My TopStudents have been on FIRE lately!
URGENT: Watch my top Bravo’s “Below Deck”, including Tim Grittani, who this blog post is about!students and I get in a massive champagne and shaving cream pie fight on TV tonight at 9pm EST on
Download the key points of this post as PDF.
My topstudents have been on fire lately as this crazy stock market is offering up trading opportunity after opportunity just about every day as I reviewed in this new video lesson:
…and while dedicated students like this hardworking student made over $100,000+ last month, which is AWESOME, considering he began 2017 with just $4,000 and now has passed $400,000 in total profits as you might’ve seen in this new video too:
…I have to give even more props to my top who was featured by CNN here and who I featured in the blog post “40 Lessons From Tim Grittani Passing $4 Million In Profits“, and we just filmed this great video in Bali a few weeks ago:student, Tim Grittani,
…who also deserves a longer blog post with the 50 best lessons from his journey, since he just passed $5 million now in a few years since beginning with just $1,500 of his own money as he had his best month of his career, profiting $559,650 in VERIFIED profits in November 2017, including all his losses too which you can see fully outlined and detailed publicly here.
And as I said in that video lesson I linked above, Tim Grittani has now made nearly $2 million in 2017, despite taking several weeks off to visit Iceland and travel all over America too…as that’s the beauty of trading stocks, you don’t get paid hourly or weekly or even monthly, you can take time off whenever you want, you just have to be prepared when there are solid trading opportunities…and Tim Grittani certainly was ready these past few weeks with mammoth trading profits on some of the most volatile stocks in the market like:
Now, I want to go into detail with the 50 best lessons from Tim Grittani’s $5.4 million in career trading profits, which is nearly $1 million more than me, but it’s taking a while to write it all out so for now I asked Tim Grittani to email me with his 5 top tips which I’m proud to share with you here:
Hope these are good! As always, thanks for everything!
1. Make sure you can afford to lose
Pretty much every single great trader I know has suffered AT LEAST one account blow-up in their early days of trading. Some even talk about blowing up four or more times before becoming successful. The point I’m trying to make is that no matter how ready you think you are, you must put yourself in a position where you can afford a big setback or two. I was no exception, I lost my first $1500 I put towards trading. In my case, I could afford to lose because it was only $1500, a VERY recoverable amount. In other cases, you need to make sure that you don’t have an immediate need for profits. Success is going to take time, usually months, or even years, and if you’re pushing yourself because you’re worried about how you’re going to put food on the table, your trading will suffer. Waiting sucks, but if you have to take the time to work extra and save up extra money first, you absolutely need to do that.
2. Learn from your losses!
Not every loss means you did something wrong. There are plenty of times where you may have had a good idea and the setup may have been perfect, and it just didn’t work. That’s trading, nothing is 100%. But there are also a lot of times where you’re going to screw up. You might chase an entry, trade too large, fail to cut a loss, the possible mistakes are countless. Hold yourself accountable! When I went through my big slump in 2015, I corrected myself by literally keeping a journal of every loss I took where I felt I did something wrong. I tallied which mistake I made, and was able to see at the end of each month just how undisciplined I had been in each area. Every month I worked to improve and while I’m still far from perfect, I’m happy to say that my discipline is far more under control than it used to be.
3. Do not trade on margin, especially if you’re new!
No, this doesn’t mean don’t short-sell. Of course you need a margin account to do that. What this means is don’t leverage yourself. Just because the margin account can give you an insane amount of extra buying power, you don’t have to use it! It’s one of the most dangerous things you can do as a trader and you’re basically inviting disaster. Many cryptocurrency traders learned this the hard way the other day. When you’re leveraged out of your mind in an illiquid market, stop orders become unreliable, and it’s very possible that your sell order executes much lower than you planned for. In extreme cases, you could wind up owing your broker money. So don’t invite disaster, trade responsibly ONLY with the money you actually have.
4. Find your niche.
Chances are you’ve heard this one before. Easier said than done, right? This also ties in to the concept of being able to lose. There are a LOT of different strategies out there. I’m not successful because I can trade any stock or any setup thrown at me. I’m successful because I’m very good at a few select situations that I see the market present over and over again. How did I get there? I tried a lot of different things when I first started out. This doesn’t mean be careless, this doesn’t mean overtrade, you still want to put your best foot forward with every trade that you take and have a clear reason for taking it. But while you’re testing things out, track your results, and also keep track of how you feel. What setups are you seeing the best results with? Where are you failing? What trades are you the most comfortable in? When are you the most nervous? If you can answer these questions, it can go a long way towards pointing you in the right direction. Cut out what isn’t working, focus on your 1-2 BEST areas, and let that consistency carry you! Once those trades are like second nature, you can start adding new setups to your arsenal. That’s exactly the path that I took and it worked wonders.
5. Use key chart points to make your decisions!
This is so huge to success in my opinion. I’m sorry, but I think the concept of “I’ll just stop out at a 3% loss every time” or something like that is complete garbage. If you’re not following the chart and you’re using preconceived numbers for every situation, you’re going to be making very bad decisions at very bad times. The same goes for trailing stop-losses. When making decisions, follow the CHART. What key areas have acted as support? Which have acted as resistance? I use the answers to those questions to make all of my decisions. Do I get faked out sometimes? Absolutely. But remember, you can always get back in! It is FAR cheaper to get faked out every now and then than to have a huge stubborn loser.