urance you need basedon your earning power and the financial needs of your family.Any competent insurance agent can help you with this. Heor she will gladly show you alternatives based on projections.Generally speaking, these projections are honest and reasonable based on the information you have given the agent aboutyourself and your family. The amount you pay for coverage—thepremium—can vary considerably, so be sure to shop around.There are many Web sites that can assist you in finding the rightinsurance at the lowest price. Remember that with this type ofinsurance, you want to be as confident as possible that the company you are insured with will not go broke. In order to determine this, you may have to do some research. The cheapest maynot be the best! The good news about this type of policy is thatthe money you pay in is an investment.
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At some time in the future, you will be able to collect whatyou paid in, and you may be able to borrow against it. But don’texpect your investment to grow substantially, because insurancecompanies invest very conservatively, and the return will be low.While life insurance is usually a safe investment, it won’t makeyou rich and won’t grow quickly. The good news is that you andyour family will be protected. The key issue with this type of investment is whether you can make your money grow faster thanthe insurance company can, and whether you can still get thecoverage you need.This is where term insurance comes into play. With term insurance, your premiums are much lower than they are with wholelife insurance, but you don’t get anything back. The money goesdown the drain, unless the insured person dies. There are sometremendous bargains in term insurance. For most individuals,this is the sensible way to go because the cost is low and the protection is good. But term insurance will only be to your benefitif you can take the money you saved by not buying whole life insurance and invest it wisely. And that’s a big “if.”
Which Is Right for You?Although you are not locked into one type of insurance oranother, as you learn how to invest your money (which is thepurpose of this book), you will only need term insurance. Andthis is what I recommend. Note also that there are other plansthat fall somewhere between term insurance and whole life. Insurance companies offer a wide range of alternatives. Here aresome pointers that will, I believe, serve you well, if you have thefinancial ability to put them into action:
Take term insurance for yourself and your spouse.
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Don’t go overboard on the amount of coverage. As longas costs remain low and within your ability to pay, buy thelargest amount you can reasonably afford.

Buy the same amount of coverage for yourself and yourspouse to avoid any potential conflict due to problems ofego. I have seen many conflicts arise between husbandand wife about the size of a policy. If the husband feelsthat he should have $1 million in insurance but wants only$500,000 insurance on his wife, his wife may feel belittled.Avoid any problems and just consider that husband andwife are equally important.

Buy whole life insurance for your children. This form ofinvestment is all too often overlooked. The cost of buyingsuch insurance for young and healthy children can be verylow. If you begin with whole life for children when theyare very young, you can buy a good amount of coverage,and by the time your children are ready for college, theycould have a good little next egg put away.

Upgrade your insurance coverage as your income increases. This suggestion speaks for itself and requires noelaboration.

If you have whole life insurance now, phase it out andswitch to term insurance as you become a more successfulinvestor.
TAX CONSIDERATIONS AND STRATEGIESAs you may know, married couples who file a joint returnhave been effectively penalized on their taxes for many years.This archaic part of the tax code is likely to fall by the wayside in
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the next few years. In the past, however, some couples have optedto file separately or, in extreme cases, to avoid marriage in orderto avoid the penalty. This is not necessary if you are investing successfully. In addition, deductions for dependents can be a greathelp. If you have a unique situation with regard to dependents,you are advised to consult your tax advisor for information andstrategies.
PLANNING FOR THE FINANCIAL BURDENOF HAVING CHILDRENI have already given you my suggestions for whole life insurance for children. But there are other things you can do foryour children, and you must do them when the children are veryyoung. First and foremost among these are the following:
Establish a mutual fund account for each child. You willget more details about this in Chapters 8, 9, and 10.

Educate your children in money and its meaning as soonas possible.

Promote the value and history of being an investor by “indoctrinating” your children as soon as they are capable ofunderstanding. Some of you may think this suggestion iscold, calculating, and mercenary, but the alternative is raising children who do not appreciate the value of money.

Educate your children in investment techniques whenthey are very young. There are many games that can assistyou, including the traditional Monopoly and Risk games.These games will go a long way to promoting an interestin investing.
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Encourage your children to take an active role in their investments and have them open stock trading accounts assoon as they are legally permitted to do so.

