You can argue what the most important things to look for are in joining a home based business, but to me here are the 4 most important.
1) BACKGROUND CHECK
Check into the back ground of the company. What kind of a track record do they have. Look into the person or persons that run the company, have they had prior experiences with running a company, and if so for how many years. Do they have experience with the product they’re marketing. Have they in the past started a company and closed the doors on it as soon as they made their money.
2) WHAT IS THE PRODUCT?
The product that they are selling, is it something that people would be interested in, is it a popular item. Is the product that is being offered better or at least compatible with other like products out there, both in price and quality.
3)WHAT TYPE OF TEAM BUILDING PLAN?
What kind of a team building system do they have, is it a left leg – right leg, is it a matrix, and if so what kind of matrix, or is it a straight line build. The first two as exciting as one might make it sound are very hard to make money from. Here’s why, the left leg – right leg system works by everyone in the company bringing in people, all of those people go in your left leg and everyone you bring in goes in your right leg. Do the math, if there are 1,000 people in the company all bringing in people do you honestly think you can keep upwith that.
If you join a company that has a matrix to fill, that is also a very hard way to make money unless like the above you are able to sign up hundreds of people. The reason that 97% of the people fail in this business is because they just simply CANNOT find the number of people that it takes to sign up and build your right leg or a matrix.
That brings us to the straight line build, and this does nothing but make sense to me. A straight line build is where you join a company and secure a position like the other two. But here is why a straight line is so good. You don’t need to sign up hundreds of people to make good money, you can sign up as little as three people and start making money. And here is the greatest reason of all to join a straight line build, after you have secured your position, everyone that comes in underneath you whether you signed them up or not, you will make money from those sign ups. Another great thing with a straight line build is that everyone is on the same team, everyone helps everyone because, everyone benefits from each others success.
4) COMPENSATION PLAN
Let’s be honest, we all join an opportunity to make money. So when your searchingfor that perfect home based business opportunity the other thing that you are going to want to look into is the companies compensation plan. The two things I want to know, is the plan DUPLICATABLE and is it LUCRATIVE.
Charlie Berger is a leading Home Business Expert and Expert Author. Has been personally responsible for teaching many how to leave the 9 to 5 grind to enjoy the financial and time freedom you always hear about but few can show you how to achieve. See what Charlie is up to now at:
A copy of a successful business plan can be a helpful resource as you try to better understand how to create your own. Follow the following guidelines to make sure you use this resource as you should.
Check the Source
Begin by making sure that you can trust the source of this business plan. How do you know it was truly successful in achieving funding for its writers? Keep in mind the motives of whoever provided you with the plan. Are they invested in your success, because of friendship, good will, or business reasons? If not, what was the source’s reason for passing this plan on to you?
What Stands Out?
Pay special attention to the elements of the business plan which would attract you if you were a funder. How does the writer show that it is not much of a stretch for the business founders and managers to make a profitable business based on the basis business idea presented? How are the returns that will flow to funders shown? How does the strategy fit well with the market situation (the customers and competitors)?
Note the Differences
You should also carefully note areas in which the business described in the plan you are looking at will differ from your business. Be careful to know that you cannot simply transpose the strategy laid out in this plan into your own plan. You are looking at the plan to understand the thinking about it, not to copy specific elements verbatim.
Understand the Format
Since business plan format is relatively standard, any successful business plan should give you a good sense of the important sections of a business plan, their order, and the style of the writing and appearance of the plan. Look for how the plan manages to be professional and polished, without creating stylistic distractions from the content of the plan. Look for how the sections of the plan build the story of the business, piece by piece, following an internal logic and order. Look at how easy the plan is to read and to navigate through, with the use of a table of contents, page numbering, and section headings and subheadings. All of these elements should be found in a successful and well-written plan.
Eric Powers is associated with Growthink, a business plan consulting firm. Since 1999, Growthink have developed more than 2,000 business plans. Call 800-506-5728 today for a free consultation. Or, if you’re writing your plan yourself, Growthink offers a to help you develop your plan quickly and easily.
