My most successful Trading Challenge students and I have a daily routine and that makes this game not just profitable, but also efficient and fun. So, you made be asking what are successful traders doing that you’re not? The short answer is this: nothing that you can’t be doing, you just need some guidance!
Successful traders frequently follow similar routines day in day out and we adapt it to our own schedule/preferences. While these routines aren’t the total sum of our success, they certainly offer a good start toward becoming a millionaire. So take the time to review these six routines that successful traders like my top Millionaire Trading Challenge students and I follow, and see how adding them to your own life can help you out big time!
1. Planning out your day. How many successful traders do you know who roll out of bed at 11, enjoy a leisurely brunch, make a few trades, and earn millions? That sure would be nice, but there’s a reason why successful traders don’t have laziness as part of their lives.
Waking up early is only the tip of the iceberg, though. Simply being awake isn’t what makes a trader successful, it’s what he or she does with that time. When getting an early start, you have the opportunity to plan out your day. This means that you can spend a little time researching what’s going on the market and even carve out time for some of the other routines listed in this post. It also allows you to get certain routines out of the way. I’m talking about the ones that have nothing to do with trading: your morning workout, running errands, grocery shopping, whatever it is that you need to do. Making a habit and routine of planning out your day so that you have uninterrupted time for trading is a hallmark of successful traders.
2. Gathering knowledge. Knowledge is power, haven’t you heard? For traders, this is especially true. It should go without being said that educating yourself on the stock market is a vital part of your success. Signing up for the Tim Sykes Millionaire Challenge and immersing yourself in the world of penny stocks is important. But in the scheme of things, it’s not enough.
To be a well-rounded trader, you need to become educated beyond just the stock market. You need to learn about economics, about world events and about how business works. The more you learn about the world and business, the stronger your trading will be. You’ll be better able to understand what goes on in the companies you’re trading, and this can inform better how you choose stocks, and when you choose to trade.
3. Taking time for research. Research is a regular part of every trader’s routine. The fact is, you probably wouldn’t even buy socks from Amazon without reading the customer reviews. With that in mind, why on earth would you purchase stocks without doing a little undercover work before pulling the trigger?
Don’t simply trust the word of self-serving stock promoters. Have enough of a brain to think for yourself, and develop the awareness to research stocks on your own. Often, a small amount of research can be very revealing. Making this a routine can easily bring your potential trades from the reckless arena to calculated risk territory.
Good traders know that it takes time to do research, but that it is an invaluable routine if they want to be successful in the long term.
4. Studying other successful traders. If you want to become successful, it’s a common enough thing to follow the trajectory of other successful people. Great traders know this, so they make studying successful traders part of their routine…that’s part of the beauty of my Millionaire Trading Challenge, where all my top students and I share our trades/strategies openly for everyone to learn from!
It’s a great habit to get into to set aside time to look at what other traders are doing right so that you can consider how to bring that type of success into your own career. Far from a tip solely for new traders, this is something that well-established traders continue to do well into their career.
If someone else is doing something well, let it inspire you! Don’t copy, but let it inform and give you ideas for how to improve your own trading and career.
5. Checking in with ourselves. Good bosses have regular check-ins with their employees. As a trader, you are largely your own boss. Follow the trend of positive leaders by having frequent (and honest) check-ins with your key employee…yourself. Evaluate how things are going with your trading career, including taking a look at recent successes and failures. Ask yourself frankly: what are you doing right? And (this is harder) what are you doing wrong, or could you be doing better?
This isn’t necessarily a fun or easy exercise, but there is a lot of value in it. Being honest with yourself about your strengths and shortcomings is an opportunity to improve your overall success rate. You will be able to play to your strengths, and either avoid or work on improving your weak points.
6. Signing off for the day. I’m not going to lie: in this day and age, with so much information and technology at our fingertips, this routine is hard. There’s always more research to do, more to learn, more to discover. But if you work too hard, you’ll just be spinning your wheels after a while. As such, the best traders make a routine of taking breaks…all of my top millionaire trading challenge students and I LOVE taking time off every now and then to travel and our profits allow for some luxury travel too 🙂
But have a ritual or routine centered around signing off for the day. You can’t work all the time, otherwise, you’ll start to resent and hate it. By recognizing the importance of rest time, you aren’t being lazy, but rather, you are investing in your own future success.
Will these six routines make you a millionaire? No, not by themselves. But if you dedicate yourself to your work as a trader and add these routines to your repertoire in addition, you will see amazing results. Just try it for a few months and see for yourself.
Leave a comment with a routine that you think will work best for you, remember we’re all different so everyone’s answer should be different too!