Archives of “good job” tag

rss

You are Accountable

  
  Education
#  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #

Traders like to think that they only need to be accountable to themselves in order to get the best out of their trading. But it has been my experience that most traders fail miserably at this task.  So why are traders not able to do this?

They do not want to:

  • Be wrong
  • Admit that they are changing their rules
  • Face up to the fact that they do not have good rules
  • Realize that they need psychological help
  • Realize that they do not have what it takes

If you are committed to doing whatever it takes to follow your rules to reach a higher level of profit, you should consider asking someone to help you with this task if you are not doing a good job of it yourself.

Who could take on the role of a trader’s accountability?

  • A significant other
  • A friend
  • A trading buddy
  • A teacher
  • A coach

What would a person need to help you be more accountable?

  • A clearly defined set of rules from you
  • Your commitment to telling the truth to them
  • An accounting of the trades you took
  • Why you think the trades you took were good opportunities
  • The risk/reward ratios before the trade
  • The money management procedure you followed
  • Whether or not you followed your rules
  • The lessons you learned
  • And at the four month periodical review, the changes you would make and why

Reward or punishment

There should be a clearly defined predetermined punishment or reward that both of you agree upon for not following your rules.  Here are some examples of punishments or rewards to consider.

Punishment

  • No trading the rest of the day
  • Walk around the block before taking the next trade
  • Twenty push ups
  • Limit the size of your trades for the rest of the week

Rewards (more…)

Latest Rumor Sees 16-17% Greek Bond Haircut, Sending European Stocks Soaring

  
Analysis, Economy, Education
#  #  #  #  #  #  #  #  #  #

The latest targeted leak in the European “stress” tests is that according to German bank sources, the discount on Greek debt will be in the 16-17% ballpark. This compares to an earlier rumor leak of a 10% discount on Greek debt which however did not sufficiently spike the market, leading to rumor #2 which so far has done a good job at pushing the AUDJPY (aka stocks) higher. The quid pro quo however, is to take not only German but now French bonds, will be out of the “stressed” picture. As Reuters reports: “The presumed markdown applied to French sovereign bonds will be 0.7 percent, one of the sources, both of which are based in Germany, added. “German sovereign bonds will not be stressed,” both sources confirmed.” Of course, with Greek bonds being stressed to market (which is where the discount actually implies they are tested), French bonds would would suffer a far greater markdown than 0.7%. But then again, the EU has already bought up a ton of Greek bonds, and little if any French. Can’t have the bank pick and choose which country to bail out now, can it.

Just see Today Morning ,I had written European Market short term trend is up !!

5 Signs You’ve Matured as a Trader

  
  Education
#  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #

1) Are Self Reliant: When you stop asking other people: “What do you think of the market?” While I respect the opinions of my colleagues, I DO NOT rely on them. I prefer to do my own homework, research and analysis. I LET THE MARKET tell me if I’m right or wrong.

The ultimate goal for traders is to make confident decisions on your own and trade with complete independence. You should not have to rely on the opinions of others because you should have conviction in your OWN ideas.

2) Stop Celebrating Winners: When you stop feeling the need to pound your chest every time you make 30 cents on a stock. (It is the flip side  of not getting depressed over every loss). Recognize what you did correctly and move on to the next trade.

The great Pittsburgh Steelers coach Chuck Noll used to say, after you score a touchdown there’s no need to start dancing. Simply hand the ball to the referee, head back to the bench and “Act like you’ve been there before!”

Same thing goes for the stock market. Don’t act like you’ve never had success trading before.

3) Let the Trades Come to You:  When you stop feeling the need to trade every day and you get over the “fear of missing out.” This is the downfall of most traders.

It took me a while to shift my focus from worrying about “missing out” to playing great defense. Once I did this, I noticed an increase in my confidence level as a trader. Keep in mind, there will ALWAYS be opportunities and it’s okay if you miss a few.

4) Feel No Need to Brag: Those traders who compulsively tell everyone about every winner are over compensating for their insecurities. It is a sign of lack of confidence. When you make a good trade or a good call on the market, and you don’t feel the need to remind everyone — its because that is what is supposed to happen.

The key is to be consistent and to separate your ego from your trading. If you are doing a good job, people will notice.

5) Loss Management: When you learn to cut losses without hesitation. No one likes to lose, but cutting losses is part of the game. I have studied the best traders throughout history and they all have the same number one rule: CUT YOUR LOSSES! Learn to accept when you are wrong and move on!

5 Signs You’ve Matured as a Trader

  
  Education
#  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #  #

1) Are Self Reliant: When you stop asking other people: “What do you think of the market?” While I respect the opinions of my colleagues, I DO NOT rely on them. I prefer to do my own homework, research and analysis. I LET THE MARKET tell me if I’m right or wrong.

The ultimate goal for traders is to make confident decisions on your own and trade with complete independence. You should not have to rely on the opinions of others because you should have conviction in your OWN ideas.

2) Stop Celebrating Winners: When you stop feeling the need to pound your chest every time you make 30 cents on a stock. (It is the flip side  of not getting depressed over every loss). Recognize what you did correctly and move on to the next trade.

Same thing goes for the stock market. Don’t act like you’ve never had success trading before.

3) Let the Trades Come to You:  When you stop feeling the need to trade every day and you get over the “fear of missing out.” This is the downfall of most traders.

It took me a while to shift my focus from worrying about “missing out” to playing great defense. Once I did this, I noticed an increase in my confidence level as a trader. Keep in mind, there will ALWAYS be opportunities and it’s okay if you miss a few. (more…)

Go to top