Not exactly a snappy quote, Jeff
Nonetheless, I think we can relate to what he's saying here. How many times do we see BA newbies appear with a strategy for returning losers, or hear of horror stories when letting a bad trade go 'in play'?
A gambler trying to trade has to rewire his brain
Nice trading quote
I think I can understand why. After having the freedom to be your own boss and the exhilaration of throwing thousands of dollars around in the blink of an eye, to suddenly go from that to nothing is horrendous.Ferru123 wrote:'Since I started in the business, I have seen a number of traders who ended up committing suicide or being homeless.
Fortune can be very cruel. I got my 34K lottery win last year, I travelled Europe, I spent hundreds of dollars on expensive lunches on a whim as if it were nothing, I causally made trades in the thousands before breakfast, I was seeing hotties in exotic locations on a daily basis. After several months of that, my new identity as a 'big baller playboy' seemed secure...
...but it all went wrong. My trading mindset was still not right. I made some very poor decisions, got caught in a downward spiral, and got wiped out.
I must rebuild my betting bank, try to take on-board Jolly's teachings, go back to basics, and make my trading come-back....
'If you don't know who you are, the stock market is an expensive place to find out'.
Ed Seykota
I think part of the reason that many are called but few are chosen when it comes to pro trading is that it requires a degree of humility.
At least you've learned your lesson; sometimes in life you need to fail to succeed.
As an aside, I was asked a question in a job interview today that I struggled to answer: 'What is holding you back in life?'. One might equally ask 'What is holding you back in trading?'. If you can't answer that question, whatever is holding you back will probably continue to do so. It's worth considering...
Jeff
Ed Seykota
I think part of the reason that many are called but few are chosen when it comes to pro trading is that it requires a degree of humility.
At least you've learned your lesson; sometimes in life you need to fail to succeed.
As an aside, I was asked a question in a job interview today that I struggled to answer: 'What is holding you back in life?'. One might equally ask 'What is holding you back in trading?'. If you can't answer that question, whatever is holding you back will probably continue to do so. It's worth considering...
Jeff
The worst of it is, if a pro trader/gambler subsequently fails at the game, they may have to seek alternative employment in low-paying jobs, and they will be at the mercy of interviewers asking all these dumb inane questionsFerru123 wrote:
As an aside, I was asked a question in a job interview today that I struggled to answer: 'What is holding you back in life?'. One might equally ask 'What is holding you back in trading?'. If you can't answer that question, whatever is holding you back will probably continue to do so. It's worth considering...
Jeff
Can you imagine any greater nightmare? Whatever the pro trader does, they must not lose the betting bank. Protect your bank! To a trader, loss of the betting bank is indeed the killing stroke.
On the flip side, it can lead to some very interesting discussions.Zenyatta wrote: The worst of it is, if a pro trader/gambler subsequently fails at the game, they may have to seek alternative employment in low-paying jobs, and they will be at the mercy of interviewers asking all these dumb inane questions
One guy who interviewed me recently was fascinated by my gambling exploits (although I sensed he wondered if I was being truthful, so I forwarded him an email Ladbrokes sent me, in which they told me they would no longer accept my business!).
As an aside, I'm aware that some people will look at my CV and think:
'This guy says he didn't work for two years because he was a professional speculator. He's either a liar or a fool'.
That's fine. I don't think I'd thrive working under someone with such a closed mind.
Indeed - but at the same time, one must not be afraid of losing money. It's a delicate balance to strike...Zenyatta wrote:Whatever the pro trader does, they must not lose the betting bank. Protect your bank! To a trader, loss of the betting bank is indeed the killing stroke.
Jeff
“You must never confuse faith that you will prevail in the end -- which you can never afford to lose -- with the discipline to confront the most brutal facts of your current reality, whatever they might be.”
Admiral James Stockdale
Interesting article about what's known as the Stockdale Paradox: http://www.ndoherty.com/stockdale-paradox/
Admiral James Stockdale
Interesting article about what's known as the Stockdale Paradox: http://www.ndoherty.com/stockdale-paradox/
'Remember, you're trying to succeed brilliantly at something most people can't do at all. You're taking roads paved with bumps, potholes, and occasional sinkholes. But what's the alternative? If the work were any easier, there wouldn't be any profit in it. So go out on a limb, every day, and sometimes the branch will break under you. But face it. You keep going out on that limb because that's where all the fruit is.'
From http://www.inc.com/lewis-schiff/turn-fa ... tones.html
From http://www.inc.com/lewis-schiff/turn-fa ... tones.html
'Humans are slaves to their emotions and subconscious itches. Logic only comes into play when we want to justify what we already feel to ourselves and to others.'
From http://markmanson.net/vulnerability-and ... tive-women
From http://markmanson.net/vulnerability-and ... tive-women
"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
Martin Schwartz
"The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get rich quick adventurer. They will die poor." - Jesse Livermore
'Every company at a certain stage ends up with two sorts of employees... some that work hard to improve the experience and value for the original customers, and some that tear down that experience and value in order to please shareholders in the short run.'
Seth Godin (http://sethgodin.typepad.com/seths_blog ... t=FaceBook)
Seth Godin (http://sethgodin.typepad.com/seths_blog ... t=FaceBook)
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
Genius. I think that is the clearest explanation of the.front of.the book that I have ever seen.