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This coming weekend I’ll {involve some} awesome new {currency markets} rules from my newest millionaire trading challenge student, Mark Croock, who just passed $1 million** {a couple of days} ago, see all his trades here (unlike {the countless} fakers who pretend to be rich by posting {several} screenshots, we {prefer to} prove how we’re real by showing EVERYTHING publicly and I encourage {one to} FORCE others {to accomplish} the same…and {should they} make any excuses just realize they’re {filled with} it {exactly like} {way too many} people in this industry are!)
I’d appreciate you congratulating him on {social media marketing} and in chat since Mark works {so difficult} mentoring other Trading Challenge students too! {This is} {a couple of months} {when} we celebrated his 36th birthday with courtside seats at the Spurs/Warriors game and we also had dinner with {the best} Spur of all-time, David Robinson, as Mark {is really a} diehard Spurs fan, so {take a look}:
Download {the main element} points {of the} post as PDF.
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Recently, I also asked Mark for his 36 best trading rules, so here {they’re} {alongside} some added notes by me. Memorize them, as Mark {has} made $1 million {in only} {several} years**and he was Student Of {THE ENTIRE YEAR} in 2016 as you might’ve seen here:
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Mark has been {improving} and better at trading {and be} {among} my top millionaire trading challenge students lately as he’s been averaging roughly $50,000/month** from trading {very cheap stocks}, {as you can plainly see} here, {therefore i} would {focus on} these rules {easily} were you.
1. {Study from} a mentor with {a successful} {background} like Timothy Sykes. (join the Trading Challenge, since {there are many} successful traders there now mentoring students {with unique} video lessons, alerts, and weekly live webinars too)
2. Stay humble – never get overconfident especially {following a} winning trade ({if not} {the marketplace} will humble you next!)
3. Don’t be greedy – take the meat of the move and book profits (don’t {make an effort to} catch {the precise} bottom and top, the “meat” of the move is {plenty of} {to cause you to} wealthy {as time passes})
4. Plan out every trade using risk/reward ({utilize this} planning guide on every trade)
5. Cut losses quickly if the stock goes against you (rule #1 {out of this} massive trading rule list)
6. Avoid trading mid-day (between 11am-1pm est)
7. Aggressively short first red days on pumps (supernovas)
8. {Check} a stock’s float before trading
9. Never short low-float ({significantly less than} 5 million shares) stocks until {they will have} gone supernova (respect day 1 moves, even day 2 sometimes too, even day 3 lately LOL)
10. Take breaks/vacations {every once in awhile}
11. Avoid over-trading/scalping {whenever there are} no great setups
12. {Concentrate on} only the 2-3 best setups {every day}
13. {Make a} nightly watchlist {and appearance} at big pre-market winners too (this new trading tool {is vital|is essential} {in assisting} you do {all this} efficiently)
14. Always search Twitter for individual stocks (using “$XYZ” format) to see what traders {say} (again this tool helps {evaluate} Twitter better, {observe how} here)
15. {Study from} respected traders’ trades, but NEVER follow picks or alerts, {the main element} {would be to} become self-sufficient so don’t train {you to ultimately} {be considered a} follower (bad habits are hard to break {down the road} too)
16. Never blindly follow anyone {right into a} trade – {research your options} first
17. Develop relationships with other traders in the chatroom, but don’t {turn to} trade together, just use other traders for idea generation.
18. {Concentrate on} taking proper position size {to be able to} calculate your risk {therefore} that you’re comfortable on every trade, whether {your situation} size {is fantastic|is excellent} or small.
19. Lend a helping hand to “newbie” traders {wanting to} learn) the Trading Challenge chatroom has really excelled {as of this} {recent} months {when i} outlined here)
20. Fine-tune your trading by pinpointing your strengths/weaknesses
21. Work your ass off to become {section of the|area of the|portion of the} 10% traders who profit
22. Only trade at reputable brokers where {your cash} is safe (insured) (see my {set of} safe penny stock brokers here)
23. Shorting in the afternoon {is frequently} safer {compared to the} morning
24. Morning spikes can {go longer} {than you may} think {because of} short squeezes
25. Most stocks {aren’t} to be traded {because of} {insufficient} edge
26. Master the “7 Step Framework” from Tim’s Pennystocking Framework DVD ({this is actually the} link, watch it and memorize it)
27. Accept that some days {you can find} no setups to trade, you don’t {have to} trade {each day}! ({Actually}, roughly 80% of Mark’s profits {result from} 6% of his trades)**
28. Don’t get {swept up} in hype – 99% of {very cheap stocks} are junk! {Figure out how to} short them {along the way} down and don’t believe management and their BS {pr announcements}!
29. Track your trades regularly in a spreadsheet. ({by using this} tool helps too, duh)
30. Have realistic/tangible goals to {inspire you} and {understand that} big goals {might help} {boost your} daily performance immensly, so {be sure you} study hard and dream BIG (just don’t expect success {immediately} as remember even this great penny stock trader who just passed $4 million in profits wasn’t consistently profitable for his first 9 months!)
31. Never {quit} after losses/adversity – apply those lessons {for future years} and {for the} lifetime!
32. Track your mistakes and {be sure you} {aren’t} repeating them
33. Avoid stocks {that aren’t} liquid and/or not volatile
34. All traders uses support/resistance levels – always look at every timeframe (intraday, daily, weekly, monthly) so you’re not “{at night}”
35. Exercise and {remain healthy} physically and mentally
36. Don’t {burn up} and feel overwhelmed {initially} or ever…you have {your complete} life to {benefit from} the {currency markets}, most top traders and investors {come in} their 40s and 50s and 60s {therefore the} sooner you start studying the quicker {you may get} a leg {through to} everyone else {and that means you|which means you} don’t {need to} make {all of this} money and just spend it on new hip surgery!