Are you one of those people who are currently thinking of taking their hotel business online? If yes, you should do it as quickly as possible. The reason is that online presence helps you see more customers. Gone are the days when people use different magazines and newspapers to know about the best hotels. Now, people don’t want to waste their time in searching and selecting a hotel. They use internet to search and to book a hotel in the matter of few minutes.
Considering this change in trend, it is important for all people associated with hotel business to get a great website for their visitors. That’s when they go for bespoke web development. With one such website in place, you can expect more people coming to your hotel, and this will always help improving your profit margin. But, if you think any type of website can help you with your business, you better think again.
The reason is that now people consider so many things before finalizing their buying decision, and quality of your website is one of those things. If you want to expand your business, you should offer all essential information on your website. But, everything should be done in a proper and systematized way. It is due to this particular reason that bespoke web development is important for your business.
In hospitality business, it becomes important to offer some unique facilities and services. This is one big reason why bespoke hotel website design is crucial. But, when you opt for these types of sites, do pay attention to few important things.
* Always keep in mind that your hotel website should be designed according to the SEO rules. Search engine optimization has gained a lot of importance in recent years. It is due to SEO that you can see a clear increase in the number of people visiting your website. So, do make sure your website design complies with all rules of SEO.
* Another important thing that should never be overlooked is that your website should be easy to use. No doubt, it is important to make it look pretty, but don’t go overboard with the idea of making it look unique. Sometimes, it becomes difficult for visitors to explore a ‘unique’ website, and this will never help your business. So, find a professional who knows how to maintain the delicate balance between looks and simplicity of use.
These are the two most important things that should be considered when using the website design services. You should always keep in mind that design companies will ask you to go for specific templates, but you should insist for . If you ask for one such site, it will become easier for you to pay attention to aforementioned things. You will be able to get an attractive website which will also be easy to use. So, go for it!
Searching for a company for bespoke web development? Search no more and visit worldhotelmarketing.com where top-notch are available with internet marketing services. What’s more, e-sales force is also available to help you run your business in a prolific way. So, log on for more details.
Before Belinda Skarwecki started working as a bookkeeper for DirectBuy in 1974, the world was a different place. Richard Nixon had yet to resign from office. Not everybody had a color television. There was still no such thing as a free agent in baseball. Yet in celebrating her 35th anniversary with DirectBuy, Skarwecki knows that one thing still holds true: the numbers don’t lie.
“As a bookkeeper, the numbers must always add up. So even though it might not feel like 35 years, the calendar tells me otherwise,” said Skarwecki.
Skarwecki began with DirectBuy while still in high school, working as an assistant to the company’s bookkeeping department at the previous location in Calumet City. Under the tutelage of the company’s bookkeeper at the time, she acquired a skill that’s served her well over 35 years.
In fact, Skarwecki’s longevity with the company is only trumped by DirectBuy of Tinley Park Owner Ed Sell—even topping the service time put in by Ed’s wife I.J., who started with the company 29 years ago. “We hit it off right from the beginning,” adds Skarwecki.
Ms. Sell concurred, “We look at Belinda as a member of our family who also happens to do our books. That’s the kind of relationship we have and we’re very thankful to have her with us.”
That loyalty has been repaid by both sides as Skarwecki remained with the company when it relocated from Calumet City to its current location at 18400 S. 76th Avenue in Tinley Park, Illinois. And when a back condition limited her traveling ability, she and I.J. arranged for her to work from home.
“You don’t spend 35 years of your life with a company for no reason. Ed and I.J. have been wonderful to me and it’s very gratifying to see how the company has grown over the years and how many lives it’s been able to positively impact,” said Skarwecki. “I’m looking forward to many more years with DirectBuy.”
Skarwecki still resides in Calumet City with her husband Marvin.
The leading home improvement and furnishings club with direct insider prices, DirectBuy of Tinley Park Estates offers manufacturer-direct pricing on products ranging from light fixtures to televisions to kitchen cabinets, all from more than 700 manufacturers and their authorized suppliers. DirectBuy also offers design, delivery and installation services.
About DirectBuy
It’s a comfortable, country-club setting, where you finally have the financial control of buying direct. The five DirectBuy showrooms serving the greater Chicago area are part of more than 160 locations throughout North America.
