Synopsis "Why Traders Fail: Planning Your Way to Success"
Are you managing your own money? Are you a day trader, swing trader or investor? Are you thinking of entering the financial arena? If so, you are going to be involved in a very competitive environment where it is thought that most people fail.Benjamin Franklin is credited with saying, "If you fail to plan, you plan to fail". No truer words have been spoken. Most people who decide to trade and invest their own money have never considered planning properly. Ease of entry is simple. Open an account with a broker. Figure out a trade approach and give your money to the market. No consideration is given to planning the business, organizing for success, managing properly (planning your trades) and controlling, not just the business but the trade as well.This book takes you through the planning functions of approaching your trading and investing as a business. Find your vision through the vision statement. From there, learn how to establish long and short-term objectives. Organize for success. Developing a strategy before executing tactically is critical. Finding proper trade location is important before considering a tactical entry. Consider risk management techniques. Most importantly, setup and manage specific financial goals and then control, not just the business but your trades as well.One client of the author, when presented with an outline for planning his trading business commented that he had planned, started, operated and sold two very large companies. He had never considered planning for his trading as a business and planning each trade. Once he did, he turned his performance around.The book will help the novice trader to the experienced professional establish the planning, organization, management and control functions that will help in success. Most individual traders and investors don't know how to evaluate performance. The book takes you through the specific goal setting process that tells you when corrective action needs to be taken and how to manage risk appropriately for success.Take the first critical step in becoming a financial trader or investor. Plan for success. Plan the trade. It is an exciting business to be in, if it is run properly.Plan your business. Plan your trade. Evaluate your performance. Take corrective action, if necessary. Make your vision come true.
