What’s your end goal when it comes to trading?
It’s a question I ask my students when they look to join my trading challenge.
Whatever the reason may be, all of my students understand that success isn’t going to be handed to them on a silver platter…
And it’s going to require them to learn a process…
The same process has helped me return over 630% in 3 years, which I teach to all of my students, and over 30+ of them become millionaires.
Trading shouldn’t be treated like a game of luck, take it from one of my greatest students, Jack Kellogg.
In my latest conversation with Jack, he told me that every beginning trader needs to have these three things to help them throughout their trading journey…
Here’s what he had to say.
Stay Motivated
All of my 30+ millionaire students have one thing in common…
No, it’s not money…
It’s motivation.
None of my students became successful from pure luck, and they didn’t start with a large trading account…
They all started with a small trading account and failure wasn’t an option, which set them apart from the rest.
Jack Kellogg, who is one of my most successful students, saved every penny from his valet job…
Starting with only $10,000, he wanted to create a life where he had the freedom to do whatever he wanted.
Jack knew that this was only a small part of his journey, and he knew that if was to dedicate a few years of his life to understanding the process…
The opportunities could be endless.
Early on in Jack’s career, he would spend every chance he could learn about the market.
Every day when he was working at his valet job, he would put in his earbud and listen to some of my video lessons to help him better understand my thought process surrounding my every trade…
Or he would study charts and read additional material at night instead of watching Netflix.
Most traders who fail are typically the ones who aren’t willing to put forth the time and effort to understand the basics…
And most believe you need money in order to make money…
But that’s not true.
Jack knew that even though he was starting with a small account he had to learn the process…
And if he were to profit over time, his earnings would be exponential.
Growing Your Account
I remind all of my students not to get fixated on the dollar amount…
But rather the percentage gained or lost on their trades.
Jack understood that there is exponential growth when it comes to trading.
When you start small, you’re dollar gained is going to be less compared to those who have a larger trading account…
But your percentage gain may be better.
Jack knew that if he was to make 5% on $10,000, it would only be $500…
And if he applied that same 5% to a trading account that has $100,000, it would be $5,000.
He’s not increasing his risk, he’s not trying anything new…
Jack realized that if he was to apply the same basic strategies he learned early on in his career, it would yield the same percentage gained as his account grew.
If I was to give any new trader $100,000 to trade with, most of them would fail.
They wouldn’t understand my trading process, they wouldn’t know anything about risk management.
Trading with a small account gives you the ability to learn the process, without risking a lot of money.
Over time, trading with a small account will help you recognize these key patterns that I look for every day…
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And if you’re bank account starts to grow over time, you’ll see those same percentages gained per trade yield a lot more over time.
Start Small
I’m not telling you that you need to study as much as Jack to be successful, you can push yourself as much as you want.
Everyone has a different timeline on their journey; some people can devote more time than others given their situation, and that’s perfectly fine!
It doesn’t matter if you’re a part-time trader or full-time trader, the strategy stays the same…
But how much you want to study, is entirely up to you.
Early on in your career, I recommend you stick to a strategy that you’re comfortable with…
Don’t try to remember multiple strategies all at once…
It’s easier for new traders to perfect one strategy at a time.
One of my favorite strategies is the dip buying strategy, but I’m not just buying any stock that falls, you need to know what to look for.
Let’s take a look at how this strategy helped me trade MGO Global, Inc. (NASDAQ: MGOL)
I was able to spot this recent runner based on a recent news play.
Here’s the chart.
Source: StocksToTrade
The thing with penny stocks is when they spike, it could potentially set you up for additional opportunities.
And at that point, I’m just waiting for them to panic.
I’m not just randomly buying them once they drop in price, I’m looking at key areas where the stock can bounce.
I even mentioned that to my students as I traded it.
Source: StocksToTrade
I entered the trade at $2.17 and exited at $2.64 for a 21.66% profit. (Risked $10,850).
My dip-buying strategy isn’t something you need to focus on, pick a strategy that you’re most comfortable with.
After all, many of my students changed their approach later on in their careers once they learned the basics…
But you need to make sure you know the process, just like Jack.
-Tim
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