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Steven Dux is a day trader who turned $27,000 into almost $10 million in 7 years, with over $4 million in trades in 2020 alone. He is a mentor who has taught thousands of beginners how to day trade. Some of his students have supplemented their income and gone off to turn day trading into high 5, 6 and even 7 figure portfolios. Unlike other day trading mentors, Dux posts his trades (both wins and losses) and verifies his account statements, to show full transparency behind all the trades he makes. He lives in Ohio and loves taking vacations at the beach to relax.
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Intro: (00:00:00) Hey guys, welcome to Asian Hustle Network Podcast, My name is Bryan.
And my name is Maggie
And we interview Asian entrepreneurs around the world to amplify their voices and empower Asians to pursue their dreams and goals.
We believe that each person has a message and a unique story from their entrepreneurial journey that they can share with all of us.
Maggie: (00:00:23) Welcome to the Asian hustle network podcast. Today, we have a very special guest with us. His name is Steven ducks. Steven is a day trader who turned $27,000 into almost $10 million in seven years with over $4 million in traits in 2020 alone. He is a mentor who has taught thousands of beginners, how to day trade. Some of the students have supplemented their income and gone off to turn day trading into high five, six, and even seven figure portfolios. Unlike other day trading mentors, ducks posts, his trades, both wins and losses and verifies as account statements to show full transparency behind all the trades he makes. He lives in Ohio and loves taking vacations at the beach to relax. Steven, welcome to the show.
Steven: (00:01:08) Hello
Bryan: (00:01:10) and welcome to the show. I mean, we watch you're in a UN Jubilee media a year ago. We were a little bit skeptical, but now we're into the system now. So Steven, tell us about your upbringing and who you are.
Steven: (00:01:26) All right. So, um, well, my name's Steven and then they call me dogs because they can't pronounce my entire full name so they can pronounce the first three letters. So that's why I'm same. It turns out the, uh, to be Dux. And I'm talking about my trading stories. I came here when I was 16, uh, went to high school in Cincinnati, uh, and the graduated. Uh, from high school at 19, that's where I started, um, day trading because I was in this engineering major. Of course, engineering major normally are very difficult. So, uh, I was in this founding project and, uh, we're like 50%, 60%. The almost competition project. And the professor said, wake, wait, no funding left. Uh, so they have to like interrupt the project. Uh, and there was very, um, disciplined dude because he now was very interesting to the interested into the project and one day to finish it. Uh, so. I thought about myself to a, get the founding by myself using my, you know, little tuitions I got, uh, because I don't have to pay the tuition until the end of the semester. Uh, but you have to pay a little bit more extra, uh, in cleaning the interest, uh, by the end of the semester. So I used that found, uh, at the beginning of the semester, did a whole lot of research, uh, use the, my engineering mindset, um, tracking statistics. Testing are different systems for thousands of times and, uh, pretty much learning non-stop 10 hours a day. Uh, I think, uh, heaven took a break for almost a year and a half just to studying the market. I think on the first, uh, first nine months I turned 27,000 into 900,000. And, uh, there is some losses in there, but it was. Um, the growth that I wanted, um, or before that, and that was also experiencing some breakups and also some of the drummers that teenagers supposed to go through. Um, so he gave me the motivation to do it, and also, you know, all, a lot of family pressures as well, um, and found there, um, Since I turned 27,000 to 900,000 amount of people wants to loan their stories. Uh, how I did it, what's my method. Then they started this trading service, uh, back in 20, I think it was 2016 or 2017 ish. So after that, um, my trading career just personal trading performance was doing very well and we're heading into 2020 and 2021 is even better than market is. Oh, real at the moment. Um, yeah. Other than that, I think I'm hitting, I don't want to see the cap of this trading industry, but I think I'm very close. Um,
Bryan: (00:04:44) that's awesome. That's awesome. And just for more context too, like, did you. Did your, what did your parents say about this and what was your upbringing like up to a certain point where they're like,
Steven: (00:04:54) okay, so, you know, um, originally came from China and, you know, Chinese parents are Asian parents, you know, they are super strict and they wants you to be very successful on your career either is doctors, engineer, lawyers, um, There's very well on the finance industry. So they're very against of me trading stocks. There were, so I have to trade it secretly behind them and it's a critter using my tuition to trade it. I know it's a really risky move. Um, But I know the system behind it because I tested thousands of times. So, uh, basically I didn't tell them for two years. And after two years, I, uh, almost graduating from college. They came over here and they saw the house, they saw the cars and they were very surprised from that point. They have no problem with it. So, um, Yeah, that's the family story there.
