• There are no plans, no rules, no success
    Healthy Fast Food

    There are no plans, no rules, no success

    It is interesting to see that at a time like this, at a time of economic concern, at a time of confusion, many people (including traders) are trapped in information that does not serve them in any useful way. What do I mean by this? Well, if you look at most of the financial news networks or most of the financial news services out there, how often do they serve us with information that helps in any way to trade us? I listen and talk to traders every day and it amazes me how much economic information they know. However, when I asked them how to serve their trade, I never seemed to get a clear answer.

    I was fortunate enough to talk with some of the most successful legendary traders out there and really choose their brains to see what they thought. If you have had the opportunity to read Market Wizards and New Market Wizards, there are some real wisdoms in those books that most people don’t seem to like. In the New Market Wizards, Jack Shwager interviewed a very successful trader. During the interview he asked him: “Can you tell who will become a successful trader and who will not?”

    The response of traders is very interesting. He goes on to say: “Yes, on tin This is something I have come to observe as well within most traders. When I try to understand why this is happening it seems that it’s the same reason each time.

    As traders learn more and more about different indicators and patterns in the market, they become more and more desperate to find this “holy grail” system that will produce some astronomical winning results. Not only that, but they continuously jump from doing one thing to another. One day they’re trading moving averages, the next day they’re trading a bear wedge pattern, the next day a double top; they’re just all over the place. Why is this? It goes back to the quote up top. Instead of focusing on ONE methodology and mastering it, what happens is as soon as a losing streak comes along or a trade doesn’t work out the way they would have liked, they begin to think that something is wrong with the system, when in fact the real problem is the trader himself.

    I often talk about how trading is a business and how it needs to …

  • Are you an Entrepreneur or Business Owner?
    Vegan Restaurants

    Are you an Entrepreneur or Business Owner?

    Basically, a business is a system that generates income regardless of the fact that you work or not. On the other hand, a freelancer or entrepreneur only gets money when he works. But setting up a business is much more difficult or a longstanding affair. A business needs capital to start while many freelance jobs only require your abilities and skills. The main difference is the fact that while both models make money, while businesses are able to run it themselves, freelance work only pays when you work.

    Many freelancers finally go into business. Once they understand the ins and outs of the industry and have sufficient sources of funds, they venture into business. One can hire employees and offer more services. Employees will help in sharing your burden and even allow you to take on more business. Your business will run even when you are not on time. And your income will not depend only on the number of hours you come in and out

    Often, the main obstacle in the transition from freelance work to business is the lack of business skills. Business requires knowledge of many other things except your job. When setting up a business you may have to face legal hurdles. You might also need to understand taxation and management issues. Mastering these problems may require extensive study and research. An easier way is to get a mentor who can guide you. Ideally, find someone who is in the same industry as you and has handled all these problems yourself. Learning from the experiences and mistakes of others is a good way to manage your business without much difficulty. Mentors can be your relatives, friends or business leaders. Read their biographies and books. Research how they become very successful. Integrate their business principles and ethics. If you have relatives or acquaintances who are in the same industry then you can also try an internship there. This will help you learn the tricks of the trade in fast time. You will learn from an accomplished businessman by only observing them, their habits and work ethics. You will find out more about Business Management when you are truly in the presence of a successful entrepreneur.

    Often, an industry is dominated by established companies with years of experience, resources, reputation and goodwill. Competing with them can be a futile exercise if you don’t have a very different business …