Stay with me…there are actually a lot of similarities. And, in light of the feast I just took part in for Thanksgiving, I thought this analogy might be appropriate!
Have you ever gone on a diet to lose weight? Maybe you bought the latest and greatest book on “How to Lose Weight Fast”, or searched the internet for the “Easiest Way To Get Fit”. But, you can’t lose weight by reading a book, or watching a couple YouTube videos.
If you were successful in your goal, then you know it took some effort, right? While everyone wishes they could pop the magic pill and be at their ideal weight, it simply just doesn’t work that way. You have to eat the right foods. You have to eat the right amount of food. And, to super charge your diet, you most likely need to mix in some physical activity…ahhhh the dreaded gym routine.
For reasonable results, you must put forth consistent effort. You can’t expect to eat good for a week, and go to the gym a couple times, to lose 20 pounds. (At least not in a healthy way!). You need to create a healthy lifestyle. You have to consistently make good choices.
Learning to trade options is no different. There is no magic pill. You have to put in consistent effort to make it work.
Wait, you mean I can’t just watch a few trading videos and expect to retire on the beach?!?
Unfortunately, the answer is NO!
However, if you consistently feed your brain with trading knowledge, and make high probability trades on a consistent basis, you can eventually build the wealth you truly desire.
Here are my Top 5 Keys to Losing Weight….Oooops, I mean Top 5 Keys To Learning Options:
1. Master One Strategy – There are so many strategies available. Iron Condors, Strangles, Straddles, Calendar Spreads, MoneyFlow Trades etc. Don’t try to master them all at one time. Pick one, and trade it over and over and over, until you get it down cold. Then…and only then…move on to master another strategy.
2. 15 Minutes Per Day – Spend some time EVERY DAY on trading. Remember, consistent effort is key. And, don’t tell me “I don’t have time”. Spend a few less minutes watching cat videos on FaceBook, or playing Candy Crush on your phone. If you make it a priority, you can find the time.
3. Place Trades Every Day – If you don’t have enough money in your trading account, then use the “Paper Trading” option that most brokers have available. This will allow you to get comfortable with the software, and give you the confidence in your strategy.
4. Stay Disciplined – Trading is a unique business in that you make your own rules. With great power, comes great responsibility. Don’t break your own rules. Even if you are still “Paper Trading”.
5. Invest In YOURSELF – Most high paying careers come with a hefty education bill. You don’t have to spend $100,000 on medical school like a doctor. But, spending a few hundred dollars on our courses and trade alert service, could accelerate your learning curve dramatically.
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