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One of the most important aspects of attaining and maintaining success is that you have to keep on learning every day. A mentor can be a huge help here, helping to streamline your learning curve and guide you in the right direction.
I have become a mentor to my students and one of the greatest gifts that it has given me is that my students teach me valuable lessons about trading and the stock market every day. It is my students who keep me asking the right questions and inspiring my path moving forward, even as I am helping guide them.
Here are 8 invaluable lessons I’ve learned from students who have participated in my Millionaire Challenge and found great success.
- Discipline is key. After trading by himself off and on and losing money for years, my student, who goes by “Rugdog,” decided to get serious and take on my Millionaire Challenge. Within days he was beginning to earn money. With the proper training, he was better able to understand why he had previously lost money and was suddenly able to take losses in stride and learn from his mistakes. It took years of trying to “wing it” unsuccessfully for him to realize that he needed to establish discipline and routine to become successful. But, once he realized this valuable lesson, he was off and running.
- Study, study, study. When one of my students, Matthew Miller, weighed in in his progress in the
, he reflected on how watchful waiting was key in bringing him success. He studied and observed for the first three months–no trades at all. This time spent observing successful patterns and studying all that he could made him a natural by the time he began trading. At the point when he was 9 months in, he was totally in love with the process.
- Take it slow. My student Jonas created an awesome guide to penny stock trading, which breaks down the process that he followed to find success. While he has a lot to say, one of the big takeaways from his story is that he took it slow. He started by informing himself, watching my DVDs and learning all that he could. Then, he took the next step, by starting out with paper trades, before trading “for real.” These gradual steps allowed him to take learning moments at every step and continue in an educated, confident fashion.
- It takes time. Penny stock trading student Jeffrey Clark posted this update to his
account, not long ago. Can you see exactly where things started clicking and working for him? He went through a learning curve and had some ups and some downs before finding his stride. But, without those tougher experiences, he probably wouldn’t have learned what he was doing wrong or be enjoying success as much. When you get started, trading can seem difficult and unrewarding at times. It does take time, but, with practice and persistence, you’ll get to rewarding places.
- Think big. Your success can expand to the parameters you give it. If you think small, you’ll end up small-time. If you dream big, well, your success potential grows, too. Last year, my student, Mark Croock, gave a killer conference presentation. One of my favorite points that he made was to quantify your gains and your losses. For example, instead of looking at a trade and thinking “wow, I made $1,000!”, think about it as “I just made my monthly rent!”. When you have a loss, think about it in terms of an object or tangible service that you could have funded with that loss. I love that this makes things tangible. It helps in setting specific goals, like “Am I going to make enough today to cover my next vacation? Or my next sports car?”
- Follow the rules. Another student, Jane Gallina, admits that it was slow going as she began her trading journey. Why? “During the first three months, I admit I did not follow the rules. I was a bag holder, revenge trader and positioned too large. I burned through $6000 in just a few short weeks. Afterwards, I took three months to re-establish myself and find my bearings through strict discipline and focusing my studies on my weaknesses.” By taking a step back and realizing her tendencies, she was able to begin anew and is now not only in the green but out-earning her husband, who now calls her “Sugar Jane”.
- Have a life. This may sound odd at first, but hear me out. You need to have a life beyond trading. Otherwise, what are you trading for? This became crystal clear, when I saw one of my strongest students, Tim Grittani, marry the love of his life. Your loved ones help support you in bad times, celebrate you in good times and keep your head level and your life meaningful.
- Love the process. Connor, who looks about 12 but who actually graduated high school, had a skyrocketing increase in his wealth thanks to trading penny stocks. He followed a lot of the other lessons listed here: he studied, he learned, he made mistakes, he moved on and he stuck with it. Bu,t my biggest takeaway from my inspiring interview with him? His dedication and deep love of the process of trading. Without a love of the game, you’re missing the point. As Connor puts it, “But, really, why are you trading?…Is it, you know, to pay your mom’s medical bills. Is it to take your family on vacation…to change other people’s lives around you?…Whatever it may be, find like, your true passion. Find what truly motivates you, and like, what you love.” It’s this deep satisfaction with what you do that truly makes you successful.
Download a cheat sheet of 8 lessons that I learned from my students.
Even successful traders need to keep learning every day. My students have the ability to keep me hungry and ask the right questions that keep me growing, learning and striving for new levels of success. Never stop learning, never stop growing. By teaching, you get the greatest gift of all.
Have my teachings or your experiences taught you some useful lessons lately? Share them in the comments section below!