Thursday, 21 July 2011

Rich Dad Poor Dad Stock Success Workshop

I just attended another one of Rich Dad's workshops last night. This time it was based on Stock Success. There's usually one of these a year and this one finished up yesterday. I attended one last year as well, it was based on property flipping and financial independence.

Robert Kiyosaki is the author of a large number of books called Rich Dad Poor Dad, I've read the first 2, but there are so many out there. They all teach you that there is another way to make money and make the money work for you. Live within your means and invest your money instead of spending it on liabilities (like houses, cars, boats).

My previous views of stock trading were minimal at best, here's a list of what I thought originally.
1) You need a stock broker to buy and sell stocks.
2) You can only buy and sell stocks.
3) To know what way the market will run, you have to look at a lot of financial records.
4) You can only make money when the market is good
5) You can only make money when the stock price goes up
6) I'd seen programs from it, I had tried one, ACM trading but I found it overly complicated and I was overwhelmed with where to start.

Last night, the speaker Liam Gilmore, who's a business owner, trader, property investor, public speaker and a CIPD qualified trainer gave us all a taste of how easy it can be to trade stocks. Basically he proved all my previous thoughts beforehand were incorrect.

There was a lot mentioned last night and of course there was the big sell for the full 3 day course to work with a guy named Alistair Crooks, (a professional stock trader) who guides you through all the different strategies to trading on the market safely. The course is €577 and more than likely worth every penny. Unfortunately, I have neither the time or the money for it at the moment (I know, a poor e

One of the most interesting things I learned last night was the MACD. This is a technical analysis indicator which can help you buy stocks quickly and with confidence. Another useful tool. Along with this, we were shown how to read the graphs and how to know when to buy and sell. Along with this, a few other terms were mentioned, but I won't go into here: resistance lines, support lines, limit order, bullish breakout, bearish breakout, double top, doji, inverted hammer and shorting.

There's 4 different types of traders
1) Position Traders - 2 - 3 Weeks between buying and selling
2) Swing Traders -> 2 days to 2 weeks between buying and selling
3) Day Traders -> 1 Day between buying and selling
4) Scalpers -> 5 Minutes between buying and selling
Swing Traders are a great place to start and Scalpers is the highest earnings and goal to aim for.

The biggest things to take away from the night were
1) Keep your emotions in check, the two strongest emotions in trading are fear and greed. With the right knowledge and education, you can overcome these and make money safely.
2) Need the ability to make a decision and make it quickly and correctly.
3) Ignorance is expensive
4) Education is one of your greatest assets, so build it and use it
5) Believe in opportunity and yourself
6) Value Knowledge - always learning
7) Take Action, make decisions
8) Number one influencing factor in failure is Procrastination!!

For more information, see the website below about Rich Dad Poor Dad and Robert Kiyosaki. I really recommend reading any of his books or his workshops, they are incredibly useful. Don't forget to act on them though, too many people read the book, go to the workshop and then do nothing.