Consumers interested in becoming members may obtain a Visitor’s Pass to attend an Open House by visiting .
Locations of the five DirectBuy showrooms serving the greater Chicago area are: DirectBuy of Gurnee, 4081 Ryan Rd. #107, Gurnee, IL; DirectBuy of Hoffman Estates, 2200 N. Stonington Ave Ste. 150 Hoffman Estates, IL; DirectBuy of Chicago North, 6325 Avondale, Chicago, IL; DirectBuy of DuPage County, 1864 Highgrove Ste. 136 Naperville, IL; and DirectBuy of Tinley Park, 18400 S. 76th Avenue Ste. B, Tinley Park, IL.
To learn more about the superior value and benefits of a DirectBuy membership, visit .
Who said that making money online has to be hard? Actually it is very easy. There are not many other places, or at least I have not found another place, that you can make money without working too hard, or following a boring routine over and over. I would like to show you 2 best ways that will enable you to make money without working too hard.
1. Setting up your own web site
There is no reason why you could not be up and running within an hour. Setting up the website, and selling a product online through your own online store can be done in less than 60 minutes. You can get set up for around $15. The best way is to use a drop shipper to move your product, so you don’t have to have any inventory at all, no need for storage or purchasing the product, and no hands on handling and shipping for you at all. The drop shipper will do all that for you, and most importantly, it will eliminate the risk of purchasing inventory that might not sell. You will be able to adjust your inventory and what you want to sell over time when you get a “feeling” for your market and the marketing you do. Furthermore, you will not have to put any effort forth in finding a wholesaler.
2. Become a blogger
There are literally thousands and thousands of people doing this already, Why? Because it is so easy to do. You can be very successful doing this and join others making thousand of dollars every month just blogging away on the internet. Not only will you find that this is easy to do, but you will find that many of the people doing it do it because of personal enjoyment. This can be such great fun, that it will never feel like work. And you will be making money. You can even sell your blogs for big money. A few managed to sell their blogs for millions of dollars, even so this is rather the exception rather than the norm. Fact is, you can make lots of money. No matter what, you can be a successful blogger and join the other thousands of people online and make some extra money, or even a living blogging away.
Setting up your blog is easy and all you really need to be concerned about is a good subject. Make sure you spend a little bit of time doing research online, as you do not want to do what everyone else is doing. It will be very helpful, if you have specific knowledge about the subject, which will also keep your research time to a minimum. Find something you enjoy, so you keep interested in the subject and have lots of ideas to write about, and don’t run out of interesting things to say. Creating a good content for you blog will be very important as the foundation for your blog, and then add advert code into your blog. There are free blogs available online from WordPress or Blogger. You cannot bear free! So there will be no reason for you not to be up and running literally within minutes of visiting those sites.
to my join me and learn more on how to make money online, easy to follow steps, and look over the shoulder of a successful online entrepreneur.Article Source:
Ever wanted to make money online but never know how? Finally there is a way without spending any of your hard earned money on buying on of the get rich quick schemes. The information is available for free.
Why would you want to promote other peoples products? Well, it takes a lot of time to come up with a successful product that you can sell online. You will also need to set up a website, e-commerce, drive traffic to your website, etc. Your overhead will be a lot bigger as well, as you spend money on website creating, web hosting, shipping, etc. You will have to familiarize yourself with traffic generation, online marketing, SEO’s, etc. This all can be very overwhelming. It is my firm opinion, that getting started in making money online the easiest and best way is to start in affiliate marketing.
You can start out not spending any money at all. Through time you will be able to adapt more marketing options and become better and better at what your are doing. If you choose then to take a product to the market, you will be well equipped and ready.
Affiliate Marketing you can start part time, at your kitchen table with a minimum of time and money, if any money at all. I will show you how you can money as an affiliate marketer without spending any money at all. I will also show you how to spend your money wisely if you decide to invest into your new business.
The easiest way to make money online is affiliate marketing. In the first part of affiliate marketing 1-2-3 we will cover getting set up with Clickbank.
