How I Made $100,000 Salsa Dancing: My Salsa Dancer Salary

How I Made $100,000 Salsa Dancing: My Salsa Dancer SalaryHow I Made $100,000 Salsa Dancing: My Salsa Dancer Salary

There is this perception that salsa dancers squander their money, dance for free or are completely broke. Some of that perception is true, however, when I was dancing salsa professionally, like in this video here, I knew that it was a business. I also knew that I needed to take my craft, finances and myself very seriously. I trained hard, danced late and dreamed about salsa. Those elements combined helped me make more than $100,000 during one of my years as a professional salsa dancer. Don’t get me wrong, I won’t say that it was easy because all these years later my body still feels the pain from the shakes, shimmies and body rolls I was doing. However, body aches aside, if you are a good (or better yet great) salsa dancer with some financial knowledge and drive You too can possibly make $100,000 a year as a salsa dancer.

You Must Have Some Salsa Dancing Talent

Let’s be real if you can’t dance to save your life than reading this post will be purely for fun. If you don’t have some dance talent then you might want to look into another profession because you won’t even make a dime. There are other lucrative careers in the salsa business but this is about dancing salsa and how I made $100,000 in one year. Anyway, where was I? Ah yes… if you have some talent and a lot of drive it is possible to make a lot of money sharing your talent with the world. You might have noticed that I didn’t say you have to be the best salsa dancer. I didn’t even say you have to be great. I just said you have to be good. During my time in the salsa scene, I knew plenty of cats who were much more talented than I was but didn’t have a pot to piss in. I knew my worth. I wasn’t the best salsa dancer in the world but I had talent, drive and plenty of business savvy. Those things alone put me over the $100,000 mark one year in the early 2000’s and here is how I did it.

Tip – If you want to become a great salsa dancer here is a blog post I wrote a few years ago on how to do it.

Teaching Salsa Classes

After several years as an Eddie Torres dancer, my then dance partner and I opened up a school and started teaching salsa classes in various parts of New Jersey. We finally settled in Belleville where we were considered a young, popular and arguably the hottest couple in NJ at the time. Point blank… our classes were packed. During my salsa reign I had salsa classes nearly everyday of the week and was always looking to expand. Some nights we saw 60 people in a class. Naturally we had package deals for regular students and prices varied due to other factors (during the year) but on average, there were 30 people per class at $12 per class. In addition to that we sold merchandise and bottled water as well. The great part about it was our rent wasn’t too expensive and the only other bills we had to pay were the electric, insurance and cell phone bill. In less than a week all of our monthly expenses were out of the way and the only other things that would cut into our monthly income was paying people to teach for us when we were dancing salsa in another part of the world. All in, after bills were paid (minus taxes), my partner and I split around $8600 a month teaching salsa classes.



Monthly Total $4200.00

Tip – Make sure to set aside money for quarterly taxes and get a great accountant to find every tax deduction possible.

Salsa Merchandise

Although selling merchandise was rare on the east coast during the early 2000s, we did have a salsa store which included a DVD series, a timing CD and T-Shirts. We were so likeable and excellent at our craft that items sold regularly. On average we would sell 2 items a day at an average price of $20 an item. That totaled an extra $1200 in profit every month which split was an extra $600 a month for me.

Tip – Open up a paid subscription Youtube or Vimeo channel teaching your best stuff for those who can’t attend your classes.

Monthly Total $600.00

Private Salsa Classes

Private salsa classes helped round out the monthly income when weather and holidays cut into profits. I personally taught about 2 private classes a week which brought in another $150 on average. I always tried to sell merchandise during my privates as well to add to the financial gains. So, it wouldn’t be uncommon to pull in another $700 a month teaching 1 on 1 salsa classes. My private classes were my private classes so I never had to split that money.

Tip – If you have a regular class remind students that you teach private classes without overselling the idea.

Monthly Total $700.00

Dancing Salsa Abroad: Shows, Workshops & Privates

There was always a balance between traveling to teach salsa and teaching locally. Traveling gave us larger exposure which allowed me to sell merchandise and strengthen our brand. We received about $250 per show and $250 per workshop on average. However, it was the merchandise that made the most money for us. If we taught 4 workshops during a weekend we would make $1000 but it wasn’t uncommon to sell 50 DVD’s during the weekend at $35 a pop. Yes our local classes would take a hit but the risk of trying to pull in $3000 a weekend made it worth it. We didn’t travel every week but we definitely traveled at least once a month. All the monies were split, except for privates, but I would pocket an additional $1500.00 a month and sometimes a lot more.

Tip – If you are bringing physical items, nationally or internationally, don’t over pack and always have “for promotional sticker” with you to avoid possibly being questioned.

Monthly Total $1500.00

Dancing at the Copacabana in NYC

Every salsa dancer has heard of a Copa girl but have you ever heard of a Cabana Boy? No I didn’t think so but I was one for 4 years dancing 3 times a week at $125.00 a night. I even fought for pay equality as the girls always made more than the boys. Don’t feel sorry for me though as I brought in another $1500 a month dancing at the Copa. The best part about it was I never had to cancel a private or group class. The Copa dancers started at 11pm which was more than enough time for me to finish teaching in NJ to drive across the river to dance salsa at the famous Copacabana.

