Its been a Fruitful weekend for me!
So much so that i didn't have the time to Blog what i want to share here!
As stated in my previous post, I signed up for a course called the T3B trader course.
That was in Nov 2009! Come 2010, I attended the course and i learn a lot. That explains why i called it a Fruitful weekend! Duh >.<
Remember T Harv Eker's wealth principle?
One of them says that:
"MY MONEY WORKS HARD FOR ME AND MAKE ME MORE AND MORE MONEY!"
I knew what i had to do. I have to put my money somewhere, be it in business, or my interest, Stocks!
For the statement to be a Wealth Principle, It must be of significance isn't it?
You might be asking, So how does money work hard for you? WHAT does that sentence mean??
I'll try to explain according to what I've learnt from T. Harv. So here goes, the sentence generally means that we must make our money grow!
There are numerous ways to grow your money, Saving it in the bank is one. But ask yourself:
"Does putting $3000 in the bank really earns or GROW your money?"
I figured out that Putting any available funds at bank is only WORKING HARD for OTHER PEOPLE! True or true? TRUE!
The principle generally looks at how well YOU can manage your own money! If you're the type who will put money in a bank, I seriously advise you to reconsider.
Even buying a fixed deposit is not good enough for me! I know everybody's money management differs but what i want to say here is that it all boils down to one's risk appetite.
I am a stock trader and i do not hide. I've placed money into stocks and hear many advices about stocks.
Before i started trading, everybody is warning about how stock is volatile, How you can lose your whole savings in it!
That I have to agree! But at the same time, I have only one sentence for those who had lost money and turned skeptical of stocks.
"Why didn't you cut loss when you know that you're losing money?"
Unfortunately, these people makes up 90% of the traders we see in the market!
That being said, We got to agree that if you want to learn how to do something, The fastest way is to learn it from someone who already knows it isn't it?
Some of these traders or INVESTORS either buy stocks without a guideline. Or worst still, They buy upon listening to other people's tip on a particular stock. True or true? True!
If you think that's the worst, You're wrong!
Getting in a stock isn't the worst! What's even worst that that is NOT KNOWING WHEN TO GET OUT!
Here's an example, I can be a good friend and tell you to buy Genting stocks and you bought them, having fully trusted my words.
And true enough, Genting stocks went up, And you're happy counting your Unrealized profits! So, after making some Paper Profits, You're so confident that the stock will go up more that you carry on holding it.
Suppose 2 weeks gone, and the stock price starts to go down, I could have sold at the first sign of downfall while you could still be telling yourself that this fall hasn't really eaten up all your Unrealized profits! And so what you do? You HOLD!
Then, another 2 weeks pass, and this time, stock price falls back to the price you bought! So what do you do? You would have decide to hang onto it further, hoping that the stock will bounce back. And the story goes on and on. (P.S. You've become what we call a LONG TERM INVESTOR!)
But what i want to say here is that it is dangerous if a person is trading without the RIGHT mindset and Without a Definite SETS OF RULES, He/SHE will not know when to sell a stock! Yes or yes? YES!
There's a saying among our T3B traders:
"We are not scare about not being able to enter a Bullish stock, cause we're not even IN! But what we are afraid of is that when we are in, WE DON"T KNOW WHEN TO EXIT!"
I have written quite a little of Money Management and Stock trading. So Here's the summary, If you ever wants to grow your money that is to make your MONEY WORK hard for you. And you want to try trading in stock market, Please Learn the rules of the game before you get yourself into trouble!
After-all, You got to ask yourself, What is Education to you and how much are you willing to pay for this education?
I'll end today's motivational Post with a quote by Benjamine Franklin:
"If you think education is expensive, try ignorance!"
And here are my 5 Success for today:
1. I deposited $2.00 into my Financial Freedom Account!
2. I helped my mum sold her ComfortDelgro stocks!
3. I have completed my T3B trader course!
4. I had Fine Dining at Festive Hotel, RWS, at a discounted price of $23.00!
5. I met up with my Poly Friends and shared our SUCCESS stories!
With that, I'll end today's post with:
"YOU HAVE A MILLIONAIRE MIND!"
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