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Dear fastlaners,
you are an incredible community and I feel honored to have chance of introducing myself.
I've listened to both first books from MJ and currently listening to the third one. Thanks for such valuable content! I have to admit, the books made me really upset and bad-tempered at my current work. I used to like my job and my company and I'm still thankful for them, cause having them I can provide for me and my family, but as we all know - it's a rat race and I realize now even more that I have to escape it to gain freedom for myself, but also to lay down a solid financial foundation for my family!
Three years ago I have started actively looking for ideas to build my own business and escape the rat race. At this point in time, I haven't read MJ's books yet, so I just grabbed the first most promising business model, that I could find on the internet: AMZN FBA... I didn't follow the "guru's" advice to 100%, cause I felt bad about the idea of shipping plastic crap from China to Europe and contributing to the environmental disaster we have produced with our "throw-away mentality". So, together with my wife, I decided to bring a more environmental-friendly product on the market, which was bee-wachs wraps. Although I am a hobby beekeeper, I didn't know much about the product so far and of course, didn't know anything about selling, advertising, and all other stuff... I learned a lot during the process and it was a great experience! But even though we managed to create a very nice and sustainable product (great design, organic components, nicely designed own web page with online shop) we lost nearly 10k euros and closed the business one and a half years after its official start. Reflecting on the experience, I know that I made lots of failures. The main failure was already in the beginning: I was so excited about the idea of my own business and about the product, that I completely ignored the fact that production costs and my investments into the nice design were too high and there was nearly no margin left even if I would sell the product at the highest price range in its category.
At certain point in time I finally decided to give up on this business, but not on the idea of becoming an entrepreneur!
After my experience with a physical product, I decided to create a product that is much easier to scale. Being a software engineer I started looking for a way of solving people's needs using the skills I already have. The current product I am working on is about supporting (aspiring) stock traders.
Again, before I had a chance to read MJ's books (otherwise I wouldn't do it
) I booked a seminar about stock trading. I hoped to find my escape or to set up at least an additional source of income through stock trading. I learned a lot there and I liked it. Yes, it was clear to me pretty soon, that through stock trading I won't become a millionaire. Nevertheless, it feels liberating to learn the power of investment and not to act like a fool, asking for help from random "financial experts" to manage my savings. During the next few months, I realized that those, who take trading seriously and not just gamble, learn and develop their strategy and follow it without making unplanned decisions based on their emotions like fear or grid. To learn and trade according to their strategies traders used to work with tools like trading planner and trading journal. And most of them use these tools in self created or copied excell sheets. It bothered me a lot that I couldn't find a nice peace of software that would provide me with a simple template for my journal, support me during my planning and give me a signal if I plan a risky trade, that would help me analyse my trades and strategies and identify the most profitable ones... And here it is, the idea to solve this problem not only for me, but for all current and future traders, who plan their trade first before they even open their broker software.
So here I am, building the application and trying to stay motivated day after day since half a year. It is getting harder the longer it takes. I start questioning the idea, I constantly question my approach... It is hard to work on such topic alone after my daily work and stay motivated, I don't know why, but I'm afraid that I might have taken the wrong path and continue running in the wrong direction... On the other hand I completely agree with MJ that EXECUTION is the queen! So I continue...
I am glad to have found this community and want already thank you all for all the valuable information you have provided so far. It is crazy how much content here is, I just don't know where to find so much time to read through it and I don't want miss it
you are an incredible community and I feel honored to have chance of introducing myself.
I've listened to both first books from MJ and currently listening to the third one. Thanks for such valuable content! I have to admit, the books made me really upset and bad-tempered at my current work. I used to like my job and my company and I'm still thankful for them, cause having them I can provide for me and my family, but as we all know - it's a rat race and I realize now even more that I have to escape it to gain freedom for myself, but also to lay down a solid financial foundation for my family!
Three years ago I have started actively looking for ideas to build my own business and escape the rat race. At this point in time, I haven't read MJ's books yet, so I just grabbed the first most promising business model, that I could find on the internet: AMZN FBA... I didn't follow the "guru's" advice to 100%, cause I felt bad about the idea of shipping plastic crap from China to Europe and contributing to the environmental disaster we have produced with our "throw-away mentality". So, together with my wife, I decided to bring a more environmental-friendly product on the market, which was bee-wachs wraps. Although I am a hobby beekeeper, I didn't know much about the product so far and of course, didn't know anything about selling, advertising, and all other stuff... I learned a lot during the process and it was a great experience! But even though we managed to create a very nice and sustainable product (great design, organic components, nicely designed own web page with online shop) we lost nearly 10k euros and closed the business one and a half years after its official start. Reflecting on the experience, I know that I made lots of failures. The main failure was already in the beginning: I was so excited about the idea of my own business and about the product, that I completely ignored the fact that production costs and my investments into the nice design were too high and there was nearly no margin left even if I would sell the product at the highest price range in its category.
At certain point in time I finally decided to give up on this business, but not on the idea of becoming an entrepreneur!
After my experience with a physical product, I decided to create a product that is much easier to scale. Being a software engineer I started looking for a way of solving people's needs using the skills I already have. The current product I am working on is about supporting (aspiring) stock traders.
Again, before I had a chance to read MJ's books (otherwise I wouldn't do it
) I booked a seminar about stock trading. I hoped to find my escape or to set up at least an additional source of income through stock trading. I learned a lot there and I liked it. Yes, it was clear to me pretty soon, that through stock trading I won't become a millionaire. Nevertheless, it feels liberating to learn the power of investment and not to act like a fool, asking for help from random "financial experts" to manage my savings. During the next few months, I realized that those, who take trading seriously and not just gamble, learn and develop their strategy and follow it without making unplanned decisions based on their emotions like fear or grid. To learn and trade according to their strategies traders used to work with tools like trading planner and trading journal. And most of them use these tools in self created or copied excell sheets. It bothered me a lot that I couldn't find a nice peace of software that would provide me with a simple template for my journal, support me during my planning and give me a signal if I plan a risky trade, that would help me analyse my trades and strategies and identify the most profitable ones... And here it is, the idea to solve this problem not only for me, but for all current and future traders, who plan their trade first before they even open their broker software.So here I am, building the application and trying to stay motivated day after day since half a year. It is getting harder the longer it takes. I start questioning the idea, I constantly question my approach... It is hard to work on such topic alone after my daily work and stay motivated, I don't know why, but I'm afraid that I might have taken the wrong path and continue running in the wrong direction... On the other hand I completely agree with MJ that EXECUTION is the queen! So I continue...
I am glad to have found this community and want already thank you all for all the valuable information you have provided so far. It is crazy how much content here is, I just don't know where to find so much time to read through it and I don't want miss it
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