Hardy Oil and Gas, the exploration and production group with interests predominantly in India, has kicked off a four-well drilling campaign on its D9 exploration licence with a dry well.
The exploratory well KGD-A1 drilled to a total depth of 4,875m and while it did hit some background gas, the well encountered poor reservoir sands in both the middle and lower miocene target levels. It will now be plugged and abandoned.
Hardy said the data obtained from the first exploration parametric well was very significant and would be integrated with the existing geological model to improve the prospectivity of the block before drilling subsequent wells.
Hardy holds a 10% participating interest in the D9 block, which is located in the Krishna Godavari basin on the east coast of India. Reliance Industries Ltd is the operator and holds a 90% stake.
Archives of “January 31, 2019” day
rssSUN TZU’S ART OF WAR AND THE ART OF TRADING
This post will begin a new category specifically focused on the military principles of SUN TZU and their relevance for contemporary traders. My goal is for you to find my interpretation of this 2500 year old military treatise as beneficial to your trading success as I have.
If you trade and study the market for a living as I do, or have a desire to do so, I suggest you read SUN TZU’S ART OF WAR. You can read the complete text here:
SUN TZU ON THE ART OF WAR: THE OLDEST MILITARY TREATISE IN THE WORLD
WHY SUN TZU?
Anyone who has attempted to trade the markets, and by markets I mean any number of financial instruments from oil futures, forex, equities, options, etc., has found out in short order how difficult trading can be. In fact, I would venture to say that trading is one of the most difficult endeavors any of us could ever attempt to master. It is estimated that only about ten percent of those who attempt to trade for a living ever succeed. The ten percent who do eventually succeed will most likely tell us that they lost a few fortunes along the way. It is hard emotionally, mentally, and physically. Only the strongest will survive on this battlefield and is the very reason we need the principles of Sun Tzu to help us along the way.
Now you know the reason for my site’s motto:
TRADING IS WAR. PREPARE YOUR WEAPONS. (more…)
Don’t Be a Chicken. Be a Hawk.
How Does Goldman Sachs Make Its Profits?
During the 2nd quarter of 2009, Goldman Sachs made more than $100 million in trading income in each of a record straight 46 days, with only two losing days out of 65. That’s a remarkable hit rate of nearly 97%.
Maybe that’s why Goldman gets to do “God’s work”!
How do Goldman do it?
How does Goldman make its profits?
21 Trading Quotes
| 1. “Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do.” ~ Mark Twain 2. “The market can stay irrational longer than you can stay solvent.” ~ John Maynard Keynes. 3. “I never buy at the bottom and I always sell too soon.” ~ Baron Rothschild 4. “When the facts change, I change my mind. What do you do, sir?” ~ John Maynard Keynes 5. “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” ~ Warren Buffett 6. “It is not our duty as speculators to be on the bull side or the bear side but upon the winning side.” ~ Jessie Livermore in Edwin Lefevre’s Reminiscences of a Stock Operator 7. “The principles of successful speculation are based on the supposition that people will continue in the future to make the mistakes that they made in the past.” ~ Thomas F. Woodlock 8. “It never was my thinking that made the big money for me. It was always my sitting tight. Got that?” ~ Mr. Partridge in Edwin Lefevre’s Reminiscences of a Stock Operator 9. “They say you never grow poor taking profits. No, you don’t. But neither do you grow rich taking a four-point profit in a bull market.” ~ Jessie Livermore in Edwin Lefevre’s Reminiscences of a Stock Operator 10. “Remember that prices are never too high for you to begin buying or too low to begin selling. But after the initial transaction, don’t make a second unless the first shows you a profit.” ~ Jessie Livermore in Edwin Lefevre’s Reminiscences of a Stock Operator 11. “A loss never bothers me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocketbook and the soul.” ~ Jessie Livermore in Edwin Lefevre’s Reminiscences of a Stock Operator 12. “If a man didn’t make mistakes, he’d own the world in a month. But if he didn’t profit by his mistakes, he wouldn’t own a blessed thing.” ~ Jessie Livermore in Edwin Lefevre’s Reminiscences of a Stock Operator 13. “The man who is right always has two forces working in his favor – basic conditions and the men who are wrong. In a bull market bear factors are ignored.” ~ Jessie Livermore in Edwin Lefevre’s Reminiscences of a Stock Operator 14. [What advice would you give the novice trader?] – “First, I would say that risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half.” ~ Bruce Kovner in Jack Schwager’s Market Wizards 15. “There is probably no class of trades with a higher failure rate than impulsive trades.” Jack Schwager in Market Wizards 16. [What is the most important advice you could give the novice trader?] – “Trade small because that’s when you are as bad as you are ever going to be. Learn from your mistakes.” ~ Richard Dennis in Jack Schwager’s Market Wizards 17. “The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.” ~ Ed Seykota in Jack Schwager’s Market Wizards 18. “Charting is a little like surfing. You don’t have to know a lot about the phsyics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when its’s happening and then have the drive to act at the right time.” ~ Ed Seykota in Jack Schwager’s Market Wizards 19. “I have two basic rules about winning in trading as well as in life: (1) If you don’t bet, you can’t win. (2) If you lose all your chips, you can’t bet.” ~ Larry Hite in Jack Schwager’s Market Wizards 20. “Perhaps the most important rule is to hold on to your winners and cut your losers. Both are equally important. If you don’t stay with your winners, you are not going to be able to pay for the losers.” ~ Michael Marcus in Jack Schwager’s Market Wizards 21. “Lose your opinion – not your money” ~ Unknown |
A battle against human survival instinct
Trading is a battle against human survival instinct.
