Archives of “January 19, 2019” day

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Why Clever And Lazy People Make The Best Leaders

  
  Education
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Potsdam – Unveiling of a monument in front of the new cemetery for WWI fallen paramedics, from left: Kurt von Hammerstein-Equord, Prince Eitel Friedrich of Prussia, Otto Hasse, Erich Raeder

“You’re looking for three things, generally, in a person,” says Warren Buffett. “Intelligence, energy, and integrity. And if they don’t have the last one, don’t even bother with the first two.”

 Ideally you want all three but people don’t always cooperate. These qualities tend to be difficult to judge in hiring someone.

So we end up with all sorts of combinations and permutations in organizations.

A lot of people feel that stupid people are the ‘worst’ problem. (I’d argue that intelligent people without integrity are even worse. They know the system, play politics well, and often end up in grey areas.) With or without integrity, it’s easier to get rid of an unintelligent person than an intelligent one.

Simplifying greatly (and removing integrity from the equation), we end up with four combinations: stupid and hard-working, stupid and lazy, intelligent and hard-working, and intelligent and lazy.

So what happens with smart lazy people? (more…)

Take A Punch

  
  Education
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“Everyone has a plan ’til they get punched in the mouth.”

That’s one of the central challenges of trading. We set out with plans, then we get punched in the mouth with adverse movement.

—One way to think of risk management is as a framework that allows you to be aggressive enough to occasionally get hit in the mouth, but not so wild that you’ll get knocked out. Learning how to take a punch is key to boxing success, and it’s also an important trading skill.

5 Quotes From Market Wizard Dr. Van. K. Tharp

  
  Education

“The composite profile of a losing trader would be someone who is highly stressed and has little protection from stress, has a negative outlook on life and expects the worst, has a lot of conflict in his/her personality, and blames others when things go wrong. Such a person would not have a set of rules to guide their behavior and would be more likely a crowd follower. In addition, losing traders tend to be disorganized and impatient.”

I’ll bet you know someone like this. I know a lot of people like this. Over time, I have learned that these types of people are toxic to my thought process and my trading. I do everything in my power to keep my distance from people who exhibit these traits. Thanks to the power of the internet, we now have the ability to construct our circles of influence in whatever way we see fit. Surround yourself with good traders.

I have done a fairly solid job of working these negative traits out of my system over the past few years. I never had an issue with conflict, and the positive outlook and taking responsibility for my results came pretty easily. I also was never much of a crowd follower, and I picked up a set of rules pretty early on.

My remaining issues are dealing with stress, impatience, and being disorganized. Organization is getting better, while patience and stress are things I continue to struggle with. (more…)

21 Trading Rules for Traders -ANIRUDH SETHI

  
Analysis, Education
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1. “The key to this game is finding an entry spot that is as close as possible to where you would be wrong on the trade idea.”

2. “If you are bullish when you look at a chart. Turn the chart upside down and see if you are bearish for extra confirmation. If you are, pull the trigger.”

3. “If you take profit for no reason than that you have a profit and don’t want to lose it, you are a cunt.”

4. “Why do you fucking insist on selling when the market is red? Are you some kind of cunt? You buy on red. Sell on green.”

5. “Double tops and bottoms can be very profitable opportunities if you trade them AS they form.”

6. “You’re buying just because there’s a “psychological” round number? Are you some kind of fucking cunt?”

7. “You have to act on your intuition. If you get a strong feeling about a market – even if you are not sure completely why – act on it. But know that feelings can be wrong and be quick to act if the market does not confirm your intuition.”

8. “There is no such thing as a price that is too high or a price that is too low.”

9. “You need to grow a pair of balls when your position goes onside. There is little point in calling a top or a bottom only to take a few points. You have to be able to hold a position.”

10. “If you can’t make a decision, leave your trading desk and take a break. Take a 10 minute walk around the block. Come back and sit down. Close your eyes and take a few deep breaths. Open your eyes and immediately do what you think is best. “ (more…)

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