Friday, April 13, 2012

Thttp://www.facebook.com/media/set/?set=a.100935426689304.1120.100003185402238&type=3#!/hree Trading Losses in a Row

                  Three losses in a row are tough. That's about the most consecutive losses that novice traders are psychologically prepared to accept before they feel compelled to take action and 'correct' the situation.

If you're anything but a total newbie, I'm sure you'll recognize the symptoms:

o Frustration - Why me? I've worked so hard. Everyone else in the forum appears to be getting good results with this strategy? Nothing ever works out for me.

o Anger - That strategy developer is a liar and a crook. My broker is running my stops. Someone should be held accountable for this.

o Doubt - What if the strategy doesn't work? What if I can't trade? How am I going to support my family?

o Fear - I can't lose more money, what will everyone say about me when they know I'm a loser? How can I tell my wife/husband that I've lost again?

And if that's not enough, the novice trader will likely be afflicted with the crippling inability to pull the trigger on the next trade, in fear of hitting a fourth loss in a row.

Usually, there is one of two responses:

1) The strategy is tweaked to ensure that the modified version would not have triggered these losing trades, through:
a) Swapping one indicator for another,
b) Optimising indicator parameters, or
c) Adding an additional filter.

or

2) Totally abandoning the strategy, usually followed by returning to their favourite forum to find the next Holy Grail strategy that is designed to make their dreams come true.

Is this the right response though?

Typically, trading decisions which are influenced by emotions rarely result in the right action.

So, what should be done?

First, before we continue, you need to confirm that you do have a valid, proven trading strategy. Have you conducted appropriate testing to satisfy yourself that it provides a positive expectancy? If not, stop trading it right now and return to testing. I don't care what reason you had for jumping straight into a live trading environment, but the fact is that it's difficult to psychologically trade a strategy in a consistent and disciplined manner when you don't have complete confidence in its rules. You need to conduct thorough testing.

But assuming you have a strategy that has proven itself through positive results either in a testing or live trading environment, simply refer to your testing results or past trading history, and you'll confirm that three losses in a row is a quite normal occurrence. In fact, it's quite normal to have a lot more than three in a row. And it does not mean that your strategy is flawed.

Let's look at this from a purely statistical perspective.

(a) Win% = 40%; Probability of seeing at least 3 consecutive losing trades within a 50-trade period = 100% (or so close that it may as well be 100%)

(b) Win% = 50%; Probability of seeing at least 3 consecutive losing trades within a 50-trade period = 99.8%

(c) Win% = 60%; Probability of seeing at least 3 consecutive losing trades within a 50-trade period = 95.8%

(d) Win% = 70%; Probability of seeing at least 3 consecutive losing trades within a 50-trade period = 73.1%

The data above shows that given a trading strategy with a 50% win/loss ratio, the probability that you'll get a string of three losses in a row somewhere within your next 50 trades is 99.8%.

Even if you're achieving a win/loss ratio of 70%, you've still got a 73.1% chance of having a string of three losses somewhere within your next 50 trades.

It's going to happen. It's a normal occurrence. Accept it.

So, based on this, what's a reasonable response from a trader following three losses in a row?

The first thing is to confirm all three trades were entered and managed in accordance with your plan. You should be doing this for every trade anyway, but if you're a very short term trader then perhaps you don't get an opportunity till after the session is over. If that's the case, and you've get three consecutive losses which appear to be worrying you, pause to review them now. If they're not valid trades, find out why you entered them, refocus on your plan and your goals and then continue trading. However, if they're valid trades, you might want to consider the following action:

1) If you're a mechanical trader, keep trading.

2) If you're a discretionary trader, check to see if each entry is actually at the same setup area. If so, you're possibly just not reading the market right at the moment. Consider halting your trading until the market action has changed and a new setup has developed.

3) If you still find yourself experiencing difficulty in pulling the trigger, get away from the markets for a while.

a) It's time to take a break - relax, refresh and recharge yourself.

b) Review your trading plan and your historical results (either live or testing).

c) Carry out some visualisation and affirmation sessions, to prepare yourself for pulling that trigger once your break is over.

d) Return to the markets with the goal of correct application of your plan - don't focus on the dollars won or lost, instead focus on the process of trading.