To get you started, you will need to set up an account with Clickbank at www.clickbank.com. It is very easy and free. Clickbank works as a facilitator for companies selling products online and affiliates.
There are other similar sites online like Clickbank. However, no other site has a better reputation in the business. Clickbank has been around for over 10 years and paid out more than one billion dollars to their affiliates.
The way it works is that companies will pay a commission, typically 50%, to affiliates driving traffic to their websites that results in a sale.
You will need to sign up as an affiliate. Just follow the simple steps, and you will be able to create an account in less than 5 minutes. You will create a nickname unique to you, that you will need for signing up to promote different products with different vendors.
After you have created your account, you can now browse and look for a product you would like to promote. Just look for the tab “Marketplace”, located on top of the Clickbank website. You can then search different categories or search by Keywords. Sign up for a product, and you are on you way to make money online.
In Affiliate Marketing 1-2-3 Part 2 we will advise you on how to select a good affiliate program.
So if you decide to turn your entrepreneurial passion into profit you will sign up with Clickbank for your free account. Then you will be ready to begin promoting digital products. Best of luck on making money online.
to my join me and learn more on how to make money online, easy to follow steps, and look over the shoulder of a successful online entrepreneur.Article Source:
What does it mean to live a spiritual life… to really, truly, deeply live from the place of ease, grace, joy and love no matter what shows up in the world around you? This is a question I’ve been pondering for a few months now, and one that is getting answered as I face some challenges and changes in my life, business and family.
Living a spiritual life isn’t about skirting along the surface of understanding; rather it’s about being willing to look for deeper meaning, understanding, lessons and gifts in every moment of your life.
Like right now, for instance. Are you fully here, in this moment reading and absorbing this article (and giving yourself the focus and time you deserve to be fully present)? Or, are you reading this article with a dozen other things running through your mind feeling stressed about how much you have to do and how little time you have to do it in.
I’m simply asking you to notice what you’re doing right now. It’s only in stopping to notice what you’re doing that you can begin to uncover the gems that are waiting in each moment for you, including this one.
This consistent “noticing,” awareness and presence in each moment is what living the spiritual life is all about. Being spiritual doesn’t mean you have to retreat to a mountain top in India for a month of meditation. And, it isn’t something you do at your convenience when you feel you need it because the “going got tough.” Living a spiritual life is as simple as choosing to not get angry when someone cuts you off on the highway… and instead choosing to bless them with love and pray for that driver’s ease and safety. It means embracing a spiritual way of being in every moment of every day (or at least noticing when you have contracted into fear, doubt, anger, lack, etc. and doing something to shift into a higher state of being).
On the flip side, it’s also important to see that living a spiritual life isn’t about how peaceful, loving and connected you feel when you are alone with yourself. Yes, it includes that, but the spiritual “rubber hits the road” when you move into aligned and integrated action in the physical realm.
This is the most critical part of the journey of living a spiritual life… that you learn how to integrate what you’re experiencing in you inner world with how you show up in the outer world. This is part of why the outer world of my business will be transforming and shifting in the coming months… because I am transforming and shifting on the inside and I’m seeing things in my business (and my life) that no longer feel aligned with who I am today.
So, in closing, I’m going to recommend that you to take five minutes right now to ask yourself how you’re doing living your spiritual life and jot down whatever comes to you. If you have questions write them down; if you think I’m crazy write that down, too. If you’re resonating with this question and yearn to live a more aligned, expanded and spiritual life in every area, including your business… then write about what that might look like for you. Please give yourself the gift of a few minutes (right now) to reflect on this question. Your freedom may very well reside in what you’ll discover.
Christine Kloser, author of The Freedom Formula, helps small businesses put soul in their business and money in the bank. If you want to enjoy a purpose-driven business and a soulful life, send for my free Conscious Business Success Kit, which includes my report, How to Avoid the 3 Massive Mistakes Made by Conscious Entrepreneurs and audio, 7 Strategies Entrepreneurial Authors Need to Know Before Writing a Word, at .
