Trade More Than Twice a Week and You’ll Go Broke

0:00This is an iHeart Podcast. Guaranteed Human Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com.

0:37Not an Empower client paid or sponsored.

1:00and access to work and codecs in ChatGPT. This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for work. Download the ChatGPT desktop app or contact sales to learn more. They don't realize smart people use smartphones, huh? Send through BS they thought was gonna slide. Download TextNow because it cuts out clownery. You can literally activate it from your couch. nationwide 5g with the same towers the other companies use pay what you want or not at all you're in control show these ridiculous carriers we ain't paying for stupid because we're way too smart to pay dumb free app-based talk and text via the text now app requires wi-fi or data connection data plan sold separately 5g where available when traveling for events or festivals throughout the country every dollar matters we compare flights prices hotel rates and restaurant route options so why wouldn't we compare rides personally i always check lift before booking a ride prices can change throughout the day depending on traffic weather and what's happening in the city if you're headed to a concert out to dinner or catching up with your friends on a friday night taking a few seconds to check lift could leave you with more money to enjoy the experience save money check lift um i'm going to be very honest i had a bunch of amazing conversations uh amazing dinner with the Red Panda Millionaires last night.

2:29You won't make hundreds of thousands of dollars or millions of dollars by over-trading, and anybody who's taking more than five trades a week, you're going to be broke. I had a chance to talk to a lot of traders. Troy, I had a chance to talk to Kev before y 'all took off. The thing that I'm seeing from a lot of people in Red Panda, there's one correlation that i see from everyone who is making a hundred thousand in a month or quarter from trading and some of them have made millions as a result they all take one or two trades a week i don't care how much you love trading at some point you have to have a cutoff time and for me i can see if you're not trading from 8 30 to 9 30 and then stopping and then trading the last hour of the close if you're trading at 11 15 or 12 45 whatever lie you tell I know you're lying.

3:21You're not making a lot of money because you're giving it away. Have a separate laptop to be able to watch the market on. Like on my Apple laptop, I don't have NinjaTrader. I have it on my desktop at home and on my black trading computer. On the laptop I'm on, I can just watch the market and I can place investments. The biggest mistake that people are making is being in the market too much with their account open you need one to two trades a week otherwise you deserve to be broke and don't argue with me saying that oh i i disagree because when you go look at that pnl over a quarter or year to year you're negative less is more but you can do what you want i choose to be rich back in my ghost life back to you try to be rich we are going to mike i'm going to switch my mic off just bring us back in because we apparently we're not on the on the let's just see yeah

4:20now it's time to be devious swing trading typically no but all jokes aside if you are over trading figure out a way to hit your goal by taking one to two trades a week and then stopping at four months or five months you don't need to trade 12 months out of the year i think it's a mistake you end up getting burned out. If you trade 12 months in a row, figure out how to hit your goal by trading one to two times a week for four or five months and then having a season off where you end up stopping. Hey, man. How we doing now? We sound better now? How's it sound? Okay, now we back. Yeah, yeah, yeah.

5:00You said I brought up the suit for nothing, though. Nah, nah, nah. We ain't going out like that. You know what I'm saying? So it was y 'all. This time it was us. You know what, the theme of the last month? Everything's your fault. You know, but guess what? The traffic bad, the airport bad. You brought all the people to Atlanta. Shout out to the city of Atlanta. I love you. Somebody walked up to me and said, you know what my code is? There's a solution for all of it. And there's always a solution for all of it. So we back, we back. I'm gonna give my trading tip real quick and then we'll move on to the next thing, man.

5:32All right, so, and this is important. And I like what you said about not trading in certain settings, right? Like you said, you got a specific computer. I don't like trading on my phone. I feel like I'm more effective when I got my setup. Yeah, I'll do it every now and then. But if I had a preference, it would be with my MacBook, with my screen, going through all the research before I make that decision. So I like that you said that. So there's a lot of people like, oh, shout out to our team. We got some guys who are involved in some short-term trading. and so they're like I'm in the car shout out to the pros but I like to probably be in the setting of my home in front of my computer where I'm supposed to be focused but mine is this man time doesn't eliminate risk but investing is one of the best ways to survive so it's kind of you got to think about it's in the same alignment it's in the same alignment man the most valuable asset in investing is time.

