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Top 5 Beginner Investing Mistakes to Avoid (DON'T DO THESE!) - YouTube
Channel: Christopher Uhl - 10 Minute Stock Trader
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today I'm gonna share with you the top 5
beginner investing mistakes and how you
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can make sure you don't have the same
mistakes that I did
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listen you can learn for free from my
expensive mistakes on today's episode of
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the how to trade stocks and options
podcast this is the how to trade stocks
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options podcast brought to you by Tamina
steer calm or we cover finance stocks
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options entrepreneurship education and
money and here's your host voted one the
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top 100 people in finance
Christopher you'll today's episode is
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produced in partnership with fin Club
day I trade with confidence and leverage
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the power of artificial intelligence in
your trading starting today go to fin
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hey make sure you subscribe and hit the
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bell so you'll be notified every time we
give you more tools tips and tricks to
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help you tre faster and trade smarter
every single week listen before we get
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started I I gotta tell you I've done it
all every mistake there is imaginable
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I've done it I have learned so many
expensive lessons about how to trade and
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how to invest and honestly I want to
cover several of those today to make
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sure you don't do the same now granted
every mistake I made basically lost me
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money which means that someone else on
the other end made money and you can be
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that person on the other end by by doing
the opposite of all these things right
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let's make sure you're focusing on the
sound principles the the tactics that
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are going to make sure that you are the
one taking advantage of the beginner
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mistakes that are out there that cost me
a lot of money that's for sure so the
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first mistake is not investing at all I
mean we're gonna take a step back here
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out of our trading portfolio and just
talk investing in general if you aren't
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investing then you're really losing out
and I don't mean that you're losing
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money because the stocks moving up or
down whatever I mean you've got
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dividends
you've got the movement of the stock you
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can sell calls on your your stock that
you you you've got there but the the
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idea is that you're actually doing
something with your money whether it's
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in real estate
whether it's in businesses money wants
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to go to work
board money sitting in accounts gets
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spent and I mean I know people
personally that have gone through
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hundreds of thousands of dollars
spending within a year or two but they
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could have put that to work in an
investment fund in a mutual fund in any
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kind of fund the number one mistake that
I've seen is people not investing now if
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you've got a 401 K that's even better
you may have employer matching and my
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friend Steve burns talks about this in
his personal finance book called the the
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working dead he's like there is no
better investment than in a
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employer-sponsored 401 k plan that has
employer matching meaning if you put in
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five percent your employer puts in five
percent you just made a 100 percent
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return on that five percent there's no
better investment than that so if you
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have that you've got to take advantage
of it even if it's just a little bit to
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get started next is not having an
emergency fund now I definitely was
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guilty of this especially you know in my
younger years and and I know that
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whenever you're first getting started
out like maybe you just graduated
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college you've got a ton of student loan
debt you don't know where to go you
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don't know what to do and you certainly
don't have any savings the first thing
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to do is have an emergency fund and it
can be small it can be like Dave Ramsey
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talks about when it's just a thousand
dollars I mean if you just put a few
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dollars back each week before you know
it you're gonna have that thousand
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dollar emergency fund and a thousand
dollars is gonna cover most of
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everything right let's say your air
conditioner goes out you need new tires
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on your car your your I don't know your
your piston blows out of your car or
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something like that a thousand dollars
may not cover all of it but it will sure
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go a long way so before you do any kind
of investing invest in yourself by
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having that emergency fund because you
don't want to go into debt every time
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you turn around right every time you
need a new tire or every time the the
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water heater goes out or something
having that thousand dollars just a
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thousand dollars it's gonna make a world
of difference to you and open up open up
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a lot of freedom that you wouldn't have
had otherwise now when it comes to
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investing a lot of people talk about
compound interest right I think Benjamin
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Franklin said compound interest is
the 8th wonder of the world and it
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really is the difference in going from a
few dollars in your investment account
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to millions of dollars in your
investment account is the compound
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interest there right I mean take for
example the the old adage of doubling a
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penny right you double a penny every day
for 30 days you wouldn't think it would
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be all that much you're like okay start
with a penny then two pennies and four
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pennies and eight pennies and 16 pennies
and 32 pennies and 64 pennies and
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finally a dollar 28 right well by the
30th day you're talking in the millions
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of dollars and that's because it's
compounding and that's why you've got to
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start early because the big money comes
at the end when you're compounding big
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sums it doesn't feel like much at the
beginning it doesn't feel like much if
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you're only investing $100 now but when
you're taking that hundred dollars
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you've rolled it year after year after
year you're compounding it you're
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growing it the $100 turns into a hundred
thousand and one hundred thousand can
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turn 120 hundred ninety two hundred
thousand whatever the case is but you've
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got to have something to start with
first off and then second you've got to
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start doing it and you've got to start
doing it now the sooner you start making
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those investments the sooner the
compounding interest will work for you
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and also people are afraid to make the
trade right they're afraid at least in
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in my world right you know they're
they're doing all this analysis they
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feel very strongly that maybe a certain
stock is going to go up maybe the the
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stock recently has collapsed because the
coronavirus or whatever the case is
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being afraid to take the trade then
that's when you've got another mistake
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on your hands you've got to be ready to
go you've got a you know less we could
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talked about having that watchlist when
it hits your criteria of the watchlist
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and you're ready to invest that's when
it's time to go but waiting too long
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or being afraid to make the trade kind
