First introduced by Ludwig von Mises in his 'Theory of Money and Credit' (1912), ABCT has been expanded upon by Murray Rothbard, Friedrich Hayek and Roger Garrison. Here is a succinct explanation of the ABCT from Mises himself:
2/
Mindset is key!
This month, vow
▪️Not to make money but to follow your plan
▪️To train your mind to accept losses as they come
▪️Not to obsess over the short-term fluctuations in your PnL
▪️To never rest on your laurels —always diligent, present, decerning, and ready. https://t.co/TcOXgvoNyI
What I learned from losing +$700k in the markets (Part 1/3):
▪️be grateful to be able to take a loss while still small
▪️huge losses will show u who u really are & what u need to change
▪️stop depending on others. You alone are the key to ur future. Create your own luck
What I learned from losing +$700k (Part 2/3):
▪️it's only when things get really bad that you discover who really cares ab you
▪️it ain't over as long as u're alive. Quit wasting precious time
▪most of us go through life not realizing how much untapped potential we have
What I learned from losing +$700k (Part 3/3):
▪️when u hit your own rock bottom, u realize it ain't that bad
▪️99% of the time the worst case scenario only happens in our mind. Worrying is statistically pointless
▪️money is not scarce. Learn how to generate/multiply it
SLEEP: THE MOST UNDERRATED PSYCHOLOGICAL EDGE – A THREAD
1./ Insufficient sleep has to be one of the most significant lifestyle factors determining whether or not you will make it as a trader – yet it’s the most ignored.
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!” - Jesse Livermore
1/ I have been a professional investor for over 30 years. What follows is some things I think I know and some things I know I don’t know. Let’s start with some things I know I don’t know.
how to be a billionaire (per the internet):
-sleep 10 hrs/day
-read 6 books/week
-meditate for 2 hrs/day
-post motivational quotes
-wake up before 5am every day
-work 14 hrs/day
-workout 2 hrs/day (before work)
-but also have a good work-life balance
voila that's it
How does $Gold perform during #Fed rate hikes?
The chart below breaks the misconception that rising rates are bad for gold, and gold can hold steady and even perform well in an environment of rising interest rates.
Mourning @jpbarlow. His "Principles of Adult Behavior," written on Oct. 3, 1977 when he turned 30 (an age he never expected to reach), are as wise a guide to life as I know. Thanks, John.
Nick Foles was cut.
He thought about quitting.
He became a back-up quarterback.
He worked hard
He got an opportunity
He took advantage of his opportunity
He’s now a Super Bowl Champion and #SuperBowl MVP
The lesson? Never give up
via @NathanHRubin
#MondayMotivation