What's up everyone? All right? So uh, we're going to get started here. In today's episode, I'm going to talk about my 10 millionaire students now. This is an episode that I've been thinking about doing for a while. I have separately interviewed a number of these traders, and I was able to sort of consolidate takeaways from each of those different interviews, and I put together what I sort of look at as seven aptitudes, skills, and traits that they all share.

And so that's what I want to share with you today. I think it's helpful as an aspiring trader, beginner trader, intermediate, or even an advanced trader to get inspiration from traders that are a little further down the line that have achieved some degree of success. but I want to remind everyone and I'm going to put my disclaimer up again right here as we jump into this episode. Thank you guys for tuning in.

I want to remind you that their results, just like my own, are not typical. At Warrior. We don't track the typical result of traders in our community, so I can't give you any guarantee that you're more or less likely to succeed. Whether you trade on your own, you learn from me.

So I'm just going to put it out there at the very beginning that trading is risky and it is the minority. It is a small, tiny percentage who find the success of making over a million dollars. Having said that, uh, I think it's valuable to try to take some lessons from those who have found that high degree of success, so that's what I want to talk about here today. All right.

So uh, and many of you guys, you and those tuning in. I'm hosting this live because I want to be able to do Q A and I just love doing live teaching live and being able to talk like this so I can see your comments and and feedback and everything else. Um, so thank you guys who are here Live! Thank you for hitting the thumbs up! Thank you for subscribing. Uh, my name is Ross Cameron.

I'm the founder of Warrior Trading and I took my first trade when I was in high school. Uh, I can't remember if it was the summer of my sophomore year or the summer in between sophomore and junior, or the So or the summer between junior and senior. But I I think it was between sophomore and uh, junior. So 16, 17 years old when I took my first trade.

So that's more than 20 years ago and uh, over the last, well over all my years of trading, I really got into it pretty heavy in my 20s. That's when I really started focusing on making this a career and I've actually made over 10 million dollars in gross profit. I always keep my audit. Uh my.

I have my broker statements audited at the end of the each year. So this is the audit from the end of last year which at that time showed 9.5 million dollars in gross profit uh, or sorry, net profit and at the top you'll see January of 2017. I started with 583 dollars in my account. You can see that right there.

So that was the very beginning of this small account challenge. Now, the traders that I'm going to be talking about today have all substantiated to me through their broker statements and we have a compliance uh, officer that reviews them, a compliance member on our team. They've all substantiated at least a million dollars in trading profit. Uh, I just had my 10th student verify a million dollars and I'm super super proud of that.

So uh, I always. uh, give those traders those students the opportunity to do an interview with me. Not all of them want to, because not all of them, you know want the spotlight and things like that. But I have done a number of these interviews and so let's talk about some of these traits and aptitudes that I've seen as sort of a common um, uh, denominator among these traders who have become very successful.

So one of the first is that all of the traders that I've met who have made over a million dollars in profit they are all. and this is probably not surprising. Extremely driven, extremely competitive, aggressive, and they're self-starters So this is sort of. I sort of lump this all into one personality trait.

I guess I would say they're the type of people that are I I wouldn't say they're like they're type A personalities necessarily. Um, because they're not. They're not all type A personalities, but they are all quite aggressive, quite competitive, and very independent. And I think that that was what's kind of interesting there.

and many of you can probably relate to this is that independent streak that desire to want to be your own boss. Many of us who are day traders, that's one of the reasons that we got into trading. We wanted to be our own boss, We didn't want to work a nine-to-five job, we didn't want to work for someone else, and so we're often quite independent. And what sets apart those who become very successful is being a self-starter being competitive, and really being super driven.

You have to be a bit of a self-starter with trading, because especially when I got into trading, there really wasn't a lot of um, there wasn't a lot of well consolidated, like educational classes for day trading. You know, I mean, there was some stuff out there, but it was. It was a lot of piecemeal. so a lot of traders that were getting started when I got started had to really piece things together themselves.

