In the last few months, the crypto market has been experiencing its inevitable pullback causing many to doubt whether you can make any money in this market. The volatility of cryptocurrencies is something many traders are still getting accustomed to and the emotions that come with that.
Two of the most important lessons we teach are to never let your emotions influence your trading and investing and always have a strategy. We’re going to repeat the last one because of how important it is – ALWAYS HAVE A STRATEGY!
Did you know that 90% of new traders and investors will lose 90% of their money within 90 days? We call this the 90-90-90 rule.
This trend is because people start trading and investing without a strategy. Knowing how is only part of the battle if you do not have a strategy. It’s all well and good having a working knowledge about trading and investing but if there is no method in the application, then, more often than not, it will fail.
So how do you become part of that elusive 10% and escape this trend?
Without pre-defined rules, traders will make decisions that are erratic and full of emotion. It can leave them buying and selling in all the wrong places at all the wrong times. By coupling the know-how with the execution of a strategy, even the most novice of traders and investors have the foundations to make a profit.
When finding the strategy for you, proceed with caution, there are many strategies out there, some proven, some experimental, and others that don’t work at all. You need to take the time to find the strategy that fits with your financial goals, so how do you choose?
The solution: research. If someone is determined to be a successful trader and investor, then they will do whatever it takes to succeed. That’s why Marcus wrote the #1 book The Lunchtime Trader. He wanted to provide people with a resource from which they could learn the do’s and don’ts and his proven successful strategies.
Marcus also wanted to document his 21 years of trading experience so people could escape the same pitfalls he did. It’s out there, for all to access, simple online research leads you to the download link, but how many people even make it as far as the search engine?
We say that because as well as always having a strategy, there is another important lesson you need to know to be successful – wealth is 80% psychology, you cannot become wealthy if you do not have the right mindset. Psychology and mindset are the foundations of financial wealth. Without them holding you upright, you can’t reach the top. There are already people who have downloaded the book want to create wealth because they have taken action to look for a resource that can help them.