Tip – Visit the local salsa clubs in your city and ask the manager if they have a budget for dancers. You might even start off doing it for free to build your brand.

Monthly Total $1500.00

Extra Dancing Gigs

Throughout the year dancing gigs came up all the time. Depending on the venue and what they wanted we were able to command $250 for a 3 minute number. It wasn’t uncommon to do at least 2 extra dancing gig a month. Again I had to split my earnings but doing extra gigs each month was like doing a paid dress rehearsal.

Tip – Never do a show for free unless there is a BIG benefit to you and your brand. Everyone and their mother wants dancers for nothing I said no to 90% of them.

Monthly Total $250.00

Final Thoughts

It has been many years since I danced salsa professionally. However, aside from the $100,000 year I was able to make a very good living dancing for the few years that I had a passion to do it. Undoubtedly, there was a lot of blood, sweat and tears that went into those salsa years but the financial gains and savings made it worth it. When I knew the time was right I decided to make a career change which ultimately ended that financial bloodline and my salsa reign. I can’t lie, I miss those days from time to time but I wouldn’t change anything for the world. Why? Well… I went on to do other things that make me equally proud. I commentated for the World Salsa Championships on ESPN here, my photography work has been displayed on Forbes Magazine here and Fortune 100 here and this website, Beyond Debt, has been instrumental in helping many of the readers who stop by. Thankfully it continues to grow due to people like You who crave creativity and inspiration on saving and money making ideas. With that said, who could ask for anything more?

 

 

 

 

 

How I Saved $324.18 on My Imac Computer in Less Than 10 Minutes

save-money-buying-a-computerHow I Saved $324.18 on My Imac Computer in Less Than 10 Minutes

Who doesn’t want to save money buying a computer or anything for that matter? It might sound frugal or it might sound cool to save money but there is one thing for sure, anyone who likes paying full price needs their head examined. A small proportion of rent, employee pay, utilities, insurance and many many more expenses get added into full price. Additionally if you know that, understand that and wise about spending your money you will find ways to save more money without spending extra time trying to save it. In fact, last year I had to buy a new computer (iMac 27 inch retina) because I was in dire need of an upgrade for work related purposes. However, when I saw the $1700 price tag I almost fainted. So, I fanned myself off, did a few hyperventilation techniques and put on my creative cap so I could tackle the goal to save money buying a computer.

When to Buy a Computer or Any Expensive Item

The first thing I like to do is find out what holiday is right around the corner to help me save on my purchasing needs and desires. What I mean is if I need to buy a personal item and there are holiday sales that I can immediately take advantage of I hop on that opportunity. If you aren’t in a rush then wait for a holiday sale. It’s truly free money that most retail shops are implicitly obligated to give away, in a form of a discount, if they want to stay competitive. Luckily for me the president’s day holiday was in full swing and there were sales galore so all I had to do was find a store that sold the computer I wanted as well as a store that honors coupons so I could save even more.

Always Look for Coupons

Always look for coupons is my motto. I don’t mean get a copy of the local paper and sit home on a Sunday and clip out coupons. NO! Pfft. Even though that still works… That is so last century. What I mean is go online right now and look for a coupon… any coupon on an item you are interested in purchasing. Chances are you will find it. Look at coupon sites such as: Retailmenot and then try Craigslist and Ebay. Without exaggerating I have saved thousands of dollars just by spending 5 minutes looking online for a coupon. Anyway, without fail, Ebay had a 10% off coupon at Best Buy.

Note: Coupons are always changing to accommodate various factors such as time of year, customer’s needs and competition. 

Here is a quick tip on how to buy a coupon from Ebay.

  1. Make sure the seller’s feedback is 100% positive or really close to it.
  2. Make sure seller has sold more than 20 items with positive feedback.
  3. READ ALL OF THE FINE PRINT OF THE LISTING & COUPON.
  4. Double check the dates coupon is valid.
  5. Make sure the category your item falls under isn’t excluded from the coupon.
  6. See how long it will take to get the coupon. Most are emailed immediately.
  7. Contact the seller if you are confused or have a question.

Then after I did my due diligence on the Ebayer I purchased the coupon for $1.99 and headed out to Best Buy.

Note: If you are nervous about buying a coupon just do the math on the risk to reward. For my purposes I knew if the coupon was worthless I was only risking a few minutes of my time and $1.99. If the coupon was good my reward was 10% of $1700 or a savings of $170.

Final Amount Paid

Naturally the coupon worked and I found the only hard part buying the computer was parting with my hard earned money. Thankfully it was so much easier knowing I was saving a lot just by knowing how the system worked. In fact, here is the final paid for my Imac computer.

  • Computer – $1699.00
  • Coupon     – $1.99
  • 10% off President’s Day Sale
  • 10% off Best Buy Coupon

Total $1377.80

And that in a nut (computer) shell is it. Now that I look at it maybe I could have bought another and sold it for the difference. Hmmm. Not a bad idea. Maybe next time.

