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W. Edwards Deming: 14 Points for Management

“Long-term commitment to new learning and new philosophy is required of any management that seeks transformation. The timid and the fainthearted, and the people that expect quick results, are doomed to disappointment.” -W. Edwards Deming

Dr. Deming’s Ideas Dr. Deming’s famous 14 Points, originally presented in Out of the Crisis, serve as management guidelines. The points cultivate a fertile soil in which a more efficient workplace, higher profits, and increased productivity may grow.

Create and communicate to all employees a statement of the aims and purposes of the company.

Adapt to the new philosophy of the day; industries and economics are always changing.

Build quality into a product throughout production.

End the practice of awarding business on the basis of price tag alone; instead, try a long-term relationship based on established loyalty and trust.

Work to constantly improve quality and productivity.

Institute on-the-job training.

Teach and institute leadership to improve all job functions.

Drive out fear; create trust.

Strive to reduce intradepartmental conflicts.

Eliminate exhortations for the work force; instead, focus on the system and morale.
(a) Eliminate work standard quotas for production. Substitute leadership methods for improvement.
(b) Eliminate MBO. Avoid numerical goals. Alternatively, learn the capabilities of processes, and how to improve them.

Remove barriers that rob people of pride of workmanship

Educate with self-improvement programs.

Include everyone in the company to accomplish the transformation.

6 Trading Rules

6 TRADING RULES1.IF YOU DON’T LIKE THE TRADE YOU’RE HOLDING, GET OUT.

2.AFTER TWO HOURS OF TRADING, ASK YOURSELF: “DO I FEEL GOOD ABOUT MYTRADING TODAY?” Once two hours have passed, A day trader should have made at least two, or perhaps more, trades, “but enough to evaluate what you have done.” If the trader feels good about the day’s trading, continue. If not, stop trading that day.

3.ALL CYLINDERS OF THE ENGINE MUST BE RUNNING EFFICIENTLY. “Day-trading is a job, and your paycheck is determined by your ability. You can only maximize your ability if you have all the information you need to make trading decisions. “If a piece of equipment that one uses for trading is not working, stop trading.

4.HAVE COMPLETE FAITH IN YOUR INDICATORS.This is a must for success.Many times your indicators give you a buy or sell signal, and you don’t follow it because you don’t have the confidence the signal is right this time. Successful day traders believe in their indicators, but also are aware that nothing is 100% foolproof.

5. TO ANYONE WHO ASPIRES TO BECOME A DAY TRADER, OBSERVE THOSE WHO ARE SUCCESSFUL. “Any information you can procure on the trading philosophies, mechanics and techniques is well worth your while.”

6.DAY-TRADING IS A LONG-TERM COMMITMENT. “I fervently believe it takes several years to become a true professional”

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