Bryan: (00:05:53) You know, we've seen your website and it says not good enough, not good enough, not good enough. And underneath that says for my girlfriend who broke up with me, who my father was waiting to prove me wrong, or just the country, which backed me into a corner and gave me such a few options. So let's quickly dive into the relationship you have with your dad. You know, we heard this quickly and Jubilee media. Yeah. And we're curious about this.
Maggie: (00:06:17) And so your relationship with your mom as well, because we know that, um, I read a couple of articles where you said that you were a lot closer with your mom.
Steven: (00:06:26) Um, so I have a very. Complex family history. So, all right, let's start. Um, so the very beginning, my mum was a very successful woman. I think she was on the top magazine for them, one of the most successful woman in our region. And I think that it was in the 19, uh, 1980s. Um, she was making millions of dollars shooting homes, uh, restaurants. She owns hotels and she owns a tons of businesses that, um, And because she's a woman, she attracts more, uh, businesses and, um, people coming in to do deals with her. So, uh, after that for a few years, um, my mom had my brother at that point. I think China was still on this rule of, you can only have one children. So, uh, basically we have to pay a ton of fees, uh, and. Uh, my dad is also moving from the hometown to, um, , which is in the middle of the China. So my mom has to, you know, I kind of forced to sell all her businesses, uh, and also taking care of me and my brother since that, that time that was very young. So then my dad got all the, you know, all the funds. So he invested into, uh, real estate build several, uh, I think, uh, I think it was 36 floors and I think it was, there was like 36 buildings. Yeah. So I think he made solid amount of money. And, um, I think it was, I never heard of the actual amount of money, but they told me it was like billions of Chinese in, so it's probably a 100 million, 150 million. So after that point, uh, my dad starting. Uh, because my dad came from a very poor family. So when all of a sudden that he's in this huge economy born in China, especially in the real estate industry, uh, he, he gets lucky and he made tons of money and he starts to, you know, Tribune away from the marriage point. Um, so it's more like, um, um, Having a, marry a woman outside of our family and our caused a huge fight between me and my brother and my mom. And also I think my dad always at all to my mom, but he is not respecting that. So it turns out to be that we'll have a decent family branch. So my dad's only one that's very successful. And everybody tends to, you know, approach to him into a very tidy. I say this, um, You have to come to ask me for me to do you a favor. So he think he's the, you know, at the top, everybody needs his favor. So then he tends to look at kids that way too, because he has to carry out all the kids like, okay. He graduated from this college. I have to go ask my friends. Hey, can you guys not, how should we build a relationship to help this care for his future? Uh, so he kind of looked us down into that way as well. I have to like, approach to him and ask him favors and that I seem like I'm always, um, uh, some, um,
Bryan: (00:10:07) to keep him happy and living up to those expectations.
Steven: (00:10:11) Yeah. Uh, Hm. I feel like I'll always have to ask him stuff and also have to, he has to wait for me. I don't want to say big, but turns into that way. So, um, so it was very unhappy about that. I came out to do college and it turns out and, you know, The average expenses for, uh, our state college student is around 60 K a year, um, after downers like, uh, dorm fees and stuff like that. So, uh, and my brother is also coming out here as well. So as a costume, about 200,000 a year, And, uh, he's always complaining to my mom and always complaining to me that we spend too much money and that we are not doing well. We won't, uh, not doing what he expects. Uh, and, uh, after that, I will say, okay, don't send me money anymore. Just leave me alone. Um, so, uh, I told him that then he stopped sending money to my brother's SU because I don't have, we kind of got abandoned. So at that point, um, my mom doesn't have enough money to support both of us, so I kind of running into a wall. So at that point I was, um, thinking about, okay, what can I do to, uh, this happened also carrying out my brother and potentially carrying my mom as well. Um, I started the job in a dorm, I think around four or five years ago, there is like a. And Lilo discrimination, uh, to Asian people specifically. Um, so all the day job I got tooken by, you know, um, and then I have to kind of work in the midnight from, uh, I think is 12, 8:00 AM to 8:00 PM. Uh, my classes started sad to 9:00 AM. So, uh, no 12:00 AM to 8:00 AM. Yeah. And my class starts at nine. And that was a very exhausted, you have to stay up for nine hours. I also, including studies, I was only making, I think it was $8 an hour, $9 an hour. Um, I, I worked out, uh, eventually I turned 10 to add to my, uh, uh, money that it made from the dorm, plus the money, uh, and clean the tuitions starting in my trading account. Initially it was $500. Um, grew it up to, I think a thousand then I started it again with 27,000. Went to 60,000, actually lost the 60,000, uh, went from 60 K to 30 K again. So at that point I started taking this Rudy, uh, serious, started building my data, tracking everything and do everything that I can and have this Rudy because I can't. Take a step back. I had to move forward. So, um, I was trying my best, uh, and, uh, I studied so much. I even got to start making stomach officer.
