Business
EPISODE 90 To be a trader, you must do this one thing First of all, I'm gonna be here tomorrow, and the next day, and the day after that, and the week after that, and next month, and next year, and ten years down the road. I love doing this. I love talking to you, working with you, giving you advice that other people are trying to sell you for $10,000. But I want to tell you something - I am not even close to reaching as many people as I want to reach. We get 10,000 listeners to a good episode of the podcast. That's not even close to where we should be. We can help a whole generation of older people who did not save enough for retirement. We can help an entire generation of young people who aren't going to get a good job, with good pay, at a good company - it just doesn't exist anymore. Why am I saying this? Because more and more, I am seeing that this is now the world works - every man for himself. Every woman for herself. Companies don't take care of people anymore. And guess what the answer is supposed to be? Start an internet company. Start a YouTube channel. Start selling something online. Well, I am gonna tell you - that takes 5-7 years to get up and running. It is hard work. And it's the only long term security - doing it yourself. So here's the advice. Here's the one thing that every trader has to understand: You Gotta Do It By Yourself. It's all on your shoulders. And I understand that. That's why I am here. That's why I do these podcasts. That's why I still travel around the world. Because I can see this from your perspective. I have been where you are, I still am where you are - trying to get this trading thing done, in the least amount of time possible, in the most efficient manner So what does it take for a trader to be successful after having years of failure? I got an interesting text from a trader in Iran. His name is Arian. He has been trading since 2005, without success. He told me that he has tried robots, all the systems you can think of. And still unprofitable. Why would that be? I have one answer: He lost money. I am not trying to be a jerk. (Maybe that comes naturally, sorry). What I am saying is - he is unprofitable for a very simple reason: he lost money. That's the definition. Now, the fastest way to become a profitable trader is to ... wait for it: **close your winning trades**. It sound so simplistic as to be ridiculous. The first step in becoming a winning trader is to answer one question. **Can I make $1 this week?** If the answer is no, then maybe you have to reduce the number. Can you make 10 cents this week? Can you end the week, with 10 cents more in your trading account than when you started? If the answer is yes, you already know how to be a winning trader. It's such an unsatisfying answer. It makes some traders angry at me. It makes a trader angry because what they want me to know is that they can't make enough money to support their family. And they want me to give them an answer on how to do that. So let me answer that question. **Make $1 this week, and then stop.** That's it. Make a $1. And then do the same for the next 4 weeks. After you make a $1, even if it happens on the first day of the week, stop. This proves that you CAN make money. See, you can be a profitable trader. Now you have dispelled the horrible lie that the trading education industrial complex would want you to believe. Now you need to go 4 weeks and make $1 per week. The next four weeks you make $2 a week. And week by week, you gradually increase that number until you hit a week where the number is too difficult to make. Then you stay at that level until it feels easy again. This is how it's done. But there are some problems. Some of you are accustomed to taking huge losses. This has to stop. If you can't bring yourself to stop taking massive losses, then you need to get some help in therapy. If you think that is a dumb idea, then you need to get some help in therapy. Some of you have a chaotic life. One of you wrote to me and revealed that your life was so out of control, with drugs, and prostitutes, and crazy family members - and you were simultaneously asking me if I could help you with your trading. Listen, you gotta get your shit together before anyone can help you. Some of you keep missing your trades - you aren't in front of the computer when you need to be. You either need to run your trades from a mobile device, and get the alerts you need, or you need to switch to robotic trading. That will solve the problem. In short, here's how I feel about trading problems: find the absolute quickest, simplest path to the heart of the issue, and then implement the solution. Some people approach a trading problem with the hope that someone will tell them to buy another cool book or something. That's a person who likes having the problem. Most of the time - if you have a trading problem - you know what the answer is.