Traders Best Quotes

Look inside yourself for the answers - you're the only one who knows what's best for you. Everybody else is only guessing.

Strangers had small interest in hurting you. That was always done best by your own family and friends.

Warren Buffett is one of the best learning machines on this earth. The turtles which outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you.

No being gets to decide what his life is 'supposed to be.' ” She lifted her eyes and her gaze stabbed him. “Be a man. Discover where you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.

Your mission as a trader is to filter only the very best trade setups, which is what successful traders often do.

That part of your life is over. Set it aside as something you have finished. Complete or no, it is done with you. No being gets to decide what his life is "supposed to be"...'Be a man. Discover where you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.

Actually, the best traders have no ego.

Be a man. Discover where you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.

The best job a concert pianist can get nowadays is trader for Citibank. It pays very well.

believe in defining my risk. I don’t believe in defining my reward.

99% still don’t get it – when they win, they start betting less. Bet more!

Intellectually, what is stimulating to a young man is a problem of obvious practical importance. A young man learning economics, for example, ought to hear lectures from individualists and socialists, protectionists and free-traders, inflationists and believers in the gold standard. He ought to be encouraged to read the best books of the various schools, as recommended by those who believe in them. This would teach him to weigh arguments and evidence, to know that no pinion is certainly right, and to judge men by their quality rather than by their consonance with preconceptions.

Many amateurs believe that plants and animals reproduce on a one-way route toward perfection. Translating the idea in social terms, they believe that companies and organizations are, thanks to competition (and the discipline of the quarterly report), irreversibly heading toward betterment. The strongest will survive; the weakest will become extinct. As to investors and traders, they believe that by letting them compete, the best will prosper and the worst will go learn a new craft (like pumping gas or, sometimes, dentistry). Things are not as simple as that. We will ignore the basic misuse of Darwinian ideas in the fact that organizations do not reproduce like living members of nature—Darwinian ideas are about reproductive fitness, not about survival.

Most traders have absolutely no concept of what it means to be a risk-taker in the way a successful trader thinks about risk. The best traders not only take the risk, they have also learned to accept and embrace that risk. There is a huge psychological gap between assuming you are a risk-taker because you put on trades and fully accepting the risks inherent in each trade. When you fully accept the risks, it will have profound implications on your bottom-line performance.

at any point in time, the richest traders are often the worst traders. This, I will call the cross-sectional problem: At a given time in the market, the most successful traders are likely to be those that are best fit to the latest cycle. This does not happen too often with dentists or pianists—because these professions are more immune to randomness.

Zen is just a lifestyle, your everyday life. It is doing your best at your job, relationships, health, hobbies, and other daily activities!

it’s not about being right; it’s about making money.

You can’t go back,” she told him bluntly. Her voice was neither kind nor unkind. “That part of your life is over. Set it aside as something you have finished. Complete or no, it is done with you. No being gets to decide what his life is ‘supposed to be.’” She lifted her eyes and her gaze stabbed him. “Be a man. Discover who you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting that this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.” p. 114 Etta to Wintrow

Why hadn't he realized that the first ones to kill were the ones closest to you, the ones who knew you best? It was the only way to eliminate the threat to yourself. What was the sense of killing a stranger? Strangers had small interest in hurting you. That was always done best by your family and friends.

Discover where you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.

Phantom of the Pit. It

Unlike sport in business the win-win is the best possible score

Debussy’s quote that “Music is the space between the notes,” because an analogous statement about trading—Trading is the space between trades—is so strikingly apropos.

I succeeded because I didn’t know that I couldn’t.

strong opinions, weakly held.

In bull markets, resistance is often broken, and in bear markets support rarely holds.

The perspective I have on it now is that when I was trading my own account, it was like trading monopoly money. My trading capital was just something I kept score with. I detached myself emotionally from it.

King Leopold’s private fiefdom in the Congo was precisely the counterfactual to colonial rule and the best argument for colonialism. His inability to control his native rubber agents who continued their pre-colonial business of slave-trading and coercive rubber harvesting showed the problems that would arise if European freelancers allied with native warlords and slave-traders to establish regimes with no outside scrutiny.

You must be patient with your trade entries. You must be patient with yourself. If you can bring those two qualities to the table, then the rest will solve itself in time. You will grow your trade size at a pace where your mind will not be alarmed or fearful.

Like fifty million other losers, Anthony was caught up in the game, his misfortune temporarily at bay, his yearning merging with the great national aspiration. From stock traders to kids in Bobigny to Patrick Bruel and José Bové, everyone was on the same page, and it didn't matter whether you were in Paris or Heillange. From the top to the bottom of the pay scale, from the boonies to La Défense, the country was cheering in unison. Basically, the thing was simple. Just do like they do in America: think your country is the best in the world and revel in that forever.

There were slave traders, Nazis, and Communists who were compassionate in their personal lives, but all of them told, and most of them believed, some great lie that enabled them to participate in a great evil. Black slavery was made possible in large measure by the lie that blacks were innately inferior to whites.

He brought too much change, too fast, with no real understanding of what he was changing, or why it would be bad. He never consulted any of us about it. Suddenly, it was all his own will and what he thought was best. I do not keep him in ignorance, Malta. His ignorance is a fortress he has built himself and defended savagely.

Investors often make the mistake of equating manager performance in a given year with manager skill. In some instances, more skilled managers will underperform because they refuse to participate in market bubbles. In fact, during market bubbles, the best performers are often the most imprudent rather than the most skilled managers.

The best traders aren’t afraid. They aren’t afraid because they have developed attitudes that give them the greatest degree of mental flexibility to flow in and out of trades based on what the market is telling them about the possibilities from its perspective. At the same time, the best traders have developed attitudes that prevent them from getting reckless.

Pham Nuwen spent years learning to program/explore. Programming went back to the beginning of time. It was a little like the midden out back of his father’s castle. Where the creek had worn that away, ten meters down, there were the crumpled hulks of machines—flying machines, the peasants said—from the great days of Canberra’s original colonial era. But the castle midden was clean and fresh compared to what lay within the Reprise’s local net. There were programs here that had been written five thousand years ago, before Humankind ever left Earth. The wonder of it—the horror of it, Sura said—was that unlike the useless wrecks of Canberra’s past, these programs still worked! And via a million million circuitous threads of inheritance, many of the oldest programs still ran in the bowels of the Qeng Ho system. Take the Traders’ method of timekeeping. The frame corrections were incredibly complex—and down at the very bottom of it was a little program that ran a counter. Second by second, the Qeng Ho counted from the instant that a human had first set foot on Old Earth’s moon. But if you looked at it still more closely. . .the starting instant was actually some hundred million seconds later, the 0-second of one of Humankind’s first computer operating systems. So behind all the top-level interfaces was layer under layer of support. Some of that software had been designed for wildly different situations. Every so often, the inconsistencies caused fatal accidents. Despite the romance of spaceflight, the most common accidents were simply caused by ancient, misused programs finally getting their revenge. “We should rewrite it all,” said Pham. “It’s been done,” said Sura, not looking up. She was preparing to go off-Watch, and had spent the last four days trying to root a problem out of the coldsleep automation. “It’s been tried,” corrected Bret, just back from the freezers. “But even the top levels of fleet system code are enormous. You and a thousand of your friends would have to work for a century or so to reproduce it.” Trinli grinned evilly. “And guess what—even if you did, by the time you finished, you’d have your own set of inconsistencies. And you still wouldn’t be consistent with all the applications that might be needed now and then.” Sura gave up on her debugging for the moment. “The word for all this is ‘mature programming environment.’ Basically, when hardware performance has been pushed to its final limit, and programmers have had several centuries to code, you reach a point where there is far more signicant code than can be rationalized. The best you can do is understand the overall layering, and know how to search for the oddball tool that may come in handy—take the situation I have here.” She waved at the dependency chart she had been working on. “We are low on working fluid for the coffins. Like a million other things, there was none for sale on dear old Canberra. Well, the obvious thing is to move the coffins near the aft hull, and cool by direct radiation. We don’t have the proper equipment to support this—so lately, I’ve been doing my share of archeology. It seems that five hundred years ago, a similar thing happened after an in-system war at Torma. They hacked together a temperature maintenance package that is precisely what we need.” “Almost precisely.

Your words simply woke in me such thoughts... Etta. Where were you taught such things?" "Such things as what?" There was definite suspicion in her voice now. "Such things as accepting life and making the best of it..." Spoken aloud, it seemed such a simple concept. Moments ago, those words had rung for him like great bells of truth. It was right, what they said: enlightenment was merely the truth at the correct time. "In a brothel." Even that revelation opened his mind to light. "Then Sa is truly there, as well, in all his wisdom and glory.

