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Good Investors Arrive On Time, But Always Leave the Party Early



It isn't what you earn - it is what you keep that matters in investing. While systematically underwriting too little risk may mean that you do not earn all that you might, underwriting too much towards the end of a business cycle can be disastrous. With this in mind, it becomes obvious that timing an investment strategy may be the most important single decision an investor needs to get right.

But how is one to know where you are in the cycle?

Our collective experience from the last cycle tells us where not to look for answers. Don't waste time analyzing the minutes of the latest FOMC meetings. No one at the Fed saw the cataclysm of 2008 coming. Nor did the Fed see the demise of the cycle before that (2001-02), or the brutal deleveraging of 1998. Indeed, the track record of our central bankers when it's come to helping investors see into the future has been dismal.

As an investor you would have been similarly disappointed by our experts in government, on Wall Street, or in the media. I'm afraid all that stands between you and a major capital drawdown is your personal independent judgment and, of course, that of your investment manager. So where should one go to get some schooling on the business cycle?


For entertainment if nothing else, check out the conventional wisdom you'd find in most any textbook.
You might read that the business cycle happens because manufacturers get exuberant over their prospects and end up producing a lot of inventory that can't be sold. Businesses are obliged to "clear" the excess and this they do by shuttering factories and laying off their assembly-line workers. Now, seriously, does this sound like any cycle we've experienced in the past 30 years? It does not.

So, perhaps you read on and find an alternative explanation: the whole economy gets infused with an excess of "animal spirits" and consumers collectively demand too much from producers, bidding up prices. Inflation rises to unacceptably high levels and the Fed is forced to "pull the punchbowl." Well, sorry, that doesn't sound like any cycle we've seen in decades, either. The global financial crisis unfolded while U.S. inflation remained perfectly benign.

Maybe we should give up on understanding the cycle? Not so fast. There is, we believe, a working explanation for the cycle which conforms to the reality we've witnessed in recent periods. It is this: the American economy is now so thoroughly "financialized" that the business cycle and the credit cycle have essentially become one and the same. So long as credit markets are willing and able to extend new credit, GDP grows; once the credit markets go the other way and initiate a de-leveraging process, economic growth falls into the tank.

The credit creation tail wags the economic dog, and the dogma that counsels you to focus on the real economy is, ironically, out of touch with reality. Labor markets may be slack, conventional inflation benign, but these are not the metrics that count, so don't spend your time counting them! Rather, assess the credit markets. Will investors continue to expand the frontiers of credit creation? Once the credit tide has reached its high water mark, it must, by definition, recede. Those businesses and associated claims on those businesses that have been built on solid foundations will weather the ebb tide, those built on sand will suffer a different fate.

Ah, but you say the Fed can't possibly let rates go up or stand by as credit conditions tighten. Nay, not with labor slack and inflation nil. Indeed, the Board of Governors might just decide to hold its collective breath and keep rates at zero until growth blooms, or hell freezes over. Many do believe this, or some variant of the almighty Fed narrative. A central banking atlas holding up the structure of asset prices and providing free loans...sounds too good to be true. Well, the Fed is mighty, but not almighty. Sorry, artificially high asset prices (houses too pricey for their renters, stocks too pricey for their earnings, and bonds too pricey for their risk of loss) never survive their inevitable rendezvous with reality. Alas, economics is derived from the human condition and until and unless folly can be banished from the human condition, neither the credit cycle nor the asset price structure it supports nor the business cycle that is co-terminus with the credit cycle can be willed away. So, what can the individual, or the institutional investor do about this?

Individually, assess where you think we are in the cycle. Notice how under the Fed's leverage driven economic growth model, that a late stage condition is signaled by, among other things, an unsettling rise in volatility. Call it the postman always rings twice effect. In 1999, that volatility was manifested by watching your favorite stock get thrashed after missing its earnings by a measly penny.
Irrational behavior? Not at all. The capital in the equity markets "knew" that valuations were stretched and that missed earnings meant that the corporate growth model in question was exhausted.

Remember the Thai banking crisis of 1997, the prelude to the stomach turning swoon in the emerging markets in 1998? And no one needs reminding of the mortgage "early payment defaults," hedge fund failures, and collapse of Bear Stearns that were the prelude to the last great de-leveraging cycle. With this as context, consider well whether the 2013 "taper tantrum" was just a disembodied episode of volatility or one of these recurring warning shots across the bow. While no one can be sure until after it no longer matters, recognize that all Bernanke had to say was "Boo" before practically bringing the whole house down.