🙂

 

My Millionaire Journey: I Put $50,000.00 in the Vanguard VTSAX Fund

Vanguard VTSAX Fund

My son’s very first smile.

My Millionaire Journey: I Put $50,000.00 in the Vanguard VTSAX Fund

After reading the book the Simple Path to Wealth I said in this post I would put $50,000.00 in the Vanguard VTSAX fund and add to it monthly. I decided to do it for 3 reasons. The first reason is that I plan to build an account that I can pass down to my kids. I am still young enough to build wealth and so I am building. The second reason is I want to show the process of growth and challenges to my readers in real time, to hopefully, inspire others to be patient and responsible with the growth of their money. And lastly after watching almost every single person I encountered over the years lose all of their money in a day trading chat room I had to do a 180 on my blog and find another way to help people in their journey to financial freedom. With that said… (BIG GULP with sweat rolling down my face while biting my nails) on January 10th, 2017 I began a new Millionaire Journey by putting $50,000.00 in the Vanguard VTSAX fund and will share the journey with monthly financial contributions and blogging updates.

I know that this journey will not be a fast one but as I said above I plan to add to it monthly and update my readers on that same schedule. Please know that I am not recommending that anyone try this because investing is always risky. In fact, we are nearly all time highs in the market and starting this journey 10 days before Donald Trump becomes the 45th president of the United States makes me nervous. However, I realize that this is not a sprint… This is not a marathon… This is an ULTRA MARATHON. I understand that there will be highs and there will be lows and I understand that greed and fear play a big roll as to why people lose money in the market.

Yes I will continue to trade but I will be turning my efforts of trading and this blog Beyond Debt to a more responsible money growing and nurturing place.  The extra money made during my blogging, trading and photographing days will go into VTSAX monthly. If you have questions or comments I will continue to answer them honestly and to the best of my ability. In fact, I will answer a few before I even get asked as I can already foresee the questions.

  1. Why the Vanguard VTSAX Fund?  – I could retell the story but if you read this book here I won’t have to. I do receive a small commission if you purchase it from the link… but don’t worry you won’t pay a penny more if you do. Or if you are on a budget and don’t want to spend any money then read the stock series by JL Collins. It’s more or less the entire book on his blog.
  2. What inspired you to post the millionaire journey and update us monthly? – I was inspired to post this journey from reading this post here.  J. Money, the blog owner of Budgets are Sexy, shares his net worth journey regularly on his blog. That post plus JL Collins’ book inspired this journey.
  3. Will you still trade stocks? – Absolutely but I will not be posting or recommending any service as I find that there is too much misrepresentation, false claims and indifference towards subscribing members.
  4. Are you saying I shouldn’t try my hand at day/swing trading? – Who am I to say you won’t be the next Babe Ruth of trading. That is truly something for you to decide. However, I highly recommend that you understand that there is a HUGE POSSIBILITY that you will lose all of your trading money if you try. You are at a BIG DISADVANTAGE. If you have extra money and don’t mind (most likely) losing it all then take your time, do your research and do what your heart tells you to do. If you have very little money then I suggest trying to follow this video test. If you can successfully follow it then I will admit that I was 100% wrong.

🙂

vanguardIf you have a question or you would like to share your millionaire journey please post it in the comment section below.

 

 

How I Made $5331.04 Making Doritos Videos With My Family

making-doritos-videosHow I Made $5331.04 Making Doritos Videos With My Family

Making Doritos videos was never a bucket list goal of mine but I do love being creative and I absolutely love my family. It almost sounds cliche to say you love your family but I did photograph my son’s and daughter’s first year and put it to video here and here. That doesn’t prove I love them nor that I am creative but I do and I try. That is all fine and dandy but the financially surprising thing of all was the advertising money I received making them. In fact, as of the date of this post, I calculated… drum roll please… $5331.04.

Okay but how did I do it? Well that is another story. Do you remember the Doritos Crash the Superbowl commercials you would see on tv? You know those really funny commercials that could win you $1,000,000.00 like the one featuring a pug, swinging baby and flying pig? Well, I figured 3 things: I have a video camera, I can be creative and I am really really funny.

I was wrong… but not 100%. In fact, my very first Doritos’ video I filmed here went viral. Then I got this crazy idea that if I kept making them every year like here, here, here and you guessed it… here they would go viral and I would win the big prize. I was wrong again… but not 100%. Why? Well, before I even began doing the yearly Doritos competition I won a video contest here which brought in $1500.00. That too adds some nice advertising revenue which I haven’t even calculated yet. Add in the other videos I shot for the Doritos’ competition and I pull in a few extra dollars monthly to buy some NYC coffee which I am more than happy to accept. All I did was brainstorm an idea, film it and edit it to satisfy the rules of the contest. That is it.

I know what you are thinking. I make it sound easy and you are right it wasn’t EEEASY but it really wasn’t HHHARD either. All I did was brainstorm an idea which took the longest because I tried my best to give Doritos what I thought they wanted. Hell I don’t even eat Doritos so how could I give them anything. Then I filmed it which, luckily, was painless for me because I am comfortable in front and behind the camera. The most time consuming, though, was the editing but if that isn’t your thing you can always hire an eager, ready to work editor on Upwork for a good price. Then once I was done I put it on Youtube linked to adsense and shared it with friends and family. And that in a nutshell or shall I say in a Doritos’ bag was it.

