“OK Louise, if you’re such a freaking saint, then why don’t you give away your trading knowledge for free?”
Yes, that’s an actual email I received.
Hint: He didn’t really use the word ‘freaking’.
2nd hint: He did use a word that started with ‘f’. I’ll let you decide which one.
Firstly, thanks for your succinct, ‘could be construed by a lesser person as rude’ email. (Yes… I’m seeking to live up to my saintly impression by taking the high road).
Just let’s have a look at the scoreboard here… I give away my trading plan template, a painstakingly created 5-part e-course about trading effectively, my newsletter every month, and every week – our Talking Trading podcast. Plus, I frequently write Special Reports that I give to the traders who possess the twin pillars of success – ambition and gratitude.
All of these resources are the result of my 28 years of trading the markets, 20 years of being a best-selling author, and genuine concern to see that people get started trading effectively and safely. Every one of these resources take time, money, knowledge and creativity to produce – yet… do you hear me complain… well… not often. (Crikey – when you put it like that… maybe I am a saint?)
Let me explain why we don’t give away everything for free.
People often don’t value what they receive for free. This means they don’t implement, and they don’t respect advanced resources, unless they’ve had to go through some sort of struggle to get to that resource. And, in this society, the ‘struggle’ doesn’t involve wrestling a mother lioness to the death… the ‘struggle’ means a financial price.
I used to give away hours & hours of personal training… for years and years… for free. Know what happened to all of those efforts? The wind blew, and the people I trained didn’t respect the lessons. They didn’t struggle. They received passively. And, as a result, the salient lessons didn’t penetrate deep into their unconscious and stick.
Money is a way of keeping score. I aim to cover my costs of running our websites, producing the products that are my creative little gems that I adore releasing into the world, and to pay for the licensing that is required for us to continue giving you a free ride. All of that costs money, to the tune of far more than the average wage – and even though I initially used my trading profits for the first couple of years to give away information to the trading community… I feel it works better when people pay for what they get.
Plus, frankly, I find money motivates me. And, if it doesn’t motivate you, then why consider trading?
Sometimes you have to buy a book. Yes, a book. That may mean saving up your cappuccino money & going into caffeine withdrawal for a few days… but the rewards will be worth it.
But because I’m in a good mood, and aware you might be up against bigger morons than the bloke that wrote me that email… I thought I WOULD give you another thing for free. A list of my favourite trading psychology books that you should read this year, if you haven’t already.
1) Let the Trade Wins Flow – by Dr Harry Stanton & a couple of other authors.
Harry Stanton has been my hero since I was 15. To call him my friend now is a life honour. To write this book with him, and my favourite big bald bloke, Chris Tate, made me practically burst with happiness. Harry’s wisdom is there for the taking. Your taking. Read this book, this month… heck, this week!
Click here to pick up your copy.
2) Trading in the Zone by Mark Douglas
You’ll love this book. It’s much easier to read than Douglas’s other trading psychology book called ‘The Disciplined Trader’ (which required every ounce of my own vast reserves of discipline to finish). This one is a winner. It’s got a heap of practical ways to make a deep impact on your trading, wrapped up in stories that held my interest.
3) Market Wizards and
4) The New Market Wizards
These two books by Jack Schwager are lovely interviews with top traders where they tell you of their victories, their struggles and their lessons.
If you read a story/chapter a day – I guarantee you’ll start thinking differently in just a few short weeks.
If you’ve already read them, read them again.
And once you’ve read those books, you might even be ready for my Psychology Masterclass. That will give you a video a week for a year. If you’ve ever self-sabotages your trading results, yearned for financial serenity and wanted to fight off trading anxiety forever – that’s the product for you.
So much of your success as a trader is determined by your own levels of trading psychological development. Read, my trader friend… read. You’ll be amazed at what you’ll learn.
Louise Bedford (www.tradinggame.com.au) is a full-time private trader and author of The Secret of Writing Options, The Secret of Candlestick Charting, Charting Secrets and Trading Secrets.
Do you know that Louise also has her own free weekly ‘Talking Trading’ podcast? Visit www.talkingtrading.com.au and revel in this free training to fuel your profits, squash your fears and drive you towards exceptional trading habits.