India faces formidable security challenges and the only way to address them is to re-work the framework under which our services operate
India's armed forces are rightfully held in highest esteem and respect by citizens. They are brave, patriotic, highly disciplined and dedicated towards their duties. How can a soldier whose family is economically distressed guard our borders and fight with enemies to secure our lives?
In fact a separate and dedicated pay commission should be formed for fixing their remuneration, privileges, facilities, perks and post retirement benefits and to provide for the families of martyred.
The serious and highly neglected problem of obsolete arms (Almost half of the fighter planes have been lost in crashes during training in the last three decades, warships and submarines are aging, old Russian made tanks are deployed and no fresh procurement of modern heavy guns since 1984 when Swiss bofor guns were bought), shortage of ammunition and bullets, which is reportedly just enough to fight for a maximum of three weeks need to be addressed on priority. This task of procurement should be handed over to an autonomous constitutional body and implemented by a separate ministry under the direct charge of Prime Minister.
The long pending issue of appointment of a senior five star officer to head all three wings of the armed forces for proper, effective, quick and timely coordination is difficult to solve. The government is apprehensive of creating such a powerful post to avoid any chance of mutiny, although in our country such an event is nearly impossible. The viable option could be to appoint a coordination committee comprising of one senior most officer of four star rank from each wing, with the chairman being a retired chief of one of the services, with a system of collective decisions based on majority view.
The existing 26 different Acts on this subject should be simplified and consolidated in to three Acts:-
(A) “INDIAN ARMED FORCES ACT”; in substitution of the following Acts:
• Indian Reserve Forces Act, 1888
• Indian Rifles Act, 1920
• Indian Soldiers Litigation Act, 1925
• Assam Rifles Act, 1941
• Armed Forces (Emergency duties) Act, 1947
• Air Force Act, 1950
• Army Act, 1950
• Army & Air Force (disposal of private property) Act, 1950
• Commander-in-Chief (change in designation) Act, 1
• Reserves & Auxiliary Air Forces Act, 1952
• Indian Naval Armament Act, 1923
• Naval & Air Craft Prize Act
• Armed Forces (Special Powers) Act, 1958
• Armed forces (Punjab and Chandigarh) special powers act 1983.
• Armed forces (J&K) special powers act 1990
• Works of defence act 1903
• Fort William act 1881
(B) “INDIAN BORDERS SECURITY ACT”; to subsume and consolidate the following Acts:
• Border Security Force act 1968.
• Coast Guard Act 1978.
• Indo Tibetan Border Police Force Act 1992
• Territorial Army Act 1948
(C) “INDIAN INTERNAL SECURITY FORCES ACT”; to subsume the following Acts:
• Central Reserve Police Force Act 1949.
• National Cadet Corp Act 1948
• Civil Defence Act 1968.
• Central Industrial Security Act 1968/1999
• Railway Protection Force Act 1957 /1985
A constitution body named the “Internal Security Management Commission (ISMC) should be set up to preserve, oversee and control the internal defence of India with the following duties, functions and powers:
• To prevent, detect and combat terrorists and spies, both external and internal.
• To requisition and take the services of police, CRP, paramilitary forces and if required of Indian armed forces at it’s sole discretion.
• To detect, prevent and/or to crush communal and caste based riots. To detect and arrest people attempting to destroy public and government property.
• To crush Naxalism completely with full forece, by directly coordinating with police and armed forces, in the event that Naxalites remain adamant in their unreasonable and unacceptable demands and refuse to have a peaceful settlement with the Central Government.
• The institution of ‘Intelligence Bureau’ should be disbanded and its officers and staff should come under ISMC and the latter will also select and recruit it’s own intelligence officers. It will post at least 4 officers in each district and in adequate numbers in cities and towns.
• The DGP and head of CID of every state should submit a monthly report to ISMC by covering briefly, every important news and acts affecting internal security.
This 'Little Book' is a selection from Jack D. Schwager's classic set of four previous 'Market Wizards' books.
In any list of ‘must-read’ books on trading, you would certainly find two titles of Jack Schwager: Market Wizards and The New Market Wizards. These two books—and a few later books of Schwager—have a fascinating format. They are questions and answers with the world’s largest and best traders. Schwager set out to find answers to what differentiates the highly successful market practitioners, or market wizards, from ordinary traders? What traits do they share? What lessons can we learn from those who achieved superior returns for decades while maintaining strict risk control? Schwager has spent decades interviewing legendary traders in search of answers. Himself a trader, he has been able to draw out ideas and strategies of the world’s best minds churning out great risk-adjusted returns in bonds, equities, commodities and forex markets.
Every interview charts their career paths, recording early failures and later successes. Many of them were almost wiped out early in their trading lives before they pulled themselves up and reapplied themselves, realising that controlling risk is the key to returns. These inspiring stories have resonated with traders all around the world. These two books, and later Stock Market Wizards and Hedge Fund Wizards, have become Bibles for traders. Peter Brandt, a successful trader, writes in the introduction that it is an annual ritual for him to read these books during Christmas holidays.
The Little Book of Market Wizards is a combination of the four books in the Market Wizards series. It provides the major insights garnered across the four Market Wizards books, spanning a quarter century. Schwager has extracted lessons and concepts that are essential to success in trading, regardless of the methodology. For instance, chapter five discusses the ‘Importance of Hard Work’. Schwager points out “I interviewed Marty Schwartz in the evening after a long trading day. He was in the middle of doing his daily market analysis in preparation for the next day. It was a lengthy interview, and they finished quite late. Schwartz was visibly tired. But he wasn’t about to call it a day. He still had to complete his daily market analysis routine. As he explained, “My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.”
Chapter eight discusses ‘Risk Management’, the one a factor that can make or break a trader. When Schwager asked Paul Tudor Jones what was the most important advice he could give to the average trader, he replied, “Don’t focus on making money; focus on protecting what you have.” As the author explains, “most trading novices believe that trading success is all about finding a great method for entering trades. The Market Wizards I interviewed, however, generally agreed that money management (i.e., risk control) was more important to trading success than the trade selection methodology. You can do quite well with a mediocre (i.e., slightly better than random) entry methodology and good money management, but you are likely to eventually go broke with a superior entry methodology and poor money management. The unfortunate reality is that the amount of attention most beginning traders devote to money management is inversely proportional to its importance.”
Chapter nine elaborates on ‘Discipline’. When the author asked the market wizards what differentiated them from the majority of traders, the most common reply he got was ‘discipline’.
This may seem too simplistic to some, vague to others, and too obvious to many more. But Schwager underlines how Randy McKay, a very successful trader, once lost millions over a few days just because he slackened a bit and let a losing position grow too large.
One of the most important lessons from successful traders is that losing is a part of the game. Traders who have developed a method that works, and have a risk control system in place, are never bothered about losses. They know that trading is a business of probability—not certainty. If you have read at least the first two volumes of the Market Wizards series, you will find this a good refresher. If you haven’t, this would be a great appetiser.