This Is How You Succeed In 2024

People often believe that making money through trading requires complex strategies and substantial investments...

But the truth is:

With the current landscape in the trading industry, and the ease of access to capital, you can start earning anywhere from $1,000 to $20,000 every single month with a straightforward approach to your trading.

It doesn’t matter if you're just 18, as I was when I started…

Or if you're already in your 20s….

It doesn't matter if you have money to grow or are focused on accruing funding from prop firms.

These are five principles to provide the simplest way to see fast growth in your trading performance:

Principle 1: Commit to a Trading Style

In trading, consistency is key.

Committing to a trading style that suits your personality, risk tolerance, and goals is crucial for long-term success.

Whether you prefer day trading, swing trading, or long-term investing, sticking to a defined strategy helps you navigate the market with confidence...

Choosing a trading style isn’t just about matching your schedule:

It's about aligning with your strengths and comfort level. 

Once you commit to a trading style, immerse yourself in mastering it.

Learn the ins and outs, develop a solid plan, and practice disciplined execution.

This dedication helps you stay focused, reduces emotional trading, and builds a foundation for consistent results...

...Remember, the market rewards those who are disciplined and well-prepared.

Principle 2: Know Your True Enemy

Markets are wildly unpredictable.

When you expect them to rise, they fall...

When support should hold, it breaks.

But here's a surprise: the market isn’t your worst enemy. It’s you.

As traders, we often sabotage our own success. Impulsive decisions and fear can lead us astray...

...To truly succeed, you need to break out of your comfort zone and think differently than those who consistently lose.

This starts with self-awareness. Know your limits, test them, and push beyond.

Ask yourself, "Why do I trade?" If your sole motivation is money, you might struggle. Trading should also be about personal growth.

Embrace this mindset shift. Trading isn’t just about profit—it's a journey of self-improvement.

Spend time understanding yourself and your motivations, and watch your trading—and your personal development—flourish. 

Principle 3: Think Critically and Rationally

Traders, our minds are wired to seek shortcuts, often leading us to wrong conclusions.

These mental shortcuts, known as cognitive biases, can heavily influence our decisions...

Take the first impression effect, for example: we form opinions about people within the first five seconds, often overlooking their true capabilities.

Or consider how a €40 item marked down to €20 feels like a better deal than if it were simply priced at €20.

There are about 180 cognitive biases affecting how we perceive reality, and they certainly don't serve us well in trading.

These biases can trigger emotions and unexpected psychological reactions, particularly challenging for newcomers.

Here are some common cognitive biases in trading:

- Selective Thinking: Favoring emotionally charged stimuli over others.

- Hot Hand Syndrome: Believing that a series of successes means continued success.

- Loss Aversion: Experiencing significant negative emotions from even the smallest losses.

- Revenge Trading: Opening new trades to recover from previous losses.

These biases explain why traders often fail to stop losses or continue trading after profits, even without clear signals, ultimately leading to losses.

So, what can you do about it?

First, familiarize yourself with these biases and understand them.

Second, counteract emotional influences by embracing rationalization and critical thinking.

Base your trading approach on facts, not feelings. 

By thinking critically and rationally, you'll navigate the markets more effectively and make better trading decisions.

Principle 4: Risk Only What You Can Afford to Lose

It's an age-old rule...

...but one that never loses its relevance: never trade with money you can't afford to lose.

Risk is a constant companion in trading.

The quest for above-average returns inevitably brings increased risk, often expressed as the potential to lose money.

Engaging in trading means embracing market volatility and its inherent risks.

The key is to manage this risk effectively.

Always trade with a system you trust completely and know where to take your losses.

Remember, trading should never jeopardize your financial stability.

By risking only what you can afford to lose, leveraging the opportunities that prop firms present...

...you protect yourself from the harsh impacts of market downturns and maintain a healthy approach to trading.

Principle 5: Keep Trading in Perspective

In the world of trading, staying focused on the big picture is crucial...

Losing trades shouldn't surprise you—they're part of the journey.

Similarly, a winning trade is just a step towards building a profitable business. It's the cumulative profits that truly matter.

Accepting both wins and losses as part of the trading process helps minimize the emotional impact on your performance.

While it's natural to feel excited about a successful trade, remember that a losing trade is always around the corner.

Setting realistic goals is essential to maintaining perspective.

Aim for reasonable returns over a reasonable timeframe.

If you expect to become a multi-millionaire by next Tuesday, because you've got over excited on a compound calculator...

...you're setting yourself up for disappointment.

By keeping trading in perspective, you can approach the markets with a balanced mindset, focusing on long-term success rather than short-term fluctuations.

Embracing these principles sets a solid foundation for successful and sustainable trading.

Happy trading!

- Jonny