Use The Power Of Autosuggestion In The Stock Market
Self-Confidence is an essential starting point for any business venture. This is true even more if the business is trading in the stock market because psychology plays such a major role. Keep reading, this might change your life!
About 10 years ago, I received a copy of the book "Think and Grow Rich!" written by Napoleon Hill. Today, I credit most of my success in business (including trading) to this book.
At first applying some of the principles described in this book appears a bit crazy - for example reading a Self-Confidence formula and a Definite Plan aloud every day. But you really have to look at it with an opened mind and believe me (and many peoples who have made millions) this stuff works:
Here is a brief overview (you really need to get the book):
- First - you must have a burning desire - for a trader this desire should be "to become a consistent winner in the stock market".
- Second - you have to have a definite goal including the amount you want to make and the date by which you want this money to be in your account.
- Third - You need a definite plan, or what you will do in exchange for this money.
Here is an example of a plan - it is generic enough to be applied to most trading styles. Items specific to your style should be added. Your plan should be read aloud first thing in the morning and right before going to bed.
By December 31st 2006, I will make $200,000 dollars with my trading. In return for this money I will do the following:
- I will follow a trading plan to guide my trading - therefore my job will be one of patience and discipline
- I will plan each trade carefully - I will not jump into trades by fear of missing out
- I will monitor the market's current picture
- I will monitor the current picture for each industry
- I will manage my trades to protect my capital and my profits
- I will protect my capital through good money management
- I will take responsibility for all my actions.
- I will trade to trade well and for the love of trading, not to trade often and not for the money. The money will come as a result of trading well.
- I will not be influenced by the opinions of others. I will reach my own decisions and follow them.
- I will build the self-trust necessary to operate in an unlimited environment which has no rules.
- I will be rigid in my rules and flexible in my expectations.
-I will never think that taking money from the market is easy and I will never assume that I know enough.
-I will have no particular expectation when I place a trade because I know that anything can happen.
-I will treat trading as a probability game in which I don't need to know what is going to happen next in order to make money. All I need to know
is that the odds are in my favor before I put a trade
- I believe that I deserve this money. I believe that I will have this money in my possession. My faith is so strong that I can now see this money before my eyes. I can touch it with my hands. It is now awaiting transfer into my account. I am awaiting a plan by which to accumulate this money, and I will follow that plan when it is received.
Read (and reread) this book and apply its principles to your life - and notice the difference in your Self-Confidence.
How To Evaluate An Isl Uranium Company
Over the past two years, the common myth circulated among investors has been "pounds in the ground." How many pounds of U3O8 does a company have in the ground? The more pounds a company claims, and more importantly gets institutions and investors to believe, the higher its market capitalization has run. Bigger is always better in most cases, but recovering uranium through an ISL operation, like any other mining operation, has its quirks.
During the early stage of this uranium bull market, pounds-in-the-ground was an important yardstick. But just as one can have a million-ounce gold deposit, with a complexity of metallurgical problems that prohibit a robust economic recovery or offer a paltry grade of gold in the ore, investors may discover the same problems in properly evaluating a company's uranium claims. Instead of asking a company's investor relations department how many pounds of uranium they have in the ground, find out how much uranium pounds they can actually recover and produce, and how much it will cost them to mine their property. Ask instead these questions:
Investing In The Stock Market How To Get Started
In the world we live in today there is no shortage of access to investment information. This in itself however, can be an enormous problem. Asking questions about how to invest, where to invest, and what to look for, can bring you many answers from lots of different sources. The trouble is diving through all the clutter to find relevant information to suit your needs.
So when looking to invest in the stock market, where should you start?
First things first, invest in what you know. If you are trying to evaluate a company, make sure you know how it works. The great Warren Buffett has often been criticized for not investing in technology during the dot-com boom. His answer was simple. If you don't know the business model, what the company does on a day to day basis, or how it generates revenue now, and in the future, then stay away from it. It is because of this that he has earned billions of dollars year after year for himself and his investors.