Packing and moving to new location is not an easy task. It is one of the most problematic and chaotic task that no one wants to deal with. Lots of work has to be done to make the shifting hassle free, easier and smooth. Packing, loading, unloading, unpacking of goods these tasks has to be done to make complete shifting. Though these tasks look so simple but in reality they are really problematic and time taking. Sometimes these chaotic tasks often make the people mentally and physically stress that it hunts them as the nightmare. So instead of facing these problems it is better to hire the services from the professional movers and packers companies.
In India you will find several movers and packers companies offering their valuable packing and moving services. But it is not true that the moving companies provide hassle free and cost effective services. These days packers and movers companies are getting more popularity for their quality services as the cost effective rate. They have teams of expert professionals who are proficient in packing and moving of goods in safe and secure way to new location. They pack the entire goods with high quality packing material to ensure that the goods do not get damage while transporting it to new location.
Pune packers movers companies provide wide range of packing and moving services to the clients. Their services includes packing and moving of household goods, freight forwarding, air cargo services, air mail services, home shifting, air mail services, household shifting, etc. They also provide various other services as per the needs and requirements of the clients. They also have teams of expert professionals who are proficient in packing and moving of goods in safe and secure way. For any assistance related to packers and movers you can contact to any one of the packers and movers of Pune. They will assist you with their valuable services to move your valuable and loveable goods in safe and secure way to new location.
Some of the packers and movers Pune companies also provide car carrier and transportation services. Moving of car is not an easy task and has to be done with care and dedication to make it smooth and easier. Moving of car to new location is a very risky task and needs to be done with care and dedication. Even a small mistake can cause a huge damage so it has to be done with proper care and dedication. Experts of the moving agencies of Pune are expert in moving of the car to new location with care and dedication and never leave any stone unturned about their services. They cover the car with car covering material and transport it to new location in a hassle free way without making even a single scratch on it.
Well if you need any packing and moving services it is advisable to hire the services from the movers and packers Pune companies. They will assist you with best of their services to make the relocation of the goods in safe and secure way to new location. They can prove to be your best friend shifting of your lovable and valuable goods in safe and secure way to new location.
Rachel is an amateur writer focusing primarily on Business related topics. For more information and to visit
It is surprising how many people are still confused about heartworms and the effects that a heartworm can have on
your dog.
First lets look at what heartworms are and how your dog can become infected.
Heartworms are transmitted by mosquitoes into the dog’s blood stream. The immature heartworms called microfilaria
travel through the blood stream.
The microfilaria settle into the heart chambers and major pulmonary blood vessels. This causes a blockage of the
blood flow and pathological changes to the surrounding tissues.
This blockage happens when the larvae grow into adult worms. An adult female heartworm can grow up to fourteen
inches and can live as long as five years.
A female heartworm can produce thousands of microfilariae, which is transmitted into a mosquito when it bites an
infected dog, and subsequently injected into the next dog that that mosquito dines on.
What Are The Signs That A Dog May Have Heartworms?
ØUsually the first system is weight loss. The dogs’ hair may become dull and brittle.
ØThe infected dog also may tier easily.
ØA persistent coughs and or labored breathing.
ØIn more progressed cases victims may vomit blood from ruptured lungs.
If the disease is not prevented or caught in time the result will be a slow painful death from congestive heart
failure.
What Do I Do If My Dog Is Infected?
Treatment is available but it can cost hundreds of dollars, and may be ineffective depending on the degree of
infestation.
The best defense against heartworms is routine checkups with your vet. Giving your dog heartworm medication once
a month easily prevents heartworms.
Warning: You Must Have Your Dog Tested For Heartworms Before Starting Heartworm Medication!
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This article is about money management and trading psychology. This is the lesson that you never get with 99% of other Forex systems that you have come across.
I find it interesting that most of the systems out there don’t include this because if they actually were successful traders, they would know that this was the key to success and to leave it out makes an incomplete system that won’t work!! This tells me that the people that wrote them or are selling them aren’t traders at all. They are just in the business of selling HOPE!
Well, if you haven’t noticed yet, I am a trader, and I am different than the others. Don’t get me wrong, there are honest trainers out there, I learned from one and I am eternally grateful to him.
