90% of traders fail... - page 4
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I guess we're still in 2nd quadrant. Business owner means we can leave our business for sometime and it's still fine and maybe it's getting bigger. If we have some staff to manage our fund, maybe we can considered ourself a business owner. Well, that if you believe in mr Kiyosaki, some people call him BS, but I like his theory
I treat it like a business becuase you can set your trading time, you are in control of how much or little profit you can make. How and when you work, if you incorporate Inc. your business you can set how much you pay yourself, taxes etc all can be taken into account.
And when you want to take a vacation and leave your business, close your positions and then you can leave. It is a job, and a business, you can benefit from both.
I treat it like a business becuase you can set your trading time, you are in control of how much or little profit you can make. How and when you work, if you incorporate Inc. your business you can set how much you pay yourself, taxes etc all can be taken into account. And when you want to take a vacation and leave your business, close your positions and then you can leave. It is a job, and a business, you can benefit from both.
Yep, you're right. I just trying to separate 2nd quadrant to 3rd quadrant.
I believe I can decide how and when I work, but I'm not reach an "in control of how much or little profit you can make" level yet. Maybe someday.
Everyone may have a different definition of something, but Kiyosaki himself said only 3 type of business cosidered in 3rd quadrant, it is Incorporate, franchise and Network Marketing.
"S" as a 2nd quadrant is self employee and (or) small business. I think we can considered ourself as a self employeed or maybe we can considered we already have a small business. And when we can leave our business for a month vacation maybe, and it's still send money to our bank account, we're in 3rd quadrant.
hmm.. just my 2cents
Indeed, that is quite true! One way of coping has been for me to talk to myself, yeah I know it's kind of crazy..
happy trading!
-drgoodvibeYou know drgoodvibe talking to yourself is not as crazy as it sounds --
If you are audio in your learning style that is how you actually learn the most - by hearing and not by hearing others so much as by hearing your own voice.
I have discovered in all areas I can clear my mind by talking about them out loud (yea I forget and do it in the street sometimes, and get some funny looks -- but no worries
) -- it sure helps to get thoughts in order, clear confusion and get this trading straight too -
It is a profession not a game.
Every time we open a position we just signed a business contract.
I enjoyed this thread -- thanks to all who have participated !
It souds like good joke...
Raff, no joke intended. I truly appreciate your work on the Heiken Ashi, Volatility Quality Index, and many more.
ENJOY!
fxcruiser
It is a profession not a game.
Every time we open a position we just signed a business contract.
Good quotes to remember!
Hi,
Just quote from mr.Kiyosaki...
There're 4 quadran you can make money for living..
1st Employee
2nd Self Employed
3rd Business Owner
4rd Investor
Which one you'd like to live ? everyone might choose 4rd quadran... yes me too
but before get in to 4rd quadran we must left 1st - 3 rd quadran .. and we're here to get in to 4rd quadran:)
I remember reading that book 5-6 years ago, (I think it was his first book) and thinking about how I wanted to be in that 4th quadrant and those ''making money work for you'' principles. I don't care much for Kiyosaki but that book had sound ideas. Almost 6 years on, I am definately 2 now, but not yet 3 I don't think.
I believe though that step from 1 to 2 is the hardest and takes the longest.
Just a quick aside and related to the discussion earlier, there is an excellent article about the psychological aspects of trading written by Barry Lutz. Its called "Trading Psychology vs Trading Method", its an excellent read and relates to the fact that not only do you need a trading plan as far as your trading system is concerned, but how that other plan is what will ensure that you succeed. It can be googled, its quite popular.
Hi there,
Very good topic, and I have just the answer, come over and meet Robin and Alex, I am sure many here will be able to identify with them
http://fxsniper.blogdrive.com/
Best wishes and happy hunting !
FX Sniperread your post from top to bottom, you make a great many good points. It's sad to hear that you will not be posting anymore. Thank you for your contributions though I don't believe I had a chance to test your indicators..
Can you email all your indicators to me? As soon as possible? NOW! hahaa (Sarcasm)
Take care, happy trading!
Excellent post in your blog, I hope you keep it going I will definately visit again. The way you started and the background description is very similar to mine.
All the best,
J.
The dilema of the newbie
I think that 90% of the traders are loosing money due to their starting point.
When a newbie just starting his way in trading, the first rule to learn and to read about is to be emotionless:
"you must be mechanical. You should follow the exact system rules".
The next thing for our newbie is to go to one of the forums and to pick up a "money making system" (usually, another version of MA cross) - to be followed mechanically.
Our new trader is now starting his way to riches...
Whwn the looses come, naturally, he asks for an advice in one of the forums and get answers like "it's all about psychology - go for Mark Douglas"...
Finally, when he gets to the knowledge that most of the mechanical systems are loosers - That they should be no more than suggestions for completing the whole TA knowledge - sometimes it's far too late for him.
He has just became one of the 90% statistics...
read your post from top to bottom, you make a great many good points. It's sad to hear that you will not be posting anymore. Thank you for your contributions though I don't believe I had a chance to test your indicators..
Can you email all your indicators to me? As soon as possible? NOW! hahaa (Sarcasm)
Take care, happy trading!Hey you, come over here so I can ruff up your hair a bit LOL
If I send you my indicators, I will have to kill you - TOP SECRET stuff an'all you know - hehehehe real covert Mi6 kinda stuff.
Excellent post in your blog, I hope you keep it going I will definately visit again. The way you started and the background description is very similar to mine.
Hey there, glad you could relate to some of the stuff in there, any thing worth while in life is worth working hard for I suppose, I have had a crapload of setbacks in my short life on earf, but is has not killed me yet, just gotto try harder next time, and if it was meant to be one will get there.
SimonFX makes a great point which correllates well with what I also said. The big mistakes start right off the bat in the begining. If one does not do the legwork, one will not be prepared psycologically or intellectually for what one aspires to.
We have a funny TV add over here now and then about this very VERY small little puppy dog that sits on the law making a noise wining and barking cause he wants a bone. Next move this huge bone about 10 times his body size falls down next to him on the lawn, you should see the expression on his face, priceless... he wanted to take a short cut and got what he wanted, but he was not prepared for what he got
Good points SimonFX !
Ok you lot, take care
FX Sniper