There are so many trading challenges posted online. What many people do not realize is that almost every successful business people have the same habits. You can also emulate these traits and watch your trade grow as you become a millionaire.
Avoid the earn-to-spend mentality. If you want to get richer, you have to save some of what you earn. And if you save more than what you earn, it allows you to increase your trading account and take larger positions which in turns leads to larger profits! My 2nd millionaire student Tim Grittani made $200,000+ in one day HERE on the SAME pattern that he was making $5,000-$10,000 on a year earlier because he was more experienced, he saved his winnings and thanks to his larger trading account size, he could take larger positions.
Focus. This is a big one for my students. If you don’t have focus, you aren’t going to be able to make the best trades. You should also write down you goals in each trade and for life in general. This will make it far easier to stay focused and remember what you wanted in the first place.
Sourced from: http://www.timothysykes.com/2014/08/habits-millionaires/
You might be wondering why even after implementing the habits your business is still not performing as expected. Well the answer is that you are on the right track. It sounds absurd but it is very true. The richest man on planet earth can attest to that.
Bill Gates’ first business failed.
Yes, the richest person in the whole world couldn’t make any money at first. Gates’ first company, Traf-O-Data (a device which could read traffic tapes and process the data), failed miserably. When Gates and his partner, Paul Allen, tried to sell it, the product wouldn’t even work. Gates and Allen didn’t let that stop them from trying again though. Here’s how Allen explained how the failure helped them: “Even though Traf-O-Data wasn’t a roaring success, it was seminal in preparing us to make Microsoft’s first product a couple of years later.”
Richard Branson has dyslexia.
Branson was a pretty bad student — he didn’t get good marks and he did poorly on standardized tests. Instead of giving up, he used the power of his personality to drive him to success. Today, Branson, known for developing Virgin Records and many of its more technologically advanced spinoffs, is the fourth richest person in the UK.
And they kept on failing. Some are not millionaires but they used their failures as stepping stones to generate new ideas which eventually became their jackpot. Trading mistakes can be your route to the jackpot.
ARIANNA HUFFINGTON, COFOUNDER OF THE HUFFINGTON POST
“I failed, many times in my life. One failure that I always remember was when my second book was rejected by 36 publishers. Many years later, I watched HuffPost come alive to mixed reviews, including some very negative ones, like the reviewer who called the site “the equivalent of Gigli, Ishtar, and Heaven’s Gate rolled into one.”
KATHRYN MINSHEW, FOUNDER AND CEO OF THE MUSE
In 2011, Minshew woke up one morning to find that she couldn’t log into PYP Media, a site that she had built—and put her entire life savings into. She says that’s when her life fell apart:
“A disagreement between the four [cofounders] turned into a nasty power struggle that put me and Alex [Cavoulacos], my current Muse cofounder, at the receiving end of screaming threats, and I woke up one morning to find my website access, as well as that of Alex and our entire team, shut off. I felt completely humiliated, like I had failed them and myself. I also ended up losing the entire life savings I’d put in the company—about $20,000. We could have sued, or we could have started over. We chose the latter.”