I recently came across this amazing video below on Addicted2Success.com;
Motivational speaker “Owen Cook” expels his amazing knowledge on the importance of living your life in a relentless pursuit to achieve your dreams. That it never pays to play it small. That our learning and growing is limitless.
This motivational video will pump you up to chase down the vision that you cast for yourself and to platform to more than just we are right now in the present.
How hard are you willing to work to achieve your dreams and stay successful for the rest of your life?
In trading you too have to be a wolf instead of the sheep who follow others blindly. This is especially true when you are subscribed to any newsletters or getting trading alert real time like the TimAlerts.
One of the top traders who uses Tim’s strategy wrote an amazing guest post on Timothy Sykes’ blog a while ago that really explains why it is wrong to follow anyone without doing your own research.
You’ve got to make your own trades!
Wouldn’t it be great if you could find a wildly successful stock trader and go along for the ride? Many of us have dreamed about of finding the stock trading genius who we could follow trade by trade… and get rich quick!
Despite my own success, I had long believed that I should diversify my strategies, augment my income, and broaden my trading skills by finding a good trader who I could follow. I have tried out various services and subscriptions over the years. I have always done my due diligence – researching their backgrounds and trading history as best I could.
Sadly, despite multiple attempts, I have always lost money trading someone else’s picks. My experience ranges from Tokyo Joe to programs that picked stocks based on mechanical systems. I have traded picks and lost money even while the stock picker made money. The lesson learned is that you can’t make money blindly trading someone else’s picks.
Why is this so hard to do?
There are probably multiple reasons, and surely they vary with each individual I’ve identified at least three reasons why I can’t profit off of someone else’s picks:
1. I almost always get worse fills than the stock picker. If a stock picker buys a stock at $2.00 and sells at $2.20, he made a nice 10% profit. If I attempt the same trade, I will typically get filled at $2.05 and $2.15 respectively. That would be less than 5% profit – half what the picker made.
2. I seem to miss getting executions on the really good trades, yet I always get executed on the bad trades. If a stock picker’s trade is a great trade, it will often move away from the entry price almost immediately, leaving me empty handed.
3. Inevitably I am away from my computer or distracted when the stock picker alerts his exit. Poor timing on exits will easily erode profits.
If I consistently underperform the stock picker, frequently miss out on the most profitable trades, and screw up on timing the exits, I will be doomed to breakeven at best.
I am a PennyStocking Silver subscriber. Overall I have LOST money when I blindly follow Tim’s picks. If I believe you can’t make money trading another trader’s picks, then what am I doing here?
Years of experience have taught me that the only way to make money is to make your own trades. Once you have a successful strategy, you must learn it inside out. You should internalize it to the point that it is part of you. You should know what to trade, when to trade, and how to trade. How can you make money if you do not know when to enter or exit? How will you have the guts to hold onto a great trade when it’s showing a loss if you don’t have conviction? How will you know when/if you should bail out?
If Tim buys a stock at $2.00 and it’s now at $2.07, should you buy it, or is he about to sell? If the trade is yours, you will know what to do. You won’t need Tim, or anyone else to help you.
I confess, I do follow Tim’s picks. The difference is that I don’t buy or sell because he sends out an alert. I buy or sell when I want to make the trade. To me, his alert is a reminder or a heads up to check out the stock. Maybe I was trading another stock and missed a great setup. If I get his alert and I see a desirable setup, I will trade it ONLY if it is a trade I would have taken even without his alert.
I never made money by foolishly buying or selling just because an alert popped up. But I have done quite well trading stocks and setups that he brought to my attention via a TIMalert. Learn how to make your own trades, and then you can be successful.
So don’t be a sheep who follows any alerts, tweet, mails or recommendations blindly. Be the wolf who is doing his own research, prepares his own trades and has his own trading plan!
No wonder that there is a Wolf of Wall Street movie out, and no The Sheep of Wall Street…
After seeing this amazing video I checked out YouTube Channel of the publisher. And although they don’t have a lot of videos uploaded (yet), they are all worth watching to get in the right motivational spirit.
I wanted to make sure you’d check out this one as well, so I made it easy to watch for you.