A Strong Trading Mind
- Thread starter amitrandive
- Start date
Nothing guaranteed in the markets, winning while trading is like building a good body, 20% is workout and 80% diet, sleep and everything else.
Similarly while trading, strategy is probably just 20 to 30% and everything else you do around it is what sets a winner apart. Just strategy doesn't make money in the long run, but unfortunately most retail always focus just on the strategy and forget everything else .
The idea is to be able to make as many odds as in your favor as possible, whatever small that is.
Courtesy:Zerodha
http://www.traderji.com/brokers-trading-platforms/89121-zerodha-part-3-a-537.html#post1007497
Similarly while trading, strategy is probably just 20 to 30% and everything else you do around it is what sets a winner apart. Just strategy doesn't make money in the long run, but unfortunately most retail always focus just on the strategy and forget everything else .
The idea is to be able to make as many odds as in your favor as possible, whatever small that is.
Courtesy:Zerodha
http://www.traderji.com/brokers-trading-platforms/89121-zerodha-part-3-a-537.html#post1007497
Warren Buffett’s 5-Step Process for Prioritizing True Success
http://liveyourlegend.net/warren-bu...true-success-and-why-most-people-never-do-it/
1. Know what you want – List your top 25. One day a few years back Warren went up to his pilot (we’ll call him Steve) and jokingly said “The fact that you’re still working for me, tells me I’m not doing my job. You should be out going after more of your goals and dreams.” Warren then asked Steve to list the top 25 things he wanted to do in the next few years or even his lifetime. Just jot down anything that comes to mind as being important to you that isn’t currently a part of your life. Readers, that’s your queue to start writing.
2. Pick your Top 5. Once Steve completed his list, Warren then asked him to review each item and circle the top five that were most important to him. The ones he wanted more than anything. Steve was hesitant because to him they were all massively important. After all, that’s why he wrote them down.
But Warren insisted that he could only pick five. So Steve spent some time with his list and after some deliberation, made five circles. “Are you sure these are the absolute highest priority for you” Warren asked. Steve confidently replied the affirmative.
*Note: Picking your top 5 from your top 25 can be super difficult since they’re all so important. Never fear, for I have a simple process which is covered in the free Prioritize Success like Warren Buffett Workbook below. Don’t let yourself get overwhelmed. Finish reading this, then use the workbook.
3. Make your Top 5 Plan. Warren now asked Steve when he planned to get to work on these top 5 and what his approach would be. They spent the next while discussing Steve’s plan (for those of you who missed it, this is where my free Goal Setting and Action Workbook comes in). Steve explained “Warren, these are the most important things in my life right now. I’m going to get to work on them right away. I’ll start tomorrow. Actually, no I’ll start tonight.”
Steve went on the explain his plan, who he would enlist to help him and by when all these items would get done. Warren was starting to get excited. With any luck he would be out of a pilot within weeks…
4. Marry your priorities. Once the Top 5 planning session was over, Warren then asked “but what about these other 20 things on your list that you didn’t circle? What is your plan for completing those?” Steve replied confidently “Well the top five are my primary focus but the other twenty come in at a close second. They are still important so I’ll work on those intermittently as I see fit as I’m getting through my top 5. They are not as urgent but I still plan to give them dedicated effort.”
To Steve’s surprise, Warren responded sternly, “No. You’ve got it wrong Steve. Everything you didn’t circle just became your ‘avoid at all cost list’. No matter what, these things get no attention from you until you’ve succeeded with your top 5.”
5. Know your ‘Avoid at all Cost List‘ and stick to it. Did #4 surprise anyone? It certainly did me. Warren makes a powerful and somewhat unconventional point here. Most people would suggest ranking their second most important items just below their first. Makes sense at first, but as it turns out, this is the type of behavior that creates some of the most detrimental distractions in making big things happen.
You cannot be a Superstar if you focus on everything.
We are in a world where there’s more competition for your focus than ever before. We have to guard it with our life – because in fact it is. Without focus, without staying true to our priorities, not only will we not get done the extra things we try to fit in, but we won’t get done what’s most important to our core. The things that create fulfillment, excitement and happiness. Without these emotions, nothing’s really worth it anyway.
It’s no surprise that Warren has done as well as he has. His dedication to his top 5 (or in his case his top 1 – Running Berkshire Hathaway) is almost inhuman. And he has more distractions than anyone.
He no doubt has fun and thankfully indulges us in some of these distractions but only to the extent that it does not affect the way he runs his business, his Top Priority.
It is this focus that allows what many refer to as The Superstar Effect.
Creating Clear Priorities Only Gets More Important with Time.
The distractions never end.
