Herbert Simon is famous for developing the concept of ‘satisficing’ which eventually won him the Nobel Prize in Economics 1976. Essentially, satisficing describes a behaviour where a decision-maker is confronted with an overwhelming amount of information. The decision-maker then goes through the information until a threshold is crossed that makes him or her sufficiently certain of the outcomes of a decision. Based on this satisfying insight, the decision is then made.
"I mean, I never had any respect for amateur day trader" ......i hope that refers to the word amateur. day trading is one of the hardest things there is. many of these big investment bank traders with other people's money, would not be able to survive for long with their own money. Also the dear Mr. Klement I think always had only well-paid jobs and has hardly gone into this risk. I had tried it, was after 2 years somewhat profitable, but was with family and kids so what of demand that I went back to banking. my hardest time in life was that, and the crawl back into banking the biggest defeat...but now I am again one of those who can be in the market, without the full survival pressure in the neck. It's fun again, and that the stock market is above all psychology, with me now much more profitable than before my day trading time. And to have skin in the game, that is also appreciated by the (internal) customers. Only in this way is 100% commitment possible because combined with passion....
but otherwise, still a very great blog that I like to read weekly to expand my horizons....vielen herzlichen dank & grüsse aus der schweiz
"I mean, I never had any respect for amateur day trader" ......i hope that refers to the word amateur. day trading is one of the hardest things there is. many of these big investment bank traders with other people's money, would not be able to survive for long with their own money. Also the dear Mr. Klement I think always had only well-paid jobs and has hardly gone into this risk. I had tried it, was after 2 years somewhat profitable, but was with family and kids so what of demand that I went back to banking. my hardest time in life was that, and the crawl back into banking the biggest defeat...but now I am again one of those who can be in the market, without the full survival pressure in the neck. It's fun again, and that the stock market is above all psychology, with me now much more profitable than before my day trading time. And to have skin in the game, that is also appreciated by the (internal) customers. Only in this way is 100% commitment possible because combined with passion....
but otherwise, still a very great blog that I like to read weekly to expand my horizons....vielen herzlichen dank & grüsse aus der schweiz
Why no respect for for amateur day traders? What did they do to you?
..........and that chidlren is why Google changed its name to Alphabet.