Once you know the types of companies to look for, you'll need ideas. Message boards, newsletters, financial news shows, and stock screeners are all good places to find ideas. Stock screeners are especially useful, because in addition to finding ideas, you can narrow the search down as you go to fit your qualifications. I've personally had good luck using the screener at http://finance.yahoo.com.
So you've found some companies worth looking into, what next?
1. Insider trading - This is anyone who is considered to have an inside knowledge of the company, and also has money invested in company stock. This could be someone who owns 10% or more of the company, a director, CEO, CFO, etc. Watching when the insiders buy and sell stock, and at the prices they do it, can be very useful in predicting a stocks future. You don't want to buy a large stake in Company X when all the people running it are getting out. Therefore it's always a good idea to watch what the "smart money" is doing.
2. P/E ratio - The price to earnings ratio can also be a useful tool in evaluating a company. The P/E ratio will tell you if the company is relatively undervalued, or overvalued. A company that is undervalued should have a P/E ratio that is lower than other stocks in their sector. This is a great value to plug into a stock screener to find profitable companies.
Note: P/E can be manipulated (think Enron). Also P/E ratios vary wildly depending on the sector you are looking in. Technology stocks could have an average P/E ratio of 60, while oil companies could have an average P/E ratio of 10. Whenever I evaluate a stock, I don't look at the P/E against all other companies, but I look at it against their competitors in the same sector.
3. Technical analysis and charts - This is another tool that can help you see where a company has been, where the company stands now, and where it's headed in the future. It shows the company in a graphical form where you can see the stocks activity and volume over a period of time. You can find many tutorials on the internet about this, and you can even get a free DVD that shows you the basics from http://www.technitrader.com.
4. Management team - Some people just look at earnings, charts, and other technical ways of evaluating a company. This isn't always a bad thing but to really know about a company, you should know the management. You should know what other companies they have been involved with in the past, and how they did when they were there. You should also know where they plan to take the company you're evaluating, and in what length of time they have allocated to get there. It's a bit like evaluating a sports team. You wouldn't pick a championship team without looking at the coaching staff.
These are a few of the ways to help find companies to invest in. Like with anything though, due your homework, write out your goals, and when in doubt, ask for advice from someone who has already accomplished what you are trying to do. Knowledge is the key to being successful at just about anything.
Stock Trading 8211 What Every Investor Should Know
Never try to fight against a trend.
It may be tempting to buy a falling stock in order to average your costs. In fact, many investors seem to recommend such a step. In practice, in a majority of situations this only results in throwing good money after bad.
Always have a stop loss, for every stock. If your stock moves down, at what price must you definitely sell? If you do not use historical data and technical analysis to arrive at investment decisions, you must have at least a fixed-amount method. Meaning, before you buy you will have to decide how much loss you can comfortably take on that stock, and stick to it.
Never hold on to a stock position that has moved beyond your comfort level.
As the saying goes, take care of your losses and the profits will take care of themselves.
Keep track of your stocks. Even if your stop loss has been triggered and you have exited the stock, the stock could reverse trend and start a fresh uptrend.
As a momentum investor, you should resort to periodical profit booking. When a stock is losing steam, book profits. Later, if the stock shows signs of picking up momentum again, you can always enter, even at higher levels. Your decisions are based on the potential upside from that price.
Always remember that there is an "opportunity cost" to any position. If you have invested in a stock, you have effectively "blocked" that money from being invested in another stock with, perhaps more, potential.
Once again, to repeat: Take care of your losses, and the profits will take care of themselves.
Which Would You Rather Do Forex Or Daytrading
Online trading is great way for serious investors to make money, but inexperienced traders often wind up with big losses. A good set of instructions can minimize the risks and save months of expensive trial-and-error learning.
Day Trading had its heyday during the bull market of the 1990's. All the amateurs have since dropped out, but day trading is still being practiced by professionals. There are fewer opportunities in the current market, but skilled investors can still find them if they know what to look for.
