Throughout my time as a teacher, I have had the opportunity to teach a number of different students from all different walks of life and work to help them earn a new future for themselves. I am so proud of my work as a teacher and I am constantly looking for new ways to pass my knowledge on to my students. While I am proud of all that I have taught my students, what makes me the most proud is that I can say my students have also taught me nearly as much. I am a big believer in the idea that you never stop learning and you never stop growing, and many times, when I'm least expecting it one of my students will come up and teach me something new.
Here are just five of the many invaluable lessons that I have learned from my students over the years of teaching.
There is No Replacement For Hard Work and Studying
If there is one thing I want all of my students to do, it is to study. I tell students that all of the time. However, it wasn't until I met one of my students Matthew Miller until I realized just how important studying is and how there really is no replacement for this type of hard work. He studied and observed for three whole months before he started trading and before he ever jumped in. This showed discipline and dedication and it reminded me that even if you are eager to start making money, you should never put anything above working hard and studying.
Be Patient
We can all be a little impatient sometimes, myself included. However, I have learned from my students that patience really is a virtue. One of my students, Jonas, like Matthew was a very disciplined trader and one that reminded me about the importance of patience. He took his time, did his research, started out with paper trades and waited patiently until it was time to jump in. I always admire him for this discipline and it serves as a great reminder for me to stay disciplined myself.
Don't Be Afraid to Dream Big
There are so many times when we can all start "thinking small." Whether we tell ourselves we are being realistic or if we are just trying to protect ourselves from disappointment, thinking small will only hurt you. Your success can only be as big as the parameters you set for yourself. So, instead of thinking small all the time, start thinking big. So big it scares you. My student Mark Croock was giving a presentation recently and talked about turning money into tangibles and to start pushing yourself to think big in this retrospect. Instead of celebrating the $2,000 you just made, celebrate the fact that you just got that much closer to your dream vacation. The bigger you can think, the bigger your success will be.
Take Time For Yourself
I talk a lot about sacrifice and how you need to be willing to give up certain things so that you can work hard and give enough time and effort to your own success. I talk a lot about giving up hobbies and social time, but that only goes so far. You need to do things outside of trading and you need to have a life outside of trading. Why? Because you need balance in your life to be a better person and you need to have something that is worth trading for. Whether it is buying that sports car you've always wanted or moving into a dream home with your spouse, you need to have things that motivate you outside of the trading world. Every time I hear a new student success story and how they have been able to change their lives after trading, I always remember the importance of this balance.
Soak it All In
Building wealth, whether it is through trading or being an entrepreneur, is a process. It takes time and it takes a lot of steps. One of the many things that my students have reminded me of in the past is just how important it is to soak it all in and enjoy the process. When my student Connor recently gave an interview, he talked so much about how he loved trading. It is a process, yes, but it is still a passion, so soak it in and take advantage of the fact that you are able to do something on your own, and make your own money with your own rules. It really is a beautiful thing.