Thought For A Day
Archives of “January 12, 2019” day
rss"Reserved for drunk drivers" -Must in India
Image of Indian Economy
We all have talents. Develop them. Find your hedgehog and don't look back.
Obstinate Traders explained
Scott Ramsey on Risk Control….
10 Lessons for Traders
10) Those who are willing can be taught almost anything.
9) Great people want to help others achieve great success.
8) Success in business requires tremendous concentration. Outside distractions must be avoided.
7) Sometimes it is best to leave politics to politicians.
6) Everyone fails at some point in his life. The true winners rebuild after their failures.
5) To put on a trade when everything is going against you requires character and commitment.
4) Rules are rules. Stick to them.
3) Adapt with the times. Be willing to be malleable.
2) Always leave yourself outs. Never commit everything to one position or to one person.
And the number one lesson:
1) The market is bigger, stronger and badder than you. Always respect it for the beast it is.
The market is the calculator
If you are attempting to reach 10 via the calculator, there are many and various ways of getting there: 5+5, 2+8, 15-5, 25 –15, or even 2 + 2 –1 –1 –2 –2 +3 +3 +3 + 3. When it comes to making money in the market our calculator may want to make it to 10 much quicker than the market does and we may want to add 5 + 5 to get there but be prepared for the market to take its own sweet time adding things up. If all that matters is getting to 10, then make sure the road you take is paved with minuses along with pluses along the way or all your money will be going to the 5508 (punch this number into your calculator and turn it upside down to see what it spells), which will make the employee a very unhappy and broke individual.
When Money Died
Think Advisor: What were you able to learn about fundamentalist Islam by following the money?
Tavakoli: If you read the 9/11 report, it states the Saudis, among others, funded terrorism. There is a theory that Saudi Arabia, among others, funded the fellows who formed ISIS to advance the Wahhabi agenda on the Arabian Peninsula, but their monsters went rogue and formed their own Wahhabi-based caliphate. Saudi Arabia got its start by using the Wahhabi ideology as a recruitment tool, and the Saudis are not keen to see upstarts dethrone them. There can only be one caliphate, so Gulf governments have a keen interest in pushing back the new challengers, before the so-called caliphate gains more traction.
End of Excerpt
Gil Weinreich at Think Advisor interviewed Janet Tavakoli on her new nonfiction book Unveiled Threat: A Personal Experience of Fundamentalist Islam and the Roots of Terrorism. You can read the entire interview here: “Tavakoli Turns Her Fire From Crony Capitalists to Muslim Fundamentalists.”
From Washington’s Blog, an endnote from his book review of Unveiled Threat:
“Postscript: Even though Unveiled Threat focuses on the danger of fundamentalist Islam, Tavakoli’s expertise in financial matters still shines through in parts, such as this gem:
‘Bin Laden wanted to damage the U.S. economy, but he didn’t make a dent compared to Wall Street executives.’”
5 Major Trading Pitfalls you must avoid at all costs!
Pitfall #1. Betting the farm. Let’s be realistic. Not every trade is going to be a winner. Here is a simple rule for you to remember. Never commit more than 10% to any one position. When I was trading in the pits in Chicago I heard for the first time about the “RIOTRADE”. Simply put, you take a huge position in the market. If it works out, you are a hero. If you lose, you leave home and head for Brazil. Again, NEVER BET THE FARM ON ANY POSITION.
Pitfall #2. Planting too few seeds. This one goes hand in hand with the first pitfall. The key here is diversification and following several markets. Ken watches 30 markets and looks for profit opportunities in each one as they occur. PLANT MORE SEEDS AND YOU CAN ENJOY MORE WINNERS.
Pitfall #3. Jumping the gun. Patience, patience, patience. This is perhaps one of the toughest things for traders to remember, particularly after they have taken some good money out of the market. JUMPING INTO A MARKET BEFORE ALL INDICATORS ARE POSITIVE CAN CAUSE UNNECESSARY LOSSES. (more…)