Unfortunately they no longer run the Doritos Crash the Superbowl competition but if you have an idea, a camera and a little time visit MOFILM’s website here which hosts various competitions for monetary prizes offered throughout the year.

Now it’s your turn. Have you won money in a video making competition?

 

 

Simple Path to Wealth Book Review

Simple Path to Wealth Book ReviewSimple Path to Wealth Book Review

Aren’t we all looking for the simple path to wealth? Well… This book has changed my life. Let me say this again because I am not just writing these words to sensationalize this post but this book has changed my life and more so my thinking. In fact, I am going to open up a Vanguard account and put $50,000.00 into VTSAX, add to it monthly and show you all what happens. WHAT THE F Jai! Ok. I am getting ahead of myself. Please allow me to explain. If you have been reading my blog over the years I have been trading stocks most of my adult life and since 2014 I have tried to join the ranks as a day trader. Sadly I have failed.

Wait what? You failed but I thought you were profitable.

Yes I am but not to the point where I can buy a 30 foot yacht cruising the 7 seas. I make NYC coffee money and use photography and blogging to round out my financial income.

For me I have found that day trading is boring, lonely and down right depressing. Just imagine how I feel when I ‘m losing money. It’s also expensive, time consuming and 20 other (not so nice) things I can say about it.

Ok so how in God’s name has the book changed your life Jai and $50,000.00 WHAT?

Ok here it comes.

Late last year I was looking to add much more consistent and valuable content to my blog. Over a thousand people have asked me for help throughout the last couple of years and so I was looking for some extra reading material from Mr. Money Mustache to inspire me. Then I stumbled upon J L Collins on Amazon because MMM wrote the forward of his book. So, I dug a little deeper. 250 plus 5 star reviews plus MMM wrote the forward. CLICK… BOUGHT… DONE!

The day I got my fresh copy in the mail I immediately ran to… no wait… I placed it on my desk and for days JL and the Simple Path to Wealth stared at me. Then a couple of weeks later I heard my lovely wife say,

“JAI… DO THE DISHES!”

That’s when I grabbed the book and read it cover to cover. In fact I read it 2 times, spent days on his website and then read it again. It was like an epiphany. It all finally made sense for me. Since I started the millionaire challenge (which ended for me in 2015) until just last night I have been asked my opinion and, even though I never tell people what to do I have given my honest opinion as it was when I was writing it.

This blog is my journey… however, I now realize that I was on the wrong path and THAT is why I said I failed. JL Collins’ “The Simple Path to Wealth” helped me realize that.

And now here is my review plus what I am doing with my $50,000.00.

Who is JL Collins?

JL Collins is a book author and financial blogger on jlcollinsnh.com who found the impulse to write a blog/book to help inspire his daughter on what to do with her money.

He was also a

“Busboy, dishwasher, order-puller, grocery bagger, stock clerk, produce clerk and gas station pump jockey back in the day when someone pumped your gas, washed your windows and checked your oil (ask your grandparents).

Mail clerk, tree-trimmer, landscaper, ad agency founder, account executive, ad space salesman, investment officer, entrepreneur, consultant, sales trainer, speaker, writer, radio talk show host and magazine publisher. Pretty much in that order although I’ve done some more than once. And I may have forgotten one or two.”

The Essence of The Simple Path to Wealth

JL Collins’ book is pretty much his website put into 286 pages of simple, clear and concise wording. The essence doesn’t simply deal with the mechanics and technicalities of investing. Instead, JL finds a creative almost Uncle like way to address the true culprit of our investment failure: personal behavior.

Honestly, there is really nothing new about the crux of what he is saying but it’s how he is saying it that is different.

“Spend less than you earn – invest the surplus – avoid debt”

Now we have all heard that time and time again. Think of dieting. Anybody can tell you that eating less and working out more will help you lose weight but it never clicks. Then a program like P90X, Insanity or a number of other Beachbody workouts come out and flips you upside down. JL Collins is exactly that for me.

If I may be so bold he is the Shawn T of finance but older, shorter, heavier, and much much much whiter.

The Content

JL Collins is suggesting that, depending on where you are in the wealth building process, you put all of your investable money in the low expense Vanguard Total Stock Market Index Fund VTSAX.  And keep adding. The Fund is designed to provide investors with exposure to the entire U.S. equity market, including small-, mid-, and large-cap growth and value stocks.

He further suggests that if the market goes down hard look at it like a gift to buy more at a lower price. As you get closer to retirement you can add in a bit of the Vanguard Total Bond Market Index Fund VBMFX.

He addresses many other topics as well. Below are just a few of them.

  • How to think about money.
  • The simple way to retire a millionaire.
  • His hardball thoughts on financial advisors.
  • The costly expense ratio of other funds.
  • How to take advantage of your retirement and taxes.
  • How to live on only 4% of your money.

Conclusion

Is he making any guaranties? Of course not but the reality is that over the last 3 years the majority of the people who have asked my advice had less than $5000 to their name. Becoming a day trader can be costly. In fact, aside from losses, you will need (bare minimum) $20,000.00 to start.