The Foreign Exchange Market (FOREX), the world's largest financial exchange market, originated in 1973. It has a daily turnover of currency worth more than $1.2 trillion dollars.
Unlike many other securities, FOREX does not trade on a fixed exchange rate; instead, currencies are traded primarily between central banks, commercial banks, various non-banking international corporations, hedge funds, personal investors and not to forget, speculators. Previously, smaller investors were excluded from FOREX due to the huge amount of deposit involved. This was changed in 1995, and now smaller investors can trade alongside the multi-nationals. As a result, the number of traders within the FOREX market has grown rapidly, and many FOREX courses are appearing to help individual traders increase their skills.
As a matter of fact, it's advisable to take FOREX training even before opening a trading account.
It is vital to know the market mechanics of FOREX, leveraging in FOREX, rollovers and the analysis of the FOREX market. Due to this fact, potential FOREX traders would do well to either enroll in a FOREX training courses or even purchase some books regarding FOREX trading.
There are pros and cons to enrolling into a FOREX course. For beginners a FOREX course is a rapid method of learning the basics of FOREX trading. Not much time is spent on history of the market or arcane economic theories. Often, on-line or phone support from a skilled FOREX trader is available to answer any questions. Also, the information is condensed and practical, often with graphs and charts.
The disadvantage is the price, as courses are more expensive than a paperback from the bookstore. Also,
the course may just teach the approach of the trader who wrote it, and individuals have different trading strategies. The student may grow accustomed to the logic and focus of the teacher without coming to realise that nothing is predictable in the FOREX market, and many different strategies will bring profits in varying market circumstances. Also, knowledge of practical applications may not be enough, as the FOREX is highly unpredictable and there are many external factors, such as political issues, affecting the flow of finances in the market.
The best advice would be to do some background research on the FOREX market first, and then enroll in a course.
Foreign Demand May Jeopardize Uranium Supply For U S Utilities
We discussed with the Ux Consulting president from which countries future uranium supplies may come, and who is going after those supplies more aggressively. He warns about the risks and rewards of Kazakhstan and Mongolia, looks to Africa for supplies, and talks about Russia's expansion.
StockInterview: How do domestic uranium prospects rate in the eyes of U.S. and foreign utilities?
Jeff Combs: I don't think that utilities expect the U.S. to be a major supplier of uranium. What you're seeing with China and other countries, where nuclear power is growing, is that they're definitely looking to secure supplies. The Chinese are going to Kazakhstan and also Australia, where there are a lot of uranium reserves, a lot of potential for growth. I think there's some potential for growth in the U.S. But if you had a fast growing nuclear power program, I don't think the U.S. is the first place I'd look. I believe that you can look for some opportunities in the U.S. But in general, the U.S. utilities are basically in competition with some of these newer entrants into the market for available supplies. Those are primarily outside of the U.S., as U.S. utilities also depend on imports for most of their supplies.
StockInterview: It appears many countries are racing to secure uranium supplies outside their borders.
Jeff Combs: Even Russia, which was a major exporter of uranium in the 1990s, is looking to secure additional supply sources, first to Kazakhstan, Kyrgyzstan, and Uzbekistan, former republics of the of Soviet Union, but also to Africa. Russia has an extremely ambitious reactor expansion program, as well as a desire to greatly increase its exports of reactors to countries like China and India. As it stands now, most of the growth in nuclear power is expected to take place in China, India, Russia, as well as Korea and Japan to a certain extent. All these countries are really looking outside their borders for uranium supplies that are going to sustain them for quite a long period in the future. None of them are blessed with very rich and extensive uranium deposits.
StockInterview: Is Russian President Vladimir Putin trying to create something on the order of a Wal-Mart Super Center for the nuclear fuel cycle?
