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Poor People Make Great Traders! Here’s How.

Is it possible to become a successful trader when having very little or no money? Yes. Absolutely! In fact, it is my opinion that you are actually positioned in the best possible spot to succeed.

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Transcript:

- Do you have a really small trading account?Maybe you're just flat out poor,that's actually the perfect spot to be in,and this situation produces the best traders.Let's talk about how this is the case.Now before I get into talkin' about this whole concept,I first just wanna give a disclaimer, a fair warning,that odds are, you're not gonna useany of this information, you're not gonna do it.If you're out there, and you're lookin'for some sort of process or strategyor for me to just tell you somethingthat's gonna get you rich overnight,or within a few days, or within a few weeks,that's just not gonna happen here.This is terrible for kind of, probably,my business, since I am in the businessof selling courses,but whatever, it is what it is.It's the truth of the matterand really the fact of the matter,so with that disclaimer out of the way,how am I gonna define poor?So yeah, I made the comment poor,but poor does have an asterisk by it.So let's talk about this asterisk.So like I said, poor, you have a small account,maybe you really don't have any money at all,but the first thing that it's assuming is thatyou are at least goal-oriented,and this will be a theme that comes upthroughout this video time and time again,so you have goals,you're very oriented towards that,and you can just pretty much see the big picture.So see big picture.Now if you're poor, and you hate goals,or you think goals are stupid,or you're just not very focusedand disciplined towards things,then you're not the type of poor that I'm talking about,you're more of a lazy poor,and sorry, trading is definitely not for you.Now the thing with goal-orientedand just seeing the big picture isit's gonna help with a couple things.First, it's gonna help with patience.And that's gonna be a very big driver for this.The other thing it's gonna help with isjust simply discipline,and a lot of this is gonna be neededfor what I'm about to talk about.So before I get into, literally, I'm gonna goby a step by step thing,I just wanna talk about why having money isactually kind of a bad thing.It's actually, it's almost a pitfall.And that sounds very counterintuitive,but this is why that's the case.So poor obviously equals having little moneyor having no money.But when you have money,that leads to this, temptation.Nope, that's not how you spell it, there we go, temptation.Temptation of what?What's driving this temptation?Well, the G word up here, greed.You are tempted to trade.I have money, I want to get into the markets,I want to get involved, let's go.I have money, let's just get started.What, all I have to do is sign upfor an online brokerage account?I have the money.The only thing that's barring mefrom the market is signing up for a broker?Awesome, let's go.Temptation causes many people to failbecause they have money,they get tempted, and then they go in the markets,and then they get slaughtered,and then the markets are rigged,all the trading is actually just gambling,they develop all these false assumptionsand these false mentalities for thingsjust because they never really did anything right.And I understand why.They had money, they wanna make money,cough cough greed, so let's just get started.Let's hop right in.So having money, temptation.But what do we have?We have little money or no money if you're poor.So what does that do?There is no temptationbecause even if you wanted to trade,there's nothing there, or there's very little,or it just doesn't make sensebecause commission and stuff like that arejust gonna eat away at all your profits anyways.So this is huge.I can't really emphasize how good,how efficient this is,efficient in the sense of not having distractions.Greed has nothing to say to you,greed can't be whispering in your ear,"Hey, you already got the money, let's go.""Let's get in the market."Greed is saying, "I got nothing to say"because you have no money."So this is very, very powerfuland why I'm building this premisethat poor people are in a great spot'cause there is no temptation.So you're poor though,so we gotta get some things going for you.So the first thing you're gonna do is get a job.Yep, I just said the J-O-B, get a job.Notice I didn't say go put whatever money you haveon some penny stock, and then just cross your fingersand hope it explodes.Nope, that's not how it works.Get a job, or you know what, maybe even a second job.Go deliver some pizzas.Go become a waitress, waiter.Go become, I don't know, do whatever you want,go mow some people's lawns, no shame in that.In fact, I would respect you more for just grindingand saying, you know what, I wanna be a trader,I wanna make this work, so putting my pride aside,putting my ego aside,let's just create some cashflow for myself.So that's gonna be the first step right there.You just gotta get a job.Second part is this, get an idea of a training program.Now before you go and say,"Oh, I see, Clay, you