Don’t be an eunuch!

This post is not about forex trading, or becoming a forex millionaire trader. However, it will help you on your journey in life. It’s about the mindset. Far more imporant is the mindset, compared to the tools/resources people have, in order to become successful. You can give 2 traders the same trading system, and their results will be completely different. This falls down to mindset.

Funny enough this post revolves around Singapore and one of it’s early key personnel’s thoughts. It was sent to me by a fellow business associated in Singapore. It sheds light on the possible future of Singapore, the importance of leadership & people, and the edge of the country/people. Oh, to top it off, don’t be an eunuch! Seriously – there are too many around =/

Former EDB Chairman Philip Yeo’s latest biography sheds light on leadership pitfalls

6-Feb-2017: http://thepeakmagazine.com.sg/interviews/former-edb-chairman-philip-yeos-latest-book-sheds-light-leadership-pitfalls

Through 10 interviews with Philip Yeo, and 40 with those who’ve worked with him or known him, readers will gain an insight into the heady days of Singapore’s early nation-building.

# 1 What is the rationale behind your firing-squad approach to managers?

Like Dr Goh (Keng Swee), I don’t believe people can change. So the best way to change an organisation is to burn it down and start afresh. That means I sack the whole lot of managers. In every organisation, there are three types of people: the emperors at the top, the workers at the bottom, and the eunuchs in the middle. The ruler says, “I want my pyramid,” and the workers are the people who build it. The eunuchs are the ones who shuffle papers. They don’t do any real work. Their objectives are to keep the emperor happy. How to do that? Keep the emperor entertained or distract him with other preoccupations. Eunuchs destroy empires. It was true in China and also in the West. The Ottoman Empire was brought down by eunuchs too. All they did was create problems between the emperors and the commanders who did real work out in the battlefields.

# 2 Who are the eunuchs in the Singapore context?

We call them “staffers”. I advise CEOs and top civil servants to go into the field, visit the companies and spend time with the workers. But many still prefer to hold meetings and presentations. They create another layer and it is a layer filled with staffers. Soon, the leader will be infected with eunuch disease.

# 3 What is eunuch disease?

It is when a leader surrounds himself with staffers and he becomes increasingly isolated. It is a common cancer in pyramidal organisations. The best organisation structure is flat. If I’m the emperor, I would want to see the generals myself. Increasingly, the emperors in Singapore do not see their generals because there are so many layers.

# 4 How did Singapore get to this stage? Is it because as society becomes more developed, it requires a more complex governance structure?

No, it’s how the leadership has evolved. There are so many papers which need to be submitted, and then summarised for the management. Why can’t the leader read the paper himself? Dr Goh used to demand that a paper be no longer than one page and it must be written in simple English. He always said: short and sharp. If you cannot tell me in one page or in five minutes, it means you have no clarity of thought. I have no patience because a damn idiot wants to write his grandmother’s story.

# 5 Is this a result of how talent is recruited?

The organisation wants stability. There must be a balance with some turmoil. If it is all stability, it gets really boring and a maverick won’t want it. He will run away. You will get people who are honest and respectable, but you won’t get mavericks. These are the people who follow rules – “Yes, Sir, I will do this.” They are your obedient kids in schools and teachers like them. They grow up to be good eunuchs. They sit down and don’t move around. They are better than the guy who cannot sit still, the kind who has an itchy backside and will get into trouble. I used to get into trouble in school. I finished my work fast and I made noise in class. The teacher made me stand at the blackboard. I’m happy to stand. Better than sitting in the stupid chair.

# 6 How much of this increasing bureaucratisation is seen in Singapore today?

The management is too involved in day-to-day matters. They become administrators rather than leaders. Let me tell you a story. When Lee Kuan Yew was in charge, he called me to Istana one day. He was still Prime Minister and I was EDB chairman. I sat down. It was just the two of us. “Can you bring investments to Woodlands?” he asked me. “Can you put an MRT station there?” I replied. Finished. I walked out. Our conversation lasted less than a minute. I knew he called the Minister of Communications right away and said that Woodlands must get an MRT station. I quickly got TECH (Texas Instruments, EDB, Canon and Hewlett-Packard – Semiconductors) to get set up in Woodlands, way before the MRT station was even up. I pushed for projects to go to Woodlands. I didn’t write a memo. I didn’t have to answer him on how we were going to do it. He took my word and I took his word. He wanted something and I delivered.

Today, ministers overwork – doing everything and appearing everywhere. When there were issues with CPF, the minister answered. Where was the CPF chairman? When the trains broke down, the minister answered. Where was the SMRT chairman? In the past, the civil servants would take charge. Now, the Admin Officers are quiet. That is a sad thing. In my time, permanent secretaries were permanent in their postings. Today, we should call them “temporary secretaries” because they get rotated every few years. There’s no reservoir of experience… they are constantly rotated and they have no depth.

