It’s not enough to simply have the insight to see something apart from the rest of the crowd, you also need to have the courage to act on it and stay with it.”
Archives of “courage” tag
rssRepetition Repetition Repetition
In Daniel Coyle’s The Talent Code we learn the three rules of deep practice. Rule number two is Repeat It.
“Nothing you can do – talking, thinking, reading, imagining- is more effective in building skill than executing the action, firing the impulse down the nerve fiber, fixing errors, honing the circuit.”
This explanation reveals why it is impossible to transfer trading prowess from one person to another. You can’t talk, think, read, or imagine your way to elite performance. The key lies in the “doing”, going through the motions. Now that’s not to say talking or reading about trading isn’t helpful. It is. I pick up tons of insight from talking with other investors and traversing the trading blogosphere. I’m like a hungry orphan hiding below the tables of successful traders just hoping they’ll drop a few morsels of wisdom I can chew on. Yet it’s not a substitute for “executing the action”. Nothing replaces sitting in front of my computer, monitoring positions, assessing potential trades and most importantly pulling the trigger. (more…)
Dhirubhai Ambani's W-I-L-L
“I am deaf to the word “no”.”
“Think big, think fast, think ahead. Ideas are no one’s monopoly”
“You do not require an invitation to make profits.”
“If you work with determination and with perfection, success will follow.”
“Pursue your goals even in the face of difficulties, and convert adversities into opportunities.”
“We bet on people.”
“Meeting the deadlines is not good enough, beating the deadlines is my expectation.”
“Don’t give up, courage is my conviction.”
“We cannot change our Rulers, but we can change the way they Rule Us.”
My Hot Favourite quotes are :Number 1 ,6 and last.
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Updated at 28th August/Baroda
It takes courage to be a pig
The way to build superior long-term returns is through preservation of capital and home runs . . . When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig.”
Useful Thoughts To Counter Fear
– Losses are a simple cost of doing business
– Since you always limit your lose to an amount of your account can withstand, there is nothing to fear.
– You have the courage to do whatever it takes to succeed at trading
– Each Trade is but one of many
– You keep your focus in the present because this is where the action is
– The potential profits are worth the risk
– Trading is about money, it’s not about your survival.
– Trading is only one way in which you can make money.
– You learn and grow stronger with each trading experience
– The future of your trading is bright.
Useful Thoughts To Counter Fear
– Losses are a simple cost of doing business
– Since you always limit your lose to an amount of your account can withstand, there is nothing to fear.
– You have the courage to do whatever it takes to succeed at trading
– Each Trade is but one of many
– You keep your focus in the present because this is where the action is
– The potential profits are worth the risk
– Trading is about money, it’s not about your survival.
– Trading is only one way in which you can make money.
– You learn and grow stronger with each trading experience
– The future of your trading is bright.
Perseverance
It is very important to give yourself a realistic time frame when you are testing new systems or new markets.
Ask yourself:
- Do I get disappointed easily?
- How do I deal with my disappointments?
- Do I get mad and frustrated and let my emotions dictate what I do?
- Do I get out of the game?
- Do I play the blame game?
- Do I examine what I did and tweak things to make them better?
- Do I do a combination of all the above?
- Do I jump from one strategy to another without giving it a fair chance?
“Success is never final, and failure is never fatal; it’s courage that counts.”
‘Essential Qualities of the Speculator’
1. Self-Reliance. A man must think for himself,must follow his own convictions. George MacDonald says: “A man cannot have another man’s ideas any more than he can another man’s soul or another man’s body.” Self-trust is the foundation of successful effort.
2. Judgment. That equipoise, that nice adjustment of the faculties one to the other,which is called good judgment, is an essential to the speculator.
3. Courage. That is, confidence to act on the decisions of the mind. In speculation there is
value in Mirabeau’s dictum: “Be bold, still be bold; always be bold.” (more…)
EXIT in Trading
Exit– The exit is critical to being a successful trader. Let your winners run and your losers run out quickly. Two factors determine your exit, the Target and the Stop loss you have set on entering the trade.
1. The Target is determined by the type of market and the trading history of the stock.
2. If the trade proceeds in your direction move the Stop loss keeping it tight.
3. It the trade continues to move, you may want to take your money off the table!
4. Profits should be taken before reaching a S/R. SO WHAT if it continues to run after you left!
5. Take Profits quickly and often! And remember discretion is the better part of valor.
6. The two most important factors in determining the Stop loss are the last S/R and providing enough margin for the trade to be successful. You must balance these against each other.
7. The Stop loss can be predetermined by your maximum loss limit but understand a small loss limit can positively impact your probability of success.
8. I must balance courage and common sense when staying in the trade. The money may be better used in another trade.
9. Remember small losses are the key to success in an environment where you may be wrong greater than 50% of the time.
10. Don’t give back, remember you can always get back in!
11. Don’t change my rules and therefore my settings.
Wise
* You cannot bring about prosperity by discouraging thrift.
* You cannot strengthen the weak by weakening the strong.
* You cannot help little men by tearing down big men.
* You cannot lift the wage earner by pulling down the wage payer.
* You cannot help the poor by destroying the rich.
* You cannot establish sound security on borrowed money.
* You cannot further the brotherhood of man by inciting class hatred.
* You cannot keep out of trouble by spending more than you earn.
* You cannot build character and courage by destroying men’s initiative and independence.
* And you cannot help men permanently by doing for them what they can and should do for themselves.