Saturday, 30 September 2017

Tips on Managing Personal Finances

Before you can trade you have to get your personal finances in order so you can build up enough capital to open a trading account. Before you can trade you must first develop the self control and discipline to earn, save, and grow enough capital to enter the game in the first place….. – Steve Burns

By Jennifer Scott

Taking control of your finances is one of the most beneficial things you can do for yourself. Nowadays, people around the world are more in credit debt that there ever has been before but, when you look at the statistics, this doesn’t have to be the case.

I remember when I first bought my first car on credit and I simply didn’t care. All that mattered was that I had the best car I could afford. Then the latest smartphone came out and I just had to have it. Along came the credit cards and the bank loans and, before long, my outgoing bills had reached incredible heights.

That’s not even counting the social nights out, the takeaways and meals with friends. That’s when I decided to take control of finances once and for all.

To help you wipe the slate clean and turn your life around, today, I’m going to explore with you a list of important and essential tips that can help you take back control of your life, leading to a happier, stress-free existence.

Watch Your Money

…and I mean like a hawk. Every penny that goes out of your account needs to be monitored. Where is it going? What’s it for? Is that an essential purchase? This may seem like a time-consuming chore, but it’s really not.

Thanks to mobile banking apps and the abundance of ATMs, it’s never been easier to monitor your balance. If something flags up and you don’t know what it is, question it. Maybe it’s a bill you didn’t know about or a subscription you thought you had cancelled. Whatever it is, flag it up and address the issue.

Don’t Follow the Crowds

The average US citizen is $16,883 in debt. With mortgages, this figure skyrockets. It’s important to remember that if nearly every person is in some kind of debt, then it’s normal to be in debt. Wealthy people are not normal.

I’m not saying you need to have millions in the bank to be wealthy. Instead, living comfortably and not paycheck to paycheck, without having to worry if an unexpected bill comes up is a happy life. You’re never going to be scared of what’s around the corner.

If you’re going for a meal with friends or going for drinks in a bar where everyone is flashing their credit cards, that doesn’t mean that you have to do the same.

Drinking water, drinking your drink slower or buy a more affordable drink. Just because your friends are buying bottles of champagne, doesn’t mean you have to.

Assess Each Purchase

It’s easy to think, ‘I’ve had a good month, I’ll treat myself’, but is it really worth it? Remember the smartphone I was talking about? After six months, I received an email saying the new model was available and I could upgrade. Yes, I thought, new phone here we come!

However, the more I sat and thought about it, the more I realize that I didn’t really need this phone. I didn’t really need the one that I had. Of course, businesses are going to do all they can to get money out of you.

Before making a purchase, here are a few things to ask yourself;

  • Is the purchase necessary?
  • Is it essential?
  • Will it save me money in the long term?
  • Do I have the money for this purchase?
  • Will I regret this purchase?
  • Could this money be spent on something more beneficial?

These are all questions you should be asking yourself, whether it’s for a pizza, an item of clothing or something more substantial. If you’ve been experiencing money problems for some time, you may already be in the habit of convincing yourself that you do need something.

If this is the case, really sit down and think whether you want something or not. It may even help to write a list of pros and cons to see if you really need it, even if it’s just for the time being so you can break the habit.

Budget Yourself

This is an essential part of managing your finances. Budgeting may take a while to get the hang of things, but the benefits completely outweigh the time spent on it. In short, it’s impossible to keep track of your money and your spending if you’re not budgeting.

Ruth S. Hernandez, the financial manager at Top Canadian Writers, shares her experience;

“Whether you’re an individual, business or a family, budgeting is so important. When I started working for TCW, the budget was all other the places with departments simply taking the money they wanted. With a strict budget in place, we able to massively expand the business and save at the same time!

When I started to budget myself, I found it incredibly difficult and didn’t know where to start at all. This way my original plan.

Step One – Income

The first thing I had to work out was how much I earned every month. This gave me my starting figure to work on. For the sake of this article, let’s call it $2,000. For you, this will include any income that you earn from your job, any benefits you claim and any other sources of income you have every single month.

Step Two – Bills

These are essential aspects of life that you’ll need to spend money on to life. These will include your rent or mortgage repayment, your utility bills, such as your electricity, gas, water and heating and the other outgoings that you pay monthly.

