Next week I’ll reveal my best strategy for 10xing your trading account in the next 46 days.
If you like trading stocks and are not scared off by the idea of making fast money, then make sure you register for this exclusive event.
I’m living proof that you can take a small amount of money and turn it into life-changing sums.
And while I don’t consider it to be an easy task. I do believe there are things everyday folks can do to improve their odds significantly.
In fact, I’ve detailed five small account hacks that you can start implementing today to get you on the right track on the success ladder.
Small Account Hack #1: Think in % Terms, Not $ Terms
The best time to start trading is yesterday. Now, that might sound funny, but here’s the thing, the early stages of your trading journey are a discovery phase. During this period, you’re figuring out the mechanics of the market and trading.
And you know what else?
During this stage, you’re going to make some mistakes. Through screen time and experience, you’ll make fewer mistakes. That’s why it is almost preferable you start trading with a small account.
Don’t be one of those people who are putting off trading because they don’t have enough money to get started or make an impact. I started my trading journey with a little over $12K. And some of my now millionaire students started with a lot less.
It’s okay if you’re trading and making $10 to $50 on a trade to start. Don’t think in dollar terms. Instead, think about your results in percentage terms. This will allow you to scale a lot faster and easier as your account grows.
Small Account Hack #2: Stock Selection Is Everything
The bigger your trading account is, the more opportunities open up. However, when you’re trading a small account, trade and stock selection is everything.
I didn’t grow my five-figure account into seven figures by trading Exxon, Apple, or Disney. I put my focus on stocks that have the potential to move double or even triple percentage points in A SINGLE DAY!.
It’s crazy how many people with small accounts are trading the wrong stocks…a BIG reason why 90%+ of traders lose, so stop this BS ASAP! Ignore what promoters and newbies say on social media, focus on big % gainers and learn the https://t.co/aICa7zhCLS & https://t.co/bzjI5mhQlG
— Timothy Sykes (@timothysykes) September 7, 2021
Even in this brutal and choppy market, my students and I find winning trades and opportunities. And that’s because of our stock selection.
If you want to discover where I’m finding the best opportunities at the moment, and why I believe traders have a chance to 10x their small account in the next 46-days — register for this exclusive event.
Small Account Hack #3: Become An Observer
My buddy, “Iron” Mike Tyson once said we all have a plan until we get punched in the face. And while setting a trading plan is essential if you want to be consistent and successful, many traders struggle to stick to it. Especially as they see the money in their account go up and down.
However, top traders don’t let their emotions interfere with their decision-making. Instead, they act like observers. By being an observer, you can analyze what you’re doing in real-time, and improve your overall results.
For example, as an observer, you’ll ask yourself questions like:
- Do I still have an edge in this trade?
- Am I sized correctly?
- Is there any new information that changes my thesis?
- Am I following my trading plan?
You’ll be surprised at how much better you’ll be and how cleaner your execution will get once you become an observer.
Small Account Hack #4: Focus On Consistency
Last month one of my top students, Mark Croock, had his greatest single profit day ever, scoring more than $280K in gains!
Please congratulate my longtime dedicated https://t.co/occ8wKDW7U student-turned-master @thehonestcroock on his $288,000+ profit today on his $BITO $SPY puts that paid off BIGTIME during this #marketcrash #cyptocrash & realize hard work pays off over time, I’m SO happy for Mark! pic.twitter.com/giR7sZRilp
— Timothy Sykes (@timothysykes) June 13, 2022
Of course, that’s significantly more than most families make in a year. And it’s 4-5x more money than Mark made when he was an accountant. But it took Mark more than ten years of hard work, studying, and trading to develop the conviction to put in a trade of that magnitude.
And to develop conviction, you need confidence. You develop confidence from experience. That’s why it’s so important that you identify your trades and setups.
Because you want to discover what your strengths and weaknesses are as a trader. You want to develop one or two A+ setups. And then master them. Focusing on your best trade setups will improve your odds of becoming consistently profitable.
By the way, if you don’t know the best setups, I highly encourage you to join me next week for this exclusive event. I believe there’s an opportunity in the market that very few folks are talking about, if I’m right, could 10x your account within the next 46 days.
Small Account Hack #5: Set Process Goals
Of course, we all want to make money in the market. The more, the better right?
However, we can’t control the markets, and not all trading days are the same. Some offer little to no opportunities … while others are so busy … you’re glued to your screen for hours.
That’s why you should AVOID setting goals in dollar terms.
So many traders will say stuff like, I just want to make X-amount a day, and I’ll be happy.
But what if there are no good trades that day. Instead of rewarding yourself for being disciplined, you might force some trades to meet your goals.
That’s why you shouldn’t grade yourself on the money made. But rather, judge yourself on whether you followed your trading plan, traded A+ setups, studied your trades, reviewed your watchlist, and journaled your teachable moments.
Focus on setting process goals, and I promise you’ll get closer to achieving your monetary goals.
That’s all for now, make sure to register for my upcoming event next week. If you’re interested in potentially 10xing your account in the next 46-days, then registration is a must.
Image and article originally from www.timothysykes.com. Read the original article here.