Mohammed Ali once said “If you think the same way when your 50 as you did when you were 20 you have lost 30-years!”
If I have learnt one thing over my 37-plus years working with brokers and banks, it is that to succeed you need to re-act, not just act. But unless you want to pay your broker more in commission than you gain, it is best to keep yourself out of the markets most of the time, and just go in when the odds are really in your favour.
To trade you need little more than basic common sense and the ability to read between the lines of what is said by most politicians and analysts.
Analysis today, whether it’s on economics or politics, is never unbiased, it is analysis given in the media by people trying to promote themselves. They get media time purely because it has to be filled, not because it has value or is pertinent.
Another quote I am fond of is “The price one pays for pursuing any profession, or calling, is an intimate knowledge of its ugly side”. During the years I have been in this business I have had my eyes opened, not only to the business but to the people in it. And I have seen a change over the years from employing “specialists” to employing salesmen, and a change from entrepreneurs running the business to seeing it run by “bottom-line” focused accountants and financial directors. This has led to a massive change in the business, which is not favourable for the average investor.
Young players in this young business will not know the difference, but once upon a time, this was a respected profession, which undoubtedly it is not today.
We can’t blame the financial services industry alone. Sadly, and much more disastrously, politics has also become an industry, with a massive move away from those who want to give service, to those who want to sell themselves in order to get power. Yet when they get power, they refuse to accept the responsibility which must come with office.
I am all for big corporations and understand the power that comes with size, but money for money-sake and power for power-sake has brought the world to its knees, and as a father I am completely annoyed at what is going on in the world.
Finally, as a Brit, who has travelled the globe, I have a strong belief that national sovereignty for all countries needs to be protected, and that differences should be celebrated, rather than removed or regulated against.
It is this belief which makes me passionately anti-EU, this and the fact that referendums have not been allowed in many countries, and in some of those which have had referendums, the choice of the people have been blatantly overturned.
To understand politics is not difficult, it is similar to trading, in regards to the fact that you need use a bit of common-sense, and read between the lines to get to the truth.
Finally, I am not an economist with a qualification, nor a professional writer or journalist, I am just a “blogger” who has been around a long time who likes to air his opinions and views, for others to make judgements about.
It is well know that over 70% of opinion proves to be wrong, that is why we are in the state we are in, all I hope to do is offer my views, and hope this may help other improve theirs, by either agreeing or disagreeing.
GOOD LUCK AND GOOD TRADING
PS. I sign my articles “The Old Man” and have been doing so for 10-years, following the description I heard I was given whilst working at my last bank. My wife doesn’t like it…but it has stuck!