Recently, I’ve been blogging {concerning the} {issues that} my students have, {when i} did in {this website} post “A Controversial Problem That {WAY TOO MANY} Of My Students Have” which tried {to obtain} students to be less narrow-minded {within their} {methods to} various strategies and my {post} entitled “{IT IS A|THIS CAN BE A} Big Problem” that outlined {a few of} th fears that cripple {way too many} students {and stop} them from achieving all {they are able to} and becoming my next Millionaire Trading Challenge student.
Download {the main element} points {of the} post as PDF.
Today’s problem is exemplified nicely by this video {I simply} posted:
…where the penalty kick looks {to possess} missed, {that leads} the goalie to celebrate {prematurily .} and leave {the web} undefended {even while} the ball slowly trickles {back} and scores {the target}, much to the surprise {of everybody} in the audience.
Likewise, in the {currency markets}, newbies often celebrate their wins {much too} early and “leave {the web},” or {in this instance|in cases like this}, just leave their position open, mistakenly believing that they’ll keep winning {increasingly more|a lot more|a growing number of} whereas the veteran athlete knows the play isn’t over {before} whistle blows, no {not the same as} how veteran traders know a trade isn’t over {and soon you} exit {the positioning} safely.
And, {we are able to} take this video another way {for the reason that} {the ball player} who struck the ball is devastated by his “miss” and only {because the} ball trickles in does he realize {he’s got} actually scored…and since {this is} a penalty kick, {there is} really nothing else for him {to accomplish}. But, {all too often} athletes, and traders, {quit} mid play, or mid-education, thinking the worst and lowering their {probability of} eventual success.
{YOU NEED TO} READ {THIS WEBSITE} POST “{AN INTEGRAL} Trait {YOU HAVE TO|YOU SHOULD} {TURN INTO A} Millionaire” {to understand} that great success and “winning” {does take time}, sometimes even years longer than you initially believe, {yet} it’s ALWAYS POSSIBLE WHEN YOU’RE STILL IN {THE OVERALL GAME}.
The single greatest mistake {you may make} is letting {anybody} play in sports, or {anybody} trade in the {currency markets}, take you out of “{the overall game}” {in order that} {regardless of what} happens you cannot {become popular again} since you’ve already quit.
I can’t {let you know} {just how many} Trading Challenge students have messaged me {a couple weeks}, {or perhaps a} {couple of months}, {to their} journey {convinced that} they’ll {never really} “{ensure it is},” {as the} studying {is merely} so much and {for reasons uknown} they’re not making {the amount of money} they thought {they might}, despite {investing in} so much {effort and time}.
{I usually} remind them {that} famous trader, profiled on CNN here, “Trader turns $1,500 to $1 million in {three years}” took 9 months {never to} {turn into a} millionaire, but 9 months {merely to} be consistently profitable…and {he’s got} arguably the single best {background} in {the whole planet} {previously|during the past} 5-6 years!
So, if {the very best} trader takes 9 months {merely to} basically {learn to|figure out how to|discover ways to} win {just a little} {rather than} lose, {just how long} {do you consider} it’ll take you? Watch this great Q&A {I did so} with him in Bali {to obtain} some awesome answers {also to} {provide you with a|offer you a} better perspective on the journey that you’ll {have to} {ingest} order {to reach your goals}:**
No {not the same as} the goalie not realizing the ball could still score and running off to celebrate {too early}, {way too many} students “leave the playing field” {too early} {because they} mistakenly put {an excessive amount of} {focus on} their short-term performance, not realizing {that you’ll require} knowledge and experience {Before you} make outsized gains, and the knowledge-gathering process {isn’t} fun, but it’s {essential to|imperative to} your {long run} performance and sustainability.
{I understand} {too many} gunslingers {who’ve} had short-term success, but {minus the} proper preparation or education in learning {how exactly to} manage risk and their losses, {plus they} {inflate}, losing 50%, 75%, even 100% or 150% {of these} money…which begs the question {how can you} lose {a lot more than} 100% {of one’s} money?
Easy, you {get into} debt {and} {you borrowed from} your broker money, {as your} {balance} can’t {match} your losses – which {pertains to} many newbie short sellers who think it’s okay to just short and short and short every penny stock that’s up {just a little} {because of their} poor fundamentals {and} those newbies shorts {not merely} lose everything, they lose everything {they will have} {and much more} and only then do they realize my lessons about trading {just like a|such as a} coward {really work} and keep you in {the overall game}.
Here’s {an excellent} video lesson about trading {just like a|such as a} sniper, {where in fact the} mission {would be to} aim small, miss small…NEVER risk {a large} losses, NEVER risk disaster on any on trade or investment:
So, {I am hoping} today’s {post} helps you {execute a} few things – and please leave a comment {beneath the} post and tell me if I’ve succeeded or not:
1. NEVER GET COCKY…in sports or in the {currency markets}
2. NEVER CELEBRATE TOO SOON…in any {facet of} life
3. NEVER QUIT TOO SOON…as the journey to excellence, success and lasting wealth is long
4. NEVER {BELIEVE THAT|BELIEVE} THE JOURNEY {WILL LIKELY BE|WILL PROBABLY BE|WILL BE} EASY {IN VIRTUALLY ANY} COMPETITIVE FIELD…try to picture {just how many} failed athletes, failed traders, and failed startups {you can find} in the world…in each field, there’s {just a few} true greats and luck definitely plays {a component} {within their} success, but if there’s {a very important factor} I’ve learned from {my very own} journey, and success, and the success of my top millionaire trading challenge students, is that {when you} can’t control how lucky you’ll get, the harder you work, the harder you prepare and study, the luckier {you obtain} {as time passes} as practice makes perfect {even though} {you won’t ever} be absolutely perfect {in virtually any} field, especially as a stock trader, your process gets better {and much more} refined {as time passes} {therefore the} key is sticking around in the field that {you like} and grinding and hustling {each day} until you {look for a} strategy that feels right and works consistently…and {even though} you find {that certain} strategy or have {that certain} big success, never get too comfortable as there’s always {another person} {who’s} hungrier than you {seeking to} dethrone you so {stick to} your toes {all the time} and never {give up} the {imagine} the past, {you need to} fight {merely to} keep them alive!