Unlocking the Secrets of Safe Day Trading with Erin Thompson
I'm thrilled to share the insights from my recent conversation with Erin Thompson on the Really Simple Investing podcast. Erin, a self-proclaimed financial freedom architect, joined me to unravel the complexities of day trading and offer guidance on achieving financial independence.
"I really want to help other people, particularly women, to be able to make a plan for themselves and execute on the plan so that they can completely change their future." – Erin Thompson
From Engineering to Empowering Investors
Erin talked about her unique journey from engineering to the exhilarating world of personal finance. She's not your average financial planner; she's a pathfinder, helping her clients carve out routes to financial independence, even amidst the challenges of debt.
Erin's journey is as fascinating as her expertise. With a background in engineering, she brings a meticulous and analytical approach to personal finance. Her transition into the financial realm was driven by a passion to help others, especially women, to demystify the stock market and build wealth confidently.
One of the nuggets Erin shared is the power of compounding interest and why investing shouldn't take a backseat, even when you're paying off debt. She's passionate about demystifying the stock market, especially for women, and believes that everyone should have a seat at the table of financial growth.
A Pathway Through Debt and Investing
During our discussion, Erin clarified that while she isn't a certified financial planner, her role involves charting financial paths for her clients. She's a staunch advocate for investing alongside debt repayment, so you can grow wealth over time.
The Investment Spectrum: From Long-Term to Day Trading
We dove into the nuts and bolts of different investing strategies, from the steadfast long-term buy and hold to the dynamic realms of swing and day trading.
But the real meat of our chat was safe day trading. Erin is all about risk management and smart plays, like using cash accounts to steer clear of margin trading's pitfalls. She even suggests that you can start your day trading journey with as little as $100!
Erin broke down the investment strategies from long-term buy and hold to the more active swing and day trading. Her mission is to make the stock market accessible to all Americans, with a special focus on empowering women investors.
The Tools of the Trade
For those new to investing, Erin recommends starting with user-friendly apps like Stash, Robinhood, and E-Trade. She personally favors E-Trade and TD Ameritrade for their robust features. These platforms have democratized investing, offering low to no commission trades.
"You can get started investing with as little as $10. There are so many brokerages out there that have $0 minimums on your accounts, so you can start with almost nothing and then just grow. Small is fine, but that's growth, right?" - Erin Thompson
The Art of Safe Day Trading
When it comes to day trading, Erin stresses the importance of risk management. She advises using cash accounts to steer clear of margin trading and underscores the potential of starting with as little as $100. Her approach includes a list of high-probability setups and a keen eye for market patterns and optimal trading times. Ever wondered about the best times of day to trade or what patterns to look for? Erin's got you covered with her list of higher probability setups and her savvy approach to selecting stocks based on volatility and specific criteria.
And for those of you juggling multiple hats, Erin's insights on setting specific trading times and the importance of active monitoring are pure gold. She's a homeschooling mom who knows how to balance life's responsibilities with the demands of day trading.
Practical Tips for Aspiring Day Traders
Erin shared practical advice for day traders, such as employing stop orders and setting specific trading times, especially for those balancing other responsibilities. She also discussed the significance of active monitoring and the criteria for selecting volatile stocks suitable for day trading.
Final Thoughts
So, if you're itching to take control of your financial future and are curious about how to navigate the stock market safely and strategically, this episode is a must-listen. Erin Thompson is not just sharing tips; she's empowering us to become architects of our own financial freedom.
"I am super passionate about helping people with their financial situation. It feels like my life's work to do that." - Erin Thompson
My conversation with Erin Thompson was enlightening, to say the least. Her dedication to safe day trading and financial education is inspiring. For anyone looking to take control of their financial future, Erin's insights are a valuable resource.
Stay tuned for more empowering discussions on the Really Simple Investing podcast, and remember, the journey to financial freedom is within reach with the right guidance and tools.
Learn more about Erin and her programs/trainings at: invitemoneyintoyourlife.com
Catch her on Instagram: https://www.instagram.com/invitemoneywitherin/
Learn more about the Host Floyd Saunders at his Author website: https://www.floydsaunders.com/