In recent years, annual trading in stocks—necessarily creating, by reason of the transaction costs involved, negative value for traders—averaged some $33 trillion. But capital formation—that is, directing fresh investment capital to its highest and best uses, such as new businesses, new technology, medical breakthroughs, and modern plant and equipment for existing business—averaged some $250 billion. Put another way, speculation represented about 99.2 percent of the activities of our equity market system, with capital formation accounting for 0.8 percent.

And suddenly he became almost lyric. "For three thousand years the Common Man has been fended off from the full and glorious life he might have had, by Make Believe. For three thousand years in one form or another he has been asking for an unrestricted share in the universal welfare. He has been asking for a fair dividend from civilisation. For all that time, and still it goes on, the advantaged people, the satisfied people, the kings and priests, the owners and traders, the gentlefolk and the leaders he trusted, have been cheating him tacitly or deliberately, out of his proper share and contribution in the common life. Sometimes almost consciously, sometimes subconsciously, cheating themselves about it as well. When he called upon God, they said 'We'll take care of your God for you', and they gave him organised religion. When he calls for Justice, they say 'Everything decently and in order', and give him a nice expensive Law Court beyond his means. When he calls for order and safety too loudly they hit him on the head with a policeman's truncheon. When he sought knowledge, they told him what was good for him. And to protect him from the foreigner, so they said, they got him bombed to hell, trained him to disembowel his fellow common men with bayonets and learn what love of King and Country really means. "All with the best intentions in the world, mind you. "Most of these people, I tell you, have acted in perfect good faith. They manage to believe that in sustaining this idiot's muddle they are doing tremendous things -- stupendous things -- for the Common Man. They can live lives of quiet pride and die quite edifyingly in an undernourished, sweated, driven and frustrated world. Useful public servants! Righteous self-applause! Read their bloody biographies!

HANDLE WITH CARE Expectations On 31 January 2006, Google announced its financial results for the final quarter of 2005. Revenue: up 97%. Net profit: up 82%. A record-breaking quarter. How did the stock market react to these phenomenal figures? In a matter of seconds, shares tumbled 16%. Trading had to be interrupted. When it resumed, the stock plunged another 15%. Absolute panic. One particularly desperate trader inquired on his blog: ‘What’s the best skyscraper to throw myself off?’ What had gone wrong? Wall Street analysts had anticipated even better results, and when those failed to materialise, $20 billion was slashed from the value of the media giant. Every investor

we asked the options exchange to let our traders use programmed hand calculators on the floor. Our request was denied. The newcomers were not to have an advantage over the established old-time traders. We then asked for the next best thing, to be allowed to communicate by walkie-talkies with our floor traders. Denied. It reminded me a bit of what I had run into in Las Vegas with card counting. We then supplied our floor traders with printed trading tables that covered the ever-growing number of listed options. These were run off overnight on our high-speed printers and express-mailed to our offices in Princeton and Chicago. That served nearly as well as hand calculators would have.

To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except the voluntary choice of the man who is willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss—the recognition that they are not beasts of burden, born to carry the weight of your misery—that you must offer them values, not wounds—that the common bond among men is not the exchange of suffering, but the exchange of goods. Money demands that you sell, not your weakness to men’s stupidity, but your talent to their reason; it demands that you buy, not the shoddiest they offer, but the best that your money can find. And when men live by trade—with reason, not force, as their final arbiter—it is the best product that wins, the best performance, the man of best judgment and highest ability—and the degree of a man’s productiveness is the degree of his reward. This is the code of existence whose tool and symbol is money. Is this what you consider evil?

You can’t go back,” she told him bluntly. Her voice was neither kind nor unkind. “That part of your life is over. Set it aside as something you have finished. Complete or no, it is done with you. No being gets to decide what his life is ‘supposed to be.’” She lifted her eyes and her gaze stabbed him. “Be a man. Discover who you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting that this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.” Wintrow was stunned. Heartless as her words were, they brimmed with wisdom. Almost reflexively, he sank into meditation breathing, as if this were a teaching direct from Sa’s scrolls. He explored her idea, following it to its logical conclusions. Yes, these thoughts were of Sa, and worthy. Accept. Begin anew. Find humility again. Pre-judging his life, that was what he had been doing. Always his greatest flaw, Berandol had warned him. There was opportunity for good here, if he just reached out toward it. … He suddenly grasped how the slaves must have felt when the shackles were loosed from their ankles and wrists. Her words had freed him. He could let go of his self-imposed goals. He would lift up his eyes and look around him and see where Sa’s way beckoned him most clearly. … “accepting life and making the best of it . . .” Spoken aloud, it seemed such a simple concept. Moments ago, those words had rung for him like great bells of truth. It was right what they said: enlightenment was merely the truth at the correct time." p. 114 Etta to Wintrow

In all cases of locating reservations,” he once said, “it would be best to show some deference to the expressed wishes of the tribe.” Euro-Americans, particularly in the boom-and-bust West, were relentlessly mobile. They blew about in the wind—deracinated, it seemed, always in search of better fortune. Miners, traders, trappers, merchants, missionaries, they thought nothing of moving great distances and starting all over when new opportunity struck. The hunger to push on, particularly in a westward direction, was an attribute of the (white) American. But Carson knew enough about Indian culture to recognize that even among nomadic tribes, the familiar landmarks of one’s homeland were profoundly significant—in fact, they were sacred—and one strayed from them with great trepidation. Homeland was crucial in practical terms, but also in terms of ceremony and ritual, central to a tribe’s collective identity and its conception of the universe.

If you live in New York City, for example, chances are you will not be going outside for a leisurely stroll down Fifth Avenue in shorts and a T-shirt and flip-flops in the month of February. Why is that? Because, if you’ve lived there for a while and experienced the local seasons, you’ve already identified that in February it will be pretty darn cold. To appropriately adapt, you will want to wear a heavy winter coat and maybe gloves and a scarf and earmuffs. It’s the same with the markets. You need to have “lived there for a while” and experienced a variety of market cycles so you know what “to wear,” or rather how to adapt, so that you are financially comfortable. Instead of knowing to wear a winter coat in February, you will know that in a choppy, sideways, bracketed market you need to adapt your system and rules so that you do not get whipsawed and stopped out a lot. Or you may need to recognize a bull market changing to a bear market so that you can exit your position in a timely fashion to lock in profits.

ONCE, a youth went to see a wise man, and said to him: “I have come seeking advice, for I am tormented by feelings of worthlessness and no longer wish to live. Everyone tells me that I am a failure and a fool. I beg you, Master, help me!” The wise man glanced at the youth, and answered hurriedly: “Forgive me, but I am very busy right now and cannot help you. There is one urgent matter in particular which I need to attend to...”—and here he stopped, for a moment, thinking, then added: “But if you agree to help me, I will happily return the favor.” “Of...of course, Master!” muttered the youth, noting bitterly that yet again his concerns had been dismissed as unimportant. “Good,” said the wise man, and took off a small ring with a beautiful gem from his finger. “Take my horse and go to the market square! I urgently need to sell this ring in order to pay off a debt. Try to get a decent price for it, and do not settle for anything less than one gold coin! Go right now, and come back as quick as you can!” The youth took the ring and galloped off. When he arrived at the market square, he showed it to the various traders, who at first examined it with close interest. But no sooner had they heard that it would sell only in exchange for gold than they completely lost interest. Some of the traders laughed openly at the boy; others simply turned away. Only one aged merchant was decent enough to explain to him that a gold coin was too high a price to pay for such a ring, and that he was more likely to be offered only copper, or at best, possibly silver. When he heard these words, the youth became very upset, for he remembered the old man’s instruction not to accept anything less than gold. Having already gone through the whole market looking for a buyer among hundreds of people, he saddled the horse and set off. Feeling thoroughly depressed by his failure, he returned to see the wise man. “Master, I was unable to carry out your request,” he said. “At best I would have been able to get a couple of silver coins, but you told me not to agree to anything less than gold! But they told me that this ring is not worth that much.” “That’s a very important point, my boy!” the wise man responded. “Before trying to sell a ring, it would not be a bad idea to establish how valuable it really is! And who can do that better than a jeweler? Ride over to him and find out what his price is. Only do not sell it to him, regardless of what he offers you! Instead, come back to me straightaway.” The young man once more leapt up on to the horse and set off to see the jeweler. The latter examined the ring through a magnifying glass for a long time, then weighed it on a set of tiny scales. Finally, he turned to the youth and said: “Tell your master that right now I cannot give him more than 58 gold coins for it. But if he gives me some time, I will buy the ring for 70.” “70 gold coins?!” exclaimed the youth. He laughed, thanked the jeweler and rushed back at full speed to the wise man. When the latter heard the story from the now animated youth, he told him: “Remember, my boy, that you are like this ring. Precious, and unique! And only a real expert can appreciate your true value. So why are you wasting your time wandering through the market and heeding the opinion of any old fool?