of go hand in hand to me you know if
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you're afraid to make the trade cuz
you're going to lose money you're
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definitely not going to gain money and
you're definitely not going to be making
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that compound interest that you want to
make so don't wait too long get started
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today
hey listen tell me some of the mistakes
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you've made down in the comments below
and listen I know that it can be super
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hard to share the mistakes you've made I
actually went and publicly did a podcast
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the worst investment ever podcast which
was not a lot of fun honestly I thought
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it would be more interesting to do and
kind of just you know get it off my
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chest but no it kind of hurt like a lot
and basically the the moral of the story
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was that I saw what was happening and I
didn't do anything about it and it led
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me to lose so much money I mean
obviously I learned a ton of lessons
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from it but I lost so much money so in
the comments below share with me some of
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your mistakes that you've made but also
share with me the lessons that you've
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learned because that's really what
matters if you repeat the same actions
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to get the same results you're insane
but if you have those same actions or
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same circumstances and you take
different actions and you have a better
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result you've learned from it you've
gotten better so point number four goes
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to what I was just talking about when
I'm asking you to leave a comment down
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below and it's putting too much money
and one investment and losing it all yep
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in there there there's some
give-and-take on this right you've got
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to be concentrated in a stock or
something that's actually moving to make
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money but you also need to be
diversified in the way that if it does
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turn against you
you're not wiped out all in one spot so
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it's kind of a blend between the two
like for me I personally know you can do
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whatever you want but I put 15% of my
portfolio in a single trade and that's
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where I start from that's my baseline I
may add to it I'm gonna take away from
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it but I'm starting with 15% that gives
me seven or eight trades where I can
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basically build up my entire portfolio
and I may have some that are long
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positions and short positions and bonds
and gold or or long stocks and short a
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particular one stock but you've got to
not put everything in one place but also
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diversify across too many assets putting
putting one percent in a hundred
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different places may sound better but
they're not all moving in the direction
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that you want and you certainly aren't
being able to watch a hundred positions
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like you could 15 positions and those 15
positions you can know if they're
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performing the way that you want to be
in or if they're not performing in the
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way that you want and you can get out
and move on to something else
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so that's definitely number four is
that's putting too much money all in one
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place and then finally the number five
thing and honestly honestly honestly the
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most important thing that you could do
is find a mentor now I know you're like
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that's not what I expected to hear you
say Chris but it is what you need to
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know whether it's whether you want to go
into real estate investing whether you
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want to go to stock trading whether you
want to go into buying businesses or
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flipping houses or whatever you need to
find somebody who's been there before
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and can show you the ropes whether it's
a podcast like this one I mean I've got
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300 episodes it doesn't have to be a
sales pitch to come enjoy my service but
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I definitely have 300 plus episodes for
you to go and review and by doing so you
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can learn along the way I can be your
virtual mentor for that and I still have
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mentors right I've been trading since
2009 but I still call it my friend Steve
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burns and I say hey Steve what about
this he's like well let me tell you
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about it I love Steve he's great but
that's I mean at no point will I ever
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say that I know enough to no longer have
a mentor
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I mean daily I'm reading books about
trading and investing and making the
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podcast bigger and growing my businesses
and things like that so I'm always on
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top of learning and you can do it
virtually you can do it through YouTube
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videos through books whatever Tim
Ferriss has a quote that says you are
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the average of the five people you spend
the most time with
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so stop for a second think about are you
around these negative people that aren't
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helping you or are you around people
that are moving you in the direction
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that you want moving you by sharing
their expertise their passions right you
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don't want to go to you know your
grandma who doesn't know anything about
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poetry if you want to become a poet you
would go and find a poet Society or
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something like that I mean the examples
are endless but the point is is that
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you've got to go to someone who knows
what they're talking about who's been
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there before and has learned the lessons
and in my case at lots of expensive
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lessons I mean that's kind of some of
the reasons why I lost a lot of money is
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because I didn't want to have a mentor I
didn't want to have a support system I
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wanted to do it all on my own and I
learned that being all on your own isn't
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always a great thing it really hopes I
have a team and that team can be people
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that you know or
could just be some great books that are
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going to give you insights to help move
you forward I heard somebody say one
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time that a book is it's like a decade
in a day because somebody took their
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life's work and put it in a book for you
so that you don't have to go and learn
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all these lessons all you have to do is
read it and implement it I've written a
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short guide on how you can use the
triple stock profit system it's the
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secret weapon every investor needs right
now to change your financial future and
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you can get it for free by visiting
triple stock profits com or in the links
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below also if you want to join a
community of traders just like you you
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can get free access to the elite
membership that is even more resources
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to help you tray faster and trade
smarter so listen I hope that I gave you
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some motivation to start making some
changes in your own life and honestly if
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you're making these mistakes right now
it is totally totally totally ok because
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I've done it to every single one of
these I've done it and I don't want you
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to repeat those same mistakes so do me a
favor don't make this mistake make sure
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you subscribe and hit the like button
and enable notifications that way you
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never miss any of the tools tips and
tricks that we upload every single week
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to help you tray faster and trade
smarter and I'll see you on the next
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episode
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