Friday, May 23, 2014

Secrets of Singapore Trading Gurus - Alvin Chow


Secrets of Singapore Trading Gurus - Alvin Chow  
Hard Truths About Making Money in Stocks, Forex, Futures and Options Trading
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Keane Lee - T3B Stocks, CFD
"If there is one secret, I would say it is to let go of the emotional attachment to your money."

Edge: The most profitable way to trade is to get in before the stocks start to trend. The next best way would be to buy stocks where the smart money is already in. These are stocks that are in TREND and I just need to take care of the downside while letting market decide how high it wants to go. If I am wrong, I cut loss (below support price) and make sure I only lose a little. When I am right, I want to maximise profits.
60-70% win rates. Cap losses to 8% ride trend profit for 8-30% return

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Yeo Keong Hee - Forex
"Yuo need to use your analysis tools in a way which is different from the majority so that you are not part of the herding instinct."

Edge:  Good trading strategy to capture trends (sub-trends and sub-sub-trends) or part of the trends via Daily, H4 and H1 time frame. Use Moving Averages, RSI and Stochastic but use it differently from public view.

Set of rules for entry (combination of economic indicators, news events, TA and price action), exit (either winning or losing), trading size in any one trade - position sizing.
Secret to success lies in how you think and feel when trading (and not a holy-grail strategy). It is about convincing yourself psychologically on your trading plan.

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Binni Ong - Tflow TerraSeeds Forex
"We do not want to look for a short term or quick way to make money. We want a sustainable way of making money."

Elliot waves (entry), Fibonacci (exit) and price pattern to detremine entry and exit
Break out methodology and retracement-based methodology.
Use one main trading account and second micro account after six to seven consecutive wins likely has ew lossess.
Secret to success would be belief. You have to believe in the method that you use, or the path you are taking.

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Nicholas Tan - Forex
"The important thing is not going after the profit, but it is about looking after your losses. The profit will take care of itself as long as you take care of your stops."

Be conservative when it comes to a loss and aggressive when it comes to profit.
Constant trade size irregardless of capital. One or two standard contracts per currency. Do not open more than 4 or 5 standard contract per day.  Keep maximum loss to $2000 a day.

Secret to success is trading discipline. When there is no trading signal, no trade to be done you should not be trading and it is not a waste of time if you don't trade.  Discipline applies to cutting losses too.

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Clarence Chee - Forex and Index Futures
"Money is a by-product once you become a good trader."

Daily chart and H4 time frame. 30% discretionary and 70% mechnical. Risk-reward 1:2. Risk 5%  in single trade.  

Secret of success is first to learn how to be a good trader not how to make money.

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Tom Yuen - Futures
"Do not spend a lot of money tryinf ro buy and learn magic systems, as the answer lies within."

Derived own system from Darvas Box, Turtle System, First-hour Breakout etc.
Vanilla Trading - buy and sell according to market condition. Easy to understand but difficult way to trade
Spread Trading - buy and sell related or semin-related products and Futures Expiry Roll Over spread.
Options Trading - directional or directionless trades
Prefer Vanilla intraday Trading suitable for own temperament.

Use support-resistance lines, trend lines, channels, Simple MA, Point and Figure.
Position sizing using Rhythm. Once get a good rhythm increase the size. When rhythm has been bad progressively reduce size until get back in rhythm.

Two tier of daily trading loss limit. When first tier loss limit hits check it was me or the market condition that was unfavourable to determine whether to proceed or stop trading.

Floor traders are day scalpers and trading a very small time frame no time to calculate risk reward.
Those who failed in trading "chicken heart" (too much fear dare not pull the trigger) and "ninja" (no problem firing trades but no problem holding onto losses).

To be successful enter with the right call with the right position size. He has to be a risk taker and trading is his passion.

Some secret cannot be taught because it will no longer work if others know about it. Eg. spread trading in Nikkei dollar-based and yen-based after floor operating hours.

Secret: Learning how to trade is learning how to live.

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Patrick Lee - Futures Trading
"I  can decide how much money I want to make. But the market may not allow you to make that amount of money and you have to accept tht and probably take a day off."

Spread Trading - calendar spreading and inter-market spreading between Topix and Nikkei. Day scalping on Simsci.

About 50 to 100 lots Simsci per day if market is quiet and 200 to 300 lots if active. Target $1,000 to $1,500 a day.