We might label this the Hobbesean fallacy: the idea that human beings were primordially individualistic and that they entered into society at a later stage in their development only as a result of a rational calculation that social cooperation was the best way for them to achieve their individual ends. This premise of primordial individualism underpins the understanding of rights contained in the American Declaration of Independence and thus of the democratic political community that springs from it. This premise also underlies contemporary neoclassical economics, which builds its models on the assumption that human beings are rational beings who want to maximize their individual utility or incomes. But it is in fact individualism and not sociability that developed over the course of human history. That individualism seems today like a solid core of our economic and political behavior is only because we have developed institutions that override our more naturally communal instincts. Aristotle was more correct than these early modern liberal theorists when he said that human beings were political by nature. So while an individualistic understanding of human motivation may help to explain the activities of commodity traders and libertarian activists in present-day America, it is not the most helpful way to understand the early evolution of human politics. Everything

Cohen continued to struggle with his own well-being. Even though he had achieved his life’s dream of running his own firm, he was still unhappy, and he had become dependent on a psychiatrist named Ari Kiev to help him manage his moods. In addition to treating depression, Kiev’s other area of expertise was success and how to achieve it. He had worked as a psychiatrist and coach with Olympic basketball players and rowers trying to improve their performance and overcome their fear of failure. His background building athletic champions appealed to Cohen’s unrelenting need to dominate in every transaction he entered into, and he started asking Kiev to spend entire days at SAC’s offices, tending to his staff. Kiev was tall, with a bushy mustache and a portly midsection, and he would often appear silently at a trader’s side and ask him how he was feeling. Sometimes the trader would be so startled to see Kiev there he’d practically jump out of his seat. Cohen asked Kiev to give motivational speeches to his employees, to help them get over their anxieties about losing money. Basically, Kiev was there to teach them to be ruthless. Once a week, after the market closed, Cohen’s traders would gather in a conference room and Kiev would lead them through group therapy sessions focused on how to make them more comfortable with risk. Kiev had them talk about their trades and try to understand why some had gone well and others hadn’t. “Are you really motivated to make as much money as you can? This guy’s going to help you become a real killer at it,” was how one skeptical staff member remembered Kiev being pitched to them. Kiev’s work with Olympians had led him to believe that the thing that blocked most people was fear. You might have two investors with the same amount of money: One was prepared to buy 250,000 shares of a stock they liked, while the other wasn’t. Why? Kiev believed that the reluctance was a form of anxiety—and that it could be overcome with proper treatment. Kiev would ask the traders to close their eyes and visualize themselves making trades and generating profits. “Surrendering to the moment” and “speaking the truth” were some of his favorite phrases. “Why weren’t you bigger in the trades that worked? What did you do right?” he’d ask. “Being preoccupied with not losing interferes with winning,” he would say. “Trading not to lose is not a good strategy. You need to trade to win.” Many of the traders hated the group therapy sessions. Some considered Kiev a fraud. “Ari was very aggressive,” said one. “He liked money.” Patricia, Cohen’s first wife, was suspicious of Kiev’s motives and believed that he was using his sessions with Cohen to find stock tips. From Kiev’s perspective, he found the perfect client in Cohen, a patient with unlimited resources who could pay enormous fees and whose reputation as one of the best traders on Wall Street could help Kiev realize his own goal of becoming a bestselling author. Being able to say that you were the

What do you call an evil leader digging a hole? Darth Spader   What do you call Obi Wan eating crunchy toast? Obi Crumb   What do call a padawan who likes to play computer games? i'Pad' me   What do you call a starship pilot who likes to drink cocoa? Han Coco   What starship is always happy to have people aboard? The Millennium Welcome   What did Yoda say to Luke while eating dinner? Use the fork Luke.   What do you call a Sith who won't fight? A Sithy.   Which Star Wars character uses meat for a weapon instead of a Lightsaber? Obi Wan Baloney.   What do call a smelly droid? R2DPOO   What do call a droid that has wet its pants? C3PEE0   What do you call a Jedi who loves pies? Luke PieWalker?   What do call captain Rex when he emailing on a phone? Captain Text   What evil leader doesn’t need help reaching? Ladder the Hutt   What kind of evil lord will always say goodbye? Darth Later   Which rebel will always win the limbo? Han LowLow   What do you call R2D2 when he’s older? R2D3   What do you call R2D2 when he’s busting to go to the toilet? R2DLoo   What do call Padme’s father? Dadme   What’s do you call the Death Star when its wet? The Death Spa   What do call R2D2 when he climbs a tree? R2Tree2   What do you say a Jedi adding ketchup to his dinner? Use the sauce Luke.   What star wars baddy is most likely to go crazy? Count KooKoo   What do call Count Dooku when he’s really sad? Count Boohoo   Which Jedi is most likely to trick someone? Luke Liewalker   Which evil lord is most likely to be a dad? Dadda the Hutt   Which rebel likes to drink through straws? Chew Sucker   Which space station can you eat from? The Death bar   What do call a moody rebel? Luke Sighwalker   What do you call an even older droid R2D4   What do call Darth Vader with lots of scrapes? Dearth Grazer   What call an evil lord on eBay? Darth Trader   What do call it when an evil lord pays his mum? Darth Paid-her   What do call an evil insect Darth Cicada   What sith always teases? General Teasers   Who's the scariest sith? Count Spooko   Which sith always uses his spoon to eat his lunch Count Spoonu   What evil lord has lots of people living next door? Darth Neighbour   What Jedi always looks well dressed? Luke TieWalker   Which evil lord works in a restaurant? Darth waiter   What do you call a smelly storm trooper? A storm pooper   What do you call Darth Vader digging a hole? Darth Spader   What do you C3PO wetting his pants? C3PEE0   What do you call Asoka’s pet frog? Acroaka   What do you call a Jedi that loves pies? Luke Piewalker   What rebel loves hot drinks? Han Coco   What did Leia say to Luke at the dinner table? Use the fork Luke.   What do call Obi Wan eating fruit? Obi plum   What do you call Obi in a band? Obi Drum   What doe Luke take out at night? A Night Sabre   What is the favourite cooking pot on Endor? The e Wok

Men are not content with a simple life: they are acquisitive, ambitious, competitive, and jealous; they soon tire of what they have, and pine for what they have not; and they seldom desire anything unless it belongs to others. The result is the encroachment of one group upon the territory of another, the rivalry of groups for the resources of the soil, and then war. Trade and finance develop, and bring new class-divisions. "Any ordinary city is in fact two cities, one the city of the poor, the other of the rich, each at war with the other; and in either division there are smaller ones - you would make a great mistake if you treated them as single states". A mercantile bourgeoisie arises, whose members seek social position through wealth and conspicuous consumption: "they will spend large sums of money on their wives". These changes in the distribution of wealth produce political changes: as the wealth of the merchant over-reaches that of the land-owner, aristocracy gives way to a plutocratic oligarchy - wealthy traders and bankers rule the state. Then statesmanship, which is the coordination of social forces and the adjustment of policy to growth, is replaced by politics, which is the strategy of parts and the lust of the spoils of office. Every form of government tends to perish by excess of its basic principle. Aristocracy ruins itself by limiting too narrowly the circle within which power is confined; oligarchy ruins itself by the incautious scramble for immediate wealth. In rather case the end is revolution. When revolution comes it may seem to arise from little causes and petty whims, but though it may spring from slight occasions it is the precipitate result of grave and accumulated wrongs; when a body is weakened by neglected ills, the merest exposure may bring serious disease. Then democracy comes: the poor overcome their opponents, slaughtering some and banishing the rest; and give to the people an equal share of freedom and power. But even democracy ruins itself by excess – of democracy. Its basic principle is the equal right of all to hold office and determine public policy. This is at first glance a delightful arrangement; it becomes disastrous because the people are not properly equipped by education to select the best rulers and the wisest courses. As to the people they have no understanding, and only repeat what their rulers are pleased to tell them; to get a doctrine accepted or rejected it is only necessary to have it praised or ridiculed in a popular play (a hit, no doubt, at Aristophanes, whose comedies attacked almost every new idea). Mob-rule is a rough sea for the ship of state to ride; every wind of oratory stirs up the waters and deflects the course. The upshot of such a democracy is tyranny or autocracy; the crowd so loves flattery, it is so “hungry for honey” that at last the wiliest and most unscrupulous flatterer, calling himself the “protected of the people” rises to supreme power. (Consider the history of Rome). The more Plato thinks of it, the more astounded he is at the folly of leaving to mob caprice and gullibility the selection of political officials – not to speak of leaving it to those shady and wealth-serving strategists who pull the oligarchic wires behind the democratic stage. Plato complains that whereas in simpler matters – like shoe-making – we think only a specially-trained person will server our purpose, in politics we presume that every one who knows how to get votes knows how to administer a city or a state.

