part0014

In this chapter I’ll give you a few pearls of wisdom outside of trading binary options that will help you to think differently about making money. It may even make you think differently about money in general .

I’ll explain some ways you can spread out your risk by investing outside of binary options by having multiple streams of income. I’ll also tell you how you can use profit from trading to help you achieve this.

So as you’ve probably realised, I don't use trading as my only form of income, I have other business interests as well as other investment interests.

I also only trade what I can afford to. I have a budget for it like a company has a marketing budget.

I also don't let my emotions guide my decisions. Just like if you go to work or run a business and have to be professional, it's the same when you're trading .

My goal with trading was to get to a stage where I wasn't putting any more money in to my account, just taking money out.

Well I already told you that goal's been ticked off my list. I recommend you set this goal for yourself.

Choose an amount of money that you'll always keep in your account. Then when you go over it, you can withdraw the excess.

So say you've got £5k to trade. Only withdraw the money you have above it. So if you made £1,350 profit, withdraw that and keep £5k in there.

To grow my account though, I would only withdraw half my profit and only once a month. So I could have £5k, make £4k in the month, and then withdraw £2k at the end of the month.

Then I have £7k in my account to trade with the following month.

Then, with more money to trade with, I'd make higher profits and this would grow exponentially as time went by.

Binary options trading doesn’t have to be the only way you make money though.

There are still going to be bad times in the market where you’ll either step back and take a break from trading or you’ll lose a string of trades and wave goodbye to a chunk of profit .

I always recommend that you use the profit you make to invest in other things like property, commodities, and anything with intrinsic value that make you money in your sleep.

Just like the investors I used to spend all day speaking to in my job as a Commodity Broker, you should always keep a diverse portfolio of investments. Always have multiple streams of income.

It’s never been a bad thing to have several strings to your bow. Look at Jay Z for example, do you he just makes money from rapping?

He’s made money from Def Jam/Roc-a-fella, the New Jersey Nets, The 40/40 club, his own clothing line, Roc Nation, Armand de Brignac champagne and a whole bunch of other stuff .

Rapping is only one part of Jay Z’s job. He’s a businessman, or an entrepreneur. That’s his real job, not to mention the fact he’s an investor.

That’s what you want to be doing. Being a Trader is great but being an Entrepreneur who trades is even better.

At the end of the day, there's no secret to success. You've got to be on your game 24/7.

Invest in the right things at the right time and cash out at the right time. You could be reading this book way off in the future and binary options may no longer be a good way to trade.

Or maybe they won’t even be a way to trade anymore. Or this strategy no longer works because the market’s gone crazy like never before. Who knows ?

But if any of that is true, I bet you can look me up and find out I’m successful in something else. Maybe I’ve brought a new book out. You should buy it if I have.

At the end of the day this strategy in trading binary options is not the sole reason for my success. It has been, and continues to be, a very important part of it. Without it, I wouldn’t have raised the money to start a business. I wouldn’t have anything to build a business around.

I definitely wouldn’t have written this book. Make sure you use it wisely and work smart and who knows what you could do?

The next chapter is going to show teach you some really important organisational skills so listen up and keep focused!