sell courses,"you sell training programs, so there it is."True, but notice I didn't say my training program.Go out there, find somebody,find something that you feel comfortable with,then you say, "You know what,"for what they're teaching,"or what they're offering,"I feel most comfortable with them."Now, in full disclosure, ideally,of course, I would hope that would bewith me and my services and my productsthat I have to offer.But if it's not, that's cool, too.You gotta go and find somethingthat you want to partake in,that you want to help you.Now of course at this point in time in your journey,you can't do anything because if it's worth anything,they're gonna charge money,and you don't have any money,and that's fine.But you wanna get an idea of training,and you wanna figure out well, what's the price of that,because that's gonna help you set some goals.Now for simplicity's sake,just so we can add a little bit more realism to this,I'm just gonna assume that you know what,I like this ClayTrader guy,I see his overall program,his university program, is $2,000.So we're just gonna use that number.Again, I'm not saying it's gotta be my program,but go find something,but for numbers' sake, we'll use $2,000.So right there, what does that do?That gives you a number that you need to start to work with.So the next step here is budget.Put together a budget.Figure out where your expenses are going.Figure out what needs to be paid.Just do a budget.And this is gonna help you to think,"Alright, I gotta get up to $2,000."So let's say after going through your budget,after figuring out, "Oh, wow, do I really need"to be eating Chinese food every night?"Oh, wow, is cable really necessary?"You know, I love Game of Thrones,"but do I really need HBO?"Maybe you think, "I will never cut HBO."Then you know what,you're probably not the poor that I'm talking about.You're not exactly goal-oriented.You don't want it that bad, and that's fine.That's kind of a good test.Game of Thrones, wanna be a trader?Do you wanna create some money?I don't know what the answer is,but if you're thinking, "No way, I love Game of Thrones."Well, then you probably don't wanna be a traderas bad as you proclaim you do.So you get your budget under way,and let's say after going through your budget,you know what, I can set aside $300 per monthto save up for the training, which is 2,000.So that's gonna create about six and a half monthsof you just saving up.So six and a half months of saving up.Now during those six and a half months,this is where four is going on,and during this time, hit up the library.And I want you to hit up the libraryfor a couple different types of books.One, trading psychology books.I'm not sure how to spell that, but I said it.Trading psychology books.And the second, biographies, I love biographies.Read about successful people.Read about people that, doesn't necessarily have to beabout traders, it could be about anything.Mark Cuban, he's got a really good book out there.Kevin O'Leary from Shark Tank, I've read his,very good story.But just read these things.These are gonna help you stay motivatedand get you inspired.'Cause, yeah, I'm not gonna lie,this period here, it kinda sucks, right?You wanna trade, you don't have any money,and you're saving up,but you're not even saving up to trade,you're actually saving up to learn how to trade,so you're gonna need some motivation.You're gonna need some inspiration,and these books are great with that,same with trading psychology books.Now why am I telling you not to surf around YouTube,surf around the internet lookingfor a bunch of information on trading?'Cause you risk introducing bad habitsinto your trading, and that's not what you want.There's plenty of other stuff you can be doingduring the saving up periodother than risking bringing bad habits in,'cause who knows what,if you're watching some random YouTube video,is this guy, do they really even knowwhat they're talking about?Is this actually good information?This guy, he keeps telling meto just average down, average down, average down,is that something good, or is that a bad habit?You don't know, so just don't even riskbringing in bad habits.Now, after six and a half months,guess what happens.You're gonna have that $2,000.Now this is what's gonna make or break youbecause at this point, you have a path.You know what, can I stick out of my pathand actually get training,or, you know what, uh oh, uh oh!Why is temptation here all of a sudden?'Cause you have money,and greed, bet your bottom dollar, it's gonna show up,the voice is gonna show up."Hey, you got, look you've been spendin'"six and a half months,"that's like half a year,"let's go, just get started,"you're good, you've read a bunch of books,"you've been inspired,"you did watch some YouTube videos,"let's start averaging down, you're good."This is where temptation now shows upbecause you have money,but if you can fight off the temptation,so temptation, kick it to the curb,and choose training, choose what your original plan was,again, this is why you have to be goal-oriented,so important, that's why I put that asterisk up there,then you're gonna hop into training.And what does this do though?This puts you back to what, you're poor.You