June 2016

It has come to my attention recently that most people who embark on the journey of trading, provided that they learn a sound methodology like what we teach here at the Fx365 Institute, successfully learn how to trade the screen that is in front of them.

 

What actually becomes the challenge for people to overcome, is not the ability to get themselves into positive trades, or in the words of our Director of Education, Mr. LaCurtis Mayes, ‘I ain’t worried about being able to pull no pips…’ but instead, the ability to manage themselves emotionally at a large enough pip value to actually make their trading profits meaningful. 

 

As the adage says, 100 pips at a $1 a pip is not the same as 20 pips at $10 dollars a pip.

 

I don’t know about any of my fellow traders, but if you are anything like me, you may react differently in your trading as you move up the lot ladder in dollar amounts.

 

This is where the exercise of emotional weight-lifting comes into play.  For me, trading the same lot size for months at a time did very little for me emotionally.  But what I did find, was that when I multiplied my lot size by 20x I was confronted with a whole new set of emotional challenges.

 

After quite frankly being generally discouraged by my performance at this elevated size, I reduced my pip value by 15x and found that I now was trading very well, virtually emotionless, and making quality decisions.  The upside was that now I was trading without emotion, at a lot size that was 5x my original lot size.

 

  If you are feeling very stuck with moving forward with your trading, it may be time to experiment with stretching yourself emotionally.  Remember, as the FXCM disclaimer states,

‘Trading can be potentially risky and do not risk more capital than you may be comfortable losing.’  Having said that, if you push yourself into a lot size that is uncomfortable to you, even if you return later to a smaller lot size, you will likely end up trading with indifference at a lot size that is greater than where you first started.

 

Eventually, we can achieve the destination of being able to trade a $100+ pip with indifference.

 

Again in the words of Mr. LaCurtis, ‘if you are going along trading a dollar, 2 dollars and think you are going to make money at this, you’re fooling yourself.’ 

 

So here is to emotionally weightlifting and breaking through plateaus!

 

There was an issue loading your timed LeadBox™. Please check plugin settings.
There was an issue loading your exit LeadBox™. Please check plugin settings.

When it gets tough, remember why you started in the first place.

 

If you are living in the same world I am, most of the things that are really worth it turn out to be a fair amount more difficult than initially thought.

 

Trading FOREX for me has been one of those things.  I got started because I thought about WHAT IT WOULD BE LIKE, to be able to earn money on my laptop, anywhere in the world I was connected to internet.  

 

I thought to myself, ‘I would flip my screen open at a Starbucks in the northwest for an hour, gather up a few pips before heading out to the Mt.Hood Snowbowl for some fun ski runs.’  Or maybe I would grab up a couple hundred bucks while killing a few hours in the afternoon, visiting my dad in Colorado while we wait for friends to come over to dinner.

Nothing would be better than earning some money, while on a trip in some exotic location, sitting in my boardshorts, drinking cool water and waiting for the wind to die down at the surf spot.

This ladies and gentleman was the fuel.  There is always fuel required to instigate action of any type.  Something fueled you!

 

The games begin.  We meet the markets with optimism and enthusiasm.  Weeks go by, months go by.  My performance didn’t match my expectation.  No problem, just push the target date out a bit further of when the goal will be realized.  More time passes.  My skills improve some.  I think I’ve got it.  I bump up my lot size, after all, if I want to make any meaningful money I need to get into a bigger lot size.

 

I make some bad decisions, I get a slap on the wrist.  Doubt sets in.  The target no longer seems to be anywhere in the foreseeable future.  I forget about what this opportunity can really provide.  I start to focus on the fact that its ‘just another way to make money,’ ohhh bother.

SUDDENLY I snap out of it.  NO, not this time.  I have seen the power of the market.  All of the evil doubts that take so many out of this game don’t have that affect on me.  I start to concentrate.  I remember all of what I have learned as a student, and stop focusing on all of the challenge that has also come with it.

 

I start to perform better.  I trust myself with more & more money.  I am now in a cabana in Nicaragua.  I take one trade and it more than pays for the cost of my stay.  My dream is realized.
If you haven’t made it past the point of no return, REMEMBER what it was about trading that you wanted badly enough to make you start.  If you’re not yet there, you’re probably closer than you think!

There was an issue loading your timed LeadBox™. Please check plugin settings.
There was an issue loading your exit LeadBox™. Please check plugin settings.

This weeks trade occurred on Wednesday when the FED was deciding whether or not to raise or lower their rates.

 

There was an issue loading your timed LeadBox™. Please check plugin settings.
There was an issue loading your exit LeadBox™. Please check plugin settings.

 I once heard a great speaker say Everyone has a lifeStyle is how you live it.

All too often, many people of the western world are pigeon-holed into a life to which they awake to one day, and find that they aren’t as happy as maybe they thought they would be.

