20 Tips to Becoming a Better Trader
The Definitive Guide to Becoming a World Class Trader
I’m asked on a weekly basis whether or not I have any advice for beginner traders, and whether or not I have any wisdom to impart, and although I have a hugely transparent timeline of my thinking (dating back to date dot) - I do still like to give a little insight - so here are my top 20 tips for beginner traders and for those that continue to struggle.
Absolutely DO NOT build a Trading Plan and Rule Set - why waste 5 minutes before taking a trade? - that’s 5 minutes extra you could be scrolling through Instagram?
Buy EVERY dip and tell yourself the stock and the market ALWAYS recovers - you’ll be just fine - nobody’s ever gone broke buying every dip have they?
Trade Penny Stocks, everybody makes money trading them, just look at all the Ferrari’s and Mansions on Social Media - Absolutely buy penny stocks - they offer incredible risk:reward ratios - they’re a gold mine aren’t they?
When a stock starts tanking, hoover up that discount… because you know something everyone else doesn’t and you’re 100% smarter than Wall Street right?
Buy stocks in the minutes leading up to Earnings Season - it’s a sure fire way to make a quick buck - stocks always go up after reporting good earnings don’t they?
Over Trade - it’s the key to success - the more your trade the more money you make right?
NEVER have a stop loss in place - capping your losses is completely stupid - you can’t lose if your stop isn’t there can you?
Load up that broker account with ALL your capital, and just fly into trading the same companies over and over… nothing beats familiarity after all?
ALWAYS add to a losing position, this whole dollar cost averaging thing works for Buffett, it’s surely going to work for me too isn’t it?
Don’t bother worrying about things like Technical Analysis, those algorithms are absolutely NOT programmed to buy/sell at key Technical Levels in the market
Absolutely become a Day Trader… what’s the statistic again? 95% of Day Traders win… those are attractive odds.
Don’t worry about little things like Capital & Risk Allocation - just put everything into 1 stock - it keeps things simple after all doesn’t it?
Always try to pick the top and bottom of price - everyone else does it with incredible success don’t they?
Definitely always follow the “experts” on CNBC and Bloomberg - they sound like they know what they’re talking about - nothing has ever gone wrong following their advice has it?
100% DO NOT learn the game for yourself and become a completely independent thinker, nobody ever does well thinking for themselves do they?
Cut your winners early… taking those small profits will absolutely keep building my account and make me a millionaire within a year.
Follow the Trade Ideas and Signals of random individuals on Social Media because everyone makes money by taking short cuts don’t they?
Be emotional going into every trade… it worked for Adele, so it’ll work out for everyone right?
Mix and Match your trading style… why bother with identifying a style and mastering it, when I can play around with them all?
NEVER take a break from Trading, especially when losing, it means you’ll get back into the Green much quicker than if you were to take a few days off.
As you can see, there’s a lot of wisdom in there, and for those of you that know me (and perhaps some of you that don’t) - I hope you see the tongue in cheek nature from all the above.
If you’d actually like to talk to someone about improving your Trading results and joining 1 of the best Trading Communities on the planet (who actually operate with complete openness) - feel free to click the link below and tell us what you struggle with, and we’ll see if we can help.
As well as Education - this is what we provide our Client Community in ADDITION to the education we provide.
PLEASE NOTE - we also provide our Weekend Analysis and Half Time Report Analysis - which provides much more insight and (usually) profits, as well as our Incredible Group Traders from around the world.