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Hub You - Why Traders Fail
Quite often small business owners will ask me to reveal the most powerful marketing strategy I have seen. I can say without hesitation that the most powerful marketing strategy has little to do with advertising, direct mail, web sites, referrals or blogs.No, before any of those things will really have any impact on your business you’ve got to uncover and communicate a way in which your business in different from every other business that says they do what you do. You’ve got to get out of the commodity business. You’ve got to stake you
Lousy trading plan
In order to be successful, you need to have a trading plan and it needs to strike a balance between “eat well” and “sleep well”. It took me a few years to find a method that worked best for me. My plan, which is written, embraces my strongest
What defines the entrepreneurial spirit? Drive, focus, innovation, can-do attitude, self-determination and the desire to be different. If you demonstrate these qualities you might be an entrepreneurial spirit. It doesn't matter whether you run your own business or if you work for someone else.What creates the entrepreneurial spirit? Are you born with it or is it determined by your environment? I believe it is both. The environment can help to nurture the spirit within you. The perfect environment to nurture that spirit is the Yukon Te
The question that each of them has in the back of their mind is this: do I have what it takes to be a successful trader?
More often than not, many fail. Why they fail is one of questions that I’m most often asked to talk about. Trading is a difficult business, more difficult than most imagine. In the end, whether you succeed or fail as a trader can be traced to four basic problems. All but one can be fixed with a little effort.
The biggest obstacles that a trader must overcome are: (1) a lack of confidence; (2) a lousy trading plan; (3) faulty analysis; (4) trouble pulling the trigger.
The first step in overcoming these hurdles is to stand in front of a mirror and have a long talk with the face staring back at you. It starts and ends with the face you’re looking at.
Lack of Confidence
Lack of confidence is a killer – literally. If you’re afraid of your shadow, trading is not something you are going to be very good at. Trading is a “eat or be eaten” game. You either do lunch or you are lunch. I’m not talking about false bravado here. Confidence comes from knowing who you are and what makes you tick. It’s something that you have and it comes from down deep inside you. Confidence is an acquired trait.
Lousy trading plan
In order to be successful, you need to have a trading plan and it needs to strike a balance between “eat well” and “sleep well”. It took me a few years to find a method that worked best for me. My plan, which is written, embraces my strongest
Travel from here to there whether for business or pleasure has become very expensive, especially if you travel a lot or do not have in your possession an airlines credit card. An airlines credit card normally works in a way that you earn points for every flight that you take with the airline. These points can earn the airline card holder future flights, free stays in hotels, car rentals, and other unique rewards just for using the airline card. You should compare the points that you receive per flight before you choose your airlines credit
The biggest obstacles that a trader must overcome are: (1) a lack of confidence; (2) a lousy trading plan; (3) faulty analysis; (4) trouble pulling the trigger.
The first step in overcoming these hurdles is to stand in front of a mirror and have a long talk with the face staring back at you. It starts and ends with the face you’re looking at.
Lack of Confidence
Lack of confidence is a killer – literally. If you’re afraid of your shadow, trading is not something you are going to be very good at. Trading is a “eat or be eaten” game. You either do lunch or you are lunch. I’m not talking about false bravado here. Confidence comes from knowing who you are and what makes you tick. It’s something that you have and it comes from down deep inside you. Confidence is an acquired trait.
Lousy trading plan
In order to be successful, you need to have a trading plan and it needs to strike a balance between “eat well” and “sleep well”. It took me a few years to find a method that worked best for me. My plan, which is written, embraces my strongest
Have you ever seen an orchestra producing some truly amazing and inspiring music. I remember seeing an orchestra playing at the Sydney Opera House (and for all the overseas people it is something you must do whilst in Australia). I was so impressed with the way all the different instrumental groups blended together to make this magical sound.The conductor’s role was very important in keeping all the sections on task and in time. However, all the groups must be able to work together (compliment each other) to produce beautiful harmonic
The first step in overcoming these hurdles is to stand in front of a mirror and have a long talk with the face staring back at you. It starts and ends with the face you’re looking at.
Lack of Confidence
Lack of confidence is a killer – literally. If you’re afraid of your shadow, trading is not something you are going to be very good at. Trading is a “eat or be eaten” game. You either do lunch or you are lunch. I’m not talking about false bravado here. Confidence comes from knowing who you are and what makes you tick. It’s something that you have and it comes from down deep inside you. Confidence is an acquired trait.
Lousy trading plan
In order to be successful, you need to have a trading plan and it needs to strike a balance between “eat well” and “sleep well”. It took me a few years to find a method that worked best for me. My plan, which is written, embraces my strongest
Over the years there has been much ado about team work, the value of teams, the ups and downs, the pros the cons! Some appear to work and others fail, why? Can your business benefit from a team work approach or not?As people we are 'complex beings' It never ceases to amaze me how we often gravitate to negative ways of thinking about others when we ourselves (if we are honest) have just as many flaws and faults. We often find ourselves thinking about the glass half empty instead of the glass half full. Life and business can be a very p
Lousy trading plan
In order to be successful, you need to have a trading plan and it needs to strike a balance between “eat well” and “sleep well”. It took me a few years to find a method that worked best for me. My plan, which is written, embraces my strongest
For Small Business Owners & EntrepreneursOne thing I've found in my many years of entrepreneurship is that smart marketing is the key to success. I've worked with so many different types of small business owners, entrepreneurs, coaches and consultants from all kinds of industries and no matter what the business is; I've found that if the person doesn't know how to market it and they don't get help to do so, the business just doesn't survive.The following 8 items are what I consider a good small business start up checklist; if
Lousy trading plan
In order to be successful, you need to have a trading plan and it needs to strike a balance between “eat well” and “sleep well”. It took me a few years to find a method that worked best for me. My plan, which is written, embraces my strongest traits and lays waste to my worst.
Traders come in all shapes and sizes. Some scalp, some trade for the long run and others day trade. I’ve found that I’m comfortable trading as a position trader using an intermediate time frame. When I enter into a trade, I’m looking for a 25 percent move.
The last point that I want to make here is that your plan must be in writing. If it isn’t, there’s absolutely no way that you’ll stick to it during the inevitable drawdown.
Faulty Analysis
Trading is pretty much a zero sum game. You’re either right or wrong. You either make money or you don’t. When it comes to trading, three types of analysis are usually involved: fundamental, technical or quantitative.
I’ve found that I’m best suited psychologically to technical trading. I have a strong math and deductive logic background. To me, it’s all about supply and demand. Not surprising then, the method of technical analysis that works best for me is the point & figure method which has been in use for more than 50 years.
When it comes to analysis, you have to find ground that you’re comfortable standing on. I’ve tried all three types of analysis and I’ve never been able to get comfortable using fundamental or quantitative analysis.
Trouble Pulling the Trigger
People that have trouble pulling the trigger, lack confidence, usually have a l
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