Hello, I’m a very young however, just as enthusiastic businessman (Read below for more info))?
I have in the past a still currently do own and manage some very small projects but these combined bring in only around £5 per week I plan on evolving these however, I wish do do something much bigger to start with involving advertisement , many employees ( my currents only have around 2 per each) and most importantly an advance on my rep and the most glorious of all a high profit!!! I’m 12 by the way I was thinking manual labour obvious things for kids lemonade stands , house cleaning car washing. I’ll start individually with just me involved and just a few hours a week and small leaflets posted I will see how this goes if bad I’ll alternate things ’till I succeed at this time I will also be saving combined with the success of my individual performance will be invested and will be enough to fund me at this point I’ll promote myself to a slightly more office orientated job I will also speak to some of my most potential friends about a partnership preferably only 1 of them will pass and will become my partner for a profit percentage share (quite less than mine like 70-30 or something) then I will re-interview some of the runners up. Using my fund I would then hire some of the best to be part of my company through set pay rate not percentage of over all profit or maybe not set rate percent of what they bring in would make them more efficient then use my partners’ help to make bigger better leaflets and use funds to copy then then use my employees to disperse them in letter boxes and public places covering bigger areas parallel to this I will be sending interview leaflets to houses I know kids live and places where i know kids hang around. Hopefully this will get me more employees and then they will form the bottom of the pyramid for the time being I may make any promising kids leaders of a small group to help them strive and get promoted to join higher ranks if they succeed and now our “pyramid is large enough it will help cope with the new orders placed because of the advertising campaign if it didn’t make my pyramid big enough I would post these leaflets around forms in my school. By now we will of grown some more sufficient funds. At this point I will introduce a new trade into the company, Dog walking, I will also get my hands dirty again and join in if I am successful in this being a successful business managed, owned and totally run by a 12 year old and the co-owner of a similar age and all the employees being children I think we will get noticed if not by something as big as a newspaper through this = advertisement which= more money with this I will post ads on Facebook and in newspapers etc.
This is phase 1 of the bigger plan I won’t adult and pro advice please tell me what you think and comment but mostly I need advice I’ll thank you in advance for this.
Well kudos to you for being 12 and planning so broadly and so strategically. Most people live their entire lives without this kind of thinking and you’ll definitely be very successful in the future.
As far your idea goes, it’s very good to start something like this up, having a decentralized system with one partner and many employees working in different locations. You’ve even gone as far as devising a marketing strategy, which again is excellent.
Now for the issues you’ll experience:
1) You’re too young to launch your own legitimate business(unless you have consent of a guardian – _ assume) . So you may need to operate your business informally for the time being.
2) This is probably the biggest problem you’ll encounter, and that is hiring underage minors to work for you formally, I suggest speaking to your parents and your family lawyer about how you can get consent from other kids’ parents to allow their kids to work for you without getting into trouble with labour laws.
3) Your long term strategy is excellent, but with so much work to be done, have you planned time alongside your business for school? It’s a good idea to complete school as a basic minimum of education.
4) Tell your parents everything about your business idea, even if they seem hesitant to support you, when it comes to the legal stuff, your parents will probably have better judgment and can help you from getting conned by con-men.
5) Try drafting a simple business plan in a neat layout so that you understand your business(you already have most of the business plan layed out in your question, but planning entirely is important, especially when it comes to the money aspect.
6) analyze your idea and ask yourself, if doing these simple chores is that easy, what’s to stop your employees from doing this themselves and earning more money by doing it on their own compared to working for you?
Why cant we Americans just be humble and stop claiming to be the best?
Now dont go flagging this question because I hurt your feelings. I am an American and Veteran so just hear me out!
During my time in the military and in the civilian world I had my fair share of hearing people talk smack. I hear things like ” now one can mess with us, we can blow a country into pieces, Osama has to hide, Osama cant attack us again because he is gay, Those terrorists are so broke that they live in caves, everyone wants to move hear because we are the best, we have the strongest military…..etc”
But in reality its all a bunch of BS to an extent. let me just clear up a few things
1) Not everyone wants to come to the USA. I know people who are dying to got Australia, England, Jamaica…etc. Assuming everyone wants to come here, work and play American football is just retarded.
