that there is a market maker most of the time on the other side of the trade.

Dan (7m 54s):
Yeah, and you know, that's one thing that I work with our student traders on a lot is helping them understand the mechanics of, of options or I guess more importantly the mechanics of, of markets. When you push that button and say, you know, buy, you know, pay six 50 for these options, what happens? You know, like why, why is that number there who put it there? And there is another person on the other side of that trade. And in fact, usually if you're looking at a bid and an offer in options anyway, there's usually the same person on both sides of that trade. There are people who provide liquidity and we call 'em market makers because, well the bid ask spread is the market.

Dan (8m 38s):
Someone will buy here, someone will sell there. And being a market maker, having started off my career that way was really interesting. It, it, it taught me many, many things that made me a better trader now. But then again, there were a lot of things that it didn't teach me, like technical analysis and fundamental analysis that I had to learn after the fact.

Phil (9m 7s):
So what's your simple explanation then of what an option is?

Dan (9m 11s):
Yeah, so, Hmm. I always hate giving the textbook definition, which is so dry,

Phil (9m 18s):
The obligation and the rights and all of that stuff, which actually mean nothing in options trading. Don't, do they? Sorry, I'll let you explain.

Dan (9m 26s):
Right. Well, you know, I mean we could take any sort of day to day thing and like a great one that I've used as an example before is gasoline for your car, right? That's something that has always fluctuated in price seemingly a lot more lately, right? And so what if, you know, the gas station ran some sort of special right? And they said, Hey look, you can join our club, you pay 50 bucks and no matter what happens, you can buy gas at $4 a gallon through the rest of the summer. I mean, that could be pretty promising. I mean, that, that could end up being extremely valuable to you if gas goes up to $5, you know, you pay this small sum and you get to, no matter what happens until the summer ends, you get to buy gas at this fixed price.

Dan (10m 20s):
And of course if it goes down to three 50, you just, you know, you just won't use that club membership. You know that, right you have to buy it at four, you'll just pay three 50. But as long as you have that right, you can, you can buy it at, you know, at at whatever, whatever price the gas station says you can buy it at. That seems like it could be a fairly tangible example. I don't know. What do you think?

Phil (10m 45s):
Yeah, no, that sounds good. Why don't you just give us an example with a, a stock, a specific stock and say, okay, you, you know, you're going to buy a call option on this particular stock. Just maybe describe a little bit about that process.

Dan (10m 59s):
Yeah, sure. Let's see, I was looking at more puts today than calls,

Phil (11m 4s):
But Oh, of course it's, it's a red day, isn't it?

Dan (11m 8s):
Yeah. Did I do anything? Oh,

Phil (11m 10s):
We want the Christmas is a green candle.

Dan (11m 13s):
Exactly, right? Oh, I don't know. Like, let's say we're looking at, well, I mean here's sort of a, the sort of thing that I did with my kids when they were younger. We didn't quite get into options just yet, but it's the same concept. I asked my daughter, I said, well, we're gonna take your communion money and, and you're going to invest in a company. She's like, I don't know anything about companies. I'm, I'm nine, you know, and I go, of course you do. You know, what is a something that you, what's a product you use? I don't, I don't use any product. Sure, you do. You know, what's, what's your favorite toy? Okay, Barbie, you know, who makes Barbie is Mattel, right? Okay. So you could actually own the company that makes Barbie pretty cool, right?

Dan (12m 0s):
And so, so let's say someone likes Mattel for that reason, but they wanna, they wanna be very conservative about it. You know, the market's been a little precarious lately. They don't want to go and invest a, you know, put 1800 bucks into buying a hundred shares. They wanna have a more limited loss. Well, instead of paying $18 a share for a hundred shares of Mattel, they could buy the right to buy a hundred shares. So for the next 18 days, they could buy the 18 strike calls for just 60 cents a share.

Dan (12m 40s):
And if they did that, you know, that's sort of that club membership at the gas station, right? It's an expense, you know, you pay that and if at expiration, Mattel is above 18 significantly, I could exercise those calls maybe, maybe the stock's at 20 and I could buy it at 18 and turn around immediately, sell it at 20 and lock in a $2 profit minus the 60 cents I paid for the call. But realistically, we wanna take it a step further. The call in and of itself has a value and it intuitively changes as the price of the underlying stock changes. It gets less valuable as time passes.

