It’s no secret. I’ve always been very honest about how I run my trading business.
What I’ve realized a few years is that no trading strategy is foolproof. Whatever you trade, drawdowns will eventually happen!
That’s just part and parcel of this business.
So, I’m able to trade for a living because my number one priority is emotional management.
Let me write this again because this is critical:
My number one priority is emotional management.
And there are two ways I do that:
1. I meditate.
Pretty straightforward. This blog is mostly about that.
Now meditation is one thing. Then there’s also this: Our goal as traders is to make as much money as possible when it’s easy to make money so that you have money when its hard to make money.
Because the markets won’t hand you money every month (and sometimes for a couple of months in a row).
So this 2nd step is what the gurus don’t want you to know…
2. I diversify.
Before you jump to conclusions, hear me out because the kind of diversification I’m talking about is probably not what you’re used to hearing.
I’m not talking about diversification in terms of stocks, currencies, and so on.
Rather I’m talking about a kind of diversification that is not contingent upon market fluctuation.
My books, my courses, my occasional speaking gigs, all these things generate revenues for me.
This is the kind of diversification I mean. And the stream of income I’m able to generate there helps me go through drawdowns.
So no matter what happens in the markets, every month I’m still making money.
I can’t even begin to express how much this has freed my capacity to trade free of afflictive emotions. Coupled with my meditation practice, there’s no blind reactivity anymore. My experience of trading is fluid and effortless.
But let’s get back to the title of this blog post…
A couple of months ago, I received a book from Rayner (tradingwithrayner.com), and for various reasons, I never really touched it.
I left it on my bookshelf and it stayed there for a few more months until I eventually decided to give it a try.
And, oh boy, was I in for a treat. It was such an entertaining and enlightening book that I just couldn’t put it down – I read it entirely in one sitting.
This book, The Go-Giver by Bob Burg and John David Mann, was refreshing because it offered lessons in the form of a story and it allowed me to learn what the main character learned by getting lost in the narrative.
Although short, the lessons were so profound and they guided me as I kept improving the quality of my content and overall offerings.
Here are 10 quotes/lessons from the book that I have applied in my own business.
And let me add, the results were astounding.
“Your true worth is determined by how much more you give in value than you take in payment.”
“As long as you’re trying to be someone else, or putting on some act or behavior someone else taught you, you have no possibility of truly reaching people. The most valuable thing you have to give people is yourself. No matter what you think you’re selling, what you’re really offering is you.”
“Your income is determined by how many people you serve and how well you serve them.”
“Successful people do this all the time… Typically, the more successful they are, the more willing they are to share their secrets with others.”
“Go looking for the best in people, and you’ll be amazed at how much talent, ingenuity, empathy and good will you’ll find.”
“All things being equal – people will do business with and refer business to those people they know, like and trust.”
“All the great fortunes in the world have been created by men and women who had a greater passion for what they were giving – their product, service or idea – than for what they were getting.Â And many of those great fortunes have been squandered by others who had a greater passion for what they were getting than what they were giving.”
“How to be a friend. How to care. How to make people feel good about themselves. And that, my friends, is something the marketplace wants very much – always has, always will.”
Reaching any goal you set takes 10% specific knowledge or technical skills – 10% max. The other 90%+ is people skills.
“Receiving is the natural result of giving.”
Fascinating bits of ideas, aren’t they? Perplexing as well. But well worth it if you apply them. The book will elegantly show you how.
And if you’re interested in learning out how to create and manage a full-on trading business, check out how I run mine.
To my mind, a trader nowadays is an entrepreneur. If you want to build a strong career as a trader, you have to keep this in mind.
Many “pro traders” out there won’t tell you that. They’re glad to sell you their “special report”, or their magic strategy that “never loses”, etc., but they’re not revealing the ins and outs of their business because they want you to keep buying.
In this course, I’m showing you everything, step by step… how I operate my trading business from A to Z – the trading part and the content creation part.
Alongside some frugal practices, this is how I’m slowly building myself a fortune.
And you can too! But are you willing? That’s the million dollar question…