Archives of “standpoint” tag

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Characteristics of Perfect Trader

  
  Education
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-Sense of calmness
-Ability to focus on the present reality
-Not caring which way the market breaks or moves
-Always aligning trades in the direction of the market, flowing with the market
-Not caring about the money
-Always looking to improve your skills
-Profits now accumulating and flowing in as your skills improve
-Keeping an open mind, keeping opinions to a minimum
-Accepting the risk in trading
-No Anger
-Learning from every trade
-Winning and losing trades accepted equally from an emotional standpoint
-Enjoying the process
-Trading your chosen approach or system and not being influenced by the market or
others
-Not feeling a need to conquer or control the “market”
-Feeling confident and feeling in control of “yourself”
-A sense of not forcing the markets or yourself
-Trading with money you can afford to risk
-No feeling of ever being victimized by the markets
-Taking full responsibility for your trading

When you can read the list above and genuinely say that’s me, you have arrived!

The Trader’s Mindset-ABC

  
  Education
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ABC

In the classic play-adapted movie Glengarry Glenn Ross, the successful big shot from Mitch & Murray is called in to pep talk a group of sad-sack real estate salesmen. His immortal manta for sales success is “ABC.: Always Be Closing.”

The trader’s version of this mantra is slightly different. For us it’s not Always Be Closing, butAlways Be Climbing.

What does it mean to “ABC,” or Always Be Climbing?

It means you always want to be in shooting distance of new equity highs. Not just from a cumulative profits standpoint, but from a knowledge standpoint as well.

Half the reason risk management is so important is to keep you in the mix, with new equity highs either currently being exceeded or not a far distance away. And when market conditions are challenging or sluggish, there’s no better time to book new highs on the knowledge and research side. (Many traders say their best research — and their biggest breakthroughs — were achieved in adverse conditions.)

The Climbing Mindset (more…)

JP Morgan CEO On Why Beauty is a Bad Investment

  
  Education
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Well, that’s the last time I ask JP for help.  

A reply from CEO of J.P. Morgan to a pretty girl seeking a rich husband…

A young and pretty lady posted this on a popular forum:

Title: What should I do to marry a rich guy?

I’m going to be honest of what I’m going to say here.

I’m 25 this year. I’m very pretty, have style and good taste. I wish to marry a guy with $500k annual salary or above.

You might say that I’m greedy, but an annual salary of $1M is considered only as middle class in New York. (more…)

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