Multimillionaire, businessman, and television personality Daymond John rarely needs tips from others on how to be more successful. Millions of people flock to him for advice.
If you want to make 6-figures as a trader, you can't just talk about it. You need to visualize the outcome and take all the appropriate steps to put that dream into place.
That includes step 1, step 2, and step 3 … all the way up to step 10, without skipping steps.
In this issue of All-Access, our experts will walk you step-by-step through their process of executing individual trades that have gradually helped them reach their financial goals over time.
You'll hear from:
Petra Hess as she explains why every trader needs a concrete goal that emphasizes the process as much as the outcome.
Nathan Bear shares why you should add short positions to your trading style if you predominantly go long.
Jason Bond reveals how he took $22,000 in profits through a pattern called the 'rocket.'
Jeff Williams does a shout-out to all his Penny Pro members and congratulates them on all their big overnight gains.
Today's Trading Insight
Forming a trading goal no different than forming any other type of goal.
If you really expect yourself to stick to it and achieve it, the goal has to be SMART.
We're not just talking about smart, as in intelligent — we're talking about the acronym SMART, which includes five components:
Specific. You need to define exactly what you're trying to achieve. "Make more money" is a much less effective trading goal than "Make $100,000 trading mid-cap stocks."
Measurable. If you want to reach your trading goal, you won't get there without a system for recording your trades. Davis Martin recently explained in great detail how to create a trading journal that records all the important metrics, including date, position size, the direction of the trade, price in and out, stop loss, and profit, among others.
Achievable. If you're starting out with a $3K account, you can't expect yourself to reach $250K in four months. It would be much more realistic to aim for $25K in four months. Jeff Williams does exactly that through his small account challenge and can help you do the same. Learn more about by clicking here.
Relevant. The best traders are the ones that can adjust their trading strategy and style according to the changing market conditions. Constantly going long in your options plays may be less suitable in a bear market, for example. Elite traders make money playing both directions in the market.
Time-based. Your goal isn't real without a timeline. If you want to make 6-figures, determine how soon you want to achieve that.
Goals are essential. Whether or not your goal is to lose weight, get a new job, or take a trip to Hawaii — you still need a plan, system, and routine, as well as a whole lot of discipline.
Developing goals as a trader is no different. There is no way that you can simply achieve your goals in trading by sheer force.
In this post, Petra Hess explains how goals actually have two components — the process and the outcome.
You'll learn how you can fall in love with the trading process so that you're not overly fixated on an end result.
If you talk to Nathan Bear, he'll admit he tends to go long on large-cap stocks on the verge of breakouts. In fact, it's just about all he does these days.
But a little while back, he decided to stay on the lookout for a few short positions to balance some of the longs in his account. Then while teaching LIVE on October 7, he spotted a nice head and shoulders setup in PAGS that he got excited about.
In this post, he breaks down how he approached each component of the trade, including his Fibonacci tracings, top loss, price targets, and exit.
Maybe you've been eyeing a particular stock and debating back and forth whether now is the right time to jump in.
Jason Bond had that very feeling this past week with ZAGG, but he followed his gut and locked in $22,000 in gains.
It was all thanks to one of his favorite patterns that he identified — the rocket.
In this post, Jason provides a few charts to walk you through each step of the process. You'll see exactly how the stock gained momentum and shot through the roof.
Jeff Williams loves teaching people how to become successful traders. That's why the only thing that makes him every bit as happy as big wins in his own account is screenshots of the same victories from his followers.
In this post, Jeff decided to make a shout out to all the members of his Penny Stock service that are crushing it in Penny Stock Land.
He walks you through several of his recent trades that helped his followers score some big winners — including a 50% return overnight in COWPP and a $1,675.02 gain in KPAY.
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