Superior traders have tremendous commitment to their craft..constantly ask what doing right..wrong
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rssBitter Truth For Traders
Confirmation Bias is one of the traders greatest enemies.
Loss aversion
We hurt more when we sell at a loss than we feel happy when we sell for the same profit. But stocks don’t have memories – decisions on whether to buy or sell should always be independent of your buying price.
Lesson: Ignore buying prices when deciding whether to sell.
Thought For A Day
Be patient
Be patient. If a trade is missed, wait for a correction to occur before putting the trade on.
Be patient. Once a trade is put on, allow it time to develop and give it time to create the profits you expected.
Be patient. The old adage that “you never go broke taking a profit” is maybe the most worthless piece of advice ever given. Taking small profits is the surest way to ultimate loss I can think of, for small profits are never allowed to develop into enormous profits. The real money in trading is made from the one, two or three large trades that develop each year. You must develop the ability to patiently stay with winning trades to allow them to develop into that sort of trade.
Be patient. Once a trade is put on, give it time to work; give it time to insulate itself from random noise; give it time for others to see the merit of what you saw earlier than they.
Always Remember : Don't be too quick to take your profits because it may hurt you in the long run
Aiki Trading; Trading in Harmony with the Markets
14 Ways To Acquire Knowledge
14 WAYS TO ACQUIRE KNOWLEDGE
- PRACTICE
Consider the knowledge you already have — the things you really know you can do. They are the things you have done over and over; practiced them so often that they became second nature. Every normal person knows how to walk and talk. But he could never have acquired this knowledge without practice. For the young child can’t do the things that are easy to older people without first doing them over and over and over.
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Most of us quit on the first or second attempt. But the man who is really going to be educated, who intends toknow, is going to stay with it until it is done. Practice!
- ASK
Any normal child, at about the age of three or four, reaches the asking period, the time when that quickly developing brain is most eager for knowledge. “When?” “Where?” “How?” “What?” and “Why?” begs the child — but all too often the reply is “Keep still!” “Leave me alone!” “Don’t be a pest!”
Those first bitter refusals to our honest questions of childhood all too often squelch our “Asking faculty.” We grow up to be men and women, still eager for knowledge, but afraid and ashamed to ask in order to get it.
[…]
Every person possessing knowledge is more than willing to communicate what he knows to any serious, sincere person who asks. The question never makes the asker seem foolish or childish — rather, to ask is to command the respect of the other person who in the act of helping you is drawn closer to you, likes you better and will go out of his way on any future occasion to share his knowledge with you.
Ask! When you ask, you have to be humble. You have to admit you don’t know! But what’s so terrible about that? Everybody knows that no man knows everything, and to ask is merely to let the other know that you are honest about things pertaining to knowledge.
- DESIRE (more…)
The next $22 billion ceo
Based on what the big investors (like Microsoft) have been willing to pay to own a piece of the company, Facebook now has a valuation of about $23 billion.
Obviously, when it goes ipo, it will be worth significantly more.
I personally think that Facebook will trade over $100 billion market cap a few years after it goes ipo.
That means Mark Zuckerberg, who owns about 24% of Facebook – valued at $5.5 billion based on the $23 billion market cap – will be worth $22 billion at the $100 billion market cap valuation.