Build Your Own ATM Machine
One of the earliest things I ever learned about the stock market wasn’t really about the stock market at all. It was a sales pitch intended to get me amped up so I would want to buy their system but what it did was inspire me to go out and learn on my own. What was this magic catalyst that drove me to the heights of trading I have now reached? It was a simple exercise the showed me how to create my own cash flow machine, my own personal ATM if you will. It only takes a few simple steps, an investment of your time and you too can turn trading from a hobby or pass-time into a financial base that can support you into the future. The three basic steps are the A-T-M; they are attitude, time and money.
It’s All About Your Attitude
Being successful is always about attitude. The people with the best attitudes, the ones that perservere and learn from mistakes always have the most success. The first step to building a cash flow machine is to change your attitude, or at least approach your trading with the right attitude. It’s OK if trading is just a game for you, something you do for fun or excitement, because it is fun, and it is exciting. Just don’t expect to much from the market, it is a cold hearted mistress. That is why so many people have a hard time being successful. By definition attitude is a settled way of thinking about or doing something that usually manifests itself in your behavior. With that in mind it only makes sense that if you think about your trading like it’s a game, you will treat it like a game and in the end you will get gamed. You have to take it seriously if you want to have serious results.
It Will Take Some Time
If there is one thing that everyone has it is time. You may not have a lot of time on a day to day basis due to your children, job, girlfriend etc but it only takes a few drops at a time for the bucket to fill with water. What do I mean? While your are learning to change your attitude you can also invest your time. If you only have 15 minutes a day that is OK. Use that 15 minutes to your best advantage, invest it wisely, and eventually these small drops of time will add up to a bucketful of knowledge. This might mean trading but what I really mean is learning. Reading about strategies, tools and techniques is only one aspect, you will also need to learn all about money management, position sizing and risk along with the psychological aspects of trading. Apply what you read to charts, study them, analyze them, keep a trading journal of your ideas until you learn every nuance of your chosen market. I have been trading for over ten years and learn something new just about every day.
Everything Costs Something
If there is one thing that working in binary options has taught me it’s that even free isn’t free. There is a lot of free information about trading on the internet. You don’t have to spend of ton of money there, you can learn what you need. Books are another matter, there are lots of great books about trading with information you can’t find on the internet. You can get them at the library, or from the used book store, if you can find them. In the end though, if you are really serious about creating your own ATM you will have invest some money into the market. It’s possible to start off with a small stake, as little as $20 with some brokers, but I suggest waiting a bit. Take your time, change your attitude, learn about the market and save up until you can put together a more substantial deposit. Then you will have to be willing to lose because that is the real cost of trading, and being successful. You have to be willing to lose, and learn from that loss, and then come back and try again until you reach success.
Treat It Like A Business
In the end my final thoughts are this; if you treat trading like a job, like a business, it will pay like a business. You invest time and money into your jobs and careers right? And they pay for your life. You have hobbies and play games too, right? And those cost you money, you spend on them. There is a difference. You can have just as much fun trading for a business as you can doing it for fun. It just takes some discipline and patience. If you can master that then you will be able to trade with your ATM machine your entire life. Think about your trading like it is a business, like it is a job. Pretend it is, do what the pros do, fake it till you make it, and one day you will be a profitable and successful trader with lifetime skills.