It seems that everyone knows somebody who claims to have made a fortune in the markets. The problem is, everyone also knows someone who claims to have lost a fortune in the markets.
In the late 1990s, the internet craze had company prices going through the roof, with lots of new startups and overnight success. There were reports that even monkeys were picking winning stocks to build a portfolio of winners during that period of time.
There are rare times in the market when just about everything is working out, and many people get rich, and then tell everyone about.
Then there are the more common times in the market, when it takes more skills than most people possess to find trades that consistently produce gains. It’s in these market periods that many new traders lose money.
And while people who quickly make a huge pile of money are eager to tell EVERYONE about it, most people who lose in the markets are less likely to brag to others that they’ve lost a sizeable amount in the market. Those type of people are quick to warn others to stay away from the markets so they don’t lose their shirt… and maybe even their pants
And that’s what many people want to hear, believe it or not. It turns out that most people don’t want to put the energy or time into making a business work, or making a trading portfolio larger. They’re more than happy to listen to someone that says “don’t bother”, because, well, it lets them off the hook.
But if you’ve read this far, you’re probably someone who knows that we NEED to have our portfolios grow if we’re going to have a comfortable and fun retirement.
Those who have done any effort at all to figure out how to retire comfortably know that it takes more than savings account interest to get their retirement savings to grow – especially lately, when intrest rates have averaged far less than a miniscule 1 percent a year.
And we’ve all heard that Social Security alone is barely enough to live on even when living as modestly as possible.
Those who want a brighter future know that retiring with a large chunk of change is going to make things more enjoyable, and provide additional opportunities to do the things you always wanted to do, and provide for those you love. Many people dream of taking an RV across the country to see all the beautiful parks, visit friends, and see the world. Others have dreams to provide the funds for their grandchildren to go to college. And to do either of these things takes money. It means having enough to do things beyond having just enough to pay the bills.
“But I’m already saving money for retirement,”, you may say. Even if we’re saving already, many people would prefer to accelerate the growth of their retirement funds so they can retire early.
For those that aren’t even thinking about retirement yet, there are plenty of people who could benefit from knowing how to trade. We could use the learned skill of trading in the markets to generate more income on top of this week’s paycheck to do things that can create happiness for you and your family. Going on a vacation, being able to send the kids to a good college, or maybe even being able to buy the car or the home that is more in line with your dreams. (You still have your dreams, right? If they’ve faded a bit, that’s okay. It’s likely that if you can grow your portfolio, you will begin to find them again!)
So what’s going to get you there? Most of us have seen someone at the convenience store trying to use lottery tickets for their retirement plan. The odds of that working are greatly against us. We need something that is going to have greater odds of success.
For many, the Stocks, Options, and Commodities Markets are key. In the markets, we find plenty of opportunity for significant gains.
If we just start buying stocks without knowing what you’re doing, you may find that it’s not much different than the convenience store lottery approach. It becomes pure luck. And we need more than that.
We need a system: a strategy that guides us in our trading.
And there are many strategies to choose from. You’ve undoubtedly already searched for strategies, and realized there is no shortage. In fact, there are so many strategies out there, that most new traders move from one to another to another, endlessly searching for one that works.
As new traders, we jump to implement a new strategy, only to find that it isn’t quite delivering the astronomical gains it promised. We then lose faith that it works, and in that moment of weakness we hear about another strategy that has even greater promises, and we jump on it. Only to find again that it doesn’t pan out. Then another shiny new strategy appears.
We need to break the cycle of “Shiny Object” syndrome, where we jump from strategy to strategy, never having the confidence to make the strategy work. We need to find a strategy that we can see works, right now. We need to have the confidence that the system works so we can stick with it, and learn it, and make it work for us. At some point, pretty much all successful traders come to realize this, and if they still have funds to trade, they make a decision to make a good strategy work for them . They stick with it, and give it a full 100% chance.
So how do we know when we have a strategy that we can stick to?
A key part of finding the “right” strategy to finally focus on is finding one that’s right for YOU. That is, it’s a strategy that you can make your own. It needs to be a match to how you’re willing to trade, and in the markets and time frames that you want to trade. If a strategy is trading the S&P Futures from 10 AM to Noon, and you have a day job, then that’s probably not a good fit. Someone who works during the day would likely benefit from a trading system that allowed decisions outside your work hours. For example, a multi-day swing trading approach may work best for someone who works 9 to 5.
Other traders have the time and energy to be at a computer for a certain part of the morning, where they can dedicate and focus their attention. This might be someone who works in the evenings or weekends. A day-trading strategy may work best for them.
If you’re retired, and you have full control of your time, then you can choose a strategy that works for the time that you want to trade. If you’re an early riser, then a strategy that takes advantage of the London session may benefit you.
And if you’re someone who’s not located in the Eastern United States, you may find that your day job doesn’t interfere with trading during the New York market timeframe, so a strategy that trades the New York session might work. Again, all of these things help determine which strategy works for you.
But it’s not just a matter of time, it’s also which markets you prefer to trade. Some people want to trade stocks, others options, and others commodities. And some don’t know enough yet to know which would be best and why.
