Do you want to learn how to be a millionaire, but secretly believe that becoming a great trader simply isn’t in the cards for you? If so, it’s possible that you’re lying to yourself. Many people will tell themselves blatant lies in a subconscious attempt to protect them from risk and potential failure. However, by doing this we also talk ourselves out of discovering and achieving our full potential.
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Here are 8 common lies that keep people from becoming great traders. Are you guilty of any of these?
1. “I want to be rich to be happy”. If you think that you’re only in trading to make money, then you’re deluding yourself. The fact is, money is only paper. Having a bunch of paper won’t make you happy.
Money doesn’t buy happiness…but it does buy you freedom to give you time and the ability to focus on things that WILL make you happy. So, instead of focusing on making money for happiness-sake, focus on what you hope to do to with all your free time when you become wealthy and what you will purchase with the lifestyle that you want to lead which requires money. Begin to see money as a means to getting the life you want, rather than dedicating your life to having money.
I’ll use my topstudent here as an example as the $4+ million he’s made in the last 5 years hasn’t changed him one bit, it’s just allowed him to travel, move to the Caribbean and live the life of his dreams and yet he still wear t-shirts and gym shorts every day as you can see here:
2. “I need a college degree to be successful”. No, no, absolutely no. While a college education can assist your career, when it comes to trading penny stocks, a degree is just a piece of paper. If you don’t happen to have that piece of paper, it does not mean that you can’t be a successful trader.
See this upcoming Millionairestudent who has made nearly $1 million even BEFORE he’s graduated college:
Moreover, many people falsely believe that their degree qualifies them to be a great trader or have a steady employment and future. No, college is BS, especially these days as your knowledge will be learned through specific learning in your field, and through experience and can ALL be done online. This is accessible to anyone. The Timothy Sykes Millionaire Challenge Cost covers a targeted education on how to be a successful trader. In terms of practical knowledge, this will educate you on what you need to know to be a trader.
3. “You need money to make money”. A lot of people mistakenly believe that you have to start out with a hefty sum of money to be able to become a millionaire. While it sure helps to start with money, it isn’t necessary. It will just take you a little longer to build up to a bigger bank balance.
I started with $12,415 and turned it into over $4 million trading penny stocks. You could start with even less as many of my top these free video lessons and this free guide ASAP even if you are broke!students have begun with $10,000 or even $5,000 or $1,500…you can’t be broke, but you also don’t need to start with a huge amount…not to mention you have to study BEFORE you ever trade, see
One of the benefits of trading penny stocks is that it requires very little initial investment. This is part of why the Tim Sykes Millionaire Challenge is accessible to beginning traders. Your trades might start very small, but if you reserve your profits, you’ll be able to trade in bigger amounts as you progress in your career. As your position improves, so will your profits.
4. “I don’t have enough time”. This is one of the most boring and annoying excuses that people give for not being a successful trader. It’s also utterly untrue. If you have enough time to watch reality TV or log on to Facebook, you have enough time to be a trader…even if you have a job or are in school, study at night and/or on weekends, my God, I hate people who make excuses about every single thing.
This is where you have to be able to prioritize your time. Do you really need to play Call of Duty for 2 hours every day? Or could you take some of that time and dedicate it to your trading? Do you really need to wake up at 10am, or could you wake up at 7:30? Rearranging your schedule so that trading is an important part of your regime is important to helping you attain success.
5. “I’m too old”. A lot of people visit my website, discover that I started trading when I was young and made my first million in my early 20s, and instantly think, “well, I’m too old to get started”. This is absolutely not true. I got started insanely young, it’s true. But this isn’t like Hollywood where you have to retire young. I have millionaire students of all ages, and all walks of life. Many have day jobs or families or other responsibilities.
It is possible to become a successful penny stock trader regardless of your age or income bracket. A willingness to learn and dedicate yourself to trading is necessary; an open mind at any age will help you succeed.
6. “Trading is too risky”. Yes, it is true that trading, particularly penny stocks, is risky. But life is risky and I’d be more scared about trading, or doing anything for that matter, without any studying and preparation ahead of time. Trading can also make you a lot of money all within a few years that other industries cannot. So in that way, are the potential benefits worth the inherent risk? I think so.
While you’re not going to change the fact that trading stocks is risky, there are things you can do to mitigate the risk. For instance, you can learn all that you can about the market; you can do your research on stocks to better help you choose good ones; you can learn from a mentor and from your own personal experience. Education is power when it comes to trading, and education and research can help minimize the risk.
7. “I’ll lose all of my money.” I’ll concede that as a trader, it is possible to lose all of your money, so that part is not a lie. But if you take the time to become a good trader, this absolutely will not happen as my rule #1 here is to cut losses quickly and trade like an absolute coward…watch this video
One of the things you’ll learn very early as a trader is that you should never put all of your eggs in one basket and if you trade scared you’re not scared to trade. This means not blowing your wad on a single trade, but it also means diversifying your income streams. Even the most successful millionaire traders have multiple income streams. You’ll learn this early on if you do your homework as a trader. If you think that you’ll lose all your money, it’s absolutely false.
8.”It’s too hard to get started”. Listen, if you’re reading this blog, then you are already in the right place to get started. And if you’ve read through my posts and checked out my free e-guide to penny stocks, then you already know that it’s easy and accessible.
Moreover, mytakes the difficulty out of the process. By taking that initial step, you’ll find that it’s actually easier than you think.
The new and undiscovered is always a little bit scary. In general, we are very good at telling ourselves lies that we think will protect us. But truthfully, these are lies that only hold us down. What is the worst that could happen if you tried? What is the best that could happen if you succeed? When you really evaluate these questions, I think you’ll find it’s worth the journey.
How do you lie to yourself and hold yourself back from success? Fess up in the comments and pledge to do better!