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Categorised in: Trade Penny Stocks
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Successful traders each have their own style and their favorite setups. No two traders do things the exact same way. There’s no secret formula. Find what works for you, then exploit it.
In this video, my top student Tim Grittani and I discuss his journey to success. We cover his favorite strategies, biggest losses, perspectives, and advice that helped him experience massive success.
Many of you may be familiar with Grittani’s story. He started with $1,500 and turned it into $6.7 million in profits.* It didn’t happen overnight. He worked long and hard to find success and it paid off — literally.
He joined my Silver alerts in February 2011 and didn’t make his first trade until May 2011. He spent months studying before he even made a trade! Even so, it took him months before he started seeing good results. Eventually, he joined my Trading Challenge.
“Learning from other [successful] traders is important [because] you have to piece stuff together to find what works for you,” Grittani says. “You evolve, adapt, and see what feels right over time.”
Most beginner traders have a similar mentality: Make more money, faster.
It’s difficult to understand that there are ways to make money that have good odds and the opposite. You think that you need to be aggressive, but that’s not true. That perspective could even hurt you.
So how do you figure out what works best for you?
Grittani says every trader should keep a journal of their trades. Track how much you made or lost; the date; the ticker; and the setup you were trying to trade. You can look back at your trade history and pinpoint which setups work best (and worst) for you.
“I focused on just the two [patterns] I was best at,” says Grittani. “I would go two or three days without making a trade, but when my pattern came along, I was ready and I attacked.”
You continue that process over and over again with different setups. Acknowledge that the market will change and you will evolve as a trader. Learn what works, stick with it and push it as far as you can.
Grittani also believes his perspective helped him to succeed. He didn’t go in with a goal to become a millionaire. He just wanted the freedom this career brings, financially and timewise.
You can’t rush education or success. Take it one day and trade at a time — and only trade what you can afford to lose.
When it comes to trading, Grittani’s mentality is, “Every stock is a grenade and I better get rid of it before it blows up in my face.”
Two things Grittani is known best for: his spreadsheets and cutting losses intelligently.
“There’s this conception out there that if you take a loss you did something wrong. And that’s not true … sometimes setups just don’t work,” Grittani says. “There are different ways to take losses, and some can be good. That can be difficult for new traders to understand.”
It’s easy to get discouraged, but education and preparation can take you far. The rules don’t change. We may refine them or follow them better, but rules stay the same.
Discipline and preparation are key in this industry. We can teach you the rules. We can teach you the chart patterns. But ultimately it’s up to you to take all this in and put it into practice.
Do you have the determination and dedication to succeed? Leave a comment below and tell me if you want to be my student and how dedicated you’ll be.
Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I’ve learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*
—————————————————————————————————————-* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here: https://www.timothysykes.com/terms-of-service/