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My Trading Blunders: A Lesson in Overconfidence and Risk Management from 2008

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The Background

This story happened in January 2008 in what proved to be the early days of the biggest financial crisis of our generation (so far). It was also the time of your humble writer’s baby steps in the financial market. Fun fact: my first trading account was opened in September 2007, 10 days before the exact top of the bull market. Great timing. To be honest, this was more of a lucky coincidence for me than the average beginner trader, as I wrote my thesis a few months before that on credit markets, CDSs and whatnot, so I had a pretty good idea about the sorry state of the US subprime market, which was already in shambles in the autumn of 2007. I even made a bet on with a great friend that Lehman will trade in single digits in a year… color me prophetic. An important side note is my poetically young age of 24 at the time.

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Some experienced traders might stop reading at this point because the ingredients are all there for a sad, but all too common, trading disaster. A young, beginner trader with an eagerness to outsmart the market, a degree that makes him think that he already has trading figured out, and the worst blessing of all: he is right about something. The dangerous thing about being right at the right time without experience is that ALL your trades are working and you quickly forget about risk management, money management, position sizing, and the other neat things that are there to protect your capital from the biggest enemy, your ego.

It took me 5 months to reach a +25% return on my portfolio, by trading with a bearish bias in a market that was clearly rolling over. Some would say that ok nice, but nothing extraordinary. For me, it was the best of times. I was euphoric, since I was trading with a 2% stop-loss limit and a 3% initial target on my capital, and 90% of my trades were positive. Being a math guy, I naturally started compounding those returns and quickly concluded that I will be the next Paul Tudor Jones.

The Trade Of The Century

In February, 2008 it took me exactly 0 trading days to go from +25% to -10%, and at the end of 2008 I was up by 5%, in a market that was doing exactly what I thought it would. How on earth did that happen? Well, overconfidence and weekend gaps were among the main reasons, but the root of the issue is the common error of looking for the “Trade of The Century”.

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Disaster struck on a Friday afternoon on a typical Friday-Trend-Day. Day-traders might be familiar with the pattern of an initial surge (or slump) and a gradual but unstoppable drift in the direction of the trend, with sometimes a buying (selling) “panic” near the end of the session. It was a bearish trend-day, with all the major indices down by multiple percents, the VIX near the 40s, Armageddon-like headlines… one could almost hear the cries of fear and despair through the trading platform.

My portfolio was up by 5% on that day, my trades hit their targets one after the other (I was trading S&P futures, FXI (the main Chinese ETF), Morgan Stanley, and VIX futures). Near the end of the session I was watching my market window with sheer excitement (error #1), and with deep regret that I am out of my positions and not profiting off the massacre (error #2). Although all of the indicators were screaming Oversold!! I started thinking about new positions (error #3). And in a moment of pure genius, I decided to double, oh wait, triple (!!!) my original position sizes (error #4 and #5). I thought it will be a “Black Monday” like open after the weekend, with the indices limit down and me walking away with 2 years of returns in one day. Sure enough, I put up the shorts on the indices and Morgan Stanley and the long on the VIX before the market close with a devilish smile on my face (error #6), while violating ALL of my risk management rules (error #7) and forgetting about gap risk (error #8).

The Fallout

The VIX at the time of the trade

The rest is history. It was the first in a series of bail-out weekends when central bankers and other leaders would sit down and come up with a plan to restore confidence and save the market during the crisis. By the US open, all of my positions were stopped out, and my stock shorts simply gapped over my stops, inflicting even more damage than I thought would be possible. I still remember the feeling when I saw FXI opening up by 10% (a stock index mind you); it was not pleasant. I lost a whopping 30% on my portfolio, and got sent back to square one, or more like square -2. I quit trading for a few weeks, which probably saved me from more losses, but after that, I needed a few more months to gather enough confidence to trade normally again.

The hardest part to accept was the fact that I was fully aware of the errors in real-time, I just shrugged them off with “I feel the rhythm of the market and it’s going lower” argument. That argument was fed by the feeling of being right, and almost invincible. On a positive note, these trades made me remember that I am no prophet, no analysis is perfect, and the weirdest things can happen in financial markets.

