Latest / Success Story with Scott Clary / Lessons - Don’t Get Investment Advice on Reddit | David Greenberg - Co-Founder of Greenberg Capital LLC

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Lessons - Don’t Get Investment Advice on Reddit | David Greenberg - Co-Founder of Greenberg Capital LLC · Success Story with Scott Clary

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  that's v-a-n-t-a dot com slash scott for thousand dollars off in this lessons episode discover the
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  gritty reality of life as a trader from risking your own money daily to managing the emotional
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  highs and lows of the profession learn why personal accountability is key the pitfalls of modern day
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  investing advice and the importance of building a sustainable foundation for long term success
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  so walk me through career as like what's the progression of a trader what's the career life of a
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  trader it depends on how you go in those different ways and why also just another point you
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  mentioned before why only your own money well you know for one you made more okay to so in the
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  pit there are there are four brokers ups you know four brokers on the top yeah thing about a ring
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  with and they did they traded some of their corporate money their money and they did customer orders
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  but you know when you were what we call the local trader you know it was like literally you
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  want to talk about the batch of entrepreneurship yeah every day you put your money on the line
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  it was yours and you know you made it what you made you made and what you what you lost your loss
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  I mean you know these you know I've got no offense to some of my friends that are you know
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  financial advisors but Mark who goes down a thousand points they have to call their people up well
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  you had a bad day but you know they'll still get their commission yeah when I had a bad day
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  it was my bad day you know you might go home kick the dog and you know just put your head under
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  a pillow because you know that was the kids college or that was the kids you know you know um summer
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  camp or whatever but there was no greater rush so that's why when I when I talk to people the
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  first thing I say when they said they were a trader I said did you trade your own money because it
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  gives you I think a lot of the reasons why I have perspectives and lives and life that I do not
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  only from some of the events that I went through that we'll talk about was that you couldn't lie to
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  yourself as a trader yeah okay you know the the thing that really drives people nuts about me
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  especially when I coach them and some of my friends I said those friend of mine that um see
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  over a billion dollar company and I walk into it was always because I love this guy you as you're
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  always no worries down you know because I don't allow people to live in their little fantasy
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  because we couldn't if you were long and the market was long means you want the market going up
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  and the market's going down you will lose the money you can't lie to yourself yeah where it's
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  like you know you're you're dealing with other people's money well then you know just hold on
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  yeah I love this you know the markets lower buy more I'm like that's adding to a bad position
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  in my mind yeah I mean I just like now what's happening and all these reddit traders got destroyed
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  well that's what I'm so curious about because like now I see these people selling investment courses
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  and day trading why don't I just use YouTube and all right I just no no I know but this is like
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  this is the shit that you're dealing with yeah and none of them have the experience that I have
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  and the people on the trade of yeah and know when they're like well you know you have to remember
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  you had a 15 year period that every time the market came off the bounced yeah so I was like
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  and I would teach my class guys it doesn't have to bounce so when they had the whole AMC thing
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  and all the other things were like oh buy the dip buy the tip I had this one trade I call it my
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  public's pharmacy trade and I would walk in and my public's pharmacist would go I got I got diamond
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  hands I know what does that mean when never let it go we're never selling like what do you never
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  suddenly goes AMC and game stop so I'm like okay good I go to I go to I go to my e-trade camp
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  I sell like 3,000 no game stop you know it's like what are you doing because you can't go short
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  that's illegal I go no it's not illegal number one I go one I'm not going short to bury the company
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  I'm going short because you're telling me I should buy it so I go short market comes off buy it back
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  you know I was in the next day I'll get it bounced after I bought it back so he was told you
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  diamond hands diamond hands I'm sold again you know I mean I made a lot of money off my pharmacist
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  because I said where are you getting this information and he's like all of the guy in the produce
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  you know he knows his stuff because he's following some guy in YouTube he goes buy every dip
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  and let me tell you something you buy every dip and it's a great way to blow yourself out
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  and so many people got hurt in the stop market sell off of the past two years because what happens
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  is that nobody I teach what you know when my trading classes and my investing classes that you
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  always it takes the profit I love when people say I don't want to take profit I want to pay the taxes
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  and they call them up and go well now you got less taxes you know so uh you know nobody knows the
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  art of you know managing your money within a position so they buy buy buy in the way up and they
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  buy buy buy in the way buy buy buy here and then try and hit the top of the trial and you buy
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  buy buy here now you're down on this and you're down on this so when people said you know
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  it's not far as down 20% you know in the other year people with down 40% you know on some stuff
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  because they they dollar cost averaged and didn't work their way and you know we as I said there's
