Post Your Tradng Quotes

[Soultrader 12]

A few great trading quotes that was recently emailed to me.

 

"When I'm wrong, I move on. Being stubborn as a trader is a sign of both immaturity and inexperience - two of which are the enemy of good performance. No matter what your skill level may be, you are going to be wrong lots of times. But, as the Wall Street maxim goes - good traders know how to make money, but great traders know how to take a loss." - Soros

 

 

Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money." - Bruce Kovner

 

"We must remember that when markets go parabolic (and they do indeed go parabolic from time to time) it is important to remember one of our oldest trading aphorisms: that the final 10% of the time frame of a bull market can, and often will, encompass 50-75% of the price movement. We may be in that environment now." - Dennis Gartman

 

I would like to start a contest for good trading quotes. Post your favorite trading quotes and nominated threads will then get voted. Winner and runner up will win Amazon gift certificates. 3 quotes per member maximum. If there is a duplicate, the first person who posted it will be voted for.Deadline is end of the month.

 

Enjoy!

[brownsfan019 17]

"Treat trading like a hobby and it will pay you like a hobby. Treat it like a business and it will pay you like a business." ~no particular author

[notouch 10]

"Everyone is a genius in a bull market."

 

I don't know who first came up with that one but it has been repeated many times. It's just a little reminder not to get big headed in times like these.

[darthtrader 10]

ahh, have to corner the market on Alexander Elder...

 

"A man used to go on a battlefield with his sword and try to kill his opponent,

who was trying to kill him at the same time. The winner took the loser's weapons, his chattels, and his wife, sold his children into slavery.

Now we trade on the exchanges instead of doing battle in an open field. When you take money away from a man, is it not that different

from drawing his blood. He may lose his house, his chattels, his wife and his children may suffer.

"

 

"There are plenty of dumb sheep waiting to be fleeced or slaughtered. The sheep are easy-but if you want a piece of their meat, you've got to

fight some very dangerous competitors."

 

My favorite one by Elder was something like:

"The man who risks more than 1-3% of his account on a single trade is like the fool who runs off to hollywood with a dream of becoming an actor and ends up working as a waiter."

 

"Newsletters are good entertainment. Your subscription rents you a penpal who sends amusing and interesting letters and never asks you to write back, except for a check at renewal time."

[Guest cooter]

"Greed is good."- Gordon Gekko

"Pigs get fat and Hogs get slaughtered." - Unknown

"A broker who quits and become a daytrader is like a dealer who starts using his own product, or a casino boss who becomes a degenerate gambler, supporting the replacement team."- Heard somewhere by the lake

[torero 10]

"One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do... Most people always have to be playing; they always have to be doing something." Jim Rogers, Jr.

[MrPaul 10]

Cool thread, I have three I write down at the top of my daily notes each day.

 

"Trade what you see, not what you think" - Vadym Graifer

 

"Focus on the setup, not the result" - John Carter

 

"Everybody gets what they want from the markets..." - Ed Seykota

 

[Soultrader 12]

A few more I would like to add on the list emailed to me recently.

 

"You must ignore what everyone else is doing and trade only when you feel the odds are in your favor. In short, trade only when you and you alone are comfortable that the expected return of your trades will be positive. That might mean you'll have to sit out a few parties, but it will also mean that you'll have more profits over the course of your trading career." - Gary B. Smith

 

"On Persistence... My motto was always to keep swinging. Whether I was in a slump or feeling badly or having trouble off the field, the only thing to do was keep swinging." - Hank Aaron, baseball star

 

"I don't define my self-worth by my net worth. Winning traders feel good about themselves no matter how much they win or lose. They feel good about themselves because they know deep down that they have value as people. They look inwardly for self-acceptance, and follow their personal values; they don't care what anyone else thinks. If you want to trade the markets with a calm, astute, mental edge, you must develop a genuine sense of self-esteem. By making sure that you live by your own values, and fully accept your limitations, you'll develop a true sense of worth that won't be easily shaken by momentary setbacks or failures." - Mental Edge Newsletter

[Nick1984 10]

This is a quote not explicitly a trading quote but it comes from the grandfather of economics, free markets and the invisible hand: Adam Smith (given that we all derive a living from the markets he championed I think we owe his insignts a lot of respect) in his book The Wealth of Nations first publised in 1776.

 

"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but form their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages." - Adam Smith

[epiktetos 10]

"look you guys, do not get intellectual in these markets, JUST TRADE THEM...........IF you guys were not bond traders you would be driving a truck" --- William Simon

[MidKnight 12]

"It takes courage to be a pig" -- George Soros

[btrader2 10]

"Success is remebering what you want..." ...Unknown

[MrPaul 10]

"look you guys, do not get intellectual in these markets, JUST TRADE THEM...........IF you guys were not bond traders you would be driving a truck" --- William Simon

 

lmao best quote yet imo...

[momentom 10]

"A market has to rally to falll and to fall to rally". Pete Steidlmayer

[Don4 10]

"Make money is not a trading plan. A trading plan is a blueprint for trading success; it spells out what you see your edge as being; if you don’t have an edge, you don’t have a plan, and likely you’ll wind up a statistic (part of the 95% of new traders that lose and quit)"---Jimmy Young

[Soultrader 12]

A few more quotes that I just received in the mail:

 

A good trader has to have three things: a chronic inability to accept things at face value, to feel continuously unsettled, and to have humility.

