How to Improve Your Trading With Tai Lopez’ 67 Steps
Every successful trader will agree that the right psychology and the right state of mind are key elements that separate the winning from the losing traders. The mind of a trader is his/her greatest asset but it can also be his worst enemy. We all struggle with our limitations, both mental and physical.
We are not perfect as human beings and there are certain psychological aspects that apply in trading that require a high level of mental discipline.
One of the best examples is being able to cope with stress. Deciding on the right asset and finding a good trading opportunity can be quite stressful in itself. Our emotional attachment to our money makes it even more difficult to trade with a clear head.
But imagine the stress levels of investment fund traders who open positions worth millions on behalf of hundreds of clients. How do these traders deal with the amount of stress that they have in this highly competitive environment?
The answer is simple. Self-empowerment.
The biggest traders, those who dominate the markets, people such as Warren Buffet or George Soros, have spent a lot of time and money on empowering themselves as people and professionals. The beauty of today’s mass market and cheap technology is that one can learn the most important things on a shoe string budget or almost free online.
Self empowerment is crucial to any kind of success. It is simply knowledge that will help you accomplish your goals and make you a more efficient person and a trader if you decide to live off trading. It is knowledge that will help you keep the profits and spend them wisely in the future. True self-empowerment programs and mentors will hone you as a human being and teach you ways to improve your thinking. It’s all about understanding our thinking patterns and the way they control us and more importantly, the way we can control them.
Tai Lopez and The 67 Steps to Becoming a Millionaire
I’ve invested some time and money to master my own skills as a trader and entrepreneur and for me Tai Lopez’ 67 steps program was a very welcoming experience. His mentoring program embodies the teachings of his mentors such as . So reaching out to Tai is a fantastic shortcut for those who feel the need to fast track their improvement. Here is a short introductory video of Tai Lopez and his offer.
Based on the knowledge of his mentors and hundreds of books read on the subject of psychology and empowerment he reiterates that to change your thinking patterns one needs to take certain steps in life. Unlike your typical Forex or Binary options trading mentors, Tai takes a more holistic approach and his program is focused on reaching success in business, as well as in life.
Even though Tai is not a professional trader he certainly knows more about the nature of trading and risk management than most traders. It’s enough to examine the first points from his 67 steps to know that his empowering program is a perfect fit for any trader.
#1. BE WORTH A DAMN
In order to deserve what you want in life you need to put in the hard work to get it. Tai says on a number of occasions that most people are delusional because they think they are somehow entitled to a privileged position in life without working for it.
Ask yourself this: Do you deserve a better life than people who work twice as much? If you want to have a higher quality of life you need to make certain sacrifices, your precious time might be one of them.
If you’re a trader and you don’t spend the necessary time mastering your profession you will never become a better trader and make more money. The knowledge and new skills that you gain from the time you invest in learning and mastering your craft will add to your overall worth.
#2. BE ADAPTABLE
Based on Charles Darwin’s theory of evolution you need to adapt to your circumstances. The people with traditional approach might not survive dynamically changing markets. One needs to look for changes and trends that happen both in life, as well as, the markets.
When you make decisions think in relation to long term trends. Tai advises to analyse your time and habits to see which ones are sustainable. Think about which trends in your current life you’d like to keep in 20 years.
You can make a list to build your maintainable strategy and see which habits are necessary in your life and which ones could be improved, replaced or simply be gone with for the sake of having more time or/and money to do other things.
From a trader’s perspective being able to adapt to markets is crucial for survival. One of the best ways to adapt to changes in the markets is by checking the daily charts and subscribing to trusted economic channels.
#3. BE HUMBLE
One of the biggest barriers on your way to success could be your egoistical approach. There are so many people out there that just don’t listen and learn from others.
Tai believes that everyone has a value that can be passed on and learnt. It’s a lot easier to perceive life lessons from wiser people when you’re humble because your perception is not filtered by your self-serving ego.
Be humble enough to accept the knowledge and learn from those who are wiser and more successful. This will not make you in any way inferior. On the contrary, learning from the mistakes and successes of others will make you cleverer and smarter.
If you’re not humble as a trader the markets will teach you humility like no other. One should always approach the markets with a healthy level of humility and respect. Learning from more successful traders will not only save you a lot of time, but it will also save you a lot of money. Try to stand on the shoulders of the giants.
#4. FIND A GOOD MENTOR
Finding a good and reliable mentor in life is very important and completely undervalued by our society. Yet those who are smart understand the value of a good mentor because they know that by following and listening to a wiser and more experienced person they will succeed much faster.
When it comes to mentors, Tai recommends adopting the law of 33% in which you dedicate about a third of your time to learn from people above you.
He also suggests to look for mentors by researching who is actually successful in what they do. Make a list of potential mentors, read their books and learn about them before you contact them to ask for mentoring.
There is just too much misguiding information out there and too many options available to make sense of it all for a beginner trader. Beginners in financial markets need to follow the advice of traders who have already been in the trenches and have been successful for many years. Fortunately, there are numerous ways to approach and work with such master traders. One of the most effective ways to learn about the markets is to trade with successful traders online.
#5. IGNORE THE 99%
This specific point has been made by numerous mentors and self-made millionaires. What most people think or say is very often irrelevant or biased by hearsay or misunderstood concepts and truths.
In his program Tai Lopez mentions that most people often just want to be heard and feel the need to voice their opinions whether they’re right or wrong. Meanwhile the experts sit quietly. The best thing to do is to listen to the experts and pay attention to those who have highest level of expertise.
In the markets there are roughly 95% of losers and 5% of winners. Out of those 5% of winners you will probably have about 1% of big winners. There is so much market speculation and so many active traders that most of what we see on the charts is simply market noise. You could look at it as the public opinion. In order to start wining you need to follow the winners who can see past the market noise.
Self-empowerment through video lessons
I won’t list all 67 steps of the program but rest assured the entire self-empowerment course led by Tai Lopez is very well prepared. You will receive an ebook and a few other things, but this is a more of a video course where all steps are clearly illustrated in very approachable video lessons.
Each step has a dedicated video lesson where everything is explained in much greater detail. Tai often illustrates his steps using real life examples and refers to his own life or that of his mentors.
A few final words in conclusion
One of the main reasons Tai’s mentoring program really took off is because it is practical. I found his style and content very clear and insightful. Reading books on these subjects can be quite boring but Tai passes on all this knowledge in a more updated, entertaining, and easy-to-digest format.
After the completion of the course you should have the necessary confidence, vision and methods to achieve your goals, be that in trading, entrepreneurship, sports, or any other pursuit in life.
Published in Education