Trading Success: Hi, this is a recording of our most recent live training session.
I went into some detail of my life experiences that can hopefully help you become financially independent from various sources, all of which I have done and got the T-shirt 🙂
A lot of our members are in their early 50’s and starting to think (in many cases panic) as to their lack of sufficient funds to retire or at least make life easier when they get into their 60’s.
Trading is obviously what brought you here and it is clearly a way to subsidise your pension shortfall.
For many folks do not have a big enough account to fund the amount they are looking to earn, so that is a potential hurdle.
One way around that is if you start to treat your trading like a business and commit yourself 100% to the process then there is the possibility of trading for clients and sharing in the profits.
Another way is to invest smarter now to create those extra funds.
If you are in your late 40’s or early 50’s its actually, usually a good age to raise money to finance a venture as your kids have probably left home and your mortgage is either paid off or not such a large percentage of your income- I am of course generalising here- also I am not under any circumstances talking about raising cash to trade until you have proved for a decent period of time that you can trade profitably and responsibly.
If you only want to see our trading ideas then Pierre cover his Earth & SKy plans in the first part of the video & I cover mine from the 46th minute.
I started my section around the 22nd minute of the video. I started by talking about a television program I am watching at the moment called “Undercover Billionaire.”
It features an obviously wealthy guy who decides at 55 years of age to see if he can once again create a $million business, this time within 90 days, and starting with just $100 and an old flatbed truck.
The program starts with him flying his helicopter off the back of his luxury superyacht.
He is then dropped off in a town he has never heard of and with $100 in his pocket.
He has changed his name.
He can not use his current contacts nor business associates to help him.
The first night he spends sleeping in the truck in near-freezing conditions so that he doesn’t eat into his meagre budget.
It’s a fascinating program but the thing that stands out for me that the formula he uses to try to create his new business is the same as when it comes to your trading OR any business for that matter.
Namely a willingness to do just about anything in pursuit of his dream, including cleaning houses. Have you had a billionaire recently round your place cleaning the toilet!?
His attitude: He is mega positive, he just doesn’t know when to quit.
He is driven.
He has what Napoleon Hill described as a BURNING DESIRE to succeed, in his book Think and Grow Rich”
Without this I do not believe success is possible in any venture.
You need to be passionate about your goals and write them down.
You need to do your research. Plan for all eventualities. Create a business plan.
Surround yourself with smart, positive people who are going in the same direction. Invest in a mentor! He starts to make contact with small business owners in the town. Registers with the small business centre and then goes off to do some market research: via the internet, plus knocking on doors and just talking with people to find out what is going on in the town. What are the more profitable businesses? Any new trends etc etc
Stearns first of all has to raise money to be able to get his new business venture off the ground. One of the age old ways of doing this is by flipping property (buying low, refurbishing and selling at a profit). I explain a bit more in the video and also see the Robert Kiyosaki interview below and read his book.
I know in my own life, the times when I have been most successful is when I would not let anything get in the way of being successful. I would spend every waking hour taking action and a good deal of sleeping time, thinking about it.
Whether it was starting one of my 3 offline businesses, two of them when I had no money.
Buying 10 houses to create income now and let tenants fund my retirement plans.
Emigrating 2000 miles with a young family and starting again when I hit the big 40.
Practising for hours a day to revive my career as a musician.
Becoming a Spanish registered futsal (soccer) coach.
Spending 8 hours a day and a lot of money for 3 years learning how to trade forex.
Starting Forex Mentor Pro back in 2009 when I had zero technical skills and very little experience selling information and courses online.
Here is a link to a Youtube video where the guy, Glenn Stearns is interviewed about the launch of the program.
Here is an article about him and the program in Business Insider https://www.businessinsider.com/undercover-billionaire-star-glenn-stearns-life-net-worth-family-career?r=US&IR=T
Thanks to member Shaleniie for providing a link to download a copy of Napoleon Hills Think and Grow Rich for free here
It was written over a 100 years ago, so is by definition dated, but its one of the most important books in my library and I recommend you persevere with it.
If you prefer the physical book then just visit Amazon.
A burning desire in my experience is THE most important ingredient when it comes to succeeding at ANYTHING including trading.
I divide potential private clients into one of two groups:
Group A: The dreamer. Generally wants spoon feeding and is not willing to spend neither the time nor money into succeeding at anything. This is not necessarily a permanent state. Often people from this group move into the next, as and when they are ready.
A very brief example of a Group A member: I often get emails from folks who are “interested in maybe private coaching, but I don’t have much time” They get a polite reply but no further!
Conversely, I recently received the following email from a long term member who has now moved into the much smaller B group, the get up and go guy or gal: by his own admission, he was previously playing at trading, does this ring any bells for you?
“Over the last 5 years or so, I can’t say that I have lost any money trading, but I am not consistently profitable either. A weakness I’d like to highlight would be my not taking trading seriously enough to consider it a business. Mindset wise, I do believe that I have the edge . ….. I would like now to finally make the move to transition into full-time trading and I will not do so without a mentor. …. I have taken the next 6 months off my regular job to dive into the deep end and give it a ‘fair go’ with absolutely no distractions and dedicate all my weekdays to being able to devote my time to full time trading.
This said, please don’t imagine me to be this trigger happy cowboy lunatic trader either, who plans to spend every single minute watching 6 screens , hoping to trade every tick that moves. ( Ha ha you get my point I’m sure. )
So yes I am committed in wanting to trade successfully and yes I do persevere when things go wrong and I do understand that trading is a game of probabilities, and one of potential losing streaks and hence the importance of risk management and keeping one’s pants on at all times at the end of the day.”
So which group are you in (this does not have to just be about trading).
Who do you think will be more successful? Who would I and other experienced people rather help & work with? It’s a no brainer and yet how many of you fall into camp A?
The bottom line is if you want to start becoming a successful trader or business owner or invest smarter, you need some passion (a rocket up the bum as my granddad would say 😊
If you are not passionate about becoming successful, then stop now!
If you are then you need a plan, some goals and how to get there.
My multi millionaire mentor’s advice that gave me income and paid for my retirement:
I show in the video how my rich friend taught me how to “stop thinking like a pleb” and how to invest smarter and create passive income as well as future growth using other peoples money as much as possible.
A few years later I read Robert Kiyosaki’s “Rich Dad, Poor Dad,” which I highly recommend. This is the same strategy and thinking I had learned from my friend.
Some of his fund raising ideas might not work as well today BUT it’s the mindset that is just as, if not more important.
It is Kiyosaki’s contention that the rich do not want normal kids to be educated about money. In effect, they want to create worker bees who will get a job, borrow money from them to buy houses, cars etc, invest in stocks and basically play the game.
I agree 100% and have drummed that into my kids to varying degrees of success.
So its that time of year to reflect on the time that has gone and what are you going to do to make 2020 THE year when you take your destiny into your own hands?
Here is a link to a cool app I showed in the presentation. I am trying to make myself more productive: https://www.rescuetime.com/
If you have any comments please leave them in the box below the video.
If you only want to see our trading ideas then Pierre covers his Earth & SKy plans in the first part of the video & I cover mine from the 46th minute.
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
For more up to the minute, updates do not forget to drop by the forum in Pierre’s corner.
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