These include things like gym memberships, video streaming subscriptions, such as Netflix or Amazon Prime, and phone contracts. Let’s say for this article that mine came to $800.

Step Three – Dividing the Rest

After all these bills have been paid, I’m left with $1,200 for the month. The way I went about budgeting this was dividing it on a weekly basis. So, for each week, I was left with $300.

Now, I took this money and spilt it into essential purchases that I needed for the week, for example, fuel, food, transport, social events and others. I needed around $30 of fuel per week; I spend $50 on food, I would usually spend around $40 on a night with friends.

These were all estimates, to begin with. As it turns out, I was spending over $90 of food, over $50 on fuel and more like $80 on a night out. In total, this adds up to $220, leaving me just $80 a week, or $240 a month, left over.

Typically, these figures changed on a weekly basis, and I was being left with less than $50 per month. If I went over my phone contract or brought something like a new pair of jeans, this quickly left me nothing.

So, I started to stick to my budget on a weekly basis. Instead of spending $220 a month, I cut this down to my original $120. This left me $720 a month to play with. That’s after bills and all my weekly spending. Things were on the up.

Get Rid of Unessential Purchases

In all honesty, I didn’t really use my gym membership apart from the odd month here and there. So, I cancelled it. Then when I really thought about it, I didn’t really use my Netflix or Amazon Prime accounts either, only when I was bored, so I cut them off. This was saving me another $60-$80 a month, easily.

Here are some things you may consider cutting out to save you more money per month.

  • Gym Membership
  • Video Streaming Services
  • Reducing Phone Contract Payments
  • Change to a cheaper interest rate loan or credit card
  • Change your home to energy saving bulbs
  • Lower your hot water boiler temperature
  • Cut unneeded services if you can do them yourself
  • Reduce travel expenses
  • Cancel any newspaper & magazine subscriptions
Of course, this solely depends on your personal situation. You may want to keep your gym membership, and you use it all the time, which is fair enough, keep it. But anything you don’t use, cut it out and save the money.

Develop a Meal Plan

For many of us, the biggest expense that we have is food, second to rent. As we all know, when you go shopping when you’re hungry, you tend to buy more than you think you need and always what you fancy at the time.

Let’s say you go to the supermarket after work and buy a pizza, some chips, some sauce and some peas, purely on impulse. This could easily cost you in the region of $30 or more!

Instead, why not spend your time developing a meal plan that you can follow. By planning your meals, you know exactly what you’re having and when, not only will you be eating much more healthily, you’ll also be saving a ton of money.

For example, buying bulk pasta, lots of veggies, tinned items and frozen food, you can get a whole basket of shopping for $30, rather than just one meal.

Prioritize Your Debts

Paying off your credit will be the biggest setback in your money management program. If you’ve got a debt of $10,000 that you’re paying off over the next four years, depending on your interest rate, you could be paying back hundreds of dollars more than you need to.

Paying off your bank loans and your credit card debt is the first step to taking back control of your finances. Once you’ve paid them off, you won’t have it looming over your head, and therefore, you’ll have a lot more money to play with each month.

This can be a slow process, especially if you are thousands of dollars in debt. However, by grinding down your debts, making sure you don’t miss payments, and paying off extra when you can, you’ll be well on your way to a happy life.

If you do have any money left over at the end of every month, put some of it towards your credit card debt. This will help it come down a lot quicker, and you’ll be paying back less interest.

Start a Savings Account

Before I started taking control of my finances, I hadn’t even thought about having a savings account. However, setting one up was one of the best things I could have done.

With a savings account, I was able to put a little bit of money aside each month which slowly built up into a couple of hundreds, a thousand and, over the years, several thousand dollars.

Now, if an unexpected bill comes up, such as my car breaking, I can easily pay to get it fixed, rather than having to scrape together the scraps of cash that I had to try and get it replaced or repaired.

Manuel K. Webb, the financial manager for Best Australian Writers, explains;

“A savings account is a must in today’s world. Even when you save up enough to buy that brand-new TV you’ve always wanted, it’s important to keep your savings for a rainy day. When that rainy day comes, you’ll be able to overcome it effortlessly.”

When looking for a savings account, look for one that gives you a good interest rate, so every year you get a little bit extra in your pocket.

One of the best things that I did was to set up a direct debit. This means every time I got paid, the money came out of my account the very next day, as though it wasn’t even in my account in the first place, making it even easier to save!

