How You MUST View Your Trading
I want you to do something.
Find any source of mainstream financial media.
It could be TV, print, or online.
Next, find an advertisement from a major brokerage firm.
Look at what they are trying to sell.
How do they want you to treat your money?
It's usually 2 things-- you are either "protecting your retirement" or you are staring at the big, flashy red-green lights showing how active trading can be like a video game.
It's not either, and they don't want you to know that.
Trading is a business. Yes, it's cliche, but it's true.
But let's take it a step further-- and I want to show you how my revelation came about.
My Mid-Flight Revealation
Over my Christmas break, I was on an overnight flight to Paris, and I made the mistake of mixing up a few Irish Coffees as I had a ton of free drink tickets from an inside source.
So I'm hopped up on caffeine while my wife sleeps-- and I'm 6'7" tall so I can't really sleep on planes anyways...
I pull out my kindle and go through the random list of business books I downloaded while we still had wifi available.
The book that came up is called "The E-Myth Revisited."
This is an older business book, and it's well known and been around for a while.
The entire idea is that you need to treat your business like you would a franchise. Only then will you get the results you want.
It dawned on me-- it's not about treating trading as a business...
Trading Is A Franchise Business.
Think about what a franchise does best-- there normally is an Operations Manual when you open up a store that tells you how the napkins should be folded, how you should greet customers, what kind of lighting to use-- it's an absurd level of detail.
When you trade, your setups, executions, idea generation, what technical screeners to use-- they should all be treated like instructions in a franchise manual.
So that if you disappeared off the planet, someone could go to your office, read the instructions, and pick up where you left off.
Where do you start with developing your franchise?
First thing you can do is go through the past 6 steps to see how they help:
- why you need to focus on the systems, not the tactics
- how your systems need to line up with your own personality
- why understanding the risks is rule #1 in your franchise
- make sure that your systems are incredibly detailed
- knowing how options work before you put on a trade
- why using the greeks to manage a trade will give you a better system
And if you're working with a blank canvas, I can help.
If you're starting from the ground floor in options trading and want to understand how to really trade options, check out OptionFu, which is my options training course.
If you want to get a comprehensive trading setup-- essentially a mini-franchise, you'll want to look at OptionBounce, which is a profitable options swing trade strategy.
And, of course, if you have any other questions, you can always email me:
