Money is a highly emotional and sensitive topic for most people. That’s why most people have a hard time consistently making money on Wall Street… They are making emotional, not rational, decisions.
Work For Your Money Or Have Your Money Work For You
There are two primary schools of thought when it comes to making money: either work for your money or have your money work for you. Most people are conditioned to blindly do the former and outright ignore latter. The conventional wisdom that society teaches is for you to play it “safe.” Get a job. Put in the time. Get a paycheck. Save your money. Work hard and your paychecks will grow as you climb the corporate ladder. …Nowhere in that narrative does it suggest you have your money work for you. Invariably, people have to “learn” this important skill and that takes time, effort, and a lot of patience to learn how to properly implement it. The good news is that anyone can learn this important skill and through time can have their money work for them.
Profits Are A Function of Time
The first and most important step to have your money work for you is to change the way you think about money. Instead of thinking that you have to work for your money, start believing that your money can work for you. In order to actually have your money work for you, one of the most important facts for you to realize is that profits are a function of time. Patience is a critical component to actually having your money work for you. Sometimes, less is more and less activity can actually be better than over trading.
Change Your Thinking & Your Habits Will Change
Most people end up doing the exact opposite of what is necessary to make big money in stocks. Successful people on Wall Street (regardless of their approach) let their profits run and cut their losses. Saying this and actually doing it are two very different skills.
Most people cut their winners short because they are fearful that their profits will disappear. As a result, they never capturing big gains. To make matters worse, the “work for your money mentality” causes them to engage in another harmful habit by letting their losses grow. They want to get out at “break even” or they do not want to sell and admit they are wrong.
For example, if you buy a stock at $50 and it goes up to $52 or $53 in a couple of days, most people will sell it and lock in the profit because they are fearful that their profits will evaporate. Or if they buy it at $50 and it starts falling, they hold on and “hope” that it will go back up and they can get out and break even. More often than not, the exact opposite happens.
Your Money Can Work For You; If You Let It
The good news is that in today’s information-age there are many resources available for you to learn how to have your money work for you. We created ChartYourTrade for anyone who wants to learn how to buy and sell leading stocks. Our Advanced Stock Reports service is designed to teach you how to fish while giving you fish along the way. Each week we share our logic, show you how we are navigating the stock market, give you new trade setups (before they breakout), and give you exact entry and exit points in leading stocks as we add them to our model portfolio in real-time. For a little over $3/day- why wouldn’t you join?
