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okay what's going on everybody welcome back to the channel it's Millennial trades I've been running a lot of errands today I want to put this video out real quickly uh what I'm going to talk about in this video is some of Jamie Diamond's most recent comments about the dollar about crypto um I want to talk about dollar Theory and maybe some forecasts going forward going into the next six months into the next 12 months as far as the dollar is concerned and then later we'll kind of wrap it up and talk about my trading this week I think I'm just going to sit out tomorrow because I'm working tomorrow and I'll be working Saturday as well feeding Amazon again so I'll talk about all of that later on um I was going to read some Bible verses too but I still need to get them together because a lot of them have to do with uh Financial life you know a lot of Bible verses do pertain to finances so I want to pick some of those out and try to relate them to some of the stories that we're uh we're seeing here today I'm first gonna play this clip this is from uh CNBC and you know it's a bunch of characters from CNBC interviewing Jamie dimon of JP Morgan and so uh it's pretty funny you'll see with one of the comments he makes about crypto he makes uh Becky quick laugh and some of the other people it was an awkward question that he got because I think he's expressed before that he doesn't like talking about crypto but this one kid on CNBC just keeps asking him about crypto so here we go maybe you think it's a bigger piece Janet Yellen called the the failure of FTX last week a a Lehman moment in crypto I don't know if you think that's contained it doesn't matter do you think it's a symbol of something larger that's happening in the economy crypto is a complete Sideshow okay and you guys spend too much time on it and I've made my views perfectly clear about crypto tokens or like pet rocks and and and people hyping the stuff she thought it was funny currencies that don't do anything I don't understand why people say but I don't think she managed to leaving moment I think she manages but crypto's worth a trillion dollars and the other thing the American public should look at I mean look at crypto if you look at all the buying and selling so bitcoin's worth like under a trillion dollars today and we're not even sure that's a real Market by the way there's 20 to 30 billion of ransomware so I mean jeez that was um that was a lot of opinions coming from Jamie dimon there a couple things I want to unpack first before he made this these kind of comments he was talking about um the dollar and it's relation to the rest of the world and I think this is why he got this question because you know there are a lot of people out there that think um that the American economy is going to completely collapse or that the dollar is going to collapse or that somehow you know the FED is not solvent or at least can't continue to portray the idea that we're solvent as a nation you know with the central bank and all of the government debt so this is why he was asked about crypto but when when he was talking about the dollar he's basically predicting dollar strength and the dollar strengthening going into next year probably going into 2024.
the downside about this and he says he's concerned about the Emerging Markets right that would probably be you know a lot of these Asian markets maybe a lot of these markets in South America that he's talking about possibly European markets Eastern European markets he says that the dollar surging like you know a lot of the big banks are predicting and this is what the FED kind of wants to see uh it could potentially hurt um other nations and other foreign companies so think of like funds retirement funds Pension funds and other countries that are buying Assets in America they have to convert their Euros or whatever it is that they're trading into Dollars first long story short there's a lot of debt that's denominating in dollars throughout the entire world so uh a lot of that debt may get defaulted on which will destroy the amount of dollars in the system it's a very interesting concept but Jamie dimon kind of talked about this and um so you know is the crypto market like a symbol that's what the CNBC uh anchor was asking him is it a a symbol of something more or deeper in the financial markets and his response about crypto was that you know you guys spend way too much time on this stuff it's a complete Sideshow but maybe Jamie Diamond's trying to uh you know project a little bit of the bank in the Federal Reserves you know because they're a little bit of a sideshow too maybe he's trying to project some of that onto crypto I'm not trying to um you know side with the big Banks here as to which is worse big Banks or crypto but it definitely seems like the banks and the traditional banking institutions are more stable as of right now I know there's rumors that Wells Fargo uh might be having some issues maybe some liquidity issues uh because of the housing market uh Wells Fargo is very very they're like the number one writer of mortgages throughout the entire world so um if there is a big downturn in the housing market they're going to be exposed to that but you got to wonder who else is exposed to not only the housing market but the crypto Market this Sideshow as Jamie dimon puts it um we know that BlackRock and Larry Fink they were exposed to it Larry Fink's being asked to step down because he's some say he's mismanaging BlackRock which is the the biggest asset manager in the world because he's focused on cultural Marxism and not um prophets I just dropped my keys down there that's