Read my crucial post https://tim.ly/smallinto to learn how to cope, deal with, and come back from losses trading in the stock market. Subscribe here to get INSTANT alerts when I post a new video outlining my penny stock trading techniques: https://goo.gl/poGZTm
A lot of you have asked me, «How do you deal with losses?» this is a huge problem with traders. Obviously, if you look at industry stats, 90% of traders lose money. So, the vast majority of people doing this are losing money.
How do you cope, how do you deal with it, and how do you come back from losses when trading penny stocks? I’m gonna link a blog post just below this video with my student, John Papa, who was actually down 16 thousand dollars and now he’s turned it around, he’s positive 10 thousand, so it’s a 25 thousand dollar difference off of his lows, and it’s all happened inside of a few weeks because while he was losing, he was learning lessons. Read his post here: https://www.timothysykes.com/blog/trading-challenge-success-how-to-turn-your-losses-into-profits/
If you’re losing, I hope that at least you’re learning what not to do. The most awful thing is to lose money and then to continually do it because you’re not learning, you’re not changing your behavior. I wish that I could say that this is going to be easy, that you’re going to have profited from day one, but you’re going to have to learn to lose.
This is one of the most important characteristics of successful traders; they know how to lose. They know how to minimize losses, they know how to cut losses, they know how to take a small mistake, take a small hit to their ego, and not let it turn into a big potential disaster. For their ego, for their confidence, for their account.
You have to control your losses, and whether you’re losing a thousand dollars or even 16 thousand dollars over few months like John Papa, at least be learning what not to do, and then you have this whole body of work, of losses that, you know, we all sometimes have, and you have to take from that body of work and flip it, and that’s what John Papa did.
Click the link just below this video to read this blog post; it’s pretty amazing, there are some amazing lessons that he’s learned from the losses, and also understand that losses are the best teachers.
All the best champions, every single person, not just in stock trading, but all the best athletes, they have lost in the past, and they have used that lesson to push themselves forward, okay? If you lose in the championship, you’re going to work extra hard the next year to win. You’re going to use that loss as motivation, you know?
Have you heard the saying that success is the best revenge? Guess what? How you have that even feeling of wanting revenge in the first place? Because you probably lost. So, you need to lose. But, you need to lose and learn from it and move forward. The biggest mistake is to lose and then give up because then the losses win, you know?
Nothing is going to be for you in the beginning because the beginning stages are the hardest. This is very front and loaded with required studying, required education, and paying the market tuition. Think of losses as market tuition. You want to pay the least tuition, but at the same time, you still have to learn that way.
You can’t control losses sometimes. All you can do is control your reaction, and you can control what you’re going to do next and how quickly you get back up.
So, leave a comment just below this video. Let me know if you’re going to be dedicated. Let me know if you’re in this for the long run. Because this is a marathon, not a sprint. And during the marathon, there will be setbacks, there will be failures, and you’re going to have to learn to deal with them.
Leave a comment underneath this video, also click the link just below this video to read my blog post about my challenged student, John Papa, and also I’m going to include the second link about my millionaire challenge. Apply if you want to be mentored and let us guide you. It’s not just me, it’s my millionaire students, and I teaching you, and we teach from our gains and our losses, and we want to make you our next millionaire student.
Read John’s blog post here: https://www.timothysykes.com/blog/trading-challenge-success-how-to-turn-your-losses-into-profits/
Join my millionaire challenge here: https://www.timothysykes.com/millionaire-challenge/
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