Why do you want to become a trader & setting your trading goals.
The secret?s out.
Profitable trading is the perfect business. It is capitalism?s best-kept secret.
Office politics, difficult bosses and tricky employees play no part in trading. The market makes no distinction about your wealth, education level, ethnic background or any other aspect of your identity. You can trade from anywhere in the world.
Follow a few simple rules, set clear trading goals and you can run your business virtually wherever you like.
Trading is the perfect home-based business. That said, if trading successfully were easy, everyone would be raking in the profits. The fact is, 80% of people who trade will lose money when they first start.
There are many reasons why they won’t be successful but, in my experience, the most common reason is that they fail to plan. A well-planned strategy is one that covers all the bases and will be adhered to unflinchingly. This takes guts and determination, but it is the same for finding real success in any other endeavor in life.
Unfortunately, attending countless seminars and reading even more books, without taking any real, calculated action doesn?t count as planning.Now don?t get me wrong, there is nothing bad about reading books, (you?ll notice I recommend a few as we go through these chapters) but there?s a lot more to it than that.
Trading successfully is difficult if you don?t know what you?re doing. I can show you how to achieve trading success and shortcut your learning curve dramatically, but I can only help you if you have a strong desire to succeed. You see, trading requires you to work a little.
To be able to push through, you must start by not only asking yourself why you want to become a successful trader, but actually answering it as well!
Answering the ?why?
This all-important question sounds very obvious, yet most traders never properly consider it. Life coach and world-famous personality Anthony Robbins? teaches that, ?If the why is big enough, the facts don?t count?.
Think about the following scenario:
‘You arrive home from work one evening and spot a large crowd forming outside your house. You see plumes of black smoke billowing from the roof. Your heart starts to pound? what is going on? A neighbour races up to you, explaining that your house has been on fire for thirty minutes. You scan the area but there is no sign of your spouse or two-year-old daughter. Your heart sinks. You realise they must still be trapped in the burning house.’
So what do you do?
There?s no question you would move heaven and earth to get your loved ones out of the house before it burns down, even if it means risking your own life. In other words, you have a strong enough ?why? to take such a risk for those you care about even more than you care for yourself.
Continuing with the above scenario, if ? on the other hand ? you arrived to find your loved ones safely out of the house and the only other valuable things inside your house were, perhaps, a laptop or some photographs, then it is unlikely that you would risk your life to try to recover those items.
In other words, your ?why? is nowhere nearly as strong as in the first scenario.
The scenario above is an extreme example showing that you must have a strong enough ?why? to act. Trading is the same. You must have a strong enough motivation to succeed, otherwise you will simply give up half way or you will only apply yourself in a half-hearted way.
Let us now come back to the original question: ?Why do you want to become a trader??
The answer must include enough emotional attachment to make sure that you follow through on your promise to yourself. This ultimately depends on you, but some examples of answers might include:
- I want to ensure I have enough money so my children and family are well looked after.
- I want to pay off my mortgage so I can own my home outright.
- I want to be able to help those less fortunate than myself.
You need a clear vision of where you want to be, otherwise how will you know how to get there? Set your trading goals now.
Success in your sights
What?s wrong with a vision that says, ?I will achieve financial freedom??
To me, it?s only half-baked.The sentiment is right, but it?s not quite strong enough.
Compare ?I will achieve financial freedom? to ?I will achieve financial freedom by 1 January 2020 with $500,000 in assets, creating $100,000 a year in residual income through trading?. More powerful, isn?t it? It?s amazing how simply giving goals a timeline and other details suddenly gives them a life.
They become real, more attainable. And it?s just because they?re now measurable.
The book and film The Secret? discuss a fundamental concept known as the law of attraction. It says, in a nutshell, if you can visualise something to the intensity of actually feeling that you already possess it, you eventually will, no matter how hard it may seem.
This law can be applied to all elements of your life ? personal, financial, social and spiritual. It is assumed that one of the reasons you have entered the area of trading is that you want to be financially free and as such, you must approach it with the mindset of somebody who is already financially free.
This is easier said than done and, of course, achieving your vision requires more than just imagining you already have.For starters, as I?ve said, you?re going to have to do some work. Luckily, there are several courses that offer you the opportunity to learn about yourself and help you become the person you want to be.
Anthony Robbins, whom I mentioned earlier, offers several courses where delegates are taught processes to really create massive change.
I?ve personally done both Unleash the Power Within and Date with Destiny. You should also check out the classic book by Napoleon Hill Think and Grow Rich. It changed my whole outlook about not only the way I approach trading, but the way I live my life.
1.??? Watch (or read) The Secret
2.??? Read Think and Grow Rich by Napoleon Hill
3.??? Most importantly, answer why you want to be a trader (your trading goals) and write it down. The more specific you can be, the more powerful it will be.
