Wealth Creation (How urgent is it to you?)

err no, my Elton John avatar was derived from a joke i shared with TheBramble a few weeks ago. reminds me i need to change it soon.


with regard to the reason why i am trading - well, i have posted this a few times before, but that it is so that i can try to fund/start a professional golf career.

i love the game, and feel that i have a decent enough talent at it. however it will require considerable application and practice (a bit like sex) before i am good enough to turn professional (again, a bit like sex lol)

i am pursuing this trading career to build up a sizable sum of money to fund the necessary groundwork that this golf venture will entail. i know not if i will be successful, but there is only one way to find out..

this is why i trade on slightly more leisurely time-frames than a lot of people here (some weekly trades, others mainly EOD), so that i can a) do my current job, and b) when i do start to up the golf practice i can still make trades on a daily basis by placing a trade once a day, as per my strats..

the problem is that i am eager to embark on this new adventure sooner, rather than later, and so i occasionally run into the problem of trading too much size. this is something i am seeking to address.

is that the sort of thing you were after?

FC
 
I will back that up ''Richest man in babylon''...........Great Book, changed a lot of my direction.

good post by the way

Jay
 
The point is, ladies and gentleman, is that greed -- for lack of a better word -- is good.

Greed is right.

Greed works.

Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.

Greed, in all of its forms -- greed for life, for money, for love, knowledge -- has marked the upward surge of mankind.

GG
 
Hi Joules MM1, Finlayson,

Thanks really for you recommendations about ''Richest man in babylon''; the book has been enlightening to me.

Would you also recommend "Millionaire Next Door" for someone who is REALLY interested in creating wealth? According to Amazon, those who bought the first book also got the latter.

Many thanks.
 
There are two types; monetary valuation and satisfaction. Wealth should not be confused with rich. To be rich is to buy things to impress people we don't really like. To be wealthy (in a monetary sense) is to acquire that which creates further wealth. To be rich requires a build-up of spending whereas to be wealthy requires a build-up of money making assets.

In their book Millionaire Next Door, by Stanley and Dansko, the authors point out how the bulk of millionaires, who fit into the wealth category, buy cars that are three years or older and fit into a defined criteria as do most of their purchases.
Click to expand...

It amazes me why people what to impress other people at all, especially complete stangers., I get far more satisfaction from 'being mean'!
I see people on TV who are spending more than they earn, do not save, yet go on lots of holidays, buy cars every few years so they have a new number plate or the latest model.
They find it hard to comprehend saving or shopping around, getting the best deals, buying vegetables they have to peel instead of ready cook meals they put in the microwave.
They get no satisfaction making something that is very old last a bit longer or recycling things.

A throw away society that lives for the now.
And as long as they can pay a pittance to some third world person for their kidney whilst they overindulge then that is perfectly alright to them.
 
No one becomes wealthy by throwing money away. Therefore it makes good business sense to reduce costs where possible and this is something that I actively practice and where I am able to make cost savings then I do.


Paul
 
Reduce costs, yes, but what percentage of the worlds population do that? How many have actually got any savings? So very few in the world actually own any real possessions if you take away all their debt and I include mortgages here because that is generally a very big debt!
 
Hi Clylbw

have not read it . read another very similar & very good but cant remeber the title at the moment, will post it when it comes to me.

dont think u can go wrong reading good books. if your cup is not too full there is always something to learn. There are so many to recommend, I will look out for that title, next on my list is ''A road less travelled'' which a friend is reading at the mo. here is one that springs to mind , wont appeal to all '' Who moved my Cheese'', very simple, very entertaining, very enlightening if you are open to it.

happy reading
Jay
 
Wealth is not achieved by chasing money or indeed coveting it.
A love of money is the most corrosive of ideas, because it distorts the true objective, which is total mastery for the intellectual satisfaction that it yields, first of all.
Wealth is achieved as a by product in the pursuit of excellence encapsualted within the pursuit and ultimate attainment of total mastery. Thats all. You cannot complain that I do not tell you everything.
 
Wealth and satisfaction are two different things. Satisfaction is the consequence of the attainment of a goal, whereas wealth may or may not be the result. In trading total mastery comes first and then wealth follows and not the other way round. The great majority misdirect themselves by putting their attention on the wrong things, at the wrong time, in the wrong way, in the wrong order, in terms of priorities according to their own frames of reference, which for this proffession are totally unsuitable, as it does not allow for blunders, excuses, repairs or forcing.
 
"I am of the belief that all people are the same ".....I couldn't disagree more ...and the statistics are on my side of this view...basic fact we don't all have the same ability to create and retain wealth ....I could get a dozen people to read the same books ,follow up with trying to apply the priniciples in those books and I would get a dozen variable results..it isn't the simiarities in people that derive this result..it's the marginal differences between people ,that little bit more patience,that little bit more persistence ,that little bit less fear to take a calculated chance etc...unfortunately I am of the view that most of these attributes are more or less fixed by adulthood and as a consequence I take the view that most people coming to trading will have a sort of predetermined outcome to their endeavour...others may take a different view but for my part I can't think of a person that I knew as a child to be an inpatient prat who then managed to change that behaviour in adulthood..Guess I am saying you won't train away these weaknesses if you have them.
 
Joules MM1 & Cyl............thats the book 'instant millionaire' by mark fisher, good book ........thanks Joules.

will track down 'millionaire next door ' & read it. have read a few by mark Fisher, thay are good reading.
this is wise info

Jay
 
chump said:
"I am of the belief that all people are the same ".....I couldn't disagree more ...and the statistics are on my side of this view...basic fact we don't all have the same ability to create and retain wealth ....I could get a dozen people to read the same books ,follow up with trying to apply the priniciples in those books and I would get a dozen variable results..it isn't the simiarities in people that derive this result..it's the marginal differences between people ,that little bit more patience,that little bit more persistence ,that little bit less fear to take a calculated chance etc...unfortunately I am of the view that most of these attributes are more or less fixed by adulthood and as a consequence I take the view that most people coming to trading will have a sort of predetermined outcome to their endeavour...others may take a different view but for my part I can't think of a person that I knew as a child to be an inpatient prat who then managed to change that behaviour in adulthood..Guess I am saying you won't train away these weaknesses if you have them.
Click to expand...
Precisely, and that is why I keep insisting on character being the most important aspect of a trader's faculties.

If the aspirant is able to overcome the academic element of trading, this on its own is not enough.

The best traders are born the best traders.

Not withstanding this, a person with the right character can be nurtured along and refined.

Those with the diametrically the wrong character have no chance.

In addition, there are other faculties that come in very handy, memory, visual mathematics, visualisaton; in abstraction, in dimensionality, and in use of time, and a highly developed awareness as a result of being able to view everything holistically.

I have arrived at the conclusion that academically this topic can be taught and learned, but the great majority are not able to enact what they are taught as a consequence of character inadequacies, but only relevant to their perceptions of trading, wealth and freedom.

Kind Regards.
 
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