Educate your children in the dangers of gambling as opposed to the benefits of investing.

Encourage your children to take investment courses either at school or online.

Add to your children’s motivation by showing them howtheir investments have grown, and even by allowing themto spend small amounts of their earnings.
How to Lessen the Impact of Paying for Collegeand/or Private SchoolsI previously advised you that whole life insurance and mutualfunds can be very helpful in planning for college. A number ofstates have enacted investment plans designed, supposedly, toallow prepayment of tuition in order to defray the cost of risingtuition in the future. Some of these plans are in danger of goingbroke, and they may not be able to pay off when the time comes.I advise against such plans, because they will likely be mismanagedand are too risky. You are better off investing money for collegeon your own, but this will clearly take discipline, and that’s thedownside for many people.Another suggestion is to apply for financial aid even if youhave a good income. Most colleges and private schools have substantial endowments and can provide some money toward tuition. This is especially true of private elementary and secondaryschools. While some people may feel it is greedy for you to applyfor aid if your income is good, the fact is that it’s up to the insti-
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tution to make the decision as to whether you are worthy ofassistance or not. It’s their decision. If they decide that you canhave some money, then take it. And don’t feel that you’re keeping someone else who is “more needy” than you from having themoney. Institutions make their decisions based on the availability of capital and need, but don’t hesitate to apply unless yourincome is very substantial.
PROTECTING YOUR ASSETSFROM LEGAL RAMIFICATIONSThere are many things you can do to protect your hardearned income from legal attack. All too often, a small mistakecan cost you a great deal of money. Yes, you may have insuranceto protect you, and you may see yourself as a very cautious person, but in our litigious society no one is immune from attack orfrivolous lawsuits. This is why I recommend you make yourself“judgment proof.” There are a number of avenues you can takein order to achieve the goal of protecting your assets from legalencumbrances. The primary form of protection is through anentity called a trust. A trust is a vehicle that is used to shield yourassets from those who would seek to take them in the event of acourt ruling against you. Clearly, if your assets are protected,they cannot be taken away. There are various types of trusts thatprovide different levels of protection. Here are a few types oftrusts you may want to consider:
Simple trust. This is a legal arrangement in which an individual (the trustor) gives control of property or money toa person or institution (the trustee) for the benefit of beneficiaries (the people who will eventually benefit from theproperty or money).
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Blind trust. This is a trust in which the beneficiaries do notknow what is in the trust and in which an appointed andfinancially reliable third party has complete managementdiscretion.

Pure trust. BEWARE! If you are actively searching for truststo protect your assets, you may run into this type of trust.Although its promoters claim that such trusts will protectyou from virtually any type of financial assault, their valuehas not been proven and, in many cases, they have beenruled illegal. Investigate thoroughly before you pay anyone to set up a trust for you, particularly a pure trust. Puretrusts masquerade by many other names, such as commonlaw trusts, freedom trusts, and so on.

Offshore trust. This is a trust that is set up in a foreign country. By having your assets in a foreign country and a foreignbank, the courts in your country may not be able to seizeyour money even if there is a judgment against you. Although there are many good things about such trusts, youmust be aware of potential legal limitations and tax considerations beforehand. Consult with your attorney and/ortax advisor before you set up a foreign trust.