Always Remain Positive

You’ll know as well as I do that scraping by month to month can be depressing at the best of times. However, no matter what happens, always remember that everything you do to take back control of your financial situation is a set in the right direction and will be for the best.

There are going to be times where things are hard, and you may slip from time to time from your budget, but the only thing to remember is to pick yourself up and carry on from where you left off! This way, you’ll be living a happy, stress-free life in no time at all!

Quote for the day

"A famously wise old man in a village was once asked how he came by his wisdom. "I got it from my good judgment," he answered. And where did his good judgment come from? "I got it from my bad judgment." - Sydney J. Harris

Friday, 29 September 2017

Colombo Stock Exchange Trade Summary 29-Sep-2017

Quote for the day

"Almost every successful person begins with two beliefs: the future can be better than the present, and I have the power to make it so." - David Brooks

Thursday, 28 September 2017

Wednesday, 27 September 2017

Colombo Stock Exchange Trade Summary 27-Sep-2017

Quote for the day

"Your struggle is your strength. If you can resist becoming negative, bitter or hopeless, in time, your struggles will give you everything." - Bryant H. McGill

Tuesday, 26 September 2017

Colombo Stock Exchange Trade Summary 26-Sep-2017

Quote for the day

"When something bad happens you have three choices. You can either let it define you, let it destroy you, or you can let it strengthen you." - Dr. Seuss

Monday, 25 September 2017

Colombo Stock Exchange Trade Summary 25-Sep-2017

Crossings - 25/09/2017 & Top 10 Contributors to Change ASPI

Top 10 Gainer / Loser / Turnover / Volume for the day

Top 10 Foreign Activity for the Day 

Quote for the day

"The ability to simplify means to eliminate the unnecessary so that the necessary may speak. - Hans Hofmann

Sunday, 24 September 2017

Top 10 Habits of Millionaires for Building Wealth

Image result for infographic millionaire

Quote for the day

"Pay less attention to what men say. Just watch what they do." - Dale Carnegie

Saturday, 23 September 2017

31 Major Causes of Failure – Think and Grow Rich

"Life’s greatest tragedy consists of men and women who earnestly try, and fail! The tragedy lies in the overwhelmingly large majority of people who fail, as compared to the few who succeed.

I have had the privilege of analyzing several thousand men and women, 98% of whom were classed as “failures.”

My analysis proved that there are thirty-one major reasons for failure. As you go over the list, check yourself by it, point by point, for the purpose of discovering how many of these causes-of-failure stand between you and success." 
– Napoleon Hill, Think and Grow Rich

31 Major Causes of Failure – by Napoleon Hill

1. Unfavorable hereditary background

There is but little, if anything, which can be done for people who are born with a deficiency in brain power. This philosophy offers but one method of bridging this weakness-through the aid of the Master Mind. Observe with profit, however, that this is the only one of the thirty-one causes of failure which may not be easily corrected by any individual.

2. Lack of a well-defined purpose in life

There is no hope of success for the person who does not have a central purpose, or a definite goal at which to aim. Ninety-eight out of every hundred of those whom I have analyzed had no such aim. Perhaps this was the major cause of their failure.

3. Lack of ambition to aim above mediocrity

We offer no hope for the person who is so indifferent as not to want to get ahead in life, and who is not willing to pay the price.

4. Insufficient education

This is a handicap which may be overcome with comparative ease. Experience has proven that the best-educated people are often those who are known as “self-made,” or self-educated. It takes more than a college degree to make one a person of education. Any person who is educated is one who has learned to get whatever he wants in life without violating the rights of others. Education consists, not so much of knowledge, but of knowledge effectively and persistently applied. Men are paid, not merely for what they know, but more particularly for what they do with that which they know.

5. Lack of self-discipline

Discipline comes through self-control. This means that one must control all negative qualities. Before you can control conditions, you must first control yourself. Self-mastery is the hardest job you will ever tackle. If you do not conquer self, you will be conquered by self. You may see at one and the same time both your best friend and your greatest enemy, by stepping in front of a mirror.

6. Ill health

No person may enjoy outstanding success without good health. Many of the causes of ill health are subject to mastery and control. These in the main are:
a. Overeating of foods not conductive to health.
b. Wrong habits of thoughts; giving expression to negatives.
c. Wrong use of, and over-indulgence in sex.
d. Lack of proper physical exercise.
e. An inadequate supply of fresh air, due to improper breathing.

