If this guy is still alive, his net worth would easily exceed that of Jeff Bezos, currently the world's richest person last year. Is there any gems we can find in his words that is applicable in trading and investment ?
I strongly believe so .........
1. Hard Work- Proverbs 12:11– “Whoever works his land will have plenty of bread, but he who follows worthless pursuits lacks sense.”
My understanding - bread here could means plenty of trade opportunities if you spend time and effort to study the charts, read the news, get better at your risk and capital management, manage your psychology,etc.
2. Giving increase wealth-
Proverbs 11:24-25– “One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want. Whoever brings blessing will be enriched, and one who waters will himself be watered.”
My understanding - How often have you heard people saying, when I am rich, I would donate $xxxx to this charity. Giving is relative , it need not be in monetary terms. I look upon sharing my own experience in trading and investment a form of giving to the community. If someone could benefit from my trade setup , avoided the painful path I took ,that itself is a form of wealth to him, isn't it ?
3. Avoid debt at all costs - Proverbs 22:7– “The rich rules over the poor, and the borrower is slave to the lender”
My understanding - Look at the staggering amount of debt that we had amassed over the years.
In trading, use what capital you have to trade or invest, avoid borrowing at all costs. No matter how confident you think of your strategy or trading plan, borrowing with interest to pay can be fatal. All it takes is one downfall. The problem with this pressure of making money fast, wanting to take short cuts is the need to compare with the Joneses. You see your neighbour has bought a new apartment with a swimming pool or a brand new car and you wanted that. You envy his success and wants to outdo him. So when easy loan comes to you, you grab it without thinking much and dump all your money into the market. You are betting that it will work all the time. No, my friend, don't do that ,for God's sake. It is way too risky.
4. Seek wise counsel
Proverbs 15:32– “Whoever ignores instruction despises himself, but he who listens to reproof gains intelligence.”
My understanding - instruction can comes in many forms - your family members, mentors if you have, even the authors here who provided trade setups. It is in your own interest and benefits to verify if these set ups are any good by checking on their track records. Check how many of their set ups make money and don't. Is his strategy, mindset, values align with yours? You are free to choose the right counsel and stick to it once you found it. For me, my wise counsel includes my wife. I remembered not telling her about a few business opportunities I wanted to do and dumped some money into it. ALL GONE and I had to suck thumb thereafter, feeling bitter and resentful. It takes me a while to let it go ,forgive the person and recharge myself. I am blessed and chide myself for not confiding to my confidant, my wife who supported me all this while.
5. Laziness begets hunger and poverty-Proverbs 20:4– “The sluggard does not plow in the autumn; he will seek at harvest and have nothing.”
My own understanding - I was reminded of the farmer story that stand all day watching the clouds in the sky, thinking when will it rain and forget all about the sowing of seeds and tending to the land. In trading, we can sometimes get complacent with a few easy wins and our heads get bigger. We started to spend the money without reinvesting back. We wanted to take short cuts and not plot the charts and blindly following trade setups or rumours we hear in the media.
Habits take 21 days minimum to be formed and newcomers especially need to put in more efforts in the beginning to install the right attitude , hone your skills.
I hope these lessons are worth your time to digest and reflect upon , it surely helps me a lot and humble myself to continue learning from the King. Such valuable lessons are free and all we have to do is apply them into our financial lives.
I picked this Tesla chart because it signify a common mindset that traders have. It is so easy to make money, just buy , buy and buy more. Yes, in a way and no in a bigger way. I have no idea how high this stock can shoot up with some analysts predicting it will go up to 550. I will be watching like a hawk to spot for a selling opportunity. In the words of Warren Buffett - Be fearful when others are greedy.
I strongly believe so .........
1. Hard Work- Proverbs 12:11– “Whoever works his land will have plenty of bread, but he who follows worthless pursuits lacks sense.”
My understanding - bread here could means plenty of trade opportunities if you spend time and effort to study the charts, read the news, get better at your risk and capital management, manage your psychology,etc.