6:37We saw it happen at a grand scale two weeks ago, right? When we were talking about the Leopold scenario, had he been given more time or had he, he probably could have survived this. Oh, yeah, yeah, yeah. And also Sam Bankman-Fried. Another first. Those are two big stories where if they had more, yes. Now at a very micro scale, a lot of us are starting to feel like, hey, the market is moving in a downward trend. This is our opportunity to take more risk or we should be risk on. And partially, yes, when people are fearful, you should be greedy. But at that same mindset, you should be giving yourself the maximum amount of time for that trade to actually fulfill its own destiny, right?

7:21So if you're in options, this is when you're gonna look out 18 months, two years. You have to have that mindset and you have to be patient inside that mindset. So please, please just remember that. It doesn't eliminate all risks, but it helps you survive and that's the key man surviving the next day Rashad's been the best at that like I know he don't want to say it because he's getting this humble bag but like the selection of trades that Rashad would do on the option side I got to give you a lot of credit for and it's really important and maybe you can speak to Rashad having other ventures going on so it doesn't cause you to overtrade some traders don't have enough going on and as a result they end up spending all day in the market what you're doing, it ends up...

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9:52Download TextNow cause it cuts out clownery. You can literally activate it from your couch. Nationwide 5G with the same towers the other companies use. Pay what you want or not at all. You're in control. Show these ridiculous carriers we ain't paying for stupid. Because we're way too smart to pay dumb. Free app-based talk and text via the TextNow app requires Wi-Fi or data connection. Data plans sold separately. 5G where available. When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides?

10:25Personally, I always check lift before booking a ride. Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check lift could leave you with more money to enjoy the experience. Save money. Check lift. Being kind of productive. Can you talk about that a little bit? How being busy in other areas allows you to be really patient in the trades that you take to give you a high win percentage like in Micron? Yeah, for sure. You got to be, you know, you got to have discipline and then you also have to have other things going on.

11:01So you're not just totally relying on trying to hit a home run every single time. Balance your emotions, not do too much, not put too much of your portfolio at risk. I feel like whenever it's like when they always say never, never negotiate when you need money or never. even if you need money, never act like you need money in a negotiation or when you're trying to get money or when you're trying to get a deal because you can't really think clearly when you're in survival mode. And you start to do irrational things when you really need something just in life in general, right? Like you see that happen all the time.

11:38People will justify anything. They'll justify committing crimes because it's like that's the biggest thing, right? And like rap music, yo, I had to do what I had to do because I had to eat. Well, what does that really mean? Like, you're going to kill somebody because you have to eat? Like, you know what I mean? But if you're in survival mode, you can find a way to justify anything. The same thing with trading. If you're in survival mode and trading is going to be like, I need this money to pay my rent, then you can justify. Yeah, you could justify breaking all discipline. You can justify doing things that don't make sense.

12:09You can, you know, like you said yesterday during your presentation, pray, ask God to get you out of the trade. For real. And that's not how you want to go about it. You don't want to have to try to use this as a survival mechanism. That's important. Because people do want to trade for a living. And you saw what happened even in South Korea. People committed suicide when they lost their life savings because they was double leveraged, triple leveraged. They were replacing a level of income with just trading. So you can trade for income, but that's why we always teach about entrepreneurship. I think it goes hands in hand.