7. Unfavorable environmental influences during childhood

“As the twig is bent, so shall the tree grow.” Most people who have criminal tendencies acquire them as the result of bad environment, and improper associates during childhood.

8. Procrastination

This is one of the most common causes of failure. “Old Man Procrastination” stands within the shadow of every human being, waiting his opportunity to spoil one’s chances of success. Most of us go through life as failures, because we are waiting for the “time to be right” to start doing something worthwhile. Do not wait. The time will never be “just right.” Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.

9. Lack of persistence

Most of us are good “starters” but poor “finishers” of everything we begin. Moreover, people are prone to give up at the first signs of defeat. There is no substitute for persistence. The person who makes persistence his watch-word, discovers that “Old Man Failure” finally becomes tired, and makes his departure. Failure cannot cope with persistence.

10. Negative personality

There is no hope of success for the person who repels people through a negative personality. Success comes through the application of power, and power is attained through the cooperative efforts of other people. A negative personality will not induce cooperation.

11. Lack of controlled sexual urge

Sex energy is the most powerful of all the stimuli which move people into action. Because it is the most powerful of the emotions, it must be controlled, through transmutation, and converted into other channels.

12. Uncontrolled desire for “something for nothing”

The gambling instinct drives millions of people to failure. Evidence of this may be found in a study of the Wall Street crash of ’29, during which millions of people tried to make money by gambling on stock margins.

13. Lack of a well defined power of decision

Men who succeed reach decisions promptly, and change them, if at all, very slowly. Men who fail reach decisions, if at all, very slowly, and change them frequently, and quickly. Indecision and procrastination are twin brothers. Where one is found, the other may usually be found also. Kill off this pair before they completely “hog-tie” you to the treadmill of failure.

14. One or more of the six basic fears

The fear of poverty
The fear of criticism
The fear of ill health
The fear of loss of love of someone
The fear of old age
The fear of death

They must be mastered before you can market your services effectively.

15. Wrong selection of a mate in marriage

This is a most common cause of failure. The relationship of marriage brings people intimately into contact. Unless this relationship is harmonious, failure is likely to follow. Moreover, it will be a form of failure that is marked by misery and unhappiness, destroying all signs of ambition.

16. Over-caution

The person who takes no chances generally has to take whatever is left when others are through choosing. Over-caution is as bad as under-caution. Both are extremes to be guarded against. Life itself is filled with the element of chance.

17. Wrong selection of associates in business

This is one of the most common causes of failure in business. In marketing personal services, one should use great care to select an employer who will be an inspiration, and who is, himself, intelligent and successful. We emulate those with whom we associate most closely. Pick an employer who is worth emulating.

18. Superstition and prejudice

Superstition is a form of fear. It is also a sign of ignorance. Men who succeed keep open minds and are afraid of nothing.

19. Wrong selection of a vocation

No man can succeed in a line of endeavor which he does not like. The most essential step in the marketing of personal services is that of selecting an occupation into which you can throw yourself wholeheartedly.

20. Lack of concentration of effort

The jack-of-all-trades seldom is good at any. Concentrate all of your efforts on one definite chief aim.

21. The habit of indiscriminate spending

The spendthrift cannot succeed, mainly because he stands eternally in fear of poverty. Form the habit of systematic saving by putting aside a definite percentage of your income. Money in the bank gives one a very safe foundation of courage when bargaining for the sale of personal services. Without money, one must take what one is offered, and be glad to get it.

22. Lack of enthusiasm

Without enthusiasm one cannot be convincing. Moreover, enthusiasm is contagious, and the person who has it, under control, is generally welcome in any group of people.

23. Intolerance

The person with a closed mind on any subject seldom gets ahead. Intolerance means that one has stopped acquiring knowledge. The most damaging forms of intolerance are those connected with religious, racial, and political differences of opinion.

24. Intemperance

The most damaging forms of intemperance are connected with eating, strong drink, and sexual activities. Over-indulgence in any of these is fatal to success.

25. Inability to cooperate with others

More people lose their positions and their big opportunities in life, because of this fault, than for all other reasons combined. It is a fault which no well-informed businessman or leader will tolerate.

