Accountability In Trading

I recently heard from a trader who told me he has been having problems with discipline in his day trading. He knows how to trade, he knows the setups he needs to be looking for in the charts, when to enter, and when to exit. His trouble is in having the discipline to wait for only those setups and not to take half baked trades in the meantime.

This is a very common problem for traders, I imagine everyone goes through it at some stage in their career. In working with student traders over the years, I have noticed a phenomenon that I think explains one of the reasons for this lack of discipline. When I watch student traders trade, they tend to sit very patiently and explain to me what they are seeing on the chart in front of them. When they see a valid setup come along, they can quite happily tell me what the setup is and how they plan to trade it, and subsequently they will execute the trade accordingly. When the same student is trading alone, they start taking all sorts of off-plan trades, setups that aren’t really setups at all. It seems that the difference when trading alone, is that the trader suddenly has no accountability. If they have someone looking over their shoulder keeping them in check, everything is fine. They know that if they take an off-plan trade then they will have to explain to me why they did so when it all goes horribly wrong. Trading at home alone, the trader is accountable only to themselves, and they are probably not going to give themselves the same hard time I would if they didn’t follow their trading plan to the letter!

So it seems that one of the benefits of trading for a living, that independence from the boss, can actually be a hindrance at times. Short of hiring a manager to stand watch over them, what can a trader do to overcome this lack of accountability in their trading? One method I recommend is to give a running commentary out loud throughout the trading session, as if talking to a mentor. Explain what you are seeing on the chart, where you think a trade is setting up and why, how you will enter, how you will manage the trade, and where you will be exiting wherever the price subsequently goes. When talking out loud you use a different part of the brain than when simply thinking to yourself, and that can have surprising consequences; it’s easy to talk yourself into a trade that you want to take even though you know it’s not quite right, but talk through it out loud and you’ll hear yourself making excuses and quickly see the error you are about to commit. I know talking to yourself sounds a little odd, but it really works.

Another option for making yourself more accountable for your trades is to join a chat room. There are loads of them about, plenty of free ones as well as some paid ones which call trades in real time (I wouldn’t recommend those by the way, they are often run by people front running their own calls). If you find a decent room and commit yourself to calling your trades in real time, knowing that you will have to explain to the room exactly why you just took that really stupid trade will really make you think twice about taking it in the first place.

These are two simple ways of making yourself more accountable for your trades and therefore enforcing more discipline. There are many more interesting ways of increasing discipline as a personal skill, and I hope this article will have given you some ideas to start developing your own methods.

9 Ways To Outsmart An Identity Thief

Identity theft statistics are shocking, to say the least. And it’s not going to get better any time soon. But there is no need for you to become a statistic. Here is what you can do to avoid identity theft.

1. If your mail box doesn’t have a lock yet, put one on.

If you had any official letters missing recently from your mail box, the chances are somebody has stolen them to find out things about you, and possibly assume your identity. If it didn’t happen to you yet, count yourself lucky and put the lock on the mail box anyway.

2. Consider renting a PO Box at your local post office. Use it as a postal address for most or all mail. This will be particularly useful when you go away for a few days, or if there is no one home for most of the day.

3. Invest in a good paper shredder, preferably a cross-cut type.

You should never just tear up important documents. But what may not be so obvious is that the pre-filled offers you get from banks, credit card companies, insurance companies and the like, also contain sensitive details about you that would be of interest to identity thieves. Shred all of these before throwing them out.

4. Never give any financial details over the phone, unless you initiated the call.

The most common scenario: Someone calls you pretending to be from a local charity. You agree to donate a small amount to a “good cause”. Not suspecting anything, you give them the credit card details over the phone and the rest, as they say, is history. Next time you get your credit card statement, it will be full of unauthorized transactions.

Do you give them credit card numbers over the phone? Never! Either ask them to send you some leaflets in the mail, or get their phone number so you can verify they are who they say they are, before donating any money.

Another scenario: Someone calls you “from a local bank”. All they want to do is verify your financial details. Again, I don’t care what they tell you, don’t do it. Ask them to leave their name and contact number so you can call them back. Next, get your local bank’s phone number from a phone book and give the bank a call (don’t use the number they gave you, as the thieves maybe just waiting on the other end). Ask people at the bank if someone was trying to contact you. You may find out they know nothing about it! The fact is, your bank already has all the details they need about you, in the vast majority of cases.

5. A fake “charity worker” knocking on your door? He or she may even have an authentic-looking id. What do you do? Well, if you give them some small change, then this is all you’ve lost. But if you donate the money using your credit card, you just became a victim of identity fraud.

Of course, many times a real charity worker will be knocking on your door. What do you do if you really want to help? Ask them to leave a leaflet with you, so you may read it when the time is a bit more convenient. Or ask them for a phone number and the charity name so you can call them. If it turns out to be genuine, you can always send them the money later.

6. Consider changing your phone number to a silent number. This will considerably minimise the number of calls you get from both tele marketers and identity thieves. There are other advantages to having a silent number as well. Generally a silent number tends to increase your privacy.

7. Never store you PIN numbers or passwords near you plastic cards or account details.

Yes, I know. You want to keep your PIN number close to your plastic card, just in case you forget it. You may even disguise it as another number. Guess what. If a thief gets hold of your wallet, they will try any numbers they can find in it, to steal the money from your plastic card account. It’s true, after a few unsuccessful attempts the account is usually locked. But even that would inconvenience you, to say the least. And why risk losing your hard-earned money?

