Archives of “financial success” tag

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State of mind

  
  Education
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“Many traders start out using a state of mind that focuses on “having.” Rather than focus on how to trade in concert with the markets, they are obsessed with profits, and what they can purchase with those profits.”

“The main goal is to make money, money that can be used to purchase objects of desire, such as a shiny red sports car, a spacious, luxurious home, or a large wardrobe of fine clothes. They believe that great financial success will be the solution to all their problems. Trading isn’t just a job; it’s their salvation. Although many traders are motivated by money, there’s a downside to focusing on what you can have as a result of your profits. When traders focus solely on accumulating wealth, on “having,” they tend to act greedy and may take risks in an effort to win. There is a blind and unrealistic focus on trading at a high level of performance. Unless they trade at a high level of performance, they can’t possibly “have” what they desire. But a novice trader can’t achieve a high level of performance, and so, there is a mismatch between skills and goals. (more…)

Van Tharp Wisdom

  
  Education
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Must Read ………

“The main goal is to make money, money that can be used to purchase objects of desire, such as a shiny red sports car, a spacious, luxurious home, or a large wardrobe of fine clothes. They believe that great financial success will be the solution to all their problems. Trading isn’t just a job; it’s their salvation. Although many traders are motivated by money, there’s a downside to focusing on what you can have as a result of your profits. When traders focus solely on accumulating wealth, on “having,” they tend to act greedy and may take risks in an effort to win. There is a blind and unrealistic focus on trading at a high level of performance. Unless they trade at a high level of performance, they can’t possibly “have” what they desire. But a novice trader can’t achieve a high level of performance, and so, there is a mismatch between skills and goals. Traders in a “having” state of mind often feel frustrated that their trading efforts fall short of their expectations. And when they feel frustrated, they have difficulty concentrating on their ongoing experience. They tend to make trading errors, which intensify their feelings of anger and frustration. In addition, they are tempted to give up easily and avoid putting in their best effort. They tend to think, “Why should l even try? I’ll never achieve the level of success I desire.”

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How Your Finger Length can Affect Risk Taking

  
  Education
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In a study by Concordia University which analyzed the difference in length between the second finger (index finger) and fourth finger (ring finger), the difference in length can determine risk taking and financial success; however, it applies to men only. It also signifies high levels of prenatal testosterone.risk-taker the man is.

The risk taking includes recreational, social and financial areas. It appears that the lower the ratio between the index and ring finger, the more of a

How George Soros Knows What He Knows

  
  Education
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georgesoros

I wonder if George Soros can really attribute his financial success to his theoretical framework that he calls the “Theory of Refexivity.” Or perhaps he just simply listens to the clues that his bodily instincts provide him with before making important trading decisions. Hmmm . . . Here’s what his son Robert has to say:
“My father will sit down and give you theories to explain why he does this or that. But I remember seeing it as a kid and thinking, Jesus Christ, at least half of this is bullshit. I mean, you know the reason he changes his position on the market or whatever is because his back starts killing him. It has nothing to do with reason. He literally goes into a spasm, and it’s this early warning sign.”

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