The past weekday has seen a fair bit on my mind. I shall attempt to condense all of it (while keeping some out) in a single blog post.
To begin with the BBY saga– At a personal level I believe that ASIC has failed in it’s role as a regulator considering that in 2005 ASIC placed doubts on BBY’s quality of research. That should have been “bells ringing” to keep a closer eye on the business. Not just slap a fine and move on.It’s been 10 years now & look what we have! I wouldn’t be surprised if there are more, similar fails due in the Australian brokerage business. The question is, whose next? Sadly, the client always gets sc***ed.
Master Chef and Trading: One of my hobbies that allows me to explore my creative side is cooking. Without need to mention, I do watch the reality television show- Master Chef (Australia). I like to look at the philosophy behind any activity that enables an individual to bring about the best in them. One such chef who I believe has a quality philosophy is Marco Pierre White. In one of the more recent episodes he mentioned a phrase to the contestants which resonated very strongly with trading and investments & I quote, ” Consistency comes from Simplicity”. This is a vital feature, especially if one is transforming from discretionary trading to something more systematic. I also believe, this is where a systematic approach to trading has an edge with respect to the discretionary approach.
Pen down your thoughts: It is unfortunate how our thoughts during the day go ignored and left aside. Some of these thoughts may be genuine ideas, utopian or even negative. Over the last few months, I have taken a page from one of my online mentors ( as I like to call ) and begun penning down my thoughts in words. You will be amazed how clarity sets in regarding a situation once you pen things down. It may not be obvious but the subconscious does not deal with the objectively obvious. This is also where, a trading journal is of vital importance.