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The newsletter other trading professionals demand Hi there, Recently the Aussie market has been shooting up like a rocket. Some traders have taken this is their stride, followed their trading plan to the letter - and they are the ones reaping the rewards. However, some are still deeply shell-shocked, and feel immobilised like a bunny caught in the headlights. Which type of trader are you? Are you ready to pounce now the market is providing you with some signals? Or, are you quietly freaking out? Over the years that I’ve been trading, I’ve learned quite a few things about how successful traders operate. Here are three facts that are at the front of every happy, well-adjusted and wealthy share trader's mind: FACT #1: You’ll always be leaving a lot of money on the table. No matter how great a trader you are, there’s always room to finesse your skills and make an even bigger difference to your lifestyle. Focus on the basics, question everything, be ruthless in your approach, and become determined to be the best trader you can be. FACT #2: Trend trading is where the money is. If you’re continually going against the trend, your days as a trader are numbered. Develop your skills to detect a trend, and act without hesitation. You will prosper, both this year and in the years to come. Money management is essential, but if you’re continually going against the trend, not even the best ‘stop’ system in the world will be able to help you. FACT # 3: The best traders watch their ‘scripts’. Your ‘scripts’ about money and self-image alter incredibly during times of economic instability and you have experienced a sudden gain or loss. All of a sudden, after a bit of a shake-up, you end up questioning whether you are ‘worthy’ of a big win, and even perhaps saying “Well... it doesn’t matter if I miss out on this rally, there will be lots of others”. Think about where those ‘voices’ are coming from, and question their hold over your life. In this newsletter, I’m about to reveal a powerful exercise that you can do in your very own home, so that your own ‘scripts’ about money will be revealed with a clarity that will take your breath away. More on that later... Without the ability to question your own mind-set, you simply can’t make money over the long term. If not now, then when? If not you, then why not? There are people making big money in the markets, right this second, and you have every right to claim your place, make your mark, and become a superb trader. And the best bit... Chris Tate and I will be with you every step of the way. We put money into share traders' pockets and make it stick, even if they only have 30-minutes a day available, and limited knowledge about trading. You’re probably keen on increasing the amount of money you make, and cultivating trading skills that will last you a life-time. Then do something for yourself for a change. Grab a cuppa, and read this month’s Trading Game Newsletter.
In this month's newsletter: - Your Money Scripts Revealed - Louise Bedford
Louise Bedford Seize control of your most important asset – the power of your mind. There are a few techniques that we’ve only released to our Mentor Group in the past, but that we want you to get your hands on. The greatest thing that the Mentor Program does is that it empowers traders. It puts the power in their hands to shape and design their lives the way they choose. We not only focus on the development of trading systems, but we also concentrate on developing people’s minds so they can make a killing on the markets. If you want to rocket yourself forward, you have to find a way to get there. One technique I can share with you is how to make your ‘Money Scripts’ explicit, so you can spot any flaws in your own thinking. This will make the world of difference to your trading results. Depending on your upbringing, you may have different views on the value of money and what it can mean to you personally. Often inspired from a religious basis, many traders inadvertently sabotage their own livelihood because of their view that money is evil. This can be on an unconscious level as, even though we are surrounded by materialistic goals, some people allow statements to creep into their conversations that can be detrimental to their financial well being. Have you ever heard that “Money is the root of all evil”, or if you see an expensive car driving past have you thought to yourself “They must be drug dealers”? If so, your views about money may be seriously affecting your trading results. Fix this, and you’re one step closer to living life on your own terms. One of the simplest ways to stop these types of thoughts from affecting us is to make them explicit. Spit them out. Articulate them. By spelling out exactly what your beliefs are, you may be able to boost your awareness and then eventually diminish their hold over your life. This exercise will help you do just this. Print out this section of your newsletter, and fill it in without thinking about each statement in great detail. Alternatively, grab a notebook and fill in your answers. Don’t just read about it. Do it. The people who are picking up a pen and about to fill this in right now have already set themselves apart from the mediocre masses. Even if you think some of the areas discussed overlap, complete each statement shown. Just use the first words that come into your head. ----------------------- People who have money are: My mother always told me that money: If I had enough money I would: Money tells people you: I use money to: Money allows you to: If money was no object I would: Money is: Dad thinks money: The best thing about money is: The richest person I know made his/her money by: Money comes to those who: In my family, people who have money are: Money can help: The worst thing about money is: People with money are: If someone doesn’t have much money they are: Enough money will let you: If I had lots of money, people would: My family thinks money: Eventually, I hope to have enough money to: The scariest thing about money is: Money lets me: I really want to use my money to: My main influencer in the field of money is: When I was a kid there was never enough money to: ----------------------- Have a look at your list of thoughts about money. Are there any themes evident that you feel may help or hinder your progress with trading? Where did your thoughts about money come from? Do you feel that any of these ideas are holding you back as a trader? Take some time to detail your thoughts about money here: ----------------------------------- I can bet you that you’ve already had a few things fall into place because you’ve completed this exercise. I know that some of these issues can be confronting, but your level of financial achievement will rarely exceed your level of self-development – so you’re already one step closer to developing clarity. I realise that some of these emotional issues may be hard to face. However, we have a burning desire to help you become the best trader that you can possibly be. We are willing to risk irritating, cajoling, or downright confronting you, in order to achieve the image of your future that you really want to come true. So stick around, and seize control. We’ll be right by your side. - Louise Bedford
