If you want to become my next Millionaire things like this. It’s equally important to learn lessons about what you’ll never see millionaire traders do.student, there are plenty of things that you could (and should) be doing…
While there are distinct millionaire habits that will help you attain success, there are also definite bad habits that can drag you down. Here, we’ll take a look at 10 things that you’ll never see successful and self-sufficient traders doing. If you find yourself doing any of these things on a regular basis, consider this your opportunity and invitation to banish these tendencies so that you can focus on growth and success.
Download the key points of this post as PDF.
1. Lose sight of their goals. Setting goals is one of the very first things that I urge my millionaire students to do. This is well before they make millions; ideally, even before they make their first trade. However, for many traders, considering and revisiting goals falls by the wayside in the process of making money. Over time, this can make them lose sight of their goals, which can result in reduced focus. Basically, they are just spinning their wheels, working but without motivation to move forward.
Millionaire traders don’t lose sight of their goals. They revisit them frequently, and edit them based on their progress. They know that if they are doing well, perhaps it’s time to dream bigger so that they can stay motivated to keep growing. This keeps them motivated and hungry to keep improving and moving ahead in their career.
2. Blame others. Here’s a tip that can help you out not only as a trader, but as a human being living in the world: take ownership of your actions. You won’t see millionaire traders going around and complaining about how external sources or other people are preventing them from making millions. People who complain like this rarely amount to much as traders.
Have a sense of integrity. Take responsibility for your actions, both when the result is good and when the result is not so good. When you make a mistake, admit it–this is the first step to moving past it. When you enjoy success, take credit where credit is due–you’ve deserved it.
3. Blow their savings. You may see a millionaire driving around in a hot sports car. But you can guarantee that they haven’t blown all of their savings to buy it…and I waited over a decade after my first $1 million in profits to get my first exotic car.
Successful traders are savvy about saving. They save a good portion–sometimes the majority–of their earnings. They know that by doing this, they are investing in their future success by improving their position and retaining more money to invest. As they improve in their trading methods, they are able to invest more, and therefore make more. This means that over time, they can buy the hot car or the awesome apartment and not go into debt. This long-sightedness keeps them financially healthy and sets them up for long term success.
4. Quit growing. As a new trader, you may find yourself thinking in absolutes, like “once I learn how the stock market works I can stop studying it and just make money” or “once I make a million dollars I can retire”. I need to tell you right now that this is a dangerous type of thinking that can and probably will hold you back from being successful.
Don’t limit yourself! If there’s one thing that millionaires consistently do, it’s seek out continued learning and growing experiences. They don’t just learn how to trade stocks and call it good. They continue learning all that they can, about business and the market. Learning becomes almost like an addiction. Continued growth is vital to continued success, and a habit of longtime millionaires…it’s NEVER just about the money, it’s the challenge to see what you’re capable of achieving!
5. Isolate. Sure, there are some traders out there who make money while working alone all day, every day in a darkened room with 10-20 monitors. To me, this sounds like slavery…I NEVER want to become a slave to the market, I want the market to work for me and the life of my choosing and I LOVe being able to visit 100+ countries and meet so many interesting people along my journey.
Millionaire traders know that there’s a ton of value in connecting with other people. For one, they probably worked (or still work) with a mentor, who acts as a guide and a sounding board for their ideas and growth. For another, they know that they need to network with others to create business opportunities and to get ideas for investments.
Networking and connecting also makes trading less lonely and makes your life more enjoyable. Don’t be an island. Even if you do make millions, you probably won’t enjoy the money if you’re all by yourself.
6. Avoid risk. Here’s a secret: the most successful and rich traders might not like risk. But, this is key: they don’t avoid it, because they know that it is inherent to the process, they learn how to manage it.
Overall, they know that they don’t have to ever enjoy taking on a lot of risk, but they have to reach a level of comfort with it to get ahead. The first step toward reaching a better level of comfort with risk is simply to acknowledge that it exists and isn’t going anywhere. Millionaire traders respect risk, and try to educate themselves the best they can so that their risk can be diminished as much as possible.
7. Skip doing research. Risk is an inherent part of trading. So why make it any riskier than it needs to be? To make sure that your risk is as low as it can possibly be, millionaires know that they have to do their research.
Even the paltriest of penny stocks requires a little bit of research. Look up the company and check out what has been going on. Look at the history of the stock price, and check out any relevant articles about the company that might reveal their business dealings…utilize the method explained in this key stock market guide and you’ll be better off on EVERY trade!.
Overall, small amounts of time spent on research can offer big benefits to you, revealing whether or not you are making a wise investment.
8. Make the same mistake over and over. As I referenced before, when a millionaire trader makes a mistake, he or she owns and admits to it. But this part is important: they also learn from their mistakes.
After a big loss or trading error, a good trader takes the time to reflect on what went wrong. This isn’t to beat themselves up, but rather to constructively use this information as data to inform how they conduct themselves moving forward.
A loss can actually turn into an asset if it teaches you a lesson that streamlines and makes your trading process better over time.
9. Become complacent. Complacency is a trader’s enemy. When he or she becomes complacent in methods or stock choices, this is usually exactly when trades start going bad and they start losing money.
A millionaire trader knows that it’s important to stay on his or her toes. Being nimble and sharp is important, as it will allow you to intuit what to do next.
10. Retire. Take breaks, yes. Slow down in their schedule, sure. But millionaire traders don’t fully retire as life is just boring without the challenge of seeing what else you can achieve/learn about/monetize.
Every millionaire trader I know is in for life: many will be checking the financial news and keeping updated on potential business deals until their last breath. Successful traders have truly fallen in love with the process, and couldn’t imagine their lives without it…maybe we’re addicts, but we have learned to control our addiction and use it to create our dream lives!
I know it sounds crazy, but with the right training, patience and mentality, literally ANYONE can become a millionaire as a trader. However, to attain success, it’s necessary to adopt certain habits and let go of others.
In reading over this post, do you recognize things that you do that millionaires don’t? If so, use this an an eye opening opportunity to change your ways so that you can remove obstacles that might be holding you back from attaining success.
What habits are holding you back?