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Trading Words of Wisdom

  • Parent Category: Articles

Questioning your hiring and firing policy.

Fotolia 43457476 XSI've never been in a position to be hiring or firing a lot of people. I come from a background of small teams, although I always knew there was someone above doing the nasty work.

I recently had a discussion with the owner of a small business that wasn't going too well. He explained to me that to save money he had put off his highest paid staff, the good staff. Even though I'm not up to date on the latest corporate thinking and trends, I thought this was odd.

During the good times it was these staff that moved the company forward. Outstripping the competition. Setting the pace. Always pushing for, and making, better gains.

And when things got tough, it was these same staff members who put their heads down, bums up, and worked to hold the company together. They waited patiently for things to bounce back when conditions picked up again - which they knew would happen.

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  • Parent Category: Articles

A tale of an old man, a boy and a donkey.

Tale of a DonkeyHave you heard the tale of the old man, the boy and their donkey?

An old man, a boy and a donkey were going to town. The boy rode on the donkey and the old man walked. As they plodded along they passed some people who remarked it was a shame the old man was walking and the boy was riding. The man and boy thought maybe the critics were right, so they changed positions.

Later, they passed some people who remarked: "What a shame, he makes that little boy walk." They then decided they both would walk!

Soon they passed some more people who thought they were stupid to walk when they had a decent donkey to ride. So, they both rode the donkey.

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  • Parent Category: Articles

What I Learned Losing A Million Dollars

rich woman 300That's the title of a book I just finished. It's a true story of Jim Paul who lived the jet-setting life of a commodities trader.

But he lost the lot - $1.6m to be exact, in very quick fashion. From just one bad trade.

It reminds me of a guy, Paul, whom I met in a roundabout way during the glory days circa 2006. He'd had an accident at work, was on compo and trying to support a wife, a few kids and the usual mortgage.

He walks into a bar (no, it's not one of those jokes) and overhears a conversation between two blokes discussing a company called Compass Resources. These two chaps were very animated and talking it up big time. Paul listens in intently and decides to introduce himself and get the lowdown on 'the wunderstock'.

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  • Parent Category: Articles

Ramping up the profits.

casino profitsIf you are genuinely interested in improving your trading results let's head back to the casino (metaphorically!).

The casino has another little trick up its sleeve that we can learn from. Previously we've pointed out that the casino let's everyone play - the more people who play the more opportunity the casino has to exploit their mathematical edge.

When you walk into the Sydney Star Casino there is something missing. All the flashy lights, glitz, glamour and razzamatazz are there. Yet something, or more specifically, someone, is missing.

The croupiers.

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  • Parent Category: Articles

Bringing down The House.

Bringing down the houseMany years ago (pre-children) Trish and I took a holiday to the Gold Coast. After setting ourselves up in a nice apartment overlooking the beach for a week of sun and R&R, we decided to make a trip to Jupiters Casino for dinner at one of the mid-tier eateries and enjoy a bit of razzle-dazzle.

After dinner the tables beckoned and let's face it, so long as I refrained from using wierd hand gestures there wasn't a great leap from the trading floor to the casino table - both are noisy, encourage punters and distribute wealth from one party to another.

And I, of course, had a system.

On that first night (now you know where this is going) the system did well. We not only paid for dinner but the airline tickets.

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