Everybody is a financial trader.Most people are trading time for money:worst trade of your life
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rssThe Best 10 things George Soros Ever Said About Trading
On September 16, 1992 – later dubbed “Black Wednesday” — the day the British government abandoned the European Exchange Rate Mechanism (ERM), and the pound was devalued by 20% George Soros made over $1.2 billion on his short sterling trade and was dubbed “The Man Who Broke the Bank of England.” His Quantum Hedge Fund has returned about 20 percent a year, on average, since 1969. These are amazing results, and some of the best ever achieved. Many of the years he was personally running it he had 30% returns and two years returned an amazing 100%.
Risk Management
“I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.”
“My approach works not by making valid predictions but by allowing me to correct false ones.”
Trader Psychology
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.”
“The markets are always on the side of exuberance or fear. It’s fear and greed. Right now greed has the better of it, which is rather nice (for investors) as long as it doesn’t get out of hand,” (more…)
Prayer of Forgiveness
Hilal searches for inspiration on the golden walls, the columns, the people coming at this hour of the morning, the flames of the lit candles.
– I forgive the girl I was, not because I want to become a saint but because I do not want to endure this hatred. This tiresome hatred.
This was not what I expected.
– You may not forgive everyone and everything, but forgive me.
– I forgive everything and everyone. I forgive you because I love you and you do not love me. I forgive you because you reject me and I am losing my power.
She closes her eyes and raises her hands towards the ceiling.
– I am liberated from hatred by means of forgiveness and love. I understand that suffering, when it cannot be avoided, helps me to advance towards glory.
Hilal speaks softly but the acoustics of the church are so perfect that everything she says seems to echo throughout the four corners. But my experience tells me that she is channelling the spirit of a child. (more…)
Great Traders: Five Distinguishing Features
* Everyone is wrong in the markets at times. The difference between the great traders and the unsuccessful ones is in how long they stay wrong.
* Addictive traders get high from action; great traders get high from mastering markets–and mastering themselves.
* Great traders do their best work when they are not trading; unsuccessful traders do not work when they are not trading.
* Every loss of discipline is a self-betrayal; great traders are true to themselves and stay disciplined as a result.
* Great traders focus on the two things they can always control: when they play and how much they bet.
You will never achieve greatness by minimizing your weaknesses. At best that will bring you to average. The path to greatness lies in maximizing strengths: becoming more of who you are when you are at your best.
Erin Burnett yells at guy, saying he is 'so rude!'
To be honest, we’re not sure what EuroPacific’s Michael Pento did during this debate that was so out of the norm for CNBC, where yelling and talking over each other is common… but obviously he touched a nerve with Erin Burnett who yelled at him YOU ARE SO RUDE right at the :37 mark.
Then after he finishes he point, she lectures him some more, prompting the eye-roll seen here.
As for the debate? It was about the US bond market and whether the massive US debt load will turn bonds into toilet paper. We guarantee nobody makes a point you haven’t already heard several times.
Great Quote by Ed Seykota
One Men Power ,Germany 1934-India 2015
POWER & POLITICS !
Yes ,But Great For India……………..Will see Result in next 4 Years !
Wall of losses
If you’re in the market, one of biggest obstacles you’ll face is the wall of losses. It’s fairly difficult to deal with the markets if you are not willing to lose. It’s almost impossible. It’s like wanting to be alive, but only wanting to breathe in and not breathe out.
When you want to be right, you’re not dealing with the obstacles. Instead, you’re forcing things. When you want to make a profit out of today’s trade, even though it’s a big loser, then you’re not dealing with today’s obstacle. Enjoy the obstacle, embrace it, and be willing to accept it. If the market tells you it’s time to get out at a loss, then do so.
Key Ingredients to Performing Your Best
1. Passion. You must be passionate about what you re doing and having fun. Passion first, then performance.
2. Confidence. Top performance comes from having a high degree of confidence. You must have the confidence that you can take control and face adversity. You must also be confident that you will have a favorable outcome over time.
3. Concentration. Peak performance comes from exceptional CONCENTRATION. You must concentrate on the process, though, not the outcome A sprinter who is in the lead is thinking about the wind on their face, how relaxed their arms are, feeling the perfect stride…they are totally in the moment. The person who does NOT have the edge is thinking, “Oh, that runner is pulling ahead of me…I don’t know if I have enough wind to catch the leader…” They are tense and tight because they are thinking about the outcome, not the
process.
4. Resiliency. Great performances come from being able to rebound quickly and forget about mistakes.
5. Challenge. Great performance comes from pushing yourself and trying to overcome limitations. Staying in the safe zone becomes a monkey on your back. Challenge yourself to take that hard trade. Manage it. If it does not work out, so what…your risk was limited and you can pat yourself on the back for taking the hard trade in the first place.
6. See and DO … don’t think! Great performance comes from turning off the brain
and becoming automatic. This is being in the Zone …in the groove. You can’t overanalyze the markets during the trading day.
7. Relaxation. When you are relaxed, your reflexes and timing are superior because
you are loose.
How I Look At The Markets
The markets are a science. Plain and simple. Some like to look at fundamentals and guess what will happen next. I like to look at the numbers. The facts. The only thing you can trust. Billion dollar hedge fund manager David Harding views the markets similarly:
Our approach to markets is a science. It is an unpublished science, but it is a real one. You would have thick leather-bound volumes of papers on it if there were a willingness to “open the kimono,” as the horrible modern expression has it. The process of trading our system is like repeatedly drawing different colored balls from the statistician’s apocryphal bag. As we draw out a ball it becomes part of the track record, and we put it back in the bag, but there is no guarantee that the balls will come out in the same order in the future.
Trend following is speculation in its purest form–find an edge and exploit it consistently over time. That attitude is critical for any entrepreneurial success. Throw the lottery mentality away. Forget the one hit wonder luck the press propagates to the masses of lemmings