Despite it being the last trading day of the year… and most traders taking it easy…deciding to spend time with family and friends instead of staring at the screens, we managed to have a strong turnout in the Millionaire Roadmap chat this morning.
Sure, we talked about stocks and the market.
However, the main topic was the new year, and the goals we have set for ourselves.
Don’t get me wrong, 2018 was a great year:
Dec 31, 10:28 AM M.B. – Since joining Jason/Kyle in April will end the year up $57K. If i don’t mess up today, lol. Heading to the gym, Happy New Year!
Dec 31, 10:35 AM D.P. – Up $85K for 2018
Nathan Bear, a mentor in Millionaire Roadmap has made over $650K in 2018 in trading profits. If the name sounds familiar it’s because it probably is. You see, at first, Nathan was a Millionaire Roadmap client. But after he turned $37K into $1.2M, I begged him to join MR as a mentor, and help others try to achieve their goals.
Now, you might be thinking: “Well that’s great for Nathan and his family, but now he’s rich, how can he possibly help me, since I trade a relatively small account?”
Well, here’s how:
Nathan just funded a $30K trading account. He’ll be live-streaming his trades to Millionaire Roadmap clients every single trading day. That means you’ll be able to see his entries and exits while they happen.
His goal is to turn that account into a million bucks.
You see, Nathan knows what it takes to turn the corner. He also knows that most clients don’t start trading with large accounts. That said, he wants you to join him on this journey, as he tries to turn $30K into $1M.
I think the opportunity is there for Nathan to reach his goal.
However, Nathan isn’t making this goal without a plan. In fact, he shared his plan to Millionaire Roadmap clients this morning. And you know what, I’m going to share some of it with you too, right here.
Here are his main focuses for trading in 2019:
Clearly Defined Position Sizes
I’m not going to just trade without a set share or dollar position size. There will be limits on my capital. That means for any trade, I will hax max allocation rules. In other words, I won’t use up more than $XX,XXX per position.
Additionally, when entering trades, I’m going to be scaling in. That means I won’t just slam into my maximum position size. Rather, I would slowly build a position until I hit my limit.
Moreover, when exiting trades, I’ll be scaling out. You see, when you’re holding onto winners, it doesn’t make sense to just get out of your position all at one. Selling a portion at different prices, coupled with trailing stop orders (these orders help to protect you from giving back all your profits when you’re up in a position) could maximize profits.
Clearly Defined Edge for Every Single Trade
Following your gut doesn’t always work to your favor. The “I feel like this stock could go up” days are over for me. For me to consider a trade, my patterns need to be there, otherwise I won’t be in the trade.Now, there’s no use to saying this out loud…we’re traders and there needs to be some accountability.
To further instill this rule, I’m journaling and documenting all of my trades in Evernote.
This journal would include screenshots for entries and exits, and the explanation of the trade setup and for the exit. Now, I’m not going to journal my trades and forget about them…I’ll be reviewing my trades every day and in turn, this would help me with my trading psychology and be more patient.
Focus on A+ Trade Setups
For the most part, my trades will be focused on patterns that have consistently helped me make money.Here’s a look at what I watch on a daily basis:
Now, I’m looking at Fibonacci retracements, volume-weighted average price (VWAP), moving averages, and “the squeeze.” The tools and techniques have helped me generate over $1M in trading profits – so I’m sticking to my A+ setups at all times. If you don’t know what any of these terms mean, I’ll be going over these in video lessons.
In addition to having these rules, he has traders in Millionaire Roadmap – and, of course, myself, Jefff Bishop, and Taylor Conway – holding him accountable to sticking to his plans and goals for 2019.
The diary of a real $ trader,