Smith believed that the best way to promote trade was to trust to the self-interest and inventiveness of individual traders.

This book should never have happened. If it wasn’t for the most bizarre and twisted sequence of events involving a diverse array of people it wouldn’t have. Let us explain. If someone we, the authors, had wanted to impress - a publisher, say, or a book reviewer - had asked us how it had emerged, we could have come up with all kinds of things to establish our credentials for writing it. But they would have been only a small part of the story of how it came about, and not the interesting bit either. The truth is much more human and fascinating - and it also gets to the heart of the book and shows how networks really work. Greg has always been fascinated by ‘network theory’ - the findings of sociologists, mathematicians and physicists, which seemed to translate to the real world of links between people. Early in his professional life at Auto Trader magazine in Canada he got to see an extraordinary network of buyers and sellers in operation. Later, when he became a venture capitalist - someone who invests in new or young companies, hoping that some of them will become very valuable - he applied what he’d learned. He invested in businesses that could benefit from the way networks behave, and this approach yielded some notable successes. Richard came from a different slant. For twenty years, he was a ‘strategy consultant’, using economic analysis to help firms become more profitable than their rivals. He ended up co-founding LEK, the fastest-growing ‘strategy boutique’ of the 1980s, with offices in the US, Europe and Asia. He also wrote books on business strategy, and in particular championed the ‘star business’ idea, which stated that the most valuable venture was nearly always a ‘star’, defined as the biggest firm in a high-growth market. In the 1990s and 2000s, Richard successfully invested the money he had made as a management consultant in a series of star ventures. He also read everything available about networks, feeling intuitively that they were another reason for business success, and might also help explain why some people’s careers took off while equally intelligent and qualified people often languished. So, there were good reasons why Greg and Richard might want to write a book together about networks. But the problem with all such ‘formal’ explanations is that they ignore the human events and coincidences that took place before that book could ever see the light of day. The most

I went from mediocre to a stellar performer when I told myself: To heck with worrying about the money and obsessing over the scoreboard. I’m just going to focus on being the best trader I can be and sticking to the rules. Then the money followed.

Here’s something you may not know: every time you go to Facebook or ESPN.com or wherever, you’re unleashing a mad scramble of money, data, and pixels that involves undersea fiber-optic cables, the world’s best database technologies, and everything that is known about you by greedy strangers. Every. Single. Time. The magic of how this happens is called “real-time bidding” (RTB) exchanges, and we’ll get into the technical details before long. For now, imagine that every time you go to CNN.com, it’s as though a new sell order for one share in your brain is transmitted to a stock exchange. Picture it: individual quanta of human attention sold, bit by bit, like so many million shares of General Motors stock, billions of times a day. Remember Spear, Leeds & Kellogg, Goldman Sachs’s old-school brokerage acquisition, and its disappearing (or disappeared) traders? The company went from hundreds of traders and two programmers to twenty programmers and two traders in a few years. That same process was just starting in the media world circa 2009, and is right now, in 2016, kicking into high gear. As part of that shift, one of the final paroxysms of wasted effort at Adchemy was taking place precisely in the RTB space. An engineer named Matthew McEachen, one of Adchemy’s best, and I built an RTB bidding engine that talked to Google’s huge ad exchange, the figurative New York Stock Exchange of media, and submitted bids and ads at speeds of upwards of one hundred thousand requests per second. We had been ordered to do so only to feed some bullshit line Murthy was laying on potential partners that we were a real-time ads-buying company. Like so much at Adchemy, that technology would be a throwaway, but the knowledge I gained there, from poring over Google’s RTB technical documentation and passing Google’s merciless integration tests with our code, would set me light-years ahead of the clueless product team at Facebook years later.

Focus on having a profit at the end of ten trades, not about getting nine profitable trades. Even at the best of times, professional traders get only three or four out of ten trades right. Their success lies in their ability to quickly quit losing trades. It is a psychological hurdle you have to cross. We are so programmed that we feel disturbed when we lose money in 7 or 8 out of 10 trades and this impacts our entire trading style. However, if you can quit 8 out of 10 trades because they lost 5% from your purchase price, you are on your way to mastering trading. I am suggesting a 5% limit to losses because you cannot afford to take a bigger loss. Of course, in many trades, a 5% loss limit will get you out of a trade which may bounce back. But the risk you take by not putting the 5% limit on the loss is too high for any gain any potential bouncebacks may deliver.

Position Trading Position trading works best for traders who can’t spend the whole day trading. Position trades are taken on the larger trend in the market or a stock, and may last many days or even several months. The critical aspect of position trading is to always keep a stop loss and adjust the stop loss as the stock moves. That takes care of any sudden jolts to the stock which may be of a significant nature.

Is it really safe to invest in stocks? To answer that question, we would really first need to ask ourselves: what is safe after all? More so, what is safe in business? The answer would be “NOTHING”. Here it is – the stark reality: all businesses have their risks and as far as risks are concerned, the stock market is just another kind of business; that is it! All deep-rooted and unbeaten stock market will advise you on the affirmative. Yet the faint possibility remains that you, at the same time, will without doubt happen upon other stock market players who have done pathetically in the stock market. These traders, when their opinion is sought, will not leave a stone unturned in advising you to steer clear of the stock market. Mystified whose advice you should take? Fine, both are correct in their own points of view. To cross the threshold into well-paid stock market share trading in the marketplace of any place in the human race, it is to a great extent compulsory that you are geared up with the inclusive fluency of the sod above and beyond in receipt of rationalized with the up to date market shifts so that you prefer no less than probable stocks. In essence then can day businesses bear out valuable? If you are in a job in a different place and are unable to have a look at the trade area under conversation well again, it is advisable that you should not make your mind up on daylight trading. You will in point of fact happen upon other forms of trade which do not necessitate your day and night inspection. You in all probability will chew over those as well. Affecting the traders It would also be a reasonable word of warning to say publicly that the stock market affects different types of traders differently. There are cases in point of a lot of investors who have become cleaned out. Putting on next to nothing information and gambling into the share market perceiving others producing immense wealth possibly will provide evidence of being hazardous for you. You could wind up bringing up the rear to your richly deserved wealth and habitual failures will very soon plead your case before you to make your way out from the stock market panorama. Stage-managing and putting on unconditional awareness previous to putting money in will certainly twirl the bazaar in your prop up. Outline your objectives You will of course call for to outline your objectives and endeavor to come across the varied working expenditure alternatives in the stock market. At the beginning decide on fragile investments with the intention that even though you put on or incur fatalities, you will in next to no time gain knowledge of the ins and outs of the deal. Just the once you are contented, you can settle on volume funds. You in all probability will decide on each and every one of the three dealing preferences, specifically day business, short-term trading and enduring investment. At one fell swoop given your institution of resource of profits is exclusively the stock market; you will be able to broaden the horizons of your venture ambitions to a larger extent, for instance conjecture in mutual funds, money futures, product futures, and supplementary endeavor goods. You can accordingly keep up equilibrium of your ventures and disappointments if a few will by a hair's breadth inconvenience you. Seeking singular venture alternatives will additionally comply to you eloquent which one goes well with you the most excellent and you can in that case put in funds in capacity in the unwritten prospect. Make the best use of stock market It often comes to our notice that the stock market if used fine provides us with an exceptionally excellent occasion to put together loads of wealth and in addition utilize the stock market as our principal foundation of revenue. There are also the risks yet the faint possibility remains that risks are everywhere, in every trade.

What the hagglers and the traders do reminds me of the behavioral psychology distinction between two extremes on a continuum of types: satisficers and maximizers. When a maximizer goes shopping, looks for a handyman, buys gas, or plans a trip, he searches for the best (maximum) possible deal. Time and effort don’t matter much. Missing the very best deal leads to regret and stress. On the other hand, the satisficer, so-called because he is satisfied with a result that is close to the best, factors in the costs of searching and decision making, as well as the risk of losing a near-optimal opportunity and perhaps never finding anything as good again.

