08 Mar 2008 12:28:38 | John Colanzi
Did you know that a successful trader can lose money on 9 out of
10 trades and still make money?
An unsuccessful trader can make money on 7 out of 10 trades and
end up going broke.
What does the successful trader do differently than the trader
that ends up broke?
Even more importantly, how does this apply to your business?
Before I tell you the secret, I want to let you know:
>>> You can't predict the future
>>> Not every marketing campaign you launch will be successful
In the words of Robert Burns, "The best laid schemes o' mice and
men Gang aft a-gley."
In his classic best seller "How To Make A Fortune In Mail
Order," author and publisher Melvin Powers has this to say.
"How do I know if an ad campaign will be profitable?"
"I don't know until I've tried it."
If Melvin Powers doesn't know in advance which ads will be
successful, how can you or I?
We can't.
So what's the secret?
Effective money management.
You must learn to effectively use your "war chest."
Control your assets correctly and you will succeed.
Here are some simple rules for effective money management:
1. Never spend money on an ad campaign, unless you can afford to
lose it.
2. Always keep money in reserve. Don't let one marketing
campaign empty your war chest.
3. Whenever you have a successful promotion, use part of your
profits to capitalize on a winner.
Learn to manage your money and watch you profits soar.
On Wall Street they have a saying, "Cut your losses and let your
profits run."
About Author :
John publishes the "Street Smart Marketing" newsletter.
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