And so you know you have to be quite a self-starter to be able to do that. Um, you know you've got to be very just out there trying to find the answers and trying to, you know, have critical thinking skills and be able to put things together and to be able to see you know of all the things out there, all the different pieces of information. What is valid? What is not valid? What do I throw out? What do I hang on to and so that I think does by itself require a sort of higher uh, level of thinking than maybe a lot of people just in sort of general population might have. I just I mean we know that most traders don't find success So I think one of the things that I'm always thinking about is why is that the case? Why is it that most traders lose money right? We've got to figure that out so we can start talk about that separately.

and then what is it that those who are successful are doing right And so as an aspiring trader you know When I was getting started one of my things was like how can I get into the mindset like what is a successful trader doing? What are they trading was their strategy, How are they thinking? How did they get there And my sort of thought was like how can that become a blueprint that I can learn, study and follow as much as possible So I you know I hope that this will be um, serve that to a certain extent. So the first is very driven, competitive, aggressive and I guess I would also say a self-starter of course and under that same category. Um, I would probably say a bit of a risk taker, right? Because we know that day trading is risky. I say it a million times.

so you guys have heard it from me. But we all know that trading is in fact risky because most people lose money and and people can lose a lot of money. And trading for some people becomes really like gambling. They're not able to manage their risk in a safe way and they just it just very quickly turns into gambling.

So a willingness to take risk. We know that uh, you know. I mean I think it's common knowledge that uh, men are considered a higher higher risk tolerance. They're bigger risk takers.

And so it is the case right now that all 10 of the members, uh, my students that have made over a million dollars are all men. Uh, I would love to have a woman be you know, among that community are among you know, a million dollar badge holder. It just hasn't been the case yet. And risk tolerance may be a factor there because trading is risky.

We we certainly know that. Um, you know, sometimes you see men doing these crazy things like you know, balancing on, you know, one ladder sitting on top of like a you know off-balance table trying to like fix. like you know, an electrical line or something like that. So I think we can get very, um, kind of like, you know, narrow-minded like this is what? What I have to get done and sort of put out all the risk related to it.

So that's number one. Uh, number two is. I see this trait of sort of perfectionism in a lot of the traders who have both big badges like 500k badges, but also million dollar badges. And the perfectionism is this like this, this feeling that I kind of describe as being an itch because I have it myself.

It's this inability to be completely content, this feeling that you can do better and that you should do better and that there's other people out there doing better. Which is also a little bit of competitiveness. but that perfectionism kind of competitiveness. I feel like that is kind of like the carrot that dangles in front of us, that keeps us rolling forward.

That keeps us moving forward, that keeps us evolving, developing our strategies, and just trying to continually do better. One of the things about trading that's kind of interesting. Uh, among the traders in the community that have a million dollar badge, one of them is sort of very interesting. He's a trader who's been doing this for a long time.

He's I. I don't know. I don't remember exactly when he started, but I want to say he's been trading for at least seven years. maybe a little bit longer so for him to make a million dollars over the course of seven years or, well, he got the badge a few years ago, but in any case, I don't know that he's ever made more than maybe 300 000 a year.

I'm not totally sure I'd have to go and double check, but he, he's never. He hasn't had like a million dollar a year now. Some of the badge holders got their badge within a year, which is just absolutely phenomenal. But this other badge holder that I'm thinking of, He's someone that has really focused on just kind of taking small winners.

Small winners, Small winners. And that's actually a little bit atypical because most of the million dollar badge holders, most of them have scaled their strategy and he's one of the few that that hasn't. Um, so I I don't know. We don't necessarily have to focus on the exception there, but for all the others, something that you end up having to do is scale your strategy.

So I found for myself that if I'm focusing just on base hits, hitting uh, 200, 400, 600 a day For me right now where I'm out of my career, that's not very difficult. I'm not saying that trading is easy, so don't misinterpret that it is difficult and my results are not typical. but for me, base hits of 500 that is not really for me at this point. very hard.

However, hitting 500 a day that doesn't quite cut it for where I'm at in my career. I have a daily goal right now of 5 000. So for me, in order to get up to 5 000, I'm having to take a fair amount of risk each day. And what I actually have to do is I have to sacrifice taking just a 500 700 base hit on a trade that I could just take you know, 700 off the table.

Let's just say, for instance, I buy 5 000 shares of a stock at five dollars and it goes up to 520.. I'd be up a thousand bucks, 20 cents on 5 000 shares and a base hit trader probably would take all of it off the table at 510 515 And lock up. You know, five, Six, seven hundred dollars of profit. A trader who's got more experience is going to sacrifice that initial five seven hundred dollars.

