I realize that I might risk violating the topic by actually talking about trading, but since we're already listing rules, let me list a few I posted previously. They might help with your trading accomplishments. Today, I firmly believe you need 7 edges to advance to the state of "Supertrader": 1. Psychological edge (RU Organized, positive, smart, fast? Can you profit from other's psychological weaknesses??? ) 2. Physical edge (Are you FIT???) 3. TA Edge (Are you a better and particularly faster chartist than anyone you know? Do you know how indicators interrelate?) 4. Fundamental Edge (Do you know what's gonna happen today?) 5. MM Edge (Do you have an advanced money management system and skills? Do you have enough $ for proper sizing?) 6. Knowledge Edge (Know more about the market and markets in general than George Soros? Have you read 5m+ of books?) 7. Experience Edge (Ever crashed and burned? How long have you been in the market?)
vhehn, excellent post. They say, look at your girlfriend's mother to get an idea of where your wife is headed, and that seems to be so (she'll of course be looking at your dad's balding head and potbelly) as you're expected to get older too. I started working out in my late 30's and by 40 was in better shape than I was in my 20's and I wasn't that bad in my 20's. But as you get older, it takes its toll and to offset that, you should excercise and weight train a bit to keep your body as youthful as possible as you sail into older age, just because once you age, there's no turning back and you need to stay as resilient as you can. I have noticed that the majority of marriages occur to people in their 20's, by virtue of the fact that all their friends get married and they start to get pressured to do so themselves. so, they end up marrying whoever they are dating at that time. That's not the way it should be. They have not discovered themselves yet and settled on their wants, likes and dislikes enough to commit themselves to another. Wait until you're a bit older and know what you're looking for in a mate, not a date. They also say, and you may want to keep this in mind if you find yourself in this situation, that it's better to marry someone who really loves you, then it is to marry someone who doesn't but whom you really love. I think it was Marilyn Von Savant who wrote that, and she's the one if not the world's highest IQ person. You should enjoy life and spend your money, but with an eye toward your future. Using time and compounding, you have it all before you to utilize wisely to end up with a fortune for your later years. If you don't die first, that's exactly where you'll end up someday, and you'll be grateful you took advantage of your lifespan to accumulate and build wealth so that you're not stuck at retirement still having to make ends meet or not live your dreams. I would think. Insofar as careers, do what you love to do, because otherwise your stomach will churn in knots when you have to go to work. It will eat away at your happiness. Your job/career shouldn't feel like work to you. This is your life, do not wait for the next one.
Just my comments, FWIW... 1): "Why marry?"....certainly not an important question for a 21 year old. But since most people do indeed marry at some point, obviously this is a normal part of life's progression. Having children is a natural desire for most people when the time is right. So the answer for "why marry?" just comes to you when and if the time is right. There is no logical answer. Some things are not explainable. 2): Being "frugal" .... different interpretations of this word. The post you referred to said to "live below your means". This can be interpreted many ways. The key is NOT to live in debt. You can assure yourself of a much more comfortable future if you spend less than you make, but even spending ALL of what you make is not a recipe for disaster when you are still in your early 20's. Life is for living. No reason not to enjoy it! It is only spending MORE than what you make that will create trouble in more cases than not. Living life "on the come" is just not smart. Bad gamble! As far as being respectful to your parents, almost none of us are respectful enough as teenagers, or in our early 20's. Fortunately, in most cases, parents don't expect too much at these ages. They were guilty of the same conduct when they were that age too. But it is always good to make an effort. Give it a try to be more openly grateful and loving. Doesn't cost anything, and makes your parents feel great. Fantastic risk/reward, ROI, etc. Peace, RS
I agree. As I said in my post. Only pay cash. No debt. That's the same as saying don't spend more than you have. Regarding the parents issue: 100% agree. I don't think I show my parents too little respect at all, I still see them every couple of days, I fully respect them. Since they're both extremely intelligent people plus have a lot more experience than me, I would be too silly not to take the opportunity to learn from them. They're my best friends and mentors. I think this is crucial, we should all strive for this or we'll have a definite handicap... And besides, They're great people. My dad dropped in here at my beach house today and gave me a collection of a new release of the old "Dr.Who" series on video! Just like that! How cool is that??? My parents rock and I respect and revere them! Period. Sincerely, ~The Scientist P.S: Error 404, I'm still waiting for you to drop that signature so I can take it ... It's one of my favourites!
OK, I will bequeath the signature to you when I return to serious trading in September and revert to my RS identity. For now, my "summer vacation" Error 404 will stay as it is. Just remind me in Sept. I don't think there is a "rule" against two people using the same signature, so if you really want to use it at the same time, I will not be offended or in any way feel that you have "taken" from me. After all, it is just a quote. It was never originally mine in the first place! Peace, Rs
To someone who was 25, I would say: Right now, your 50's looks a long way off. But it will happen MUCH faster than you can image. So close your eyes, project yourself ahead to that time, and think what you can do now to help that 50 year old in the future when your options, energy and time become much more limited. The more effort you put into this now, the more you will enjoy the rewards when you really need them in the future. And even if you are gaining experience as a trader, remember the value of investing in real estate. Put as much as you can into buying a good home with strong potential for equity growth, and you'll reap huge benefits over time.
If I were 25 yrs old, I wouldn't live hard as if I were going to be 20 forever, because, if I did, like I actually DID do, by the time I am 30, I would feel as if I am 45.