So let’s get on with this. First of all, this is my own interpretation of several sources, and the practices that have worked for me. Please read EVERYTHING you can find on trading psychology, and money management. There are a lot of slightly different views but overall, they are very similar and the main important points are all pretty much the same.
There are two main issues that cause 99% of the problems. Can you guess what they are? If you answered FEAR and GREED, you are correct. These two emotions are probably responsible for 99% of the worlds problems as well but that is beyond the scope of this course À .
So, now that we know what the big obstacles are, let’s try and figure out how to overcome them. In the course of my lessons, I have listed a few but I will put them all together here in one place so that it is easier to follow, and perhaps make it easier for you to develop your own system to help you trade better.
We can’t eliminate fear and greed. They will still be there in your heart and mind, but we can make some rules so that they don’t interfere with your trading success. We can come up with systems and procedures to follow, since we KNOW ahead of time that fear and greed are major problems. I’m sure you have heard the statistic that 95% of all speculative leveraged traders FAIL. This is absolutely true. Here is another statistic that I believe…100% of traders that don’t know how to overcome fear and greed will FAIL. So does that mean that if I can teach you how to overcome these problems that your chance of success is 100%? Of course not. But I can tell you that you cannot be successful if you don’t protect yourself from yourself.
In lessons 1-3 I have outlined a trading system. The first thing you must do, whether you follow my system, another system, or your own system is to follow the rules of the system WITHOUT FAIL. If your system calls for a certain entry point, do not enter until there is a signal to enter.
Systems are designed for a reason. That is why it is called a system. What do we learn from this? Patience. Perhaps the stupidest thing you can do is enter a trade on a hunch. This brings us to our first FACT:
The odds are in your favor before you enter a trade. This is true for most trading systems. Void of fear and greed, if you follow each system exactly, you will profit. Some systems may offer better profits than others, but overall you should be able to profit with any system, IF you have no fear and no greed.
This brings us to THE BIG SECRET. Other than omitting trading psychology, other systems also don’t tell you that you are playing a game of odds. Let’s say for example that we are playing “coin toss.” Theoretically, for 100 flips of the coin, 50 will come up heads, and 50 will come up tails. Of course, the first 100 may be 55/45, but the more you play, the closer to 50/50 the numbers will get. Our system for “coin toss” is as follows: We play for 20 hours, and flip the coin exactly 5 times each hour, and for every heads that comes up, we get paid $2, and for every tails that comes up we pay $1. This should be a profitable system. After our game we see that heads came up 50 times and tails came up 50 times. (Stay with me here). So at the end of 100 tosses, we have paid $50 and received $100. A profit of $50.
So let’s say that during our second game of coin toss, we decide that we are going to let the flipper(hint: the market is the flipper) keep flipping the coin for an hour while we take lunch but we are not going to pay or be paid for those flips. During our lunch hour, heads comes up 5 times in a row (which is theoretically possible, and not that unlikely). And now we are back from lunch, and we are down $10 for the hour. Now, theoretically the odds of 5 tails in a row coming up after 5 heads in a row are pretty good because for every ten tosses, you should have about 5 heads and five tails. So now we get 5 tails in a row and now we are down another $5, for a total of $15. So not counting the 5 tosses during lunch, this leaves 90 tosses that we still have to account for and let’s say that they were 45 heads and 45 tails. Our profit for these tosses is $45 (45×2 minus 45×1), now if we take away the $15 for the tosses we didn’t take, and that string of losers, we are left with a profit if $30. So lunch and 5 lousy spins cost us 40% of our profits.
Now this is theory but it absolutely applies to this market. If you are picky about what trades you want to take and what trades you don’t want to take, you are MESSING
WITH THE ODDS. My point for this whole big story about “coin toss” is this: If the conditions are met, TAKE THE TRADE without hesitation. The odds are in your favor, but only if you take ALL of the trades that meets the conditions. When I say ALL trades I know the market is open 24 hours a day and you can’t possibly take every trade. You need to pick a time frame and stick to that same time frame everyday and take ALL trades during that time frame.
