If you want to get rich, be willing to get rich slowly.
Sounds like the kinda talk from someone who is already rich right? Depends on your definition of rich. I am not rich. I live comfortably with my family. I’d consider myself middle class. I like pizza and beer. And I like trading stocks.
I’ve been investing for retirement and trading actively for secondary and main income for over 10 years. And what I’m about to say to you new, aspiring, green horned traders out there is this: “slow down”.
Everyone wants to make money in the stock market. Not everyone does though. In fact, many lose it all. Then they save, come back and lose it again. It’s the depressing reality that people fail.
People fail at everything and anything. Oh sure there are winners. Everyone wants to talk about the winners but what about the investors and traders who have for better lack of a word, “pissed away” their retirement, trading account and maybe even part of their savings!?
New traders and investors join the world of the stock market every day. With hopes, dreams and aspirations of striking it rich.
Often, these fresh faces dream up ridiculous timelines of when they will make it big. Estimating how long will it take. What they will buy. What their life will be like.
In most cases this would work. For example, say a young aspiring athlete who wants to join the NFL after college…this type of mindset is a good thing, heck, it’s a great thing. But when it comes to the stock market, I would argue it’s a terrible mindset for a new trader or investor to have as they begin swing trading, day trading or investing.
I know, you’re asking yourself right now “Why is he so anti-success and big dreams”
That’s not it. You CAN get rich, wealthy and be successful investing or trading. IF you are willing to do it slowly. That means if you are starting out in the stock market, expect small, nominal returns in the beginning. In fact, aim for them.
You’re brand new. With no experience, and little training. Success cannot and will not happen overnight in the stock market when your feet are barely wet. Unless you get lucky, which gives you a false sense of the market and how it works. Here are some rules before you start:
- Decide if you are investing or trading, they are different strategies.
- Paper trade in a simulator and prove you can make funny money in a paper trading/investing account before you risk even one dollar. Do this for 3–12 months.
- When you being using real money never risk more than 2% of your account in a trade or investing.
- Shoot for 1–5% growth of your account the first month. Consistently do this for months, and slowly increase and adjust your goals as you progress and gain experience.
I’m not going to tell you exactly how to get rich, or all about how I learned the hard way (I did) to trade and invest. To learn stock trading takes time.
I will tell you again, because I care about you, that you need to have realistic expectations. STOP falling for the fancy lifestyles being promoted on social media. They are going to get you focused on the end result and NOT the actual process of getting there. If you become too obsessed with the investing and trading gimmicks online, you’re likely to be led astray and off the actual path of success. That’s the game. Avoid being a victim at all costs.
If you start out with realistic expectations, a good support network, and a willingness to make mistakes, win some, lose some, and focus on risk management. Then you have a shot. A good shot.
Do not set unreasonable date, or goal. You’ll get discouraged, angry, depressed, and likely end up broke RISKING way too much. If you’re unhappy with your life and put too much emphasis as trading as an escape, you’re going to have a bad time.
Your time is precious, I get it. But money is made slowly. It becomes easier and faster. But not in the beginning.
If you want to make money hitting buy and sell from your laptop or phone, get ready to accept that you need to have the best risk management in the world to keep your profits, maintain your growth, and stay sane, and it’s going to eat up some of your time. You may not feel you’re making enough for your time. And then you risk more, and the cycle repeats. Over and over.
You risk and lose more. Then you risk even more to make it back. Soon you’re borrowing money, unable to pay bills. Slacking in your other responsibilities. Stress kicks in. You begin to lose all the things important to you. Your health, your wealth, and so on. Ugh. Don’t do this!
I do NOT want this for even ONE of my community members. That’s why we do what we do here. We teach people the principles and the rest is up to them. You need discipline. We can’t force you to do these things. Only you can.
We pay it forward as a voice of caution and love. Sounds cheesy. But it’s how we sleep at night.
That is why we express it to everyone and anyone. If you want to make money, get rich, you need to be willing to do it more slowly then you probably wish. I’m sorry, but the best things in life are worth waiting for. If it takes months, years, a decade, so be it.
Your worst enemy is your ego, greed and fear. If you’re bad with money. Don’t try to invest or trade without serious professional help first. Get your house in order first. Build a safety net. Make a plan. Set small goals. Aim small miss small.
Let this all sink in. Sleep on it. If you need advice, help, guidance, someone to talk to. Let us know. We’ve travelled the road. We checked our egos at the door. That is why we are here, and in a position to help guide others along the way. And remember the best things in life are still free.
