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Greece bailout package 'agreed by Germany and France'

The deal will also involve the International Monetary Fund and is expected to include 22 billion euros of funding for Greece, sources said.

It is now up to European Union President Herman Van Rompuy to call a summit of eurozone leaders possibly later tonight to consider the French-German deal, after talks attended by all 27 European Union heads of state.

The meeting would ask Van Rompuy to draw up detailed plans “before year end to show all the options possible” for bailing out eurozone nations in future. That would include preventive measures and sanctions, a diplomat said.

Spanish government spokeswoman Cristina Gallach said she could not confirm any deal but that Spain – which heads most European Union talks because it holds the EU’s rotating presidency – was “hopeful” that a solution could be found at the talks for Greece’s debt woes.

23-Lefsetz’s Business Rules

1. You’ve got to get along. If you don’t have good people skills, you’ll never succeed, even if you run your own business.

2. Money talks. He who has cash has leverage, and someone always has more than you do. There’s rarely a deal between equals.

3. Leverage is not always about money. I.e. if you’re an unsigned band that can sell out arenas, you’ll get an incredible deal from the label.

4. If a deal is too good, it probably is. In other words, if the other person can’t make any money, there’s going to be a problem.

5. The best deals are win-wins.

6. If you’re not willing to risk, if you’re not willing to give something up, you’re going to sit on the sidelines. Sure, the label might not offer you your dream deal, but the alternative is to go it alone, which is an option, but probably not the one you want since you entered negotiations in the first place.

7. You don’t know everything, you just think you do. If you’re not learning every day, you’re hanging with the wrong people and not applying yourself.

8. The more powerful the person, the less the chance you’ll see them at the conference. The conference is for never have and wannabes and for the purveyor to make coin. In other words, have a good time at SXSW, but the real winners are the people who put on the conference.

9. A contract does not guarantee behavior. At most it’s a guideline. If you think suing to get what you want is a solution, that the contract entitles you to win, you’re naive. (more…)

Are you losing more or failing more?

Losing and failure are not the same thing. No matter the outcome of the trade, I am guaranteed two things: I am paying commission and assuming my head is not up my ass, I learned something about myself, the market, and the relationship between the two. Fortunately, losing is a part of trading. Yes I said fortunately, if everyone won the best could never be rewarded. Failing on the other hand is not necessary. What is the difference between failing and losing?

Having less capital because of something I know. FAILURE
Having less capital because of something I should know. LOSS that can turn to FAILURE
Have less capital because of something I do not know. LOSS

15 Common Sense Rules For Traders

Common sense can be brutally honest sometimes. As traders we get so focused on the little inconsequential detaisl sometimes that we miss the world around us. I have had this discussion with too many people over the last two months that told me they were bearish on the market and were taking a beating on the “high probability” that the market would reverse. Who sets those odds by the way? Are trends more likely to reverse than persist? If so, why the hell are we studying technical analysis?

Take a look over these trading rules I stumbled across last year and see if there are any realities that surface from them. Each time I look these over it reminds me of the realities of what we do here.

1. No matter what you read about trading, until you use an approach and test it with your money on the line you will never learn how to trade. Paper Trading is NOT Trading!

2. If it were really possible to “Buy Low Sell High” or “Cut your Losses and Let your Winners Run”, then almost everyone would be making money rather than losing it.

3. Remember that there is ALWAYS someone on the other side of your trade who is using a trading technique exactly the opposite of yours who hopes to make money with his system.

4. If 90% of all traders lose money, they must be following generally accepted trading rules. The 10% who win do not!

5. You trade your beliefs and your beliefs about your system. If you have a problem with yourself, fix yourself first.

6. Impatience, Fear and Greed will make you poor. Any need to trade is rooted in greed and impatience.

7. If you really understand the markets then YOU KNOW that there is the same opportunity on every time frame, in every market, every single day.

8. Waiting for the perfect trade is “chickening out”, and caused by your lack of faith in yourself or your system.

9. Any hardwired, automated trading system sold that truly works 70 or 80 or 90 percent of the time in every market would be worth hundreds of millions of dollars and would not be for sale at any price. (more…)

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