Archives of “January 27, 2019” day
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Quotes from -Walter Isaacson’s biography on Steve Jobs
For those of you who have never followed or read about Steve, this book may be a shocker. He was not a nice man, but he did get things done and was very successful. CEOs view him as a visionary business leader. I found some really great quotes that I like to highlight and share.
On motivation:
(Y)ou should never start a company with the goal of getting rich. Your goal should be making something you believe in and making a company that will last.
On impressions:
People DO judge a book by its cover. We may have the best product, the highest quality, the most useful software etc.; if we present them in a slipshod manner, they will be perceived as slipshod; if we present them in a creative, professional manner, we will impute the desired qualities.
A great Jonny Ive quote:
Steve and I care about things like that, which ruin the purity and detract from the essence of something like a utensil, and we think alike about how products should be made to look pure and seamless.
On Apple stores:
Jobs decided that Apple stores should have only one entrance, which would make it easier to control the experience.
On problems:
If something isn’t right, you can’t just ignore it and say you’ll fix it later,” he said. “That’s what other companies do.
On how ruthlessly focused he was:
“What are the ten things we should be doing next?” People would fight to get their suggestions on the list. Jobs would write them down, and then cross off the ones he decreed dumb. After much jockeying, the group would come up with a list of ten. Then Jobs would slash the bottom seven and announce, “We can only do three.” (more…)
10 Great Jesse Livermore Quotes -Video
Ten Destructive Trading Thoughts
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Investing vs Gambling
“Investors are the big gamblers. They make a bet, stay with it, and if it goes the wrong way, they lose it all.”
Jesse Livermore
Not having an exit strategy before initiating a trading position is worse than gambling, where you realize that the chance to lose is too big, therefore you risk only money you can afford to lose. Not having a stop loss means that you are most likely risking more than you could afford to lose. As they say amateurs go out of business because of taking big losses. Professionals go out of business by taking small profits. Cut your losses short when your stop level is hit. Even more, make sure to put your stop loss order immediately after you initiate a trade. Put your stop loss at a place where the trend you are following will be over. Let your profits run by gradually lifting you profit protection stop order. In order to maximize your profits you have to be willing to give some of them back.
I” don’t believe anyone ever gets wiped out in the market because of bad luck; there is always some other reason for it. Either you were off when you did the trade, or you didn’t have the experience. There is always a mistake involved.”
Napkin Math
That gap is explained by this and if you want to avoid that gap and have a chance, trend following is it.