Nice trading quote

[Iron]

'It's the law of averages: put in more, come out with more'.

Bruce Lee

[gazuty]

@Malcgladwell: The key 2 good decision making is not knowledge. It is understanding. We r swimming in the former. We are desperately lacking in the latter.

Malcolm Gladwell

[Iron]

'In highly efficient markets, educated guesses are no more accurate than blind guesses.'

Daniel Kahneman

[PeterLe]

- measure twice - cut once
- a good guess is better than a bad measure

my dad: he was a joiner !

Maybe you could apply both to trading...?!

[Iron]

Nice quotes PeterLe.

Another quote from Daniel Kahneman (and I suspect Euler will disagree with this one!):

'Few stock pickers, if any, have the skill to beat the market consistently, year after year'.

Jeff

[Iron]

“The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. But no price is too high to pay for the privilege of owning yourself."

Friedrich Nietzsche

[switesh]

Until you can manage your emotions, don't expect to manage money.

Warren Buffett

[goran2k1]

"Rather than buy from smart, informed sellers, we want to buy from urgent, distressed or emotional sellers.'

[Seth Klarman]

I think this is a remarkably frank statement from a big league Hedge Fund Manager.

[Iron]

'How can there be rational man when Jersey Shore gets high ratings? There’s no such thing as rational today. Even if there was, markets still might go in a completely different direction from what rational is even deemed to be.'

Michael Covel

[switesh]

There's no such thing as a bad risk. There are only bad rates.

Warren Buffett learned this truth at the racetrack.

- pg 134 - The Making Of An American Capitalist

[Iron]

'[Rookie traders] try to make too much too soon. They try to turn £100 into £1000 instead of trying to turn £1000 into £1100. Apart from that the obvious error is they make is not get out of losing trades quickly enough. They do at first, then they see a couple of losing trades turn around and become what would have been a winning trades and so when faced with the same situation again, they stay in and of course this time, the loss is bigger as it never came back. Almost every trader takes bigger losses than wins and that is a huge problem right there. It is no good making £50 six days in a row if you take a £500 hit on the seventh day! That is a very common situation.'

Tony Hargreaves (aka The Badger)

[Iron]

'Certain systems may produce profits for a while, but as the betting public catches on to them the odds drop and they eventually cease to work.'

Andrew Bayer (written in 1983)

[Iron]

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

Jesse Livermore

[switesh]

A broker will only make you broker - Wall Street saying

from the book Beat the Forex Dealer by Augustin Silvan

[Euler]

“Associate with those you can learn from. Let friendly relations be a school of erudition, and conversation, refined teaching. Make your friends your teachers and blend the usefulness of learning with the pleasure of conversation.” - Baltasar Gracián, The Art of Worldly Wisdom