Most People Give up Longterm Wealth Chasing Quick Money

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1:18It's not just about payments. It's about giving you time back so you can focus on what matters most. Ready to see how Square can transform your business? Visit square.com backslash go backslash E-Y-L to learn more. That's square.com backslash go backslash E-Y-L. Don't wait. Don't hesitate. Let Square handle the back end so you can keep pushing your vision forward. So let's start it off with a trading question. Futures trading tip of the week. um after well the trading tournament just ended this week oh man talk to us talk to us i'm proud of y 'all for who made the top 25 um the live trading tournament will start january 5th so i want the volume to pick back up and that winner will get 50 000 but my trading tip of the week um is that you have to give your trades room to breathe now some people in the tournament hated the fact that some people were just going long and they were adjusting their stops but please write this down you need to use your big targets on big days if that boy powell speaks usually the market is going to move one way or another and sometimes you're going to be able to hit a monthly goal inside of a day time your trades right to be able to take advantage of those and use your long targets on days in which rate cuts could happen or non-farm payroll or certain report days so uh weaponize and use your long targets when the market is going to move in your favor okay and you can also use poly market to understand where something could go that was an interesting insight right like using that predictive market to actually go inside of derivative markets and use that as an additional tool so because robin hood is going to weaponize of next year.

3:11I mean, you can do all of it in one place. For sure. Yeah. Legend. Okay. And I thought it was interesting too when he talked, when Vlad talked about the sports wagering that they have on their platform and he said a lot of future traders and other traders, but he was like, future traders are getting into it. And for anybody that did not watch the interview, you know, that's one of the features that Robin Hood has on their platform is sports wagering, which is essentially like, it's like trading contracts in the middle of a sports game in real time you could trade it's a little bit more advanced in sports gambling um and i was just saying like you know as far as gambling you know he was saying like well if you really look at the futures market what does somebody in cleveland ohio really have to do with corn future prices or the s &p or wheat palladium true yeah little to no impact so he drew he drew a very he drew like a comparison from futures trading to the sports um wagering that they have now so it's interesting as far as markets but he said a lot of people a lot of traders from the futures market and other markets um are coming into the sports wagering market did you get any insight if they're going to have a different charting than poly market

4:36uh we can't speak on that just yet um a few other things we can't speak on just yet text me yes yeah but uh robin hood and uh we talked about it being him being the ceo of the year last year is one of those companies that's had an amazing year and from the things that we heard i think growth uh is still on the horizon for them sure that's fair to say um okay what's one of the biggest mistake young investors make when they chase fast wins instead of building wealth over time uh giving up wealth um i want to be very clear i know it's funnier to chase meme stocks and potential quantum stocks like i no NQ, no shade to them.

5:21But you're giving up your future, literally. If we go back since the inception of the show or back to 2021 or the 2022 drop, generational wealth, I know the term gets thrown around so much, but those were chances to actually build it. And I think chasing a fast win builds bad habits. And even if you do win, I know people that have made$200 ,000,$300 ,000 off of, let's say, GameStop. And they think because they had that one win in GameStop is going to apply to every other meme stock. Rashad, you made the post about NFTs. Everyone killed me a few years ago, and I'm like, NFTs are garbage. And here we are.

6:01They're worth virtually nothing. So I think a lot of the things we want, wealth, we say that we want, but we aren't willing to build them slowly. And if you don't, that is a huge mistake. So chasing a fast win ends up usually leading to decay. I summed that up. I just put just being undisciplined and not respecting the market or money. Yeah. I think those, those two things, um, people forget because they, they feel like the word fast money, but always with speed can come error, right? Because you're doing things in a haste and you're trying to have this immediate outcome and you, you tend to make mistakes in that.

6:35And I'm speaking from experience because I've done that. I've been in a space where it's like, Oh, I got to do this. I got to do this. Oh, I made a mistake. I put sell to open, not sell to close little things. I forgot, especially in options trading, oh, I didn't mean to click market. I meant to put my limit and now I got the market price and now when I bought it, I'm down 5%. It's the little things that you do when you're doing things fast and you're trying to get these calls in or get your future traders in. These pips, you'll make mistakes. With speed comes error. You lose discipline when you do things like that.

7:10That would be the thing that I see most. I see it now, especially when the market is up. People are chasing they're losing discipline shout out to mike i brought to mike earlier in his trading journey and before we got here he told me he has a new strategy i'm like oh i'm glad you're here yeah right like i say like what what is the exit before you enter a position he now has that i'm like perfect i'm glad it took a lot a while for us to get here but now we're here staying disciplined having that plan and respecting the market and respecting money those those are important things and it was funny i'm sorry can i go real quick i saw a lot of people criticizing the michigan coach and we'll talk about that on blackout on wednesday but a lot of you are making the same mistake that he's making but in your trading life you're making risky ass bets that are going to cost your financial future the market just hasn't blown you up yet so for the people that are trading with too much leverage too much size or you've gotten away with three or four investments that are risky and you thought was going to be the new nvidia or the new amd and then they're falling apart like don't criticize someone's mistake because yours hasn't been exposed yet but i'm telling you over the next year you're going to have to double down on companies that are incredibly solid with high profit margins that are going to move the gdp like that era of betting on risk or being risk on yeah that's going to go away in january it's over with i think that there's something to that it's like we've seen a lot of times people will just invest by hearsay that also goes to being undisciplined right like i'm just doing it because i saw that stock go up 17 or i saw it go up 30 not having a firm understanding of what that stock is what the sector is what the company actually does none of the things that we always talk about right like who's to see we don't know anything we just know that the price went up and if the price went up it'll probably go up tomorrow or maybe in a month it will or i keep hearing people talk about it so it must be a good stock and just investing off of here saying that goes into the lack of discipline we also at least understand what you're investing i can't say there's a company that i invested in that i don't know what they do who the ceo is and what their purpose is inside of the market or at least know your exit like i got a lot of messages today when the market was pulling back and what about i own q you shouldn't have to rely on somebody else for entries and exits if you've already planned where to exit properly i'm going to be clear the house for the year are done they're in there's no christmas rally this year you should have got your games from post april yeah for sure all about profit well we never had any um land in the metaverse but there is something that um i saw jeff bezos say that um he spoke to warren buffett and he asked him he said look your investment philosophy is not extremely complicated why don't you think more people don't just follow and copy exactly what you do as far as investing because it's pretty much open source he said because my philosophy is to get rich slow and he said nobody wants to get rich slow so that's why a lot of people nobody really copies what i do i think that that was that's insightful as far as you know everybody's always going to and try to get rich quick and cut corners.

10:31And nobody wants to take the long road in life. So that's never going to change. That's never going to change. It's going to be the same to the end of the world. But for those of you who are willing to get rich slow, oh my God, life will be amazing. This episode is brought to you by PNC Bank. A lot of people think podcasts about work are boring. And sure, they definitely can be. But understanding a professional's routine shows us how they achieve their success little by little, day after day. It's like banking with PNC Bank. It might seem boring to save, plan, and make calculated decisions with your bank.

11:09But keeping your money boring is what helps you live a more happily fulfilled life. PNC Bank, brilliantly boring since 1865. Brilliantly boring since 1865 is a service mark of the PNC Financial Service Group, Inc. PNC Bank, National Association Member FDIC. This is an iHeart Podcast. Guaranteed Human.