The best trades are the ones in which you have all three things going for you: fundamentals, technicals, and market tone.

So you like seeing a high EPS with a low P/E. Yes. That’s the best combination. I am sure there is a way of combining the two on a computer and coming up with a very good system.

No man ever steps in the same river twice,

1. Don’t buy stocks that are hitting 52-week lows. We have already discussed this point, but it bears repeating, simply because so many new traders lose a lot of money trying to catch the proverbial “falling knife.” In spite of what everyone will tell you, you are almost always much better off buying a stock that is hitting 52-week highs than one hitting 52-week lows. Has a company that you own just reported some really bad news? If so, remember that there is never just one cockroach. Bad news comes in clusters. Many investors recently learned this the hard way with General Electric, which just kept reporting one bad thing after another, causing the stock to crash from 30 to 7. There is no such thing as a “safe stock.” Even a blue chip stock can go down a lot if it loses its competitive advantage or the company makes bad decisions. A cascade of bad news can often cause a stock to trend down or gap down repeatedly. If you own a stock that does this, it is often better to get out and wait a few months (or years) to reenter. Again, there is never just one cockroach. Never buy a stock after you have seen the first cockroach. When a stock goes down a lot, it can affect the company's fundamentals as well. Employee and management morale will deteriorate, the best employees may leave the company, and it may become more difficult for the company to raise money by selling shares or issuing debt. Conversely, when a stock goes up a lot, it can improve the company's fundamentals. Employee and management morale will be high, everyone at the company will want to work harder, it will be easier to recruit new talent, and it will become easier for the company to raise money by issuing stock or debt. If you stick to stocks that are trading above their 200-day moving averages, or that are hitting 52-week highs, you will do much better than trying to catch falling knives.

The most important question for us humans is, "What is human?" "What is life?" "What is life?" If you can't answer this question, you can't live your life seriously. So Tolstoy, Russia's main gate, for a long time of 15 years I wrote my last book at the end of my career. What is life?It's 입니다. In this book, Tolstoy defines life like this. "Life is holding onto a thin arrowroot vine in a desperate situation where it doesn't know when it's going to break off." What do you think life is? Someone said that life is about luck. What is "WOON 7G3"? It means that luck is 70% and opportunity is 30%. Life is luck. Do you really think life is luck? Then you're lucky to live well, Is it bad luck not to be able to buy it? Being healthy is good luck, Is it bad luck to be sick? That's not true. Life is not luck. Victor Wigor thinks about what life is and then expresses it in one word. It's a voyage. Life is a voyage in which a boat floating on the sea plumped and sailed through a port. Ships floating in the sea of the world have calmness, rough waves, and scary typhoons. Life is not easy. So Job says life like this. "Isn't there hard labor in life on this land?" (Job 7:1) There is a theory of life in today's text. Section 13 of the body. "Those who say they will profit by doing business" (approximately 4:13) What is business and profit? Business is selling things to make money. What are the benefits? It's money from the business. Jews thought it was important to make money. So Jewish tactics are world-famous. The Jews were the geniuses of the tactics. In the old days, money was all coins. Our country also made money into a not. This is called Yupjeon. Heavy coins were very uncomfortable for traders. So the Jews made bills instead of coins, they made checks, they made bills. And the Jews thought about how to sell things without discounting them I made a department store in America. The Jews also taught their children this way. "The whole world is a business. Even white clouds become rain when squeezed." These people are Jewish. Trade was the best way to make money in the days of the First Church. Especially in the early church era, it was the best environment to make money from trade. In this era, it was Pax Romana.

In the futures markets, they bought and sold paper contracts. Futures contracts had been around for more than a century and were an integral part of the food system. Corn, pork, and soybean futures were traded on the Chicago Board of Trade. The NYMEX specialized in eggs and butter. The futures market wasn’t big—traders in the market tended to be farmers and big grain millers. They used futures contracts to limit their risk. The owners of the NYMEX weren’t content with their sleepy corner of the financial world, and they decided to expand their business and sell contracts for new kinds of products. The NYMEX introduced the first futures contract for crude oil in 1983. At first, the birth of oil futures contracts looked like a threat to Koch’s business model. Howell and his team spent years figuring out how to be the smartest blind men in the dark cave of the physical oil business and making the best guess as to the real price of oil. Koch Industries had gained an expertise in exploiting the opacity of oil markets and wringing the best price out of its counterparties. The new oil futures contract created something that was anathema to this business model: transparency. When the NYMEX debuted its oil futures contract, it created a very visible price for crude oil that changed by the minute on a public exchange. Again, this wasn’t the price of real crude; it was the price for a futures contract on crude, reflecting the best guess of all market participants as to what a barrel of oil would be worth in the future. Even though the futures price wasn’t the real price, it provided everybody with a common reference point. Now, when Koch called up someone to buy oil from Koch’s tank farm in St. James, that customer could look at a screen and start haggling based on what the markets in New York were saying the price of oil was worth. “It was the first time that there was a common, visible market signal,” Howell said. “It just kind of sucked the oxygen out of the room for that physical trading.

Koch Agriculture first branched out into the beef business, and it did so in a way that gave it control from the ranch to the butcher’s counter. Koch bought cattle feedlots. Then it developed its own retail brand of beef called Spring Creek Ranch. Dean Watson oversaw a team that worked to develop a system of “identity preservation” that would allow the company to track each cow during its lifespan, allowing it over time to select which cattle had the best-tasting meat. Koch held blind taste tests of the beef it raised. Watson claimed to win nine out of ten times. Then Koch studied the grain and feed industries that supplied its feedlots. Watson worked with experts to study European farming methods because wheat farmers in Ukraine were far better at raising more grain on each acre of land than American farmers were. The Europeans had less acreage to work with, forcing them to be more efficient, and Koch learned how to replicate their methods. Koch bought a stake in a genetic engineering company to breed superyielding corn. Koch Agriculture extended into the milling and flour businesses as well. It experimented with building “micro” mills that would be nimbler than the giant mills operated by Archer Daniels Midland and Cargill. Koch worked with a start-up company that developed a “pixie dust” spray preservative that could be applied to pizza crusts, making crusts that did not need to be refrigerated. It experimented with making ethanol gasoline and corn oil. There were more abstract initiatives. Koch launched an effort to sell rain insurance to farmers who had no way to offset the risk of heavy rains. To do that, Koch hired a team of PhD statisticians to write formulas that correlated corn harvests with rain events, figuring out what a rain insurance policy should cost. At the same time, Koch’s commodity traders were buying contracts for corn and soybeans, learning more every day about those markets.

Etta. Where were you taught such things?” “Such things as what?” There was definite suspicion in her voice now. “Such things as accepting life and making the best of it…” Spoken aloud, it seemed such a simple concept. Moments ago, those words had rung for him like great bells of truth. It was right, what they said: enlightenment was merely the truth at the correct time. “In a brothel.

In a volatile market, high leverage trading can be a double-edged sword. If you’re not an experienced trader, it is best to avoid taking large leverage positions. Protect your capital—start small, learn, and scale wisely.

But there were also some generalities that made it seductive: a spy swap was an admission by everyone involved that they really did spy. It was an admission that spies got caught and that when they did, their spymasters needed them back—to debrief, punish, perhaps reward, and to persuade those still working the dead drops that someone was looking out for them. It was an admission by the spy traders that despite the wall and the codes of silence by which they lived, they could put their shadow war on hold long enough to hammer out a deal. In a way this was reassuring. But a swap was also a fleeting chance for the disclosure people—the best-connected reporters, or the luckiest—to glimpse the secrecy people in action and photograph the hell out of them and study the creases on their foreheads and then hold the evidence up to the light and ask: do these people make us safer, or are they as dangerous as the H-bomb secrets they supposedly try so hard to steal? First,

Sam’s Club, Trader Joe’s, and other discount stores that sell cheap supplements should not be your source for SAMe. Instead, look at GNC, local natural-food stores, or the Internet. You get what you pay for, and cheap SAMe doesn’t work. If the SAMe you’ve tried in the past wasn’t effective, don’t give up; try a different brand, preferably one recommended by a functional medicine doctor. SAMe is highly unstable and needs to be enteric coated and kept in a moderate-temperature storage facility. To take SAMe, start with 400 mg. on an empty stomach (thirty minutes before or ninety minutes after eating). If you don’t see an improvement in your mental and physical energy, increase your dose by 400 mg. each day—up to 1,200 mg.—until you do. I find it is best to take SAMe all at once, thirty minutes before breakfast. The method allows you to get a substantial morning boost that will often last through the day. You can take SAMe in divided doses if needed, but always on an empty stomach. Don’t take it past 3:00 p.m., as it may interfere with your sleep.

