Trading Quote Of The Day

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micha88

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"The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance."


Ed Seykota
 
"There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time."

Jesse Livermore
 
"There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time."

Jesse Livermore
 
"One common adage...that is completely wrongheaded is: You can't go broke taking profits. That's precisely how many traders do go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits."

William Eckhardt
 
"The basic concept that applies to both poker and trading is that the primary objects is not winning the most hands, but rather maximizing your gains."

Jeff Yass
 
re

Life is not holding a good hand; Life is playing a poor hand well.
 
"As humans we do not come equipped to deal with the variety of randomness that is around us every day. Many professions deal with making processes and things work reliably. We are taught to strive for perfection, for high scores in school and in sports. This can be a handicap to traders. There is no perfection in trading. Instead traders must put probability in their favor."

Larry Sanders
 
"Understand that learning the markets can take years. Immerse yourself in the world of trading and give up everything else."

LBR. New Market Wizards.



On reading that chapter a lot if not all of it is very familiar. If you are looking or heading towards short term trading you might find yourself being reflected in it down the road.

Makes sense, very, very good advice, you know where LBR is buying/selling the market and a lot more to.

Fx
 
"It never was my thinking that made big money for me. It was always my sitting. Got that? My sitting tight!"

Jesse Livermore
 
"There is a random distribution between wins and losses for any given set of variables that defines an edge. In other words, based on the past performance of your edge, you may know that out of the next 20 trades, 12 will be winners and 8 will be losers. What you don't know is the sequence of wins and losses or how much money the market is going to make available on the winning trades. This truth makes trading a probability or numbers game. When you really believe that trading is simply a probability game, concepts like "right" and "wrong" or "win" and "lose" no longer have the same significance. As a result, your expectations will be in harmony with the possibilities."

Mark Douglas
 
"The way to build superior long-term returns is through preservation of capital and home runs...When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig."

Stanley Druckenmiller
 
"The way to build superior long-term returns is through preservation of capital and home runs...When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig."

Stanley Druckenmiller
 
"He who controls others may be more powerful, but he who has mastered himself is mightier still."

Lao Tse, Chinese Philosopher

"Every trader knows that market truth and practice are visceral, not cerebral. Market wisdom, like Samurai truth, is practical truth that can only be utilized and realized in action. It can never reside on the level of mere theory."

Robert Koppel, Tao of Trading
 
"I know it may sound strange to many readers, but there is an inverse relationship between analysis and trading results. More analysis or being able to make distinctions in the market's behavior will not produce better trading results. There are many traders who find themselves caught in this exasperating loop, thinking that more or better analysis is going to give them the confidence they need to do what needs to be done to achieve success. It's what I call a trading paradox that most traders find difficult, if not impossible to reconcile, until they realise you can't use analysis to overcome fear of being wrong or losing money. It just doesn't work!"

Mark Douglas, Trading In The Zone
 
"My philosophy is that all stocks are bad. There are no good stocks unless they go up in price. If they go down instead, you have to cut your losses fast....Letting losses run is the most serious mistake made by most investors."

William O'Neil
 
"We typically trade our beliefs about the market and once we've made up our minds about those beliefs, we're not likely to change them. And when we play the markets, we assume that we are considering all of the available information. Instead, our beliefs, through selective perception, may have eliminated the most useful information."

Van K. Tharp, Ph.D.
 
"The more you understand the concept you are trading, how it might behave under all sorts of market conditions, the less historical testing you need to do."

Tom Basso
 
"The whole secret to winning in the stock market is to lose the least amount possible when you're not right."

William O'Neil
 
"I seldom see a system that over a number of years produces profits that are much bigger than the transaction costs it generates - that is, if a system generates a million dollars in net profits, then it probably generates more than a million dollars in transaction costs."

Van K. Tharp, Trade You Way To Financial Freedom

"To be a money master, you must first be a self-master."

J.P.Morgan

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