Don’t treat it like a hobby–treat it just like your business. Your approach to trading should be to get as professional as possible, and this means creating and sticking to systems. What systems did you have to put into place when you started running your own company? Odds are, the same rules apply to your side hustle in the stock market.
Always Follow the Process
Starbucks didn’t become a $15 billion company without putting some serious systems into place. One of their most powerful systems helps them make a very important decision–when to open a new store.
In addition to their manuals on how to make the perfect Frappucino, stock the fridge, and close the store each day. They figured out what works, and they replicate it again and again.
You need to do the same thing with your trading decisions. Build a system for everything. Have specific entry and exit rules for buying and selling. For example, what’s your system for a 3 year bull market? For an unexpected economic downturn?
Building a business takes a lot of work. And every business owner has found there are certain elements you’re going to need help with, whether that’s hiring a CPA, building your new website, or staffing the store on weekends.
Make Passive Income per Week
Business owners tend to have one question for me: do I really have time to focus on the stock market?
Yes.
For business owners, I recommend using a weekly rotation system, which I explain in my book, that shows how to only execute on your work once a week.
Understand Your Trading Personality
Much like your business, in trading, you’re the brains of your operation. This means you need to understand what your personal weaknesses are and account for those. You also need to build a business that fits into your lifestyle.
