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Most People Give up Longterm Wealth Chasing Quick Money · Earn Your Leisure

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  Speaker 1: Earners. What's up.
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  Speaker 3: So let's start it off with trading question Futures trading
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  Speaker 3: tip of the week.
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  Speaker 1: After all, the trading tournament just end of this week.
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  Speaker 1: Oh man, talk to us, talk to us.
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  Speaker 4: I'm proud of you'all of who made the top twenty five.
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  Speaker 4: The live trading tournament will start January fifth, So I
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  Speaker 4: want the volume to pick back up and that win
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  Speaker 4: it would get fifty thousand dollars.
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  Speaker 1: But my trading tip of the week.
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  Speaker 4: Is that you have to give your trades room to breathe. Now,
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  Speaker 4: some people in the tournament hated the fact that some
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  Speaker 4: people were just going long and they were adjusting their stops.
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  Speaker 4: But please write this down. You need to use your
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  Speaker 4: big targets on big days. If that boy Pile speaks,
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  Speaker 4: usually the market is going to move one way or another,
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  Speaker 4: and sometimes you're going to be able to hit a
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  Speaker 4: monthly goal.
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  Speaker 1: Inside of a day time.
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  Speaker 4: Your trades right to be able to take advantage of
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  Speaker 4: those and use your long targets on days in which
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  Speaker 4: rate cuts could happen, or non farm payroll or certain
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  Speaker 4: report days.
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  Speaker 1: So weaponize and use your long targets when the market
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  Speaker 1: is going to move in your favor.
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  Speaker 3: Okay.
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  Speaker 1: And you can also use polymarket to understand where something
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  Speaker 1: could go.
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  Speaker 2: That was an interesting insight, right, like using that predictive
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  Speaker 2: market to actually go inside of derivative market and use
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  Speaker 2: that as an additional tool.
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  Speaker 4: So because robinhood is going weaponize it next year, yeah,
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  Speaker 4: I mean you can do all for sure, yeah, legend okay.
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  Speaker 3: And I thought it was interesting too when he talked
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  Speaker 3: when Vlad talked about there's sports wagering that they have
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  Speaker 3: on their platform, and he said a lot of future
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  Speaker 3: traders and other traders, but he's like future traders are
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  Speaker 3: getting into it. And anybody that did not watch the interview,
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  Speaker 3: you know, that's one of the features that Robinhood has
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  Speaker 3: on their platform is sports wagering, which is essentially like
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  Speaker 3: it's like trading contracts in the middle of a sports
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  Speaker 3: game in real time.
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  Speaker 1: You can trade.
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  Speaker 3: It's a little bit more advanced in sports gambling. And
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  Speaker 3: I was just saying, like, you know, as far as gambling,
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  Speaker 3: you know, he was saying like, well, if you really
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  Speaker 3: look at the futures market, what does somebody in Cleveland, Ohio,
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  Speaker 3: really have to do with corn future price.
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  Speaker 4: Order s and p or we playedium, Yeah, little to
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  Speaker 4: no impact.
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  Speaker 3: So he drew. He drew a very he drew like
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  Speaker 3: a comparison from futures trading to the sports wagering that
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  Speaker 3: they have now. So it's it's interesting as far as markets.
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  Speaker 3: But you said a lot of people, a lot of
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  Speaker 3: traders from the futures market and other markets are coming
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  Speaker 3: into the sports wagering market.
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  Speaker 4: Did you get any insight if they're going to have
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  Speaker 4: a different chartering than poly market.
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  Speaker 2: Uh, I can't speak on that just yet. A few
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  Speaker 2: other things you can't speak on just yet. Taxingist, yes, yeah,
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  Speaker 2: but Robin Hood and uh we talked about it being
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  Speaker 2: him being the CEO of d A last year. It
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  Speaker 2: is one of those companies that's had an amazing year
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  Speaker 2: and from the things that we heard, I think growth
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  Speaker 2: is still on the horizon for them. Sure that's fair
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  Speaker 2: to say.
