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The Broker and The Dead Donkey
A broker named, Jean Paul, moved to Texas and bought a donkey froman old farmer named Ben for $100. The farmer agreed to deliver thedonkey the next day. The next day, Ben drove up and said, “Sorry, but I have some bad news.The donkey died.””Well, then, just give me the money back,” said the broker”Can’t do that. I went and spent it already.” Replied Ben”OK, then. Just unload the donkey,” said Jean Paul.”What ya going to do with him?” asked Ben.”I’m going to raffle him off,” said Jean Paul.”You can’t raffle off a dead donkey!” uttered Ben.”Sure can. Watch me. I just won’t tell that he’s dead,” said Jean Paul.A month later Ben met up with the Cajun and asked, “What happenedwith that dead donkey?””I raffled him off, I did. I sold 500-hunderd tickets at two dollars apieceand made a profit of $898,” said Jean Paul.”Didn’t anyone complain?” inquired Ben.”Just the guy who won. So I gave him his two dollars back,” said the broker
Creative Responsibility
“What good can come from comfort? It’s not going to be art. I think there’s a false ideal out there, to some people — maybe younger people — they might think “I could be an artist and I don’t have to work.”
“But I think calling yourself an artist, you have to work three times as hard as someone with a punch-clock job. Because if you punch in, you have a responsibility at your job, but you can also do what you’re told, and work the machine, whatever you’re doing, do whatever is already there for you… do what’s expected of you of that job.
“But if you are an artist and you have to create something from nothing — there is nothing on this canvas, nothing on this tape, we have to create something that didn’t exist before — that’s ultra-responsibility, super-responsibility isn’t it.”
– Jack White (via Conan O’ Brien)
Traders and investors bear a “creative responsibility” in respect to creating something from nothing… starting with a blank canvas (portfolio) and producing profitable and worthwhile results over time.
This notion reflects the craftsmanship embedded in the investment process… trade selection… methodology and process design…
As an active market participant, do you see yourself as an artist too? How do you embrace the creative responsibility that comes with such?
CNBC: 'Anyone Who Owns A Suit Can Come On Television'
ENGLEWOOD CLIFFS, NJ—Citing a need to provide quality programming 24 hours a day, CNBC has extended an invitation to anyone who owns a suit to drop by the financial news network and be a guest expert, cohost a show with Larry Kudlow, or do whatever. “Don’t worry about what kind of shape your suit is in,” said CNBC president Mark Hoffman, who explained that his network’s studio has an iron and some old phone books that people can press their jackets on. (more…)
Trade your edge every time you have the opportunity. Accept you will lose. Remove fear. Win.
Day Traders : Read These Rules EveryDay-Spend 10 Minutes
- There is no single true path.
- The universal trait is discipline.
- Trade your personality.
- Failure and perseverance are part of every successful trader’s life.
- Great traders are flexible.
- It takes time to become a successful trader.
- Keep a record of your market observations.
- Develop a trading philosophy.
- What is your edge? Big picture tech, change, on the cusp, understand big trend before others, shifts.
- Confidence is important, and you build it from hard work.
- Hard work.
- Obsessiveness.
- Market wizards are innovators, not followers.
- To be a winner you have to be willing to take a loss!
- Risk control. Stop-loss, or reducing position size, limit initial position size, short selling.
- You can’t be afraid of risk
- Some limit downside by focusing on undervalued stocks. (but still can drop.)
- Value alone is not enough. Need catalysts.
- The importance of catalysts.
- Focus not only on when to get in, but when to get out
How good is your WHY?
I’ve been taking a minor natural break in trading over recent weeks, and in the meantime I’ve been pondering the power of the “WHY” I have when entering trades. You need a good why, no matter what you are doing in life, but especially when you walk into one of the toughest and most volatile markets in the world and put your money on the line.
What’s your WHY?
I can see looking back that the vast majority of my trading had a feeble why behind them; no wonder I lost cash hand over fist. Really my reason for entering was that I just wanted to enter, thats all. The second problem most likely is that even when I THOUGHT I had a good reason, the idea behind it was faulty.
So you can have no reason to enter, or you can have a wrong reason to enter.
Also I notice on the forums that the VAST MAJORITY of newbie / semi newbie traders there are trying to formulate their own personal why. Their own UNIQUE system, inventing unique indicators.
They think that the idea of the game is to outsmart everyone else in the market; to be unique. The obsession with system creation or inventing new indicators has being unique and outsmarting everyone else behind it as a hidden motivation. The thing with markets though is that its not about you, its about consensus. If you invent your own amazing oscillator and you are the only person in the world looking at it, then how good a reason is this to enter the market? How much consensus do you have behind you? Who supports your decision? Who agrees with you?
Probably nobody, except a handful by pure chance. (more…)
Federal prosecutors leading criminal investigation into Goldman Sachs
Some breaking news on the WSJ. Federal prosecutors are conducting a criminal investigation into whether GS or employees committed securities fraud. This is more serious than the fairly toothless senate committee.
Updated at 6:08/30th April/Baroda
Want to know why the USA will eventually be stripped as the reserve currency of the world?
