Tap Into Billionaire’s Mindset
2020-06-17 | Simpler Trading Team
One of the best ways to develop or enhance a skill is to learn from someone who has “been there, done that.”
So why not tap into the mindset of someone who has developed great business skills?
Wouldn’t it be great to learn from a billionaire how to operate at your true potential, escape mental traps of fear, and make more money?
No one is born a great business person. Skills, including mindset, have to be developed. Sometimes the lessons are harsh.
Sir Richard Branson, the pioneering entrepreneur and billionaire, has built hundreds of businesses through his brands. But he didn’t just suddenly become a billionaire. He worked hard over his lifetime and was continually learning and developing new skills.
His education in life and how to survive began early. His mom once dropped him off several miles away from home when he was a toddler and told him to find his way back.
Her message was clear: don’t coddle children and squash fear at an early age. Let children experience hardships so they learn to survive in a harsh environment. Encourage their confidence.
Sounds harsh by today’s standards. But there is much truth to be gained for any trader experiencing fear or lack of confidence in these uncertain times.
No one is born a trader.
Like finding your way home, trading is a learned skill.
Branson translated life lessons into business success.
What can traders learn from Branson’s example?
Focus on being comfortable when uncomfortable.
As an example, go the wrong way up the escalator just to become comfortable when things aren’t going your way (Like in this erratic market where much of it doesn’t make sense.). It’s a conscious effort to go against the flow of the crowd (and teach your kids this).
Well, how does this apply to trading?
Because in trading we never know exactly how a trade is going to work out... even if we have a setup that is likely 90% high-probability.
There’s always that unknown factor, and learning to deal with the unknown is a valuable skill.
Follow Branson’s way of always asking questions and not following the crowd.
“Because they’ve always done it that way” is a rule that must be broken.
We didn’t learn to walk by following the rules.
Business opportunities often happen when someone says “no” to the rules.
It doesn’t mean be a criminal, it means step outside your comfort zone and create your own path.
Try a different trade setup and see what happens. Learn from it, develop confidence, and push further the next time.
Branson is at the apex of all entrepreneurs. Traders are essentially entrepreneurs who are intrigued and excited by the stock market.
Discover that entrepreneurship is about turning what excites you in life into capital, so that you can do more of it and move forward.
We Saw: a twisted market searching for direction —
- Fed throwing kindling on the flame of uncertainty
- A blah session turning sour by end of day
- Warnings of market bubble going down in flames
We’re Watching: … for the tickers with profitable setups —
- The opportunity of gems hiding in the market
- Fed’s call “to keep our foot on the gas”
- Action options: SHOP, TWLO, TEAM, ROKU, TSLA, PZZA
Learn to target precise entries and exits with “divine” tools — take a look at high-probability chart analysis.