Inter-Market Correlation Trading. Trade Simsci based on HK, China, Japan, Korea, Taiwan and US to gauge buy or sell Simsci. Especially Hang Seng Index. If all markets up long vice versa. Discretionary decisions. Cut loss when correlation fails as 30% chance it doesn't work. Average 17 profitable day out of 22 trading days per month. Per trade 1 to 5 lots. Account size $100k.
Trade Taiwan at night while cash market is closed or S&P very liquid during the night.

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Dave Foo - Options
"This is what I mean by non-directional trading - the market can go up, down or sideways, and I can still make money."

Trading against the trend on a low probability event that is going to happen near term. Do not need a strong trend. Basically use a simple Stochastic indicator for overbought and oversold to decide put and call options. Sell a put option when indicator is overbought. Risk-reward 3:1. Risking $3 for every $1 as there is a premium collected when selling option on US market commodities or futures. Look at probability has at least 90% chance of profiting before taking it.

Edge: Apply mathematical probability calculator.
Estimate capital $100k for $5k profit a month.
Secret of success: Support from your family is the most important. Start slow and don't be greedy.


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Thursday, May 22, 2014

BrightWinSecurities Trade Copier - Marcus Lau

http://www.brightwinsecurities.com/en




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Wednesday, May 21, 2014

5 Value Stocks in US


5-value-stocks-for-investors-who-fear-the-worst By Philip van Doorn MarkerWatch  (21May2014)


Microsoft
JP Morgan Chase
Ferro Corps
Myriad Genetics
GNC Holdings

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http://www.marketwatch.com/story/5-value-stocks-for-investors-who-fear-the-worst-2014-05-21?dist=tbeforebell

Both fund managers emphasized this “ownership” aspect of stock selection and referred to the work of legendary value investor Benjamin Graham, who was a major influence on Berkshire Hathaway Inc. BRK.B -0.02% founder Warren Buffett.
What follows is a breakdown of three stocks favored by Bechtel, and two by Piechowski:

Myriad Genetics

Myriad Genetics Inc. MYGN -4.19%   of Salt Lake City is the top holding of the Barrow All-Cap Value Fund. The company develops diagnostic tests to help doctors make care decisions. Some of the tests help predict the likelihood of various forms of cancer or that a patient will respond well to certain medications.
The stock closed at $37.58 Monday and is up 79% this year, following a 23% decline during 2013. The shares trade for 17.5 times the consensus fiscal 2015 EPS estimate of $2.15, among analysts polled by FactSet. The consensus 2014 EPS estimate is $2.38.
For its fiscal third quarter ended March 31, Myriad Genetics reported earnings of $36.8 million, or 48 cents a share, compared to $37.9 million, or 46 cents, a year earlier. Net income was down because of a one-time non-cash charge of $12.6 million from the acquisition of Crescendo Bioscience and a $1.2 million non-cash amortization of acquired assets. EPS rose despite the lower net income, because the company’s continued buybacks have lowered the share count. Third-quarter buybacks totaled $41.9 million.
Sales per share grew by 26% to $2.40 from $1.90 a year earlier. The company also expects its revenue to grow at the same rate for all of fiscal 2014.
“It is an interesting firm with an exceptionally attractive cash flow yield,” Bechtel said, adding that the year-over-year growth of sales per share has been “tremendous.”

