Wealth Secrets Released ealth Secrets Released Louise Bedford on getting the trading results you’ve always wanted.
hen fear grips your heart, action is automatic. Either you rise to the occasion, fight with all your might and let adrenaline drive you to victory, or you roll over and offer your vulnerable belly to the world. That’s why being a mechanical trader is essential: you need to trade like a machine so your emotions don’t get in the way.
from ‘assisted’ to dependent. Just when we should use the fear of calamity to step forward, we step back. We look for the easy way out. By doing so, we deprive ourselves of untold wealth – and not just financially. Our emotions are dulled, and before long, we see the world in black and white instead of colour. If you fear about your future, you’re in the best possible position to make changes to your life. If you choose to anaesthetise that fear, your ability to get yourself out of where you are now is compromised. You become needy and dependent, and you are left vulnerable and small.
At the moment it’s as if the markets are holding up a giant mirror to each trader. Some traders simply don’t like what they see. Many cower, put in their ear plugs and refuse to act. A few brave souls are taking advantage of what they see and are taming the market.
Where do you stand on this issue? I dare you to use your fears for your future. Swear that you’ll never be broke again! Feel the anger. Feed on it. Let it pull you forward to the future of your own creation.
The problem goes much deeper than what’s happening in the markets. Our society has insidiously stripped away our drive to succeed. Many of us are now numb. Let me explain.
Thomas Jefferson said: “When the people fear their government, there is tyranny; when the government fears the people, there is liberty.” Such an apt quote. If you’re like me, you’re shaking your head over the way large swathes of the population have relinquished responsibility. The difficulty in this current environment is that ‘fear’ has become muffled. There is a discord between people being financially harmed and helped. The government seems to be constantly saying: “I’m sorry I had to hurt you, but it’s for your own good.” They’re selling the ‘it’s for your own good’ part of the message pretty hard to those able to pay, and handing out lots of small goodies to everyone else.
Ironically, if you took away the social crutch of government support, you would be free to fly higher than you ever dreamed. We’re offered a soft landing when things don’t work out for us. A handout, when we would be better off accepting responsibility, learning from our mistakes and standing on our own two feet. And it’s not just big business that is the recipient of these handouts. They’re all around us. ‘Stimulus’ packages here, ‘eco’ loans there, and a good sprinkling of ‘compensation’ all round for good measure. Allowing people to remain dependent on the state messes with their heads. People continue to make poor daily decisions that affect the direction of their lives. UK riots anyone?
Wealth secret No. 3: The best traders are students of the markets and associate with success I am a voracious reader, continually devouring new information. I regularly fraternise with top traders. This hones my skills. Over the years, I’ve rubbed shoulders with the richest, happiest, most consistent and most respected traders in the world. I’ve shared techniques with them, and I can tell you that this shortens the entire learning process. Instead of spending years learning how to do something, it’s possible to get up and running in just a few months – because others have picked their way through the minefield that lies before you. Earl Nightingale wrote: “A single thought can revolutionise your life. It can make you rich, or land you in prison for the rest of your life.” Often our prison is of our own creation. It’s a 9-to-5 job, where you remain trapped for 45 years because W
Trading can be your solution. It’s a way to stand on your own two feet, and it vaccinates you against needing to lean on any form of support. It makes you immune to the bizarre decisions of politicians. It gives you resilience and satisfaction – you know you’ll never need to depend on others.
“He who has the gold, makes the rules”. Do you make the rules in your life? The government will fear you more when you don’t have to rely on it. Only then, as Jefferson said, is there liberty. Liberty to fulfil your dreams and to live life on your terms. Stand up and be counted, traders. You’re a formidable force.
There are some secrets that only experienced traders know.
Wealth secret No. 1: Constant education is essential You cannot manufacture anything without raw material. Exceptional traders realise they need to continually develop new techniques and strategies to stay on top of the game. For example, they need to keep up with global market moves and with advances in technology.
Wealth secret No. 2: Without exposure to others’ thinking, your own range of thought shrinks By surrounding yourself with like-minded traders you can stay motivated and on the right track for positive progress. Isolate yourself and you’ll soon become a dinosaur – and you’ll suffer their fate.
I’m all for government assistance if there’s a tragedy, or if someone is sick or infirm in some way. We have a duty as a society to support those individuals. What I’m talking about here is giving ‘charity’ to those who are perfectly capable of fending for themselves. Sweep from your mind the prop of support and step up. Take responsibility for your future and the futures of those who rely on you. Dependence can put you in a prison of your own making. You can get so good at cultivating survival skills that you can’t develop success skills. Do you really feel, in your heart of hearts, that the government will keep you and your family in the lifestyle you truly deserve and desire? Sure, they’ll give you just enough to stay off the poverty line and maybe enough to get you to throw a vote or two their way. But don’t you crave more than that? Accept too many handouts for too long and you’ll move
NOV/DEC 2011 Wealth Secrets Released you never realised there was a seed of trading greatness within you. Many people are working at a job that strips them of passion, purpose and focus. They become mindless drones. They sacrifice their desires for ‘security’. When I had a job, my security depended on my employer still wanting to employ me. Paradoxically, I feel more secure today as a trader with total control over the direction of my business.
What do you think wealth is? To me, a wealthy person is a person who uses his or her time to create great joy. They do work that is personally fulfilling and they associate with people of their choosing. A person is wealthy when that person makes a worthy contribution to his or her fellow man. Without having balance in life, and without being on track with your personal objectives, you’ll never be really wealthy. Many people get rich – few get wealthy.
If you’re really determined to unravel the secrets of wealth you’ll find a way. The answers lie between your ears. Often all you need is someone to poke and prod you towards success. With the markets so volatile, I’ve spent the last couple of months answering two very different types of emails: there are emails from non-YTE readers freaking out about the markets; and there are emails from members of my trading group and from YTE readers saying: “Thank goodness I’ve worked this out now”, and, “I’m making money, baby, I’m making money!” It’s been quite astounding. Don’t let media-driven bad news about the markets stop you from seeking new opportunities. I guarantee there is money to be made.
It’s okay to be wrong. It’s okay to ask for help. It’s okay not to have fully worked out how the market ticks. However, don’t let ego stand in the way of your getting the answers you need to generate the results you deserve. School is never out for the true professional. Professionals are always learning and always growing. So stay close, because next issue I’ve got some even more terrific insights for you.
Louise Bedford (www.tradinggame.com.au) is the author of four best-selling sharemarket books – ‘Trading Secrets’, ‘Charting Secrets’, ‘The Secret of Candlestick Charting’ and ‘The Secret of Writing Options’. Register now on her website to receive her free five-part e-course.
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