Archives of “January 8, 2019” day

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The Best Obituary I’ve Read

  
  Education
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The best obituary I’ve read recently was of Kerry Packer the Australian news magnate and consummate gambler, who makes the sage and the palindrome look like angels, whose private plane was purposely grounded with “mechanical failure” for two hours after he won 10 big at bacarat, with Wynn knowing that Kerry would rush back to the casino to play some more and lose the 10 in the two hours et al.

Kerry was downed in a polo game and was clinically dead for 8 minutes, and revived. When he woke up he said, “the one thing I can tell you for sure is there is no Devil below”.

Chimpanzees Are Like Stock Traders — They Take Gambles

  
  Education
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Humans aren’t the only gamblers in the animal kingdom.

 Our closest primate relatives, chimpanzees and bonobos, demonstrate behaviors considered basic to human economics such as delaying gratification and assessing risk, according to new research published Wednesday May 29 in the journal PLoS One.

Though they don’t bet on stock exchanges or casinos, they also have strong emotional reactions to games of chance — like when they are betting on food showing up. They don’t like losing or waiting for payouts, and can even correct their own behaviors based on successes or failures.

“Apes are also experiencing rich emotional reactions in an economic context,” study researcher Alexandra Rosati, of Yale University, said in a statement. “They are making decisions about their most valuable resource, which is food.”

“Even though economists can be quite puzzled about human behavior and what it means, biology suggests that these economic biases have their roots in non-human foraging behaviors,” Rosati said. (more…)

Success & Failure in Trading

  
  Education
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Different shapes and forms.

Failure comes in all different shapes and forms.  The distance you fall after a failure,  time it took to get to the failure,and whether you get back up determines that shape and form.   I realize there are a million posts on why failure is important but success is important, especially in trading.

Failure is different in trading.

Failure/losing in trading is not the same as failure in other contexts.  What is working right now is always changing. What happens to many traders is that they waste money until their system is working again or they run out of money before it happens.  I believe in having a process so you can adapt to that change.  When you find something that works continue to do it till it does not work.  A 100x easier said than done.

Trading is gambling for some. (more…)

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