There are so many people who want to make a million dollars at some point in their lives. After all, why wouldn't you want to make that much money? There are a number of ways that you can do this, but for most of us, we don't naturally have careers that will earn us a guaranteed million dollars from our salaries. This is why the stock market is such a great place to turn for those who want to start making their first million dollars. In fact, if you really want to make $1 million, I have tips for how you can do this through the stock market, in three years or less.
1. Learn to Day Trade Stocks
It may take some time to be really good at day trading as this is not the type of trade that you make and sit on for years. However, if you can master the art of day trading, it is one of the best ways for you to earn serious money in the stock market. In fact, I have a student by the name of Tim Grittani who proved first-hand just how much you can make off of day trading, if you are just willing to put the time and effort into it. Tim was one of my trading challenge students who was ready to make some big money in the stock market. He started with just $1,500 and in four years, he turned it into $4.4 million.
2. Be in the Right Place at the Right Time
While this isn't exactly the easiest tip to apply, it is one of the best pieces of advice when it comes to making serious money off of your trades. In my book, An American Hedgefund I talk a great deal about the ups and downs of trading and about the importance of timing, especially when I started trading during a time period from 1999-2002. For me, this early, successful start was all about good timing and it is not something that should be overlooked. But also remember that you can't choose to be in the right place at the right time. Much of it is due to luck and preparation. So I recommend starting to learn as much as you can as soon as possible from guides like this one so if and when opportunities do come up, you're fully prepared.
3. Really Follow Your Progress
If you want to make serious money, then you need to take the trading process seriously. This means tracking your profits and your success and making tweaks as needed. If you want to make a lot of money, you can't just sit around and hope that one trade works for you. This is why programs such as Profitly are so great, they track your progress and show you valuable information like the number of wins and losses you have and your average gains. This site actually has a number of self-made millionaires on it, and you can actually look at their information as well to see their progress. One of my students recently used the site to make $1.3 million in just two years. Data like this is vital to your success and tools like this can be vital to you making that first million.
There are ways that you can actually make real money in the stock market and it doesn't have to take your entire life. Keep these three tips and approaches in mind and you can be on your way to earning more money than you ever thought possible all through your stock portfolio.