12:50Business revenue comes in, that money gets invested, then you can trade. When you're only trading, and that's the only source of revenue that you totally have, I think that's actually pretty dangerous. You're still trading time for money. People say, well, I want my time freedom and I want to have an asset working, but now you're making less and now your insurance premiums are through the roof and every other expense. Now you have a bunch of pressure on you. like you said most people don't survive the biggest thing you can do to be a great trader is to have a bunch of other revenue sources coming in like you said i agree a thousand percent amen so let's get into this invest fast recap and lessons shout out to everybody that was at invest fest man it was an impactful moment went from thursday to sunday four days thursday was a youth day and then we did the locks event documentary at night then the after parties his business had a party circle of ceos had a party then friday was all day workshops and um seminars and the vendor marketplace was open and then saturday full day the panels and then sunday so man it's too much to actually recap we can have a whole show about the recap but i'll just say a couple highlights for me i think the locks documentary was really dope way to kick off the the weekend thursday night those guys are people that we knew forever pretty much but it was dope to hear their story told through their eyes they stayed to watch it kiss was making commentary throughout the movie it was a really good it was a really good dope moment that was super dope.

14:28Black Tie Gala is the one. That's the one. That's the new thing. That's the new thing. Oh, yeah, I did, yo. Black Tie Gala, that's the one. That is going to have, that has a lot of potential, man. It was so many people there. It was so much vibe. It was, they stayed till three o 'clock in the morning and actually turned into a club. it was unbelievable. I was in there. Jagged Edge went crazy. We had T.I., we had Jermaine Dupree, we had Big Bank in the building, Keisha Lansbottom. Big Meech pulled up with a tuxedo on. It was legendary. It was crazy. Black tie night was crazy. That's gonna be, no, no, no.

15:13That's this new staple for VIP. I think we found one with that. I just gotta just say this part that I wanna thank everybody that showed up because we kind of were saying like somebody might try to wear the t-shirt or wear the sneakers and we when i walked in and i looked around i said my god look how good we look like look how good we all look when we just follow a thing like this is the thing the event was incredible seeing everybody dressed to a tee was incredible but when it that the programming ended and we went into that back room, bro, for the first time in a long time, I saw people enjoying themselves at a party.

15:58I don't know the last time I saw people dancing, having fun. There was a dance battle. I looked in the middle of who it was, and it was Matt's kids. Shout out to MG. They kicked off the dance battle. People were enjoying themselves, and I was just standing there, smiling, just thinking to myself, damn, I really miss this. And this is all before swag surfing has happened. You know when swag surfing, that's like, that's going to be that one. There was a Soul Train line. There was a swag surf. The electric slide happened. Everybody's dressed to the T. And I'm like, yo, this is what opulence and excellence looks like.

16:36I just got to get that little part off because it was so beautiful. I just smiled. My feet was hurting, but I was just so happy to see us celebrating each other because of what this weekend was going to be. Go ahead. Keep going. That was dope vibe, man. As I'm talking about, Big Meech, Southwest Tee just text us. Salute to the guys, man. What up, though? Okay, VIP night crazy. T.I., Jagged Edge, Kenny Burns. Before you sign off, you tuned in for ways to help teams move faster, make sharper decisions, and turn scattered context into work they can use. ChatGPT for Business can help. ChatGPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in ChatGPT.

17:20This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for work. Download the ChatGPT desktop app or contact sales to learn more. Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partner with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower Personal Dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more.

18:00You've worked hard for your money. Now make sure it's working hard for you. Download the Empower Personal Dashboard or visit Empower.com. Not an Empower client paid or sponsored. When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides? Personally, I always check Lyft before booking a ride. Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check Lyft could leave you with more money to enjoy the experience.

18:40Save money. Check lift. Maintenance fee, overdraft fee, minimum balance fee, maximum balance fee. Banking fees are just a part of modern life. Or are they? They're not at Ally Bank. At Ally Bank, there are no tricks. No hidden fine print or jumping through hoops for better rates. They just want to help you save automatically while you spend. With spending accounts and savings tools with great rates. No tricks. No hidden fees. Banking built for life today. Learn more at ally.com. Ally Bank. Member FDIC. This is an iHeart Podcast. Guaranteed human.