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Neither have I, and the educational degree is really probably not the most important part. The programming/re-programming of the mind is what has proven decisive to me. It's really hard to accept being wrong after doing all the homework right and getting used to being completely correct in other lines of business for years/decades.
In my mind this is a handicap that I need to let go completely. It's just so hard to accept.
Was in Randers and Arhus Denmark last July before going to Eskiltuna. We had friends in Randers as well. Copenhagen is one of the worlds most beautiful cities....wish I could have seen more of it....basically just passed through on the train.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
This is a perfect example of why this is such a great forum. When I answered @Big Mike survey (BTW: Great idea, Sticky on the Home page chat box), one things I listed as liking best was the ease of making new friends, all over the world.
R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
Some would say (me) that C-level executives, or business owners, etc, are even at a disadvantage when it comes to trading, because so far in their career they've been rewarded most likely by working harder than those around them. Trading does require hard work, but hard work alone will get you no where in trading. It's hard to break this mentality, speaking from experience here...it's all about re-training your brain to completely accept that being wrong OFTEN is totally acceptable and in fact necessary and even encouraged, you should almost welcome being wrong as that is when you have the best opportunity to make money. When you recognize you are wrong, it is at that moment you are controlling your long term profitability. You are in control here, it is up to you to minimize your losses. That's all it comes down to, minimize losses, maximize profits, and you will be on the right track.
I have been self employed my entire adult life. I have started and failed in several business. Most were failures. I recognized the fact that being wrong is part of risk taking...or as I like to call it, calculated risk taking. I accepted that my paycheck would vary, no problem. After a while, mostly when I started working smarter and not harder, it began to vary but usually higher. Then much higher. Then I took a risk with a lot of money and it failed. My risk was taken on a macro scale, at the precise moment of failure. I bought at the top and sold at the bottom and on the way down, doubled into the position.
I've had a hard time equating this to trading. I've talked about it a lot here in the thread as an intellectual understanding, but not made the mental/heart connection with it until today.
Trading is about taking calculated risks, taking small losses and letting the winners run. That means, I should be buying when others are selling, and selling when others are buying......like right now in real estate, have we hit the bottom yet, I don't know, but now is a better time to buy than when millions of people bought.
The home builders were selling at the peak and the ones with little debt and cash left over are buying land now or forming other companies to buy distressed real estate for less than they sold it originally.
If you own and are underwater, read, entered your home buying trade at $200,000 and now is worth $150,000 you must hold the trade until it comes back to your entry point and then hope it increases...or take a stop....sell for a loss.....that is if you believe a home is an investment and there is some doubt about this....after all the banks that hold the mortgage count the debt you owe them as an asset on their balance sheet....so it is an investment but for whom?
By the way, one of the take away's from my 15 year mortgage career is this....own your home one of two ways, paid off or leveraged to the hilt. The first way it can only be taken for back taxes and the other way, the bank doesn't want it if you default and are underwater. They will work with you. If you have 50% equity and lose your income, you will be foreclosed on faster than the one with a 100% mortgage. Trust me on this!
Ok, time to do my end of day journal now.....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris