The Formula for Success Page 13

Forex trading, 13–14, 110, 116, 120–1

  Frazier, Joe, 39–41

  fundamental analysis, trading, 13–14

  future, visualizing, Muhammad Ali, 155, 165

  gambling, 116–17 versus risk, 117–18

  Gates, Bill, 151

  Giving Pledge, 151

  greatness/great people, studying, 144–6

  greed and fear, 6–8, 120, 124–5

  green energy companies, investing in, 137–9

  Guinn, Elliot, 56–8

  happiness Alan Watts' formula, 150, 161

  doing what you love, 103, 152, 157, 159, 162, 166

  helping people/good causes, 137–8

  honesty in trading, 90–1

  honour displayed throughout the market, 91

  HSBC, unethical activities, 133

  humility, Warren Buffett, 151, 162

  humour, Alan Watts' speeches, 150, 161

  ideal life, writing down, 106

  implementation plan, making, 158–61

  inaction, risk of, 179

  incidents, short-selling, 131–4

  income, multiple sources of, 126

  indifference, 30

  inflation, impact on low-interest savings, 121

  intelligent risk-taking, 157–8, 159–60, 166

  interest rates, 121

  Jobs, Steve, 145 qualities of, 152–3, 163

  judgement by other people, 80–2

  Junior Training Programme (JTP), 111, 125–6

  Leach, James, 181–3

  Leach, Samuel, 95–7

  Leach theory, 143–60 step 1: choosing 5 successful people, 147–8

  step 2: identifying traits, 148–56

  step 3: comparing characteristics, 156–8

  step 4: implementation plan, 158–60

  learning a new skill, 11–12

  learning from mistakes, 71–2

  learning from other people's experiences, 145–6

  lobster analogy, 171–3

  London Stock Exchange, 90

  losing and winning, 8–10

  lottery, odds of wining, 15, 120, 123

  Marciano, Rocky, 8–9

  martial arts, 32

  mental strength, 165

  Merlin Entertainment, 131–2

  mindset, 5–6 fear and greed, 6–8

  winning entails losing, 8–10

  mirroring successful people, 146

  mistakes, learning from, 71–2, 146

  money, 4–5 in the bank, loss in value of, 121

  emotions attached to, 7–8

  mindset mastery, 5–6

  see also wealth

  moral principles, following, 96–7

  motivational speeches, Alan Watts, 149–50, 161

  Musk, Elon, 153–5, 164

  observation of other people's actions and attitudes, 79–80

  odds, calculating, 117

  oil companies, unscrupulous, 134–6

  oil rig workers, attractive salary of, 52

  oil spillage, BP, 133–4

  open outcry trading, end of, 90–1

  opinion of others, importance of, 80–2

  Orr, Chaz, 109–12

  other people's judgements, importance of, 80–2

  out-of-the-box thinking, 150, 161

  panic versus patience, 6–7, 9, 124–5

  Pareto Principle (80:20 rule), 5–6

  passion/interest, effects of pursuing, 64–6

  passion, Steve Jobs, 153, 163

  Patel, Atish, 125–7

  patience, 9–10, 14–16, 124–7

  penny stocks, 131, 134–5, 139

  planning for worst-case scenario, 176–7

  poker, 123–4

  positive reaction to discomfort, 170

  positive thinking, 81–2

  practice-expertise link, 54–5

  preparation and planning, Muhammad Ali, 155–6, 165

  pressure situations, evaluating, 79–80

  promises, making, 50 on the trading floor, 90–1

  prosperity algorithm, finding your own, 185–6

  pursuit of excellence vs money, Steve Jobs, 153, 163

  qualities of successful people, 161–5

  recognition/reputation, gaining, 93, 95

  Redline Specialist Cars, 86

  researching the markets, 9, 56, 93, 117, 122, 137, 179, 180

  responsibility for own actions, taking, 76–7

  risk profiles, 118–20

  risk-taking, 116–27 intelligent, 157–8, 159–60, 166

  never taking unnecessary risks, Warren Buffet, 151, 162

  and patience, 124–7

  by Steve Jobs, 153, 163

  risk tolerance, 119 Elon Musk, 154, 164

  rollercoaster collision, 131–2

  rules of computer games, 71

  see also algorithms

  safety net, importance of having, 177

  scam seminars, 52–4, 97

  schooling, focusing on what children enjoy, 62–4

  second chances, 49–51

  self-belief, 81–2, 166 Elon Musk, 155, 164

  Muhammad Ali, 155, 165

  self-description, 105–6

  self-knowledge, 103–6

  self-management, Warren Buffett, 151, 162

  seminars on trading, 91–2

  shares in penny stock company, 134–5

  short-selling/spread betting, 131–3, 135

  Singh, Raj, 97–8 prosperity algorithm of, 98–9

  skills development, 65–6

  smart risk-taking, 157–8, 159–60, 166

  Solent swim, 174–5

  spread betting, 130–1, 132, 133, 135

  standing out from the crowd, Elon Musk, 154, 166

  starting a business, 177

  stocks and shares, 130

  successful people applying characteristics to own life, 158–60

  choosing wisely, 147–8

  comparing key characteristics of, 156–8

  identifying traits of, 148–56

  talents, trading up, 106–7

  teaching others how to trade, 96

  team building, 67–70

  teams belief in/trust in, 155, 159, 164, 166

  learning to build using a computer game, 67–70

  teamwork, 92–3

  technical analysis aspect of trading, 13

  thinking differently, Alan Watts, 150, 161

  time, valuing limited, 72, 102–3 Steve Jobs, 152, 163

  Tools of the Titans (Ferriss), 175

  Traders' Challenge, 183–5

  trading tips, 4–5 broader picture, understanding, 12–14

  education, 10–12

  mindset, 5–10

  patience, 14–16

  training courses on trading exorbitant cost of, 92

  learning to avoid, 94

  scam seminars, 52–4, 97

  traits in Leach theory algorithm, 166

  of successful people, 148–56, 161–5

  of would-be entrepreneurs, 65–6

  trust, recognizing and building, 76–86

  Twerski, Abraham, 171

  Tyson, Mike, 35–7

  uncomfortable feeling, learning to overcome, 170–80

  unethical investment/trading, 131–4

  uniqueness, 104–5, 109

  unnecessary risks, Warren Buffet, 151, 162

  vision, Alan Watts, 149, 161

  Watts, Alan, 149–50, 161

  wealth, 103–4 and happiness, 150, 161

  and risk, 179–80

  using to fund good causes, 137–9, 151

  winning and losing, 8–10 trading to win, 122–4

  work ethic, 158, 160, 166

  worst-case scenario, defining, 175–7

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