Erin Thompson
speaker
213 appearances
1 recordings
1 series
first heard Dec 2024
last heard Dec 2024
Erin Thompson’s voice in public audio — every appearance, attributed to the second.
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Appearances
And some of them are kind of similar to emotions you might have when you're gambling.
So the big thing that separates trading from gambling is having this risk plan mapped out already before you get into the trade.
If it does this, I'm doing this.
If it does this, I'm doing this.
And you know exactly what you're going to do to try to not let those emotions get the better of you.
and make it something that is not as low risk as it would be if you followed your trade plan that you set up in the beginning.
To me, the thing that got me really excited about day trading, as opposed to other things, because I'm very into growing long-term wealth, right?
I'm
have my money in and want to put even more money into long-term vehicles.
But the thing that's really nice about day trading is the way that your account can compound is much quicker than with traditional investing where it's only gaining 8%.
Well, I shouldn't say only where it's gaining by eight to 10% a year.
it can grow bigger, faster than that with day trading.
So it's kind of exciting.
I was in these programs where people were like becoming millionaires at young ages.
And I'm not, I can't promise that that will happen for everybody, but I have done a simulation program
just because I'm a huge nerd and I love that kind of thing.
And really putting some pretty conservative numbers on paper, like assuming only a 60% win rate.
And when you win, it's only up to 10%.
And when you lose, you're trying to keep your losses small.
So you're never trying to lose more than 5%.
Showing 141–160 of 213 · page 8 of 11
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