8. Don’t use credit cards in restaurants or other places where your credit card can be taken away from your sight for even a minute. Before you know it, your card could be scanned and used by thieves to buy all sorts of goods, particularly via telephone shopping, mail order, and online shopping.

9. And finally, there is a huge and growing subject of Internet identity theft. You can read our article on Internet identity theft at.
We obviously didn’t cover everything here. But hopefully this article opened your eyes to some easy, common-sense, ways to prevent someone from stealing your identity and/or your money.

Will it guarantee that you never fall a victim? No, but it will go a long way towards making a life of a thief very difficult. Usually, if you make life difficult for them they will move on to an easier target.

There is one more thing you should seriously consider. Checking your credit report regularly. It’s not uncommon for an identity thief to apply for a loan, or a credit card, under your name. Of course, they have no intention of ever paying it back. All other issues aside, this will affect your credit rating and borrowing capacity for years, unless you clean it up quickly.

There are inexpensive services available that will monitor your credit files all year round and notify you the minute anything in your credit file changes. Or you may prefer to check your credit report yourself every few months.

Oh, and those shocking statistics I mentioned earlier? According to recent studies, up to 7,000,000 people became a victim of identity theft in the past 12 months. That’s more than 19,000 people a day. Don’t become a statistic! Do something about it today.

Andrew Obremski is the owner of [], a web site devoted to information about credit reports, identity theft, debt, and other personal finance topics.

Webmasters: Author’s permission is granted to reprint this article, provided that:

1. The whole article, including the bio info above, is reprinted intact.

2. All links are live and in pure HTML (no Javascript allowed).

Process of Globalization in Serbia and Montenegro

During the 2003,socio-economic trends in Republic of Serbia and
Montenegro were characterized by active role of Goverment to
implement reforms,necessary to step up transition process.
According to the report of the European Bank for Reconstruction and Development (EBRD),Serbia and Montenegro recorded greater progress in implementation of reforms than the other 27 East European countries.In its report on transition,EBRD graded Serbia and Montenegro 3+ (scale 1-4)for its foreign trade policy,for the process of privatization of small enterprises and for price liberalization.

The current state of global economy,especially EU is that a stronger growth rate in global economy could not be expected till the end 2004.
According to the Republic development Bureau,economic trends in Serbia in the first four months of 2003,are characterized by a slowdown in economic activity,however together with stabilization of price real increase in salaries and growth in foreign trade.Exports of goods in period January-April 2003 increased by 28,6% in relation to the same period of 2002.The coverage of imports with exports in April 2003 is 41,9%.

Prices in May 2003 increased by 0,5% in relation on to April and
costs of living by 0,4%.
The total number of employed persons at the end of March 2003
amounted to 1,782.841 (source:Republican Labour Market Bureau).Using the same source we can notice that in Serbia were 947,426 unemployed persons.Mentioned number was increased by 17,7% in 2003 in relation to 2002.

In 2003,336 enterprises were privatized at tenders and auctions,which pulled in EUR 159,5 million( source:republic Development Bureau).According the same source,the process of restructuring was started in 73 large economic systems.Also,the Serbian government adopted the Strategy for development of Entrepreneurship in Serbia from 2003-2008.

The analysis of economic development in Serbia shows that the most developed city in serbia is Apatin with the level of development 85% above average in Serbia and on the other side,the most undeveloped city is Tutin with the development 76% below the average of Serbia.

Finally,we can conclude that Serbia and Montenegro will try to be integrated into the global economy as soon as possible.In spite of our good wishes,it seems that our expectations are very unrealistic to be achieved fastly. Namely,after a long period of stagnation,wars,low economic rate of growth,high rate of inflation
(in was the highest rate in the World),high rate of
unemployment and low national income per capita,path of integration will be long and difficult process.Knowing that,our government will try to make this process shorther with structural changes in national economy and making big steps in transition toward the structure and performance of advanced economies.As fast as our standard of living rise it becomes possible to make progress.The first results have been yet evident.

prof.dr Mirjana Radovic

Dr Mirjana Radovic, is a Adjunct Professor of Management and Entrepreneurship at Lacrosse University,Mo,USA,adjunct professor and member F.Dickinson University,NJ.and many others. She has a very rich scientific experience in mentioned fields of researching. She has written numerous articles, reviews and essays in many publications, as well as eight books and articles on Entrepreneurship in Encarta (published in 1996.”Savremena,”Belgrade).

A native of Belgrade, she holds a Bachelor’s Degree in Economics from Belgrade University, Faculty of Economics. In 1982, she earned her Master’s Degree in Theoretical Economy and eventually a PhD in Economics from Belgrade University.

Her studies have opened a new world for her when she was 20 * her first opportunity to present her own scientific work at an international conference in Montenegro speaking to an audience of world famous scientists and professors like Prof. Dr.Joan Robinson, Cambridge, England; Prof. Dr. A.W.Coats, Notingham,Prof. Dr. Herbert Meissner, Berlin, and many other well-known economists.

She is very creative person and besides scientific work and teaching students and working in many projects, she has written several novels and short stories.Some of them she will like to publish abroad.Also,her preocupation is to help women to start up their own businesses with advices and right ideas.So,she has just written book ,”Women in Small Business”.