Not true Jai. (_____) and (_____) used $1500 and made millions in the stock market. In fact I can name 1000 people.

Good point but out of the 7.4 Billion people in the world today you have a 99.99999864864864% chance of doing the same.

Good luck.

Look I am not giving up on trading and I am not saying don’t try to swing or day trade. That just isn’t true and not what this is about. What I am saying though is if you only have $5000 to your name you might want to seriously look into other avenues on where to put your money. Why? Because there is one thing for sure from the chart below… even when the market goes down hard it always finds a way to go back up harder.

dow-1900-20131

If you are interested in reading the Simple Path to Wealth please click the link below. It is an affiliate link and helps support this site. Prices are the same for you and Beyond Debt receives a small commission.

Click here for The Simple Path to Wealth.

Oh wait… What am I doing with that $50,000 I talked about above? Click here to read about it.

🙂

 

5 Tips to Becoming an Independent Stock Trader

Independent Stock TraderLearn to Become an Independent Stock Trader

Becoming an Independent Stock Trader is a tough thing to do. It’s scary because by nature we love to follow and be told what to do. Even if you disagree with what I just said think about everything that goes on in your day. Most people follow the sound of an alarm clock to wake up, follow the time given to arrive on time and follow the instructions of your boss or teacher. You followed your parents for years but now you’re independent. However, you do follow traffic signals, the culture moral code and government laws. If you are religious you are considered a religious follower. Let’s face it following is what we do and it is natural. Without the concept of following we would most likely be lost as a people but that doesn’t mean that you can’t learn to do things independently. One of those things is stock trading. In fact, if you aren’t learning to think like an Independent Stock Trader from day one, you will get financially crushed. If you don’t believe me try to follow this exercise I posted here. If you are successful then I truly do apologize. If you are unsuccessful keep reading.

Education – Choosing an education in the stock market is not as easy as you think. Most educators in the stock trading field only want your business and nothing more. They dazzle you with their education and show you how successful they are with their proven strategy. 95% of them are bullshit artists and that same amount could care less about you and your success as a trader. Naturally you fall for their bullshit, buy into it and go nowhere with your trading career. Let’s face it 90% of traders fail and these educators know this so they shuffle you in with creative marketing and when you almost certainly fail they can just add you to the “90% of traders fail” folder without losing sleep because… 90% of traders fail. I am not saying it’s not a smart move to pay for an education but you can do a ton of work on your own first. Most of the people I help get started didn’t even know what short selling was. Reach out to me here if you want to save yourself time, money and headaches and I will be more than happy to get you going in the right trading mindset and journey.

Tip – Trust NO ONE in this game. Period.

Strategy – So many people who have reached out to me over the years all fall for the same trick. Hell I fell for it too. They all think that someone else’s strategy will be the right strategy for You. There are so many things to consider when choosing a strategy. Here are some of the things you MUST consider.

  1. Does the strategy make sense to you? If you don’t understand it you can’t trade it.
  2. Do you have the time to trade the strategy when it functions best? If you have a 9 to 5 job and you want to trade the first 5 minutes of the trading day you are looking to trade the wrong strategy.
  3. Do you have the right tools to trade it? You need the right broker, platform, internet connection and enough capital too begin. If not you can’t trade it.
  4. Do you like it? If you don’t like the strategy you are trading when you are making money you will HATE it more than you can imagine when you are losing.

Those are some of the things you MUST consider BEFORE you buy into a service or pay for your education. Nobody offers money back guarantee education either. Once you buy a stock trading education system you never get a refund. Most of the times you don’t even get a response to your emails about refunds either but that is a different blog post I will write about another day.

Tip – Put together a pros and cons list of various strategies and work towards perfecting the ones that work best for You.

To Paper Trade or Not to Paper Trade – I once wrote a blog post about not paper trading then when I started doing my one on one Skype sessions to help people get going in the right direction I started promoting the idea of paper trading. Now I say add the 2 concepts together. What does that mean? Good question. Let me explain. In order to become an independent stock trader you must see if a strategy is working for you or not and you need to test it out. However, paper trading will remove the emotional element of fear and greed which won’t be helpful to you in your beginning stages. So, I highly suggest you trade real money but only using a few shares. 5, 10 or even 25 shares isn’t too little when you are considering if something is working or not. Yes you will eat up some commission money but if you are a regular reader of my blog I have already saved you a ton of money. So, put that towards those commissions and calculate your percentage gains or loses for each trade. Here is an example.

Let’s say you buy 10 shares of XYZ at $10 and the stock goes to $11 and your commissions were $4.95 a trade. If you buy 10 shares and then sell 10 shares you have spent $9.90 on commissions which leaves you 10 cents in profit. After taxes .07. I know that number looks pretty depressing. However, if you calculate your percentage increase from $10 to $11 you get a 10% move to the upside. That is GREAT and that is what you You need to focus on.

Tip – I highly suggest you spend several months trading light shares as the market is always changing. If you are successful in multiple market conditions you can start increasing your share size little by little.