The Takeaway

This wasn’t my only mistake as a trader (I wish it would be), but for sure the most painful. Good thing is that you can learn a lot from it without committing the same errors that led to it. Simply put, don’t let your greed or fear overwrite your trading plan and your risk management rules. Don’t get me wrong, concentrated trades are great for experienced traders who are aware of the risks that they take on, but forgetting the negative part of the deal is unforgivable. In this case, I not only broke my own rules, but also ignored the fact that the assets I traded were highly correlated, so in reality, I had one huge position not 5 separate ones.

Stock correlations rise in times of crises (source: Business Insider)

Let’s sum up the most important lessons:

  • Follow your trading rules, no matter what
  • Being right is not the same as being profitable
  • Expect the unexpected in financial markets
  • Don’t look for the Big Trade
  • Be aware that market conditions can change quickly
  • Correlation sometimes negates diversification

A Timely Note on Cryptocurrencies

With the recent boom in cryptocurrencies, a lot of traders might feel like I did back in 2008; the blockchain technology is revolutionary, Bitcoin is the new gold, the market is headed for $1 trillion in market cap and you will make a fortune by investing in this technology. Remember, even if that is true it doesn’t mean that throwing caution in the wind is allowed when investing or trading the coins. Stress-test your positions with corrections up to percentage losses that might seem insane (50%, 60%, even 70%). Booms and trends in general, don’t move in straight lines, there are several emotional waves and bumps on the road.

When trading cryptocurrencies, don’t rationalize holding on to a losing trade with the “it will come back” argument. It might, but will your capital survive that, or will you panic out at the bottom? Also, in a broad correction holding several different coins might not mean that you are diversified. When the tide turns the currencies might go down together. Look at the big picture, especially when trading cryptocurrencies, and accept what the market is telling you.

As an investor, if you are in for the long run, don’t try to micromanage your holdings or catch exact turning points. Wait for deep corrections to load up, and strong rallies to ease out of full exposure if you want to trade in to the trend. This way you won’t get caught in the daily fluctuations and won’t mistake trading with investing.

What’s Your Story?

I hope that this story will help you in your path to financial freedom, and you will remember the lessons of it when the time comes. Please feel free to share your experience, trading errors, or questions regarding this post so we can all learn from it. I am positive that all traders have some similar (hopefully less painful) stories to tell.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 109 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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13 Comments

13 Comments

  1. jedadoo

    May 16, 2017 at 7:00 am

    This is wonderful. Thank you so much for sharing and keeping us grounded. I’ll take this to hear!

  2. Lukem

    May 16, 2017 at 10:42 am

    Thanks for story, I do enjoy your blog and the whole website. I really am interested in trading but I’m struggling at the moment. Would you be interested in mentoring me?

    • Mate Cser

      May 16, 2017 at 3:35 pm

      Hi Lucas,

      I am glad that you enjoy the site! We have a personalized mentoring solution in the works, we will keep you posted on that. Until then feel free to ask anything in the comments, it might help other members as well. Believe me, all traders face bad times, with similar psychological hurdles. We are here to help overcome them!

  3. pgobbato

    May 16, 2017 at 8:23 pm

    This all rings so familiar, thank you for sharing. I got into the crypto trading world a couple months ago. I caught the boom, and placed my investments well, and doubled my initial investment and then some. On a big rush from winning, I opened a huge margin long position… You can imagine what happens next. Poloniex down, couldn’t close position, by the time I could take action again my account was about to hit maintenance margin. Thinking it couldn’t go down any more, I kept my position open. That night it rock bottomed, my account was liquidated, lost about 3/5ths of my portfolio.

    Tough lesson to learn, could have been worse, I suppose. Thanks you again for sharing!

    • Mate Cser

      May 17, 2017 at 12:56 am

      Thanks for sharing this tough experience, it’s not easy to resist the euphoria and the greed. Don’t let this stop you from harvesting strong trends, just have a risk management plan, and stick to it. Holding a core position, and trading with a smaller amount usually helps with dealing with the “Fear of Missing Out”. Good luck out there!

