Greg Simmons having fun at the reality of Warren’s numbers. 5th largest TARP recipient? Not too shabby Warren. Bailout makes it easy!
Archives of “having fun” tag
rss‘A Trader’s Self-Evaluation Checklist’?
Are trading losses often followed by further trading losses? Do you end up losing money in ‘revenge trading’ just to regain money lost? Do you finish trading prematurely when you’re up money, failing to exploit a good day?
Do you cut winning trades short because, deep inside, you don’t think you’ll be able to make large profits? Do you become stubborn in positions, turning small losers into large ones?
Is trading making you happy, proud, fulfilled, and content, or does it more often leave you feeling unhappy, guilty, frustrated, and dissatisfied? Are you having fun trading even when it’s hard work?
Are you making trades because the market is giving you opportunity, or are you placing trades to fulfill needs — for excitement, self-esteem, recognition, etc. — that are not being met in the rest of your life?
Are trading losses often followed by further trading losses? Do you end up losing money in ‘revenge trading’ just to regain money lost? Do you finish trading prematurely when you’re up money, failing to exploit a good day?Top Ten Reasons Not to Trade– and Why You Should Do It Anyway
#1 Trading creates no greater good
– like when you buy grain futures, the price skyrockets, and you make a killing! A poor farmer plants more seeds as a consequence, third world children get affordable bread, hmm, did I say you make a living?
#2 Trading makes you selfish
– and that’s why filthy rich old speculators turn to philanthropy.
#3 Staring at screens all day is not healthy
– which is true, and why slow lunch hours are perfect for physical exercise.
#4 Staring at screens all day is not good for your social skills
– which is why traders are out having fun when the market is closed. (Don’t “normal” people spend evenings in front of the TV?)
#5 The market is a casino
– where scrupulous gamblers make it easier (and more important) for sane traders to make a living. (more…)
The 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…)
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.