Last year, I had the wonderful opportunity to speak at the World Money Show in Toronto where I talked to attendees about the importance of not being a Jack of All Traders, meaning that you should focus on becoming an expert in 1 specific area of trading rather than trying to know everything about the markets. For example, one could choose to focus on the Oil sector by studying oil producing companies who could withstand the low prices right now and emerge stronger once oil prices stabilize. As well, they would research which oil companies are low cost producers and have strong balance sheets, especially cash. Lastly, they would monitor the price charts of these oil companies to determine what is the best price to buy these stocks at. With this specific focus and monitoring both the fundamental and technical aspects of these companies, do you think one could achieve greater success than someone who is monitoring hundreds of trading opportunities out there? I bet you know the answer already. This is exactly how we have been successful at trading and our group of specialists (aka students) have been successful because they choose to focus on being an expert in 1 particular area. Once they are comfortable with 1 area of expertise then they can focus on developing another area of expertise.
This coming month, I’ve been asked to speak at the Traders Expo in New York on February 23 at 11:30am EDT and I would like to welcome all of you to join me. You can register for FREE by clicking on the link here. REGISTER FREE FOR TRADERS EXPO Please mention Priority Code (040463) to get free access to the event.
See you there!