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Live Your Own Life

  
Education, Life
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A lot of us tend to live our lives based on other’s choices, and not our own. You may have even experienced this yourself. Sometimes, other people feel as if they know what’s best for you. I know I have experienced this, particularly regarding my occupation. “Oh, you are probably going to end up being a Kindergarten teacher”, “You would be a great gym teacher”, “Have you thought about joining law enforcement?” As the days go by, all the suggestions are being piled up. I don’t pay attention to them, because I know where my heart wants to be.

Live your own life, and not how others want you to live it. Let them worry about their own lives. You know, deep down, in your heart, what you want to do, and when you want to do it. You’re the only one who knows what’s best for you.

Morgan Housel’s 9 Financial Rules

  
  Education
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1. Nine out of 10 people in finance don’t have your best interest at heart.
2. Don’t try to predict the future.
3. Saving can be more important than investing.
4. Tune out the majority of news.
5. Emotional intelligence is more important than classroom intelligence.
6. Talk about your money.
7. Most financial problems are caused by debt.
8. Forget about past performance.
9. The perfect investment doesn’t exist.

GAMBLING ADDICTION with trading

  
Economy, Education
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how many of you never seem to win consistently?

how many of you hold on because you did have some winning days which means you have potential?

how many of you tell yourselves that its not an addiction,its just a passion you have?

how many of you keep on replenishing your trading accounts because just like any business,you always lose money at the start?
how many of you tell yoursleves your losses are the BEST THING that ever happened because thats the best way to learn?

how many of you think of crafty ways to get some extra money wired into your trading accounts?

how many of you say you would have won if you only “stuck to your discipline”?

how many of you are just waiting FOR THAT SPECIAL DAY WHEN EVERYTHING FINALLY CLICKS AND YOU’VE FINALLY FOUND THAT EDGE?

how many of you fall into a depression and feel as if someone has hit you in the heart with a hammer aftr a big loss.

how many of you cannot wait for the next day to make some money back?

my favorite: “tomorrows a new day and i will start fresh, a new trading style that will be disciplined”.

there are many guys that make lots of money trading for a living..really,you seriously believe that?

Twenty ‘Ifs’ for a Winning Attitude

  
Education, Life
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  1. If you have the desire, you are halfway there.
  2. If you do your best, don’t mind the rest.
  3. If you can’t control the wind, adjust your sail.
  4. If you are headed in the wrong direction, God allows U-turns.
  5. If you can imagine it you can achieve it. If you can dream it, you can become it.
       
  6. If you don’t stand for something, you’ll fall for anything.
  7. If you aim at nothing, you’ll hit it every time.
  8. If you have much, give of your wealth; if you have little, give of your heart.
  9. If you always do what you always did, you’ll always get what you always got.
  10. If you depend on others to make you happy, you will be endlessly disappointed. (more…)

Don't be a mouse.

  
  Education
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mouseI want to share with you an old fable that I’m sure you already know. It is about the mouse that roared.
Once up on a time, there lived a little mouse. He lived in constant fear of a cat that lived in the village. One day, a powerful space alien magician came to town. “M’lord,” the mouse begged of him, “thou art wise and powerful, and my life is most miserable because of a cat. Woudst thou return joy into my life by making me into a cat? Then I would no longer live in fear.”
The magician smiled, raised his wand, said some magical words, drew some lines on a chart, and the mouse found himself a cat as he wished. But, he was the most frightened (more…)

Prudence

  
  Education
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The power of measuring the danger, together with a certain alertness and watchfulness, is very important. There should be a balance of these two, Prudence and Courage;Prudence in contemplation, Courage in execution.Lord Bacon says: “In meditation all dangers should be seen; in execution one, unless very formidable.”Connected with these qualities,properly an outgrowth of them, is a third, viz:promptness. The mind convinced, the act should follow. In the words of Macbeth; “Henceforth the very firstlings of my heart shall be the firstlings of my hand.” Think, act, promptly.

