A few days ago I wrote the post “Announcing Yet Another Millionaire Student” where I told people to guess who my next new trading challenge student was…it wasn’t very hard as anyone who follows me closely knows this great trader has been building up to seven-figures for several years now:**
And now he’s finally into the seven-figure profit club,** see ALL his trades here (unlike the many fakers who post a screenshot every now and then of their trades, some of whom even photoshop them and pretend to be successful, my top trading challenge students and I show EVERY trade publicly, win or lose so you can see not only the profit/loss outcome, but also how much $ was risked and our trade plan too, hence why I encourage you to just assume most traders are full of it when they make up excuse after excuse why they can’t be fully transparent!), so I made this little congratulatory video and I’d appreciate you leaving a note of congratulations for Mark too in the comments section under this blog post!
After all, it’s no easy task to make seven-figures in penny stocks and aside from just the money, Maerk has studied his butt off to become self-sufficient so he doesn’t need me anymore WHATSOEVER and I want that for all my students! **
Remember to apply here for my trading challenge as it’s not just me teaching anymore, Mark Croock, Michael Goode and Tim Grittani all give webinars and are in the trading challenge student chatroom most days, alerting their plays and giving real-time commentary too…hence why that chatroom is my single most favorite chatroom on The Internet!
Anyway, here are 10 solid penny stock trading tips Mark for you so read them, study them, even say them outloud and take notes on them if that helps…also read this great post “Print These 36 Commandments That You Should Live By” he guest wrote for me a little while back when he was celebrating his birthday and we sat courtside NBA at Spurs/Warriors game just after having a great dinner with NBA basketball legend David Robinson too!
Remember that no one penny stock will make you rich, the key in this game is not believing in any of the companies or their BS hype, just using their hype machines and their stocks’ volatility to grow your accounts, one small trade at time…that’s how ALL my top millionaire trading challenge students and I have achieve seven-figure success** as small gains add up over time and it’s SO much easier to make big money that way, one little single at a time instead of being impatient, not following rules and going for a home run (like I did in my book here where cost me $500,000+ in personal losses and ALL my hedge fund’s credibility)
Here are Mark’s 10 top tips for newbies, enjoy them and remember again to please congratulate Mark in the comments section of this blog post below as I know he’d appreciate it and we’re all in this together so we need to learn to support each other in good time and bad…and celebrate every milestone like when one of my students passes $1 million in profits!
PS Please also, feel free to add in any basics tips you think might be helpful to others in the comments section below, newbies need all the tips and rules they can get to avoid being just another statistic in this game where we can NEVER forget that 90%+ of traders lose money.
Hey Tim, here are ten lessons in no particular order that I came up with!
1. Always have tangible goals and celebrate milestones along the way! It took me several years to hit the $1 million goal** but there were plenty of milestones along the way!
2. Don’t get cocky after a big win. It’s human nature to “relax” and lose poise especially after a long stretch of wins. Keep your position size in check especially during these times!
3. Winning habits are developed while starting with a small account! The PDT rule (which limits one to three trades per five day rolling period) was extremely beneficial for me when starting multiple small accounts! (Sykes note: I agree as I outline here)
4. Have realistic goals when entering a trade by focusing on ideal risk/reward setups with meticulous entries!
5. Stick to your 1-3 “bread and butter” strategies and avoid playing guessing games on everything else.
6. Understand that mistakes are always a part of trading – limit your mistakes just as top professional athletes limit turnovers or unforced errors.
7. Use trade alerts as a learning tool, don’t follow anybody into a trade or you will lose your ass.
8. Accept when you are wrong and cut losses quickly when a trade goes against you.
9. Remember to keep a long term perspective – ups and downs are part of trading but a winning attitude over the long haul wins the “race.”
10. Go the “extra mile” to get over the hump. Talk to successful traders and pick their brains as much as you can to see what differentiates them from the rest of the pack!