The Ingredients Necessary for Trading Success
Following is a great video explaining concepts about money without the usual "being tortured to death" feel by the economic text books.
If you are not familiar with the terms like M1, M2, or what it really means by "fiat currency", this video will have something useful for you.
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Tony Robbins is famous for his seminars and workshops on self improvement. This TedTalk however is not what he talks about in his seminars. It is an old TedTalk thus the length is a bit longer at about 20 minutes.
I am not a big fan of books on motivation. This TedTalk from Mr. Robbins is different, however, because it raises questions that every trader must somehow answer to become a better trader. It is about understanding yourself and finding the right push yourself to make you do what is necessary to change yourself for a better future, now.
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This TedTalk by Maomi Klein was filmed back in December 2010. It focuses on the major events at the time like BP oil spill and the worldwide financial crisis. It is a talk longer than the other ones at about 20 minutes.
The perspective of this talk is very interesting as Ms. Klein asked some very interesting questions on how we get ourselves into these mess again and again. This lack of consideration of the potential consequence and the unwillingness to take action avoiding known disastrous outcomes have been the recurring reasons leading to all these problems. As a collective whole, humans have failed to stop one disaster after another because we gave a free pass to those at the top who are prone to reckless behaviour.
As a trader, however, you do have a choice to take action stopping yourself from engaging in reckless risk taking. It is not the aggressive stances you made in trading that keep you profitable. It is the voice of reason in your head that made you pull the plug on those very bad trades that save your behind.
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