Wait Wait & Wait – You must learn to wait for your set ups to form. Let me say that again.

YOU MUST WAIT FOR YOUR SETUPS TO FORM

That should be loud and clear now.

You must wait for your setups to form or you will be sorry in the long run. From time to time I get into a trade too early and have to sit with a bit of pain or get stopped out because I had a fear of missing out. You must wait… You must wait… YOU MUST WAIT.

Trust me I am writing that message for me as much as for you. When I first started being an Independent Stock Trader I had issues with waiting but thankfully I have gotten so much better at waiting for my preferred setups. However, it never hurts to remind yourself to be patient.

I have to say that 9 out of 10 times a stock sets up the way I like it but it doesn’t always happen exactly when I think it will. Sometimes you have to wait minutes, hours, days or even weeks for a move to set up. If you are patient you will be rewarded greatly because even if you are wrong your risk will be less than if you rushed to trade.

Tip – If your preferred setup hasn’t formed then don’t trade. Not trading is just as good as trading successfully.

Trust Yourself – I had a guy email me recently and in his email he had all the right answers but he just didn’t know it. I could tell he was very knowledgeable and had done the necessary work to get going on his trading journey. So, I responded with an email that said to trust yourself in your journey of being an Independent Stock Trader. His response was THANK YOU!!!

Our gut instinct is our best protector. Do your work, educate yourself and listen to your gut. Yes you are going to make mistakes but if you don’t trust yourself you will never succeed. In fact, you will inevitably fail.

Tip – Not to sound redundant but… Trust No one in this game. Period.

Want to save yourself time, money and headaches in trading? Email me here and let’s get you going in the right way without the BS.

 

 

 

 

 

Barron’s Said Facebook Worth $15 in 2012

 

fbBarron’s Said Facebook Worth $15 in 2012

For those of you who think following stock tips from people you know, stock market gurus or reputable financial publications is a good strategy… THINK AGAIN! Check out this article from Barron’s back in 2012.  20 days before the article was written Facebook hit an all time low of $17.55. It is currently at all time highs at $133.50.

Too lazy to read the whole article? Here let me list some quotes to highlight their points.

  • “Is the stock a buy? The short answer is No.”
  • “What are the shares worth? Perhaps only $15.”
  • “…the shares trade at 50 times earnings. At $15 they’d still be valued at a rich 35 times earnings.”
  • “Connect with your friends on Facebook. Stay away from the stock…”

Ok I think I made my point. Please always honor your stops, always do your due diligence and never NEVER be stubborn with a trade or you will lose BIG in the stock market.

Below is a video I did showing you what happens to you when you follow stock market guru alerts. Although, I like Barron’s the video applies to them as well if you decide to blindly follow.

 

Has The Bear Market of 2017 Arrived Early?

bear-market-2017Has The Bear Market of 2017 Arrived Early?

While I never wish bad financial luck on anybody I am wondering when the next bear market is coming. I am a bear at heart but for the last 9 years we haven’t seen much of a decline. Yes there was the Greek debt crisis of 2011, yes there was the flash crash of 2015 and yes there was Brexit. However, no matter what has happened in the world we have hit new all time highs which is perplexing at best. So, has The Bear Market of 2017 arrived early or are we in for even more all time highs?

There are many reasons I believe we are going into a bear market sooner than later. Aside from the fact that we are nearly $20 trillion dollars in debt, President Obama is leaving office and Donald Trump or Hillary Clinton will be our next Commander in Chief, every other financial personality on television is saying so. What you don’t believe me? Billionaire investor Carl Icahn says the stock market is a “mirage”, influential bond investor Jeff Gundlach says: “Sell everything” , and Bill Gross recently wrote: “I don’t like bonds. I don’t like most stocks.”

Ok so 3 influential people don’t make a bear case but business mogul George Soros has made a massive short bet in the S&P 500 and Gold, a hedge against a market selloff, has been on a huge bull run in 2016. Add those things together and read the 5 bearish articles from reputable publications and maybe just maybe you might think that, even if I am wrong, the bear market is on people’s minds.

5 reasons the stock market will go lower.

Billionaire investors turn bearish as US stocks hit record high.

Bearish Divergence In The Stock Market Just Like Last August 2015.

This market selloff may be different.

Will we see a stock market crash in 2016?

 

 

How to Successfully Follow Stock Market Guru Alerts

How to Successfully Follow Stock Market Guru Alerts How to Successfully Follow Stock Market Guru Alerts

If you have ever wondered how to successfully follow stock market guru alerts then you will definitely be pleasantly surprised. This is how to successfully do it. GUARANTEED! This video was inspired by several traders who are not gurus and I respect greatly. These elite few continue to warn, protect and educate new traders from the serious pitfalls from the fantasy of making easy money in the stock market. Hopefully this video will help further their cause. Thank you for all that you have done.

If you aren’t already following these traders on Twitter I highly suggest you do so immediately. They help traders through their educationally profound tweets, sarcasm and jokes. They don’t get paid to teach but are always willing to help nonetheless.

Thank you…

Modern Rock

Michail Shadkin

Auspex

Phil Goedeker

The DayTrade

… and now How to Successfully Follow Stock Market Guru Alerts.

