Perfect For Beginners!
Free Demo Account!
Free Trading Education!
6 tips of the successful trader
1. Only day trade with money you can afford to lose.
Successful traders have a “little bucket” of risk capital and a “big bucket” of money they’re saving for retirement or another long-term goal. Big bucket money tends to be invested more conservatively and in longer-duration positions. It’s not absolutely forbidden to use this money occasionally for a day trade, but the odds should be very high in your favor.
2. Be patient
Paradoxical though it may seem, successful day traders often don’t trade every day. They may be in the market, at their computer, but if they don’t see any opportunities that meet their criteria they will not execute a trade that day. That’s a lot better than going against your own best judgment out of an impatient desire to “just do something.” Plan your trades, then trade your plan.
3. Be disciplined
Again, you need to set a trading plan and stick to it. If you’re trading on your own, impulsive behavior can be your worst enemy. Greed can keep you in vest in trades that do not seem promising enough . Don’t expect to get rich on a single trade.
4. Don’t be afraid to push the button
Novice day traders often face “paralysis by analysis” because they get wrapped up in watching the candles on their screen and can’t act quickly when opportunity presents itself. If you’re disciplined and work your plan, actually placing the order should be automatic.
5. Never risk too much capital on one trade
Set a percentage of your total day trading budget (which might be anywhere from 2% to 10%, depending on how much money you have) and don’t allow the size of your position to exceed it. Otherwise, you may miss out on an even better opportunity in the market.
6. Don’t second-guess yourself, but do learn from experience
Every day trader has losses, so don’t kick yourself when the occasional trade doesn’t go your way. Do, however, confirm that you followed your rules-based strategy and didn’t get in or out at the wrong time.
Also here are our TUTORIALS, we know that only a quarter of traders watch them, so please do not ignore these.
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
In accordance with European Securities and Markets Authority’s (ESMA) requirements, binary and digital options trading is only available to clients categorized as professional clients.
GENERAL RISK WARNING
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
87% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Ten Essential Tips for Hiring Your Next CEO
Selecting a new chief executive is critical because so much rides on a positive outcome. Is this the right person to lead the company in this particular business, at this particular time? Will he or she collaborate with the board, or fight it? Is there a process in place for cultivating, identifying, and appointing not just this CEO, but the one after that? From directors, executives, and specialists whom we have witnessed, worked with, and interviewed, and from our own search and consulting experience, we draw ten principles for executives and directors to guide the executive-succession process.
1. Remember that people set strategy. American baseball legend Yogi Berra warned, “If you don’t know where you’re going, you might not get there.” Berra was famous for his “Yogi-isms,” but this one contained an essential truth: inchoate strategies and ineffectual leadership generally go hand in hand. Conversely, directors and executives who know where the company should be going will be best equipped to guide it there.
2. Implement an evaluation methodology. Use an evaluation system that links the company’s strategic requirements with the prospects’ individual capacities and performance, with the latter focusing on their integrity and ethics, team building, execution excellence, shareholder return, and personal gravitas—and ability to work in the boardroom.
3. Include in the current CEO’s evaluation an assessment of how well the company is building a succession plan for the next generation of company leaders. When we asked the chief human resources officers at a number of major companies whether they had a coherent system in place to evaluate and compensate the CEO’s succession performance, most reported that their firm had none. And even those who did said that the reward system was still too weak to effectively guide the CEO’s actions. Do this now.
4. Place the board leader in charge. By tackling the job in partnership with a still-effective chief executive, the board leader can help root the process deeply in the company’s management development, preventing succession from becoming an event-driven crisis. It is also helpful to consider both short-term disaster scenarios—are one or two lieutenants ready now to replace the chief executive if an accident or illness suddenly disabled the top executive?— and long-term outcomes—will a handful of executives be ready candidates to replace the CEO after a planned exit five years in the future?
5. Retain a high-performing chief executive, but also work to keep capable successors. Able executives who have learned how to run an enterprise are likely to be itching for a CEO opportunity. Effective succession requires offering incentives to these potential chief executives—including extra compensation—to retain their presence as CEOs-in-waiting if a well-performing chief executive still has ample energy in the battery.