I can tell you that in the month before I realized this (my first month of trading real money actually), my total profit was 92 pips. I had an idea of what I was doing wrong so I was keeping track of the trades that I didn’t take along with the ones that I did. I included entry point, day, time, and whether the profit target was hit or if it was stopped out. Don’t get me wrong, I was extremely happy to be in profit after trading for only one month with real money. But then I went back and looked at the numbers for “what could have been.” Guess what? Had I taken every trade that met my conditions, my profit for the month would have been 355 pips! I was not happy. But soon I realized that I had messed with the odds. After realizing what I had done wrong (or not done right in this case) I began to have more confidence in my systems. The very next month my total profit was 515 pips, or a 560% improvement just for taking all of the trades that met the conditions. I think that is enough said about that.
Sorry to stay with the coin flip game here but it actually works very well in teaching these principles. This brings us to FACT #2. You do not need to know what is going to happen to make money. If we know that we are going to make $2 fifty times and pay $1 fifty times as long as we flip the coin, are we going to play? Of course! Well, all trading systems have similar odds. From my testing, I know that this system on average will produce 9 wins of 20 pips for every 1 loss of 40 pips (that number may vary but that is the maximum loss I ever take). So we know ahead of time that 9 wins at 20 pips is 180 pips, and minus the loss of 40 pips, leaves us with 140 pips profit. Now keep in mind that you may be 8 and 2 this week and 10 and 0 next week. We never know when a loss is going to come. We may even lose every trade for a week, but not lose a trade for the next 9 weeks. Believe me it happens. You do not need to know exactly what is going to happen, you just need to take every trade that meets the conditions and then count your profits at the end of the month/week/year etc.
This section deals with money management as well as psychology. Back to coin toss for a minute. We know that each win brings us $2. And we know that for each win in this trading system we get 20 pips. We know that each tail that comes up costs us $1. And in our system we know that each loss is 40 pips. If we know what our loss is going to be ahead of time, we know what it is going to cost us to find out “what is going to happen.” From this we can decide how much we want to risk based on our account size.
FACT 3: You know how much it will cost to find out. I have decided not to ever risk more than 5% of my account on any one trade. So knowing that, I can figure out how many lots to trade ahead of time based on my account size. It may cost $250 in margin for a 1 lot position but this is not what we are risking, we are actually risking ten dollars times the number of pips in our stop. If our stop is 40 pips, we are risking $400. Now we know that we better have at least $8000 in our account to take a position of this size. If this trade turns out to be a loser, and our balance falls to $7600, we know that we can’t afford to take that trade again because a loss of $400 is more than 5% of our balance. We would need to adjust our number of lots down accordingly to keep our risk <5%. We also don’t want to increase our lot size to try and make up for that loss. Always reduce your risk if your account balance falls. The next thing we don’t want to do is immediately increase our lot size after a winning trade. It is better to trade at the same lot size for 15 or 30 days at a time before increasing lot size. This allows the account to build steadily without large swings in either direction.
FACT 4: There is a random distribution between wins and losses for any given set of variables that define an edge. Your trading system is your edge, but you never know in what order your wins and losses will come. Be prepared for this and accept the losses, knowing that the odds are still in your favor.
This brings us to our final two facts.
FACT 5: Every moment in the market is unique. Yes we use pattern recognition to define our edge but there are so many variables in this market that it is impossible to ever have the conditions exactly the same as any other moment. You could play 100 games of coin toss and no game will have the exact same order of wins and losses, even though they may have similar outcomes.
FACT 6: Because of fact #5 we know that ANYTHING CAN HAPPEN. This is why it is important to follow the trade rules exactly and play the odds. Every broker/trading system has a disclaimer that says basically “do not trade with money you can’t afford to lose.” The best thing you can do when you open your real money account is to mentally consider that money GONE. If you are not afraid to lose it, you will save a lot of stress and your trading will improve. Only you can determine what you can afford to lose, so just don’t put more in there than you are willing to lose. Compounding is an amazing thing that we will talk about in section 5, and the money will come if you follow the rules. If you start with less, it will just take a little longer but once again you will save a ton of stress.