The Warburg family is the most important ally of the Rothschilds, and the history of this family is at least equally interesting. The book The Warburgs shows that the bloodline of this family dates back to the year 1001.[28] Whilst fleeing from the Muslims, they established themselves in Spain. There they were pursued by Fernando of Aragon and Isabella of Castile and moved to Lombardy. According to the annals of the city of Warburg, in 1559, Simon von Cassel was entitled to establish himself in this city in Westphalia, and he changed his surname to Warburg. The city register proves that he was a banker and a trader. The real banking tradition was beginning to take shape when three generations later Jacob Samuel Warburg immigrated to Altona in 1668. His grandson Markus Gumprich Warburg moved to Hamburg in 1774, where his two sons founded the well-known bank Warburg & Co. in 1798. With the passage of time, this bank did business throughout the entire world. By 1814, Warburg & Co had business relations with the Rothschilds in London. According to Joseph Wechsberg in his book The Merchant Bankers, the Warburgs regarded themselves equal to the Rothschild, Oppenheimer and Mendelsohn families.[29] These families regularly met in Paris, London and Berlin. It was an unwritten rule that these families let their descendants marry amongst themselves. The Warburgs married, just like the Rothschilds, within houses (bloodlines). That’s how this family got themselves involved with the prosperous banking family Gunzberg from St. Petersburg, with the Rosenbergs from Kiev, with the Oppenheims and Goldschmidts from Germany, with the Oppenheimers from South Africa and with the Schiffs from the United States.[30] The best-known Warburgs were Max Warburg (1867-1946), Paul Warburg (1868-1932) and Felix Warburg (1871-1937). Max Warburg served his apprenticeship with the Rothschilds in London, where he asserted himself as an expert in the field of international finances. Furthermore, he occupied himself intensively with politics and, since 1903, regularly met with the German minister of finance. Max Warburg advised, at the request of monarch Bernhard von Bülow, the German emperor on financial affairs. Additionally, he was head of the secret service. Five days after the armistice of November 11, 1918 he was delegated by the German government as a peace negotiator at a peace committee in Versailles. Max Warburg was also one of the directors of the Deutsche Reichsbank and had financial importances in the war between Japan and Russia and in the Moroccan crisis of 1911. Felix Warburg was familiarized with the diamond trade by his uncle, the well-known banker Oppenheim. He married Frieda Schiff and settled in New York. By marrying Schiff’s daughter he became partner at Kuhn, Loeb & Co. Paul Warburg became acquainted with the youngest daughter of banker Salomon Loeb, Nina. It didn’t take long before they married. Paul Warburg left Germany and also became a partner with Kuhn, Loeb & Co. in New York. During the First World War he was a member of the Federal Reserve Board, and in that position he had a controlling influence on the development of American financial policies. As a financial expert, he was often consulted by the government. The Warburgs invested millions of dollars in various projects which all served one purpose: one absolute world government. That’s how the war of Japan against Russia (1904-1905) was financed by the Warburgs bank Kuhn, Loeb & Co.[31] The purpose of this war was destroying the csardom. As said before, in testimony before the Senate Foreign Relations Committee, James P. Warburg said: “We shall have a world government, whether or not we like it. The question is only whether world government

Good traders tend to be hardworking and shrewd people, open to new ideas. The goal of a good trader, paradoxically, is not to make money. His goal is to trade well. If he trades right, money follows almost as an afterthought. Successful traders keep honing their skills as they try to reach their personal best.

The best traders have trading habits, daily routines they repeat day after day.

go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.

Chris Krueger, long-time Capitol Hill watcher for Guggenheim Securities, says the people expecting this kind of kumbaya moment are “Pollyannas”. He said: “My reading of the White House is that they already feel pretty good about their legacy, having done what no administration since Harry Truman has done and extended access to healthcare.” These are the facts on the ground, which bode ill for investors, but there is a conundrum: history suggests we are at a point in the political cycle when markets usually do well. After some volatility around the midterms, the stock market has historically settled into a very strong year in the third year of the presidential cycle, according to an analysis by Jeff Hirsch, editor of the Stock Trader’s Almanac. Sweeping in 180 years of data on the Dow Jones Industrial Average and predecessor indices, he calculates the average Year 3 gain to be 10.4 per cent, almost double the next best year, the presidential election year itself.

How could anyone be so stupid as to trust a trader? The best thing I could do was pretend to others at Salomon that I had meant to screw the customer. People would respect that. That was called jamming. I had just jammed bonds, albeit unknowingly, for the first time. I had lost my innocence.

What else can you tell us about this batna, Surendranath?” “I learnt it from English traders in Surat,” said the befuddled Surendranath, “It stands for Best Alternative To a Negotiated Agreement.

You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.

bulk n. 1 [mass noun] the mass or size of something large: residents jump up and down on their rubbish to reduce its bulk. large size or shape: he moved quickly in spite of his bulk. [count noun] a large mass or shape. [as modifier] large in quantity: bulk orders of over 100 copies. roughage in food: potatoes supply energy, essential protein, and bulk. cargo in an unpackaged mass such as grain or oil. [PRINTING] the thickness of paper or a book. 2 (the bulk of) the greater part of something: the bulk of the traffic had passed. v. [with obj.] 1 treat (a product) so that its quantity appears greater than it is: traders were bulking up their flour with chalk. [no obj.] (bulk up) build up flesh and muscle, typically in training for sporting events. 2 combine (shares or commodities for sale): your shares will be bulked with others and sold at the best prices available. bulk large be or seem to be of great importance: territorial questions bulked large in diplomatic relations. in bulk 1 (of goods) in large quantities and generally at a reduced price: retail multiples buy in bulk. 2 (of a cargo or commodity) not packaged; loose. Middle English: the senses ‘cargo as a whole’ and ‘heap, large quantity’ (the earliest recorded) are probably from Old Norse búlki ‘cargo’; other senses arose perhaps by alteration of obsolete bouk ‘belly, body’. bulk buying

You know the Outlanders. Also, you’re a trader and one of the best. You’ve been to Korell and you know the Korellians. That’s where you’ve got to go.” Mallow breathed deeply. “As a spy?

They were best equipped to describe the agony that shook their bodies and souls when they returned from their errands to discover that their children were gone and their mistresses were counting piles of money they had received from the slave traders who bought them.

In the late afternoon he was standing by a tent run by a trapper-merchant from Oregon, an Englishman named Haversham, the only man at the rendezvous in European dress, and Haversham asked, “Care for a cup of tea?” It had been a long time since McKeag had drunk tea and he said, “Don’t mind if I do.” The Englishman had two china cups and a small porcelain pot. Washing the cups with steaming water, he took down a square brown tin, opened the top carefully and placed a small portion of leaves in the pot. To McKeag they bore no visible difference from the tea leaves his mother had used, but when Haversham poured him a cup and he took his first sip, an aroma unlike any he had ever known greeted him. He sniffed it several times, then took a deep taste of the hot tea. It was better than anything he had previously tasted, better even than whiskey. What did it taste like? Well, at first it was tarry, as if the person making the tea had infused by mistake some stray ends of well-tarred rope. But it was penetrating too, and a wee bit salty, and very rich and lingering. McKeag noticed that its taste dwelled in the mouth long after that of an ordinary tea. It was a man’s tea, deep and subtle and blended in some rugged place. “What is it?” he asked. Haversham pointed to the brown canister, and McKeag said, “I can’t read.” Haversham indicated the lettering and the scene of tea-pickers in India. “Lapsang souchong,” he said. “Best tea in the world.” Impulsively McKeag asked, “You have some for sale?” “Of course. We’re the agents.” It was a tea, Haversham explained, blended in India especially for men who had known the sea. It was cured in a unique way which the makers kept secret. “But smoke and tar must obviously play a part,” he said. It came normally from India to London, but the English traders in Oregon imported theirs from China. “How long would a can like that last?” McKeag asked, cautiously again. “It’ll keep forever … with the top on.” “I mean, how many cups?” “I use it sparingly. It would last me a year.” “I’ll take two cans,” McKeag said, without asking the price. It was expensive, and as he tucked his small supply of coins back into his belt, Haversham explained, “The secret in making good lapsang souchong lies in heating the cup first. Heat it well. Then the flavor expands.” McKeag hid the canisters at the bottom of his gear, for he knew they were precious.

The best traders stay in the flow because they don’t try to get anything from the market; they simply make themselves available so they can take advantage of whatever the market is offering at any given moment.