Jeff Combs: Well, you see them doing a joint venture in Kazakhstan. They're trying to do something with Kyrgyzstan. They're definitely looking at how they can shore up their supply through imports, in addition to investing a billion dollars in their own internal production. In this respect, they are trying to draw from their old supply chain arrangements. This is to meet their internal needs, as well as the needs of countries to which they have traditionally supplied reactors and the fuel to run these reactors. As Russia looks to expand its reactor sales to countries that don't have established fuel cycles, they want to be able to supply them with fuel - possibly even lease them the fuel. This means that they have to be prepared to take back the spent fuel. This is due at least in some measure to nonproliferation concerns, in that you don't want these new entrants building enrichment or reprocessing plants. While Russia has enrichment capacity and the ability to expand this capacity, they also need uranium to be able to supply these countries with enriched uranium. This is why they're currently focusing on the uranium side of the equation.
StockInterview: Let's talk about some of the target countries, where those with the more ambitious nuclear energy programs will want to secure uranium.
Jeff Combs: We have recently done a series of reports, looking at countries where major production is taking place, or could take place. Of course we've done them on Canada, Australia, Namibia, South Africa, Kazakhstan, and Uzbekistan. I think the next country might be Mongolia because of the exploration and development activity that is taking place there. Mongolia's mining laws are very favorable to foreign companies. Mongolia is also located in that part of the world where the bulk of nuclear power expansion is taking place. The problem in Mongolia now is the lack of infrastructure - the location of the exploration sites relative to roads and rail lines, and the ability to connect to the electricity grid and water lines.
StockInterview: There has been so much press and chatter about Kazakhstan. Is there substance in these commentaries, or is it mainly hype?
Jeff Combs: They've got a lot of uranium resources and reserves. They've also got a commitment to expanding production there and a pretty big customer in China. The hype might be related more as to whether they can do it as quickly as they say, as opposed to whether they can eventually get to the levels they're talking about. One of the things that will slow them down is the infrastructure, including the skilled work force, needed to expand at that rate. They have increased production. They definitely will continue to increase production, but perhaps not at the rates they are advertising. They've produced a lot in the past, in the old Soviet Union days. I think they can get back up to those production levels, but it's going to take some time.
StockInterview: What will be required to get things going in Kazakhstan?
Jeff Combs: It appears they've been able to attract capital. A large part of it is just the time is takes to build the infrastructure, including training workers. You can have all of the investment in the world, but it still takes time to get things done, especially if the infrastructure isn't well developed in the first place. If you look at Kazakhstan on the map, it is very close or adjacent to Russia, China, and India, where the major part of nuclear growth is occurring. I don't think there will be any shortage of demand for their output.
StockInterview: Where does Japan fit into the current uranium bull market?
Jeff Combs: Japan is definitely a factor in the market. Their growth might not be as rapid as it once was, or once was expected to be. With Japan you have a country that does not really have any indigenous uranium resources to speak of. They really need to import uranium. To facilitate this and to secure future supplies, Japan has historically developed different supply relationships around the world, both by taking positions in uranium mines and by nurturing long-term relationships with producers. I think that it's likely the case that this recent price rise caught them somewhat off guard, but recently Japanese utilities have put more effort into shoring up their supply options.
StockInterview: There are countries, which get little media coverage, such as Namibia. How does this country rate?
Jeff Combs: I think Namibia will definitely have an important role in supplying uranium. I don't think it's going to have the expansion potential of Canada, Australia, or Kazakhstan, but I think South Africa, Niger and Namibia are going to be an important component for uranium supply in the future.
StockInterview: You mentioned Niger, which was the world's third largest uranium producer, and has now fallen to number four, behind Kazakhstan.
Jeff Combs: The funny thing about Niger is that in a way it's sort of fallen off the radar screen. It produces, but it just doesn't get the press as other places. If the price increases, it really changes how people look at all these different projects going forward and a lot of things, which might not have been looked at 20 years ago or so, are being reinvestigated. Obviously, there is uranium in Niger. It's quite important to the economy there. As I said, they haven't really been on the radar screen as much as a lot of other regions in the world. Perhaps this is because production there has been controlled by the French for a long time. There are some Canadian companies exploring in Niger now. Since this activity is fairly recent, it won't likely bear any fruit for five to ten years down the road.
