For the last two days, we’ve talked about how that ‘Trading Psychology’ book won’t fix your problems, and how there are three things you must attend to first, or you’re just wasting your time

If you missed them, you can read the first one here and the second one here

Today, you’re going to discover the third critical matter you must attend to if you want to have any lasting success in your trading, more than just the short winning spells while riding the roller coaster that trading is for most

This matter is arguably the most important part of the plan

But in trading, it never gets discussed

In other groups it does

In fact, it’s given a tremendously high priority

And there’s very good reason for it, too

Because this part of the plan is really what determines if the rest of the plan has a chance

If this part is weak or not at all addressed, the venture is almost certain to fail

So what plan are we talking about, what part are we talking about and who holds it as a high priority?

When business investors like Angel Investors and Venture Capitalists look at a business idea that has been brought to them, they absolutely insist on a business plan, and the Executive Summary is usually the first section of the plan.

Why is this?

The Executive Summary goes into detail on WHO is going to be executing the plan and their qualifications to make the plan a reality

It specifically reviews the prior experience they bring to the project, any pertinent training they’ve had and generally why they are the ones to put the plan into action, and manage things during the startup phase and then run the operation when the business is mature.

You can have a great plan, but if the people responsible for making it happen aren’t qualified, if they lack the necessary skill sets, knowledge and insights to make it happen effectively and efficiently, the odds of success in a reasonable time frame are poor at best

Starting up and running a successful business venture takes time even when things go great,

but if the people in charge are NOT qualified and try to learn as they go, figuring things out on their own, this is why reaching sustainable profits takes forever and often doesn’t happen

Often, when the people in charge are not qualified, this is the primary cause of ultimate failure because of all the waste that occurs sapping the company resources to the point that capital runs out before profitability is achieved

So how does this relate to trading?

Most people that get into trading have no related experience to bring to the matter, and the training they receive is often little more than enough to make them dangerous to themselves

In short, most individual trading operations are being run first of all without a plan, and secondly being executed by a person with next to no qualifications

Sad but true, and if this sounds familiar, don’t feel bad.

I bring this to your attention because I am pretty sure that you’re sincere about making your trading business a success

Trading IS a business and that’s why a proper business plan is a foundational matter to have in place for predictable profits and peace of mind – that’s why we discussed that in the first article in this series

And the critical part of YOUR plan is making sure that if you don’t have any prior experience you bring to trading that properly prepares you to organize, plan, start up and run this operation, AND handle the day-to-day trading activities, then proper training is what you need

Trading is a seemingly simple occupation / business, so most jump in assuming that they can just figure it out in relatively short order

They (like many struggling small business owners) presume that all they need to is get profitable, and then everything else will just somehow fall into place for a long term money machine

The reality is that having a profitable month even once is by itself a respectable accomplishment,

…but making money consistently and reliable over the long term doesn’t just happen

That’s why some traders are able to get profitable for a month or two, but can’t maintain it

To make your trading a long term, reliable source of revenues, this requires certain skill sets

And there are two roles in particular where very few traders get properly trained and equipped with the skills and tools to create a sustainable operation

Tomorrow we’ll review those two roles and how you can get what few traders do – proper qualifications to make your trading business a success with a high degree of confidence

Keep an eye out for the next email and read it when you get it!

Cheers

Brian McAboy
The Trading Business Coach