And at Five Twenty, they'll add another five thousand shares. Now they've got a ten thousand share position with a 510 cost basis, and when it goes up to 545, they might add another 5 000 shares. It breaks 550 goes to 565 and they're taking it all off the table for four or five thousand dollars of profit, right? But in order to do that, you have to take a level of risk that not all traders are going to be comfortable with because you're sacrificing the basics. So that's something that I think is is is a natural part of the learning curve and sort of the curve of profitability that most, uh, traders at a certain point will be faced with either being content with just kind of locking up small bases, small bases, small base hits, or they try to push themselves to get to kind of the edge of their comfort zone.

Which means trading with larger size, taking more risk, and naturally with confidence and experience that's going to increase profitability. But there will be times naturally where a trader will run into you know, some obstacles and they'll find that they've sized up too quickly. They're starting to have trades where they now have ten thousand shares at that five dollar, ten cent average, and then it flushes to 480 and they're down three grand. They could have locked up five six hundred dollars, instead they're sitting there down three, three thousand, right? So scaling up takes a willingness to carry some risk and you know, and a willingness to be pretty aggressive.

But it is a trait that almost all very successful traders have. and I think that's part of that perfectionism sort of competitiveness of trying to see the other person they're like, okay, I can do better. They see other people out there in the market who throw down big numbers and they're like, okay, I can try throwing down some bigger numbers, I need to take a little bit more share size, I need to hold a little longer and it's that trying to just continue to get a little bit better. A little bit better, A little bit better.

So the first, um, maybe natural aptitude or trait personality trait of um, the 10 millionaire students that I have right now the first one for those just tuning in uh, thank you guys was, Um, being that they're extremely driven, they're self-starters They're competitive and aggressive. Generally, they, they're they're they're doing something that's pretty risky, and they're doing it really well. And that requires this ability to be, um, just, I think, really aggressive and very driven. Uh, the second trait is a little bit of perfectionism in the sense of not being content with just hitting 200 or 300 a day.

They're trying to scale that to two thousand or three thousand. And when they get to two or three thousand, they're trying to scale it to ten or fifteen. And when they get to ten or fifteen, they're trying to scale it to twenty or thirty. And most day traders realize at a certain point that there is a ceiling to scalability in day trading.

You cannot. For most traders, buy 500 000 shares and get in and out in a period of 10 minutes the way you could with 5 000 shares or 500 shares. So you do run into a bit of a scalability limit when it comes to day trading. and then that's when some of those traders are forced.

If they're really, you know, comparing themselves to others, they're competitive and they're trying to do better. They start to look at taking some of the profits from day trading and rolling that into either long-term investing which of course requires sort of coming back to the drawing board because it's a totally different strategy or investing in real estate or building out a business, etc etc etc to keep scaling their income. So the third attribute, and this is just sort of, um, this is an interesting one is that a lot of the traders who have made over a million dollars and a lot of the traders who have larger badges at Warrior 100k, 500k, etc. a lot of them do have multiple sources of income and this is one that is super frustrating.

So what's frustrating about it and I can relate to this because this wasn't the case for me when I got started trading. What's frustrating about it is it feels sometimes that the people who need the money the least are the ones who make the most. and it's like, come on man like this, What's the deal? How is it that this person who doesn't need the money? they've already got income from this and this and this. Whatever it is that they just sit down and in their first year of trading, they crush it, right? I've been working at this for years and I can't seem to make an average of 200 a day, 50 000 a year.

And so what multiple sources of income means is what's really important here. What it means is that the pressure for day trading to be super profitable is actually quite low. And so when you get into something and the stakes are low, it changes your psychology. It changes you from ha.

From coming at it from a place of desperation, where you're grasping at straws, where you're like i need to make five thousand dollars so I can pay bills at the end of this month. And then when you start getting, you know you're back up against the wall and it's like the 15th of the month and you haven't gotten there. It's the 20th, the 25th you start getting desperate. You start taking really high risk trades because you have this this pressure and so when you take away all of that pressure then you have someone who is approaching trading from this genuine perspective of I want to learn about this thing I have some money to work with.

I've set up my trading account. I can afford to use the right tools, right? because sometimes when you're really tight on money, you're not going to use the right broker. You're not going to use the right tools. So then you're making things more difficult on yourselves so they can afford the right tools.

They can afford the right broker and they can afford some losses and so they don't get that fear in them right? Because what a lot of traders do is they start trading emotionally and this is I think one of the reasons why a lot of people lose money. Now it's not to say that the people who have gotten million dollar badges were all millionaires before they started trading. It's not to say that they were in like the top one percent, but they had enough of a cushion that they were able to approach trading without the added pressure. Now that wasn't the case for me when I got started.

