Trading is probably the hardest thing to do to make an easy buck.
Very few professions allow you to write your own ticket. There’s no boss to hold you down, office politics to deal with, and no cap on your future earnings.
Yet, most folks who get into trading fail.
And while the odds may be stacked against you, I’ve got a good understanding of what it takes to make it. Not only did I become a millionaire trader in my early 20s, but I’ve also helped over 30 of my students on their way to seven figures.
It boils down to having the right expectations.
Here are three critical questions you must answer if you want to join the minority of consistently successful traders.
Do You Have The Right Expectations?
Anyone can open a brokerage account, fund it, and begin trading. Anyone can get lucky by hitting a button and making money on a trade. However, if you want to be consistent and make money over time, you’ll need much more than luck.
Most people overestimate what they can accomplish near term and underestimate what they can do over the long term.
You see, trading has many components: idea generation, pattern recognition, risk management, and mental focus. It takes years to master these components.
However, most people who jump into trading want results right away. Even worse, they set the wrong goals for themselves.
Early on in your journey, you must focus on LEARNING. The last thing you want to do is set monetary goals in year one.
For example, one of my top students, Jack Kellogg, who has gone on to make more than eight figures in trading profits…didn’t make any money in year one. In fact, he lost about $2k.
Just 2 Connecticut boys about to embark on a crazyyyyyy trip to celebrate @Jackaroo_Trades surpassing $12 million in trading profits, but never forget your humbled beginnings, read https://t.co/PYdx4fCOzc & watch https://t.co/9dWFKI7P53 & https://t.co/rkRcPNO5Ie & STUDY HAAAARD! pic.twitter.com/rxrDflOeZF
— Timothy Sykes (@timothysykes) April 3, 2023
Imagine if he set a goal for himself to make X amount of dollars in year one. He would never have made it to year two.
That’s why you need to focus on learning and developing your skills. Your friends and family may think you’re wasting your time, but the process, in the beginning, is slow.
My best students studied their butts off…in slow markets…like the one we’re experiencing now. However, when things picked up, they took advantage of the opportunities in front of them.
The action in the market is slow right now. If you’re just starting your journey, this is good for you. If you can trade in this market, imagine how you’ll do when there are actual plays.
Do You Have A Purpose?
When I got into trading more than two decades ago, money motivated me. I wanted nice things, vacations, cars, and fancy dinners.
Every day was a thrill for me. And I would ride the emotional waves that came with trading. I would knock down big wins and then suffer large defeats.
I didn’t have a mentor and was trying to figure things out through trial and error.
But something changed with me.
I no longer got excited about the money. The adrenaline rush wore off.
Luckily, I found my purpose elsewhere.
First, I decided to donate all of my trading profits to charity. This excited me because I knew every winning trade was going to a good cause. It helped me stay focused and disciplined.
I don’t want to sound like a jerk…but I’ve been successful for over two decades now. If I make $10,000 or $100,000 in a month, it won’t change my lifestyle. However, very few things get me excited as watching new traders develop and get their breakthroughs.
That’s why you’ll consistently see me celebrate my students who are putting in the effort and studying daily.
— lunam (@blaktin0) April 5, 2023
You must know your purpose because there are some bumpy roads you’ll travel through in your journey.
You will be tested. And there will be moments you have doubts. Remember your purpose during those trying times.
Are You Around People Who Inspire?
The average person thinks day trading is just for gamblers. And while there’s some truth to that. I can tell you that the best traders are not gamblers. They understand that trading is speculative, but they are also masters at risk vs. reward and risk management.
My father gave me access to my bar mitzvah money. It’s what I used to fund my trading account. He thought it would be a great lesson for me, expecting I would lose it in the markets.
Once my parents saw my seriousness, they became my biggest supporters.
However, I understand that not everyone has a support system at home.
Trading is risky with no guarantees. That’s why some folks discourage their friends and family from getting into trading.
That means you’ll have to draw inspiration from somewhere else if you’re not getting it at home.
I want the next class of millionaire traders to be inspired by the ones who came before them.
The number of millionaire students I’ve coached has risen dramatically over the years because there’s more inspiration for new students to draw from.
I believe anyone can make it as a trader if they commit to learning and studying. Set the right expectations and give yourself a long enough timeline, and you’ll be surprised at what you can accomplish.
If you’d like to discover more about my coaching program and how I’ve helped dozens of my students hit seven figures in trading profits, click here to learn more.
P.S. Want to learn a strategy that has helped me on my road to millions? Check this out.