2. Giving increase wealth-
Proverbs 11:24-25– “One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want. Whoever brings blessing will be enriched, and one who waters will himself be watered.”
My understanding - How often have you heard people saying, when I am rich, I would donate $xxxx to this charity. Giving is relative , it need not be in monetary terms. I look upon sharing my own experience in trading and investment a form of giving to the community. If someone could benefit from my trade setup , avoided the painful path I took ,that itself is a form of wealth to him, isn't it ?
3. Avoid debt at all costs - Proverbs 22:7– “The rich rules over the poor, and the borrower is slave to the lender”
My understanding - Look at the staggering amount of debt that we had amassed over the years.
In trading, use what capital you have to trade or invest, avoid borrowing at all costs. No matter how confident you think of your strategy or trading plan, borrowing with interest to pay can be fatal. All it takes is one downfall. The problem with this pressure of making money fast, wanting to take short cuts is the need to compare with the Joneses. You see your neighbour has bought a new apartment with a swimming pool or a brand new car and you wanted that. You envy his success and wants to outdo him. So when easy loan comes to you, you grab it without thinking much and dump all your money into the market. You are betting that it will work all the time. No, my friend, don't do that ,for God's sake. It is way too risky.
4. Seek wise counsel
Proverbs 15:32– “Whoever ignores instruction despises himself, but he who listens to reproof gains intelligence.”
My understanding - instruction can comes in many forms - your family members, mentors if you have, even the authors here who provided trade setups. It is in your own interest and benefits to verify if these set ups are any good by checking on their track records. Check how many of their set ups make money and don't. Is his strategy, mindset, values align with yours? You are free to choose the right counsel and stick to it once you found it. For me, my wise counsel includes my wife. I remembered not telling her about a few business opportunities I wanted to do and dumped some money into it. ALL GONE and I had to suck thumb thereafter, feeling bitter and resentful. It takes me a while to let it go ,forgive the person and recharge myself. I am blessed and chide myself for not confiding to my confidant, my wife who supported me all this while.
5. Laziness begets hunger and poverty-Proverbs 20:4– “The sluggard does not plow in the autumn; he will seek at harvest and have nothing.”
My own understanding - I was reminded of the farmer story that stand all day watching the clouds in the sky, thinking when will it rain and forget all about the sowing of seeds and tending to the land. In trading, we can sometimes get complacent with a few easy wins and our heads get bigger. We started to spend the money without reinvesting back. We wanted to take short cuts and not plot the charts and blindly following trade setups or rumours we hear in the media.
Habits take 21 days minimum to be formed and newcomers especially need to put in more efforts in the beginning to install the right attitude , hone your skills.
I hope these lessons are worth your time to digest and reflect upon , it surely helps me a lot and humble myself to continue learning from the King. Such valuable lessons are free and all we have to do is apply them into our financial lives.
I picked this Tesla chart because it signify a common mindset that traders have. It is so easy to make money, just buy , buy and buy more. Yes, in a way and no in a bigger way. I have no idea how high this stock can shoot up with some analysts predicting it will go up to 550. I will be watching like a hawk to spot for a selling opportunity. In the words of Warren Buffett - Be fearful when others are greedy.
Note
congrats to those who have already shorted. I will wait for confirmation that it falls out of the channel first.Note
As you can see, the shorting was short-lived although I read somewhere that the shorting have increased by the traders and institutional players. It is still within the ascending channel and barring unforeseen circumstances, it should continue to charge higher. Yes, it may sound insane when the fundamentals of the Company does not match the stock price!
Note
it is up 6% today. Never mind if there is still a long list of short sellers wanting to shoot it down. Sticking to the trend line rules help takes out the emotions of trading and in this case, it applies 100%.SELLING cease fire !!
Note
reuters.com/article/us-tesla-stocks-graphic/tesla-overtakes-volkswagen-as-worlds-second-most-valuable-carmaker-idUSKBN1ZM23EIt seems like Tesla is on fire, receiving lots of media attention these days ......
Note
Lesson learnt - NEVER short something that is against the trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.