Building a Good Foundation - Lessons from Mister Bill, by Linda Bradford Raschke
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Thread: Building a Good Foundation - Lessons from Mister Bill, by Linda Bradford Raschke

  1. #1
    There are common threads among those that are successful in life and have attained a level of excellence within their chosen field. Success is characterized not by monetary standards, but instead by level of happiness, personal fulfillment, and command in their own discipline. Mr. Bill has achieved this exalted plateau. He is not a trader, but if you substitute the term ”trading” for ”coach”, Mr. Bill's lessons would be an ideal recipe for success in the markets.

    Mr. Bill is a personal trainer that has uncovered the secrets to health, happiness, and constructing an awesome physique. Some of his clients are Olympic equestrian riders that have remained faithful to Mr. Bill for several years. And here is why - his doctrine on the importance of building a fantastic base has helped his clients bring home Olympic medals! Mr. Bill is in his late 60's, has a human body like Jack LaLane's, and a mind like Yoda's. I am going to listen to somebody who says that the first thing he does in the morning is to escape bed with a grin on his face since that is the right way to greet the day.

    Mr. Bill claims a fantastic foundation is the key to everything, whether it's bodybuilding or trading the markets. How can you start on the journey towards reaching a level of proficiency, let alone predominate, if you do not start from a foundation of sound training fundamentals? In any discipline, if columns are removed, the cracks in the base will appear afterwards and inevitably hold you back.

    Mr. Bill has lots of words of wisdom to share with us on building a fantastic base. To start, there must be a solid methodology utilized to build a base, and this methodology must be followed closely with CONSISTENCY. For instance, when working out, it's crucial to work the muscle groups in a particular order because blood flows from 1 group to the next. There's a logical rational for everything, even if results are not seen for a while. A fantastic base is developed on the fundamentals -- core exercises for the major muscle groups. And when applying these fundamentals, proper technique is everything. In case you've got proper technique in what you do, you'll be able to accomplish twice as much in half the time.

    This certainly applies to the Main Point from the markets. On your trading, keep a basic core set of patterns or egies which you trade. They ought to be built on the basic principles of price behavior, for this is where there is an advantage. Follow your trading program with CONSISTENCY, using good technique and form when it comes to handling your own trades. Proper technique is the equal of good habits. Though a trader might not see immediate benefits in their own PL from following a systematic egy with good money management, it's the decent HABITS which will eventually allow the trader to climb to high levels using more leverage. It's the fantastic base and habits that provide a trader CONFIDENCE which their objectives are achievable.

    Rituals are the chief tools used to achieve consistency. However, rituals are not just a tool, they are a lifestyle! Mr. Bill has rituals for practically everything, starting with how you wake up. Shave first, THEN brush the teeth...exactly the same manner every day. Next, 1 cup of coffee with condensed milk...the one sweet luxury of the day. Mr. Bill has two 1/2 hours of rituals before he starts training his first customer in the gym. Examine the computer for e-mails, meditate, and take morning nutritional supplements, (have that cup of coffee) and of course leave lots of time to get to the gym in order not to feel rushed! Along with creating a systematic egy to everything, rituals supply the actual luxurious of freeing the mind...from stress, anxieties, and negative ideas.

    Mr. Bill states that record keeping is a critical part of building a fantastic base. (Sound familiar for achievement in the markets?) He keeps track of every exercise, weights, repetitions, and minutes that go by for each of his clients. He notes every detail, comment or aberration. If a customer has a unique issue, he thinks about it at night and lets his mind develop creative solutions while he yells. He is devoted to achieving maximum progress for all his clients. He is more meticulous in his private record keeping, including everything from private nutrition and exercise to finances.

    Think about record keeping as one more type of ritual. It's a tool which can help you to remain focused and gain control over regions which are more prone to distractions. It's also the main tool used to monitor performance. Every leading athlete keeps detailed records on their physical performance and progress. There's no reason why a trader can not keep detail documents on the more abstract business of gambling.

    Record keeping monitors your progress in reaching towards your GOALS. If your objectives are not written down, then Mr. Bill claims they are useless. When you write down something, that is the initial step towards dediion. Writing your goals down firmly implants in the subconscious and you are less likely to alter them. Perhaps you have written down your goals for this year? How about beginning with constructing and maintaining a solid base on your trading program!

    Mr. Bill suggests learning how to correctly SCHEDULE things in your everyday routine. When it's scheduled in, it's part of your regular and quickly becomes integrated into the rituals. Mr. Bill says that if you don't schedule something, such as a regular visit to the gym, it's too easy to talk yourself from it or procrastinate. Thus, learn how to schedule time for your record keeping and preparation time required for the next day's economies. There ought to not be any discussion on your own when it comes to performing your necessary groundwork for the markets every night. You will welcome making rituals a part of your routine once you find that it can help you start the trading day feeling totally prepared and in control, ready to proceed.

    Mr. Bill says that if you CONCENTRATE on the specific muscle you are working and give it your whole attention, it will help it grow quicker. Concentration, along with a consistent methodology, is a key component of a fantastic base. Learn how to concentrate specifically on the job at hand. When you are putting to a trade or handling a position, give what you are performing your whole attention at the moment. With exercise, it becomes easier to remove distracting thoughts.

    Mr. Bill considers that everything starts with positive thinking! He was not necessarily that way. He was able to drink heavily and smoke until one day, 20-years ago, he just quit and said THAT IS IT! He weighed 135 pounds in the time (and he's a tall man!) Now he borrows more energy than people half his age. This man clearly enjoys his life! He says his biggest secret is optimistic thinking. He starts his day by saying ”No negative thoughts now.” He won't entertain one negative thought. If one pops into his mind, he kicks out it or turns into something positive. And he asserts that there are a number of days today where not one negative thought pops into his head.

    Exercise is one of the simplest areas which you can quickly start to feel good about yourself. As you become more fit, you get confidence and strength. Everything branches out of there. You will eat healthier as your body feels better. Vitamins or nutritional supplements become a part of your everyday ritual. Alcohol and sugar are somewhat less attractive. And you'll find yourself creating more time at night to get a fantastic sleep, as your muscles have time to break in order to grow.

    This analogy can be applied to the work of trading. When proper homework and preparation has been done in the end of every day, we're in a stronger position coming in at the beginning of the trading day. The initial few successful transactions provide a taste of the satisfaction gained in conducting a well thought out program, which in turn increases incentive to continue to remove all the distractions and wasted time engaging in frivolous activities. Just as the man who participates in a regular exercise program starts to set higher physical targets for themselves, the individual who starts to follow a consistent trading program will also set higher targets, such as one day conducting a successful money management firm or striving for constant new account highs.

    Remember Mr. Bill's classes on the importance of a fantastic base as the New Year begins: Stick with the fundamentals, follow a egy, be consistent, use rituals to achieve consistency, concentrate on your form and technique, write down your objectives, keep records of your progress, and most importantly, practice positive thinking!

  2. #2
    Linda Bradford Raschke has been a fulltime trader since 1981. She started as a floor trader and later started http://www.lbrgroup.com/, a professional money management company.

    As well as conducting successful appliions as a CTA, she's been principal trader for several hedge funds and has run commercial hedging appliions. Raschke was known in Jack Schwager's book and is well-known for her book, Street Smarts.

    More of her writings are available on her site (see link above).
    https://www.nigeriaforextrading.com/...ent-trend.html

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