In fact, they are likely to get more abundant (and more tempting) as you grow and further venture the world. I used to stick to two clear business priorities: writing on this site and running our investment fund. Recently that’s changed. In the past years I’ve been asked to consult for businesses, coach individuals, write for other sites, speak at universities and events and so on.
This is a natural result of becoming more seasoned in one’s field. If it hasn’t happened to you, I assure you it will.
So what’s your answer?
How many of you have 2 projects you’re working on right now? What about 5? How about 7 or 10? 20 or more?
If most of us sat down and did an inventory of where we spend our time, I bet you’d notice you have a lot more things going than you thought.
The more you have to choose, the more time you spend deliberating over what you’ll do at this moment, which is more time spent not doing one of the things most important to you.
You are confronted with The Paradox of Choice: The more options you have, the less likely you are to choose any of them.
With priorities, you can truly begin.
The topic of priorities is a crucial part of the goal setting process. It’s something I felt I could have better touched on in the Goal Setting and Action Workbook. Now I know why I didn’t. I was waiting for this story from Warren – I just didn’t know it.
Take it seriously. Know what you care most about and avoid everything else like the plague.
What important things are you going to decide not to do right now?
http://liveyourlegend.net/warren-bu...true-success-and-why-most-people-never-do-it/
1. Know what you want – List your top 25. One day a few years back Warren went up to his pilot (we’ll call him Steve) and jokingly said “The fact that you’re still working for me, tells me I’m not doing my job. You should be out going after more of your goals and dreams.” Warren then asked Steve to list the top 25 things he wanted to do in the next few years or even his lifetime. Just jot down anything that comes to mind as being important to you that isn’t currently a part of your life. Readers, that’s your queue to start writing.
2. Pick your Top 5. Once Steve completed his list, Warren then asked him to review each item and circle the top five that were most important to him. The ones he wanted more than anything. Steve was hesitant because to him they were all massively important. After all, that’s why he wrote them down.
But Warren insisted that he could only pick five. So Steve spent some time with his list and after some deliberation, made five circles. “Are you sure these are the absolute highest priority for you” Warren asked. Steve confidently replied the affirmative.
*Note: Picking your top 5 from your top 25 can be super difficult since they’re all so important. Never fear, for I have a simple process which is covered in the free Prioritize Success like Warren Buffett Workbook below. Don’t let yourself get overwhelmed. Finish reading this, then use the workbook.
3. Make your Top 5 Plan. Warren now asked Steve when he planned to get to work on these top 5 and what his approach would be. They spent the next while discussing Steve’s plan (for those of you who missed it, this is where my free Goal Setting and Action Workbook comes in). Steve explained “Warren, these are the most important things in my life right now. I’m going to get to work on them right away. I’ll start tomorrow. Actually, no I’ll start tonight.”
Steve went on the explain his plan, who he would enlist to help him and by when all these items would get done. Warren was starting to get excited. With any luck he would be out of a pilot within weeks…
4. Marry your priorities. Once the Top 5 planning session was over, Warren then asked “but what about these other 20 things on your list that you didn’t circle? What is your plan for completing those?” Steve replied confidently “Well the top five are my primary focus but the other twenty come in at a close second. They are still important so I’ll work on those intermittently as I see fit as I’m getting through my top 5. They are not as urgent but I still plan to give them dedicated effort.”
To Steve’s surprise, Warren responded sternly, “No. You’ve got it wrong Steve. Everything you didn’t circle just became your ‘avoid at all cost list’. No matter what, these things get no attention from you until you’ve succeeded with your top 5.”
5. Know your ‘Avoid at all Cost List‘ and stick to it. Did #4 surprise anyone? It certainly did me. Warren makes a powerful and somewhat unconventional point here. Most people would suggest ranking their second most important items just below their first. Makes sense at first, but as it turns out, this is the type of behavior that creates some of the most detrimental distractions in making big things happen.
You cannot be a Superstar if you focus on everything.
We are in a world where there’s more competition for your focus than ever before. We have to guard it with our life – because in fact it is. Without focus, without staying true to our priorities, not only will we not get done the extra things we try to fit in, but we won’t get done what’s most important to our core. The things that create fulfillment, excitement and happiness. Without these emotions, nothing’s really worth it anyway.
It’s no surprise that Warren has done as well as he has. His dedication to his top 5 (or in his case his top 1 – Running Berkshire Hathaway) is almost inhuman. And he has more distractions than anyone.
He no doubt has fun and thankfully indulges us in some of these distractions but only to the extent that it does not affect the way he runs his business, his Top Priority.
It is this focus that allows what many refer to as The Superstar Effect.
Creating Clear Priorities Only Gets More Important with Time.
The distractions never end.
In fact, they are likely to get more abundant (and more tempting) as you grow and further venture the world. I used to stick to two clear business priorities: writing on this site and running our investment fund. Recently that’s changed. In the past years I’ve been asked to consult for businesses, coach individuals, write for other sites, speak at universities and events and so on.
