I have been trading and writing this blog for the past 5+ years now. Really an unheard of thing online as most websites are dead after just 12 months. I have met and talked with a lot of great people and learned a lot of lessons that I wanted to share…
Some of these ‘lessons’ relate to options trading while others are just things I’ve come to learn slowly. And by all means, please let me know about your lessons and of course whether you agree or not with my lessons in the comments below.
- Be ethical.
- Learn what you don’t know.
- Greed will bury even the lucky eventually. (Ahem penny stock chasers)
- Marry your best friend. (I did and couldn’t be happier!)
- Money in the bank is the Report Card – “Warren Buffett”
- You can’t outsource your passion.
- You can’t do everything yourself, delegate anything someone else can do. (I’m still learning this one haha)
- Bad things do happen to good people.
- Some people just can’t be helped no matter what you do, so don’t try.
- What you pay for, is what you get! (We all learn this the hard way unfortunately)
- The truth isn’t slander.
- The best competition is your own competition.
- Spend outside your means, you will have to work harder, make more money and become more successful.
- Mac is 150% better than Windows. (Loving my new MacBook Pro I got last year!)
- Complaining about people is time wasted.
- Have a reason why you do something.
- Write to do lists, lot’s of them! (Mine never seem to be complete though?)
- If you can’t do, don’t teach. (Hence my Video Proof)
- Surround yourself with great people.
- If you want something from someone, do something for them first.
- Network at events.
- Don’t speak business at the bar. I hate when people do this!
- Good people will support you because of who you are and what you represent.
- Stay healthy, eat well, exercise as often as possible.
- Your lifestyle heavily effects your businesses performance. (Stress will kill you!)
- There is only one way to learn, and that is through action.
- Forgive, forget, move on.
- People who rip you off, never amount to anything.
- Build a legacy based on the things you have done that are good, not bad.
- Spend time with your family, they are the only one you have.
- There is nothing to hold you back, except yourself. (Beginning traders!)
- You don’t know everything, learn. (I also point out that I’m still learning too)
- Have business partners, success comes quicker.
- When you do go into business with someone, have a long term agreement. (Not there yet…but maybe soon)
- If something is working, keep doing it.
- Don’t keep all your eggs in one basket.
- Taking ownership of failure builds the foundation for success.
- Have an exit strategy, always be working towards something.
- Success often comes to those who don’t give up.
Watch The 1st Video In This Free 4-Part Series
I’ve been told by tons of people that you’ve got to either have a lot of money or a really killer system to trade options and win. Some new indicator or signal that will transform your portfolio.
Honestly, there is no “magic secret” to trading options. It simply comes down to an understanding of risk management, option pricing and strategy selection.
Instead of learning these lessons the hard way (i.e. losing your shirt in the market), why not take my free 4-part video course as I cover each area in detail. Plus, I’ll go over the exact checklist I use for selecting trades each month!