Nice trading quote

[superfrank]

"I’ve said it before, and I’m going to say it again, because it cannot be overemphasized: the most important change in my trading career occurred when I learned to divorce my ego from the trade. Trading is a psychological game. Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself. You have to stop trying to will things to happen in order to prove that you’re right. Listen only to what the market is telling you now. Forget what you thought it was telling you five minutes ago. The sole objective of trading is not to prove you’re right, but to hear the cash register ring." ~ Martin Schwartz

"I have stated before that whenever your worst fears are not realized about a trade and the market is letting you out better than you expected, it is not just luck. Rather your position is most likely correct and should not only be held but perhaps added to." ~ Martin Schwartz

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” ~ Michael Jordan, 5-Time NBA Most Valuable Player, 6-Time NBA Champion

[Photon]

"Markets can remain irrational longer than you can remain solvent."

- John Maynard Keynes

[Ferru123]

"Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.

I think that if people look deeply enough into their trading patterns, they find that, on balance, including all their goals, they are really getting what they want, even though they may not understand it or want to admit it."

Ed Seykota (Market Wizard)

[Ferru123]

“Whatever happens in the stock market today has happened before and will happen again.”

Jesse Livermore

[Rage88]

"A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking the loss - that is what does damage to the pocketbook and to the soul."

Jesse Livermore

I was just going to post the same quote! I love it;)


YouTube to MP3 converter

[steven1976]

Not a fuxxingain

Me after first race today.

[Zenyatta]

"Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch it's prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably also one that is sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading" -

Mark Weinstein (Market Wizard)

Good one. Yes, I think the secret is to be selective. Wait for the really big opportunities then go in huge and swing for a '6' (cricket analogy). You know, looking back over the last year, virtually all my losses have been trying for pennies on rubbish racing, whereas swinging for a '6' on the rare big opportunities always got me big wins.

A good example of a 'big opportunity' was 'Blue Bunting' (In-Play) in the Irish Oaks. It takes discipline to refrain from betting on the rubbish racing, but it also takes 'big balls' to do the opposite and go in huge when the moment demands it.

[Ferru123]

Hi Zenyatta

I'm all for trying to swing the ball out of the park, and letting your profits run, but the challenge is that massive trends are only visible in hindsight. A horse might have moved from 5.0 to 2.0, with every backer in the country throwing the kitchen sink at the horse. But who's to say it won't reverse sharply as soon as you enter the market?

At any given moment, a market is neither trending or non-trending; all trends are historical. And no-one knows in advance when the market will really take off, or how far it will go. So you have to accept that there will be lots of small wins and losses as well as the occasional home run, and therefore I would use conservative staking.

Jeff

[SilentDave]

I think maybe what Zenyatta is saying is to be more selective but more aggressive. This is something I definitely need to do.

I lose on many markets when I just shouldn't be involved but when I have waited for a good opportunity I should have the confidence to go in hard - if I don't have the confidence to be aggressive in a market then it probably isn't a good opportunity. Easier said than done for me but I am actively trying to do this.

[Ferru123]

Hi Dave

I agree about being selective - when I enter a market that doesn't feel right, I generally lose money.

All I'm saying is that, unless you have the gift of second sight, you don't know when and where that 20 tick steam is going to arise. As for going in hard, if you have an edge your bank will quickly compound with modest stakes, so IMHO it doesn't make sense to risk over-exposing yourself.

Jeff