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Or do what the Turtles did, but take it up a notch. Give the exact same system to a few thousand people, sit back and watch as some make it profitable and others make it fail. The returns will form a nice bell curve. Interview those at each tail of the curve and you'll see what's happening. It won't have anything to do with discipline, education or market knowledge. It will be so-called 'random' events that make the difference. These 'random' events, whether helpful or harmful, will be related to an individual's core beliefs.
Retesting making new highs
Looks it could go fair bit higher if it consolidates and then breaks through?
View attachment 91926 View attachment 91927
Why should I read the thread or eBook ? (for positive reinforcement)
It may save you many years of self-education if you have a slight interest in trading, otherwise you can use it as a pep talk. I wanted to explain the dangers & pitfalls associated with trading, most don't understand the emotional side to trading not realising the roller coaster of emotions everyone experiences when they trade. By keeping your emotions in check you'll make better decisions.
Skate.
I could have posted the chart in the (RRL) Regis Resources thread but I prefer to 'Dump it here' for the educational value.
From this point on
Trading is just about selecting companies that you believe will increase in price over time. Now that I've placed my buy order, I'll just hang on for the ride as its all I can do from here on, the only thing left for me to do is manage my sell order as everything is in the lap of the trading gods. Trading is an emotional roller coaster and how you manage your psychology really matters even more than your stock selection.
Skate.
Hi Skate thanks for your comments and reading my post.
I must confess I have been pretty busy last few weeks and definitely have not kept up with everything written in this thread so I apologise if what I am about to ask has been addressed already.
I'm curious as to how you decide on stops for these kinds of trades. (This is something I am learning. I try use tight stops but then get stopped out to early). These days I put stop to a point at which I think retracement is likely and then move the stop up once initial target is reached.
e.g. with RRL I may put stop around 5.0 and move it up once price reaches around 5.60
I don't think they are. That's my point - there's no such thing as 'extrinsic'. 'Inner' and 'outer' are not just linked, they are one thing. It's like the leaves of a tree thinking they are separate to (and unaffected by) the roots.Random events in this context are extrinsic to the individual.
1. I don't think they are. That's my point - there's no such thing as 'extrinsic'. 'Inner' and 'outer' are not just linked, they are one thing. It's like the leaves of a tree thinking they are separate to (and unaffected by) the roots.
2. You could even give the same system to two different managed funds and get a robot to trade it and get completely different returns! The difference would be explained (once again) by 'random' events, such as a power outage or software glitch. There's no such thing as 'random'.
Just done reading through 24 years of MND's annual reports. Yea, I got no life.
One of Australia's best companies I reckon.
Its drive into Infrastructure started way back in the early 2000s, in the middle of a surge in mining and mierals; formally established around 2011 with management teasing that big hunt for a faster push into "infrastructure"... any time now boys.
As to its infrastructure plans... incredible how Rubino and Velletri's stated objective for it are already gaining great traction without the market, I guess, appreciating it so much.
There's the water infrastructure and irrigation; the JV with ZEM Energy winning windfarm projects - four in the past year.
The geographic expansion for Water, irrigation... I'm guessing also renewable into NZ.
There's the Oyu Tolgoi project they've been hanging around with RIO in Mongolia since, from memory, about 2013. They've won a couple work packages and things are about to pick up there. With MND establishing an upskilling and training operation in Mongolia specifically for the project... they're going to win work either way I reckon.
There's the 3 major Iron Ore projects with FMG, RIO, BHP that's been greenlighted and MND is bidding for all three of them. They're each about $300M a pack.
With the liberation of Venezuela, and soon Iran... the four or so years of oilers starving... opportunities in this sector will likely pick up soon.
Funny that with fossil picking up, investment in renewable will also likely to pick up too. MND's Zenviron JV should further benefit from that.
I own the stock and could be biased... but looks like the ducks are lining up... and MND got $208M in cash, practically zero debt, great management and highly capable workforce to take advantage of that.
My "research" and "forecast"...
Your argument appears to rely heavily upon the veracity of these statements.1. Beliefs are formed by either (a) or (b).
Beliefs do not create reality in (a).
Another question if I may please Skate. As a person with an Accounting background my natural bias was toward FA. I've recently started learning Tech after reading this thread. My question is; isn't Tech becoming obsolete for the average Punter due to super computers and AI? Thanks
Another question if I may please Skate. As a person with an Accounting background my natural bias was toward FA. I've recently started learning Tech after reading this thread. My question is; isn't Tech becoming obsolete for the average Punter due to super computers and AI? Thanks
Let me ask you a question
Do you think I need a super computers and AI to trade the way I do ?
Skate.
Also piggy backing off of the actions of inside traders, those nefarious, white collar criminals, who eagerly seek to profit from market moving information prior to publication.The way I think of it is the trend followers are piggy backing off all the hard work the FA/Value Investing peoples are doing.
The FA/Value Investing peoples do all the work to find the companies that are being run well, achieving good results and have a good outlook. They create demand for the company, the share price moves up, the trend followers notice the price moving up and they jump on for the ride.
If the company continues to perform, continues to have a good outlook as time progresses more people buy into which continues to push the price along.
When the results start to deteriorate or the outlook looks more uncertain or not so good, the FA/Value investors start to jump off pushing the price down - trend followers have a predetermined stop level in place (or lack of Momentum indicator) and if the price tracks down to this level they are out too.
You will tend to notice that both FA/Value Investors and trend followers will often end up making gains in the same stocks.
If not look to the underlying belief and change it!
