It has been said that “Trading” is without doubt the purest form of self-development. Nowhere else will you gain as much intense insight into your own personality and persona traits as you will in this industry. Immediately, you begin your education on trading; you test your motivation, commitment to a strategy, risk taking, stress tolerance and your ability to take personal responsibility for your actions. It truly can be used as the best personal development program around.
Referring to trading is a broad term used to describe an industry containing far too many sub-sets to explain in detail. Some of the more known instruments of trade include; Share Trading, Options or Derivatives, CFDs, ETFs, Commodities sometimes called Futures, FOREX and Equities, just to name a few. It can also include personal items for sale and even domain name trading.
When asking the question, is it possible to become a consistent successful trader, one really should be asking about your willingness to becoming a dedicated student first. They are intrinsically linked. Trading is no more than a skill that needs to be learnt and mastered. How that skill is developed is always up to you.
Typically, option trading is made out to be complicated, hard to learn and reserved only for the sophisticated investor. As I discovered, it does not need to be that difficult. You just need to be humble enough to become a good student. If you connect with the right mentor, someone who has already achieved success, your progress will be greatly enhanced.
Once you adopt a mindset open to learning and opportunity and apply the mechanics of the principles, your success becomes inevitable. It really is that simple, don’t over-complicate it!
MY STORY OF TRADING
My story is not terribly dramatic, and is certainly not exciting enough to provide the screenplay for a feature movie. Nonetheless, I’ve had my ups and downs. The story of how I became a successful investor became the subject for the book, “Best Option Strategy Ever” taught to me from my mentor.
The most valuable lesson I learnt was to ask questions, “Think like a scientist who questions everything” He said. So many sources of information feed us daily it can have the unfortunate effect of numbing our natural curiosity.
Newspapers, magazines, radio, television, blogs, e-zines just to name a few. We live and work in in a state of perpetual information overload. How much of that information do you really need? How much is actually relevant to our life? When I realised I could filter out some of the noise and connect with only the information relevant and helpful to my journey, life improved dramatically.
I traded on and off for twenty years on an emotional roller-coaster cycle of huge windfall profits and spectacularly crashing losses. I read about the trading choices available, and tried them all: share trading, FOREX, commodities, options, and some others I should not have tried as I had no clue whatsoever how they even worked (or in my case, often failed to work).
I knew that self-education was the key to becoming a successful trader, and it certainly helped me somewhat; however, it was at a particular low point, I realised I needed to ask for help. That didn’t come naturally; a common trait of the male species perhaps.
Isn’t it amazing? When the student is ready, the teacher suddenly appears.
Frustrated by the brick walls I kept hitting, I researched a trading study course that included a mentor. Yes, a real person! A caring individual who would actually sit down with me, give me guidance, and answer my questions. A professional coach who would allow me to learn at my own pace yet encouraged and challenges me. What a great feeling that was!
You may ask, “So, did I stop making mistakes?” No; if anything, I actually made more of them for a while, however not so costly. I learnt that a mentor’s role is not to hold the student’s hand or do their home-work. Mentors enable a journey of self-discovery and learning.
Now, some people reading this will choke when I say I paid $5,000 dollars in advance for that experience. Others know that was relatively cheap. For me, it turned out to be the best investment of my life.
The lifelong value of that one investment has been incalculable for me and my family. And now I have the pleasure of teaching it to others. You can’t put a price tag on the deep sense of satisfaction that brings.
So where am I today with option trading? Yes still trading, using a consistent conservative approach most would not have the patience to follow. I have written the eBook “Best Option Strategy Ever” on this one particular method. Although it really is just my way of expressing gratitude to those who have helped me, and a chance to pass on what I’ve learnt to others. I also use it as a true case study example of the value of a Mentor.
Yes, there are many fine examples of consistent successful traders, and I personally know many of whom use this vehicle to secure his or her lifestyle of choice.
Speculation is certainly one method used to create wealth. I’m not convinced it should be stand-alone and advocate serious consideration to a portfolio of balanced security.