With the price of gold as it is, penny share miners cannot believe their luck. Previous cycles have gone something like this: the gold price rises; opportunists take the chance to raise cash to go gold prospecting; they spend the cash on geological surveys, rock sampling and some exploratory drilling. Then, by the time they have found some gold, its price has subsided. Nobody is interested, and they cannot raise the money to get any further.
This time it is different. Not only is the gold price high, but many of the world’s biggest gold miners have given up on the struggle of finding new reserves. Instead they are relying on buying into the discoveries made by small adventurers.
Mine construction needs finance, but today the chances of attracting a rich big brother have never been better. In addition, the financial forecasts look rosy. Most gold projects launched two to four years ago assumed a gold price of $650-$850 per oz. At that level, all things being equal, they would be a commercial proposition and yield a decent profit.
But changes to the gold price make little difference to the cost of developing a mine. Every dollar on the gold price adds to the forecast profit. No wonder the gold sector is hot! And no wonder gold mining companies are beating a path to my door – literally!
1. They decided a long time ago to take responsibility and find out what works.
2. They have a system that fits them.
3. They plan every trade down to the finest detail.
4. They have put the ground work into this system and continue to do so.
5. They have complete confidence in both the system they follow and in their own skill to flawlessly execute it.
6. They definitely view trading as a game in points and stopped counting the money a long time ago. Most of the top traders are very wealthy so if they aren’t trading for enjoyment they’d simply retire.
7. Finally they learned a long time ago that they alone can not control the market. Most of the top traders have a life out-side of trading. Realizing the importance of keeping it all in balance.
1. They plan every single trade. EVERY SINGLE ONE.
2. They stopped trying to pick tops and bottoms years ago
3. They are patient with winners – and ridiculously impatient with losers.
4. They trade one market. ONE
5. Their benchmark for success is anything but money
When we get up in the morning, we have a certain amount of energy. It is up to us to decide how we will use our energy and where we will focus it. So how do you manage your energy during the day?
1.What activities energize you and what drains your energy?
2. How do you sequence your activities?
3. Do you try to do everything yourself, or do you focus on your strengths and delegate the rest?
4. How do you deal with stress?
5.How do you motivate yourself?
6.Who do you surround yourself with?
7. How do you manage your energy?
8. How do you deal with the bad Stocks news or naysayers?
9. How do you deal with emails, phone calls, IMs and other things that can distract you?
10. Are you being productive or running out of time each day?
If you try to be everything to everyone, you get burned out.
You might have heard of the 80/20 rule – 20% of our efforts get 80% of our results. You can focus your energy on the efforts that get you the results, or let yourself get distracted. When you get distracted, you are very busy, however you do not produce the result that you want in the time frame that you want. The choice is yours.