Many of my students have experienced like this guy and this guy and this guy too. But lately, some of my students who begin with just $2,000-$5,000 like this young but dedicated family man are having the most success…because of how little they start with, they’re hungrier and they spend more time watching all my video lessons, webinars and DVDs….and while there’s no magic formula for outright success in the stock market, every new successful student tells me the key to their profits, and understanding how to repeat the process of attaining such profits, all stems from constant study.success and are finding six and seven-figure success,
Download the key points of this post as PDF.
And I’m not talking 1-2 hours/day of constant study, my topstudents are so obsessed with their education that they’re putting in 10-17 hours PER DAY into studying the past and present stock market and only after several months of such insane behavior do things really start clicking.
I’ll give you a new example as today I woke up to a truly great email from one of mystudents named Adrian:
I was so blown away by his email that I asked him for some tips of how he achieved so much in so little time and so below are his top 7 tips for success…and if he sticks with his studying and stays on track, not getting cocky due to his early success and just continuing to take it one trade at a time, then he will become another one of my Millionairestudents over time…as these habits he writes about below are CLASSIC habits utilized by all the self-made millionaires I know and the ones my teachings have created too.
So, please do read them, take notes on them, memorize them and even repeat them out-loud multiple times until they sink in, because I agree with every last word he says:
(and if you want more rules to live by then read this blog post and this blog post too from some of my other top trading challenge students…when you study enough, you’ll start to realize that while we all might be different people with different strengths and different weaknesses our rules for success are all pretty similar…and while many of them are counterintuitive, you must learn to master your own emotions and discipline to find lasting success and wealth in the ever-changing stock market and you must NEVER forget that 90%+ of traders lose so if you get too cocky or lazy, even on one trade, you risk becoming like the masses and the masses are those people who lose far more often than they win so it’s your choice…how badly do you want to be successful?!?!?)
(I’ve also put some of notes in parentheses next to each of Adrian’s bullet points)
Sure thing, Tim. Here you go!
1. The importance of learning simply cannot be overestimated. I saw things happening in the market, but it wasn’t until I understood why these things were happening that I was able to properly react to them and become profitable. In spite of having made a bit of money, I don’t think I’m a successful trader yet. I have much to learn.
(Yes, Adrian, you are so right on this and that’s why I take so much pride in creating SO MANY educational resources for you guys, everyone should start with this free stock trading guide)
2. You reap what you sow. Trading profitably is not easy, if you treat it as a casual hobby, you’ll likely lose money. I became profitable after investing hundreds of hours researching, analyzing and refining my strategy.
(Awesome dedication my man!)
3. Patience and resilience are key. There’s a difference between watching lessons and sitting in front of a trading program executing your own trades. Mistakes will be made, learn from them and keep going.
(See this blog post on patience for more on this key point)
4. Be your own trader. Following someone else’s trades was a sure way to lose money for me. Start by engineering your own trades and testing them on paper. See how they play out and refine them as you go along.
(YESSSSSSSSSSS! NEVER follow anyone else’s trades or alerts or picks, use other people’s trade ideas to better formulate your own plans and learn from everyone who has a solid track record and see what has made them so successful in an industry full of losers)
5. Keep your emotions in check. I can’t stress how important this is. I wiped out my account twice before learning this lesson: Hope is not a trading strategy. If your trade is not going exactly as you planned it, exit. This was definitely the hardest thing for me to ingrain… To this day I still forget about it sometimes.
(Tell me about it Adrian, LOL, I still get emotional even after 2 decades in this game and that’s probably my biggest character flaw that prevents me from taking my own trading to the next level…fortunately teaching others keeps my demons at bay…for the most part)
6. Don’t force trades. Some days, there’s just nothing to trade; pick up a book instead.
(Often times the best trade is no trade and I encourage everyone to study when there’s nothing great to trade, you can see a great list of stock market books here and the top 250 rated moves on IMDB is also a great and useful way to spend time while not trading…trust me, I’ve seen just about every one of them!)
7. Balance is important. Sometimes I need a reminder of why I do what I do. As important as learning and working hard is, taking time off to send with your family and enjoy your successes keeps you motivated.
(I’ve ALWAYS had balance issues throughout my career, I have nothing to comment on this bullet point as I myself am still working on this tough, tough subject, but I will say that there’s no such thing as perfect work-life balance in stock trading as this is a weird, weird industry and those who treat it like a 9-5 job do NOT excel as sometimes you can make a week’s or even month’s regular “salary” in a few hours or even a few minutes if you are prepared for the best setups)