1) Wake up 30 minutes earlier each day. Enjoy the fresh air & avoid the mad rush.
2) After you open your eyes, tell yourself today is going to be another wonderful day.
3) Sit on the bed and feel the ground. Then, think about your future/ long term goal. Tell yourself that today you are going to be one step closer to your dream.
4) Check today’s schedule
5) Have your yummy breakfast
6) Before you leave the house, look into the mirror once more and tell yourself you look awesome (more…)
-Over the past five years, poverty ratios have remained extremely high despite rapid GDP growth; 77 per cent of Indians survive on Rs20 or less a day. While the top 10 per cent earn First World annual incomes such as Rs5 crores, the wretched of the earth must make do with Rs7,000 a year.
-An additional 100 million people have been driven into poverty by two decades of “free-market” or neoliberal policies. India’s Human Development Index rank has slipped from 121 in 1991 to 134.
-In the Global Hunger Index of the International Food Policy Research Institute, India ranks 65 (of 88 nations). Pakistan’s rank is 58.
-Despite two decades of rapid GDP growth, India scores worse than its neighbours, barring Bangladesh, and also worse than over 20 Sub-Saharan African countries which have experienced economic collapse, civil war, famine and genocides during the past quarter-century.
-None of the 17 major Indian states surveyed falls in the “low” or “moderate” hunger category. Twelve states fall in the “alarming” category, and one — Madhya Pradesh —in the “extremely alarming” category. Four states — Punjab, Haryana, Kerala and Assam — fall in the “serious” category. On a global scale, India’s best-performing state, Punjab, ranks 34th.
-Food grains availability in India has decreased from 200 kg per person a year at the beginning of the 20th century to under 170 kg. As a result, 33 per cent of Indian adults have a body-mass index (weight in kilogrammes divided by the square of height in metres) less than 18.5. (The normal range is 18.5 to 25. People under 18.5 are malnourished, those above 25 obese.)
-If the Wadhwa Committee’s report is adopted, the number of families treated as Below Poverty Line (BPL) would rise to 200 million, in place of the 105 million estimated by the states and the 92.5 million by another official committee.
The EGoM’s draft is minimalist, reneges on the promise of nutritional security, and perpetuates today’s collapsing PDS which supposedly only targets BPL families. Estimates of their number vary from 28 to 50 per cent of the population. These estimates are based on convoluted methods and are unreliable.
The more reliable National Sample Survey (2004-05) found that only one-half of the poorest households had a BPL card. Worse, many non-poor people use influence to illegally procure a BPL card and corner PDS grain.
Psychology matters more to trading or investing than perhaps any other income-producing activity. Here are some quotable quotes from some well known industry participants highlighting that reality…
Anyone who claims to be intrigued by the “intellectual challenge of the markets” is not a trader. The markets are as intellectually challenging as a fistfight. Ultimately, trading is an exercise in self-mastery and endurance.
Ralph Vince (money management expert)
The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.
Victor Sperandeo (master Wall St trader) (more…)
Some wise views from Larry Hite:
“We don’t really trade silver…we don’t trade the S&P…we trade the differences. We really are risk managers. We take on risks, try to exploit them and we leave when they turn against us. That is what we get paid for. Basically we are in the risk transfer business. We take on what people want to sell, sell what people want to buy and hope to make a profit. The reason why one goes to a portfolio is because there are real limits to perfect knowledge. I’ll give you an example. Say you knew which commodity, stock or currency would appreciate the most in the following year, and you knew exactly what its price would be. We did this experiment looking backwards in fact in our database. The question of when you take a position is how are you going to trade the line…how much of a position are you going to leverage. Now, if you have perfect knowledge, would you leverage 5 to 1, would you leverage 10 to 1, 2 to 1? Well it turns out that if you leverage more than 3 to 1 that you are a loser. Because we found that if you did 3 to 1 you would have, even with perfect knowledge, you could go down a third. So that, the only perfect knowledge you could have, would be if you knew every wiggle on the line. Then you would know exactly how much to leverage. But you don’t.”
There is a meaningful difference between trading to win and trading to not lose. The average person feels more psychological pain over a loss than they feel pleasure over a gain–particularly once they have already “booked” that gain mentally.
When we enter a trade, we expect to be paid out. Mentally, we book a potential profit. When a loss materializes, it is the unexpected event–and we respond more strongly to the unexpected than to the familiar.
What is the solution to this dilemma? The answer, surprisingly, is to book losses before they occur.
It’s human nature to not want to think about such unpleasant things as losses. But by knowing our maximum possible loss in advance and by mentally rehearsing what we’ll do on those occasions when the loss occurs, we normalize the losing process. That divests it of its emotional grip.
We can never eliminate loss from life or trading; nor can we repeal the basic uncertainties of markets. What we *can* do is develop an edge in the marketplace and, over the course of many trades, let that edge accumulate in our favor.
