Tom Ellsworth
👤 SpeakerAppearances Over Time
Podcast Appearances
Okay, got it.
So I just bought a bunch of XRP and Bitcoin yesterday.
And I bought a bunch when it dropped to whatever the number was in the 80s, high 70s, 80s.
And to me, the part about dollar cost averaging...
is it's so easy to teach, but it's so hard to execute.
Yeah, your emotions betray you on dark days.
It's so hard to execute.
We can get in front of a board and teach our 13-year-old son, son, let me tell you how dollar cost averaging works.
If you invest $100 and the stock is $10, you get 10 shares.
It goes to 15, you get 6 shares.
But if it drops to 5 and you're scared and you buy, you get 20 shares.
And the average between the three becomes $13.
And so now you're at a...
But then when it happens to you, you're like, oh, I don't know if I'm on a dollar-cost average.
Boom, you missed it.
It went back to 92.
You could have bought it at 62.
You could have bought it at 65.
So here's a part about it.
Would they say the scared man becomes a day trader?