One thing I have to constantly remind people of is that trading is NOT a get-rich-quick scheme.
In fact, most new traders turn it into a lose-money-fast scheme.
There’s one thing you MUST do if you want to become a successful trader.
It’s priority #1.
But a lot of people (including some students) hear it and STILL break the rules.
Only then do they remember that I warned them.
What is it?
Pay attention…
Successful Traders Survived the Learning Curve
You have to survive the learning curve if you want to be a successful trader.
Keep in mind that a lot of my millionaire students STILL blew up their first account.
Some blew up their second (or even THIRD) account.
I encourage you to start small, trade small and lose small.
You might not listen to me.
A LOT of traders have to learn the hard way first.
So, I’ll repeat it now:
You’ll probably blow up.
Remember, I warned you (but I have to give these lessons).
The question is…
Will You Lose Small, or Lose It All?
If you take big losses in the beginning, your confidence is all messed up.
Your whole journey is messed up.
So, I repeat…
Will you lose small, or lose it all?
Pay attention to these three things that I’ve said probably thousands of times:
1. 90% of Traders Lose. The smart way to become one of the 10% is to survive the learning curve by trading small (and losing small).
2. It’s a Marathon, Not a Sprint. There’s time. But there’s no better time than now. If you accept that you don’t have to win big right away, there’s potential to win big later. (This is NOT a guarantee.)
3. Follow Rule #1: Cut Losses Quickly. It’s obvious once you get it. Sadly, too many traders blow up an account first. You don’t have to do that if you cut losses quickly.
Millionaire Moves
Recently, I sat down with millionaire student Mari to talk about her journey and how she’s started teaching now.
Source: Millionaire Media
Mari Hincapie with Jack Kellogg trading in Positano, Italy.
Here’s what Mari had to say about surviving your learning curve:
“It’s so important to understand how volatile these stocks are.
Because a lot of people start out with a small account and then they think they have to go all in to make $200, $300 or $400.
But the point is not to make any money. The point is to not lose so big that your account gets wiped.
Because once your account gets wiped, you might not be able to keep going. Or maybe you lose motivation.”
Mari is EXACTLY right. The goal is not to make money at first. Protect your account so you have the chance to improve.
Speaking of protecting yourself, here’s an interesting update…
Find Your Formula
I’m just a glorified history teacher, and this is another example why…
Do NOT ignore the warnings of history.
One of the dumbest things people say (or write) about the market is “this time is different.”
No, it’s not.
This is yet ANOTHER reminder about surviving your learning curve and NEVER falling for BS.
Do you want to know HOW to survive your learning curve?
Aside from not blowing up, trading small, and cutting losses quickly, you have to know what to trade and how to trade it.
In other words…
Find a formula that works and follow it.
If you have any questions, email me at [email protected].
Cheers,
Tim SykesEditor, Tim Sykes Daily