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  a difference between adding to a position and adding to a bad position and it's never talked
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  the right way and people go in and they just screw themselves over so you've got all these people
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  online that no offense to them I mean I'll go against my trading and my you know statistics any
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  check them out but I think it's also because you have these communities pop up from crypto trading
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  oh yeah and then everyone's an expert overnight oh everybody I have I was on Clubhouse one night
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  and it was 1200 people in the room and this guy says Bitcoin is going to $250,000 and I just want
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  why and didn't say anything there's silence in the room and he's like what like why well there's
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  only 23 more oh that's not true anymore you know it's like what do you mean that's not true
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  is the world derivatives and now they're trading on the cme and now they're trading against other
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  currencies as a trader I know the way these things work now you have a natural push on the market
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  it's not just the one-way market anymore and the guy just like but it's going to 250 I know it
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  I'm like okay you know that's what I went from 60 down to you know people got get asked on
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  that wherever it is now yeah 30 something you know but so you got you know the internet
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  and Instagram and everything well it can do a lot of good can do a lot of harm yeah
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  and you have some people out there that are telling some very young generation people
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  some things that I think that are going to really hurt them as time goes on and I've been
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  deep programming some of my friends kids from this I think you have to I mean so to give you an
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  example of what I see now I see people that have meme coin telegram groups right whereas a group
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  they buy together because they think that somebody's going to shell and pump I'm pretty sure that's
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  illegal right already well yeah so I pump it down yeah but I mean like there's like group set up
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  for this shit and they're advertising to come join my group yeah guess what and the guy that says
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  come join my group is selling to everybody that's yeah yeah when that thing starts popping up he has
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  the original number yeah right and but that's that's like malicious there's a lot of like idiots that
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  aren't malicious as well right yeah no there's just some idiots that you're just trading stuff
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  to think it's going to work but my question is and this is something that the younger generation
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  is just not getting listen be careful just not getting the question is it might work now but what's
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  going to work for the next 20 or 30 years okay because everybody's earning potential and there are
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  powerful earning years do not last as long as they think they do I know my I know I know I know
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  I know some really wealthy people and at some given point unless you happen to have the right product
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  that you know it's on going and you know you can do it but so many of these young what they call
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  these entrepreneurs are not really entrepreneurs they're just getting lucky and what happens in
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  their 30s when they have a mortgage in the house and two netteds and they need to go to college and
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  they're unhierable and that's what I think that's destructive in in the concept of today thinking
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  that everybody should be an entrepreneur I believe that you can be an entrepreneur and somebody
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  else's business it's very something my son wants to open up a fund one day so what does he do
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  he ends up going to college and made him go to the you don't want to go to to know the story
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  of himself he ends up getting a job for this guy Howard Lutnik who's a CEO of Kenneth Sterlty
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  works for him for three years then he goes and he goes to NYU to get his masters then he picked
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  he got over some five nice pretty credits with not the right bank to pick but it was good it's a
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  benefit experience but he's getting that experience yeah and I said to him finally he's 28 years old
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  now and I said oh so maybe when you're 35 you'll open up if I use now wait till I'm 40 I got a
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  lot more to learn because when I teach these kids is build a build a foundation that you can lean
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  back on for the rest of your life my daughter she's a photographer graduate in new house you know
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  in Syracuse great photographer great editor she's like I'm never going to this will not be
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  sustainable for the rest of my life because she's so very quickly that people get on their phones
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  and they say whatever so she ends up getting a law degree so and the way that I kind of got her
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  into the mindset of the law degree because she's really an artist I say I'm partners of a
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  restaurant called Hutton Fish Club in New York City wild rather great restaurant and the waiters
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  there are waiters to permit to pay for their acting career so I said to my daughter your your
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  photographer who happens to be a lawyer that's paying for your passion so you have all these people
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  like you know what's the beginning go for your passion yeah well guess what your passion not be it
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  might not be able to make enough to sustain you for the rest of your life so sometimes you actually
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  have to get a job to cover your life and your passion and that's something that I think a lot of
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  people are mixing up and the question is on this 20-year-old and 30-year-old generation what's
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  going to happen when they're 40 and 50 because you know what I just started 59 you got a little more
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  tired you know you don't have the energy you might have the wisdom but you know you don't have
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  the energy so the question that I put to some of these people that are doing this okay it's great
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  you're having a blast now you're living your truth you know all those key words that are thrown
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  all over the place but what are you going to do when the real responsibility kicks in you know when