StockInterview: Do you foresee realistic nuclear energy expansion in other parts of the world, such as the Middle East?
Jeff Combs: Frankly, I haven't focused on that very much. I know that Turkey is looking to do something. At some point, I think you would see more nuclear power in the Middle East just because the oil supplies aren't going to last indefinitely. We do a headline news service, and it's packed full of stories on different countries that are looking at nuclear power. It seems like there is a new country added to the list every day. I know, for instance, that Vietnam is looking pretty seriously at nuclear power. It would not be surprising there would be interest in the Middle East. There is a lot of focus on the problems associated with Iran. Overall, I'm a believer that if you have more nuclear power, then you're going to have fewer problems with energy and more economic development, higher standards of living, and that's going to be a big positive that will outweigh the negatives in situations like Iran.
StockInterview: Speaking of Iran, what is Washington's sentiment toward nuclear energy, aside from the Bush Administration's endorsement?
Jeff Combs: I think there is a growing recognition, even among Democrats, that you need nuclear power as part of the energy mix. You're not going to get there just by renewable energy sources. With the environmental and overall energy challenges we're facing now, with higher and higher natural gas and oil prices. From the U.S. standpoint the vulnerability with respect to secure energy supplies, I think there is a growing recognition that nuclear power is part of the solution, and this thinking extends outside of the Bush administration. I've talked to people, and they believe that even if a Democratic administration came in that you really wouldn't necessarily put a damper on nuclear power.
StockInterview: What about the Hillary Clinton Factor, if she becomes the next U.S. President?
Jeff Combs: I haven't really asked her for her views on nuclear power recently. I think the story for nuclear power is not so much what happens in the United States, which certainly could add more reactors. The rest of the world probably looks to what the U.S. does to a certain extent. I think the real growth in nuclear power, and what's likely to drive the market in the future, is on the part of the developing countries in the eastern part of the world. These would be China, India, Korea and Russia, where economies are growing a lot more quickly, not the really mature economies like in the U.S. and Europe. Although I would expect to see some growth there as well. In this respect, having a Democratic president would not derail what's happening in nuclear power or the uranium market. As mentioned earlier, I think that you see a more general acceptance of nuclear power across party lines, in Europe as well as the U.S., although there are still some factions that are virulently anti-nuclear.
Volatility So What
Earning Season is always volatile to stock prices. Traders jerk in and out depending on the outcome of the report. For example, Texas Instrument (TXN) reported that its third quarter earning of 2005 rising 12% year over year. And yet, TXN fell after hour due to weak forecast. The game now is the expectation game. If the company beats, share price normally rise. If it doesn't, share price plunge.
There are ways to beat the expectation game and reduce volatility to your portfolio. You do not have to wait for the press release and wait nervously whether your company beat or miss expectation. One way is to buy company with a modest expectation. The definition of modest varies among individuals but to me, modest expectation has a forward P/E ratio of less than 10. What happens when a company with modest expectation miss expectation? While, share price may get clobbered, I don't think it will move much. Why? Because P/E of 10 already incorporates a 0% EPS growth. Even if EPS stays constant for the next ten years, company with P/E of 10 will return its shareholder roughly 10% a year.
Another way is to pick company that has predictable cash flow and dividend payment. Investors hate uncertainty. Companies that pay dividends eliminate some of that uncertainty. For example, a stock has a 4% dividend yield and it misses expectation for the quarter. The stock might tumble, pushing the dividend yield up to 4.2 or 4.5 %. By then, a lot of value investors will be interested in owning the stock and the drop in stock price will be less severe.
