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Archive for March, 2008

Quote

Tim Ferriss, the author of The 4-Hour Work Week , has a great post on a great quote from Robert Heinlein’s The Notebooks of Lazarus Long

Lazarus Philosophy: The Danger of Expectations and The Beauty of Duty

Do not confuse “duty” with what other people expect of you; they are utterly different. Duty is a debt you owe to yourself to fulfill obligations you have assumed voluntarily. Paying that debt can entail anything from years of patient work to instant willingness to die. Difficult it may be, but the reward is self-respect.

But there is no reward at all for doing what other people expect of you, and to do so is not merely difficult, but impossible. It is easier to deal with a footpad [a thief] than it is to deal with a leech who wants “just a few minutes of your time, please – this won’t take long.” Time is your total capital, and the minutes of your life are painfully few. If you allow yourself to fall into the vice of agreeing to such requests, they quickly snowball to the point where these parasites will use up 100 percent of your time – and squawk for more!

So learn to say no – and to be rude about it when necessary.

Otherwise you will not have time to carry out your duty, or to do your own work, and certainly no time for love and happiness. The termites will nibble away your life and leave none of it for you.

This rule does not mean that you must not do a favor for a friend, or even a stranger. But let the choice be yours. Don’t do it because it is “expected” of you.

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Quote

Tim Ferriss, the author of The 4-Hour Work Week , has a great post on a great quote from Robert Heinlein’s The Notebooks of Lazarus Long

Lazarus Philosophy: The Danger of Expectations and The Beauty of Duty

Do not confuse “duty” with what other people expect of you; they are utterly different. Duty is a debt you owe to yourself to fulfill obligations you have assumed voluntarily. Paying that debt can entail anything from years of patient work to instant willingness to die. Difficult it may be, but the reward is self-respect.

But there is no reward at all for doing what other people expect of you, and to do so is not merely difficult, but impossible. It is easier to deal with a footpad [a thief] than it is to deal with a leech who wants “just a few minutes of your time, please – this won’t take long.” Time is your total capital, and the minutes of your life are painfully few. If you allow yourself to fall into the vice of agreeing to such requests, they quickly snowball to the point where these parasites will use up 100 percent of your time – and squawk for more!

So learn to say no – and to be rude about it when necessary.

Otherwise you will not have time to carry out your duty, or to do your own work, and certainly no time for love and happiness. The termites will nibble away your life and leave none of it for you.

This rule does not mean that you must not do a favor for a friend, or even a stranger. But let the choice be yours. Don’t do it because it is “expected” of you.

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Steve Palmquist Trader Interview

Steve Palmquist is a trader with more than twenty years of market experience who puts his own money to work in the market every day. His new book, Money-Making Candlestick Patterns: Back-Tested for Proven Results, is due out soon. I talked with Steve about how he uses candlestick charts and why his book focuses on ways he increases his probability of success using candle charts by a factor of four, just by adding in a few additional data points. Listeners can learn more about testing trading systems, his current view of the market and the setups he is watching at his site at daisydogger.com.

Barry Burns Trader Interview

Barry Burns is a full-time trader who takes a very hollistic approach to trading. Here we talk about the various things he looks at to find trades each day (he refers to them as “energies”). We also talk about his background and how having a father who was also a professional trader helped him get his start in the business and the importance of mentors for him. We also discuss why having “trying to figure the market out” is opposite of what traders should be doing. Have a listen to see what he means. Barry also has a blog at TopDogTrading.com.

Trading With Emotional Intelligence Part Two

Emotional Intelligence and Trading Part One

30 Major Causes of Failure

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Steve Palmquist Trader Interview

Steve Palmquist is a trader with more than twenty years of market experience who puts his own money to work in the market every day. His new book, Money-Making Candlestick Patterns: Back-Tested for Proven Results, is due out soon. I talked with Steve about how he uses candlestick charts and why his book focuses on ways he increases his probability of success using candle charts by a factor of four, just by adding in a few additional data points. Listeners can learn more about testing trading systems, his current view of the market and the setups he is watching at his site at daisydogger.com.

Barry Burns Trader Interview

Barry Burns is a full-time trader who takes a very hollistic approach to trading. Here we talk about the various things he looks at to find trades each day (he refers to them as “energies”). We also talk about his background and how having a father who was also a professional trader helped him get his start in the business and the importance of mentors for him. We also discuss why having “trying to figure the market out” is opposite of what traders should be doing. Have a listen to see what he means. Barry also has a blog at TopDogTrading.com.

Trading With Emotional Intelligence Part Two

Emotional Intelligence and Trading Part One

30 Major Causes of Failure

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Archived Blog Links:

Brad’s Method Explained

The Best Indicator is…

How Common Is Elite Talent Among Day Traders?

It is achieved as the result of a developmental process, not as the uncovering of any magic setup or indicator. The single greatest challenge for traders and trading psychologists alike is to harness this developmental process. Are you on a learning curve that can lead to the acquisition of expertise? I can think of no more important question for self-evaluation.

7 Powerful Steps to Overcoming Resistance and Actually Getting Stuff Done

So how do you start, when you feel resistance? You just start. Feeling the need to do something else? Stop yourself from getting distracted. Remind yourself what you need to be doing, and why. Sit down and the set time and place. And just start.

A Guide to Cutting Back When You Feel Overwhelmed

There must be quite a few things that a hot bath won’t cure, but I don’t know many of them. – Sylvia Plath

Professional Day Trading- Mark to Market

Our goal is to be able to use mark-to-market accounting for our trading. What is mark-to-market? By default traders are taxed under the capital gains method. As such most of your trades will fall under the short-term rate, currently 28%. We want to file using mark-to-market accounting which will tax our income as ordinary income.

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Archived Blog Links:

Brad’s Method Explained

The Best Indicator is…

How Common Is Elite Talent Among Day Traders?

It is achieved as the result of a developmental process, not as the uncovering of any magic setup or indicator. The single greatest challenge for traders and trading psychologists alike is to harness this developmental process. Are you on a learning curve that can lead to the acquisition of expertise? I can think of no more important question for self-evaluation.

7 Powerful Steps to Overcoming Resistance and Actually Getting Stuff Done

So how do you start, when you feel resistance? You just start. Feeling the need to do something else? Stop yourself from getting distracted. Remind yourself what you need to be doing, and why. Sit down and the set time and place. And just start.

A Guide to Cutting Back When You Feel Overwhelmed

There must be quite a few things that a hot bath won’t cure, but I don’t know many of them. – Sylvia Plath

Professional Day Trading- Mark to Market

Our goal is to be able to use mark-to-market accounting for our trading. What is mark-to-market? By default traders are taxed under the capital gains method. As such most of your trades will fall under the short-term rate, currently 28%. We want to file using mark-to-market accounting which will tax our income as ordinary income.

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eBooks

Coming Soon!

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Too much hype?

Visa!

Be careful out there tomorrow.

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