I was recently profiled on Business Insider:
Source: Business Insider
In it, they talk about how I returned 630% from 2020 to 2022…
Along with a bunch of interesting stuff, most people don’t know about me…
Plus…why my students are finding so much success, my biggest fears in the market right now, and a whole lot more.
And while 630% returns in three years may seem abnormal, it’s because it is. However, I don’t think it’s impossible.
In fact, I’ll share with you my three best pieces of advice on how to trade better than me.
Table of Contents
Your Big Advantage Over Me
I’ve been a millionaire for 20 years now.
I’m not someone who is out there chasing new toys. In fact, I now donate all my trading profits to charity.
It’s an awesome feeling to give back. And I’m so grateful to be in a position to do what I do.
Traveling, charity, and giving consume much of my time.
My life is complicated and busy.
In other words, I don’t have as much time to dedicate to trading.
I believe you have a huge advantage over me.
You can devote more time to studying and watching the markets than I can.
In fact, you should be very grateful for the market we’re in right now.
It’s kind of slow.
This is a good market for learning. A slow market will teach how to be disciplined and focus on risk management.
When markets heat up and more trading opportunities arise, you will be able to take advantage of them.
A few of my students cracked the million-dollar profit mark in 2020 and 2021. But that’s not when they started trading.
They started trading in slower markets, like in 2017 and 2018.
So if you are just starting out in your journey, be happy.
There’s No Exact Science To Winning In The Markets
While I believe certain patterns repeat in the market…that doesn’t mean they always work.
The markets are always changing.
Sometimes they are trending up or down.
Other times they are moving sideways and trading choppy.
Some strategies work well under certain market conditions…others work well only if the right circumstances are met.
And while this might sound obvious… it’s not what people want to hear.
If you want to get better at trading, you must understand that your timeline is different than mine.
Moreover, what and how you like to trade may be completely different than how I like to.
THAT’S PERFECTLY FINE
There’s no exact science to success in trading.
However, there are some hard truths.
For example, if you want to achieve long-term success, you must be a master at risk management.
I always tell my students that you must cut losses quickly.
It takes time to figure out what works for you. That’s why capital preservation is critical in the early stages of your journey.
Keeping Emotions In Check
You are going to hear from a bunch of places.
Likely, your friends and family won’t be encouraging you. After all, day trading is often in the same conversation as gambling.
You’ll have to prepare yourself…that you might not get outside support.
Why is this important?
Because you won’t be getting any support from the market.
In fact, each day, you will be tested. There will be days when you are filled with doubt and question whether you can do it.
Having a support system can be extremely beneficial.
In addition, trading will be emotionally challenging.
You must constantly humble your ego.
Imagine trading for eight months, and you are still not profitable.
How will you handle that?
Will you give up?
Many of my millionaire students were not profitable after their first year.
That’s why I say be ready to get humbled.
Regarding trading, I am not one of those mentors who tells their students to trade without emotions.
In fact, I tell them to trade scared.
Because it will help you focus on risk management and persevering capital.
I love charity…I love helping my students and seeing them rise.
A stock trader who returned 630% in 3 years and taught traders who became millionaires shares the top 3 patterns he plays daily https://t.co/Qc82tUaOsZ
— Markets Insider (@MktsInsider) June 10, 2023
If you dedicate yourself to studying, working hard, and learning, you’ll be surprised at how far you’ll be in a few years.