The Richest Trader in Babylon

One of the biggest issues facing many traders who are just starting out is where on earth to get enough capital to have a fighting chance. We read over and over again about many traders that are doomed from the start because their accounts are spread too thin. So how do we make the money we need to start making money? Good question.

I believe that the answer to that question has more to do with how we manage our personal finances than anything you are going to read on a stock market site. With that in mind, I picked up my old copy of The Richest Man in Babylon and started reading. As you might expect, this great book on managing your personal finances is filled with great ideas that will help you build and grow your trading account.

In order to find success in trading, we must first find success outside of trading. Trading must be one piece of the entire puzzle that is our lives. Are you willing to work on all aspects of your life? Then let's jump into it!

The First Law of Gold

chestofgold

"Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family." - The Richest Man in Babylon As the story of The Richest Man in Babylon continues, we enter a chapter called The Five Laws of Gold. The first law is actually pretty similar to the first cure for a lean … [Read more...]

How To Be A Lucky Trader

Dice on a craps table

"During my long life I have watched generation following generation, marching forward along those avenues of trade, science and learning that lead to success in life. Opportunities came to all these men. Some grasped theirs and moved steadily to the gratification of their deepest desires, but the majority hesitated, faltered and fell behind." - The Richest Man in Babylon As … [Read more...]

The Final Cure for a Lean Trading Account

studying

"The more of wisdom we know, the more we may earn. That man who seeks to learn more of his craft shall be richly rewarded. If he is an artisan, he may seek to learn the methods and the tools of those most skillful in the same line. If he laboreth at the law or at healing, he may consult and exchange knowledge with others of his calling. If he be a merchant, he may continually … [Read more...]

Trading Towards Retirement: What’s Your Backup Plan?

retirement

Therefore do I say that it behooves a man to make preparation for a suitable income in the days to come, when he is no longer young, and to make preparations for his family should he be no longer with them to comfort and support them. - The Richest Man in Babylon In case you are just tuning in, I've been writing about The Seven Cures for a Lean Trading Account based on the … [Read more...]

Own Thy Own Home: How Real Estate Can Relate to Trading

homeforslae

"This come many blessings to the man who owneth his own house. And greatly will it reduce his cost of living, making available more of his earnings for pleasures and the gratification of his desires. This then, is the fifth cure for a lean purse: Own thy own home." -The Richest Man in Babylon Over the past few Mondays I have been discussing the Seven Cures for a Lean … [Read more...]