Hi, I have been trading for 7 years, but have lost the winning touch. My biggest issue is emotional attachment to my trades and not being able to quit on my exists.
My understanding of Metastock and technical analysis is good .
Thanks for all this work you’ve done. A suggestion about content on this page…
You’ve got a real edge here> the internet is full of get-rich-quick trading systems/scams; this site, your approach and you, are fair dinkum; and it’s a breath of fresh air.
I’ve been reading, developing, testing, reading some more, testing, trading, developing etc etc for quite a few years now and love the business of online trading. I intend to continue sharpening the tools (I think *the 7 habits of highly effective people* had it as “sharpening the saw”). I’ve stayed in the black through a couple of market “meltdowns” along the way, so eternal vigilance (those who don’t understand might say addiction) has won out for me.
This page is great as it stands. My suggestions are offered in the spirit of support, so here goes:
1. this page is very short and sweet and that is fantastic. I read it in a few minutes max. I know you have more to say on the topic and are able to provide more detailed illustrations and elaboration on the issues. In this context a “read more….” sort of link to the detailed “lesson” would be really cool.
2. in the list of “some examples might include:” throw in some of the cruft from online trading scams. you know the sort of stuff that turns up in your junk mail – pictures of elderly geezers sitting on the yacht with wine, women and song… “success guaranteed” you can make a gazillion without even trying sort of crap; as well as the over-my-fucking-head lingo that one gets from first year economics students who know without a shadow of a doubt that it is impossible for anyone to make a living through this sort of small business.
thanks for the opportunity to throw in my two rappen worth.
Thanks for the killer feedback!
This project (freetradingsystems.org) is very much “under construction”.
I’ll take all your ideas and begin to incorporate them as best as I can.
First things first, I need to re-record all the videos for these chapters… they’re about 4 years old and don’t really do the content justice 🙂
Your Trading Coach,
I just wanted to thank you for taking such a good approach to trading on your website. I have been trading stocks for a couple years but am looking at getting into the FOREX market as well. I would be considered a rookie at trading and I really enjoyed your website. I just discovered it yesterday and read the first lesson and went straight to Hastings after work to purchase Napoleon Hill\’s book, which my Pop tried to get me to read over and over in high school. Anyway I just wanted to let you know that I appreciate the bottom up approach that you take in your teaching, I\’ll let you know how it goes.
Thanks for the kind words Tyler… let me know if there’s anything I can do to help.
Your Trading Coach,
Ps. “Think & Grow Rich” is a great book… that said, I’m sure Napoleon Hill meant to say “Think, Take Action, & Grow Rich”.
I really want to be finacially independent for life cos I want it full time
FOR LAST 5 YEARS I AM SEARCHING FOR THE MOST APPROPRIATE TRADING SYSTEM. MY AIM IS REMOVE POVERTY FROM THE FACE OF MY COUNTRY (INDIA) BY TAKING THE TRADING BENIFITS TO THE MASSES.
Fidelix and Pramod, well done on taking the first step! I look forward to hearing of your success. Be sure to post your progress on this website. I’ll watch out for your comments.
Your Trading Coach,
Setting goals for practically any endeavour is paramount! I’ve done it dozens of times in my life learning new skills. No goals is equal to mediocre outcomes.
I’ve been fairly successful in a number of businesses I’ve had ( as well as a few failures) and all the successes were attributable to sticking to a GAME PLAN.
Eight years ago I began trading, picking up tips and tricks as I went along, made some money and then lost some money. After a few remarkable MISSES I stopped for a while.
Mr. Jenyns – I suspect your approach to trading is just the impetus I need to regain the confidence I previously had. I have purchased some of the material you offer and it is exciting and refreshing to say the least. I will continue exploring and studying your methods for some time yet.
Thanks for the encouragement
Great post David. Anything we do should start with the proper mindset and goal setting, whether it’s losing weight or becoming a successful trader. Two other really good books people should read are “Goals’ by Brian Tracy and “The Magic of Thinking Big.”
i love this trading but the problem i am facing now is that for you to open any kind of account either domiciliary account,visa account or master card you must have international passport or driving license or national identity card and i dont have any of the 3 account
When I came to this country I wanted badly to start my own business. Soon I realized that the 5% interest on the little money I kept in my savings account would never allow me to buy anything bigger than a hot dog cart. Luckily one day I read that a guy named Dreyfus had started what they called a mutual fund to invest in stocks,and that there was a strong possibility the mutual funds shareholders could make even as much as 15% on whatever money they had invested in Mr. Dreyfus funds.I did not have the slightest idea then of what the stock market was still I got the two thousand dollars I had in my savings account and sent them to Mr. Dreyfus. One day, not long after, reading their monthly statement I realized I was $18000.00 dollars richer than when I had started. I almost fainted. From then on investing in real estate and mutual funds first and in the market directly when computers allowed the little guy to do so I made pretty good money considering that when I came in I was dressed with one of my nephews old clothes I now own my house, a small apartment building and some cash. I am 80 years old now, semi-retired, still invest in the market just to have money to get the extras that make life so agreeable. Had always more winners than losers until recently when due to the disastrous economic policies of this administration you really have to have a plan and a good system to win consistently.