4) And if on returning you still find problems, well you've got some more serious issues that need to be worked through. I don't mean that in a bad way, but you need to take a longer break to seriously review both your trading plan and yourself:

a) Are you taking too much risk per position? Reducing your position size can often make an incredible difference in your ability to trade in a relaxed and confident manner.

b) Do you really understand and accept the probabilistic nature of the markets? I'd suspect not. Read "Trading in the Zone" by Mark Douglas for a brilliant insight into these issues.

c) Are you consumed by fear of loss whenever it comes time to enter a trade? What is it you fear exactly? Maybe it's time to delve into the world of trading psychology. "The Psychology of Trading" and "Enhancing Trader Performance" by Dr Brett Steenbarger would be my recommended starting point.

One final thing! If three losses in a row does not necessarily equate to a flawed strategy, then at what point should you stop trading and review your plan? Well, I don't base this on a particular number of losses in a row, but rather on a level of drawdown. Only you can determine what should be considered a normal level of drawdown, based on your historical performance. But certainly, if you equal the historical maximum drawdown for your strategy (if not sooner) then you should be reviewing your strategy to confirm it's based on sound fundamental principles that still apply to the current market environment. And at some stage of drawdown beyond this point, you need to have clearly defined STOP criteria. Don't bleed your account to death. Stop, take a break if necessary, reassess the situation, conduct further testing and return stronger than ever before.

Happy trading,

Article Source: http://EzineArticles.com/1535506


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Trading Timeframe Selection

                 Well, I've had a frustrating week. No opportunity to trade until Friday, and no opportunity to work on my website and newsletter service. NOT HAPPY!!!
But then, that happens to us all from time to time. Life has a habit of failing to consult with us, prior to messing with our plans.
What happened? Well, before I was trading I used to work as a pilot, with a specialty in aviation safety. I've maintained a link to that industry, and still do some work on a part-time basis. Usually it's not a big deal at all, and I can fit it in around my life. Sometimes though, a bit of a crisis happens (safety's like that!) and I've got to travel away, and well... my plans just don't matter anymore.
Yeah, I know. I've got no-one to blame but myself. After all, I choose to do this. And this probably has no relevance to your life. So let me get to the point - how does this story relate to the title of this article - 'Trading Timeframe Selection'.
Ok, those of you who have been around my website for a while know that day-trading is my thing. I like the short timeframes. Anything more than 5 minutes is way too long for me. Why is that? Well, several reasons really:
1. More action.
2. Tighter stops (I hate large losses).
3. Psychologically, I'm a bit of a control freak - I like to monitor a trade from start to finish.
4. I can sit in cash when I'm not trading, so it's no problem if I get called away and can't trade for a day or two.
Really, it's all psychology!
I used to trade daily charts several years ago, and really hated the 'surprise' each day when I woke up to see what the US market had done to my position overnight. Now, when I'm trading, I can manage the trade closely. And when I'm not trading, I'm out of the markets. Simple!
Day-trading is just a perfect fit for my psychology. And it just happens to fit my lifestyle as well, because if I have to go away quickly I'm not leaving open trades in the markets.
For some crazy reason, about six weeks ago, I decided that I should look into trading daily charts again because that would give me more time to work on the trading education website & newsletter. I decided to trade options on equities, which would allow me to place defined-risk trades and profit from theta decay. Great plan! So I set about simulation trading for a couple of months, just to be sure it would work for me. Well, everything went fine until this week.
Suddenly, I couldn't monitor my trades. I'm left in the market with an overall delta positive portfolio, and no access to a computer to adjust the trades, and the Dow drops 358 points. Not a big deal really, as it's simulation. The position had been in profit, and is only sitting on a slight loss now, so with three more weeks till expiry there's still a great chance to work my way out of trouble. Of course, had it been live I would have phoned my broker and closed out all positions.
But here's the real lesson for me:
1. Daily charts do not match my lifestyle,
2. Daily charts do not match my psychology, and
3. Daily charts do not match my risk tolerance.
I wasn't comfortable holding positions overnight when I couldn't monitor them. And the whole 'speed' (or lack of speed) of the game frustrated me. Could I get used to it? Absolutely! But why bother when I've already found my niche. I'm a day-trader. Why try to change?
So, what's your perfect timeframe?
The only way to find out is to try the different alternatives. These days you can get a demo or simulation platform for almost every market, and timeframe. So there's no excuse for not trying the different timeframes to find the one that fits your psychology like a glove.
Try the short timeframes for a couple of weeks. Try the intermediate timeframes for a month or so, say the 1 or 4 hour charts. Try the daily charts for a couple of months. While you're at it, try the weekly charts.
What you're first attracted to is not necessarily the right fit for your psychology or lifestyle. When I first got into trading I traded the weekly charts on stocks. This changed quickly to daily charts. And then over several years it progressively got shorter and shorter. Maybe day-trading would not have suited me back then, but the thing is, I never even thought to try anything else. Had I done so, I might have saved myself years of 'daily chart' pain.
So what are you waiting for? Test your timeframes, and find the right one for you - the timeframe that matches both your lifestyle and your trading psychology.

