Nice gambling & trading quotes

Relax and chat about anything not covered elsewhere.
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Crazyskier
Posts: 620
Joined: Sat Feb 06, 2016 6:36 pm

Crazyskier wrote:
Wed Dec 09, 2020 6:53 pm
''Whether you believe you can, or you can't, you're usually correct.''

CS
Mcdonkey
Posts: 29
Joined: Tue Dec 15, 2020 2:00 pm

"I believe in analysis and not forecasting."
Nicolas Darvas

Comment: Without analysis, trading would pretty much resemble gambling. You can make a sound trading decision only if you’ve previously analysed the market.

"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short."
Victor Sperandeo

Comment: The discipline of keeping your emotions under control is what makes or breaks a trader. If a trade goes against, inexperienced traders tend to wait for the trade to reverse – They don’t want to close it with a loss. However, that’s exactly what successful traders do.

." You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ."
Warren Buffett

Comment: I guess that's why even people who root for Livepool and Arsenal can may money trading ;) (United fan)
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LeTiss
Posts: 4910
Joined: Fri May 08, 2009 6:04 pm

You'll find plenty of very nice trading quotes on this forum, from people who simply aren't famous

It would almost be worth devising our own motivational wallpapers with them on
Goggle will keep us famous, long after we're all gone!! :lol:
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LeTiss
Posts: 4910
Joined: Fri May 08, 2009 6:04 pm

Here's my contribution. I still maintain this is true
The difference between a successful trader and a bankrupt one, is what they do when faced with a red screen (1).jpg
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johnsheppard
Posts: 226
Joined: Mon Feb 04, 2019 6:00 am
Location: Cairns Australia

I dont know if it's a red that matters. Its the evidence for where its.going thats important. Im inclined to think that most quotes that mention red are misleading. If u have to bail whenever you see red, not sure you're gonna be good at letting greens run.

But I guess that's fine if ur not out to maximize. It's still good advice just wonder about if it has good meaning.
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LeTiss
Posts: 4910
Joined: Fri May 08, 2009 6:04 pm

This is the reason why I stand by that quote, John

I have been doing this full-time/self-employed for 12 years!
In that time, I have lost count of the number of wannabee traders who have come and gone.
Some of them I have known personally, and a couple I considered to be more articulate and academic than myself - even they failed!

I think psychology is the most important and undervalued aspect of trading - you need to have a certain mindset to win long-term. Reading graphs are useful, but not critical....your cat could probably pick the right direction on many occasions.

Whether you are an apex predator like Peter Webb, or a little fish at the bottom waiting to be eaten, we've all had green screens. They lull the inexperienced traders into a false sense of security....you think you've cracked it, you think you've found an edge. A green screen makes you bulletproof, you tell everyone that you're a trader....WAIT!!

The difference between the successful traders and the unsuccessful ones is what they do when they have a loss staring them in the face!

The successful ones will hold their nerve and close their positions without emotion.
The unsuccessful ones, especially those who fail to differentiate between a trade and a punt, will allow this red screen to derail everything. How many times have you heard someone say they had 11 greens on the bounce, but still lost on the day due to 1 massive red? Aversion to losses kills off many traders, regardless of how intelligent they are.....they panic, or become consumed by disappointment, frustration and anger. They hold their position due to arrogance, naivety or stupidity....they cannot bring themselves to close for a loss, just in case it comes back, or they assumed they'd never have the occasional loser. In fact, they leave it to go IP or they gamble in an effort to win back that loss.....before you know it, the whole bank has gone. It's the red screen that kills off all those little fish

"The difference between a successful trader and a bankrupt one, is what they do when faced with a red screen"

I'm convinced this is true. I say it from experience
TraderFred
Posts: 194
Joined: Wed Sep 26, 2018 7:55 am

“Show me a good loser, and I’ll show you a loser”.

If you’re not sticking your keyboard through your monitor after your first red of the day, then you don’t want it enough.
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Realrocknrolla
Posts: 462
Joined: Fri Jun 05, 2020 7:15 pm

LeTiss wrote:
Mon Dec 21, 2020 8:43 am
This is the reason why I stand by that quote, John

I have been doing this full-time/self-employed for 12 years!
In that time, I have lost count of the number of wannabee traders who have come and gone.
Some of them I have known personally, and a couple I considered to be more articulate and academic than myself - even they failed!

I think psychology is the most important and undervalued aspect of trading - you need to have a certain mindset to win long-term. Reading graphs are useful, but not critical....your cat could probably pick the right direction on many occasions.

Whether you are an apex predator like Peter Webb, or a little fish at the bottom waiting to be eaten, we've all had green screens. They lull the inexperienced traders into a false sense of security....you think you've cracked it, you think you've found an edge. A green screen makes you bulletproof, you tell everyone that you're a trader....WAIT!!

The difference between the successful traders and the unsuccessful ones is what they do when they have a loss staring them in the face!

The successful ones will hold their nerve and close their positions without emotion.
The unsuccessful ones, especially those who fail to differentiate between a trade and a punt, will allow this red screen to derail everything. How many times have you heard someone say they had 11 greens on the bounce, but still lost on the day due to 1 massive red? Aversion to losses kills off many traders, regardless of how intelligent they are.....they panic, or become consumed by disappointment, frustration and anger. They hold their position due to arrogance, naivety or stupidity....they cannot bring themselves to close for a loss, just in case it comes back, or they assumed they'd never have the occasional loser. In fact, they leave it to go IP or they gamble in an effort to win back that loss.....before you know it, the whole bank has gone. It's the red screen that kills off all those little fish

"The difference between a successful trader and a bankrupt one, is what they do when faced with a red screen"

I'm convinced this is true. I say it from experience
Love this!!!
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Naffman
Posts: 4713
Joined: Sun Aug 11, 2013 5:46 am

Realrocknrolla wrote:
Mon Dec 21, 2020 10:34 am
LeTiss wrote:
Mon Dec 21, 2020 8:43 am
This is the reason why I stand by that quote, John

I have been doing this full-time/self-employed for 12 years!
In that time, I have lost count of the number of wannabee traders who have come and gone.
Some of them I have known personally, and a couple I considered to be more articulate and academic than myself - even they failed!

I think psychology is the most important and undervalued aspect of trading - you need to have a certain mindset to win long-term. Reading graphs are useful, but not critical....your cat could probably pick the right direction on many occasions.

Whether you are an apex predator like Peter Webb, or a little fish at the bottom waiting to be eaten, we've all had green screens. They lull the inexperienced traders into a false sense of security....you think you've cracked it, you think you've found an edge. A green screen makes you bulletproof, you tell everyone that you're a trader....WAIT!!

The difference between the successful traders and the unsuccessful ones is what they do when they have a loss staring them in the face!

The successful ones will hold their nerve and close their positions without emotion.
The unsuccessful ones, especially those who fail to differentiate between a trade and a punt, will allow this red screen to derail everything. How many times have you heard someone say they had 11 greens on the bounce, but still lost on the day due to 1 massive red? Aversion to losses kills off many traders, regardless of how intelligent they are.....they panic, or become consumed by disappointment, frustration and anger. They hold their position due to arrogance, naivety or stupidity....they cannot bring themselves to close for a loss, just in case it comes back, or they assumed they'd never have the occasional loser. In fact, they leave it to go IP or they gamble in an effort to win back that loss.....before you know it, the whole bank has gone. It's the red screen that kills off all those little fish

"The difference between a successful trader and a bankrupt one, is what they do when faced with a red screen"

I'm convinced this is true. I say it from experience
Love this!!!
Perfect summary
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