Finance related education is a life changer key!
Category: Personal development
One ambition, several paths to reach it!
When it comes to life, each individual on planet earth is different. Yet we all aspire to the same goal-achieving happiness. Of course, our definition of happiness can be different depending on who we are and our parameters within this definition or equation.
Indeed, we have to take into consideration first of all external factors we do not have control over; these could include; the country and time in which we were born, specific activities that surround our lives in unique ways, our environment, are among a few we must consider.
The other part would be the internal factors for which at least wholly or partially, are able to control. The ambitions or set goals, the network or company of people we keep, the job we choose, the way we decide to generate incomes (select business models), our lifestyle, etc. Another way to say it, somehow we are our contributor to our life change; it’s for this part just a question around personal engagement!
Knowledge as a lever for winning Freedom!
We do not have 100% control over these different elements, quite obvious. However, there is one thing for which we are all born equal on this planet: it’s our ability to learn. Whatever our origin, our location, our social position, each of us has come on the earth with the same Knowledge learning-related capital, and it’s the first step of all things in our life!
The first two important messages each of us must understand here is, first of all, that learning is fundamental for each individual for growing as a person to reach and realise our ambitions.
Then the desire to learn must come from each of us; it’s personal, it’s something that no one else will bring to you, I am the only one who has the key to open my Life change door, it’s locked from the inside, which will lead me to freedom, to my success and finally to my happiness.
Knowledge Acquisition = Time spent to learn x Passion level for the domain
Quite a simple formula to approach success mechanism behind the learning process
Indeed, you can spend a couple of years at university to study a speciality; if you’re not invested with this passion, we can assume quickly that you will lose your time, or you will have to compensate with a tremendous amount of learning time for obtaining almost 80% of the same result.
On the opposite, if as a person, you’re 1000% convinced that your destiny is becoming an actor or a singer, if it’s something you desire from the deep of your heart then it’s quite evident that your natural engagement will support you to support nights and days for learning, reading, being trained and to repeating with passion all this process along days, weeks or even years until the success will knock to your door.
Human is full of resources (sometimes hidden) to overpass his limits
“Education is the key to unlock the Door of FREEDOM!” (George Washington Carver)
Have you ever imagined competing with Raphael Nadal or Tiger Wood on courses without having spent time on Tennis or Golf fundamentals, studying their rules, on being coached, practising during a long time before being prepared to compete at the highest level?
Did you ever think about driving a 40t truck without having the dedicated driving licence, too dangerous, isn’t it?
Education in finance is crucial and is an essential step to belong to the very closed club of profitable investors (around 5% of traders according to AMF figures) I can see too many people on SN saying,
“Hey Guys, I don’t know anything about Trading and Cryptos, I’ve got 1000$ to invest, what’s your recommendations ?”. Fortunately, in a bunch of crazy advice, you’ve got few people to recommend taking their time to learn et educate in this risky discipline (even if it addictive as well ;-))
Engage yourself in the process of changing your Standpoint from the Trading perspective
In Trading, never forget your final objective of making profits and for reaching that, it can be a passionate nevertheless long journey
It makes this learning process layout as very important, and I’d like to share here with you the ten stages I ran along to reach this profitable trading in 18 months.
- Do not play with trading without learning: In that case, just do All in on red at the Casino.
- Read Finance related popular books for having general context, info is different from knowledge, but it stays a critical stage to reach this next one.
- Invest on a training course with an experimented trader, my best recommendation is to save your time and at the final stage your money: It seems for a bunch of people a kind of recurrent marketing argument, I thought exactly that during a long time but I was wrong at all: I spent more than 20 years in doing trading by myself, with feeling, without any education, as results I lost money with DOT Com crisis in 2000, the financial crisis in 2009,… And above all, having lost 20 years of opportunities to learn and be better.
I convinced myself to invest in trading-related courses in 2018 and let me tell you that I learnt 10x more in less than 3years than with the 20 years of lousy experimentation. From the economical aspect, Return on Investment was already reached in 2019! - Adopt and customise your Strategy: Thanks to your training, you will be able to start to adopt and customise your investment & Trading strategy, considering your Trader profile, you’ve got multiple Strategy possibilities.