Bryan: (00:13:23) Yeah. I mean your story, there's a lot to unpack there, right? Because here's her sharing that nature as being so vulnerable with us on this episode, because you know, talking about family stuff is not easy, but hats off to you, you know, for. For figuring out what needs to be done in order to become successful. And that tends to be a common theme among all entrepreneurs is I feel like we're most creative when our bridges are burned, our options are limited and we have no opportunity, no chance to succeed unless you push forward. And that's exactly what you did. Right. So fast forward to 19, when you started trading secretly, like how did you come about the initial capital to trade.
Steven: (00:14:02) And as your capital was, um, um, I think it was the tuition and the money that I worked from. Um,
Bryan: (00:14:15) Wow. Yeah. Wow. What was your mindset like at that point? It was like,
Steven: (00:14:18) it was .
Bryan: (00:14:21) What if I lose it? Like, what is that mindset? Like?
Steven: (00:14:24) I never, I never got, go ahead.
Maggie: (00:14:25) Oh, how did your mindset change over time again? You know, I've, I know you've been trading for years now and so I would love to know, like, how have you changed just personally, just my, you know, in terms of your mindset.
Steven: (00:14:39) So I never, you know, I have this mindset that, uh, well, first of all, uh, you will be, I can think what I can sync while you have a fail. Yeah. I can't think of, I can't think that way. I have to think that I can succeed. I can do it. I have to try my best. There is nothing like, can do, um, And that's the first mindset. The second one said, uh, after I made, I think the first, a couple of million dollars, Oh, age, uh, trading education and trading men myself. I have this mindset of, um, no matter how much money you have, uh, you have to be, um, I don't know, be good to your parent and send, always taking care of them and money can now change the person. Like my dad did back back in the days. So
Bryan: (00:15:35) yeah, that that's good motivation right there. And. You know, what was a big aha moment where you're like, this is, you know, good.
Maggie: (00:15:46) Actually it didn't work in, um, like corporate jobs, right? Like in cubicle jobs, you kind of just can became like your own entrepreneur after you had your dorm jobs.So it's not easy. It's not, uh,
Bryan: (00:15:35) my side of the family here. Oh, no, you're good. I want to hear it about when you're like, Whoa, this is, this is, I can do this.
Steven: (00:16:11) Okay. So, um, I have three things that I normally approach into different industries. So first of all, what I will do is I will track for a G for standard market specifically. I will track, okay, well this specific action or a pattern. When's about anywhere between 70 to 80% of the time. That's the first thing I will track. I'll track about a thousand samples and put them together and see the similarity between them and what I can improve. Uh, if I traded and what I can do to affect my strategy, the next time I traded them, that's the first thing I will do. The second thing I'll do is. I will track, how many times does it happen per year? So the frequency of the entire, let's say this pattern happens about 70 times, two 80 times per year. Then each time I can make about in average, 15% to 20% and maybe initial capital will be in it, say, um, $500. I can simulate how much I can make throughout the year. Right. So, and they also have to count, you know, We're all human. So we're sometimes very emotional kind of all those mistakes that can be made can be potentially made there in the statistics. Then I will have the minimum simulated again, I can make by the end of the year, that's where once I found out all the. We'll figure it out, what the systems and checked all the samples. That's where I can. I told myself I can do it. Um, and then followed my system. That's how I made the 27,000 to a hundred thousand.
Bryan: (00:17:51) Wow. So that is awesome to hear and kind of out of curiosity team, you're not trading it's up and down type of thing. Right. Whereas some, you make some, how have you dealt with failure and how have you been personally transparent with that with your community?