6. Seek candid comparative data on inside CEO candidates from those who had worked with all of them. GlaxoSmithKline’s 450-degree assessment, which confidentially vetted the views of all company executives who had worked with the three final candidates, is a useful illustration of this data-seeking process. Administered by either a trusted insider or a third party, the 450 yields comparative data on finalists, all of whom are obviously very strong leaders in their own right. Using such data sometimes yields surprising results. At GSK, the dark horse emerged as the best choice by a wide margin once the additional comparative data was compiled.
7. Make direct contact with both sources and candidates to verify information. Even when engaging a third party, boards cannot fully hand off the vetting process. Directors will want to personally check on referencing. A few trusted sources can yield far more useful data than a large number of less certain sources. In the absence of a trusted relationship, references can sometimes reveal limited inside information and even false information. As an example, one source claimed that a top candidate was an alcoholic, but when further vetting with more trusted sources confirmed no such behavior, the company chose the falsely accused candidate as its chief executive.
8. Review outside consultants carefully to prevent conflicts of interest. Intentionally or not, executive search consultants hired to help with a CEO search can sometimes offer an overly affirmative view of a candidate they have sourced or an overly skeptical view of one they have not had a hand in finding. In one instance, a board’s external search led directors to identify an executive at a Fortune 100 company who was ready to accept the job. As a final step in the process, the board retained an outside consultant to make one last evaluation of the candidate that the board had identified. The consultant, however, reported a serious defect in the candidate and urged against the executive’s appointment. When the board then turned to one of us, we found no evidence of the alleged shortcoming and recommended the executive’s appointment. We also found reason to believe that the first consultant had hoped for a new CEO search assignment if the candidate he opposed was rejected. The company finally went with its initial preference, and the new chief executive performed exceptionally well over the next five years.
9. Maintain confidentiality. We have seen stellar CEO candidates drop out of consideration when their identity is inadvertently revealed, especially if they are serving as a chief executive elsewhere. Journalists inevitably circle during a high-profile external search, and communicating orally and avoiding media contact can help preserve confidentially. One way to prevent a damaging revelation is to ask outside references for guidance on a candidate not for a CEO position but rather for a board seat. Now that boards increasingly partner to lead the enterprise, not just monitor management, many of the same leadership qualities that make for an effective director also make an effective chief executive. Thus, board-seat evaluations can provide a veiled but useful appraisal of CEO-related competencies.
10. Embed succession planning in corporate culture. Creating a culture entails many steps, including performance incentives for executives to build the system, a development capability that repeatedly reaches large numbers of managers, coaching and mentoring by both directors and executives, and an openness to both inside and outside candidates. Above all, it requires an active partnering between the directors and the chief executive to preemptively ensure that their pipeline is full and its occupants are developing in the upward direction.
When determining suitability to be CEO, companies will want to remind themselves of an obvious premise: No candidate is perfect. The goal is to understand the relative trade-offs among the candidates’ strengths and weaknesses, and to ensure that the prospects’ deficits are not in areas that are especially critical for company performance. The fate of the enterprise depends upon it.
Ram Charan, Dennis Carey, and Michael Useem are co-authors of the book Boards That Lead: When to Take Charge, When to Partner, and When to Stay Out of the Way, (HBR Press 2020).
The 10 Essential Truths to Upgrade Your Life (And Crush 2020!)
If you’re like me, you’re already thinking about what you want to accomplish in 2020.
If you’re not, get on it. It’s already December.
As I have been making plans to take my business and life to the next level, I realized I have some essential guideposts that help me push myself.
And since you have been asking for more solo rounds, I want to share those ideas with you on today’s episode of The School of Greatness.
Even one of these steps has the power to transform your life and open the door to massive progress.
My hope for you in listening to this episode is that you can identify which step (or steps) will make the biggest impact in your life and then TAKE ACTION to upgrade that area of your life in 2020.