Dan (13m 21s):
Cause we'd rather have that right for a long time. So as certain things change, the value of the call itself changes. If I were to buy one of those calls at 60 cents a share, which represents a hundred, the rights on a hundred shares, so that's $60. If the stock goes up, that call might become worth more. I might be able to sell it later for, for 90 cents. I could get $90 for what I paid $60 for. So like that's, that's ultimately like the mindset that I like to get our student traders to as soon as possible. That, you know, we're trading the options.

Dan (14m 2s):
It doesn't really work like it works in the textbook where we're talking about, you know, exercising your rights and all that business. You know, we're trading this instrument and being very, very smart about it. So

Phil (14m 14s):
There's two types of options, isn't there? There's call options and there's put options. What's the difference?

Dan (14m 19s):
Yeah, so the call option is the one that I just explained. I can call those shares to me if I own, and this is where it does kind of get back to the technical part of it. If I, if I own the right to buy the shares, I can, I, I can call those shares to me. I can exercise and get those shares. And so calls tend to make money as the stock goes up with puts, when stacks go down, I, you typically lose money as an investor. So puts give me a way to protect myself and put that stock to somebody else so I don't lose on it, right?

Dan (14m 60s):
If I own those shares of Mattel and I thought that that stock was going to go down, I could buy the 18 strike puts. And if it does go down, maybe it goes down all the way to $15. I can exercise my right to sell them to that person at $18 a share. I can put the stock to them at that price, even if it's lower, even if it's much, much lower, which enables me to protect myself.

Phil (15m 26s):
I love the way you're explaining this in an audio medium and I can see by the way that you're moving your arms that you're used to explaining this with pictures as well, but you're doing a fantastic job there, Dan.

Dan (15m 37s):
And I'm Italian.

Phil (15m 39s):
I don't think anyone's noticed our surnames yet.

Dan (15m 43s):
And

Phil (15m 43s):
Good to hear you gonna have a bowl of pasta later on tonight with your martini. So what are the kind of tips that you would have for beginner's approaching markets for the first time from a technician's point of view?

Dan (15m 56s):
One of the most important things to start out with is to kind of dispel this very big misnomer, that technical analysis, which, you know, for those of you who aren't familiar with that term, it's basically using what we call a stock chart, a, a graph, basically overlaying certain things on there to make the, the date on that chart easier to read, right? And the biggest thing to dispel is that you cannot predict the future with these things. They're, they're not intended to do that. Some people who are more novice to reading stock charts make that really, really big mistake that say, oh, if this happens, that means that this should happen.

Dan (16m 45s):
But really what it is, and I kind of briefly reference this the earlier, is that what it is, is it's a, it it it's a map of human behavior. Take support, right? So support on a stock chart is when a stock goes down to a certain level, say every time it gets to $50 a share, it bounces back higher, right? And you see that several times over the past few weeks. Well, philosophical question, why does a stock ever go higher? More buyers than sellers at, at that price, right? That's where the resting orders are. That's where the value investors who run very sophisticated models say, Hey, this stock is worth more than $50.

Dan (17m 31s):
If it gets to $50, we're gonna buy it there cause it's worth more than that. And so the stock chart itself, and any indicator or any anything that you can overlay on that chart simply helps you better understand what has happened in the past, where the buyers were and where the sellers were, and makes it easier to understand in, in their own certain way.

Phil (17m 56s):
So where do you start the education for explaining technical analysis? I mean, that's obviously the starting point, what you've just described, but where do you take it from there? I

Dan (18m 4s):
Like to just simply, you know, explain what the chart is. And normally it doesn't take much more of an explanation than that, breaking down the individual candles. I think, you know, there's a little bit more data there and candles is what I prefer to use. It's a style of charting. Honestly. I, I like to keep it as simple as possible because we do some one-on-one coaching for people who, who really wanna dial in their trading and, and really wanna get it right and shorten their learning curve and not spend years and 20, $40,000 paying the market to, for their education. You know, when we do one-on-one education with folks and I see all these lines all over their charts and all these different things, I just say, stop.

Dan (18m 49s):
I don't even wanna know what this, erase it. We don't need all this, you know, fancy is seldom better when it comes to trading. So like the main things that I really hammer home are these areas of support where the buy orders were. Resistance, where the sell orders were, how to deal with stocks, with what their likelihood of support and resistance holding, what to do if it breaks through there. Where am I consider getting into a trade from there where I consider getting out of the trade from there where I consider protecting myself if it goes against me, but then I will use some other indicators, moving averages, RSI, different volatility data.

Phil (19m 34s):
So what is a moving average? I mean, that's one of the most basic indicators that you see on a chart, isn't it?

