We’ve all had rough trading weeks, but it’s in those times of confusion and loss when you can really search yourself and figure out what you need to do to improve, so I love this story below. One of mystudents who has constantly studied hard and now turned around his earlier losses and is now profiting $4,000 in a week!**
@timothysykes thanks man, crazy how profits add up when you have patience & only trade great setups, 4k+ week! is 💰
— Evan Schlang (@evanschlang) January 28, 2017
Never forget that most traders lose money and it takes time to find success as this great trader took 9 months before he was consistently profitable and these great students took even longer…but they stuck with the learning process and were rewarded over time, that’s the key.
If you’re just starting out, you might feel like you’re having more red weeks than green but that’s okay. If you cut losses quickly and constantly by refining your trading process and learning from your mistakes.
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Evan Schlang is one of my most dedicatedstudents and he has some tips for you in your time of need. Because Evan has now experienced losses and profits, with definitive improvement the past few weeks, he sent me a list of four things to help you understand where you are, why you’re there and how to turn it around. Evan’s advice was so excellent, I decided to share it with you here.
To Green From Red
Hard work and dedication go hand and hand, so I would like to touch on both. You must be willing to work early morning, during the day and at night. You have to be willing to work when you have no sleep. You have to really want it. I personally study ALL the time. Yes, that includes on the toilet like Steven Dux. I work full time, I have a family and I even studied while I was in college – full time, while working full time. I am on the west coast, so I am up at 5am M-F for the market. I then work my day job till 8pm and then I squeeze in a couple of hours of studying after that. I hear so many people say they don’t have time to study or they’re too busy but there is always time. We all get the same 24 hours in a day—if you can’t find the time, you’re just not using that your time properly. Dedication has to be there to drive the hard work. If you don’t truly want it, then you won’t put in the hard work. This is LIFE CHANGING stuff, Xbox and Netflix won’t get you the financial freedom that stock trading will. Use your time more advantageously.
Less is more
I definitely learned this the hard way. I was making so many trades daily I couldn’t even write up all of the profit.ly comments on my trades. I took some time off from trading to really break everything I was doing down and took a step back. I also reviewed Tim Sykes’ trades and really saw how infrequently he actually trades, yet how much he makes. I also talk to Saint Grittani in the chat room a lot. He recommended cutting out all of the random patterns and only focusing on the one or two setups that I’m most comfortable with. With breaking down all my trades, I see I make much more money shorting, so that’s where I shifted my focus. I have to tell you, I have seen much more success. I had my best week last week of $4,000+ in profits and I will keep working my butt off and focusing only on the setups that work for me.
Risk/Reward: You have to respect your risk/reward. Bad risk/reward leads to low odds trades that causes over trading. When trying to make $100 here or there, I found that long term you lose more than you win on those and it’s really a waste of time, energy and money. I found that cutting all of that BS out has really cleared my mind and allowed me to sit back and pounce on only the best setups and make the bigger chunks of money with limited downside. It might feel good always being in a trade or part of the action but that is not the way to become a millionaire. Remember this saying and repeat it daily: I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade. Saying this over and over in my head or out loud has really helped me tame my inner degenerate gambler and get me on the right track.
I have to say this is SO critical! At a couple points, I really thought about giving up but when those thoughts entered my mind, I sat back and asked myself some questions:
Why am I doing this?
Where do I see myself in 5 years if I give up?
How about 10 years?
Do I really want to give up on my dreams?
Do I want to be free or do I want to build someone else’s dream?
There are and were many more questions but when I answered them it was clear what I had to do: I had to work harder and overcome the obstacles, because I know deep down that I can do this. Every answer leads back to me wanting to provide my wife, little one on the way and family with an amazing free life, where I was there every day making amazing memories and truly enjoying life. I don’t want to be stuck at the 9-5 rat race and miss out on life or have to ask for time off to go on a vacation. I want the integrated life surrounded by my loved ones. Stock trading can make you a lot of money but even more, it can give you true freedom to enjoy life with the people that really matter.
Keep studying hard, keep focusing on the long-term goal, and stop making excuses.
You can do this!
That last line is probably one of my favorites! You can do this! For more information on how you can apply to become one of my challenge students, click here.