Seven Secrets of Successful Traders!

By
Mortgage and Lending NMLS #94045

I recently attended an international conference on investing. Big deal, great folks from all around the world, all sharing their expertise, systems and philosophy. Why did I, a mere mortgage body, attend this event? Well for starters, I feel we all need different perspectives whatever the 'market' we trade.  Here are a few thoughts I gleaned you might find useful in your practice:

1. Trade Prices:  Given everyone wants a low rate and a low price. Price is what makes the 'trade'. However, prices in real estate are not the be-all. But ask yourself: when did price NOT make a difference? Only to someone for whom price was not an issue...not the majority of us living on real budgets in a finite income world. Price points are very big emotional boundaries for folks. I know how much that extra 5K may cause an application to be declined. We have come accustomed to stretching in real estate and now is the time to conserve, live within our means...get a little leaner. I am finding my clients appreciate my strategies for buying lower and not being 'sold' up.

2. Know Thyself:  Successful investors know when to push the button and when to take a very long walk.

3. Ignore the Talking Heads:  But watch your market, your sector, your turf. The 'news' is probably rigged anyway (how would we know) so it's best to do your own due diligence. Did anyone get rich watching Cramer? the guy said Bear Stearn was safe as houses less than 48 hours before it tanked. Folks are particularly wary now about the predictions we heard only months ago that the recession would be sharp and short...yea right. I bought into some of those 'trend sellers' myself. Yikes, we were predicting rates would go UP this year but hey that was actually before certain truths started coming out.

4. Timing is Everything:  From how long you hold any investment to exactly when you sell...any market is driven on the wings of time. We try to take profits when things are high but in real estate we don't always have that choice. Our job takes us across the state and we either have to sell or become landlords... neither choice is fun when you need your money to support a move. Accept not all is within your control and accept your limits.

5. Pick a Method:  What kinds of strategies, over time, might work better for your personality, temperament and stage of life? Is it best to borrow $50K to fix up your home in one fell swoop or do the projects one room at a time with your ongoing resources? The answer is different for each person. And if gold is your bag, grab some miner stock. Land works for some. Others like rentals...do what you love and know. As they say in New Zealand: "Whatever starts your tractor!"

6. Celebrate Your Wins:  It's a pretty great time to be investing in real estate. Share the love. Study your correct assumptions and remember the trigger points. Learn to trust you gut.

7. Study your Losses:  Otherwise how will you improve your game, tighten your reflexes and come out boxing the next round? Traders go over their charts, relive their decisions, keep rigorous notes on what strategy worked and what didn't. If you want to win, you need to know your weaknesses as well as you know your strengths.

OH, and what about that 'Rate Forecast"?-- they actually went down since my last prediction....fancy that!

(Thanks to Bill, Vadym, Pascal, Kaimu and others for sharing their pearls at the Cara Trading Conference 2009) For more inspiration: www.caracommunity.com

Happy Spring! Loannetter

Loannetter

 

 

susan templeton
mortgage planner
www.loannetter.com

 

 
510-LO-31434   

510-MB-24707-50145    An approved Conventional, FHA/VA/USRDA and Reverse Mortgage Broker

   © Copyright 2009  Loannetter 

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SUSAN TEMPLETON IS A LICENSED LOAN ADVISER IN WASHINGTON

NMLS# 94045

                 

 

Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. Loannetter is a private brand owned and copyrighted by Susan Templeton.

 

 © 2005-2015 susan templeton copyright

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Christine Farkas 04/08/2009 12:29 AM
Topic:
Mortgage / Finance
Location:
Washington Whatcom County Bellingham Downtown
Groups:
Mortgages
Investors
Construction
Built Green Certified Agents
It's all about them (ThemThem)
Tags:
successful trading
trader secrets

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Ambassador
583,720
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

Susan:   Some really interesting and excellent investing tips. In today's challenging environment we need to immerse ourselves in such events that motivate us to think more creatively and create more options for our clients....I really need to get up your way sometime soon!

Apr 03, 2009 08:24 PM #1
Rainmaker
752,640
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

I often relate many stories mainly relating to the pyschology and mindset of both equity trading/investing and real estate fields. The psychology of anticipating on how others act or don't act and how you may or may not react regarding market conditions and to what the other investors,buyers, sellers are doing or not doing. Valuation is all in your in your head and  the head of others. Regards,

Apr 03, 2009 09:07 PM #2
Rainer
154,195
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd. - Windsor, ON

Hi Susan, Good post. Thanks for sharing. Keep posting best.

Best - Sash

Apr 03, 2009 10:49 PM #3
Ambassador
676,058
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Susan: Thank you! That's an interesting seminar you attended. What was your inspiration?

Apr 04, 2009 04:14 AM #4
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Hi Rich, yes creativity and tenacity are two attributes of any good investor...great to cross pollinate from time to time! I'm having a Biznik event every so often on business RE investing (as it evolves) if you'd like to come up...the water's fine!

Apr 04, 2009 09:20 AM #5
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Pete, as 'future LO" do I get it you are a contrarian who invests when others are running the other way? Great timing.

Apr 04, 2009 09:21 AM #6
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Sash, Thanks for the encouragement!

Apr 04, 2009 09:22 AM #7
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Hi Paul, You might say my inspiration was bumping into a blog and later a book by Bill Cara: Lessons from the Trader Wizard. A very astute Canadian trader, Bill is also a proliffic blogger and generously shares his forum with others from all walks of trading/investing: www.caracommunity.com Enjoy!

Apr 04, 2009 09:26 AM #8
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Rainmaker
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Susan Templeton

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