GNC Holdings

Another name favored by Bechtel is GNC Holdings Corp. GNC +0.03%  of Pittsburgh, which was founded in 1935 and operates 8,600 stores selling nutrition and diet products worldwide.
The stock closed at $37.17 Monday, down 36% this year, following a 78% return during 2013. The shares trade for 10.6 times the consensus 2015 EPS estimate of $3.50. The consensus 2014 EPS estimate is $3.06. Based on a quarterly payout of 16 cents, the shares have a dividend yield of 1.72%.
The recent weakness reflects the company’s lowering of its guidance for 2014 when it reported first-quarter earnings on May 6. Earnings came in at $69.9 million, or 75 cents a share, compared to $72.6 million, or 73 cents, a year earlier. Revenue totaled $677.3 million, up 2% from $664.7 million a year earlier, but well shy of the consensus estimate of $710.4 million. Same-store sales in the U.S. were down 0.7% and “were negatively impacted by severe weather patterns in January and February,” GNC said.
The company now expects 2014 EPS to range from $3.05 to $3.10, down from its initial guidance of $3.18 to $3.24 in February. GNC earned $2.85 a share during 2013. The company also expects a “mid-single-digit increase in consolidated revenue,” down from its previous estimate of a “high-single-digit increase.”
”In March, U.S. same-store sales were positive and exceeded the January-February period by several hundred basis points after adjusting for the Easter shift,” CEO Joseph Fortunato said during the company’s earnings call.
Despite the disappointing sales results, GNC generated cash flow of $1.31 a share during the first quarter, up from 96 cents a year earlier, according to FactSet. Free cash flow — cash flow less capital expenditures — was $1.18, up from 86 cents.
The recent disappointment in sales growth, poor performance of the shares and the low forward P/E ratio could signal a buying opportunity for long-term investors. According to Bechtel, the stock now has a “very attractive valuation compared to historical.”

Ferro Corp.

Ferro Corp. FOE +1.56%   of Mayfield Heights, Ohio, was founded in 1919 and produces specialty chemicals, including pigments, powders, performance coatings, polymer additives, porcelain and many other products used in manufacturing.
Bechtel described the firm as “a classic American industrial company,” and said, “we really like their ability to generate cash flow. Those cash flow dollars can be bought inexpensively.”
The stock closed at $12.44 Tuesday, down 3% this year after more than doubling in 2013. Despite last year’s runup, the shares trade for a relatively low 12.1 times the consensus 2015 EPS estimate of $1.03 a share. The consensus 2014 EPS estimate is 73 cents.
Ferro reported first-quarter net income available to common shareholders of $17.2 million, or 20 cents a share, increasing from 883,000, or a penny, a year earlier. Both periods included a large number of special items, including charges for exited business lines and $4 million in restructuring and impairment charges during the first quarter, down from $9 million a year earlier.
On an adjusted basis, first-quarter earnings from continuing operations came in at $17 million, or 20 cents a share, increasing from $9 million, or 11 cents. The company expects to earn between 68 cents and 73 cents a share this year, compared to 83 cents in 2013.

J.P. Morgan Chase

J.P. Morgan Chase & Co. JPM +0.74%  is the first of two picks discussed by Tim Piechowski of Alpine Capital Research. The stock closed at $53.83 Monday, down 7% this year, following a 37% return during 2013. The company pays a quarterly dividend of 40 cents, and the shares have a yield of 2.97%.
J.P. Morgan’s stock trades for 8.9 times the consensus 2015 EPS estimate of $6.04. That’s the second-lowest forward P/E ratio among large-cap U.S. banks. The consensus 2014 EPS estimate is $5.43. Only Citigroup Inc. C -0.06% is cheaper, trading for 8.5 times the consensus 2015 EPS of $5.50.
Last year was particularly difficult for J.P. Morgan Chase, with several large settlements, including $17.5 billion in fourth-quarter mortgage-backed securities settlements with various government authorities and investors. Looking ahead, the company’s goal is to improve its operating performance to achieve returns on tangible common equity (ROTCE) ranging from 15% to 16%. The reported ROTCE for 2013 was 11%, but J.P. Morgan CFO Marriane Lake said during the company’s fourth-quarter conference call that it would have been 15% if “significant items” had been excluded, and that it was 15% for each of the previous three years.
The company had a disappointing first quarter, with revenue down 8% from a year earlier to $28.86 billion, mainly because of weak fixed-income trading volume. The ROTCE was 13%, and expected weakness in second-quarter trading revenue makes it appear quite difficult for the company to achieve a 15% ROTCE this year.
But the stock trades more cheaply on a forward P/E basis than many other large-cap banks, with much weaker performance, including Bank of America Corp. BAC -0.27% , which closed at $14.67 Monday and trades for 9.6 times the consensus 2015 EPS estimate of $1.53.
“Over time, JPM should be able to grow its franchise by a couple percent each year. We would expect them to grow mostly in the asset management business going forward, and if loan demand increases, grow the loan portfolio as well,” Piechowski said.
When asked if he was concerned about the weak trading revenue, Piechowski said: “Our view is trading revenues are exceptionally volatile form quarter to quarter and year to year. We are very concerned that if interest rates stay very low, there is unlikely to be a pickup in fixed-income trading volume. We discount that in our valuation.”

