Archives of “January 28, 2019” day
rssStephen Covey: Small TRIBUTE
Stephen Covey passed away,Leaves his 7-HABITS ever for all of us Haven’t read the book yet? Here’s a summary of what he believes are the 7 Habits of Highly Effective People: Habit 1 – be proactive® This is the ability to control one’s environment, rather than have it control you, as is so often the case. Self determination, choice, and the power to decide response to stimulus, conditions and circumstances Habit 2 – begin with the end in mind® Covey calls this the habit of personal leadership – leading oneself that is, towards what you consider your aims. By developing the habit of concentrating on relevant activities you will build a platform to avoid distractions and become more productive and successful. Habit 3 – put first things first® Covey calls this the habit of personal management. This is about organising and implementing activities in line with the aims established in habit 2. Covey says that habit 2 is the first, or mental creation; habit 3 is the second, or physical creation. Habit 4 – think win-win® Covey calls this the habit of interpersonal leadership, necessary because achievements are largely dependent on co-operative efforts with others. He says that win-win is based on the assumption that there is plenty for everyone,and that success follows a co-operative approach more naturally than the confrontation of win-or-lose. Habit 5 – seek first to understand and then to be understood® One of the great maxims of the modern age. This is Covey’s habit of communication, and it’s extremely powerful. Covey helps to explain this in his simple analogy ‘diagnose before you prescribe’. Simple and effective, and essential for developing and maintaining positive relationships in all aspects of life. Habit 6 – synergize® Covey says this is the habit of creative co-operation – the principle that the whole is greater than the sum of its parts, which implicitly lays down the challenge to see the good and potential in the other person’s contribution. Habit 7 – sharpen the saw® This is the habit of self renewal, says Covey, and it necessarily surrounds all the other habits,enabling and encouraging them to happen and grow. Covey interprets the self into four parts: the spiritual, mental, physical and the social/emotional, which all need feeding and developing. |
5% Successful Traders-Follow This Rule
1929 Stock Market Crash
It's never too late. You're never too old. You never give up.
Remember how scary the last time the Fed rose rates was?From '04 to '07 all the $SPX did was gain 33%
Wisdom From Bruce Kovner
On trading ranges and price patterns:
…as a trader who has seen a great deal and been in a lot of markets, there is nothing disconcerting to me about a price move out of a trading range that nobody understands.
…Tight congestions in which a breakout occurs for reasons that nobody understands are usually good risk/reward trades.
…The more a price pattern is observed by speculators, the more prone you are to have false signals. The more a market is the product of nonspeculative activity, the greater the significance of technical breakouts.
…The general rule is: the less observed, the better the trade.
On predetermined risk points:
Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I’m getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis… I always put my stop behind some technical barrier.”
I never think about [stop vulnerability], because the point about a technical barrier — and I’ve studied the technical aspects of the market for a long time — is that the market shouldn’t go there if you are right. (more…)