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The 90/10 Principle by Stephen Covey

Discover the 90/10 Principle: It will change your life. The 90/10 principle is incredible! Very few know and apply this principle. The Result? Millions of people are suffering undeserved stress, trials, problems, and heartache. They never seem to be a success in life. Bad days follow bad days. Terrible things seem to be constantly happening. Theirs is constant stress, lack of joy, and broken relationships. Worry consumes time, anger ruins friendships and life seems dreary and is not enjoyed to the fullest. Friends are lost. Life is a bore and often seems cruel. Does this describe you? If so, do not be discouraged. You can be different! Understand and apply the 90/10 principle. It will change your life!

What is this principle? 10% of life is made up of what happens to you. 90% of life is decided by how you react. What does this mean? We really have no control over 10% of what happens to us. We cannot stop the car from breaking down. The plane may be late arriving, which throws our whole schedule off. A driver may cut us off in traffic. We have no control over this 10%. The other 90% is different. You determine the other 90%! How? By your reaction. You cannot control a red light, but you can control your reaction. Don’t let people fool you; You can control how you react!

Let’s use an example. You’re eating breakfast with your family. Your daughter knocks over a cup of coffee onto your business shirt. You have no control over what just happened. What happens next will be determined by how you react. You curse. You harshly scold your daughter for knocking the coffee cup over. She breaks down in tears. After scolding her, you turn to your spouse and criticize them for placing the cup too close to the edge of the table. A short verbal battle follows. You storm upstairs and change your shirt. Back downstairs you find your daughter has been too busy crying to finish breakfast and get ready for school. She misses the bus. Your spouse must leave immediately for work. You rush to the car and drive your daughter to school. Because you are late, you drive 40 miles an hour in a 30 mph speed zone.

After a 15-minute delay and throwing $60 (traffic fine) away, you arrive at school. Your daughter runs to the building without saying good-bye. After arriving at the office 20 minutes late, you find you forgot your briefcase. Your day has started terrible. As it continues, it seems to get worse and worse. You look forward to going home. When you arrive home, you find a small wedge in your relationship with your spouse and daughter. Why? Because of how you reacted in the morning.

Why did you have a bad day?
A) Did the coffee cause it?
B) Did your daughter cause it?
C) Did the Policeman cause it?
D) Did you cause it?
The answer is D. You had no control over what happened with the coffee. How you reacted in those 5 seconds is what caused your bad day.

Here is what could have and should have happened. Coffee splashes over you. Your daughter is about to cry. You gently say, “It’s OK honey, you just need to be more careful next time.” Grabbing a towel you rush upstairs. After grabbing a new shirt and your briefcase. You come back down in time to look through the window and see your child getting on the bus. She turns and waves. You and your spouse kiss before you both go to work. You arrive 5 minutes early and cheerfully greet the staff. Your boss comments on how good of a day you are having. Notice the difference.

Two different scenarios. Both started the same. Both ended different. Why? Because of how you Reacted. You really do not have any control over 10% of what happens. The other 90% is determined by your reaction.

The 90/10 principle is also applicable to trading.
While we cannot control the price movements, we can always decide on what to do next.
Impatience and rash actions in a volatile market like Forex will inevitably lead to more losses and regrets.
Careful and measured responses to the price actions should result in more joy of winnings and the acceptance of occasional losses.

You can do away with the irrational emotions during trading with automation. You are welcome to find out what are the common misconceptions of automated trading at http://agape.com/Forex/misconceptions.htm .

The Pareto Principle

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