Your Questions About Successful Trading Plans

Steven asks…

How do I become a successful contractor?

I have been in my trade for 14 years and know more than a lot of the contractors that have employed me. I got my contractors license but failed miserably. I do admit I look very young but when spoken to you can tell I am very educated in my trade. I also don’t bs people I tell them the facts and break things down so they can understand. I’ve been told that you have to bs people because this is what they want. Please help I really want to be successful at this so I can support my family.

John answers:

Failure is the experience , no never afraid failure or risk these are part of life, but you must make the contigent plan.you know the history of IBM CEO he fails three continously and four year he earn all three years loss and as well as fouth year profit.

Reading Below article will guide how to start this business
http://www.ehow.com/how_2307748_start-general-contracting-business.html

Good Luck

Susan asks…

How do I franchise my birthday party business?

My mother and I own a fantastic birthday party business. We have always thought it would be a good franchise for anyone wanting to work out of the home. How would we get our business to franchise? The parties include a costumed character, a birthday card art project, interactive story times, and themed games. We are based in OC, California. It is very successful here, and we want to get it out to the world, while making a couple bucks. How do we franchise this?
Any help at all would be greatly appreciated.

John answers:

You need to be clear and specific what makes your existing business sucessful (which it sounds like it is). Take that an convert it into a business plan – focussing on what distinguishes your party business from another. Think about how you can use it to market and sell your franchise to prospective customers (franchisees). BEFORE you share this magic formula with anyone – get a good lawyer to help prepare the contracts – that is key. The contract should be clear on what you offer (methodology, training, supplies, expertise, support, etc etc) and what you require in return as a franchise. ALso let the lawyer help you register your business / brand / trade name as soon as possible. Lastly – to help get some customers – i recommend you apply your own ideas to a few more areas/cities and see if you can transplant it. IF that works – you have all the more reason to franchise.

Mark asks…

How would you invest in stocks intelligently?

I’m 17 right now, and I’m considering buying some stocks. My dad thinks it’s a good idea and would help me, and I’m not planning on throwing hundreds of dollars I don’t even have in, but it all seems so confusing to me… Could someone please give me tips on how to buy and sell stocks intelligently?

John answers:

You should probably consider trading binary options.

Binary options are simple to understand and straightforward to trade. The trader only needs to consider the direction of the asset price. Limited risk and predetermined payout The payoff of a binary option contract is fixed and pre-determined so, therefore, the potential risk and reward is known from the outset. With traditional options, there are no outlined parameters so the possible loss or gain is not known. The binary option will settle the contract irrespective of how much the asset price is ‘in the money’ at expiration. Therefore even if the contract is only successful by one tick the contract still pays out at the fixed level. Simplified hedging of your portfolio Binary options are often used as an effective tool to hedge existing positions. As a product Binary options are compatible to most commonly used trading methods and strategies. Also with binary options it is possible to offer a a greater selection of short-term contracts across all markets, which enables the intra-day trader to trade more frequently. Binary options are issued 24/7, allowing traders to trade on multiple time frames. As binaries are offerred on a variety of global underlying assets from different exchanges, traders are now able to trade binary options 24/7 from the same binary options platform.

James asks…

How do you master Fundamental Analysis on Foreign Currencies?

I know Technical Analysis for me to break-even or come out w/ a small profit as a day trader, but I quite often exit trades too early to take all the profits a trend has to offer. I know technical analysis is great for finding entry/exit points, but trends often reverse due to sudden economic announcements. How can I learn to analyze where the market will likely be heading the coming week. I don’t need a year-long forecast, just the ability to make a decent forecast of the next week is good enough.

John answers:

Forget trying to analyize the fundamentals that may or may not affect the market. You just need to know what time the news will affect the market and just don’t trade during these times. They are highly volital times anyway and technically trading them is very hard.

Sounds to me like you just need help with entry/exit points to maximize your profits. And that is what it is all about.

Building personal wealth and financial success by trading currencies will only happen when you make financially sound decisions like/with the mentorship of successful investors who use the best resources on websites like these below. Mastering all the beneficial information available, along with setting a realistic goal, investment plan, risk/reward ratios, should be your objective. Developing good mental, emotional, and psychological habits are as crucial as patience and discipline and can only be accomplished with the proper attitude. And if the proper attitude is not correctly maintained, it can cause one to lose one of the most important resources of all—time. With only 24 hours in a day, once the minute, hour, or day is gone it can not be replenished. Choosing how, why, and when you manage your money with today’s efficient markets is important. Profit opportunities are eliminated almost instantaneously and timing is essential to ensure a profit while avoiding a loss.

And while you are learning the basic fundamentals and/or trading a demo account, you can go to the first website below for free training sessions 3 times a week. Where they have live real-time demo sessions trading the Forex market with the best software to trade anything. As I said timing is essential and I would not trade without it. It works on any time frame so forcasting for next day, week is easy. So you can get free training while observing their software. Which also works on stocks, bonds, futures, mutual funds, etf’s, and index.

I also highly recommend the 2nd website for learning just about everything.

Http://www.lightninglive.com/
http://stockcharts.com/
https://www.fidelity.com/
http://finance.yahoo.com/personal-finance
http://www.reuters.com/

Best wishes
Sincerely
Burt Whitley
rbw1226@yahoo.com

Donna asks…

How do you manage a business for the First Time?

Me and my family are trying to buy an already existing Restaurant at a mall. We will be borrowing money from the bank to start it. It already gets quite a few customers but how can we improve it, and make it more successful. Also what proper documentation do we have to go through?

John answers:

I can give you some rough guidance, but I am not a qualified attorney, and working with your attorney to purchase a restaurant from someone else is what you will do (find a competent attorney though).

As far as I see it, you will need to purchase the business from the previous owner and do a transfer of ownership. You may also need to renew the trade license (being the new owners) and you should definitely revise all documents(especially things like the lease agreement the restaurant has with the mall owners). You may need to renegotiate for a lease in certain circumstances, so be careful there.

In order to decide whether to purchase this business, you need to draft a business plan outlining your strategy for taking over this business. You also need to do due diligence(I know, I hate the phrase “due diligence” as well), what this means is that you will have to evaluate whether it makes sense to purchase this business from a financial point of view (things like return on investment, etc. Are important).

You can visit sites like:

bplans.com
growthink.com
sba.gov
liveplan.com

You will most likely find a template or something that outlines how to write a business plan when you’re taking over somebody elses business.

Although it’s not always a bad thing to buy over an existing business, you should try to learn as much as possible about the way the business operates currently and the relationships the owner has with customers and staff. Making transitions in an existing business is hard, because you are trying to change the culture of the way the business runs, so you should be subtle in your strategies and plan them through properly.

Make it more successful? After seeing how the current owner operates the business, point of his/her weaknesses and weaknesses in the business itself and try to improve on those.

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