Finally, the last way to reduce volatility is to pick up companies with cash rich balance sheet. Some companies may have cash up to half of their market capitalization. For example, OmniVision Technologies Inc. (OVTI) has a market capitalization of $ 720 M. It has $ 300M in net cash, about 41.6% of market cap. With $ 300 M in cash cushion, it is hard to imagine the company to have market capitalization below $ 300 M. It is possible, but it is uncommon.
Ancient Meteor Impact May Hold Key To Uranium Exploration Success At Cluff
ESO Uranium to Angle Drill near a Promising 1970's Hole
"I look at about 100 different projects a year, most of which go into the round filing cabinet on my floor," said Tony Harvey, the senior technical advisor to ESO Uranium (TSX: ESO), and formerly a senior manager of Wright Engineers-Fluor Daniels, which was involved with the design and construction of 14 mines worldwide. Harvey quickly ticked off what is necessary to attract his eye, "I need to see history. I need to see signposts before I give it any credence." So why is he advising little-known ESO Uranium, after a long, prolific career? Harvey helped found Amex-listed Azco Mining, and more recently was a director of Mexican mining firm, Cobre del Mayo, which sold two of its last three mines, which he helped discover, to Phelps Dodge (NYSE: PD).
"I believe this one has a huge amount of history," Harvey argued. "Not only have you got the Cluff Lake mine, which already confirms the presence of uranium, but you have got the Shea Creek drilling intercepts which validate it. We have the conductors streaming onto our property. We have the boulders, which is also another sign post." The boulders, of which Tony Harvey refers, are the six uranium-mineralized boulders near the ESO Uranium project on the company's Cluff property. Near those boulders, a promising drill hole from the 1970s indicated 0.85% U3O8 over 2.3 meters. It was all but forgotten until the recent explosion of exploration activity in Saskatchewan's Athabasca Basin, an area which has helped Cameco (NYSE: CCJ) grow into a company with a market capitalization of nearly $12 billion.
What ESO Uranium's geological team will be looking for at the company's Cluff property are Cluff Lake style uranium deposits in basement rocks with the Carswell structure close to the unconformity with sandstones of the Athabasca group.
Drilling in the Meteor's Wake
"The value of the ore extracted at the Cluff mine, in today's terms, would be equivalent to $2.6 billion," explained Harvey. "That's how much was extracted at the Cluff mine." The company's vice president of exploration, Benjamin Ainsworth, who is both a senior geologist and a mining engineer, helped explain the Cluff structure. "A meteorite probably impacted at this location and with sufficient force to break right through the layers of Athabasca sandstone on the surface. On rebound, basement rocks got lifted back up. In bouncing back out, it also lifted up the surrounding Athabasca rocks and tipped them up, if you can imagine, like an opening flower." As a result, the basement got lifted up to the surface and made it easier to find and mine the uranium at Cluff. Ainsworth added, "The significance of that for me and our group is that shows very high grade uranium deposits in the western side of Athabasca."
Drilling a property helps the geological team better understand the area. Since the Cluff property was mined out, two decades ago, additional scientific study has opened up new doors. At the 67th Annual Meteoritical Society Meeting, University of Quebec Earth Science professors presented a paper entitled, "A Re-Evaluation of the Size of the Carswell Astrobleme." The Montreal scientists concluded in the 2004 annual conference held in Brazil, "The Carswell impact structure is therefore older and larger than previously estimated... the central uplift considered to be under the annular dolomitic unit would suggest a crater size in the basement of 118 to 125 kilometers wide." While some believe the meteor hit about 478 million years ago, recent evidence suggests it may have been closer to 1.8 billion years ago.
