Nice trading quote

[Iron]

'Everyone is wrong almost all of the time and it makes zero sense to argue with them. They are happy being wrong . It fulfills needs they have.'

James Altucher (from https://www.facebook.com/james.altucher ... 6433650636)

[Euler]

Not really a quote but you all will be familiar with this concept

This is great illustration on where people often go wrong with trading. You should always look for set up's and execute well against them. If they go wrong, then hell that's tough but a right one is just around the corner.

If you keep changing your mind or modifying your entry point you will increase your chance of a loss.

[Iron]

'Value, like beauty, is in the eye of the beholder. As a trader, the lesson is never to second guess what value really is: it is what the market will pay.'

Larry Williams

[hgodden]

Trading is a combat job

[Iron]

It is, but the main battle is inside your own head, i.e. you are battling your inner chimp (http://www.amazon.co.uk/The-Chimp-Parad ... 009193558X).

BTW, you might like Ronnie O'Sullivan's review of the book above (and I think it is genuine - O'Sullivan has publicly credited the author with turning his game around).

Jeff

Trading is a combat job

[hgodden]

I haven't read that book Jeff but I do think there's a great deal of truth in the inner chimp stuff.

There's a great video explaining everything about it here which I'd recommend for anyone who has every wondered why they do things they wish they didn't or don't do things that they wish they would..

http://www.youtube.com/watch?v=hZLGxe93yBo.... The main part on the inner chimp stuff doesn't start until 5:42.

[Iron]

'The world of finance is built on bluff and counter-bluff'

Alex Buchanan

From http://www.amazon.co.uk/Game-World-Fina ... 295&sr=1-1

[Iron]

"Every good trade should end in only one of four ways: a small loss, even, a small profit, or a big profit. A trader should remove big losses from the probabilities altogether."

Steve Burns

[elcapitain]

I couldnt agree more Jeff, ive analysed my worst case losing run scenarios, and that gives me confidence that i can get through those periods.

it also tells me that now is the time to "double down"

[redtra]

"Every good trade should end in only one of four ways: a small loss, even, a small profit, or a big profit. A trader should remove big losses from the probabilities altogether."

Steve Burns

i like that Jeff...going to print it out and keep it handy next to eulers quote.

[Iron]

'A big part of trading success is knowing when it is best to do nothing and then having the self control to actually do nothing. Wait for the actual signal, ignore the noise.'

Steve Burns

[laserasel]

“Where you want to be is always in control, never wishing, always trading, and always first and foremost protecting your ass. That’s why most people lose money as individual investors or traders because they’re not focusing on losing money. They need to focus on the money that they have at risk and how much capital is at risk in any single investment they have. If everyone spent 90 percent of their time on that, not 90 percent of the time on pie-in-the-sky ideas on how much money they’re going to make. Then they will be incredibly successful investors.” -Paul Tudor Jones

[Iron]

'If all of your friends jump off a bridge does that mean you should too? In trading, the short answer is "YES!" In fact, that's exactly when you should jump... not a second before.'

Cerio, Mike

[LeTiss]

We should rename this thread as 'Jeff Waters amazing trading quotes"

He's producing more gems than the Saints Academy!

[Iron]

As someone once observed, if I see far it is because I stand on the shoulders of giants...

Jeff

We should rename this thread as 'Jeff Waters amazing trading quotes"

He's producing more gems than the Saints Academy!