Revocable trust/Living trust. A revocable trust is often referred to as a living trust. The purpose for establishing arevocable trust is to avoid the time and expense of probate(legal challenges and taxes to your estate in the event ofyour death or inability to function) and to provide a mechanism for your family members (or other trusted individuals you designate) to take control of your assets shouldyou become incapacitated.
Some individuals and organizations may attempt to convinceyou that an offshore trust can be a legal way for you to avoid pay-
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ing taxes. Before you venture into this very gray area, you maywant to consult with a tax advisor and/or tax attorney. You mayalso want to go to the Internal Revenue Service Web site, usingthe following link: www.ustreas.gov/irs/ci/tax_fraud/2105.pdf.There are numerous books and other Web sites designed to giveyou expert advice in these areas. I suggest that you consult them.See the Resources at the back of the book for a listing in this area.
YOU AND YOUR SPOUSE ASINVESTMENT PARTNERSMuch has been said in recent years about men “wearing thepants” in the family and the supposed benefits of having thehusband manage family investments. I believe that these daysare gone forever. My reasoning is based on a number of facts andobservations. Generally speaking, I believe that women make better investors than men. Women tend to be less emotional andmore logical than men, particularly when it comes to “pulling thetrigger,” or actually making the investments.In addition, women tend to be more logical and unemotional when taking losses. They are more likely than men to exita losing investment. Men tend to make losses a matter of ego asopposed to a matter of fact. Freudian psychologists would haveus believe that for a man, taking a loss is like being castrated. Although I won’t go that far in the analogy, suffice it to say thatmost men loathe taking losses. And that often becomes a bigproblem, because they tend to hang on to losing positions.Perhaps more important than any of the reasons cited above,investing with a partner adds a good sense of balance to yourwork. A partner can spot mistakes that you may not see. And apartner can provide another point of view that may prevent losing investments.
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Although the democratic process that comes with having apartner can slow things down, in the long run you will likely makebetter decisions. In the event that your spouse does not want tobe included in the process, then you have no choice; however, theopportunity should always be offered to avoid problems later onand to have a more effective overall approach.In addition, the growing trend toward same-sex marriagesand cohabitation in heterosexual relationships without marriagemakes inclusion of your partner even more important. I believethat the family that invests together will form stronger bondsand work more effectively toward common goals.As your children grow older, and if you have given them theopportunity to participate in investment decisions, they will beable to assist you in investment research. Your workload as parents will decrease, and you will also know that you have givenyour children a head start in the world of capitalism. If by thetime your children are in their early teens they are educated inthe various aspects of investing, they will be way ahead of theirpeers. They will see opportunities that others do not see. Andyou, in turn, will have peace of mind, knowing that your children have a solid financial future ahead of them.
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C H A P T E R
F O U R
SELF-KNOWLEDGEYour Practical and Emotional Selves
None of the strategies, techniques, or suggestions in this bookwill be of any use to you unless you have taken the necessary stepsto develop your self-discipline and personal psychology. This is byfar the weakest link in the chain. Intelligence, achievement inschool, and socioeconomic status have very little to do with yourpsychological skills as an investor. Some of the most intelligentand well-educated individuals are failures as investors. Why? Because they have never been taught the skills that foster and facilitate investment success. This chapter will tell you exactly whatyou need to do to graduate to the success zone and stay in it.In this chapter, I will touch on what is one of the most criticalissues in successful investing. There are many issues to considerand, depending on your nature and behavior habits, some maybe more helpful to you than others. I suggest you read them alland consider them carefully in light of your self-understanding.
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INVESTOR BEHAVIORInvestors are a strange lot indeed. When I made my first futures trade in the summer of 1968, I had no idea that there wereas many different approaches to the markets as there were investors and traders. I’ve also discovered that even though investorssay they want to make money in the markets, their behavioroften is just the opposite.I’ve distilled some of my more important observations of investor behavior into a few pages. I hope you enjoy them, but mostof all, I hope you benefit from them. Here, then, in no particularorder are my thoughts.Investors are often too willing to take tips that have no historybehind them, while they ignore solid trades with a long history ofreliability. Investors often work hard to gather reliable information. They plan their investments, are methodical in setting arisk point, and have the discipline to follow their own research.Yet, all it takes is one urgent call from a broker or one piece ofdramatic news, and all their good intentions vanish. They meltinto a pool of emotion, abandoning their discipline as they giveway to fear and greed.Investors all too often react impulsively to news, not knowingthe odds of success, the risk involved, or the history behind thestrategy they have planned. They lose money on the investmentopportunity that they took impulsively, and yet they fail to learnfrom the experience. It seems that the human mind is alwayslooking for an “easy shot.” When something comes along thatseems easy, discipline appears to deteriorate in spite of all intelligent reasons and past experience to maintain it.Investors tend to be a very insecure group of individuals whenit comes to the implementation of their strategies. What is it that