I didn't have other sources of income right, of course. Obviously, when I was 16 17 years old, my other income was mowing lawns. But as I got into my 20s I had a regular job like started during college and then right after college. And then when I got into trading that job had ended and so I didn't have income I was.

I had nothing for income. So for me there was a lot of pressure and I kept thinking if I can make 200 a day that is going to be such a game changer between being able to afford my lifestyle at that time living in Vermont and be able to make trading work or having to go find a regular job. So there was a lot of pressure and then that created a lot of fear when I would start to get into a losing trade. All of a sudden, that fear would set in.

If oh my god, this trade is gonna if this goes the wrong way. This is gonna ruin my month. If it ruins my month, it means I won't be able to pay these bills at the end of the month. If I can't pay these bills at the end of the month, I'm gonna have to start thinking about going and getting a regular job or accumulating more credit card debt because I'm not able to pay the minimum balance And so all of those emotions start to fire off when I have even one losing trade.

And so what's how do I alleviate that? instead of cutting the loss quickly, I hold on to it and I hope that it'll turn around because it's I don't have to really like fully think about all those things until the loss is real and so that creates that emotion of holding losers too long. And then inversely, when you're in a trade that's a winner and you're up like 100 bucks, you're like oh my God. I'm just going to sell the whole thing because I cannot risk this turning into a loser and going against me. and so again, it's that fear of loss that causes you to sell your winners way too soon.

And so what you end up with are average losers that are big, average winners that are small and from just a statistical perspective you would need to be firing and at like 80 percent accuracy in order just to break even. And that's not realistic. I don't achieve 80 accuracy. I mean maybe in the course of like one or two days here and there.

but generally speaking over the course of 15 20 000 trades I'm coming in at like 69 70 percent. But my average winners and average losers are about the same size And so at 69 70 percent, I'm making money, right? So this is one of these things where I did a session with uh, Ted, who's who runs Trading Psychology at Warrior. Um, so to give you a little bit of a back story when I was learning how to trade or when I was when I was getting back into trading in my 20s, I had gotten married and I I had a lot of pressure of paying bills and all that stuff and I also had a lot of pressure on the marriage side that if that marriage was going to work, um, this kind of career needed to work because being unemployed you know that wasn't really working and not being able to pay bills and all that stuff. So I started seeing Um.

I reached out to try to find a um, you know, a therapist psychologist that I could see so I could sort of talk through these issues that I was having and and it was really like marriage counseling. I mean that's really like what it started with. you know, I'm I'm not like it, just it felt like we weren't on the same page. Uh, me and my my at this point ex-wife So I started seeing Ted and this was this was more than 10 years ago that I started seeing him and pretty early on in seeing him.

um you know I would see him I think it was on Fridays and so I I kept kind of being in this situation where I'd be like hey Ted, you'd be like how's your week be like well you know I just took a huge loss today trading and that because that was so much of the forefront. I mean of course if I'd had maybe an argument or something, that might have been the topic, but it seemed more often than not the thing that I was talking about was trading and I I sort of felt like if I can get this trading thing figured out that the other things will fall into place. Um, and I think that that was a little bit backwards because it was all the pressure from the marriage and all this other stuff that was actually making trading really difficult. It was making me more emotional when I was trading.

and so as I worked with Ted, he really helped me a lot. develop this sense of self-awareness around how my emotions were flowing right into my trading, how I would press the buy and sell button with anger with frustration, not necessarily from the trade, but from everything else that was happening outside my life. And so I've developed this sensible self-awareness even today that you'll sometimes see me like I'll I'll have like a couple losses and I'll be like, all right guys, you know what I'm done. and that's because I'm already starting to feel that frustration, that anger, whatever it is building up, and I've been able to just very quickly kind of get in front of that.

So although I didn't add this as sort of one of the seven, uh, traits I was gonna talk about, I probably could, but um, it that. There is definitely a requirement I think as a trader to have a pretty high level of emotional intelligence. and that is your self-awareness your ability to recognize when you're making emotionally impulsive decisions. And I'll sometimes see it in other people and I can tell them I can be like man, I see what you're doing, I see the pattern that you're in right now because I used to be there, and I'm telling you you have two choices: You can either keep doing what you're doing and you're probably eventually gonna get so the pressure's gonna get so built up that you're gonna blow up your account, or you can make the difficult but very affirmative decision right now to start doing things differently.