# 7 How does this contrast with the Old Guard leaders?

The Old Guards were politicians. They built a nation from next to nothing. They didn’t care about the nitty gritty. Just get the bloody job done. Bring in investments, create jobs, build up an army. They didn’t have time to discuss with you “on the one hand and on the other hand”. They sketched the big picture, they told you what they wanted and they left you alone to do it. It’s based on trust.

# 8 Do you think Singapore can remain exceptional?

It depends on exceptional people who’re willing to serve. It’s up to the present leadership and the future generation. I’m concerned about Singapore’s economy. What’s the next engine of our growth? Is it tourism? But do you create good jobs with tourism? You don’t need highly qualified people. All you need is a tour guide. Look at Formula One. For a few days, all the chauffeured cars and the hotels are occupied. It’s like the Singapore Airshow. It’s a one-week event and the tourists leave after that. These are not sustainable, everyday industries. These are icing on the cake. So far, I haven’t seen anything new that can create good and sustainable jobs. After biomedical sciences, what’s next? Space? What are we selling to our young people? What’s the new dream? It is a harder job today for EDB. But we must keep trying.

# 9 How do you think you will be remembered in Singapore?

Not my problem.

Forex System Hopping

Don’t do this. Forex System Hopping is the kiss of death for any trader. It’s the never ending search for the Coveted Forex Holy Grail System. I try and limit my time with those who I consider time wasters / energy vampires / askholes. (I quite like Urban Dictionary’s definition of time wasters: A person who either consciously or unconsciously tries to engage you in a fruitless investment of your energy, time, money or attention.) However this past week, I admittedly gave in to meet a mutual friend, who is also a trader. I have been putting off meeting this person the past several months. The reason being is that every time we meet it’s the same story over and over again. He is a serious forex system hopper (and hoper!).

He loves to talk to me about forex trading. The issue is that he doesn’t want to hear anything I say, he only wants to hear what he is saying. When I first met him, I thought wow, he must be a pretty decent trader. He kept sending me videos and screenshots of the trades he was taking. There would be figures of $10,000-$100,000 USD in the money for the day, impressive right? He would explain to me about this new forex system he had learned and on how he was doubling, tripling his account in X months. Then, suddenly I would not hear from him and he’d vanish. But like a magician, he would reappear back and want to talk about a new different forex trading system and show his amazing results etc.

This has been going on for years. What I found out, was that the large wins that were being showcased were on a demo account and his real account was significantly smaller (5 figures under). When he was loud and sending me all his wins, it was when he was winning on his real account. Then he when he blew up his account, he would go quiet.

I have had serious conversations with him to 1, stop forex system hopping 2, stop trading the demo account and showcasing it as real wins 3, start building up real capital to trade a real forex account, instead of living in demo dream land. All of these have fallen on deaf ears. It’s a shame really, as he is a good guy.

It’s tiring, especially when the solution is so simple. Then at the end of it, he always asks me for advice. This is the askhole part. For those who don’t know what an askhole is, here is Urban Dictionary’s definition: A person who constantly ask for your advice, yet always does the opposite of what you told them.

Don’t be Forex System Hopping around, take this game seriously. There is money to be made, it require’s effort, work and dedication. If you are committed to succeeding these articles will help:

$100,000 USD in Trading Capital
Goal(s) + Self Discipline + Feedback Loop

To our success,

Robin

P.S. I made my 1 post for August, just in nick of time. 😉

P.P.S. This is definitely not a one off case. There are many out there forex system hopping around.

Real Forex “Shortcuts”

I see this all the time. Everyone wants forex “shortcuts”, rather than figuring things out and doing some proper work to make it in this game. They want the road to getting insanely rich quickly from learning a new system ( keyword to watch out for: “the Forex Holy Grail System”) or following trade signals from a trade “guru / pro” to become the next forex millionaire trader. However, more often than not, most of these forex newbie traders following those forex “shortcuts” end up going quiet (almost as quiet as the crickets) as the system fails or the trade signals simply don’t turn the profit as it was meant to do.

What ensues after a period of draw down / a string of losses on these systems, is great mass panic (chime in: fear & greed). And the reason is very simple. The forex newbie trader doesn’t know how the system works or even worse, he/she may not even know what the system is. Thus they lose a great deal of confidence in the trading system and then switches or goes on a new search for the Coveted Forex Holy Grail System – again.