Further, consider the basic DNA of a credit cycle. First, lenders get burnt by the bad loans made in the previous cycle. They vow never again, like a drunk after his last hangover. So early stage underwriting is disciplined. Borrowers are forced to prove their creditworthiness beyond any reasonable doubt and to further consent to restrictive covenants. But time goes on and credit amnesia sets in. Zero rate cash gets restless and finds its way into bond funds and the managers of said funds have to do something with their newfound riches.

Whether you have too much time on your hands or too much money, something bad eventually is going to happen. Marginal borrowers are courted and so marginal loans get made. And while it is never apparent while the party is roaring, the neighbors have already called the cops. The punchbowl is getting emptied, distress is getting manufactured and no, the solution is not to refill the punchbowl. Loans that ultimately can't be repaid, won't be. And simply creating more and worse loans to repay the bad loans already made is a solution that only a politician, or a central banker, could come up with.

As scholars of the credit cycle (the core of our team has invested together for nearly a quarter-century), our assessment is that the punchbowl is looking pretty drained. An examination of all-in yield levels, an assessment of the skinny risk premia in bonds, and a general unease with lofty asset valuations counsels us to maintain a high quality of underwriting. Yes, less risk means less yield, but it also means more peace of mind. Are we too early to leave the party? Well, good investors are like professional party goers: they arrive on time but leave early, and let others swill the last dregs left in the punchbowl.


By Tad Rivelle

Tad Rivelle is Chief Investment Officer for Fixed Income at TCW in Los Angeles, CA. TCW manages over $180 billion in assets.   


BURGER KING IPO Listing Date, Price, Issue | Burger King IPO Review | Burger King IPO Listing Gains


 Burger King IPO date is finalized on 02 December and closes on 04 December. The price band is fixed at Rs.59-60. Burger King India is going to raise ₹810 crores via IPO. As we all know Burger King is a restaurant chain with over 200 outlets in 47 cities in India. They are India's fastest growing quick service restaurant chains. They have established their restaurants in high traffic areas in metropolitan areas. The company to list on NSE and BSE. The company has a ticket value of Rs.500-550. Check out Burger King IPO date, price band, and market lot details.


Of the total fresh issue, the company has reserved Rs 150 crore towards pre-IPO placement. Of which, company has undertaken a pre-IPO placement by way of a rights issue of 1.32 crore equity shares to promoter selling shareholder for cash at a price of Rs 44 per share aggregating to Rs 58.08 crore. - MoneyControl

Equity Shares outstanding prior to the Issue = 29,09,41,785 Shares
Fresh Issue of Shares 9,03,20,000 @60/- = Rs.541.92 Crores
Offer for Sale of 6,00,00,000 Shares @60/- = Rs.360.00 Crores
Less: Pre-IPO Placement of (1,53,20,000) Shares @60/- = Rs.(91.92) Crores
Equity Shares outstanding after the Issue = 13,50,00,000 Shares

Category-wise Break up:
Anchor: 6,07,50,000 Shares = 364.50 Crores
QIB: 4,05,00,000 Shares = 243.00 Crores
NII: 2,02,50,000 Shares = 121.50 Crores
RII: 1,35,00,000 Shares = 81.00 Crores (Lot size: 250 = 54,000 Forms)
Total Issue: 13,50,00,000 Shares = 810.00 Crores.

Subscription required for 1X
RII = 54,000 Forms
NII = 121.50  Crores

Burger King

Burger King IPO Review:

  • Apply with Short Term and Long Term Gain

Burger King IPO Dates & Price Band: (Tentative)

 IPO Open: 02 December 2020
 IPO Close: 04 December 2020
 IPO Size: Approx ₹810 Crores
 Face Value: ₹10 Per Equity Share
 Price Band: ₹59 to ₹60 Per Share
 Listing on: BSE & NSE
 Retail Portion: 10%
 Equity: 13,50,00,000 Shares

Burger King IPO Market Lot:

 Minimum Lot Size: Apply for 250 Shares
 Minimum Amount: ₹15,000
 Maximum Lot Size: Apply for 3250 Shares
 Maximum Amount: ₹1,95,000

Burger King IPO Allotment & Listing:

 Basis of Allotment: 09 December 2020
 Refunds: 10 December 2020
 Credit to Demat Account: 11 December 2020
 Listing Date: 14 December 2020

Burger King IPO Form:

How to apply the Burger King IPO? You can apply Burger King IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting Burger King IPO in the Invest section. The other option you can apply Burger King IPO via IPO forms download via NSE and BSE. Check out the Burger King forms - click NSE Forms & BSE Forms blank IPO forms download, fill and submit in your bank or with your broker.