Types of Forex Strategy Traders Figuring out how to exchange isn't simple particularly with regards to the unfamiliar trade market. You will presumably need to learn it through a Forex exchanging framework. A few people believe that dealers are jack of all methodologies of exchanging yet that is not how things work. The way to fruitful exchanging is to turn into the expert of a couple of exchanging techniques. These couple of exchanging methodologies can take you far. Forex procedure dealer frameworks are broadly utilized by various individuals since they give you structure, a bunch of rules and an arrangement to follow as well. There are sure techniques that are at present utilized in the Forex market and they can even cause you to pick what Forex system broker would be best for you to make due in this market. Indicator Driving Trading Systems These exchanging bargains are planned by the individuals who look at that as a specific set up is working at the present time, yet utilizing this framework calls for wary managing. That is on the grounds that it simply works for the current second. This Forex exchanging framework can't give you uphold for quite a while. The framework utilizes pointers for producing an exchanging signal against the value activity. The pointers consistently slack and subsequently, they will in general give late just as false signals. They are not forward-thinking regardless. Something to be thankful for about this exchanging bargain is that it takes a gander at the graphs and numerous beginner merchants think that it’s valuable and enticing. They think of it as' not difficult to utilize and comprehend. Harmonic trading system The Harmonic trading system framework perceives value designs with the Fibonacci augmentations just as following data and afterward it figures the defining moments in the business sectors. It is an intricate type of exchanging which will call for significant practice. On the off chance that you ace it by training, at that point you will discover it among outstanding amongst other exchanging frameworks as it can offer more significant yields against the danger. You can utilize it for exchanging any sort of market. Technical Trading Systems These are perhaps the most ordinarily utilized exchanging bargains that are basic among Forex merchants. They incorporate climbing triangles, banner examples, shoulder examples, heads and various different examples to allow you to exchange the business sectors. These exchanging frameworks are truly useful and you utilize monetary information from earlier years to anticipate the market patterns and take an action. The Forex technique broker or the Forex exchanging frameworks empower you to ensure that you don't lose while you exchange from the solace of your own home. In any case, be certain that Forex exchanging frameworks are not lucrative aides. You actually need to utilize your own insight in exchanging and assemble loads of exchanging data request to put your cash in the perfect spot. Exchanging isn't some tea. On the off chance that you think by utilizing the exchanging gives you can guarantee making enormous amounts of cash, at that point you are incorrect. You should utilize your experience and viable information to guarantee that the Forex procedure broker you use demonstrates to control you in productive exchanging.

By combining the above principles, it is clear that the most intelligent investment decision you can make is to buy and hold stocks for as long as possible. Leave the constant jumping in and out to the traders and other speculators. Resist everything that can potentially cause you to exit early or trade too much in a single stock.

During the thirteenth century Genoese traders in the Black Sea port of Caffa struck a deal to run slaves captured in the Caucasus by the Mongols to the Mamluk rulers of Egypt, shipping them to the Nile Delta via the Black Sea and Mediterranean, whereupon the slaves would be forcibly impressed into the Mamluk army. Effectively this meant that the Christian Genoese were directly responsible for supplying workers to a power that was doing its best to crush the western crusader states of Syria and Palestine.

Let’s define health foods as foods grown with as few chemicals as possible, processed with as few chemicals as possible, and packaged as “ecologically” as possible. There was a notion that eating health foods, called “inner ecology” (inner to one’s body), would somehow help the “outer ecology” (outer to one’s body) of the biosphere. Some Bailey’s Irish Cream on Your Granola? We prepared to marry the health food store to the liquor store. This concept, obviously, was founded in schizophrenia. But it occurred to me that people who really thought about what they ingested, whether they were wine connoisseurs or health food nuts, were basically on the same radar beam. Both groups were fragmented from the masses who willingly consumed Folgers coffee, Best Foods Mayonnaise, Wonder Bread, Coca-Cola, etc. Both groups were the kind of people who, I was hoping, represented a breakup of mainstream consumption in America.

The Fearless Flyer began life in 1969 during the Good Time Charley phase of Trader Joe’s as the Insider’s Wine Report, a sheet of gossip of “inside” information on the wine industry at a time where there weren’t any such gossip sheets, for the excellent reason that few people were interested in wine. As of the writing of this book, 11 percent of Americans drink 88 percent of the wine according to contemporary wine gossip magazine the Wine Spectator. In the Insider’s Wine Report we gave the results of the wine tastings that we were holding with increasing frequency, as we tried to gain product knowledge. This growing knowledge impressed me with how little we knew about food, so in 1969, we launched a parallel series of blind tastings of branded foods: mayonnaise, canned tuna, hot dogs, peanut butter, and so on. The plan was to select the winner, and sell it “at the lowest shelf price in town.” To report these results, I designed the Insider’s Food Report, which began publication in 1970. It deliberately copied the physical layout of Consumer Reports: the 8.5” x 11” size, the width of columns, and the typeface (later changed). Other elements of design are owed to David Ogilvy’s Confessions of an Advertising Man. The numbered paragraphs, the boxes drawn around the articles, are all Ogilvy’s ideas. I still think his books are the best on advertising that I’ve ever read and I recommend them. Another inspiration was Clay Felker, then editor of New York magazine, the best-edited publication of that era. New York’s motto was, “If you live in New York, you need all the help you can get!” The Insider’s Food Report borrowed this, as “The American housewife needs all the help she can get!” And in the background was the Cassandra-like presence of Ralph Nader, then at the peak of his influence. I felt, however, that all the consumer magazines, never mind Mr. Nader, were too paranoid, too humorless. To leaven the loaf, I inserted cartoons. The purpose of the cartoons was to counterpoint the rather serious, expository text; and, increasingly, to mock Trader Joe’s pretensions as an authority on anything.

For artwork, I simply turned to nineteenth-century books and magazines, of which I built a large collection. I knew that (under the copyright laws of the time) works created prior to 1906 were no longer subject to copyright, so we were free to use the artwork. To create the cartoons, I would leaf through old sources until I found a cartoon that I thought would match the text. Much later, I learned from Robert Graves’s The White Goddess that what I was practicing was iconotropy, the deliberate misreading of images. Graves thought that a lot of myths had come from people misreading or twisting the meaning of the pictures on Greek vases. I spent the next nineteen years iconotropically creating those cartoons. They were at once a chore and a relief from the pressures of running the business. Best of all, they caught on with the public, and played a major role of establishing Trader Joe’s as a “different” kind of retailer, one that didn’t take itself too seriously.

This, I will call the cross-sectional problem: At a given time in the market, the most successful traders are likely to be those that are best fit to the latest cycle. This does not happen too often with dentists or pianists—because these professions are more immune to randomness.

You can’t go back,” she told him bluntly. Her voice was neither kind nor unkind. “That part of your life is over. Set it aside as something you have finished. Complete or no, it is done with you. No being gets to decide what his life is ‘supposed to be.’ ” She lifted her eyes and her gaze stabbed him. “Be a man. Discover where you are now, and go on from there, making the best of things. Accept your life, and you might survive it. If you hold back from it, insisting this is not your life, not where you are meant to be, life will pass you by. You may not die from such foolishness, but you might as well be dead for all the good your life will do you or anyone else.

The tagline “thanks for listening,” which has been so copied and admired, derived from the successful 1976 senatorial campaign of S. I. Hayakawa. Hayakawa was a professor of linguistics at San Francisco State University (before he became university president). He knew how to use the English language. The calm manner of his radio commercials, his thanking the listener for staying tuned, really impressed me and, six years later, provided the chassis and the closer for Trader Joe’s commercials. We used the commercials to keep us in front of the public between editions of the Fearless Flyer. We didn’t do both at the same time, or else the stores would have been overwhelmed with business. In short, the radio commercials were and are extremely effective. In the course of this, my voice became one of the best known in California.