Microsoft

What many investors may not realize when they see so many headlines lamenting the doom of Microsoft Corp. MSFT +1.69%  is that “today, 70% of operating income comes from Office, and servers and tools,” according to Piechowski. “These are predominantly geared toward the enterprise. The consumer is not that big a driver for the company today.”
Microsoft’s stock closed at $39.75 Monday, returning 8% this year, following a 44% gain during 2013. The shares trade for 13.7 times the consensus 2015 EPS estimate of $2.89. The consensus 2014 EPS estimate is $2.70. With a quarterly payout of 28 cents, the shares have a dividend yield of 2.82%.
The company’s sales per share have grown for each of the past 10 years, according to FactSet. Not bad for a company that has missed out on the smartphone and tablet businesses.
Some of the worry over Microsoft springs from the perception that the Microsoft Office suite of products is threatened by cheaper, or even free, rivals. But among corporate customers, there’s quite a bit of “stickiness,” because of the linkage between other systems and Office products. For example, if you are using FactSet, Bloomberg, Thomson Reuters or some other financial data provider, data downloads are linked to Excel. It will take plenty of time and investment for companies to make new modules available to integrate with products that compete with Excel.
Another hidden gem for Microsoft, believe it or not, is patent royalty revenue on smartphones paid by manufacturers of phones that run Google Inc.’s GOOG +0.01% Android operating system. “If you look at the Windows Phone revenue stream, and assume it is mostly patent royalties, you can use the figures in the 10-Q to back into a an annual run rate of $2.3 billion coming from the segment,” Piechowski said. “Gross margin dollars for the consumer segment are running at about $16 billion. Our opinion is that the patent revenue will continue to grow.”

Sunday, May 11, 2014

20 Successful Habits I Learned Working For Two Billionaires (Part 1 & 2)


http://paulcbrunson.com/2014/01/20-successful-habits-learned-working-two-billionaires-part-1/

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I have spent decades “being educated” –  in college, graduate school, numerous professional certifications, and now a PhD program. All of that schooling and training helped shape the person I am today, but at no point in my life has there been a more profound education than my time working for Enver Yucel and Oprah Winfrey.
20 successful habits I learned from Oprah Winfrey and Enver Yucel
Enver and Oprah are two extraordinary people. And on top of that, they’re both billionaires. On the surface, they appear to be totally different people. They are in different industries, have different family structures, practice different religions, and speak different languages. However, once you get past their written biographies and dig deeper, you will notice they possess many of the same successful habits.
I had the opportunity to work with both Oprah and Enver for 6 years collectively and those were, hands down, the best professional experiences of my life. I worked my ass off for them and in doing so absorbed everything I could.
It’s my honor to share with you what I learned from them. Here is Part 1 of the 20 successful habits I learned working for two billionaires:

1) Invest in Yourself

This is a very simple concept, but something you would think someone who has “made it” would stop doing. Not at all for these two. I saw them both spend a significant amount of time dedicating their resources to self-development (whether it be a new language, exercise, social media classes, etc). The moment you stop investing in yourself is the moment you have written off future dividends in life. 

2) Be Curious…About Everything

What the average person sees as mundane or overly complicated is not viewed the same way with a billionaire mindset. I once had a 30 minute conversation with Enver about the height of the curbs in Washington DC versus Istanbul, Turkey.  Billionaires are incredibly curious; what the rest of the world thinks is a problem and complains about — that’s what these people go and work on.

3) Surround Yourself With “Better” People

I hope this is why they kept me around :-). Seriously, I never knew my bosses to keep anyone less-than-stellar in their inner circle. There were many times I thought to myself, “Damn, they have dream-teams built around them.” Jim Rohn had it right, “You are the average of the 5 people you spend the most time with.” 

4) Never Eat Alone

The last time I had dinner with Enver, as well as the last time I ate dinner with Oprah, there were easily 15 people at our tables, respectively. Coincidence? While most of us derive our key information from blogs or the newspaper, power players get their information from the source (other power players), directly. However, just because you can’t call up the Obamas and break bread with them doesn’t mean eating with others in your circle doesn’t carry value. In one of my favorite reads of the last few years called “Never Eat Alone”, author Keith Ferrazzi breaks down how you can identify “information brokers” to dine with you.  I’ve seen first hand how enormous the benefits are of this strategy.

