In business, the first years are tough, slow to none growth struggling to break even no holly day vacations 110% commitment just to survive the first few years. Many fail because of their lack of commitment and stamina. Roughly 56% of businesses fail during the first 5 years what is still encouraging compared with trading failures which I estimate much higher.
In short, without the right knowledge, training, preparation, and skills, you will never win the game of operations. So, in today’s lesson, not only am I going to preach to them that “they can’t get rich quickly” in trading (they can’t really), but I am going to give them a solid and prosecutable view of what they have to do to win the game of long-term trading, which is the only game that matters.
Have you heard the fairy tale about the turtle and the hare?
The hare has become too self-confident, arrogant and lazy, essentially thinking and acting emotionally rather than logically. On the contrary, the turtle was slow, but it was consistent and methodical, it was not in a hurry, it did not burn all the fuel immediately and it was not emotional, arrogant or lazy.
What I mean is that if you start going too fast as most traders, trying to make a lot of money fast by trading constantly and risking a lot for trading, you lose and eventually you are going to be approved by the guy who takes his time and does things the right way.
Going to Win
What matters is the year-end results. Most traders do not take this into account when doing business. They get lost in the trees, so to speak, and can no longer see the “forest” (the big picture).
A trade should not matter, so make sure you don’t make any trade amounts by risking too much money or feeling desperate to win. Traders get themselves into trouble by making every transaction too important. That’s not how you control yourself. Remember, it is your results on a large sample of trades that count.
To win the long-distance commercial race, you must do the following:
- Learn
- Identify your advantage
- Sticking to the edge (not over-trading) – waiting for your edge.
- Preserving risk capital
- Having a plan and following it
How to become an operations expert, or anything else
It is well known that to be an expert in everything that needs to be spent a lot of time and energy. Including trade. But can we break it down into more specific parts so that we can better understand what it takes to become an experienced operator? Yes, I think we can…..
First, you may have heard the “concept of 10,000 hours” that says it takes 10,000 hours of practice to become an expert on almost everything. This was propagated by a popular book a few years ago, but since then it has been denied by many scientists who have stated that, while practice and time invested certainly count, the exact number of hours to become an expert on something will vary from person to person depending on multiple variables that differ from person to person.
So, how do you become an “expert” trader? What do you have to do?
- You have to decide in advance if you are in long-distance trading. It is a proven fact that people who commit to something long term are much more likely to succeed than those who can be just experimenting or unsure.
- Find out what is important. In trading, if you spend months learning all the meticulous details of all the different technical analysis indicators, you’re not only wasting your time, but you’re missing the opportunity to learn what really matters.
- Train as if you really think so. You will need to do demo trades before you start trading. But if you simply don’t do anything with your demo account and don’t manage it as if you were trading with a real account, it won’t do you much good.
- Find a mentor. The fastest way to learn ANYONE? Learn from a mentor. I can be your corporate mentor; my course and member area are designed for that.
- Get feedback. You need to know if you are on the right track. If you are a member of my trading community, you can get help and feedback from other merchants in the forum and have access to me on the support line via email. To master anything, you need good constructive and sometimes even critical feedback (to learn and improve).
A marathon winner trains and plans
You must train (learn and demo the trade) before you run the real race. You must have a plan of how to win the business career. People who manage the Ironman train for YEARS plan, prepare, from everything to their clothes, from what they will eat to how much they will sleep the night before.
The goal is to win in the long term, not in the short term.
The more you prepare, plan and calculate how to achieve your operational goal (or any other goal) by dividing it into two smaller parts the more likely they are to make it. Trust me when I say that 90% of traders lose in the long run and 90% of traders are NOT doing what I just told you to do. Be one of the 10% of traders who earn money.
Here is a very small list of some of the many world-famous investors and traders who built their fortunes over the long-term, not quickly.
- Warren Buffet – Everyone knows its history, the greatest investor of all time, slow, methodical, and consistent.
- George Soros – It may seem that he got rich quickly, but Google his story and you will see that he dedicated his life to finance and invest long before “Broke the Bank of England”.
- Check out my article on market wizards for many more!
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