I love the market. I spend hours sitting at my computer reading charts and all the free stuff you get nowadays in your computer. Thank you.
Personally, I don’t have any trading experience myself, but my brother just started, and I’m attempting to do a little research to offer the helping hand if he needs it. Cool post, I am about as new to trading as they come. However, one thing did stick out. Creating a goal, with an emotional attachment, to help keep you motivated and working. Honestly I guess it really works for any goal setting scenario, but it should help him. I’m going to forward this, and hopefully he can use the tips to make some money.
It is all good and well to stay positive to want to win, BUT nah after 5 years nah, FX trading are only for the super sly, I still have to be convinced that it is possible.
Nah, all lies.
i am Andrea from Italy. Here it’s easy to get caught by a job you don’t like, because this is a “country for old people”, and, sadly, if you are younger (I am 40, not young nor old) you can only stick to your job and be silent, because you have no possibility, if you already have one, to change it. However, several year ago I knew a trader (still a friend of mine) and understood the great beneficials of trading on line.
I want to:
1) No more make a job i dislike, or have to respond to a (often) silly boss.
2) Work at home, which helps me to put together my business needs with my family needs (and save a lot in dresses, transport, and all those things which are necessary to those who have a traditional job).
3) See my 6 year old son growing and enjoying teaching chess and board games to him (which wouldn’t be possible if I only got again depressed or ill for working reasons or because I have to work far from home).
4) Take care of my home and private interests of my family (an old uncle and my mother).
5) Help my wife, who is employee, with an additional earning of 200-300 ? a month from trading, which will be easier and easier to gain, I am sure, as well as I penetrate deeper the foundaments of trading (I think I have already built a lot of them).
6) Enjoy life, which is also possible not only gaining more, but also spending less and saving. To be concrete: having at least one hour a day to play chess, and one additional hour a day to stay with family or help someone who needs help. All this wasn’t possible when I had a traditional job.
In my opininon, trading is not (only) a money question, but also a quality of time and lifestyle question.
That’s all, thank you for your attention.
Thanks for sharing Andrea, you’re well on your way to reaching your trading goals. Stick with it, the rewards are worth it.
Your Trading Coach,
I’m very excited about having found you, David. I recently completed Van Tharp’s Home Study Course, so I already had Goals and Objectives written down, but I added more to answer the WHY question. I also have already read both “The Secret” and “Think and Grow Rich.”
I agree with you that our reasons for failure are often hidden from ourselves. It took me a long time to admit that I had conflicts within myself that caused me to go against what my mind knew to be wrong.
I also lack knowledge of basic trading techniques. I’m looking forward to what you present.
Mostly I’ve been frustrated by my fruitless search for a mentor. Most successful traders charge high fees to share insights and that’s not mentoring – that’s selling.
At the very least, I will consider you (along with Van Tharp and Tony Robbins) a coach who is honestly cheering me on!
first thanks for all this, it’s much appreciated
i am currently a student, but i want to make some money during the summer working for myself, do you think i will make some money, having in mind that i have never done it before ?? Also, I dispose of about 2000$, do you think it’s a decent amount to start with?
Thanks for your question… you can start with $2000 but don’t expect to make any profit – just look to breakeven. Remember, after brokerage, you’re already behind the 8 ball and you need to make that back before you reach breakeven (that’s one of the reasons it’s always harder to trade a smaller float). Use the experience as a chance to develop your skills.
I’m not saying you won’t do better than that but it’s good to start with realistic expectations. Typically I suggest people start with around $5000 minimum – that said, if you’ve got your heart set on it, don’t let me stop you… you could be the next Warren Buffett.
Your Trading Coach,
Thanks for inspiring me and opening my mind to understand better trading and making more profit for financial freedom.
I am quite a beginer for this. I tried to open the links that you have provided here under Actions but they are not opening at all.
Pls take necessary action so that we could reach your valuable informations.
I’ve been searching around for ones articles upon heading about them a buddy and was pleased while i found it after looking for a long time. I just desired to comment to demonstrate my appreciation in your posts as it’s actually very encouraging, and a lot of writers don’t end up being the acknowledgment they deserve.
Thanks for the heads up… I think I have them working again.
Please give them another try and let me know.
This is the beginning of my trading. I am now listening to The Secret, next is to read the book. I will follow this website thoroughly. I hope it won’t be taken down anytime soon.
Thank you! All the way from the Philippines,