Chat GPT - What Makes an 8 Figure Trader?
I asked Chat GPT 2 questions, can it tell us something we don’t already know?
8-Figure Traders
I decided to have a bit of fun and ask Chat GPT two questions:
- What do 8 figure traders do that others don’t?
- What’s the key difference between a 7 figure trader and an 8?
Let’s see if AI can reveal some secrets…
Alright, let’s dissect:
Risk management – Pretty obvious.
Continuous learning – Yep a big one for any level.
Emotional discipline – I don’t think you can even get profitable without that, let alone hit 8 figures.
Network and resources – Well, I’m totally on board with a good peer network and suite of resources! That’s why I created Traders Mastermind…
Specialisation – Yes yes yes. Be the very best at a few things, not a jack of all trades.
Long-term vision – Eyes on the prize.
Capital allocation – When to press, when to scale down. That’s a big lever for generating outsized returns.
Review and analysis – Taking the time to journal and study separates the big players from the rest.
Stress management – Steve Ward talks about this a lot. Keeping relaxed, refreshed and reducing stress where you can.
Staying humble – Got to avoid trading God syndrome! The market will sniff that out in a heartbeat and fine you accordingly.
Question #2
What’s the key difference between a 7 figure trader and an 8?
No need to go through it all here again.
The last paragraph stood out though…
“However, it’s essential to remember that the transition from being a seven-figure trader to an eight-figure trader isn’t just about scaling up operations or increasing capital. It often involves refining strategies, mitigating risks more effectively, and continuously adapting to ever-changing market conditions”
Maybe the key to the next step isn’t a total focus on more size… It’s strategy refinement.
Food for thought this weekend.