Malcolm Gladwell: Don’t Choose The Top School For Your Kids

Malcolm Gladwell, author of Blink and other interesting books, presented a very interesting investigation he has completed on college students and their collective behaviours.

What does this has to do with trading?

From the moment you are hooked to trade some of the most difficult financial markets in the world, just because you’ve read or heard it somewhere that you can make a lot of money from it, you have pitted yourself against the most experienced traders right off the start of your learning process. Of course the experience will be discouraging. You will feel helpless when you are losing money faster than you can blink.

You could be pretty smart and have what it takes to be a good trader. But picking the wrong market to start your trading career may very well makes that your last one.

I steered many newcomers to stop trading S&P and have them looked into crude oil, forex and other commodities. Many of these traders are now trading instruments other than indices for a living now. It helps tremendously to pick the right market for you to trade.

From there, it will be easier to develop a healthy mindset to not compare yourself against the other traders. Trading skills is a personal development issue. You have to progress at your own pace. You cannot force it when you are not ready.

As long as you can make a good living off trading, there is really no point to kick yourself hard for not being the best.


Bernard Lietaer: Why This Crisis?

Bernard Lietaer is the person whose post-graduate thesis at MIT back in 1971 formed the basis of the modern floating currency system. He is the author of the book The Future of Money (out of print) which detailed the potential problems of the system we have in place right now way back in 2001. His understanding of money puts him in the forefront to provide a potential solution to our current ongoing worldwide financial crisis.

Notice the structural financing problem of the small and medium-sized companies explained in the video. This is the main reason the middle class of United States and all around the world being crushed.

Since the structural issues will never be taken care of, the current financial system will not be able to recover. What happened in several countries over the past few years can and will happen to the other countries when their citizens are cornered. Not a nice scene to picture.

But I am not sure if the governments around the world are willing to compromise and start accepting complementary currencies before it is too late. After all, once the compromise has started, the power of the governments and big financial institutions will diminish. Based on our current experience, even if the necessary changes finally take place, it is likely to be too little too late.