Archives of “work ethic” tag

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10 Wall Street Pick-up Lines to Avoid

  
  Education
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“If your proposed marriage contract has 47 pages, I suggest you not enter.”

This quote by Charles Munger hammers home the role of trust in an investment relationship.Michael Kitces of Nerds Eye View wrote a post entitled “What is the philosophy of your financial planning firm? It deals with what an advisor doesn’t believe in and what he/she wouldn’t recommend to clients. Engaging an advisor whose philosophy is based on trust, and who chooses to be a fiduciary for clients has many benefits for the average investor. Unfortunately, most financial advisors are not fee-only RIAs. Those who are only looking to have a “suitable relationship” with their customers may structure their business philosophy in a different manner. Many advisory firms have embraced a culture of sales and monthly quotas. Clearly that is a philosophy, but it is not necessarily a good one for the end user. If you find yourself surrounded by financial types using any of these types of pitches, be very afraid.

1. “Its like a CD.”

2. “Buying on margin will greatly increase your returns.”

3. “This fund did really well last year.”

4. “As long as the music is playing, you have to get up and dance.”

5. “Do you want the confirmation sent to your office or your mansion?”

6. “I have a very strong work ethic. The problem was my ethics in work.”

7. “I’ve got the guts to die. What I want to know is have you got the guts to live?”

8. “Greed is good.”

9. “Don’t pitch the b*tch.”

10. “Screw the credit derivative desk, I don’t understand half the sh*t they do anyway.” (more…)

EXCELLENCE TAKES HARD WORK

  
  Education
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Paul Tudor Jones expressed the core of the trader’s work ethic in this year 2000 interview excerpt:

Q: What’s your competitive advantage as a trader?

A: The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge. Because I think there are certain situations where you can absolutely understand what motivates every buyer and seller and have a pretty good picture of what’s going to happen. And it just requires an enormous amount of grunt work and dedication to finding all possible bits of information.

Overtrading is Recipe for Failure

  
  Education
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Being a professional trader requires a great deal of energy. Like all professionals, there will be times when you are expected to perform at a high level when you feel less than at the peak of your powers. Psychological and physiological effects of family crises and personal health problems, for example, can trigger fatigue and cloud your judgment. However, the most common cause of fatigue or burnout is overtrading. (more…)

Ten Ingredients to become A Great Trader

  
  Education
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It is all a game of risk management, mind, and a robust system. Everything else is just noise. 

  1. Passion for trading, only passion can fuel the work ethic needed to do the hard work that leads to success.
  2. Goal oriented traders succeed, if you know why you are trading and where it leads you may just get there.
  3. Perseverance: It is hard to lose if you never quit.
  4. Resiliency: The ability to come back from losses may be the secret to trading success.
  5. Back testing systems and methods before trading them speeds up the learning curve and side steps a lot of learning through real losses. (more…)

Are You Taking Trading Too Seriously?

  
Education, Video
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Here’s a great video about trading psychology, even though it’s not directly about the stock market, futures or Forex, and doesn’t reveal any day trading tips. But it does contain a secret most traders are violating every day.

Trading is a great business. I love it, I’m passionate about it, and it is so much fun that I’d do it even if there were no money involved.

But it’s not just me. We traders are a passionate bunch.

We spend a LOT of time reading, studying, trying different indicators, tweaking indicators, testing various strategies and looking at chart after chart after chart.

And then you add the money factor – and well, we can get to be a bit obsessive (just ask any trader’s spouse!).

Work ethic is good, and it does take a certain amount of experience in the markets to become successful. The problem arises when you take things TOO seriously. That causes a block of your mental and emotional energy. And in extreme cases, it can have negative consequences in the rest of your life.

This video isn’t about trading. It’s about life. And therefore, it is about trading.

Enjoy, and leave a comment below with your reaction to the video.



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…)

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