Rarely, you’ll come across a system that can be used universally. That is, a set of strategies that can be used with equal success whether it’s implemented on a short timeframe, or a long timeframe. And, it can be equally applied to various markets, including Stocks, Options, Futures, Forex, etc.
When it came time for me to finally select my “last” strategy set, this was a key requirement. If I’m going to dedicate the time and energy to learn a system, I don’t want to have to learn a completely different approach to trading longer-term than shorter term. I don’t want to have to use an entirely different approach to trading futures versus trading equities.
Of course, there will be some differences, but what I mean by “universal” is that I can take the same approach to analyze a market on a 2-minute chart as I do in trading on a daily chart.
Why? Because, first of all, it’s easier to learn and remember.
But more importantly, it means that the approach is truly universal. If there’s a 2-minute setup that I recognize to place a trade that lasts minutes to hours, I want to use the same setup on a daily chart that can last a few days to weeks. It’s simpler that way. Less complexity means fewer mistakes.
And it makes more sense. It means that fundamentally, the principles are universal.
For years, I thought that this type of universal trading was non-existent. Perhaps that’s why Shiny Object Syndrome exists. We’re searching for that system that finally provides what we’re looking for. The system that works. The system that we can understand.
The system that makes sense.
And if you’ve ever tried to use someone’s trading system, it really helps if we can identify a “great” trade from an “okay” trade. Not to pick too much on “black box” systems that are out there, but these systems don’t reveal how they’re working internally. You have to trust the system’s outputs.
When a system isn’t transparent, then we cannot get a feel for whether one setup is better than another. The makers of these systems tell traders that they must take every trade, and it will work out over time. That can be extremely frustrating, especially to someone who’s portfolio funds are limited.
For me, I want to know when one trade has a better chance of working than another. That is, I want that transparency, so I can tell a great trade from a barely-passable trade. When just starting out, it’s prudent to only take the best of the best setups so that the likelihood of gains on the trade is higher. Yes, you’ll need to pass on the not-so-perfect trades, but if growing a small account is important to you, waiting for the next better trade setup is more important than getting in every trade.
And, once you have more experience and perhaps a bigger risk tolerance, you can relax your demands for all the planets and stars to align before taking a trade. With less fear of a single trade’s loss, you can maintain your confidence by using your gained experience to know which non-perfect trades will get you to your goal faster. And that can only be done when you know enough about your system to be able to distinguish the likelihood of each trade. Transparency is key.
And perhaps the final key in finding the “right” system that fits your style and needs is in having someone to help you through the learning phase. Sometimes a trader’s best weapon in their market is having a coach, a mentor. You mentor will help explain the parts you’re fuzzy on. They’ll demonstrate how to take the trades live. They’ll share their experience with you so you can wisely use their knowledge as a foundation for your own accelerated growth. They will help you to identify any weaknesses you may have that could use a little correction. There are many times that there’s just one small thing that needs to be adjusted to make the difference between failure and success.
Your mentor has been there, and knows what it’s like to be in your shoes. They will guide you forward, and encourage you to continue until you reach your own goals. And then they’ll help you set some new ones.
The power of a mentor cannot be understated. And that’s why it’s one of the key components of the strategy suite that I finally focused on.
Now of course you’re asking if this is just a dream. Surely no one out there offers all these things – the suitability of the approach to my interests, the universal nature of trade setups and execution, the transparency that identifies the likelihood of success, and the mentoring guidance to help you every day to achieve your goals.
Don’t worry. You’re not dreaming.
It does exist.
The strategy solution that offers all of this is provided by a small but dedicated and focused company called Microquant, and they provide their services through their website, BasecampTrading.com.
You see, the concept of mentoring was so important to Microquant, that they built their educational products around the concept of climbing a mountain. Which mountain? Why not the highest in the world? Everest, of course. And those who are familiar with or read about anyone who has climbed Mt Everest, they almost always reach their goal with a guide. A Sherpa. Someone who’s been there before, and knows the ropes.
The instructors at Base Camp Trading can be your guide as you ascend to your own goals. Find out what makes Base Camp Trading worth a look. And you can do so, right now, without a huge obligation.
And Base Camp Trading is ready to get your started. They’ve just created a new program to help new and even seasoned traders come up to speed as quickly as possible. It’s called the 30-Day Trading Challenge, and is ready to help you get started in trading. It’s also for those who’ve suffered from not finding a solution that works. And you can get started now for just $7.
Imagine where you can be just 30 days from now. You could skip by this offer, putting it off as you muddle through doing what you’ve been doing.
Or you could be starting to build a new foundation on a proven trading system and strategy that adjusts to fit your style, with a new understanding of the potential that the market can provide, and reignite the potential in yourself. Grab the 30-Day Trading Challenge offer and start your journey now to reach new heights in trading for the success you deserve!
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Joining BCT is one of the smartest things that I have done. It’s everything that you said above! I’ve been trading on and off for over 30 years and like you mentioned, I spent a ton of money and my problem was that I never made any money. So I would quit the trading and vow that I would never do it again. Months or years later I would forsake my vow and give trading another try. This time is different, I finally found a system that I love with you guys. I am trading the 11 Hour Options. It fits me perfectly! Thank you so much, I have finally found a home.