Some great videos about these emotions by Scott O’Neil. He is President of MarketSmith Incorporated, a stock research tool developed by a team of investment professionals at William O’Neil + Company, a Registered Investment Advisor for Institutional Money Managers providing equity market buy/sell recommendations and independent research. Scott is also a portfolio manager with O’Neil Data Systems, Inc.-Forbes
Archives of “January 9, 2019” day
rss12 rules of leadership by a retired navy seal commander
Two Equations that Lead to Wealth
Yep, that’s it. It seems pretty simple, doesn’t it? In fact, these seem to be “common sense.” But remember that these are two equations that 70% of Americans can’t get right.P
If you look at these equations, you’ll see that all efforts to improve your finances come down to two things: increasing your income or decreasing your expenses. The more you do of each of these, the better. Of course, there are a few more details to fill in the gaps. You need to understand the basic definitions of each term above and know the steps to take to ensure your success in each area. I’ll be talking about these as well as sharing ideas to make the most of them as time goes on, but for now, here’s a quick overview of each one.P
Income
You need at least a minimum level of earnings just to survive. Any amount above that qualifies you as a person who can build wealth. And since the minimum in America isn’t that high compared to what people earn (average household income is around $50,000, and you can start building wealth well below that level), almost everyone qualifies.P
Your career is where most people get the vast majority of their income. As such, we’ll spend a lot of time here talking about how to manage and grow your career so you can maximize your earning potential. The bottom line: even a small change for the better can mean hundreds of thousands in extra income over a lifetime.
In addition to your job, there are a whole host of ways you can earn extra money these days. If you’re industrious enough, the money you make on the side can be quite substantial.P
SpendingP
No matter what you earn—whether it’s $30,000 or $1 million a year—you must keep your expenses below your income. You MUST spend less than you earn. If you don’t, you will go backwards financially.P
Consider two people: (more…)
Essentials of a Winning Psychology
Four fears that block a winning psychology:
- Fear of Loss
- Fear of being wrong
- Fear of missing out
- Fear of leaving money on the table.
Realize that trading is based on probabilities, as such, every trade is unique. In other words, the past does not equal the future.
Probability thinking manifest other states and beliefs:
- Because we know that we will succeed in the long run and because we know we will protect ourselves no matter what the market does, we acquire the state of “self trust” and the state of being “carefree”.
In turn these states allow us to remain….
- Focused, confident and carefree when we are experiencing the inevitable prolonged drawdown.
- Because at the micro level we know that the market is random, we will not allow euphoria to set in and lead us to reckless trades. Each trade will only be one in a series of probabilities.
- We will view market information not as a source of pleasure or pain but merely as data providing us with opportunities.
Personal Attributes Essential to a Winning Mentality
- Awareness – the ability to step outside ourselves and observe. The more effectively we can do this, the easier our progress to “Acceptance”.
- Honesty – the ability to seek to perceive reality in spite of our filters.
- Courage – the willingness to bear the pain brought about by our awareness and honesty.
- Commitment – the willingness to do whatever is necessary to achieve our goals
To succeed, a trader must have a vision about where he is heading, and must internalise that a winning attitude is total submission to the trading outcome.
This means managing Fear and Euphoria. To do this, we need to ACCEPT, with every fibre of our body, the belief that at the micro level the market is uncertain and unpredictable and at the macro level it is relatively certain and predictable.
U.S. Homeownership Rate Falls to Five-Decade Low
Don't be a mouse.
I want to share with you an old fable that I’m sure you already know. It is about the mouse that roared.
Once up on a time, there lived a little mouse. He lived in constant fear of a cat that lived in the village. One day, a powerful space alien magician came to town. “M’lord,” the mouse begged of him, “thou art wise and powerful, and my life is most miserable because of a cat. Woudst thou return joy into my life by making me into a cat? Then I would no longer live in fear.”
The magician smiled, raised his wand, said some magical words, drew some lines on a chart, and the mouse found himself a cat as he wished. But, he was the most frightened (more…)
G7+1 Pool Party
One of the most powerful Zen stories ….
Risking
Trading is all about riskcontrol !The following excerpt is from one of my favourite audiotapes ,’Risking ‘by David Viscount.I keep this on my desk to remind me each day to keep “risking.”Only a person who risks is truly free.
To laugh is to risk appearing the fool.
To weep is to risk appearing sentimental
To expose feelings is to risk exposing your true self.
To place your ideas ,your dreams ,before a crow is to risk their loss.
To live is to risk dying.To hope is to risk despair.To try is to risk failure.
But risks mist be taken ,because the greatest hazard in life is to risk nothing
The person ,who risks nothing ,does nothing ,has nothing ,and is nothing.
They may avoid suffering and sorrow ,but they cannot learn ,feel ,change ,grow ,love …live.
only a person who risks is free
Hillary Clinton made $2,935,000 from 2013 to 2015 by giving 12 speeches to Wall Street banks and PE equity firms.
