Orthodoxy and Orthopraxy Revisited

Recent events and a fun discussion with a landowner yesterday made me realise I can resurrect this old post below.

But be warned. Its not light reading. Move on if you're not into critical thinking.


Orthodoxy vs Orthopraxy 





Most of us do not have the time, competence, or right attributes to be intraday traders. Its just too damn difficult!

What do most people do when we find we suck at something? We demonise it of course! 

Saw the US indexes last night?

When I went to sleep around midnight, it was all green. What do I see this morning? Man! Talk about heart stopping reversals!



My long held "Correct Belief" is: Real money is made on the longer term trending trades.

My "Correct Practice" recently is: Close all my freaking positions every night!

(Of course that's until things calmed down so I can go back to holding my trading positions for multimonth periods)



Why? Because I've been brutalised by the wild volatility in recent weeks! 

I not smart. I learn from crash got sound.



If the mountain don't turn, I turn.





Oh! We were talking about Warren Buffett yesterday and I just remembered the question I posed for Warren Buffettt acolytes in my old post:

If your "Correct Belief" is Buy and Hold, and you swear by Warren Buffett's remember rule 1 and 2....

How do you reconcile the two with your "Correct Practice"?

Traded My Brains Out Yesterday

What a day!

From morning till midnight. From pre-market to after hours market.

Made money but was totally wrecked mentally...



There were 2 new trading setups that presented itself: one at around 10:30 pm and another at around 12:30 am...

Too tired mentally to add on new positions; I was more in the mode to square off my existing positions so I can be flat this weekend.  

Could have doubled my yesterday's profits; that 12:30 am setup had a huge move during the night while I slept. Nice long candlestick.

I rode the move up and took profit. Didn't have the mental strength (not aggressive enough) to short the move down when I saw the technicals breaking (that's why I took profit).

But its OK. This morning checking the aftermath, feels good the price has gone down to near where I had entered previously. Let's hope can rinse and repeat next week!



I learned something yesterday.

I need to pace myself.

The trouble with stock index futures and currencies trading is the near round-the-clock 24 hours of trading!

Must focus.

Not only on my choice of trading vehicles, but also on the trading window when I'm most alert and fresh!



Kaizen.

Preaching to the Choir Boys

Yes, I know... Another rerun of an old topic...


Preaching to the choir boys on CPF top-ups


What? 

If TV stations can do it, so can I! LOL!



We all live in our little bubbles.

Some larger, some smaller. 

We live happily ever after... 

That's until some evangelist or influencer tries to crossover his bubble into ours, and tell us his way is better!?



For us in our little financial freedom bubble, everything seems so "natural"! So logical! 

Got good news must spread to everyone! 

Hey! What's wrong with self-appointing oueselves as the next Indian Chief Messiah?

Look! I can't be wrong! I have so many followers! And they all "yalor, yalor" to what I say!


Eh... How many of the 12 apostles get to die of old age? 



Then there are some personality traits or behaviours that are not socially welcomed in the real world:

Greed, avarice, rapacity on one end; miserly, niggardly, and parsimonious on the other end (yes, I'm showing off my england).

Put on the euphemism mask of Financial Freedom, we are finally accepted inside here! We find our kindred spirits! Black attracts black! Even soot!

This "lie" only works if we stay INSIDE the bubble. Gilded cage anyone? 

Ironic isn't it?

Considering we put finanical "freedom" on our lips all the time... So much for "conditional" freedom...



I'll give 3 examples of opposite spectrums to show how others may view us:


1)  The entrepreneurs

Guess what they would be more interested in? Networking; public speaking skills; art of motivating others; how to attract funding; leadership; and or creating visions for others to follow?

When we talk about leaving a legacy behind... How do ours compared to theirs?

Theirs is about leaving their names on buildings!

They make their money by selling; we try to make money by buying. Pause and think about it for a moment.  


2)  The tree-huggers and save the animal people

Try telling these do-gooders who gave up promising careers for $2-3K per month to focus on Financial Independence Retire Early!

You'll feel so red-faced and awkward. 

Especially when all you have to show is: Open mouth money... Close mouth money... Go to sleep dream of money...


3)  The religious people

You pray they don't preach to us happy already! You want to "influence" them to focus on this current life?

Their focus is on the hereafter. 

They'll probably look at us with pitiful eyes as avarice is one of the 7 sins and clinging on to material stuffs is what brings unhappiness...  (Don't lie that save more is not clinging to cash/money)

I guess the only religious people that would embrace us would be the Prosperity Gospel converts!?

And that's not saying much...

Ouch!



We are not any better

Just take the recent Suzie Orman comment she dislike the FIRE movement. 

See how some of us behaved towards those who have a different opinion from us?

Are we good listeners ourselves?

Yet we expect others outside our little bubble to listen to us?
 


We are a community of snakes and dragons.

There you go!

If you got any ambitions to crossover to other people's bubbles, be prepare to spill some of your own blood... 


Unless you think you can do better than the 12 apostles.

Who knows?

You may be the next Kong Hee!