If you want to make millions in the stock market, it is important to realize that this will not be an easy feat. It takes a great deal of time and effort in order to reach this type of milestone. It is something that I have worked hard to accomplish and something that I pride myself on helping others accomplish as well. When my top student, Tim G., reached a major milestone and passed $3 million in trading in his fourth year, I know that others would want to learn how he reached this major milestone. This inspired me to make a list of some of the top keys to making millions in the stock market. While everyone undoubtedly has a different approach to making their millions, these are some of the best ways to start making your fortune.
1. Never assume that trading is "easy" money. Just because you aren't technically working towards a paycheck, it doesn't mean that you aren't working for your money. Trading isn't easy, if you want to make a lot of money, it is never going to be easy. It will take work and sacrifice and you need to be ready and willing to make that sacrifice if you want big returns. If you go into thinking this is easy, free, or bonus money, you won't ever be as successful as you want to be. Start with the right mindset and the rest will follow.
2. The first thing to do before you make a trade is to know your risk level. If you know how much risk is involved then you can make a smart, informed decision based on this risk.
3. Never Chase Trades. If you make it a habit to chase trade alerts, you are just going to start running around in circles, and your account won't last long. Don't be tempted by these alerts. Ignore them and put in your own work instead, it will only pay off in the end.
4. Do not let fear drive you. There will be some risks involved with trading. They may be calculated risks, but they are still risks and you can't let these risks scare you. Don't be afraid to lose. Everyone will lose at some time, you just need to be able to control your losses and remember, there is nothing to be afraid of.
5. Always learn from your mistakes. You can read everything you want and do as much studying as possible, but if you can't learn from your mistakes then you aren't really learning anything. There is no better way to learn what works and what doesn't than to evaluate the mistakes you made and look at why they turned out to be mistakes.
6. Give yourself a break. It is a lot of work to trade, especially if you are doing it full time. It takes so much mental focus and it involves a lot of stress. You need to be able to give yourself a break from time to time and take some time off to yourself. If you don't take some type of vacation, even a staycation all of this work will start to catch up to you and you can start becoming seriously overwhelmed.
7. Never stop improving. No matter how much you have made or how far you have come, you are never done learning and growing. The moment you think you know if all is the moment that you will start to fail and stop getting better. Once you reach one milestone, set the next one and always be educating yourself so you can be the best version of yourself possible.