- 1. Honesty – Tell the truth; even if lying is easier – tell the truth. || “Honesty is the first chapter in the book of wisdom.” ~Thomas Jefferson
- 2. Integrity – Do what’s right; even if nobody is watching – do what’s right. || “There are seven things that will destroy us: Wealth without work; Pleasure without conscience; Knowledge without character; Religion without sacrifice; Politics without principle; Science without humanity; Business without ethics.” ~Mahatma Gandhi and I will add an 8th “Leadership without integrity.”
- 3. Visionary – Have some vision for where you’re going; empower your team to get you there and if you don’t do anything else – have some vision for where you are going. || “Honesty is the first chapter in the book of wisdom.” ~Thomas Jefferson
- 4. Self Awareness – Know who you are; the good, the bad and the ugly, know who you are. || “He who knows others is wise. He who knows himself is enlightened.” ~Lao Tzu
- 5. Risk Taker – Be willing to try new things, new strategies and embrace new ideas; even if the ideas aren’t yours – be willing to try new things, new strategies and embrace new ideas. || “Do not follow where the path may lead. Go instead where there is no path and leave a trail.” ~Harold R. McAlindon
- 6. Caring – Truly care about those you lead; people can care less about how much you know until they know how much you care – truly care about those you lead. || Great leadership is always less about the “leader” and more about the “ship” ~Scott Williams
Archives of “January 2019” month
rssTrading ,Not So Simple
Becoming a good trader doesn’t happen overnight. Just as with any other skill or discipline, it requires time and practice to become proficient at it:
One of the biggest problems I see new traders struggle with is the mindset that somehow trading can be approached differently from other ventures or activities. This is something which either comes from too much focus on the prospects of profits and easy wealth building (greed, in short) or from just not considering that it is an activity which requires skill to do well.
In Enhancing Trader Performance, Brett Steenbarger talks about trading as a performance activity. He relates it closely to athletics, but you could very easily extend the metaphor to any other activity which takes time and effort to progress in skill. The point is that you cannot expect to just jump right in and be an expert. You must progress through stages of understanding, competence, and experience.
Trading is easy. I mean pointing and clicking to buy and sell is about at simple as it gets. (more…)
Stubbornness
If it doesn’t pay off the first time forget it.
Perseverance is a good idea for spiders and kings, but not always for speculators. Don’t fall into the trap of trying to squeeze a gain out of any single speculative entity.
Don’t chase any investment in a spirit of stubbornness. Reject any thought that an investment “owes you” something. And don’t buy the alluring, but fallacious idea that you can improve a bad situation by averaging down.
In Markets, Here Is No Why
Markets are and will always be inefficient because they are driven by narrative-derived expectations. Certitude behind the reason why a market or instrument’s price prints where it does at any time isn’t possible, so what is more or less probable is deemed sufficient. Reliable probabilistic assignment of causes has difficult methodological problems and is usually much too impractical to provide a sound procedural basis for active market decisions. Crude narrative formation or adoption from mass outlets is typically substituted; and disappointed expectations often the result. One path of remedy is creation of tractable yet rigorous models scoring pertinent fundamental, technical, sentimental, quantitative and news-based variables; while another is renunciation of narrative-based analyses and explanations: in effect, a renunciation of the analytical pursuit of why.
Thought For A Day
It Would be A Mistake To Think That The Bailout Is Actually A Bailout Of Greece
The ECB has talked more hawkish than the Federal Reserve but basically they are all money printers. Some are better at it, and faster and have more efficient machines the others are slower but basically central banks, they run a print and print.
And it would be a mistake to think that the bailout is actually a bailout of Greece. Greece is a write-off. You can`t have the kind of debt Greece has with Olive Oil income. They have no industries to speak of. They have shipping but the shipping industy does not pay taxes in Greece.
So basically the bailout is actually a bailout of the ECB itself because they already have a lot of paper of Spain, portugal and Greece in their portfolio and a bailout of the banks in Europe. They lent money to Greece, Spain and Portugal, so they are all in the same boat.
10 Market Insights from Mark Douglas
1. The four trading fears
95% of the trading errors you are likely to make will stem from your attitudes about being wrong, losing money, missing out, and leaving money on the table – the four trading fears
2. The proverbial empathy gap
You may already have some awareness of much of what you need to know to be a consistently successful trader. But being aware of something doesn’t automatically make it a functional part of who you are. Awareness is not necessarily a belief. You can’t assume that learning about something new and agreeing with it is the same as believing it at a level where you can act on it.
3. The market doesn’t generate happy or painful information
From the markets perspective, it’s all simply information. It may seem as if the market is causing you to feel the way you do at any given moment, but that’s not the case. It’s your own mental framework that determines how you perceive the information, how you feel, and, as a result, whether or not you are in the most conducive state of mind to spontaneously enter the flow and take advantage of whatever the market is offering.
4. The flaws of fundamental analysis
Fundamental analysis creates what I call a “reality gap” between “what should be” and “what is.” The reality gap makes it extremely difficult to make anything but very long-term predictions that can be difficult to exploit, even if they are correct.
5. A good trader is a confident trader (more…)
This Quote From PLATO – Relevant For India
Types of People and Views on Market
What are the many types of people who disseminate their views about the market? What are the major categories that I am missing or what is a better way to classify and make this useful?”
No doubt, there is a book to be done on the subject. That said…
This list is presented in order of published appearance. A caveat: “many fall into more than one category and mobile via age and wealth changes.”
The Connected Person, who makes you feel without saying it that she/he is or will be connected to the very lynch pin of policy at the Interior or some such.
Tout, who has position and wants you in for his/her favor.
Sponsor, who advertises or sponsors programs that treat him/her well.
Would-be-manager without funds impresses with his/her knowledge/ideas for you to join.
Old lion, who is not virile but still fights younger from replacing him/her in power/ romance.
Curmudgeon, who hates everything modern and wants all back to old days before tech.
Spankist, a beauty but aggrieved to give spanking unless things in order her/his way; observed to be everywhere and influence growing among spankisto and spankista’s.
Iconoclast, who is always contrary, never reads papers or travels, and feels market is wrong.
Hole-In-Shoes, who only drinks coke and eats hamburgers, never pays a fee more than 10%.
Sanctimonious, who pretends to be honest while blind to any firm dishonesty/misdoing.
Academic-Consultant, who manipulates numbers retrospectively to allure investors.
Mystic, who looks at stars and bent keys.
Old Timer, who is guided by iron castings reports and freight car loadings and newsprint figures [sample]: all as timeless methods (non retro) with healthy respect for knowledge.
Fund Manager, who is quoted as “good buy” on stock that he/she sold bulk of before recall.
Jack of All Trades, who explains every rise and decline due to (un)certainty about earnings and rates and other well chosen factors. Always welcome on TV because of his versatility. (more…)
The tape does not concern itself with the why and wherefore. – Jesse Livermore