26. Possession of power that was not acquired through self effort. (Sons and daughters of wealthy men, and others who inherit money which they did not earn)

Power in the hands of one who did not acquire it gradually if often fatal to success. Quick riches are more dangerous than poverty.

27. Intentional dishonesty

There is no substitute for honesty. One may be temporarily dishonest by force of circumstances over which one has no control, without permanent damage. But, there is no hope for the person who is dishonest by choice. Sooner or later, his deeds will catch up with him, and he will pay by loss of reputation, and perhaps even loss of liberty.

28. Egotism and vanity

These qualities serve as red lights which warn others to keep away. They are fatal to success.

29. Guessing instead of thinking

Most people are too indifferent or lazy to acquire facts with which to think accurately. They prefer to act on “opinions” created by guesswork or snap-judgments.

30. Lack of capital

This is a common cause of failure among those who start out in business for the first time, without sufficient reserve of capital to absorb the shock of their mistakes, and to carry them over until they have established a reputation.

31. Under this, name any particular cause of failure from which you have suffered that has not been included in the forgoing list.

Quote for the day

"If you cannot get along with yourself, you'll never be able to get along with other people." - Joel Osteen

Thursday, 21 September 2017

Colombo Stock Exchange Trade Summary 21-Sep-2017

Quote for the day

"Make small commitments and keep them. Be a light, not a judge. Be a model, not a critic. Be a part of the solution, not the problem." - Stephen Covey

Wednesday, 20 September 2017

Colombo Stock Exchange Trade Summary 20-Sep-2017

Quote for the day

"Curious that we spend more time congratulating people who have succeeded than encouraging people who have not." - Neil deGrasse Tyson

Tuesday, 19 September 2017

Colombo Stock Exchange Trade Summary 19-Sep-2017

Quote for the day

"If you ever think about giving up, remember why you held on for so long." - Hayley Williams

Monday, 18 September 2017

Sunday, 17 September 2017

Quote for the day

"Wisdom is the right use of knowledge. To know is not to be wise. Many men know a great deal, and are all the greater fools for it. There is no fool so great a fool as a knowing fool. But to know how to use knowledge is to have wisdom."  - Charles Spurgeon

Saturday, 16 September 2017

Sherlock Holmes on How to Be a Better Investor

Wisdom from a detective.

By Morgan Housel

"All knowledge comes useful to the detective," said Sherlock Holmes.

The fictional detective understood that no person has a monopoly on wisdom. The closest you get to the truth is by weaving together as much relevant information from the widest web of various topics and fields as you can.

That's also true in investing.

Investing isn't the study of finance. That's only part of it. Investing is really the study of human behavior, which incorporates everything from psychology, to sociology, to statistics, to history and math. There is so much to learn about investing from fields and people who, at first glance, have nothing to do with investing.

People like Sherlock Holmes.

Holmes novels are filled with quotes and anecdotes that are directly relevant to investing and economics.

On confirmation bias: "The fatal mistake which the ordinary policeman make is this: He gets his theory first, and then makes the facts fit it, instead of getting his facts first and making all his little observations and deductions until he is driven irresistibly by them into an elucidation in a direction he may never have originally contemplated."

On theory versus fact:
"It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts."

On simple ideas being so obvious no one takes them seriously:
"The world is full of obvious things which nobody by any chance ever observes."

On the tendency to overcomplicate:
"Perhaps, when a man has special knowledge and special powers like my own, it rather encourages him to seek a complex explanation when a simpler one is at hand."

On pundits: "It may be that you are not yourself luminous, but that you are a conductor of light. Some people without possessing genius have a remarkable power of stimulating it."

On having an open mind: "We approached the case with an absolutely blank mind, which is always an advantage. We had formed no theories. We were there simply to observe and to draw inferences from our observations."

On doing nothing when nothing needs to be done: "You have a grand gift for silence, Watson. It makes you quite invaluable as a companion."

On debates: "If falsehood, like truth, had only one face, we would be in better shape. For we would take as certain the opposite of what the liar said. But the reverse of truth has a hundred thousand shapes and a limitless field."

On the most powerful theories being the most boring: "It's quite exciting,' said Holmes, with a yawn."

On calm analysis rather than quick judgements: "Having gathered these facts, Watson, I smoked several pipes over them, trying to separate those which were crucial from others which were merely incidental."