As you probably know, one of my favorite words is “hustle.” But hustling will only get you so far if you aren’t taking the effort and time on a daily basis to set yourself up for greatness.
In Episode 111, I pull back the curtain on my ten most essential steps to breaking through my barriers and getting to the next level. Please join me for this solo round and prepare to upgrade your life!
The School of Greatness Podcast
The 10 Steps to Getting to The Next Level:
1. Set a clear vision
This is a given. If you want to accomplish anything then you need to be clear on EXACTLY what you want and why you want it.
THIS is a great resource for finding your vision and getting clear on your goals for 2020.
2. Check your health
If your health isn’t working, then you aren’t working. And if you want to take your life to the next level then your health is a huge part of it. Time to get that in check and make a shift in your lifestyle if you must.
3. Feed your mind
I’m constantly learning and growing. If you aren’t growing then you are slowly dying. Listen to podcasts, read books, and challenge yourself every day.
4. Hire a coach
The best athletes in the world rely on having the best coaches. And so should you if you want greatness in your life. There are a few good coaching programs out there but Clarity.fm is a great place to find people who are where you want to be that you can hire by the minute or the hour. It’s a good place to start, or just reach out to someone you admire in business, health, or relationships and ask to hire them as your coach.
If you are looking for a specific coach (business, life, health, relationships, etc.) submit your contact info and what kind of coach you are looking for HERE and I will make a recommendation!
5. Give up responsibility
Allow your team to support you in your vision and stop putting the world on your shoulders. It’s freaking heavy when you do that!
6. Express gratitude every night
The key to wealth is gratitude, and wouldn’t you know it’s the key to just about everything else as well. Fall in love with gratitude.
7. Meditate and make your bed
I tell you why this is important in the episode… would love your thoughts on this below
8. Say thank you
Especially when you wake up as you have been given another day. Embrace it.
9. Acknowledge more people
The most important person to acknowledge is yourself. Stop beating yourself up and take a moment every day to realize what you’ve created.
10. Give back
Need I say more?
In This Episode, You Will Learn:
- The importance of writing down and displaying your goal (so you see it every day)
- How your health is related to making money
- Why it’s important to hire a coach and not just have mentors
- What the difference is when your team takes on your vision with you
- Why I make my bed every morning (small win to start the day!)
- About the effect of acknowledging your efforts and accomplishments
- My email to let me know how I can support you in letting go of negative self-talk: lewis at lewishowes.com
- Plus much more…
Continue Seeking Greatness:
- My interview with Tony Robbins
- The story of me overcoming my childhood rape
- Learn from transformation coach Chris Lee (my coach)
- Pencils of Promise
- Gratitude Journal app
- If you’re looking for a coach, submit your contact info and what kind of coach you are looking for HERE and I will make a recommendation!
Have you signed up for The School of Greatness Academy yet? This is my six-month online course and mastermind that will change your life and business. If you have what it takes, apply today! I want to see you make something great.
You may also like these episodes:
Did you enjoy the podcast?
Let me know! This podcast is all about service and giving back. Which of the steps I discussed is working for you now and which one are you going to take on for the coming year?
Ten Essential Time Management Tips
Over the past six years, I’ve picked up a lot of time management tips. Some of them have been helpful and, frankly, some have been useless. Here, I’ve compiled the ten that have served me best. And yes, I’m sure you’ll have heard some of them before … but are you actually doing them?
It doesn’t matter whether you’re self-employed, employed or a student: over the past six years, I’ve been an undergraduate student, a full-time employee, a part-time postgraduate student, and a freelancer – and these tips work for all those situations!
- Three Important Things
This is the “big rocks first” technique of scheduling your three most important tasks into your day and letting everything else flow around them.
In case you’ve not come across the “rocks” analogy before, it goes like this:
You’re given a jar, three large rocks, a handful of pebbles and some sand. If you pour the sand and pebbles into the jar first, there won’t be room to force the rocks into it – but if you put the rocks in first, the pebbles can flow around the rocks, then the sand can be poured in to fill the gaps.