Dan (19m 40s):
Yeah. Yeah. I think everybody uses a moving average or two, right? So I was, I was a finance major, took some economics classes and they taught me this crazy thing called price. They taught me a couple crazy things. One is price discovery and one is the efficient market hypothesis. There's little something to each of 'em, but I think they're generally recognized as not nearly as big a deal as they used to be thought of. There's this idea that, and, and to be fair, I think there is something to the price discovery process, something, not a lot, but something where the market exists to discover the price of of an asset.

Dan (20m 27s):
It, it kind of does, but how efficient the market is in that price discovery process is debatable. If a stock is trading at $182 and 92 cents, is that company really really worth $182 and 92 cents times the number of shares? Because there's, there's, you know, there's a fair amount of noise in the market. And so anytime we look at the price of a stock right now, it's not necessarily all that representative of its value right now. It's hopefully not dreadfully far off. Of course, if it is dreadfully far off, there's a great trading opportunity, right?

Dan (21m 9s):
So maybe, hopefully it is. But what a moving average does is it takes the price of a stock over certain iterations of time and you know, maybe that might be 50 days. They might take the, the closing price from the past 50 days and say, okay, you know, today the stock closed at this, so there's an assumption that's kind of worth that. But you know, let's just kind of take an average, let's just say over the past 50 days, this is the average of what the stock was and that'll give us a better idea longer term of what the value of of the company really is, right?

Phil (21m 56s):
It's for smoothing out the noise, is it?

Dan (21m 58s):
Yes, exactly. It smooths out the noise. And, and so because we're looking at a 50 day period and well, we trade every day, it just goes on and on as a new day is put into that 50 days, one day drops out. So there's the, the moving part of the moving average.

Phil (22m 16s):
We've talked about two aspects here. We're talking about technical analysis and of course we won't go into too much depth on either because you've got a lot more information that your website for listeners to learn. So we've got options and we've got technical analysis, someone who wants to start trading. I'm presuming that you're going to have to have a brokerage account to be able to buy and sell the options and going to have to have charting software. What does that sort of process look like and how do they interact with each other?

Dan (22m 45s):
One thing to consider is that there are a handful of forces that affect the value of an option. And one of the biggest is, is the underlying price. Like before when I was talking about Mattel, you know, if, if the stock goes up, those 18 strike calls get worth more because you know, I can buy it this fixed price and the stock is going to at higher and higher price, right? Just intuitively the value increases and it would decrease if the stock falls too. So that's one thing. Time is another thing. Volatility is another thing. Interest is another thing now because I would say the most important thing for, for most option traders is the price of the underlying.

Dan (23m 30s):
It's important for an option trader to get a feel for and sort of do some forecasting of and try and understand what the price of the underlying stock is more likely to do. So any decent option trading brokerage platform will have a robust technical analysis package embedded within it and it'll enable you to, to chart a stock and, and, and do some of these things like look at moving averages and relative strength and, and some things like that so that you can make better decisions about your option trading.

Phil (24m 7s):
So what are the dangers for beginners to be aware of in this kind of space?

Dan (24m 12s):
There's a logical progression learning to become a good trader. And the first part is that it is, it is learning. I got my education on the trading floor. I worked for a trader who was very, very tough on me. I'd go home pretty defeated a lot of days, but it really benefited me a great deal. It forced me to really be very alert and be very, very, you know, ready to defend any answer that I had. To know that I'm right and, and to really study it and to really get it under my thumb before I ever even put any money into a trade.

Dan (24m 52s):
And you know, that that real passion for knowledge, whether it's forced upon you like it was with me or you know, you just have that, you know, quenching that thirst for knowledge first is so important. And another thing that many of the options friendly brokerage platforms have is something called paper trading. They will enable you to toggle a little switch on your screen that says basically use fake money, here's an account, how much pretend money would you like in it? And then you can make trades using real market prices with, you know, fake money.

Dan (25m 36s):
And if you make money, it's still fake money so

Phil (25m 40s):
Doesn't feel quite as good, does

Dan (25m 41s):
It? Yeah, no it doesn't. But it feels a lot better when you lose fake money.

Phil (25m 49s):
Yeah.

Dan (25m 50s):
But you know, that enables you to test out the knowledge that you learned in, in textbooks or from, you know, video courses or, you know, we, we try and make things as hands on as possible. So, so we do a lot of like live online trainings where we can screen share and such, you know, because when you, when you learn in a controlled environment, it just doesn't work the same in real life as the textbook would make you think it does. So you get to test that out. But you know, the thing about paper trading or, or you know, fake money trading is that you're not actually trading with another person like we talked about before.