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  Speaker 3: Okay, what's one of the biggest mistake young in just
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  Speaker 3: make when they chase fast wins instead of building wealth over.
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  Speaker 1: Tell giving up wealth. I want to be very clear.
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  Speaker 4: I know it's funnier to chase meme stocks and potential
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  Speaker 4: quantum stocks like IO n Q, no shade.
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  Speaker 1: To them, but you're giving up your future.
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  Speaker 4: Literally if we go back since the inception of the show,
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  Speaker 4: back to twenty twenty one or the twenty twenty.
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  Speaker 1: Two drop.
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  Speaker 4: Generational wealth we I know the term gets thrown around
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  Speaker 4: so much, but those were chances to actually build it.
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  Speaker 4: And I think chasing a fast win builds bad habits.
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  Speaker 4: And even if you do win, I've known people that
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  Speaker 4: have made two three hundred thousand off of let's let's
• 5:42
  Speaker 4: say game stop, and they think because they had that
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  Speaker 4: one win and game stop is going to apply to
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  Speaker 4: every other meme stop for shot. You made the post
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  Speaker 4: about NFTs everyone killed me a few years ago, and
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  Speaker 4: I'm like, NFTs are garbage, and here we are there
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  Speaker 4: worths virtually nothing.
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  Speaker 1: So I think a lot of the things.
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  Speaker 4: We want wealth we say that we want, but we
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  Speaker 4: aren't willing to build them slowly. And if you don't,
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  Speaker 4: that is a huge mistake for chasing a fast win
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  Speaker 4: ends up usually leading to the.
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  Speaker 1: K I summed that up.
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  Speaker 2: I just put just being undisciplined and not respecting the
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  Speaker 2: market or money.
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  Speaker 1: Yeah.
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  Speaker 2: I think those those two things people forget because they
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  Speaker 2: feel like the word fast money.
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  Speaker 1: But always so what speed can come error?
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  Speaker 2: Right, because you're doing things and a haste and you're
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  Speaker 2: trying to have this immediate outcome, and you tend to
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  Speaker 2: make mistakes in that. And I'm speaking from experience because
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  Speaker 2: I've done that. I've been in a space where it's like, oh,
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  Speaker 2: I got to do this, I got to do this.
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  Speaker 1: Well, I made a mistake.
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  Speaker 2: I put sell to open, not sell the little thing
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  Speaker 2: little I forgot, especially in an obserctrating, Oh I didn't
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  Speaker 2: mean to click market. I meant to put my limit,
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  Speaker 2: and now I got the market price, and now when
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  Speaker 2: I bought it, I'm down five percent. It's the little
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  Speaker 2: things that you do when you're doing things fast and
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  Speaker 2: you're trying to get these calls in or get your
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  Speaker 2: future traders in write these pips, you'll make mistakes and
• 7:01
  Speaker 2: so with speed comes era you lose discipline when you
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  Speaker 2: do things like that, So that that would be the
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  Speaker 2: thing that I see most and I see it now,
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  Speaker 2: especially when the market is up. People are chasing. They're
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  Speaker 2: losing discipline. Shout the money. I bought to Mike earlier
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  Speaker 2: in his trading journey, and before we got here, he
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  Speaker 2: told me he has.
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  Speaker 1: A new strategy.
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  Speaker 2: I'm like, oh, I'm glad you're here right Like, I say, like,
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  Speaker 2: what is the exit before you enter it?
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  Speaker 1: Position? He now has that. I'm like, perfect, ilad.
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  Speaker 2: It took a lot a while for us to get here,
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  Speaker 2: but now with staying disciplined, having that plan and respecting
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  Speaker 2: the market and respecting money, those those are important things.
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  Speaker 1: And it was funny whatever I go real quick.
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  Speaker 4: I saw a lot of people criticizing the Michigan coach
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  Speaker 4: and we'll talk about that on Blackout on Wednesday. But
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  Speaker 4: a lot of you are making the same mistake that
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  Speaker 4: he's making. But in your trading life, you're making risky
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  Speaker 4: ass bets that are going to cost your financial future.