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causes investors to commit blunders? Is it lack of knowledge,lack of capital, or lack of a systematic approach? Yes, it can be oneor all of these. What it all adds up to is this: Investors tend to wallow in insecurity, no matter how good their research may be. Onlythe exceptional investor is totally immune to the errors that result from insecurity. Having a solid investment approach, combined with a disciplined approach to implementation, can go along way toward eliminating most investor insecurity.Investors love forecasts. Forecasts tend to polarize a person’sthinking. They tend to restrict possibilities and give investors tunnel vision. They create a mind-set that is not easily overcome.Investors poorly execute buy and sell orders in stocks. Investors frequently complain about their price fills. Although thereis certainly an element of truth to the complaints, there is alsothe fact that the overwhelming majority of investors have noidea about how to place orders effectively, or which orders aremost suited to their purpose. By merely using the right order atthe right time, an investor can save thousands of dollars.Investors don’t like “insiders.” An insider is an individual who,by virtue of his or her position in a company or otherwise, hasknowledge about a pending development in the markets thatmay not yet be known to the general public. Because investorsbelieve that such knowledge gives insiders an unfair advantage,they are universal in their dislike and mistrust of them. They accuse them of virtually everything from stealing money to fixingprices. Insiders are just as fallible and human as are all investors.The only difference is that they have more experience and knowhow to “milk” markets for the results they desire. Unfortunately,some of the investment scandals of the early 2000s have helpedreinforce public suspicion and mistrust of insiders. Although it
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may very well be true that those trading with inside informationare playing the game unfairly, it is also true that they are not directly responsible for individual investor losses. Ultimately, eachinvestor must evaluate a situation and then take action. Insidersdo not force investors to buy or sell stocks or real estate.Investors hate buying when prices are rising and selling whenprices are declining. A costly lesson I’ve learned from over 30years in the futures business is the value of buying on strengthand selling on weakness. By this I mean that when prices havestarted an upward trend, the path of least resistance is to buywhen prices decline. And when prices are declining, the path ofleast resistance is to sell when prices go up. Investing with thetrend is the most reliable way of making money, whether instocks, futures, real estate, or collectibles. In spite of the fact thatinvesting with the trend is the more reliable way to make money,many investors shy away from this effective strategy, becausethey’re always afraid of buying too high or selling too low. Theaverage investor is always trying to find a “deal.” Although thismay work with a street vendor in a flea market, it’s not a winningstrategy in the financial markets. Many of us have been told thatwe need to “buy low and sell high” in order to make money. Thefact is that we can make money if we “buy high and sell higher.”To put it simply, you can board a train that is unlikely to leavethe station because it’s not in service; you can board a train that’sheading back into the garage for repair; or you can board a trainwhose engine is running as it readies to leave the station. Clearly,the best choice is the train that is ready to leave the station or,better yet, the train that is just pulling out of the station.Investors hate taking losses—even small ones. This is no surprise to you, is it? This is by far one of the worst traits of investors.All too often those little losses, which were not taken when they
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should have been, turn into account-devouring monsters thatcan make equity disappear in a matter of days. Many investorswould rather allow a small loss of several hundred dollars to turninto a monster than admit to the small loss at the right time.Investors love to blame everyone but themselves for theirlosses. Consider the many times you blamed your broker or theinsiders for your losses. Most often, we tend to blame everyonebut ourselves for losses, but the ultimate responsibility for ourinvestments is our own.Investors think too much and take too little action. Thinkingis good in many aspects of life, even in investing; however, onceyou have determined your course of action based on your investment approach, you need to take action. All too often, investorsfall victim to an affliction called “analysis paralysis.” This mentalcondition expresses itself as the inability to take action due to anoversupply of information. Some investors allow themselves tobecome bogged down (i.e., paralyzed) by such a large amount ofinformation that they cannot make a decision. This at times servestheir purposes, as they avoid the possibility of losing money by notmaking a decision. Don’t think too much. This is not rocket science. Determine your course of action and then make your move.Investors are inconsistent. At times an investor engages in abehavior or behaviors that are clearly in violation of effective investing rules. Yet, in spite of the fact that rules have been broken,the investment results in a profit. This teaches the investor thatconsistent following of the rules is not necessary. But becausethe results of inconsistent rule breaking are random, the investor will never know for certain whether breaking the rules willwork or not. The inconsistency of results teaches the investor toreact inconsistently.
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Investors can’t accept too many consecutive losses before theybegin to doubt themselves as well as their investment methods.The logic and experience of system testing tells us that some ofthe best investment methods are subject to considerable drawdowns as well as strings of losing investments. From my experience, I’d have to say that taking as many as seven losses (even upto ten losses) in a row is not unusual. Yet, this is precisely whatcauses investors to abandon their method or to change midstream. In order to make a method work for you, you have togive it time and plenty of room. Most investors know this intuitively rather than discursively.Here is how you may embark or stay firmly on the road toconsistent profits. First, examine your results by looking at yourmonthly brokerage statements. Attempt to determine why youmade the investments you did. This will let you know at oncewhether your investments were systematic or whether they werebased on a whim, emotion, tips, rumors, fear, or greed. If you’relike most investors, you’ll find that a relatively small percentage ofyour investments were the result of a system, and that most of yourinvestments were prompted by other factors, most of which weretotally unrelated to any definitive system, method, or indicator.This will alert you to a problem area in your investing. It willlet you know, without a doubt, that you are not basing your decisions on a consistent approach. The second step, then, is to fixthis problem by looking for a method that has simple, unambiguous rules of application.
MASTERING THE PSYCHOLOGICALASPECTS OF INVESTINGYou can master the psychological end of investing by learning about yourself or by using simple, time-tested, mechanical
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techniques to overcome the problems. Purists would argue thatthe latter approach is shallow and not conducive to long-termchange. I disagree.Numerous mechanical techniques can be used to overcomeproblems of investor discipline. Whether the application of thesemechanical methods results in permanent changes is irrelevant.If mechanical methods work, then I suggest you use them.What do I mean by “mechanical methods”? Some of these arediscussed in later chapters. Here are some examples:
There are many investors who cannot follow their ownrules. To overcome this limitation, simply turn your rulesover to someone who will implement them for you.