not good so yeah Jamie dimon uh is he right about the dollar should we believe him on his you know forecasts for uh the uh the future as far as the dollar is concerned and how is that going going to affect Americans well I'm pretty much like 80 percent in cash right a lot of that cash I've made over the past few months but I'm 80 in cash if not more you know and I am expecting my dollars to buy more tomorrow than they did today right I expect my dollars to buy more uh going into 2023 than they bought in 2022 I mean you could already see that with the crypto markets with the stock markets Commodities did come down somewhat I would like to see that continue um so I think it's something worth following and something worth speculating about and you know Jamie Diamond sure JP Morgan they're all the big Banks they're Crooks they're making so much money but the thing about um Jamie dimon is he we should give him credit because he became a billionaire well he's worth over a billion dollars uh through being an employee he didn't start a company he's not like uh um you know one of these startup guys or one of these technologists he he's simply employed and he was able to amass a lot of net worth so that is something to perhaps look up to perhaps admire but you know all these people uh whether it's Sam bankman freed or Jamie Diamond I think we should be a little skeptical uh of everything they say but I tend to believe that yes the dollar is going to continue to get stronger so that being said I'm pretty much all in cash right now and besides um just trading I am working somewhat you know I'm working sporadically as a caterer I've kind of explained this to you guys um and it's it's pretty good uh it's a pretty good way to to an easy way to make extra cash and the reason it's good is well another good reason to work is because it's guaranteed income with absolutely no risk whereas if I'm going to trade right you know the more times I put myself out there in the market or the more chances I take or whatever the the more exposure I have to downside risk when it comes to my Capital so that's another good reason I like to scoop up you know a few hundred dollars here and there um doing a few hours worth of catering and it's a lot of fun too because we get to travel all over the area you know we cook in all kinds of different kitchens and uh we make all kinds of different uh items that people order sometimes we do delivery sometimes we do full catering service sometimes we do weddings corporate events all kinds of stuff so um you know it's just good it's a good thing to do because trading can be very isolating you know trading is like I don't know I know a few other people that are involved in the stock market but I don't know anybody that scalps like I do and I certainly don't know anybody that's um you know just kind of um on the same level when it comes to trading when it comes to like the amount of capital I have and the kind of Trades I'm putting on you know I I tell some people that ask me about it you know they're like well how big are some of your trades I'm like well I might put two thousand dollars in one trade you know but my account is worth 10K obviously I'm not going to hold the 2000 all the way to zero but there is a risk that you could be down you know 500 a thousand dollars um in a day so it's uh it's psychologically uh uh traumatizing but that being said it has made me stronger you know the more times I've like made money and then lost it all it's definitely made my mentality a lot stronger that being said uh the last thing that I want to mention about all this is that um the uh the capital that I started with which was about three hundred dollars in cash that I've now traded up to I I have over seven thousand dollars in my account now but I've made several very large deposits so I mean I'm up big on the year um the last thing I want to mention is that I want to stay there I want to stay in that place where I'm up on the gear even if I'm down a little bit more than I am now that won't be a big deal like if I only have six thousand dollars in my account or five thousand dollars on my account that's not a big deal I would rather have ten or twelve thousand twelve thousand dollars in my account by the end of the year um but as long as I uh you know sort of retain the capital that I have that is my main goal especially going you know getting closer and closer into 2023 so uh I'm not trying to like like this week right there were times where I felt like maybe I could have gotten a little more out of the market but the market gives you only what it gives you on a day-to-day basis and especially if you can't like watch every that's the advantage of trading at home is that you can keep your eyes on multiple markets that might be influencing your the stock or whatever instrument you're trading if you're on a phone it's harder to do that you basically you can look at the news you can maybe have two or three windows open at home I can watch the dollar I can watch bonds I can watch other Financial fintech stocks I can watch the banks I can watch the volatility index um and you should you should be watching a lot more than just the one instrument you're interested in or the one asset you're investing in um some people find it boring but at times I find it boring too but I force myself to look at the financial news and and at least skim over some of the headlines you know read what some of the famous banking people are saying uh and I think that's a definitely a good place to start so that's pretty much everything uh as always until next time I'll see you guys on the next video
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