    • majykman

      May 17, 2017 at 2:21 am

      wow I just realised our comments basically have the same story haha. Good to learn this kind of lesson early though.

  4. majykman

    May 17, 2017 at 12:25 am

    Great article. Very relatable. Polo has been hitting people hard recently with the ddos attacks at crucial times. I’m new to trading really and I got confident because I’ve joined the game at a good time and just seem to make all the right calls until Polo crashed seconds before I tried to close a margin. That’s when I realised I don’t know half of what I need to know about trading haha. I left stop loss of one time and bam that one time. But the choices I made is why I lost 80% of all I’d made that month and now it will take more then a site crashing for a while to make me take such a loss. Lot’s of lessons learned.

    • Mate Cser

      May 17, 2017 at 1:21 am

      Thanks! I am glad you realize that it’s not just the exchange’s fault, that’s the good mindset. Thing is, when the market moves quickly, crazy things happen – glitches, flash crashes…- so again we have to expect the unexpected… Thanks again for sharing!

  5. Mac

    May 23, 2017 at 10:55 am

    Thank you for sharing such valuable lesson. I just recently learned my lesson when I dumped all my Bitcoins into Ripple after it had already nearly peaked. I then panicked and changed my entire position back to Bitcoin and woke up that morning only to discover Ripple still climbing. However, it was truly now at its peak and I still changed back to Ripple. It began falling and I kept changing my positions to other coins that didn’t move. By the time I slapped myself to wake up my portfolio was down by 25%. Fortunately I was able to partially recover and I’m now down by 12%, but it’s a lesson I’ll never forget.

  6. Elyad

    June 10, 2017 at 4:49 am

    a week ago I made a mistake and bought peer coin in hype at 0.00105 and now its 0.00077.
    what should I do in this situations? should I buy and accept the loss or sell and invest in other oppotunities like byte coin ?

  7. kennymeyer

    August 25, 2017 at 2:51 am

    Wonderful story… I can relate to your story about losing money… I went all-in on a stock (NVDA) a few weeks ago with 10x leverage, and lost almost half of my money by panicking out. Looking forward to be a better trader and investor.

  8. vlm4life

    December 19, 2017 at 12:16 am

    Very powerful. I’m long term and i found that your insight, “don’t try to micromanage your holdings or catch exact turning points….This way you won’t get caught in the daily fluctuations and won’t mistake trading with investing.”, to be VERY valuable, as that I what i’ve been doing the last week,…checking the trends too much!

  9. kendrickmane

    December 28, 2017 at 4:34 pm

    Thanks bro this blog is really helping me to get a stable mindset i paid for the week trial i was aprhensive at first, but most people are penny wise and dollar foolish.
    I decided to stop being dollar foolish, you have soldified my respect.

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My CFD Journey: 72,000 USD Up Today

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Wow the indexes are falling globally now. Dax is down with 1% today – same as Dow Jones. I would love to do a short call on these indexes, but that have seriously hurt my financial standings previously since we still are in a “bull” market with earnings reports beating forecasts and macroeconomic numbers excelling analysts viewpoints. I only want to trade by using trend following, so even if the markets are down, I love to do short buy calls as they most likely will rebound to new ATH (all time highs). The reason for just doing short buy calls is that we might be on the tipping point to a bearish market, but that’s something I would like confirmation on from e.g. macro numbers, earning reports and such. Until then, I’m quick in and out.

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Here is my results

Order Entry Price Take Profit Stop Loss USD Bank Roll USD % Change
Start 258 064,52
Day 1 25.01.2018 Dax Buy 13268 13274 13262 6 472,52 264 537,03 2,51
Day 2 26.01.2018 Dax Sell 13342 13318 13392 7 642,84 272 179,87 5,47
Day 3 29.01.2018 Dax Buy 13331 13336 13313 12 508,39 284 688,26 10,32
Day 4 30.01.2018 Dax Buy 13226 13233 13176 6 625,94 291 314,19 12,88
Day 5 31.01.2018 Dax Buy 13217 13230 13187 26 474,06 317 788,26 23,14
Day 5 01.02.2018 Dax Sell 13291 13265 13327 10 834,58 328 622,84 27,34
Day 6 02.02.2018 Dax Buy 12797 12825 12772 72 314,97 400 937,81 55,36

