M6 - Man, Mind, Money, Markets, Method & Madness
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Zen and the Art of Trading
http://financetrends.blogspot.in/2012/01/zen-and-art-of-trading.html
Came across this "lost" interview excerpt with an unnamed trader from Jack Schwager's New Market Wizards and I'd like to share it with you here.
As Schwager explains in the intro to his "Zen and the Art of Trading" chapter, this wide-ranging, and rather philosophical, interview with a top trader had to be scrapped on fears it would alter the trader's image with his firm's corporate clients.
Schwager asked this trader for permission to anonymously publish one interview excerpt, which he found particularly insightful. Here's a sample:
"...I still don't understand your trading method. How could you make these huge sums of money by just watching the screen?
There was no system to it. It was nothing more than, "I think the market is going up, so I'm going to buy." "It's gone up enough, so I'm going to sell." It was completely impulsive. I didn't sit down and formulate any trading plan. I don't know where the intuition comes from, and there are times when it goes away.
How do you recognize when it goes away?
When I'm wrong three times in a row, I call time out. Then I paper trade for a while.
For how long do you paper trade?
Until I think I'm in sync with the market again. Every market has a rhythm, and our job as traders is to get in sync with that rhythm. I'm not really trading when I'm doing those trades. There's trading being done, but I'm not doing it.
What do you mean you're not doing it?
There's buying and selling going on, but it's just going through me. It's like my personality and ego are not there. I don't even get a sense of satisfaction on these trades. It's absolutely that objective. Did you ever read Zen and the Art of Archery?..."
http://financetrends.blogspot.in/2012/01/zen-and-art-of-trading.html
Came across this "lost" interview excerpt with an unnamed trader from Jack Schwager's New Market Wizards and I'd like to share it with you here.
As Schwager explains in the intro to his "Zen and the Art of Trading" chapter, this wide-ranging, and rather philosophical, interview with a top trader had to be scrapped on fears it would alter the trader's image with his firm's corporate clients.
Schwager asked this trader for permission to anonymously publish one interview excerpt, which he found particularly insightful. Here's a sample:
"...I still don't understand your trading method. How could you make these huge sums of money by just watching the screen?
There was no system to it. It was nothing more than, "I think the market is going up, so I'm going to buy." "It's gone up enough, so I'm going to sell." It was completely impulsive. I didn't sit down and formulate any trading plan. I don't know where the intuition comes from, and there are times when it goes away.
How do you recognize when it goes away?
When I'm wrong three times in a row, I call time out. Then I paper trade for a while.
For how long do you paper trade?
Until I think I'm in sync with the market again. Every market has a rhythm, and our job as traders is to get in sync with that rhythm. I'm not really trading when I'm doing those trades. There's trading being done, but I'm not doing it.
What do you mean you're not doing it?
There's buying and selling going on, but it's just going through me. It's like my personality and ego are not there. I don't even get a sense of satisfaction on these trades. It's absolutely that objective. Did you ever read Zen and the Art of Archery?..."
Quotes :
Life is full of risk, and we don’t have control over it as much as we would like to think we do. But we can reduce the risk and increase our leverage by being educated and making moderate choices and keeping a positive attitude. A lot of people have been great successes when the supposed ‘odds’ were against them. The won because they decided to take control of their destiny and refused to give up - Donald Trump
One way to maintain control is to keep the big picture in mind. You may not have control over a lot of things, but you can start with yourself. Brainpower is the ultimate leverage. You have got a brain, use it. Winners take control by accepting responsibility - Donald Trump
Your mind is the most valuable asset and your most valuable lever. You need to be careful about what you put in it. Sometimes it is even more difficult to get rid of thoughts and ideas that are already in your mind than it is to learn something new - Robert Kiyosaki
Life is full of risk, and we don’t have control over it as much as we would like to think we do. But we can reduce the risk and increase our leverage by being educated and making moderate choices and keeping a positive attitude. A lot of people have been great successes when the supposed ‘odds’ were against them. The won because they decided to take control of their destiny and refused to give up - Donald Trump
One way to maintain control is to keep the big picture in mind. You may not have control over a lot of things, but you can start with yourself. Brainpower is the ultimate leverage. You have got a brain, use it. Winners take control by accepting responsibility - Donald Trump
Your mind is the most valuable asset and your most valuable lever. You need to be careful about what you put in it. Sometimes it is even more difficult to get rid of thoughts and ideas that are already in your mind than it is to learn something new - Robert Kiyosaki
RBI imposes Rs 4.5 cr penalty on Dena Bank, OBC, BOM In aggregate three banks have to pay Rs 4.5 crore fine for failing to comply with the guidelines. Besides, the RBI has cautioned eight other banks-- Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank.
he Reserve Bank today imposed Rs 1.5 crore penalty each on three banks-- Dena Bank , Oriental Bank of Commerce and Bank of Maharashtra -- for violation of Know Your Customer/Anti Money Laundering norms
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers," it said
The penal action was based on the basis of a complaint received by the RBI from a private organization
Read more at: http://www.moneycontrol.com/news/ec...k-obc-bom_1371507.html?utm_source=ref_article
A Poem on Money
'A Poem to Humans by Money
Dear Humans,
I am the scariest thing society has ever seen!
