I first became aware of “the science of getting rich” a number of years ago when someone sent me a reprint of a book of that name by Wallace Wattle.
The book is a very “dry” read but the author claimed that getting rich was an exacting science which means that if anyone applied the rules to the letter, then the outcome, by scientific definition, would be a true replication.
In other words, if one were to apply the rules of “the science of getting rich”, one would inevitably become rich.
In many ways, not dissimilar to applying a trading system that is proven to work, provided the user applies the system rules exactly, then the same success should be replicated time and time again.
You will recall unless you have been trading Lunar Currencies (joke) that we recently had a liquidity problem in the markets brought about by the meltdown in the sub-prime mortgage market.
In “the science of getting rich”, Wallace Wattle points out the necessity of generosity. In fact he states that one must give freely and although I may be slightly misquoting he suggests that “one should never miss the opportunity to give”.
It is a fact that almost all successful people give away money. I know that this may sound unlikely but check it out.
Warren Buffett has pledged to gradually give 85% of his Berkshire stock valued at around $40 million to five foundations. A dominant five-sixths of the shares will go to the world’s largest philanthropic organization, the $30 billion Bill & Melinda Gates Foundation. Yes that’s right, Bill Gates of Microsoft fame gives away very large amounts of his fortune to charitable causes. Warren Buffett and Bill Gates are far from being alone in giving away money.
Perhaps wealthy people understand more than most that the cycle of money must be kept in motion. You need to give to receive.
So what do “the science of getting rich” and forex trading have to do with each other?
In my opinion, rather a lot!
As we saw with the credit crunch, when money stops flowing, it causes a ripple effect that increasingly affects more and more people. As long as the money flow continues, there is opportunity for all, but when it stops, there is nothing but trouble ahead.
With the act of giving, according to “the science of getting rich”, one is perpetuating the mental attitude of plenty. In essence you are in the mind set of “I have plenty so I can give freely with the full expectation that I will receive even more”.
Being in the right mind set is a very important part of becoming a successful trader.
It is rather like “Trading in the Zone” (an excellent book on trading attitude by Mark Douglas). When you are in the mentality of winning, you carry on winning, but when you are in the mentality of “lack” you are just waiting for failure, which surely will come along.
If you would like to dynamically improve your trading there are a number of things you might consider, and these could include making sure that you have a well proven trading system, making sure that you are always in the “right” mind set when trading and being prepared to “pass on” some of you winnings to a good cause.
Good health and happy trading.