What is your backup plan??

I have read somewhere "the moment you have a backup plan, you have already admitted you are not going to succeed"

What are you thoughts on this @Leo2413?

 

I would seriously consider starting a business like the one i work for once any non compete clauses kicked in. They use statistical merhods to predict outcomes of sports matches and bet on them. Almost a license to print dollars.

 

Great stuff @Jess Peletier .
Do you still trade periodically? Any specific methods you prefer (generally speaking). Were you happy with the results you were getting? Do you find you need to have a certain amount of money to make it worthwhile.. or not particularly?


Sorry for all the questions! I just find TA traders who are successful at their craft really amazing.

 

Wish we could all be so lucky as you @ellejay !!

 

I think that's a crazy attitude.

There are so many ways to make good money, why restrict yourself to one asset class and even within that asset class one method?

 

Heard it too mate. Thats why i stopped trading completely. ( i was never brilliant or even great at all, but some nice 'wins'. So i decided to stop completely as i didnt want it to distract me from property. But i do think its important to have options in the back of your mind somewhere. Its like going into a development and banking on the fact that council will give you the DA you want 100%, and not having a plan b, c, and d just incase they wont.

 

Mixed results Short term forex I didn't have much luck, lost money but was practicing with a tiny pot so it didn't matter. I also completely burnt out from staring at a screen all day. That said, I learned so much that I'm confident I could succeed if i started again - I would create a slightly longer term method, no shorter than hourly charts that don't need constant monitoring.

I did better with shares (via CFD's), and found longer term holds were the best rather than trading in and out. This is what I'll focus on when I get back in.

You do need a certain amount of money due to the entry and exit costs - it needs to be worthwhile. If the pot is too small, the percentage gain needs to be that much bigger just to cover costs.

In terms of methods, I use price action on candlestick charts. I love a bare chart, not into obscuring price with a million indicators.

 

Luck didn't have much to do with it, other than having good health and being born in a first world country. Anyway, I'm sure you've already also done well enough to be able to relax a little if the doors were closed on any further property investing

 

Sounds interesting @barnes . How have you been going since 2003? Any consistent returns to make it worthwhile for you? I agree with you it takes a massive amount of patience! Interesting that women do better...i wonder if there are actually any stats on this.


With regards to why would i want a mentor. I have always believed very strongly in mentors, and have done well learning from the right ones. If we dont need mentors then this forum is really obsolete imo. I think mentors generally have a 'bad' name because they are dime a dozen. Not easy to get a good one/the right one. Take a newbie for example. Wants to do a development. Gets mentorship from @Westminster or @Blacky or @sanj or whomever is experienced. The knowledge, contacts, time saved, reduction in risk, teaching and overall value they can pass on to the mentee could be staggering. It all needs to be put into perspective.

 

He will succeed Taku as there is a back up plan to succeed behind the back up plan.

 

I love knowing great skills people have so in the future if something comes up then i know who to chat with. Really interesting insights from you. Thanks a lot @Jess Peletier

 

I didnt literally mean luck

though i do find the concept of 'luck' really interesting i must say.

 

Wouldn't need a plan to find wealth.
Wealth would find me

 

very skeptical about that though...

 

What ever magnet your wearing, i want the same!

 

I'm pretty sure you're already wearing it mate.

In fact, I think it's more that most people are wearing wealth deflecting body armour and wealth is coming at them, but just bouncing back off and getting away from them.
Once the barriers are removed the wealth will stick.

 

I like to think of it more as having all my basis covered and planning to succeed for all eventualities. I always plan for the worst case senarios, because I know if I can handle them I have nothing to worry about.

 

oh lol
That is so funny.

 

Super....building that up quickly....if I had nothing...and just super..and qualify for the part pension I would do ok.

 

I'd probably try something simple, and boring, like an ASX200 Index Fund, that might help me get more comfortable in a mediocre kind of way.

As opposed to more outlandish ideas that reside on the edge of the risk radar.

Or over the edge.

Case in point:-

The hunt for conman Peter Foster's missing millions