GUARANTEED!

 

 

20 Must Read Stock Market Books

Stock Market Books

20 Must Read Stock Market Books

On Amazon there 97,311 Stock Market Books on the shelf today. Information is power but with all of those books floating around in the world it is virtually impossible to decide what to read. That is why I have narrowed down the best of the best stock market books that every investor or trader should read at one point or another in their life. Some of these stock market books are classics, some of them are very popular but all of them have a very high rating review among investors, traders and regular people who read them.

The Intelligent Investor

Benjamin Graham’s classic book, The Intelligent Investor, doesn’t try to sell the idea of a no-fail strategy to stock market success. Rather, he shares his abundance of wisdom of good portfolio management. Graham’s distinctive philosophy is not based on how to maximize profit. On the contrary, it’s based on loss minimization. That is truly one of the main reasons, The Intelligent Investor is a book for true investors, not speculators or day traders. Graham guides the investor to develop a reasonable plan for buying stocks, and he argues that this plan must be a protection against emotional behavior that will always be tempting during distinct bull and bear markets.

Reminiscences of a Stock Operator

Edwin Lefevre’s Reminiscences of a Stock Operator is the thinly disguised biography of the man known as the Boy Plunger: Jesse Livermore. Undeniably, Jesse, was a remarkable character who began speculating in the New England bucket shops at the turn of the century. After his success as a speculator grew, Livermore, was banned from these shady operations because of his consistenly profitable winning strategy. Soon after, he moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are some of the most fascinating quotes that are regularly quoted, again and again, among stock speculators today.

How to Make Money in Stocks

William J. O’Neil’s national bestseller, How to Make Money in Stocks  through every type of market, gives stock investors the secrets to building wealth. O’Neil has built a proven 7-step process for minimizing risk and maximizing gains. His knowledge is based on a major study of stock market winners from 1880 to 2009. What makes this one of the must read stock market books is he shares his proven techniques for finding winning stocks before they make big price gains, tips on picking the best stocks to maximize gains and gives you 100 charts to help you spot the most profitable trends. If that weren’t enough William O’Neil shares his strategies to help you avoid the 21 most common investor mistakes.

Buffett: The Making of an American Capitalist

Roger Lowenstein’s Buffett: The Making of an American Capitalist is one the best stock market books that everyone should read at one point or another. What investor, day trader or stock speculator isn’t intrigued by Warren Buffet and his amazing success. Journalist Roger Lowenstein spends three years delving into the life of one of the greatest investors of all time by accessing Buffett’s family, friends, and colleagues. Buffett  explains Buffett’s’ investment strategy–a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces–and shows how it is a reflection of his inner self.

 

A Beginner’s Guide to Investing

Ivy Bytes’ A Beginner’s Guide to Investing: How to Grow Your Money the Smart and Easy Way is a complete guide to investing . There are no get-rich quick schemes in this guide because we all know that they never work. In addition, you can tune out all of the financial news because that is all biased noise. However, if you dream to protect your assets in any turbulent market or you are just growing your wealth so that you can retire in style, this book is the blueprint. If you are a novice or you are completely confused about all the contradictory advice out there, then Ivy Bytes’ guide should be on your stock market books must read list.

Japanese Candlestick Charting Techniques

Steve Nison’s Japanese Candlestick Charting Techniques is one of the first to read stock market books for any new trader or investor. In fact it should be read and then read again. Japanese candlestick charts are a versatile tool that can be joined with any other technical tool, and will help improve any technician’s market analysis. Japanese candlesticks charts can be used for speculation, hedging, futures, equities or anywhere technical analysis is applied. If you are just starting you will find out how effective candlestick charts are as a stand alone charting method. If you are a seasoned trader you will discover how joining Japanese candlesticks with other technical tools can create a powerful synergy of techniques.

Flash Boys: A Wall Street Revolt

Michael Lewis’ Flash Boys: A Wall Street Revolt is a best selling book about a group of Wall Street skeptics who realize that the United States stock market has been rigged for the benefit of insiders. The small group band together―some of them walking away from great careers garnishing them seven-figure salaries so they can investigate, expose, and reform the insidious new ways that Wall Street generates profits. This is one of those stock market books that you will not be able to put down because no matter how big or small you are invested in the stock market you will be effected.

The Little Book of Common Sense Investing

John C. Bogle’s The Little Book of Common Sense Investing will show you how to incorporate a very strategic and proven investment strategy into your portfolio. It will also change the very way you think about investing. Let’s face it, successful investing is not easy. It requires discipline and patience but it is simple, because, according to Bogle, it’s all about common sense. With The Little Book of Common Sense Investing as your guide, you’ll discover how to make investing a winner’s game.

Market Wizards: Interviews With Top Traders

Jack D. Schwager’s Market Wizards: Interviews with Top Traders is a book of interviews from dozens of top traders across most financial markets. Naturally, their responses differed in the details of their success, but all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In Market Wizards Jack Schwager lets you hear, in their own words, what those super-traders had to say about their unprecedented successes, and he extracts the best information and narrows down their responses into a set of guiding principles you can use to become a trading star in your own right.