How about a method for helping investors who are tooactively involved in (perhaps even addicted to) the markets? The answer is simple: Most overtrading comes fromeither too much contact with the market or attempting tofollow too many markets or methods at the same time. Amechanical way of dealing with this problem is to eliminate the source or sources of information that stimulateyou to make too many investments.

Making a verbal contract with your broker can solve someof the problems.
Factors Underlying Successful InvestingAlthough there are many things an investor can do wrong inthe markets, there are only a few things he or she can do right.We are all well aware of how important risk management, discipline, and a good investment method can be. Yet without a doubt,they are all useless in the hands of a trader who is psychologically
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inept or self-destructive. It is unfortunate that investors stillbelieve in the myth that a better system will make them betterinvestors.The factors for achieving investment success are primarilypsychological or behavioral. My experiences have taught me thatthree factors make up perhaps 90 percent of the formula forachieving and maintaining success:1. Detachment. Many years ago, I learned that in order to invest successfully, I had to “not care,” to be detached frommy work as a trader. At times, being human gets in theway of success by throwing emotional roadblocks in yourpath. Emotional roadblocks cloud judgment and inhibitsuccess. Just as a surgeon must not become emotionallyinvolved with a patient, an investor must not becomeemotionally involved with his or her trades, or for thatmatter, with the idea of success. Keep yourself from caring too much, and you’ll facilitate success.2. Persistence. Clearly, the investor who is a quitter will neversucceed, because he or she will not be in the marketswhen the big moves occur. A truly successful investor iswilling to come back fighting after a loss or after a stringof losses.3. Realistic attitude. Investors must maintain a realistic attitudein order to succeed in the game of high expectations. Alltoo often, investors have grossly unrealistic expectationsabout what they can achieve in the markets. Dreams ofstriking it rich or of being in on that one stock or property that makes you fabulously wealthy are self-destructiveand divert your attention from the reality of your goal.
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The fact of the matter is that you are far better off catchingsmaller profits that have a higher degree of accuracy than expecting large profits that are not likely to occur or will take so longto develop that you’ll have at least 100 opportunities to makemistakes.
THE MAJORITY IS USUALLY WRONG—DON’T FORGET THAT!There is a strong relationship between the level of marketemotion and short-term market turns. When opinions are veryoptimistic, tops are likely; when opinions are very negative, bottoms are likely.Remember these five general rules about investing and investor sentiment. They will serve you well!1. Many investors lose money a majority of the time.2. Most investors make incorrect decisions at major andminor market turning points.3. When a majority of investors are in agreement that something will happen in the economy or in the market, theyare usually incorrect.4. The larger the degree of agreement, the more likely it isthat a strongly held opinion will be incorrect.5. It is more important to determine the opinions of average investors than those of professional traders.If you want to learn more about trader psychology, I adviseyou to consult some of the resources listed at the end of thisbook. Above all, bear in mind that you, the investor, are the
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weakest link in the chain. No matter how potentially profitableyour investment methods may be, they will be rendered totallyuseless or worse if you do not have the discipline to put theminto action consistently according to the rules. If there is only onething you learn in this book, it is to have discipline. You will never succeed without discipline.I will give you more suggestions on how to improve your discipline and investor psychology. For now, the information I havegiven you should suffice. Now that you’ve survived the boringstuff, let’s go on to Chapter 5, where the real fun begins.
C H A P T E R
F I V E
SETTING FINANCIALGOALS
Larry works hard for his money. He can barely make endsmeet in spite of the fact that he works a 50-hour week and another 10 hours on the weekend at a part-time job. He saves a fewdollars each week, but the bulk of his money goes to pay billsand care for his family. By the time the bills are paid and thechildren are fed and clothed, the amount of money that remainsis minimal. Larry believes that he will never have enough moneyto invest. The American dream is not his dream. After all, it takesmoney to make money, so if you don’t have money you’ll neverstrike it rich.Larry has surveyed his choices. He can either continue towork to make ends meet or he can strike out on his own. But tostart his own business, he has to have starting capital, unless hecan find a business that requires hardly any start-up capital. Arethere other alternatives? Yes, there are a few. Before you readabout his choices, however, remember that there are many Larrys55
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out there. To a certain extent, we are all Larry unless we have bigmoney. Here are a few of Larry’s choices:
Given his limited finances and never-ending stream of expenses, Larry could get a third job. But what will happento his quality of life? How will he continue to give his wifeand children the time they need? How about his own enjoyment? Will he work three jobs for the rest of his life?When will the intensive effort end, giving Larry and hiswife the time they want and need for a little enjoyment?Clearly, this is not a very appealing option.

