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3 Important Lessons Stock Trading Can Teach You About Business

Here are three lessons that stock trading taught me about business over the years.

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2. Time is money.

As someone who talks openly about where I’m putting my own money daily, I am inundated with emails from people asking questions and request meetings — so much so that I turned the demand for my knowledge into a business, where I charge money for my time and guidance.

If you’ve put in the years — if not decades — to become a true expert in your field, don’t be afraid to charge money for your time, because you’ve earned it.

And if you charge the right price, your customer also benefits immensely. I see far too many people doling out too much of their time for free to anyone who asks because they like being popular and well-liked.

Call me selfish all you want, but I prefer being efficient and careful with my time.

3. Be humble or the market will humble you, and it will be far more expensive.

This is a classic stock market lesson, but it applies to business too — I’ve had too much experience with being too self-confident and realizing only too late how much my attitude cost me.

When I made millions in college, I thought I could make millions more just as quickly.

Wrong!

It took a $500,000 loss to help me understand that I’m a far better stock trader than investor. And as much as I want to charge premiums for my time and advice, it’s a balancing act to make sure my customers get more than what they paid for, or else they will resent me and my profits.

Always remember that customers are the lifeblood of your business, and without their support, you’ve got nothing.

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Photo: Paul Stuart

Timothy Sykes is the CEO and Co-Founder of Profit.ly, a community of over 15,000 traders who share their trades openly and Investimonials.com, a financial product review website with nearly 20,000 original reviews on brokers, newsletters, websites and everything else financial.

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