Steve Burns Profile picture
Mar 26 12 tweets 2 min read
10 lessons from the book:

“Rich Dad, Poor Dad: What the Rich Teach Their Children About Money That the Poor and Middle Class Don't” by Robert Kiyosaki

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Schools train students to be employees not entrepreneurs or investors.
Working to learn new skills is more important than working to earn a paycheck.
Assets pay you to own them, debts cost you to own.
Pay yourself first before you pay your bills.
A financial business plan is more important than a resume.
The poor and middle class look for a job, the wealthy create jobs.
Being broke is temporary for someone with entrepreneurial skills while a poor mindset can be permanent.
Your financial IQ is your courage, creativity, and financial knowledge that creates skills, assets, and wealth.
The middle class focuses on school, specialization, job security and retiring with benefits which is not as safe a path as they believe.
The primary lesson of the book is to learn how make money work for you instead of selling your time for money in a never ending rat race.

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More from @SJosephBurns

Mar 27
10 lessons from the book:

“Mastering Trading Psychology: Improve Your Trading with Firsthand Reports by Real-Life Traders” by Andrew Aziz and Mike Baehr

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“In trading, you need to be resilient to be able to succeed. You will fail many times, almost every day in fact, and there will rarely be a week in your trading life that you will not have had at least one very bad loss or one very bad trading day.”
“You need to focus on the process of trading, develop a TradeBook for each strategy you trade, monitor only a small number of carefully selected stocks each trading day, and then deliberately limit yourself to entering into only well-thought-out good and solid trades.”
Read 12 tweets
Mar 25
7 Habits of Highly Successful Traders:

There are things that I’ve seen that are common in the successful traders I have known, read about, & seen in action. These principles have made me money in the markets. The closer I follow them the better I trade.

A thread🧵👇
Traders must have the perseverance to stick to trading until they are successful. Many of the best traders are the ones that had the strength to push through the pain, learn from their mistakes, and keep at it until they made it.
Great traders cut losing trades short. The ability to accept that you are wrong and put your ego aside is the key to personal and professional success.
Read 8 tweets
Mar 24
10 Rich Trader Mental Habits

Many new traders are taken out of the trading game through bad mental practices. Here are some things that top money managers & rich traders have shared through interviews & books that may help new traders break bad mental habits.

A thread🧵👇
They have the ability to admit they were wrong and get out of a trade. They know the place where price proves them wrong.
They have the ability to not only close a losing trade but reverse and go in the other direction with the right signal.
Read 12 tweets
Mar 23
10 Metrics that Lead to Trading Profitability

Here are ten important metrics that I look for when I trade that give me a profitable edge. These are  based on math, not belief, predictions, or ego.

A thread 🧵👇
Expected win versus loss percentage. Your winning percentage performance is the first step to profitability.
Average win size. The higher your winning percentage, the smaller your wins must be. The smaller your winning percentage, the bigger you wins must be to make you profitable.
Read 12 tweets
Mar 22
Trading as a Business:

A thread 🧵👇

To make money in the markets you need to be trading like a business. Hobbies cost money, businesses make money. A business has a plan, a process, and a system. A business has customers that it sells products to for more than their cost.
You can’t open up your trading business to having capital at risk until you have a full system with an operating trading plan that has an edge. A positive expectancy model is needed for profitability.
Your business inventory is your current positions; you have to buy them for less than you intend to sell them for. Whether it is buy lower and sell higher or buy high to sell higher there must be a gross profit expectation.
Read 14 tweets
Mar 21
10 key principles from the book:

The 48 Laws of Power by Robert Greene

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“When you show yourself to the world and display your talents, you naturally stir all kinds of resentment, envy, and other manifestations of insecurity... you cannot spend your life worrying about the petty feelings of others.”
“The more you say, the more common you appear, & the less in control. Even if you are saying something banal, it will seem original if you make it vague, open-ended, & sphinxlike. Powerful people impress & intimidate by saying less.“
Read 12 tweets

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