Answers - Finance

The one thing I can think of that most affects both trading and investing has to be self-discipline.

Being disciplined is fully 50% of the job of trading or of investing. I don't care how good your trading system is, without the discipline ne

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

eded to follow the system you don't have much of a chance for success in meeting your goals.

It doesn't matter how great a planner or organizer you are, without discipline your plans will most likely fail to bear fruit. Discipline involves s

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

lf-control, and self-control involves your ego. If you want to succeed, you must learn to trade without your ego getting in the way.

Don't be fooled. A person's self image must be separated from his trading or his investing. When personal sel

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

-worth gets tangled up with your business activities, it not only wrecks your best trading or investing intentions, but it also damages your self-esteem.

You hear and read about great traders and investors who have done amazing things. They t

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ll about how great they are. They talk about "The Big" trades they made. They talk about "Big" numbers. It all derives from their oversized egos.

Don't be misled. Sooner or later, there are "Big Downfalls." It goes with the territory.

For a

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

oment, let's look at the results of what a huge ego can do. Due to his oversized ego, Nick Leeson brought down the Barings Bank. Victor Niederhoffer ran his fund into deficit. John Merriweather was so sure his strategies would work that he end

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

d up threatening the health of the entire banking system by betting more than fifty times his capital that he could forecast, without any chance of a loss, the direction of various bond markets.

As we study the examples of these three men, th

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

re seems to be a pattern of temporary real success followed by a collapse for themselves and for those caught up in blindly following them.

Here are the kinds of problems that arise from putting your ego into the mix.

- Not putting in stops:

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

You don't want to be proven wrong.

- Hesitation before entry: You want reassurance before you act.

- Overtrading: You want to prove how really big you are.

- Not getting out when you should: You have married your trade and just don't want t

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

get a divorce. Getting out would mean you were wrong.

- Adding to a losing trade: You are making a massive effort to prove you were originally right.

- Grabbing a profit too soon: You want affirmation that you did the right thing.

- Missin

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

an opportunity because you can't pull the trigger on a trade: You are still living with past mistakes.

In my 47 years of trading, I have seen great traders and investors come and go. All too many of them lost everything they had ever made. T

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

he great W.D. Gann died a pauper. The legendary Jess Livermore was flat broke when he committed suicide.

I have known dozens of traders who lost money because their egos got in the way.

I agree 100% with the following statement by Marty Schw

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

rtz, the great S&P 500 daytrader.

"I've said it before, and I'm going to say it again, because it cannot be overemphasized - the most important change in my trading career occurred when I learned to DIVORCE MY EGO FROM THE TRADE. Trading is a

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

psychological game. Most people think that they're playing against the market, but the market doesn't care. You're really playing against yourself. You have to stop trying to will things to happen in order to prove that you're right. Listen on

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

y to what the market is telling you now. Forget what you thought it was telling you five minutes ago. The sole objective of trading is not to prove you're right, but to hear the cash register ring."

To that I would add, "trade what you see, n

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

t what you think." You cannot afford to get your ego or your opinion involved in your trading activities. Because both trading and investing are uncertain businesses of probabilities filled with uncertain outcomes, a huge ego or a fragile ego

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

can easily get smashed. Defending your ego saps you of energy, distorts your perception, and will eventually destroy your business.

If your self-esteem is connected to your trading and investing choices, if it goes up and down with the result

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

of your activities, you and your business are in trouble. Your self-image needs to be strong, not at the mercy of the outcome of your trading or investment choices.

To succeed in the markets, you have to have confidence in what you are doing

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

and confidence in yourself. But self-confidence must not become confused with self-image. Remember not to marry a market or a trade. If you see you are not right, be quick to get out. Run your trading or investing as a business. Practice self-

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

iscipline. You'll be glad you did.

All the best in your trading,

Joe Ross
Trading Educators Inc.
http://www.tradingeducators.com/?source=ezinearticles

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Promotional products such as bracelets, bandanas and key chains all spread the word about the cause in a simple, easy and fun way. They produce lasting relationships amongst the target, cause and brand.

How to write an ebook the easiest way possible (without a ghostwriter!). Read this now!

Tags

Links

Answers - Discipline in Trading and Investing

Related Articles: