The same can be said for Real Estate Agents, Lawyers, Car Saelsman, Salesmen, Independant businessesmen, Coffee shops, Video stores.
Etc.
Everyone thinks they are going to be the exception. Everyone.
But in every industry, it's the 80-20 rule.
@0 % of the people do 80% of the business (and of that 20% less than 20% are the superstars.)
Look at Century 21. The most Successful Real estate Franchise system yet .
more than 80,000 sales reps, and less than 200 of them every year make Centurion.
Do you know what it takes to be a Centurion..
One of two things.
$150,000 in gross commission sales in a year
Or 60 transactions.
Hows that for odds. The best system boasts 200 top achievers earning 100,000$ or more out of roughly 80,000 salespeople.
It's like that in every business.
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It gets worse.
out of the population
5% make more than $40,000 per year gross anual income.
Of that 5% only 3 out of 10 make more than $100,000 a year.
So what does that mean.
98.5% of Canadians and Americans make less than $100,000 per year,
And 95% of the population makes less than $40,000
(Source Ontario Academic study 1987, Stats Canada 1989)
In every business, if you're going to be on the top, you have to be the best.
For the record, I don't think people should day trade, until they have $100,000 un-encumbered cash.
If you're even thinking of trading for yourself, you should paper trade for at least 6 months. but 1 year is better.
You should study level II screens for at least 200 hours.
And....You should ignore anything said on message boards, except one thing...
Use the message boards as a gage for enthusiasm or for panic.
That's it.
Don't use em for research. |
