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Learn to be wrong and Who cares?

1.) Learn to be wrong. Traditional education trains us into thinking that we have to be right to get the grade. With investing and trading, focusing on being right will bring assymetric risk to your methodology and will eventually lead to a blowout at least once. – Steven Place

2.) First, invest in yourself.  That is, acquire as much knowledge as possible and analytical skills in a wide variety of disciplines and develop the ability to abstract yourself from the present. Become a mathematician, economist, political scientist, psychologist, sociologist, and futurist. – Gary Evans

3.) You are not a market-timing genius and neither is anyone selling services to you! There is a long-term path to progress, with several good ways to get aboard.  Be interested, be watchful, but do not be too confident. – Jeff Miller

4.) First, understand that ultimately you are responsible for the outcome of your investments and that they shouldn’t blame bad markets, bad advisors, or bad luck if they lose money.  Secondly, always try to stay as objective and unemotional as you can about what you invest in.  And lastly, remember that discipline and risk management is the key.  You can lose all the profits from five well managed trades or investments with one poorly managed one. 

WHO chief Tedros: Using the word ‘pandemic’ carelessly has no benefit

Says it could amplify unjustified fear and stigma, paralysing systems

Tedros
  • Calling it a ‘pandemic’ may also signal that we can no longer contain the virus, which is not true

He won’t be making many friends with the remarks above but I don’t think he is completely wrong. The last thing the world needs is to engage in full-blown panic and to turn on governments for not treating this seriously enough.

But the fact is that no country wants to be the first one to let this virus turn into an uncontrollable disease. Let’s face it, even though it had originated from China, they are arguably the only ones to be able to combat the virus on such a large scale.
At the same time, this is a good social experiment to explore how much human greed has affected our day-to-day lives in this world; if the virus wins that is.
Humanity can easily survive and contain the virus outbreak if we all put healthcare over the economy – even for just a little while. But the hard truth is that money is really what makes the world go round. And it always will be.

SELF DISCIPLINE

Developing Self-Discipline is something that you can start doing right NOW. It doesn’t take vigorous special forces training, nor does it require being related to the almighty samurai bloodline. Instead it requires willdevotion and regular action.

  1. Start by cultivating a desire. Do that by understanding the incredible benefits of such an achievement. The majority of human endeavors fail because humans themselves quit; they quit because their mind and emotion subdues their will and discipline. Such a trait shall make you unstoppable.
  2. Use what is coined by NLP (Neuro-Linguistic Programming) as an Incantation. Stand up and energetically state that you shall achieve this regardless of anything, it’s crucial to incorporate physical movements as well. This molds a stronger message in your mind due to the incorporation of emotion and physicality. Repeat this daily.
  3. Analyze yourself; know where your discipline falls short and is mostly likely to fail. Is it exercising, or facing fears, or maintaining dietary habits?  This will create the targets which you shall work upon. Fast results will come from major concentrated action and not from minimal diffused efforts.
  4. Start, initiate your pursuit by working directly on the weaknesses that keep you away from being self-disciplined. Start small and gradually proceed to making big chances. Day by day incorporate more change but avoid overloading yourself.
  5. Once you have tackled one weakness proceed to the other. The conquest for self-discipline is a never-ending one. Acquiring it requires a constant stream of action, otherwise it shall simply leak from your possession.

Manifesto For 2015

Manifesto For 2015
 
Government has no right to confer economic benefit.
The benevolence of individuals, not government, creates a just community.
Rich and poor share responsibility to build society.
The greatest philosophy of governance is the balance of executive, legislative and judicial authority.
Civility is a worthy goal.
Government is incompetent in most areas in which it is currently active.
Theocracy kills.
Our challenges are planetary.
Humans are lonely without animals.
Glorifying thugs is civil suicide.
Union members are not the only people who work. 
Be circumspect in speech, for sowing wind reaps the whirlwind.
Propaganda attacks reason.
Wealth is a great good.
Benevolence is a great good.
Achievement is a great good.
The family is a great good.
Friendship is a great good.

SIX Life Lessons From 'The Wolf Of Wall Street'

Beyond being a fun movie, there are some lessons we can learn that can be important in our lives.

1. Sex matters.

When we’re talking about males and females (whether they are male and female monkeys, zebras, or human beings) sex matters. There’s a lot of sex in the movie, most of it raw, addictive, and not very pretty. But there is a primal vitality to desire for sex and more sex.

But sex matters in another way. Most of the young stock brokers, and hence the players, in this movie are males. In the “fun and games” that play out repeatedly these are clearly male fun and games. We all know that males and females are different (as well as similar in many ways), but the difference goes right down to our DNA.

According to David Page, M.D., one of the world’s leading experts on male and female genetic differences and professor of biology at the Massachusetts Institute of Technology (MIT):

“There are 10 trillion cells in human body and every one of them is sex specific. We need to build a better tool kit that is XX and XY informed rather than our current gender neutral stance. We need a tool kit that recognizes the fundamental difference on a cellular, organ, system, and person level between XY and XX.”

In Marianne Legato’s book, Eve’s Rib: The New Science of Gender-Specific Medicine, she says,

“Everywhere we look, the two sexes are startlingly and unexpectedly different not only in their internal function but in the way they experience illness.”

In all aspects of our lives, it’s good to ask, “what does sex have to do with it?”

2. Sex can be as addicting as cocaine. (more…)

4 Steps to Changing Your Bad Trading Habits

1. Understand the benefit of change. First, ask yourself if you need to change. Then, ask yourself what you need to change. Identify your current habits and ponder the benefits of changing them. Perhaps while trading you are feeling negative emotions such as stress, anxiety, temptation, or frustration. And ultimately, these emotions cause you to make poor, impulsive and self-destructive decisions. Write down what would happen if you were no longer feeling such negative emotions. That is, what would happen if you were able to remain calm and clear-headed while trading?

2. Dissect the proposed change and benefits. Find as many holes in the prospective change as you can. Don’t just convince yourself that things will become better if you change. Make sure the grass actually is greener on the other side of the fence. Be clear about what you want to change and how you will go about it. Write down the benefits that will take place if you do indeed change.

3. Recognize the situation that triggers your self-destructive action. Write down those all-too-familiar conditions, or circumstances, that lend themselves to activating negativity within you (e.g., all the things done, or said, that push your buttons). Also, write down how you are going to consciously recognize them during the day as they happen. Now, next to each item, write down what systems and processes you will implement to avoid letting that situation become emotional. (more…)

8 Words For Traders

1. CONFIDENCE: absolutely essential in an environment that feeds on emotional    instability.
2. TRUST: if you cannot trust yourself who can you trust? Trust your rules, trust your edge, trust that you will do the right thing-no matter what!
3. FOCUS: you will never learn all there is to learn about the market.  Push your ego aside and focus on one market and one edge.
4.  ACCEPTANCE:  you have to accept what the market is willing to give or you will give the market what it wants to take.
5.  RESPONSIBILITY: you and you alone are responsible for the money you lose and the money you make.  Take the credit for both.  Either way you deserve it.
6.  PATIENCE:  The market is not the place to learn patience, it is the place to practice it.
7.  RULES:  the market has no rules and no one else will do it for you. Develop rules for entering AND exiting trades before trades are made.
8.  RESPECT:  you have to respect the market for what it is not for what you want it to be.  The market has a logic all its own.  You may not like it but you have to accept it.