3. Define your risk ahead of time... then don't freak out. Here's a common mistake I see that scares a lot of people off. They make their first trade, and, inevitably, it goes down. They see their trading account in the red, and they get scared, freak out, sell at a loss, and then never try trading again. I know the feeling. It happens to everyone. But if you define your risk ahead of time, you won't freak out. Say you buy $500 worth of Nike. Right away, you should set your total downside risk at something you're comfortable with - say, 20%. If your $500 worth of Nike goes down to $400, you're out - no questions asked. This tip eliminates making trading decisions based on emotion, which already puts you well ahead of every other new trader. 4. Never ever (ever, ever, ever) second-guess taking profits. When it comes to taking profits, you're always going to find yourself with an angel on one shoulder and a devil on the other shoulder, each talking in your ear. The angel is saying, "Don't be greedy. Take your profit and be smart." But the devil is saying, "You idiot! You're leaving money on the table. Hold for more!" Luckily for you, I have a solution. Whenever you find yourself with this dilemma, sell half. This locks in profits, and it still allows you to be in for any further possible upside. It's the best of both worlds. 5. Find a trading community. This is the very best way to learn how to make money day after day. I can tell you firsthand, for me, nothing was more powerful than a group of people all making money together. Let's face it - sometimes trading can be a pretty lonely game. If you're at home trading the markets and you hit a big winner, all you can do is fist-bump yourself and then give air high-fives to your imaginary trading partners. That sucks the joy out of winning. But if you have a community of traders all winning together, it's one of the most powerful feelings in the world. YOUR ACTION PLAN Trading isn't a sprint and it's not a marathon either. It's a game that never ends. And these five rules help you stay in that game long enough to get good at it. But here's the thing... Once you've got these fundamentals down, you're ready to see how the pros actually trade. And that's exactly what you'll get during our 2,025 GOLDEN WINNER OPEN HOUSE - one full week of live trading in The War Room, our elite trading community, completely free. CELEBRATE WITH FREE LIVE TRADES ALL WEEK! June 23 - 27 (9 am to 4 pm) We're challenging ourselves to hit 20 winners and maybe even an overnight double during this week of free trades. The War Room has logged over 112 winners in just the first 6 months of this year, including 192% overnight and 242% in four days. You'll see every trigger, every setup, and exact entry and exit timing. Plus daily training sessions and live debrief sessions with me and my partner, Karim Rahemtulla, on Wednesday and Friday. Click Here to Reserve Your FREE Spot. Because the difference between traders who make it and traders who don't comes down to following proven rules and learning from people who've been there. |
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