I’d like to try something a little different today. You’re going to love this…

I started trading in my 20s, and believe me, I made A LOT of mistakes early on. Some are too embarrassing to even mention here…

More than anything, I wish I could get into a time machine and have a conversation with my younger self.

There are so many vital trading lessons I know now that I didn’t know then.

Eventually, I was lucky to find Tim Sykes’ Trading Challenge, which was the first step on my way to becoming a multi-millionaire trader…

But before that, I could’ve used a letter from a seasoned trading mentor, like myself today…

In that spirit, I’m switching it up today. Instead of writing you a letter, I’m gonna write a letter to my younger self.

Keep reading to see what I’d tell young Mark Croock if I had the chance…

Dear Mark…

L’chaim! I hope this letter finds you in good health and high spirits!

This is your older self, 12 years in the future. It’s 2023. 

Check this out…

What if I told you that, today, the SPY is trading for $415 and that Apple Inc. (NASDAQ: AAPL) is the most valuable company in the world with a market cap of $2.7 trillion … would you believe me?!

And what if I said you’ve amassed a $4 million fortune from trading?!

While these things are true, I’m not here to give you investment advice beamed from the future.

That would be unfair and potentially open you up to federal regulatory concerns…

Instead, I’m here to give you some advice I wish you’d received on your first day of trading.

Want to see how I went from where you are now to the heights I’ve reached in 2023? 

I’ll show you…

The 9 Steps You Should Start Taking … NOW!

More than anything, I wish I’d known these 9 important pillars of trading before I started risking money in the market…

Educate Yourself

The options market is a complex universe that requires a solid understanding of the underlying stocks as well as the unique quirks of options contracts. 

I urge you to invest time and effort in educating yourself about the various options strategies, risk management techniques, and market dynamics. 

Read books, attend seminars (and webinars), take online courses, and most of all … find a mentor you can learn from (more on that later)…

Start with the Basics

As a beginner, it’s important to start with the basics of options trading. 

Familiarize yourself with essential concepts such as call and put options, strike price, expiration date, and option pricing. 

Develop a strong foundation before diving headfirst into more advanced strategies.

Start Paper Trading

Don’t sleep on paper trading to gain practical experience without risking real money. 

Many brokerage platforms offer paper trading accounts where you can test your strategies and learn from the outcomes. 

This practice will allow you to refine your skills and build confidence before trading with actual capital.

Focus on Risk Management

Successful options trading hinges on effective risk management. 

Establish clear risk management rules and stick to them religiously. For example:

• Determine the maximum amount you are willing to lose on a trade in a single day. 
• Allocate risk capital specifically for options trading, separate from your essential living expenses.

Avoid risking more than you can afford to lose at this point. Only trade with capital that you are comfortable putting at risk.

Remember, preserving your capital is as important as making profitable trades!

Develop a Game Plan

Create a well-defined game plan that outlines your objectives, preferred strategies, risk tolerance, and target returns. 

A game plan will serve as a roadmap and help you stay disciplined and focused amidst the volatile nature of options trading. 

Be flexible. Regularly review and update your plan as you gain experience and refine your trading style.

Strengthen Your Trading Psychology

One of the greatest challenges in options trading is managing emotions…

Fear and greed can cloud your judgment and lead to impulsive decisions. 

Learn to control your emotions, stay objective, and stick to your game plan. 

As much as you can … trade like a robot!

Emphasize consistency and discipline in your trading approach, rather than chasing quick profits. Hit singles over and over again.

Adapt to Shifting Market Conditions

The financial markets are dynamic and ever-evolving. 

Stay curious and committed to continuous learning. Keep up with market news, listen to traders whose outlook you admire, and analyze your trading performance to identify areas for improvement. 

Adaptation and flexibility are absolutely crucial to long-term success in the world of options trading.

Build Your Network and Find a Mentor

Networking with other traders, joining online communities, and seeking mentorship can provide valuable insights and support. 

Engage in discussions, share experiences, and learn from seasoned traders who have already navigated the challenges you might face.

Who knows, you might eventually learn so much that you’re teaching traders yourself…

Patience, Passion, Perseverance…

Consistent success in options trading requires what I call “The 3 Ps” … patience, passion, and persistence. 

Your trading journey is going to be long and challenging. Setbacks and losses are inevitable…

It’s important to stay focused on your long-term goals, learn from your mistakes, and persistently work towards improving your trading skills. 

I already know you’re passionate about the market…

But your patience and perseverance are the traits that will ultimately differentiate you from the 90% of traders who fail.

Final Thoughts

Stick with it, Mark!

Your trading journey won’t be short or easy. It’s gonna be long and challenging.

But if you follow the advice I’ve given you today, you’ll probably fare better than I did at your age.