One of the best ways to create the life of your dreams is by trading.
That said, you can’t just throw some money at the market and hope for the best. There’s more to it than that…
Your trading success is determined by your approach and the actions you take – or don’t take, for that matter. That’s why I want to show you the steps you need to take to become a great trader.
Today marks the start of a brand-new, four-part Power Profit Trades series. I’m pulling aside the curtain and showing you exactly how to build an abundant, stress-free life.
Over the next four weeks, I am going to detail the most important steps to trading mastery. By the end, you’ll have all the knowledge you need to start trading your way to the life you’ve always wanted.
And that’s not all…
I’m going to give you the chance to put that knowledge into action with an opportunity to double your money at the end of this four-part series.
So, let’s get to it.
To become a trading master, this is the first step you need to take…
Envision Your Way to the Trader’s Life of Your Dreams
The New York Yankees’ All-Star Catcher Yogi Berra had it right when he said, “If you don’t know where you’re going, you might wind up someplace else.”
That’s true for trading… heck, it’s true for life!
If we put it into trading terms, Yogi’s quote means that there is little chance of trading success unless you’re crystal clear about exactly what that “success” will look like for you.
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You need to envision a trading plan. I’m talking about trade types, time spent trading, and the amount of money you’re putting into your trades. Then, you can think about what you’re going to do with the profits to create the life you want.
At the foundation of your success is what I like to call your “Big Why.” Think about why you want to trade – knowing the answer to that question is critical to your success, because it will supply you with an endless supply of motivation.
You may have heard the saying, “Your why should make you cry.” The reason behind your actions should touch your soul and fulfill what you really care about in life!
Saying that you simply want to make money can’t be your “why.” Everybody wants that.
Maybe you want freedom from an unfulfilling job. I know a little something about that one – I worked a grueling 70 hours a week at Home Depot before I started trading. Maybe you want to spend more time with your family. Travel the world. Pursue philanthropic causes. Follow a religious or spiritual calling.
There are many different reasons you may want to start trading. The list goes on and on, but finding those reasons specific to you is the first step toward success.
Before you start your day, perhaps on a weekend morning, find a quiet spot and simply forget about life as it currently is. That gives you a blank slate to choose the life of your dreams. Don’t hold back – be bold, be childlike, be free. Don’t worry about the “how” just yet. We’ll get to that, but for now, write it all down. Use declarative language, and avoid the word “want.”
Your choices are limitless here! Here are some areas you can look at…
- Family and Relationship
Now, let’s dive into number seven. When it comes to finances and trading, we want to get specific.
Plan out your trading day – and get descriptive. Think about how much time you want to spend each day trading, and during what hours. Consider how much money you’re able to trade with, and how much money you want to make each day, week, and year.
It’s important to keep your complete trading vision fresh in your mind. Write it down, and rewrite it every single day. Better yet, you can even build a vision board full of pictures that generate the emotions of your vision fulfilled, and keep it in a place where you’ll see it often.
Because really, by the time you’ve created a full vision in your mind of the kind of life you want, you’re going to feel some emotions. Feel them fully! Emotion is the gas that will fuel you to fulfill your vision.
That said, you want to make sure to check your emotions at the door when you actually get down to the nitty-gritty of trading.
When you’re envisioning the life of your dreams, you want that emotion to act as motivation. But when you’re trading, focus on rules and patterns, not fear or hope.
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Next week, I’m going to show you exactly how to take the emotions out of the trading process. I’ll tell you the second step to trading success – rules-based trading and the discipline behind it.
If you want to become a great trader, then you can’t miss it. Make sure to stay tuned!
Now, before I go, I want to introduce you to a new feature I’m adding to our regular issues. I’m calling it “From the Mailbag.”
Each week, I’m going to answer a handful of questions from readers just like you. Make sure to keep checking your inbox to see if your question was answered! Now, let’s dive into our first round…
From the Mailbag…
Reader: Tom, I just want to say THANK YOU for all the insight you bring us every day. I love reading your emails. I have a question… I know that you’re not fond of following big trends… but are there ANY that are worth pursuing and investing in right now?
Tom: You’re right… I usually don’t like following what everyone else is doing. All too often, by the time you get in on a “trend” the big guys are already way ahead of you. However, there is one hot market I’m looking at right now… stay tuned for your next issue to see what it is.
Reader: What got you into trading? Did you go to school for this stuff?
Tom: Getting into trading was about having a need (in my case, wanting more income for myself) and having the grit to teach myself everything I know. I actually started out my career as a shelf stocker in the 80s at a then-small company you might have heard of… Home Depot.