Burger King Financial:

  ₹ in Crore

H1 2021152269-119

Company Promoters:

  • QSR Asia PTE LTD.

Quick Links:

DRHP Draft Prospectus
RHP Draft Prospectus

Burger King IPO Registrar:

Link Intime India Private Limited
C-101, 1stFloor, 247 Park,
Lal Bahadur Shastri Marg
Vikhroli (West) Mumbai,
Maharashtra 400 083
Tel: +91 22 49186200
Investor grievance E-mail:
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
Note: Check Burger King IPO allotment status on Linkintime website allotment URL. Click Here

Burger King IPO Lead Managers:

  • Edelweiss Financial Services
  • Kotak Mahindra Capital
  • JM Financial
  • CLSA

Company Address:

Burger Kind India Limited
Unit Nos.1003 to 1007,
10th Floor, Mittal Commercia,
Asan Pada Rd, Chimatpada, Marol,
Andheri (E), Mumbai, Maharashtra, 400 059
Tel: +91 2271933047
Contact Person: Ranjana Saboo
Company Secretary, Compliance Officer and Head Legal
Tel: +91 2271933047
Corporate Identity Number: U55204MH2013FLC249986

Read Also
Intraday Tips for Today
IPO Grey Market Premium

Burger King IPO FAQs:

When Burger King IPO will open for QIB, NII, and Retail?
The IPO is to open on 2 December 2020 for QIB, NII, and Retail Investors.

What is Burger King IPO Investors Portion?
The investors' portion for QIB-50%, NII-35%, and Retail 10%.

How to Apply the Burger King IPO?
You can apply Burger King IPO via ASBA online via your bank account. You can apply ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

How to Apply the Burger King IPO through Zerodha?
Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name "Burger King India". Click on Bid Button. Enter your UPI ID, Quantity and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate.

What is Burger King IPO Size?
Burger King IPO size is 810 crore.

What is Burger King IPO Price Band?
Burger King IPO Price Band is 59-60.

What is Burger King IPO Minimum and Maximum Lot Size?
The minimum bid is 250 Shares with ₹15000 amount while maximum bid is 3250 shares with ₹195000.

What is Burger King IPO Allotment Date?
Burger King IPO allotment date is 09 December 2020.

What is Burger King IPO Listing Date?
Burger King IPO listing date is 14 December 2020. The IPO to list on BSE and NSE.

Note: The Burger King IPO date and price band will be added as it will be officially announced. The IPO grey market premium (IPO GMP) will be added on the grey market page as it will start.

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Best Advice I Ever Got

What Is The Best Advice You Ever Got? (Part 1) at Cyril Huze Post ...
Just came across a very interesting video series in CNN Money. Its a series of video clips of a few minutes each where famous people share the best piece of advice they have. Link here.
Some interesting ones are:
  1. Business
    • Reed Hastings, CEO of Netflix: Strategy is not about what you are doing, it is about what you are not doing. The hard part of strategy is defining all of the “nots”. If you end up with all of the “Do”s, it is just a wish list. Strategy is about making hard choices, and you never get that clear until you specify all the “nots”.
      [This reminds me of Charlie Munger’s way of thinking — to always invert!]
    • Tom Freston, ex-CEO of Viacom: Business is problems. Business is really about problem solving.
    • Dan Gilbert, Founder and Chairman of Quicken Loans: A penny saved is just a penny. Spend your valuable time to create something rather than save pennies.
  2. Learning
    • Bob McDonald, CEO of Procter & Gamble: Always be learning. Force yourself to learn new things even when its uncomfortable.
    • Charlie Munger, Vice Chairman of Berkshire Hathaway: The school of life is always in session, if you aren’t learning something new, you are falling behind.
  3. Do What You Love
    • Bill Ford, Executive Chairman of Ford: If you are not doing what you really want to do, you are not doing yourself or the company any favours. Whatever you do, make sure its your passion.
    • Arianna Huffington, co-Founder of The Huffington Post: Not let your fears stop you. If we learn not to fear failure, we both enjoy our lives more, and we end accomplishing a lot things that we didn’t think we can accomplish.
    • Frank Greenberg, ex-CEO of AIG: Fight for what you believe in, in many ways be a workaholic, you gotta love what you do, and have the courage and conviction that goes along with it.
  4. Take Risks
    • Stephanie Tilenius, SVP and GM of eBay’s North American Marketplaces: If you are not risking failure, you are not trying hard enough.
  5. Be Prepared
    • David Boies, Chairman of Boies, Schiller, Flexner: I am ready to advantage of what happens in a trial because of the huge amount of preparatory work that I had done.
      [Just like in investments.]
  6. Job Advice
    • Sheryl Sandberg, COO of Facebook: Advice she got from Eric Schmidt, CEO of Google — Go where there is growth, because where there is fast growth, that’s what creates opportunities.
    • Ram Charan, Business Strategy Expert: You are responsible for your own development. People do what they like to do. The people who progress, they do what is needed to be done.
  7. Peter Peterson, co-Founder of The Blackstone Group: Know what is enough.

