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Thread: If You Want to Be Rich…Practice this One Habit.

  1. #1
    Junior Member Ammie is on a distinguished road Ammie's Avatar
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    Lightbulb If You Want to Be Rich…Practice this One Habit.

    this is another good article for us traders especially beginners.
    Article lifted straight from Adam Khoo's website.All contents of the original article has remained unchanged.If You Want to Be RichPractice this One HabitWhat keeps most people from becoming rich is the habit of wanting instant gratification. Instant gratification is the habit of always wanting to enjoy now and not having the patience to wait for future benefits. As a result, these people spend a lot more than theyinvest. By spending on that new car, new widescreen television set or designer watch they get instant gratification. When it comes to investing in books, seminars, stocks or insurance products, they will think twice as they have to wait for future benefits. It is precisely for this reason that whatever money comes into their hands will soon be frittered away and not multiplied.People who want instant gratification will always look for quick and easy ways of making money rather than building a sustainable business that adds value to (repeat) customers. They tend to cut corners on quality and deliver shoddy products to save money and boost short term profits. As a result, their profits rarely last and they will soon go out of business.At the same time, those who desire instant gratification lack thepatience to allow their money to grow and compound through investing. When they dont see huge sums of money in a few weeks, they abandon their investments and never get to reapthe benefits. They have no patience to wait for the seeds theysow to grow into huge money trees that bear fruit.You see, there are only two ways you can use your money. You can either spend it or invest it. When you spend $100, you get gratified from whatever you bought but that $100 is gone! You get zero returns. When you invest that$100 in a seminar, books or stock, it will grow into $120, $200, $500 or even $1000, depending on yourrate of return.Delayed GratificationOn the other hand, all millionairesadopt the habit of delayed gratification. They have the patience to wait for greater abundance in the future. Whether in business or in investments, you must delay gratification in order tocreate massive wealth.People with delayed gratification invest a lot more than they spend. Again, they know that by spending a dollar, they may feel good for aninstant, but their future wealth willbe destroyed. When it comes to spending money, they are extremely frugal. However when itcomes to investing, they do not think twice about writing a check for a few thousands dollars. They know that through patience, that money will multiply into a future fortune.Millionaires never take shortcuts in business. They always look at giving the best value to their customers, even if it means earning less at present. They knowthat by building their reputation, itwill lead to huge profit streams in the future.I cannot emphasize this value enough because I feel that it is what has really set me apart from all my peers. It is why I earn manymore times than most people my age. You see, when I was in collegeand university, most of my friendsspent their holidays partying and having fun. They experienced instant gratification.Instead of partying, I would spend all my holidays taking up speaking engagements to hone my presentation skills, reading investment books, analyzing company reports and writing chapters of my first book. I knew that by sacrificing my immediate enjoyment, the rewards in the future would be tremendous! Sureenough by the time I graduated from University I had streams of passive income from my best-selling book and two businesses that I had set up. I was earning more money than many ofmy lecturers while many of my friends were struggling to get theirfirst job with their first paycheck.Frankly, I never felt deprived. I had so much passion for what I was doing that indulging in drinking and idle lounge-lizard chatter just seemed like a huge waste of time. Nor did I miss social companionship. I had a steady, supportive girlfriend (now my wife), and a core of close buddies in these businesses we ran (and had so much fun and profit), while still studying. In fact a couple of them are still working with me today.Let me give you another example. When it comes to spending money, I am extremely hesitant. Once I saw a mobile phone that I really liked. It was priced at $800. I kept staring at that phone over and over again but eventually walked away. I found it just too painful to part with $800 for a phone. My friends thought I was crazy as I was earning over $1,000 an hour at the time, whenever I spoke. But then again, I knew that the moment I spent that $800, it would be gone!On the other hand, whenever I go to a bookstore, I think nothing of spending $800 buying a whole series of marketing, business and investment books. In fact, I once spent $12,000 attending an NLP (Neuro-Linguistic Programming) training course in the United States, without even thinking twice.Why? Because I know that if I spend that $12,000, the ideas that I get from those books and seminars, when applied, will generate me millions and so they have! But most people do the exact opposite. They think nothing of squandering $3,000 on a ring but think twice before buying a good book for $30! No wonder they are poor! So, develop the habit of delayed gratification andspend wisely and you will see your money multiply.