Steven: (00:18:07) Okay. So, one thing that you have to think about is we are training in America. It arises are, um, a part of the journey. You cannot avoid losses. So, uh, each time whenever I go to, um, uh, study from other people, and I only look at their losses because I can only learn from their losses, I'd never looked at their wins and, uh, I can potentially avoid the mistakes they made. For themselves, uh, just by studying their mistakes. So, uh, that's why I'm always transparent because first of all, that I can narrow found my analysis and people, other people can learn from my analysis. If you, if I, if they only look at my wins, they will never learn anything because there's there has to be. Last, this has to be taken. You have to go through the emotional journey. Sometimes they'd say you took a loss and you feel emotional. You want to make the money back then go in again. Um, but you don't know, what's the reason you're going. You just want to make the money back. And I think that factor is very important in trading journey as well. So
Bryan: (00:19:24) at that point, it sounds like gambling then, right? Yeah. Doing street emotions. Yeah. And can you share a moment with us where you, like you had your biggest loss ever and how'd you mentally overcome that?
Steven: (00:19:34) Okay. So the biggest losses, um, yeah, it was actually in 2020 and 2021. So, uh, I think you told me Tony, I made close to like seven, $8 million and, uh, in 2021 is I think five minutes so far by the losses has increased as, uh, a lot as well because. If you're, let's say you want to put in $2 million into this trade, your loss is also amplifies. If you take a loss, um, and then there's like a mental limit for how much you can take. So the highest losses I took before 2019 was actually around 100,000 to 150,000 portrayed. Now it's approaching to next 300,000. So, um, When I look at losses, I will look at my biggest wins and biggest losses to compare it. Okay. My biggest wins definitely overruns my biggest losses. That's all. And that's why I'm okay with it. But to go through that mental limit of just see that 300,000 on paper is, uh, it's pretty hard. So personally for me, I still have a lot of, you know, uh, Stuff to improve and, uh, to handle losses, basically you have to start from very small. Uh, your let's say your loss is portrayed will be. A hundred dollars then increase to 200 and sod went from a hundred to 300,000 in the course of seven years. Yeah.
Bryan: (00:21:09) Let me send seventies, you know, high risk, high reward type situations. And I know there's a lot of our listeners on this call that don't understand how trading works. Can you kind of walk us through like the basic fundamentals and basic terminology, so we should be aware of.
Steven: (00:21:24) Okay, so fundamentals and, uh, normally that we are trading especially day trading. Uh, you don't have to look at the fundamentals because every single company that we're trading has a better fundamental, and that's why they're kind of, penny stocks are under $5 and, um, including, um, all the biotechs that can potentially, uh, have contributed or they have a potential vaccine coming now. There, you ha you have to know that news is only one other factor to make your own decisions, but Mandy percent of the decisions actually came from the chart. You have to study the charts. So Detroit behavior, that's how you make our profit from, um, especially in this, I would say day trading industry. Um, That's the fundamentals and other terminologies I can introduce. First thing will be market caps. Second thing will be float. Float is basically means that how much, how many shows are available for a retail traders to buy and sell the lower the flow is. And the higher the demand is that means there's not enough shares for people to buy and sell. And there's a lot of demand to that's why. Uh, when there is some limit monitor, supply and high demand, you will raise the stock price up. That's how Jimmy was be able to go. Um, sort of games that'd be, have to go from $20 to $500. Um, and otherwise, uh, there is market cap. So America means, uh, how much money that's the, the stock specifically worse in the stock market. The higher the market cap is, um, the less. Hmm, that's an area that, how do I say it? Um, the less range you will create and the certain on the same day. So the more expensive the stock is are each staging only move up 1%, move down 1%. But the lower the market cap is to start, can move a thousand percent in one day so that the more expensive the market, the more expensive the jab is. Um, Do you do not want to try it because he doesn't give you enough range for your potential game, especially when you have a small account.
Maggie: (00:23:55) No, thank you for explaining that. Um, I know for a lot of people, trading may seem very daunting. Can you share a resource that was really helpful for you when you first started trading and what. People nowadays can look towards if they're trying to get into a trading and they're trying to look for resources because I think when you look online, there's just so many resources, right?
Steven: (00:24:16) Yeah. I know. Um, so there's, there's several resources you can use. First of all, that is called a feminist.com. It's a free website. You can check out the top percent gainer. Um, I've been using that for years. Um, Second website can use is sec.gov. And that's where you can check out the stock fundamentals, um, that you can see the stock actually did offering or what's the stock worth in the, in the current market. And, um, uh, what's the insider. Plus the institution ownership, stuff like that. So a sec.co the gov is too, is the one to check out the fundamentals. filmers.com is the one you can check out the chart and the flow and the market cap. So.
Bryan: (00:25:05) Awesome. Thank you for that.
Maggie: (00:25:07) Yeah. Thank you. Did you ever feel anxious when you first started trading and.How have you kind of changed that mindset now? Do you still get better training? Like yes.
