A lot of traders can talk the talk. But not many can walk the walk.
Social media is littered with plenty of supposed ‘gurus’ who claim to be great traders.
I take pride in the transparency of my trades as well as the success of my students.
Just this week, Jack Kellogg of Breakouts & Breakdowns hit an incredible milestone…
$10,000,000.00 Milestone:
It’s been the journey of a lifetime to make it to this stage in my trading career. Through extreme sickness, fatigue & failure… I never gave up and kept pressing everyday to be the best version of myself. pic.twitter.com/Ng07xVYQJ8
— Jack Kellogg (@Jackaroo_Trades) June 29, 2022
I couldn’t be more excited for his success.
Now, Jack’s success didn’t come overnight.
In fact it took him years to find consistency. And it’s that turning point that I want to highlight.
It’s a key juncture many traders struggle with that I understand well.
Let me offer some key tips to finding profitability that anyone can implement right away — these tips can improve your trading too!
Every Day is a Chance to Change Everything
© Millionaire Media, LLC
In the back of my mind, I always hear a little voice that says “Time is money.”
We all get into trading for one reason: to make money as soon as possible.
Unfortunately, that mentality holds many people back.
Trading is like any other skill or business. It’s rare to make money right out of the gate.
Most of us, including myself and Jack, pay our pound of flesh.
Here’s a good example.
Jack joined my Trading Challenge back in 2017, attending his first trader and investor summit.
A year later, he almost quit after losing 1/3rd of his account in two days.
Many of us have been in that situation.
And I will tell you something that everyone should know…
No matter what’s happened in the past…
Every day is a chance to change everything.
By September of that same year, Jack’s trading found consistency.
Slow and Steady Wins the Race
© Millionaire Media, LLC
Learning doesn’t require you to blow up your account.
In fact, there’s nothing that says a trader has to use real money while they learn.
Finding consistency takes time, practice, and patience.
There are markets for earning and there are markets for learning.
2021 was a market for earning.
2022 is a market for learning.
Right now, I reduced my size so that I can let the law of large numbers work.
In 2021, I could ride a stock for days and not worry about a violent pullback.
Today, I keep my size small and test the waters across different sectors as money rotates through the market.
More importantly, I wait for the stock to come to my entries as I refuse to chase the trade.
That way, I can cut the stock for minimal losses when the setup peters out or even for small gains.
Focus on Decision Making
© Millionaire Media, LLC
Every single one of my trades is posted on profit.ly.
Without a trade log, I’d quickly forget what happened last week, let alone last month.
Trade logs are invaluable for identifying the areas a trader needs to focus on and correct.
You see, mistakes are one of the biggest account killers out there.
I’m not talking about a fat finger here or there.
I’m referring to decisions you make like ignoring your stops or not sizing your position correctly.
None of us can control what the market does.
That’s why setups have a probability of success, not a guarantee.
Go look at Jack’s profile and you’ll see that his win rate is around 62%.
No trader wins 100% of the time. Losses are inevitable.
But, like poker, if you make the right decisions that stake the odds in your favor, eventually, things will work out in your favor given enough trades.
Trade logs can also help you find which setups work best for you along with the ones worth tossing.
This is especially true in today’s market.
I’ve found that morning panic dip buys are more prevalent and profitable at the moment.
More recently, I’ve seen some Supernova patterns start to emerge.
We’re all busy, even if our life is about trading.
A log makes sure you can objectively look at what’s happening and clearly see the trends emerging.
Final Thoughts
© Millionaire Media, LLC
Trading is a marathon, not a sprint.
Focus on getting really good at one thing at a time. Then add something else.
Breaking the process down helps make it manageable.
And when you’re ready to join Jack…
Click here to take my Trader Challenge.
—Tim
The post Student Hits $10 Million Profit Milestone appeared first on Timothy Sykes.
