5 Lessons I Learned While Watching Oprah’s Lifeclass with Tony Robbins
I am a huge fan of Oprah Winfrey and Tony Robbins. So, when the two of them decided to combine forces for a 2-hour Lifeclass special last week, it was a no-brainer to watch and absorb their wisdom. There are hundreds of lessons they have taught me over the years, but here are a few that I took away from their recent collaboration. 1) Everybody has a fear that "we are not enough." For example, we [...]
The American Dream
"In 1923, seven men who had made it to the top of the financial success pyramid met together at the Edgewater Hotel in Chicago. Collectively, they controlled more wealth than the entire United States Treasury, and for years the media had held them up as examples of success. Who were they? Charles M. Schwab, president of the world's largest steel company; Arthur Cutten, the greatest wheat speculator of his day; Richard Whitney, president of the [...]
So You Want To Be A Trader?
It's really easy, right? Open an online brokerage account, send some money, and fire away. You can start your application now and be on margin within the hour. Sounds like a party, huh? Here are some things to consider: 1) 95% of individual traders lose money over ANY 10-year period. Why? Mainly because most investors buy poor quality stocks, but I could write a book on the hundreds of other reasons why I think this [...]
Plunge Protection Team
During the 2008 financial crisis, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson approached President George W. Bush and said: If we don't do something, this country will experience an economic downturn worse than the Great Depression of the 1930s. President Bush explained that part of his job was to surround himself with smart people and trust their judgment. He considered Bernanke, Paulson, and their respective organizations as having some of the strongest [...]
Michael Jordan on Tiger Woods
The following is an article from ESPN the Magazine written by Michael Jordan back in May 2001. He talks about Tiger Woods, the killer instinct, and performing in the clutch. When I read this, I find so many similarities to stock trading. I hope that you also see the correlations, as we all strive to become better traders. The ability to perform in the clutch comes from having the confidence to know that you can. [...]
Recommended Reading List
As Jesse Livermore said: "Trading is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or for the get-rich-quick adventurer." In other words, to excel in the stock market, you have to work hard, have emotional control, and develop confidence in your strategy. I constantly get asked to recommend books that can help with these areas of trading. There are so many good ones out there, but here are [...]