Legendary trader warns investing is 'not a get rich quick scheme'

With meme stock investing back in action for GameStop (GME), legendary trader Peter Tuchman wants new investors to focus on long-term trading over a gambling mentality. On Opening Bid with Yahoo Finance Executive Editor Brian Sozzi, Tuchman made the analogy, “If I wanted to be a pilot, I wouldn’t got to Teterboro [Airport], grab a set of keys, and say to the guy ‘I’m gonna go fly, see you later!” Those of us that frequently fly are grateful for pilots that take the time to learn, as the market will also be grateful to future investors for their efforts.

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Video transcript

When this next generation of investors come to you ask you about stocks and markets, what mistakes do you hear them or see them?

Still making great question.

And I really appreciate it because it's really one of my main goals and missions right now.

OK?

At the bottom of the, at the, at the end of the day, a lot of people are coming to this game and especially we've seen it with the meme phenomenon is that this is a get rich quick scheme.

It is not that this is gambling, it is not OK that this is some that, that there is a playbook, there is a menu.

What happened with, with Robin Hood and Weevil and all this accessibility to the markets.

Not one of these platforms offered an educational component to their platform.

It's like I use the, the I use the, the, the analogy that if I, I wanted to learn to be a pilot, I wouldn't go to Teterboro, grab a set of keys, say to the guy, I'm going to go fly and he'd say good luck.

See you later.

I would study, I would have 100 an hour, 80 hours of reading.

I would sit down with a copilot and fly around and, and log in hours and whatnot before I ever am gonna sit down and fly that plane.

The same thing with trading, you need to learn how to trade.