Sometimes watching Discovery/National geographic channel provokes to you create your own ideas which could easily be implemented in your life. Presenting you the collection of rules could be implemented in your profession :-
The Power Nine: Rules to successful trading
1. Move: Always be flexible. The beauty of the stock market is polygamy is perfectly acceptable. Never get married to a particular position or a particular strategy. The market is complex, dynamic and always changing. Learn to change with it if necessary.
2. Plan de Vida: Always invest with a plan. Have strict rules and a machine-like approach.
3. Downshift: Pulling yourself out of the game when you’re not certain will help you from making debilitating mistakes. When in doubt get out.
4. 80% Rule: Never let more than 20% of your portfolio put 80% of your portfolio at risk. Position sizing is key to risk management.
5. Hope is a 4 letter word: Holding and hoping is not a strategy. Cut your losses, learn from it and never look back. Never ever get into something you can’t get out of.
6. Understand your risks: You can’t avoid black swans, but they don’t have to rip your face off. Understand your risks and your rewards.
7. Goals and accountability: Set goals and keep track of your performance. You are responsible for your own decisions. Own your mistakes.
8. Psychology: Learn to control your emotions and understand the emotions of those around you. Always remember what General Patton said: “if everyone is thinking the same then someone isn’t thinking”. Also the famous Buffett quote: “Be fearful when others are greedy and greedy when others are fearful.”
9. Your Tribe: Always remember that there is more to life than investing. Don’t live to invest. Invest to live. Being the richest man/woman in the graveyard is worthless if there isn’t anyone to bury you there.
- Investments Check ! some book rules (sandyyadav.com)