Larry’s wife Ellen could get a full-time job in addition toher full-time job at home. What will that do to their relationship and their marriage? The stresses and strains arealready substantial. And how will that affect the children?Will they have sufficient care and nurturing? Without adoubt this is not a positive alternative, although there aremillions of married couples that find themselves in this situation given the cost of living in the United States.

Perhaps Larry and Ellen could start their own business.This is indeed a very viable alternative and one that attractsmany families. The good news is that Larry and his wifehave their choice of quite a few home-based businesses. Infact, with the growth and development of Internet commerce, such ventures as selling merchandise via onlineauction sites can be a very good business. However, it is becoming a highly competitive area of commerce and takesskill and experience to make a profit. But this is true of allbusiness ventures. Is there any bad news about startingyour own business? It takes money, but the real issue ishow much. More about this later.
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Larry could buy one of the many courses or seminars advertised on television, like zero-down real estate or someother business opportunity. Odds are that most of thesewill take more time, more money, and more effort thanLarry wants to expend. Whether or not these business opportunities work will be discussed more fully in Chapter 8.Based on my understanding of these courses, it is unlikelythey will work for you, or for Larry, in spite of what thepromoters claim. The promoters of these courses makemoney on what is called the “up sell.” Their initial offer islow priced and reasonable, and they often break even orlose money with the hope that they can sell you a higherend product, course, or video seminar.

Larry and his wife could take an entirely different directionand venture into the ultimate capitalist game: the stockmarket. They could become stock traders. To most people,this is the farthest thing from their minds. Yes, the proposition sounds scary, particularly if you have no idea whatthe stock market is or how you can make money in it. Itcan be intimidating. But then again, anything can be a challenge if you have no experience. There’s no question you’llhave to expend some effort if you’re going to succeed.The good news and bad news of this alternative will be discussed more fully in Chapter 8.

On a less aggressive level than being a stock trader, Larryand his wife could become investors. Investors