Article Source: http://EzineArticles.com/1283284

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How To Be A Top Affiliate

                Affiliate marketing is the act of selling someone else's products or services, and receiving a commission. It has many advantages compared with ordinary marketing. You do not have to worry about manufacturing a product, providing customer service, or storing, inventory and shipping. All you have to do is promote the product or service of the advertiser and deliver customers to their website, and for this you can potentially earn good commissions. But it is not as easy as it sounds, and there are many things you have to bear in mind if you want to become a top affiliate.
First of all, if you are just starting off and want to learn how to make money online, you obviously have to decide which product to promote and which programs to join. There are so many affiliate programs that it can be very confusing. To start off with, the best advice is to promote a product you are interested in and know something about. For instance, if you know nothing about gambling, it would not be a good idea to join a program promoting online casinos. In order to get your customers to part with their cash, you have to convince them that they simply cannot do without the product, and you cannot be convincing about something you are not interested in and have not used yourself. You will not make money this way.
So a good making money opportunity in affiliate marketing is to find a niche that interests you and key it into a search engine. Look at the small sponsored ads down the side. If there are a lot of these, this shows that it is a profitable niche. Do not worry about the competition. About 90 percent of all people who sign up for an affiliate program do nothing about it, and of the remaining 10 percent, nine out of ten do it wrong. So rather than worrying about the competition, let the competition worry about you. The important thing for being a money affiliate is to find the programs in that niche that offer the best commissions. The general rule is you should not accept less than 50 percent commission and preferably 60-75 percent. Anything less than 50 percent is not worthwhile � remember it takes the same amount of work on your part, whatever the rate of commission.
When looking at easy ways to make money, remember that residual programs are more worthwhile than those providing one-off sales. Residual programs are programs where the customer pays a regular fee, such as a web hosting service or a telephone service. Once the customers join through you, they pay a monthly or quarterly subscription and you get a percentage of this every time. This means you make more money for less work.
Finally, the most important factor in being a successful affiliate is trust. Your advertiser may offer you creatives such as banners to put on your site, but you will not gain many customers from a banner. Build a relationship with your visitors and make them see why they should buy from you, and you will be well on the way to being a top affiliate.
When I made the decision that I was going to start working from home as an affiliate, my question was, who I am going to trust to guide me every step of the way? If you have made the decision, and are determined to make a living from home, than you might find these tips on my site helpful. The best of luck to you finding what you are searching for.

Article Source: http://EzineArticles.com/5848236
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How to Hit a Homerun and Know Who Really Lives in Your Life

                Martin Luther (1483-1546) for years had a warrant for his arrest. Having crossed the pope he became a marked man. One day a soldier came to his home to take him into custody. When Luther answered the door the soldier asked, "Who lives here?"
Luther simply answered, "Christ lives here."
His response is nothing short of profound; recognition of what Watchman Nee said when he described true faith as a faith of replacement. As Nee often shared when we surrender our life to God our old life doesn't simply take a backseat but is instead replaced by the life of God.
The Apostle would state it this way, "I have been crucified with Christ and I no longer live, but Christ lives in me" (Galatians 2:20).
Mother Teresa lived as an amazing expression of the replacement life. Even in her eighties and with failing health she traveled to some 100 nations in a single year to share about the love of God.
Or consider Hudson Taylor (1832-1905) who left everything comfortable and familiar to move to China that he might share the gospel amongst the Chinese in a time when missionary activity there was severely restricted.
With countless challenges before him he shared, "I am no longer anxious about anything, as I realize the Lord is able to carry out His will, and His will is mine. It makes no matter where He places me, or how. That is rather for Him to consider than for me; for in the easiest positions He must give me His grace, and in the most difficult, His grace is sufficient."
In baseball the best hitters miss the ball 70% of the time. It takes a mere 4/10 of a second for a fastball to travel from the mound to the plate.
Studies have broken down the sequence of that brief moment. It takes 1/10 of a second for a player to decide to swing. Another 2/10 of a second are used up initiating the swing, with the final 1/10 being used to finish the swing.
The best hitters are able to read the pitcher's body language to know where the pitch is going before the ball is released. In the end it is a split second decision that makes the difference between a homerun and a missed opportunity.
Indeed, as we learn from other people's insights and become inspired by their lives, we begin to notice more and more what it means for the new life to replace the old.
It all begins with a simple decision to declare, "Less of me and more of You." Then when someone asks, "Who lives here?" We can confidently reply, "Christ lives here."