2) We are not the best, no country is ‘the best’. Every county has their pros and cons.
3) Anyone can mess with us, no country is invincible. Believe it or not proper planning can put technology to shame (and all terrorists do is plan)
4) Sure we can blow a country up by why the hell would we do that? Most of our stuff is important, so you really think we wanna jeopardize international trade? Think about that the next time you make that dumb statement!
5) We have the strongest military! hhhmmm This may be true but its getting weaker. Did you know that in 2011 most people join the military for benefits? People dont really join to fight anymore. So we might have the best military during peacetime but our true colors will show when sh*t hits the fan! My neighbor joined up for college money, do you really think he is prepared to take bullet for uncle sam? NO! Same goes for the other thousands who join for the wrong reason
So I have addressed the problem, now here is the solution. WE MIST STOP TALKING SMAcK. Simple as that! I have no doubt in my mind that 9/11 was successful because of an American. Just think about it. Do you think Osama is a wizard and planned that by himself?NO. I am sure it was some cocky American talking smack and showing off on the techno and intel we have. Osama just used it against us, THATS ALL. If we stop talking smack we will be stronger because NO ONE will know our weakness. Its just COMMON SENSE.
And there is rumor about 9/11 being staged. EVEN IF it was then how is that a good thing? thats even worse because it means we have SERIOUS problems internally. We Americans jut need a serious reality check….period!
Desperate for advice! Please help!?
So I have been seeing this guy. Really he is a great guy. We have only been seeing each other for about 3 weeks. There are alot of things I am not attracted to. For one, he is 27, has a job (trades men) but doesnt own a home or even live on his own. He’s not financially stable and it seems like he has no goals or career aspirations. Whereas I am 23, very successful in my career, bought my own house, live alone, financially secure and I have a five year plan and huge career aspirations. I am cute and stylish and love the finer things in life. He dresses bad and doesnt have appreciation for designer clothing, fine dining etc.
I know we have only been seeing each other for a few weeks, but it bothers me… should I cut my losses now, or see where this can go. I’m just afraid I will get to attached and it will hold me back from my goals. I am at a loss here… Also, if I end this, how do I do it? He is good friends with my best friends family.
Thanks for your advice! FYI i’m not shallow, I have worked hard to get where I am
If he is really a great guy ( in your eyes) why would you only list negative attributes? I think you want to get out of this relationship but just needed to hear it from someone. Good luck with your life and let no man stop you from achieving your goals.
How to write an effective trading plan?
What should it include?
Would it be very different for each market (Stock, FOREX, etc…)?
Should I use a template?
What is the most important aspect, and soul purpose of a trading plan?
Here’s a template I use. As for your question about being different for each market, I’d say yes.
I’m sending you the annotated copy offline.
Hope it helps!
My Trading Business Plan
A well written trading plan can reduce that stress, keep you focused and on track. Without one you are like a piece of driftwood floating down a raging river that thrashes around at the whims of any current that may come along. I wonder how many would invest in a company that didn’t have a business plan – a written business plan that dictates direction and mission. Probably not many so why do so many traders think that they can run their business without one?
Studies show people with written goals tend to be more successful than those with goals but not written down; traders are no exception. Your trading plan is the rudder that steers your trading in times of uncertainty. It is also the yardstick by which you can measure your success, or lack thereof, as a trader. Following your trading rules keeps you disciplined, especially if you’re tempted to trade too much or find yourself off on a tangent – like I do.
But there can be a huge chasm between knowing you need a business plan and actually writing it.
Hopefully this will bridge that chasm and give you a way to at least start.
One of the best ways to start a business plan is to answer some important questions. Questions about the kind of trading you want to do and the goals you want to achieve. This will force you to think about critical issues and tie up some loose ends that can derail anyone’s trading. The answers to these questions should not be short one word answers they should give enough information that anyone who reads your business plan will get a good idea as to who you are and why you trade.
