The rules of the world we live in are changing fast and the ways that
wealth is created are changing faster than ever. What worked yesterday
is no longer going to work tomorrow. This is a new era of wealth and the
good news is, the playing field has never been more level than it is
right now and anybody can get into the game. It requires breaking down
some mental barriers and changing some longstanding beliefs about how
the world works. But
I’ve seen first hand that anybody can become a
millionaire if they put in the necessary sacrifice, hard work and
persistence.
Here are some of the new rules I’ve learned first hand about making your first million.
Don't settle for a profession or corporate career.
This
is one of the biggest pieces of advice that I have for anyone who wants
to be a millionaire. There are so many people who think that being a
doctor or a lawyer or corporate executive is the key to becoming a
millionaire. This is false. Many times these “traditional” fields have
limits to how much you can earn from your salary. If you really want to
have unlimited income potential then you need to consider some
non-traditional options.
Be grateful for small profits.
I
was able to turn a small amount of money into millions of dollars by
taking a few thousand dollars in profits at a time on each stock trade.
This approach, instead of focusing on big approaches, was my key to
earning a great deal in profits.
Stock trading is equal opportunity.
No matter who you are, what age you are or what type of educational background you have, you
can make
a living trading. You just need to be take the time, do your homework
and put in the work. Don’t worry you are too young or old to make this
type of money. Mental obstacles such as those only get in your way to
success.
Test various strategies.
There
is no one “set way” to become a millionaire through trading. You need
to test different strategies and hypothesis, then stick with your
strategy long enough to see if it works. When a strategy works, you need
to be willing to bet bigger. When a strategy doesn’t work, you need to
be willing to abandon that strategy.
Utilize new technologies.
In
today’s world of online trading, technology is king. When I started
trading, the internet wasn’t as commonly used as it is now. Back in
1999-2001, the Internet was new, especially for financial research. I
utilized the power of the internet to my advantage then. There are even
more technologies, tools, apps and programs to help you gain insight and
make trading even easier
.
Adapting to the market environment.
I
started trading during the most volatile few years of the stock market.
I was a little naïve but mostly in the right place at the right time. I
basically made my first million dollars riding the stock market up. The
key is adapting to the market environment.
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