Article Source: http://EzineArticles.com/5318849

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The Olympics and Real Estate Investing

          . There is something about watching professionals who have prepared their mind, body and heart to compete against the world for the greatest sport medal of all time - the gold medal. I can only imagine what it would be like to be on that stage to perform for the world. I was touched when Alexandre Biodeau won the first ever gold Medal for Canada on their home soil.

Don't get me wrong I am all American and was happy that USA's Bryon Wilson did not get knocked out of his Bronze Medal seat when the last contender took his place at the top of the run. Every time I watch the Moguls I remember my great friend Burke Alder that was a contender for the 2002 Winter Olympic Games in his home town of Salt Lake City. He was on the US Ski team and was going to be a contender for an Olympic spot. Several months before the Olympics in nationals he blew out his knee and his Olympic hopes where taken over night.

As I watched these Amazing Mogul Freestyle Athletes, I also thought about real estate investing and free style skiing. What can we learn from Freestyle Skiers that may help us as real estate investors? If you think I am being too clichéd or fake you don't know me very well. I learn from everything and I mean everything. I also compare anything of value to my life and in doing this I found some very cool parallels of Mogul Free Style Skiing and Real Estate Investing. I look forward to sharing these with you. They include the following:

1. Be Prepared

2. Point Your Ski Tips Down

3. Find Your Line

4. Choose Your Trick Wisely

5. Time Counts

6. Jump To Last Impression

7. Last Mogul Field

8. Celebrate

1. Be prepared. You can't stand at the top of the Olympic Mogul Ski Run without having some serious preparation. The number one problem we see with real estate investors is they have no idea what a property is worth. Over 75% of people we talk to are off on their value of what they think the property is worth and what we KNOW the property is worth. Don't take the word of one person on what the property will sell for especially if the person is the seller or getting paid as a part of the transition, even if they are representing you. It is interesting when we have our independent evaluators look at a property and determine a value. When we go back to the borrower and let them know what the values came in at, so many borrowers want to "fight the value". You have to be kidding me. If two independent evaluators go to a property with no judgment and get paid to determine what the home will sale for, that is pretty unbiased. Let me give you an example. Last week we had two evaluations that came in. One was at $145,000 and the other was at $148,000. So the two evaluators that live in the area, that have no motivation other than getting paid to give a value on the property, that do not even know each other, come within $3,000 of each other on the price. We then told the borrower and the borrower thought they were wrong and wanted to challenge the value. Hello, Wake Up! We just saved you from a serious train wreck. We don't turn down deals because of value we just require the borrower brings in the difference between what we can lend on the property and what they are buying the home for. But don't get so emotional on a deal that you can't see reality.

2. Point your ski tips down. Continuing on our Olympics of Real Estate Investing, Judges look for you to always have your ski tips pointed down. Why? It is less about the form as it is showing the quality of the technique and also the courage to take on controlled risks. This creates a lot of speed that has to be controlled. We watched several of the U.S. Free Style contenders go out of control and not get a score. Don't let the speed increase more than you can handle.

As a real estate investor this means not to take on more than you are able to handle. I am really, really good at homes under $150,000 in a certain area of town... really good. Any time I go out of that area I get an education that I don't want. When I say I get an education I mean it costs me time and money; kind of like going to college. I would rather make money then go back to college. I did not particularly like hard seats and boring professors.

Knowing how to point your real estate ski tips in the right direction will make you successful as a real estate investor. Keeping your turns under control and not getting out of the speed you are able to handle. There is such an allure for higher priced homes. Many investors think that homes in the million dollar range have so much profit potential. What many investors don't realize is that with great profit comes great risk. The higher the price the higher the risk, if you think about it, what does a 1.2 million dollar home have that a 1 million dollar home does not? The answer is simple, it is up to interpretation. Now let's take the same example. What is the difference between a $150,000 home and an $180,000 home? That answer is A LOT. Typically a different neighborhood, different quality of work, size, garage and many, many other things!

It is also important to think about how many buyers are in that price range. The higher the price range the fewer the buyers pool there is. Meaning if there are 10 potential buyers for a million dollar home there is 100 potential buyers for the $150,000 home. This drastically increases your speed and price of getting your home sold.