 

One Up On Wall Street

Peter Lynch’s One Up on Wall Street has sold more than 1 million copies. Mr. Lynch is America’s most successful money manager. He shares his secrets on how average investors can beat the pros by using what they know. Investment opportunities are everywhere. From the supermarket to the workplace, we encounter products and services all day long. He says that if you pay attention to the best ones, you can find companies in which to invest before the professional analysts discover them. Lynch offers easy-to-follow advice for sorting out the long shots from the no-shots by reviewing a company’s financial statements and knowing which numbers really count.

The Little Book That Still Beats the Market

Joel Greenblatt’s The Little Book that Beats the Market is a straightforward stock market book with an accessible style. The book delves into the basic principles of successful stock market investing and then reveals the author’s time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Joel Greenblatt explains it using 6th grade math, plain language and humor.

A Random Walk Down Wall Street

Burton G. Malkiel’s A Random Walk Down Wall Street has long been established as the first book to purchase when starting a portfolio. In addition to covering the full range of investment opportunities, the book features new material on the Great Recession and the global credit crisis as well as an increased focus on the long-term potential of emerging markets. With a new supplement that tackles the increasingly complex world of derivatives, along with the book’s classic life-cycle guide to investing, A Random Walk Down Wall Street remains the best investment guide money can buy.

Liar’s Poker

Michael Lewis’ Liar’s Poker is a very shrewd and wickedly funny book. He describes an astonishing era and his own rake’s progress (reckless course) through a powerful investment bank. From an unlikely beginning as a art history graduate at Princeton, he rose in two short years from Salomon Brothers trainee to Geek which is the lowest form of life on the trading floor. However, that is not all… he then went on to be the Big Swinging Dick, the most dangerous beast in the jungle, a bond salesman who could turn over millions of dollars’ worth of doubtful bonds with just one call.

 

When Genius Failed

Roger Lowenstein’s When Genius Failed captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Mr. Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their inevitable fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself.

Irrational Exuberance

Robert Shiller’s Irrational Exuberance warned of both the tech and housing bubbles. It cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller’s influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Robert Shiller is a New York Times bestseller, Nobel Prize-winning economist.

Stock Market Investing for Beginners

Stock Market Investing for Beginners is one of the best tools you can use to build a more secure financial foundation for you and your family. However, for those of us who aren’t professional stockbrokers, the process of stock market investing can seem complex and bewildering. Stock Market Investing for Beginners will arm you with the information you need to understand the basics of stock market investing, and start taking control of your financial future. Stock Marketing Investing for Beginners is one of those stock market books that will take the frustration and intimidation out of investing, so that you can make the investments that are right for your financial goals.

Encyclopedia of Chart Patterns

Thomas Bulkowski’s Encyclopedia of Chart Patterns is a classic must have book on all types of chart patterns. In fact, it is one of those stock market books that gives hard data on how good and bad chart patterns are for both bull and bear markets which is important in a changing market. Bulkowski tells you how to trade the significant events, such as quarterly earnings announcements, retail sales, stock upgrades and downgrades. All of his data is backed up by his statistical research giving you a very needed edge in the stock market.

Fooled by Randomness

Fooled by Randomness, Nassim Nicholas Taleb, a professional trader and mathematics professor, examines what randomness means in business and in life and why human beings are so prone to mistake dumb luck for consummate skill. This eccentric and highly personal exploration of the nature of randomness meanders from the court of Croesus and trading rooms in New York and London to Russian roulette, Monte Carlo engines, and the philosophy of Karl Popper. Part of what makes this book so good is Taleb’s ability to make seemingly arcane mathematical concepts (at least to this reviewer) entirely relevant in evaluating and understanding everything from the stock market to the success of those millionaires cited.

The Neatest Little Guide to Stock Market Investing

Jason Kelly’s The Neatest Little Guide to Stock Market Investing is suitable for beginners as well as seasoned pros because the book includes simple strategies that everyone can appreciate, Among those strategies are the small-cap value averaging strategy that returns 3% per quarter, come what may, achieving an astounding 12.6% per year — much better than the market’s long-term average and leagues ahead of almost all professional money managers.

Momo Traders: Tips, Tricks, and Strategies

Brady Dahl’s Momo Traders features extensive interviews with ten top day traders and swing traders who find stocks that move and capitalize on that momentum. They began where you are and now make a great living, some even becoming rich. They weren’t given a leg up, they didn’t start with millions, and they don’t manage billion-dollar hedge funds. They battle the market day in and day out just like you, and win! Hear in their own words, how they got started, what strategies they employ, how they deal with losing streaks, what setups are most profitable, how they overcome blowups, what tools they use, how they enter trades, how they exit trades, how they manage risk, how they maintain success, and much, much more.

 

Final Thoughts

There are a lot of great stock market books in the world today, but You have to be responsible for your trading successes and failures. Don’t rely on people, news or any of the stock market books mentioned above to trade or invest in a stock. If you are interested in trading or investing in a stock You must have a plan for entering, exiting and bailing out of your position if you are wrong.  If you don’t have a plan then plan not to trade until you have one.

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