I write to you from Dubai where I met one of my hedge fund investor clients. He lives at the Burj Khalifa so some good views were had, before I headed back to my apartment to answer some mentoring questions from my PipsPredator users.
With the hedge fund investor client we talked about more people wanting to become entrepreneurs, here and globally. I meet a lot who want to be entrepreneurial through trading and learning from me.
These are my top rules for trader/investor entrepreneurs – the new breed who learn from an expert to make side income, ditch their jobs, top up retirement, or look to be full-time.
- Don’t gamble. You can do trading as a gambler or as a professional. We want to be professional.
- Professional means patient. It means reading the instruction manual. I have so many apprentices who will do step 3 (downloading my trading indicator) before step 2 (reading the manual) and then will spend time emailing me that they cannot install the indicator. It’s a little test I have for apprentices, so we know which ones need more care and to focus on their patience with the market. Imagine they jump the gun with the markets as they do with instructions.
- Professional as an entrepreneur means patience through practice. Again, I will have trading apprentices who will just start trading straight away without filling in even my simple 1 page business plan. So they will not set a goal. They will therefore throw away a massive opportunity to create an income because of their premature excitement. Excitement is good. I love that. But focused controlled excitement.
- Professional as an entrepreneur means seeing the big picture – the business plan, the long term goal. That we will manage and control our risk and our losing trades and trade small and better to do 100 small winning trades than try to make all our money from 10 big ones. The latter is the way of the gambler.
- Professional means using the tool and helping hand. I want my apprentices to use the tools I give them as a support not as a blind holy grail. The best entrepreneurs and traders are those who find their own style with their mentors help, never the ones who try to be robots themselves. So when I show them my trading indicator, the most profitable ones may be those who find their best approach around it, using it, not necessarily mimicking every part. They experiment what works for their particular way of thinking.
- Professional as an entrepreneur means knowing not everything always wins. That all you have learnt before which has not made you your fortune was probably wrong which is why it did not make you your fortune. So for instance I will have apprentices hell bent on setting profit targets. I ask them, why do you want to cap profits? Why are you not adding to profitable positions? Did you view my video on that? Did you read my articles on how? Did you read my manual on that? Did you search my knowledge base on that? Every time the answer is no, because they are too busy repeating the mistakes of the past they learnt from those who never made them the money to begin with.
- Professional as an entrepreneur means out-performing the master. One of my employees now manages over 1 billion dollars at Newton Investment Management. She manages more money than me – Naomi Waistell. When she joined my company she was just doing mainly administrative tasks and learning about the trading I do in my hedge fund. You should aim to be better than your teacher and I wish all my apprentices that.
- Use me – remember you have so many ways to reach me, from email to also the knowledge base on http://pipspredator.zendesk.com – all is written and answered by me.
Back at the apartment, after the client meeting, answering apprentice mentoring questions.