Trading Mistakes and How to Correct Them, Part V
June 19, 2009
Mistake #5: Educating Yourself Through the School of Hard Knocks
It absolutely shocks me how many people try to learn this business on reading a few books and then opening a brokerage account to get in the game. Although I laugh about this, the laughter is short lived as I remember that's exactly how I got in this business. I sent away for a book by mail, read it, and only retained the "profit" parts, and not the "risk" parts. I was already spending my profits before I even made them, and in less than a year, went broke to the point where I owed the brokerage firm money. It took me close to a year to pay back the broker from my paychecks. I had to rebuild myself from the inside out, and I needed help, not books. I remember my school days on the cross country team, and how I went from an average runner to one of the top distance runners in the state of Georgia in 1982. I had a coach (who gave me private time as well as time with the team) and a mentor (my best friend and the only person I personally knew who ran under a 4-minute mile while still in high school). I thought of these after I lost my account early on in my trading career. So I got some education and a coach. What a difference! People get coaches for everything-fitness coaches, life coaches-but when it comes to finance, most people who want to take control of their finances simply cannot on their own with no education and no coach. So what exactly can a coach and mentor do for you?
- Educate you as to how the stock market really works, why 10% of traders make 90% of the money out there, and how you can be in the 10% club.
- Learn how to take control of your investments without emotion or fear. We do this through a systematic approach to the markets. Learn how to create a trading plan that is customized for your lifestyle.
- Learn how to make money in bull markets as well as in bear markets. We teach this through both fundamental and technical analysis, and formulating objective trading systems from this.
- Learn how to trade alternatives instead of buying stocks for a fraction of the stocks' cost.
- Finally, learn how to automate your trading systems so they work for you, not the other way around!
Remember this: when it comes to finances, the cost of education pales in comparison to the cost of ignorance. At Profit Strategies, we focus on all of these factors, including education, market basics, learning to trade without emotion, finding the right strategy regardless of whether the market is going up or down, and managing your money in the marketplace.
Summary
Folks, I want to be your mentor and coach" I founded Profit Strategies to teach individual investors like you how to trade in the stock market, and what I want to tell you now can be the story of YOU"
Years ago, I had a met a guy on my radio show named Chris who traded the stock market, but didn't make money consistently and he didn't know why. As a lifelong investor, I wanted to help Chris "see the light" so to speak, so I invited him to a Profit Strategies' Active Investor Methods (AIM) seminar as my guest. Not surprisingly, he jumped at the chance to attend a $3,000 seminar for no cost at all. And guess what? That singular experience did even more for him than I ever expected. It literally changed Chris's life!
Sure, he learned about the market and finally figured out what stocks, mutual funds and bonds are. But more important, he began to realize that that with systems, discipline and practice, it was possible for him to make some real money in the market and perhaps change the course of his future.
And that's exactly what he did. He studied his AIM Seminar workbook every day and began practicing the trading systems we teach at the AIM Seminar. He tested them repeatedly and started using them in the market, and soon Chris was making consistent money! By the way, I check in with Chris from time to time, and have had him on my radio show asking him to update his progress along the way.
Now I know from Chris's experience that getting out of your easy chair and doing something to better your life can be hard. But I also know that attending the AIM Seminar can really pay off. The first step is to get up and call my office at 888-313-1662. Call now. I know you won't be disappointed.
Tom Gentile
Chief Strategist
Profit Strategies Group, Inc.
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