 

This is a result of a model that looks something like this:

What are you going to BE’ ——> seek appropriate education’ ——> Earn said lifestyle

This usually results optimistically in something like this…

‘Doctor’ —> ‘12years education/$300,000 debt’ —> ‘Practice medicine full-time/earn $200,000’

OR

‘Teacher’ —> ‘6 years education/$120,000 debt’ —> ‘Teach/earn $50,000’

 

While I am in no way criticizing any profession, what I want to bring to your attention is the idea that only the elite few follow this line of thinking and end up in a satisfying life.

 

An alternative to this would be:

‘I want to have the income to have nice cars & houses, the flexibility to travel, unlimited income, time freedom’    

 —>         ‘who has those things?  Traders, entrepreneurs, real estate landlords, etc…’  

 —>          ‘what is something that I CAN do to be in that position?’ —> ‘find someone who does that, learn from them and do that.’

 

While trading Foreign Currency is certainly not the only way to achieve this attractive idea of unlimited income AND time freedom, it is definitely A vehicle that can get you started down that road, and is ESPECIALLY attractive for people who may not have unlimited time or resources to start a business of their own, especially if they are already working full-time.

 

The Forex365Institute is a place where you can learn a new skillset, that can help you produce a new result in your life, and most excitingly is something that can be learned PART-TIME, in addition to what you are already doing.

 

visit www.Forex365Institute.com to learn more about our exclusive software, our specialized courses, and to speak with our Director of Enrollment.

There was an issue loading your timed LeadBox™. Please check plugin settings.
There was an issue loading your exit LeadBox™. Please check plugin settings.

Does your Remote business pass the litmus test? Could you actually leave the country for weeks or months at a time and still count on the business to grow on its own and produce income?

In this article I am going to share with you some of the most important questions that you should be asking yourself to avoid a career that is going to keep you chained to your desk.

When I am approached with a business or come up with an idea, I ask myself these following questions to help me decide if I should even consider pursing the business.

These days, if they do not get passed these questions with a yes, then I am probably going to go a different direction.

Now for the smell test questions:

  1.  If I spent a year building this business, and I left the country for 2-4 weeks without being able to call back or answer any emails, would it still be standing when I go home?

This may take some introspection and some deep thinking about what the business is, who it would involve and what you would need to figure out to get all of the pieces together. This type of think and evaluation will become paramount when assessing situations for your business in the future, so play the tape out and visualize as best as you can where you would see yourself and the business in a year or two.

  1.  Is this a business I can run myself? Or will I need to hire or contract out work to properly run it? And if I do, will I be able to effectively manage the team remotely? 

If you can do it on your own, great, do it! Unfortunately, most enterprises, even small ones, will need to depend on others to accomplish whatever it is your business will do or provide for people. The question you need to concern yourself with is can you effectively manage then from a far, or set the business up in a way where employees or partners can or would be self-serving and motivated to accomplish tasks day to day to keep the company running smoothly.

  1.  On a scale from 0%-100% how much of the business can I automate?

(0%-60% is no good / 60%-80% is ok / 80%-100% is ideal). Automation is going to be key for you to managing efficiently from a far. It will allow you to batch work, and delegate important work properly. Also it really allows you to step away from the business, or parts of the business, for days or weeks at a time, and then come back to spot check at a later date. Most importantly automation usually takes the place of what human used to do and will allow you to perform more high value activities for the business.

  1. Will it make me enough money to give me the life I desire to have? And if so, how long will it take to get me to that point? 60 Days? 6 months? A year? 

For more on this topic check out my blog I wrote on Time vs. Money! This will really put this step in to perspective for you.

  1. Pros and cons list – Now for the final step, write down all of the great things about how the business is going to get you what you want out of it. Examples could be things like “90% automation” or “allows me to travel 6 months per year” etc and then do the same for all of the potentially negative elements about the business. Make sure to be real with yourself here. Don’t sugar-coat this part.

Once you have completed all of these steps, then you will have a solid understanding about what you could potentially be getting involved in. I can’t stress the importance of the exercises!

Because, I have been working as a management consultant for a number of years, I have a keen ability to understand what is going to make a business succeed, or a failure. Unfortunately, most folks don’t even think about these things when starting a business. Instead they get excited about the idea, or one aspect of the new business, and run with it, throwing caution to the wind and ignoring, or simply not shifting through the idea and all the endeavors they would incur first.

Be smart, be savvy, and get the business that will give you the life you desire. But don’t ever be afraid to give your idea a litmus test! It will save you time, money and heartache in the future. These simple actions will keep you on the right track helping you to avoid a business or an idea that will stand in the way of a better suited business or opportunity that will give you everything you need.

 

There was an issue loading your timed LeadBox™. Please check plugin settings.
There was an issue loading your exit LeadBox™. Please check plugin settings.