This is not to look down on anyone selling trading systems nor trade signal providers. I am sure there are some genuinely true profitable providers out there, however unfortunately in this business there are more people out to make money from selling the forex trading system / trade signals rather than trading profitably for themselves. (On a side note: Later in my trading journey, I started to question why on earth would someone who trades profitably want to sell some course / trading system or spend time with some unknown trader. Trade signals on the other hand I can sort of see.. but that doesn’t really help the forex newbie trader themselves.)

Can you live off forex trading? You can definitely live off forex trading. The question is, are you willing to go that extra mile to give what it really takes to make it in this game.

Stop looking for forex “shortcuts”. Go read about the markets. And before you trade live, question.. WHY does this forex system work (please don’t answer it because this forex guru / pro said so… or because that’s what this forum member said..). What edge does this trade have over all of the other trades and traders. If you can’t answer these, go back to the drawing board and figure out the why, not the how.

To success!

Robin

P.S. *YAY* to me. My second post of the month! 😛

Perspective: Scalper vs Swing Trader

Haha. I know this is an old forex meme. But it still makes me LOL. It’s a matter of perspective: scalper vs swing trader. I personally believe as a trader you have to be able to trade all styles, time frames and financial instruments. You’ll most likely hone down to a specific style, time frame and instrument of choice – which is only natural. However you need to understand other styles and need to to be flexible.

I started off scalping, trading the 1 and 5 minute charts. Now I mainly trade the dailies and at times drop down to the lower time frames for quicker trades and entries. I can take trades of 15 minute charts or even monthly time frames. I don’t call myself a swing trader or a scalper. Just a trader.

Happy Independence Day! Here’s to consistent and profitable forex trading!

Robin

Swing-trader-scalper-oil

It’s the end of May

June.. we’re in June already..

Time as usual is racing by.

It’s the end of May (No pun intended!).

I haven’t had as much time to post. I was debating whether to post trades, however for now, I’ll put that off. And I definitely don’t want to be one of those buggers selling crap and marketing out crappy trading systems. So what the *bleep* do I do with this thing?

I’ve been pretty busy. Surprisingly I am in the UK again, and it happened to coincide with the UK Elections. Interesting times ahead, where is Bond when you need him!

As for myself, trading away. Hope everyone is taking profitable trades!

Until next time,

Robin

The Coveted Forex Holy Grail System

There is a term in forex trading, coined the holy grail system. If you haven’t heard of it before, you are lucky and steer clear from anyone who says they have the ‘holy grail system’. It’s what the majority of forex traders are looking for, the holy grail trading system, that produces no losses and only winners. A trading system with a 100% win rate (or close to that) with zero draw downs. The ultimate of the ultimate trading systems. In essence a license to print money at will. Wouldn’t that be the life? 😉

It’s a really big secret in forex (hush hush now) and no one wants to tell you what it is. Everyone is looking on the outside for the answer to their trading woes, and that’s where it’s all wrong. The answer lies within. I’ve seen traders take a perfectly profitable system and turn it in to a losing one. And on the flip side, I’ve seen traders take a profitable system and turn it into an even more profitable one. What’s the deal?

Let me tell you the real secret. You are the coveted holy grail of your trading. *ttaaddaahhh!*

Everyone views the market differently. My edge isn’t your edge. And vice versa – your edge isn’t my edge.

It is possible to make it in this game. (Can you live off forex trading? – a definite yes!)

So focus on yourself. Keep learning, pushing your knowledge. Keep questioning. Find people who have been there and done that, genuine mentors who can nudge you in the right direction. Be aware of your limitations and strengths. Be able to remove your ego and accept that your trading results are a direct results of your choices, no one else’s. You’ll know when you’re on to something good and when you’ve found the right trading system.

You’ll need the foundations to increase the chance of success, such as the; Goal(s) + Self Discipline + Feedback Loop.

To success,

Robin

Goal(s) + Self Discipline + Feedback Loop

Hello my people!

Apologies for the radio silence, it’s been about a month since my last post.

Displacement would be the word for the past month. I have traveled for work & leisure to Hong Kong, Indonesia, Malaysia, Portugal, Singapore, Taiwan, Thailand, the United Arab Emirates, the United Kingdom and Vietnam. At the time of posting, I am currently in Italy.

Today, I wanted to talk about achievement, momentum and reaching your goals. I see many people float around, talk about their dreams/ambitions and waste a great deal of time by keeping themselves ‘busy’ with useless time filling tasks which (at times) they deem important. Most of this wasted time are on things that make them feel ‘important’ or busy. Being busy or feeling important, doesn’t equate to achieving goals or success.

Time is our greatest asset (or for us forex traders, time is our greatest currency). Spend it wisely it. We’ll never get the past minute, hour, day, week, month or year – no matter how much money we have.

