Yes it’s true. I guess trading the stock market is not exempt from Pareto’s Principle. The 80/20 principle as it is known, or the “law of the vital few”. The few that makes up of majority of the results.
In the movie/documentary, “The Secret”, Bob Proctor paraphrased, “1% of the population holds or controls 80% of the world’s wealth”.
And yes, Continue reading
We were a regular group of guys (still are) that came from the working class and self employed.
I, Michael, worked in restaurants for 12 years until I managed to do what I love to do full-time. I worked my tail off making my way up the kitchen ranks. I was a general manager of an independent restaurant/catering company when I left. So, no one can tell me that I didn’t work for where I am at now, nor tell me it’s impossible to reach financial freedom status from the working class ranks.
I started trading while I worked my 8, 10, 15 hour shifts. The hours I spent trading and managing my account made up of upwards to 18 hour days with my work hours. It’s because I live in Hawaii and when the markets open it’s 4 a.m. here (5 a.m. with daylight savings). So, in the beginning of my trading career I spent time getting up to place my orders and what not. You know how it is being a beginner trader, the adrenaline, excitement, and you want to micromanage ever trade and watch the ticker symbols move. It’s a good thing that our strategy developed later was a semi-automatic strategy. More on that later.
My partner in founding our little team is Danny. Danny was self employed running his tow service business that he inherited from his father. In fact he still has his business, but he just owns vested interest in it while his partner takes care of the operation.
Danny is the very analytical type which is ironic because I’m kind of the opposite from him. I’m more of the “feeling” type. So we balance each other out. But we were both thinkers. If you want to know our personality types, we were both introverts. So we were always in our own heads.
We were already trading the markets before Continue reading