Many of my posts have focused on the mindset and psychology of trading. My belief is, this is more important than the strategies you use. In this post we are focusing on a master of making money, Robert Kiyosaki.
Three key points that I personally took away from some of Roberts comments are listed below.
1. Taxes - You can never be rich if you are paying too much taxes, it is one of the big reasons I love spread betting. I don't need to declare this to the tax man!
2. He is always thinking about money - I have been focused, on trying to install this type of mindset now for about 5 years, my friends find me thoroughly annoying. But why do I do this? Simply to ensure my mind and more importantly, my sub conscious is not sabotaging my attempt to make money.
3. Passive income from his property - One great point about trading that some people fail to do, is take money out and re-invest some of the profits. Why? Trading is a strange thing; some people believe that you should continue to compound your winnings and make more money.
This can be a recipe for disaster; there have been some instances when winning traders have lost all there money, mainly due to greed and the high of winning. If you are a successful trader? I HIGHLY RECOMMEND that you take some of your winnings out and re-invest into property etc!
This weekend, I will be attending the beginner’s rolling stocks course with Marcus De Maria. I am adding the strategy to my trading; this is because the risk reward ratio is so good.
Trades can last for a week but the percentage gains are huge compared to risk reward. It’s like a top up, on my trading portfolio. I will post some pictures from the event!
To Your Trading Success!
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