Tuesday, 25 October 2016

Colombo Stock Exchange Trade Summary 25-Oct-2016

Quote for the day

"Success is achieved by developing our strengths, not by eliminating our weaknesses." - Marilyn vos Savant

Monday, 24 October 2016

Colombo Stock Exchange Trade Summary 24-Oct-2016

Quote for the day

"Failure is not a single, cataclysmic event. You don't fail overnight. Instead, failure is a few errors in judgement, repeated every day." - Jim Rohn

Sunday, 23 October 2016

10 Things Successful People Never Do Again

By Henry Cloud

We all make mistakes but the people who thrive from their mistakes are the successful ones.

“Never go back.” What does that mean? From observations of successful people, clinical psychologist and author of Never Go Back: 10 Things You'll Never Do Again (Howard Books, June 2014), Dr. Henry Cloud has discovered certain “awakenings” that people have—in life and in business—that once they have them, they never go back to the old way of doing things. And when that happens, they are never the same. In short, they got it.

“Years ago, a bad business decision of mine led to an interesting discussion with my mentor,” Dr. Cloud says. “I had learned a valuable lesson the hard way, and he reassured me: ‘The good thing is once you learn that lesson, you never go back. You never do it again.’

“I wondered, what are the key awakenings that successful people go through that forever change how they do things, which propel them to succeed in business, relationships, and life? I began to study these awakenings, researching them over the years.”

Although life and business have many lessons to teach us, Dr. Cloud observed 10 “doorways” of learning that high performers go through, never to return again.

Successful people never again…

1. Return to what hasn’t worked.

Whether a job, or a broken relationship that was ended for a good reason, we should never go back to the same thing, expecting different results, without something being different.

2. Do anything that requires them to be someone they are not.

In everything we do, we have to ask ourselves, “Why am I doing this? Am I suited for it? Does it fit me? Is it sustainable?” If the answer is no to any of these questions, you better have a very good reason to proceed.

3. Try to change another person.

When you realise that you cannot force someone into doing something, you give him or her freedom and allow them to experience the consequences. In doing so, you find your own freedom as well.

4. Believe they can please everyone.

Once you get that it truly is impossible to please everyone, you begin to live purposefully, trying to please the right people.

5. Choose short-term comfort over long-term benefit.

Once successful people know they want something that requires a painful, time-limited step, they do not mind the painful step because it gets them to a long-term benefit. Living out this principle is one of the most fundamental differences between successful and unsuccessful people, both personally and professionally.

6. Trust someone or something that appears flawless.

It’s natural for us to be drawn to things and people that appear "incredible." We love excellence and should always be looking for it. We should pursue people who are great at what they do, employees who are high performers, dates who are exceptional people, friends who have stellar character, and companies that excel. But when someone or something looks too good to be true, he, she, or it is. The world is imperfect. Period. No one and no thing is without flaw, and if they appear that way, hit pause.

7. Take their eyes off the big picture.

We function better emotionally and perform better in our lives when we can see the big picture. For successful people, no one event is ever the whole story. Winners remember that—each and every day.

8. Neglect to do due diligence.

No matter how good something looks on the outside, it is only by taking a deeper, diligent, and honest look that we will find out what we truly need to know: the reality that we owe ourselves.

9. Fail to ask why they are where they find themselves.

One of the biggest differences between successful people and others is that in love and in life, in relationships and in business, successful people always ask themselves, what part am I playing in this situation? Said another way, they do not see themselves only as victims, even when they are.

10. Forget that their inner life determines their outer success.

The good life sometimes has little to do with outside circumstances. We are happy and fulfilled mostly by who we are on the inside. Research validates that. And our internal lives largely contribute to producing many of our external circumstances.

And, the converse is true: people who are still trying to find success in various areas of life can almost always point to one or more of these patterns as a reason they are repeating the same mistakes.

Everyone makes mistakes…even the most successful people out there. But, what achievers do better than others is recognise the patterns that are causing those mistakes and never repeat them again. In short, they learn from pain—their own and the pain of others.

A good thing to remember is this: pain is unavoidable, but repeating the same pain twice, when we could choose to learn and do something different, is certainly avoidable. I like to say, “we don’t need new ways to fail….the old ones are working just fine!” Our task, in business and in life, is to observe what they are, and never go back to doing them again.
Source: www.success.com

Quote for the day

"Greed is a bottomless pit which exhausts the person in an endless effort to satisfy the need without ever reaching satisfaction." - Erich Fromm

Saturday, 22 October 2016

The 5 Holy Grails of Trading

By Steve Burns

“The Holy Grail is not what you would expect it to be. It is something that is different for each person. It’s a hidden secret you have to discover for yourself but it is obvious once it is realized.” - David Mobley, Sr.

Most new traders go on a quest for “The Holy Grail” of trading. They want the can’t lose system that prints money. Many believe that rich traders know the secret and keep it to themselves. The secret is that there is no “secret” system or methodology that always wins. There are many robust systems, but no 100% winning system, not even close. The big secret is that many of the best traders in the world have about a 50% win rate, and many of the best systems have around a 50% win rate (or less) with each entry.

Winning traders do have helpful secrets, but many new traders argue about these principles are difficult or don’t work, despite the fact that they come from seasoned and experienced professionals. 

Here are five real Holy Grails; they aren’t the answer alone, but put all five together and they can make a significant difference in a trader’s career.

  1. Big wins and small losses. With a 3:1 risk/reward ratio you can be a winning trader with a 33% win rate.
  2. Never lose more than 1% of your total trading capital in a single trade. This brings your risk of ruin down to almost zero, and turns the volume of your emotions down to a manageable level. This risk management rule causes a trader to be disciplined in their position sizing and stop loss placement.
  3. A trader must follow a robust mechanical system or trade with a rule based methodology that gives them an edge. You have to trade with a long term winning strategy and understand why it wins.
  4. Disciplined traders are the ones that eventually make the money and keep it, because they are able to take their entries and exits without being blocked by their egos or emotions.
  5. Traders don’t survive without perseverance. If one thing is the “The Holy Grail” of trading it’s perseverance. All the legendary traders decided they were going to be traders. They did what they had to do to be successful in the business. They put in the time and paid the price to win.
“Its hard to beat a person who never gives up.” - Babe Ruth