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  Speaker 4: The market just hasn't blown you up yet. So for
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  Speaker 4: the people that are trading with too much leverage, too
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  Speaker 4: much size, or you've gotten away with three or four
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  Speaker 4: investments that are risky and you thought was going to
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  Speaker 4: be the new in video or the new AMD and
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  Speaker 4: then they're falling apart. Like, don't criticize someone's mistake because
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  Speaker 4: yours hasn't been exposed yet. But I'm telling you, over
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  Speaker 4: the next year, you're going to have to double down
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  Speaker 4: on companies that are incredibly solid with.
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  Speaker 1: High profit margins that are going to move the GDP.
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  Speaker 4: Like that era of betting on risk or being risk going,
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  Speaker 4: that's going to go away in January.
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  Speaker 1: It's overwhere I think that there's something to that.
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  Speaker 2: It's like we've seen a lot of times people will
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  Speaker 2: just invest by hearsay. That also goes on being undisciplined, right,
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  Speaker 2: Like I'm just doing it because I saw that stock
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  Speaker 2: go up seventeen percent, or I saw it going up
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  Speaker 2: thirty percent, not having a firm understanding of what that
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  Speaker 2: stock is, what the sector is, what the company actually does.
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  Speaker 2: None of the things that we always talk about, right
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  Speaker 2: like who's the see We don't know anything. We just
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  Speaker 2: know that the price went up, and if the price
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  Speaker 2: went up, it'll probably go up tomorrow or maybe in
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  Speaker 2: a month of well, or I keep hearing people talk
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  Speaker 2: about it, so it must be a good start and
• 9:05
  Speaker 2: just investing off of here saying that goes into the
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  Speaker 2: lack of discipline. We also at least understand what you're
• 9:10
  Speaker 2: invested in. I can't say there's a company that invested
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  Speaker 2: in that. I don't know what they do, who the
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  Speaker 2: CEO is, and what their purpose is inside of the market,
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  Speaker 2: or at least.
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  Speaker 4: Know your exit, Like I got a lot of messages
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  Speaker 4: today when the market was pulling back, and what about
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  Speaker 4: our own que. You shouldn't have to rely on somebody
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  Speaker 4: else for entries and exits if you've already planned where
• 9:31
  Speaker 4: to exit properly, are going to be clear that the
• 9:33
  Speaker 4: hospital year are done? There in there's no Christmas rally
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  Speaker 4: this year. You should have got your games from post April.
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  Speaker 1: Yeah, for sure.
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  Speaker 3: All about profit, Well, we never had any land in
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  Speaker 3: the metaverse, but they is. It's something that I saw
• 9:51
  Speaker 3: Jeff Beso say that he spoke to Warren Buffett and
• 9:55
  Speaker 3: he asked him. He said, look, you your investment philosophy
• 9:58
  Speaker 3: is not extremely complicated. Why don't you think more people
• 10:02
  Speaker 3: don't just following COPI exactly what you do as far
• 10:04
  Speaker 3: as investing, because it's pretty much open source, he said,
• 10:07
  Speaker 3: because my philosophy is to get rich slow, and he said,
• 10:11
  Speaker 3: nobody wants to get rich slow, So that's why a
• 10:16
  Speaker 3: lot of people nobody really copies what I do.
• 10:18
  Speaker 1: I think that.
• 10:19
  Speaker 3: That was that's insightful as far as you know, everybody's
• 10:22
  Speaker 3: always gonna want to try to get rich quick and
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  Speaker 3: cut corners, and you know, nobody wants to take the
• 10:30
  Speaker 3: long road in life. So that's never going to change.
• 10:33
  Speaker 3: That's never going to change. It's going to be the
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  Speaker 3: same to the end of the world.
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  Speaker 4: But for those of you who are willing to get
• 10:39
  Speaker 4: rich slow, oh my god, life will be amazing.
• 10:43
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