I’ll start this report off with a little testimonial that arrived in my inbox this morning…
“I’m currently on track to have my best year ever (up +71% year-to-date) after struggling for over ten years to learn this trading game. Your daily insight, wisdom, and resources you share coupled with practice have made a world of difference for me. My only regret is that I wish I became a member years ago when I first visited your website!
Beyond my sincere gratitude of which I know you receive plenty by others who follow you, the other reason why I am writing is to also let you know how valuable it has been to write down some of the lessons and rules you’ve shared from others previously. In fact, two of my favorites “9 Business Lessons” and “30 Trading Rules” were quite helpful to me this year. Although I don’t think you need the suggestion, if you’re looking for something to write about you may want to focus an entire report on one or both as I found these particularly helpful as I created my own personal rules from both that I review at the start of each and every day. Thank you.” – David H.
Both articles this member mentioned was previously shared in my “three to read” section which I provide in the daily newsletter which I send out to members. Here are excerpts from both in case you missed them:
If you pay attention, you can find inspiration and lessons that you can apply to your business everywhere you look…
Lance Armstrong: Be disciplined. No business will succeed without a lot of hard work and discipline. Commit to it. Stick with it. Eventually, you’ll reach your destination.
Paula Deen: Be yourself (and be bold about it). You will naturally succeed if you build a base of followers who are naturally attracted to your personality. Don’t worry about being liked by everybody. Just let your own unique personality shine through.
Mr. Rogers: Be positive. I can’t imagine making it in business without a whole lot of optimism.
Ellen Degeneres: Have fun. The daily grind, even when you work for yourself, can be dull at times. Doing something you love, surrounding yourself with clients and connections that energize you, and taking time to appreciate the good things in life make it all worthwhile, and who doesn’t enjoy a good laugh every once in a while?
Bill Cosby: Keep learning. I used to be so intimidated by what I didn’t know. But I’ve come to realize that such a list is endless, so I just continue to work at it, and I learn more and more each day about how to build a successful business.
Carol Burnett: Be creative. Sometimes you have to improvise. You figure it out, and you come to enjoy the journey.
Oprah: Build a platform. To succeed in business, you have to have a group of people who believe in you, who want to hear what you have to say, and who want to support you in everything you do.
Jim Carrey & Steve Carell: Don’t take it all so seriously. You’re going to mess up, and you will look silly on occasion. Learn to be OK with that.
Maya Angelou: Be resilient. Things will not always be easy, but if you refuse to give up and keep bouncing back, they manage to work themselves out.
Make it a habit to reread those trading rules lists every now and then. You want those important concepts to become deeply ingrained. Today’s timeless wisdom is from Tyler Bollhorn…
Buying a weak stock is like betting on a slow horse. It is retarded.
Stocks are only cheap if they are going higher after you buy them.
Never trust a person more than the market. People lie, the market does not.
Controlling losers is a must; let your winners run out of control.
Simplicity in trading demonstrates wisdom. Complexity is the sign of inexperience.
Have loyalty to your family, your dog, your team. Have no loyalty to your stocks.
Emotional traders want to give the disciplined their money.
Trends have counter trends to shake the weak hands out of the market.
The market is usually efficient and can not be beat. Exploit inefficiencies.
To beat the market, you must have an edge.
Being wrong is a necessary part of trading profitably. Admit when you are wrong.
If you do what everyone is doing you will be average, so goes the definition.
Information is only valuable if no one knows about it.
Lower your risk till you sleep like a baby.
There is always a reason why stocks go up or down, we usually only learn the reason when it is too late.
Trades that make a lot of intellectual sense are likely to be losers.
You do not have to be right more than you are wrong to make money in the market.
Don’t worry about the trades that you miss, there will always be another.
Fear is more powerful than greed and so down trends are sharper than up trends.
Analyze the people, not the stock.
Trading is a dictators game; you can not trade by committee.
The best traders are the ones who do not care about the money.
Do not think you are smarter than the market, you are not.
For most traders, profits are short term loans from the market.
The stock market can not be predicted, we can only play the probabilities.
The farther price is from a linear trend, the more likely it is to correct.
Learn from your losses, you paid for them.
The market is cruel, it gives the test first and the lesson afterward.
Trading is simple but it is not easy.
The easiest time to make money is when there is a trend.
Have you found rules like this to be an inspiration in your trading? If so, let me know your favorites and I’ll share them with others if I haven’t already done so!