Before he was Han Solo or Indiana Jones, in 1964 Harrison Ford moved to Hollywood to become an actor.
"But I arrived on a metaphoric bus full of people who had the same ambition" he said. What happened next?
Spending time around other aspiring actors he noticed common traits among the people he was competing against.
- They needed validation quickly.
- They wanted success early.
- They were in a hurry to 'make it'.
So what did Harrison Ford do? Tell you in a minute. But first:
When it comes to trading what first comes to mind? Errr. Better put on a trade. Right?
Even though most people:
- Have had some success but didn't last, or
- Still need to reach consistency, or
- Aren't making money. Agree?
And just like the hypnotic spell of coins cascading into a voracious pokie machine, money relentlessly pours from most people into the coffers of the few experienced and skilled people. Correct?
But why?
No different to what Harrison Ford observed of his peers - when it comes to markets - people are in a hurry.
- I'm not making money if I'm not in a trade.
- I'm not trading if I'm not in a trade.
- Can't call myself a trader if I'm not trading.
- I've set aside this time to TRADE so I better TRADE.
Recognising most of his peers were in a hurry to succeed, Harrison Ford extended his timeline. He took up carpentry as a secondary source of income allowing him to outlast his competition.
Outlasting the competition was central to Friday's trading. But first:
Being in a hurry to trade makes you vulnerable. Which is how influential market people pummel you into submission. Preying on your need to enter a position. Preying on your need to make a profitable trade.
From Friday's trading game plan. Notice the focus is on people in a hurry?
For context see the accompanying chart:
Over the years Harrison Ford built up his Hollywood connections through his carpentry gaining a reputation as the "carpenter to the stars". Meanwhile, many aspiring actors dropped out of competition.
People who bought in a hurry dropped out too. In-a-hurry buying turns to losers. Some losers reverse and go short. See what happens next in a minute:
Harrison Ford worked as a carpenter for prominent figures like Francis Ford Coppola, James Caan, Richard Dreyfuss, and Joan Didion.
During his work at Coppola's offices Harrison Ford was unexpectedly asked to read lines with other actors for Star Wars.
Despite initially not being considered for a role, Ford's performance led to him being offered the iconic role of Han Solo.
In the game plan above it was always the intention to go long. But when?
Know when it's safe to enter: 3 resources tieing it all altogether
1. The playing field
Themes are working in the market that transcends what's occurring in the bars of various charts. These include relative value, hedging, market making, positioning. Watch the 4 minute video to see how:
2. Human behaviours the market exploits
Scientific research shows how you're manipulated to make trading decisions that hurt you.
Most people do this in their trading – Make it your competitive advantage
3. A process that protects you
Safely navigating the otherwise treacherous minefield that is market movement requires playbook trades.
What exactly are playbook trades and why do the best traders swear by them?
Forex and derivatives trading is a highly competitive and often extremely fast-paced environment. It only rewards individuals who attain the required level of skill and expertise to compete. Past performance is not indicative of future results. There is a substantial risk of loss to unskilled and inexperienced players. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent
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