Quotable Quotes from Ed Seykota

Ed Seykota: 19 Trading Lessons from a Market Wizard

I was reading a bit more about Ed Seykota after seeing The Whipsaw Song.
Ed Seykota became famous after appearing in Jack Schwager’s Wall Street Wizards book. He has an Electrical Engineering degree from MIT and was one of the pioneers of systems trading. He supposedly returned 250,000% over 16 years for one of the accounts he managed.
Below I have categorized some of the quotes that I have come across.
Ed Seykota’s Trading Style
  • My style is basically trend following, with some special pattern recognition and money management
  • In order of importance to me are: (1) the long-term trend, (2) the current chart pattern, and (3) picking a good spot to buy or sell. Those are the three primary components of my trading. Way down in very distant fourth place are my fundamental ideas and, quite likely, on balance, they have cost me money.
  • I consider trend following to be a subset of charting. Charting is a little like surfing. You don’t have to know a
    lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when it’s happening and then have the drive to act at the right time.
  • Common patterns transcend individual market behavior (my note: i.e. price patterns are similar across different markets).
Overall Rules
  • Trade with the long-term trend.
  • Cut your losses.
  • Let your profits ride.
  • Bet as much as you can handle and no more.
Buying on Breakouts
  • If I were buying, my point would be above the market. I try to identify a point at which I expect the market momentum to be strong in the direction of the trade, so as to reduce my probable risk.
  • I don’t try to pick a bottom or top.
  • If I am bullish, I neither buy on a reaction, nor wait for strength; I am already in. I turn bullish at the instant
    my buy stop is hit, and stay bullish until my sell stop is hit. Being bullish and not being long is illogical.
Only Exit When Stops are Hit and Set Stops Immediately
  • I set protective stops at the same time I enter a trade. I normally move these stops in to lock in a profit as
    the trend continues. Sometimes, I take profits when a market gets wild. This usually doesn’t get me out any better than waiting for my stops to close in, but it does cut down on the volatility of the portfolio, which helps calm my nerves. Losing a position is aggravating, whereas losing your nerve is devastating.
  • Before I enter a trade, I set stops at a point at which the chart sours.
Learn to Get Back In
  • Getting back in is an essential part of trend following.
Hold Your Position Until the Trend is Invalidated, Do Not Let Go of Your Position. Be Willing to Experience Your Anxieties
  • Maintaining a commitment is particularly important when it comes up for a test.
  • Somewhere along the line of keeping your commitment you may get a feeling that you don’t like.
  • If you are willing to experience the feeling, it can transform into an AHA that supports your commitment.
  • If you are unwilling to experience the feeling, you might abandon your commitment to try to make the feeling go away. That only results in having to feel the feeling after all.
  • The more you are willing to experience the feeling of bumping into walls, the less you have to bump into walls.
  • Trading requires skill at reading the markets and at managing your own anxieties.
  • People have a Conscious Mind and Fred. Fred wants to communicate feelings to CM so CM can experience them and gain experience and share it with Fred so Fred can learn how to react. This is how we manufacture wisdom. When we don’t like our feelings we tie them in k-nots and do not experience them. This interrupts the wisdom manufacture process, and draws drama into our lives.
  • K-nots, protect us from truth and keep our lives in drama. To untie k-nots, fully experience whatever appears in the moment.
  • When you keep your eye on the prize and are willing to experience all the feelings that arise, the prize soon becomes yours.
Do Not Shut Out or Ignore Your Fear
  • The positive intention of fear is risk control.
  • People who are unwilling to experience fear tend to take big risks and wind up in big drama in which the risk materializes.
  • People with poor risk control tend to bet heavy. So they tend to outperform others in good markets, and under-perform them in poor ones.
  • Risk is the uncertain possibility of loss. If you could quantify risk exactly, it would no longer be risk.
  • Risk control has to do with your willingness to allow your stop to do its job.
Risk Below 5% of Equity Per Trade
  • I intend to risk below 5% on a trade, allowing for poor executions. Occasionally I have taken losses
    above that amount when major news caused a thin market to jump through my stops.
  • Risk no more than you can afford to lose, and also risk enough so that a win is meaningful. If there is no such amount, don’t play.
