As I now have several millionaire students and reduced my losses BIGTIME as of late (see all my trades HERE...this is why transparency is SO key to teaching), I've gotten better at teaching and trading and one of the hardest lessons I see students having problems with is that sometimes the best trade is no trade at all.
Students ALWAYS want to put their money to work, buying, selling, shorting, but at least doing something so they feel they're working hard and eventually hard work pays off, right?
Not in the stock market, sometimes you NEED to stop trading entirely and just stay 100% in cash and chill...you might think your money isn't working and you're not working hard, but trust me, it's EXTREMELY difficult to just sit back when you have tons of opportunities and do nothing because there's no great stock trade at the present moment.
Doing nothing at all, having patience and waiting for the best setups like THESE great shorts and THESE great setups is hard, but its required unless you want to be part of the 90%+ of traders who lose and crave action all the time and give into their addiction and go nowhere in life...don't be a scalper, don't aim for small gains just to make your day more exciting, you're better than that.
Use slow days in the market to study tons of videos, here are 500+ free ones and increase your knowledge so you can be better prepared when good plays inevitably do show themselves in a few hours or days.
I didn't take a trade for the last 6-8 weeks. I am just starting out and when i was trying to become the next Gordon Geko i got hammered. now i'm just trying to follow your steps and stay away from poor set ups. Although i feel like a pussy sometimes i get your point. I understand now that this is a marathon and not a sprint so i will keep my money safe and keep it real. Thank you for all your teachings and all you do. Greatly appreciated!!!
First ever trade I made I immediately lost ($28) but luckily also got out immediately... I have to admit I traded just because, just because I hadn't made a trade before, just because I wanted to be part of it, just because it itched ... all the wrong reasons obviously. Back to school and study the past, the charts !!
Tim is so right! I stopped trading mid October when I was forcing trades. I'll be back soon. Make money every week is my goal when things are good. When bad hit sidelines.
yeszir
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