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  it's not just you you know and I hope that you know people have a good relationships and they'll
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  they'll have partners and they'll have wives or husbands or whatever works for them and then
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  they'll have families and they'll you know experience all the greatest things that I did with my
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  kids growing up which is really where the real rush comes in right but the question is is that
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  no one's thinking further in the future and now they're all thinking just money and happy day
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  you know what I get the greatest thing that we're happy to talk about my career so
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  two of the greatest things that ever happens to me my first two weeks of being on the trade
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  of floors in Chicago my first thing was I went to this guy who was you know the guy was going to
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  be working for it trying to be a real mafia guy you know I went there the first day they come back
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  into weeks they found his friend in the ditch like okay like a real real mafia like real mafia
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  stuff so so I walk into his office and I say to him you know what I'm going to be the best
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  broker you've ever seen I'm going to do this I'm going to do this and this and he's like
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  David just sit down and shut the fuck up you could talk to people back then like that without
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  them running out of the room being you know oh look what he said so he says shut the fuck up you know
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  and I'm like he was just see that trading floor out there like yeah he was just how exciting it is
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  see the rush that it is yeah he goes one day it's gonna be a job because one day you're gonna walk
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  in and you're not gonna want to get spit on and you're not gonna want to get knocked on the head
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  and you're not gonna want to deal with the pressure and you're not gonna be feeling well and you
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  are not gonna want to do this this is but because this will afford you and your family a quite
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  interesting lifestyle and if you're good at it you can do a lot of things with this so if you look
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  at the long term and realize it everything turns into a job very few people skip their way to work
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  every day I I'm envious of the people that do a lot of musicians do a lot of artists I love that
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  you know if you could do it great but the problem is that the majority of the people don't have
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  you know so he gave me that advice the other piece of advice I got was there was a guy there he
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  would look like Ripley and Weagle you know I mean create you know red red crazy here it looked
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  like he'd been there forever you know and I was you know 20 something year old shit so this guy might
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  have been younger than me now but who knows right so he looks to me and he goes I know who you are
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  because I went very quietly because my father was on the board of the other changes in New York
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  and so I went you know just do my own thing because I know who you are he goes listen me he goes you're
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  going to have the chance to get into the ring one day he goes and when you get into the ring no one's
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  going to care about who your father is no one's going to care about where you went to school there
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  just going to try to rip your throat out because that's what we do here he was I will never have the
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  chance to get into the ring he goes I've been working here for 30 years I've been a clerk for 30
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  years I'll always be a clerk for 30 years he goes something to give you some advice he goes watch
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  he goes watch the people's faces watch the people's how they breathe watch how the runner you know
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  runs from the desk to the pit is he is he running quickly is he running when the broker you know
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  grabs a piece of paper look at his eyebrow you know look to see if that broker is looking at the
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  girl did he sleep with her last night what's going on you know I mean he goes look at everything
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  and taking it every day and you'll be a great trader if you've been learning how to process the
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  information and from that day on all through life I look at everything you know and that's why
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  you know we can talk about too when I went blind to my right eye and hey I world disappeared
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  that really screwed me up so what would happen is I would get I would put in these interns in
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  New York and I would put them in the middle of the train floor for two weeks I wouldn't talk
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  and I would get a call from you to them of their parents no my kids not learning to say really
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  and I would give this kid the same speech that this guy gave me and all of a sudden it opened up
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  his eyes you know because if you start looking at life and you start looking at the world literally
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  everything every moving part and you take it all in you're going to be quicker than everybody you're
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  going to understand what's the worst common you're going to be able to react faster you know I was
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  one of 17 traders that was brought down to Quantico to get drilled by the generals they wanted to
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  know how he thought so quickly with our own money with that kind of pressure and being able to
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  screw up I will host class on screwing up you know people don't realize it maybe 60% of our
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  trades 50 to 60 to 70 were losers every day but if you if you were upset with your screw ups you
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  never you never could do one thing so you know I I talk about that but those were the two things
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  you know that this guy says to me get used to it it's going to be a job so they were at the end
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  of it I was like I don't want to do this anymore you know but you did it and you know but I still
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  to this day think about that if I could find that guy with you know the Rookway on Winkle guy and
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  just thank him for that piece of advice you know and that was life changing thanks for tuning in
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  episode and if you want to dive deeper into this conversation check out the links in the description
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  to watch the full episode see you in the next one