I can't help itFerru123 wrote:Naffman -
Why focus on Mugs?
Nice trading quote
Maybe you mean well, and perhaps you think you're supporting Peter, but this attacking of Mugs reminds me of the tedious way people in other forums make bitchy comments about the man they call Peewee (even though his only crime is to be successful and sell betting-related products).
It's disrespectful - Mugs has feelings too, you know - and it lowers the tone of the forum. I don't think you'd like it if the comments were directed at you.
Jeff
It's disrespectful - Mugs has feelings too, you know - and it lowers the tone of the forum. I don't think you'd like it if the comments were directed at you.
Jeff
Naffman wrote:I can't help itFerru123 wrote:Naffman -
Why focus on Mugs?
I think this may be the same quote as Ferru posted, but it resonated with me as you can say exactly the same thing about a trade.
Warren Buffett on temperament...
From a 2011 interview, but brought back to my attention through Farnam Street
The ones that have the edge are the ones who really have the temperament to look at a business, look at an industry and not care what the person next to them thinks about it, not care what they read about it in the newspaper, not care what they hear about it on the television, not listen to people who say, “This is going to happen,” or, “That’s going to happen.”
You have to come to your own conclusions, and you have to do it based on facts that are available. If you don’t have enough facts to reach a conclusion, you forget it. You go on to the next one. You have to also have the willingness to walk away from things that other people think are very simple.
A lot of people don’t have that. I don’t know why it is. I’ve been asked a lot of times whether that was something that you’re born with or something you learn. I’m not sure I know the answer. Temperament’s important.
...If you don’t know the answer yourself don’t accept somebody else to tell you. If you don’t know the answer yourself and somebody else says they know the answer, don’t let that fact push you into coming to a conclusion about something that you don’t know enough to come to a conclusion on.
Warren Buffett on temperament...
From a 2011 interview, but brought back to my attention through Farnam Street
The ones that have the edge are the ones who really have the temperament to look at a business, look at an industry and not care what the person next to them thinks about it, not care what they read about it in the newspaper, not care what they hear about it on the television, not listen to people who say, “This is going to happen,” or, “That’s going to happen.”
You have to come to your own conclusions, and you have to do it based on facts that are available. If you don’t have enough facts to reach a conclusion, you forget it. You go on to the next one. You have to also have the willingness to walk away from things that other people think are very simple.
A lot of people don’t have that. I don’t know why it is. I’ve been asked a lot of times whether that was something that you’re born with or something you learn. I’m not sure I know the answer. Temperament’s important.
...If you don’t know the answer yourself don’t accept somebody else to tell you. If you don’t know the answer yourself and somebody else says they know the answer, don’t let that fact push you into coming to a conclusion about something that you don’t know enough to come to a conclusion on.
-
steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
"I get £204 every week for packing and stacking shortbread and cookies and I love it. I treasure those wages more than any £9 million fortune." Michael Carroll - 9.5 Million Lottery winnerZenyatta wrote:National lottery winners achieve this every weekFerru123 wrote:
The Fantasy: A sudden wind fall of profits will bring an instant life changing fortune, bypassing work, luck, self-sacrifice and time in one fantastic stroke.'
"I get £204 every week for packing and stacking shortbread and cookies and I love it. I treasure those wages more than any £9 million fortune." Michael Carroll - 9.5 Million Lottery winner[/quote]steven1976 wrote:
Great quote. I think that reiterates the fact that there is more to life than money. There have been a lot of big winners that go broke within years. It could be due to the fact they have no goals to strive for as they have paid off their mortgage, bought their favourite car, etc. But still, everyone wants to be a lottery winner
'Imagine putting your money in a bank account where thousands of incredibly smart people can access all your account details and can make withdrawals from your account by completing online puzzle tests.
None too clever yes?
That's about how sensible trading on UK Horse Racing is.'
Zenyatta
'The good news I can tell you is that to be a great investor you don’t have to have a terrific IQ.
If you’ve got 160 IQ, sell 30 points to somebody else because you won’t need it in investing. What you do need is the right temperament. You need to be able to detach yourself from the views of others or the opinions of others.'
Warren Buffett
Sorry Zenyatta, but I'm with the greatest investor in history on this one!
None too clever yes?
That's about how sensible trading on UK Horse Racing is.'
Zenyatta
'The good news I can tell you is that to be a great investor you don’t have to have a terrific IQ.
If you’ve got 160 IQ, sell 30 points to somebody else because you won’t need it in investing. What you do need is the right temperament. You need to be able to detach yourself from the views of others or the opinions of others.'
Warren Buffett
Sorry Zenyatta, but I'm with the greatest investor in history on this one!
Whatever you say Jeff. But ask yourself what has trading done for you? (Other than wasting thousands of hours of your life and thousands of pounds).Ferru123 wrote:
'The good news I can tell you is that to be a great investor you don’t have to have a terrific IQ.
If you’ve got 160 IQ, sell 30 points to somebody else because you won’t need it in investing. What you do need is the right temperament. You need to be able to detach yourself from the views of others or the opinions of others.'
Warren Buffett
Sorry Zenyatta, but I'm with the greatest investor in history on this one!
Incidentally, Buffett remarks are a good argument to go against the trends and avoid stop-loss. If you stop-out every time some wally pushes the price against you, you are giving credence to someone's else's opinion rather than trusting your own judgement. Stop following price-movements around, and start making making your own judgement calls
Good question. I wouldn't say the time has been a complete waste. Trading and betting can be frustrating and stressful at times, but I'm rarely bored when trading. Trading has also given me new perspectives on life and on human behavior, and has given me the opportunity to meet some very intelligent people.Zenyatta wrote: Whatever you say Jeff. But ask yourself what has trading done for you? (Other than wasting thousands of hours of your life and thousands of pounds).
I haven't given up on trading, btw. I think the reason I haven't succeeded at trading is the same as the reason I haven't succeeded at dieting, i.e. discipline issues, which can and will be addressed.
No they aren't (unless you are a value bettor rather than a trader), although I can see the merit in opposing a market that appears to steamed further than is rational and is showing signs of weakness.Zenyatta wrote:Incidentally, Buffett remarks are a good argument to go against the trends and avoid stop-loss.
Jeff
'In life, if you risk everything enough times you will eventually lose everything. Instead, just move in the direction of your goals every day, so even with setbacks, in the long run you will get to where you are going.'
Steve Burns
From this excellent article about the similarities between trading and life: http://newtraderu.com/2012/10/06/1878/
Steve Burns
From this excellent article about the similarities between trading and life: http://newtraderu.com/2012/10/06/1878/