The Best Forex Trading Tool: Your Network
People in the industry talk about trading tools all the time.
What piece of software is best for X? Or what tool will help me do Y more efficiently?
And don’t get me wrong I love tools, they enhance my knowledge, allow me to do things faster and just generally help me run both my forex campaigns and my businesses more efficiently.
Despite all the software and tools I use on a daily or even HOURLY basis. By far the most valuable “tool” has been my network. (Warning this post gets pretty deep.)
Table of Contents
Definition of a Network
When I say network I mean everyone you spend extended time with.
From partners and family to good friends, work colleagues if you have a job or directors or employees in your business.
The people you spend time with will not only make you incredible wealthy (or poor), but they will also introduce you to other people if they are also seeking success.
My biggest accomplishments have come as a direct result of being introduced to someone else.
In some cases this trend has continued meaning the individuals who have been introduced to me will then introduce me to others and so on.
This is not only one of the most powerful ways to get in front of who you need to get in front of, but it is also the most powerful tool you’ll ever need.
Launching a new business, starting a new trading programme, looking for more capital to manage? Everything is made easier by having a powerful network.
Your Network In Relation To Forex
I’m writing this from a flat in London. It’s a airbnb in central London that’s beautifully designed and best of all it’s actually paying for itself. I would get up and take some pictures but I’m far too chill at the moment.
The people I’ve met just in the last 3 days will earn me in excess of 6 figures. That’s the power of connections. Whether this be through direct capital, knowledge, other connections and many other value-adds.
Building your connection and network is something a lot of traders do not actually do.
Instead they sit at home, take their 5% a month (most don’t actually make that.) and just hope that they will eventually meet some cool people who do a similar thing…. Hope?
Did hope get us this far?
Or was it action?
Building your network, builds your net-worth.
That’s a famous quote by just about every successful business person… And remember trading should be like a business. With that said, who should be in your trading network?
Who should be in your network?
This is a very easy question.
People who are positive and successful.
I’ll break it down a little bit as I love talking about this subject as it is the difference between success and failure.
There’s a popular concept (that in my opinion is a science) that states:
“You are the average of the 5 people you spend the most time with.”
What this means of course is you will be the AVERAGE; physically, financially, health and fitness, relationships, any metric that you can measure – of the 5 people you spend the most time with.
So in an example let’s say I have a partner, a brother and work at a job where I see 3 other people who are also my close friends. That’s my 5 people. Yours might be siblings, parents, work colleagues, directors, bosses, partners, whatever it is it doesn’t matter right now.
So let’s say in my example I have a job that pays $40,000 a year. The 3 other people I work with? Probably around the similar level right because well I work with them…. My partner lets say slightly more and my brother slightly less… So financially guess what I’M THE AVERAGE.
Success wise, however you define it will be the same way.
Let’s take health and fitness as an example; chances are due to psychology and spending time with the same people I’ll go to the gym when my partner, brother or co-worker friends do. Or instead phrase it this way – If they are always going to the bar for chilled drinks… Guess where I (YOU) will be….
And that’s essentially how the principle works.
The problem is when you try to make the change.
The Change – The Hard Part
So let’s say you’ve discovered Elite Forex Trading (lucky you)
And you decide currency trading is going to be your wealth vehicle to freedom both physically, mentally and of course financially.
So you start learning…. And reading, and absorbing and reading and you read the 10,000 hour rule and you know this isn’t going to be an easy journey. You also look into how much capital you need to make real good money and now we know for SURE it’s not gonna be easy!
But you are committed, your mindset has shifted from the scripted nonsense of current life into the unscripted world. You are committed & have found the vehicle for your wealth.
But what about the other 5 people?
You tell your work co-workers… They say “Yeah course, $10,000 a month from home… Sounds realistic.” – With only a hint of sarcasm.
You tell your brother and partner who say a similar thing but with a more support.
The next day when everyone is going out for drinks, you can’t. Because? Your learning, researching, watching, absorbing, testing, back testing, generally? You are investing in yourself.
BUT what happens?
You are made to feel bad about “missing out”
You are told to “stop dreaming” or “stop being misled”
Anyway 3 months of this go by.
You see your co-worker friends less outside of work because they aren’t on the same path as you anymore. They are happy with being average and aren’t looking to put in work upfront. You on the other hand of course want a better life, you are developing yourself.
Your brother, he’s interested by your determination so decides to actually start learning with you.
Your partner? Well maybe it just “wasn’t meant to be”.
Suddenly there’s a big investing conference coming up. You go, weirdly only 12 other people turn up but you thought it was good and learnt some cool stuff. There were mostly old guys there apart from 2 guys who seem to know each other that are about your age. You walk over and talk to them asking what they do. “We’re currency traders”. And from there these 2 people are in your network. You talk and are told about another talk coming up in London in a week or 2’s time. You head down there and your network explodes. You meet and hit it off with dozens of motivational, successful people. Many of whom are younger than you and millionaires. You meet some cool people and even get a date out of it with someone in corporate finance…..
What actually happened here?
People think that to be successful you have to be do the work and be lucky. There’s some truth to that but I don’t like leaving things to luck. Instead 3 key elements happened in the above scenario that may have gone unnoticed:
- Our imaginary person decided he would put off instant gratification (drinks/relaxing) and instead invest in learning a new skill, putting him closer to his desire (say $10,000 a month from home). He said NO to things that stopped this goal from happening, even if they were difficult to say no to at the start.
- He took a lot of action. 3 months of constantly learning, saying no to the easy things (doing the hard thing), absorbing, reading, testing, learning his new skill. It even put so much of a stress on his friendships and his relationship that he lost them. But something interesting happened, he became closer with this brother.
- He took even more action and “got lucky” meeting some people that introduced him to more people and now his network seems larger than ever and the people in this network are pretty successful. Oh and in the meantime he’s hit his $10,000/month figure and quit his job…. Strange coincidence.
This is how to correctly build your network.
Take actions that progress your long term goals.
Most people want to be financially free and work for themselves without the stresses of travelling, answering to bosses or having to worry about small purchases. For most this is $10,000/month. Not sure why it’s that number really but it just is.
$10k a month is not a lot of money.
It is achievable.
But aim higher.
$100,000 a month within 3 years.
Set goals and work incredibly hard to get there.
If you have to rebuild your network along the way know this: The people you meet along the way are going to be that much more beneficial and bring you that much more happiness than someone who’s not trying to grow themselves. Don’t be that guy.
Grow and prosper.
Grow your network of like minded people.
Thanks for reading.