Goal(s) + Self Discipline + Feedback Loop = Achievement Momentum

Goals: What do you want to achieve in life?

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Self Discipline: I know this is word is thrown around a lot, especially in self help books. But, it is required to achieve anything of value.

Self discipline for me, is the ability to get up and focus your actions on getting closer to your goals. Even on days when you don’t ‘feel’ like it or are not as motivated.

Just imagine, you worked on your goal every day for one (1) year, that’s 365 days. The chances are you’d achieve a feat of value to yourself or in the process learnt something of value. Most people can’t even do this for a month. You could be focus on anything, eating no desserts, exercising, reading, learning a new skill, back testing your trading system, the list is endless.

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Feedback Loop: What is this loop you speak of? Well, it’s rather simple. You need a form of feedback (loop) when you are working and actioning towards your goal. If not you may be repeating the same actions over and over again, and getting the same results but not closer to your goal. (There is a huge difference to persistence and stupidity.) Hence the feedback loop, you need to know that your actions of discipline are getting you closer or are actually beneficial to your goal. This is where self awareness comes to play, being aware and measuring the effectiveness of the actions. Plus or potentially even better a friend or a mentor who can guide you from pitfalls, time wasting ideas, provide motivation, or just some general advice.

Goal(s) + Self Discipline + Feedback Loop = Achievement Momentum

Momentum is key to achieving anything in life. You don’t have to be ‘busy’ all the time, you have to be effective.

To our success,

Robin

Insanity: doing the same thing over and over again and expecting different results.

The Eight (8) Rules of Carney – Ugly Americans Book

For those of your who don’t know of the book, Ugly Americans (link here), by Ben Mezrich, I suggest you give it a read. I stumbled on his writings when a friend in London passed me his book called “Rigged”, I was instantly hooked. The Eight (8) Rules of Carney, are from this book and ring deep to the markets (some gems in rules)! Ugly Americans is based on the true story of ‘John Malcolm’ and his road to success.

This isn’t a book on trading systems/advice, nor is it technical. It an easy read that does get your mind flowing to the endless possibilities we have in our life.

The Eight (8) Rules of Carney:

(Who the F is Carney? He was the hedge fund cowboy who partly trained ‘John Malcolm’.)

  1. Never get into something you can’t get out by the closing bell. Every trade you make, you’re looking for the exit point. Always keep your eye on the exit point.
  2. Don’t ever take anything at face value. Because face value is the biggest lie of any market. Nothing is ever priced at its true worth. The key is to figure out the real, intrinsic value — and get it for much, much less.
  3. One minute, you have your feet on the ground and you’re moving forward. The next minute, the ground is gone and you’re falling. The key is to never land. Keep it in the air as long as you fucking can.
  4. You walk into a room with a grenade, and your best-case scenario is walking back out still holding that grenade. Your worst-case scenario is that the grenade explodes, blowing you into little bloody pieces. The moral of the story: don’t make bets with no upside.
  5. Don’t overthink. If it looks like a duck and quacks like a duck — it’s a duck.
  6. Fear is the greatest motivator. Motivation is what it takes to find profit.
  7. The first place to look for a solution is within the problem itself.
  8. The ends justify the means, but there’s only one end that really matters. Ending up on a beach with a bottle of champagne.

I love number 2, 4, 5 and 8. At the end of it all, it’s all about the final result.

To success!

Robin

Easy Order MT4 Script

OMG! I am in love with this Easy Order MT4 Script. And even better, it’s all free! I stumbled upon it on whilst searching for a decent MT4 Indicator to calculate the lot sizes for the trades I take. I normally use the Position Size Calculator on MyFxBook (Link here), and manually calculate how many lots to enter based on my risk per trade, then input my trades in MetaTrader. It’s all a rather tedious process (and open to human error) BUT NO MORE! 🙂

So what does it do?

  • Automatically calculates your lot size for the risk % you enter per trade based on your Stop Loss level.
  • Select your Stop Loss based on dragging the horizontal SL Line
  • Select your Take Profit based on dragging the horizontal TP Line
  • Select your Entry Point based on dragging the horizontal Entry Line
  • You can take market entry trades, buy stops, sell stops, sell limits and buy limits.

The latest version can be downloaded from this post on ForexFactory (link here).

For the installation details and version details please go to this post on FF (link here).

I did encounter this error message (This version is under testing..), at first I freaked out, thinking that my version of MT4 was incompatible with the Easy Order Script. However, there is a very easy and quick fix on the post on FF (link here).

A very big thank you to Sangmane on ForexFactory for coding this Easy Order Mt4 Script and making it freely available for everyone. It’s an absolute time saver!

I hope it works for you and helps with your trading.

To success!

Robin