Angle Drilling This Time
ESO Uranium plans a six-hole drill program to learn more about their Cluff property. The first hole hopes to confirm what was found earlier, "We're going to drill right up against the CAR-425 hole drilled originally in the 1970s, which indicated uranium of about 0.85 percent U3O8 over 2.3 meters." They will drill adjacent to the uranium-mineralized boulders. Ainsworth explained how the company's strategy is different from previous drilling, "We're drilling angle holes to give us a better opportunity to find more of the structures that can be carrying mineralization in that sort of system." In the 1970s, holes were vertically drilled. Harvey added, "We're going to be stepping out to the southeast, which bring us then closer to the original Cluff mine." The company plans 150 to 200-meter holes. Ainsworth noted, "The CAR-425 drill hole, which we're coming up close to, is 146.5 meters deep."
Robert Beckett, ESO Uranium's exploration manager, agrees about the 55 degree angle holes the company will be drilling at the Cluff property, "They were drilling vertical holes, and we'd like to go back and check it with an angle hole on the theory, which we interpret as some kind of subvertical system." Beckett talked about additional drilling to the south, after the property had been explored, revealed "the structure extends from the edge of the basin all the way through Shea Creek." He added, "We believe it extends onto our property to the north at 11 o'clock, just to the north. We see the extension of those conductors coming up through Shea Creek - conductors and by extension, structures, extending up onto our property. And the structures are the key thing - the destruction of the upper fold and the unconformity in the bedrock, it gives you the right kind of conditions for the deposition of uranium." Before Beckett joined ESO Uranium, he had been district geologist for Esso Minerals and for the Saskatchewan Mining Development Corporation, which later merged with El Dorado Nuclear to become Cameco Corp. He was the exploration manager at Midwest Lake and the project manager of the Port Radium mine.
The Hook Property
Another property in the ESO Uranium portfolio, which requires additional preparatory geological work and exploratory drilling, is called the Hook property. It's about ten miles south of the Shea Creek deposit and covers approximately 130,000 acres. The western one-third of the property has been minimally explored. ESO Uranium CEO Jonathan George said about it, "The Hook is one of the areas I'm particularly excited about, now that we've received the airborne geophysical survey, is because the conductors have shown up very strongly, coupled with dravite, which is an alteration clay, a key indicator to uranium deposits." Mr. George believes his company may have a new targeted area. "Cameco is drilling right on the doorstep on another project they have," he added. Cameco, he pointed out, is drilling just to the south and east of ESO's southern rim, below the company's border.
Ainsworth was also optimistic, saying, "That's part of the reason why that ground was selected earlier - Cameco had that position, and I could see, in the available information that there were structures and good probabilities of other types of systems being available." George said, "We're going to be drilling because we see an intense alteration on surface, of which that source has never been found. The alteration coupled with the structure leads us to believe we've got a great shot down there."
"I think we're much closer to having a hit at Cluff immediately," Ainsworth insisted. "It is probably a good thing to get some news on the table very early on." He did warn that there is a lot of risk in drilling for uranium deposits. "The geometry of these things is damn small." George pointed out that the world's richest uranium deposit, McArthur River, hosting about 400 million pounds of uranium, had half of its deposit in an area about half the size of a football field. "I think that's mind boggling," he said, "that a $7 billion project would be on an area that small."
Drilling is imminent on the Cluff property, depending upon ice thickness in Saskatchewan. News should be available fairly quickly. Ainsworth warns, "The individual deposits at Cluff are actually quite small." While quite a bit of work has been done in the Cluff area, many have recognized it's very easy to miss. But Ainsworth cheerfully exudes, "The key thing here is that the grade is so high that pursuing it further makes it worthwhile."
Another key to ESO Uranium is the strength of their exploration team. Technical adviser Tony Harvey has numerous credits to his long career. Robert Beckett has spent decades exploring in Saskatchewan and for the precursor company to Cameco, he was the in charge of the northern half of the Athabasca Basin. Benjamin Ainsworth held numerous senior positions with Placer since 1965, having once served as president of Placer Chile.