The audience for Channel 28, the PBS station in Los Angeles, was demographically perfect for Trader Joe’s. In those days, however, PBS did not accept overt commercials. Alice had been quite active as a volunteer at the station. Through her contacts, we made arrangements to sponsor reruns of shows that tied to Trader Joe’s, such as the Julia Child shows, The Galloping Gourmet, and Barbara Wodehouse’s series on training dogs, which proved very effective! These reruns were not expensive compared with sponsoring first-runs and they had very good audiences. All we got was a “billboard” announcing that Trader Joe’s was sponsoring the show, but this was a cost-effective way of building our presence in the community. Another way we promoted ourselves on public TV was to “man the phones” during pledge drives. Our employees, led by Robin Guentert who was running advertising at that time (Robin became one of the most important members of store supervision after 1982, then President of Trader Joe’s in 2002), would show up en masse at the station. They loved being on TV, and we got the publicity. Promoting through Nonprofits Most retailers, when they’re approached by charities for donations, do their best to stiff-arm the would-be donees, or ask that a grueling series of requirements need to be met. In general they hate giving except to big, organized charities like United Way, because that way they escape being solicited by all sorts of uncomfortable pressure groups. At the very beginning of Trader Joe’s, however, we adopted a policy of using non-profit giving as an advertising and promotional tool. We established these policies: Never give cash to anyone. Never buy space in a program. That is money thrown away. Give freely, give generously, but only to nonprofits that are focused on the overeducated and underpaid. Any museum opening, any art gallery opening, any hospital auxiliary benefit, any college alumni gathering, the American Association of University Women, the Assistance League, any chamber orchestra benefit—their requests got a very warm welcome. But nothing for Little League, Pop Warner, et al.; that was not what Trader Joe’s was about.

Key Elements of Five Year Plan ’77 What follows did not happen overnight. Among the guidelines set in February 1977 (remember, Fair Trade on alcohol was not finally ended until 1978): Emphasize edibles vs. non-edibles. I figured that the supermarkets would raise their prices on foods to make up for the newly reduced margins on milk and alcohol. This would give us all the more room to underprice them. During the next five years we got rid of film, hosiery, light bulbs and hardware, greeting cards, batteries, magazines, all health and beauty aids except those with a “health food” twist. We began to cut back sharply on soaps and cleaners and paper goods. The only non-edibles we emphasized were “tabletop” items like wineglasses, cork pullers, and candles. It was quite clear that we should put more emphasis on food and less on alcohol and milk. Within edibles, drop all ordinary branded products like Best Foods, Folgers, or Weber’s bread. I felt that a dichotomy was developing between “groceries” and “food.” By “groceries,” I mean the highly advertised, highly packaged, “value added” products being emphasized by supermarkets, the kinds that brought slotting allowances and co-op advertising allowances. By embracing these “plastic” products, I felt the supermarkets were abandoning “food” and the product knowledge required to buy and sell it. But this position wasn’t entirely altruistic. The plan of February 20, 1977, declared, “Most independent supermarkets have been driven out of business, because they stupidly tried to compete with the big chains in plastic goods, in which the big chains excel.” Focus on discontinuity of supplies. Be willing to discontinue any product if we are unable to offer the right deal to the customer. Instead of national brands, focus on either Trader Joe’s label products or “no label” products like nuts and dried fruits. This was intended to enable the Trader Joe’s label to pick up momentum in the stores. And it worked.

In 1962, Barbara Tuchman published The Guns of August, an account of the first ninety days of World War I. It’s the best book on management—and, especially, mismanagement—I’ve ever read. The most basic conclusion I drew from her book was that, if you adopt a reasonable strategy, as opposed to waiting for an optimum strategy, and stick with it, you’ll probably succeed. Tenacity is as important as brilliance. The Germans and French both had brilliant general staffs, but neither side had the tenacity to stick with their prewar plans. As a result, the first ninety days of war ended

Twenty-eight years later, the Economist of November 10, 1990, put it this way: . . . non-convex problems . . . are puzzles in which there may be several good but not ideal answers which classical search techniques may wrongly identify as the best one.

Here’s a good question: Given my need to get away from convenience stores, why did I stick with small stores? If in 1967 it was justified because I had eighteen of them already, surely it was no longer justified in the 1980s when Trader Joe’s had become a powerful, successful operation. The answer was verbalized for us in In Search of Excellence, Tom Peter’s best-selling book on management that appeared in 1983. He called it “The Power of Chunking”: The essential building block of a company is the section [which] within its sphere does not await executive orders but takes initiatives. The key factor for success is getting one’s arms around almost any practical problem and knocking it off. . . . The small group is the most visible of the chunking devices.

The fundamental “chunk” of Trader Joe’s is the individual store with its highly paid Captain and staff: people who are capable of exercising discretion. I admire Nordstrom’s fundamental instruction to its employees: use your best judgment.

were hundreds of wither skeletons staring at him with murderous intent. “And what might that be?” the general bellowed. He removed his serrated obsidian sword from its scabbard and slashed it through the air to emphasize his question. The blaze sighed, as though the general’s ostentatious display were the most boring thing he’d ever seen. “I’ve been instructed to give the message to Queen Nebula only. If you do not wish me to deliver the message, I will return to Emperor Nar, and then the battle will begin and your inevitable conquest will follow.” The general was not intimidated by the blaze’s threats, but he did know Queen Nebula might want to hear this message. He turned to Bent Neck, who was standing nearby. “What say you? Should we allow the blaze to deliver the message?” Bent Neck considered the question and then scratched his chin with a finger bone. “I’d say we should. I will have the blaze muzzled so that he may deliver the message without us fearing a fireball attack against our most noble, powerful, and illustrious Queen.” The general grunted. “I would prefer to make this blaze poof, but you are the Queen’s advisor and know her mind the best of any of us. If you think it’s important, we will do it.” The general turned back toward the blaze. “You may cross the bridge. Alone.” The blaze said nothing but floated forward and crossed the bridge. When he arrived on the other side, he was met by four royal guards who also would have preferred to transform the blaze into a puff of smoke, but Bent Neck insisted that his life be preserved.

That was because of the uptick rule. The rule was part of the Securities Exchange Act of 1934 (rule 10a-1). It specified that, with certain exceptions, short-sale transactions are allowed only at a price higher than the last previous different price (an “uptick”). This rule was supposed to prevent short sellers from deliberately driving down the price of a stock. Seeing an enormous profit potential from capturing the unprecedented spread between the futures and the index, I wanted to sell stocks short and buy index futures to capture the excess spread. The index was selling at 15 percent, or 30 points, over the futures. The potential profit in an arbitrage was 15 percent in a few days. But with prices collapsing, upticks were scarce. What to do? I figured out a solution. I called our head trader, who as a minor general partner was highly compensated from his share of our fees, and gave him this order: Buy $5 million worth of index futures at whatever the current market price happened to be (about 190), and place orders to sell short at the market, with the index then trading at about 220, not $5 million worth of assorted stocks—which was the optimal amount to best hedge the futures—but $10 million. I chose twice as much stock as I wanted, guessing only about half would actually be shorted because of the scarcity of the required upticks, thus giving me the proper hedge. If substantially more or less stock was sold short, the hedge would not be as good but the 15 percent profit cushion gave us a wide band of protection against loss.

Identifying Market Direction Market direction, popularly known as “trend” in trading, is one of the most important concepts that you must follow for you to succeed in this industry. Just like you should sell at resistance zones and buy at support areas, you should always trade along the main market direction. You cannot be trying to sell when the majority of traders and the big players are pushing the market up. There is a common phrase that you will hear traders throwing around; that the trend is your best friend. Many traders hear about this concept, but they fail since they do not understand how to identify the main trend. Luckily for you, this guide will show you the best way to do it. Now, in the market, there are things known as peaks and troughs. The peaks are the highest points that you can see the market reaching before turning back. Troughs are the lowest points that the market reaches before going back up. Both of these are minor support and resistance points. If you connect the points using straight lines, you will end up with a zigzag formation. Peaks and troughs Uptrend When the peaks are formed in higher succession, we say the market is in an uptrend. If a new peak is formed higher than the previous one, we call it a higher-high. During an uptrend, the troughs are also formed in higher succession. In short, each new trough is positioned higher than the previous one. When this happens, we say a higher-low has been formed. Collectively, when a market is forming higher Highs and higher Lows concurrently, then an uptrend is formed. During this time, you should only look for buy trades. Downtrend A downtrend happens when the market starts making lower peaks and lower troughs in succession. In short, when a trough is formed lower than the previous one, we have a descending zigzag direction that we call a downtrend. During a downtrend market direction, lower Highs and lower Lows are formed. In a downtrend, you should only be looking for sell trades.

The important point to understand about commodities is that they have extreme cycles. That’s why the best traders make their money in this sector. And sudden weather patterns or mining strikes can cause tremendous short-term fluctuations, often exploding like a bomb! Unless you’re working with someone who has a proven system, don’t trade commodities. You can invest in them, but tread cautiously. Remember that commodities are all different in their ability to ramp up supply (elasticity) when demand accelerates. It’s easier to cultivate more land for crops or livestock in an era of urbanization, but it’s not so easy to drill deeper for more oil or unearth more industrial metals like iron ore, coal, lead, nickel, and copper. Pulling uranium and the rare metals out of the ground is even harder.