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Wisdom from Worthy Individuals

  
  Education
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“I measure what’s going on, and I adapt to it. I try to get my ego out of the way. The market is smarter than I am so I bend.” – Martin Zweig

“To be a money master, you must first be a self-master” – J. P. Morgan

“Our greatest glory is not in never falling, but in rising every time we fall.” – Confucius

“Buy that which is showing strength – sell that which is showing weakness.” – Richard Rhodes

“The rule of survival is not to “buy low, sell high”, but to “buy higher and sell higher.” – Richard Rhodes

“Be patient. Once a trade is put on, allow it time to develop and give it time to create the profits you expected.” – Richard Rhodes

“Be impatient. As always, small loses and quick losses are the best losses.” – Richard Rhodes (more…)

Watch Anger-Greed-Fear -Frustration-Disparity-Pain :When You Trade

  
  Education
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Anger – Do you ever catch yourself yelling out loud or cursing at the screen? Or complaining about the market like it is out to get you? This is a very common and dangerous emotion. It can easily destroy your belief in trading and the belief in having an edge when trading.

Greed – You see that your trade is well up and you start picturing that new sports car. You think to yourself “if I could just make 50 % more” but what can often happen in these situations is that your profit disappears and your trade is now under water, all thanks to greed.

Fear – Fear of losing money can make traders skip on a perfectly valid trade. It might also make traders take a small loss on a trade, to then see it turn around and give profit when all the time you were taking the correct steps of entering a stop loss which was never taken out.

Frustration – Why did I not take it? Why do I always take the losing trades and not the winners? These are very common questions a trader asks himself many times during a trading career. This frustration can destroy the motivation and lead to a previously mentioned emotion; anger. (more…)

Embracing Your Obstacles

  
  Education
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There will always be people in life who envy you, who resent your success, who are threatened by your accomplishments, who do what they can to sabotage your efforts.
Those include people in a workplace who place politics and “optics” over productivity and innovation.  Those also include naysayers who don’t dare admit the possibility of achievement because that would undermine their excuses, their failure to make a difference.
You know who your friends are when you reach a breakthrough success.  Your friends are ready to celebrate with you: they share your joy.  Those who cannot celebrate with you?  Perhaps they’re struggling with their own demons.  Perhaps they are burned out and exhausted.  That doesn’t necessarily make them horrible people.  They just can’t be your friends. (more…)

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