On respecting the role of luck:
"Ah, that is good luck. I could only say what was the balance of probability. I did not at all expect to be so accurate."

On even temperament: "Observe that rule laid down by Chilo, 'Nothing to excess, Not to believe too rashly, Not to disbelieve too easily.'"

On forecasts:
"When Dr. Mortimer had finished reading he pushed his spectacles up on his forehead and stared across at Mr. Sherlock Holmes. The latter yawned and tossed the end of his cigarette into the fire.
"Well?" said he.
"Do you not find it interesting?"
"To a collector of fairy-tales."

On quickly drawing false conclusions: "There is nothing more deceptive than an obvious fact."

On complexity: "It seems, from what I gather, to be one of those simple cases which are so extremely difficult."

"That sounds a little paradoxical."

"But it is profoundly true. The more featureless and commonplace a crime is, the more difficult it is to bring it home."

On due diligence:
"You're like a surgeon who wants every symptom before he can give his diagnosis?"

"Exactly. That expresses it."

On performance vs. marketing:
"What you do in this world is a matter of no consequence. The question is what can you make people believe you have done."

On overloading with useless information: "I consider that a man's brain originally is like a little empty attic, and you have to stock it with such furniture as you choose. A fool takes in all the lumber of every sort that he comes across, so that the knowledge which might be useful to him gets crowded out, or at best is jumbled up with a lot of other things so that he has a difficulty in laying his hands upon it."

On con men: "My horror at his crimes was lost in my admiration at his skill."

On prioritizing: "It has long been an axiom of mine that the little things are infinitely the most important."

On seeking advice from outside council: "Nothing clears up a case so much as stating it to another person."

On respecting opposing views:
"You'll get results, Inspector, by always putting yourself in the other fellow's place, and thinking what you would do yourself. It takes some imagination, but it pays."

On being suspect of promises and invariability:
"We must look for consistency. Where there is a want of it we must suspect deception."

On information vs. emotion:
"Data! Data! Data!' he cried impatiently. 'I can't make bricks without clay."

On analysis:
"The first thing was to look at the facts and separate what was certain from what was conjecture."

On the deception of well-dressed, smooth-talking salesmen:
"It is of the first importance not to allow your judgment to be biased by personal qualities. The emotional qualities are antagonistic to clear reasoning. I assure you that the most winning woman I ever knew was hanged for poisoning three little children for their insurance-money, and the most repellant man of my acquaintance is a philanthropist who has spent nearly a quarter of a million upon the London poor."

On alternative explanations: "I ought to know by this time that when a fact appears to be opposed to a long train of deductions it invariably proves to be capable of bearing some other interpretation."

One being open to new ideas: "You have a theory?"

"Yes, a provisional one. One forms provisional theories and waits for time or fuller knowledge to explore them."

On little things compounding:
"It is just these very simple things which are extremely liable to be overlooked.

On information and opinion: "An investigator needs facts, and not legends or rumors."

On trying to prove yourself wrong: "One should always look for a possible alternative and provide against it. It is the first rule of criminal investigation."

On the emotions of investing: "I am afraid Joseph's character is a rather deeper and more dangerous one than one might judge from his appearance. From what I have heard from him this morning, I gather that he has lost heavily in dabbling with stocks, and that he is ready to do anything on earth to better his fortunes."

On luck:
"Simply by having the good fortune to get the right clue from the beginning."

On planning: "You never learn that the gravest issues may depend upon the smallest things."


Quote for the day

"Conscious people always have a choice of whether to try to modify the actions of people around them or to change their response to the incoming stimuli." - Ken Keyes Jr.

Friday, 15 September 2017

Colombo Stock Exchange Trade Summary 15-Sep-2017

Colombo Stock Exchange Top 10 Day Turnover Since 1994 todate

Quote for the day

"In order to do something you've never done, you've got to become someone you've never been. I think that all of us have great potential within us, but greatness is a choice; it's not our destiny. And in the pursuit of our dreams we are introduced to trials, failures and disappointments , which take us to the door of discovery and greatness." - Les Brown

Thursday, 14 September 2017

Colombo Stock Exchange Trade Summary 14-Sep-2017

Quote for the day

"There's no point in comparing an actual, operating system with an ideal system that doesn't exist." - Milton Friedman

Wednesday, 13 September 2017

Tuesday, 12 September 2017

Colombo Stock Exchange Trade Summary 12-Sep-2017

Quote for the day

"Most people spend more time and energy going around problems than in trying to solve them." - Henry Ford

Monday, 11 September 2017

Colombo Stock Exchange Trade Summary 11-Sep-2017

Quote for the day

"Don’t dwell on what went wrong. Instead, focus on what to do next. Spend your energies on moving forward toward finding the answer." - Denis Waitley

Sunday, 10 September 2017

7 Ways People Will Hold You Back - If You Let Them

Don't allow anyone to make you feel less than you are.

