Lessons I Learned From a Stock Market Veteran Who Turned $30,000 Into Over $7 Million

KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• INTRO
• MINDSET
• STRATEGY
• ANOTHER VERY IMPORTANT POINT: FOCUS
• DISCLAIMER
• WRITER’S INTRO

CONTENT

Read what key trading insights Lucas learned from a stock market veteran who turned $30,000 into over $7 million. Discover the importance of mindset, strategy, and focus in successful trading from CoinRank. 

You can find his original content on his site.

INTRO

Just had dinner with a stock market veteran who turned $30,000 into over $7 million (hence my delay in updating the data analysis).

During the meal, I asked him: What do you think is the essence of trading?

He said the most important things are:

1. Mindset
2. Strategy

Notably, he placed mindset before strategy because he believes mindset is the most crucial.

• MINDSET

1. When you are correct, and your strategy is working, the decision to exit or hold is critical.
2. Conversely, if the market does not align with your strategy, you must trust your strategy and exit.
   

• STRATEGY

• 1. Your strategy should align with your personality, trading habits, and the size of your capital, rather than blindly imitating others.
  2. Initially, it’s fine to learn from others, but during the learning process, absorb their wisdom and transform it into your own.
  3. Ultimately, develop a strategy that suits you and belongs to you.

ANOTHER VERY IMPORTANT POINT: FOCUS

1. Focus on one area and become the top in that field.
2. Don’t try to engage in both short-term and long-term trading.
3. Don’t attempt to learn Price Action (PA), Smart Money Concepts (SMC), and indicator trading simultaneously.
4. Choose a suitable weapon and continuously sharpen it into your own sharp blade.

While drafting this, he added another point:

1. Don’t feel anxious or inadequate when you see others making profits.
2. Trading is a competition with yourself, not others.
3. As long as you continuously improve compared to your previous self and your performance keeps enhancing, that’s enough.

“Trading is a race against yourself.”

This friend of mine is preparing to enter the crypto market soon. Looking forward to his performance.