had $2,000, but you just spent it on training,and now you have zero dollars.But what did we just do here?See you later, temptation!I don't have any money.You have nothing to tell me anyways right now.Well, you had, and greed has nothing to say anymorebecause it can't tempt youbecause you have no money.So what does this force you to do?Well, let's say, you know what,I wanna start trading with $2,000.So there's your next thing,you already have done the budget,so you know well, this is gonna have to beanother six and a half monthswhile I save up for $2,000.But now what are you gonna doduring this six and a half months.You don't need to read books anymore.What are you gonna do?You're gonna train, study, practice, and guess what,you have six and a half months to train, study, practiceall this stuff that you've invested into.And if you don't think you're not gonna takethis training serious, believe me, you will.You've spent six and a half months,or whatever time frame that is, saving up for this,so you're gonna have a vast,"Wow, I really appreciate this."You're gonna feel pain when you buy it,but pain is good,it's a good motivator to, you know what,I wanna get my money's worthbecause I worked really hard for this,and it's gonna make you study.You're gonna take it very serious,that's probably the best way to put it.So six and a half months, you're doin' this,you're doin' this,and when that's done,you finally have your $2,000,and you're finally gonna be ready to trade.You're gonna be very well-versed,you're gonna have a good foundation.You're gonna have all the things you need to doto get started.Now am I sitting here proclaiming,and then this 2,000,it's gonna turn into two million within two weeks?I'm not saying that.All I'm saying is that you are gonna bein a very, very good spot to start your trading journey,and I have seen numerous people come through the chatroomthat have gone through this path,and that have focused and done things the right way,and they are now doing very well.Again, not saying two thousand to two millionin two weeks, but starting down this path,by no means is this sexy,by any stretch of the imagination.Like I said, most of you have probably turnedthis video off by now, you're not even watching,'cause this is stupid,I'm not gonna spend basically a year's worthof my time trying to get to the point,but in all actuality, if you wanna become a lawyer,or really anything, you go to college,even short associate's degree is still two yearsof your time, right?This is actually still just one year's worthof your time.I've never heard of a one-year college before,and this college, this one-year college, can producea lot more money than even doctors and lawyersif you do it right.So one year of college, collegeversus 10, 15 years of collegefor let's say a doctor,and the upside for trading is even morethan a doctor, I don't know, to me,I think a lot of patience,and I think discipline can go a long way,but you gotta be able to see that big picture.Now, this all could be shorter or longer.It depends on how much the course,now I've seen some courses out therethat are like $10,000,and if that's the one you want, fine, go for it.But just understand, that's probably gonna changethese numbers around quite a bit.So these numbers were just to addsome sort of realism to it,but they're gonna fluctuate.But the point here being, and it all boils down,to this right here.How can we get the temptation out of the way,'cause temptation is that ultimate killerthat screws over so many people that do have money,and being broke, or having very little money,greed just can't show up,it can't tell you anythingbecause you don't have any moneyto start it with anyway.So, that's kind of my case,and I think I've made a good argument for it,on why being poor, having very little money,actually puts you in a great spot to succeedin the long run, but again,you gotta be poor, you gotta be goal-oriented,and you gotta be able to see the big picture,or else you're never gonna make it through.When you get to this stage,you're just gonna choose tradinginstead of following the rest of the plan,and then all this kind of goes to waste.So if there's any questions,or maybe you just flat-out disagree with me,that's fine, leave those in the comment section below.I'd like to hear what people's thoughts on this are.But this is kind of my whole take on it,and "I have a small account, any advice for me?"Yeah, this, this is my advice, keep saving.In fact, today, literally at the recording of this,I had somebody on YouTube,actually, I'll flash it on the screen,literally today says "Hey, I have $500, I wanna invest,"what is your advice?"And you know what I'm gonna do?I'm gonna link that person to this video right here.This is my advice.If you have $500, that's really not enough,especially if you don't have a firm, solid understandingof charts and trading under your belt,then $500 is not even close to enough money to start.So for that person, they're gonna get a link to this video.Like I said, literally happened today,so we'll flash it on the screen again right now,and you can see that.So thanks for watching,and get out there and trade without emotion.

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