Having the patience to wait for truly great setups like these is a skill you can learn, but have you ever noticed that some traders seem to spot trading opportunities with no problem, while others struggle to get ahead?
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No, it’s not just a matter of good (or bad) luck. There’s a direct correlation between a trader’s attitude and conduct and the volume and quality of opportunities that they capitalize on. These are 8 easy ways to spot the best trading opportunities.
1. Have a sense of direction. Do you know what you’re working toward as a trader? If not, you need to get some clarity and fast. If your sole goal is to make money, but you have no focus on how much you want to make or why you want it, your career will be similarly aimless. By taking the time to get very clear on what it is that you want from your career as a trader, you’ll give yourself direction. This allows you to make a very clear upward trajectory toward what you want. When you have this type of focus, you’ll be more motivated in your work, and this can open doors for you.
2. #squadgoals. Do you consider yourself more of a lone wolf? Even if that’s your style socially, it isn’t going to create many opportunities for you in business. To find success as a trader, one of the best things you can do is surround yourself with a great group of peers. My Trading Challenge offers a great initial network of peers, who are similar-minded and probably have similar goals. The value of having a crew like this cannot be overlooked. Not only does it give you a sense of community and make you feel as if you fit in, but you also feel like you’re in it together. You’ll have people to share your ups and downs with, and to help inspire each other. And as your careers develop, it can create trading opportunities for you…that’s why this is stock trading chatroom to be in right now.
3. Network. Business opportunities are all about relationships. In addition to making friends with your peers, also branch out and try to create a professional network. This can be made up of other traders, as well as business people in other sectors. You never know when an opportunity might arise as the result of a professional relationship you’ve forged…and I have several Millionaire Trading Challenge students thanks to the hard work of so many people I’ve met along the way who now help me teach too!
4. Get yourself a mentor. As a targeted extension of networking, make all efforts to find a mentor. Not only will this help your career advance far faster than if you don’t have a mentor, but it can also create opportunities. Think of it this way. Not only has your mentor’s longer-than-yours career taught them a lot about trading and business that they can share with you. But it has also led them to meet many different individuals through their time. They have forged hard-fought lessons and rules and created a network like I have over the years. While working with them, they may see opportunities that warrant an introduction. This type of networking is powerful, and can open many doors for you…and my goal for my Trading Challenge students is to be the mentor to you that I never had because I learned everything the hard way on my own and while I’ve been successful,** I’ve made so many boneheaded mistakes over the years it makes me sick.
5. Be reliable. When you say that you’re going to do something, do you follow through? Not just once, but every time? If so, you’re planting seeds for future business opportunities…it’s amazing how many flakes I’ve met and talked with over the years and when someone flakes on me now I just cut them off as I’ve heard every excuse in the books and life is to short to deal with that BS.
It might not seem like a big deal to flake out on a meeting, arrive late to a function, or not totally complete something you said you would. And on the one level, it’s not a big deal. It happens on occasion to everyone. However, when you slip into the mindset that this is acceptable, it has a ripple effect over time. You’ll get a reputation for being unreliable, and people will not want to work with you. Once you have a reputation like this, it’s hard to erase it. So do your future self a favor and meet your responsibilities and be reliable.
6. Be willing to do what others aren’t. If you want to become successful and create new opportunities, gain a reputation for being willing to do what others are not. As a trader, there are plenty of undesirable tasks that are irritating and might seem easy to slough off on. For instance, researching companies before making a trade, or keeping a log of your successes so that you can streamline your process and make money more easily next time. Plenty of people are too lazy or unwilling to do things like this. Be the one who is willing to put in the time and effort, and over time, it will not go unnoticed. Not only will this make you a better trader, but people will see your willingness to do what needs to be done, and the opportunities will come knocking.
7. Take responsibility for your actions. Do not blame circumstances or other people for things that go wrong. Do not blame them for your shortcomings, your mistakes, or your bad judgment. If you do, you won’t succeed in the Tim Sykes Millionaire Challenge, and you won’t succeed as a trader.
As a trader, you will probably make a bad call every now and again. It is inevitable, because you need to make many judgment calls on the fly and there are a lot of variables. You can’t get things right all of the time.
Good traders know this, and they are able (after much practice) to roll with the punches. If you are continually blaming external factors for things that go wrong, you’re not going to get very far. Own your actions, both the good ones and the bad ones. People will see your integrity and gravitate toward you.
8. Be tenacious, but be kind. Keep going, no matter what. Don’t apologize for your dreams, or your desire to get ahead. Be relentless in pursuing those things. But never at the cost of hurting others. Do things the right way, stick with it, and be kind to everyone along the way. You’ll be amazed at how many opportunities will come your way.
As a trader, you are responsible for planting the seeds of opportunity through your actions, attitude, work ethic, and overall conduct. So how do you choose to conduct yourself as you advance in your career? By following these guidelines, you’ll begin to create trading opportunities far more regularly.
Please do leave a comment and tell me which one of these points resonates the most with you? It could be more than one, but hopefully after you’ve finished reading this blog post, I’ve gotten my point across!