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The newsletter other trading professionals demand
Rarely have I ever stayed somewhere so beautiful! This month, for a special treat, Chris Tate and I took some time out with some fellow investment entrepreneurs at the Palazzo Versace hotel. Dripping in luxury, this five-star hotel was just what we needed to reflect on life and recharge our batteries. While we were there, we created a special video just for you. In this 3:21 min video I reveal some of the mind-set secrets of the super-rich, as well as giving you some focussed suggestions about how you can become one of them. Click on the arrow below and watch it now.
Sometimes it's tricky to reward yourself for doing a good job, isn't it? However, if you don't, your subconscious will get sick of 'work, work, work', and before you know it, you feel like a slug getting out of bed, instead of a super-hero. Without an input of a little fun and luxury, you can feel like you're on a treadmill. One of the key differences between the rich and the mediocre is the way they manage their time. You've got to fight for your time, so you can do what you need and want to do in your life. Battle to stay on course, because despite how well meaning they may seem, your friends, family and workmates can become time vampires if you let them. They can inadvertently rob you of your time. The ones you love deserve focussed attention, rather than you just 'being there'. However, without being a bit selfish, and striving to take control of your day, you probably end up just giving them half of your attention. The way I view it is that common time bandits in my life are shoving their hands into my pocket and stealing my cash, as well as stealing the fun I could have by being 100% present for my children. I could never tolerate that, and neither should you. Toughen up. Say no to that extra drink after work where the conversation will meander into office bitchiness. Refuse to continue talking on the phone to that relative or friend who always subtlety manages to drag you down a notch. Keep your energy high by setting mini-goals with deadlines. And, when you achieve these goals, give yourself a well deserved pat on the back. If you don't take control of your own time, I can guarantee you that others will. Embrace the fact that you need to put your needs, your goals and your prosperity above everyone else's goals. You cannot allow anyone else to waste your most precious asset. My challenge for you this month is to identify your time bandits, and shoot them down. I'll bet you that you'll be amazed at what you achieve.
In this month's newsletter: - Got One of These?
Louise Bedford Do you have a trade prevention department? Under control, this hub of activity can save you millions. However, if this department in your mind is run by a tyrant, all hell breaks loose and you’ll leave a small fortune on the table. As the leader of your trading business, you’d better find out who is responsible in this department and sort ‘em out. Quick! In Control In control, your trade prevention department realises that trades must fulfil certain criteria before jumping into your portfolio. Trades must pass a stringent set of rules, and if they don’t behave, they are mercilessly dumped. The players in the department are breathing smoothly, congruent and feel in control, even when things don’t go according to plan - even though there are the voices of one thousand influencers to contend with. Even “Maud the mother-in-law” with her “You’d better be perfect if you want to be a part of this family” mantra, shuts up for long enough to give the trade prevention department time to consider it’s actions. Let’s compare this to a trade prevention department that’s out of control. Havoc Reigns A trade prevention department that’s out of control has, at it’s helm, an out of balance, confused, snappy, tyrant. Even when trades line up perfectly, this department blocks them, and doesn’t engage the markets. Listen closely and you’ll hear the echoes of negativity. “You’ll never make it as a trader”. “Why are you putting in so much damn work? – you know you haven’t got what it takes”. “What if there’s a crash and you’re up to your neck in the market? Then you’ll be sorry”. On and on the voices go. Sound familiar? Well, I’ve got news for you. You’re at the helm. You’re in charge. As a trader, you have the ultimate power. You control your own destiny. There’s no greater challenge, but also – few businesses provide the rewards that are within your reach to achieve. So, if your personal trade prevention department has run amok – it’s time to wrestle back control. The best traders follow a written trading plan and when their system says ‘go’, they enter the market – even if they’re feeling a bit skittish or lacking in confidence. Action is what it takes. So, next time a perfectly good signal comes your way, don’t let your over zealous trade prevention department talk you out of a perfectly good trade. Take control and trade your system. And... if you don't have a trading system yet - educate yourself, and work your head off until you do. Then you have permission to take a brief break, before jumping into the profits that await you as an effective trader.