  • Speculate with less than 10% of your liquid net worth. Risk less than 1% of your speculative account on a trade. This tends to keep the fluctuations in the trading account small, relative to net worth. This is essential as large fluctuations can engage Fred and lead to feeling-justifying drama.
  • Betting more boldly produces more volatility. Good traders are familiar with both and keep their trading well within their tolerances.
  • I use a rule of thumb that you place less than 10% of your liquid net worth at risk and that you stop your losses at 50% of that – so you have net exposure of 5% of your liquid net worth. If you have a net worth of 1.5 million, you might have liquid net worth (cash, stocks, bonds, etc) of, say, about 500,000 (a wild guess). Then you might place $50,000 of that at risk and cut your loss if you lose $25,000.
  • The idea is to keep the venture below your threshold of financial importance, so nominal ups and downs do not trigger your emotional uncle point and motivate you to abandon the venture during drawdowns.
What Trend Trading Is (Ignore Fundamentals)
  • Reliance on Fundamentals indicates lack of faith in trend following.
  • For Trend Traders, understanding the markets is typically optional, often counter-productive.
  • When an up-trend happens, the price is moving up.
  • Trend Traders get a signal and pull the trigger without regard to the result of any individual trade.
  • Playing for comfort and searching for meanings are both counterproductive to Trend Following.
  • Trend Following systems do not speak about entry and exit prices.
  • Trend systems do not intend to pick tops or bottoms. They ride sides.
  • I don’t implement momentum; I notice it and align my trading with it.
  • There is no such thing as THE trend. Some of the shorter indicators are down while some of the longer ones are still up.
You Don’t Need to Get Caught Up in Intraday Market Movements / Do Not Day Trade
  • Having a quote machine is like having a slot machine on your desk— you end up feeding it all day long. I get my price data after the close each day.
  • Day Trading is an exercise in limiting profits while continuing to pay normal transaction costs. Day trading may provide a way to cover up deep feelings that the trader does not wish to face.
  • Short Term Trading is one good way to realize your intention of reducing account equity.
  • Intraday trading is tough since the moves are not as big as for long-term trading and there is no comparable reduction in transaction cost. In general, short-term trading systems succumb to transaction costs and execution friction. You might simulate your system over historical data and notice how sensitive it is to assumptions about where you get your fills.
  • The shorter the term, the smaller the move. So profit potential decreases with trading frequency. Meanwhile, transaction costs stay the same. To compensate for profit roll-off, short-term traders have to be very good guessers. To improve guessing skills, you can practice dealing cards from a standard deck, one at a time. When you become very good at it you might be able to make money with short term trading.
Prudent Money Management is the Key to Longevity
  • The key to long-term survival and prosperity has a lot to do with the money management techniques
    incorporated into the technical system. There are old traders and there are bold traders, but there are very few old, bold traders.
  • The manager has to decide how much risk to accept, which markets to play, and how aggressively to increase and decrease the trading base as a function of equity change. These decisions are quite important—often more important than trade timing.
  • I have incorporated some logic into my computer programs, such as modulating the trading activity
    depending on market behavior. Still, important decisions need to be made outside the mechanical system boundaries, such as how to maintain diversification for a growing account when some positions are at position limit or when markets are too thin.
  • I tend to alter my activity depending on performance. I tend to be more aggressive after I have been winning, and less so after losses.
Longevity is the Key to Success
  • The profitability of trading systems seems to move in cycles. Periods during which trend-following systems are highly successful will lead to their increased popularity. As the number of system users increases, and the markets shift from trending to directionless price action, these systems become unprofitable, and undercapitalized and inexperienced traders will get shaken out. Longevity is the key to success.
Do Not Pyramid Aggressively
  • Aggressive pyramiding, and other forms of accumulating monster positions are good ways to lose big money, even in a bull market.
The Trader and the Trading System Must Meet
