One of the commonly overlooked reasons why a trader can succeed or fail is the country they are in!
This was a big reason decades ago, when there were more wars going on around the world. Â But still today, this can be an explanation.
As a general rule, if a trader is trying to succeed from some poverty and disease stricken African country, they have the odds stacked against them, versus if they traded fromÂ a stable country that has freedom, property rights and rule of law.
If I was trading from Greece let’s say, especially during the middle of the debt crisis, then it would be harder, though not impossible to succeed. Â Some countries are lovely for visiting and tourism, but they may not be the best choice for building a career and a life.
There are many traders over the past that have realized this and moved to another country in search of more opportunity.
Traders Moving to a New Country for Trading Riches
Here are two examples of traders moving to a new country in order to attain the opportunity for massive trading success:
George Soros moved from Hungary to London, and then to New York. Â Do you think he could have succeeded and amassed a fortune to the extent he had, if he was still in Hungary? Â Of course it involves a lot more than just moving to a country with more opportunities. Â You have to have ambition and desire for something better in life and put in the effort. Â After all, Neil Gaiman said: Â “Wherever you go, you take yourself with you.”
Another example is of Raj Rajaratnam. Â He came from Sri Lanka, to the United States. Â Now, he eventually winded up in prison for insider trading, but it still meant that there were plenty of opportunities in America for him.
Now someone may ask, how could two people come to America – one winds up with 20+ billion ethically and morally, and another makes $1-2 billion, and winds up in prison? Â That is certainly a fascinating question!
One of the answers lies in the quote that Earl Nightingale gave in The Strangest Secret: Â “You become what you think about.”
The other answer is in that you can extract as much profit as you like from the markets, legitimately, ethically, and in an intellectually fascinating way, via Global Macro Trading.
If you would like to learn about global macro trading, then click here.
Not Every Country Has That Special Something
We are all on this planet together. Â All looking for similar things, – freedom, happiness, peace of mind, and of course profit. Â Only the careers that we choose to pursue can be different.
Not every country has that – where you can go and study and read and learn and be who you want to be in some kind of peace and rule of law.
Paul Tudor Jones once said about trading:
“The last great frontier. Â I went there with nothing. Â You can go there with nothing and do whatever you want to do.”
This is of course true. Â The added element is being in that country that gives you the opportunity to go after what you want and do whatever you want to do.
Therefore, there is a special thanks that must be given to those countries that have freedom, property rights, contract law, and the overall infrastructure in place that allow you to go after your trading dreams.
Happy 4th of July to all the traders out there!