According to ESO's Corporate Communications Manager, Tom Corcoran, "We currently raised about C$4.7 million, which has been earmarked for exploration on and in the ground. If we don't spend it on drilling or exploration work, we have to give the money back." ESO Uranium planned to start drilling in early February, having had to slightly delay the start of drilling, according to Robert Beckett, until the weather got colder. Drilling is imminent, and results should appear fairly quickly. Ainsworth offered an insight about how soon we will know about drilling results, "One thing about uranium, unlike drilling for gold and other metals, you get a radioactive signal on a drill core as you're logging it. So you get a pretty good idea if you've got something there or not. You're not going to get a very precise assay at that point, but at least you can focus very quickly. You can see these uranium minerals with a naked eye."
We'll be looking forward to seeing those drill results shortly.
Winning Traders What They Have In Common
We often hear that 95% of people who try trading for a living fail within the first year. These are not very good odds and it is natural for new traders to wonder if they have what it takes. In this issue, I give you a list of 20 characteristics I believe could be found in most winners. I also included some Truths about trading.
The methods employed by winning traders are extraordinarily diverse. Despite the broad spectrum of traders, certain characteristics are found in most winning traders (in no specific order):
- Winners have a trading plan with a strategy that incorporates effective money management. They have the discipline to execute their plan relatively flawlessly and the self esteem to accept the money the market gives them.
- They use their head and stay calm - they don't get excited or depressed because of their trades. They don't act on emotions. They can handle success and failure without self-destructing.
- They don't trade to feel good or to get high.
- They handle trading as a serious intellectual pursuit.
- They always protect their capital because they know they cannot trade without it. This means that they don't get caught up in the thrill of the moment, the excitement of a running stock - they don't jump into careless trades.
- They love trading, trading is a passion and they spend a large portion of their time trading and learning about trading.
- They know that sometimes the best thing to do is to do nothing (sit on their hands). They do nothing unless there is something to do.
- They don't pay attention to other people's opinions, they make their own.
- They don't try to guess the future - they know it is a game of probabilities. They understand that they will always have a percentage of losing trades but they keep the losses for those trades small. They don't hesitate to get rid of a position when the loss is still small.
- They have a great respect for the markets and they never think taking money from it is easy.
- They behave like professionals. They take full responsibility for their actions and don't look for something or someone to blame. Instead they use their losses as an opportunity to improve their plan.
- They trade to trade well, not for the money.
- While they are in a play, they don't count how much money they have made or lost because they know this would influence their judgment. They focus on trading well.
- Amateurs keep thinking what trades to get into, while professionals spend just as much time figuring out their exits.
- When they have a winning position, they don't let their emotions dictate when to close the position, which would result in small gains. They know emotions cannot be part of the decisions.
- When they enter a play, they don't have any expectation. They understand it can go either way and that nobody can know the future.
- They have confidence in their plan, patience, and discipline.
- They are not afraid because they have developed attitudes that prevent them from getting reckless.
- They have self-monitoring skills and can continuously monitor their performance in order to improve it.
Some Truths about Trading
- The market is a huge crowd of people. Each member of the crowd tries to take money away from other members by outsmarting them. Everyone, including some of the brightest minds in the world, is against me and I am against everyone. It's every man for himself. The money I want to make belongs to other people who have no intention of giving it to me.
- The market is like an ocean, it moves up and down regardless of what I want. The market does not know I exist and I cannot influence it. I cannot control the market any more than a sailor can control the ocean, but I can control my own behavior.
- Trading is all about management - managing myself, my money, my attitude, and my positions. It is not about predictions, forecasts or opinions.
- There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. No man can always have adequate reasons for buying or selling stocks daily or sufficient knowledge to make his play an intelligent play (Jesse Livermore).
- Trading without imagination is like painting by numbers - and is about as rewarding(William R. Gallacher).
- The market is not going to reward anyone for observing the obvious.
- A mistake made by many traders is that they become so involved in trying to catch the minor market swings (generating lots of commissions in the process) that they miss the major price moves.
- Advisors are only wrong when you get too many of them start thinking the same thing.
- A strategy to enter and exit trades will not help you unless you are both disciplined and organized.
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