Most people make one devastating mistake.
This mistake crushes their bank account and their spirit.
Yet nearly everyone does it.
They do too many trades.
I do a lot of coaching and that gives me the opportunity to really understand that people are compelled and repelled by trading. All at the same time.
They are repelled by the risk to their money and ego.
But they are also compelled. Trading is like a narcotic. You keep wanting to get the adrenaline high so you put in another trade.
Video games are based on this addictive and repetitive action. Trading gives you the same high.
So what happens when the market turns slow and boring? You put on a trade anyway. You need the action. You think you should always be putting on trades. You get nervous when nothing is happening.
I tell most of my coaching clients to do less trading to make more money. They go, “huh?”.
I explain that reducing the number of trades will likely create more profits because they will be more selective about their trades. They will not be trading for action but to make money.
You see, you need to be trying to talk yourself OUT of trades not INTO trades. You need to be looking for reasons NOT to do the trade, not WHY to do the trade.
By curating your trades more selectively, you will be putting on a higher percentage of better trades and a lower percentage of bad trades.
You will be reducing risk while increasing profits!
They always tell you that you can’t increase rewards except through increasing risk. But that is bunk. I just showed you how to increase rewards and reduce risk.
Don’t do a trade until you have lined up multiple edges. Stack the odds even more in your favor.
Curate your trades to make more money.
A good example of this is Wall Street Winner, my weekly video newsletter.
You can easily see that I don’t get into a trade without making sure I have a big advantage. I hate to lose money and you can see that in Wall Street Winners.
For example, here are a few recent big winners.You would have turned:
- $1000 in PRLB into $2390
- $1000 in TLT into $4328
- And $1000 in MRK into a whopping $8270!
All of these trades were carefully curated to make sure that they were working on all cylinders and therefore had the highest reward for the lowest risk.
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