Best Startup Business Advice I have Heard in a While

I always read a few positive articles in the morning, regardless of what my day holds.  It reminds me that there are other successful people out there that started where I did.  I refuse to read any “regular” news anymore, talk about depressing.  This quote is from Forbes’s Christopher Steiner.  He is talking with Hamdi Ulukaya from Chobani Greek Yogurt about his rise from $0 to $700 million in four years. The full article is here.

CS: There are parallels and advice that’s valid to anybody growing a business, yogurt, tech or otherwise.  What are your main tenets to starting and growing something successfully?

Ulukaya: There are five main things I focus on:

No. 1:  Keep your product simple.  Know what you do and do it better than anybody.

No. 2:  Invest in your core.  For us, that’s our yogurt plant.  We have the biggest best plant in the U.S., maybe in the world.  We’ve invested $220 million in taking that plant from a capacity of 50,000 cases to 1.4 million.  It’s the backbone of what we do and we treat it that way.

No. 3:  When you market your business, know that can fool almost nobody anymore.  There is too much information available to anybody who wants it.  Be real.  People can tell—or easily find out—when you’re not.

No. 4:  Focus on profit.  I run my business like a mom and pop store.  Cash is everything.  Without it you can’t increase production and it’s hard to be innovative.

No. 5:  Lead as an example.  If you make yogurt, go to the plant.  Work with your people; if you want people to work on Sunday, be there next to them.

And don’t forget to follow me on Twitter @bgin2end

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Still here.

Still alive.  I moved (again.) Started a new job. Got a new puppy (almost a full-time job.) Remodeling our entire house. Way to close to launching a new business. Busy, just like the rest of you.

In case you are wondering, I am still VERY bearish on the Eur/Usd.  For many different reasons.  In fact, even more-so since my several posts in the recent past where I was selling.

FYI – The Philadelphia Union are in first place in the Eastern Conference…GO UUUUUNNIIIOOOOON… #doop

Keep it real. Keep it profitable. Keep it fun.

Conversation with a New Trader

Below is a conversation from Facebook that I had with a young trader and I felt that the questions he asked are questions that a lot of young traders have…

John Smith May 28 at 12:31pm
sry about the double message. hit enter by mistake. I have been looking for a broker for some time now and I was wondering how you picked yours? every time I look online at reveiws they are all mixed. It seems very few people like their broker and then there are 80% that give a bad reveiw.

How did you go about looking for yours?

My name is john and i would greatly appreciate any insite to what you have to say.

Michael Goldsborough May 28 at 1:00pm
Yeah, no problem. If you ask how long most people have been with their broker, it’s usually the rookies that complain. They have no idea what it used to be like. Today, most brokers are decent (at least the ones you hear about the most). I am with OANDA because I have had really great experiences with their customer service. What you need to look for is easy to withdraw/deposit money, order fills, slippage and availability. If you have over 1 million to invest you are going to want to look for an ECN (they are direct to market brokers). Under that amount a dealer desk like OANDA or FXCM are good choices.

I’d love to help you out where I can, please, ask me any questions you like. I never would have gotten started in the business if it weren’t for someone to answer my questions, so I guess I am paying it forward. Check out my blog if you haven’t yet, as well as all the links on the blog roll – great seasoned traders. See the link below.

John Smith May 28 at 1:27pm
Thank you very much. I was looking at those brokers but they seemed to have the most reviews but the worst reviews mixed in with really great reviews. but I am sure its because of what your saying about new comers. What would you say would be the best way to get started? How much is the least amount you think some one should start with? How was OANDA’s free account differ from the live account?

Thank you very much and I will check your blog out

John Smith May 30 at 2:15am
hi another Q. why does it seem that when im reading or watching live trades they seem to be talking about taking profit in a downward slope. i thought you could only make profit in an up trend.
if you could pls clear this up for me.

Michael Goldsborough June 1 at 4:09pm
The best way to get started is to trade on DEMO until you are consistently profitable for about 3 months. Then, based on what you’re comfortable with, deposit real money with the broker you choose. You’ll have to check with the broker to find out their live account cash minimums. The OANDA platform for Demo and Live are extremely similar- no problems transitioning. In fact, I still use my demo account to test out new trading ideas and strategy’s.

Michael Goldsborough June 1 at 4:13pm
If you are trading currency, there is always a downward AND an upward market. Since you aren’t just trading in one currency, in order for you to buy it, some one has to sell it – and vice versa. Let’s take the Eur/USD for example. If the chart is in a Downward Trend, then the EURO is LOSING value and the DOLLAR is GAINING value. Therefore, the EURO is in the Downtrend and the Dollar is in the Uptrend. What is beautiful about trading in currency is the markets are cyclical, i.e. there is no bottom and there is no top – a currency can NEVER (well rarely) go to ZERO.

Hope this helps.

John Smith June 1 at 4:38pm
if you dont mind me asking. do you do this full time?
“I have the demo open and learning while useing fibonacci tool.

Michael Goldsborough June 1 at 5:13pm
My income is derived mainly from Trading, but my style of trading allows me to carry a full time job that I enjoy. More like a hobby (and it pays the health insurance) then a job.

Keep learning Fibonacci. I use the Fibonacci Retracement and Fibonacci Fan as well as hand drawn Support and Resistance lines.

John Smith June 1 at 5:23pm
im really liking the fib style. I was just wondering how hard it would be to do this full time. I have plans of finishing school in PharmD/mba. I want to open independent pharmacies.

