Your goal as a trader should be to become one of the 10%. It’s a known fact that 90% of people lose money in the markets, and I don’t expect that to change anytime soon.
I help my students enter the elite. Those who wanted to make money could if they were willing to learn.
Now I’m going to share my top four millionaire trading tips with you, so now you can become a 10% trader.
It’s Okay to Go Slow
In fact, I recommend it. Going slow is ultimately what will help you to learn, reflect, and grow. Everyone wants to jump in and feel like a real day trader. And, as we know, they nearly always lose money.
One example of trading stupidity and moving too fast is the Reddit Wall Street Bets feed. These people tend to take wild gambles to win big. Early last year one trader spent his last $250,000 by betting it all on Apple. Apple had one of its best days in a long time.
Stupidity.
Learn, take it slow, and grow the right way. Stop chasing those quick gains.
Learn and Evolve
Trading changes all the time. You can’t learn a successful strategy and keep using it every single year. There are principles you must adhere to, but these are the basics any self-respecting trader should know.
You must be able to evolve with the times as the trading environment changes.
Most of my students spent up to 16 hours a day learning and monitoring trends. They’re not trading they’re studying. That’s why they become so successful later.
And even after they start making money they don’t stop learning and evolving.
Stay Cold and Calculating
How many times have you seen people getting cocky in trading, or anything?
Ashley Revell was a British gambler who sold everything he owned and put about $136,000 on one spin of a roulette wheel in Vegas. He won, but as stupid as the bet was he didn’t let it ride and he walked away. Other gamblers weren’t so lucky, such as William Lee Bergstrom, who would later go on to commit suicide.
My point is that you must always stay cold. Don’t let big wins and losses depart you from your defined trading strategy.
Patterns Always Repeat
My final piece of advice is to track the trends regularly. Always keep in mind that history always repeats itself sooner or later. Monitor patterns and track how often those same patterns repeat themselves. This is the closest you’re going to get to predicting the market and seeing the future before it happens.
This is an ongoing process and you should keep a database of patterns and trends. The more you know about the past the more you know about the future.
Last Word – Beating the Markets
Don’t let anyone tell you it’s impossible to beat the markets. If you’re always willing to learn and you stick to your trading strategy you’re putting yourself in a tremendous position for success.