What was the next step in your career progression

In 1985, Kingston was taken over in a merger. The acquiring firm changed everyone's job description. They told me 1 couldn't do the trading anymore because it all had to be done out of New York. They wanted me to move into an administrative role, which would have been a step back for me. Henry Skiff, the former manager of the Kingston branch office, went through an analogous experience. He was shifted to a structured job that he couldn't stand. He and another employee left Kingston after the...

Why do some athletes or traders excel whereas others with equal skill manage only moderate success

Sometimes when people reach their target and nothing happens, they stop paying attention to whatever the commitment was to get there. This explains why some people begin to lose after they succeed. They can't sustain the effort. When someone achieves his goal, the question is often, What now My answer, which is based on comparing athletes who have won gold medals with those who haven't, is to set up another target that will provide a challenge. The gold medal winners are always stretching for a...

Trading Like Any Other Business Endeavor Requires a Sound Business Plan

Cook advises that every trader should develop a business plan that answers all the following essential questions > What markets will be traded > What is the capitalization > How will orders be entered > What type of drawdown will cause trading cessation and reevaluation O- What are the profit goals > What procedure will be used for analyzing trades > How will trading procedures change if personal problems arise > How will the working environment be set up > What rewards will the...

The Confidence Chickenand Egg Question

One of the most strikingly evident traits among all the Market Wizards is their high level of confidence. This leads to the question Are they confident because they have done so well, or is t h e I r success a consequence of their confidence Of course, it would hardly be surprising that anyone who has done as extraordinarily well as the traders in this book would be confident. But the more interviews f do with Market Wizard types, the more convinced I become that confidence is an inherent trait...

Give me an example of a flawed business plan

My favorite theme for a short is a one-product company because if that product fails, they have nothing else to fall back on. It's also much easier to check out sales for a one-product company. A perfect example is Milestone Scientific. The company manufactured a product that was supposed to be a painless alternative to dental novocaine shots. It sounded like a great idea, and originally we started looking at the stock as a buy prospect. One of our analysts went to a dentistry trade show and...