John Smith June 1 at 5:46pm
is it possible to get 10…20 pip trades a day?
if i had 100$ and 100:1 leverage. that would be 1000$ leveraged for a trade.( i wouldnt start with 100$ dont worry)
if i got 1$ per pip profit and made 200 pips a day that would be 200$ a day. times 5 days is 1000$ a week which is 4k a week and 48k a year…… right lol or im i off or unrealistic?
i know the numbers are low but im trying to see if my math is right.

Michael Goldsborough June 3 at 3:55pm
OK, sorry it took me a bit to get back to you…life is just busy sometimes.

I don’t want this to discourage you, but you need to be a bit more realistic with your expectations as to not get disappointed and leave the business of trading prematurely. I will help you as much as I can and let me know if there is anything else I can do.

First, your math is fine, it’s the logic behind it that is flawed. Remember, if it was that easy, everyone would do it and everyone would be successful and we would no longer have a market.

I would be remiss if I didn’t tell you that this very thought (how easy it looks to make money in FOREX) got me into trading. It would be foolish of me to not warn you that it is an extremely hard was to make an easy living. You can make 10 – 20 pips/day on average, but you can’t trade with $1/pip with $100. It is a numbers game, and you need the zero’s to make the necessary amount of money to sustain a living.

Think about what you’re saying, you want to triple your money everyday. People would kill for 15%/year and you want to make 300%/day. I average about 3%-5% each month, I compound my earnings and adjust my position exposure every 6 months.

Not to mention you need to have 6-12 months of expenses in a savings account in case you hit a real bad run…you still need to pay the rent and eat.

New Career

If anyone is still out there that might stumble on this blog and read it, I want to let you know that I have started a new career.  I am no longer the owner of a sign company but now I am an Agent with New York Life.  I am proud of my new position and extremely excited at the idea of working with the top Company in this field.  To clarify, YES, I am a Life Insurance (oh noooo, the horrors!!!!) agent, but I want to make sure that people understand it is more than that.  I work in the 3 financial phases of life, protection, accumulation, and distribution.  I do sell life insurance, but it is a tool that helps in all three.  I can help people with protecting their family in the event of the death of the breadwinner, I can help a young family save money to buy a house, and I can help as people reach the retirement age with making sure they will never run out of money. My goal is to help as many people as I can.  The question becomes, can I help you? Please email me @ mdgoldsborough (at) gmail (dot) com.

As this blog continues to evolve, I will be posting still about trading and what I am doing in the markets, but mixed in here will be little financial tidbits that I hope will be of some use to my readers as they plan their financial futures.

As for my trading, it has taken a break due to the rigorous training program NYL has me going through, but it will pick up soon.  I did however take advantage of the Divergence on the E/U and rode it down for a bit…I still have a short in and will add to it as it moves against me.

 

 

Life as we know it….

Hello Friends.

This has been a tough weekend and past week.  Trading has been slow going, not too much time in the day for taking intraday set-ups – BUT I have been trading the daily and 4H bars if I can steal a glance.

I have expanded my horizons to looking at a few other pairs other than JUST the E/U.  I still stick to the majors and pretty much only USD/XXX pairs.

In my personal life – My wife and I are approaching some important crossroads in our life together.  My mom was just diagnosed with non-small lung cancer which is very frightening – you never think it can happen to you or your family, but it does.  I am soliciting your prayers for me and my family, thank you ahead of time – it is greatly appreciated.

I am not bringing any of this up looking for a pity party, but to seriously ask for your prayers AND to demonstrate that a traders life isn’t just trading.  It is a business that requires emotionless decision making with regards to placing trades but it does not mean the trader himself (or herself) needs to be an emotionless robot.  It is actually our DISCERNMENT that makes us, humans, more successful than an Automatic Trading Program.

My problem is that I have a tendency to not be emotional when the average person would be, I deal with emotion and stress by not recognizing it’s existence – I let it motivate me, but I do NOT let it effect my attitude. The reason this CAN be a problem is the appearance of a lack of concern for the matter at hand.  This can be very disheartening to others as they don’t understand where I am coming from or exactly how I feel.  Bottom line is I don’t wear my emotions on my sleeve, I am not even sure I put them on everyday. However,  I can assure you that I am not an emotionless brute, but to the contrary, I am quite the sentimental, caring person…

I urge any one reading this blog that is an active trader to seriously study Support & Resistance lines on the weekly timeframe as well as Price Action Set ups, specifically – Pinocchio Bars and Bearish/bullish Outside Bars as these are the easiest to spot AND the most profitable when triggered at the correct places. Finally, don’t forget the trend – while I really only base my trades off the prevailing trend, you can swing trade as long as you take profits sooner against the trend and let your profits run with the trend.

I may not be able to update for sometime so if I can communicate, it will be through the comments section.  PLEASE leave a comment if you stop by – let me know where I need improvement or if you can identify with where I am as a trader.  Thanks and see you SOON!

Update

Hey all!  I am so sorry that I haven’t had an update in a long while, but work has been crazy hectic –> this is a good thing.

As for trading, I have actually had to step back for a week or so, but I am back in as of yesterday and am currently looking for shorts @ 2800.  I have also been studying some different price action set ups that will help me signal when the best time to get in the market is, I will discuss these in my post tonight.  See you all soon!

Happy trading!

Last Night

I still only have the 2 orders in and the reasoning behind them is still valid so I think I’ll let ’em ride for today.  I did put in a very very small short @ 2894 (only 1% risk) when I saw price bounce from the descending trendline on the 1h chart, back through the 65 SMA and then continue past 2900. I closed it this morning @ 2842 for a quick 52 pip profit. Nothing like making money while you sleep…