Engineering Regular Income and Profits from Your Trading

Today's article is from my trading partner, Brian McAboy of Inside Out Trading.  Brian is a retired engineer and has a rather unconventional yet very effective approach to helping people become successful traders.  He's been helping traders for over 11 years, so he's been around long enough to know what works and what doesn't.

Take just a minute for this.  You'll be glad you did.

There are two very specific success traits that pertain to you and your trading. The first one is absolutely necessary for you to give yourself a reasonable chance of making it. And the second one is to keep you from wasting tons of time, money and psychological capital

Now as you know, trading is not a "get rich quick" kind of activity. This is NOT a place where anyone off the street can stroll in, grab a system, start throwing money at the markets and live happily ever after. Just doesn't work like that

Trading IS a true profession, a skill based occupation, and not a place for the squeamish or weak of heart. So for a person to expect to be "living the lifestyle" overnight is just not realistic. But the question then becomes, "How long should it realistically take?"

Too many traders let things go way too long in a less than satisfactory state

They simply let time to continue to pass, doing things generally the same way they have been for months on end, with the same disappointing results, well beyond what is really a reasonable time to allow

You see, there are generally two aspects of patience when it comes to trading:

1. You have to be patient enough for things happen, for your trading to develop and mature.
2. The other side of patience is knowing when you've reached a point where it's pretty obvious that your current approach just isn't working and it's time to stop, reassess, and change course.

"How long should it take?" is a common question, and the real answer is that you can get to the point of real, business like, reliable consistent profits in 3 to 6 months, a year at the outside

If it's taking YEARS, then something is wrong and you're really just spinning your wheels, wasting time and money and cheating yourself out of the success that you should be enjoying. There is also a huge personal cost to letting things take longer than they should

One trader expressed this very well,

"I've been trading futures for about 9 years now with inconsistent results.  I've made the usual mistakes, buying too many courses, focusing on the results not the process and being too impatient to trade to wait for valid setups. 

After listening to your video this weekend where you make the distinction between being patient in the beginning and giving yourself time, and beyond a certain point (3 - 6months) considering that it may be time to be impatient about your progress, this made me realize I've been allowing myself to coast for far too long, and that's impacted my confidence and the belief that I can turn trading into a business with a consistent return." 

Complacency, NOT being impatient when it's time to, is one of the biggest cost centers many traders have

There's the financial cost of missed profits and unnecessary losses, plus the opportunity costs of not enjoying the fruits of your time being spent on other matters of course, but she noted the personal, psychological cost as well

The thing is, you chose trading so that you could have freedom, financial and time freedom, not a J-O-B. You wanted trading to be a truly enjoyable activity that generates income and wealth and provides security and peace of mind

If you've been trading for more than a year, and your trading is not where you want it to be, nor is it really even close, and looking at the trajectory that you're now on, it doesn't look like you're going to get there anytime soon, then perhaps it's time to consider a different approach. That's why I suggest that you check out the training masterclass I created for you

Here are the details on the masterclass,

 "Rewrite Your Trading Story"

How to become a confident, consistent and profitable trader in 60 days or less even if you've never had a profitable month.

Here's what you will discover....

• The "Little 3" and the "Big 3" and Why the Wrong Focus Will Have You Chasing Profits Forever
• "The Gap" and How It Keeps Traders Jumping From One System to the Next, Without Ever Realizing The 'Easy Consistent Profits' Promised by the System Sellers
• One Specific 'Hidden' Lie Traders Tell Themselves That Continually Drains Your Time, Capital and Confidence
• Why Self Sabotage Goes On For YEARS For Most Traders, And How To Permanently Eliminate It From Your Trading
• The Four Stage Process To Make YOUR Trading Profitable And Predictable

Click Here to Register and Move the Needle in Your Trading

See you in the markets!
Brian McAboy
Trading Business Coach

5 Simple Rules to Evolve Past the Hot Stock List

By Andrey Dashkov

If you’re a typical small time investor, chances are you prefer to let a team of analysts fuss about such irksome things as correlation and beta. Maybe you’ve bought a stock because your brother in law gave you a hot tip, maybe you heard something about it on a financial news show, or maybe you just loved the company’s product.


Friends often ask me for “hot stock tips”—which is like walking up to someone at the craps table and asking what number to bet on. An accomplished craps player will have position limits, stop losses, income targets, and an overall strategy that does not hinge on one roll of the dice. You need an overall strategy long before you put money down.

So, what do I tell those friends asking for hot stock tips? Well, that they can retire rich with a 50-20-30 portfolio:

• Stocks. 50% in solid, diversified stocks providing healthy dividends and appreciation.
• High Yield. 20% in high yield, dividend paying investments coupled with appropriate safety measures. These holdings are bought for yield; any appreciation is a nice bonus.
• Stable Income. 30% in conservative, stable income vehicles.

Unless you’re starting entirely from scratch, you should review your current portfolio allocations, identify where you’re over or underallocated, and then look for investments to fill those holes. In our portfolio here at Miller's Money Forever, we separate our recommendations into Stocks, High Yield, and Stable Income to help you do just that.

The Art of the Pick

 

By the time an investment lands in our portfolio, we’ve already run it through our Five Point Balancing Test. When your boasting brother in law tempts you with a “can’t-miss opportunity” or some pundit touts a hot tech company on television, you can come back to these five points, again and again.

