Episode 51: Tom Sosnoff on Trading and Entrepreneurship

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0:25 – Kim’s FREE ebook ‘Discipline and Finding Your Edge’

0:45 – Introducing Tom Sosnoff
3:00 – What’s behind Tom’s drive to help retail traders

7:50 – Why to take risks instead of being passive & conservative

12:25 – How losses lead to success

16:00 – What Tom’s trading day looks like

17:40 – Tom’s daily watchlist and routines

19:00 – Advice to traders – Stay small & keep trading

20:10 – How Tom and tastytrade approach to trading & the market

26:00 – Tom’s thoughts on the meme stock movement

31:20 – The future of tastytrade and trading in general

35:20 – Tom’s beliefs about entrepreneurs

41:30 – The law of large numbers

43:40 – Tom’s thoughts on trading psychology

48:00 – Finding opportunity in fear

50:20 – The best learning experiences

51:20 – Understanding crypto

54:45 – Tom’s reasons to be involved in the markets

58:15 – How Tom’s upbringing has influenced him

Tom Sosnoff on Trading and Entrepreneurship

Tom Sosnoff joins The Wall Street Coach Podcast to discuss trading, entrepreneurship, and how he lives his bliss by doing what he loves everyday.

Now considered a top trader and businessman, Tom got his start as a floor trader at the CBOE. But trading is just one of Tom’s great skills, as he went on to co-found thinkorswim, which was sold in 2009 to TD Ameritrade for approximately $606M. Since then, Tom left the company to start tastytrade, which was recently acquire by IG Group for over $1 billion. Tom continues to trade and host live shows for tastytrade everyday.

In this episode we dig into some of the incredibly unique perspectives that Tom has on risk taking and long term investing. As he explains, he believes that we’ve become far too risk averse as a society and would benefit from not being so afraid of risk in general.

He also has a controversial take on trading psychology, which we get into with Tom – but in the end, I believe we both agree – the market is a place that you need to leave your emotions at the door.

If you’re a serious trader, I encourage you to really listen to Tom’s words. Tom thinks differently and sees opportunities everywhere he looks. He takes risks and he trusts himself. We could all benefit from living a little more like him.