Ego Death
In my late teens, twenties and thirties I thought I knew it all. I was supremely confident that I had all the answers. After all, I knew it all, how could I not? I think many, if not most, young men have similar attitude in our young buck years.
Then, in my forties, that facade began to crumble. Unfortunate circumstances led to me losing a lot of money due to my own stupidity and arrogance. Not long after that I lost my source of income. Then I was forced to conduct a more objective analysis of myself and I wasn't happy with what I saw. I was a middle-aged male with outdated qualifications who had skated through life far too easily and without making any plans whatsoever for possible catastrophic life events. I was entirely unprepared and felt like a failure. Feeling like a failure is one thing, but feeling like you've failed your loved ones is something far more devastating. I felt lost and adrift. What was I good at? What was my purpose? What am I going to do with the rest of my life? I had to re-examine everything from the ground up, including myself.
The first things I noticed was how much like my old man I had become in certain respects. It is true that nature and nurture are both important but the nature part comes from your parents DNA. For some reason I didn't start seeing this stuff until my forties, probably because when I was younger I was busy pretending to be someone else. Now I had no choice but to face myself: anxiety, issues with alcohol, inability to get too close to people, even those very close to me. It was like a ball of string unravelling. Once it started, nothing could stop it. I saw everything. Why do I have short legs and short arms? I started seeing how my siblings were also like our parents. I started thinking about genetic destiny and wondering if I had seen the best years of life and was now on the way down and out. It was a very confusing time and occurred just when I thought I had it all together.
It was as if my ego had died and was unable to be resuscitated. The old fella had finally croaked and now all that was left was this vastly complex, very imperfect human being that wasn't nearly as impressive nor as talented or intelligent as I once thought. The shine had well and truly come off.
So what did I learn? I learned never to put all your eggs in one basket. I learned not to mistake luck for talent. I learned to never believe my own propaganda. All it takes it one set of unfortunate circumstances for your whole life to start unravelling. I also learned to count your blessings. I had solid support and was grateful for it. But most of all I learned that ego is the greatest blind spot of all. An oversized ego is more of a liability than an asset. It's like joining a cult and losing all perspective. Your ego lies to you. It overlooks your flaws and weaknesses. It doesn't have your best interests at heart. Try to keep it in check, for your own sake.
These days I'm far more humble and objective. I realise how tentative life is and I remind myself every day of how lucky I am, but also how much of a work in progress I still am. I feel like I know less now than I did 25 years ago. I don't, of course, but I deluded myself into thinking I knew everything back then. Now I'm happy to face reality. I have far fewer opinions. I try to listen more than I talk. I second guess everything. There is very little in life I'm certain about any more but I'm happy to be that way. Being certain about things I shouldn't have has cost me a lot. I still plan ahead but I now take it one day at a time, one step at a time. And I watch where I put my feet.
Ego Death
In my late teens, twenties and thirties I thought I knew it all. I was supremely confident that I had all the answers. After all, I knew it all, how could I not? I think many, if not most, young men have similar attitude in our young buck years.
Then, in my forties, that facade began to crumble. Unfortunate circumstances led to me losing a lot of money due to my own stupidity and arrogance. Not long after that I lost my source of income. Then I was forced to conduct a more objective analysis of myself and I wasn't happy with what I saw. I was a middle-aged male with outdated qualifications who had skated through life far too easily and without making any plans whatsoever for possible catastrophic life events. I was entirely unprepared and felt like a failure. Feeling like a failure is one thing, but feeling like you've failed your loved ones is something far more devastating. I felt lost and adrift. What was I good at? What was my purpose? What am I going to do with the rest of my life? I had to re-examine everything from the ground up, including myself.
The first things I noticed was how much like my old man I had become in certain respects. It is true that nature and nurture are both important but the nature part comes from your parents DNA. For some reason I didn't start seeing this stuff until my forties, probably because when I was younger I was busy pretending to be someone else. Now I had no choice but to face myself: anxiety, issues with alcohol, inability to get too close to people, even those very close to me. It was like a ball of string unravelling. Once it started, nothing could stop it. I saw everything. Why do I have short legs and short arms? I started seeing how my siblings were also like our parents. I started thinking about genetic destiny and wondering if I had seen the best years of life and was now on the way down and out. It was a very confusing time and occurred just when I thought I had it all together.
It was as if my ego had died and was unable to be resuscitated. The old fella had finally croaked and now all that was left was this vastly complex, very imperfect human being that wasn't nearly as impressive nor as talented or intelligent as I once thought. The shine had well and truly come off.
So what did I learn? I learned never to put all your eggs in one basket. I learned not to mistake luck for talent. I learned to never believe my own propaganda. All it takes it one set of unfortunate circumstances for your whole life to start unravelling. I also learned to count your blessings. I had solid support and was grateful for it. But most of all I learned that ego is the greatest blind spot of all. An oversized ego is more of a liability than an asset. It's like joining a cult and losing all perspective. Your ego lies to you. It overlooks your flaws and weaknesses. It doesn't have your best interests at heart. Try to keep it in check, for your own sake.
These days I'm far more humble and objective. I realise how tentative life is and I remind myself every day of how lucky I am, but also how much of a work in progress I still am. I feel like I know less now than I did 25 years ago. I don't, of course, but I deluded myself into thinking I knew everything back then. Now I'm happy to face reality. I have far fewer opinions. I try to listen more than I talk. I second guess everything. There is very little in life I'm certain about any more but I'm happy to be that way. Being certain about things I shouldn't have has cost me a lot. I still plan ahead but I now take it one day at a time, one step at a time. And I watch where I put my feet.
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