Using ProRealTime

As I wrote yesterday, I’m using IG.com to trade CFDs. They got a tool called ProRealTime that I started to use yesterday. It’s a great tool with many more indicators and tools, and best of all, you get a good look at your stats. Here is my stats so far on ProRealTime in NOK (1 USD = 7.65 NOK – click on the images to get a larger view):

As you can see from the image above, I got 8 winning trades and 1 losing trade. I tried to buy the dip on Dax but managed to enter a bit too early. The Dax index fell quite rapidly after I initiated this trade and I wanted to keep it open as long as possible as I knew a rebound would happen. But I was not comfortable enough to sit it through so I closed it. Still feeling certain that the price would rebound I entered a buy position yet again at what I thought would be the lowest low. And thankfully, that worked and it rebounded above my initial entry point for the first trade. To ensure that I got the profits I wanted, I did a third trade buying Dax when RSI showed a trend reversal (rose above 50). I closed the trades once I was happy with the profits and because I became nervous that the price would turn back down. Then I initiated the last trade of the day going long on Dax yet again.

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Here is the total overview of my trades today:

I would again like to highlight that trading CFD is very risky, and I’m still significantly down in total these last 3 years.

My trading rules

  1. Only risk max 2% of my bank roll per trade.
  2. Have 0 active positions during the night (first of all, I lose sleep, second; you are charged an interest fee for leaving a leveraged product overnight.)
  3. Always trade on last month’s trend including the previous day(s). If they do not correlate, I will not trade.
  4. If one position is lost, I’ll double the amount (martingale) and do a second trade. I’ll only stop doubling after 3 consecutive losses.
  5. Do not think about lost trade opportunities.
  6. Markets to trade: Dax & Dow (minimum spread).
  7. Stay updated on economic releases prior to entering a trade.
  8. Do not have emotional ties to the money. I like to call them “points”.
  9. Only enter a position when an asset is overbought or oversold shown by both RSI & Stoch at the same time.
  10. Always write down your trades and elaborate what went right or wrong.

What is the meaning of this?

Why I’m I writing all these posts? My main goal is to find a working strategy trading CFDs and be able to mentor Hacked.com members and do live sessions together. However, I would like to keep going for at least one month until I feel comfortable that the strategy I have, actually works. I would rather lose my own money, than lose any of yours.

I wish you all a great weekend. We are going to visit our family this weekend and have a nice time.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.2 stars on average, based on 49 rated postsFounder of Hacked.com and CryptoCoinsNews




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Who Moved My Cheese?

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It’s been a while since I wrote a post. I’ve been busy with creating CCN.com and migrate CryptoCoinsNews.com over to the new domain with a fresh design. And It’s been Christmas with daily family dinners. I decided to quit my job at Wilhelmsen.com as a Digital Trainee. I’ve worked there for a year now, and with the growth of CCN and Hacked.com I had to take a choice. I want to make CCN and Hacked to one of the strongest crypto sources and our team is rapidly expanding. We are now more than eight full time employees and more than 20+ as part timers.

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I also bought hvy.com in December, and I want to develop MoneyMakers.com into something more during the coming year. We are building a small media empire with a very decentralized structure. I love the team, and I especially love our dedicated readers and members.

I started 2017 by posting the following:

  1. My own longterm goals, what are yours?
  2. Join me to my first goal of $1 000 000
  3. My First Investment Towards $1 000 000

What is a bit ironic, is that I reached my “longterm” goal last year. It should have taken at least ten years, but I managed it in one. I managed it because of a few things:

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  1. Dedication
  2. Team work
  3. Luck

Who would have thought that the crypto scene would blow up like it did last year? It was insane, and we still keep setting records.

Then to a few “lost activities” on hacked.com. The 33% club lost some steam this fall, purely due to my priorities at that time. I’ve still been investing, and I now have approx. 1 million USD in different assets (not cryptos). I will continue the 33% club from February and onwards, and I want you all to join. I will do a new post later in January with a better setup.