- Take your time to test your strategy: Choose a broker and create a “Trading account for learning” (I meant not for real trading) you will only use for testing your method, I took nine months for that, to optimise it, considering my Trader profile.
- Think big, Start small: If you want to win confidence: I’ll warmly recommend first of all to collect small successes with numerous small gains, it will boost your trust, and you will discover the vast importance of Psychology in trading
- Think about Mental preparation, before entering into the most severe phase “Trading for real”, just take some time to understand that Trading is a sport, and as a sports Trading require robust Psychology. You must know that the most critical challenge in trading is not really to fix your objective and strategy behind your trade but to be able to resist your devil inside and to change your plan along the road.
When it comes to Trading or even Investing — Can it be my next story? Please let me know in the comments below if you would be interested in it ;-) — my understanding is that we’ve got three primary ingredients:
* 10 to 15% of Strategy
* 10 to 15% of discipline and routine
* 80 to 70% of Psychology - Open a Trading dashboard: In the learning process, the most important is to learn from your experience: Then to be able to do that, you need mandatorily to register all your decisions, all your trades, Profits and losses, performance, Use your Google sheet or an online Service, it doesn’t matter from the moment you’re comfortable with it (I do both).
Thanks to this tool and KPI, you will be able from time to time (weekly, monthly, each quarter) to just have a look backwards and measure your progress, to celebrate your success, and more importantly, to analyse your bad trade from a Learning perspective. - Capitalise on Knowledge-based experience, during your strategy building and optimisation; step by step you will add and customise some rules, I can invite you to map your strategy for adopting it as a daily routine and then, each time you register a bad trade, then try to convert your lessons learnt as a new parameter and/or rule in your strategy, improve it, make it sharp on a continuous way.
(I’m learning a lot in this process in my former job, for those interested in digging more in-depth in this critical stage, I’ll recommend you the book “The Toyota Way” from Jeffrey K. Liker, a lot focus on developing Talents internally) - Write what you do, do what you write! Bad trade with loss is 100% part of the Strategy! This point can’t be disconnected from the nine others above: Trading with success means using and taking profit of statistics for estimating the chance of success, somehow a question of mathematics.
I spent almost a year accepting that registering bad trades is 100% part of my strategy. From this moment, I unlock psychology for making right decisions.
Consequently, before accepting that (one of the psychological challenge I mentioned previously), I was afraid to lose money and even if I fixed my Stop lost(SL) level for closing the trade, I was not able to leave the price breathing, often the case I moved up my SL(long position) to reduce too much loss. And after closing the position earlier on SL, I discovered the price moving up again (as planned originally in my Trading decision)… without me…
Trading is for a significant part a mental challenge, a fight against you more than against the market, and it’s probably where trading is magic, addictive, and can become a passion for people.
“A journey of a thousand miles always begins with a single step” (Lao Tzu)
This Sharing is a way to show you the way I followed to make this first step which has changes my life forever; I would be happy to discover I contributed for a little to motivate you in doing the same and onboarding in this fantastic adventure of Wealth Management!
All the best to you
regards, Rémy
About the author
I’m Remy; I live in France, I’m a freelancer working to help companies with their digital transformation, and also I’m an investor and have traded for over over 20 years.
I’m SwissBorg Ambassador for France, and investor as well. It’s one of my favourites projects when it comes to building the future of the economy and wealth management thanks to decentralized Finance. It’s more than innovative, with this amazing Mobile app, it became simple and efficient!
The SwissBorg Wealth App is already a great success from its launch in March 2020, offers one of the best experiences for buying/selling cryptos and making the value of your digital assets increasing. Use this link below to discover this fantastic app. Sign in with your phone number to obtain your personal download link and discover the amount of your bonus, possibly up to 100€ in crypto, be welcome in the adventure!
https://bit.ly/airdropJusquA100eurosenBTC
About the wealth app adoption weekly metrics, French version: https://swissborgmania.landen.co/Analyse-Technique
Other languages version via google translate: https://bit.ly/EN_CHSBMetricsnCharts
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