1. What is the underlying reason I trade?
2. What Trading Vehicles do I Use?
3. What Timeframe Do I Trade?
4. Which Account Do I Use for the Different Trading Instruments?
5. What is My Money Management Plan?
6. What do I Use to Enter a Trade and to Exit?
7. What Kind of Records do I Need to Keep?
8. What is my Morning Routine?
9. What is my Nightly Routine?
10. What are my Income goals?
11. Under What Circumstances do I Modify this Business Plan?
12. What is My Disaster Recovery Plan?
Finally, keeping a trading log in conjunction with following your trading plan is a must if you want to improve your results. A well-documented log helps you review your good, as well as bad trades.
You’ll be able to see just how closely you’re following your rules, and make the necessary adjustments.
Write your plan, stick to it, and watch the positive impact on your trading. You’ll wonder why you didn’t do it sooner
Remember trade your (business) plan.
Advice for a young person interested in learning about stock trading?
Hi, Im interested in learning a bit more about stock trading. Im currently 19 and was wondering if there were any good articles or books which gave some good insight into understanding how it works etc. Thanks!
I never really know where to begin with this question.
With investing, the focus is more on the company. With trading, the focus is on technical analysis and indicators and price action, but which company? Are you really just going to look for companies making new highs or making an MACD convergence/divergence breakout without first knowing something about the company? Many traders try to do this, but they are not using all of the tools available to them. Trading is not gambling, but is a big gamble. Investing is a wealth-building concept.
Trading is an extension of investing. It is not advisable to skip the first step of learning how investing works. If you can be a successful investor, then your chances have improved at trading. But if you simply go straight at trading, the statistical chance of success is about 10%; it’s almost impossible. It is estimated that 90% of all traders fail in the first year.
If you enter a mentorship for upwards of $5,000, or if you work a job with the support of a trading environment, your chance of success improves dramatically. But your chance of becoming a successful trader on your own within the next few years is almost nil. There are as many reasons for this as there are thousands of indicators and strategies and methods, but the primary reason may simply be the stumbling blocks of human emotion and psychology of trading.
Read the book, “Fooled by Randomness” (2004) Nassim Nicholas Taleb.
Or Trading in the Zone, or The Disciplined Trader, both by Mark Douglas
These are advanced books that you may revisit later if you still want to become a trader.
I would rather advise that you learn “investing” from the ground up first. Start with a good beginner book, like Investing for Dummies, available at your local library. Go at it slow, build your knowledge, develop a Trade Plan, test you Plan on a simulator. Then ask the question again, “Do I really want to be a trader?”
Use Investopedia to define your terms as you go.
An excellent story about one of the best short traders of all time, about Jesse Livermore, is Reminiscences of a Stock Operator, by Edwin Lefevre. If you were born to be a trader, this book will boil your blood.
William J O’Neil, the founder and owner of Investor’s Business Daily, has found a good blend of technical analysis with value investing, and shows you several categorized stocks every Monday in his paper. A good book by him is How to Make Money in Stocks, or any book by him.
The book, Stock Market Wizards, by Jack Schwager, and the sequels, are interviews with the best traders of our time. But beware, almost every one of them lost it all (some several times) before they finally figured it out. These are extremely smart and knowledgeable people. Trading is simply the most difficult challenge you will ever face in your lifetime. If you still want to do it, go slowly and learn investing first.
Before you decide to become a day trader, check out these articles, first by the SEC (Securities & Exchange Comm), second by the FTC (Federal Trade Commission, and third by the Motley Fool:
You really need to learn more about trading before you start making decisions about a system … I would suggest initially exploring these sites and authors …
Http://www.iitm.com/ (Van Tharp)
http://www.hardrightedge.com/ (Alan Farley)
“Which Is Better, Buy-and-Hold or Market Timing?”
“Do You Have What It Takes to Be a Market Timer
Droke, Clif – Technical Analysis Simplified
Kahn, Michael N. – Tech. Anal. Plain & Simple
Kamich, Bruce M.- How Technical Analysis Works
Nassar, David – Rules of the Trade
Sperandeo, Victor – Trader Vic-Methods of a Wall Street Master
One Up on Wall Street, by Peter Lynch
Common Stocks, Uncommon Profits, by Philip A. Fisher
Stocks for the Long Run, by Jeremy Siegel
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered, by Gallea
Trading for a Living, by Alexander Elder
From Riches to Rags, by I.C. Freeley
Millionaire Traders, Lein & Schlosberg
You can get all of these books at your local library through the Interlibrary Loan system for free.
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