Then to my “Robot” affair. First weeks I made $5000, but then things started to go terribly wrong. I had multiple issues with using robots on MetaTrader 5 (I used Roboforex as my trading platform). One of the main issues I found was that the robots did well on certain days, but then when they made the wrong moves, I lost twice of what they originally made. And sometimes, my VPS went down and the orders were stuck until I manually exited them. Mostly with a huge loss. I do not think there’s any good robot out there where you can just leave your money and “forget them”. I’ve decided to focus more on investing my money in secure assets, stocks, indexes, and bonds. I’m still looking for the golden opportunity, and once I find it, I’ll share it with all the members on hacked.com.

Who Moved My Cheese?

I read a short book here the other day called Who Moved My Cheese? and it’s really worth reading. It’s stupid simple, but it’s so true. Basically it says that people who are stuck in the same patterns will end up depressed and “broke”. Your “cheese” or “money” will always be fluctuating, you have to chase it to new grounds. You might think that you can work for your employer until you die, but that will most likely be a terrible mistake. To believe that what you have now will be lasting forever. Successful people manage to change quickly, spot new opportunities, and move forward with their lives. I personally have experienced being stuck for a while, but now I feel free and I want to keep chasing the cheese in new arenas or mazes. Risk and failures are a part of your learning curve. Same can be applied in so many aspects of my and your lives. I recommend reading that book.

After I’m done 31st January at Wilhelmsen (my regular 9-5 job) I’ll focus more on Hacked.com and its community, and I’ll definitely write more and share my thoughts with you.

Thank you for a great 2017, now let’s make sure 2018 becomes even better for all of us.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Searching for the Meaning of Life in Dubai

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Last week I traveled to Dubai with a group of people in Wilhelmsen, where I work as a Digital Trainee, for our third module in Design Thinking with Pracademy. We are a group of 24 people which Wilhelmsen considers to be Leadership Potentials. We are fortunate to be a part of this year’s company program, and we have all learned so much about ourselves. In this post, I will try to communicate what we learned during last week’s module. Be aware that this is a four months program, and it’s hard to get the feeling of it by just reading about it. But I hope I can share some of the knowledge that I acquired and get you more interested in improving your own life.

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Find your passion and go all in!

Most motivators and teachers say that you need to find your passion, make work a hobby that you enjoy every single day. I have even caught myself saying that over and over again (on Hacked). However, as I learned during the sessions in Dubai, more than 80% of us do not know what their passion is. I started to wonder if I knew what my passion is. And I’m still insecure about that. I do know that I want to contribute to the world, I want to help and serve people. I want to create things that I know other people will love; I want to leave a footprint on this earth.

I often have this mind experiment where I picture myself as 80 years old with bad health in my nursing home. Do I think that I managed to get the most out of life? Am I satisfied with all the things I achieved? Or do I have regrets and feel remorseful? The goal for every person on this earth is to be satisfied with your life when you’re near the end. I guess most people aren’t in reality. And that’s a big shame. Some people might regret that they worked too much, had too little fun, too few good experiences with their loved ones, too few memorable memories.

I pray that I will be happy with my life and what I accomplished.

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How to find your passion

If you do not know what your true passion is, there’s still hope for you. You can spend years trying to find your ultimate passion. Think of what makes you happy, what you enjoy or care for. My strong passion for creating things started in my childhood. I always drew new inventions on a piece of paper and started small kid businesses. I played music; I was a drummer in a nu-metal band, I started to sing and rap and create songs. I painted and used my creative skills to visualize my thoughts. I traveled during holidays and experienced new cultures, new food. Oh, I love good food. I love cooking a great meal for family and friends.

I could probably achieved anything that I had/have passion for. I could have been a:

  • Cook
  • Artist
  • Painter
  • Drummer
  • Entrepreneur

I chose to become an entrepreneur mostly due to financial possibilities. As being financially independent was and is very high on my priority list. But that does not mean that I wouldn’t have a meaningful life being an artist with less money on my hands.

