Page 16 - Trading #101 Course – Part THREE: SETTING UP YOUR BUSINESS – www.traderscoach.com

TRADING #101 COURSE – PART THREE: SETTING UP YOUR BUSINESS – WWW.TRADERSCOACH.COM

astronomical. High interest rates on financing only reduce your
chances for success. Negotiate wisely and from a position of strength.
3. Plan, plan, and plan some more.
When caught up in the romance and enthusiasm of an innovative new
business venture, it is easy to forget to plan. You get swept off your
feet, and before you know it you’ve invested time and money into the
venture before you’ve done a feasibility test and business plan. It’s like
falling in love; your adrenaline is raging and you get blinded by the
excitement of new possibilities and opportunities. It’s totally normal and
very common. The problem is that, if you don’t catch yourself in time,
you can get too far in and set yourself up for failure without even
realizing it. There are things you may do that are irreversible, and that
may jeopardize the entire operation. Caution: Plan early, plan well, and
plan now. You can refer to the business plan in Chapter Nine 17 of this
course. That will get you on the right track. And, yes, it goes back to
item number one in this list - doing a business plan is a lot of work.
Trust me; the time you spend on your plan now, will save you money
and time later.
4. Start your business for the right reasons.
If you are starting a trading business because you want to get rich and
not work very hard, you are doing so for the wrong reasons. First,
trading is like any important occupation or business; it takes a lot of
effort to get to the master level. And, let’s define master level as being
able to earn a living that supports your lifestyle. Becoming a doctor or
lawyer takes years of education and intense dedication. Trading is no
different. Are doctors and lawyers and traders’ rich? Let’s define rich
as they live comfortably and have a nice lifestyle for their families.
Then yes, doctors and lawyers and traders can be rich. But there’s no
free ride; they all must work at it. The right reasons to start your trading
business are that you love the work and have a passion for it, you have
an aptitude for the business, and you believe you can be successful.
5. Be resilient and persevere.
All great visionaries, entrepreneurs, and innovators have qualities of
resilience and perseverance. You may start up your business and
there will be smooth sailing and then out of the blue you may get
blindsided by some unforeseen disaster. Those that who know how
survive have a cool head, know how to turn a bad situation into an
opportunity, and if nothing else learn from the experience. The non-
survivors will panic, become paralyzed, and miss opportunities to
counteract the disaster. Non-survivors tend to feel victimized by events
and people and usually have an excuse for everything instead of taking
responsibility and working on the problem. With any problem, it is not a
question of “Is there a solution?” but a question of “Which is the best
solution?”. Remember that. Another thing to remember is: No matter
how well your business is going, do not get over-confidant or cocky.

16 | P a g e