Making more money out of the stock market isn’t hard. In fact, if you want to get bigger as a trader there are two ways to do it:
- Trade more shares/contracts
- Add more winning strategies to your trader toolbox
Of course, trading more size sounds simple to do, but for some, the challenge becomes psychological. Sure the profits will look bigger but so will the losses.
Maybe you’ve been there before, you have a series of good trades and then decide to scale up. Your next trade you do just that… but the larger profit and loss (PnL) swings become too difficult to manage and your emotions get the best of you.
Instead of sticking to the plan – you start trading your PnL and things get messy. I know, because I’ve been there before.
If you ask me, the easiest way for you to grow as a trader is to add new trades to your toolbox. Taking a little bit from others and adding it to what’s already working, helped me turn the corner with my trading.
In a few short years, I went from drowning in debt to becoming a multi-millionaire trader.
Through that process, I’ve been teaching what I know and helping others as well.
I never thought this would happen… but the teacher has become the student. Check out how I made $10K “following” one of my former students, who’s now a mentor in Millionaire Roadmap (MRM).
For example, Nathan Bear – my second millionaire student and now a mentor in Millionaire Roadmap (MRM) – alerted members about a trade in Tilray Inc. (TLRY). Check out how Nathan was able to turn $37K into seven figures in a short period here.
Now, normally I wouldn’t even have this type of stock on my radar because I’m busy trying to keep up with all the small-cap movers.
However, Nathan was watching this chart in TLRY:
The idea was this:
Once the purple line crossed above the green line it produced a signal to get long. Now, the stock also had earnings coming up, so he was expecting the option premium to increase. Traders tend to bid up options ahead of the event to either speculate or hedge. That said, the more demand for options pushes up the premiums. If you want an in-depth tutorial into options check out this free guide by Jeff Bishop, multi-millionaire who specializes in these derivatives.
Since TLRY is a leader in the cannabis and cannabidiol (CBD) space, I figured it would move other stocks in the same sector. So after hearing about Nathan’s idea, I wanted to come up with my own trade – one that fit my style.
New Age Beverages Corp (NBEV) is a company that produces CBD-infused beverages, and it just came off 50%+ from its recent highs.
Here’s what I was looking at.
Notice how nearly every time NBEV gets around $3.50 – $4, it catches a bounce. Traders – like myself – were keeping an eye on this level for potential entries. I figured with TLRY setting up for a long, it could pull NBEV higher.
Here’s a look at what we sent to MRM members:
Based on Nathan’s analysis, and the chart set up in NBEV, I took the trade on the long side.
I liked this play a lot, so I decided to trade it aggressively, so I actually added to my initial position.
The trade worked out to near perfection. The sector leaders took off and it pulled NBEV with it.
In just two days I was able to lock in $10K off of Nathan’s TLRY idea.
As 2019 approaches what are your trading goals? If you want to get bigger, then there two approaches you can take. Lately, I’ve found the best success by picking up new ideas from my network of millionaire traders. That said, this network isn’t reserved to just me, in fact, you can become a part of it too.
The diary of a real $ trader,