What will you do to make money Now?
With such a sudden shift in market conditions that we have had over the last few weeks, many of our new members and people we meet have been asking, what shall I do? Shall I sell the lot? If I hang on to anything, what shall I hang on to? The answer is simpler than you might think! The question is not really should I buy or sell this share, but what does my trading plan say about this particular share and if I should own it!
Traders, like businesses fail within the first five years of establishment. Our goal at the Bulls and Bears Network (BBN) is to survive and avoid becoming one of those failures. Statistics suggests 80% of traders fail and for futures trading that swells out to 90%. This is in sync with the Pareto principle based on the 80/20% rule. One of the reason traders and businesses fail is they do not have a plan. They do not have a map for their future!
Through years of research, education and experience we established that successful traders treated their trading as a business and had a trading plan. Therefore we collated all the best information in terms of writing both a business plan and a trading plan in one formatted document and called it the ‘BBN Trading Business Plan’. It has been developed as a document that will define your approach to the markets and map out a business plan that suits your individual personality.
It documents the types of trades you pursue, the approach that you take to finding trading opportunities and the way that you will manage those trades from entry to exit. The document will also clearly define your money and risk management techniques, which is probably one of the most important parts of your Trading business plan. As Christopher Tate so succinctly puts it, ‘Ignore money management and you will perish’!
The plan also covers daily, weekly and monthly routines because everything from scans to records needs to be systemised. It also covers much, much more! Attempting to run a trading business without a comprehensive ‘Trading Business Plan’ is like running any other business in Australia without a business plan, it more than likely will lead to failure. There is an old saying ‘Fail to Plan, Plan to Fail!’
Every successful trader we know has a plan and we don’t know any successful trader that doesn’t have one. Isn’t that interesting! That is why we walk you through each component of the comprehensive Traders business plan in complete detail. We go through a myriad of questions that are designed to bring out your individual roadmap to success! The Traders Business Plan is years of research of successful trading, ongoing education, coaching and mentoring with a lot of experience in the markets thrown in.
We personally suggest that if you don’t have a trading business plan, that you should stop trading immediately! Due to repeated requests from our club members we will be holding a one off session where you get to ask real traders questions in regards to the many areas covered in the trader’s business plan. You will also be emailed an electronic copy of the copyrighted document which will become the foundation of your trading.
We would like to add that BBN has been sponsors of a traders club for the past six years. This is where people can get quality education next to nothing and network with other like minded individuals and compare notes on all sought of things to do with trading and investing. We are proud of the large percentage of people in the club that have trading plans. It is the people with the trading plans that are making a real success in their trading! Here is what one of the members had to say “…..to make money in the markets you need to be educated and have a trading plan.
I wish I had met these guys when I started trading and filled out their tradinghttp://www.bullsandbearsnetwork.com.au/
business plan. It not only has organised me, but would have saved me many costly
mistakes…” Graham Beard. Engadine
If you think that the time or money is expensive, try ignorance।
0 comments:
Post a Comment