- Michael Steinhardt

 

Your emotions are often a reverse indicator of what you ought to be doing. - John F. Hindelong (Dillon, Reed)

 

The greatest good you can do for another is not just to share your riches, but to reveal to him his own.

- Benjamin Disraeli, British prime minister, 1804-1881

 

Successful innovation is not a feat of intellect, but of will. - Joseph A. Schumpeter (Austrian-American economist, Theory of Economic Development, 1883-1950)

 

The world has changed! You can' be an 800-pound gorilla; you need to be an economic gazelle. You've got to be able to change directions quickly.

- Mark Breier (The 10-Second Internet Manager)

[notouch 10]

"The trend is your friend except at the end when it bends." Ed Seykota

[epiktetos 10]

Anybody can buy and sell - James C. Powers

 

Man with hole in pocket feel cocky all day - Confucious

 

“If you know anything about the stock I am trading . . . please do not tell me.” - Baruch

 

If you traded according to your plan then there are no "extra points" to be had. - Kiwi Trader

 

You will always be your worst enemy in futures trading, not your luck, not other traders, not unexpected news events and not the "markets." But this is actually more good news. Because you cannot do anything about luck, other traders, the news or market behavior; but you can do a great deal about yourself. - Chick Goslin

 

“I convinced myself that whatever was wrong was wrong with me and not with the market.” - Livermore

 

"Your money isn't gone, it's just in the hands of other people now." - Egbert Prior

 

"... the psychological profiling of a programmer ( trader ) is mostly the ability to shift levels of abstraction, from low level to high level. To see something in the small and to see something in the large." - Donald Kruth

[Soultrader 12]

4 days left... keep the quotes coming guys!

[btrader2 10]

"Take every gain without showing remorse about missed profits, because an ell may escape sooner than you think......" Joseph de la Vega, 1688

[walterw 10]

"Dont ask the market what he can`t give you, and be prepared to take what he is willing to share with you" (Mr. Toledo Buenos Aires, Argentina ) one of my great mentors...

 

in spanish :

 

"No le pidas al mercado lo que no te puede dar, y estate preparado para tomar lo que el esta dispuesto para darte"

[waveslider 10]

"Don't get too cocky, kid" - Han Solo

[epiktetos 10]

"You'll start out with the best of intentions, but you probably won't be able to buck human nature. And even if you do succeed in holding conscientiously to your long-swing basis all the way through, it will be so difficult that you won't have much fun in doing it."Richard Schabacker

 

"The first rule of trading---there are probably many first rules--is don't get caught in a situation in which you can lose a great deal of money for reasons you don't understand" Bruce Kovner

 

"October. This is one of the peculiarly dangerous months to speculate in stocks in. The others are July, January, September, April, November, May, March, June, December, August, and February." Mark Twain

 

Eccl. 1: 9:"The thing that hath been, it is that which shall be;and that which is done, is that which shall be done:and there is no new thing under the sun."

 

A young basketball player is fascinated with The Shot. He doesn’t think about the footwork he needs to get to the shot. He’s not aware of position on the court or even body position in the constant tactical encounters at each end of the court.Neither is the young player aware of the substitution pattern, game pace, or matchups except as he faces them momentarily on the court or while sitting on the bench. The game plan is completely subordinate to hitting the shot and not getting beaten to the hoop.It is the same in trading. - John Sweeney

 

“Unless you completely discard all news, reports, tips, corporate statements, crop situations and other types of news-you will be unable to get the best results from your market operation." Wyckoff

 

"Everything is about when people are caught.We want to focus on getting people caught.When you know they want to get out, beat them to the door, that is the game!" Mark Fisher

 

"Market is there to screw the most amount of people in the least amount of time!"- Mark Fisher

 

"Forget about winning and losing; forget about pride and pain. Let your opponent graze your skin and you smash into his flesh; let him smash into your flesh and you fracture his bones; let him fracture your bones and you take his life. Do not be concerned with escaping safely - lay your life before him." - Bruce Lee

 

The bad news is that, in our opinion, we will never find the philosopher’s stone. The good news is that we can fake it. —Parnas and Clements

[Jakew 10]

"General, don't take advice of your fears" (author unknown, could be Clausewitz). This pertains to entries and exits, not PSize.

 

"Don't be a sucker" (Jessie Livermore). This is, I presume, about people who know all the rules of good trading with one painful exception - "apply the rules".

 

Jim Rogers quoted above.

 

George Soros " It doesn't matter if you are right or wrong, but how much you win when you are right, and how little you lose when wrong"

[Alex 10]

This one is for all those analysts who consistently get it wrong, but will be right one day.

 

"An expert is a man who has made all the mistakes which can be made in a very narrow field."

Niels Bohr (1885 - 1962)

 

 

One for those who pick a stock because they like the name of the company and refuse to sell it no matter how badly it performs.

 

"It is useless to attempt to reason a man out of a thing he was never reasoned into."

Jonathan Swift (1667 - 1745)

 

 

For all those frustrated traders who sold short a stock for all the right reasons, but it just keeps on defying gravity.

 

"The market can remain irrational longer than you can remain solvent."

John Maynard Keynes (1883 - 1946)