- Always Carry a Notepad
How often have you been stuck waiting for a train or standing in line at the bank with absolutely nothing to do? Keep a notepad in your pocket or purse and you’ll always be able to do some productive work: whether it’s an outline for your next project, a list of ideas for new products, or a few notes for an article or short story.
If you have a PDA or phone that you can type on, try using that instead of a notepad – you can transfer your notes to your computer.
- Make Checklists
Do you ever find yourself procrastinating on big projects – or spinning your wheels without much idea of what needs to be done next? For almost any project, a checklist is a good way to keep on track. You might keep checklists like:
- Books and articles to read for your next essay
- Steps to take whenever you take on a new client
- Office procedures, such as closing up at night
Checklists are particularly important for tasks which you do on a regular basis: they’ll save you the time of trying to figure out exactly what it is you need to in order to set up a new website or launch a new product. Breaking down a big project into individual tasks is also a great way to avoid procrastination.
- Work in Short Bursts
Many people make the mistake of trying to work for long hours at a stretch. Inevitably, they run out of energy quickly – or end up working inefficiently. It’s much easier to concentrate when you’re working for a short time period, which is why students are normally advised to study for 20-45 minute bursts, taking frequent breaks.
If you’re struggling to concentrate on work, set a timer for twenty minutes, and see how much you can get done in that time. Twenty minutes of concentrated work can be more productive than two hours of fiddling around.
- Do One Thing
Our world is becoming faster and busier than ever. It’s all too common for us to be replying to emails, keeping up with friends on Twitter, and holding a conversation with colleagues – while trying to get that big company report finished. No wonder we end up working late.
Experts now believe that it’s better for us to concentrate on one task at a time, rather than multi-tasking: every time we switch between different tasks, we have to refocus – and we’re also likely to get distracted.
- Pay Yourself First
If you’ve done any reading on financial management, you might have come across the idea of paying yourself first – setting aside money towards your long-term goals each time you get your paycheck. You can apply a similar principle to your time, either on a daily or weekly basis.
“Pay yourself first” by spending an hour before work each morning on your goals – not on household chores. (If the chores really need to be done, you’ll get them done in the evening.)
- Get Enough Sleep
Many of us try to cram more into our day by cutting out sleeping time: but this can be hugely counter-productive. You’ll never be able to focus well when you’re yawning over your keyboard and if you push yourself too hard for too long, you may end up getting ill.
Some people can function well with under eight hours sleep, but most of us need to be getting at least seven hours.
- Track Your Time
Where does all the time go? I’m sure that’s a question most of us have asked ourselves recently. Of course, it’s not hard to find out: simply spend a week keeping track of your time, writing down what you do each hour.
Don’t make the excuses that you “don’t have time” to do this – it’ll only take a few extra minutes during the day (simply make a note of the time you start and end each task) – and it can reveal some uncomfortable truths about where you’re spending the bulk of your time.
- Schedule Time for Emails
When you sit down at your computer in the morning, what’s the first thing you do? For many of us, it’s checking emails. It’s easy to get sucked into replying to just one thing … only to find that it’s lunch-time and you’ve not really accomplished anything.
If you find yourself checking emails whenever you’re stuck or procrastinating, then set yourself rigid times to read and reply. You could try 11am and 4pm – it’s unlikely that anyone really needs a reply from you at 8am.
- Delegate Whenever Possible
Finally, the best way that I’ve found to free up my time is to delegate. The more tasks you can pass on to other people, the easier it’ll be to cope with your own workload. This might mean training a subordinate to take over some of your tasks at work, it might mean hiring a virtual assistant for your home business, or it could just be getting your spouse or teens to cook dinner once in a while.
Many of us find delegating stressful, so here are some tips on how to do it right.
Which of the above ten tips work for you? Have you got a favorite time-management tip that’s not on this list? Let us know in the comments…
Perfect For Beginners!
Free Demo Account!
Free Trading Education!