Chris Tate Recently on the mentor program, we were having a little chat about the current state of the market and what one should do when the market behaves as if it is having some sort of seizure. However, before beginning this conversation it is worth noting that most traders believe that they absolutely have to be in the market all the time. It is as if the very thought of missing anything that the market does will bring them irreparable harm. I have to state at the outset that this is a childish and amateurish view of the world of trading. Success in trading is based upon defining those times when the environment is conducive to profitability. As such there are a few techniques you can add to your trading arsenal to skew the odds a little in your favour. 1. Your sleeping point. There is a somewhat apocryphal story about JP Morgan’s advice to a young man who worked for him. This young man approach Morgan regarding his portfolio, which was not doing too well. Its performance was so poor that he couldn’t think of anything else, he couldn’t eat or sleep because of the worry his portfolio was causing him. Morgan’s advice was “sell to the sleeping point.” All traders have a pain threshold and this pain threshold is linked to their perceptions about the market and their performance within the market. The simple way to remove anxiety regarding an instrument is to sell it until the point at which you can relax. For example if you are waking constantly to check overseas markets then clearly there is something wrong either with your system that it requires such attention or your risk profile is so skewed that you are carry too much risk to survive even minor perturbations. If you wake up thinking about it or you are terrified to hear what the overnight figures are, lest you suffer some financial calamity of your own making, then you have to extract yourself from the market and start again. If there is a loss to be taken, take it and start again. 2. If you do not understand it, get out. The current market is causing all sorts of problems for traders in that prices are reversing on an almost daily basis and at the time of writing this the trend is very uncertain. There is undoubtedly a wide range of macro factors as to why these events might be occurring and there is no need to understand these factors since the additional information does not add to your ability to make decisions. However, if price action is behaving in such a way that you do not understand, then this is reflective of a lack of coherence in the underlying investment sentiment. Money is made when all the ducks line up and the market trends – if the market's most basic participants cannot understand what is happening then you will get no coherence and therefore no trend. In such case stand aside and wait to let things settle down. This is important because it needs to be remembered that the person with the most money at the start of a trend wins and this person is the one which has preserved their capital the best. 3. What does the system say? This is generally a hard one for most people because they do not have a system. Your system may have a rule that encompasses points one and two above but it may also have a technical tool that looks at market volatility and makes judgments regarding an acceptable level of volatility for trading. There is an old maxim that traders like volatility which is a somewhat inane statement that was probably made by someone who doesn’t understand that trend and volatility are not the same thing. Traders like a trend - we do not like markets that swing wildly from bullish to bearish and back again within a week. Therefore, it is necessary to have a tool that looks at relative market volatility and make a call as to whether you perceive the market to be too volatile to trade and whether there are better opportunities elsewhere. Such a rule is so important that it is one of the first technical parts of the mentor program and is a tool that Louise uses to great effect. It is not always a great time to be in the market. The old maxim that there are old traders and bold traders but no old bold traders is in many ways true. Survival is the key aim for all traders since if you have lost all your money you cannot play and if you cannot play, you have no hope of being profitable. If something is happening that you are uncomfortable with, then simply withdraw - the market will be there when you get back.
3 months into the Mentor Program - These traders on their way towards making life changing income. The Mentor Program is the most hard hitting trading education on the planet, crammed into 6 thought-provoking months. It will provide you with the ability to turn your trading around, and give you everything you need to be a superb trader, across every time frame, and with every instrument. Where else in this country can you learn from two full-time traders who actually earn their living trading the markets and have done so for decades? We give you our personal secrets and tricks so that you can achieve a fabulous lifestyle where you call the shots. Many of our traders have told us that there is more information jam-packed into the whole Mentor Program than in a full university degree, all packaged into bite-sized, easy to understand chunks. You'll develop the skills to make money regardless of the market direction, in whatever conditions get thrown at you. Have a look what these new traders have to say about the Mentor Program:
Are you ready to add your story to this group of sharemarket winners? We'll run the Mentor Program again starting in February 2011. We'll only be running one program in 2011, so make sure you don't miss out. Remember to register for Priority Notification about this event, so you'll hear about it before anyone else does. You’ll 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.
Register for Priority Notification right now.
The Mentor Program Foundation Book Pack If you're serious about doing the Trading Game Mentor Program, then this book pack is for you. It will provide the ideal preparation required to complete the Foundation level of the program, and will give you an insight into the trading methods used by Louise Bedford and Chris Tate. You'll receive three of Chris and Louise's best-selling books, all in the one convenient pack, for an incredible 10% discount. Right now, this is the best thing that you can do to prepare for the 2011 Mentor Program. Order your pack today, save 10%, and develop the foundation required to excel in the Mentor Program and beyond!
Usual price $119.85. Sale: $107.87 (inc GST, plus postage)
Click here for more information and ordering details
The big reason why people fail is they don't get much done. They spend their time phaffing around with things that don't really matter, preferring to catch the next episode of 'Deal or No Deal', while the biggest Deal of their life is simply passing them by. They have sloppy work habits, and deprive themselves of a lifestyle enjoyed by those willing to focus. The habits you develop create your financial future, and will provide you with unparalleled freedom. Sure, this attitude goes against 'The Four-Hour Work Week' mentality, but we know better. We know that success and work are joined at the hip. Sure there are shortcuts, like our Trading Game Newsletter, as Chris and I lead you towards leveraging your time, and using your skills to make your money grow faster. But, we've never tried to sugar coat it. You'll still have to do the work to get the rewards. Chris and I can churn out our personal trades, spend time with our precious Mentorees, and guide new Mentorees as they go through the Mentor Program for the first time, as well as taking our fellow trading entrepreneurs out for dinner (click here to see photos). We can do all of this and STILL take time off, simply because we get so much done in the time we have allocated for the tasks we set ourselves. We're focussed. We're in the zone. Then, when we've finished our work, we allow ourselves to revel in the rewards of our labour. Work comes first, Versace comes second. Happy trading!
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| Copyright The Trading Game © 2002 - 2010 (ABN: 18 418 996 042) Trade with the Professionals. Louise Bedford, Chris Tate and Trading Game Pty Ltd are Authorised Representatives of Commodity Broking Services AFSL 280372. The information contained in this email is correct at the time of publishing. It is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. Except where stated, the information contained in this email is the copyright of The Trading Game Pty Ltd and may be not be reproduced without formal permission. |
