| One of the biggest differences between winners and | | | | he had read absolutely nothing and just bought virtually |
| losers in life is that winners start immediately whether | | | | any house in any major city on day one, then it would |
| they are ready to or not, but losers want to learn | | | | have been worth at least four times what he paid for |
| everything they think they need to know before they | | | | it at the time he was talking to me. |
| get started. There is a very good reason why the | | | | You have to be in the game to have any chance of |
| second method is a recipe for disaster. | | | | winning the game! |
| Before you experience something it is almost | | | | The other reason why the successful people are the |
| impossible to know what is going to be important | | | | one's who jump in and learn of the go is that the |
| knowledge and what is not. It is only by experiencing a | | | | psychological side of winning can only be developed |
| thing they we gain some understanding of what is | | | | by doing. |
| involved. | | | | Take the stock market as an example. Many people |
| The person who prepares, prepares, prepares and | | | | study the stock market and then paper trade in order |
| then prepares some more usually discovers when | | | | to learn the principles. If you are not familiar with the |
| they finally do start (if they ever do) that what they | | | | term "paper trade" it means that you do everything |
| have been preparing all this time is actual the wrong | | | | you would do in trading, except actually buying the |
| thing. | | | | stock. |
| People who become successful take a completely | | | | These people often get good at analysis and at |
| different approach. The get an idea and then they | | | | making the right decisions. They get good at knowing |
| immediately start working toward that idea. They often | | | | when to enter into a trade and when to exit that trade. |
| have no notion of what is the right thing to do to | | | | Then they start investing for real and totally mess it up. |
| succeed or of what knowledge they will need to | | | | They discover that when their hard earned cash is on |
| acquire. However by following their gut instinct and | | | | the line the psychological pressure suddenly becomes |
| starting to do something, they soon discover what | | | | the major factor in decision making. |
| works and what doesn't and they discover from | | | | They would have been far better off to have started |
| practical necessity what knowledge they need to seek | | | | real trading on day one, using very small amounts of |
| out. | | | | money and then gradually increase the size of their |
| Once, after I had finished giving a two hour talk on | | | | trades over time. Nothing can prepare you |
| residential property investing, a man came up to me | | | | psychologically for the game like actually being in the |
| and announced proudly that he had been studying | | | | game. |
| property investing for 18 years and that he had read | | | | Whatever you have been thinking about doing start it |
| over one hundred and fifty books on the topic and that | | | | today and then be mindful of what is happening. By all |
| he agreed with almost everything I said in my talk. | | | | means read and study everything you can but do it |
| I thanked him for the compliment and asked how | | | | while you are playing the game, your results will prove |
| many properties he had. He told me that he was in the | | | | the wisdom of what I am saying. |
| process of negotiating his first one. The truth is that if | | | | |