Trucker Jake's Million Dollar Challenge!
You won't know if you don't try.
I am not a financial advisor. I am a full-time trucker, part time trader, working on becoming a full-time trader and retired trucker. I work full time 12 hours a day five days a week as a trucker hauling fuel in Oklahoma. If a full-time “dumb trucker” like me can do this, so can you, whether you are a trucker like me, working 8-5 in an office, retail, shift work, night shift, student, or any other situation.
Before we get to the Challenge, watch the following video and then ask yourself “How bad do I want it?”
I don’t know about you, but I’m going to do what it takes to make my financial dreams reality. You can go play video games and pay your favorite movie star or pop star to entertain you into poverty if you want to. I’m not going to stop until I succeed or die trying.
What is Trucker Jake’s Million Dollar Challenge?
First, let me say to those of you who may not be able to trade the market open or during the NY market hours, if you haven’t watched my videos on my first substack, please do so or you will be out of the loop and missing important information. If you have, remember, you can make money trading other people’s money around the clock in all the global markets. So, watch those videos and take advantage of Funded Trading Plus - Click this link and use coupon code TJTJ10 to get a 10% discount when you decide on what level you want to start at. (Does not apply to Master Trader Program.)
For those of you able to trade NY market hours and want to play with your own money, start with only $100-$200 in your self-trading ROTH IRA account via your favorite broker and turn it into $1,000,000 quicker than I do! Use one or both of the tools I use along with me and see how long it takes you. Watch my videos in my first post if you haven’t yet!
Truckers and those of you working jobs that restrict you from day trading, subscribe to the BBS option and LISTEN to them while you drive or work. Trust me, I did this, and it helps you learn the lingo and get a feel for the market even when you are not trading. Plus, it will help you in your swing trading that you can do. I used my swing account to turn that $154 into $16,000 in six weeks! Watch my videos if you haven’t yet!
Only trade what you are willing to lose. Don’t trade your life savings away! Learn to trade with a little and build it into a large account. How long it takes depends on many factors which you will learn about as you take this challenge. Don’t let anyone say you can’t do this because you can.
Can it be done? Yes, it most definitely can. However, the timing will depend upon your risk management skills. This is the key to every trader’s success. Risk Management is key! ALL the successful traders preach this because it is true. To defeat the market, you have to defeat yourself. You are your worst enemy in trading the stock market. Conquer yourself and you will conquer the market. So, focus and learn to lose as well as win. You can do this!
Greed and FOMO (fear of missing out) are what stump us and keep us down. The sooner you learn to overcome your emotions and take your profits without letting them turn into losers, the sooner you will build your account.
Suggestion, open two accounts and try to swing one and day-trade the other like I do. When you build them large enough to trade PDT style, then mix it up as you feel comfortable doing. For your day-trade account, make sure you set it up in a cash account and not a margin account. Until you get the account over the PDT threshold, you will need to be in a cash account so you can trade it every day. Otherwise, if you are in a margin account, you can only make three day trades in a 5-day period. So be aware and open a cash account for your day trade account!
My TastyTrade ROTH account is a margin account which forces me to swing it which is why I use it for my swing account. When I make it over the PDT level, I will be able to day trade it. My TD Ameritrade ROTH account (soon to be Schwab account after they bought out TD Ameritrade) is my cash account that I use for day trading. Be aware of the ROTH limits as explained in the link in my first post.
Again, if you haven’t already started from the beginning of my Substack with my first post and the following posts showing how I turned $154 into over $16,000 paying myself $6,700 in less than two months, please do so.
Before I get to the tools I use, let me give you some tips I have learned the hard way.
Don’t play penny stocks. They are a waste of your time and energy, and they are prone to pump and dump schemes you want to stay away from.
Don’t play “meme stocks” until you know how to do so without losing your shirt on them. Stick with following the institutional money flow and learning from mentors who know how to play the high Beta stocks which are liquid and active with institutional money.
Don’t buy the cheap way OTM (out of the money) calls and puts. Cheap is a trap! Stay away from them! They rarely pay off and will blow up your account and destroy your motivation quicker than anything. Stay close to the money and learn to roll when appropriate.
When you swing trades for more than a day, I highly suggest you use expiration dates of a minimum of 2 months out. Go 3-4 months out until you get the “swing of it.” Trust me, I’ve seen those who know what they are doing play their swings with best success of a few months out on expiration. I sometimes go shorter, but I’m willing to take the risk at times. More time on your expiration date keeps the theta burn away better. You will understand when you don’t give yourself more time. Been there done that. So, swing with time on your side 2-4 months out on expiration dates when holding longer than a day.
Don’t day trade 0dte options until you get the hang of it. You need to be in and out of these quickly. So go out at least one day if not a whole week on your day trades to avoid your hesitation causing your options to shrink to zero like the witch in the Wizard of Oz as you hold your banana sucking on hopium. When you get the hang of scalping like Mr. Banks does, then you can play those 0dte calls and puts like he does.
Learn to scale out with your profits as many successful traders do and teach. Taking gains at 20-30% a day will double your account every week. You don’t have to get those 100% trades every day.
For example, take $100 per trade each day for a week and make an average of 20% each day and you will have doubled your account that week to $200. Take that $200 the next week and trade $200 per trade each day and focus on that average of 20% each day. You will double your account that week to $400. Repeat each week.
The secret to winning the challenge is being able to cut your losses when the trade doesn’t go your way or reverses on you before you get to your goal of 20%. It is easy to make the money when the momo is going in your favor.
