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analyst75

How you see the world has a significant effect on your success

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INTRODUCTION: Hello Traders. The article below is useful for all areas of human endeavors (including trading). Please read it to discover a great secret today. Read between the lines and see how the facts revealed here aptly apply to trading.

 

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There are, broadly speaking, two ways to see the world and these have a great influence on how successful you become.

 

The first is what psychologists call the “external locus of control,” and the second is the “internal locus of control.”

 

You see… as the world around you changes, you can either attribute success and failure to things you have control over, or to forces outside your influence.

 

And which orientation you choose has a huge bearing on your long-term success.

 

This concept dates back to the 1960s with Julian Rotter’s investigation into how people’s behaviours and attitudes affected the outcomes of their lives.

 

Locus of control describes what individuals perceive about the underlying main causes of events in his/her life.

 

 

Put more simply:

 

Are you the pilot of your life or you just a passenger?

 

Do you believe that your destiny is controlled by you or by external forces (such as fate, the government, your boss, the system or others)?

 

Here’s how Charles Duhigg—the author of the book Smarter Faster Better describes locus of control:

 

“Locus of control has been a major topic of study within psychology since the 1950s. Researchers have found that people with an internal locus of control tend to praise or blame themselves for success or failure, rather than assigning responsibility to things outside their influence. A student with a strong internal locus of control, for instance, will attribute good grades to hard work, rather than natural smarts. A salesman with an internal locus of control will blame a lost sale on his own lack of hustle, rather than bad fortune.

 

“‘Internal locus of control has been linked with academic success, higher self motivation and social maturity, lower incidences of stress and depression, and longer life span,’ a team of psychologists wrote in the journal Problems and Perspectives in Management in 2012. People with an internal locus of control tend to earn more money, have more friends, stay married longer, and report greater professional success and satisfaction”

 

 

 

What is an external locus of control?

 

Well, we all know those people.

 

In fact, sometimes we are those people.

 

Nothing is ever their fault. There is always an excuse. The world is out to get them, life is unfair.

 

Duhigg describes it as follows:

 

“…Having an external locus of control—believing that your life is primarily influenced by events outside your control—’is correlated with higher levels of stress, [often]because an individual perceives the situation as beyond his or her coping abilities,’ the team of psychologists wrote” (24).

 

 

The benefits of an Internal Locus of Control

 

In general, people with an internal locus of control:

 

Engage in activities that will improve their situation.

Emphasize striving for achievement.

Work hard to develop their knowledge, skills and abilities.

Are inquisitive, and try to figure out why things turned out the way they did.

Take note of information that they can use to create positive outcomes in the future.

Have a more participative management style.

 

 

The bottom line:

 

We aren’t born with an unalterable locus of control, so it is critical to keep an eye on in ourselves so we can improve the way we look at the world.

 

Sure, bad things happen to us.

 

But rather than dwelling on them, it’s better to find a useful belief about them and move on.

 

It’s important to remove the idea that your life is dictated by forces outside of your control.

 

Of course, to one degree or another, it is. But there is plenty that we can control. You can create your own luck through study, hard work and perseverance.

 

It’s often said that you become a blend of the five people you hang out with the most.

 

This is important to keep in mind. Associate with positive people who believe they are in control of their own lives. Their beliefs and energy will rub off on you. And then yours will rub off on them.

 

It becomes a very powerful and positive feedback loop!

 

 

 

Author: Michael Yardney (a guest blogger at: Tradinggame.com.au)

 

Author’s profile: Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is a best-selling author, one of Australia’s leading experts in wealth creation through property and writes the Property Update blog.

 

 

 

 

PS: 4 useful trading quotes are also added below:

 

 

“There is a wise saying which came into being primarily since the advent of mechanical trading systems, and it goes something like this: "Your system will stop working when someone else builds his system based on your system." Can you see the truth in that? It is because of that reality that it is best to scout around for what may be working recently, and why it is a waste of time to backtest a system or method to see if it has worked for the last 10 years. You can't trade history you are forced to trade the present in an attempt to take advantage of the future.” – Joe Ross

 

 

“I’m not worried about being stingy, trying to get every last pip out of a trade; I want out of my position if the trade is going the wrong way! Do you want to be stingy or do you want to be OUT??” - Rick Wright

 

 

“A winner has the ability to find positive values from the most negative circumstances. This is the first reason why only emotionally healthy people can assume risks, they are able to rise above the superficial negative circumstances, discover trading opportunities and take decisive trading actions based on the current market conditions.” – Andy Jordan

 

 

“You have no control over whether you will win or lose – but you have enormous influence over the beliefs that drive the performance of your trading process. This is the new “Winning Nature” that bridges the gap between controlling outcome (which is impossible) and controlling your process (which you can do repeatedly). This leads to the calm, patient mind need for successful trading.” - Rande Howell

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  • Topics

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    • Date : 24th January 2019.

      MACRO EVENTS & NEWS OF 24th January 2019.



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      Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

      Please note that times displayed based on local time zone and are from time of writing this report.

      Click HERE to access the full HotForex Economic calendar.

      Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

      Click HERE to READ more Market news.

      Dr Nektarios Michail
      Market Analyst
      HotForex

      Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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    •   Date : 23rd January 2019.

      MACRO EVENTS & NEWS OF 23rd January 2019.



      FX News Today 10-year Treasury yields are down from overnight highs, but still up 0.7 bp at 2.746%, and 10-year JGB yields climbed 0.8 bp to -0.004%. Stock markets remained cautious during the Asian session. The Bank of Japan held policy steady, as expected, while further reducing its outlook for inflation. The resulting weakness in the Yen didn’t help stock markets and Topix and Nikkei dropped -0.60% and -0.14% respectively. The Hang Seng is also down -0.04%, despite mainland China markets initially moving higher as China’s central bank pumped liquidity into the banking system once again. Still, the measures are also a sign that officials are nervous about the slowdown in the economy and CSI 300 and Shanghai Comp are down -0.24% and -0.13%. The bank offered around 258 bln Yuan (USD 38 bln) to banks through its medium term lending tool. Markets continue to question the progress in the US-Sino trade talks, even though White House adviser Lawrence Kudlow said that the trade talks are still on and the story about cancelled preparatory meetings was “not true, there was never any meeting. We are moving toward negotiations.” The negotiations next week will be “very, very important” and “determinative”. Meanwhile, there are the first signs of a possible way out of the US government shutdown. Markets remain easily spooked, but appear to have already priced in a lot of risk last year and US stock futures are moving higher after yesterday’s sell off. Oil prices are trading at USD 53.27 per barrel. Charts of the Day

      Main Macro Events Today Canadian Retail Sales – After Wholesale Sales plummeted yesterday, Canadian Retail Sales are expected to have also declined by 0.4% m/m, with core Retail Sales (ex autos) expected to have declined by 0.6%. World Economic Forum at Davos –The second day of the WEF annual meetings held in Davos and attended by officials from over 90 countries. Comments from central bankers and other influential officials can create significant market volatility. Richmond Manufacturing Index – Expectations – The index is expected to have remained at a sub-zero level, standing at -2 after the -8 in the December release. Support and Resistance Levels
       

      Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

      Please note that times displayed based on local time zone and are from time of writing this report.

      Click HERE to access the full HotForex Economic calendar.

      Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

      Click HERE to READ more Market news.

      Dr Nektarios Michail
      Market Analyst
      HotForex

      Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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