Nothing gives me more gratification than {among} my Trading Challenge Students hitting that whopping $100k mark** (or, {in some instances}, like this {which}, {a lot more})!
{As the} strategy I teach aims for singles, not home runs, {the main element} is having {plenty of} little gains {accumulate} over time {in order that} {once you} make six, or seven, figures, it’s {not just a} fluke. It’s {an extremely} meticulous strategy that’s {about} trading {just like a|such as a} sniper {when i} outline here. And, {if the} student begins with just $1,500, {such as this} guy, or $27,000, {such as this} guy {and maybe even} $50,000, {such as this} guy, {once you} {figure out how to} grow your account exponentially, it’s ALWAYS {the consequence of} {plenty of} testing, studying, {attending to}, {effort}, perseverance and…lessons learned.**
Download {the main element} points {of the} post as PDF.
And, when my students win, I win and together we inspire {another} Trading Challenge Student to either {enter} the game, {intensify} their game {a little} or simply {obtain the} proper mindset with {an absolute} and positive attitude…no negativity or BS allowed {nowadays}.
So, just weeks {when i} announced that this dedicated student had passed $100,000 in profits, meet my latest six-figure profit Trading Challenge student, Roland, a dedicated student who just hit $119,000 in trading profits, every trade detailed here.**
I asked Roland {to talk about} {around} 10 basic lessons that helped him {to access} $100k, {therefore the} rest of {you can observe|you can view} {the road} and hopefully {abide by it} with {several} tweaks {of your}.**
{This is exactly what} Roland {developed} and I’m hoping you’re {attending to} because these lessons are SOLID:
#1 Put Your Education First!!!!!!!!!!
Before entering {the marketplace} and risking your hard-earned money, {it is critical to|it’s important to} {spend money on} your education. {It really is} {very easy} to {belong to} the trap of {attempting to} just jump in and trade, as {you’ll find nothing} {to avoid} you from opening a brokerage account and trading.
Unfortunately, without first gaining {the required} knowledge on {all the} different variables which determine whether {you may be|you will end up|you can be} consistently profitable, your {likelihood of} success are slim to none ({understand that} {most} traders lose). {It is best} {to understand} from the mistakes of seasoned and successful traders than to {allow} market {educate you on} those lessons the hard way.
#2 Be Disciplined!!!!!!!!!
As a trader, you {haven’t any} one {letting you know} {how to proceed}, or {how exactly to} do it. {Due to this|For this reason}, {it requires} an enormous {level of|quantity of} discipline {to see} success. {You must have} the discipline {to review} and prepare, late {in to the} night and {morning hours} {sometimes} (weekends included). {You must have} the discipline {to hold back} for {the correct} trade opportunities, cut losses quickly {also to} control your impulses. Trading is hard, but being disciplined {will provide you with} {a far greater} {potential for} succeeding {over time}.
#3 Patience!!!!!!!!
Patience {is really a} virtue, {in fact it is} {an absolute} necessity {in all respects} of trading. {It requires} patience {to obtain} {by way of a} difficult learning curve, {filled with} losses and setbacks. {In addition, it} to takes patience {to hold back} for {the proper} set-ups, {and} after entering a trade, {to provide} it {the correct} {period of time} {to build up} (if the chart and price action permit). I still {have a problem with} this {sometimes} but am {spending so much time} on exercising patience, {particularly when} it {involves} respecting my risk levels.
#4 {Shoot for} Self-Sufficiency!!!!!!!
{Learning to be a} self-sufficient trader {should be} one your first goals. I admit {that whenever} I first started trading, {I’d} impulsively buy Tim’s picks, {despite the fact that} he specifically said {never to}. My results {with this particular} ill-advised strategy were terrible, and I learned quickly {never to} do it. {Rather than} {looking to get} hot picks, {you need to} really be {concentrating on} {how exactly to} identify potential runners {by yourself}. {It is critical to|It’s important to} {shoot for} self-sufficiency {also to} develop {the abilities} that will {offer you} longevity. {You should understand} {you’re} on {your path} {if you are} {in a position to} identify set-ups and good trade opportunities, {minus the} assistance of a guru or chat room.
#5 Cut Losses Quickly!!!!!!
