Maintaining Control of Your Investment Money - June 12, 2008
This is something that I learned later on in my investing career. When I first started I didn’t care who was in control I just wanted my money out there in an investment earning more interest then the bank was paying. I thought that the returns would stay high as the previous years, and that the moment things changed my broker would call me and suggest changing markets. I was nave to think that other people would care for my money the same way that I would. This was a painful lesson.
I can still hear my father saying, “Bob, no one will care for your money like you will”. At first I was a little bit confused. I thought surely my broker and banker wanted me to make money, and they do. Just remember that they want, and need to make money as well. This is their first priority and there is nothing wrong with that. You just need to keep control and determine your own destiny.
Remember there is only one person that is ultimately responsible for your money and that is you! Brokers are there to guide us and give us tips, but we have to take in that information and then make an educated decision concerning our investing. My first investments were way out of control. If someone were to ask me why I invested in that trade I had no answer! “Because it looked good” I would say! I was on a path to disaster!
When we work side by side with our brokers we will make a lot of money. When we educate ourselves and ask educated questions to our brokers. When we can sit down at night and say, “I invested in that trade because I think it will make money because.”, and then list several reasons! This is having control, and this will ensure a very rich future and a life worth dreaming about.
Have you ever loaned your car to someone? I have more then a few times and I hate it every time. I see the people driving off and they throw there empty Coke can on the floor board of the passenger seat as if it were the trash can. It makes me mad! Why? Because I worked hard to buy a nice car and I just washed it. I don’t want sugar stains and stick floor mats. But my friend isn’t interested because once he is done borrowing my car, he gives it back to me. Money is the same way, I repeat, “no one will take care of your money the same way as you will!”
When trading in any investment the possibility of being successful is high. As long as your maintain control of your investment. I know several people making a lot of money in the Forex market but this is because they have total control of their money at all times.
When trading in the Forex market you can keep 100% control of your money. Even when trading online through a trading platform you make all of the decisions. You set your own stop losses and can determine how much you are willing to loose. Most trading platforms have a live person to help walk you through your trades if you need them. This is most definitely in favor to you making more money. When you can combine their help with your decision making you can be very profitable.
If you don’t know much about Forex trading then log on to the website below. You will find a free e book that you can download and also many other articles that will help educate you about Forex trading. Happy Trading!
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