5) Take Responsibility For Your Losses

I was working for Oprah during the time she was taking heat from the media about poor network ratings. I was also working for Enver during the closing of one of his prized divisions. What I witnessed them both do in response was powerful. Opposed to covering the losses up with fancy PR tactics, both stepped to the stage and said in essence “I own it and I’m going to fix it” and dropped the mic. Guess what?  They sure did fix things (It’s widely noted Oprah’s network is realizing ratings gold and Enver’s assets have probably doubled since the division closing).

6) Understand The Power Of “Leverage”

This is something that was quite a shock to me. From afar, a billionaire appears to be someone who is a master at everything. But, in truth, they’re specialists in one or a few areas and average or subpar at everything else. So, how do they get so much done? Leverage! They do what they do best and get others to do the rest . Here’s a great article on leverage. Keep in mind I see this done with wealthy people and their money all of the time – they use OPM (other people’s money) for most or all of their projects.

7) Take No Days Off (Completely)

I recall going on vacation with Enver several times, yachting up and down the southwestern coast of Turkey (also known as the blue voyage). Sounds ballerific, right? No doubt we had a great time, but mixed in with all that swimming and backgammon was discussion of business, discussion of strategy, planning and plotting.The best way I can describe this habit is thinking about your business or your idea like your literal baby. No matter your distance, you don’t stop thinking of him/her (and after just having a second son, I can attest to this).

8) Focus On Experiences vs. Material Possessions

When you have money, your toys are big. However, the vast majority of money I saw spent on their “leisure” was on actual experiences versus the typical car, jewelry, and clothes we’re familiar with seeing in music videos and gossip blogs. I recall one time at dinner with Oprah, I spotted a table of about 20 girls off to the side. I later found out Ms. Winfrey was treating some of her graduating girls from her school in South Africa to dinner in NYC. Experiences create memories, and memories are priceless. 

9) Take Enormous Risks

This is another one of those successful habits every entrepreneur can attest to. A matter of fact, Entreprenuer.com created a great infographic outlining commonalities of the world’s billionaires and one of the most prominent was this characteristic: billionaires are not adverse to risk. What intrigues me even more about Enver and Oprah was that even at their high financial status and success level, they still possessed a willingness to risk their most precious asset (their name and legacy) on new and bolder projects. If you’re not taking risks, you’re not making moves! 

10) Don’t Go At It Alone

Nothing great in life is achieved alone. Especially in business, success isn’t a solo act. This character trait is akin to “surrounding yourself with better people.” It takes teamwork to make the dream work. 
What I witnessed from working for Enver and Oprah were characteristics and successful habits that not only apply to business “wins,” but also translate to general life success. I sincerely hope the tips I’ve shared here will inspire you to create (or maintain) great habits for your success. If you’re ready to learn more now and want to get my take on how successful business people build personal brands and an audience, read this! Otherwise, if you want to read Part 2, here it is!
http://paulcbrunson.com/2014/02/20-successful-habits-learned-working-two-billionaires-part-2/

In Part 1, we looked at general lessons I learned working for billionaires Oprah Winfrey and Enver Yucel. In Part 2, I continue with deeper insight into successful habits – specifically for business-minded readers seeking to understand how extraordinarily successful people reach the top of their fields.
 Successful Habits
It’s my honor to share with you Part 2 of successful habits I learned working for two billionaires:

1) Recognize the Value of Simple Ideas

Oprah, Enver, and most of the world’s billionaires got rich not from a complex idea, but from a very simple one. Sure, there are several who do something technical – like create complex hedge funds. But most billionaires figure out how to take something we all like to do, simplify it, and bring more value to the bottom line. So, next time someone asks you to invest in a lemonade stand, don’t dismiss it so easily :-).

2) Be Patiently Impatient

Billionaires realize nothing happens overnight. As a matter of fact, it takes most billionaires decades to become successful. While patience is used for their long-term goals, I’ve witnessed deadlines for day-to-day, short-term goals articulated by my former bosses as “due yesterday.” Being nimble and having the ability to deliver faster than your competitors is what often makes the difference between success and failure. . Think about Oprah often beating a competing TV network to a coveted interview, or Enver launching a school in a country before anyone else. Don’t play with time. 

