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Full time trading, 5% can, 95% cannot?

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Recently we help our twice yearly POM seminar and we are now finding an increasing number of our members (POM is our premier trading club) are trading full time. This is great and a phenomenon we are keen to reproduce for as many traders as possible. As such we are asking all of these full time traders for their motivations and milestones so that we can help others take the same steps.

There are a number of givens and it is a big help that the trading systems we use generate high probability trades (winners of 70%+) which mean that our traders do not suffer the psychological problems many traders experience with systems with much lower hit rates.

But the subject matter of this piece is motivation. The US election has highlighted the 1% (Romney and Co) as opposed to the 99% (Obama’s following) but I am more interested in the 5% as opposed to the 95%. To get into the top 5%, as measured by wealth/income requires effort and I am ignoring those who benefit either by birth (via inheritance) or luck (think lottery) – these two groups are very much the minority in this modern age. Now failing these two the only way of getting solid earnings and wealth is to strive for it, but generally the 95% are not prepared to do this, or they give up half way. The 5% are prepared to do it and they persevere – perseverance being absolutely essential!

Incidentally being part of the 5% does not make anyone a better person, far from it. In fact it is a choice and there are many good reasons to make other choices. But the fact it is a choice means it is also a choice to be, or not to be, wealthy.

Let me give you an example of what I mean. With some frequency I get a communication from somebody suggesting “if your systems are so good why not give them to me and I will then give you x% of the profits – seems like win/win to me?”

To those who know nothing about trading this may seem eminently logical but it is fundamentally flawed. It likens our work to that of purveyors of magic carpets. The idea seems to be that the individual mounts the magic carpet and is then carried around the trading arena picking up easy profits as he/she goes.

The reality is that we are more akin to purveyors of shovels. We can point out with some accuracy where the treasure is buried but to actually reach it involves a lot of digging.

The individual who makes such a suggestion is actually finding a reason NOT to do something. Winners (the 5%) just get on with it, losers find every reason/excuse under the sun not to do something.

Consider also that, after 25 years as a full time trader, money is not an issue, but time is. I love working with dedicated people who are keen and eager to get on. I loath working with people who make every excuse they can think of not to make progress. In fact I no longer do it – these days I can pick and choose what I get involved with and unless I want to do it, I simply don’t!

POM is not expensive and if the individual cannot jump that hurdle then they fail the test, as far as I am concerned. The real test is putting in the work and the process of paying over a certain amount of cash is trivial in comparison.

Now let me say, before I offend 95% of my readers, that there are many more worthy causes other than wealth. Many choose family before wealth staying in a job they may not enjoy to the max to support their family and, as I have children myself, I can say there is nothing more worthwhile on this planet, and very possibly beyond it.

But that is also a choice and I think the key is to make that choice. The tragedy is that many may not even realise the choices they have and stumble through life achieving a mere fraction of what they might. The education system has a lot to answer for but, as the state system was designed to churn out model employees for industry, perhaps it is not so surprising! In fact the public school system is not much better being founded on Victorian values of service to the community etcetera which had little time for individuals and mavericks.

Anyway if you want a spade and fancy some serious digging feel free to get in touch. But if you prefer to dream of magic carpets, dream on, but dream well, as your dreams may be all you ever have!

web: http://www.johnpiper.info

email: john@john-piper.com

for free reports email jptt@aweber.com

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V: D: 20231005 01:35:06