By Lolly Daskal

Think about the people you've encountered throughout your professional life. There's probably a range, with some who have gone out of their way to help you learn and grow, others who may have helped a bit when it wasn't too much trouble, and perhaps a few who seemed to actively be working to hold you back.

If you're working with someone in that last group, it's important to respond to their actions in a way that helps you get the best out of yourself and others instead of reacting to their negativity.

Here are seven of the most toxic weapons ways these people wield, with strategies to overcome them. With a little help, you can overcome anyone who's trying to stand in the way of your success.

1. They make you doubt yourself.

Don't allow someone else's doubts about you to turn into your own. If you find yourself doubting yourself because of something someone said or did, remember how far you have come and how strong you have grown. Whatever you believe about yourself is what you will manifest in your actions. Believe unwaveringly in yourself and others will have no choice but to believe in you too.

2. They keep reminding you of your faults.

If others find fault in you, you can consider their criticism objectively and then move on. If it's valid, you can let it help motivate you to learn more, know more and be more. And if not, you can ignore it. But never allow it to become a reason to get stuck or play small.

3. They are constantly criticizing your ideas.

Some people almost can't help responding to any new idea with negativity. But even unworkable ideas often have elements that are worth preserving or that lead to something that does work. Find others who can help you explore new ideas in a spirit of discovery and invention.

4. They discount your strengths.

The best way to combat someone who tries to undermine your strengths is simply to know yourself. When you have a clear sense of your own strengths and weaknesses, you're well situated to ignore the uninformed opinions of others.

5. They minimize your contributions.

Often when people minimize the contributions of others, it's because they're trying to take more than their share of the credit. Lead by example--give credit to others ahead of yourself, knowing that shining a light on another's efforts does nothing to take away from your own. Meanwhile, continue to do great work.

6. They try to make you feel unimportant.

The first thing you have to get past when someone puts you down is this: it hurts. So feel what you're feeling. Allow the pain to make you stronger, the fear to make you braver, and the heartbreak to make you wiser. Then go invest in the opinions of others who know better.

7. They want you to think you have no options.

Negative people sometimes enjoy backing others into an imaginary corner, maybe to make up for their own feelings of being trapped. But of course the truth is that life is full of alternatives and choices. Simply choose to live your best life, every day, no matter what the options before you may be. Even if you don't have a choice about doing something, you always have a choice about how you do it and what you learn from it.

The bottom line is this:
Don't take to heart the negativity of others. Remember that it has more to do with their own situation than with you. Stay tough and know what you're worth.

Quote for the day

"Holding on to hope when everything is dark, is the greatest test of faith." - Yasmin Mogahed

Saturday, 9 September 2017

Focus on each area to reach your strategic goals as a trader

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Quote for the day

"To give a person an opinion one must first judge well whether that person is of the disposition to receive it or not." - Yamamoto Tsunetomo

Friday, 8 September 2017

Colombo Stock Exchange Trade Summary 08-Sep-2017

Quote for the day

"In order to take our lives to the next level, we must realize that the same pattern of thinking that has gotten us to where we are now will not get us to where we want to go." - Tony Robbins

Thursday, 7 September 2017

Colombo Stock Exchange Trade Summary 07-Sep-2017

Quote for the day

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth." - Marcus Aurelius

Wednesday, 6 September 2017

Colombo Stock Exchange Trade Summary 06-Sep-2017

Quote for the day

"If you are willing to do only what's easy, life will be hard. But if you are willing to do what's hard, life will be easy." - T. Harv Eker

Tuesday, 5 September 2017

Five Keys to a Peak Performance Mindset for Best Trading

By Brett Steenbarger, Ph.D.