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  4. #2
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    Quote Originally Posted by Ammie View Post
    this is another good article for us traders especially beginners.
    Article lifted straight from Adam Khoo's website.All contents of the original article has remained unchanged.If You Want to Be Rich…Practice this One HabitWhat keeps most people from becoming rich is the habit of wanting instant gratification. Instant gratification is the habit of always wanting to enjoy now and not having the patience to wait for future benefits. As a result, these people spend a lot more than theyinvest. By spending on that new car, new widescreen television set or designer watch they get instant gratification. When it comes to investing in books, seminars, stocks or insurance products, they will think twice as they have to wait for future benefits. It is precisely for this reason that whatever money comes into their hands will soon be frittered away and not multiplied.People who want instant gratification will always look for quick and easy ways of making money rather than building a sustainable business that adds value to (repeat) customers. They tend to cut corners on quality and deliver shoddy products to save money and boost short term profits. As a result, their profits rarely last and they will soon go out of business.At the same time, those who desire instant gratification lack thepatience to allow their money to grow and compound through investing. When they don’t see huge sums of money in a few weeks, they abandon their investments and never get to reapthe benefits. They have no patience to wait for the seeds theysow to grow into huge money trees that bear fruit.You see, there are only two ways you can use your money. You can either spend it or invest it. When you spend $100, you get gratified from whatever you bought but that $100 is gone! You get zero returns. When you invest that$100 in a seminar, books or stock, it will grow into $120, $200, $500 or even $1000, depending on yourrate of return.Delayed GratificationOn the other hand, all millionairesadopt the habit of ‘delayed gratification.’ They have the patience to wait for greater abundance in the future. Whether in business or in investments, you must delay gratification in order tocreate massive wealth.People with delayed gratification invest a lot more than they spend. Again, they know that by spending a dollar, they may feel good for aninstant, but their future wealth willbe destroyed. When it comes to spending money, they are extremely frugal. However when itcomes to investing, they do not think twice about writing a check for a few thousands dollars. They know that through patience, that money will multiply into a future fortune.Millionaires never take shortcuts in business. They always look at giving the best value to their customers, even if it means earning less at present. They knowthat by building their reputation, itwill lead to huge profit streams in the future.I cannot emphasize this value enough because I feel that it is what has really set me apart from all my peers. It is why I earn manymore times than most people my age. You see, when I was in collegeand university, most of my friendsspent their holidays partying and having fun. They experienced instant gratification.Instead of partying, I would spend all my holidays taking up speaking engagements to hone my presentation skills, reading investment books, analyzing company reports and writing chapters of my first book. I knew that by ‘sacrificing’ my immediate enjoyment, the rewards in the future would be tremendous! Sureenough by the time I graduated from University I had streams of passive income from my best-selling book and two businesses that I had set up. I was earning more money than many ofmy lecturers while many of my friends were struggling to get theirfirst job with their first paycheck.Frankly, I never felt deprived. I had so much passion for what I was doing that indulging in drinking and idle lounge-lizard chatter just seemed like a huge waste of time. Nor did I miss social companionship. I had a steady, supportive girlfriend (now my wife), and a core of close buddies in these businesses we ran (and had so much fun and profit), while still studying. In fact a couple of them are still working with me today.Let me give you another example. When it comes to spending money, I am extremely hesitant. Once I saw a mobile phone that I really liked. It was priced at $800. I kept staring at that phone over and over again but eventually walked away. I found it just too painful to part with $800 for a phone. My friends thought I was crazy as I was earning over $1,000 an hour at the time, whenever I spoke. But then again, I knew that the moment I spent that $800, it would be gone!On the other hand, whenever I go to a bookstore, I think nothing of spending $800 buying a whole series of marketing, business and investment books. In fact, I once spent $12,000 attending an NLP (Neuro-Linguistic Programming) training course in the United States, without even thinking twice.Why? Because I know that if I spend that $12,000, the ideas that I get from those books and seminars, when applied, will generate me millions and so they have! But most people do the exact opposite. They think nothing of squandering $3,000 on a ring but think twice before buying a good book for $30! No wonder they are poor! So, develop the habit of delayed gratification – andspend wisely – and you will see your money multiply.
    if we understand and do it seriously maybe we will quickly succeed in the forex business is that it is true that we must be disciplined and be patient when running this learning process.

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    Senior Member atif58 is a jewel in the rough atif58 is a jewel in the rough atif58 is a jewel in the rough atif58's Avatar
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    I think it is the great article i ever read. I am also spending the same life as the person mentioned in this article. I am a student yet, i do not join parties , i do not go on trips , i do not spend money for android phone or iPhone , i do not spend money for a new T-shirt. But i am collecting my every penny to invest in forex. This the BEST article !!

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    Senior Member dmambi is a jewel in the rough dmambi is a jewel in the rough dmambi is a jewel in the rough dmambi's Avatar
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    Yes all we need is patience to get success, instead of earning $1000 in one week and loosing the next immediate order. It is always better to wait and get the steady profit and build the account for long term trading.
    HUM HONGE KAAMYAAB HUM HONGE KAAMYAAB EAK DINA
    WE WILL BE SUCCESSFUL ONE DAY
    NAAVU GEDDE GELTIVI ONDU DINA

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    Junior Member tanmoy001 is an unknown quantity at this point tanmoy001's Avatar
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    i THINK FOR MICRO TRADERS THE BIGGEST ELEMENT IS TO CONTROL GREED AND ALWAYS KEEP ONESELF UPDATED WITH LATEST INFO

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  12. #6
    Banned s19 has much to be proud of s19 has much to be proud of s19 has much to be proud of s19 has much to be proud of s19 has much to be proud of s19 has much to be proud of s19 has much to be proud of s19 has much to be proud of s19 has much to be proud of s19 has much to be proud of s19's Avatar
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    Quote Originally Posted by dmambi View Post
    Yes all we need is patience to get success, instead of earning $1000 in one week and loosing the next immediate order. It is always better to wait and get the steady profit and build the account for long term trading.
    i agree with you...in forex patience is must & most important thing. if we want to rich with forex then its must we made a trading system that totally base on a good strategy, good money management..trading without greed and emotions. if we trade in that way then we will become rich.

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  14. #7
    Member forexman is a name known to all forexman is a name known to all forexman is a name known to all forexman is a name known to all forexman is a name known to all forexman is a name known to all forexman's Avatar
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    i cant understand anything from this article.but i want to say is becoming rich in forex is not easy as drinking a coffee,it need lot of skills and reseach and safe trades and agood capital to become rich.

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    all traders want to be successful, make a routine evaluation, we learn from experience, it is very good. The ease of making money in forex relies on the trading system used. If the trading system is easy to score profits, then it is easy to make money in forex trading.

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    yup, investing in forex knowledge sometimes can be very hard especially by newbies like me, because spending money on this kind of things doesn't produce any direct result like when we buying somethings. but thanks to this article, now i know that improving knowledge about forex can be a very good foundation for our future.

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    The article is good, but its very hard to understand and learn the Forex business. I think the daily reviews and trend is more better for bigners to understand what Forex done in near future.

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