"I'll take my account from $1,000 to $6,000 in 3 months!!"

That was my first thought when I started studying pennystocks and day trading 60 days ago. 

My results so far?

• 27 Trades
• I am -$852 Overall
• 8 Winning Trades
• 19 Losing Trades

Now at first glance that looks like a failure and loss. My friends are pretty good at reinforcing that for sure.... lol.

BUT, despite not making money over the 60 days, losing a majority of my trades, and having people around me question why would I day trade... I have learned a SHIT TON WOOT WOOT!

Every single trade I learn something new, and the more that I learn the more comfortable I feel in each trade.

However even though I learn something I am also constantly reminded of old lessons as well. Recently I took a big loss due to completely ignoring the number one rule of cutting losses quickly.

When you hear the rule " cut losses quickly " you might just nod your head and say " yeah of course I would cut losses quickly, that makes sense".

Unfortunately common sense is very hard to make common practice. 

When you get into the game with REAL money you start to get emotionally involved, your adrenaline shoots up and im sure a certain level of cortisol along with it. 

I believe that learning to control that emotion and being level headed is truly the first lesson.

LESSON #1 : Control Your Losses and Emotions AKA " Cut Losses Quickly Mo Fucka"

I am not going to dive terribly deep into these lessons but I will share hopefully insightful things with you. 

Recently in order to follow this number 1 rule I have been entering a trade and using either support or a 5 cent mental stop as my risk level. This has worked for the most part.

The times that it doesn't work is when I leave the computer to go on a morning walk and I'm still in a trade. Those situations have been my biggest losses, because I am hoping that when I come back Ill magically be up on the trade and be able to exit with a nice profit.

The reality is that these stocks move fast and if you enter a trader I recommend watching that little fucker like a starving hawk!

LESSON #2: Your In This For The Long Haul

I used to play college football for the University of Idaho. I did not get to the college level of sports by showing up to practice for a few months then throwing up my hands in defeat after I hadn't caught a touchdown pass or ran a 4.6 forty. 

NO.

What happened is that I sucked giant balls at football at first. Then after showing up day in and day out, training to get stronger and faster day in and day out, and watching film of the pros day in and day out I began to get progressively better and better.

That is the mindset I am approaching trading with, I am in this for the long haul. I plan to give this at least 4 years then judge if I am successful or not.

That's honestly how you accomplish anything great in life. Focus on the long term game and the little losses or gains here and there won't get you too rild up. 

LESSON #3: Study Multiple Traders and Treat This Like a Full Contact Sport

This is going to go with the last lesson but if you want to be great at this then you need to study multiple people's techniques and philosophies. 

This is UBER important 

You need to pull the best of the best strategies and mindsets from top traders who are crushing it! The only reason I feel remotely qualified to talk about this is because of the fact I reached a high level in sports.

The only way I did that was studying and PRACTICING other peoples strategies and mindsets. I believe that no matter what skill or "thing" you are trying to learn there are a set of principles you HAVE to follow.

1. Find multiple mentors and multiple strategies.

2. STUDY STUDY STUDY PRACTICE PRACTICE PRACTICE

3. Or as Arnold schwarzenegger says, Reps, Reps, Reps.

4. Look at the long term aspect of your goal, at the VERY least 1 year. NOT 3 months.

These are essential whether you want to become a world champion in underwater basket weaving, college footballl, or a 5, 6, or 7 figure trader.

 

I know this whole post was alll over the place but I wanted to throw out some ideas for people and see if anyone can relate or find value in this! 

Let me know what you think if you find this party people! 

Thanks

Namaste :)