And I know it's hard because I know it's not fun to rein yourself in, but you've got to put rules on yourself. You've got to have the discipline to follow them so anyways. But really, what I wanted to really say on this point this is the third point, was how much multiple sources of income affects your trading psychology. And so if you are not in a place where you have multiple sources of income, you sort of have a couple options.

One is to try to start developing them, and there's a lot of ways that you can develop side hustle income. Whether it's driving for Uber or Lyft, or you know it's doing things online. there's a lot of different types of things you could do for work online. I mean, you know there's a lot that you could do, and I think if you start doing those, you start having income coming in from other places.

That positions you a little bit better when it comes to trading. And if you're not in a place where you're able to get that, then that's where you have to start thinking about. how can I develop this self-awareness to recognize that the stakes are high for me? But I'm going to continue to try to work even though I'm probably going to have a little bit of a shorter fuse for all of these obvious reasons. And so if you check out my podcast, I did an episode with Ted where we talked about how you fake it till you make it.

In terms of trading psychology, how can you put yourself in the headspace of a profitable trader even when you aren't already there? Because it seems that sometimes just approaching it from that perspective by itself puts you at an advantage, and it feels that those that have multiple sources of income, they're coming in with the right mindset. Maybe without even realizing it, but just because of the fact that those multiple sources of income brings the pressure down. So low pressure. Doing it just for the enjoyment of it.

That's when the stakes are going to be lower. The fourth uh, skill that I would say is pretty common among traders the 10 who have made over a million dollars. And by the way, Disclaimer: Again, for those that didn't already hear it, we don't track the typical result of traders in our communities, so I can't say that you are any more or less likely to succeed whether you trade on your own. you learn from me.

We do have 10 traders who have submitted broker statements and you know, voluntarily shown me that they've made over a million dollars. And so those are the traders I'm talking about today, but they are, no doubt a small percentage because we know that most traders will not achieve anything like that. so I just want to be very transparent about that. So the the fourth skill of these traders I would say um, is a degree of computer savvy computer skills which you know sometimes um, I you know my uh, my wife's um, great Aunt Gina.

Sometimes she'll she's from New York and she'll say ross, oh what's a good stock I should buy and she's so funny She you know what? What should I? What should I buy What? You know, what's a what's a good stock? Do you think I could day trade And obviously the answer is no, she's in her late 80s. This is like never. She's not a day trader and that's totally okay. But sometimes people will think that maybe it's as easy as just.

I don't know. I'm not sure what they always think, but it does require a certain degree of computer skills. So I think if you're someone that um has, you know, never traded, or never used a computer once in your life, which is sometimes the case, someone will come in. They've worked a i don't know, some type of job for you know, their entire career.

Whether it wasn't based on a computer, maybe it was landscaping or construction work or something like that. And so now they have two things they need to learn. One is sort of how to use a computer because I think for a lot of us younger folks I'm 37. But you know folks that are a little bit younger Because we grew up on computers, the computer can feel like an extension of our mind and body.

It just in our control of it, our able, our ability to use it to generate income, to find information. You know all of that, just to me. Um, I feel like that's it's just sort of a minimum requirement that I think that is important. Now at the end of the day.

computer skills is not more important than having multiple sources of income then being extremely driven and having discipline and things like that. It's not more important than that. it's just another one of these sort of blocks in the foundation that I see as being common among those who have found success. Um, so Okay, so number four was computer skills.

And I'm not talking about being a computer wizard, programming or anything like that, but basic computer competency. Um, number five. This is an interesting one. It's an ability I see to make fairly quick decisions.

I've known traders who would find themselves paralyzed at the moment they needed to make a decision, and I think that that came from fear. It came from a place of being afraid to pull the trigger of just afraid of losing money. And so, perhaps the ability to make quick decisions is a byproduct of confidence. When you have more confidence, it's easier to make quick decisions to pull the trigger to jump in or or to jump out as needed on a trade.

But um, but I noted that because that ability to make quick decisions is important. when you see a stock setting up, you see a pattern forming. It's an opportunity. and that there's a window within that opportunity where you can take a position.

and then of course, there's going to be a window where it's you've missed it, you know. And if you've missed it, you've missed it. and you've got to wait for the next one. So I think an ability to make quick decisions is important.

