“I have never met a man who could forecast the market”
Every guy who aspires to become wealthy has to buy or build money machines that generate passive income and let him earn money while he sleeps. I personally invest my money in the Stock Market; it is a great alternative.
Before you aspire to make any money you need to find out what are the typical errors made by others and then be careful to avoid them…
Most guys that get involved in the Stock Market lose money. But there are some others that have been able to profit in a consistent way. You could have losses in 9 out of 10 trades, and still make millions if you learn the right way of trading.
Two rules you should always remember…
#1. – Never try to outsmart the market. You can’t know, with 100% certainty, what the market is going to do, or when, the good news is that you don’t have to know to have a profitable career as a trader. Trading is a game of odds and your job is to keep the odds in your favor.
#2. – Cut your losses short, and let your profits run. Learn to love your losses or, at least, accept that they are part of the deal. As long as your shortfalls are under control, and your system has positive expectancy (makes more money than it losses) I promise you will make a profit.
Keep your trades at a safe heat
Greed is a very dangerous friend. When a trader thinks he knows, for sure, where the market is headed, and aim for instant riches, losses are inevitable.
The amounts of dollars you lose on your account have a close relation on the risk you are willing to take. Most professional traders agree that you should risk between 1%-2% max on every trade. This will put the odds in your favor.
Just because you think you know what the market will do, don’t increase your exposure.
This problem occurs when traders think they can be certain about the direction the market is headed. You can avoid this mistake by being disciplined. You need to be loyal to your money management rules no matter what. Many traders wipeout their accounts, even when they are right most of the time, because they don’t follow diligently their position sizing rules.
Each trader has a different degree of tolerance to risk. As long as you keep it under control you will be able to make money. Some traders spend their time trying to avoid losses; savvy investors are able to trade without letting the occasional losses affect their emotions, or worse, their decisions.
Today I have a life of choice and freedom beyond my wildest dreams. And although I’d love to claim I did it all myself, the truth is that there were a few courses I bought which were KEY to getting there.
I’ve bought dozens and dozens of courses, but far and away the best one was “The Money In Your Mind” by self made millionaire Igor-Alexander Ledochowski training program. It absolutely blew my mind – and got me far better results than anything I tried before.