Millionaire Traders

The Coolest Guy in the Room

more comfortable on the short side, we executed with confidence
and precision and walked out a net winner at the end of that day,
proving Chuck’s point.

Traders Who Absolutely Have to Make Money Never Do

This is perhaps one of the wisest pieces of advice in our book.
Many retail traders get into the business expecting to make money
right away. The irony of this profession is that the more you need
to make money to pay your bills, the less likely you can do that.
The main reason that trading is difficult to master is that it is the
only profession in the world that actually punishes you for non-
performance. Most workers who work on a salary have the peace
of mind knowing that they will be paid their weekly paycheck
whether they accomplish their tasks or not. Even salespeople who
work strictly on commission, risk only the loss of their time, not
their money, if their deals go bust. Trading is the only profession
in the world where a wrong decision will result in an instant loss
of your money. Few people truly appreciate the negative pres-
sure of this dynamic. Chuck Hays, lost$50,000 in his first year
on the job. Therefore, if you are going to trade full time, it is
absolutely critical to understand that success takes both time and
money.

Focus on the Next Good Trade

As human beings we are all highly influenced by our surroundings.
As traders we are especially vulnerable to big emotional swings,
cycling from depression to euphoria depending on the outcome of
our last trade. Yet real pros never look back. What happened on
the last trade has absolutely no impact on what happens on the
next one. The markets do not care if you just lost or made a million
dollars. They only focus on the future. That’s why good traders are
able to totally divorce themselves from their emotions. As Chuck
says, he only wants to concentrate on making the next good trade,
ignoring the good or the bad that preceded it.