3) Be Gritty

Ask any 10 people to describe Oprah and Enver, and I bet words like “tenacious” and “relentless” top the lists. Billionaires don’t let obstacles or pitfalls keep them from achieving their goals. Just because you fail 100 times, doesn’t mean you can’t succeed on the 101st try The key is not just having the stomach for failure, but having the strength to face what feels like an endless amount of resistance… and still move forward.

4) Develop Great Oratory Skills

I’ve never seen better live speakers than my previous bosses. Coincidence? I think not. If you can’t articulate your ideas and your vision (in a compelling way) you can’t galvanize the support required to make things happen. This concept was underscored in a recent interview I did with one of the word’s leading public speaking experts, Marshawn Evans. She stated, “the more effectively you speak, the higher your chances of career success.” 

5) Grow Thick, Armor-Plated Skin

The higher your heights, the greater number of detractors you will have AND the sharper their attacks will be.This is a basic truth for everyone, but literally watching thousands of people hurl insults at my bosses (without impact) made me realize they possessed an extraordinary layer of emotional resilience. I recall when we filmed the opening scene of Lovetown U.S.A. (and Oprah arrives on a Naval vessel), while thousands cheered, hundreds complained (and ridiculed) her for wasting tax dollars by using a military vehicle.  Developing a “shield” is critical . First Lady Michelle Obama said it best: “never let what somebody else says distract you from your goals. And so, when I hear about negative and false attacks, I really don’t invest any energy in them, because I know who I am.”

6) Connect with People Outside Your Community

Your ability to be of influence within your community is directly related to your ability to make connections outside of your community.  The technical phrase for this is called “bridging structural holes,” and is eloquently written about in this research by professor Ronald Burt. Both Oprah and Enver possess tremendous bridging capital. They spend a disproportionate amount of their time gathering information from communities of peopleoutside of their core (different age groups, different social class, different ethnicity, different education levels, different careers, etc) and then they share that information within their community. This is where their ability to influence and have power comes from.

7) Over-Communicate Your Message

It’s not just about speaking loudly, it’s about speaking often.  I learned this from my favorite professor at the illustrious McDonough School of Business (shout out: Hoya Saxas!). He floated this concept in class one day and it stuck with me. Don’t make people guess or assume, make sure your community understands your message, precisely. Given the abundance of content produced in today’s world, this concept has taken on even more relevance (Note: more content is published in 48-hours now than was published from the beginning of time until 2003. Amazing, right?!). Watch Oprah or Enver closely when they speak for a short or extended period of time. Their format is always the same. They begin by: telling you what they’re going to tell you, then they tell you, then they summarize by telling you what you just heard. We live in a noisy landscape and repetition, repetition, repetition is necessary.

8) Learn to Laugh at Yourself

Most of us know from experience that having a sense of humor about things can make life a little easier. And, there’s science to back that up: being able to laugh at yourself may be a sign of an optimistic personality and it might even improve your mood. Humor has also been identified as a possible factor in the development ofpersonal resilience. “If you can laugh at yourself, you can forgive yourself,”  says Rev. Susan Sparks. “And if you can forgive yourself, you can forgive others.” You can’t go more than 2 minutes in a conversation with either Oprah or Enver without them smiling and belting out a laugh (typically at their expense).

9) Be Great at One Thing, First

By focusing on one passion or strength, you can actually be more innovative. The deeper understanding you gain by doing one thing opens up creative new ideas. Ironically, limitations can lead to liberation.  As I mentioned in Part 1, billionaires like Oprah and Enver aren’t necessarily great at many things, but they’re damn good at (at least) one.

10) Know a Higher Power

Developing a relationship with a Higher Power will provide you with guidance for making decisions and solving problems. When you connect with a higher power, you can draw upon greater wisdom to help you resolve your problems.  I find it fascinating in my analysis of Oprah and Enver, that while they practice different religions, they possess an unwavering faith. I believe that faith is why they strive to have a positive impact on people and society, value integrity and hold high ethical standards for themselves and their organizations.

I sincerely hope Parts 1 and 2 of 20 Successful Habits have helped and will continue to help you blaze your own trail of accomplishments. Putting these things to work in my life has yielded not only more success than I ever dreamed, but more happiness and fulfillment, as well. If you’re ready to learn even more about making your dreams a reality, read this. And remember, dreams don’t work unless you do!