Um, you know that's not going to be something that everyone is naturally good at. but I do think confidence is gonna help it. Um, number six I would say is knowing when to walk away. This is an interesting one because I've known so many traders that chronically over trade and this is tough because the fact is, the market is open from 4 a.m Eastern standard time until 8 p.m after hours.

And of course, if you want to trade crypto which some people end up doing, you could do that 24 hours a day. Now if you want to go to Las Vegas, you could gamble at the casinos 24 hours a day, right? And there are of course professional poker players that go to the casinos and they know they are consistently coming out on top. And you know there's people who are card counters and can play blackjack and consistently walk away with profit. Of course they are again the minority.

and I think the thing here is that if you're one of those people that's a card counter, or you're um, a poker player, semi-professional professional, or you're a traitor, you're gonna know that there has to be a set of rules that dictate how you approach this game so to speak, so that you're not a gambler. But you are consistently predictably profitable. And so when you follow those rules, when you have the discipline to follow those rules, that's when you do well. and I wouldn't think that a professional gambler.

uh, if you call perfect gambling at that point, I don't think you really would, because, um, it's not really a game of chance when you have consistency based on track record. But if you're a professional poker player, or blackjack or whatever it is, um, my thought is that you would not probably be in the casino for 24 hours straight, you know, drinking coffee, or I don't know, doing whatever to keep yourself awake. That feels like that inability to walk away starts to fall onto the gambler mindset, and this is something that I want to be very transparent about. The fact that there are people who come onto Wall Street to just gamble.

Not intentionally, but they've They get hooked and they might not even realize that what they're doing, what their behavior is gambling. If you are coming in, you are consistently losing money. You don't have a strategy, you have no rules that you're following, that's gambling. and one of the worst things I suppose is that some people will come in with no rules and really no sense of risk management.

But they'll make money. And many traders who came in on meme stocks early on you know your game stops Amc, et cetera. A lot of them did make money and that can be one of the worst things because it can create this belief that you know what you're doing when in fact you don't. And a lot of times money made through luck like that is eventually given back and even times many multiples as you start to go negative on this endeavor.

So knowing when to walk away is part of your strategy. While it may fit within the strategy of some traders to trade from four am until 8 Pm I think that, uh, you know that's very, very uncommon. I don't I really don't know of any traders that consistently try to do, you know, 12 14 hour, 16 hour days trading. I I just have really never heard of someone who's consistently profitable who does that.

But of course I haven't heard of everyone who's profitable. so it's possible there are some people that fall into that camp. Um, I would also question if you're in that camp, whether or not you're actually gaining the benefits of being a trader which to me are freedom, lifestyle, the ability to work for only a few hours each day and then not have to work eight hours. But of course, if you're really, really hungry and trying to make as much as possible, some might think the longer I'm in the market, the more I'll make and that may be.

That may be true for some, but I don't think it's true for for most. And so one of the challenges there is knowing when to walk away because at any time when you walk away, you're then faced with the reality of what happens. if this stock ends up going up 300 after I leave. How do I feel? Do I feel fomo fear of missing out? Do I feel regret of missing out? Do I feel angry? Do I then take that out on the next day on my next trades? Or are you able to simply say, well, it doesn't really matter.

I I'm sure there are people that traded that entire move that made less than what I made this morning in two hours. My job is to sit here from, you know, whatever it is, 8 a.m to 10 a.m or you know, 7 a.m to 11. Whatever it is. So anything that happens outside, that is, it doesn't really matter because that's not when I trade.

And so knowing when to walk away is very important and that can be really, really hard for a lot of traders And and then numbers. So that was number six and number seven, which is, uh, possibly the most important is having the discipline to follow the rules of your strategy, Having the discipline to not over trade, Having the discipline to be patient, And so this is a question that I often ask beginning beginner traders. I'll ask you, how badly do you want this, how badly do you want to make this happen? And if you really want it badly enough, you will adopt the discipline to not put real money or any substantial money on the line until you have first proven success either in a simulator or trading with like one, five, or ten shares. If you have a free commission broker, you'll have the discipline to pay your dues and study.

study, study before you put big money on the line. You'll have the discipline to wait for good quality setups to not give into Fomo to not chase stuff, you'll have the discipline to not hold your losers average down and turn them into huge, massive blow-up losses. That's discipline. And discipline is a muscle.

