Stocks & Options expert and mentor, Tyler Espitia was once a sixteen-year-old boy who fantasized about being wealthy. Today, that fantasy has been made a reality. Tyler is known for being a successful and multi six-figure trader and mentor who owns an educational platform geared towards helping students go from the conventional 9-5 lifestyle to luxury living.
In this article, Tyler shares his top tips for anyone who wants to be a successful trader
Don’t Force Trades
In this section, Tyler stresses the importance of a proper setup. He explains that it’s crucial to set up a trade in a way that you can minimize your risk, increase your profit and be in a great position to manage the trades in case something goes wrong.
At the start of his journey, Tyler was money hungry and lacked the patience and experience needed to earn profit from trading. Back then, he would force trades that weren’t set up and he’d sit in large drawdowns and close due to the fact that he was losing much equity than he would have if he just applied the little patience needed for the stocks to drop or rise.
You Won’t Become Warren Buffet Overnight
Tyler implores young traders to get rid of the mindset of overnight success. Stop thinking that you’re going to get into trading one day and make fortunes overnight, it’s unrealistic and it rarely happens.
Instead of having such unrealistic dreams, slow down, make a long term trading and investment plan, then follow it carefully. You can start by making monthly, quarterly and yearly goals, remember, it’s all about longevity and how long you can last in the game of trading.
And you should always bear in mind that most people who come in with the “get rich quick mentality” often suffer great losses.
Build Self Confidence
It takes years to build confidence in your trading abilities and the best way you can do that is to start with smaller trades. Tyler’s recommended step by step process is to; take smaller trades, take fewer trades, get repetitions, journal your trades, look at fewer trades and listen to less outside noise.
Another thing you should never do is compare yourself with other traders who seem to have found some form of success in trading. Don’t expect to get to their level overnight, it takes time and lots of practice to get there. So focus on yourself and your own growth.
Monitor Your Trading Activity
As a trader, you won’t find trades every single day, so it’s important that you sit out if you can’t find anything rather than be impulsive and try to get a new trading position every day.
You should also learn not to trade in every session, Tyler shares that he only trades the U.S session. Once the market closes, he calls it a day and enjoys the rest of his evening. He tries as much as possible not to be stressed by the events of late-night trades.
Lastly, you should know when to stop trading. If you lose 2 times in a week you should take that as a sign to take a step back and relax. Use that time to set up new plans and goals.
If you decide to keep pressing onward, despite considerable losses, you might end up losing all the profit you’ve made so far.
Have A Mentor
Having a mentor is very important in the world of trading, in the midst of all the distractions and false news, it’s important that you have someone to guide you through the chaos and teach you what they know. This will greatly speed up the process and help lower beginner mistakes.