This is a natural result of becoming more seasoned in one’s field. If it hasn’t happened to you, I assure you it will.
So what’s your answer?
How many of you have 2 projects you’re working on right now? What about 5? How about 7 or 10? 20 or more?
If most of us sat down and did an inventory of where we spend our time, I bet you’d notice you have a lot more things going than you thought.
The more you have to choose, the more time you spend deliberating over what you’ll do at this moment, which is more time spent not doing one of the things most important to you.
You are confronted with The Paradox of Choice: The more options you have, the less likely you are to choose any of them.
With priorities, you can truly begin.
The topic of priorities is a crucial part of the goal setting process. It’s something I felt I could have better touched on in the Goal Setting and Action Workbook. Now I know why I didn’t. I was waiting for this story from Warren – I just didn’t know it.
Take it seriously. Know what you care most about and avoid everything else like the plague.
What important things are you going to decide not to do right now?
The inspiring story behind Jack Ma, Chairman of Alibaba.com
Jack Ma created history yesterday when Alibaba turned out to be the biggest IPO ever in US by raising over $ 20 billion and giving it a valuation of over $ 160 billion
Jack Ma: Before I founded Alibaba, I invited 24 friends to my house to discuss the business opportunity. After discussing for a full two hours, they were still confused — I have to say that I may not have put myself across in a clear manner manner then. The verdict: 23 out of the 24 people in the room told me to drop the idea, for a multitude of reasons, such as: ‘you do not know anything about the internet, and more prominently, you do not have the start-up capital for this’ etc etc.
There was only one friend (who was working in a bank then) who told me, “If you want to do it, just try it. If things don’t work out the way you expected it to, you can always revert back to what you were doing before.” I pondered upon this for one night, and by the next morning, I decided I would do it anyway, even if all of the 24 people opposed the idea.
When I first started Alibaba, I was immediately met with strong opposition from family and friends. Looking back, I realised that the biggest driving force for me then was not my confidence in the Internet and the potential it held, but more of this: “No matter what one does, regardless of failure or success, the experience is a form of success in itself.” You have got to keep trying, and if it doesn’t work, you always can revert back to what you were doing before.
As with this quote by T.E. Lawrence – “All men dream: but not equally. Those who dream in the dark recesses of the night awake in the day to find all was vanity. But the dreamers of day are dangerous men, for they may act their dreams with open eyes, and make it possible.”
Jack Ma: People lose out in life because of these 4 reasons:
1) Being myopic to opportunity
2) Looking down on opportunities
3) Lacking understanding
4) Failing to act quickly enough
You are poor because you have no ambition.
Ambition is living a life of great ideals; a magnificent goal in life that must be realized.
In this world, there are things that are deemed unfathomable, but there is nothing in this world that cannot be done.
The depth of one’s ambition determines the potential of one’ future.
Jack Ma created history yesterday when Alibaba turned out to be the biggest IPO ever in US by raising over $ 20 billion and giving it a valuation of over $ 160 billion
Jack Ma: Before I founded Alibaba, I invited 24 friends to my house to discuss the business opportunity. After discussing for a full two hours, they were still confused — I have to say that I may not have put myself across in a clear manner manner then. The verdict: 23 out of the 24 people in the room told me to drop the idea, for a multitude of reasons, such as: ‘you do not know anything about the internet, and more prominently, you do not have the start-up capital for this’ etc etc.
There was only one friend (who was working in a bank then) who told me, “If you want to do it, just try it. If things don’t work out the way you expected it to, you can always revert back to what you were doing before.” I pondered upon this for one night, and by the next morning, I decided I would do it anyway, even if all of the 24 people opposed the idea.
When I first started Alibaba, I was immediately met with strong opposition from family and friends. Looking back, I realised that the biggest driving force for me then was not my confidence in the Internet and the potential it held, but more of this: “No matter what one does, regardless of failure or success, the experience is a form of success in itself.” You have got to keep trying, and if it doesn’t work, you always can revert back to what you were doing before.
As with this quote by T.E. Lawrence – “All men dream: but not equally. Those who dream in the dark recesses of the night awake in the day to find all was vanity. But the dreamers of day are dangerous men, for they may act their dreams with open eyes, and make it possible.”
Jack Ma: People lose out in life because of these 4 reasons:
1) Being myopic to opportunity
2) Looking down on opportunities
3) Lacking understanding
4) Failing to act quickly enough
You are poor because you have no ambition.
Ambition is living a life of great ideals; a magnificent goal in life that must be realized.
In this world, there are things that are deemed unfathomable, but there is nothing in this world that cannot be done.
The depth of one’s ambition determines the potential of one’ future.
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