It's something that you have to really exercise. You have to really develop it, and if you're not exercising it, it can atrophy. It's not something you have and then you have it forever. You are constantly having to work on it, and I find that myself that there are times where I feel that I've got great discipline and I'm following my rules really well.

And then there's other times where for whatever reason I just feel like I'm in, you know, a little bit of a funk and I'm more emotionally impulsive or I have a shorter fuse, etc. etc. I've fortunately been able to develop a degree of self-awareness that I can usually see when I'm in those different places. And you know, so there's always even within a very successful trader, there's a spectrum of sort of emotional.

You know, self-control and discipline, and things like that. And so you might find yourself at various times on one side or or another. But I would say that these seven traits that I've found to be pretty common among the 10 traders who've made over a million dollars. My 10 students have made over a million dollars and common among 500k badge holders.

Number one: Being extremely driven self-starter very often competitive. Number Two: Perfectionist Wanting to do better. And I don't know if perfectionism is the right word, but that's a little bit of a competitiveness of wanting to do better. Competitive with themselves.

Number three often have multiple sources of income. Number four have decent computer skills at the least. Number five are able to make fairly quick decisions and have the confidence to pull the trigger when they need to. Now that confidence comes from experience, it comes from a period.

It comes from having a track record and so when you have a good track record, your confidence builds. So what I always focus on is accuracy. first. if you focus on having the discipline and patience to wait for a quality trades, your accuracy will usually get better because you're not giving into the emotional impulse of chasing stuff and taking bad quality trades.

So number one, focus on accuracy trade the best, leave the rest focus on highest quality setups. What usually follows if you have enough experience under your belt is your profits and your your your total profit loss rate. Your profit loss ratio improves and your accuracy improves. which then confidence comes right in behind that.

And so now as your confidence goes up, of course, your ability to make quick decisions um is going to be better. Number six knowing when to walk away super important, and number seven having the discipline to follow your rules, to not over trade, to be patient, and to to always keep improving right? But you have to follow the rules, your strategy. When you stop following the rules, that's when you start to fall into that you know potential mindset of being a gambler. And that's we have to be really, really careful.

And again, I'm going to reiterate I've got a couple more things I want to share with you, but I want to reiterate that Everything that I'm talking about here today. Um, I'm talking about my success. I'm talking about the success of 10 of my students and I've taught thousands of traders all around the world. I want you to know that my results and their results are not typical.

That trading is risky, so I can't make any guarantee that you are any more likely to succeed. Whether you're trading with me or learning on your own than these traders. The the odds of success in trading is very low, so please take it slow. I really encourage practicing in a simulator but I understand that not everyone will.

So what I would encourage second to that is trading with really small share size and not allowing yourself to go big until you first have a track record. You use that track record to justify why you are a better investment than putting your money just in the S P 500 or something like that. So um so yeah I would say that. um and I noticed.

Thank you by the way for all the folks who are uh who are tuning in and thanks Koss for tuning in. He's got a 500k badge at Warrior and he's been doing a phenomenal job so he was saying you don't need to be a millionaire, you have to be consistent with your gains and I so I something I would add on to that um is that I have noticed especially with meme stocks that there's been this uh I think a lot of traders are uh that are attracted to the lottery ticket you know, the big home run And the fact is, when you're focusing on these crazy home runs like buying out of the money options calls that are priced you know, 300 percent higher than the current stock. Naturally you could buy those usually for like 10 cents. You know, 15 cents.

They because nobody really buys them. But then every now and then you have a game stop or something like that that goes totally crazy. And the traders who bought those at 15 cents and they're suddenly worth a dollar. Fifty Three dollars, Five dollars.

That those are. The people are turning a thousand into ten thousand. Fifteen thousand. Maybe a hundred thousand dollars.

And that's that's lottery ticket stuff. Now if that's what you like, that's fine. But this episode right here and my whole channel is based on day trading and so while I sometimes think gosh, I, I certainly have enough money that I could have bought those same 10 000 calls and made you know 20 million dollars. On the other hand, doing that would have been a complete gamble and what I value more than an occasional maybe lottery ticket That pays off because naturally out of all the lottery tickets you buy out of all those types of trades that you take, most of them are worthless.

A couple may be huge winners, but then at the end of the day, what's really important to me is consistency. And if I can make and so this is one of the things that I sometimes tell myself if I've had a couple of bad trades, if I've started to dig myself a hole, I'm getting too emotional. I scale down and focus on hitting small, consistent base hits. Those can be those 500 days where I hit the 500, I hit it and quit it.

