Tag: Fess Up Time

Recently, I've been blogging about the problems that my students have, as I did in this blog post "A Controversial Problem That Too Many Of My Students Have" which tried to get students to be less narrow-minded in their approaches to various strategies and my blog post entitled "This Is A Big Problem" that outlined some of th fears that cripple too many students and prevent them from achieving all they can and becoming my next Millionaire Trading Challenge student. Download the key points of this post as PDF. Today's problem is exemplified nicely by this video I just posted: This video is a great reminder to never celebrate too soon and more importantly, NEVER GIVE UP! Tag someone who needs to see this #itaintovertillitsover #soccergoals #nevergiveup #neversurrender #dontgetcocky #greatlesson #edjewcation A post shared by Timothy Sykes (@timothysykes) on Oct 22, 2017 at 10:14am PDT ...where the penalty kick looks to have missed, which leads the goalie to celebrate too early and leave the net undefended even as the ball slowly trickles back in and scores the goal, much to the surprise of everyone in the audience. Likewise, in the stock market, newbies often celebrate their wins far too early and "leave the net," or in this case, just leave their position open, mistakenly believing that they'll keep winning more and more whereas the veteran athlete knows the play isn't over until the whistle blows, no different from how veteran traders know a trade isn't over until you exit the position safely. And, we can take this video another way in that the player who struck the ball is devastated by his "miss" and only as the ball trickles in does he realize he has actually scored...and since this was a penalty kick, there was really nothing else for him to do. But, too often athletes, and traders, give up mid play, or mid-education, thinking the worst and lowering their odds of eventual success. You MUST READ THIS BLOG POST "A Key Trait You Need To Become A Millionaire" to realize that great success and "winning" takes time, sometimes even years longer than you initially believe, and yet it's ALWAYS POSSIBLE WHEN YOU'RE STILL IN THE GAME. The single greatest mistake you can make is letting any one play in sports, or any one trade in the stock market, take you out of "the game" so that no matter what happens you cannot make a comeback since you've already quit. I can't tell you how many Trading Challenge students have messaged me a few weeks, or even a few months, into their journey thinking that they'll never truly "make it," because the studying is just so much and for whatever reason they're not making the money they thought they would, despite putting in so much time and effort. I always remind them that this famous trader, profiled on CNN here, "Trader turns $1,500 to $1 million in 3 years" took 9 months not to become a millionaire, but 9 months just to be consistently profitable...and he has arguably the single best track record in the entire world in the past 5-6 years! So, if the best trader takes 9 months just to basically learn how to win a little and not lose, how long do you think it'll take you? Watch this great Q&A I did with him in Bali to get some awesome answers and to give you a better perspective on the journey that you'll need to take in order to be successful:** No different from the goalie not realizing the ball could still score and running off to celebrate too soon, too many students "leave the playing field" too soon as they mistakenly put too much emphasis on their short-term performance, not realizing that you need knowledge and experience BEFORE you can make outsized gains, and the knowledge-gathering process is NOT fun, but it's crucial to your longer term performance and sustainability. I know far too many gunslingers who have had short-term success, but without the proper preparation or education in learning how to manage risk and their losses, and they blow up, losing 50%, 75%, even 100% or 150% of their money...which begs the question how do you lose more than 100% of your money? Easy, you go into debt and then you owe your broker money, since your account balance can't keep up with your losses -- which applies to many newbie short sellers who think it's okay to just short and short and short every penny stock that's up a little due to their poor fundamentals and then those newbies shorts not only lose everything, they lose everything they have and more and only then do they realize my lessons about trading like a coward actually work and keep you in the game. Here's a great video lesson about trading like a sniper, where the mission is to aim small, miss small...NEVER risk a big losses, NEVER risk disaster on any on trade or investment: So, I hope today's blog post helps you do a few things -- and please leave a comment under the post and tell me if I've succeeded or not: 1. NEVER GET COCKY...in sports or in the stock market 2. NEVER CELEBRATE TOO SOON...in any aspect of life 3. NEVER QUIT TOO SOON...as the journey to excellence, success and lasting wealth is long 4. NEVER THINK THAT THE JOURNEY IS GOING TO BE EASY IN ANY COMPETITIVE FIELD...try to picture how many failed athletes, failed traders, and failed startups there are in the world...in each field, there's only a few true greats and luck definitely plays a part in their success, but if there's one thing I've learned from my own journey, and success, and the success of my top millionaire trading challenge students, is that while you can't control how lucky you'll get, the harder you work, the harder you prepare and study, the luckier you get over time as practice makes perfect and while you will NEVER be absolutely perfect in any field, especially as a stock trader, your process gets better and more refined over time so the key is sticking around in the field that you love and grinding and hustling every single day until you find a strategy that feels right and works consistently...and even when you find that one strategy or have that one big success, never get too comfortable as there's always someone else who is hungrier than you looking to dethrone you so stay on your toes at all times and never give up on the dream of the past, you must fight just to keep them alive!

Tag: Fess Up Time

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