Wisdom Dump

CreditViolet · #41 19th December 2006, 02:39 PM

One more

My review of expert performers in such fields as chess, military, athletics, and performing arts--as well as my research review of exemplary performers--suggests that success is not simply a function of qualities of the individual. Rather, it is the fit between the talents (inborn abilities), skills (acquired competencies), interests, and opportunities afforded by a field that creates accelerated development and eventual mastery.

What does this mean for trading?

It means that success will not be found in better indicators, improved self-help techniques, or any of the endless parade of chart patterns, wave formations, numerology schemes, or moving average arrays.

Rather, success is achieved when we find markets and styles of trading that take maximum advantage of our skills and talents. That keeps us focused on markets and absorbed in them, enabling us--over time--to internalize their patterns.

Many, many times, traders do not live up to their potential simply because they are trading markets and methods that do not draw upon their strengths. Without that fit, they are not absorbed in what they do; frustration replaces focus and learning suffers.

If my book accomplishes nothing else, I hope that it assists you in thinking about where your niche might lie, not just in trading, but in life. The days pass by quickly; life is too short to waste on anything that you're not passionate about and good at.

CreditViolet · #42 19th December 2006, 11:14 PM

Quote:

Originally Posted by SavantGarde

I have no special talents. I am only passionately curious.

-ALBERT EINSTEIN

Discretion of speech is more than eloquence; and to speak agreeably to him with whom we deal is more than to speak in good words or in good order. - Francis Bacon

CV

CreditViolet · #43 19th December 2006, 11:18 PM

Rich people don't make big bets. Really rich-and smart-people don't make big bets. First they are not out to "prove" anything, they are out to make more money, and second, they know that risk control is as important as the other two legs of speculation, selection and timing. That is all this business of commodity trading gets down to, selection, timing, and risk control. - Larry Williams

kkseal · #44 19th December 2006, 11:27 PM

Quote:

Originally Posted by CreditViolet

That is all this business of trading gets down to, selection, timing, and risk control. - Larry Williams

Nice summation. I have taken the liberty of removing the word 'commodity' from the original quote. Hope CV doesn't mind!

Regards,
Kalyan.

kkseal · #45 19th December 2006, 11:45 PM

Quote:

Originally Posted by jatayoo

Everyone is looking for a multibagger,For the next Infosys,For the next .......!!Get rich quick.
Truth is their is'nt any such stock,and even if their is one you would not know of it or maybe had it and sold it.
Don't see only the rainbows,just WALK.

Spotting the next Infosys et al is not a get rich quick scheme.

It takes courage, conviction, dilligence & above all patience.

Dilligence is needed to spot the company & then constantly monitor it's performance to see if it's living upto expectation.
Courage as an equivalent of risk appetite 'coz you can always go wrong. The company might just fizzle out after that initial promise; or produce that occasional spark but not consistenly enough to raise itself to the big league.
Conviction to hold on through the numerous ups & downs of the mkts.
And, above all patience, as it doesn't happen overnight.

So Jatayooji don't quite agree with you on this one.

Mere walking can be done peacefully in the park why get into the rough & tumble of the mkts?

Regards,
Kalyan.

CreditViolet · #46 20th December 2006, 12:54 PM

Quote:

Originally Posted by kkseal

Hope CV doesn't mind!

Since its been a good day till now you are excused

CV

CreditViolet · #47 20th December 2006, 12:55 PM

A Trader's Morning Prayer -

May my assessment of today's price action be based upon the facts, all of the facts and nothing but the facts. May I not be influenced by fear, greed or the ill-advised comments of others, which may be made in their interests and not my own. May I take into account the past history laid before me on this chart and make my assessment based on my knowledge, and logic, and not my emotions.

kkseal · #48 20th December 2006, 03:41 PM

Quote:

Originally Posted by CreditViolet

Since its been a good day till now you are excused

CV

Overwhelmed by your magnanimity!

And Thanks for the wonderful posts.

Regards,
Kalyan.

kkseal · #49 20th December 2006, 03:48 PM

Quote:

Originally Posted by SavantGarde

I have no special talents. I am only passionately curious.

-ALBERT EINSTEIN

Great man, great mind, great quote.

Don't let the 'child' in you die no matter how 'grown up' you may have become.

And if you think of it, it's infinitely more difficult for a child to learn to walk, to recognize, to speak, to write than it is for an adult to learn to trade/invest.
If you could manage all that as a child then trading/investing as an adult should be no big deal.

Regards,
Kalyan.

kkseal · #50 20th December 2006, 04:02 PM

Quote:

Originally Posted by CreditViolet

A Trader's Morning Prayer -

... and make my assessment based on my knowledge, and logic, and not my emotions.

Better still - let my emotions be based upon my knowledge and logic & not the other way round!

(I mean you don't become a robot when you're trading - you're still a human being - in all your actions).

Regards,
Kalyan.

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