Economist Angus Deaton and psychologist Daniel Kahneman researched happiness and money in 2009 where the focus was on US standards, and it’s population:

So, where does the $75,000 come into play? Researchers found that lower income did not cause sadness itself but made people feel more ground down by the problems they already had. The study found, for example, that among divorced people, about 51% who made less than $1,000 a month reported feeling sad or stressed the previous day, while only 24% of those earning more than $3,000 a month reported similar feelings. Among people with asthma, 41% of low earners reported feeling unhappy, compared with about 22% of the wealthier group. Having money clearly takes the sting out of adversities.

At $75,000, that effect disappears. For people who earn that much or more, individual temperament and life circumstances have much more sway over their lightness of heart than money. The study doesn’t say why $75,000 is the benchmark, but “it does seem to me a plausible number at which people would think money is not an issue,” says Deaton. At that level, people probably have enough expendable cash to do things that make them feel good, like going out with friends. (The federal poverty level for a family of four, by the way, is $22,050.)

So if you live in the US, a goal for financial freedom could be $75 000 or $100 000 as income per year. If you make more than that, you won’t necessarily become happier just because of the money.

However, if you make too much money and you are in an in-group where your peers make much less than you do, you can be in a situation where jealousy and envy will affect your life. And that is not a good feeling at all. I believe that the people in the middle of the scale live the happiest lives. There have been numerous cases where people that won in the lotteries have ended their lives due to envy and jealousy from their friends and family. Where they thought winning a lot of money would make them happier, while it only magnified their problems.

Empathy

In Design Thinking, empathy is a crucial part of the process. The ability to feel compassion for other human beings. To understand their problems, feelings, and emotions and to share their pain, grief, happiness or sadness. I know for a fact that I could be much more empathic and that is something I will improve. See the video below that shows what empathy is:

We saw this video in Dubai, which almost made me cry (we were in a particular mood..):

There’s so much going on in that video. Mo Cheeks felt empathy with the girl singing the national anthem, and he could feel compassion since he had a daughter at that age.

Things change when you get a child, for me that has a daughter who is seven months, I can relate to the video above. You might not.

What characterizes a great leader?

We did a session where everyone in the room in Dubai explained what a great leader is for them. The list included:

  • Good listener
  • Empathic
  • Understanding
  • Good motivator
  • + more

Most of the points we as leadership potentials defined as a great leader had nothing to do with “IQ.” Most of them had everything to do with “EQ,” emotional intelligence. It is mindblowing that we do not learn more about emotional intelligence during school, and that all businesses focus on “IQ” when hiring, not “EQ.” I believe that is skewed and is important to reflect upon.

Mindfulness

We also learned how to be more mindful. They encouraged us to use 30 minutes to sit quietly, close our eyes, focusing on the now. Breathing slowly and try to get as calm as possible. There’s scientific research on how mindfulness can help you become more happier, healthier and more successful:

And then one of the many guides on mindfulness:

Communication

We did a session where we were paired up to use mindfulness to listen and repeat. A was given 6 minutes to talk about a challenge at work, B was given 3 minutes to repeat what he/she heard, A was then given 2 minutes to clarify what B might have misinterpreted, B was then finally given 2 minutes to repeat what A clarified. This was a session that made me realize how easy it is to misinterpret. This can be used in every aspect of your life. It is so easy to misunderstand what a person is saying or meaning, so try to ask a question after a discussion: “Did I understand you right, that you want…” or “Could you please clarify what you meant by…”.

Writing

A professor of culture and psychology from South Korea gave us a session on writing. How writing in a notebook can help you learn better and understand what was communicated. From now on, I’ll always bring a notebook in meetings and write with my hand. Then I’ll add the written information to my computer later on.

Emotions

We often say: “I am angry.” That is a big mistake. We are not angry, but we do feel anger. So whenever you “are angry, sad, or irritated,” say in your head that you are “feeling angry, because..” and you will be able to control your emotions in a much more sufficient manner. Do not let the feeling itself take over who you are. You are not your feelings, you simply feel them and they will pass.

And Finally, you have the Siberian Railroad: SBNRR: Stop, Breathe, Notice, React, Respond.

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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