What is the right mindset for best trading? Here are five ideas, drawn from successful traders I've known and admired:

1) An open mindset – Traders succeed when they see things that others don’t. Sometimes those are overarching themes and trends; sometimes they are short-term patterns in market behavior. To see things differently, we need a mind that is open to new and different information and open to shifts in market behavior.

2) A quiet mindset – Minds filled with noise can’t process new information. When we’re focused on ourselves and our profits/losses, we’re no longer focused on markets. We can’t exercise self-control in our actions if we are not able to sustain control over our thought processes.

3) A constructive mindset
– Losses happen. We miss opportunities. The great trader learns from mistakes and embraces the lessons from drawdowns. If every day brings wins from trading or wins from learning, there is always something of value to be taken from each day.

4) A positive mindset – It’s because we cannot count upon our profits and losses to make us happy that we need to lead a fulfilling life outside of trading. A life that is filled with meaningful activities, fun activities, activities that bring us close to others, and activities that give us energy is most likely to provide us with the emotional fuel needed to power through challenging market times.

5) An action mindset – All the best ideas and intentions will get us nowhere if we aren’t prepared to act upon them. The action mindset is one focused on plans, translating excellent ideas into excellent risk/reward opportunities. Preparation is idea-focused, but also execution-focused. It is as important to work on our implementation of ideas as our generation of them.

The above criteria form a useful checklist for making sure you're in peak performance mode. The right mindset won't, in itself, bring profits, but the wrong mindset can ensure losses. At the end of the day, trading requires skill in the processing of information. When we work on our mindset, we keep our information processing engine well-tuned.

Quote for the day

"He who wants to succeed should learn how to fight, to strive and to suffer. You can acquire a lot in life, if you are prepared to give up a lot to get it." - Bruce Lee

Monday, 4 September 2017

Colombo Stock Exchange Trade Summary 04-Sep-2017

Quote for the day

“High achievers are motivated by pleasurable outcomes. Underachievers are motivated by pleasurable methods.”  - Tommy Newberry

Sunday, 3 September 2017

Five Distinguishing Characteristics of Winning Traders

By Brett Steenbarger, Ph.D.

At every trading firm where I've worked in recent years, I've observed winning traders and ones that struggle to win. What makes the difference? What are stand-out qualities of stand-out traders? Five characteristics are especially notable:

* Successful traders trade uniquely
– They look at markets differently from consensus. They process different information and they process the same information differently. They have found a way of making sense of markets that makes deep sense to them and that grounds their decision making.

* Successful traders are multidimensional – They have ways of making money in different markets and in different market conditions. They are flexible; they find ways to win in difficult market conditions.

* Successful traders work at their trading
– They work on themselves and they work at markets. When markets are closed, they’re still engaged in their work. Their focus is on self-improvement. They don’t just set goals; they live them.

* Successful traders know when to not trade – They wait for opportunities, they pull back their risk taking when they’re not perceiving opportunity. It’s not that successful traders are always successful. It’s that their success springs from knowing how to not lose when they’re not seeing the ball well.

* Successful traders are self-aware
– They know their limitations, and they know what they do well. They are quick to recognize when they’re not “in the zone” and they also recognize when they are seeing unusually good opportunities. They are not afraid to say, “I don’t know”.

A very significant proportion of successful traders have been mentored by successful traders. Success breeds success.

A very significant proportion work in teams, relying on others who they can mentor and make successful. Success becomes a team sport, with everyone making each other better.

There is nothing static about the successful traders I've known. They are continually learning and adapting, and they are continually searching for fresh opportunity. Performance is not simply something they are good at; it's a way of life.


Quote for the day

"Survival is your strength not your shame." - T. S. Eliot

Saturday, 2 September 2017

13 Reasons You’re Not As Successful As You Should Be

By Jill Harness

You’re smart and creative, but for some reason you just never seem to get ahead in life. But whether or not you want to see it, there are very real things standing in your way from becoming successful.

In fact, business writer Jim Kukral came up with a whole list of reasons that most people aren’t as successful as they really should be. The 13 things holding you back from your true, successful potential are:

  1. Laziness
  2. Entitlement
  3. Fear
  4. Negativity
  5. Thinking Too Much
  6. Having No Goals
  7. Blaming Other People
  8. Excuses
  9. Wasting Time
  10. Social B.S.
  11. Thinking Too Small
  12. Not Wanting It Enough
  13. Not Believing
While the infographic covers the basics of each of these things preventing your success.