Keep Your Ski Tips Down!

3. Find your line! When a Mogul contender heads down the course they constantly have to choose a line to follow. This is impacted by visual conditions sun, wind, snow, lighting at nights. With each bump they have to be looking forward to what the next line is.

We find so many real estate investors that don't have a plan before they get started with the property. They find a property that may even be a good deal but they don't find their line. We have even seen real estate investors that have found a good deal that they really could have made profit with but they end up breaking even or even losing money. Why you ask? Because they never found their line.

When you are doing a rehab and retail before you are done with your due diligence, or even before you make an offer on the property you need to know A. Exactly what work you are going to do to the property B. Exactly how much the work is going to cost C. Who is going to be doing the work D. How long it will take to get the work done to the property.

No Olympic Mogul ski is going to Guess on their line. They are going to have a defined line for the first few turns before they even leave the gate. Don't guess on repair costs, even if you have experience with repairs get the guys out that are going to be doing the work. Get firm prices from everyone that will be involved. I like to do this once I get a property under contract. We typically ask for a 48 hour time to inspect the property. During this time we set a meeting for every person that will be doing work on the property to meet at the same time. So the Flooring guy, the cabinet guy, the painter, the handyman, electrician or plumber if needed all show up at the house and look at everything and give us a price on the spot. This cuts down on back and forth of conversations and makes everything efficient. The bird dogger we buy properties from likes this as well because they know we don't drag out the situation forever, they know that in 24 hours or 48 at most my earnest money goes hard.

Find your line by knowing what your cost will be before you leave the gate.

4. Choose your trick wisely. Air only counts for 25% of your score. So if you do too big of a trick and don't land it then you lose. It is really that simple, and really that harsh. However if you don't do a decent trick you can lose it as well. Choosing the right trick based upon your situation, the conditions, what the other competitors are doing is essential to being a successful Mogul Free Style Skier.

We see too many real estate investors fixing up homes as if they want to live in the home. Meaning they make changes to the home as if they are the owner. Making things too personalized, doing dark accent walls that some people may like and others may hate. Or doing cabinet and counter top choices that some people will love and others will hate.

You need to pick your tricks wisely. When completing a rehab and retail we frequently see too many people doing too much to the property. When you put a property under contract go look at some of the homes that are currently on the market on the same street. With those homes you will know if Granite counter tops are standard in the area or if you can just use laminate. You will know if you have to get upgraded appliances or if lower end appliances or even used appliances will work and many, many more. I recommend that you do what is standard in the area and then I like to throw in a little something extra. For example if every home in the area has vinyl floors I like to do tile in the kitchen, or maybe do nicer carpet than everything else in the area. So for each house I recommend that you do something to bring some sizzle than all the other homes.

The Key is to have your home the nicest. I think this is accomplished by having new carpet, new paint, and everything clean and working and then to add a little sizzle, one thing that you do extra to spice up the home. Choose your tricks wisely; if you over do it you lose, if you don't do enough you lose. Knowing the other homes for sale will tell you what you are competing with. If you know what tricks your competitors are throwing in you will know what type of tricks you need to do to win the Gold!

5. Time counts. Pick up the speed. After the first jump comes, the longest set of mogul's begin. During this time contenders focus on keeping their knees close together and increasing the speed without losing control. This is a difficult balance of control and lack of control.

When you are in the middle of your rehab you need to pick up the speed. You also need to keep things under control. Time is a Gold medal when it comes to Mogul Free Style skiing just like Time is Money when it comes to a Rehab and Retail Investment. Too many investors act like they have all the time in the world. You should have guys on top of guys in the home working. I can have an entire home completed in 30 days. Our average basic rehab takes 2 weeks. Our more detailed takes 30 days and on some occasions 45 days. Every day costs you money.

We set a completion deadline for all of our repair guys from carpet to paint and everything in-between. I like to give my repair guys a bonus for getting properties done before schedule. So we all agree on the completion deadline. I then look at the cost of my hard money per day. I then give 25% of my per day cost as a bonus if 100% of the property is completed in that time frame. And I mean 100% of my contracts say no leaky faucets, no loose screws, no door handles or cover plates off, 100% complete. In model home ready condition. If they go over the deadline they pay 50% of my per day hard money cost. For example if the per day hard money cost is $100. Then I give them a $25 per day bonus for early completion and a $50 per day penalty for not getting the work done. Why is there a difference? Because we all agreed on what the completion deadline can be. So anything before that is really a gift to the workers. Anything after that is really a cost to you as the investor.

