Can I become a millionaire in a year? Can I make millions doing nothing? I need $ 100 000 till tomorrow, what should I do? We often hear such questions and linger with the answer. What can we reply to these absurd outbursts? People are in hurry to become rich, they need money immediately, preferably doing nothing.
But the truth is YOU CAN”T MAKE MONEY OUT OF NOTHING. No. You’ve got no magic stick to conjure the needed sum out of your hat. You can’t grow a magic tree with golden coins on it. All the other options assume doing at least something.
The truth #2 is YOU CAN”T BECOME RICH FAST. Have you ever seen millionaires who became millionaires in a week or two? I seriously doubt it. OK, those who won in a lottery make the exception, but it happens once in a thousand years. Besides, I strongly suspect that those “winners” are just figureheads. Do you really think W. Buffett earned his money while he was drinking morning coffee? Nope. Anything good in this world needs time, especially making money. Especially making good money.
So, here are two theses you have to cope with:
- You will have to do at least something to make a profit. Money doesn’t come out of air. Unfortunately.
- Becoming rich and making money in general requires time, so get ready to wait. I know that all of you are eager to become millionaires urgently, but there is no chance. Try to remember and keep in mind different examples when after a long time of work something beautiful sees the light at last. A painter need time to paint a picture. A writer needs time to write a novel. Every artist needs time to create a masterpiece. So what’s the problem? Trading is like art, you’re an artist and your profit is a masterpiece. Guess what you need? Time.
Everyone needs to become rich in haste. Right now, or, at least, by the weekend. Why is everyone in a hurry? Only a few dream of becoming rich in future (but that’s another story). All the others need money there and then. Wait a minute. Where were you, guys, before? Didn’t you know that you would need money one day – to buy a new car, to pay for rent, to raise a child? It seems you were just chilling, and now, when you’ve got empty pockets and you’ve got dumped on (which is quite logical), you are a glutton for millions. The answer’s a lemon! The truth #3 – ALWAYS THINK IN ADVANCE.
Some people write letters to me and ask how they can earn even more money, or complain they can’t earn a necessary sum, though they try too hard. Such people you want to help. I could not bring myself to be disloyal to them. Their story is quite different – they usually think about getting passive income, develop different sources of getting money, in other words – they strive. No. I’m talking about those who just sit back and relax and then rush to put money in their pocket. They look at you just as if you owe them money.
Recall how you earned your first benefits when you were a child. You probably sold lemonade or were paid for helping about the house. You started with small sums and didn’t dream of big money but you had a chance to save money to buy something big. The same happens in trading. Do not dream of earning a huge sum at once. Use small investments to make money and to make bigger investments later. Do not hurry. The truth #4 comes out of three previous conclusions – DO NOT HURRY UP.
If suddenly in your life occurred a situation when you need money badly (things do happen), trading (and expecting a fast profit, as well as betting your last $100) is a bad idea. Well, trading is ok, but it won’t solve all your problems at once. Do not expect that you’ll earn a few thousand dollars in the first day and cure your grandma or send your child to college. Think about such situations in advance, predict them and try to figure out the sources of additional income in case of incidents.
Because money does not fall from the skies, but I’ve already mentioned it. Always have some time in store. Trading also needs time, like any other activity. Starting to fire pots and to sell them, you do not expect to sell everything at once and get paid for it, do you?
Do not think that your broker owes you something and has to baby you. A reliable broker will always explain you everything and listen to you, but a broker is not a money printing press. It is still a broker. And a broker is an intermediate between you and the market, and all the transactions done or can be done in the market, and other market participants. A broker can do nothing supernatural. And CERTAINLY a broker cannot smarten a process of earning money.
In theory, you can earn big sums trading. Especially when you look at examples of famous investors. But not every person coming to trade becomes successful. If trading gave a 100% guarantee of success, anyone would become a trader then and earned thousands dollars. But trading gives no guarantees. Besides, it has certain risks that you have to manage with. Trading gives you a chance to earn, but you can’t be sure. And yes, of course, trading can bring much more money than, say, selling plastelin figures or building tree houses, that’s what makes it so attractive. For many people it is like a lucky ticket.
For some unknown reason there is an opinion, that trading requires no efforts at all. But in fact, you have to perform a lot of functions: money management, risk hedging, analysis, considering a lot of things. This isn’t easy. Who said trading is easier than surgery or book keeping? If someone really said so, it’s a crap. Occupation of a trader is very catholic (like any science) and feature rich.
So, truth #5 – TRADING HAS NO GUARANTEES. If everything was so easy, we all would be traders. You can take your chance, but try to ask yourself as often as possible: if I can get a guaranteed profit through trading, why all the others are not millionaires yet?
Truth #6 – TRADING IS NOT THAT EASY. You will have to develop certain skills and get certain knowledge. And you should be ready for that. Nothing makes trading easier than some other activities. You graduate to become a doctor or you risk to be a fireman, but you don’t find it all necessary to do to become a trader. There is no logic.
Also, do not use the money you’ve saved for something else for making initial deposits. No, I’m serious. I often meet people who sacrifice money they saved for education, for example, to start trading. In this case you’d rather become a pauper than a millionaire. It is better to have a spare sum.
To cut a long story short, I can tell you, that if you are inspired by the movie “Slumdog Millionaire”, take a deep breath and hold the horses. Even the main character in “Wolf of Wall Street” had a lot of strange stuff to do to become rich. And, as you remember, had to pay for it. Good luck to all of you!
That’s all for now. Got any questions? Just ask the expert!