April 17th, 2009 by Damian Papworth

One of the things I have noticed during the 20 years I have spent either actively investing in various strategies, or trialing them, is that the ones which make logical sense usually are the ones which work best in real life.

There are so many strategies I’ve tried, I have lost count. And there are at least as many which I’ve let go without trying. There are just too many. I found a quick fire way though which helps disregard the strategies which are useless, so you can trial the ones which are worth trialing. Its logic. Look at the logic of your trading strategy and see if there are holes in it. You’ll be amazed by the number of strategies with big logical holes.

Its quite possible that these strategies, in their wholeness work quite well. But the problem is that if you are trading a strategy which has holes in it, at some stage you’ll come up against a real life situation where the strategy has no answer. Then you’ll be on your own and you’ll need to make a decision outside the strategy. This can be an educated guess, to an intuitive judgment call, to a flip of a coin.

Personally I think that making decisions like this, decisions which are outside the logic of an investment or trading strategy, is gambling. Its not a good situation. Sure you may make money with this gamble, but you could lose it too. Its no different than blackjack. A robust and complete trading strategy should take these gambles away from you. There should be no guesses. You should just plan the trade and then trade the plan.

Also, the point about trialing a strategy is that you are finding out whether it will make consistent returns over the fullness of time. The point about trading a strategy is that you know it makes consistent returns over the fullness of time. If you have had a guess mid way through the strategy, you cannot be confident its the strategy or your guess which is making the money. You will need to start again.

So if you have a new strategy which looks promising, apply your logic to it first. Try to understand all the trading scenarios you may face and ensure the strategy stands up to all of them and deals with them. This simple piece of advice could save you thousands.

And once you have covered off every situation you can think of, always remember to execute a preliminary trading exercise without putting money down. Spend a few months running the strategy in spreadsheets before you trade with money. You’ll be amazed at the real life situations which come your way which you’d never have dreamed of. And you will thank your stars you resolved these issues when you had nothing on the line.

Business, business;finance, Finance, foreign exchange, FOREX Trading, investing, investment, investment strategies, Investments, money, money management, stock market trading, stocks, trading, trading strategies

March 28th, 2009 by Damian Papworth

In some recent articles, I have broken down the job finding process into its logical components and detailed them individually. With this article I intend on building on those articles by offering tips which will speed up the process for you, looking at job hunting as an entire process.

1. Keep Up To Date With Your Industry – Always

You need to be aware of the conditions in your industry all the time. You should know what is going on, who is hiring, who is firing, where the opportunities are when you have a job as well as when you are looking. Market awareness should be a part of your professional approach to your career. Waiting until you need a job to look into this could cost you months and missed opportunities. So don’t wait till then, get up to date now.

2. Keep your resume up to date

Find a template or layout that you are comfortable with and maintain it. Update it twice a year at least. It will save you the mad scramble to put it together and possibly a lost opportunity because you were unprepared.

3. Recognise Networking Opportunities Every Day

Basically everything you do while you are at work and when you spend time with work people outside work hours, should be seen as a networking exercise. Make an effort to remember everyone you meet in your professional circles. Grease the wheels here. Getting this right will really help you with point 1 above also.

4. Always Go To That Interview – Even When You Aren’t Interested.

Successful interviewing requires touch and it takes mistakes to get that touch. It is a skill you can only learn through practise. You don’t want to learn these skills when you are being interviewed for your perfect job, you want to make your mistakes with jobs you don’t really care for. So go to every interview you are offered, for no reason other than the practise. If you get offered a job you do not really want, have the courage to decline it.

5. Diarise All Your Experiences

Note what you did well with each job opportunity. What worked, what didn’t, improvements you could make, elements you can get rid of. Then, when you next go through an employment opportunity situation, revisit your notes, duplicate the good things and improve the bad things. Recognise the process as having a learning curve, and learn.

6. If You Are Out Of Work, You Still Have A Full Time Job

Your Job Hunt is your full time job now. Get out of bed at the same time you would if you were working in your given field. This will put your time clock in sync with your interviewers. Spend the same hours working on your job hunt as you would in the job. Be disciplined.

7. Maintain Your Focus

You know what type of job you are looking for, don’t be distracted by other offers or ideas. Keep your eyes firmly set on the task at hand and the job you are seeking.

Its never easy to find, win and accept the right job for the next stage of your career. I hope these tips help though. Good luck.

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