Steven: (00:25:19) Whenever you get anxious about trading, you shouldn't be trading. Um, like it's everybody look for excitement. More like the gamble of game gambling fielding in the market by trading should be very boring process. Let's say, um, For different people is different that I'm comfortable losing a thousand dollars on this trade. And so comfortable to the point that I don't really care if I lose a thousand dollars on this trade. And. Then they made money, but it was boring. Um, because I do not care. The gains are relatively small, but if people wants to get anxious and get very excited about the stuff in America, they will actually go into a hundred thousand and make 20,000, 30,000. That's where they get very excited and they tend to make a bigger trade and next time that's how they lose their alternate money. You want to trade? So. Um, for me, I, to get anxious because I'm very comfortable of how much I can lose in Australia. Right?
Maggie: (00:26:27) Yeah. That's very insightful. What's the most valuable thing that you've learned since becoming a millionaire,
Steven: (00:26:34) most valuable thing, uh, in terms of trading or in terms of,
Maggie: (00:26:41) in terms of it could be both trading and just, you know, on a personal level.
Steven: (00:26:45) Okay. Uh, on the personal level that, um, no matter how much money you have, you have to be humble. Um, sure. You never know. One day that, you know, I know some of the business owners that went bankrupted during this pandemic and then more lucky. So I'm kind of lucky because I mean, I'm American, so it doesn't have to relate to real businesses so that you have to be super humble, always be wise about your money. Uh, second, I will say the Bible lesson that I learned from the market is human nature is a very important factor in the entire market because, because once you know what other people will do. They can build a strategy to counter that. It's a very, um, it's a very magical thing because you know, you will never change. Uh, let me give you an example. So let's say three or C all of us. Um, we bought a stock at a hundred dollars next day. We went to one daughter and we're so nervous. We don't know what to do, but. It's already too late to sell it because you know, it's, I'd rather hold it for a long time. I wish it to come back than just sell the one daughter, because I'm already taking what's the difference taking 99% milestone, a hundred percent loss. Right? So now we were there for two months and the staff came back to your a hundred dollars. What's your initial reaction? You will sell because you want to cut it even, you don't want to hold that last no more. Yeah. At that point you can short. So for smart people, I can short at a hundred dollars because I know what you guys will do. You guys sell without will create a selling pressure into the market. And I'm also short setting. So everybody is selling, you know, the stock is going to drop that's where short sellers makes a profit from people's I would say human nature.
Steven: (00:29:05) platform coming out? Uh, it's a stock trading platform that had won to build to my strategy into the platform. So you can automatically skin for me and can potentially treat for me as well. So in the future, if every tire, um, If I get bored about trading, I know about the money by effect up here for a bunch of trading and then the computer can trade for me. So that's my next step.
Maggie: (00:29:31) Yeah. Yeah. That's a really cool, um, and we have one last question for you is Steven. And is what advice could you give to an entrepreneur or an aspiring entrepreneur
Bryan: (00:29:42) or someone who wants to fall into your footsteps when you are 19?
Steven: (00:29:46) Yeah. Um, I will say that. Hmm. There's nothing that you can do if you put enough effort into it and it it's all about your effort. And also that you will know the journey is going to be very, very difficult and there's going to be some hardship probably too. Um, but once you completed that journey, you are going to look back and you're going to laugh about it. Um, and you're going to be proud of it. So.
Bryan: (00:30:21) Love that. Um, yeah. Thank you, Steven.
Maggie: (00:30:22) Thank you so much, Steven. And how can our listeners find out more about you online?
Steven: (00:30:26) Uh, they came, find out, um, me, um, YouTube or Stephen doxy.com. So
Bryan: (00:30:34) also put that in the show notes. Yeah. Even thank you so much for being on the podcast today.
Steven: (00:30:40) No problem.
Bryan: (00:30:41) Hearing your story and thank you again for being so vulnerable with it.
We appreciate that.
Maggie: (00:30:45) Thank you.
Steven: (00:30:47) No problem. It's I think everybody has, uh, uh, vulnerable or, um, I was, I'm willing to share that because I know other people have very similar experience. They're just not willing to share it yet though. I usually found that my story that's very motivating then. Um, Uh, he may give him the motivation to become the second ducks. So
Bryan: (00:31:11) definitely thank you. All right. Well, thank you, Stephen. And hopefully catch up with you again in a year or two. See how you do.
Steven: (00:31:20) All right. Sounds good.
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