TRADING WITHOUT FEAR AND GREED
1. I Objectively identify your edges. You have a system here that works, enough said. 2. I Pre-define the risk of every trade. We covered that in FACT #3. 3. I Completely accept the risk. Consider the money GONE.
4. I ACT on my edges without reservation or hesitation. Follow the rules and take every trade that meets the conditions. 5. I pay myself as the market makes money available. Take your 20 pips and be happy, or trail your stop. Even if you are compounding your account, pay yourself something out of your profits each month. It will make you feel better. (On a side note: I take 20 pips for every trade until I am up 200 pips for the month. I do not even think of trailing my stops until I am up 200. Once I am comfortably in profit, I start to look for solid opportunities to trail my stop and grab some extra pips.
Even if they only go 20 and then come back, I still make 5 pips. 20 of those still adds up to another 100 pips.) 6. I continually monitor my susceptibility for making errors. I read Mark Douglas’ book monthly, and make up sheets with my rules on them that I read daily. This helps me to see plain as day when I make a mistake. 7. I understand the absolute necessity of these principles, and therefore I never violate them. I have included a sheet that you can print out to keep near your computer to read every day. Read these facts and rules every day even if you memorized them. Finally,
FOUR STUPID THINGS The first stupid thing you can do is to close a position early because you think it is going to go against you. Just because you have an edge over the market does not mean that price will immediately shoot up or down to your target. Price will move up and down and will even probably move against you before it moves in your favor. If you let FEAR of LOSS get you, you will lose money. If the market is going to take you out, let the market take you out by taking out your stop. That is why it is there. The odds are still in your favor.
The second stupid thing you can do is to close a position early because you don’t think (or you are AFRAID) that it won’t reach your target. If you don’t play the odds properly, you will not realize the full profit potential. What if in our coin toss game we decided that we were going to take our profit for a “heads” at $1 instead of the $2 that we were supposed to get paid? If you remember, our profit was $50 for the first game. If we had only taken $1 for each win, we broke even. That is a lot of effort for nothing. Even worse, if we make some mistakes along the way (we all know that we are perfect traders right?) as we did in game number 2 where our profit was $30, we can lose money by not taking enough profit. Remember that we had a $15 loss for our mistake and 90 spins remaining. If we had taken only $1 for each of our 45 winning spins we would have broke even, minus the $15 puts us down $15 overall instead of being up $30. The system is designed for a 20 pip target, GO FOR IT.
The third stupid thing you can do is to get greedy. As I said in my sales material, if you had shot for 30 pips instead of 20 for the trades I listed, the profit would have been about half of what it was for taking just 20. Interesting how this whole thing works, huh?
Just taking 5 or 10 pips can be considered GREED as well as FEAR since you are so afraid of loss that you get greedy for those 5 or 10 pips compared to the potential loss of 20-40 pips. Don’t let it get you, follow the rules and be happy with your 20 pips.
The fourth stupid thing you can do is move your stop, believing that the market will eventually go in your favor. This is the fastest way to lose money. We are DAY traders. Yes the market may go in your favor but it may move 300 pips the other direction before it does, if it does. This could take weeks or months and you have a limited account balance. If 5% of your account is tied up waiting this position out, guess what. You are missing 20 other opportunities to make money instead of just sitting there waiting, down a hundred pips while you miss the opportunity to make 20 trades for 20 pips each. Maybe you break even, when you could be up 400 pips. JUST DON’T DO IT.
THE BEST THING YOU CAN DO
Once you place your trade, and place your stop and limit, TURN YOUR COMPUTER OFF and go do something else. You are now in automatic mode, and the market will take you out, either for a profit or for a loss. This is the best way to eliminate the temptation to succumb to FEAR or GREED and do something stupid.
The rest is up to you. Only you can decide whether or not to follow the rules and believe in the facts. This lesson is the most important to your success and I hope you won’t take it lightly. If you are trading and following the rules of your system, and not making money, you need to take a look in the mirror. It is not the system that is the problem, it is you. I am not trying to be harsh, but when I was not making money, it was not the system it was me so you are not alone. Don’t give up, because you can be successful if you just work through and figure out the problem.
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