Hi all - here is my progress thread 
I won't repost a lot of background stuff here as is it can be found in my introduction thread. In short I've been doing IM for about 7 years, trading for 4 and decided to fuse the 2 as my fast track plan.
The need:
Currently there is a massive (95% or thereabouts) failure rate for average Joe retail traders. In my observation this is because a large chunk of them are after get-rich-easy (holy grail systems, robots, signals, social 'copy a trader' sites) shortcuts. Then you have your more serious and determined traders who put in time and effort only to be rewarded with consistent losses, stress and being slapped hard by the markets. I believe from my own experience, participation in trading forums and market research that in the majority of cases the serious and determined trader fails due to psychological reasons. Many are not even prepared to accept that they might need to work on themselves and instead keep looking for better systems and market analysis methods as the remedy to their problems.
Like me (before I went very hardcore into trading psychology) they allow strong emotional reactions and automatic behaviour patterns to make bad trading decisions rather than operating from a logical, pre-planned, objective and indifferent mind-set. They allow a natural need to be right (programmed at school and the work place where being wrong/infallible is frowned upon) to to prevent them from taking small losses and moving on to the next trade. Bad decisions cause bad trades which cause emotional pain (losing money + being wrong) which cause knee-jerk behaviour, more bad decisions which snowball into blown accounts. If you can't follow rules and trade efficiently then it doesn't matter how good your system and analysis are. If your ego and emotions are driving the bus... You're gonna have a bad time.
I see very little training on discipline and psychology, what I do see available is very high ticket ($1k+). I myself invested in a high ticket course (Van Tharp Peak Performance Home Study) which changed how I approach the markets and my life in general. I also got into some basic spirituality, self awareness, mindfulness,meditation (Eckhart Tolle/Osho/David Hawkins/Buddhism/Zen/meditation/Martial Arts etc.) which had a very positive affect on my trading and my life in general. I don't see any really good and helpful trading psychology products that are easy to consume and affordable. I believe serious and determined traders need this and deserve a decent chance at getting some return on their time/effort/money invested.
The product:
About this time last year I developed an ebook on trading discipline/psychology. I created a freebie, built a funnel and list through solo ads I bought from people on the Warrior forum. I got a lot of sign ups, a few sales and a couple of refunds. The numbers didn't work out so I have spent most of this year researching, talking to few people on my list and working on my own trading.
I've just outsourced the writing of the ebook by a professional. I'm combining what he's returned with bits of my original product (refund rate was 20% and some feedback was good). I'll make it into videos (powerpoint+camtasia) as well if it takes off. I'm almost finished with the first module which I am looking for case studies to test.
Challenges:
1. This niche is massively saturated which means lots of competition, expensive PPC/media buys and very tough SEO
2. Getting through to my actual target audience will be hard (previous solo ads were with people who sold GRQ robots/signals etc so traffic was wrong segment)
That said I feel confident in the value I can deliver to the right customer - I believe this will overcome obstacles if it works out.
Next steps:
This weekend - finish module 1 (about 90% done), do appsumo validation test training, set up validation test.
If this flops I have a bunch of other ideas for this niche and some good domains ready to go. This appsumo validation test concept has jolted me out of analysis paralysis. I really would like this idea to take off as I'm very passionate about helping average Joe take money from Wall St.
Thanks for reading
I won't repost a lot of background stuff here as is it can be found in my introduction thread. In short I've been doing IM for about 7 years, trading for 4 and decided to fuse the 2 as my fast track plan.
The need:
Currently there is a massive (95% or thereabouts) failure rate for average Joe retail traders. In my observation this is because a large chunk of them are after get-rich-easy (holy grail systems, robots, signals, social 'copy a trader' sites) shortcuts. Then you have your more serious and determined traders who put in time and effort only to be rewarded with consistent losses, stress and being slapped hard by the markets. I believe from my own experience, participation in trading forums and market research that in the majority of cases the serious and determined trader fails due to psychological reasons. Many are not even prepared to accept that they might need to work on themselves and instead keep looking for better systems and market analysis methods as the remedy to their problems.
Like me (before I went very hardcore into trading psychology) they allow strong emotional reactions and automatic behaviour patterns to make bad trading decisions rather than operating from a logical, pre-planned, objective and indifferent mind-set. They allow a natural need to be right (programmed at school and the work place where being wrong/infallible is frowned upon) to to prevent them from taking small losses and moving on to the next trade. Bad decisions cause bad trades which cause emotional pain (losing money + being wrong) which cause knee-jerk behaviour, more bad decisions which snowball into blown accounts. If you can't follow rules and trade efficiently then it doesn't matter how good your system and analysis are. If your ego and emotions are driving the bus... You're gonna have a bad time.
I see very little training on discipline and psychology, what I do see available is very high ticket ($1k+). I myself invested in a high ticket course (Van Tharp Peak Performance Home Study) which changed how I approach the markets and my life in general. I also got into some basic spirituality, self awareness, mindfulness,meditation (Eckhart Tolle/Osho/David Hawkins/Buddhism/Zen/meditation/Martial Arts etc.) which had a very positive affect on my trading and my life in general. I don't see any really good and helpful trading psychology products that are easy to consume and affordable. I believe serious and determined traders need this and deserve a decent chance at getting some return on their time/effort/money invested.
The product:
About this time last year I developed an ebook on trading discipline/psychology. I created a freebie, built a funnel and list through solo ads I bought from people on the Warrior forum. I got a lot of sign ups, a few sales and a couple of refunds. The numbers didn't work out so I have spent most of this year researching, talking to few people on my list and working on my own trading.
I've just outsourced the writing of the ebook by a professional. I'm combining what he's returned with bits of my original product (refund rate was 20% and some feedback was good). I'll make it into videos (powerpoint+camtasia) as well if it takes off. I'm almost finished with the first module which I am looking for case studies to test.
Challenges:
1. This niche is massively saturated which means lots of competition, expensive PPC/media buys and very tough SEO
2. Getting through to my actual target audience will be hard (previous solo ads were with people who sold GRQ robots/signals etc so traffic was wrong segment)
That said I feel confident in the value I can deliver to the right customer - I believe this will overcome obstacles if it works out.
Next steps:
This weekend - finish module 1 (about 90% done), do appsumo validation test training, set up validation test.
If this flops I have a bunch of other ideas for this niche and some good domains ready to go. This appsumo validation test concept has jolted me out of analysis paralysis. I really would like this idea to take off as I'm very passionate about helping average Joe take money from Wall St.
Thanks for reading
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