When you are up over 50%, using a trail stop will easily keep you from going below your 20% goal. However, when the chart fights back early and quicker than you expected it, you have to be quick to cut out and accept a no gain day on your trade and sometimes a loss on that day. The trick is to make your losses smaller than your winners. This requires the ability to pull the trigger quick and call it quits without a “winner winner chicken dinner” on that trade. Easier said than done.
Look at what I did the first two weeks of February on my Day Trade Account. I went from $100 to $400 the first week. Then the next week I held my banana too long and I let my account cut down to half that week, back to just over $200. I was green and let it go red on me because I wasn’t willing to cut it quick enough and then held on hope. This is the hardest thing to get a grip on as a trader. The sooner you can manage your risk, the sooner you can beat me to $1,000,000, or get there faster than I will. I’m going to do it regardless of what you do. I hope you try and succeed with me.
For those of you wondering what I mean by “holding my banana too long,” it is a common story about how in certain countries they use a banana placed in a pot to catch monkeys with. The monkey reaches in to grab the banana and by doing so his hand gripped around the banana becomes too large to take out of the pot which is tied to a tree. Thus, when the hunter jumps out to get the monkey, the monkey can’t remove his hand from the pot because it won’t let go of the banana. The monkey refuses to let go of the banana resulting in his brains being eaten for dessert by those who like that kind of thing. Now you know what I mean by holding my banana too long. We gotta learn to not let the market eat our brains (gains) by letting go of the banana!
For those of you who remember and understand the story of the “Tortoise and the Hare,” if you are able to take it slow and steady, you just might make it to $1,000,000 within 200 trading days. Let me explain…
If you decide to use Mr. Banks in Wolves of Wealth as your guide to day-trading the market each morning, and if you can discipline yourself to close out your trade when you hear Mr. Banks say “take profits into strength” as it gets to the 20-30% area that he likes to start scaling out, OR when the price action begins to stall and he says “take profits” when it is barely over 5%, and if you can do this consistently without letting your trade go red, you have a high chance of reaching the goal within 200 trading days. Just do the math: multiply $100 x 1.05 and hit the = sign on your calculator and tell me how many times it takes to reach over $1,000,000?
Now, will it happen exactly like this? No. It won’t. Why? Because every day is going to be different and you will have to control your emotions, your excitement, and your anxiety. To achieve this goal, you will have to conquer yourself in the process. As you see the multiple 100% trades every week you follow Mr. Banks and the others, you will battle your own greed and temptations to divert from your plan. Subscribe to my Trade Journal and compare your experience to mine as we do this together.
It is easy to ride the momo and take profits when it is 50-100%. It is hard to take profits when your trade is struggling to get over 10% and then shrinks and goes red on you. Cutting out of the trade when the momo doesn’t show up after you get in the trade is the hardest part to deal with.
This is what holds me back from achieving this goal of taking those small profits every day. I’m a “degenerate” who likes to risk more than necessary and hold longer than normal to get those bigger gains. I’ve been in trades that fell back and then took back off to great gains and that causes FOMO and makes you hold when you should be in the habit of folding and not taking that risk. Remember, the tortoise beat the hare. Stay at break even today and trade a better trade tomorrow.
Another hurdle you will have to overcome is trading a small account in a “cash account.” Since you will be limited to one trade a day in the beginning, you will want to make that trade count and will struggle with letting it go and getting out of the trade before you want to. Until you get to the PDT size in your account, you won’t be able to just flip from calls to puts or vice versa at your leisure like many do who have the larger accounts and don’t play “all in” like Trucker Jake does.
Play like Trucker Jake and you will have to train yourself to cut the trade before you want to. I’m still struggling with myself to do what I’m telling you. LOL. That’s one of the reasons I’m writing this Trade Journal, to help myself trade better. You don’t have to play like me! Probably wise not to. I’m preaching to myself as I write my substack posts.
Play like Mr. Banks and you just might beat me to the $1,000,000. Either way, risk management is going to be your key to success.
Find a good mentor to help you find the setups and lead you to success. Use either the BlackBoxStocks or Wolves of Wealth or BOTH like I do. Watch the videos on my first post if you haven’t already.
However, realize and accept that YOU have to pull the trigger on your entries and exits. These mentors can help set you up to succeed, but you have to learn to manage your trades and make them succeed.
Like I said, it is easier said than done. But you and I can do this.
Open up your ROTH IRA account and put $100 into it and see if you can make it to $1,000,000 quicker than I do. Don’t try this on your own. Ride the coattails of an expert until you get the hang of it. Choose one or both of the mentors, BlackBoxStocks or Wolves of Wealth, and take advantage of their experience and speed up your learning curve and increase your chances for success.
Snooze you lose. Do it today. Let’s do this!
Don’t forget, you can also make money trading other people’s money around the clock in all the global markets. So, if you haven’t watched my videos on my first substack, watch those videos and take advantage of Funded Trading Plus - Click this link and use coupon code TJTJ10 to get a 10% discount when you decide on what level you want to start at. (Does not apply to Master Trader Program.)
If you are on this post and have not read the first one in the link below, please read it first and watch all the videos on that post to understand why I post this substack and how you can make money with the tools I use. Please start at the beginning post to grasp it all before you read this or any future posts. It will all make sense after you read this first substack and watch the videos I made for you.
CLICK: How did a full-time trucker trade stocks part time and turn $154 into $2143 in one month?
If you have finished watching the videos on the above link and read the previous posts on this substack, you may proceed reading this one without being clueless. Carry on…
BlackBoxStocks - Click this link to receive 50% off first month or 20% off annual subscription.