It takes a long time to have a person’s brain rewire to the point where trying to survive doesn’t override what that person does during the middle of it when the heat gets turned up. Everyone loses accounts their first year, many will lose accounts next years, no matter how well they were consistently doing demo trading because when emotions start happening it literally stops a person from being able to press the button out of pure fear.
Courage and Trading
According to Plutarch, “Courage stands halfway between cowardice and rashness…” Clearly, we don’t want to be reckless; and clearly, we don’t want to be hesitant and timid. What we need is a balance. As we go about our trading moderating our greed and our fear to a combination of healthy desire and clear minded caution, we use courage to go forward.
Courage doesn’t mean closing your eyes, holding your nose, and jumping into the deep end. It does mean moving forward with clean and clear perception as well as steadfastness of purpose.
You don’t need courage if you’re totally confident and unafraid. Courage, according to John Wayne, is being scared to death and saddling up anyway. Because people tend to fear the unknown, and the unknown is all that is certain about any given trade, we need to employ courage. Since trading is always new, since anything can happen and it often does, since the wildness lies in wait, we need to overcome uncertainty and fear so that we can appropriately enter, exit, and remain in trades.
When asked what he meant by “guts”, Ernest Hemingway told Dorothy Parker in an interview “grace under pressure”. Trading is all about grace and gracefulness under pressure.
The good news is that courage is like any muscle. It grows and becomes stronger the more you use it. Often as I trade I’m unaware of utilizing courage. I know I’m extremely alert. I may even be excited. I’m not aware of any fear until something starts to go wrong. However, that alertness and excitement is a product of adrenalin running. Excitement or fear comes from the interpretation you give to the adrenalin high. The more you act as if you’re unafraid, the less afraid you become. It all gets easier. Act the part and become the part. Make it your goal to trade with increasing grace under pressure.
The difference between excitement and fear depends of what you are imagining.
Are you imagining loss or are you imagining profit? Of course, you always have to keep the alternative in mind as trading is all about balancing the alternatives, profit with loss. But you don’t have to put loss into the foreground of your mind, because you never would put on a trade unless profit was the probable outcome. Direct your imagination towards profit, and suspend all thoughts of loss–once you’ve put your stops in.
“Don’t cry before you’re hurt.” says a proverb. I would add, don’t mourn a loss before you experience it. Don’t even mourn it after you take it, get on with the next trade, and the next, and the next. Anticipate profit. That’s what you’re there to experience. Ah yes, and as another proverb states: “Fortune favors the brave.”
Dan Gilbert: The psychology of your future self -Video
The bottom line is, time is a powerful force. It transforms our preferences. It reshapes our values. It alters our personalities. We seem to appreciate this fact, but only in retrospect. Only when we look backwards do we realize how much change happens in a decade. It’s as if, for most of us, the present is a magic time. It’s a watershed on the timeline. It’s the moment at which we finally become ourselves. Human beings are works in progress that mistakenly think they’re finished. The person you are right now is as transient, as fleeting and as temporary as all the people you’ve ever been. The one constant in our life is change.
Eurozone December inflation stays low at 0.8%
The eurozone’s annual inflation rate for December has just been confirmed at 0.8 per cent, in line with expectations and the preliminary reading of the data.
Eurostat, the EU’s offical data provider, also confirmed that prices in the last month of 2013 rose by 0.3 per cent from November in the shared currency area.
From the full release:
The largest upward impacts to euro area annual inflation came from electricity (+0.11 percentage points), tobacco (+0.08) and restaurants & cafés (+0.05), while telecommunications (-0.14), fuels for transport (-0.13) and medical & paramedical services (-0.07) had the biggest downward impacts.
The European Central Bank’s inflation target is 2 per cent.
If inflation stays significantly below target in the months ahead, it is likely to stoke calls for the ECB to do more. If price pressures were to continue to disappoint, the most likely options would be another cut to the benchmark main refinancing rate or negative deposit rates, which amount to a levy on banks for funds parked in the central bank’s coffers. (more…)
Two types of confidence.
Having confidence in a trade is easy. You do not know what is going to happen, blinded by opportunity. Every trade is new. Easy to convince yourself that this time it will be a winner. This takes no effort other than convincing yourself. This is what is described in first circle. You can look at a chart and imagine you can do it. Hindsight. As a new trader I was very confident, but I was confident in myself.
Having confidence in trading is much harder. It requires you to have confidence in every trade. You have to look at a series of trades and results not just one. True confidence comes from a trading plan and process. This is what describes in his second circle. Hindsight cannot be used. This is about execution. Execution does not lie and you cannot hide from it. As I matured I had confidence in myself as a trader after doing the work.