Pick up the speed, time will cost you Gold in your pocket just like the lack of speed can cost a Mogul Freestyle skier a gold medal.

6. Jump to the last impression. The second jump is the last chance for the medal contender to make up for lost time by getting some distance or by throwing down a serious trick for some added points. Having a good knowledge of the race you have ran so far and how well you landed your first trick will help you.

Your Rehab needs to give people a reason to STOP the car. I used to think that outside landscaping did not sell a house. Boy was I wrong. If people don't like the outside you will never get them in the inside. Now don't overdue it! Again look around the neighborhood. You only need to be the same or a little better than you neighbor. I make up for this by doing little or nothing in the back yard. If they like the front yard and they like the inside they can do their own work to the back yard. You have to know when to throw down a serious trick and when to just go for the speed. This is a serious judgment call that can not be overlooked.

You don't have a second chance to make a first impression. As a real estate investor you have to look at homes the way buyers do. Buyers are looking for the best home, for the lowest price in an area they are happy with. Although you may not think that you are in competition with homes in other areas you are wrong. Buyers are thinking am I willing to drive an extra 15 minutes to work if I can have double the size home? Or would we rather be in the city and have a smaller home but no commute. In being successful you need to look at what buyers are looking for in a home. Simply, you need to be the nicest home with the lowest price in your area and the home will sell. Homes sell every day and your home will sell if it is the lowest home and in the best condition.

7. Last mogul field. Once the second jump is done there is still a mogul field that cannot be overlooked. You can see the finish line right ahead but if you focus too much on the finish you will hit a Volkswagen size hump and fall over. This will ruin your chances of a finish let alone the hopes for a medal. This last mogul field is overlooked because it is a bit smaller than the others but it's important - it will make or break the race.

This last mogul field for a real estate investor is finding the buyer. In reality if you have done everything else right up to this point finding the buyer should not be too difficult don't spend the money until you have it in your hand. My philosophy is very simple. A. Be the 3% under the other comparable homes in the area B. List with a quality agent and don't skimp on the Buyer agent commission. I would get a discount from the seller's agent but make sure the buyer's agent gets a full 3% commission. Make sure to put in your contract the amount that the buyer's agent will receive. Most contracts just state the total commission that is paid. Create an addendum to the listing contract that shows exactly how much the buyer's agent and seller's agent will receive C. Have the house better than everyone else's. I don't care what market you are in, if you are the lowest price house and the nicest home in the area you will sell, fast. That is the key. Sell Fast and get on to the next deal. There is a cost to hold the property, not just the cost of your money, but there is an opportunity cost on the next deal that you may miss, or something else you can do with the money. Holding the property also comes with risks. Too many investors think you can always start high and come down over time. This is stupid! Price for what the property is going to sell for. Too many investors think that some idiot from another state (like California) is going to come and pay more than what the property is worth. Price the property for what it is worth and then discount it 3% and you will have buyers coming. In some cases you will get more than the asking price because you may end up with multi offers. Yes you heard me right multi offers in this market place. The key is if you are the best home at the best price people will fight over it.

The Last Mogul field is easy if you have the right strategy and you don't plan on a Jet engine to push you faster to the finish or plan on some idiot to over pay for your property.

8. Celebrate! Even the elusive Dale Begg-Smith from Australia celebrated when he crossed the finish line. This guy has no emotion and does not like the press at all. In fact on the medal podium it looks like he can't wait to get out of the spot light. But the second he came across the finish line he looked like a kid in a candy shop. He Celebrated in his own way. When you finish your rehab and retail, celebrate. Now don't get ahead of yourself, let's define finish. Finish is when you have the check in your hand and your hard money lender has been paid back. That is the time to celebrate. Don't make the mistake of spending the money just because you have the property under contract. Problems happen, in real estate nothing is a sure thing. Lenders go out of business, people don't fund, buyers lose jobs, inspectors don't like the house, and the list goes on and on.

So once your Hard Money lender is paid off and your check is in hand it is time to celebrate. I like to set a goal when I originally purchase the property. Nothing crazy just something to represent the hard work, for example taking my wife to a really fancy restaurant, getting a new chair for the house or something small, but something you would not normally do. Don't overdue it, be conservative. But do something fun and Celebrate. By the way, if by some slim chance Dale Begg-Smith sees this article, for the record, the world saw you smile when you crossed the finish line and congrats on the silver medal. I hope you took some time to celebrate!

Article Source: http://EzineArticles.com/3892283


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