Self Employment Advice

#1
Hi - I'm new to this so please feel free to chuck me out if this is inappropriate? I've been in business now for 13 years and run a very small bookkeeping/accounts/payroll etc business. I'm running a series of seminars aimed at guiding, supporting and encouraging entrepreneurs and am passionate about helping small businesses to succeed. I've developed a series of 5 seminars (all 2 hours each) and the content ranges from; how to choose a company name, what records to keep, when to pay tax - to dealing with HMRC. I had a chat with a military friend of mine who told me on the QT that quite a few armed forces personnel might be interested so I'm trying to find a way to do some market research. I'd be interested to hear from anyone who has an opinion on this?
 
#4
Any startup business needs a well thought out plan. Here are some notes made by myself in the Trading side of my business and this formed the nucleus of my Trading business plan.:


Trade what is REAL (what you see in the charts). Not what you FEEL.

Always Always have a quick get out emergency plan in case the internet crashes or you have a power cut.

If you ever want to know how NOT to trade then watch this series.
I have met the 2 "experts" who ran this program, they are a pair of cocks with modest sums

Price action. Look for areas of Supply and Demand imbalance. This is an area where price has to move

I am in NO hurry to lose money. As each trade is a potential loss then equally I am in NO hurry to make money.


I never listen to analysts or broadcasters. They're all lying scumbags.

Bob Dunn CME pit trader.



Unless you are someone who can slit their wrists and watch themselves bleed half to death before an ambulance arrives then after you have placed a trade set your stops and target (s) walk off and do something else.


The only way to achieve consistency is to execute and manage trades consistently.


Myths

1. The more times a Support or Resistance line rejects price then the stronger that Support or Resistance line becomes.

This is a widely held view but in fact is nonsense

2. It's important to get the trading idea Right.

There is no room to be Right or Wrong as a trader, the Market is always right, the trader is always wrong,it's just buyers and sellers either way one side makes money and the other does not, make sure you have a plan to get out of the market very quickly if it goes against you

3. You will need to lose a fair part of your account before you start to win.

WRONG, I learned from someone else's mistakes, not my own.

4. It takes at least 1000 trades to become consistently profitable in any day traded asset.

WRONG, you need to study the market for a bit and not let your P&L statement do it for you.

5. Breakout trades fail more often than they succeed.

WRONG. If you have a strong trend and a flat level breakouts can be HOT.



Have a rule based Trading Plan. All successful traders have one. If you are someone who does not like to follow rules imagine you are driving a car. If you fail to follow the rules of the road then you would be dead already. Same as traders who blow up their accounts.


Always journal your trades. How can you evaluate data which you do not record? Use Snagit or Snipping tool as soon as you enter the trade to grab the chart picture. Record why you took the trade , how you managed it , the outcome and be self critical.

Never risk more than you stand to gain, the market will crush your account.

Restrict the number of assets that you trade. If you want to expand do so only after you have mastered the art of trading another with success.

A successful trading week is one whereby overall you did not sustain losses in your P&L statement.

Know your individual strengths and weaknesses. Write them down and be honest. We play to our strengths but don't expect this to counter balance weaknesses. Faults such as GREED, LAZINESS, IMPATIENCE, FEAR, WANTING TO PROVE YOU ARE IN THE RIGHT, TRYING TO MULTI-TASK, GOING INTO DENIAL, ARROGANCE, OVER ANALYSIS, INCONSISTENCY IN APPROACH, DISTRACTION, LAUREL RESTING. All of these faults will impact your trading , have a strategy to deal with each of them before you hit the trading floor.

YOU are ALL GREEDY and LAZY

There is no true Volume in the Forex market. It's only what your brokers want you to see.

There is no true "Shorting the Market" with FX. You are always Buying and Selling one AND the other.

Do not risk 1 cent in the live markets until you have a thorough understanding of your charting and trade execution platform. All of them have a support facility, MILK IT and learn.


Rule 1. DON'T LOSE MONEY

Rule 2. DON'T LOSE MONEY

Rule 3. DON'T LOSE MONEY

Think of the 3 RULES. When you do lose money then make sure it is very small amounts.


TRADING RULES

1) Don’t be Tradeaholic.

2) You trade to make money- not for fun, games or to escape boredom.

3) Never add to a bad trade.

4) Once you have targeted profit on a trade, never let it become a loss.

5) NO WISHING- NO HOPING- NO PRAYING- NO WOULD’VE- NO COULD’VE- NO SHOULD’VE- NO OPINIONS.

6) Don’t be a one way trader- be flexible.

7) Know your risk on each trade. USE STOPS!

8) Look for a minimum 3-1 profit objective.

9) When initiating a trade, always get your price. Use limit orders, no broker is going to give you a better price

10) When liquidating a bad trade, always use a market order.

11) A scratch trade is a “winner”.

12) Learn from your own mistakes.

13) Plan your trade, trade your plan, then monitor it.

14) 3 losing trades in a row rule. Stop! Take a break.

15) DISCIPLINE! 90% of the public loses without it.

16) Pay attention to weekly highs and lows.

17) “GURU” software systems make money for the sales rep. Develop your own approach.

18) Understand spreading and options.

19) Technical analysis tells you what the fundamentals don’t.

20) Know how much your asset moves in a day or a week then lock in profits when it reaches the halfway point.
 
#5
Hi - I'm new to this so please feel free to chuck me out if this is inappropriate? I've been in business now for 13 years and run a very small bookkeeping/accounts/payroll etc business. I'm running a series of seminars aimed at guiding, supporting and encouraging entrepreneurs and am passionate about helping small businesses to succeed. I've developed a series of 5 seminars (all 2 hours each) and the content ranges from; how to choose a company name, what records to keep, when to pay tax - to dealing with HMRC. I had a chat with a military friend of mine who told me on the QT that quite a few armed forces personnel might be interested so I'm trying to find a way to do some market research. I'd be interested to hear from anyone who has an opinion on this?
Checkout the building industry. They are nearly always self employed and have had experience in dealing with tax issues. Another is the performing arts group. They excel at what they do until the theatre gets a better offer in which case they are often basically unemployed until they audition for the next part. If leaving the Army and starting a business is the only plan then much has to be down to luck. Especially if there is a partner , children , house purchase involved. Don't get me wrong, many ex servicemen get out and absutely excel at business because they are conditioned to succeed but there is the inevitable scenario of putting all the eggs in a single basket. All factor to consider if leaving the Army and considering a self employed future. Choosing company names in this day and age, the days are gone where you would register a business a AABBCCDD Plastering LTD because it shows up first in yellow pages ( remember them)? Instead try something that is media favour media of the decade eg anything to do with environment such as "Eden" , this has the potential to introduce new custom.
Where are your seminars , I would like to attend.
 

Latest Threads

Top