“If someone offers you an amazing opportunity and you’re not sure you can do it, say yes – then learn how to do it later.” -Richard Branson
As many of you know, there are some groundbreaking changes taking place at the institute this month. Most noteworthy of all is that the institute will now be using Smart Money Profile (SMP) as the school’s primary platform for instruction.
Before I share my list of concepts that Wealth Smart students need to know about the SMP platform, I would like to take a moment to celebrate Wade and Shane Guth for their amazing work developing and fine tuning the revolutionary SMP software. Additionally, due to Shane’s skillful and dedicated teachings, every SMP trader I know absolutely loves the platform. Kudos gentlemen!
I have been an SMP student for three months. With that in mind, here are the things you’ll need to know as a new student making the jump into the SMP program.
When a person first opens the SMP software to trade it for the first time, it may be a little intimidating. The multi-colored candles, lines, dots, boxes and the ever fluctuating rate indicator can easily create a sensory overload for newcomers.
Although the task at hand may appear difficult, once you understand the Market Makers business model, you will understand the genius and simplicity of the SMP software. By helping you discern what the Market Makers are doing, the SMP platform allows you to make predictive and logical assumptions about potential trading opportunities. As you learn to recognize the best trading opportunities, your win rate can soar into the 70 and 80 percent range.
From time to time, cross-traders at the institute (those that trade SMP and WealthSmart) explain that one of the greatest advantages of the SMP software is that the exit points for SMP trades are clear. The SMP platform is a map. As part of that map, the software clearly shows you points where the market may turn or possibly take a large breath. Once price approaches one of these points, it is easy to see your exit and book your profit.
Additionally, as you gain experience with the software, you will learn to finesse your entries so that you have less and less risk in your trades. Of course every trade is unique, so there is no rule that says, for example, “Keep every stop loss set at 6 pips.” However, within a relatively short amount of time, you will likely be able to keep your risk at a minimum as you enter into high probability trades. The ability to combine high probability entries with clear profit targets and low risk exits is a magical combination that can lead to long term trading success.
When you first get involved in the SMP program, you will find there is quite a bit of subjectivity to everything happening in the SMP arena. Some students may see the market preparing to go long, and others see it preparing to head in the opposite direction. No matter what you see on a particular day we encourage you to share it!
There are no guarantees in trading, but if we are able to gather our information together, we all benefit from the opportunity to make good, well-informed trading decisions.
For anyone who may be worried about making the transition from WealthSmart to SMP, fear not! You have already furnished great skills as a Wealth Smart student. Although the change may be uncomfortable at first, you will be surprised at how well you will adapt and become proficient with this truly phenomenal software.