Archives of “January 2019” month

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Try These 6 Points in Life & Trading

  
Education, Life
  1. Review your recent failures – what can you learn from them?
  2. Re-think long-held assumptions – why are you doing things this way? Is there a better way?
  3. Plan for failure – realize you are probably going to be wrong, that it’s ok to be wrong, so plan, adjust, think accordingly.
  4. Plan backwards – decide what you want, figure out what it will take. Work backwards from what you want to do & where you are today. Create a plan to close that gap. Execute it.
  5. Experiment – What experiments or tests can you run in your life today?
  6. Improve by 1% – Every day find one thing that you can get 1% better at.6-number

Max Gunther set forth basic trading principles called The Zurich Axioms

  
  Education
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On Risk:
– Worry is not a sickness but a sign of health – if you are not worried, you are not risking enough.
– Always play for meaningful stakes – if an amount is so small that its loss won’t make any significant difference, then it isn’t likely to bring any significant gains either.
– Resist the allure of diversification.

On Greed:
– Always take your profit too soon.
– Decide in advance what gain you want from a venture, and when you get it, get out.

On Hope:
– When the ship starts sinking, don’t pray. Jump.
– Accept small losses cheerfully as a fact of life. Expect to experience several while awaiting a large gain.

On Forecasts:
– Human behaviour cannot be predicted. Distrust anyone who claims to know the future, however dimly.

On Patterns:
– Chaos is not dangerous until it starts to look orderly. (more…)

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