Chris Tate “Prediction is very difficult, especially about the future” – Niels Bohr Traditionally, sensible traders are immune from prediction as either pseudoscience or art. We tend to leave that sort of nonsense to fundamentalists, astrologers and financial journalists who continually confuse ‘the economy’ with ‘the market’. However, there is a certain brand of technical analyst who is also keen on trying to predict the future. You know the sort - their predictions are generally along the lines of this. "Here might be the 5th wave of the 4th wave of the second last row in the No.72 tram, and if it then, such and such, might go to whatever price. Or on the other hand it might be the 5th wave of the 4th lunar cycle and I need to find me a good looking goat." In other words, "I have no idea but I do like the sound of what I am saying and if some peanut will pay me for it, all the better." In my opinion you are better off getting the neighbour's cat and punt kicking it over the fence. If it lands on its head you go long if it lands bum first go short and if it gets run over then all bets are off but the world is a better place. Editor's note: The views expressed herein are the personal views of the author and are not intended to reflect the views of The Trading Game regarding animal welfare and neighbourly relations...ah, who am I kidding...we laughed. There is a further sort of technical analyst who sees the trading world as infinitely repeatable, and whilst I agree with this to a certain extent, my concern is with the very Newtonian view of the world that many have. Where we differ is that while I agree that behaviours within markets will repeat because humans as a population are incapable of change and markets are driven by human irrationality, I don't see the trading universe as a giant clockwork mechanism which seems to be the preserve of many. Lately this view has been expressing itself in a comparison between the 1974 market and the current market. The line of thinking goes something like this. In 1974 the S&P500 took 91 weeks to lose 48% and in 2007 it took only 74 weeks to lose 56%. This coincidence is seen by some as a sort of spooky correlation and is the jumping off point for a series of predictions about where the market will go. The 1974 recovery saw the market initially gain 43% in 42 weeks and this gain was extended to 64% in 104 weeks. Therefore, it is presumed that the S&P500 will follow this pattern and initially gain 43% or 375 points and terminate initially at 1041. This move will then continue to 1224 and somewhere in here Fibonacci numbers or some such thing should get a mention. But I get enough emails from people who wear tin foil hats and wear Star Trek pajamas so I'll leave that one alone for the time being. The point being they believe the world is like a giant wind up machine with patterns repeating in perfect precision time and time again. Now markets do repeat in a macro sense – busts follow booms and vice versa but this is a wild chaotic pattern that is driven by human foibles. The certainty of prediction raises problems for traders since it blinds them to the possibility that the prediction might be wrong. This in turn leads to a failure to play defence, which is in my opinion should be at the heart of all trading decisions. If defence is not the central tenet of your philosophy then you will be less inclined to seek to protect your capital because you “know” what is going to happen. Likewise you will fall into the old behavioural trap of discarding any information that contradicts your opinion and seeking out any information that confirms your opinion no matter how absurd or obscure. Now these issues are present for traders on the best of days but to compound these problems with the notion that you know something with a high degree of certainty will only hasten your demise. Prediction is an endeavour best left to economists and other sideshow hucksters while the rest of us get on with the business of being adults. And the final word should be left to J.P. Morgan who, when asked for his prediction of the market, said that the market tomorrow will be the same as today – but different. - Chris Tate
Our newsletter members know we tell it like it is – and they love it. If you’d like to see back-dated copies of our great Trading Game Newsletter, click here.
Well, we kicked off the new Mentor Program with a bang this month. A limited number of decisive traders managed to book into our exclusive program before we shut the doors. These traders are now being exposed to some of the most important trading strategies available on this planet. Lucky things! We are aware there were many people keen to be in this Mentor Program intake but missed out this time around. We're looking to run the program again in February 2010, so stay tuned, and you may be lucky and get into that one. Remember to register, if you haven't already, for Priority Notification about this event, so you'll hear about it before anyone else does. Based on the last intake it’s likely that only the traders on the Priority Notification list will be told about when we’re flashing the green light to let people book in. This current course booked out in 5 days - so it was only the most fast-acting traders that managed to get in for a piece of the action. Register now for Priority Notification about our next Mentor Program and you’ll also also receive for FREE, Louise’s brand new video called “Trade for Your Life and Never Look Back”. This video is our gift to you and reveals the secrets used by professional traders to live life on their own terms. Join the Priority Notification list here:
Questions about the Mentor Program? Click here to read our Frequently Asked Questions about the Mentor Program and to get a grip on what the Program is all about. Want proof? Visit our Rave Reviews and More Rave Reviews pages to hear from regular people who took our strategies and applied our methods and who have achieved phenomenal trading results. You’ll hear from people like Mark Bull from Mildura, who is now a full-time investor:
You could be the next success story! Register for Priority Notification right now.
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The markets established a change of polarity last month (refer to our July newsletter), and have bounded away with the enthusiasm of a Labrador puppy. At some stage that puppy will have to conk out and have a rest, so keep that in mind before you start frothing at the mouth. Focus on improving your ‘money scripts’, open yourself to the facts of the market and trade according to your trading plan. Happy Trading!
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