INQUISITIVENESS & COMPREHENSION for Traders

  
  Education
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INQUISITIVENESS:  Just another word for curiosity and is the ever-present desire for information and understanding.  Unfortunately this characteristic can easily turn into  analysis paralysis, wherein the sheer quantity of information overwhelms the decision making process itself.  The solution is to remain focused on a very small segment of the market and is at the very heart of successful trading. There is just too much information out there to ever be able to make sense of it all.  Instead, the idea should be to direct your energy toward your trading methodology and not stray when tempted to.

  COMPREHENSION: This is the trader’s ability to attend to the smallest details of his or her trading plan.  I believe a trader must have rules for entering and exiting a trade before the trade is made.  In the beginning these rules can be in the form of a checklist wherein before each trade all the details of your rules are checked and verified.  With time, the rules become such as a part of your psyche that the checklist is in your head and can be confirmed with quick precision.  The key is to never change the rules. When the rules stay the same your mind will not be able to play tricks on you.

20 Trading Advice for Traders

  
  Education
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  1. You have to love trading to do the work that takes you over the hump to winning.

  2. Successful traders are not born, they are built through hard work and discipline.

  3. Trading is not complicated, discipline, perseverance, risk management, passion, and a winning method that fits your personality is all you need. If you have them you will win, if you are missing one you lose.

  4. Where you are currently as a trader is not where you have to stay, the right homework done with an open mind can move you into a different place.

  5. Trading skill is built through work ethic.

  6. You must dedicate yourself to winning at trading. Every day you improve by working at it. (more…)

The Alchemists of Wall Street

  
Analysis, Education
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Ever wonder what goes on behind the scenes? What kind of thinking and reasoning goes behind creating those sophisticated financial trading forumlas that create billions of dollars every year? Even more, do you wonder what kind of math wizard it takes to create these formulas?

Quants, or quantitative managers, are the math wizards and computer programmers in the engine room of our global financial system who designed the financial products that almost crashed Wall st.

The credit crunch has shown how the global financial system has become increasingly dependent on mathematical models trying to quantify human (economic) behaviour. Now the quants are at the heart of yet another technological revolution in finance: trading at the speed of light.

Below is a pretty interesting video that reveals the type of people and thinking that goes into creating these forumlas.



6 Effective Ways to Trading Success

  
  Education
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1.  Identify if you really want to be a trader. Is this truly your desire?

Before you can develop persistence and eventually achieve success in the tough trading game, you need to first identify if this is truly what you want to do. If you are only doing this for the money then the odds of you making it through the learning process is very slim. You have to be ‘foolish’ enough through your initial losses to believe that you can rise to the top 10% of profitable traders. Most traders learning curves are measured in years not weeks so trading is more like getting a degree than reading a book over the weekend.

2. Determine your motivation. Why do you want to be a trader?

Motivation comes from a deep reason why we want to achieve or have something.  If you know why you’re doing what you’re doing, it gives you more energy to keep moving forward in learning and getting experience. If you are trading to make a quick buck, then you do not make that buck quickly you will join the quitters. If you are trading to have enough money to pay off your house in 5 years that will create the energy to drive you forward against the odds.

You can get through this first learning stage by writing down specifically all the things you want to have or accomplish through your trading.  List all your desires and wants, all the rewards that will come through you not quitting the trading game. This is what will get you through if your heart is in it. You need a very big bucket of carrots waiting for you on the other side of trading success to get through the whips the market will hit you with while you are learning.

3. Outline Your Definite Action Step

Identifying your wants or desires speaks of what you want to achieve.  Determining your motivation shows the reasons why you want to achieve what you want.  Outlining your definite action step is necessary to know howyou will be able to achieve what you want.

When you know how to get what you want, it makes it easier to achieve it.  To know how, it pays to do some research and planning of what needs to be done on your part.  Be specific on each step you need to take.  Identify at least two ways and plans on how you can achieve your goals.

4. Keep the right mindset, believe that you are going to be a winning trader. (more…)

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