How MUCH MONEY do YOU want to MAKE Every Month?
5) Why is it crucially important that you take action right now? What will it
ultimately cost you if you do not equip yourself with the tools to make this a reality and take action?
***ATTEND THE LIVE ULTIMATE FOREX PROFITS™ PROGRAMME ***
BOOK YOUR PLACE NOW
Call +44 (0) 207 7518900
Or email [email protected]
Copyright 2008 Greg Secker and KnowledgeToAction.co.uk
Your Time and Commitment
In my early days I was a day trader - I believed that day trading was the best way for me to make money. I made lots of losses and I found myself constantly glued to the screen. I became addicted and also a bit of a hermit (and a fat one, I couldn’t leave the fridge alone!). I was also finding it difficult to concentrate on my career whilst managing my personal trading positions intra-daily. This is not the way to trade, unless you are full-time and enjoy looking at screens all day. Sadly, this is all too often what traders become seduced into doing and all too often they make a mess of it.
A great mentor helped me with this. He explained that here are two types of “time”.
“Horizontal time” and “Vertical time”. He explained Horizontal time is defined as 30 minutes to an hour a day or “little and often”.
And Vertical time is defined as 24 hours, orCRISIS time. In other words, looking at the above diagram – most people try and fix their life (get to where you WANT to BE) in one foul swoop – they wait until things are uncomfortable enough and then try and fix everything in CRISIS mode.
Inexperienced Traders’ trying to make a £1000 a day on a £10,000 account is a classic example.
Whereas, in horizontal time, ordinary things done consistently produce extraordinary results – i.e. just 30 minutes a day, done consistently produces amazing results.
Horizontal time. 30 minutes every day.
Vertical time. 24 hours – CRISIS TIME
This is where you currently ARE This is where you WANT to BE
I also found this to be true with my trading accuracy and results. I found that by ‘position’
trading (holding positions for three to ten days) had vastly better results for only a fraction of time than my rollercoaster results from day-trading – without hours spent glued to the screen.
It was from these early days that I developed and designed my now multi-award winning trading methodology and now world-renown trader coaching business, which trains literally thousands of new traders every year to become successful investors and traders.
As a beginner or intermediate trader, you will be happy to know that all of your instructions for each trade you place (the entry price, stop-loss and take profit) on each trade can all be set ahead of time.
(This allows us to select our trades once a day (in 30 minutes maximum) and have the system manage our trades for us –literally on autopilot. Nowadays, most on-line brokers offer this service at no additional cost.
***ATTEND THE LIVE ULTIMATE FOREX PROFITS™ PROGRAMME ***
BOOK YOUR PLACE NOW
Call +44 (0) 207 7518900
Or email [email protected]
Copyright 2008 Greg Secker and KnowledgeToAction.co.uk
“Invention and Testing” versus “Modeling”
You have options when learning to trade. You can buy tons of books, study the markets intensely and begin the journey of testing and developing systems. Or you can take the blueprint from a successful trader and literally copy what they do overnight.
It all depends on you your outcome. If you want to make money and save a lot of time, go for the blueprint every time. If you are looking for a new experience and have lots of disposable cash and time to waste, then set up your experimental lab and get ready for a roller-coaster ride – it’s your choice. When I first learned to trade I used a lot of gut instinct and thought I would figure it all out on my own…now I look back and realize just how extremely arrogant that was. I also found myself adjusting my trading strategies to what I thought was suitable to market conditions. Looking back now, I can’t believe I actually took this approach - I am reminded though every time I interview a new student and find out how this approach hasn’t changed much in a decade or so. I think we are taught at school to be original and inventive – and copying or plagiarism is forbidden. I guess this is what sets us on a path to ‘go it alone’ – as well as people aren’t prepared to pay for proper training and coaching, as they see it as ‘cost’
– when really it’s the best investment they could possibly make.
In business if you want to succeed – you need to ‘model’ a system that is working and replicate it – then you can expect similar results. Yet still people open their business with the goal of being a business owner and perish in the desert “mid-wheel-reinvention”. Trading is no different.
Find a good methodology and system that works and copy it.
Paying for good systems, trading education or blueprints is a no-brainer in my opinion. Novice traders often spurn the idea of paying for trading education. When you compare the cost of going it alone – the system methodology
development (in time(years) and trading losses(thousands)) – it massively outweighs the investment of a decent education and coaching and you’re still no closer to making consistent income. All you get is the ownership of your losses. If you have little professional experience in trading – it should be obvious to you that an investment in your knowledge into proven systems that work is be central to your success. Trading is a business after all, and like all successful business – it needs a little resource. Grabbing hold of a successful trading methodology is the best example of “standing on the shoulders of giants” – it is intelligent, smart and highly cost effective. This is a perfect example of penny wise, pound foolish.