{That is} Tim’s #1 Rule for {reasonable}. {There is absolutely no} sense in letting one loss {get rid of} weeks or months of gains. {Which can be} demoralizing and debilitating {for just about any} account, large or small. Cutting losses {could be} difficult, as {nobody|no-one} likes losing or admitting {they are} wrong, myself included. But, {I’ve} always taken this rule to heart and {continue steadily to} cut them {as fast as possible} (sometimes {prematurely}). I’d rather cut my loss {prematurely} and {visit a} stock rip back up, than not cut at all {watching} it tank. {Having difficulty} cutting losses? Try closing your eyes {when you} sell or cover! {This can be} #5 on my list, but it’s #1 when I trade.
#6 {Secure} Profits !!!!!
Locking in profits goes {together} with cutting losses quickly. Trading {could be} difficult, {if you} {end up} in {an absolute} position, {make sure to} take {increases in size} {when you} can. I can’t {let you know} {just how many} times (especially {in early stages}), I was {through to} trade, but wanted the Grand Slam home run {and} watched as my profits diminished to nothing. Since {concentrating on} hitting singles, my results {have already been} so {far better}. I {shoot for} singles and {secure} profits early. This then allows me to {be more} patient and less emotional with any remaining shares that I {opt to} {store}. {It really is} {easier} to trade with house money, than {your personal}!
#7 {Concentrate on} Preparation!!!!
{Much like} any profession, good preparation {could possibly be the} difference between success and failure. Trading {is not any} different. I used {to obtain} up {half an hour} {prior to the} market open, stumble to my computer {and}, with one eye opened, {make an effort to} get my bearings and see what’s “hot.” My results {throughout that} period reflected that clear {insufficient} preparation. I now spend {a long time} a night researching, studying and devising plans for possible trades {each morning}. I then {awaken} hours {prior to the} market open, review my plans and {I’m} ready for {regardless of the} market throws at me {prior to the} bell rings. Preparation is key {and contains} certainly been {an essential} {section of} my success {around} {this aspect}.
#8 Stay Humble and {Wanting to} Learn!!!
Though I’ve experienced {a little bit of} early success, I still look at trading {as if} I was {a whole} novice. This keeps me humble and hungry {to understand} {just as much as} I can, {normally} {when i} can. {We have been} truly lucky {to possess} so much information at the tips of our fingers, particularly {within an} environment like Profit.ly, and in the Trading Challenge, where {we have been} fortunate enough {in order to} {study from} elite traders like Tim Sykes, Tim Grittani, Michael Goode, Steven Dux, and Mark Croock. {Make the most of|Benefit from} it!
#9 {There is absolutely no} {SECRET}!!
The markets are constantly changing, {in order} traders, {we should} also change to {adjust to} market conditions. {It really is} so {vital that you} {continue steadily to} evolve {and prevent|and steer clear of} being reliant on {anybody} strategy. {I’m} continuously {searching for} strategies and set-ups {that may|which will} give me {an advantage} in all {various kinds of} market environments. Trading {isn’t} {a precise} science, so don’t {address it} {as though} it were.
#10 Attitude is Everything!
{I really believe} this to be true in {whatever you} {opt to} do in life. With {the proper} attitude, anything {can be done}. {I believe} this {an exceptionally} overlooked quality {to possess}, especially {being an} aspiring trader. {An excellent} attitude and mindset {can help} {allow you to get} through the difficult times, {and can} also keep you humble through {the very best} of times. {It’ll} give you {the opportunity to} shrug off the bad trades {also to} {study from} them, {instead of} morbidly obsess about them. {The correct} attitude {can help you} cut losses or take profits if {you need to}. {It’ll} get you {during that} last hour {lately} night weekend study and analysis. {You might not} {have the ability to} control the markets, {nevertheless, you} can control your attitude, and ATTITUDE IS EVERYTHING.
WOW, how awesome of a guest post was that? Please leave a comment below and congratulate Roland, {not only} on his trading profits, {but additionally} on his knowledge and attitude, {that you can} clearly see throughout {this website} post is solid.
So, congratulations and thanks again Roland, for sharing what’s made you successful and for {increasing} the ever-populated Trading Challenge Student pool {together with your} $100k+ in trading profits.** We’ll be watching {for you personally} {once you} add another zero to {your earnings} as is inevitable {once you} keep grinding {each day} and {keeping} this positive attitude/work ethic!