  • Systems don’t need to be changed. The trick is for a trader to develop a system with which he is compatible.
  • My original system was very simple with hard-and-fast rules that didn’t allow for any deviations. I found it
    difficult to stay with the system while disregarding my own feelings. I kept jumping on and off—often at just the wrong time. I thought I knew better than the system.
  • Also, it seemed a waste of my intellect and MIT education to just sit there and not try to figure out the markets.
  • Eventually, as I became more confident of trading with the trend, and more able to ignore the news, I became more comfortable with the approach. Also, as I continued to incorporate more “expert trader rules,” my system became more compatible with my trading style.
  • As I keep trading and learning, my system (that is the mechanical computer version of what I do) keeps evolving.
  • Over time, I have become more mechanical, since (1) I have become more trusting of trend trading, and (2)
    my mechanical programs have factored in more and more “tricks of the trade.” I still go through periods of thinking I can outperform my own system, but such excursions are often self-correcting through the process of losing money.
  • I don’t think traders can follow rules for very long unless they reflect their own trading style. Eventually, a breaking point is reached and the trader has to quit or change, or find a new set of rules he can follow. This seems to be part of the process of evolution and growth of a trader.
  • A trading system is an agreement you make between yourself and the markets.
Embrace Whipsaws
  • Trading Systems don’t eliminate whipsaws. They just include them as part of the process.
Do Not Predict Or Anticipate
  • A computer can follow a system and place orders without making predictions or feeling anticipation. Predictions and anticipations are objects you create. These objects may interfere with sticking to your system.
Take Care of Your Emotions
  • Sometimes I trade entirely off the mechanical part, sometimes I override the signals based on strong feelings, and sometimes I just quit altogether. The immediate trading result of this jumping around is probably breakeven to somewhat negative.
  • However, if I didn’t allow myself the freedom to discharge my creative side, it might build up to some kind of blowout. Striking a workable ecology seems to promote trading longevity, which is one key to success.
  • Gut feel is important. If ignored, it may come out in subtle ways by coloring your logic. It can be dealt with
    through meditation and reflection to determine what’s behind it.
  • One of the best ways to increase profits is to do goal setting and visualizations in order to align the conscious and subconscious with making profits. I have worked with a number of traders in order to examine their priorities and align their goals. I use a combination of hypnosis, breathing, pacing, visualization, gestalt, massage, and so forth. The traders usually either (1) get much more successful, or (2) realize they didn’t really want to be traders in the first place.
  • A fish at one with the water sees nothing between himself and his prey. A trader at one with his feelings feels nothing between himself and executing his method.
Cut Your Losses
  • The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can
    follow these three rules, you may have a chance.
Don’t Play “Catch Up” After a Losing Streak
  • I handle losing streaks by trimming down my activity. I just wait it out. Trying to trade during a losing streak
    is emotionally devastating. Trying to play “catch up” is lethal.
Take a Break If Necessary
  • Sometimes I get to a personal breakpoint. When that happens, I just get out of the markets altogether and take a vacation until I feel that I am ready to follow the rules again.
A Winning Mindset is Required To Succeed
  • A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to
    transform himself. That’s the kind of thing winning traders do.
  • The winning traders have usually been winning at whatever field they are in for years.
  • It is a happy circumstance that when nature gives us true burning desires, she also gives us the means to
    satisfy them. Those who want to win and lack skill can get someone with skill to help them.
  • The “doing” part of trading is simple. You just pick up the phone and place orders. The “being” part is a bit more subtle. It’s like being an athlete. It’s commitment arid mission. To the committed, a world of support appears. All manner of unforeseen assistance materializes to support and propel the committed to meet grand destiny.
  • In your recipe for success, don’t forget commitment – and a deep belief in the inevitability of your success.

“Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1.” ― Warren Buffett

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