I am the greenback, well, the dollar I mean.
I was created out of thin air.
I’ve been known to create much despair.
My mother is the Federal Reserve,
The corporatocracy she serves.
She is a private bank, not federal whatsoever.
Copulation between the two is the greatest financial crime ever.
I was born in debt.
Let’s not forget
that for every time I am produced,
it’s at interest; financial slavery it has induced.
It’s a system of self-generating debt.
For the people, it’s a threat.
The Federal Income the people have to pay,
actually goes to the interest of the Federal Debt today!
The rest of my family — the banking cartels,
are the criminals who put people in financial cells.
They control the money supply
and — surprisingly — the people comply.
They have a monopoly on the production of legal tender.
Blindfolds are placed on the citizens, naysayers called offenders.
Banks aren’t regulated any longer,
thus they invent their own policy, making them stronger.
Before, I used to be printed
based on how much gold was minted.
Now, I’m backed by nothing, except faith in a declining system; a zero, zilch, nada.
Tough to beat, the machine is protected by the corporate armada.
I am only important in this society,
because resources are needed, otherwise, physical and emotional anxiety.
Without me,
one could not survive against life’s army.
Soldiers of torment,
who withhold essential supplies and fragment
the social order;
leaving a few in prosperity and most in impoverished smolder.
But in reality, I am inconsequential.
Resources, abundance, love, sustainability: essential.
I am used in all countries
and yet I can’t grow on trees.
I cannot be eaten as a meal.
I provide no shelter, no nutrition, nor can I heal.
I dictate the lives of humanity.
A few have plenty while most wallets are empty.
So long as I exist,
the problems of the world will persist:
poverty, war, greed, famine, and division.
The people tossed out like cut foreskins; economic circumcision.
I hope people never ask themselves what is truly indispensable.
For if they knew the answer, they’d no longer be insensible.
They will come to realize that resources are needed.
And that they’ve been cheated.
Taught to focus on intangible things,
like corporate images, brands, and other nothings;
instead of focusing on natural resources that satisfy human wants and needs.
An intelligent management of the earth’s resources needs to proceed.
Until the masses wake up, I doubt that’d ever transpire
because their thoughts are guided by the corporate empire.
They are kept shallow.
Black Friday they will follow.
Taught to consume and consume some more,
environmental concerns they ignore.
My greatest enemy is a resource based economy.
I wouldn’t be needed and it would grant personal autonomy.
For the notion of money would be in the distant past.
Without me, pain, suffering, and misery couldn’t last.
Sincerely,
Money
by Gino Montessi
'A Poem to Humans by Money
Dear Humans,
I am the scariest thing society has ever seen!
I am the greenback, well, the dollar I mean.
I was created out of thin air.
I’ve been known to create much despair.
My mother is the Federal Reserve,
The corporatocracy she serves.
She is a private bank, not federal whatsoever.
Copulation between the two is the greatest financial crime ever.
I was born in debt.
Let’s not forget
that for every time I am produced,
it’s at interest; financial slavery it has induced.
It’s a system of self-generating debt.
For the people, it’s a threat.
The Federal Income the people have to pay,
actually goes to the interest of the Federal Debt today!
The rest of my family — the banking cartels,
are the criminals who put people in financial cells.
They control the money supply
and — surprisingly — the people comply.
They have a monopoly on the production of legal tender.
Blindfolds are placed on the citizens, naysayers called offenders.
Banks aren’t regulated any longer,
thus they invent their own policy, making them stronger.
Before, I used to be printed
based on how much gold was minted.
Now, I’m backed by nothing, except faith in a declining system; a zero, zilch, nada.
Tough to beat, the machine is protected by the corporate armada.
I am only important in this society,
because resources are needed, otherwise, physical and emotional anxiety.
Without me,
one could not survive against life’s army.
Soldiers of torment,
who withhold essential supplies and fragment
the social order;
leaving a few in prosperity and most in impoverished smolder.
But in reality, I am inconsequential.
Resources, abundance, love, sustainability: essential.
I am used in all countries
and yet I can’t grow on trees.
I cannot be eaten as a meal.
I provide no shelter, no nutrition, nor can I heal.
I dictate the lives of humanity.
A few have plenty while most wallets are empty.
So long as I exist,
the problems of the world will persist:
poverty, war, greed, famine, and division.
The people tossed out like cut foreskins; economic circumcision.
I hope people never ask themselves what is truly indispensable.
For if they knew the answer, they’d no longer be insensible.
They will come to realize that resources are needed.
And that they’ve been cheated.
Taught to focus on intangible things,
like corporate images, brands, and other nothings;
instead of focusing on natural resources that satisfy human wants and needs.
An intelligent management of the earth’s resources needs to proceed.
Until the masses wake up, I doubt that’d ever transpire
because their thoughts are guided by the corporate empire.
They are kept shallow.
Black Friday they will follow.
Taught to consume and consume some more,
environmental concerns they ignore.
My greatest enemy is a resource based economy.
I wouldn’t be needed and it would grant personal autonomy.
For the notion of money would be in the distant past.
Without me, pain, suffering, and misery couldn’t last.
Sincerely,
Money
by Gino Montessi
Last edited:
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