That's it. I'm in. I'm done 500. I'm out.

and after 5-10 days in a row of getting 500 700 a day, there's a squirrel running by with a nut back there I feel more confident and I start to remind myself that yes, this is what it's about, 500 a day And then once that confidence comes back, then I start to feel just naturally comfortable scaling back up. But it's so easy to get kind of off your center. and when you take really big losses, it can knock you off your center. And usually big losses.

Typically they are the result of breaking one of the rules you set for your strategy because most strategies don't really. Um, it's not within most strategies to have huge losses. So a huge loss could happen if you buy a stock that has a huge spread, you didn't realize it and then it reverses. You know it could happen trading a stock that ends up just doing a huge false breakout and halting down.

but your initial entry was a little bit of a chase, so you know that type of stuff. You, in hindsight realize you probably mismanaged risk on that trade. And the unfortunate thing is you not only have to deal with the initial loss, but you have to deal with the fact that that loss is going to shake you off your center. and then for the next few days, even the next few weeks, you're going to have to spend time with smaller share size, just kind of regaining focus because one of the worst things you can do after a big loss is come back on day two, trading twice as aggressively to try to make all of that loss back in one trade.

But people do it. and the next thing you know, they're down twice as much. three times as much. And that's how quickly traders can start to spiral.

A trader who was very much in a good mindset, but maybe wasn't having to exercise a lot of discipline because things were just going well. It was a really strong bull market. All of a sudden, that big loss shakes them. They go right into that emotionally fueled trading and the spiral begins, so I would urge caution.

One of the things that is certainly stressful for any beginner trader is when you maybe first start to find some success and then catching that first really big red trade. You know, after having a little period of success because that's when you're questioning, uh oh, was you know, were those last few weeks just luck? You know, like what's going on and if that loss shakes you off your center and you're not able to scale down and do the right things, the next thing you know you can just start to spiral. So I think part of every strategy has to have a bit of a contingency plan for what happens when I have a big loss, right? Because a big loss will eventually happen. I mean, as much as we try to avoid it, it'll happen.

And it could. It could be something like you were in a trade and you lost internet. You know, I mean, it could be totally not your fault at all. I mean, of course you can have backup internets and things like that to prevent, but in any case, it could just be something happens.

Your broker goes offline, that's totally out of your control. Well I guess you could choose a different broker. But again, like I said, you have things that could happen. So now you have to pull out that contingency plan of okay, I just took this big loss.

what do I do and what I encourage is sizing down coming back in with smaller share size to try to slowly build back. So I hope this has been really helpful for you if you want to check out. Over at Warrior Trading we have an all-star traders page which is um, a blog that follows the same um, format of these seven items that I just talked about today. These seven attributes? You could check that out.

I'll put a link to that down in the description. There's also a podcast over there that you could watch where I was talking with other uh, badge holders about, uh, some of these um, attributes. Uh, of success. So I hope you guys check that out.

I hope you really enjoyed this episode. I hope you hit the thumbs up if you do and I want to remind you. I just again. I've already said it several times, but I want to just be very, very clear.

Uh, the trading is risky and although I'm very happy and proud of these 10 traders, these 10 students that have made over a million dollars and I'm not going to say that I created 10 millionaires because I don't I can't take 100 credit for it. They came to the table with all of these natural aptitudes that made them more likely to succeed. but I'm really proud of them and and grateful that they entrusted me to help guide them as they were getting started and so I always love highlighting them. But I have to say as I highlight them, that on the other hand, please remember that this is very risky because most traders do lose money.

so it's important to think about what those two are doing right? Um, you know are doing that allows them to be so successful. But just at the same time, think about how many people lose money and what you need to do to manage your risk as you're getting started because there is no guarantee. All right. So please take it slow practice in a simulator and if you want to check out a couple more episodes, I could put a couple more uh links to episodes right here and right here that you guys can check out and remember.

I'll be back at it for the morning show first thing tomorrow morning. Live streaming right around 9am so you can tune in. You can see what I'm looking at for the morning. my watch list.

Maybe I'll take some trades if we've got something uh looking interesting. So uh, looking forward to seeing you guys back at it in the morning and thank you as always for tuning in. If this has been helpful, leave some comments below, let me know your thoughts and I'll see you back here for the next episode. All right, See you guys soon! You.