Dan (26m 36s):
You're not actually trading with the market makers. So the mechanics actually work at a little bit different. And so then you have to kind of get used to that once you start trading with real money. And that's sort of step three a trading with real money, but a little bit of real money. You know, one lot. I mean I, you know, we work with traders of all, from all backgrounds of every sort. One being financial. I've worked with traders who have $7,000. I've worked with traders who have 10 million and I tell 'em both the same thing. We're gonna trade, we're gonna trade one lots and start out with one contract.

Dan (27m 17s):
Let's keep it around a hundred bucks a trade or something like that. Cuz you're gonna make mistakes, you're gonna get nervous, you're gonna get greedy. Going to let those emotions creep in. So step three B is then we sort of, as we build more confidence, we can ratchet up our trading. And there's nothing I love more than seeing some of our, our student traders go on to become really, really successful after they build that confidence

Phil (27m 44s):
Because the psychological side of things is so important as well. And a lot of people come into this with all these ideas of making money, but it really comes down to understanding your emotions and psychology as well, doesn't it?

Dan (27m 58s):
Oh man, psychology is one of the biggest parts of trading. It's one of the things, it's probably the biggest thing that I've seen cause people to fail and just leave the business.

Phil (28m 11s):
Yeah. What will listeners find at Market Taker Mentoring? Oh, we've covered it quite a bit already, but tell us about Market aker. Me, you know, give us your, your pitch to listeners for it.

Dan (28m 24s):
Yeah, I mean, what you'll find with us is a great community of traders all the way from the top up to the bottom down. I and our other coaches we're very passionate about our students. We, we put a lot of time into them, whether it's in group classes and or especially in our one on one coaching, we want you to succeed. It's sort of our, I guess our pride on the line in some ways. It doesn't do me any good to have someone join our class and, and have it not work. So we put in our blood, sweat and tears and we've seen a lot of traders put in blood, sweat, and tears, but we try and have no blood and less sweat and, and hopefully no tears.

Dan (29m 15s):
But those, those tend to come every now and then. We, we try and make it as easy for our traders as possible by creating programs that a just really take the knowledge needed to succeed and break it down into bite size pieces and create very, very simple, easy to follow trading systems that empower you. You know, not just, just green arrow, red arrow, trust us, you know, just, just do what the computer tells you. We do have some green and red arrows, but we make sure that you understand exactly what you're doing and why, and, and, and when, when to follow those arrows and when not to.

Dan (29m 56s):
It's sort of my goal to make your path as a trader as easy as possible.

Phil (30m 2s):
So how can listeners find out more? I believe you've got a a special landing page for listeners to go to.

Dan (30m 8s):
Yeah, yeah. We'd love for you to come to our website and visit, visit with us. And one of the things that we'd like you to have is, I just wrote a brand new ebook on a specific type of option trading. It's called Credit Spreads. And it's, I think it's the best ebook I read. I don't know, you can read it and maybe read a couple more and tell me what you think, but if you go to markettaker.com/sfb, which stands for Stocks for Beginners. So that's market as in stock, market taker, as in take what's rightful yours, two ts in a row, markettaker.com/sfb.

Dan (30m 51s):
You can get that ebook for free and read it over and you can even, you know, go there from there. Join our community. There's a lot of other free information we have on our website, markettaker.com right now. Our chat room is free and there's some really, really sharp people in the chat room and all our coaches are in there to answer questions. And we'd love to, you know, build a relationship with some of the folks who are listening today.

Phil (31m 21s):
Fantastic. Dan, well, we'll put the, the links into the episode notes in the blog post as well. But Dan, I hope you enjoy your pasta tonight and thank you very much for joining me.

Dan (31m 32s):
Thanks for having me, Phil. I really appreciate it.

Phil (31m 34s):
If you found this podcast helpful, please tell a friend, especially if it's someone who needs to start thinking about investing for their future, you'll be helping them and helping me to keep this show on the road.

Chloe (31m 44s):
Stocks for beginners is for information and educational purposes only. It isn't financial advice and you shouldn't buy or sell any investments based on what you've heard here, any opinion or commentaries. The view of the speaker Only not Stocks for beginners. This podcast doesn't replace professional advice regarding your personal financial needs, circumstances, or current situation.

Phil (32m 3s):
And thank you for listening to my podcast.

Stocks for Beginners is for information and educational purposes only. It isn’t financial advice, and you shouldn’t buy or sell any investments based on what you’ve heard here. Any opinion or commentary is the view of the speaker only not Stocks for Beginners. This podcast doesn’t replace professional advice regarding your personal financial needs, circumstances or current situation.