20 Aug Secrets Of Stock Market Millionaires Revealed
Lots of people see the stock market as a great environment for making their first millions, but the truth is, only traders with exceptional skills, elaborate plans and lots of sleepless nights behind them have managed to become millionaires. In this article we share the thoughts of the most influential among them.
Gregg Sciabaca – Patience is Key
He’s a trader with one of the best short selling skills. He’s been active since 1997 and during this time he has made nearly $11 million. He thinks that a proven strategy is essential for successful trading. The stock market is a very competitive place where people who don’t have an elaborate plan that includes an exit strategy are destined to fail. Gregg is a very patient man and in his opinion, patience is the number one virtue of a successful trader. He always waits for the best possible entries and exits and knows that sometimes the best action is to do nothing at all.
Tim Sykes – Good Sense for the Moment and Lots of Confidence
Tim is one of the best known stock exchange whiz-kids from the Dot.com era. Back then he was a high-school student with a dream to become a penny stock millionaire and he wasn’t satisfied with anything less than that, which caused him to turn his Bar-Mitzvah money into $1,65 million. He chose the penny stock market for his trade even though it’s considered to be one of the most volatile investment environments. He used the Dot.com era in the best possible way, buying stocks from companies that added “.com” to their name, and later selling them just before the bubble burst. Later he became famous and appeared in a popular reality show called Wall Street Warriors, and more recently, in E!’s New Money.
Tim Grittani – High Risks Are Part of the Game
Tim Grittani is another penny stock millionaire who turned $1,500 into more than a $1 million fortune by trading penny stocks. His time came well after the Dot.com bubble so he couldn’t use the benefits of this dynamic era, but he also implemented lots of risky strategies into his trading, took advantage of low stock prices on the market and used the highly inefficient market after the market crash to make his profits.
Neil McCarthy – Sometimes It’s Best to Play It Safe
He isn’t as famous as some other people on this list, but his story is a good example of how IRA and 401(k) funds can become great investing environments. McCarthy was a research chemist before he started investing in the stock market during the seventies. At the moment he has a net worth of more than $2,1 million and his big payoff came during the nineties bull market and the Dot.com Eea, but unlike Tim Sykes he didn’t invest his money in tech companies. It’s like he knew the bubble would burst one day. Instead he took the maximum out of his IRA and 401(k) plans and waited for the huge payoff that happened in the beginning of 2000. This way he earned lots of free money since his previous employers matched his 401(k) plan for 100 percent. When asked for a piece of advice he stated: “If you wait to save out of what’s left over from your salary, it’s not going to happen. Pay yourself first”.
Steve Jobs – Be Yourself
Although Steve Jobs didn’t make his money on the stock market, he definitely deserves a paragraph in this article, since he’s one of the greatest business influencers from whom stock traders have a lot to learn. On of the most popular quotes of this great man is: “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.”
At the beginning of his career, Steve Jobs was a counterculture figure, obsessed with literature, arts and not the kind of person you’d think would later found one of the most successful tech company of all time. At the same time he was interested in tech, and in the words of one of his classmates from Homestead High: “… he was smart enough to be a nerd, but wasn’t nerdy…” People like that had a tough time fitting into seventies tech companies, which is why he didn’t kept his technician job at Atari, but used it just to collect money for his spiritual trip to India and for founding Apple Inc. together with Steve Wozniak from his parent’s home in Los Atmos. The rest is, as they say, history.