1. Is it a solid company or investment vehicle? Investing your retirement money safely is a must. How do you know if a company is solid? Take the time to validate essential company information, particularly when the recommendation comes from a source with questionable motivation.
2. Does it provide good income? A good stock combines a robust dividend and appreciation potential.
3. Is there a good chance for appreciation? There are two types of appreciating stocks: those that rise because of general market conditions and those that rise further because of the way management runs the business. We want both.
4. Does it protect against inflation? High inflation is one of the biggest enemies of a retirement portfolio.
5. Is it easily reversible? Ask yourself, “Can I quickly and easily reverse this investment if something unexpected occurs?” The ability to liquidate inexpensively is critical to correcting errors.

Marking the Bull’s Eye So You Can Hit It

 

It’s worthwhile to write down your goal—including an income target and the price at which you’ll sell if things head south—with every investment. After all, if you can’t see the bull’s eye, how will you know if you’ve hit it? Buying any investment because a trusted adviser, newsletter, or pundit recommended it is not a good enough reason. Buying because your portfolio has a hole, you understand the company, the investment vehicle, the risks, and the potential is.

Remember, retiring rich means having enough money to enjoy your lifestyle without money worries. Do your homework on every investment and you’ll make that pleasant thought your life’s reality. Every week, the Miller’s Money team provides no nonsense, practical advice about the best ways to invest for your retirement in  Miller’s Money Weekly Sign up here to receive it every Thursday.

The article 5 Simple Rules to Evolve Past the Hot-Stock List was originally published at Millers Money

Get your seat for our next free webinar "Low VIX and What It Means to Your Trading"....Just Click Here!

How to Grow a Small Trading Account into a BIG One

He's back! Our friend and trading partner John Carter of Simpler Options is back to answer the number one question he gets at the Simpler Options phone bank...."how can I trade using a small trading account"?

As you have probably already learned [like all of us] trading fees quickly erode our trading accounts even when we have some success when using a small account. Today John shows us how to put that all behind us.

Growth is on our minds, and I'm sure it's on yours.....so watch this free video from the industries leading educator and start growing and protecting your account today.

How to Grow a Small Account into a BIG One

Here's what you'll learn from John......

   *   The difference between trading for income vs. growth and what no one else will tell you about this

   *   The # 1 job of every trader has to accomplish or look for a new job

   *   Why you don’t want to focus on being right in trading and yes this is counter intuitive

   *   Examples of my favorite trades for growing a small account

   *   Position sizing appropriately for a small account and the types of stocks and ETFs to trade

John shows us all of his trades in his real 5K account that he'll be growing right before our eyes. And John explains in detail every method he uses to make it all happen.

Watch the video here...and thank me later

See you in the markets,
The Gold ETF Trader

P.S.  please feel free to leave a comment after watching the video, we want to hear your take on what John is doing.

Come Monday morning....will you be trading with us or against us?

Did you make it to John Carters webinars this week?

If not it's not to late to see what you missed, here is a replay of one of the webinars.

What's next? Some of us are starting John's training classes this Saturday. And we'll be putting these methods to work first thing Monday morning. Click here to sign today

The week got started when John showed us some live trades that proved that his methods of trading were working for anyone and everyone.....no matter how much money they had in their trading account.

Here's just a sample of what the webinars covered.......

*   The difference between trading for income vs. growth

*   Why attempt to double your account "before" it goes to zero in 12 months or less

*   How to control risk while being an aggressive trader

*   What Stops to use and when

*   The mindset of an aggressive trader

Click Here to Register for classes starting on Saturday

Come Monday morning.....will you be trading with us or against us?

See you in the markets!

The Gold ETF Trader

John Carters "Small Account Growth Secrets" Webinar

Last week we showed you some live trades from our trading partner John Carter that proved....with the right mindset and a little training anyone can earn a regular income trading.

Whatever your account size, if you're focused on trading for income, then you need to attend one (if not both) of the webinars that John Carter is putting on Tuesday, June 11th at 8:00PM New York Time or Wednesday, June 12th at 1:00PM New York Time

You can reserve Your Seat HERE now as there is limited seating available.

Here's just a sample of what John is going to share.......

*   The difference between trading for income vs. growth

*   Why attempt to double your account "before" it goes to zero in 12 months or less

*   How to control risk while being an aggressive trader

*   What Stops to use and when

*   The mindset of an aggressive trader

Click Here to Register

I will be attending and hope to see you there!

Ray C. Parrish
The Gold ETF Trader

John Carters "Small Account Growth Secrets" Webinar

Bullet Proof Trading.....The Roadmap to Consistent Monthly Income

Doc Severson just posted a report called "The NEW Road map to Consistent Monthly Income" where he exposes the real truth on diversification and why even some of the best trading strategies are under performing.

Click here to get this special report "The NEW Roadmap to Consistent Monthly Income"

And you'll be surprised because this has nothing to do with any other trading system you've seen advertised or the talking heads on CNBC, Bloomberg or Fox Business suggesting. Yet, it's so important that it should be kept on the desk of every trader in the world. And that's probably what you'll do since you can download this 60 minute presentation that includes a 14 page financial blueprint to access and use at anytime.

If you've been struggling with making money and just want to find a simpler way to manage your accounts and draw a regular paycheck you need to watch this video now. Doc's road map is broken down into a 4 step process that can almost bullet proof your income from ever getting slammed by the market again.

"The NEW Road map to Consistent Monthly Income"

After watching the presentation please feel free to leave a comment and let us [and our readers] know what you really think about Doc's new system. And since you can put this method right to work...no matter what the size of account is....we'll see you in the markets next week.

The Gold ETF Trader