“Once you take the desire to make money out of your trading and put in the desire to do what good traders do, your mindset shifts and allows you to make more good decisions.” – Craig Cobb
A Step Between Penury and Solvency
Alan (names in this text have been changed) has reached the end of his tether. His handiwork is not enough to feed him with staple foods, not to mention paying his rent. He’s getting old and he needs to get married so that he can start a family, but he can’t even afford the lowest-key wedding ceremony. He wants to gather some money for his wedding. He applies to a chemical factory and he’s hired immediately. It happens that anyone who applies there will be hired immediately because no educational background is required. Besides, the strongest man in the world can’t work in the factory for one year.
Alan discovers that the working conditions are so ignominiously abject. Apart from the fact that you must work for a minimum of 12 hours per day (84 hours per week), with very hard labour, factory safety has a zero rating and the pungent chemical itself carries a major health hazard. If you get injured, you’ll be fired with no first aid. The monthly salary is less than $100. You are penalized for coming late to work and $3 is deducted from your salary per day if you’re absent, even if your absence is due to heath issues.
Alan likes to work hard and he’s hardy, yet he quits the job in less than three weeks. The stinking chemical is taking tolls on his health.
Samson’s wife is dead, leaving three children for him to take care of. Samson believes the only way to honour the memory of his dearly beloved wife is to take good care of her children. Although his income is not that much, he manages the money well so that the children can attend school and have access to a basic balanced diet.
Suddenly, Samson’s boss announces that the firm is no longer making profits and all the employees will be laid off in a month’s time. The firm folds up. Since then, Samson has been looking for a job – any job – without success. He lives in a country where over 40% of able-bodied citizens are unemployed. The kids are now suffering: they’re out of school and malnourished.
Alisa is a full-time housewife and a responsible mom. She’s resigned from her work in order to attend to her kids, for she’s worried that her kids may suffer some disadvantages if she and her hubby have to stay away from home for economic reasons.
Alisa, however, perceives that her husband’s income would be barely enough to sustain the family. Therefore, she needs to look for some passive income to supplement the family’s income and possibly safeguard their future.
Life is full of risk. Someone loses an election after a huge amount of money has been spent. That doesn’t make it improper to spend money on elections. Someone starts a transportation business and ends up running at a loss. That doesn’t mean that transportation business is bad. Someone loses his child after spending a fortune to bring them up and educate them. That doesn’t mean it’s wasteful to take care of one’s children. Someone purchases some valuables that are eventually stolen, but that doesn’t mean it’s wrong to buy valuables. A movie or an album is produced, but it does not sell well (a floundering title or a crashing failure). Do we then need to tell people to abstain from movie or album production? A dear brother is ill and hospitalized. We pray fervently for his recovery; yet he dies. Does that mean prayers are useless? Someone’s house is destroyed in a natural disaster, but it doesn’t mean we should be preaching against owning a home. Someone’s marriage crashes after spending huge sums on the union. Does that mean it’s wrong to get married? Someone has an accident with his car. Does that mean one shouldn’t buy a car? The list could go on. Doctors jailed. Ferries capsize. Mines explode, etc. The list of professional hazards out of trading is inexhaustible.
The fact that some people lose in trading doesn’t make it a bad career. This is in a huge contrast to what members of the public believe. If they see one negative trade, they start preaching to people to avoid trading like a plague. These are the people that suffer losses in other areas of life but they don’t see bad things in them. If you don’t know successful traders, there are many of them.
Many people see trading as being risky. Yet, they lose heavily in other aspects of life. The majority of people start small scale businesses; but statistics shows that over 90% of small scale businesses fail within their first three years. Think of an easy job, millions of people are also thinking of doing that job. The economy is already glutted. Generally, the jobs and trades that every Tom, Dick and Harry finds easy to do or start scarcely bring financial freedom. The kinds of jobs that bring real financial freedom – like trading the markets – are what most people abhor and find extremely challenging.
Some educated people are suffering because they believe in ‘I beg to apply’ mentality. After all, that’s the reason why most people go to college. One of the most difficult things one can do now is to seek and get a good job. The number of school leavers continues to outpace the number of jobs created and the situation has high chances of getting worse.
I know somebody who wanted to get employed in a popular oil company. He was told to get a master’s degree, for he had only a bachelor’s degree then. He enrolled in a master’s degree program. After he completed the program, he went back to the oil company, only to be told that there was no vacancy for him. While his degrees aren’t a disadvantage to him, must he work for an oil company? Can you ask Deron Wagner or Anton Kreil to go for master’s degrees before you employ them?
Without financial freedom, the future looks bleak indeed. Most private companies don’t have retirement plans for their employees, even in developed lands. Most companies and organizations now prefer contract staff. Do you want to put your financial destiny in the hands of your boss?
You may be working right now (or even self-employed), but do you think people will still need your services at old age? If you’re a plumber or a driver, would people still give you jobs to do at old age, when there are numerous young men who are also competent? Have you even saved enough money for your old age, or do you expect your children to support you then?
Growing older is no offence: it’s a privilege. Nevertheless, some employers wouldn’t consider you if you’re above a certain young age. They’ll tell you: “Applicants who are above the age of 25 need not apply.” Can they ever say that to David Tepper or David Harding?
Nothing ventured, nothing gained; and to do nothing is to become nothing. If you can become a successful trader, you’ll attain financial freedom. You aren’t going to be retired, for you’ll continue to trade in your old age. You’ll trade leisurely and effortlessly and get rewarded. People like Van K. Tharp and Joe Ross are elderly traders and they’re successful.
The older you become and the more years of experience you gain, the more valuable and the more sought-after you’ll become.
Trading is a serious business. We want you to become a successful trader. While people complain of economic hardships, you’ll only be smiling all the way to your bank.
This piece is ended with the quote below:
“…Trading is the art of paying the price for something you want. It is the art of regarding fear as the greatest sin, and giving up as the greatest mistake. It is the art of accepting failure as a step toward victory.” – Roy Longstreet
Taken from the book: “Unlock Your Potential with the Realities of Trading”
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