A world that’s more riot than profession, the trading floors of Chicago are a place where gambling your family’s mortgage is all in a day’s. At a time when markets are unhinged, FLOORED offers a unique window to this lesser-known world of finance. These men may not have degrees, but they’ve got guts, and penchant for excess that solicits simultaneous feelings of revulsion- and a desire to root them on. But like many aspects of our economy, technology is changing the way these traders do business, and these eccentric pit denizens aren’t the type to take kindly to new tricks. Computerized trading may take the emotion out of the job, but it may also take some of these old-timers out- dinosaurs in a young man’s game.
Archives of “young man” tag
rssThe essence of chutzpah
Chutzpah is a Yiddish word meaning gall, brazen nerve, effrontery, sheer guts plus arrogance. It’s Yiddish and, as Leo Rosten writes, “No other word and no other language, can do it justice.” This example is better than 1,000 words. Read the story below the picture and then you will understand.
A little old lady sold pretzels on a street corner for 25 cents each. Every day a young man would leave his office building at lunch time, and as he passed the pretzel stand, he would leave her a quarter, but never take a pretzel. This went on for more than 3 years. The two of them never spoke. One day, as the young man passed the old lady’s stand and left his quarter as usual, the pretzel lady spoke to him. Without blinking an eye she said: “They’re thirty five cents now.”
Socrates on Success
“Once A young man asked Socrates the secret of success. Socrates told the young man to meet him near the river the next morning. They met. Socrates asked the young man to walk with him into the river. When the water got up to their neck, Socrates took the young man by surprise and swiftly ducked him into the water.
The boy struggled to get out but Socrates was strong and kept him there until the boy started turning blue. Socrates pulled the boy’s head out of the water and the first thing the young man did was to gasp and take a deep breath of air.
Socrates asked him, “what did you want the most when you were there?” The boy replied, “Air”. Socrates said, “That is the secret of success! When you want success as badly as you wanted the air, then you will get it!” There is no other secret.”
Ed Seykota: The Jademaster
Lots of people go into trading as a way to get rich quick. The fact is that rarely if ever will happen. Trading is a career and a life-long study. The markets are always changing, and they are always the same. I have invested so much time, money, and study into trading. To excel in trading requires extremely hard work and discipline. The same combination required for excellence in any field.
If you knew that is not way to fail in trading, how hard would you like to work on it? Would you ever quit?
Seykota is considered to be one of the best traders to ever live. The following story helped me immensely and I think of it often, very often.
The Jademaster
One cold winter morning a young man walks five miles through the snow. He knocks on the Jademaster’s door. The Jademaster answers with a broom in his hand.
“Yes?”
“I want to learn about Jade.”
“Very well then, come in out of the cold.”
They sit by the fire sipping hot green tea. The Jademaster presses a green stone deeply into the young man’s hand and begins to talk about tree frogs. After a few minutes, the young man interrupts.
“Excuse me, I am here to learn about Jade, not tree frogs.”
The Jademaster takes the stone and tells the young man to go home and return in a week. The following week the young man returns. The Jademaster presses another green stone into the young man’s hand and continues the story. Again, the young man interrupts. Again, the Jademaster sends him home. Weeks pass. The young man interrupts less and less. The young man also learns to brew the hot green tea, clean up the kitchen and sweep the floors. Spring comes.
One day, the young man observes, “The stone I hold is not genuine Jade.”
Basic Essentials of Trading
You have to be aware of what is going on around you, the levels, the moves, etc… part of the basic essentials of trading:
Master Po: Close your eyes. What do you hear?
Young Caine: I hear the water, I hear the birds.
Po: Do you hear your own heartbeat?
Caine: No.
Po: Do you hear the grasshopper which is at your feet?
Caine: Old man, how is it that you hear these things?
Po: Young man, how is it that you do not?
– Kung Fu (TV Series)
Best advice ever given
A young man who worked for the great J.P. Morgan approached Mr. Morgan. Said the young man, “Mr. Morgan, may I have your advice. I own a portfolio of stocks and it’s not doing well, I can’t think, I can’t eat, I can’t sleep. I worry day and night. What do you think I should do?” Morgan with his fierce demeanor eyed the young man and growled, “SELL TO THE SLEEPING POINT.” That may be the best advice ever given regarding investing. The truth — I’ve often used it.
John D. Rockefeller Quotes
John D. Rockefeller is said to have been the richest person in history, even if he lived today. He left us with some wise quotes, check them out:
I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature.
If your only goal is to become rich, you will never achieve it.
It is wrong to assume that men of immense wealth are always happy.
The most important thing for a young man is to establish a credit… a reputation, character.
I know of nothing more despicable and pathetic than a man who devotes all the hours of the waking day to the making of money for money’s sake.
Don’t be afraid to give up the good to go for the great.
Don’t blame the marketing department. The buck stops with the chief executive.
Good leadership consists of showing average people how to do the work of superior people.
I always tried to turn every disaster into an opportunity.
I believe in the dignity of labor, whether with head or hand; that the world owes no man a living but that it owes every man an opportunity to make a living.
These are some very wise quotes from the richest man in history.